Great to see new discussions on Fourth Avenue since my last post in Nov last year.
I, too like the development because of its doorstep MRT, nearby amenities (e.g: supermarket, eateries, medical clinics, banks). Admittedly, having a megamall would have been great but I guess the folks living in this area would have to settle for Grandstand (not my cup of tea though!). Sidetrack, there is actually a to and fro shuttle service to Grandstand at the bus stop at Sixth Ave MRT. Have been thinking of getting a 1 bedder unit here but hesitated mainly because like some of you have pointed out, interest has been lukewarm. The time has passed for me because my preferred units have been snapped up already.
Some have opined that the profile of pple buying into this area would prefer bigger, FH developments, while the price would be out of reach for others who have limited budget. I can't help but wonder if these are more anecdotal in nature considering we do see CCR leasehold launches such as Irwell Residences selling really well despite its high psf and availability of many options that are lower in PSF in the vicinity.
To offer another perspective for discussion, 4th avenue's sales was lukewarm because of the timing it was launched and the high price at launch. It was one of the first projects launched in Jan 2019 and its pricing was admittedly high then (at $2,300 - $2,400 - meaning at the lowest psf, you are likely to get the lousy facing units), which made buyers think twice, especially when cooling measures was only implemented 6 months ago. Thereafter, there were about 60 more launches in that year (e.g: One Holland V, Avenue South, One Pearl Bank, etc), and the subsequent 30-40 new launches in 2020 (Kopar, The M, etc) which overshadowed 4th Avenue. With so many options, its not surprising that sales was less than impressive despite the developer lowering prices to an even more attractive psf of $2100 - 2,200.
But with CCR new launch prices now going at around $2,600 psf upwards (e.g: Irwell Residences, Midtown Modern, One Holland V), and RCR prices reaching $2,100 - 2,200 psf (e.g: Avenue South, Sterling Residences, One Pearl Bank), 4th Avenue (with doorstep MRT and good amenities) is beginning to look more attractive comparatively. This, along with dwindling supply, could be the reasons why sales is starting to pick up, with 15 units sold in Apr.
As for the surrounding FH condos at lower PSF near 4th avenue, it is definitely a cause for concern. But then again, when you look at Sixth Avenue and Fifth Avenue Residences (the common condos used for comparison), the units are really big, which leads to lower psf. They are also rather small developments (175 and 70 respectively) with relatively lesser healthy transactions to push up the PSF as compared to bigger developments. Lastly, a quick look at propertyguru shows that there are 7 units on sale across these 2 developments, and they have limited facilities. Not a lot of choices if you are looking to stay in this part of Bukit Timah.
Above is my 2 cents worth. I do think sales at 4th avenue is going to be stronger going forward (in view of rising land costs and more expensive CCR new launches going forward) but I secretly hope that I am wrong - waiting for the firesale nearing TOP to happen like some members here have speculated
