The Continuum is the continuance of a legacy that combines the modernity of a brand-new condo with the preservation of a bungalow. Families and single people alike choose it because of its convenient location, which puts three well-known primary schools within one kilometer of it, as well as fine restaurants and shopping centers.Given that its nearest competitors are all leasehold, The Continuum's freehold tenure will undoubtedly encourage some to give it serious consideration as well. It may take some time for some people to adjust to having two distinct sites in the same development because the present road that connects Tanjong Katong Road and Haig Raathaceto be kept.
The Continuum: One condo, two freehold plots in District 15
EDGEPROP SINGAPORE - Many people were curious about the future development when Hoi Hup and Sunway Property paid $815 million in November 2021 for two strips of property on either side of Thiam Siew Avenue. 22 pre-war bungalows and semi-detached homes used to be situated along the peaceful street. Would a SkyPark a la Marina Bay Sands connect the future high-rise buildings over Thiam Siew Avenue, or would the developers purchase the avenue and merge the plots to build a large complex on a single integrated plot?
None of the aforementioned. Instead, director of PT Architects Kingsley Ng created three buildings with 408 residences on each parallel plot. The North and South plots are intended to function as two independent condominiums, each having an own entrance, underground parking, and amenities such as the clubhouse, swimming pool and gym. The entrance to the North plot will be from Tanjong Katong Road and to the South, Haig Road.
The two plots will be connected by an overhead bridge that resembles the Henderson Waves pedestrian bridge. According to Koon Wai Leong, director of Hoi Hup, "it will be an iconic bridge in the Katong area that will link the two sites."
The amenities in the North and South plots differ, right down to the grounds that STX Landscape Architects created. "Residents can enter the bridge from a ramp at the landscaped deck on the North plot and emerge at the clubhouse on the South plot," explains Koon.
They are welcome to use the amenities on both sides.
The two sides are after all a single construction, the 816-unit The Continuum, which takes its name from the definition of the word. According to Koon, the term "continuum" refers to something that changes or evolves over time gradually and continuously.
The term captures the development's salient characteristics: He also mentions the connection between the North and South plots, the ground-floor planted gardens, and the sky garden. It also alludes to the land's freehold title. According to Koon, it might serve as a legacy for the homebuyers' future generations. The layouts of the units are adaptable. He continues, "This enables minor modifications to transform the spaces for the next phase of life." "It's perfect
A piece of history
The two sites have a combined land area of 269,995 sq ft. The 22 pre-war houses were built in the 1930s by the late property magnate and hotelier Wee Thiam Siew, who held the properties for rental income. After his death in 1972, the properties at Thiam Siew Avenue went to his descendants. They were held primarily by two vehicles, Thiam Siew Avenue Investments and Wee Thiam Siew Co.
"The largest residential development site sold since July 2018," according to Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, who arranged the sale of the houses at Thiam Siew Avenue for $815 million. "I had thought the developer would launch the project in two phases," he claims. However, it went up better than I had anticipated: Although it is really two developments, residents get to enjoy the amenities of one large-scale development.
Hoi Hup and Sunway paid an additional $284 million in development fees and $39.3 million for a 7% bonus balcony area on top of the site's purchase price. Over $1.138 billion was spent in all, which equates to a land rate of $1,440 per square foot.
The Continuum was "the first private condo in Singapore developed on two separate plots," according to Ken Low, managing partner of SRI. He points out that although Thiam Siew Avenue will continue to be a public street, the developer has integrated it within The Continuum. "Consider driving along a street that has greenery and trees on either side, with the sky bridge in the distance. Comparing it to the rest of District 15, the atmosphere will be extremely different. Even though they are intangible, these emotions support a project's resale value.
The joint developers chose one of the pre-war bungalows for preservation and maintained the name of the road. Koon declares, "The name Thiam Siew will not be forgotten in history."
Thiam Siew House will be the name of the preserved bungalow-turned-clubhouse on the North site. The event space will be a large dining room with a round table in the oriental style. The clubhouse on the South plot, in contrast, is a double-story glass building. Long dining tables and a gourmet kitchen will be available in the event space on the second floor.
Evolution of space
“Over the years, we have seen how Hoi Hup has evolved from a developer of executive condos (ECs) with practical and functional units, to a developer of luxury projects, with Terra Hill and The Continuum,” says SRI’s Low. He sees the Signature and Prestige units, first introduced at Terra Hill and now at The Continuum, as “hallmarks of Hoi Hup” in its luxury projects.
Hoi Hup’s Koon agrees. “We don’t do cookie-cutter units and projects but believe in innovating,” he says. The developer invested nearly $6 million in a double-storey sales gallery to showcase The Continuum. There is a main hall with a double-volume ceiling to showcase the scale model, two showflats on the first level showcasing the Signature units, and two showflats depicting the Prestige units on the second floor. There is also a generous lounge area with ample seating for prospective home buyers and agents. “The aesthetics and feel of the sales gallery will be reflected in the new development,” according to Koon.
The Continuum has a wide range of units. The Signature units are the typical one-bedroom-plus-study of 560 sq ft to four-bedroom units of up to 1,518 sq ft. The Prestige units are the three-bedroom-plus-study, four-bedroom-plus-utility and five-bedroom units, ranging from 1,227 to 2,282 sq ft. The Prestige units are larger than the typical units and have private lift access.
One-bedroom-plus-study accounts for just 68 units (8.3%) out of the 816 units, says PropNex’s Gafoor. Two-bedroom and two-bedroom-plus-study range from 647 to 722 sq ft and make up 306 units (37.5%).
Meanwhile, three-bedroom to five-bedroom units make up 442 units at The Continuum. “That is 54% of the units,” says PropNex’s Gafoor. “The developer has right-sized the units for owner-occupiers.”
Prices start from $2,583 psf
Prices of the Signature units at The Continuum start from $1.448 million ($2,586 psf) for a 560 sq ft one-bedroom-plus-study; $1.671 million ($2,583 psf) for a 647 sq ft two-bedroom; $1.82 million ($2,600 psf) for a 700 sq ft two-bedroom-plus-study; $2.3 million ($2,638 psf) for an 872 sq ft three-bedroom; $2.759 million ($2,588 psf) for a three-bedroom-plus-utility; and $3.207 million ($2,614 psf) for a 1,227 sq ft four-bedder.
The Prestige Collection has prices starting from $3.32 million for the three-bedroom-plus-study; $4.57 million ($2,688 psf) for a 1,700 sq ft, four-bedroom-plus-utility; and $5.35 million ($2,808 psf) for a 1,905 sq ft, five-bedroom unit.
Therefore, the starting prices for units at The Continuum are in the $2,500 to $2,600 psf range. “Generally, freehold projects command a 15% premium over leasehold projects in the same location,” says PropNex’s Gafoor. “A 15% discount from $2,500 to $2,600 psf is about $2,200 psf, below the average selling price achieved by recent launches of 99-year leasehold projects.”
For instance, the 638-unit Tembusu Grand, which had an average transacted price of $2,465 psf over launch weekend (April 8–9), saw a 53% take-up rate. The 298-unit Liv @ MB, which opened in May 2022 and is close to Mountbatten Road, is already 86% sold out at an average price of $2,413 per square foot. Both are District 15 condominiums with 99-year leases.
"The starting prices of the three- and four-bedroom units at The Continuum present a value proposition for home buyers as there is less than a $100,000 price difference compared with new 99-year leasehold condos in District 15," according to Gafoor.
Price of prestige
The bedrooms in prestige units will have wood flooring, and the living and dining areas will have marble flooring. They will also have private elevator access. The marble tiles in the master bathrooms will be complete as well. The Continuum's apartments are all equipped with high-end amenities, including Laufen, Gessi, and Tece bathroom fixtures and appliances, V-Zug kitchen equipment, Samsung refrigerators and washer-dryers.
A built-in closet and a ceiling fan will be standard in every apartment. The property aims to receive the highest sustainability honor, the BCA Green Mark Platinum rating. "Even the two-bedroom units will have a storeroom, good-sized kitchen, and living space," claims Koon. We don't want to neglect the actual inhabitants of the units, even though investors are the typical purchasers of two-bedroom apartments.
Gafoor expects the average selling price to be above $2,700 psf, especially for the smaller units and those on the high floors. “If the developer can achieve a 35% take-up rate — above 285 units — it would be a credible performance because the development has more than 800 units,” he says. “We expect this development to have positive traction.”
Hoi Hup’s Koon agrees. “The sign of a good launch in 2023 will be sales in the 30% to 50% range on the opening weekend, with a steady take-up in 2024 and 2025,” he says.
Prices of future projects are likely to be higher, given that land and construction costs have increased over the last three years. Efficiency has also been reduced by about 7%, notes SRI’s Low, with the harmonisation of strata area and gross floor area. He points to the tender for the government land sale (GLS) of the second site at Jalan Tembusu, which will close in July. The site is located opposite the upcoming Tembusu Grand, City Developments’ (CDL) 638-unit condo that was 53% sold at an average price of $2,465 psf at launch on the weekend of April 8-9. CDL had purchased the 99-year leasehold GLS site in January 2022 for $768 million, or $1,302 psf per plot ratio. Low estimates that the future selling price of the new development at the second site on Jalan Tembusu will likely be above $2,600 psf. (See potential condos with en bloc calculator)
Koon notes that the Continuum is “unlikely” to set benchmark prices in District 15. The 200-unit, freehold Meyer Mansion has already seen units surpass $3,000 psf,
with a 484 sq ft one-bedroom sold for a high of $3,293 psf in September 2021. MeyerHouse hit a high of $2,800 psf for a 2,110 sq ft, fifth-floor three-bedroom unit.
Meanwhile, Amber Park’s 4,392 sq ft penthouse achieved a top price of $13 million ($2,960 psf) in August 2021.
District 15 allure
“The Continuum is the only new freehold project launched with a land area above 200,000 sq ft in District 15 in 2023,” says Lee Sze Teck, senior director of research, Huttons Asia. “The robust sales numbers for Tembusu Grand indicate pent-up demand for a large project.”
Marcus Chu, CEO of ERA Realty Network, observes that many home buyers see large freehold sites as “prized investments as they hold value over time”.
The condo blocks at The Continuum are a mix of 17 and 18 storeys. The roof terrace offers unblocked views of the surroundings — from the Singapore Sports Hub and the CBD to the west, says Hoi Hup’s Koon.
Within a 1km range are schools such as Haig Girls’ School, Kong Hwa School and Tanjong Katong Primary School. Nearby are also Chung Cheng High School, Dunman High School and Tao Nan School. “This is an area for families to settle down and stay for the long term,” notes Koon. “In District 15, many families have lived there for many years and do not want to move,” he continues. “So we have this catchment of home buyers looking to buy for the next generation.”
The Continuum sits near future growth areas, such as Paya Lebar Airbase, which is relocating in 2030. SRI's Low says the entire neighbourhood could see an uplift in plot ratios. Nearby, Geylang Lorong 4 to 22 will see the old residential blocks rezoned for commercial use and could benefit from enhanced plot ratios, too, reckons Low. The government could also release more sites around Paya Lebar Central. “These events will take place in the coming years and are likely to impact projects in District 15, like The Continuum, positively,” he adds.
Besides the neighbourhood's future growth, District 15 has an “aspirational element”, notes Hoi Hup’s Koon, seen primarily in prime Districts 9 and 10.
Indeed, “after the Core Central Region, which includes Districts 9 and 10, District 15 is the most sought-after residential address,” ERA’s Chu adds. “The main appeal is the East Coast lifestyle – heritage, food, the sun and the sea. And best of all, District 15 is near the city and Changi Airport.”
