CapitaLand Developer Review: A Detailed Look And Analysis

9 min read

Sections

1) Preface
2) Developer Profile
3) History
4) Capitaland Vs Singapore
5) List of Capitaland Projects
6) Top 10 Past Projects
7) Key Upcoming Projects

An Introduction to Developer Reviews

Over the past few years, we’ve been working hard to get you the most detailed and unbiased condo reviews as possible – simply because we feel that every new/existing buyer in Singapore should have a grasp on what they are dealing with before they enter the market. 

In actual fact, however, that’s just the tip of the iceberg.

Very often, we’re stuck comparing the price trends of a property as well as its convenience factor (amongst other things) that we sometimes fail to look at the actual figure behind the actual project…

The developers!  

And as we’ve seen on many an occasion, the developer can actually make or break both the popularity and short-long term quality of a project.

Now the aim of this series as a whole is to help buyers like ourselves learn more about the organisations and people behind the construction of our projects.

Just because we don’t usually observe them in action doesn’t mean that we should pay them any less attention to their various success rates and dependability as a whole.    

From land acquisition to layouts, pricings to incentives, these guys are in charge, every single step of the way, and I think that highlights some manner of importance in the least. 

To kick-off the series, we’re going to have a look at a real estate powerhouse today – and that is none other than CapitaLand.

Join us as we delve into the developer’s mighty beginnings, appreciation statistics of its past projects, and any upcoming developments we can look out for – as well as a couple of fun titbits along the way to keep this review both enriching and entertaining.

Let’s get to it! 

Developer Profile (Dated 11 May 2020)

Founded: 2000

CEO Rating: Lee Chee Koon – Appointed 2018 (92% GlassDoor rating)  

Current P/E ratio: 6.71

Number of Employees: ~10509

CapitaLand Share Price:

Key En Bloc Clinches:

Acquisition	To Be Developed Into
Liang Court (2019)	Integrated development
Pearl bank Apartments (2018)	One Pearl Bank

A Brief History

Not many of you might know this, but CapitaLand was actually formed when two top companies (DBS Land and Pidemco Land) decided to join forces nearly 30 years ago.

I won’t go into the numbers, but let’s just say that their single merger made their brainchild (CapitaLand) the largest listed property company in the whole of SouthEast Asia.

So yes, this isn’t your typical rags-to-riches story.

But what astounds me, is its growth. 

5 years after it’s initiation, CapitaLand’s assets rose to a blinding $28 billion globally (up from $18 billion), recording annual earnings of up to $750 million. 

10 years later, that figure rose to $50 billion, and today, it’s already way past that prized $100 billion mark.  

Now I’m not about to drop a ridiculous pun about how these guys capitalized on their opportunities (ok I just did), but really it was the quality and diversity of their projects that have set them as a driving force in today’s market. 

As many of you might be familiar, CapitaLand has more than just condominiums to its name. 

Renowned art pieces, Mega malls (Ion Orchard/The Jewel come to mind), and a dive into the hospitality sector has given them the edge of stability and promising long-term growth.

For today’s piece however we’re looking solely at some of CapitaLand’s past and current residential development projects (that is, after all, the main reason for this series) – as well as their appreciation stats, and how these projects have fared against the rest of Singapore through the years.  

Let’s dive in. 

(Note: For more information/the full list of CapitaLand’s Projects – both residential & commercial; as well as sale prices/indepth appreciation trends of individual units, feel free to reach out to us at hello@stackedhomes.com!)  

CapitaLand Vs Singapore (Value of Projects)

What you see here is the increase of CapitaLand’s property values (in PSF) against the rest of Singapore over the years. 

Unsurprisingly, the first few years didn’t bode extremely well for CapitaLand in the appreciation department when compared to the market average.

This owes to its relative infancy in the initial years – both in the internal (newly merged) organisation and the public’s eye. 

As the years go by however, they have proven themselves with fine projects and we begin to see periods (2003, 2010, 2016 and most recently, 2019) where the appreciation of CapitaLand’s projects greatly outshines the rest of the Singapore property market.

Apart from the ‘household brand’-related confidence that people have in their projects, it is also likely that CapitaLand Projects in these past years have been based more in central regions (ie. CCR & RCR) and offer more quality finishes and layouts that help fuel its average project price points. 

The esteemed developer is also known for constructing two of Singapore’s ‘largest’ condos in the Interlace and D’Leedon as well as some key integrated developments like both Bedok and Orchard Residences.  

Finally, the graph shows us how CapitaLand’s project valuation trends have been able to weather both major downturns/stagnation, performing above market value during the financial crisis of 07/08 and the weakened property market sentiment between 13’ and 17’, post-cooling measures. 

In total, CapitaLand has outshone the market average for project values, no less than 15 years out of the 26 years shown here.

List of CapitaLand Projects

Project	Address	District	Top	Tenure
Leonie Gardens	23 Leonie Hill	9	1993	99-year
Ashley Green	Bukit Sedap Road	10	1995	999-year
Chestervale	31 Bangkit Road	23	1997	99-year
Northvale	61 Choa Chu Kang Loop	23	1998	99-year
Pebble Bay	130 Tanjong Rhu Road	15	1998	99-year
Eastvale	31 Pasir Ris Drive 3	18	1998	99-year
Burgundy Hill	Burgundy Crescent	23	1999	99-year
Hillbrooks	88 Hillview Avenue	23	1999	Freehold
Westmere	71 Jurong East Street 13	22	1999	99-year
Casafina	211 Bedok South Ave 1	16	2000	99-year
The Floravale	218 Westwood Avenue	22	2000	99-year
The Woodsvale	1 Woodlands Drive 72	25	2000	99-year
Windermere	20 Choa Chu Kang Street 64	23	2000	99-year
Pinevale	2 Tampines Street 73	18	2000	99-year
The Rivervale	1 Rivervale Link	19	2001	99-year
Central Grove	1 Geylang East Avenue 1	14	2001	99-year
Palm Grove Condo	19 Palm Grove Avenue	19	2002	999-year
The Loft	22 Nassim Hill	10	2002	99-year
Palm Haven	18 Palm Grove Avenue	19	2003	999-year
Sunglade	1 Serangoon Avenue 2	19	2003	99-year
Sunhaven	781 Upper Changi Road East	16	2003	Freehold
Belmond Green	15 Balmoral Road	10	2004	Freehold
The Levelz	38 Farrer Road	10	2004	Freehold
Tanamera Crest	6 Pari Dedap Walk	16	2004	99-year
Glentrees	11 Mount Sinai Lane	10	2005	999-Year
Tanglin Residences	23 – 43 St Martin’S Drive	10	2005	Freehold
Shelford Condominium	11G Shelford Road	11	2005	Freehold
The Shelford	1 Shelford Road	11	2005	Freehold
The Waterina	71 Lorong 40 Geylang	14	2005	Freehold
The Imperial	3 Jalan Rumbia	9	2006	Freehold
The Botanic On Lloyd	23 Lloyd Road	9	2006	Freehold
Casabella	174 Duchess Avenue	10	2006	Freehold
Citylights	80 Jellicoe Road	8	2007	99-year
Visioncrest Residence	33 Oxley Rise	9	2007	Freehold
Riveredge	21 Sampan Place	15	2008	99-year
Varsity Park Condominium	34 West Coast Road	5	2008	99-year
The Beacon	130 Cantonment Road	2	2008	99-year
Rivergate	99 Robertson Quay	9	2009	Freehold
The Metropolitan Condominium	8 Alexandra View	3	2009	99-year
Scotts Highpark	45 Scotts Road	9	2009	Freehold
Botannia	27A West Coast Park	5	2009	956-year
The Orchard Residences	238 Orchard Boulevard	9	2010	99-year
The Seafront On Meyer	55 Meyer Road	15	2011	Freehold
Latitude	31 Jalan Mutiara	10	2011	Freehold
Urban Resort Condominium	32 Cairnhill Road	9	2012	Freehold
The Interlace	180 Depot Road	4	2013	99-year
The Wharf Residence	7 Tong Watt Road	9	2013	999-year
Urban Suites	1 Hullet Road	9	2013	Freehold
D’Leedon (Former Farrer Court)	1 Leedon Heights	10	2014	99-year
Sky Habitat	7 Bishan Street 15	20	2015	99-year
Bedok Residences	24 Bedok North Drive	16	2015	99-year
The Nassim	18 Nassim Hill	10	2015	Freehold
Sky Vue	Bishan Street 14	20	2017	99-year
Cairnhill Nine	9 Cairnhill Road	9	2017	99-year
Marine Blue	91 Marine Parade Road	15	2017	Freehold
Victoria Park Villas	Coronation Road	10	2018	99-year
One Pearl Bank	1 Pearl Bank	3	2023	99-year
Sengkang Grand Residences	84 Compassvale Bow	19	2024	99-year

Let’s now take a more in depth look at the actual appreciation figures of some of CapitaLand’s bigger/more famous projects.

(Note: We were unable to trace any unit transactions for both Orchard Residences and Belmond Green this year, and have therefore substituted last year’s averaged transactions in their respective places.) 

Top 10 Past Project List – Most Recent Unit Sale Price/History Included

#10 – Urban Resort (Freehold) 

Built in 2012, the Urban Resort Condo is situated along Cairnhill Road in District 9. Its residential make-up totals a mere 64 units. 

Unit sales in its launch year averaged $2,904 psf, and has since dipped by 22.4% ($532 psf) to $2,372 psf, based on the averaged prices of units sold this year.

#9 – Sky Habitat (99-Year Leasehold)

Built in 2015 by renowned architect Moshe Safdie, Sky Habitat is situated along Bishan Street 15 in District 20. It boasts a total of 509 units and a peak of 38-storeys high.

Unit sales in its launch year averaged $1,604 psf, and has since dipped by 11.4% ($183 psf) to $1421 psf, based on the averaged prices of units sold this year.

#8 – Orchard Residences (99-Year Leasehold)

Built in 2010, Orchard Residences is situated along Orchard Boulevard in District 9. You will find 175 units here, boasting a magnificent 54-storeyed peak. 

Unit sales in its launch year averaged $3,316 psf, and has since dipped 4.5% ($148 psf) to $3,168 psf, based on the averaged prices of units sold *last year.

#7 – D’Leedon (99-Year Leasehold)

Built in 2014, D’Leedon is a massive condo situated along Leedon Heights in District 10. You will find 1715 units here, with blocks rising up to 36-storeys high. 

Unit sales in its launch year averaged $1,547 psf, and has since risen 4% ($61 psf) to $1,608 psf, based on the averaged prices of units sold this year.

#6 – Bedok Residences (99-Year Leasehold)

Built in 2015, Bedok Residences is situated along Bedok North Drive in District 16. You will find 583 units here. 

Unit sales in its launch year averaged $1,346 psf, and has since risen 9% ($122 psf) to $1,468 psf, based on the averaged prices of units sold this year.

#5 – Interlace (99-Year Leasehold)

Built in 2013, the Interlace is another massive condo situated along Depot Road in District 4. You will find 1040 units here, with blocks rising up to 24-storeys high. 

Unit sales in its launch year averaged $1,031 psf, and has since risen 24.1% ($249 psf) to $1,280 psf, based on the averaged prices of units sold this year.

#4 – The Wharf Residences (999-Year Leasehold)

Built in 2013, The Wharf Residences is situated along Tong Watt Road in District 9. You will find 186 exclusive units here. 

Unit sales in its launch year averaged $1,515 psf, and has since risen 38% ($576 psf) to $2,091 psf, based on the averaged prices of units sold this year.

#3 – Belmond Green (Freehold) 

Built in 2004, Belmond Green is situated along Balmoral Road in District 10. You will find 211 units here, with a conservative 12-storey peak. 

Unit sales in its launch year averaged $981 psf, and has since risen 94.5% ($928 psf) to $1,909 psf, based on the averaged prices of units sold *last year.

#2 – Rivergate (Freehold) 

Built in 2009, the Rivergate condo is situated along Robertson Quay in District 9. It boasts a total of 545 units and a peak of 43-storeys high. 

Unit sales in its launch year averaged $1,102 psf, and has since risen by a whopping 101% ($1,120 psf) to $2,222 psf, based on the averaged prices of units sold this year.

#1 – Varsity Park Condominium (Freehold) 

Built in 2008, Varsity Park Condominium is a 99-year leasehold condo situated along West Coast Road in District 5. You will find 530 units here.

Unit sales in its launch year averaged $466 psf, and has since risen 99% ($463 psf) to $929 psf, based on the averaged prices of units sold this year.

Upcoming Projects (Updated 11 May 2020)

As for upcoming projects, these are the developments that have been given the greenlight, but are yet to achieve TOP status/completion. 

Sengkang Grand Residence (In depth review here!)

Details

Launched:	2019
Expected TOP:	2023
Address/District:	Sengkang Central (D19)
Tenure:	99-Year Leasehold
Total Units:	680
Land Area:	401,012 square feet
Average PSF (Based on 1st year transactions):	$1,746psf
Distance to MRT:	Immediate (Buangkok MRT)

Unit mix

Unit Type	No. Of Units	Size of Units (sqft)
1-Bedroom + Study	131	474 – 506 sqft
2-Bedroom	95	624 – 678 sqft
2-Bedroom + Study	10	624 sqft
2-Bedroom Premium + Study	136	732 – 764 sqft
3-Bedroom	148	936 – 947 sqft
3-Bedroom Premium	56	1023 – 1055  sqft
3-Bedroom Premium + Flexi	55	1012 sqft
4-Bedroom Premium + Flexi	49	1313 – 1324 sqft

One Pearl Bank

Details

Launched:	2019
Expected TOP:	2023
Address/District:	1 Pearl Bank (D3)
Total Units:	774
Land Area:	82,374 square feet
Average PSF (Based on 1st year transactions):	$2,385psf
Distance to MRT:	~ 600m, 7-min walk (Chinatown/Outram Park MRT)

Unit mix

Unit Type	No. Of Units	Size of Units (sqft)
Studio	140	431 sqft
1-Bedroom/1-Bedroom + Study	175	538 – 570 sqft
2-Bedroom	280	689 – 893 sqft
3-Bedroom	140	1,141 – 1,281 sqft
4-Bedroom	35	1,432 sqft
Penthouse	4	2,691 – 2,777 sqft

(For more information on the various unit-types/availabilities of CapitaLand’s projects, feel free to drop us an email at hello@stackedhomes.com – PS: no hard sales, just genuine advice to suit your needs/wants!)