*This article was written on 30 April 2023 and does not reflect data and market conditions beyond.
In this article we will be bringing you to Lush Acres, an Executive Condominium (EC) situated in the Fernvale estate which fulfilled its Minimum Occupation Period (MOP) just 2 years ago in June 2021.
For our readers who are not familiar with the North-East region, the Fernvale neighbourhood is considered as Sengkang New Town which is considered the newest neighbourhood in the Sengkang Town area.
Fernvale is separated from the main Sengkang Town by the Sungei Punggol Waterway. Interestingly, even though they are located side-by-side, Fernvale is considered part of another district D28 which is considered part of the Seletar region. This is unlike the usual district zoning of D19 for the majority of North-East neighbourhoods stretching from Punggol all the way till the Serangoon area.
Lush Acres is the only EC within the cluster of projects in the area developed by VERSPRING PROPERTIES PTE LTD which is a subsidiary of City Developments Limited(CDL).
Some unique traits of the project included the first ever feature of a 100m lap pool within a residential project. The only other known project till date which also bears such a facility being The Tapestry.
This project also featured a first of its kind balcony-entrance layout concept which provides a pseudo landed living experience in which residents enter sort of a ‘porch’ or ‘foyer’ area before they reach the main living zone of the house.
For home owners who would prefer a low density project, Lush Acres would also check that box, containing only 380 units as compared to the surrounding projects which have close to 500 odd units on average despite being seated on a similar land plot area.
There are a total of 4 blocks with each block being a point block configuration consisting of only 4 units on each level, further increasing the privacy factor within the development.
Lush Acres had a strong performance during its launch back in 2013 with 76% of its total units being snapped up on its launch day with units sold in a range of $7xx – $8xx PSF with an average of PSF of $785.
Recent transactions have crossed the $1,3xx PSF mark with the average being at $1,2xx PSF.
With its own heartland mall The Seletar Mall and the recently opened Fernvale Community Centre, we would expect a continued interest in the location as more developments start to come up in the Fernvale area to support its growth into a self-sustaining neighbourhood.
Being the only EC within the cluster of private residential projects along the Fernvale Close, Lush Acres units was the latest to hit the resale market in 2021. One of the key differences between Condo vis-a-vis an EC project is that for Condo units, owners will be able to put up their properties in the resale market upon obtaining Temporary Occupation Permit(TOP) or in some cases even before the TOP has been obtained; generally once the owners clear their 3-year Seller’s Stamp Duty period.
The effect here is that the 2nd owners of Lush Acres would be looking at a slightly shorter remaining lease as compared to the neighbouring projects of Riverbank @ Fernvale and Rivertrees Residences as all 3 projects had their 99-year tenure lease begin in 2013.
Being of a lower density with just 380 units, Lush Acres is positioned for a more exclusive and tranquil vibe within the project. Designed with a contemporary design including a futuristic spaceship-looking clubhouse balanced out by lush landscaping and water features, this would appeal to homeowners who are looking for a more exclusive project in the OCR.
City Developments Limited is no stranger in the real estate industry with an entire repertoire of projects under their belt ranging from residential, commercial and hospitality developments on a global scale. They are usually placed in the list of top 10 real estate developers in Singapore with recently completed projects: Piermont Grand, Whistler Grand, The Tapestry and Forest Woods and also under construction ones: Tembusu Grand, Copen Grand, Piccadilly Grand and Canninghill Piers.
Site Plan
The land plot of Lush Acres is akin to an L-Shape, with 4 residential blocks 1, 3, 5 and 7 arranged neatly into 2 rows surrounding one of the key features in the project which is the 100m lap pool. Lush Acres comes equipped with full condo facilities, including a tennis court, kids water playground and also a rock wall placed right at the edge of the pool.
The facilities are mainly found around the 100m lap pool except for the tennis court which is 1 level lower.
The residential blocks are arranged in an uniform manner where units are primary North-South facing for optimum air flow and the units here do not face directly into one another being separated by the 100m lap pool in the middle.
There is also basement carpark infrastructure for utmost convenience to both residents and visitors by having access to the residential blocks directly.
At the moment, the stacks of 11, 12, 13 and 14 enjoy a slightly more open view as they are facing an empty greenfield. This land plot is currently zoned as a reserved site.
Location Analysis
Lush Acres is located within District 28 instead of District 19 even though it is considered as part of the Sengkang town estate. The main entrance to the development is located along Fernvale Close.
The Sengkang west loop LRT network connects residents to the nearest MRT station which is Sengkang Station (NE16). Located between 2 LRT stations of Layar (SW6) and Kupang (SW3), it takes approximately a 7-minute walk to reach Layar station which is the nearer one of the both and 3 stops to Sengkang MRT station. Here is where you will find the retail mall Compass One as well which features all the essential services like healthcare, banking, beauty and enrichment centres as well, F&B options and also Cold storage for your grocery needs.
Alternatively, there is also The Seletar Mall which is just a short 5-minute drive or 10-minute walk away for more options of retail shops, F&B outlets, lifestyle services, FairPrice Finest and also a Shaw movie theatre. With the recent opening of Fernvale Community Club, you can grab your local hawker fare from the hawker centre located at level 3 and also a wet market experience which is a rare sight nowadays.
There is also a walkway along the tennis court which leads to a side gate along Sengkang West Way where you will find the Esso petrol kiosk which offers a quick fix for your bubble tea cravings and also a bus stop with bus services towards areas like Seletar airport and Yishun. This will benefit residents who might be working at the Seletar airport area or have their workplaces in the North like Khoo Teck Puat Hospital and commute via public transportation.
For drivers, you will be 5 minutes drive away to the entrance of the TPE expressway network. Depending on the direction headed, you will be able to reach the Eastern side of Singapore like Pasir Ris, Tampines and Changi Airport in 15 – 20 minutes. From TPE you will also be able to travel easily to the central regions either by SLE/CTE or KPE/MCE and you should hit the central region in 30 minutes.
For recreational activities, you can head to Sengkang Sports Centre which is 1 LRT stop away from Kupang LRT station to Farmway LRT station. You will find facilities like an ActiveSG gym, 2 lap pools and also a splash pool with water slides for the kids. Parents can also find different enrichment classes being offered here as well as some cafes and Mcdonald’s.
There is also a PCN that can lead you to Sengkang Riverside park which also connects all the way to Coney Island in Punggol and Lorong Halus Wetland Park for a day of outdoor activity.
For parents with young infants or toddlers, there is a Mega My First Skool childcare centre located right across the street along Fernvale Link.
For families with Primary-School going children, Lush Acres is within a 1km radius to 4 Primary Schools: Anchor Green Primary School, Fern Green Primary School, Fernvale Primary School and Sengkang Green Primary School.
There are also 6 other Primary Schools that are located within the 1km – 2km radius.
Price Environment
Moving onto the price movement in Lush Acres, we can infer from the graph above that the highest volume of resale transactions in a month was in July 2021 which was when Lush Acres just fulfilled its MOP. This is quite a usual movement for EC projects that just fulfilled its MOP.
There have been a total of 91 resale transactions till date which make up about 23% of the total units in the project.
With recent resale transaction prices ranging from $1,1xx – $1,3xx PSF at an average of $1,2xx PSF this is inline with the other resale transaction pricing of surrounding projects like Riverbank @ Fernvale and H2O Residences.
Rivertrees Residences is transacting at a slightly higher average of $1,3xx PSF with a range of $1,2xx – $1,4xx PSF.
Running Lush Acres through our PLB MOAT Analysis tool which rates projects based on a High Appreciation Potential Characteristics (HAPC) model returns with a score of 6.6/10.
The top contributing factors that are awarded a score of 5 comes from firstly from:
- The Quantum Effect where between 80%-100% of the quantum prices transacted fall within a buyers’ maximum loan capacity based on the latest national median income
- The Parents’ attraction effect which is attributed to having more than 3 primary schools located within a 1km radius
- The Exit Audience potential where there are more than 2,000 supply of new HDB units in the past 10 years. This engages the future exit potential where a larger pool of buyer audience would come from the HDB upgrader segmented attributed for the multiple BTO projects that have launched in the area of Fernvale and Sengkang
If we were to compare the price growth with the 2 nearest projects of Riverbank @ Fernvale and Rivertrees Residences, Lush Acres enjoys the highest price growth percentage at the moment. This can be attributed to the lower entry price during its launch phase as an EC and considering the fact that the average PSF price transacted is almost similar to Riverbank @ Fernvale which is a condo development.
From a new launch perspective, we have Parc Botannia that is located within the region that hit the resale market when it TOP in 2021. From its current 71 resale transactions, latest prices transacted are well within the $1,5xx – $1,6xx PSF range. From its launch price at $1,2xx – $1,300 PSF, the average growth percentage till date is at 20%.
We do foresee that as more transactions are captured for this newest development in the area, resale prices might also start to play catch up and proceed further on the upward price trend momentum.
Floor Plan Layouts
Unit distribution mix at Lush Acres is made up of 3 – 5 bedroom layout types.
Such mix is usually seen in projects in the OCR where potential buyers are more likely to be of a family demographic profile. Largest percentage of unit type would be under the 3 bedroom suite.
3 bedroom
For the regular 3 bedroom type, there are 3 different configurations available. These are considered the more compact 3 bedroom layout as the kitchen area does not include a yard and utilities room.
The floor plan layout for the bedrooms and kitchen area is similar for the Patio and Classic entrance type, key difference lies in the Patio area where an additional sunken alcove is included which was initially intended for a japanese-style type of dining experience where dinners are seated on the floor level.
The balcony entrance configuration would feature a bigger outdoor area with a L-shaped balcony area which would be ideal for storing outdoor gear like children’s toys, bicycles or even convert it into an outdoor workout space and even dining zone with the installation of Ziptrak.
You will also notice that the classic entrance units would have a more squarish living/dining zone while the balcony entrance units feature a more rectangular living room area with a more distinct separation of the living and dining zone. This will remain consistent with the other bedroom type units as well.
There are also penthouse units for the 3 bedroom type which would feature a high ceiling in the living/dining area.
3 bedroom premium
The 3 bedroom premium unit comes with the utility and yard zone. This layout would be more suitable for families that require additional storage area or have a live-in helper as the utility room can be converted into a helper’s resting zone. The utility room in this project also features a unique dual entrance which can be accessed from the walkway towards the bedroom area or from the kitchen zone.
For the 3 bedroom premium configuration, there are 2 distinct differences in their layouts. Type A2a has a layout which has an additional foyer space at the main entrance and also a longer walkway into the master bedroom.
Type A3a has a more efficient layout due to the minimised walkway area.
4 bedroom
The regular 4 bedroom configuration is similar to the 3 bedroom suite layout except for an additional bedroom.
It will be good to note that the common bedroom 4 that is on the opposite side has a slightly smaller wardrobe area as compared to the other 2 common bedrooms. This might also be a suitable room to reconfigure into a study or home office space which we have seen in some of the units.
4 bedroom suite
The 4 bedroom suite layout would come with a larger master bedroom area and also the common bedroom 4 is now of equal size to the other 2 common bedrooms. The kitchen zone has also been segmented into a dry and wet kitchen area as compared to the regular 4 bedroom layout. This is usually preferred for families who cook more regularly and require more countertop space for food preparation.
There are 2 types of 4 bedroom suite configuration with a 44 SQFT difference in size which is attributed to the additional foyer area for the classic entrance layout and the L-shaped balcony area for the balcony entrance layout.
4 bedroom premium
The last of the 4 bedroom type units would be the premium units. These units would feature a junior master bedroom configuration which would include an additional en-suite bathroom at bedroom 4.
This would be the rarest bedroom type within the development with just 21 units available.
5 bedroom
Other than the additional bedroom as compared to the 4 bedroom premium unit type. The configuration here also removes the attached en-suite concept and retains a 3 bathroom configuration. 2 common bedrooms now share a jack-and-jill common bathroom while bedroom 5 shares a jack-and-jill bathroom which can be accessed from the common area walkway.
Upcoming Developments
Other than the empty land plot across Lush Acres at Fernvale close which is currently zoned as a reserved site, there are 2 other distinct land plots which have been zoned for further developments.
The forested area at Fernvale Crescent which is also a new road development has been zoned into multiple residential land plots and also includes 2 plots for places of worship.
This would continue the growth of residential population for the Fernvale neighbourhood.
A much larger land plot at the Seletar West Farmway area has also been zoned into majority for B2 use and also the larger grey plot which will be for transport facility use likely as a bus depot as seen on the Street Directory map.
The B2 zone will also create more employment opportunities in the area which would then draw more attention into the residential area of Fernvale for people who would prefer to live closer to their workplace.
