SINGAPORE (EDGEPROP) – TSky Development, a joint venture between listed construction groups Tiong Seng Holdings and Ocean Sky International, has released five units as “star buys” at its high-end condo, Sloane Residences. Launched on June 2, the promotional prices for the five units are $100,000 to $123,000 off their original list prices.

“We would like to be among the first to offer buyers, who have been waiting on the sidelines during the circuit breaker, units at special prices for their consideration,” says Martin Quek, head of sales and marketing at TSky Development.

With sales galleries remaining closed until further notice, prospective buyers can view the property on virtual tours. The units offered for sale are a mix of three- and four-bedders on the fourth, fifth and sixth floors of the 12-storey development. They range from 1,249 sq ft to 1,496 sq ft and are priced between $3.28 million ($2,628 psf) and $4.03 million ($2,696 psf). These special prices will be available for two months until July 31. “We have decided to offer the larger units as ‘star buys’ to attract local buyers who are looking for a place to call home,” says Quek.

The units feature quality finishes and fittings, such as Grohe sanitary fittings, Valcucine Italian designer kitchen cabinets and V-zug, a top-end Swiss brand of kitchen appliances.

A redevelopment of the former Sloane Court Hotel, Sloane Residences is located in the Balmoral residential enclave. In the vicinity is Goodwood Hill as well as Ardmore Park, Draycott Park and Orange Grove Road, just off Stevens Road. The Balmoral area is also near Bukit Timah. It is a short drive to Orchard Road and the CBD, as well as near Newton and Stevens MRT Stations. It is also is near top schools such as Anglo-Chinese School (ACS), Singapore Chinese Girls’ School and National Junior College.

The buyers who purchased units at Sloane Residences when it was launched in June last year were mainly Singaporeans already living in the prime districts of 9 and 10, according to Quek. Among them was a Hong Kong national, who is a Singapore permanent resident and whose alma mater was ACS.

Home prices are expected to rise as the economy recovers from the ravages of Covid-19 pandemic, says Christine Sun, head of research and consultancy at OrangeTee & Tie. She, therefore, expects to see “many opportunistic buyers” entering the market ahead of a full economic recovery. “They believe in the long-term prospects of Singapore,” she adds.

Sloane Residences is located in the prime Balmoral Road neighbourhood, near Goodwood Hill, Ardmore Park and Orange Grove area, off Stevens Road in prime District 10 (

Beyond the discounts offered at Sloane Residences, buyers should also look at the dearth of new supply in the Balmoral area of District 10, notes Sun. Apart from Sloane Residences, the only other new development in the area is the 117-unit The Hyde by Aurum Land.

Based on URA data, prices of non-landed properties in District 10 saw a 28.9% annual increase before Temporary Occupation Permit (TOP) was obtained. However, between TOP and a year after TOP, prices rose 38.2%. “The increases are more than the average for all private properties islandwide,” says OrangeTee’s Sun.

In the Core Central Region (CCR), which includes prime District 10, as well as Districts 9 and 11, Marina Bay, CBD Core and Sentosa Cove, there was a 38.5% price increase one year before, and one year after TOP (see table). While this is not indicative of potential profits to be made, as buyers may still incur a seller’s stamp duty if they sell their units within a year or two after the purchase dates, “the data suggests that prices of properties in the CCR and District 10 seemed to rise as they approach TOP and one year after TOP”, adds Sun.

Sloane Residences’ freehold tenure and the fact that it has just 52 units add to its exclusivity, says Sun. “The location is also unparalleled,” she adds. “It is situated near the Orchard Road shopping belt and surrounded by many top schools.” This is likely to appeal to both investors and families with children of school-going age.

In the Core Central Region, which includes district 10, there was a 38.5% price increase one year before, and one year after TOP (Picture Credit: TSky Development)

With the growing unrest in Hong Kong, the spotlight could be cast on Singapore as an alternative investment destination in Asia, Sun observes. She expects to see an increase in buying interest from residents in Hong Kong in the months ahead. Some are likely to be Hong Kong citizens who are staying in Hong Kong or working in Singapore, she reckons. Others may be Singaporeans working in Hong Kong who intend to move back to Singapore permanently.

Other potential buyers could be Chinese buyers who are now looking at Singapore instead of Hong Kong, or those looking to move their funds elsewhere, as the Chinese yuan could devalue further in light of a weakening economy and heightened trade tensions between China and the US notes Sun. “For sure, District 10 is a popular choice among foreign buyers,” she says.

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