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Qingjian to build more than 1,200 homes on Shunfu Ville site
QINGJIAN Realty has unveiled its plan to build more than 1,200 apartment units in Shunfu Road, on the site of the former Shunfu Ville estate.
JadeScape, as the new development in Bishan is to be called, will be kitted out with fully-integrated smart home technologies and an intelligent estate monitoring system.
The developer hopes to draw buyers at an average price of S$1,700 per square foot.
The units will include 63 one-bedroom units specially designed for active-ageing residents. Called the "gold standard" units, these apartments will be equipped with smart technology and physical facilities designed for older residents.
Qingjian Realty acquired the former Shunfu Ville for S$638 million in 2016, making it the largest collective sale since 2007 at the time.
The 1,206 units at JadeScape will be launched in two phases. There will be 236 one-bedders, 403 two-bedders, 265 three-bedders, 261 four-bedders, 39 five-bedders and two penthouses across the seven blocks, sitting on the 36,985.7 sq m site.
The one-bedroom units (527 sq ft) will start at S$838,000; two-bedroom units (646 to 775 sq ft) will start at S$988,000, while three-bedroom ones (904 to 1,152 sq ft) will start at S$1.38 million.
Prices for the four- and five-bedroom units, as well as the penthouses, have yet to be fixed.
Yen Chong, deputy general manager of Qingjian Realty (South Pacific) Group, said the recent property cooling measures had made the company re-evaluate its pricing for JadeScape's units, but that the final prices do not differ much from the initial price.
Smart technology installed in the condo include devices in common areas that enable estate managers to monitor the development; the system can, for example, send alerts when smoke detectors in individual units are activated.
Facial recognition technology will be used in lift lobbies.
Older residents living in the "gold standard" units will have access to services such as health screenings and dietary planning. Their units will also be equipped with pull-down hydraulic racks and support bars.
The condo, which is near Marymount MRT station, will be served by four MRT lines - the Circle, North-South, future Thomson-East Coast and Cross Island lines.
Drivers can reach any part of the island through the Pan-Island Expressway, the Central Expressway and the upcoming North-South Corridor.
Qingjian's two-storey show gallery, the largest in recent years and equipped with smart technology, will open to the public from Saturday.
Tricia Song, head of research for Singapore at Colliers International, described the S$1,700 psf price tag as "fairly attractive, especially for the one- to two-bedroom units".
She noted that there has been no new major launches in the vicinity since 2015; the last major launch was the 288-unit Thomson Impressions in Q4 2015.
She also noted that the nearby Thomson Three, a 99-year leasehold development completed in 2016, transacted at about S$1,600 psf this year.
"We expect JadeScape to do well due to pent-up demand in the vicinity and the palatable price quantum of less than S$1.5 million for most of its one to three-bedders.
"It is also near good schools such as Catholic High and Ai Tong," she said.
Christine Sun, head of research and consultancy at OrangeTee & Tie, said that, while not a direct comparison, units in resale projects in Bishan such as Sky Vue are going at an average price of S$1,650 psf; at Sky Habitat, the average psf price is S$1,500.
JadeScape, being a much newer project, is expected to command a higher premium than Sky Vue and Sky Habitat.
Ms Sun said she expects the take-up of units to be healthy and for the "gold standard" units to be popular with older buyers.
The development is expected to receive its Temporary Occupation Permit (TOP) on Jan 9, 2023.