*This article was written in March 2023 and does not reflect data and market conditions beyond.
Oasis @ Elias is a 99-year leasehold condominium located in Pasir Ris, a well-established neighbourhood in the eastern region of Singapore. It was completed in 2011 and boasts an idyllic location that provides residents with a tranquil environment, surrounded by lush greenery and beautiful landscapes.
The development was designed with sustainability in mind, featuring various green initiatives such as rainwater harvesting and energy-efficient appliances. The developers have also integrated an eco-pond and a bioswale system within the development, which helps to reduce the carbon footprint of the development and enhance the natural biodiversity in the surrounding environment. The eco-pond is a unique feature that supports the conservation of wildlife and serves as an educational space for children and adults to learn about the importance of preserving nature. This focus on sustainability and eco-friendliness is a rare and valuable aspect that sets Oasis @ Elias apart from other residential developments in Singapore.
Oasis @ Elias is situated along Elias Road, which provides easy access to major expressways such as Tampines Expressway (TPE), Pan Island Expressway (PIE), and Kallang Paya Lebar Expressway (KPE). This makes it convenient for drivers to get to other parts of Singapore for work or leisure.
In terms of public transport, residents of Oasis @ Elias can take advantage of the Pasir Ris MRT station, which is located just under 1 km away or a 15-minute walk. The MRT station provides access to other parts of Singapore via the East-West Line, and there are also bus services available along the main roads and from Pasir Ris Bus Interchange. The upcoming Cross-Island Line (CRL) will provide a much-needed connectivity from the eastern region of Singapore to the central and western regions.
Pasir Ris is home to several malls, including Elias Mall, White Sands Shopping Centre, Loyang Point, and Downtown East, which offer a range of dining, shopping, and entertainment options. With Elias Mall being right next door, residents will have convenient access to Sheng Shiong supermarket, McDonald’s, and other retail shops. The upcoming Pasir Ris Mall, which will be integrated with Pasir Ris MRT station and one of 2021’s hottest launches Pasir Ris 8, will likely open in tandem with the TOP of the integrated development which is in 2026. If this is not enough to scratch your itch for retail therapy, the eastern region of Singapore is also home to the Tampines cluster of malls and Jewel Changi Airport.
Families with school-going children will have Park View Primary and Elias Park Primary within 1 km radius. They can also take advantage of the nearby reputable schools, including Meridian Primary and Pasir Ris Primary.
For nature lovers, Pasir Ris boasts several parks and outdoor recreational areas, including Pasir Ris Beach, Pasir Ris Town Park, and Pasir Ris Park Connector. These provide an excellent environment for residents to engage in outdoor activities such as cycling, jogging, and picnicking.
Site Plan Analysis
Oasis @ Elias is a medium-sized development that spans across a site area of approximately 152,051 sqft, considering that it has almost 400 units. The development consists of six point blocks of residential units, standing at 18 storeys each. They take on two linear profiles, with blocks 66 to 72 on one end and blocks 60 and 62 on the other. This maximises the number of units with a pool view.
In terms of facing, the units here mostly have a northeast or southwest orientation. The units at block 72, however, have a slightly angled orientation which allows it to take on a north-south facing. Higher floor units facing externally in blocks 66, 68, 70 will overlook the Straits of Johor towards the northeast.
Apart from its exclusive and tranquil location, Oasis @ Elias condo offers residents a plethora of modern amenities and facilities that cater to their every need. The development boasts a 50-metre lap pool, a children’s pool, a gymnasium, a tennis court, and a clubhouse for social gatherings and events. There are also lush gardens and outdoor spaces that provide a serene and relaxing atmosphere for residents to enjoy.
Oasis @ Elias obtained its TOP in 2011, and has enjoyed a healthy transaction volume over the past five years from Q4 2017 to Q4 2022, despite some fluctuations between 2018 to 2020 likely attributed to the cooling measures that hit in late 2018.
The sharp dip in average psf in Q4 2019 was a result of the market uncertainty caused by the COVID-19 pandemic. Transaction volume also dropped significantly at the start of 2020, but bounced back strongly in Q3 2020. Since then, the average psf of the development has grown by a staggering 31% on the back of renewed investor interest as the market recovers from the pandemic on top of high inflation and interest rate hikes. It is currently transacting at just under $1,000 psf, making it a safe benchmark to enter as future developments in the area will likely give prices of surrounding properties a boost.
Looking at the comparable projects in the vicinity, we have the upcoming new launch development Pasir Ris 8, Stratum which is a similar-sized development that obtained its TOP in 2016, and Elias Green which is the oldest development in the area.
Firstly, Pasir Ris 8 has commanded an average psf of between $1,700 to $1,900 since its launch. Compared to the rest of the developments in the Pasir Ris area, its price quantum may seem exorbitant. However, integrated developments have consistently been launched at a premium due to the enhanced connectivity and convenience they offer not only for its residents but also for the surrounding developments.
Coming to Stratum, it has 380 units which puts it at around the same size as Oasis @ Elias. Being a newer development, it is currently transacting at around $1,350 psf and has grown by 24% over the past five years from Q4 2017 to Q4 2022.
Lastly, Elias Green obtained its TOP in 1994 and is currently transacting at a much lower $800 psf due to the lease decay. Despite the lower psf, Elias Green actually recorded the highest growth rate out of the projects we mentioned. Coming in at a 40% growth rate over the past five years, it offers a glimpse at the appreciation potential of newer developments in the vicinity.
Our MOAT analysis comprises ten specific criteria that allow us to assess the property’s overall attractiveness to potential homebuyers in Singapore. It is designed to provide you with a well-rounded and unbiased evaluation of the property, so you can make informed investment decisions. To learn more about the methodology behind this analysis, take a look at this article.
Looking at the MOAT scores of the projects highlighted in the previous section, Oasis @ Elias has the second highest score, with Stratum edging it out by a few points.
Oasis @ Elias has a decent MOAT score of 68%. It did particularly well in its Quantum Effect and Exit Audience, getting perfect scores on both.
A high Quantum Effect score implies that the project’s price quantum is within the reach of an average Singaporean household, making it reasonably affordable, and a high Exit Audience score reflects that there is a healthy pool of potential HDB upgraders in the vicinity of the development.
Other areas that it did well in include Disparity Effect (District), Parents’ Attraction Effect, and Bala’s Curve Effect. A high score in the District Disparity Effect means that Oasis @ Elias is one of the most affordable projects in District 18. With two primary schools in the immediate vicinity and a healthy lease balance of just under 90 years, it is no surprise that it has performed well for the latter two parameters.
Some points to note, however, for prospective buyers and investors are the relatively lower scores on MRT Effect, Disparity Effect (Region), and Rental Demand. Oasis @ Elias would understandably score lower on its proximity to the MRT, given that the nearest station is a 15-minute walk away. It is likely the same reason why it has scored lower for its attractiveness to tenants. Despite the lower Region Disparity Effect score indicating that there are more affordable projects in the Rest of Central Region (RCR), the upcoming Cross-Island Line (CRL) and future developments in the eastern and northeastern parts of Singapore will likely change that.
Oasis @ Elias offers 2-Bedroom to 4-Bedroom types spread across six residential blocks. 1-Bedders and 5-Bedders are evidently missing from the unit offerings here, indicating that the target audience is mainly the smaller family demographic. Unlike the prevailing trend of developments featuring predominantly smaller units, Oasis @Elias bucks this trend by offering more than twice the number of 3-Bedroom units compared to 2-Bedroom units.
With 3-Bedders making up more than half of the unit offerings, they can be found in every block in Oasis @ Elias. Most of the 2-Bedders are clustered in block 62, while the 4-Bedders can be found in blocks 60, 66, 70, and 72. Lastly, the most exclusive units in this project – the 4-Bedroom penthouse units that make up only 2% (9 units) can be found in blocks 66, 70, and 72. Given that all of them have an unblocked sea view of the Straits of Johor.
The 2-Bedroom types feature a standard squarish layout that many homeowners love. Standing at 947 sqft for the smallest units, we think that the use of space is pretty efficient. The unit opens up into a short foyer followed by the dining and living area, and a generously-sized balcony with an additional planter. Although the living room is a bit small, owners can make use of the huge balcony to expand it by moving the dining area out and transforming the balcony into a semi-outdoor dining space.
We like that the household shelter is placed behind the kitchen in the yard area, which owners can use to store kitchen and laundry supplies. Owners will also have the flexibility to either enclose the kitchen or do an open-concept kitchen if the dining area is shifted out to the balcony.
The 3-Bedders here have a squarish layout as well, with all of them boasting a dry and wet kitchen. The featured type B1 layout has the dining area placed behind the living area to make space for the dry kitchen. Like the 2-Bedders, the household shelter is placed inside the kitchen to maximise the kitchen space. There is an additional WC at the back of the yard as well.
Instead of a squarish balcony like the 2-Bedders, the balcony of the featured layout stretches the length of the living and dining area. Likewise, to expand the living room, owners can opt to shift the dining area onto the balcony for a semi-outdoor dining space. Ziptrak blinds can also be installed to protect against the elements (subjected to the relevant approvals).
Coming to the 4-Bedroom types which make up almost 20% of the unit offerings, we have an identical layout as the 3-Bedroom layout but with an additional bedroom in between the master bedroom and the living/dining room. Bedroom 2 comes with an ensuite bathroom, making it the junior master.
The master bedroom also has an additional planter and a bigger bathroom with space for a bathtub.
Overall, the use of space is pretty efficient and there is definitely enough space for large and multi-generational families.
Lastly, the 4-Bedroom penthouse units are duplex penthouses with a sea view towards the Straits of Johor. With only 9 of such units in the development, we expect that these units will not be found easily available on the market.
On the lower level, we have a similar layout as the regular 4-Bedders, but with the master bedroom being the junior master instead. Where the junior master should have been is replaced with the stairwell leading to the upper level.
Coming to the upper level, we have the master bedroom, roof terrace, and a small living room space that is labelled as the family room. The family room can double as an entertainment room for some late night karaoke sessions. For the DP1 and DP1a variations, there is an additional study room on the upper level next to the master bedroom, which could be useful for owners who work from home.
Future Growth Potential
Pasir Ris is slated to become an interchange in the East once the Cross Island Line (CRL) is up and running. According to LTA, Phase 1 of the CRL will serve residential and industrial areas such as Loyang, Tampines, Pasir Ris, Defu, Hougang, Serangoon North, and Ang Mo Kio. It is estimated to be completed by 2030. The Punggol Extension, which is slated to be completed by 2032, will also connect Pasir Ris to Punggol. This increased connectivity to the central area and many industrial hubs will likely make the projects in Pasir Ris an attractive option for tenants when exploring rental options to stay near their workplace.
With the upcoming developments in the eastern and northeastern regions of Singapore, the Pasir Ris area is poised to reap significant benefits. With the advent of the Punggol Digital District and the integration of aerospace resources in Changi Aviation Park, the region is poised to become a major hub for technology and aviation industries.
Furthermore, the upcoming relocation of Paya Lebar Airbase is expected to lead to an influx of skilled workers into other airbases such as Tengah and Changi. However, it is expected that Changi will see the largest growth in operations as a result of the consolidation of aerospace resources in the East.
According to The Population Census 2020, Pasir Ris is currently one of the towns with a lower population density. However, due to the diverse range of developments and infrastructure in place in Pasir Ris, we believe that Oasis @ Elias has the potential for appreciation in the future. With its strategic location and increasing attractiveness as a residential area, we are optimistic about the prospects for long-term growth and value for investors and residents alike.
Overall, the future looks bright for Oasis @ Elias and other projects in Pasir Ris, which are well-positioned to take advantage of the exciting new developments in the surrounding areas. As Singapore continues to grow and evolve, Pasir Ris will play an increasingly important role in the nation’s economic landscape.
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