Principal-Garden-review

Just how special is the Principal Garden Condo by UOL / Kheng Leong?

If you haven’t known, The Nassim Park Residences was also developed by Kheng Leong back in 2011. It was branded as one of the most prestigious new launch condo for the selected few. Located at the most sought after area in the district 09, the 100 units development has set a benchmark for how “luxury” was being defined for a home. And yes, Principal Garden Condo was also a jointed developed project by Kheng Leong and UOL. This is a new 663 units development which has 4 blocks of 24 storey towers and they have units of 2, 3 and 4 Bedrooms which overlooks the vast landscape of Chatsworth landed estate, as well as towards the greenery of Dempsey Hill and Botanic Gardens. It is located along Prince Charles Crescent and next to the Alexandra Park Connector which also extends 4km towards the Central Business District.

Principal-Garden-Map

At first, this 99 year leasehold development did not draw much attention until a news article, “663 unit condo to come up on city fringe” was published on the 10th October 2015 on the Straits Times. It was mentioned that Kheng Leong would be launching the Principal Garden at an average price of $1,600 per square feet. One may think, is this price considered to be an attractive buy in District 03? At $1,600 psf, am I entering this volatile market at a high price? On the other hand, one may also wonder if this is a fair price for today’s market in this so-call “City Fringe” which can easily be zoned as the “core-center”. Let’s analyse!

Principal-Garden-Showflat

When the URA launched other plots of land during their GLS program since 2011, there was a substantial gap in the difference of the land prices successfully bidded by several developers. They ranged from the lowest of $775 psf (Echelon at Alexandra Road) to the highest of $960 psf (The Crest at Prince Charles Crescent) However, one of the highest transacted psf during the sale of units to the general public was $2474 psf for a 41st storey of Echelon, developed by City Development Limited. Another transaction that crossed $2000 psf was for a 38th floor unit at the Alex Residences. Both units have unblocked view and they are within walking distance to the Redhill MRT. For Principal Garden, an unblock view towards the vast landed precinct of Bishopgate, Chatsworth, Jervois and to name a few, one would only pay approximately $1600, it was considered to be a steal for many families and investors.

Principal-Garden-comparables
Source: squarefoot.com

Set to be launched on the 31st October 2015, many home searchers and investors have registered their interest for the a priority sale. Market watchers will certainly be keeping an eye on the sales performance for this new launch condo.