Eugene Koh’s Property Review: Stirling Residences

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This is my review on why you should consider buying Stirling Residences. 99-year leasehold residential project located at 21 Stirling Road. This project consists of two 40-storey and one 38-storey high-rise condominium towers with 1259 units in total.
This is my review on why you should consider buying Stirling Residences. 99-year leasehold residential project located at 21 Stirling Road. This project consists of two 40-storey and one 38-storey high-rise condominium towers with 1259 units in total.

The original article appeared on the Invest Singapore Property website.

 

Queenstown district was my neighbourhood during my adolescence and I have always missed staying there because of the convenience it brings. This is my review on why you should consider buying Stirling Residences.

 

Stirling Residences – 99-year leasehold residential project located at 21 Stirling Road.

 

Location and Surroundings:

 

Stirling Residences is 3-mins walk away from Queenstown MRT. For those who ain’t familiar with Queenstown district, it is Singapore’s first satellite town. What you will notice when you go to Queenstown, is that the majority of residents are elderly and above 65 years-old. Surrounding amenities are abundant around Stirling Residences with plenty of shopping and dining options. My favourite part of staying in Queenstown would be the proximity to CBD and convenience of living in a mature town with neighbourhood shops, clinics, schools and malls close by. Recently there has been an announcement, iconic Queenstown Cinema site for went sale with over $200million expected price or about $2,063 per square foot of the approved gross floor area.

 

 

High demand for resale HDB  – Queenstown resale HDB prices has always been on the higher tier in comparison to most other estates in Singapore. There have been several cases of transactions crossing the $1million mark in Queenstown because of the closeness to central CBD and Orchard shopping district.

 

Dawson Estate – The government has put in motion plans to rejuvenate Queenstown by developing an exciting new estate in Dawson with amazing skyscrapers that would give private projects a run for their money. An array of new amenities will be built in the five new precincts in Dawson and will be completed by 2020. I believe this will enhance the quality of living for residents nearby and also solidify Queenstown’s position, as one of most sought-after locations for HDB dwellers.

 

“How does demand for HDB resale in Queenstown affect Stirling Residences ?”

 

Condos generally appreciate faster than HDB resale. As a rule of thumb, a condo will appreciate faster than an HDB resale flat as the eligibility requirement for a condo is less restricted (because foreigners allowed to buy). The degree to which this is true varies based on location as HDB prices serve as a benchmark as the minimum entry prices for residential property. I would expect private residential around Queenstown to appreciate relative to HDB prices around the area.

 

Price and comparisons:

 

Compared to nearby new launches such as Queens Peak and Commonwealth Towers, Stirling Residences is priced more expensively for their smaller units. I think the reason for this is that there is no available plot of land which is close to MRT and is huge enough for a large scale condo development around the area. It is also why history has been made with a bid above $1 billion for the plot of land where Stirling Residences is.

 

Upcoming Projects in District 3 – There is a couple of new upcoming launches located in Pearl Bank apartments (enbloc) and Silat Avenue (Government land sales). The following table shows their the acquisition price, break even and estimated selling price. Stirling Residences is priced at average S$1,762psf which is significantly lower. I think this serves as a positive sign for future capital gains if the new launches are priced as such.

 

Project Site Pearl Bank Apartments Silat Avenue
Acquisition Cost (psf)  $                           1,515.00  $                  1,138.00
Break even (assuming S$300psf construction cost)  $                           1,815.00  $                  1,438.00
Estimated Selling Price  (assuming 30% profit margin)  $                           2,359.50  $                  1,869.40

 

In comparison with recent nearby launches –  Stirling Residences is priced relatively reasonable compared to recent nearby projects. However, for smaller 1-bedroom units in Stirling Residences, prices are around S$2,200psf which in my opinion is quite expensive and it is hard to justify that price tag considering 1-bedroom units in Commonwealth Towers and Queens Peak are around S$2,000psf.

Project Name Margaret Ville Commonwealth Towers Queens Peak Stirling Residences
Acquisition Cost (psf)  $                               997.00  $                                 883.00  $                       871.00  $                             1,050.00
Break even (assuming S$300psf construction cost)  $                           1,297.00  $                             1,183.00  $                   1,171.00  $                             1,350.00
Average Selling Price  $                           1,886.00  $                             1,941.00  $                   1,727.00  $                             1,760.00

 

 

 

 

Developer’s Track Record:

Logan Property Holdings – Founded in 1996, has developed over 90 Residential Projects maintaining their strength and providing shelters to over 500,000 people.

“How is the finishing for Stirling Residences ?”

The finishes included with every unit for Stirling Residences is rather standard, in comparison with most mass market new launches such as homogeneous tiles for most parts of the house and timber flooring for bedrooms. Kitchen appliances and sanitary wares provided are of above average brands which are mainly from Germany, Aircon provided is from Mitsubishi which is perhaps one of the top brands available in the market in my opinion.

 

 

 

 

I believe Stirling Residences is the top project in District 3, Queenstown is a mature estate with full of amenities and also happen to be where most of high-value HDB residential belongs. I think the proximity to CBD is the biggest factor which will provide consistent rental yield and during the market upswing, it is always core central region which will appreciate the fastest. I like that Stirling Residences is built on elevated ground and unblocked southern views of the sea and parts of Sentosa. It is not as rentable as Queens Peak or Commonwealth towers due to their proximity to MRT but I think it this home suits residents of Queenstown who are looking to upgrade and prefers more quiet privacy as Stirling Residences is slightly further away from train track.

 

 

 

 

Location:⭐⭐⭐⭐ 4/5

Value for money: ⭐⭐⭐ 3/5

Future appreciation:⭐⭐⭐⭐4 /5

 

If you would like to have the Stirling Residences brochure, floor plans or pricing, do inform us.

 

Here is another review of Stirling Residences:
https://www.daryllum.com/my-review-of-stirling-residences-and-margaret-ville/

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