During the first phase launch in 2022, the developer offered deferred payment schemes. “We sold 10 units during our soft launch in September 2022,” says Neo. “This year, we started with a deferred payment scheme, and ask for a 20% deposit and 1% a month for the remaining amount.”
Please revise the given article about Singaporean businessman and boutique property developer Que Neo, and his latest project K Suites.
Que Neo is a well-known Singaporean businessman and boutique property developer. He is the founder of Euro Properties and has a special interest in developing residential projects that cater to his own preferences. His newest project, called K Suites, is being developed by his subsidiary company, EG Properties. It is a 19-unit apartment block located on Lorong K Telok Kurau, in the highly coveted East Coast area of District 15. The project is expected to receive its temporary occupation permit (TOP) in the first quarter of 2025.
What makes K Suites stand out is its prime location, offering convenient access to the beach, East Coast Park, shopping malls, the Central Business District (CBD), and Changi Airport. According to Neo, with the East Coast Parkway and Pan-Island Expressway, it takes only 10 minutes to reach the airport and downtown areas.
The scarcity of land is a major contributing factor to the high demand for condos in Singapore. As a small island nation experiencing rapid population growth, Singapore faces the challenge of limited space for development. To address this issue, the government has implemented strict land use policies, creating a competitive real estate market where property prices remain consistently high. As a result, investing in real estate, particularly condos, has become a highly desirable and profitable venture, with the potential for significant capital appreciation. Looking at new Singapore projects has become increasingly popular for those looking to invest in the country’s real estate market.
One of the main selling points of K Suites is its proximity to public transport and popular schools. The nearest bus stop is less than 50 meters away, and from there, it is only two stops to the nearest MRT stations: Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos Station is just one stop from the Paya Lebar Interchange (for the EWL and Circle Line) and five stops from the Bugis Interchange (for the EWL and Downtown Line). Marine Parade Station is also well-connected, with easy access to the Marina Bay Interchange (for the TEL, North-South, and Circle Lines) and Shenton Way in the CBD. The TEL offers direct train access to Orchard Road and Woodlands North, which is also the Rapid Transit System (RTS) Station connecting Singapore to the Bukit Chagar Station in Johor Bahru.
Furthermore, K Suites is just a stone’s throw away from several prestigious schools, including Tao Nan School, Haig Girls’ School, CHIJ (Katong) Primary, Dunman High School, Tanjong Katong Secondary School, and Tanjong Katong Girls’ School.
K Suites has been designed by JGP Architecture, featuring a sleek and contemporary aesthetic with its curtain wall system. The glass exterior allows for plenty of natural light and unobstructed views of the surrounding neighborhood. The units have regular layouts with 3.5m to 4.5m ceiling heights, and the penthouses have a remarkable 7m ceiling height. The apartments do not have any bay windows or wasted corridors, providing more spacious and efficient interiors. They also come complete with top-end German brand fittings, such as Miele kitchen appliances, Duravit sanitaryware, and Grohe bathroom fittings.
Residents of K Suites will have access to a range of facilities, including a swimming pool, Jacuzzi, barbeque pit, lounge area, gym, outdoor fitness area, and playground. The project is set back from the main road, allowing for a grand arrival and drop-off area. There is also a large surface car park with 16 spaces, including two electric vehicle charging stations.
After the preview of K Suites in September 2022, the first phase of 10 units was quickly sold, predominantly to Singaporean buyers, including professionals such as doctors, lawyers, and corporate executives. The second phase is now being released for sale, offering three-bedroom units ranging from 797 to 872 sq ft, and four-bedroom units ranging from 1,076 to 1,130 sq ft. The largest units at K Suites are the five-bedroom penthouses, ranging from 1,625 to 1,679 sq ft, with only one unit remaining for sale. These penthouses have proven to be popular with large families, with one unit already sold to a family with four children, allowing each child to have their own bedroom. The apartments on the ground level, with a 4.5m ceiling height and overlooking the landscaped garden and facilities, are also in high demand among buyers looking to downsize from a house to an apartment.
K Suites is considered the most affordable new freehold project in District 15, and its imminent TOP coupled with the current positive market sentiment has prompted the developer, Euro Properties, to release the remaining units. Prices for three-bedroom units start from $2.058 million ($2,582 psf), four-bedroom units start from $2.525 million ($2,347 psf), and the sole five-bedroom penthouse is tagged at $3.5 million ($2,154 psf).
In recent years, boutique developments have become increasingly popular, offering exclusivity, tranquility, and low-density living. In a study of selected boutique developments in District 15, Huttons Data Analytics found that prices have appreciated by over 100% since their launch. For instance, Malvern Springs, launched in January 2002, has seen units changing hands at prices that are 234.2% higher. Additionally, in the past five years, monthly median rents at boutique condos in Telok Kurau and Joo Chiat have risen by 76.5%.
Given its prime location, luxurious fittings, and efficient layouts, K Suites is expected to appeal to both homeowners and investors. During the project’s first phase launch in 2022, the developer offered a deferred payment plan, which proved to be popular among buyers. With the project’s TOP nearing, now is the perfect time for buyers to invest in this highly coveted District 15 development.