*This article was written on 13 July 2023 and does not reflect data and market conditions beyond.
Beauty World has drawn plenty of attention from the public sphere over the past few weeks. The recent new launch, The Reserve Residences, has stirred up interest from property buyers and investors in Singapore. With eyes fixed on the Bukit Timah area, it has left many property buyers on the lookout for more affordable alternatives for properties within the vicinity. The area is also innately attractive because of its proximity to recreational nature, popular educational institutions, and connectivity to the city centre.
In this article, we will be reviewing View at Kismis as a upcoming TOP Condo in Beauty World. The leasehold development has a total of 186 units, and is located nearer to the landed residential enclave in Beauty World compared to other condos in the vicinity. It is also one of the few 99-year leasehold projects in a predominantly freehold neighbourhood. This review will cover essential details including its location analysis, site plan, price trends, comparable properties, MOAT profiles, floor plan analysis, and potential growth. It aims to provide readers with an objective view of the development, allowing them to understand it holistically before making an informed decision.
Location Analysis
View at Kismis is located along Lorong Kismis, part of the larger Bukit Timah and Beauty World area. It is directly opposite the Toh Tuck Hill Estate, which is a landed residential enclave. Given that the surrounding is made up of boutique and small condominiums as well as landed properties, the density in the area is relatively low. This also means that the neighbourhood enjoys a degree of privacy and serenity.
The nearest MRT station is Beauty World MRT on the Downtown Line (DTL), which is an 11-minute walk or 5-minute bus ride away. The DTL offers direct access to key destinations like the Central Business District (CBD), Marina Bay Sands, and Gardens by the Bay. In addition to the MRT, Lorong Kismis is well-served by a comprehensive bus network. Numerous bus services operate in the vicinity, providing residents with alternative transportation options and ensuring smooth connectivity to various parts of Singapore.
For daily needs and grocery runs, residents can find Beauty World Centre and Bukit Timah Plaza within a 1km radius. Food enthusiasts will also find themselves spoilt for choice. The area is dotted with an abundance of food establishments, such as the Bukit Timah Market & Food Centre. Whether it’s savouring traditional Singaporean fare or embarking on a culinary adventure, residents can satisfy their taste buds without straying far from home.
Families with school-going children will have access to esteemed educational institutions from the primary level to the tertiary level, ensuring a quality education for their children. Notable primary schools in the area include Bukit Timah Primary School and Pei Hwa Presbyterian Primary School. For secondary schools, a longer commute is necessary as the nearest one is Yusoh Ishak Secondary and Methodist Girls’ School (Secondary), both slightly outside the 1km radius. Tertiary institutions in the area include Ngee Ann Polytechnic, Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM Global Education), and Singapore University of Social Sciences (SUSS).
For those seeking leisure and recreation, Lorong Kismis is surrounded by an array of attractions. Nature lovers can immerse themselves in the tranquillity of the rail corridor, Bukit Timah Nature Reserve, and Dairy Farm Nature Park. These lush green spaces offer picturesque hiking trails and opportunities to appreciate Singapore’s natural beauty. Additionally, residents can enjoy the serene ambience of Bukit Batok Nature Park and Hindhede Nature Park, which provide ideal settings for outdoor activities.
Site Plan & Unit Distribution
The site of View at Kismis is a squarish plot of land, and the developers have designed the units to face diagonally so that they will have a north-south orientation. This alignment means that the units here will get a perfect exposure of morning sun which maximises the natural light and ventilation throughout the development.
Although the surrounding condos and landed enclave are low-rise in nature, View at Kismis will not be towering over them with an unblocked view as it will similarly only have a maximum height of 5 storeys. North-facing units in blocks 15, 17, and 19 will be facing the opposite Daintree Residence while the south-facing units in blocks 21, 23, and 25 will be facing the Toh Tuck Hill landed enclave.
The facilities are concentrated in the middle of the development, meaning that most of the internal facing units will enjoy a pool view from their balconies. Being a relatively small development, the developers have opted for a 25m lap pool instead of the typical 50m lap pool that you will find in most condo developments. There are also pool facilities located on the roof terrace at blocks 17 and 21, part of the unique feature of View at Kismis. The facilities also have a focus on fitness, with an Aqua Gym, Canopy Gym, and Fitness Station available within the estate.
View at Kismis offers 2-Bedroom to 5-Bedroom types spread across 6 blocks and 38 stacks. All the blocks have 6 units per core except for block 21 which has 8 units per core. According to the unit distribution, there will be two retail shops on the first level of block 25, which are assimilated into stack 36.
70% of its units are 2-Bedroom types, which comes with Premium and Guest variations. 3-Bedroom and 5-Bedroom types make up the remaining 30%, and there is only a single 4-Bedroom unit in the development. With 2-bedders making up the majority of the unit offerings, View at Kismis caters largely to singles, young couples, and small families looking for a home in a peaceful enclave around the Bukit Timah area.
Price Analysis
For this section, we compare View at Kismis (in orange) to Daintree Residence (in light blue) and High Oak Condo (in dark blue). We chose these developments due to their size, proximity, and the age of the development. Daintree Residence is a 99-year leasehold condominium with 327 units that was completed in 2022. We chose High Oak Condo as one of the older 99-year leasehold developments for comparison. It has 194 units and was completed in the year 2000.
Looking at the performance of View at Kismis, Daintree Residence, and High Oak Condominium from 2019 to Q2 2023, we observed that High Oak Condo experienced the highest growth rate of around 32%. In comparison, View at Kismis and Daintree Residence recorded growth rates of 15% and 22% respectively, during the same period.
Despite having the lowest PSF in this comparison set, High Oak Condo appears to have grown the most. That is likely because as the oldest leasehold development in the area, it has had the longest runway to appreciate in value and it has seen consistent growth since 2016. It has also benefited from the disparity effect due to newer developments in the area.
On the other hand, the price movement of Daintree Residence is similar to that of View at Kismis despite having almost double the number of units. This could be because of the newness of View at Kismis since Daintree Residence obtained its TOP a year earlier. However, we can see Daintree Residence edge out in terms of average PSF based on Q1 and Q2 2023 data. This is likely due to the higher volume of transactions (Volume Effect) that Daintree Residence is experiencing.
We expect View at Kismis to perform better on its TOP with some volume to guide prices higher. As of Q2 2023, the average PSF transacted for View at Kismis is $1,976, Daintree Residence is $2,023, and High Oak Condo is $1,297. However, we have to acknowledge that the prices mentioned above might not reflect the current asking prices as the real estate market is forward-looking and subject to fluctuations.
MOAT Analysis
To ensure a comprehensive and objective assessment of View at Kismis, we conducted an extensive MOAT Analysis that evaluates the property from various angles. We carefully compared View at Kismis, an upcoming TOP condo, with four other similar condominium options in the nearby vicinity. Our MOAT Analysis took into consideration ten distinct dimensions, allowing us to provide an unbiased and holistic view of the property. For a detailed breakdown of our MOAT Analysis methodology, we recommend referring to our informative article.
We compare View at Kismis (168 unit condo, TOP 2023, 99-year leasehold from 2019) with Daintree Residence (327 unit condo, TOP 2022, 99-year leasehold from 2017), High Oak Condominium (194 unit condo, TOP 2000, 99-year leasehold from 1996), Verdale (258 units condo, TOP 2024, 99-year leasehold from 2018), and The Creek @ Bukit (260 unit condo, TOP 2017, Freehold) in our MOAT Analysis.
Looking at the MOAT profiles, we observe that the condos in the area are generally similar and have very similar scores across the board. Although our selection is made up of mostly 99-year leasehold properties with the exception of The Creek @ Bukit which is a freehold property, most of them scored well for the Bala’s Curve Effect and Quantum Effect. Most of the developments in the area do not perform well in terms of Rental Demand due to a lack of rental transactions, which could mean that a high percentage of transactions here are for own-stay purposes.
The final MOAT scores are as follows: View at Kismis (56%), Daintree Residence (64%), High Oak Condo (54%), The Creek @ Bukit (64%), and Verdale (52%).
According to the MOAT Analysis, View at Kismis received the highest score for Bala’s Curve Effect, indicating the project’s newness. It also scored well for Quantum Effect and Region Disparity Effect. We expect View at Kismis to score much higher upon its TOP and eventual CSC as transaction volumes increase, which will push up its Volume Effect and Rental Demand scores. These developments should propel View at Kismis’s MOAT score up to the 60s range, indicating a positive outlook for the property.
Floor Plan Analysis
In this section, we will showcase our top recommendations for each unit type offered at View at Kismis. Our objective is to provide you with valuable insights that will guide you in selecting the ideal unit that aligns with your personal preferences and requirements.
2 Bedroom
The 2-Bedroom Premium Type B2 boasts an efficient dumbbell layout that places the bedrooms on opposite sides of the unit. This kind of layout provides privacy for its occupants, be it you are renting the unit out or using for own-stay purposes. The unit comes with a squarish balcony that spans the length of the living room and an open concept kitchen right by the foyer and entrance of the unit.
The 2-bedders here also come with a variation that has a guest room. The layout is squarish as well, but with all the bedrooms grouped together on one side of the unit. The additional guest room is a smaller bedroom that can only fit a single bed and a small wardrobe. There is also the option of using the guest room as a walk-in wardrobe or possibly combining it with the master bedroom to expand the space.
3 Bedroom
The featured 3-Bedroom layout offers an additional guest room on top of the master bedroom and two common bedrooms. The guest room is similar to the one in the 2-Bedroom + guest layout and can only be fitted with a single bed and a small wardrobe.
Boasting a dumbbell layout, the bathroom and one of the common bedrooms are placed behind the living room while the rest of the rooms are placed on the opposite end of the unit. The 3-Bedroom units also come with a larger balcony, which looks big enough to place a secondary dining set for a semi-outdoor dining experience or when hosting a party. There is also a substantial foyer space to install some cabinetries for storage.
4 Bedroom
As mentioned previously, there is only one 4-Bedroom unit in the development, which is a ground floor unit with PES. The unit boasts an expansive living and dining area, and the PES spans the length of the living room and one of the common bedrooms. The unit is a 4 Bed, 2 Bath layout and there is no junior master with ensuite bathroom, with 3 common bedrooms sharing a common bathroom. Because of this, the unit might be more suitable for large families rather than multi-generational families.
5 Bedroom
The 5-Bedroom units come with a dumbbell layout with the junior master bedroom with ensuite bathroom placed next to the entrance. The living and dining area, as well as the kitchen, take a linear profile right in front of the junior master. The remaining 4 bedrooms are placed on the other end of the unit. There is also a large balcony that spans the length of the living room and one of the common bedrooms.
This orientation is most suited for multi-generational living and offers a luxurious living experience that marries both communal needs and privacy.
Growth Potential
The Urban Redevelopment Authority (URA) Master Plan is highly regarded among investors and buyers as a valuable resource for assessing the long-term growth potential of a development. This comprehensive plan outlines Singapore’s land use projections for the next 10 to 15 years and undergoes a thorough review every five years. However, it’s essential to acknowledge that the plan is subject to revisions and adjustments as it responds to evolving government priorities and unforeseen circumstances. While the plan offers valuable insights, it should be used in conjunction with other factors to make well-informed investment decisions. By considering multiple factors, investors and buyers can gain a more holistic understanding of a development’s potential growth prospects.
The URA has embarked on a rejuvenation plan for the Bukit Timah area, which is set to have a significant impact on properties in the Beauty World area. This strategic plan aims to enhance the overall livability, accessibility, and vibrancy of Bukit Timah, making it an even more desirable residential and commercial destination.
Firstly, new residential developments will be injected into the Jalan Jurong Kechil and Holland Plain area, which will push up the overall residential supply of the larger Bukit Timah area. This will have a positive impact on properties in the surrounding districts as transaction volumes will increase in tandem.
URA’s rejuvenation plan includes the introduction of mixed-use developments and the enhancement of commercial offerings. This will bring a diverse range of amenities, including retail outlets, dining establishments, and entertainment options, closer to the doorstep of residents in both Bukit Timah and the Beauty World area. The presence of these conveniences will not only elevate the quality of life but also have a positive effect on property values and rental potential in the Beauty World vicinity.
Lastly, the Cross Island Line (CRL) is an exciting development that will increase connectivity between eastern and western Singapore. Phase 2 of the CRL is slated to open in 2032, with King Albert Park station linking the Downtown Line (DTL). Being only one stop away from King Albert Park station, Beauty World station will eventually offer residents of View at Kismis convenient access to not just the DTL but also the CRL. This will improve the connectivity of the development tremendously.
The Verdict
View at Kismis is a remarkable residential option for individuals seeking a cosy living space in the Beauty World area. Given the performance of The Reserve Residences, which sold 71% of its units on launch weekend, we expect to see some spillover of homebuyers who are looking for a residence in the Bukit Timah region. One of the benefits of going for TOP condos like View at Kismis is that homebuyers do not need to wait for a few years before moving into their new home. This could potentially save opportunity cost and will be more beneficial for those working on a tighter timeline. The growth prospects are also decent given future developments such as the Cross Island Line, integrated transport hubs, and expansion of the rail corridor.
If you are interested in View at Kismis or if you are a current homeowner considering selling your unit, please do not hesitate to reach out to us to learn more about our services and how we can support you throughout your property journey.
