Pandan Valley Condominium

The aerial view of the Pandan Valley Condominium complex. Photo from Archurban Architects Planners.

Completed in 1978, Pandan Valley Condominium is one of the first major condominium complexes in Singapore. Pandan Valley Condominium spans across 81,000 square meters and houses 605 residential units. Similar to other developments such as the Golden Mile Complex, it has been undergoing en bloc sale negotiations since 2011.

Architecture

The facade of the Pandan Valley Condominium stepped terrace block. Photo from TODAY.

Pandan Valley Condominium was built by Tan Cheng Siong, a widely acclaimed architect in Singapore who was active in the 1960s and 1970s. At the time, Tan Cheng Siong was working in Archurban, a firm of architects and planners that had been selected to work the Pandan Valley project. He had also built other similar residential buildings such as the Pearl Bank apartments and was the recipient of the President’s Design Award in 2012.

Pandan Valley Condominium consists of 7 blocks that were all designed differently with 605 residential units in total. The stepped terrace block with split level units was built and designed to accommodate the existing sloped hills without razing the land.

Units and facilities

The Pandan Valley Condominium had 13 different types of apartment units for sale. In 1977, these units ranged from S$85,000 for a 113 square metres apartment to S$280,000 for a 324 square metres penthouse complete with a roof garden. On average, a Pandan Valley Condominium unit is a 3-bedroom and 3-bathroom split level unit that retailed at S$115,000.

The condominium is equipped with a wide range of facilities such as landscaped gardens, children’s education centres, exercise facilities and about 17 different retail businesses.

History

Pandan Valley Condominium's swimming complex pictured in the foreground. Photo from DBS.

Three residential blocks belonging to Pandan Valley Condominium. Photo from DBS.

Pandan Valley Condominium was an S$100-million project developed by DBS Realty, a wholly-owned subsidiary of DBS. It was built as part of the Singapore government’s efforts to beat the land shortage problem and attract Singaporeans to live in high rise apartments.

According to newspaper reports, Pandan Valley Condominium was the first test project to see if Singaporeans were receptive to the concept of condominiums. In 1970s Singapore, HDB flats and landed properties were the only two types of housing available. There was a common mindset among Singaporeans that the type of housing is reflective of one's income class, where the better off lived in landed properties while the rest lived in HDB flats. There was stigma against living in HDBs and a general lack of appeal due to the limited living space and lack of communal spaces.

In order to encourage people to live in high rise apartments, the condominium had been designed to offer unit spaces and facilities comparable to what was available in landed properties. Sales for the condominium began in November 1977 and the first residents moved in the next year.

Public reception

Unit sales were initially slow despite the heavy advertising that had been done. Eventually, the condominium almost fully sold out by 1979 - 2 years after the launch of the project. This success could have been attributed to the favourable economic conditions and DBS' efforts to relieve the financial burden of home-buyers. DBS had offered loans of up to 25 years with the first 10 years’ interest pegged at a low 9 per cent.

A 1984 study conducted by a member of the Geography department in NUS showed that 82 per cent of Pandan Valley residents were satisfied with condominium living. Over the years, Pandan Valley Condominium has been kept well maintained. In 1995, the residents had pooled together a total of S$5 million for upgrading works. Not only were the lifts and common areas upgraded, but a new swimming pool complex had also been built with the funds.

In more recent years, the private condominium has become a popular place to stay for international students and expatriate families as it is in close proximity to local universities and polytechnics. The condominium is also close by to Holland Village, a popular drinking and dining spot in Singapore.

2018 en bloc sale

As of May 2019, Pandan Valley Condominium is undergoing an en bloc sale. During the residents’ meeting on 8 September 2018, the reserve price of $2.6 billion had been agreed upon. This is by far Singapore’s highest asking price in a collective sale. A high price was needed to convince the unit owners to agree to the sale. Furthermore, the condominium is a freehold development and situated in one of the prime districts of Singapore, meaning that the land is worth a high value. This is their second attempt at an en bloc sale following the first failed attempt in 2011.

However, it is uncertain as to whether the en bloc sale will be a success. In 2018, property cooling measures were implemented which may obstruct the en bloc sale as land developers may become more cautious in choosing the land to bid for. Furthermore, the high investment price may be a risk for property developers.