SkyPark Residences is an executive condominium (EC) located at Sembawang Crescent in District 27. It is conveniently situated near Sembawang MRT station and bus interchange, providing residents with easy access to other parts of Singapore. Jointly developed by JBE Holdings Pte Ltd and Keong Hong Holdings Limited, SkyPark Residences received its TOP status in 2016. The development consists of 9 blocks and a total of 506 units. Residents benefit from the prime location with easy access to nearby amenities such as Sun Plaza, Sembawang Shopping Centre, and Bukit Canberra. Additionally, the area is undergoing transformation, placing it near the future Woodlands and Seletar Regional Centres, the North Coast Innovation Corridor, and the Gambas Crescent Business Hub.
If you are interested to find out more about SkyPark Residences, read on as we delve deeper into the project details, location, site, price, and MOAT analysis.
*This article was written in June 2024 and does not reflect data and market conditions beyond.
Project Details
Location Analysis
Located at the junction of Sembawang Crescent and Sembawang Drive, SkyPark Residences is just a few minutes’ walk from Sembawang station on the North-South Line (NSL). Residents enjoy excellent connectivity to the rest of Singapore, being only two stops from Woodlands MRT, where they can transfer to the Thomson-East Coast Line (TEL) and, in the future, access the Singapore Rapid Transit System (RTS) Link to Johor Bahru. Adjacent to the MRT station is the bus interchange, providing commuters with convenient options for travelling within Sembawang town or beyond. For drivers, SkyPark Residences is also easily accessible via the Seletar Expressway (SLE) and the Central Expressway (CTE), providing convenient connections to the rest of Singapore.
Residents of SkyPark Residences have several convenient dining options nearby. Sun Plaza, located near Sembawang MRT station, features a variety of dining choices, from fast food to casual dining restaurants. The mall also houses a public library on its upper level. Further down the road, Sembawang Shopping Centre offers a diverse range of retail outlets, eateries, entertainment options, and even a Giant supermarket to meet the daily needs of nearby residents. Bukit Canberra Hawker Centre is the newest addition to the area, offering a wide array of local dishes.
Bukit Canberra is a premier destination for leisure and wellness for residents of SkyPark Residences. It features Singapore’s largest ActiveSG gym, swimming complexes and indoor sports facilities. The recent addition of Sembawang Polyclinic ensures convenient access to quality healthcare services within the community, making Bukit Canberra a holistic hub for residents’ recreational, dining, and healthcare needs.
For families with school-aged children, SkyPark Residences offers convenient access to various educational institutions. Nearby schools include Sembawang Primary and Secondary School, Canberra Primary and Secondary School, Wellington Primary School, Yishun Junior College, Innova Junior College, and Republic Polytechnic, providing residents with a variety of quality education options.
Site Plan & Unit Distribution
SkyPark Residences is a rectangular plot of land featuring 9 residential blocks spread across 36 stacks, containing a total of 506 units. This development is notable for being the first Executive Condominium launched in Sembawang. The design of the development includes extensive water bodies, with aquatic-themed facilities and landscaped pools where residents can find over 30% of the ground-level communal spaces dedicated to water-leisure options. The buildings are arranged parallel to each other, providing residents with three distinct views: towards the HDB clusters across Sembawang Crescent Road, the internal pool facing, and the Business 1 site across Sembawang Avenue (plot ratio 2.5).
The facilities at SkyPark Residences are designed with families in mind, catering to a wide range of recreational lifestyles. Residents can enjoy a variety of amenities, including a 50-metre lap pool for serious swimmers, pool massage beds for relaxation, and pool dining pods for a unique dining experience. There is also a 100-metre skypark offering expansive views, a children’s play pool for the little ones, a tennis court for sports enthusiasts, and a 3G Fitness Park for those looking to stay active. These diverse facilities ensure that every resident finds something enjoyable and fulfilling.
One of the standout features of SkyPark Residences is its impressive 15-storey towers. These high-rise buildings not only provide breathtaking views but also include a lounge area where residents can unwind, with vistas stretching across Singapore’s northern skyline. This creates a serene and picturesque living environment.
In addition to the myriad of outdoor facilities, SkyPark Residences also offers a luxurious two-storey clubhouse. This clubhouse is a hub of lifestyle options, equipped with a state-of-the-art gymnasium for fitness enthusiasts, ensuring residents have access to top-notch exercise equipment and facilities. Furthermore, the clubhouse features an open rooftop lounge, providing a perfect spot to relax and socialise while enjoying the view of the 50-metre lap pool below. This blend of leisure, fitness, and social spaces makes SkyPark Residences a comprehensive and vibrant community.
SkyPark Residences offers a range of units from 3-bedroom to 5-bedroom maisonettes, distributed across its 36 stacks with units available at various levels. As the first Executive Condominium in Sembawang, the layout configurations begin primarily with 3-bedroom units to cater to families looking for their own stay. This focus on larger units is because executive condominiums are generally targeted at families who intend to live in their homes, whereas private condominiums typically start with 1-bedroom units to appeal to a broader range of buyers, including singles and investors.
The largest unit available at SkyPark Residences, the 5-Bedroom Maisonette, comprises just 6% of the total units in the project. There is only one block featuring this layout, which includes four stacks: Stacks 17, 18, 19, and 20 of Block 9. Centrally located within the development, this block offers two stacks facing the main lap pool and the lounge pool, providing unique views enhanced by meticulously landscaped surroundings. The developer has carefully positioned these largest units to ensure they have the best possible views in the entire project.
The majority of units at SkyPark Residences are 3-Bedroom and 4-Bedroom types, accounting for 29% and 30% of the total units, respectively. This prevalence of larger units reflects a broader trend observed in most executive condominiums across Singapore. Developers design a higher percentage of larger units in Executive Condominiums (EC) projects to meet the needs of their target demographic. This focus on spacious units caters to buyers seeking long-term residences rather than investment properties, making ECs attractive to families prioritising space and comfort.
Price Analysis
The price trend of SkyPark Residences has shown a steady increase over the past few years. As an Executive Condominium (EC), homeowners must comply with specific regulations before selling their units, including a Minimum Occupation Period (MOP) of 5 years. For SkyPark Residences, this period ended around August 2021, which led to a notable rise in sales volume. Interestingly, there were a few sales prior to 2021, likely due to special exemptions or circumstances granted to the homeowners.
Analysing the average price growth at SkyPark Residences reveals a substantial 62% increase in average PSF prices since its initial launch. In 2021, which marked the Minimum Occupation Period (MOP) for the project, there was a notable rise of 19% in average PSF, rising from $887 to $1,053. This significant increase can be attributed to its highly sought-after location as the first EC launch in Sembawang. Furthermore, given the limited availability of ECs in this part of Sembawang, it presents a rare opportunity for HDB dwellers seeking to upgrade to a condominium within their existing neighbourhood. Most condominium developments are concentrated in Canberra or Woodlands, making SkyPark Residences particularly attractive for those looking to stay within Sembawang.
When comparing SkyPark Residences to other Executive Condominium (EC) projects within a 1km radius, notable developments include Parc Life (TOP 2018) and The Visionaire (TOP 2017). SkyPark Residences, however, is one of the oldest TOP condominiums in the vicinity.
Parc Life, situated adjacent to SkyPark Residences, comprises 638 units and obtained its TOP status in 2018, making it one of the newest developments in the area. It enjoys similar proximity to amenities and transportation hubs as SkyPark. Despite being two years newer, Parc Life was launched at a higher average PSF than SkyPark and has maintained a high average PSF since 2018. However, since 2021, SkyPark Residences has surpassed Parc Life in average PSF, indicating strong demand for SkyPark despite its older age. This could be attributed to its comprehensive facilities and serene environment, making it especially appealing to families seeking spacious living.
The Visionaire, with 632 units, is one of the earlier Executive Condominiums in the area, having attained its TOP in 2017. Since then, it has experienced a 66% increase in average PSF, currently transacting at an average PSF of $1,348. The Visionaire commands a higher average PSF due to its status as one of the youngest MOP projects and its proximity to Canberra MRT station.
Despite being 8-10 minutes away from the MRT station, SkyPark Residences remains competitive with The Visionaire’s average PSF price. One key factor is the importance of layout for families in this area. The layouts at SkyPark Residences tend to be more spacious compared to The Visionaire, leading to a similar PSF. For example, a 3-bedroom unit at The Visionaire ranges from 839 to 1,205 sqft, while a 3-bedroom unit at SkyPark ranges from 1,141 to 1,238 sqft. This larger layout makes SkyPark Residences particularly attractive to families prioritising space and comfort.
MOAT Analysis
The MOAT Analysis is a proprietary tool by PLB that presents a meticulous technique for estimating a property’s value, considering a wide array of influential factors. This strategy involves a comparative study of the property against others, grounded on ten key dimensions, to deliver an unbiased assessment of its attractiveness to the broader market in Singapore. To grasp a deeper understanding of our tool’s functionality, kindly refer to this article, which elucidates the MOAT Analysis in detail.
The final MOAT scores for the developments we highlighted in the previous section are as follows: SkyPark Residences (64%), Parc Life (66%), and The Visionaire (70%). Despite being the oldest Executive Condominium (EC) in the vicinity, SkyPark Residences has distinct strengths worth exploring in detail.
SkyPark Residences excels in its Exit Audience score, the highest among the MOAT Analysis categories with a score of 5. This indicates a strong appeal to potential buyers within Sembawang. The limited options for upgrading from HDB flats to private property in the area make SkyPark particularly attractive. Sembawang, a small township, previously had only one condominium development, Sun Plaza Condo. Buyers looking for private condos often spill over to the Canberra region. Currently, there are only three distinct private condos in this area: Sun Plaza Condo, Parc Life, and SkyPark Residences. SkyPark’s proximity to the MRT station offers residents convenience, making it a highly desirable choice for HDB upgraders seeking easy access to amenities and transportation.
SkyPark Residences also scores highly in the Parent’s Attraction Effect, Volume Effect, and Bala Curve categories. The size and layout of units in SkyPark are particularly suitable for growing families, and the proximity to numerous schools is a critical factor for homebuyers. Nearby educational institutions include Sembawang Primary School, Sembawang Secondary School, Wellington Primary School, Canberra Primary School, and the Happy Brainy Kidz In Wonderland preschool.
Transaction volume at SkyPark Residences has been strong, with numerous healthy transactions occurring in recent months. This robust activity plays a pivotal role in property valuation, seller confidence, and bank valuation, helping drive prices toward their true value. Additionally, SkyPark Residences scores well on the Bala Curve, comparing favourably even against freehold properties. As an early-stage EC with strong transaction volumes, it holds its value well relative to its freehold project counterparts.
In summary, SkyPark Residences stands out not only for its strategic location and appealing layout but also for its strong market performance and value retention, making it a prime choice for buyers in the Sembawang area.
Floor Plan Analysis
In this segment, we will highlight our top choice from each unit type available at SkyPark Residences. Our aim is to furnish you with useful knowledge that will assist you in choosing the perfect unit tailored to your tastes.
3-Bedroom
In SkyPark Residences, there are primarily two types of 2-bedroom layouts: one measuring 1,141 sqft and the other 1,152 sqft. Both layouts are essentially mirror images of each other, with only minor size differences.
The designs feature efficient use of space, with each area of the home thoughtfully separated. Upon entering the unit, residents are greeted by a walkway leading to the living area. This area includes space for an L-shaped sofa and a generously sized dining area. Adjacent to the living area is a spacious balcony, offering an opportunity to extend the living space outdoors and create an inviting alfresco dining environment.
The enclosed kitchen features a U-shaped layout with ample cabinet space, accommodating essential appliances such as a fridge, sink, cooker hood, and hob. Additionally, SkyPark Residences includes a yard and a utility room, which are crucial for modern family planning and appealing to buyers looking for a primary residence. The utility space is particularly useful for storing children’s items or household essentials without encroaching on the livable areas. The yard enhances ventilation throughout the home, allowing airflow from the kitchen to the dining area and vice versa. This is especially beneficial during heavy cooking, as it helps to prevent the entire house from becoming stuffy.
Both common bedrooms are spacious, comfortably fitting queen-sized beds and providing ample wardrobe space. The common bathroom is discreetly located on one side of the unit, and both bathrooms have windows to facilitate natural ventilation and help disperse moisture after a hot shower.
The master bedroom is sizable enough to fit a king-sized bed with two bedside tables. Additionally, if more storage space is needed, the wardrobe can be extended to the edge of the master ensuite bathroom.
3-Bedroom + Study
SkyPark Residences offers a single layout for the 3-bedroom + study configuration, which is similar to the 3-bedroom layout but includes an additional study room.
Upon entering the unit, a hallway leads to the living area, providing added privacy by preventing neighbours in the common area from seeing directly into your home. This entryway also offers the opportunity to install a feature wall to display items or additional shoe cabinets for storage. The living area is spacious, accommodating a sofa and a dining table. For those desiring a larger living space, the balcony can be utilised for alfresco dining, thus expanding the internal living area.
The seamless flow from the kitchen to the adjacent dining area enhances both the functionality and aesthetic appeal of the layout. The kitchen itself is generously sized with ample storage, a rare find in modern units that are becoming increasingly smaller. This spacious kitchen is especially valuable for families with children, as it accommodates the demands of home cooking without feeling cramped.
All three bedrooms, including the master bedroom, are large enough to fit queen-sized beds, catering to the contemporary homeowner’s need for spacious sleeping quarters. The study room is conveniently located between the common and master bathrooms and is of a decent size. This space can be used as a home office or converted into a child’s room to fit a single bed.
4-Bedroom
SkyPark Residences offers two distinct 4-bedroom layouts: Type C1 and Type C2. Type C1 covers a total area of 1,302 sqft (121 sqm), while Type C2 is slightly larger at 1,313 sqft (122 sqm). Both layouts are similar in spatial arrangement and room size, with minor differences likely found in the living room dimensions.
Both Type C1 and C2 feature a walkway leading to the living area, which extends to a balcony. The squarish layout of all units in SkyPark Residences enhances the functionality and efficiency of spatial planning. This consistent design approach is evident across both the 3-bedroom and 4-bedroom units.
The kitchen space is well-suited for larger families, accommodating heavy cooking and providing ample room for food preparation. A notable feature of SkyPark Residences is the utility room, which offers versatile use as a storage area or can be converted into a helper’s room. Additionally, the yard space facilitates laundry activities without occupying the balcony area.
The 4-bedroom units in SkyPark Residences are adequately sized to fit queen-sized beds, making them ideal for large families seeking spacious living in Sembawang. Unlike many other 4-bedroom units, where the third common bedroom might only fit a single bed, all the common bedrooms in these layouts are of similar and substantial size. This thoughtful spatial arrangement by the developer ensures optimal room segregation and usability.
4-Bedroom + Study
Within SkyPark Residences, this particular 4-bedroom + study layout is one of the rarest, accounting for only 6% of the units, making it a highly sought-after option. This layout includes an additional study room and maintains a similar design to other unit layouts in the project.
Spanning a generous 1,528 sqft, this floor plan is comparable in size to the 5-bedroom layout. The primary distinction between the 4-bedroom + study and the 5-bedroom layouts is the presence of an additional proper bedroom in the latter. Depending on your family’s needs, some buyers might find the study room sufficient, while others might prefer an extra bedroom to better accommodate future family planning.
Despite these differences, the overall arrangement of bedrooms remains consistent with other layouts within SkyPark Residences. In this layout, the study room is strategically positioned between the master bedroom and a common room, offering a versatile space that can be used as a home office, library, or children’s play area. This thoughtful design enhances the functionality of the home while providing flexibility to meet varying family needs.
5-Bedroom
Type E1 and E2 are the only layout options available for a 5-bedroom unit in SkyPark Residences, offering a spacious living area of 1,593 sqft. Both types feature a notably squarish layout and are essentially mirror images of each other. Designed to accommodate larger families or multi-generational living arrangements, this layout provides ample room for comfortable coexistence.
This 5-bedroom layout shares similar spatial arrangements with other layouts in SkyPark Residences. One advantage is that four of the bedrooms are positioned on one side of the unit, with space distributed evenly. The fifth bedroom is situated between the master bathroom and a common bathroom, featuring a Jack and Jill layout. This configuration allows the fourth bedroom to potentially serve as a junior ensuite, which is ideal for elderly parents who need their own space. Meanwhile, the other three common bedrooms can share the remaining common bathroom.
With these considerations in mind, potential buyers at SkyPark Residences may face a tough decision between choosing a 4-bedroom + study unit or a 5-bedroom unit. Several factors, including pricing, play a significant role in this decision. For example, past transactions indicate that a mid-floor 5-bedroom unit at stack 22 sold for $2.158 million in 2024, translating to $1,355 PSF. In contrast, a mid-floor 4-bedroom + study unit at stack 13 sold for $1.945 million, or $1,272 PSF. The approximately $200,000 difference, along with the addition of an extra bedroom and level differences, are crucial aspects to consider when selecting the right unit at SkyPark Residences.
On the other hand, some buyers prefer a proper bedroom over a study, as it offers greater functionality. A proper bedroom can comfortably fit a queen-sized bed and a wardrobe, providing essential sleeping and storage space without compromising overall room dimensions. This is particularly appealing to families who need the extra bedroom for a growing family or to accommodate guests.
Conversely, other families may not require such a large bedroom and find that a study space suffices for their lifestyle. This additional room can serve multiple purposes, such as a home office, a study area for children, or even a playroom. The flexibility of a study space allows it to adapt to the evolving needs of the household, making it an attractive option for those who value versatility over additional sleeping quarters.
5-Bedroom Maisonette
The 5-bedroom maisonette layouts in SkyPark Residences are among the most distinctive and unique offerings within the development. Comprising less than 6% of the total unit layouts, they are the most exclusive options available. There are only 28 units of this type, all located in Block 5, which includes stacks 17, 18, 19, and 20. Each stack contains just 7 units, emphasising their rarity.
The defining feature of these maisonettes is their split-level design, with separate upper and lower floors. The lower floor primarily consists of the living and dining areas, an enclosed kitchen, yard space, utility room with a WC, a common bathroom, and two common bedrooms. Additionally, each unit includes a balcony or PES (Private Enclosed Space) on the lower level. On the upper floor, you’ll find the remaining two common bedrooms with a shared bathroom and the master bedroom with an ensuite bathroom.
All rooms are generously sized, resembling the spaciousness of a landed property. The developer has thoughtfully designed the spatial arrangement, greeting residents with a spacious living and dining area. The squarish living room can accommodate a three-seater L-shaped sofa with ample distance from the TV, while the dining area can fit an eight-seater dining set, perfect for hosting friends and family. For added privacy and functionality, you can install a partition wall to prevent neighbours from seeing directly into your home.
Although the kitchen is slightly smaller compared to other layouts in SkyPark Residences, it remains functional with its L-shaped setup. The yard space in this layout is slightly larger, ensuring it doesn’t encroach on the utility room and WC.
All bedrooms are well-sized, comfortably fitting a queen-sized bed and wardrobe, with enough space for a small study table. The master bedroom is the highlight of the unit, featuring a walk-in wardrobe with several panels of wardrobe space leading into the master bathroom, offering a luxurious and private retreat within the home.
In essence, the 5-bedroom maisonette layouts at SkyPark Residences offer an unparalleled blend of exclusivity, functionality, and spaciousness. Their unique split-level design, ample room sizes, and thoughtful spatial arrangement make them ideal for large families or those seeking a luxurious living experience. With only a limited number of these units available, they represent a rare opportunity to enjoy a living space that combines the feel of a landed property with the conveniences of modern condominium living.
Growth Potential
BTO Plots in Sembawang
The increasing demand from BTO plots in this area indicates a growing pool of future buyers. As this BTO project was launched before the implementation of the new HDB categorisation scheme, it holds a unique appeal for current BTO owners who are considering asset progression. These homeowners, looking to sell their existing flats and upgrade after their project hit their Minimum Occupation Period (MOP), will likely find SkyPark Residences an attractive option due to its strategic location, comprehensive amenities, and spacious layouts. This trend underscores the project’s potential for sustained demand and strong exit audience.
Relocation of Sembawang Shipyard
The relocation of Sembawang Shipyard promises transformative benefits for residents, including the potential for site redevelopment that could introduce new residential, commercial, and recreational spaces along the waterfront. This move aims to enhance living conditions with modern urban planning, improved infrastructure, and amenities tailored to community needs. Revitalising the area is expected to attract businesses and cultural institutions, fostering a vibrant neighbourhood environment while creating job opportunities across various sectors. Ultimately, the project seeks to elevate Sembawang’s appeal, offering residents enhanced convenience, economic prospects, and a higher quality of life.
North Coast Innovation Centre
Woodlands Regional Centre is set to become the largest economic hub in Singapore’s North region, offering a diverse mix of uses and new opportunities. The Northern Agri-Tech and Food Corridor will link the future Agri-Food Innovation Park with local farms, Republic Polytechnic, and business spaces within the centre. Enhanced connectivity will be provided by new transport hubs at Woodlands Central and Woodlands North Coast, integrating the centre with key destinations via bus and MRT networks. Additionally, the RTS Link will connect commuters to Johor Bahru from the RTS Link Woodlands North Station, creating seamless access to Singapore’s Thomson-East Coast Line and boosting economic activity and accessibility in the region.
North-South Corridor
The North-South Corridor offers Sembawang residents improved transportation options and connectivity from the north region to the city. With dedicated lanes for buses, cycling paths, and pedestrian walkways, it ensures smoother travel between the northern and southern regions of Singapore. Integrated with existing MRT lines and buses, it enhances accessibility to key destinations, promoting sustainable mobility and improving residents’ quality of life.
Closing Thoughts
SkyPark Residences distinguishes itself as a premier living option in Sembawang. Despite being the oldest Executive Condominium in the area, it continues to attract strong demand due to its strategic location near the MRT station, comprehensive amenities, and spacious unit layouts. The high MOAT scores in Exit Audience, Parent’s Attraction Effect, and Volume Effect underscore its appeal to potential buyers, particularly families seeking a convenient and well-connected living environment. The strong transaction volume and favourable Bala’s Curve score further highlight its value retention and investment potential. SkyPark Residences offers an excellent blend of comfort, convenience, and long-term value, making it a top choice for homebuyers in the region.
Additionally, the area holds immense growth potential, with initiatives like the North-South Corridor enhancing connectivity and the North Coast Innovation Centre creating new economic opportunities for residents. These developments are set to increase interest and attract potential homebuyers, solidifying SkyPark Residences as a top choice for those seeking both comfort and long-term value in the evolving Sembawang region.
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