The Continuum: District 15 condo that sits on two freehold plots
It's built on 2 massive residential plots that were lined up with 22 pre-war houses built in the 1930s.
Many wondered what the future development would look like when real estate firms Hoi Hup Realty and Sunway Property acquired 2 strips of residential land on both sides of Thiam Siew Avenue for $815 million in November 2021.
Previously, the quiet street was lined with 22 units of pre-war detached and semi-detached houses.
Would the high-rise residential blocks in future be linked across the street by a sky park (similar to what we have at Marina Bay Sands), or would the property developers acquire the road from the government and combine the plots to develop a sprawling residential project on a single merged plot?
Apparently, none at all.
Instead, P&T Architects’ director Kingsley Ng designed 3 residential blocks that comprise 408 private homes on each plot.
The respective plots on both North and South are both designed as 2 separate condominiums, each with its own entrance, basement car park, and facilities such as a clubhouse, communal swimming pool, and also gymnasium.
Tanjong Katong Road will be the entrance to the plot in the north, and Haig Road will be the entrance to the plot in the south.
The 2 plots will be connected by an overhead pedestrian bridge similar to the Henderson Waves bridge.
The 2 sites cover a total land area that spans 269,995 square feet.
Mr Wee Thiam Siew, the late property magnate and hotelier built those 22 pre-war houses in the 1930s and rented them out.
His descendants received the properties on Thiam Siew Avenue after his death back in 1972.
According to Savills Singapore (the broker of the deal back then), the $815 million sale of these houses along Thiam Siew Avenue is the largest residential plot transacted since July 2018.
In addition to the site’s purchase price, the developers forked out an estimated sum of $284 million for development charges and another $39.3 million for the 7 per cent bonus allocated balcony space.
As a result, the total cost exceeded $1.138 billion, equating to a whopping land rate of around $1,440 per square foot per plot ratio.
The joint property developers kept the name of the road and preserved one of those pre-war detached houses.
Thiam Siew House will be the name of the preserved detached house-turned-clubhouse that is situated on the North plot.
The function room within will be transformed into a grand hall that features a round dining table.
The clubhouse that is located on the South plot, on the other hand, is a 2-storey tall glass structure.
In the 2nd-floor function room, it will feature a long table that can be used for Western-style dining and is packed with tons of gourmet kitchen facilities.
Analysts consider both the Signature and the Prestige units, which were first showcased at Terra Hill condominium and are now available at The Continuum, to be “hallmarks of Hoi Hup Realty” in its lavish luxury residential developments.
To elaborate on that, the developer spent almost $6 million on a 2-storey showflat to highlight The Continuum.
In the showflat, there is a main viewing hall with an elevated ceiling to display the model of the project, 2 showflats on the 1st level to showcase the Signature units, and 2 more showflats on the 2nd floor displaying the Prestige units.
In addition, there is a large lounge area that comes with plenty of seating for potential homebuyers and realtors.
The Continuum contains a wide variety of unit types.
The Signature units range from 560 square feet for a 1-bedroom plus study to a 1,518 square feet 4-bedroom unit type.
On the other hand, the Prestige units range from a 3-bedroom plus study (1,227 square feet) to a large 5-bedroom (2,282 square feet) unit.
It’s been noted that the Prestige units all are larger in size than all the standard units and each has their own private lift lobby.
The starting price for a 1-bedroom plus study unit in the Signature collection is $1.448 million, and $3.32 million for a 3-bedroom plus study unit in the Prestige collection.
As a result, starting prices for units in The Continuum range from $2,500 to $2,600 per square foot.
Market watchers pointed out that a 15 per cent discount from the median range of $2,500 to $2,600 per square foot is approximately $2,200 per square foot, which is less than the median selling price recorded by recent 99-year leasehold project launches.
Tembusu Grand, a 638-unit condominium at Katong, for example, sold 53 per cent of its total units on official launch weekend (8th – 9th April) at a median per square foot price of $2,465.
The 298-unit Liv @ MB, which was opened for sale back in May 2022 and is located just along Mountbatten Road, has already achieved an 86 per cent take-up rate at a median per square foot price of $2,413.
Both projects are located within District 15 and are both 99-year leasehold condominiums.
Based on the recent price trend of new launch projects, The Continuum, according to the developer, is not likely to set new benchmark prices within District 15.
For instance, the freehold project by GuocoLand, Meyer Mansion has 200 units in total and has already seen units sold above $3,000 psf.
A 484 square feet 1-bedroom in the condo changed hands for a high of $3,293 per square foot back in September 2021.
MeyerHouse set a high price per square foot of $2,800 for a 2,110 sq ft, 5th-floor 3-bedroom unit.
On top of that, Amber Park’s 4,392 square feet penthouse in August 2021 was sold for a top dollar at $13 million (or $2,960 per square foot).