Que Neo, a successful businessman and boutique property developer from Singapore, has a strong vision for the type of residential projects he would like to live in. His latest development, K Suites, is a 19-unit apartment block located in the prime East Coast area of District 15. The project is expected to receive its temporary occupation permit (TOP) in the first quarter of 2025.
K Suites stands out for its ideal location, offering convenient access to the beach, East Coast Park, shopping malls, the central business district, and Changi Airport. Neo highlights the proximity to major expressways such as the East Coast Parkway and Pan-Island Expressway, making it just a 10-minute drive to the airport and downtown.
Another attractive feature of K Suites is its excellent access to public transport, including popular schools like Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos Station is just one stop away from the Paya Lebar Interchange, which connects to the EWL and Circle Line, while Marine Parade Station is only five stops from the Marina Bay Interchange.
K Suites’ location also puts it within walking distance of various schools, including preschools, primary, and secondary schools, making it an attractive option for families with young children.
Designed by JGP Architecture, K Suites boasts a modern, sleek aesthetic with its curtain wall system, allowing natural light to enter and providing unobstructed views of the surrounding area. The apartments have regular layouts and high-quality finishes, including top-end German brand fittings such as Miele kitchen appliances, Duravit sanitary ware, and Grohe bathroom fittings.
Residents will enjoy a range of facilities, including a swimming pool, Jacuzzi, barbeque pit, lounge area, gym, outdoor fitness area, and playground. The development also offers ample parking space for 16 cars and two electric vehicle charging stations.
Upon its preview in September 2022, the first phase of K Suites’ 10 units has already been sold, with most buyers being Singaporean professionals, such as doctors, lawyers, and corporate executives. The project features three-bedroom units ranging from 797 to 872 sq ft and four-bedroom units ranging from 1,076 to 1,130 sq ft. Additionally, there are only four penthouses with 7m ceiling height, of which three have already been sold, leaving only one available for purchase.
Neo shares that most of the buyers are upgraders looking for a prime District 15 address, with some downsizing from larger houses to more manageable apartments. The units on the ground level, which have a 4.5m ceiling height and overlook the landscaped garden and facilities, are particularly popular.
Neo also highlights that K Suites is the most affordable new freehold project in District 15, making it an attractive option for buyers and investors. With its TOP impending and the current positive market sentiment, Euro Properties, the developer of K Suites, is releasing the remaining units in the development. Three-bedroom units now start from $2.058 million, while four-bedroom units start at $2.525 million, and the sole five-bedroom penthouse is priced at $3.5 million.
For international investors, it is imperative to have an in-depth understanding of the guidelines and limitations that govern property ownership in Singapore. In general, foreigners have more flexibility in purchasing condominiums compared to landed properties, which have stricter ownership rules. Nevertheless, foreign buyers are obligated to pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their initial property purchase. Despite this additional expense, the steady and promising growth of the Singapore real estate market continues to attract foreign investments. Therefore, it is crucial to keep in mind the ABSD when considering ownership of a condominium in Singapore.
District 15 has seen a steady increase in property prices and rentals over the years, with boutique developments like K Suites being particularly sought after by those looking for exclusivity, tranquility, and low-density living. In Huttons Data Analytics’ study, selected boutique developments in District 15 have seen price appreciation of over 100% since their launch. Furthermore, over the past five years, monthly median rents in surrounding boutique condos have increased by 76.5%.
Overall, K Suites is a highly attractive residential development that offers an ideal location, top-quality finishes, and a range of facilities, making it a smart investment choice for buyers and investors looking for a prime District 15 address.