Homegrown real estate developer FRX Capital (FRX) is exploring opportunities beyond the Core Central Region (CCR) for its future landed projects, says co-founder and managing director Oliver Siah. He was speaking with EdgeProp Singapore at the open house of the Mount Rosie Signature Collection on March 22.
Located on Mount Rosie Road, just off Chancery Lane, the collection features four terraced houses bookended by two bungalows. It marks FRX’s first foray into the luxury landed housing market in prime District 11.
The project is a redevelopment of a former bungalow at 21 Mount Rosie Road, which sits on a freehold site of 30,659 sq ft. In May 2021, a group of investors led by Daniel Teo, chairman and managing director of Hong How Group and a director of Tong Eng Group, purchased the property for $43.8 million.
Investors participated in the development of the Mount Rosie Signature Collection via FRX Capital’s blockchain-enabled real estate platform. These investors hold a 35% stake in the development.
Siah: Buyers in the luxury market want to see the final product before purchasing (Credit: Samuel Isaac Chua / EdgeProp Singapore)
Fully sold in three months
Now that the project is completed, Siah expects to sell the remaining units within the next three months.
Since its launch in August 2022, three of the four terraced houses have been sold, and one of the two bungalows has also been taken up. URA Realis caveats show that the first two terraced houses were sold within six months of the project’s launch for $12.35 million ($3,805 psf) and $9.58 million ($3,849 psf). Meanwhile, the six-bedroom bungalow fetched $33.89 million ($3,081 psf) in November 2023.
Siah says the third terraced house in the collection was sold for $10.02 million ($3,953 psf) on March 21, making it the highest psf price in the development to date.
Oliver Siah, co-founder and managing director of FRX Capital (Credit: Samuel Isaac Chua / EdgeProp Singapore)
The largest terraced house in the collection is the one that is still available. It has a footprint of 3,741 sq ft and a built-up of 9,042 sq ft across four floors, including the basement and attic. It is priced at $14.89 million ($3,990 psf).
All the terraced houses have a home lift to all floors and five en suite bedrooms each. Luxury features include full marble flooring on the first level, timber flooring on the upper floors and V-Zug kitchen appliances. The basement carpark for the terraced houses can fit at least eight cars.
The two bungalows have seven en suite bedrooms and a basement carpark that can accommodate at least 12 cars, which is ideal for those who like to entertain at home, notes Siah. The seven-bedroom bungalow still on the market has a land area of 7,636 sq ft and a built-up area of 16,031 sq ft. Its price tag is $26.89 million ($3,521 psf).
The front of the house features an outdoor roof terrace, designed by interior firm Solid Design Studio (Credit: Samuel Isaac Chua / EdgeProp Singapore)
Appealing to the luxury market
Interest in Mount Rosie’s collection has increased since the project obtained its Temporary Occupation Permit (TOP) in February.
“Buyers in the luxury market want to see the final product before purchasing,” says Siah. “They need to experience the product, walk through the physical space and see that we can deliver on what we promised at launch.”
FRX has contracted award-winning local interior design firm Solid Design Studio to stage the last available terraced house.
“Buyers love the large car park spaces that can accommodate their fleet of cars,” adds Siah. “For the bungalows, we have also set aside rest areas for chauffeurs in the basement.”
Another added feature of the bungalows is the long private driveway from the entrance to the basement garage, which gives a sense of privacy and exclusivity.
The basement level of each house has a household shelter, storage space and a helper’s room with an en suite bathroom. The basement can also accommodate a wine cellar, notes Siah.
On the first level, the dining and living areas open out to a central courtyard. A staircase from the basement leads to a terraced garden, with sliding glass doors opening to the living room. A wet kitchen at the rear of the house opens out to a laundry room and a yard.
The private living spaces are on the upper floors. Each house has a master and a junior master suite, with a walk-in wardrobe and attached bathroom.
Besides the architectural features and finishing, buyers are also drawn to the views, given the site’s elevated perch on the crest of Mount Rosie. Some rooms overlook the greenery surrounding the black-and-white houses along Malcolm Road. Others offer views of the surrounding housing estate at Barker Road, Chancery Lane and the Bukit Timah area, or the city views.
Another draw is the proximity to the schools in the area, such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ Primary School, St Joseph’s Institution (SJI) and SJI International Junior.
The main living area of a seven-bedroom bungalow, leading to an outdoor courtyard and pool (Credit: Samuel Isaac Chua)
Shift to ‘entry-level’ landed property
The investors in FRX’s platform will receive their payout when the Mount Rosie collection is fully sold. Siah is also eager to recycle the capital into other landed projects. He plans to shift his focus to “entry-level landed property”.
For instance, he sees strong demand in established landed housing enclaves such as Braddell Heights Estate in District 13, Serangoon Gardens Estate in District 19 and the Frankel Estate-Opera Estate in Siglap (District 15).
He also points to the prices of four- and five-bedroom units at new condo launches in the Rest of Central Region (RCR) and Outside Central Region (OCR) today, which are priced from about $3 million to $4 million each. “If you buy a five-bedroom condo at $4 million, the next natural step is to upgrade to a $6 million terraced house,” says Siah.
Due to high property prices in the CCR, Siah is seeking development or redevelopment opportunities in established housing estates in the RCR and OCR, where prices haven’t increased as much. “With sellers remaining bullish in their price expectations, acquiring development plots in the CCR has become costly,” he laments.
Furthermore, the price gap between sellers and buyers has widened significantly in the CCR, making it difficult for developers to strike a balance, he adds.
Data from URA Realis shows that the median price for all landed property transactions in the CCR rose from $2,138 psf in 1Q2024 to $2,505 psf in 1Q2025 (as of Mar 25). This marks a 17.2% y-o-y increase.
In contrast, the median landed property price in the OCR rose just 7.5% y-o-y from $1,714 psf in 1Q2024 to $1,842 psf in 1Q2025. The median price in the RCR also remained relatively steady, rising less than 1% from $2,108 psf in 1Q2024 to $2,127 psf in 1Q2025.
Median land rate by market segment. (Source: URA, as of March 25)
Demand for developer-built landed property
Siah hopes to capitalise on the demand among first-time landed property buyers. “As Singaporeans become increasingly affluent, the demand for landed properties will naturally increase,” he adds. “Usually, their first jump into the landed market will be entry-level landed properties, which are probably smaller terraced houses in the RCR or OCR.”
However, buyers in these areas often have to buy an old property, tear it down and redevelop it if they want a new build. “This is where FRX can add value,” adds Siah.
First-time buyers of landed property often lack experience and knowledge of the development process, leading to construction delays. This becomes an exhausting ordeal for the entire family, even with the support of an architect and interior designer, as they ultimately end up managing the project themselves, he notes.
Siah sees FRX as an alternative, taking on the development and construction process to build new contemporary homes for these buyers. FRX has done that before. In 2022, it purchased a 3,767 sq ft plot along Kingswear Avenue in the Serangoon Garden Estate for $4.3 million ($1,141 psf). Upon redeveloping the semi-detached house, the firm sold the property in May last year for $8.3 million ($2,203 psf).
“We had a very good experience with the Kingswear Avenue project, so we want to capitalise on it and do more such projects,” says Siah. “As the number of upper-middle class Singaporeans continues to grow, the demand for landed properties will naturally increase.”
In 2022, FRX redeveloped a 3,767 sq ft plot along Kingswear Avenue in the Serangoon Garden Estate (Source: FRX Capital)
