Avenue South ResidenceAvenue South Residence, a new launch condominium development conveniently located next to Outram and the Central Business District (CBD). Units comprise one-, two-, three- and four-bedroom units ranging from 474 square feet (sq ft) to 1,668 sq ft. In addition, the development will offer close to 10,000 sq ft of commercial facilities, including food & beverage outlets and a childcare centre.
The $1.04 billion submitted by UOL Group, UIC and Kheng Leong has raised tons of questions from the property market as it seems like the developer has avenue south residence somehow overpaid for the Silat Avenue site, which is situated in a relatively ‘untested' area with almost no private residential developments around.
Based on the land cost of the Silat Avenue site at $1,138 psf ppr, it's clear that UOL Group is setting a realistic average price for Avenue South Residence from as low as $1,780 psf for the Heritage units to $2,250 psf for the Peak units (from 40th floor upwards).
According to Ms. Tricia Song, head of research for Singapore at Colliers International, Silat Avenue is an appealing site within two kilometers from the Central Business District, and we think the underwhelming tender outcome could be due to the large size of the site and relatively untested location, away from MRT stations”.
Located in Outram Park neighborhood, surrounded by many incredible and active-living neighborhoods, which includes Tiong Bahru Neighbourhood, several food shopping stores, and entertainment options, the family-friendly lifestyle experience adds to the charm of living in Avenue South.
Avenue South Residence holds the advantage of being enviably positioned in close proximity to both primary and secondary schools of reputable quality, including Gan Eng Seng School, Crescent Girl School, Queenstown Secondardy School, LKC School of Business and etc.
As the plans come into realizations, the excitement and the anticipation builds up. One of the highlights of this development is that residents will be able to have a claim in seafront living beyond the East Coast and West Coast park together with developments near to Outram MRT Station.
UOL also has a a subsidiary called United Industrial Corporate limited (UIC) in which its stake increased to more than 50% on June 13, 2018 UIC also has developed some residential and other properties but Avenue South Residence will be their signature development in the core city centre.
Extending from Pasir Panjang to Marina East, the transformation of the Greater Southern Waterfront, comprising over 2,000 hectares of prime waterfront land, will contribute to a dynamic city centre with exuberant business and lifestyle opportunities.