Haus on Handy New Launch Condo Review – Is Dhoby Ghaut’s Final New Launch Condo Worth It?

TL;DR A highly central location at Dhoby Ghaut in District 9 and elements of luxury make Haus of Handy stand out, but the unit layouts, maintenance fee and overall price point could put some buyers at arm’s length.

• Project Name: Haus on Handy

• Location: Dhoby Ghaut (District 9)

• Developer: City Developments Limited

• Architect: Architects61 Pte Ltd

• Site Area: 4,796.2 square metres

• Tenure: 99-year leasehold from 2019

• TOP (Expected): July 2023

• Residential Units: 188 (2 blocks of 9 and 12 storeys)

• Parking lots: 113 + 3 handicap lots

• Nearest MRT: Dhoby Ghaut (150 metres to entrance from Handy Road side gate; 2-minute walk)

• Primary Schools within 1km: St. Margarets’ Primary School (All-girls)

• Other major educational institutions nearby: Singapore Management University, SOTA School of the Arts, NAFA, Lasalle College of the Arts, Amity Global Institute, Kaplan City Campus

Haus on Handy: Introduction

Launched in 2019 and slated for completion in 2023, the 188-unit Haus on Handy is a luxury condominium located in prime District 9’s Dhoby Ghaut area. This is a 99-year leasehold project that sits on the last piece of available land on Handy Road, which developer CDL acquired in a Government Land Sales (GLS) bid in 2018.

CDL’s top bid of S$212.2 million for this site works out to S$1,722 per square foot per plot ratio (psf ppr). This is 12% higher than the second-placed bid. You can roughly see how steeply land value has risen along Handy Road based on developers’ winning bids here through the years.

According to CDL’s bid price, the current breakeven price for units at Haus on Handy works out to be around $2,450 to $2,500 psf. The developer has another recently launched project in District 9, Irwell Hill Residences, which is right next to Great World MRT station. Read our review for that project here.

Unit Mix, Pricing and Maintenance Fee

A point to note is that unit sizes at Haus on Handy only go up to 3-bedrooms, and all units have a floor area of under 1,000 sq ft (if you exclude strata void areas such as high ceilings). The most common unit type in this project are two-bedroom unit types, which make up nearly half of the units here. Meanwhile, nearly 40% of the units at Haus on Handy are one-bedders, with and without a study, so on the whole this development is geared more towards singles and couples, or those with just one child.

Smaller unit sizes are common in the central region of Singapore, where there are no floor area restrictions in place by the URA. A condo with a relatively low number of units, such as Haus on Handy, typically also has a higher percentage of one-bedroom unit types.

The unit type and space limitations of Haus on Handy means that buyers wanting to house large families, and those who want the luxury of space, may have to look elsewhere. Speak to our new launch consultants for the best new launch condos for larger families.

Developer Profile and Track Record

Handy on Haus is helmed by CDL (City Developments Limited), one of the largest developers in Singapore with a portfolio spanning local and international real estate. Over a span of nearly six decades, CDL has developed over 46,000 homes and owns over 24 million square feet of gross floor area in residential, commercial and hospitality assets around the world.

CDL’s recent residential developments include Coco Palms (Completed: 2018), The Criterion (2018), Commonwealth Towers (2017), D’Nest (2017) and the luxury-tier New Futura (2017) and South Beach Residences (2018). CDL is also the developer of the yet-to-be-completed condos Penrose (co-developer), Whistler Grand, Amber Park, Irwell Hill Residences and the high-end Boulevard 88.

Location Analysis

Haus on Handy touts a prime District 9 location, and D9 new launch condo projects 1,000 sq ft or under transacted at a median per square foot price of $2,421 in 2020. At a median psf price of around the $2,850 range, Haus on Handy sits on the higher end of the spectrum, and part of that is because of its location right next to Dhoby Ghaut MRT interchange and right in the middle of the axis between the Orchard Road shopping belt and the arts and heritage district of Bras Basah Bugis—leading to the Central Business District and Marina Bay.

The connectivity and amenities of this location, not just next to Dhoby Ghaut MRT but also Plaza Singapura and The Cathay shopping malls and cineplexes, is one of the best you can get in D9. Residents at Haus on Handy will have access to three MRT lines just 140 to 150 metres walk away, and a fourth line, the Downtown Line’s Bencoolen MRT, just 400 metres away, which is about a six-minute walk. The only minor drawback is the lack of sheltered access across Handy Road to the MRT at the moment but this might change.

Being located in a bustling, amenities-packed area has its convenience, but it also has a drawback because of the high amount of traffic this location attracts. Handy Road in particular gets a lot of car traffic going in and out of Plaza Singapura as well as human traffic, so it’s a good thing that Haus on Handy sits on land that extends back towards the quiet Mount Sophia neighbourhood. And out of the 22 stacks, 14 do not directly face Handy Road.

For those craving tranquility and do not want to dive into the thick of the Orchard Road action every time they step out of their homes, Haus on Handy has the advantage of a dual frontage: one on Handy Road and one along Mount Sophia. There’s a pedestrian side gate that opens up to Mount Sophia, and this hilly neighbourhood lets residents access Mount Emily Park (600 metres away) and the all-girls St. Margarets’ Primary School about 360 metres away. So the dual frontage gives residents the best of both worlds.

District and Area Price Trend

In general, the URA Price Index for condos has been trending upward in recent quarters. Although prices in the Core Central Region in particular have yet to hit a new high, there’s still signs of an encouraging uptrend for resale condos here in District 9. And especially in the Dhoby Ghaut, Mount Emily subzone where Haus of Handy is located, we notice that the increase in resale prices over the past six year period outperformed the rest of the prime D9.

This show of strength is likely because of the amenities and connectivity of the area, which increases the resilience of property prices, as well as greater buyer attention centering on the Mount Sophia and Mount Emily area in recent years. This hilltop neighbourhood in D9 that has been underrated and somewhat undervalued for quite some time, but developments such as Haus of Handy, the recently completed Sophia Hills and two recent en bloc deals in this precinct can drive a continuation of price growth.

Haus on Handy Condo Site Analysis

Haus on Handy has two residential blocks sitting on a 4,796 square metre plot of land that’s slightly fan shaped with dual frontages as we mentioned earlier—the northern, slightly narrower frontage towards Mount Sophia and the southern, wider frontage towards Handy Road. Car park access is via Handy Road and pedestrian access can be via both ends.

There is a significant elevation difference of about 8 floors between either ends of the development, and this slope has been incorporated into the overall design of the condo, with the 25-metre lap pool/facilities deck at around mid-way up the slope, where the podium of one of the residential blocks actually meets ground level.

The residential block (Block 28) at the base of the slope facing Handy Road is elevated atop a car park podium so that units start from the third-storey onwards—about 7.4 metres above street level—all the way up to the 12th floor. Units in this block are primarily north-south facing. On the other side of the pool is Block 30, which sits further up the slope; units here begin from the 4th storey all the way to the 9th storey. There are a couple of west-facing stacks here with afternoon sun exposure, so this is something to take note.

An interesting point to note is that the height of 9th storey in Block 30 roughly corresponds to the 12th floor in Block 28. Stacks 15 (3-bedroom dual key) and 22 (2-bedroom) of Block 30 slightly overhang the pool, and this can provide residents with rather dramatic views out of their windows. Meanwhile, Block 28 has a rooftop sky garden on the 13th level (which we’ll talk more about later).

Now’s a good time to point out that Haus on Handy has a coherent design theme inspired by a conserved heritage bungalow that is part of the compound. Located along Mount Sophia, this two-storey bungalow with attic was built in 1892 and will become the condo’s clubhouse.

This happens to be one of the grandest and most intricately designed heritage bungalows that have been conserved in Singapore, and motifs of the Gambier plant have inspired the developers to include a nature trail in this development featuring five different plants in the old spice trade. Incidentally, gambier was one of the plants grown in the Orchard area back in the old days.

Looking at the site plan, you’ll see that the conserved bungalow club-house and the land around it actually takes up a significant 25% of the total site area. Purchasing the land with the bungalow and turning it into a clubhouse not only adds to the project’s soft appeal, it’s also an economic decision that lets CDL build more units that would otherwise be possible based on land size and plot ratio.

In terms of views from the units, buyers have to be aware that Haus on Handy is sandwiched between Nomu on the east perimeter, as well as Suites @ Orchard and 8 @ Sophia on the other side, so there’s a fair number of units that don’t have a great view, if that’s important to you as a buyer.

Across Handy Road, there are also similar-height buildings such as MacDonald House and The Atrium at Orchard. Nevertheless, stacks facing Handy Road above the 5th storey can get city views as well as the greenery of Fort Canning Hill in the Southeast direction, and the higher you go, the better this view gets and you’ll get more separation you’ll get from the Handy Road street level as well.

Another option for unblocked views are the 12th floor west-facing units, which rises above Suites at Orchard and 8 @ Mount Sophia to offer a view across Istana and towards the Orchard-Cairnhill area.

Now it’s worth noting that Stack 14, which is the smallest one-bedder unit type with pocket views of the city, is the only stack that has been sold out so far at Haus on Handy, so that’s an indication that buyers have been savvy and are jumping at the chance to snap up units with rare attributes at a low quantum.

Haus on Handy: Condo Facilities

In terms of facilities, Haus on Handy offers a good range and scale for condos of this size. Measuring 25 by 7 metres, the condo’s main pool is half an Olympic pool in length, and there’s also a 10 by 4.6 metre kids’ pool. There’s also a spa pool, outdoor rain shower and a sheltered children’s playground near to the pool.

The pool area is just one of the three areas in Haus on Handy where the facilities are located. Next up is the Sky Garden on the 13th storey of the block facing Handy Road, and the size of this is something that distinguishes Haus on Handy from the other condos along this stretch. This is a huge rooftop space measuring about 40 metres from end to end with landscaping and alcove-style seating for private gatherings and to watch the National Day and New Year fireworks.

In general, we really like sky gardens and rooftop gardens in condos because it lets residents soak in the best view no matter what their individual unit faces, and this is especially relevant for Haus on Handy where a handful of units have limited views. The developers have also chosen to include a fitness and yoga area here, but not a barbecue area, which we think is a bit of a missed opportunity but something that can change later on if enough residents push for it via their management.

At the other end of the condo is the heritage bungalow clubhouse, known as Club Haus. Looking more closely at what is inside this restored bungalow, we feel that the architect has done a lot of justice to the space in terms of design and space planning.

On the 1st floor of the bungalow is where residents will find the condo’s concierge. The rest is a gym space that’s split into three zones, one for the usual treadmill and large machines, one that’s equipped for weight training and one for freeform exercise such as yoga and even meditation. We really like this separation of gym space and more condos should consider this because nobody likes to do a downward dog right next to a guy lifting a 30kg barbell!

On the second storey of the Club Haus, there’s a theatrette and a cooking-and-dining studio, two lounges, as well as access to the attic. The Club Haus has its own entrance and exit via Mount Sophia, which makes it easy for visitors to access.

The concierge service at Haus on Handy—called Premier Residential Services—includes the following:

• Welcome and assistance, receiving guests

• Reception services, receiving of parcels and items

• Assistance with sourcing and booking of housekeeping, laundry and domestic services

• Assistance with sourcing of maintenance services

• Assistance with sourcing of lifestyle services such as private chefs, catering for parties etc.

• Towel service for gym

According to CDL, the concierge service will be managed by residential hosts who are hospitality trained.

Unit Layout and Floor Plan Analysis

With compact units that all come under 1,000 sq ft in floor area, the onus is on CDL and the architect to come up with highly efficient floor plans for the units at Haus on Handy, which range from a 452 sq ft one-bedder to a 980 sq three-bedroom dual-key.

All units—except 12th floor units—have a ceiling height of 2.83 metres for the main areas of the home, including the bedrooms, which is just about average for an upmarket condo project. Top floor units on the 12th storey have a high ceiling of 5.03 metres above the living and dining areas, but this is considered a strata area that comes with additional cost.

One-bedroom units at Haus on Handy come with two layout options: one that’s an ‘open concept layout’ that opens up the space between the bedroom and living area, and the other with a ‘designer display’ wall and door that’s more conventional but adds storage space in the form of shelving and cabinets.

The thing to note is that most of the one-bedder units that don’t come with a study and offer decent views towards the city—which is all of Stack 14 and 7 out of 10 units in Stack 5—have already been snapped up by buyers. In fact, more than half (15 out of 36) of the one-bedroom units have been sold, compared to 6 out of 36 one-bedroom with study units sold.

While there are one-bedroom buyers who would consider paying extra for a study, it all depends on the size and the position of the study within the unit. Measuring about 1.2 metres wide and two metres deep, the study definitely isn’t for the guy with a big workstation, and is also not very suitable to be converted into a storage area for larger items. It’s not so much of the size per se, because if the long side was the opening for the study this space would’ve been far more functional.

Moreover, this study area is also separate from the bedroom, which makes it less suitable to be used as a walk-in-wardrobe. Our best recommendation is to turn this into a wine cellar space or pantry, or have a massage chair with an overhead sound system for a personal spa experience.

From our analysis of the current pricing for Haus on Handy, the price of a same-floor one-bedroom-plus-study unit costs about 11.5% more than that of the one-bedder unit without a study—about similar in per square foot terms. Buyers should also note that the air-con ledge of the unit with study is about 35 to 40% larger.

With the limitations of the study, it’s good to know there’s actually a plus point to the one-bedroom-plus-study unit over the normal one-bedders, and that is a balcony that is about 60% larger. The larger balcony accommodates a decent four-seater dining table, which makes the one-bedder home much more suitable for hosting friends. This could explain why buyers snapped up three one-bedroom-with-study units in January 2021.

Looking at the larger units, you’ll notice something characteristic about the common bedrooms that developers try not to do nowadays, which is to make them too small to fit a queen-size bed. The typical common bedroom at Haus on Handy measures slightly larger than 6 square metres compared to the average size of 9 square metres, which means that it can realistically only accommodate a single or super-single bed.

Now the small size of common bedrooms at Haus on Handy will certainly be a dealbreaker for some, especially buyers looking to rent out individual bedrooms or those with children or family members who are used to having their own queen-size bed.

Case-in-point, the two-bedroom-plus-study units of Stack 13, which measures 743 sq ft and faces the pool, have proven to be the most popular among buyers with three units sold so far. This is because the study area can be joined up with the common bedroom to form a larger space, and several other reconfigurations are possible for this unit simply because of the positioning of the study within the unit.

The three-bedroom units at Haus on Handy, which start at around $2.7 million in price and 947 sq ft in floor area, has only seen two units sold so far, and these are buyers who clearly did not mind the smaller than average common bedrooms and also the oversized long foyer space at the main entrance.

In the meantime, the kitchen, balcony, living and dining areas of the three-bedder unit all significantly upsized, so the developer’s decision to keep the common bedroom sizes small is a bit perplexing.

With that being said, there’s another three-bedder that could address concerns of space, and that’s the three-bedroom dual key.

At about the same square footage and price range as a three-bedroom unit ($2.8 to $2.85 million), this 980 sq ft unit comes with a main 2-bedder unit and a studio with roughly 200 sq ft of internal area, and it looks far more functional and versatile than the regular three-bedder. Because you effectively get two master bedrooms, the dual-key unit type is fantastic for multi-generational living.

Just for the record, the price difference between a pool-facing two-bedder unit and a three-bedroom dual key unit on the same level and the same block is about $936,000 to $950,000. Given the price difference and a conservative estimate of a potential monthly rent of $2,200, we feel that the initial calculation of a 2.8% gross rental yield* is attractive given the following:

• Zero ABSD if not holding onto existing property and owning only the dual key unit

• Lower property tax rate because the whole dual key unit is considered one owner-occupied unit

• The estimated maintenance fee for two-bedroom and three-bedroom dual key units is exactly the same at $696, so technically no additional maintenance fee is incurred for the upsize to the dual key unit

*Depending on the mortgage you take and the prevailing home loan interest rates, the feasibility of the investment may vary.

So, the 3-bedder dual key unit at Haus on Handy could be ideal for an upgrader selling his or her HDB or suburban condo to experience city centre luxury living, while at the same time getting a healthy stream of rental income without having to incur ABSD. And you can do the same with dual key units in other projects as well.

At a location as central as Dhoby Ghaut, we also foresee the rental demand for this particular dual-key studio unit to be consistently healthy, because such units remain scarce and the characteristics of the dual-key hits the sweet spot for tenants looking for cheaper rent than the $3k that studio units in this location typically fetches.

Rental demand at the Dhoby Ghaut area is further buoyed by the following:

• New 9-storey office tower along Penang Road (former Park Mall) is fully taken up by private bank UBS and its 4,000 employees 

• Grade A office space at existing The Atrium @ Orchard, where Temasek Holdings is currently housed

• Confluence of four train lines opens up prospective tenant pool, including the CBD, Suntec City, Orchard and as far as Harbourfront

• Professors and senior staff from nearby educational institutions, such as SMU, add to the tenant pool. Such tenants are less mobile (more likely to stay put) and their employment may be less volatile compared to private sectors

We’ll be looking at how some of the resale condos near Haus on Handy are faring later on and show you how rental demand is well and good in this area even during Covid-19.

Appliances, Fittings and Flooring

Units at Haus on Handy come with high-end white goods such as an integrated fridge by Bosch and other appliances by V-Zug. Fittings include brands like Hansgrohe, Axor and Villeroy & Boch.

Take note that all hobs are fully induction with no gas provision.

For flooring, buyers can choose between marble and engineered wood for the living, dining, kitchen and study areas. All bedrooms will come with engineered wood flooring.

Maintenance Fee Waiver

Developer CDL has announced a 24-month maintenance fee waiver applicable to all stacks, with additional cash discounts for certain stacks. Speak with our new launch consultants to find out more.

Comparative Analysis: New Launch Condos vs Haus on Handy

Based on the quantum for Haus on Handy and the characteristics of the location, the closest competitors in terms of new launch condos are similar 99-year leasehold developments in Bugis, which include Midtown Bay and Midtown Modern. Buyers typically also consider projects that are in the Core Central Region and near to train lines (especially near MRT interchanges), so that brings Kopar at Newton into the equation.

Also worth comparing against are the mostly-sold The M and the fully-sold RV Altitude just to get an idea of what buyers are gravitating to right now. Take note that the more accurate comparisons are also condos that are approximately of the same site area, unit count and internal provisions, so the overall closest new launch competitor to Haus on Handy with all factors considered is Midtown Bay by Guocoland.

Midtown Bay is also similar to Haus on Handy in the sense that both will serve the same employment nodes of Suntec City and City Hall. The difference is that, together with Midtown Modern, Midtown Bay is part of a larger integrated mixed-use development Guoco Midtown with direct linkage to Suntec City and and Bugis MRT—this goes a long way to explaining why Haus on Handy is positioned at a lower quantum as well as a lower psf.

Although the quantum for Midtown Bay and Midtown Modern one- and two-bedroom units are higher, that difference is somewhat mitigated by the fact that maintenance fees for these two condos are around 40% lower than Haus on Handy despite also having full condo facilities.

Kopar at Newton is also at the same quantum range as Haus on Handy, and buyers will get more square footage because of a lower psf price. Kopar’s maintenance fees are lower and the range of facilities are more extensive, including a tennis court. That being said, Kopar at Newton is further away from Orchard Road, the CBD as well as the nearest MRT station so prices are rightly cheaper.

With the launch of Irwell Hill Residences in D9, developer CDL is also providing its own competition to Haus on Handy. But we looked closer at Irwell Hill’s price matrix and found that as you approach mid-floor for one- and two-bedders, which is around the 18th storey, the quantum starts to exceed the comparable unit at Haus on Handy.

Regardless of quantum, however, common bedrooms at Irwell Hill Residences are larger than Haus on Handy’s. Maintenance fees are also 44% cheaper, despite also having Premier Residential Services concierge like Haus on Handy. (Read our review on Irwell Hill Residences here.)

Lastly, looking at RV Altitude and The M, which are recent projects that have sold very well, we can see that their quantums were considerably lower as well as their maintenance fees, partly because their positioning and hence finishings and appliances are lower-tier as well.

That being said, good layouts obviously aren’t determined by price and positioning. Here’s a case in point: Even though the developer of RV Altitude took the floor area of a two-bedder unit way down to 441 sq ft, which is 25% smaller than the smallest two-bedroom unit at Haus on Handy, the common bedroom is still full sized. Meanwhile, the common bedrooms at The M are full-sized as well.

Looking more closely at the M’s still-available 527 sq ft one-bedroom-plus-study units, which is about the same size as the ones at Haus on Handy, we see that the issue of a tiny study was eliminated in one fell swoop by courtesy of an additional entrance to the bathroom, which effectively lets the space be converted to either a walk-in-wardrobe or storage area the option of having one side of the storage facing the kitchen area.

In short, Haus on Handy faces stiff competition from new launch condos in nearby Bugis, both from similar high-end projects like Midtown Bay that come with a higher quantum, and also from cheaper, less upmarket projects like The M that manage to further increase their appeal with thoughtful layouts.

And truthfully, when it comes to the two- and three-bedder units, Haus on Handy has probably lost the pragmatic and practical buyers, which happen to make up the majority of local buyers right now. The upcoming CanningHill Pier new launch condo at Clarke Quay, next to Fort Canning MRT station, will definitely give Haus on Handy a run for its money when it launches in a few month’s time.

Comparative Analysis: Resale Condos vs Haus on Handy

Haus on Handy is surrounded by a handful of resale condos, and most of them are located further away from Dhoby Ghaut MRT interchange and Plaza Singapura shopping mall. However, although there are 481 units in this vicinity, there were only eight sale transactions in the whole of 2020, and nine in 2019.

Most striking is the fact that, at the Suites at Orchard condo right next to Haus on Handy, the 38 one-bedroom units recorded only three transactions since the condo was completed three transactions in 2014. But when it comes to the rental of these units, a total of 42 rental contracts were signed in 2019 and 2020.

So what we’ll be doing when comparing Haus on Handy with prices of resale condos in the area will be to refer to the price range of the current listings of these condos. Besides Suites at Orchard, we’ll also look at the prices for 8 @ Mount Sophia and Sophia Hills, as well as the freehold condos Nomu and Sophia Residence. The price ranges here are correct at the time of writing (1 April 2021).

When you see the prices of these condos, which are or will be within walking distance of Dhoby Ghaut MRT, you’ll find that even freehold projects such as Nomu and Sophia Residences may come in at a lower quantum than Haus on Handy. It is also worth noting that all of these resale condos have maintenance fees that are lower than that of Haus on Handy, which start at $580. The closest in terms of maintenance fees is Suites at Orchard, with monthly fees of about $500 to $550 for a one-bedder.

The units in these resale condos are also larger in floor area, to various extents, compared to the units at Haus on Handy. One-bedroom units at Nomu, which start from 460 sq ft, are the closest to Haus on Handy in terms of floor area. The comparison below shows that while the Nomu unit doesn’t have a balcony and instead has long bay windows, it does come with an open layout that offers more kitchen space, wardrobe space and less of an air-con ledge. Bear in mind that this is also a freehold project.

Meanwhile, Suites at Orchard next door also offers very keen competition at either roughly the same quantum or slightly lower. It’s 548 sq ft one-bedder units come with a study and no balcony, whereas its 753-785 sq ft two-bedders are 25% larger than those at Haus on Handy, with common bedrooms capable of fitting a queen bed and air-con ledges that are half the size.

However, buyers who can afford the higher initial outlay of resale condos should note that the lease of the land at Suites at Orchard is about 11 years older, which means that it’s a narrower time horizon for buyers wanting to avoid the effects of lease decay on property value. And, facilities-wise, we feel that only Sophia Hills and Sophia Residences measure up to the size, variety and scale of what’s available for residents.

Finally, it’s important to note that Haus on Handy will likely come in and set a higher level of luxury in this area than the existing condos, with premium finishing and appliances in units as well as a premier concierge service and of course the city-view sky garden that will surely be the envy of residents of the other condos in the area.

And being the last residential plot of land on the Handy Road stretch, Haus on Handy will cement its status as the latest and most luxurious condominium project within this compact area. Another positive thing is that this condo appears to face very few competition within a 1km radius unlike other CCR neighbourhoods like Cairnhill that are filled with condos that are very similar to one another. Compared to these cookie-cutter condos, the prominence and visibility of Haus on Handy can be a very important consideration for a buyer forking out good money for a higher-end property.

For resale alternatives that are of the same calibre, you’ve got to go all the way to Duo Residences at Bugis or Cairnhill Nine near Somerset, which are both 99-year leasehold condos completed in 2017. Compared to Haus on Handy, these developments still generally have a higher price point, although psf price is lower.

Future development and upside potential

As highly developed as Dhoby Ghaut is with already four train lines in the vicinity and well-established higher educational institutions, residents here can still expect some future development. Upside potential for Haus on Handy will mostly be in terms of an increase in rent for the area due to new amenities and a bigger tenant pool, especially spilling over from the Bugis area.

Currently, the undeveloped greenfield land in between Orchard Road and Penang Road is zoned for a high-density commercial development. This plot is about 1.5 times the size of The Paragon shopping centre, which also includes an office tower and a building housing specialist medical suites. No matter what form or shape the eventual Dhoby Ghaut commercial development will take, it will certainly bump up land value and further increase the appeal of living in the area.

Secondly, the URA is taking a very hands-on approach to guiding the development of the Bras Basah Bugis area into an arts and heritage precinct with distinctive buildings and architecture. So in time we can also expect land value and amenities here to increase, although this will be a longer term endeavour. The transformation of this precinct could also involve the redevelopment of buildings such as Peace Centre and Parklane Shopping Mall into attractive commercial destinations.

At the same time, we also need to point out that condos near the Istana, including Haus on Handy, have height restrictions that restrict future redevelopment potential. For instance, the buildings along Handy Road have an official 38-metre height limit. Haus on Handy reaches this height limit and also maxed-out the unit density according to the existing plot ratio of 2.8—making any future en bloc unlikely as long as the Istana stays put.

Haus on Handy: Own stay vs investment

Let’s talk about investment first. Given the consistently high rental demand of the Dhoby Ghaut area, probably the only question for prospective investors is whether the projected rental yield justifies buying a unit at Haus on Handy. While our projected gross rental yield of 2.8% to 3% for the one-bedroom unit at this project is decent, the reality is that the current ABSD will eat into rental yield to the extent it makes the net yield look unattractive, especially with other alternatives on the market right now.

For the two-bedroom and three-bedroom units at Haus on Handy, we expect the units to fetch a slightly lower rent compared to similar unit types nearby, simply because of the smaller-than-average common bedrooms, a smaller floor area in general and also because of high quantums relative to the competition.

However, for property buyers seeking a dual key unit for own-stay while renting out the studio unit, the remaining three-bedroom dual key units at Haus on Handy is truly a compelling option for the reasons we’ve mentioned earlier. With that being said, recommendations for an effective dual-key own-stay plus rental income strategy needs to be highly personalised and tailored for you, so get in touch with us for a no obligation free consultation.

For own-stay, the pendulum really swings in favour of Haus on Handy because of its location. If you take the entire prime Districts 9 and 10 into context, the psf price of Haus on Handy sits somewhere in the middle, but if you re-rank these projects according to the accessibility, amenities and proximity to each major activity hub in the Singapore city area, Haus on Handy will be right up there at the top.

In fact, many prime district new launches are in areas where true convenience means having to own a car. So for buyers who aspire to a finer standard of living but at the same time place a high emphasis on practicality, convenience and efficiency of time, it’s hard to look beyond projects like Haus on Handy, as well as perhaps Midtown Bay and Midtown Modern.

At a higher price point, Midtown Bay and Midtown Modern offer high-rise living and proximity to more offices and Suntec City, but Haus on Handy comes in at a relatively lower price point while being connected to the entire chain of shopping and dining amenities on Orchard Road, and in the other direction you have Chijmes, Raffles City, Esplanade, Suntec City as well as MBS. Because of the MRT connections, the entire city is at your doorstep.

The all-important remaining question you’ll need to answer is whether you feel that the facilities and services offered at Haus of Handy justify its monthly maintenance fee. Over the course of 10 years, the Haus on Handy one-bedroom owner will pay roughly $26,000 more in maintenance fees compared to the owner of the same unit type at Midtown Bay, assuming these fees stay unchanged.

Haus on Handy: Enough reason to buy?

If we’re just looking at the centrality of the location of this condo, which is simply unmatched by most other developments, then the answer will be instantly a “yes” any time of the day. However, we believe what has held back buyers are the unit layouts and maintenance fee, perhaps as well as a quantum that sets a new benchmark for the Dhoby Ghaut area.

In fact, buying a unit at Haus on Handy could, psychologically speaking, feel like buyer remorse working in reverse—in the sense that you might first feel hesitant about paying $2.7k psf in an area where nothing within a 1km radius is going for anywhere near that amount, but after moving in and staying here for some time, you’ll likely begin to take this level of convenience for granted. And when that happens, you might not want to sell your unit even for a profit, simply because there’s no close substitute for Haus on Handy anywhere else.

To sweeten the deal, developer CDL has introduced a $100k to $110k discount for certain stacks at Haus on Handy, coupled with a 24-month maintenance fee waiver for all stacks. Amounting up to $126,000 and in some cases reducing the price by up to 7.8%, these benefits certainly makes these selected stacks a lot more appealing to the buyer, and these units could start looking attractive from an investment perspective.

Speak to us to find out which stacks at Haus on Handy are on discount and to get free, research-driven advice that can help match you to your ideal new launch project.