Irwell Hill Residences

Our Verdict

82%
Developer
9/10
Unit Efficiency
7.5/10
Unit Size
7.5/10
Design
8/10
Quality of Fittings
9/10
Communal Facilities
8.5/10
Quality of Facilities
9/10
Surrounding Amenities
9.5/10
Transport Connectivity
9/10
Accessibility by Car
8/10
Pricing
8/10
Value for Money
7.5/10
Future Prospect
8/10

A Gateway to the Coveted District 9.

District 9 has always been a well-sought area for homeowners who pursue a prestigious and luxurious lifestyle. But of course, it always comes with a hefty price tag. These hefty price tags have made it hard for some to enter, until…

 

Irwell Hill Residences opens up a gateway for those who wish to be part of this precinct district at a more affordable rate.

We Like...

  • Superb transport connectivity
  • Prime location for education, shopping and work
  • Key amenities within reach
  • Prospective investment property

We Do Not Like...

  • Having 99 years leasehold status within a freehold populated locale
  • Lack of covered walkways to nearby key amenities as of moment
  • Noise from the traffic

Project Analysis

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Location & Amenities

Located at Irwell Bank Road, Irwell Hill Residences (IHR) is nestled by a great number of amenities like Orchard Shopping Belt, Robertson Quay, Clarke Quay, Dempsey Hill, Tiong Bahru Chic Street and Singapore Botanic Garden.

The location of IHR offers prime transport connectivity. With the incoming Thomson- East Coast line (expected to complete by 2021). It will only take 2 minutes to walk to Great World City MRT Station, which is on the upcoming Thomson – East Coast Line (TEL) that is expected to complete by 2021. From there, it will be 1 stop to Orchard & 4 stops to CBD. IHR also has an excellent connectivity to arterial expressways like CTE, PIE & AYE.

Irwell Hill Residences is indeed at the center of it all.

AmenitiesTypeDistance (Approx.)Approx. Travel Time
Great World CityShopping0.5km6 min walk
Orchard Shopping BeltShopping1.5km5 min drive
Tiong Bahru Conservation AreaDining / Restaurants1.7km10 min drive
Dempsey HillsDining / Restaurants3.5km15 min drive
Robertson QuayDining / Restaurants1.4km5 min drive
Singapore Botanic GardensPlace of Interest4.2km12 min drive
Anglo-Chinese (Junior) SchoolSchool2.8km (Within 2km proximity)12 min drive
River Valley Primary SchoolSchool1.3km (Within 1km Proximity)5 min drive / 15 min walk
St. Margaret’s Primary SchoolSchool3.3km (Outside 2km Proximity)12 min drive
Alexandra Primary SchoolSchool1.6km (Outside 2km Proximity)8 min drive

Highlights

The New 'Irwell Hill' Road

Being situated along the major cross-junction between Irwell Bank Road and River Valley Road, it is definitely a huge concern when it comes to traffic flow. However, your worries may rest, as there will be a new side road developed to facilitate traffic, lightening or reducing any possible congestion along the main roads.

The connecting of Great World Road and River Valley Green Road also provides an alternative route towards Havelock Road, smoothening out the traffic flow within the vicinity.

The main entrance of IHR will be facing the new "Irwell Hill" Road as seen on URA's Master Plan.
Also a new connecting road between Great World and River Valley Green road.

Within Minutes from the Great World MRT

The upcoming Great World Station (TE15) provides great connectivity for residences between the northern and eastern part of Singapore. With it being 1 station from the Orchard Shopping Belt and 4 stations from the CBD, it might turn out to be a great rental opportunity.

With the 2 side gates facing River Valley Road, it is extremely convenient for residents to get to the upcoming Great World Station.

The Great World Station is expected to open in 2021*.

*Note that there may be delay due to Covid-19 affecting manpower. See News.

Two side gates towards River Valley road provides superb convenience for residents to get to the upcoming Great World Station (Thomson East Coast Line) within minutes.
1 stop to Orchard Shopping Belt and 4 stops to CBD. Great connectivity as well to the North and East part of Singapore.

Renowned Architect

Renowned Netherland Architect MVRDV is making its first debut in Singapore with Irwell Hill Residences. This project adopts the Botanical Towers concept, which infuses nature in its design.

The move towards infusing sustainable living with architectural design has been adopted in many parts of the world and one of such is that of botanical tower concept similar to the one seen at 152 Elizabeth Street Living Wall, New York City

Top Notch Interior Fittings

As for what to expect for the interior fitting:

Built-in within the Studio and 1-Bedroom + Study units, there are also bespoke countertops that can easily be converted into workstations, extended preparation spaces, and dining tables.

 

Finished with branded fittings from Gessi and sanitary ware from Geberit, and equipped with appliances from Miele and Bosch, each unit comes with marble flooring in the living and dining room and is designed to inspire and delight.

Extracted from IHR's e-Brochure
Fittings from Gessi, sanitary ware from Geberit and appliances from Miele and Bosch. Units come with marble flooring.

Integration of Conservation Trees

It is extremely heartening to know that there are four rain trees conserved and integrated into the landscape of Irwell Hill Residences.

The 50m Rain Tree Pool is a unique feature where you will get to swim under the rain tree, which branches out over the pool.

The club and lounge area is also designed with decks to allow residents to relax and observe the rain trees.

Architecture that infuses nature with dwelling. Four rain trees were integrated into the development.

Stake Holders

Irwell Hill Residences (IHR) is developed by CDL Persueus Pte Ltd, a wholly-owned subsidiary of City Developments Limited (CDL).

Just like when we talk about Bak Kwa, we look for 老字号 (traditional brands) such as Bee Chang Hiang (美珍香) and Lim Chee Guan (林芝源); and when we talk about real estate development in Singapore, CDL is pretty much the 老字号 that most property investors know of. Listed on the Singapore Exchange, the group is one of the largest companies in Singapore by market capitalization and has a diversified global land bank offering 3.4mil sqft of land area.

CDL’s presence is not just confined to Singapore; they have a network spanning 106 locations in 29 countries and regions. With a proven track record of over 55 years in Real Estate Development, investment and Management, CDL has developed over 46,000 homes and owns over 24 million sqft of Gross Floor Area in Residential, Commercial and Hospitality Assets globally.

It is good to know that CDL is the same prestigious developer of multiple popular luxury residences in Singapore as seen below:

Developer's Track Record

  • Gramercy Park*
  • Spring Grove*
  • Cliveden at Grange*
  • New Futura at Leonie Hill*
  • Boulevard 88*
  • Echelon at Alexandra View
  • South Beach Residences
  • The Tapestry
  • The Brownstone
  • The Criterion
  • Nouvel 18
  • Cube 8

Project Consultants

  • Concept Architect: MVRDV
  • Principal Architect: ADDP Architects LLP
  • Landscape Consultant: Ecoplan Asia Pte Ltd
  • Project Interior Designer
  • Main Contractor: Woh Hup

Having a number of developments by CDL within close proximity to Irwell Hill Residences [marked with asterisks (*)], it does provides us with greater confidence in CDL’s ability and foresight in view of its new development.

The main contractor for the project is another 老字号., Woh Hup; one of Singapore’s largest privately owned construction and civil engineering specialists with a 2,500 strong workforce and professionals. They are the contractor behind residential projects such as Reflections at Keppel Bay, D’Leedon, Rivere, and The Reef at King’s Dock.

If residential properties do not strike you much, then consider their track record in building Jewel Changi’s Waterfall, Funan Mall and the upcoming Punggol Digital District. See Woh Hup’s full portfolio: Here

Summing all up, we are looking at a solid line up for the development of Irwell Hill Residences.

Unit Analysis

Unit Mix

Standing at 164m Above Mean Sea Level (AMSL), IHR is made up of 2 residential blocks with 36 storeys each. The two blocks are strategically positioned in a staggered manner to provide unblocked views as much as possible for unit owners. Find out more about the views from Irwell Hill Residences: [Here]

The project has the following unit mix:

Unit MixFloor AreaStack
Blk 2 Blk 6
Studio37 – 59 sqm/ 398 – 614 sqft6-
1 Bedroom + Study42 – 58 sqm / 452 – 506 sqft4, 512
2 Bedroom Classic56 – 71 sqm / 603 – 72 sqft3, 713, 14
2 Bedroom Premium61 – 77 sqm / 657 - 829 sqft1, 29, 11, 16
3 Bedroom Classic80 sqm / 861sqft-15
3 Bedroom Premium118 sqm / 1,270 sqft-10
4 Bedroom Premium104 – 147 sqm / 1,539 - 1,582 sqft8 -
Penthousesqm / 2,185 - 2,605 sqft8 9 + 10 / 15 + 16

Highlights

A) Smaller Unit Size Across Unit Mix
The unique selling point of IHR is definitely the choice of a studio apartment and relatively smaller units. The studio apartment of 398sqft is a unique option that is very rarely offered by similar projects in neighbouring districts. The nearest comparison would be the studio apartment offered by “The M” with a min. unit size of 409sqft.

Projects
(99 Year Leasehold)		DistrictMin. Unit SizePSF (Approx.)Entry Quantum
Irwell Hill ResidencesD9398sqft (Studio)$2,5xx [Indicative]$9xxk
Martin ModernD9764sqft (2 Bedroom)$2,8xx$2.1xmil
RiviereD9560sqft (1 Bedroom)$2,7xx$1.5xmil
Midtown ModernD7409sqft (1 Bedroom)$3,2xx$1.3xmil
Midtown BayD7409 sqft (1 Bedroom)$3,3xx$1.3xmil
The MD7409sqft (Studio)$2,7xx$1.1xmil
One Pearl BankD3431sqft (Studio)$2,6xx$1.1xmil

So, what’s so attractive? With a smaller unit size at such a competitive rate, IHR offers a lower entry quantum for buyers across its unit mix. With a launch price of $2,5xxpsf, we are looking at an entry quantum of approximately $9xxk for a studio apartment. This presents a gateway for those who have long to own a property within the coveted District 9 and a likely money making opportunity for investors.

B) Only 1 Bedroom + Study
Unlike many developments that conventionally offer the option of a Classic 1-Bedder prior to the option of a 1 Bedroom + Study (1BR + Study), CDL challenged the norm to offer only the latter option in IHR. The 1BR + Study has 2 models; with or without balcony and the unit on the 36th floor comes with both the balcony and loft.

The 1BR + Study (w/o balcony) model is a pretty rare option, considering that IHR is the only new launch project within D9 and the neighbouring district that has it.

C) 3 Bedroom Premium
It is worth mentioning that the wide balcony that extends from the living area in the 3 Bedroom Premium model provides a really luxurious and grand look for the unit. The living and dining area for this unit mix is suited for buyers who love to host family parties.

Unit Efficiency

Navigate to Unit

A) Studio

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Long and Rectangular Living Space: The long/deep unit layout provides a perceptual spaciousness while the fusion of multiple spaces provides greater flexibility for changes.

The Downs

  • A/C Ledge: The main concern of having an A/C unit right outside your master bedroom would be possible noise disturbance. There might also be an invasion of privacy when servicing of the A/C unit is required.

  • Pillars / Pipings: Irregular shapes may restrict certain preferred interior design (i.e. full length L-shaped cabinets)

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B) 1 Bedroom + Study (With Balcony)

There are 2 types of layout for 1 Bedroom + Study.

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Extended Living Area (Balcony): Extended from the living area, the balcony provides extra living space and makes the interior look more spacious.

  • Jack & Jill Toilet: Provides more flexibility for homeowners to host guests and maintain their privacy at the same time.

  • Study: Each model has its suited purpose. For A3S(b), the study is situated right after the entrance. It provides great convenience for homeowners who seek to have a home office. This would allow them to quickly receive their clients or deliveries and separate their workspace from their living space.

    For A2S(b) and A4S(b), the Study can also make a great home office if the homeowner does not work in client facing industries.

    For both models, owners are also free to convert the Study to what they prefer. Some ideas include turning it into an entertainment room to host guests or a play area for children.

The Downs

  • A/C Ledge: The main concern of having an A/C unit right outside your master bedroom would be possible noise disturbance. There might also be an invasion of privacy when servicing of the A/C unit is required.

  • Redundant Space at Entrance: The space may provide a more grand and spacious entrance for the unit. However, given that you are able to see through to the other end (where the balcony is) upon entering through the door, we find that this space could have been better used for extending the size of the study or the living area. For a balanced opinion, the space may have been unavoidable due to the structural requirement for the development (i.e. positioning of multiple units).

  • Pillars / Pipings: Irregular shapes may restrict certain preferred interior design (i.e. full length L-shaped cabinets)

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C) 2 Bed Room Classic

There are 3 types of layout for 2 Bedroom Classic units.

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Extended Living Area (Balcony): Extended from the living area, the balcony provides extra living space and makes the interior look more spacious.

  • Enclosed Kitchen [Type B1(b)]: A great feature/layout to have for savvy home cooks.

  • Separated Rooms (More Privacy): The layout in B4(b) is ideal for rental purposes. The living room creates a separation between the 2 rooms, providing more privacy for homeowners.

  • A/C Ledge [Type B4(b)]: The A/C ledge in this model is well positioned. It facilitates the servicing of the A/C unit without any invasion of privacy. It also reduces the likelihood of any noise disturbance.

The Downs

  • A/C Ledge [Type B1(b) & B3(b)]: The main concern of having an A/C unit right outside your master bedroom would be possible noise disturbance. However, invasion of privacy when the A/C unit needs to be serviced is minimal, as the ledge can be accessed via the balcony.

  • Redundant Space at Entrance: Similar to the 1 Bedroom + Study, the space at the entrance may provide a more grand and spacious entrance for the unit. However, we would find that this space is better allocated to the kitchen or bedroom. For a balanced opinion, the space may have been unavoidable due to the structural requirement for the development (i.e. positioning of multiple units).

  • Pillars / Pipings: Irregular shapes may restrict certain preferred interior design (i.e. full length L-shaped cabinets)

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D) 2 Bed Room Premium

There are 2 types of layout for 2 Bedroom Premium units.

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Enclosed Kitchen: Both models of 2BR Premium comes with an enclosed kitchen which is a great feature/layout to have for savvy home cooks.

  • Extended Living Area (Balcony): Extended from the living area, the balcony provides extra living space and makes the interior look more spacious.

  • A/C Ledge [Type B8(b), B9(b)]: The A/C ledge in this model is well positioned. It facilitates the servicing of the A/C without any invasion of privacy. It also reduces the likelihood of possible noise disturbances.

The Downs

  • A/C Ledge [Type B5(b), B6(b), B7(b)]: • The main concern of having an A/C unit right outside your master bedroom would possible be noise disturbances. However, invasion of privacy when the A/C needs to be serviced is minimal, as the ledge can be accessed via the balcony.

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E) 3 Bed Room Classic

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Enclosed Kitchen: The enclosed kitchen is a great feature/layout to have for savvy home cooks.

  • Extended Living Area (Balcony):The A/C ledge in this model is well positioned. It reduces the likelihood of noise disturbances. However, there might be a slight invasion of privacy as the A/C unit outside the master bath can only be accessed through the master bedroom.

  • A/C Ledge: The A/C ledge in this model is well positioned. It reduces likelihood of disturbance from humming sounds of A/C unit. The flip side for the A/C ledge that is attached to the master bath would be the possible intrusion to privacy when servicing of A/C.

The Downs

  • Redundant Space at Entrance: The space at the entrance may provide a more grand and spacious entrance for the unit. However, we would find that this space can be better allocated to the kitchen or bedroom. For a balanced opinion, the space may have been unavoidable due to the structural requirement for the development (i.e. positioning of multiple units).

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E) 3 Bed Room Premium

The size of the balcony and the enclosed or dry/wet kitchen are the two main differences between the 3 Bedroom Premium and Classic.

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Dry and Wet Kitchen:The extension of the dry kitchen into the dining area is great for homeowners who love to host parties. For homeowners who are concerned about food scents spreading to the rest of the house, you can add a sliding door to separate the wet kitchen from the main living area./span>

  • Extended Living Area (Balcony): Extended from the living area, the balcony in this model is much wider, making the interior look exceptionally more spacious. It is a perfect choice for homeowners who love to host parties at home.

  • Walk In Wardrobe: A key feature of luxurious living, the walk in wardrobe is well positioned to maximise user experience and convenience.

  • A/C Ledge: The A/C ledge in this model is well positioned. It reduces the likelihood of noise disturbances. However, there might be a slight invasion of privacy as the A/C unit outside the master bath can only be accessed through the master bedroom.

  • Helpers Room: The position of the store and the W/C is ideal for households with a domestic helper.

The Downs

  • Redundant Space at Entrance: The space at the entrance may provide a more grand and spacious entrance for the unit. However, we would find that this space can be better allocated to the kitchen or bedroom. For a balanced opinion, the space may have been unavoidable due to the structural requirement for the development (i.e. positioning of multiple units).

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E) 4 Bed Room Premium

The only difference between the Classic and the Premium is the additional balcony attached to the master bedroom. (D1(b) does not have a balcony attached to the master bedroom.)

The Ups

  • Circulation: There is a clear flow to each area within the unit. (Definitely not falling short on this requirement for CCR properties).

  • Enclosed Wet Kitchen: Have a peace of mind when cooking as food scent will be kept within the kitchen.

  • Jack & Jill Toilet: Provides more flexibility for homeowners to host guests and maintain their privacy at the same time.

  • Dry Kitchen: The dry kitchen positioned with the dining area is great for homeowners who love to host parties.

  • Extended Living Area (Balcony): Extended from the living area, the balcony in this model is much wider, making the interior look exceptionally more spacious. It is a perfect choice for homeowners who love to host parties at home.

  • Balcony (Master Bedroom)[Type D2(b)] : Having a balcony in the master bedroom means fresh air and great views!

  • Walk In Wardrobe: Both the Master Bedroom and Bedroom 2 comes with a walk in wardrobe; a luxurious feature that all of us love.

  • A/C Ledge: With exception of Bedroom 4, the A/C ledge is generally well positioned. It reduces the likelihood of noise disturbances.

  • Helpers Room: The position of the store and the W/C is ideal for households with a domestic helper.

  • Bedroom 3: This bedroom can be great as a guest room or converted into an entertainment room.

The Downs

  • Private Lift Noise: Being situated next to the private lift lobby, some mechanical noise may be audible to the residents in Bedroom 3.

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Stack Analysis

Pool / Lawn View
2 Bedroom Premium –  Stack 01, 02, 09, 16
3 Bedroom Classic – Stack 15
3 Bedroom Premium – Stack 10
4 Bedroom Premium – Stack 06

Facing Irwell Hill (New Road)
Studio – Stack 6
1 Bedroom + Study – Stack 04, 05
2 Bedroom Classic – Stack 03, 07

Face River Valley Road
1 Bedroom + Study – Stack 12
2 Bedroom Classic – Stack 13, 14
2 Bedroom Premium – Stack 11
3 Bedroom Premium – Stack 10 (Slight view from yard and masters)

Sun Path

With the blocks in Irwell Hill Residences positioned at a slightly off North-South direction, most of the units will not have the direct west sun. However, during brief periods in June and December, there will be some units exposed to slight amount of west sun.

View

Standing at 164m Above Mean Sea Level (AMSL), IHR is made up of 2 residential blocks with 36 storeys each. The two blocks are strategically positioned in a staggered manner to provide unblock views as much as possible for residents.

Irwell Hill Residence sits on a down slope from Leonie Towers towards The Cosmopolitan. This would mean that Block 2 is on slightly higher grounds as compared to Block 6.

For residents living in stack 11, 12, 13 and 14, you may get a glimpse of the fireworks that are usually put up at the Marina Bay area during festive seasons. Residents who do not have this view from their units can still try to catch a glimpse of it from the Irwell Sky (Roof Terrace) at Block 6.

Price Analysis

Price Comparison

Let’s start off by examining the list of 99 years leasehold projects within the vicinity of Irwell Hill Residences. It is not difficult to notice a distinction in prices between the older and newer projects.

Projects
(99 Year Leasehold)		Tenure CommencedCompletion DateNo. of UnitsAverage Price (S$ psf)Average Rental (S$ psf pm)Rental VolumeRental Yield (%)
Irwell Hill Residences-U/C5402,631---
Riviere2017U/C4552,594---
Martin Modern2016U/C4502,704---
Haus on Handy2018U/C1882,847---
Kopar at Newton2019U/C3782,310---
Sophia Hills20132018493 1,9954.606482.8
OUE Twin Peak201020154622,7306.001,0972.6
Up@Robertson Quay2011201570 2,503 6.102202.9
Leonie Suite20022006971,794 4.07 3742.7
Spring Grove199119963251,330 3.22 742.9
Leonie Gardens199019931381,4952.734102.2
Horizon Towers19791984279 1,345 2.395922.1
Cairnhill Nine201420162682,4926.504963.1
Suites at Orchard200720141182,0426.103943.6

Let’s start off by examining the list of 99 years leasehold projects within the vicinity of Irwell Hill Residences. It is not difficult to notice a distinction in prices between the older and newer projects.

The huge difference in pricing however does not come as a surprise with the growing home prices within the vicinity, rising land cost and increasing standard of living over the years.

For standard of living; what we expect from a luxury condo in 2021 would definitely be quite different from those built in the early 1990s and 2000. Developers would need to constantly improve on the projects to meet the increased standards of living. Therefore, cost of units would naturally be higher as well.

For the rising land cost; we can take a technical point of view to observe the change in the Development Charge (DC) incurred by the developers.

DC can be seen as a cost to the developer, which can be transferred to the consumers via sale price. However, there is still a limit to what the developer can do. When the market force is at work and the price goes too high, buyers will simply shy away from the project. Therefore, the DC does have an effect on managing developer’s land purchase activities while having a relatively differing effect on the sale price.

It is worth noting that the plot of land that Irwell Residences is built on was experiencing an uptrend in DC since Jun 2016. It is likely that the developer (CDL) incurred a relatively high DC as the land was bought in Jan 2019; and the submission of the planning permission which follows thereafter should incur DC between $12,950 psm and $13,330 psm.

Likewise, we observe a higher breakeven price for Irwell Hill Residences and therefore a launch price of approx $2,6xxpsf (10% margin). It is likely that the higher DC that the development incurred was taken into account.

A few takeaways from rising DC:

  • It is an indication of increasing home prices within the vicinity. DC for an area tends to change in tandem with the property prices in the area; or
  • The area surrounding Irwell Hill Residences may be expecting hot developments. Hence, a high DC can pose as a barrier to entry for developers. DC can likewise act as a mechanism to dampen potential En Bloc within the area; as redevelopment of the En Bloc estate will usually incur DC.
Source: Urban Redevelopment Authority.
DC charge for non landed residential (B2) is in green.
Irwell Hill plot was bought in Jan 2019 after the DC hike.

We draw a closer comparison by looking at Rivière, OUE Twin Peak and Martin Modern; 3 projects that has closer proximity in terms of time, location and size to Irwell Hill Residences. A deeper analysis of the price trends of these projects can shed some light on Irwell Hill Residences’ prospects.

OUE Twin Peak and Rivière had launch price of $2.9xxpsf, which was way too high and eventually suffered a downward pressure. This can happen due to changes in government polices, market forces and aging of the property.

Good Competitive Pricing
Based on the EdgeProp’s data above, OUE Twin Peak’s and Rivière’s launch price (S$2.9xx psf) was way above the overall average launch price and buyers subsequently suffered a pricing downtrend. The initial high pricing for OUE Twin Peak was likely due to the booming market sentiment between 2010 and 2012. It was the same period that later attracted the implementation of cooling measures such as the Total Debt Servicing Ratio (TDSR) and Mortgage Service Ratio (MSR). Within a short span of just 4 to 5 years after launch and about 2 years into completion (2015), OUE Twin Peak’s pricing was already on a declining trend. This went on over the years and was exacerbated as the development aged and with new launches emerging within the proximity.

Source: EdgePropSG
Relatively lower breakeven along with lack of competition allows Martin Modern to be yielding higher margin.
Source: Urban Redevelopment Authority. DC charge for non landed residential (B2) is in green.
Martin Place was bought in July 2016 and launched July 2017. Suggesting that developer has incurred a pre-hike DC of $7,700psm.

Launched in July 2017, Martin Modern was priced way below the overall average price of the 4 projects, at $2,1xx psf. Even so, the developer has actually yielded approx. 18% profit margin (with its est. breakeven of $1,840 psf). The high-profit margin for Martin Modern can be attributed to the lack of competition with almost no comparable new launches during that period and also a lower DC charge for the land ($7,700 psm).

Martin Modern’s price trend can serve as a good gauge for the property price movement within the area for a 99-year leasehold property. Martin Modern may have enjoyed the “competition-free” market at that moment but its pricing has also shown that even when there is demand, launch prices of projects cannot be too high. This was further supported when Rivière launched in May 2019 (after Martin Modern) at a similar price as OUE Twin Peak, it also suffered a downward pressure on its price till the current price of $2,594psf (as of April 2021).

Source: EdgePropSG
The developer incurred a high DC of approx.
Source: URA
Development charge for Rivière should range between $8,050 and $11,550.
Source: Edgeprop.sg (Land Sale)

Going back to Irwell Residences’ development; with its high DC almost twice that of Martin Modern’s DC, having a launch price of $2,6xx psf is a fair and well-calibrated strategy. It enables Irwell Hill Residences to compete against comparable new launches as well as ageing resale property (99-year leasehold) within the vicinity.

With an average price of $2,631psf (as of Apr 2021), it is just slightly above the overall average of the 4 projects (S$2,613 psf) and also not too far off from the developer’s breakeven (S$2,331 psf), giving approx. 12% margin. This can be an underlying profit opportunity; as there is sufficient headspace for price growth in a booming market. This headspace is possibly created due to a lack of similar property types in the area and late demand swing from the project in neighbouring District 7 due to higher launch prices. One such project is Midtown Modern, which is comparable in many aspects to Irwell Hill Residences; its current median launch price is $2,774psf (as of April 2021).

With Martin Modern nearing TOP, it is worthwhile for us to keep a close eye on it and observe its future pricing trends as it will likely provide us with further insights on Irwell Hill Residences.

The Challenge
With the newer resale freehold properties in the area having a median price close to the current launch price of Irwell Hill Residences, it is expected that Irwell Hill Residences will meet with some challenges for both its sales launch and resale prospects.

Project NameTenureCompletion DateDistance (m)Avg Price (S$ psf)Avg Rental (S$ psf)Rental Yield (%)
IRWELL HILL RESIDENCES99 years leaseholdU/C-2,634--
MARTIN MODERN99 YearsU/C13002,708--
RIVIERE99 YearsU/C9002,576--
HORIZON TOWERS99 Yrs FROM 197919844151,3452.392.1
LEONIE GARDENS99 Yrs FROM 199019934181,4952.732.2
SPRING GROVE99 Yrs FROM 199119962371,3583.222.8
LEONIE SUITES99 Yrs FROM 200220063671,7944.072.7
VALLEY PARK999 Yrs FROM 187719974221,7403.092.1
MILL POINT999 Yrs FROM 187720044761,8484.192.7
RV RESIDENCES999 Yrs FROM 187720152962,0184.942.9
MELROSE PARK999 Yrs FROM 187720004292,1863.51.9
GRANGE 1866FreeholdU/C3192,718--
MUTIARA CRESTFreehold20001308243.425
KELLOCK LODGEFreehold19972501,5742.992.3
THE ASTONFreehold20021471,5783.22.4
LEONIE TOWERSFreehold19763291,6702.361.7
THE MONTANAFreehold2002821,6993.762.7
STELLAR RVFreehold20152121,7454.313
RV SUITESFreehold20121571,7494.463.1
STUDIO 3Freehold20052101,7514.132.8
LOFT @ NATHANFreehold20143111,7684.373
MUTIARA VIEWFreehold20001841,8062.942
NATHAN RESIDENCESFreehold20133271,8714.132.6
TIARAFreehold19952941,9093.352.1
REGENCY PARKFreehold19872781,9152.991.9
THE LUMOSFreehold20114131,9203.212
RV EDGEFreehold20132511,9305.433.4
THE MERCURYFreehold20122191,9414.12.5
THE TRILLIUMFreehold20104722,1204.12.3
BEVERLY HILLFreehold19834162,160--
THE PATERSONFreehold20044262,1663.732.1
LATITUDEFreehold20101602,1714.052.2
PATERSON RESIDENCEFreehold20083652,2794.132.2
THE COSMOPOLITANFreehold20083882,3584.372.2
PATERSON SUITESFreehold20104892,4794.082
GRAMERCY PARKFreehold20163283,2975.11.9
THE MARQ ON PATERSON HILLFreehold20113934,084--
RV ALTITUDEFreeholdU/C3502,738--
THE LUMOSFreehold20113102,0562.91.7
THE IVERIAFreeholdU/C9502,526--

Despite so, the “surprising” trend of 99-year leasehold new launches enjoying better price growth and thereby better capital gain when you enter early, does provide some comfort for buyers.  99-year leasehold property tends to garner better volatility in pricing due to higher resale volume driven by the ageing of the development. It is not definite but this frequently observed trend does gives us more reason to look into Irwell Hill Residences. It is definitely the property to look at for property investors. If your main investment objective is that of capital gain, Irwell Hill Residences may be a prospective choice in view of its low entry quantum, location and well-positioned launch price.