- Skywaters Residences Condo Fact Sheet
- Skywaters Residences Condo Unique Selling Points
- Skywaters Residences Condo Design Features
- Who are the Developers of Skywaters Residences?
- What are the Prices for Skywaters Residences Condo?
- Where Is Skywaters Residences Condo Located In?
- Central Business District (CBD) - A Fascinating & Vibrant Living Experience
- Excellent Transport Connectivity
- Amenities Near Skywaters Residences
- Interesting Food Places Around Skywaters Residences
- Convenient Access to Schools and Educational Institutions
- Proximity to Singapore’s Historical, Civic And Art District
- URA Master Plans to Boost Investment Potential
- Review Conclusion - An Investment Perspective
- An Analysis of Average Property Price Trends
- Competition from Upcoming Launches Nearby
- Review Conclusion
- Review of Other Upcoming Property Launches
This is a review of Skywaters Residences, a 99-year leasehold mixed-use development comprising retail spaces, offices, a hotel and 215 units of luxurious residences. Located at Shenton Way in Singapore’s prime District 1, it will be a redevelopment of the former AXA Tower.
The 63-storey condo and commercial development with a height of 305m is set to be the tallest and one of the most sustainable skyscrapers in Singapore’s CBD upon completion in 2028. Dethroning Wallich Residence in Guoco Tower as the highest building in Singapore, it will enjoy unparalleled panoramic views of the South China Sea.
This review seeks to offer an unbiased and in-depth analysis of the following to assist you in making an informed investment decision.
- Receive the latest updates about the development
- Visit the show flat for a thorough briefing on the development
- Gain a deeper insight into its investment potential and get an update on Singapore’s property market
Skywaters Residences Condo Fact Sheet
|Project Name||Skywaters Residences|
|Development||A 63-storey mixed-use development with retail spaces, offices, a hotel and luxurious residences with communal facilities.|
|Address||8 Shenton Way, Singapore 068811|
|Developer||A consortium comprising Perennial Holdings, Alibaba Singapore, Chip Eng Seng, Sing-Haiyi Emerald, Piermont Holdings and HPRY Holdings.|
|No. of Units||215|
|Site Area||10,983.8 sqm (118,230 sq ft)|
|Architect||Skidmore, Owings and Merill (SOM)
DCA Architects of Singapore
|Sales Enquiry||Click Here|
Skywaters Residences Condo Unique Selling Points
- Located at the heart of the city and Central Business District (CBD).
- Next to the Greater Southern Waterfront, a key driver of Singapore's future economic growth.
- The tallest building in Singapore at a height of 305m with views of the South China Sea.
- Connected to Tanjong Pagar MRT station via an underground pedestrian linkway, and a short walk to the upcoming Prince Edward MRT station.
- 3 stops to Harbourfront MRT station and Sentosa on the Circle Line (on completion of the loop between Marina Bay and Harbourfront in 2025).
- Short drive to several major expressways - Ayer Rajah Expressway (AYE), Marina Coastal Expressway (MCE), East Coast Parkway (ECP), and Central Expressway (CTE).
- Enjoys convenient access to a plethora of amenities – shopping malls, restaurants & eateries, food centres, supermarkets and wet markets, medical facilities, etc.
- Convenient access to schools and educational institutions.
- Proximity to Singapore's Historical, Civic and Art Districts.
- URA master plans for Downtown Singapore, Greater Southern Waterfront, and Sentosa offer exciting investment potential.
Skywaters Residences condo is designed by world-renowned architectural design consultant Skidmore, Owings & Merrill (SOM) and local architect partners DCA Architects.
The upcoming mixed-use development will boast 1.6 million sq ft of retail spaces, offices, a hotel and luxury residential units. Designed with the covid-19 pandemic in mind, it will incorporate health and wellness as its primary design drivers.
For example, these will include using anti-microbial materials, improved air flow and filtration, and designs inspired by bamboo forests that feature stepped and vertical bundling. The design will also integrate nature, heritage, transit, luxury living, healthy workplaces, and public spaces to create a thriving hub.
Besides the above, the other notable design features include:
- The basement of the building will be connected to the Tanjong Pagar MRT Station via an underground pedestrian network.
- The ground floor public plaza will open up to the street and it will include a multi-floor atrium, reflecting pool, performance and events space, retail and alfresco seating.
- The second floor is an open-air green space with restaurants and biodiverse plants.
- Extending upwards are offices with 3m floor-to-ceiling windows. Sitting atop it are several floors of a hotel (Levels 24-26) while residences (Levels 27-63) occupy the topmost floors of the tower with panoramic views of the sea and city.
- Over 100,000 sq ft of elevated green spaces are spread across seven sky gardens concentrated on the ocean-facing south side of the tower, one on the hotel floors, and three each on the residential and office levels. The green spaces will exceed the footprint of the entire site.
- Building materials will include champagne-coloured terracotta and bamboo on the facade, along with wood and stone in the lobby area, providing a luxurious feel.
- The development will seek to be certified with the BCA Green Mark Platinum, the highest sustainability rating for a building in Singapore.
Who are the Developers of Skywaters Residences?
Skywaters Residences is owned by a consortium that includes Perennial Holdings, Alibaba Singapore (a subsidiary of Chinese e-commerce behemoth Alibaba Group Holdings) which holds a 50% stake in the development, Chip Eng Seng, Sing-Haiyi Emerald, Piermont Holdings and HPRY Holdings.
Perennial Holdings is a real estate and healthcare company based in Singapore. It is a leading player in the industry, with a focus on developing and managing large-scale integrated developments that include commercial, residential, and healthcare components.
It also has a presence in China, Malaysia, Indonesia and Sri Lanka.
In Singapore, its portfolio includes some of Singapore's most iconic developments, such as Capitol Singapore, Chinatown Point, CHIJMES, and AXA Tower, to name a few.
What are the Prices for Skywaters Residences Condo?
The prices for Skywater Residences condo have not been released yet.
However, given its prime location and with Wallich Residence nearby transacted at an average price of $3,546 psf, Skywaters Residences will likely be launched close to such a level in this luxury segment of the residential market.
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Skywaters Residences is located in Shenton Way in Singapore’s District 1, which is part of the city's Central Business District and main financial hub.
With Singapore being ranked third in the Global Financial Centre Index 2022, trailing only New York and London, it is home to global financial institutions and multinational corporations, many of which have made the city-state their regional HQs.
Opposite it towards the west are the International Plaza and the Tanjong Pagar MRT station. The other nearby landmarks are the MAS Building and Capital Tower.
Central Business District (CBD) - A Fascinating & Vibrant Living Experience
The Central Business District (CBD) has the highest number of Grade A offices that are highly sought after by local and foreign businesses. They also provide magnificent views of the city's skyline, a testament to its impressive economic growth and modernization over the past few decades.
With its mix of modernity and rich cultural heritage, it is home to many historical landmarks. These include the Sri Layan Sithi Vinayagar Temple and Thian Hock Keng Temple, which were built in 1925 and 1842 respectively. The latter has been gazetted as a national monument and was also given an honourable mention in the UNESCO Asia-Pacific Heritage 2001 Awards for Cultural Heritage Conservation.
Besides being a hub for business, the CBD is also a vibrant destination for recreational activities and tourism, with a lively night scene thrown in. For example, Boat Quay located nearby is a trendy hang-out place for food and drinks featuring an eclectic mix of restaurants, alfresco dining, bars and pubs.
Tourists can also take a boat ride along the historical Singapore River that passes through many monuments. These include the Cavenagh Bridge and Elgin Bridge, Fullerton Hotel, and Victoria Theatre and Concert Hall, to name a few.
As it is located beside the main financial district, it is a popular place for workers to socialise and hold business meetings. At the same time, it offers a fascinating and vibrant living experience.
Excellent Transport Connectivity
The Skywaters Residences condominium is located close to two MRT stations – Tanjong Pagar (East-West Line) and Prince Edward (Circle Line). They are about 2 minutes and 5 minutes walk away from the development, respectively.
The Tanjong Pagar MRT station will be connected to Skywaters Residences via a pedestrian underpass, which will provide shelter against rain and shine.
Given its proximity to train stations, residences will enjoy convenient access to places like City Hall, Bugis, Marina Bay, and Harbourfront (when the Circle Line completes its loop between Marina Bay and Harbourfront station by 2025).
MRT Interchanges Near Skywaters Condo
There are several MRT interchanges located near Skywaters Residences. This will offer enhanced connectivity and provide fast and convenient commutes to many places in Singapore. These include the following:
- Outram Park (1 stop) – an interchange between the East-West, North-East, and Thomson-East Coast Lines.
- Raffles Place (1 stop) – an interchange between the East-West and North-South Lines.
- Bugis (3 stops) – an interchange between the East-West and Downtown Lines.
- Marina Bay (1 stop) – an interchange between the Circle, North-South, and Thomson-East Coast Lines.
- Harbourfront (3 stops) – an interchange between the Circle and North-East Lines.
These MRT interchanges will offer convenient connections when travelling to places like Orchard Road, Chinatown, Sentosa, One-North, and Changi Airport, to name a few.
Public Buses A Short Walk Away
Residents of Skywaters Residences will also have the option of travelling by public bus. Merely 1-2 minutes walk away, they offer a direct route not only to the surrounding city areas, but also to many suburban neighbourhoods such as Bishan, Toa Payoh, Sembawang, Balestier, Bukit Timah, and Bukit Panjang, for example.
Major Expressways Near Skywaters Residences Offer Faster Journeys
For those who own private transport, there are several major expressways a short drive from Skywaters Residences. They are:
- Ayer Rajah Expressway (AYE).
- Marina Coastal Expressway (MCE).
- East Coast Parkway (ECP).
- Central Expressway (CTE).
These expressways will offer more pleasant and faster journeys. For example, a drive to the Jurong Lake District and Changi Airport, which are also major employment hubs, only takes less than 30 minutes.
Amenities Near Skywaters Residences
There is a plethora of amenities located near Skywaters Residences. These include shopping malls, restaurants and eateries, pubs and bars, supermarkets, medical and dental clinics, etc.
Many of them are within walking distance, providing a convenient and family-friendly living environment.
Shopping Malls Near Skywaters Residences
There are several shopping malls 6-8 minutes walk from Skywaters Residences, which include the following:
- Guoco Tower.
- 100 AM.
- Icon Village.
- Tanjong Pagar Plaza.
Although they are not large, they provide many essential services and products for the convenience of those working or living nearby. Some of them even have a supermarket, which includes NTUC Fairprice, Fairprice Finest, CS Fresh and Little Farms Market.
There is also a wet market and food centre next to Tanjong Pagar Plaza.
However, those who prefer shopping at major destinations like City Hall, Orchard Road, Bugis, Marina Bay, Harbourfront, and Chinatown are just 2-4 stops away via MRT.
Interesting Food Places Around Skywaters Residences
There is no lack of food options around Skywaters Residences and the Tanjong Pagar area. Other than the many small eateries and restaurants found along the street level of office buildings, some of the popular places where affordable food can be found are:
Amoy Street Food Centre – A very popular place for the office crowd due to its popular and affordable local food offerings such as Lor Mee, fish ball noodles, fried kway teow, and crispy curry puffs, just to name a few.
Maxwell Food Centre – About 9 minutes’ walk from Skywaters Residences, it is one of the most popular food centres in Singapore. In fact, international celebrity chef Gordon Ramsey visited it in 2013 during the Singtel’s Hawker Heroes’ Challenge. Some of its well-known stalls are Xing Xing Ondeh-Ondeh Tapioca Cake, Tian Tian Hainanese Chicken Rice, and China Street Fritters.
Upscale Dining Options Near Skywaters Residences
Other than local fare, there are several more "atas" (upscale) dining places near Skywaters Residences. These areas offer a plethora of dining options, ranging from cozy cafes and casual dining to posh restaurants.
Stanley Street – Just 6 minutes walk from Skywaters Residences, it is home to a variety of restaurants, cafes, and bars. They offer many different cuisines that range from Italian, Japanese, and Mediterranean. The area is particularly popular with the working crowd during lunchtime and after-work hours, where workers nearby gather for food and drinks, and to socialise.
Duxton Hill - A popular hangout place due to its unique blend of old and new architecture, as well as its vibrant atmosphere and diverse range of food and beverage options. One of its most iconic landmarks is the conserved Jinrikisha Station. Many people visit the place to enjoy its mix of international and local cuisines, as well as live music performances.
Convenient Access to Schools and Educational Institutions
The school nearest to Skywaters Residences is Cantonment Primary School. It is about 15 minutes’ walk away and within a 1 km radius of the development. Hence, children registering for Primary 1 will receive priority admission under the Education Ministry’s distance-based allocation system.
Nevertheless, there are many schools outside the Central Business District (CBD) that can be easily reached within a 15-30 minutes train ride. According to a study by the NUS Institute of Real Estate Studies, properties located near schools are found to command a premium over those located further away.
The following is a list of primary and secondary schools located just 2-8 MRT stations away:
- Stamford Primary School.
- ZhangDe Primary School.
- Fairfield Methodist School (Primary).
- School of the Arts (SOTA).
- Gan Eng Seng Secondary School.
- Fairfield Methodist School (Secondary).
- School of Science and Technology.
Many post-secondary and tertiary institutions are also within easy reach by train, and these include:
- Anglo-Chinese Junior College.
- Anglo-Chinese School (Independent).
- Singapore Polytechnic.
- Duke-NUS Graduate Medical School.
- Singapore Management University City Campus.
- National University of Singapore (NUS).
Good Choices of International Schools
There is quite a number of international schools conveniently located near Skywaters Residences condo. This will appeal to expatriates working in the Central Business District and its surrounding areas, especially those with school-going children. Hence, for those looking for investment, there is already a large existing catchment of tenants.
Below is a sample list of international schools that can be easily accessible via public transport. They offer a diverse range of curricula ranging from International Primary Curriculum (IPC) to High School and International Baccalaureate (IB) Diploma programmes:
- International Baccalaureate Organization.
- Shelton College International.
- Ascensia International School.
- North London Collegiate School.
- ISS International School.
- Knightsbridge House International School.
- Middleton International School.
- Insworld Institute.
- Kingston International school.
- Tanglin Trust.
- Dover Court International School.
- United College of South East Asia Dover Campus.
Proximity to Singapore’s Historical, Civic And Art District
Adding to the appeal of Skywaters Residences is its proximity to Singapore’s Historical, Civic, and Art Districts. This is because they offer a unique and fascinating living experience that cannot be found elsewhere in Singapore.
All of them can be easily reached via a short bus or train ride.
Historical Districts – There are four historical districts in Singapore, namely Chinatown, Boat Quay, Little India, and Kampong Glam.
Living near these historical districts offers a unique and enriching living experience for residents as they are steeped in history and culture. Some of the many cultural attractions include museums, heritage trails, and historical sites, which offer a glimpse of Singapore’s rich heritage.
Civic District – Located in the heart of the city, surrounded by the Central Business District to the south, the Singapore River to the north, and Marina Bay to the east, it is home to many of Singapore's most iconic landmarks.
These include cultural institutions and historical sites such as the Raffles Hotel, National Museum, National Gallery, the Asian Civilisations Museum, and the Esplanade - Theatres on the Bay.
It is also home to several major shopping centres, hotels, and entertainment venues, making it a popular destination for tourists and locals alike. In addition, it is the venue for the iconic Singapore’s F1 Night Race.
Art District – Located in the Bras Basah and Bugis neighbourhood, living near Singapore's Art District offers a vibrant and creative lifestyle.
With easy access to a variety of art galleries, museums, and cultural events, it is also home to many of Singapore's leading arts institutions. These include the National Museum, Singapore Art Museum, and the National Design Centre. One of its annual highlights is the Singapore Night Festival.
Major arts schools are also found within the district, such as the School of the Arts (SOTA), Lasalle College of the Arts, and Nanyang Academy of Fine Arts.
URA Master Plans to Boost Investment Potential
Skywaters Residences condo will benefit from URA’s master plans for Downtown Singapore, Greater Southern Waterfront, and Sentosa-Brani.
With the development of new residential and commercial areas, parks and green spaces, transport infrastructure, and lifestyle amenities, this will help to elevate the standard of living. In turn, this will enhance the value of real estates.
Downtown Master Plan – To create a dynamic 24/7 downtown and global financial hub, more residences, hotels and other uses will be introduced. In addition, plans are afoot to enhance the vibrancy and livability of the area by introducing more green spaces, improving pedestrian accessibility, introducing more public amenities, and promoting community engagement.
Greater Southern Waterfront - An ambitious urban development project that aims to transform a 2,000 ha area along Singapore's southern coast into a vibrant, sustainable, and connected waterfront precinct.
The plan aims to create a new gateway and location for urban living. To be carried out in phases over the next several decades, it will emphasise on sustainability, accessibility, and community engagement. Key features will include the creation of a network of waterfront parks and green spaces, improved transportation infrastructure, and new business districts.
Sentosa-Brani Master Plan - To be carried out over the next 2-3 decades, it seeks to transform Sentosa and Pulau Brani into a “game-changing leisure and tourism destination”. Some of the new attractions in Sentosa will include the following:
- Raffles Sentosa Resort & Spa – A retreat that will feature villas with private swimming pools.
- SensoryScape – Featuring textured surfaces and plants that respond to touch, a water feature with the sound of cascading water, and visually striking giant flower stalks, it seeks to stimulate our five senses.
- Palawan Sands – A beach playground that will offer facilities such as an electric go-kart circuit, a mini-golf course and two beach clubs.
Meanwhile, Pulau Brani located next to Sentosa will be redeveloped and renamed as Downtown South. It will offer attractions similar to Universal Studio.
There are many perks to living in the city, in particular the Central Business District (CBD). Besides the spectacular skylines and dazzling waterfront views, residents will also enjoy easy access to a plethora of trendy pubs, eateries, and fine-dining restaurants.
Although the CBD is bustling and lively on weekdays, it is, however, almost a ghost town on weeknights and weekends. But, this is set to change amid the URA’s master plan to inject more residential developments into the district and make it more liveable.
This will be done by introducing more amenities and greenery, as well as making the precinct more pedestrian-friendly and car-lite.
In addition, it will benefit from the transformation of the Greater Southern Waterfront and the redevelopment of Sentosa and Pulau Brani. Although this will take time, the future looks exciting.
An Analysis of Average Property Price Trends
To analyse the investment potential of Skywaters Residences, let's examine how some other 99-year mixed-use developments around it have performed. These include the following:
- Marina One Residences (-7.53%).
- Wallich Residence (+27.92%).
- One Shenton (-13.25%).
- The Sail @ Marina Bay (108.86%).
- Icon (+165.22%).
As can be seen from the chart above, their average price trends since launch have been rather mixed. Out of the five, there are 3 gains and 2 losses.
This could be due to competition from a slew of developments that were launched in the precinct since 2000 (refer to the table below). Do note that these are just some samples and not an exhaustive list.
Nevertheless, it should be noted that one of those that have performed well is Wallich Residence, an upscale development similar to Skywaters Residences. These developments tend to attract the wealthy, including ultra-high-net-worth individuals (UHNWI) from overseas.
But given the latest property cooling measures which saw the doubling of ABSD for foreigners from 30% to 60%, it is expected to have a noticeable impact on this particular segment of the property market.
But at the same time, this may offer local property investors the opportunity to invest in a prime property with potentially more attractive pricing from the developer amid the current cautious climate.
|Name of Development||Launched on||No. of Units||Status||Average Rental Yield|
|Wallich Residence||December 2013||181||99-year||3.5%|
|Onze @ Tanjong Pagar||September 2013||56||Freehold||3.2%|
|Marina One Residences||October 2014||1,042||99-year||3.6%|
|V On Shenton||August 2012||510||99-year||4.0%|
|Eon Shenton||January 2012||132||99-year||3.8%|
|Skysuites @ Anson||March 2011||360||99-year||5.2%|
|76 Shenton||April 2010||202||99-year||4.5%|
|Marina Bay Suites||December 2009||221||99-year||3.9%|
|One Shenton||January 2007||341||99-year||4.4%|
|The Sail @ Marina Bay||October 2004||1,111||99-year||4.3%|
For those looking for investment, there will be no lack of potential tenants due to the large number of expatriates working in the Central Business District (CDB) and the areas surrounding it. Hence, it is unsurprising that rental yields are relatively attractive, mostly in the region of 4.0% to 4.50%.
This is higher than some other prime areas like Districts 9 and 11, which are only fetching around 3%.
Competition from Upcoming Launches Nearby
Besides Skywaters Residences, there are several mixed-use developments coming up in Districts 1 and 2 that will offer competition. These include the following:
- Newport Residences (former Fuji Xerox Towers) - 246 units
- TMW Maxwell (former Maxwell House) ~ 324 units
- Former Realty Centre (located at Enggor Street and next to One Bernam) ~ 100 units
- Marina View Residences ~ 905 units
- Marina Gardens Lane ~ 790 units
- Marina Gardens Crescent ~ 775 units
Newport Residences, TMW Maxwell, and Realty Centre are redevelopment sites, while the others are sold under the government land sales (GLS) programme.
The Marina View site is located next to the Singapore Conference Hall. It was awarded to Boulevard View, an entity linked to IOI Properties Group, in September 2021.
As for the Marina Gardens Lane site, it has been launched for tender in December 2022. This will be followed by the Marina Gardens Crescent site in June this year.
The Marina View and Marina Gardens Lane sites are located close to the Gardens By the Bay. They will help to spearhead the transformation of the Marina South precinct that is currently undeveloped.
In conclusion, property investors will be spoilt for choice ahead of the slew of upcoming new launches. But demand will likely be more cautious due to a couple of factors:
- An increase in supply: Investors will be keenly watching how housing developers will bid for the Marina Gardens Lane and Marina Gardens Crescent sites as the URA tries to address the current shortage.
- Uncertain global economic outlook: Rising interest rates and the risk of a global recession will continue to weigh on market sentiment.
- Russia-Ukraine war: Potential escalation of the conflict that could further hurt global economic growth.
Nevertheless, Skywaters Residences can still offer a viable investment option for those looking at the longer term. The transformation of Downtown Singapore and Greater Southern Waterfront will offer astute investors the first-mover advantage as both are still at a nascent stage.
Moreover, Skywaters Residences will target the ultra-luxury segment, similar to Wallich Residence. This will attract the wealthy that are not likely to be too deterred by the current economic climate, while sensitive pricing by developers will offer an enticing opportunity.
A luxury development like Skywaters Residences will also likely attract ultra-high-net-worth individuals from overseas. With China having loosened its covid-19 travel restrictions, interest in Singapore's real estate will likely increase. This is especially when many wealthy Chinese are growing increasingly concerned about President Xi Jinping's push for "common prosperity" over the past two years.
According to a Bloomberg report, Singapore has been ranked 8th in a survey of cities where the super-rich owns a home.
In fact, many super-rich has been setting up family offices in Singapore to manage their wealth. Having doubled from two years ago, some of the funds have filtered into the private residential market, propping up prices in the process.
Review of Other Upcoming Property Launches
Besides Skywaters Residences, below are other property reviews that may interest you:
- Watten House, a District 11 condo near Tan Kah Kee MRT station.
- Hill house, a 999-year leasehold boutique in District 9 by the Macly Group.
- Perfect Ten, a luxurious condo in District 10 Japura Development, a company linked to Hong Kong's tycoon Li Ka Shing.
- The Reserve Residences, an integrated development by Far East Organisation and Sino Land.
- Blossoms By The Park, a 99-year leasehold mixed-use development in Distric 5 by EL Development.
- The Continuum condo by Hoi Hup and Sunway Developments.
- Tembusu Grand, a 99-year leasehold condo in District 15 by CDL and MCL Land.
- Grand Dunman condo by SingHaiyi Group.
- The Arcady, a freehold condo in District 12 near Boon Keng MRT station.
- The Hill @ One-North, a mixed-use development by Kingsford Property Development.
- Pinetree Hill Condo located off Ulu Pandan Road.
- The Arden Condo by Qingjian Realty.
- Botany At Dairy Farm Condo by Sim Lian Group.
- Lentor Hills Residences Condo by a consortium made up of Intrepid Investments, Guocoland, and TID Residential.
- J’Den, a mixed-use development in Singapore’s District 22.
- Altura EC, an executive condo at Bukit Batok.
- The Myst, a condo by City Developments Ltd.
- Hillock Green, a condominium near Lentor MRT station.
- Hillhaven, a condo located near Hillview MRT station in District 23.
- Lentoria, a condominium at Lentor Hills Road.
For more details on new launches, you can find them in project information.