Agreed that Adam Place have a high EnBloc potential.
Another site at Adam Park Condo is also a potential enbloc site with 160500 sq ft of Freehold Land with only 118 units on a plot Ratio of 1.4 (Total potential gross area of 224700 sq feet!) . The Adam Park Condo site is approx 70% of Watten Estate size!
Adam Park/Place are both 1km to NYPS and RGPS and 500-700m to Botanic Garden MRT. Agreed with you that there are Lots of hidden gem and well kept secret n the Shelford/Adam areas. Serene House have recently been enbloced too with payout of $4.1 million each.
I have viewed a unit in Adam Park, it is right next Shelford Suites and 18 Shelford. The PSF of Adam park is $1300+ compared to Shelford Suites at 1700-1800 psf. The facilities are well maintained with private lift for every unit. It is landscaped like a Balinese resort with a few hot pools. I am also looking at the the Shelford which is transacting at 1500 PSF.
Just one caution about private lifts: Depending on how many there are versus the total number of apartments within the condo, the future maintenance/replacement cost for private lifts can be rather substantial. This is especially for an older condo such as Adam Park, whereby the "lift replacement date" may be looming.
Although the cost for such replacement technically comes from the estate's sinking fund, it is the individual owners who eventually have to pay (more) when the sinking fund is depleted or worse, insufficient to cover the replacement exercise.
Hi, thanks for the expert insights provided. I am new to the private lift thing.
The Adam Park condo is now at th 8 year mark (The Shelford at 7 years), would the lift replacement program come soon? Based on your expert knowledge, when do you think is the average age of condo for lift to be changed.
Million thanks in advance.
BTW I really enjoyed your blog by you and your wife, keep it up! : )
The wife and I are no experts on lifts (thus no expert knowledge here), and we do not know if there is a "standard operating lifespan" for lifts. As an illustration, the private lifts in one of the condo that we previously owned are going into their 16 years and there are still no immediate plans to renew/replace. But we have also heard of developments that are less than 15 years' old with lifts that needed replacement because they break down frequently. So we believe it is a function of maintenance and in some sense, luck.
However, if you are buying with intention to stay for the long haul, the day will come when the lifts will need to be renewed/replaced. And at that point in time, it all boils down to whether your condo's sinking fund is sufficient for the purpose. If not, each strata-title owners will have to fork out the difference.
Finally, we hope you will continue to enjoy our blog and please tell your friends about SG PropTalk!