Situated on the site of the former Asia Gardens, this new launch freehold condo will be located near the upcoming Cantonment MRT station.
It’s been a long time since we’ve last seen a new freehold condominium project being launched in the core downtown of Singapore. Thus, it’s not surprising to see why Sky Everton is one of the most highly-anticipated new launch condos in 2019.
If you’re familiar with District 2 in Singapore, it comprises mainly properties which are located some parts of the Central Business District (CBD), such as Tanjong Pagar, Anson Road, and Shenton Way; the residential precinct of Spottiswoode Road, Everton Road, and Cantonment Road.
Other than properties located within the areas of Spottiswoode Road and Everton Road, most of the properties in other parts of District 2 are on 99-year leasehold tenure. Some of the newer projects within the district include the likes of Wallich Residence and Onze at Tanjong Pagar.
When the former Asia Gardens en bloc went through for a whopping $343 million (or $1,565 psf ppr), analysts mentioned that the site could probably be the last freehold residential site within the precinct.
This is, no doubt, one of the main reasons why almost 40 percent of the total units at Sky Everton condo were sold in just 2 days during its initial launch between 22 – 23 June 2019. Additionally, it may just put the next neighboring new launch condos, Avenue South Residence by UOL and One Pearl Bank under some pressure.
Other than it being freehold, what really caused this ‘buying frenzy‘ at this new launch condo at Everton Road and is Sky Everton a good buy? Or is it bad news for property investors in Singapore?
Let us dive into the details, numbers and sum it up with our review.
Sky Everton Project Information
Before we look at the details for Sky Everton, here is a quick overview of the factsheet containing key information for the project.
|Project Name:||Sky Everton|
|Developer:||Sustained Land, Ho Lee Group, Kwong Lee Land, and Penjuru Capital Pte Ltd|
|Address:||50 Everton Road, Singapore 089396|
|Land size:||72,058 sq ft|
|Unit types:||1-Bedroom (463 to 592 sq ft)
1-Bedroom + Study (506 to 635 sq ft)
2-Bedroom (624 to 807 sq ft)
2-Bedroom + Study (657 to 840 sq ft)
3-Bedroom (915 to 1,066 sq ft)
3-Bedroom + Study (958 – 1,109 sq ft)
4-Bedroom (1,346 sq ft)
5-Bedroom Penthouse (1,819 sq ft)
6-Bedroom Penthouse (2,228 sq ft)
|Total units:||262 units|
|No. of blocks:||1|
|No. of levels:||36|
|Car parking Lots:||262 (excluding 3 handicapped lots)|
|Expected TOP date:||Early September 2023|
Sky Everton Developer
The Sky Everton developer is a consortium which comprises of Sustained Land, Ho Lee Group, Kwong Lee Land, and Penjuru Capital Pte Ltd.
Among the 4 firms involved in developing Sky Everton condominium, Sustained Land has the most impressive portfolio with more than 2,500 private homes developed since it was first established in 2006.
Throughout the last 13 years, Sustained Land has been involved and developed in various well-known private residential projects. Some of the latest ones include Coastline Residences, One Meyer, Sturdee Residences, and 3 Cuscaden.
Ho Lee Group
Incorporated back in 1996, Ho Lee Group’s businesses range from specialized metal works, fabricating formworks, sales, and leasing of construction machinery & equipment, to general construction works for buildings.
The Group has also diversified its businesses into the development of residential and commercial properties. Their previous residential projects consist of the development of several executive condominiums in Singapore, such as Lake Life, Watercolours and Heron Bay.
Sky Everton Location
Sky Everton is located along Everton Road, with a coveted address of 50 Everton Road, Singapore 089396 – just next to Spottiswoode Suites and Spottiswoode 18 condo; opposite the Everton Park and Cantonment Towers HDB clusters.
Situated at the fringe of the Central Business district of Singapore in District 2, the location of Sky Everton couldn’t be any better.
It is right smack in the middle of the nation’s economic core and future development of the Greater Southern Waterfront – one of the biggest development and rejuvenation projects by the Singapore government.
This nostalgically attractive neighborhood also gives off a unique charisma that is appealing to some of Singapore, if not the world’s, finest restaurants and cafes.
Some of these ‘hidden gems‘ are usually located along Everton Road and Kampong Bahru, Everton Park; BukitPasoh, Tras Street, Keong Saik Street, and Duxton Hill.
Walking distance to the Outram Park and future Cantonment MRT station
One of the highlights for living at Sky Everton would definitely be the excellence in connectivity and the transport options in the area. And it’s going to get better in the future.
Right now, the closest MRT station to Sky Everton would be the Outram Park MRT station, which is about 7 – 8 minutes’ walk away.
It is an interchange station situated along the North-East and East-West MRT line. By 2021, the new Thomson-East Coast line will also be opened up at Outram Park MRT station.
Therefore, by the time your unit at Sky Everton is ready for occupation, you will enjoy that seamless connectivity traveling across western, eastern, northern and north-eastern regions of Singapore.
Within the next couple of years, residents at Sky Everton condo would also be served by the upcoming Cantonment MRT station – set to open by 2025. It is just located even closer – around 300 meters (4 minutes’ walk) away from the condominium.
It is situated on the site where the former KTM Tanjong Pagar Railway station was.
The Cantonment MRT station will be part of the existing Circle MRT line, connecting commuters to the downtown core central (the Shenton Way and Marina Bay precincts) and various central locations across all regions in Singapore.
A wide range of amenities around Sky Everton’s location
At Sky Everton, you will find a wide array of amenities in the neighborhood.
Tanjong Pagar Plaza and 100AM mall
For instance, the nearest and most popular spots within the locale would be Tanjong Pagar Centre, Tanjong Pagar Plaza, and 100AM mall – which are just a mere 11 – 12 minutes’ walk away.
Over at these 3 places, you will find 2 major supermarkets, a wet market for your grocery needs, cafes, restaurants, a commercial gym (Fitness First), and a hawker center serving up some of the most famous local delicacies in Singapore.
With the added accessibility of having an MRT station nearby, it makes traveling to the shopping malls (of bigger scale) and other amenities which are relatively close by.
The most prominent one would be the VivoCity Mall. It is perhaps one of the best and most comprehensive shopping malls in Singapore for the past 10 years.
Opened back in 2006, the VivoCity mall houses some of the biggest retail and F&B brands in Singapore and it only takes you less than 10 minutes to get there by car; less than 20 minutes by train.
Singapore General Hospital
Having a proper medical facility near your home is often being neglected until you have the need for it. At Sky Everton, it’s literally being taken care as you will be close to the Singapore General Hospital.
It is the oldest, largest, and one of the remarkably well-equipped hospitals in the country and ranked the 3rd best hospital by Newsweek magazine in 2019.
Thus, if you require some level of immediate medical attention, you know you are not too far away from receiving help from a bunch of professionals.
Greater Southern Waterfront City
The biggest draw to Sky Everton’s location would definitely be the upcoming development plans for Greater Southern Waterfront city.
Situated literally just less than 500 meters (south) away, the Greater Southern Waterfront city stretches over a vast land area of around 6 times the size of the current Marina Bay – from Tanjong Pagar all the way to the Keppel and Pasir Panjang precinct.
In the future, you will be expected to see more skyscrapers being newly built across the Greater Southern Waterfront city; a waterfront promenade and a green corridor that links to different nature spots within the southern region of Singapore.
Nearby schools and other educational institutes
The number of schools for homebuyers with school-going children to choose from a pretty limited. The only primary school within the 1-km radius would be Cantonment Primary School.
Other than that, there are still CHIJ (Kellock), Radin Mas Primary School, and Zhangde Primary – which are still within the 2km radius.
Within the nearby south-western region of Singapore, you will even find a wide range of top educational institutes which may be suitable for those who are seeking higher education, such as the Singapore Polytechnic, the Management Development Institute of Singapore (MDIS), the International School Singapore (ISS) and of course, the National University of Singapore (NUS).
Sky Everton Condo Facilities and other Features
Once you arrive home at Sky Everton condo, you are practically stepping out from the city and right into another realm where a luxuriant garden of joy awaits.
While you are instinctively intrigued towards the 50-meter long communal swimming pool, lounge on any one of the Water Loungers within the pool and begin to enjoy how the surrounding greens of the garden all integrate spontaneously to form a refined sanctuary of pure euphoria.
The Piazza (Level 5)
Situated on Level 5, The Piazza is where the essence of Sky Everton lies. A total of 2 lavish swimming pools entice with their alluring streams of waters.
Here, you get to immerse in a therapeutic experience with a hydromassage or pamper yourself using the hot spa for utmost relaxation.
The Sky Forest (Level 14)
After that, you may want to head on to the Sky Forest on Level 14, where you will get to appreciate the amazing views of the city’s skyline and the southern sea while working out in the gym or fully concentrated on your yoga session.
The Sky Club (Level 24)
The Sky Club is located on the 24th storey where you get to host you distinguished guests and dine over some great food, complemented by the breathtaking city skyline.
This certainly helps to create those enduring moments from your events and making them even more special.
Sky Everton Floor Plan and Unit Types
Sky Everton condominium comprises a total of 262 units with a single 36-storey tall residential block and is expected to attain its TOP by early September of 2023.
It offers a wide array of units types from a 1-Bedroom unit(463 square feet) to a 6-Bedroom Penthouse unit (2,228 square feet).
Here is the Sky Everton floor plan for each unit type:
- 1-Bedroom (463 to 592 sqft)
- 1-Bedroom + Study (506 to 635 sqft)
- 2-Bedroom (624 to 807 sqft)
- 2-Bedroom + Study (657 to 840 sqft)
- 3-Bedroom (915 to 1,066 sqft)
- 3-Bedroom + Study (958 to 1,109 sqft)
- 4-Bedroom (1,346 sqft)
- 5-Bedroom Penthouse (1,819 sqft)
- 6-Bedroom Penthouse (2,228 sqft)
Sky Everton Price Guide
The following Sky Everton price guide was released by the developer during its launch weekend on the 3rd week of June 2019.
The entry price for Sky Everton is averaging around $2,550 psf from the 102 units sold during the sales launch, taking up almost 40 percent of the whole project.
|Unit Type||Size||Indicative Pricing||PSF Price|
|1-Bedroom||463 – 592 sq ft||FULLY SOLD||–|
|1-Bedroom + Study||506 – 635 sq ft||FULLY SOLD||–|
|2-Bedroom||624 – 807 sq ft||FULLY SOLD||–|
|2-Bedroom + Study||657 – 840 sq ft||FULLY SOLD||–|
|3-Bedroom||915 – 1,066 sq ft||$2,305,000||$2,519|
|3-Bedroom + Study||958 – 1,109 sq ft||$2,368,000||$2,472|
|5-Bedroom Penthouse||1,819 sqft||$5,660,000||$3,112|
|6-Bedroom Penthouse||2,228 sqft||$7,035,000||$3,158|
If we were to refer back to the en bloc price of $1,565 psf ppr, which Sustained Land and its partners paid for the Asia Gardens back in April 2018, the pricing of Sky Everton is somehow within what analysts have expected – after calculating all the overheads, construction costs and other miscellaneous expenditure which the developer has taken on.
Sky Everton Showflat Location
The Sky Everton showflat is located on the actual site of the development along Everton Road, which is the former site of Asia Gardens.
For car parking arrangements at the Sky Everton showflat, there should be ample parking spaces for prospects who are visiting. However, there is still an alternative (paid) multi-story parking right opposite the showflat, located at 6A Everton Park, Singapore 082006.
The opening hours of the Everton Park showflat is usually opened between 10 am to 6 pm daily. However, it may be subjected to changes in the future.
Thus, you can simply us a call at (+65) 6631-8384 or contact us using the form below to get an update on the showflat opening hours, in order not to make a wasted trip down.
Sky Everton Review
It’s been a while since we last saw a freehold development being launched for sale – which is within close proximity to the Central Business District (CBD).
In fact, the last freehold development launched for sale in District 2 before Sky Everton was Onze @ Tanjong Pagar (back in September 2013) and honestly, it wasn’t really that impressive because it was purely an addition and alteration (A&A) work and wasn’t really a brand new development being built from scratch.
Thus, I can totally understand why Sky Everton has managed to sell 102 units (out of the 262 units) during its first weekend of sales. However, this hype created may be short-lived.
Before I touch on my personal concerns in this Sky Everton review, let’s look at some things that I really like about this new launch in District 2.
Excellent location with plenty to look forward to
First of all, being situated literally in the city center and this close to the CBD, the location of Sky Everton couldn’t be any better.
What really excites me is the future prospect of the Greater Southern Waterfront City. Looking at the location of Sky Everton, it is practically just right opposite!
The Greater Southern Waterfront City is probably the biggest redevelopment project that Singapore has planned – much bigger than what it had for the Marina Bay precinct back in the early 2000s.
These days, having an MRT station nearby has somehow become an essential factor to a homebuyer’s decision in acquiring a property, especially over the last couple of years. Thus, the upcoming Cantonment MRT station, which is just literally a few minutes’ walk away from Sky Everton is definitely one of the big plus points.
And because of the fact that all these plans are part of a long-term project by the government, thus the freehold status of Sky Everton does help a little in terms of having a sustainable value.
Decent scale and sizes; much better looking and pleasant
By looking at the unit types being offered at Sky Everton, you can see that this is not really a development that is solely targetted at investors. It has unit types which are well-suited for small to big families; not just for individuals or couples.
The good thing about such developments is that a substantial amount of units will likely be taken up by buyers for their own use.
Therefore for developments like Sky Everton, the compound will be much well-maintained and the community living within will be less ‘messy’, more family-oriented and pleasant – as compared to those developments which are generally for investment purpose.
Now here’s the worrying part about buying this freehold condo near Cantonment MRT station and the CBD.
The initial hype of Sky Everton does seem amazing amid a subdued property market with tons of other competing launches around. But this was also the case for the neighboring freehold projects such as Spottiswoode 18, Spottiswoode Suites and Spottiswoode Residences.
Let us take Spottiswoode Suites for example because its sale period occurred during the last market downturn and had to endure a tough time selling its units.
When Spottiswoode Suites was launched back in January 2013, it sold a total of 70 out of the 183 units available within 2 weeks from the official launch. Honestly, it’s really not too bad.
But the sad story is that the robust sales didn’t last long as it took the developer approximately more than 4 years to sell off every unit. It’s much worse than Spottiswoode 18 (took more than 2 years to sell) and Spottiswoode Residences (took almost 3 years to sell).
As we all know, a strong demand that is overpowering the supply will drive prices upwards. But in this case, the demand for properties in this area where Sky Everton is doesn’t seem to be as popular as what the media projects.
Things may change for the better when more plans are being announced for the Greater Southern Waterfront City, but as of now, it doesn’t look very assuring to home buyers. And that leads me to my next point – the price!
Unprofitable transactions among the neighboring developments
When it comes to buying a property, it is unlikely that anyone would like to lose money from it. Also, If you were to look at the number of unprofitable transactions and the losses incurred within the 3 developments which are next to Sky Everton, it’s absolutely astounding!
|Project Name||No. of Unprofitable Transactions||Loss Amounts|
|Spottiswoode 18||12||$18,900 – $382,455|
|Spottiswoode Suites||5||$17,000 – $133,000|
|Spottiswoode Residences||17||$6,000 – $1,540,500|
But of course, there are some who made money too.
|Project Name||No. of Profitable Transactions||Profit Amounts|
|Spottiswoode 18||21||$11,200 – $94,500|
|Spottiswoode Suites||3||$3,300 – $49,000|
|Spottiswoode Residences||20||$5,000 – $294,000|
When you compare both tables above, yes it does seem that you will still have a good chance of making a profit if you were to buy a unit at Sky Everton and wait out till you collect your keys.
Although the number of profitable transactions is still higher than the unprofitable ones, the profit margins just don’t look lucrative enough because you can easily put your money in other properties (in other locations) and the returns are likely to be much better than Sky Everton.
Of course, many may argue that these owners who lost money sold their properties at the ‘wrong time’ as the changes for the area have yet to happen. But then again, how long are you willing to wait before you reap a substantial amount of profits?
In terms of price, I seriously don’t think Sky Everton is overpriced and here’s how the prices for these 4 developments stack up together in terms of average per square foot (psf) price – based on transactions over the last 6 months (as on 12 July 2019).
|Project Name||No. of Units||Completed||Average PSF|
Being the newest among all, it’s natural for Sky Everton to be priced the highest among all the other.
However, the big concern will be the risk factors involved and whether Sky Everton going to be a worthwhile purchase.
If it is solely for investment, I would suggest you to try hunting down some ‘good deals’ in the neighboring projects. Also, not only it’s going to be cheaper than Sky Everton, but you will also get an immediate rental return and yet leverage on the potential growth in the area for future capital gains.
For own stay, you can definitely consider Sky Everton as a long-term option for your property needs.
The fact is that unit sizes at Spottiswoode Suites and Spottiswoode 18 are generally much smaller and layouts are less efficient (some even with unusable void areas). Thus at this point in time, there’s a really limited supply of decent-sized homes for families within the area.
Earlier this year, the government has announced its plans to encourage property developers to build more residential homes and setting restrictions on the average unit sizes within a development in the CBD area.
Therefore, it will come a time when you will see families start shifting into a more ‘family-friendly’ District 2 and that will be the chance for you to reap your profits (if you want to).