*This article was written in March 2023 and does not reflect data and market conditions beyond.
Blossom Residences is a 99-year leasehold executive condominium (EC) development nestled in the serene neighbourhood of Bukit Panjang. As an executive condominium, it caters to the needs of Singaporeans who are looking for an affordable yet premium housing option.
Blossom Residences is one of the ECs that offers dual-key units for its larger unit offerings, which provides more flexibility to owners in terms of rental play. The development is also strategically located in close proximity to various educational institutions, shopping malls, and recreational amenities, making it an ideal choice for families looking for a convenient and comfortable lifestyle.
One thing to note for Blossom Residences is that it is approaching its 10th year since obtaining TOP in 2014, which means that it will be fully privatised next year in the second half of 2024. With it becoming fully privatised, foreigners and entities will become eligible to purchase the units here, which will cause some movements in the price and transaction volume.
Location Analysis
Blossom Residences is located in Bukit Panjang, known for its lush greenery and beautiful natural surroundings, making it a popular residential area for families and individuals seeking a peaceful and tranquil living environment.
It is located in close proximity to various amenities, including shopping malls, schools, and healthcare facilities. The nearby malls include Fajar Shopping Centre, Greenridge Shopping Centre, Bukit Panjang Plaza, and Hillion Mall. This offers residents easy access to a wide range of retail and dining options, as well as entertainment facilities such as cinemas and gaming arcades. This makes Blossom Residences an ideal location for those who value convenience and accessibility.
In addition to its convenient location, Blossom Residences also boasts excellent transportation links. The Bukit Panjang LRT network provides good connectivity around the town, with the nearest LRT station, Segar (BP11), located just a 3-minute walk away. It connects to Bukit Panjang MRT station on the Downtown Line (DTL), providing residents with easy access to the rest of Singapore via the extensive public transportation network. This makes commuting to work or school a breeze, and also allows residents to explore and enjoy all that Singapore has to offer.
Drivers will have easy access to major roads and expressways such as the Bukit Timah Expressway (BKE) and Kranji Expressway (KJE), which provide direct connectivity to other parts of Singapore.
For those who enjoy outdoor activities and nature, Bukit Panjang offers a range of parks and nature reserves, including Bukit Batok Nature Park and Zhenghua Nature Park. The nearby Zhenghua Community Club also has a range of interest groups available, ranging from hiking groups to sports and dance groups. These amenities provide residents with opportunities to exercise, relax, and connect with nature, making Blossom Residences an ideal location for those who prioritise an active and healthy lifestyle.
Bukit Panjang is also home to several schools. Within a 1km radius of Blossom Residences, there are three primary and two secondary schools. For primary schools, there is West Spring, Greenridge, and Beacon Primary. For secondary schools, Zhenghua and Greenridge Secondary schools are both around the corner. This makes Blossom Residences an excellent location for families with children, as they can easily access quality education options without having to travel far.
Site Plan & Unit Distribution
The site of Blossom Residences is bordered by canals on two sides of the boundary, with two residential blocks lined along Segar Road and the last block taking a linear profile further in the estate.
Most of the condo facilities, such as the tennis courts and BBQ pavilions, are clustered toward the back of the estate, with the 50m lap pool placed in between Block 30 and 34. This means that only internal facing units on both of these blocks will have a pool view from the balconies.
The facilities here have a focus on wellness and nature, with amenities such as a canopy walk, rainforest trail, and relaxation trellis.
Blossom Residences offers 2-Bedroom to 4-Bedroom types spread across 3 residential blocks. Looking at the unit distribution chart, what stands out is that there is an additional roof terrace level above the top floor (18th storey). In addition, for block 34, some stacks start from the 6th storey as the lower storeys are occupied by the carpark.
The 2-Bedders can only be found in two stacks in block 30, which means that there will be fewer options to choose from in terms of stack and facing. 3-Bedders and 4-Bedders take up the rest of the remaining stacks, making up 95% of the unit mix.
There are a total of 36 dual-key 3-Bedroom units and 18 dual-key 4-Bedroom units, which make them a rarity in this development. We will touch more on these in the floor plan analysis.
Price Analysis
Since Blossom Residences passed its Minimum Occupation Period (MOP) in 2019, it has recorded a growth rate of 28%. Transaction volume was high despite the various COVID-19 restrictions that limited physical viewings of properties, peaking in Q4 2020 with more than 30 transactions that quarter.
In just two years from Q1 2021 to Q4 2022, average prices have grown by 26%, although transaction volume has dropped significantly. As Blossom Residences approaches its 10-year mark next year in 2024, we expect prices to appreciate further as foreigners will become eligible to purchase, opening up another pool of potential buyers for the development.
Looking at the surrounding developments, the comparable 99-year leasehold projects include Chestervale (TOP 1999), Hillion Residences (TOP 2017), and The Tennery (TOP 2014). These projects are all within a 2km radius of Blossom Residences.
Starting with The Tennery which obtained its TOP in the same year as Blossom Residences, it has recorded a similar growth rate at around 25%. It is also interesting to note that The Tennery is an integrated development sitting atop the Junction 10 shopping mall. Traditionally, integrated developments command a higher premium. As of the time of writing, The Tennery is transacting at around the $1,200 to $1,300 psf mark.
Moving on to the newest kid on the block, Hillion Residences obtained its TOP just a few years ago in 2017. This reflects in the chart above, with it commanding the highest average psf of the bunch. Just like The Tennery, Hillion Residences is also an integrated development. It is integrated with Hillion Mall and sits right beside the Bukit Panjang Integrated Transport Hub which includes a bus interchange and the Bukit Panjang MRT and LRT station. Those are some of the reasons why Hillion Residences is transacting at a premium of above $1,600 psf as of the time of writing.
Lastly, Chestervale is the oldest development, obtaining its TOP in 1999. Despite the lease decay, Chestervale has recorded the largest growth rate in the same period at 37%. This gives a glimpse of the potential appreciation of the developments in this area.
MOAT Analysis
The MOAT Analysis, developed by PLB, offers a comprehensive and meticulous approach to property valuation, taking into account a multitude of factors that may influence its worth. This method involves a thorough comparison of the property with others based on ten key aspects, with the aim of providing an unbiased assessment of its appeal to the broader Singaporean market. For a more detailed understanding of how our tool operates, do refer to this article, which provides a comprehensive explanation of the MOAT Analysis.
The following are the final MOAT scores of the developments we highlighted in the previous section: Blossom Residences (68%), Chestervale (68%), Hillion Residences (80%), The Tennery (78%). This is not surprising as Hillion Residences and The Tennery are both integrated developments that will score well on many aspects of the MOAT Analysis.
Blossom Residences got the highest scores for Quantum Effect and Exit Audience. A high Quantum Effect score in a project indicates that its price range is relatively affordable for the average household in Singapore. This makes it an attractive option for those who are looking for a reasonably priced property. A high Exit Audience score implies that there is a significant number of potential HDB upgraders in the area, which indicates a strong demand for such properties. Together, these two factors serve as positive indicators for the project’s potential success and appeal to buyers seeking to upgrade their housing situation. Overall, a project with a high Quantum Effect score and a high Exit Audience score can be considered a promising investment opportunity.
As it is served directly by Segar LRT station instead of an MRT station, it has a low score when it comes to the MRT Effect. This in turn affects the Rental Demand of Blossom Residences as their relationship is closely connected. Tenants typically want to stay near an MRT station and having to transfer to and from the LRT system might not be as appealing to some. However, those who can compromise on this will be able to take advantage of its affordable quantum and future growth potential.
Floor Plan Analysis
This section will feature our best picks for each of the unit types available at Blossom Residences, which can hopefully help you in making a decision that best suits your needs.
2-Bedroom
There is only one layout for the standard 2-Bedders here. There are larger ground floor and penthouse variations, which feature additional PES and balcony space, but only a few of those are available.
The unit opens up into a foyer area with the open concept kitchen on the right. This can be easily enclosed if owners who do heavy cooking prefer not to have an open concept kitchen. The living and dining areas are decently spaced, like the bedrooms that can both fit at least a queen size bed.
Overall, the layout is very typical of a 2-Bedder condo unit and is suitable for young couples and small families.
3-Bedroom
There are more options for 3-Bedders here, which is not surprising given that it makes up almost 80% of the unit mix. The layouts include standard, compact, dual-key, ground floor, and penthouse (normal and compact) variations.
The featured 3-Bedroom dual-key unit would be our best pick, given the unique attributes of such units. With only 36 of such units here (including ground floor with PES), it will be even more attractive to potential buyers and investors who want the flexibility of rental play.
The unit opens up into a foyer area where there will be two entrances, one that leads to the studio part and the other into the larger 2-Bedder. However, the studio only comes with a bedroom and bathroom, without the typical kitchenette or pantry area. This means that it will only be suitable for tenants who are looking for a hotel-type living environment and lifestyle.
The rest of the unit is almost identical to the 2-Bedroom type, with an additional yard and utility space beside the kitchen. There is also a balcony that gives either a pool view or a fantastic vantage point of the lush greenery nearby, depending on the facing.
4-Bedroom
The 4-Bedroom types, surprisingly, have the most number of variations in terms of the layout. This includes the standard, compact, ground floor (normal, compact, dual-key), dual-key, and penthouse. There is also a singular 4-Bedroom dual-key penthouse in the entire development.
Similar to the 3-Bedroom dual-key unit, the 4-Bedroom one also features a small studio that does not come with a kitchenette or pantry area. The rest of the unit is a 3-Bed 2-Bath, meaning that the two common bedrooms will share one common bathroom. It will feature a large balcony that spans the living and dining area, giving the unit a luxurious vibe.
Overall, the unit is suitable for large and multi-generational families. If not intended to be used for rental play, the studio part of the unit can also be used for the older couple of the multi-generational family for added privacy.
Growth Potential
Given that Blossom Residences will be fully privatised next year, there will be a larger pool of potential buyers that may be attracted to the area due to the upcoming developments in the western region of Singapore. Looking further ahead to the future development plans for the surrounding region, there are several exciting additions that will be of great significance.
The Tengah estate, Jurong Lake District, and Jurong Innovation District are all major projects that will bring considerable benefits. With the introduction of the Tengah estate, a significant supply of housing will become available in the western region of Singapore. Although it may be slightly further from the CBD compared to the Bukit Panjang area, the proximity to commercial activities in the Jurong Lake District and Jurong Innovation District could help bolster property values in the West.
Overall, these upcoming developments are sure to be important factors in the growth and prosperity of the surrounding area.
In Summary
Blossom Residences is a 99-year leasehold executive condominium located in the larger Bukit Panjang area. It boasts a significant advantage and unique selling proposition in the form of its dual-key units and relatively affordable quantum.
As an EC that will soon be fully privatised, foreign buyers and investors will soon be eligible to purchase. This will cause some movements to the price and buyer profile of the development. Overall, it is well-positioned to leverage its exceptional features and capitalise on the exciting future developments in the surrounding areas.
Let’s get in touch
At PropertyLimBrothers, we are committed to assisting our clients throughout their property journey. If you’re interested in learning more about this project or need personalised advice for your property journey, we encourage you to get in touch with us to schedule a consultation with our team of experienced consultants.
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