The Continuum Condo Review: Location, Price, Investment Analysis

This is a review of The Continuum, a freehold condo development at Thiam Siew Avenue in Singapore’s District 15.

Jointly developed by Hoi Hup Realty and Sunway Developments, it will comprise four 17-story and two 18-story blocks housing a total of 816 residential units. They acquired the 24,507.06 sq m (263,794 sq ft) freehold site via a public tender in November 2021.

The Continuum condo is within 10-11 minutes walk of the Paya Lebar and Dakota MRT stations, and near Kong Hwa, Haig Girls', and Tanjong Katong Primary schools.

This property review seeks to provide an unbiased evaluation of The Continuum to help you make an informed decision on whether this is the right property to invest in. These include the following (scroll to each section by clicking on the links):

Locational attributes
Design features
Investment potential

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Why Invest in The Continuum?

Reputable property developers with an excellent track record of building quality homes.
Largest freehold new launch in the East.
Located in the highly popular District 15, sandwiched between Tanjong Katong and Haig Road.
Within 10-11 minutes’ walk of Dakota and Paya Lebar MRT stations, providing convenient access to the Central Business District, Downtown Singapore, and major employment hubs.
A vibrant precinct and a stone’s throw from Paya Lebar sub-regional centre, Katong, and Joo Chiat.
Close to a plethora of amenities, shopping malls, and interesting food places.
Near leisure attractions such as East Coast Park, Kallang Riverside Park, and Singapore Sports Hub.
Close to popular schools, with several primary schools located within a 2km radius.

The Continuum - Condo Fact Sheet

Item	Description
Name	The Continuum.
Development Type	4 tower blocks, 17 storey height with roof garden (9% core), and 2 tower blocks, 18 storey height (6% core) with 8 stacks of private lifts. 1 conservation bungalow at North site. 1 overhead bridge linking North and South sites.
Developer:	A joint venture between Hoi Hup Realty and Sunway Developments.
Number of Units	816.
Carpark Lots	2 full basement carparks with 1 lot to 1 unit ratio. Total of 816 + 8 accessible lots (inclusive of 8 active EV lots).
Address	8 Thiam Siew Avenue, Singapore 436846.
District	15.
Tenure	Freehold.
Plot Ratio	2.8.
Site Area:	25,083.2 sq m (269,995 sq ft)
Overall Gross Floor Area:	77,256.26 sq m (831,579.46 sq ft) - inclusive of Bonus Balcony GFA, Built Environment Transformation GFA, and existing Conservation Bungalow.
Tenure	Freehold.
Notice of Vacant Possession	17 November 2027
Notice of Completion	17 November 2030
Refuse Disposal	Pneumatic waste conveyance to North and South.
Special Feature	Green Mark Platinum + Super Low Energy (SLE).
Main Contractor	Straits Construction Singapore Pte Ltd.
Architect	PT Consultants Pte Ltd.
Structure Engineer	BC Koh & Partners LLP.
M&E Consultant	Rankine & Hill.
Landscape Consultant	STX Landscape Architects.
Project Interior Designer	2nd Edition Pte Ltd.
Light Consultant	Glint Lighting Design Pte Ltd.
Sales Enquiry	Click Here

The Continuum Unit Mix

The Continuum condo offers a good mix of unit sizes, ranging from 1-Bedroom + Study to 5-Bedroom. This will cater to a wide range of homebuyers and property investors. Below are the breakdown of the differents unit types:

Description	Unit Type	No. of Units	Unit Mix	Unit Area (sq m)	Unit Area (sq ft)
1-Bedroom + Study	A	68	8%	52	560
2-Bedroom	B1, B2	170	21%	60-75	646-807
2-Bedroom + Study	B3, B4	136	17%	65-67	700-722
3-Bedroom	C1-C3	102	13%	81-106	872-1,141
3-Bedroom + Utility	C4-C7	136	17%	99-121	1,066-1,302
3-Bedroom + Study	C8-C9	72	9%	114-136	1,227-1,464
4-Bedroom	D1-D3	68	8%	118-141	1,270-1,518
4-Bedroom + Utility	D4	32	4%	158-192	1,700-2,067
5-Bedroom	E	32	4%	177-212	1,905-2,282
Total:		816	100%
Request for The Continuum Floor Plans

Unit Features

The units are segregated into two distinct Collections:

Signature Collection: 1-Bedroom + Study to 4-Bedroom.
Prestige Collection: 3-Bedroom + Study to 5-Bedroom with private lift.

As The Continuum is not using Prefabricated Prefinished Volumetric Construction (PPVC) building method, residents will have the flexibility to knock down walls to reconfigure their rooms.
Storeroom for all units.
Regular and efficient layouts.
Unit Type 4-Bedroom and 5-Bedroom Prestige Collection will have corner Living/Dining and 180 degree balcony opening.
Island Dry Kitchen for Unit Type 4-Bedroom and 5-Bedroom Prestige Collection.
Large walk-in closet with 4-piece bathroom for Unit Type 4-Bedroom and 5-Bedroom Prestige Collection.

The Continuum Design Features

A pedestrian overhead bridge linking the North and South sites, providing residents with a wide array of facilities.
Integration of old and new - to revive built heritage by conserving 21 Thiam Siew house into a clubhouse surrounded by state-of-the-art residential towers and facilities.
Conserved Thiam Siew Clubhouse.

Upgrading Thiam Siew Avenue into a wider road with selected trees and manicured landscape with public seating and a landmark private pedestrian overhead bridge will create an exclusive, unique and distinct identity that is not found elsewhere in Singapore.
A variety of facilities from ground level to rooftop, which includes lush landscaping, a 50m lap pool, a wellness pool, pavillions, and great views towards the North/West and South/East.
2-storey basement carpark with a 1-to-1 parking ratio.
Curated facilities for all - these include active and wellness facilities, sky gardens with stunning views, sky gyms, and exclusive fine-dining areas on high floors.
Blocks are designed in a North-South orientation.
Selected premium penthouse units with large ceiling space.
Elegant facade design with full-height glass curtain wall, large picture-frame windows, horizontal ledges and vertical aluminium fins to accentuate the vertical element of the tower blocks.
Clubhouses at North and South sites with 6 social spaces, sky gardens, and pavillions at ground level.
Development to target Green Mark Platinum Super Low Energy certification.

Facilities At The Continuum

Facilities	Description
Connection Pathway	A resident’s Sky Bridge linking North Continuum and South Continuum. 2 sky bridges linking Blocks 1 and 3 & Blocks 6 and 8 respectively, forming the Sky Gardens landscape deck.
Pool Facilities	North Continuum Lap Pool with Jacuzzi Cove [270 sqm / 33.3m (L) x 7m (W) x 1.2m (D)]. Leisure Pool with Aqua Gym and Jacuzzi Cove [approx. 244 sqm]. South Continuum Cascading Children and Toddler’s Pool [98 sqm / 0.5m & 0.3m (D)]. Family Pool [0.9m (D)]. Lap Pool [276 sqm / 50m (L) x 5.5m (W) x 1.2m (D) and 95 sqm / 25m (L) x 3m (W) x 1.2m (D)].
Clubhouses	Thiam Siew House (ie. Conservation House on North) Library Club Room Foyer South Side Social Glass House (1st Storey) iSound Room (1st Storey) Social Room (2nd Storey)
Air-Conditioned Recreational & Function Rooms	Sky Garden North Resting Lounge @ Grill Deck Sky Bar Sky Fitness Sky Garden South Resting Lounge @ Grill Deck Sky Club Sky Gym

Who are the Developers of The Continuum Condo?

The developers for Continuum Condo are Hoi Hup Realty and Malaysian conglomerate Sunway Developments. They acquired the two freehold sites for $815 million. Two of their latest developments are Ki Residences and the freehold Terra Hill.

Hoi Hup Realty – Founded in 1983, they have successfully completed a diversified portfolio of residential developments over the years. These include private condominiums, landed housing, cluster-strata housing, executive condominiums, and mixed-use commercial developments.

Sunway Group - Established in 1974, it is one of Malaysia’s top multinational property-construction corporations, with businesses in 50 locations worldwide. It has won over 200 international and national awards for building sustainable and environmentally friendly developments.

What are the Prices for The Continuum?

During the sales launch of The Continuum over the weekend of 6-7 May 2023, Hoi Hup Realty and Sunway Developments - the joint developers - have managed to sell 216 units out of the 816-unit freehold condominium. This amounts to a sales percentage of 26.5%, with an average price of $2,732 psf.

90% of the buyers are Singaporeans while permanent residents make up 10%. Foreign buyers have taken a back seat following the recent hike in ABSD which doubled from 30% to 60%.

In absolute numbers, the sales figures for The Continuum are comparable to that of Blossoms By The Park, which sold 206 units (75%) out of 275 units for a mixed-use development on 29 April 2023. The average price for Blossoms By The Park was slightly lower at $2,423 psf, but it should be noted that the property was on a 99-year lease.

Both developments were launched immediately after the latest property cooling measures that took effect on 27 April 2023.

This shows that buyers are getting increasingly price sensitive amid the uncertain global economic outlook. At the same time, a slew of supply in District 15 has added to the caution.

Hoi Hup Realty and Sunway Developments bought the two freehold development sites at Thiam Siew Avenue for S$815m via a public tender that closed on 18 November 2021.

The 25,083.2 sq m (269,995 sq ft) land parcel with a plot ratio of 2.8 is made up of 22 small plots. Factoring in an estimated development charge of S$284m, this works out to a land price of about S$1,488 psf per plot ratio. After factoring in the 7% bonus balconies (development charge estimated at S$39.3m), this translates to a land price of about S$1,440 psf ppr.

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Where is The Continuum Condo Located?

The Continuum condo is located at Thiam Siew Avenue in Singapore’s District 15, flanked by Tanjong Katong and Haig Road.

The Continuum Map Location

The site is an amalgamation of two large residential land plots comprising 22 freehold pre-war semi-detached houses on either side of Thiam Siew Avenue.

Towards its North, East, and South are some high-rise apartments that are quite well-spaced apart. Hence, residents of The Continuum will still get pockets of view of East Coast Park.

Towards its West are mostly low-rise and landed housing, which will ensure good air circulation and a pleasing living environment.

The Continuum is within 10-11 minutes walk of the Dakota MRT station (Circle Line) and Paya Lebar MRT interchange (East-West and Circle Lines).

Given its proximity to the Paya Lebar sub-regional centre, Katong, and Joo Chiat, the area offers a fascinating mix of modernity, culture, and old-world charm.

Excellent Public Transport Connectivity

With the Dakota MRT station (Circle Line) and Paya Lebar Interchange (Circle & East-West Lines) within a 10-11 minutes walk from The Continuum, residents will enjoy convenient access to many major shopping, leisure, and entertainment destinations, as well as key employment nodes. Many of these can be reached via a short train ride and they include the following:

Bugis – 4 stops
City Hall – 5 stops
Expo – 5 stops
Raffles Place – 6 stops
Changi Airport – 6 stops
Tampines Regional Centre - 6 stops
Marina Bay – 7 stops

Expressways Near The Continuum Condo

The Continuum condo has convenient access to four major highways that are merely 5-6 minutes’ drive away. They are:

East Coast Parkway (ECP)
Pan-Island Expressway (PE|IE)
Kallang-Paya Lebar Expressway (KPE)
Nicholl Highway

Major Employment Hubs Near The Continuum

With The Continuum located close to major employment hubs, there is a good catchment of existing tenants for those looking for property investment. These include the following:

Paya Lebar Sub-Regional Centre – A 3.9 ha mixed retail, commercial and residential area surrounding the Paya Lebar MRT station, it is part of the government’s plan to decentralise the Central Business District (CBD) and bring jobs closer to where people live. At the same time, it helps to revitalise and bring more vibrancy to the precinct, as it has been earmarked as one of the 10 Business Improvement Districts in Singapore.

Raffles Place and Marina Bay Financial District – Being the heart of Singapore’s financial and business centre, it is home to many global financial institutions and MNCs. Many of them have set up their regional headquarters here to take advantage of Singapore’s position as the third largest financial centre in the world.

Changi Region – Consisting of Changi Airport, Changi Business Park, Changi Aviation Park, and Changi City, it will be developed into a vibrant, mixed-use district to sustain Singapore’s status as a leading air hub.

Paya Lebar Airbase – To be relocated from 2030 onwards, the 800ha of land (five times the size of Toa Payoh) will be gradually transformed into a highly liveable and sustainable new town. There are also plans to develop it into a major employment node where residents can live, work, and play.

A Vibrant Precinct – A Mix of Modernity and Old-World Charm

Being in the Marine Parade Planning District, which include Katong and Joo Chiat, the area has seen its fair share of rejuvenation. These include the development Katong Square, the Flow, and the refurbishment of i12 Katong Mall, which have helped to modernise the precinct.

Nevertheless, many parts of the district still retains an old-world charm where shophouses have been finely conserved with their colourful and intricately designed facades. Together with its incredibly rich Peranakan and Eurasian heritage, it offers a fascinating living environment that has continued to attract property investors.

Some of the shophouses have been turned into F&B outlets that offer a variety of local, Asian and Western cuisines. There are also some selling traditional delicacies such as Peranakan Dumplings, pastries, and Teochew kueh.

Leisure Attractions Near The Continuum Condo

The Continuum condo enjoys proximity to several popular leisure attractions, which offer a family-friendly living environment. These include the following:

East Coast Park – A popular destination for a variety of outdoor recreations such as camping, jogging, cycling, rollerblading, and many more. Water sports enthusiasts can also take up windsurfing, canoeing and stand-up paddling courses offered by PA Water Venture.

For the little ones, there are several playgrounds such as the Coastal PlayGrove and Marine Cove. They offer a variety of activities suitable for different ages, which include vertical net climbing, long metallic tube slides, rope bridge, talking tubes, and more.

Singapore Sports Hub – Another popular leisure destination, it offers a wide range of entertainment, sporting, and outdoor recreational options. Some of the activities it offers include lawn bowling, rock climbing, Splash-N-Surf water play, kayaking, and canoeing.

In the future, residents can also look forward to new recreational and sports facilities under the Kallang Alive master plan. Some of its highlights will include a Football Hub, Tennis Centre, redevelopment of Kallang Theatre, and Youth Hub which will host a velodrome, speed climbing facilities and BMX tracks.

Kallang Riverside Park – Due to its calm waters, it offers an ideal place for water sports aficionados to practise dragon boating, canoeing, and water-skiing. It is also a popular destination for anglers and birdwatchers where tiny egrets and grey herons can often be sighted during the migratory season.

Along the banks are fitness equipment, jogging cum cycling tracks, and a children playground, providing a fun day out for the whole family.

Goodman Arts Centre – Home to more than 40 arts groups, it offers a variety of arts and cultural programmes. These range from dance, theatre, poetry, and fine art. It also conducts workshops that encourage family bonding through art.

Popular Schools Near The Continuum

There are many popular schools near The Continuum. Not only will this appeal to families with school-going children, but also property investors as it can command higher rentals and offer good investment potential.

This is due to the Ministry of Education’s distance-based admission system for Primary 1. Hence, it is unsurprising that properties near good schools can command a large price premium over those located further away, as found by a study from NUS Institute of Real Estate Studies.

An analysis of The Continuum’s rental and capital appreciation potential can be found towards the end of this review.

Meanwhile, below is a list of schools near The Continuum condo:

International Schools Near The Continuum

Canadian International School

There are several international schools near The Continuum. Those looking for investment, will find a good catchment of expatriate tenants working in the surrounding employment nodes.

The nearest is Canadian International School located just 12 minutes walk from the condominium.

Several others are a short drive away and they include the following:

EtonHouse International School Broadrick
Olympiad International School
5 Steps Academy
Nexus International School

An Investment Analysis

The area around Tanjong Katong and Haig Road is predominantly made up of landed homes and small condominium developments. Hence, The Continuum will offer a rare opportunity to own a property with such a sizeable land plot, making it a landmark in the area.

But what is the investment potential of such a big development? To answer this question, let us analyse how three condo developments near each other have performed, with all of them within walking distance of a MRT station:

Seaside Residences, an 841-unit 99-year leasehold condo launched in April 2017 (Completion 2021)
Questa @ Dunman, a 122-unit freehold condo launched in March 2011 (Completion 2013)
One Amber, a 562-unit freehold condo launched in April 2005 (Completion 2010)

Price Trend Analysis: Seaside Residences vs Questa @ Dunman vs One Amber

To analyse how the three properties have performed, let’s take 2Q 2017 as the reference point when Seaside Residences was launched. As can be seen from Chart 1 above, the average price appreciation of the three properties is as follows:

Seaside Residences: +19.34%
Questa @ Dunman: +14.41%
One Amber: +37.79%

Price Trend Analysis: Questa @ Dunman vs One Amber

Some Interesting Observations

Although there are some differences in the age of the properties when analysing their average price performances, they have nonetheless thrown up some interesting observations:

The larger 841-unit 99-year leasehold Seaside Residences outperforms the smaller 122-unit freehold Questa @ Dunman ⇒ +19.34% vs +14.41%.
The older 562-unit freehold One Amber outperforms the newer 841-unit 99-year leasehold Seaside Residences ⇒ +37.79% vs +19.34%.
The larger and older freehold One Amber outperforms the smaller and newer freehold Questa @ Dunman ⇒ +37.79% vs +14.41%.
Up to the point when Seaside Residences was launched, the older One Amber has also outperformed the newer Questa @ Dunman ⇒ 91.90% vs 13.84%.

Summary

In summary, the data suggest that a large freehold condo development could offer a higher rate of capital appreciation than:

a small and newer freehold development
a large and newer 99-year leasehold development

This could be attributed to some advantages inherent to a large freehold condo development:

A bigger development will offer more facilities and landscaping
A freehold development will mitigate lease decay concerns
A larger development will have more transactions, offering a reasonable and up-to-date value of the property compared to one with a low transaction volume
Property valuation from financial institutions and valuers is derived from recent transactions. Properties with few transactions may not reflect their actual valuation, making them less desirable, especially in a rising market

Rental Analysis

Below is a sample of freehold and 99-year leasehold properties in District 15 with their corresponding average rental yields. They range between 2.6% to 3.4%, which is quite healthy in today's market. In fact, it is unsurprising to find rental yields in the low to mid-2% for properties in the Core Central Region (CCR).

Name of Condominium	Status	No. of Units	Completion	Average Rental Yield
Sunny Palms	Freehold	56	2004	3.3%
Dunman View	99-Year	148	2004	2.9%
Cote D'Azure	99-Year	612	2004	2.8%
The Amarelle	Freehold	60	2009	3.1%
One Amber	Freehold	562	2010	2.6%
Questa @ Dunman	Freehold	122	2013	3.0%
The Cape	Freehold	76	2014	2.9%
La Vida @ 130	Freehold	43	2014	3.3%
The Shore Residences	103-Year	408	2014	3.4%
Silversea	99-Year	383	2014	3.0%
Amber Skye	Freehold	109	2017	2.8%
Seaside Residences	99-Year	841	2021	3.3%

What is notable is that rental yields show little differences between small and large, or between freehold and 99-year leasehold developments. This shows there is a strong demand for all housing types in the area for two main reasons:

Proximity to popular primary schools such as Tao Nan and Maha Bodhi, which lie within a 2km radius of the properties.
The popularity of District 15, which is one of the most coveted residential districts outside the CCR. This can be attributed to its combination of convenience, easy access to a wide range of amenities, and a fascinating mix of modernity and old-world charm.

Upcoming New Property Launches in District 15

Meanwhile, the Continuum may face some competition from two upcoming developments nearby:

Tembusu Grand - a 638-unit condo development by CDL and MCL Land located about 650m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. They clinched the site with a top bid of $768 million or a land rate of $1,302 psf ppr in November 2022.

Grand Dunman - a mega 1,035-unit condo development by the SingHaiyi Group. It was awarded the site after submitting the highest bid of $1.28 billion or a land rate of $1,350 psf ppr in June 2022.

Based on their land cost, the two upcoming condominium developments are estimated to be launched at around $2,450 psf to $2,550 psf on average, as compared to $2,700 psf for The Continuum.

New Government Land Sale (GLS) and En Bloc Sites

Meanwhile, on 8 December, the government announced that it has placed an additional 99-year leasehold site at Jalan Tembusu on its Confirmed List, which lies next to Tembusu Grand. With a land size of 221,436 sq ft, it could yield an estimated 825 units when developed. However, given the slew of new launches in the area, housing developers may be a little cautious when the site is put up for tender, estimated to take place in March this year.

Other than the upcoming government land sale (GLS), more supply will come from two freehold en bloc sites:

La Ville - Sold to Hong Kong-listed property firm ZACD Group for $152 million or a land rate of $1,477 psf ppr after factoring in an additional 7% bonus gross floor area (GFA). It is expected to yield about 107 residential units.

Meyer Park - Sold to an 80/20 joint venture between UOL Group and Singapore Land Group for $392.18 million or a land rate of $1,668 psf ppr after factoring in an additional 7% bonus gross floor area (GFA). It is expected to yield 251 residential units.

Both are higher than The Continuum's $1,440 psf ppr land rate. And given Meyer Park's substantially higher land cost, it will likely set a new benchmark for District 15 with an estimated average selling price around $3,100 psf.

Hence, with The Continuum expected to be launched at around $2,700 psf on average, it can still offer an enticing option for property investors despite the overhanging supply.

If you wish to receive the latest information on The Continuum, visit the show flat, or be updated on the latest property developments, please WhatsApp Me.

Other Property Reviews

Besides The Continuum, you may also wish to check out the following reviews of new launches:

Core Central Region (CCR)

Skywaters Residences, a 99-year mixed-used development in Singapore's District 1.
Newport Residences, a freehold mixed-use development in Singapore's District 2.
TMW Maxwell, a 99-year mixed-use development in Singapore's District 2.
W Residences - Marina View, a mixed-use development by Boulevard View.
Hill House, a 999-year leasehold hilltop condo in Singapore's District 9.
Perfect Ten, a freehold prime condo development in Singapore's District 10.

Rest of Central Region (RCR)

Outside Central Region (OCR)

More details on new property launches can also be found in project information.

The Continuum Condo Review: Location, Price, Investment Analysis

Why Invest in The Continuum?

The Continuum - Condo Fact Sheet