Our Review
Location
What we liked:
Prime central location that isn’t just surrounded by tall buildings in all sides
Low density area right next to Singapore River and Alexandra Park Connector
Sheltered walkway to Great World mall with a strong, diverse tenant mix
Close proximity to two local hawker centres - Zion Road Food Centre and Tiong Bahru Market
An area that might interest future Tiong Bahru and Havelock HDB upgraders (all $1M and above)
Close proximity to River Valley Primary, and possible 1KM to Alexandra Primary
What we didn't liked:
Surrounded by two heavy traffic roads (Zion Rd and Kim Seng Rd) means road noise and possible jam entering the development
Location score: 9/10
Accessibility
What we liked:
Close connectivity to CBD and Orchard, but without the crowd
Fully sheltered to Havelock MRT and Great World MRT
TEL gets you to Orchard/Outram Park in 1 stop, Shenton Way in 2 stops
Very walkable to Robertson Quay, New Bahru, and Tiong Bahru
Accessibility Score: 10/10
Development Quality
What we liked:
Despite the small land size, Allgreen maximized the high level stacking with good facilities in the ground level, level 22, 43, and the roof level
The infinity pool at the roof level that exceeds MBS’s height (level 53 at approx 200m vs level 64 at approx 240m)
The fitness focus level 43 Wellness Peak, featuring Symbio equipment that’s apparently about $40,000 per equipment
The smaller unit types occupy the lower levels (Promenade Collection) while the larger premium unit types (Promenade Suites) are higher with private lift, which reduces lift congestion.
High quality luxury finishing in all room types
What we didn't liked:
While supposedly inspired by the urban waterfront setting, the facilities doesn’t portray any apparent waterfront elements
Being the tallest residential building in that area, the facade could have been iconic. Aside from the roof level, Promenade Peak didn’t really reflect the feeling of being at the ‘peak’ either
Tennis court replaced by pickle ball court
Some floor plans weren't efficient, and featured weird walkway spaces
Development quality score: 7/10
Pricing
What we liked:
With price stacking up to level 63, it allows the developer to have a huge difference for the higher level premium units vs the lower level entry units
The Promenade Collection and Promenade Suites creates a clear price segregation between the smaller unit type investors vs the larger unit type ownstayers
It is launching together with nearby River Green, which hopefully results in more competitive pricing on booking day
There is still a good price quantum advantage vs the other existing resale projects in the area
What we didn’t like:
Zyon Grand next door creates a price uncertainty. Although it also includes commercial elements and the novel (and risky) long-stay service apartment - which means it will unlikely be much cheaper than PP.
Due to the larger unit sizes, while PSF might be reasonable, the price quantum is on the slightly higher side - especially when compared to River Green
Price score: 8/10
Exit Potential
What we liked:
A prime central location with huge liveability, it will likely attract many HDB upgraders living in District 3, where a huge concentration of Million Dollar HDBs are
A rare 63 storeys building, its unique views will attract those who are high-floor lovers
Rental demand is likely to be strong, and could attract future investor buyers
What we didn't like:
While PP and RG launching together creates a potential competitive price situation, it still means that they will be attaining TOP in similar period. Coupled with the upcoming Zyon Grand, and Guocoland's River Valley Green Parcel B means there would be considerable number of supply entering this location.
It is still a prime central location, and thus will only appeal to those who prioritize location and willing to pay a premium (albeit smaller than the existing resale projects) - so investors should have a slightly longer horizon
Exit Potential score: 6.5/10