Pullman Residences New Launch Condo Review – Freehold living in one of Singapore’s prime districts

TLDR: Need laundry to be dry-cleaned? Feeling lazy and need someone to pick up your groceries? Sounds like a hotel butler service? Well, you would be half right.

Pullman Residences, the newest kid on the block in District 11, is a rare type of freehold condominium that offers all the above and more. Also known as branded residences, this high-end development is redefining what it means to live in luxury.

Aside from the promise of a home decked out in the best furnishings money can buy, Pullman Residences is going a mile further by offering perks and services that rival what hotels can deliver. Enjoy being treated like royalty with concierge service that mirrors what Pullman Hotels is known for.

And because accessibility is a “must-have” these days, Pullman Residences is located conveniently along the Dunearn Road, just a few minutes walk away from the Newton MRT interchange. Standing at 30 storeys high, the project also promises great views from whichever unit you are in.

Sounds too good to be true? I was sceptical too. So let’s find out more.

 

What are branded residences?

Before we go into details about the development, let’s first understand what’s the big hoo-ha about branded residences.

Branded residences are luxury homes that are associated with a premium brand, usually 5-star and 6-star hotels. Every aspect of the development from the architecture, services to facilities are designed to mirror what the hotel is known for, and reflects the prestige and reputation of the hotel’s brand.

Branded residences are not a new concept, but they have only really taken off in the last decade. A home and hotel in one, they appeal most to high net worth individuals who appreciate the privacy of a home, with the perks and services of hotel living.

To put it simply – branded residences are similar to hotel residences or serviced suites, with the key difference being that you own one and rent the other. Both branded residences and hotels are managed by the hotel. That means your lifts, pools, concierge services are all under hotel management. Thus assuring owners of the quality and well-kept maintenance of the facilities and amenities.

There are more than 400 branded residences globally, with Asia accounting for 30%. In Singapore alone, we only have 4 branded residences.

The first was St. Regis Residences Singapore. It was launched in 2008 and was the first project to cross the $3,000 psf threshold in Singapore.

Since then, St. Regis Residences Singapore has been joined by the likes of The Residences at W Singapore, The Ritz-Carlton Residences and more recently, Pullman Residences.

Read more about our analysis of branded residences here.

 

But I’ve never heard of the Pullman brand

Well, that’s probably because you may be more familiar with other hotels like the iconic Raffles Hotel, which all share the same parent brand – Accor.

Accor is a world leading hospitality group that has under them familiar luxury hotels brands like Raffles, Fairmont, Sofitel, to midscale brands like Novotel. Resorts like Banyan Tree and Angsana are also part of their portfolio. Accor currently operates around 40 branded residences around the world, Pullman Residences in Singapore being one of them.

The Pullman brand also carries some weight as a hotelier. Pullman used to be known as a Chicago-based railroad manufacturer, famous for launching the first sleeping trains in the United States, and providing upscale services to travellers. The brand has since evolved to replicate that same upscale experience in hotels and now boast over 117 hotels and resorts in 39 countries.

 

But if you’re still not convinced about the Pullman brand, check out their hotels in metropolitan cities like Pullman Paris Tour Eiffel, Pullman Park Lane Hong Kong, Pullman Shanghai South, Pullman London St Pancras and Pullman Sao Paulo Vila Olympia. A new addition to that portfolio will be the upcoming Pullman Singapore Orchard, set to launch sometime in early 2022. This up and coming hotel will feature commercial and retail outlets including the flagship Apple store.

 

 

 

The Pullman experience

Buying into Pullman Residences is more or less buying into the entire Pullman & Accor brand. As a Pullman resident, you will receive a membership in the Accor Ownership Benefits Program, giving you VVIP status globally.

The exclusive benefits that you will enjoy include the following:

• Platinum status in Accor Live Limitless loyalty program:
  – Guaranteed room availability up to 2 days prior to arrival
  – Welcome drink and amenities
  – Access to executive lounge (where available)

• 20% off best available rate at more than 4,000 Accor hotels and resorts worldwide

• Room upgrades on arrival (subject to availability)

• VIP Reservation Desk

• Local benefits at select Accor hotels including the upcoming Pullman Hotel in Singapore

 

Location

Let’s dial back to the development and the prized location it’s occupying.

Pullman Residences is located at the heart of Newton, along Dunearn Road.

This coveted location has got everything working for it in terms of accessibility and its proximity to amenities. Newton MRT station is literally across the road, where you have both the Downtown Line and the North-South Line. It’s a well-connected interchange where you can access all MRT lines in a matter of 2-3 stops.

Not a fan of public transport? That’s fine because Pullman Residences sits at the cross section of 4 prime areas of Singapore, so getting around with a car would be a breeze. We have the Bukit Timah enclave to the west, and the CBD is a short 10-15 minutes drive away. The famed Orchard shopping belt is also a stone’s throw away. Expressways like the CTE and PIE are also easily accessible.

What would be worth watching though, is the development of Health City Novena in the coming years. The government has big plans to create an integrated community of health, medical education and translational research in Novena, and that would certainly translate to spillover growth for Newton.

In terms of amenities, we definitely have to mention that Newton Food Centre is just across the road, where you can feast on some of the best hawker food in Singapore. For the investors and parents, this area is home to many top local schools including ACS Primary, ACS Junior, St. Joseph’s Institution Junior.

Such an attractive locale is a key reason why there are many private residential developments in this area.

 

 

The Development

Developer: EL Development (Horizon) Pte Ltd

Architect: ADDP Architects LLP

District: District 10

Address: 18 Dunearn Road Singapore 309421

Property Type: Condominium

Site Area: 8866.9 sqm / 95,443 sqft

Tenure: Freehold

No. of Units: 340

No. of Storeys: 30

Estimated TOP date: 31 Dec 2023

Pullman Residences is a freehold condominium developed by EL Development (Horizon) Pte Ltd, a developer that is no stranger to the construction scene. They have developed more than 3,000 homes in Singapore, including Iluminaire on Devonshire, Parc Centennial in Kampong Java Road, Symphony Suites in Yishun and Parc Riviera in West Coast Vale.

The architect is not one to be overlooked as well. ADDP Architects has been awarded the BCI Asia Top 10 architectural firms in Singapore for many years. Among it’s portfolio are mega luxury projects like Martin Modern and Avenue South Residences.

This single tower development stands at 30 storeys high and boasts a total of 340 units, by far one of the biggest freehold developments in the Newton vicinity.

Freehold projects are common in this area, but freehold projects of this size are not as common. Most freehold projects here are smaller or boutique developments, so there have not been freehold projects with more than 300 units in recent years, with Goodwood Residence at 210 units not even a close contender. The big sized projects are Kopar at Newton and Amaryllis Ville, which are 99 year leasehold developments.

If you are wondering why we are bringing up this point, it is because bigger projects tend to bring about greater sale transactions, which valuers base the market value of your property on. Take for example a smaller project, it may only see just 1-2 transactions a year. Compare this with bigger projects that have multiple units changing hands a year, the market value will generally move at every new transaction. As such, bigger projects typically see the property prices appreciate at a faster rate than smaller ones, barring other factors being constant.

Pullman Residences also ticks the boxes when it comes to gorgeous views from units. Level 2 starts at a significant height of 17m above ground level, giving residents at every level, great views of the city or the landed enclave towards Bukit Timah Hill, while also minimising traffic noise from the roads below.

 

Another worry that people have when buying developments in the Core Central Region (CCR) is the lack of parking. With the proximity to Newton MRT station, you might not have much use of a car. If you got one though, not to worry! The development has set aside 6 levels of parking space (B to 1E), totalling up to 340 parking spaces. That’s a 1:1 ratio of lots to units, so each unit will have a parking lot.

 

The Facilities

World-class facilities in condominiums these days are a given, and it’s no different for Pullman Residences. The facilities at Pullman Residences are split into 2 levels.

First level of facilities

 

On the first level is where you will find the Grand Concierge Lobby (more on that later), The Verandah with Teppanyaki Grill, the Garden Courtyard and Party Lawn. This is a beautiful open space for residents to host parties, or have their friends and family over for a Teppanyaki meal.

 

Behind the development is where the sporty people will love to frequent. There is a full sized tennis court and even enough space for half a basketball court. That is something rare for most developments in the CCR region as they are usually more compact in nature. So for the architect of Pullman Residences to squeeze in that basketball court, that is some seriously good design and space planning right there.

Not really a facility per say, but there is also a sheltered walkway from the grand concierge lobby to the pedestrian entrance. From there on, there is a public sheltered walkway all the way to the Newton MRT station. Come rain or shine, you’ll be mostly sheltered on your journey to and fro the MRT station.

Second level of facilities

The second level of facilities starts 17m above ground level. As with most condominium projects, there is the club lounge, gym and dining pavilion. There is also the standard 50m lap pool for the serious swimmers looking to clock some laps in. Just next to it are the other pools (Wellness Pool, Kid’s Pool, Jacuzzi) for the rest to frolic in the sun.

 

 

 

Hotel-like service

The main appeal of a branded residence is the high quality service, so much so that it deserves a special mention here.

 

 

Entering into the development is an experience fitting for royalty. You are first greeted with a magnificent sculpture at the Grand drop off, where the doors to the Grand Concierge Lobby will be opened for you by the doorman on duty. Entering into the lobby, warm greetings are called out by the concierge team, who are ready to handle your everyday needs.

By everyday needs, I mean the following ala carte services that residents can opt for. These services are optional and subject to additional charges, which are billed to residents’ personal accounts. The Porter coordinates all services, providing a single point of contact for residents.

• In-residence catering, personal chef

• In-residence housekeeping at any frequency you prefer

• In-residence maintenance

• Shopping services, personal assistant

• Dog walking service

• Dry cleaning & laundry

• Private transportation / limousine service

• “While You Are Away” Maintenance Package

• Accor Ownership Benefits Program

This is beyond the core services which are what you would expect, and are included in the monthly management fee:

• Management office staff

• Owner Services team which includes the porter, doormen, and clubhouse/residential lounge staff

• Security

• Common area maintenance, housekeeping and utilities

• WIFI internet in Residence Lounge

So imagine if after a long day in the office, instead of worrying about what to cook, you have delicious meals just waiting for you at the dining table? Or having your refrigerator fully stocked at all times so you will never open the fridge and realise you ran out of milk and eggs a few days ago.

Just writing all that has already got me convinced of the value Pullman Residences will bring to homeowners who are short on time, and prefer to have their needs taken care of before they even step foot into their home. Now, this is what we call a hotel-like service, or perhaps even better than what hotels offer these days.

 

The Units

Pullman Residences has 340 units, distributed across 1 to 4 bedroom unit types.

 

Slightly more than half of the units at Pullman Residences are 1-2 bedroom units. The exclusive units are the 4 bedroom units, taking up just close to 9% of the total units at the development. The penthouses are also rare in nature due to its limited supply.

At this point in writing, 118 units out of 340 have been sold. Looking at the transaction data, and the unit availability, most of the sold units were on the lower floor, commanding an average psf of $2,938. Many of the units on the higher floors are being withheld as the developer’s strategy seems to be about clearing the units on the lower floors first.

The unit type with the most popular take up are the 2 bedroom units and the 4 bedroom units. Two of the 2 bedroom penthouse units have been sold, leaving only 10 penthouses, and almost half of the 4 bedrooms units have been sold.

In terms of unit distribution in the site plan, the 1 to 2 bedroom units are clustered in the middle of the development, with the 3 bedroom and 4 bedroom units rounding out the sides. With such an equal distribution, there will be plenty of options across the 1 to 4 bedroom types for those who prefer the pool view or the view over the Good Class Bungalow landed enclave.

Top-of-the-line fittings

An upscale development should come with fittings and furnishings that support that lavish lifestyle. All units are decked with brand name appliances (the likes of Gaggenau and Bosch) and sanitary fittings, and some units even come with a private lift!

 

 

 

Floorplan Analysis

 

1 Bedroom (Type A1 & PH1) vs 2 Bedroom (Type B1, B1-P & PH2)

 

 

The 1 bedroom unit stands at 463 sqft, while the 2 bedroom is sized at 667 sqft, which are typical sizes for 1 & 2 bedders in the CCR region. Although compact, the layouts are squarish and regular, maximising space for where it counts.

If you are considering the penthouse units, the layouts only differ with regards to the ceiling height, which goes up to 4m in both the living/dining space and bedrooms. These double volume ceilings evoke a sense of grandeur, and makes the space feel roomier. The floor to ceiling windows also help to bring in more natural light and maximise the stunning views over the city or the Good Class Bungalow landed enclave.

Both the 1 bedroom and 2 bedroom are quite similar in layout. The kitchen is designed as an open concept, one-sided galley kitchen that leads you from the main entrance to the rest of the unit. Such a design is great for space optimisation, but the downside to this is the lack of a ventilation window. These types of layout might be more suitable for someone who only does light cooking, or does not cook regularly.

Ample space in the rooms to accommodate a queen-size bed comfortably, which works out great if you are a family of 3. Otherwise, this is also a great starter unit for singles or couples with no kids.

3 Bedroom (Type C1, C1-P & PH3) & 3 Bedroom + Study (C2 & PH4)

 

3 bedroom units and above all come with their own private lift and lift lobby. If that sounds ostentatious to you, believe me, once you have experienced taking a private lift, there is no going back. Imagine the convenience of being able to just walk straight into your home without having to walk down long hallways from the lift to your unit? Or being stuck at the lift lobby making awkward conversations with neighbours? The value of a private lift is clear and ticks the boxes when it comes to exclusiveness and privacy.

Some other differences between the 3 bedders and the 1 and 2 bedders is the wider frontage of the balcony. Arranging the living and dining in a horizontal layout also pulls in more light for the unit, and allows occupants to take in the full view of the pool or the view over the Good Class Bungalow enclave.

 

In addition, the 3 bedders and above have a separate dry and wet kitchen, with ventilation windows in the latter. Unlike the 1 and 2 bedroom units, these units are clearly intended for a certain type of audience – larger families who may need to do more heavy cooking, or those who require more space to move around.

If you are considering between a 3 bedroom unit (1,163 sqft) and a 3 bedroom + study unit (1,281sqft), the difference in size between the 2 layouts is around 123 sqft. The 3 bedroom unit is designed such that the rooms are all placed to one side, while the 3 bedroom with study unit has the junior master placed at the opposite end. Both are great layouts but the 3 bedroom with study unit may be a preferred layout for multi-generational families. If your elderly parents are living with you, having a junior master with an attached bath positioned away from the other rooms also provides added privacy.

Quick note that in the penthouse version for the 3 bedroom + study layout, the study is capped at the original ceiling height.

4 Bedroom (Type D1, D1-P & PH5)

 

The layouts for the 4 bedroom units are very similar to the 3 bedroom + study units, except that the study has been converted to a larger space for the fourth bedroom. 4 bedroom units are sized around 1,378 to 1,389 sqft, which is a good 100~sqft increase from the 3 bedroom + study unit.

 

Another addition to the 4 bedroom units is the tub built into the master bathroom, for you to experience the epitome of luxury hotel living. The size of that master bathroom alone could rival the size of the study in the 3 bedroom + study layout!

 

Similar to the 3 bedder layouts, the 4 bedroom unit also has a space carved out for a store and WC, with ventilation windows at one side. For families with live-in helpers, this will be a comfortable and private space for the helper. Even with a single bed, there is still plenty of walking space.

4 bedrooms are generally in high demand because of its limited availability. Housing supply in the CCR region is usually the most concentrated in the 1 or 2 bedroom unit types. For bigger families, they may also choose to go with a 4 bedroom because of the more functional bedrooms as compared to a 3 bedroom + study.

This is probably why the 4 bedroom units were the most popular unit type for Pullman Residences and were snapped up really quickly, leaving only 13 units left at the time of writing.

 

Price analysis

Branded residences tend to command a premium price due to its differentiated offering of hotel-like amenities and services.

Comparing against new luxury launches

 

Let’s compare the prices of Pullman Residences with other luxury developments that have been newly launched. From a glance, the pricing is on par or slightly above the prices of luxury apartments in the prime districts.

For example, Canninghill Piers over in district 2 also commands a premium psf of $2,9xx, even though it is a 99 year leasehold development. It has its own differentiating factor of being a mixed use development, which investors are willing to pay a premium for. Similarly for Pullman Residences, the concept of branded residences is still rare. The limited supply as well as the association with a prestigious brand are what sets it apart from other luxury developments in the market.

For a district comparison, Peak Residence, a smaller, freehold project in the same district records an average psf of $2,437, which is about a 20% difference in psf pricing when compared to Pullman Residences. However, we also have to bear in mind that Peak Residence is slightly closer to the Novena area, and is further away from the MRT. Pullman Residences in contrast is just a less than 5 minute walk to the MRT.

Bigger developments comparable to the size of Pullman Residences are 99 year leasehold projects, as such, it is hard to do an apple to apple comparison.

In short, Pullman Residences is in a class of its own.

We also compared this development against other branded residences in Singapore.

Comparing against other branded residences in Singapore

Pullman Residences is the only branded residence that offers 1 and 2 bedroom options, whereas St Regis and Ritz-Carlton only offers 3 and 4 bedroom options.

 

While initially well-received, the branded residences concept did not pick up as quickly in Singapore as expected from a metropolitan city-state. From the table, you might notice straight away that the prices of branded residences do not follow a linear graph of positive growth, and in fact have shown a dip in PSF as compared to their launch prices.

The two main reasons for this are the high premiums and unfortunate timing when the developments were launched.

When St. Regis Residences and Ritz-Carlton Residences were launched, they charged a high premium. First movers were bought in by the concept, but the general target audience of investors were not as convinced by the proposition to pay the high premium. This resulted in prices dropping in subsequent transactions.

The developments were also further hampered by the subprime mortgage crisis that started shortly after their launch, and the introduction of cooling measures that saw the property market dipping.

A more in-depth analysis of the market movements for branded residences can be found here.

While prices have recovered since then, they are still below their initial launch prices.

So should we still invest in branded residences? 

Owners of units at branded residences have strong holding power, they are happy to wait out the down cycle because they see this as a long term investment.

Their patience has paid off as there has been a resurgence for branded residences. Transaction prices in terms of PSF have been rising steadily over the last few years, even during the Covid-19 pandemic.

 

 

A great student of history’s lessons, Pullman Residences did a couple of things differently than its predecessors. In terms of their launch strategy, instead of kicking off with a bang, they are more controlled in their pricing and release of units.

Pricing for a 1 bedroom unit starts from $1.4m and $2,963 in PSF, which is a reasonable price when compared to luxury developments in the prime areas. The gradual release of units for sale also allows for an incremental increase in price, instead of a stark hike which may not be as sustainable.

With a strategic approach in pricing and launch, and the promise of luxury like no other, we believe that Pullman Residences is likely to perform better than its peers.

 

Our take on Pullman Residences

So far, Pullman Residences have done everything right – they have designed a magnificent building, with the promise of an impressive range of services that put hotels to shame, and a solid launch strategy.

It is also the right time for a launch, considering the uptick in demand. With the growing population of ultra and high net worth individuals, we are seeing a renewed interest in branded residences in the last few years. And we expect this trajectory to continue, with reports on Singapore recording the second highest growth in the number of ultra-wealthy people in Asia, and third globally.

These are affluent individuals who are discerning investors, and always on the lookout for best-in-class residential properties. And they are flocking to Singapore because of our reputation as a tax haven, and store of wealth for high profile property investments.

Branded residences like Pullman Residences fit the bill perfectly due to its association with a prestigious brand, and the promises of luxury and quality that defines hotel living. Such qualities tend to attract a wealthy rental pool, and in turn, generate long term returns for investors. The long term investment horizon of a branded residence is a key reason why investors are willing to pay a premium.

Adding on to that, Covid-19 has really changed the way we live and play. The property is no longer just a physical asset for homeowners. It is not just a place to rest your head at night, but a safe space for you to retreat into.

That longing for a worry-free and hassle-free sanctuary is fulfilled by Pullman Residences’ promise of quality, privacy and personalised service.

In conclusion, with all the right external factors at play, coupled with a great product, we believe that Pullman Residences is a good project to invest in.

We hope that you have enjoyed our article on Pullman Residences. If you are interested to know more about the project, feel free to reach out to our Property Consultants for an in-depth analysis and discussion. We will be thrilled to share more about our thoughts and advice, regardless of the project itself or the real estate market in general. Thank you and see you next time!