New interest has been aroused for Hallmark Residences recently after MCL dropped prices from $2200 to approximately $1800 per square foot (psf). Savvy investors rushed in to snap up at least 30 units in March and April alone, which is an amazing feat to say the least in the currently depressed property market.
Hallmark Residences launched in around May 2013. After rounds of cooling measures, it had a profound effect on luxury homes, hence Hallmark did not perform very well.
Now well into construction, and with its projected TOP in the 3rd Quarter of this year, MCL has slashed its prices, which has captured the attention of local media and investors alike.
The Close-Up on Hallmark Residences
At $18xx psf, Hallmark is CHEAPER (yes! you read me right!) than its neighbours such as Belmond Green and Pinewood Gardens. Belmond Green’s 2-bedders (980 sqft) are asking $1939 psf. to 1959 psf., whilst Pinewood Gardens is from $1779 psf to $1930 psf for their larger 2 bedders (1658sqft).
Hallmark Residences’s Star Buy unit – a 2 bedroom 990sqft, is going for $1.847million ($1865 psf).
In case you are thinking, “Errr so what?”
Well my reply to you is , statistically new launches are priced at least 20% higher than its already completed neighbours AND are almost always smaller. So, in terms of quantum (Pine Gardens is at $3.17million onwards) and size (its stack 2 two-bedders are slightly larger than Belmond Green). Facts and figures from Streetsine at 21 May 2014.
MCL has put up the full works in terms of fittings and furbishing. Miele cooker hob and hood, built-in Dishwasher (an expatriate’s delight), built in microwave and in larger units even built-in ovens!
And in the bathrooms where we spend a fair amount of time in daily, are top of the line Villeroy & Boch , Laufen sanitary wares and fittings!
Poor market or not, District 10 is a charming place with lower population density, luxury homes (and cars!) and prestigious schools. The Bukit Timah enclave is still the very much sought after Expatriate Haven. Sure, rental yields will rise and fall but undeniably it is an address which any investor wont mind converting into his or her own home..
1) MODE OF TRANSPORT
Set in the landed area, for buyers or tenants without their own car, will have to use the humbling two legs to the bus stop along the main road. On foot, it is a good 12 minute-walk (heels, but still..). You will have to weigh this out yourself, (likely its the children who are doing the walking), walk or nearer to the main road.
2) ADDITIONAL BUYERS’ STAMP DUTY (ABSD) & OTHER FORMS OF COOLING MEASURES
Foreigners – 15% stamp duty for every property purchased.
Singapore Permanent Residents- 1st property 5% and subsequent 10% each.
Singapore Citizens – 2nd property 7%, subsequent property at 10% each.
This applies for buyer taking home loans. Financial Institutions have a new way of calculating the amount of loan amount you can take out on the property being purchased. Read more about the TDSR here.
To sum it all up, this is a good buy for buyers who are eyeing for a good deal (already ‘lelong’!) Steep discounts are in place to offset the ABSD etc costs which you may incur. This is almost ready soon, in a few months and you are still buying straight from Developer (Price competitive with your Hallmark Residence neighbours when you are looking to sell off in future) and yet by completion of sales transaction, you can start to enjoy rental yields immediately. Got spare money, can buy!
Its interior and layout is to die-for! (speaking as a realtor who has seen many many many showrooms).