DEVELOPER GuocoLand hopes to transform the dull and dusty Sims Drive area with its Sims Urban Oasis project.
The 1,042-unit development will be a major addition to an area marked by industrial buildings and several blocks of Housing Board flats.
GuocoLand, which will announce details of the project today, bought the 2.4ha, 99-year leasehold site for $530.9 million, or $688 per sq ft (psf) per plot ratio, in April.
Experts estimate that break-even prices will be $1,090 psf to $1,130 psf, with sales possibly at $1,220 psf to $1,300 psf.
Mr Cheng said the site’s location is a key selling point. It is a five minutes’ walk to Aljunied MRT station, a five-minute drive to the Sports Hub and less than 15 minutes’ drive to the central business district.
He noted that small cafes and organic restaurants, including Loysel’s Toy and Cafe Melba, have set up shop in the area, a harbinger of more vibrancy to come.
“The area is almost like Tiong Bahru in that it was quite sleepy in the early days,” Mr Cheng said.
The size of the development also means it can be more generous with amenities, including a “Skypark” on the 19th storey that will be a vantage point for viewing fireworks at Marina Bay.
GuocoLand intends to have four clusters of homes, including more compact “suites” and small home office units, to cater to different types of home owners, from singles to families and upgraders.
This “broader appeal” is a departure from its previous projects – Clermont Residence at Tanjong Pagar Centre, Leedon Residence in Leedon Heights and Goodwood Residence in Newton, which was completed last year.
The firm had sold 15 units at the 181-unit Clermont Residence by the end of October, 145 at the 381-unit Leedon Residence and 158 at the 210-unit Goodwood Residence.