NINE properties owned by the companies of three feuding brothers have been sold for more than $175 million.
Chow House, the most prominent of the nine assets, went for more than $100 million and could be redeveloped into a residential project.
The nine assets were owned by Associated Development Pte Ltd, Chow Cho Poon (Pte) Ltd and Lee Tung Company (Pte) Ltd. Property investor Chow Cho Poon set up these firms and his three sons became directors and shareholders.
Mr Chow owed debts to the companies when he died in 1997. The debts could not be paid off as his estate's assets were mainly tied up as shares in the companies.
In 2007, eldest son Chow Kwok Chi asked the High Court to wind up the companies so the brothers could go their separate ways.
Deloitte & Touche's head of financial advisory services Tam Chee Chong was appointed liquidator to sell the companies' assets and distribute the proceeds among shareholders. DTZ handled the public tender for the nine properties.
According to DTZ, there were 'overwhelming responses from both local and foreign interested parties'.
The freehold Chow House drew nine bidders and was sold for just over $100 million. BT reported earlier that the buyer could be a group whose shareholders include WyWy Group founder YY Wong.
DTZ said the authorities have granted outline permission for the site to be developed into a new residential project with commercial space on the ground floor.
The other eight properties - at Lorong Telok, North Canal Road, Jalan Besar, Upper Serangoon Road and Lavender Street - went to various other investors.
Source: Business Times, 5 Aug 2010
Showing posts with label Private Properties. Show all posts
Showing posts with label Private Properties. Show all posts
Thursday, August 5, 2010
Wednesday, August 4, 2010
Buyers snap up 80 units at preview of The Greenwich
THE Greenwich condominium caused a rare traffic jam in the quiet Seletar Hills estate on Monday when potential buyers flocked to its showflat to get the first bite of the cherry in a special preview.
Developer Far East Organization said yesterday that it has sold 80 out of 96 units released at the 319-unit The Greenwich on Monday. The showflat closed at 2am the following morning, in order to cope with the demand.
Prices ranged from $650,000 to $1.25 million, with the price per sq ft (psf) at $980 on average. The psf price is a record for the area, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
'The buyers are those who really like this corner of Singapore,' he said.
Singaporeans accounted for almost all of the buyers at the preview, Far East said in a statement yesterday. Most are from the Seletar estate area, it added.
More than 80 per cent of the one- and two-bedroom units released were snapped up, and all 10 of the three-bedroom units released were sold, it said.
The Greenwich, at the junction of Seletar and Yio Chu Kang roads, has residential units and retail shops. Of the 319 residential units, 160 are one-bedroom units that Far East describes as Soho-type (small office, home office) units.
Ranging in size from 603 sq ft to 721 sq ft, they offer users the flexibility to combine an efficient work environment with the comfort and privacy of a home, Far East said. It has since sold 32 out of 40 such units released in the preview. The two- to three-bedroom units go up to 1,485 sq ft in size.
The retail shops will be in a 45,000 sq ft two-storey mall called Greenwich V, which is close to 60 per cent committed.
Far East's executive director and chief operating officer of property sales, Mr Chia Boon Kuah, said The Greenwich is 'quite unlike the typical suburban condominium'.
'It differentiates itself as a new 'trans-urban' development, set to transform the suburban enclave into a vibrant live-work-and-play urban environment,' he said.
Recently, another new 99-year leasehold project, The Scala near Lorong Chuan MRT station, also attracted hordes of eager buyers.
It has since sold 90 per cent of the 468 units, said developer Hong Leong Holdings yesterday. The Scala was priced at $1,150 psf on average.
Source: Straits Times, 4 Aug 2010
Developer Far East Organization said yesterday that it has sold 80 out of 96 units released at the 319-unit The Greenwich on Monday. The showflat closed at 2am the following morning, in order to cope with the demand.
Prices ranged from $650,000 to $1.25 million, with the price per sq ft (psf) at $980 on average. The psf price is a record for the area, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
'The buyers are those who really like this corner of Singapore,' he said.
Singaporeans accounted for almost all of the buyers at the preview, Far East said in a statement yesterday. Most are from the Seletar estate area, it added.
More than 80 per cent of the one- and two-bedroom units released were snapped up, and all 10 of the three-bedroom units released were sold, it said.
The Greenwich, at the junction of Seletar and Yio Chu Kang roads, has residential units and retail shops. Of the 319 residential units, 160 are one-bedroom units that Far East describes as Soho-type (small office, home office) units.
Ranging in size from 603 sq ft to 721 sq ft, they offer users the flexibility to combine an efficient work environment with the comfort and privacy of a home, Far East said. It has since sold 32 out of 40 such units released in the preview. The two- to three-bedroom units go up to 1,485 sq ft in size.
The retail shops will be in a 45,000 sq ft two-storey mall called Greenwich V, which is close to 60 per cent committed.
Far East's executive director and chief operating officer of property sales, Mr Chia Boon Kuah, said The Greenwich is 'quite unlike the typical suburban condominium'.
'It differentiates itself as a new 'trans-urban' development, set to transform the suburban enclave into a vibrant live-work-and-play urban environment,' he said.
Recently, another new 99-year leasehold project, The Scala near Lorong Chuan MRT station, also attracted hordes of eager buyers.
It has since sold 90 per cent of the 468 units, said developer Hong Leong Holdings yesterday. The Scala was priced at $1,150 psf on average.
Source: Straits Times, 4 Aug 2010
Sunday, August 1, 2010
Taking the mickey out of home buyers
Prices of small projects and tiny apartments unlikely to hold up well, say experts
Property prices may be strong and on the uptrend.
But not all private homes will appreciate equally in value or be able to maintain their value in bad times.
For example, small projects and tiny 'mickey mouse' units of less than 500 sq ft may be the first to be hit should the market suffer a reversal, experts said.
A lot of risk also hinges on entry price levels, which can be high in boom times, they added.
A property expert, who declined to be named, said smallish developments - some having just 15 to 30 units - have limited appeal.
'These developments do not have full facilities and the road outside is usually very narrow,' he said.
'In the Telok Kurau area, you can sell a unit in a small development for maybe $900 per sq ft (psf) if you are lucky. But nearby, big condominiums such as One Amber or The Seaview can go for $1,200 psf.'
The lorongs in Telok Kurau are often narrow two-lane roads, whereas One Amber and The Seaview are on main traffic ways.
Investors should also do their homework before rushing to invest in 'mickey mouse' apartments of less than 500 sq ft.
These apartments, sometimes called 'bikini units', can work out well if they are located in the city or near an MRT station as single expatriates may be drawn to them, the expert said.
'It becomes a question mark when people start building them in the suburban areas,' he said. 'If investors want to sell or rent them out, there may be some resistance.'
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said the small apartments are like penny stocks. They have much speculative potential but have little worth otherwise, he said.
Ms Tay Huey Ying, director of research and advisory at Colliers International, said that generally, properties that have comprehensive recreational facilities and sufficient green areas will fare better in terms of rentals and values than apartments that do not.
Investors should also be wary of ageing 99-year leasehold developments, said the expert.
The price gap between a freehold and a leasehold property - which can be marginal in boom times - may widen as the leasehold property ages and its lease shortens.
Ms Tay said it all depends on what investors are looking for.
If they are looking for pure rental income, they can go for 99-year leasehold properties as these can generate more attractive yields than freehold properties, she said.
A freehold property may generate a rental yield of 3 per cent to 3.5 per cent while a leasehold property may offer a slightly higher yield of 4 per cent to 5 per cent.
But if they are looking for capital appreciation, ageing leasehold properties of 40 years and above may see weaker price appreciation compared with their freehold counterparts.
A second expert, who also declined to be named, said: 'There is the danger of facing limited capital appreciation or even losses if you chase new leasehold projects at sky-high prices.'
These high-risk investments are 99-year leasehold projects priced above $1,000 psf, he said.
'In five years' time, you may not be hit if the market is good. But in 20 years' time, the risks rise as the lease would have run down and the condo design will likely become outdated.'
Property experts also point to walk-up apartments, and cluster homes with basements located in flood-prone areas, as potential high-risk investments.
'The design of a walk-up is quite outdated. Many people, especially families with elderly members, do not want to climb three or four flights of stairs to their apartments. But investors buy these for their collective sale potential,' said one.
'Lower-priced properties - but not necessarily cheap properties - in red-light districts or in very inaccessible places' are also high-risk investments, said Mr Tan.
'Don't buy something just because it is cheap or cheaper. Get your priorities right. Buy for the right reasons,' he advised.
Source: Sunday Times, 1 Aug 2010
Property prices may be strong and on the uptrend.
But not all private homes will appreciate equally in value or be able to maintain their value in bad times.
For example, small projects and tiny 'mickey mouse' units of less than 500 sq ft may be the first to be hit should the market suffer a reversal, experts said.
A lot of risk also hinges on entry price levels, which can be high in boom times, they added.
A property expert, who declined to be named, said smallish developments - some having just 15 to 30 units - have limited appeal.
'These developments do not have full facilities and the road outside is usually very narrow,' he said.
'In the Telok Kurau area, you can sell a unit in a small development for maybe $900 per sq ft (psf) if you are lucky. But nearby, big condominiums such as One Amber or The Seaview can go for $1,200 psf.'
The lorongs in Telok Kurau are often narrow two-lane roads, whereas One Amber and The Seaview are on main traffic ways.
Investors should also do their homework before rushing to invest in 'mickey mouse' apartments of less than 500 sq ft.
These apartments, sometimes called 'bikini units', can work out well if they are located in the city or near an MRT station as single expatriates may be drawn to them, the expert said.
'It becomes a question mark when people start building them in the suburban areas,' he said. 'If investors want to sell or rent them out, there may be some resistance.'
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said the small apartments are like penny stocks. They have much speculative potential but have little worth otherwise, he said.
Ms Tay Huey Ying, director of research and advisory at Colliers International, said that generally, properties that have comprehensive recreational facilities and sufficient green areas will fare better in terms of rentals and values than apartments that do not.
Investors should also be wary of ageing 99-year leasehold developments, said the expert.
The price gap between a freehold and a leasehold property - which can be marginal in boom times - may widen as the leasehold property ages and its lease shortens.
Ms Tay said it all depends on what investors are looking for.
If they are looking for pure rental income, they can go for 99-year leasehold properties as these can generate more attractive yields than freehold properties, she said.
A freehold property may generate a rental yield of 3 per cent to 3.5 per cent while a leasehold property may offer a slightly higher yield of 4 per cent to 5 per cent.
But if they are looking for capital appreciation, ageing leasehold properties of 40 years and above may see weaker price appreciation compared with their freehold counterparts.
A second expert, who also declined to be named, said: 'There is the danger of facing limited capital appreciation or even losses if you chase new leasehold projects at sky-high prices.'
These high-risk investments are 99-year leasehold projects priced above $1,000 psf, he said.
'In five years' time, you may not be hit if the market is good. But in 20 years' time, the risks rise as the lease would have run down and the condo design will likely become outdated.'
Property experts also point to walk-up apartments, and cluster homes with basements located in flood-prone areas, as potential high-risk investments.
'The design of a walk-up is quite outdated. Many people, especially families with elderly members, do not want to climb three or four flights of stairs to their apartments. But investors buy these for their collective sale potential,' said one.
'Lower-priced properties - but not necessarily cheap properties - in red-light districts or in very inaccessible places' are also high-risk investments, said Mr Tan.
'Don't buy something just because it is cheap or cheaper. Get your priorities right. Buy for the right reasons,' he advised.
Source: Sunday Times, 1 Aug 2010
Saturday, July 31, 2010
Three more HUDC estates to be privatised
THREE HUDC estates comprising 797 flats in Hougang and Potong Pasir have been given the green light to privatise.
Two of the estates are in Hougang North - blocks 344 to 350 in Hougang Avenue 7 and blocks 713 to 720 in Hougang Avenue 2. The other covers blocks 110 to 112 in Potong Pasir Avenue 1.
The homes are all in opposition wards represented either by Hougang MP Low Thia Khiang of the Workers' Party or Potong Pasir MP Chiam See Tong of the Singapore People's Party.
Privatisation means HUDC residents become owners of their units as well as the common property, and so have better control over the running of their estate. They will also no longer be subject to HDB's housing policies such as having to seek approval to sublet their flats.
This is the seventh batch of HUDC estate privatisations and will allow home owners to enjoy price gains, experts say.
PropNex chief executive Mohamed Ismail said prices of homes in the HUDC estates might go up an estimated 20 per cent once the privatisation process is complete.
'Residents will have control of their estate and can improve facilities such as introducing a security system... There's also an enhanced lifestyle and image,' he said.
The Ministry of National Development (MND) said the estates were selected as residents had registered an interest in going private.
The privatisation costs that lessees might incur - there are legal and survey fees, for example - will be capped at $30,000 per flat for three years from Aug 2. The Government will absorb the difference if costs exceed the cap. But residents must acquire 75 per cent support for privatisation within this three-year period.
After that, privatisation costs will be adjusted to account for the prevailing redevelopment potential of the land.
The three estates can now form committees of resident representatives to garner support for the privatisation and liaise with involved parties such as the HDB.
Once the 75 per cent support is obtained, residents can lodge a Strata Titles Application with the Registry of Titles so they can get subsidiary strata certificates of title for their flats.
The process of legal transfer of title from HDB to the flat owners will take about 21/2 years, the MND said. Once the conversion to strata titles has been done, residents will have to form a management council to run and maintain the estate.
A Potong Pasir resident, who did not want to be named, said he was glad his estate was finally chosen for the conversion. 'I've been living here for about 25 years... We see others getting privatised and we ask ourselves when it'll be our turn. At last we've got that chance.'
HUDC flats were built in the 1970s and 1980s as an option for middle-income families, but were phased out in 1987 as demand declined. Privatisation began in 1995 in response to the rising aspirations of Singaporeans to own private housing.
All but the Braddell View HUDC estate have been privatised or identified for privatisation. The MND said as that estate was developed in two phases, the issue of lease harmonisation has to be resolved before the estate can be privatised.
Source: Straits Times, 31 Jul 2010
Two of the estates are in Hougang North - blocks 344 to 350 in Hougang Avenue 7 and blocks 713 to 720 in Hougang Avenue 2. The other covers blocks 110 to 112 in Potong Pasir Avenue 1.
The homes are all in opposition wards represented either by Hougang MP Low Thia Khiang of the Workers' Party or Potong Pasir MP Chiam See Tong of the Singapore People's Party.
Privatisation means HUDC residents become owners of their units as well as the common property, and so have better control over the running of their estate. They will also no longer be subject to HDB's housing policies such as having to seek approval to sublet their flats.
This is the seventh batch of HUDC estate privatisations and will allow home owners to enjoy price gains, experts say.
PropNex chief executive Mohamed Ismail said prices of homes in the HUDC estates might go up an estimated 20 per cent once the privatisation process is complete.
'Residents will have control of their estate and can improve facilities such as introducing a security system... There's also an enhanced lifestyle and image,' he said.
The Ministry of National Development (MND) said the estates were selected as residents had registered an interest in going private.
The privatisation costs that lessees might incur - there are legal and survey fees, for example - will be capped at $30,000 per flat for three years from Aug 2. The Government will absorb the difference if costs exceed the cap. But residents must acquire 75 per cent support for privatisation within this three-year period.
After that, privatisation costs will be adjusted to account for the prevailing redevelopment potential of the land.
The three estates can now form committees of resident representatives to garner support for the privatisation and liaise with involved parties such as the HDB.
Once the 75 per cent support is obtained, residents can lodge a Strata Titles Application with the Registry of Titles so they can get subsidiary strata certificates of title for their flats.
The process of legal transfer of title from HDB to the flat owners will take about 21/2 years, the MND said. Once the conversion to strata titles has been done, residents will have to form a management council to run and maintain the estate.
A Potong Pasir resident, who did not want to be named, said he was glad his estate was finally chosen for the conversion. 'I've been living here for about 25 years... We see others getting privatised and we ask ourselves when it'll be our turn. At last we've got that chance.'
HUDC flats were built in the 1970s and 1980s as an option for middle-income families, but were phased out in 1987 as demand declined. Privatisation began in 1995 in response to the rising aspirations of Singaporeans to own private housing.
All but the Braddell View HUDC estate have been privatised or identified for privatisation. The MND said as that estate was developed in two phases, the issue of lease harmonisation has to be resolved before the estate can be privatised.
Source: Straits Times, 31 Jul 2010
Thursday, July 29, 2010
The Scala: Crowd ballots for chance to buy
Units fetch average price of $1,150 psf
The public launch of The Scala yesterday drew a huge turnout and defied official data of slowing private home sales in recent months. Over a thousand property buyers turned up and balloted for a chance to make a purchase.
The developer, Hong Leong, said it had sold over 75 per cent of the 468 units available as of yesterday. It said the units, sized between 474 and 2,142 square feet, were sold at an average of $1,150 per square foot.
Hong Leong also said that the buyers comprised a good mix of HDB upgraders and investors, with local buyers making up the majority.
Buyers who spoke to MediaCorp said properties in the central area were out of their price range. Instead, they picked The Scala because of its suburban location.
One of them is Mr Andrew Low, 43, an IT manager at an insurance firm, who wanted to buy a two-bedroom unit for investment. He said: “The Scala should not be affected by the recent dip in private sales. It is close to the Lorong Chuan MRT and near the NEX Mega Mall. I see a 10- to 20-per-cent increase in prices in two years.”
Some buyers were also encouraged by the potential rental yields as they reckon that the units can attract expatriates due to their proximity to international schools.
“If I rent it out, I’m looking at a monthly rent of between $3,000 and $4,000 a month. If not, I can move in here myself,” said Mr Low.
Also looking for a two-bedroom unit was Mr Zhao Han, a permanent resident from China, who had been working here as a technical specialist in the automotive industry for three years.
He said: “Mainland Chinese have too much cash but they can only invest in property because other sectors like manufacturing and enterprises in China have not been fully developed yet.”
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that bullish property investors may be willing to pay a premium and push the property prices higher still. “At $1,150 psf, the price can still go up to $1,200 and some units may even reach $1,250,” he said.
Source: Today, 29 Jul 2010
The public launch of The Scala yesterday drew a huge turnout and defied official data of slowing private home sales in recent months. Over a thousand property buyers turned up and balloted for a chance to make a purchase.
The developer, Hong Leong, said it had sold over 75 per cent of the 468 units available as of yesterday. It said the units, sized between 474 and 2,142 square feet, were sold at an average of $1,150 per square foot.
Hong Leong also said that the buyers comprised a good mix of HDB upgraders and investors, with local buyers making up the majority.
Buyers who spoke to MediaCorp said properties in the central area were out of their price range. Instead, they picked The Scala because of its suburban location.
One of them is Mr Andrew Low, 43, an IT manager at an insurance firm, who wanted to buy a two-bedroom unit for investment. He said: “The Scala should not be affected by the recent dip in private sales. It is close to the Lorong Chuan MRT and near the NEX Mega Mall. I see a 10- to 20-per-cent increase in prices in two years.”
Some buyers were also encouraged by the potential rental yields as they reckon that the units can attract expatriates due to their proximity to international schools.
“If I rent it out, I’m looking at a monthly rent of between $3,000 and $4,000 a month. If not, I can move in here myself,” said Mr Low.
Also looking for a two-bedroom unit was Mr Zhao Han, a permanent resident from China, who had been working here as a technical specialist in the automotive industry for three years.
He said: “Mainland Chinese have too much cash but they can only invest in property because other sectors like manufacturing and enterprises in China have not been fully developed yet.”
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that bullish property investors may be willing to pay a premium and push the property prices higher still. “At $1,150 psf, the price can still go up to $1,200 and some units may even reach $1,250,” he said.
Source: Today, 29 Jul 2010
Mass market condos still hot property
200 units at The Scala in Serangoon snapped up at launch yesterday
HUNDREDS of eager buyers yesterday braved the early morning rain, making a beeline for the public launch of Hong Leong's The Scala, as keen interest in mass market condominiums shows no sign of abating.
Demand for the 300 or so remaining units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that balloting was needed to sort out who got to enter the showflat first.
By late morning, more than 800 property agents and potential buyers who had submitted blank cheques had packed the balloting tent at the condo site in Serangoon Avenue 3. This is the biggest turnout at a mass market public launch since Trevista in Toa Payoh and Hundred Trees in the West Coast area were launched late last year.
A private preview was held on Tuesday for Hong Leong staff and buyers who had registered their interest with the developer. About 150 units were sold then.
Hong Leong said that as of yesterday, more than 75 per cent of the project's 468 units had been sold. That means more than 350 were sold, of which about 200 went yesterday.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the condo had set a benchmark price for new projects near MRT stations in the north-east.
'There is a demand for mass market homes among investors and they generally feel more comfortable buying projects near MRT stations,' he said.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said: 'The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy.' He said worries over the euro debt crisis had receded so buying sentiment had turned positive again.
Property experts say the strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year.
The Government is rolling out a record number of residential sites in the second half of this year, and has assured buyers that there will be no shortage of homes.
Units at The Scala, in five residential towers, are between 474 and 2,142 sq ft each and range from one- to four-bedroom apartments. They were sold at an average of $1,150 per sq ft (psf).
In terms of total price, the smallest units were priced from $600,000 while the four-bedders were from $1.5 million.
Hong Leong said the buyers, mainly locals, comprised a good mix of HDB flat upgraders and investors.
Most buyers The Straits Times spoke to listed as key selling points the project's close proximity to newly opened Lorong Chuan MRT station and the range of amenities such as the NEX mega mall due to be completed next year.
Some buyers also cited nearby schools such as the Australian International School and the Stamford American International School. They said this could mean high rental yields.
Sales executive Tammy Lim, 30, bought a two-bedroom unit. She said the project is near her parents' home.
In addition, the project is close to schools that her three-year-old daughter could attend later, she said. 'Prices keep increasing. We decided to buy now rather than keep waiting.'
Nearby Chiltern Park condo, completed in 1995, saw an average selling price of $746 psf for five units sold last month, according to caveats lodged with the Urban Redevelopment Authority.
The Scala is expected to be completed in the first quarter of 2014.
Source: Straits Times, 29 Jul 2010
HUNDREDS of eager buyers yesterday braved the early morning rain, making a beeline for the public launch of Hong Leong's The Scala, as keen interest in mass market condominiums shows no sign of abating.
Demand for the 300 or so remaining units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that balloting was needed to sort out who got to enter the showflat first.
By late morning, more than 800 property agents and potential buyers who had submitted blank cheques had packed the balloting tent at the condo site in Serangoon Avenue 3. This is the biggest turnout at a mass market public launch since Trevista in Toa Payoh and Hundred Trees in the West Coast area were launched late last year.
A private preview was held on Tuesday for Hong Leong staff and buyers who had registered their interest with the developer. About 150 units were sold then.
Hong Leong said that as of yesterday, more than 75 per cent of the project's 468 units had been sold. That means more than 350 were sold, of which about 200 went yesterday.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the condo had set a benchmark price for new projects near MRT stations in the north-east.
'There is a demand for mass market homes among investors and they generally feel more comfortable buying projects near MRT stations,' he said.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said: 'The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy.' He said worries over the euro debt crisis had receded so buying sentiment had turned positive again.
Property experts say the strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year.
The Government is rolling out a record number of residential sites in the second half of this year, and has assured buyers that there will be no shortage of homes.
Units at The Scala, in five residential towers, are between 474 and 2,142 sq ft each and range from one- to four-bedroom apartments. They were sold at an average of $1,150 per sq ft (psf).
In terms of total price, the smallest units were priced from $600,000 while the four-bedders were from $1.5 million.
Hong Leong said the buyers, mainly locals, comprised a good mix of HDB flat upgraders and investors.
Most buyers The Straits Times spoke to listed as key selling points the project's close proximity to newly opened Lorong Chuan MRT station and the range of amenities such as the NEX mega mall due to be completed next year.
Some buyers also cited nearby schools such as the Australian International School and the Stamford American International School. They said this could mean high rental yields.
Sales executive Tammy Lim, 30, bought a two-bedroom unit. She said the project is near her parents' home.
In addition, the project is close to schools that her three-year-old daughter could attend later, she said. 'Prices keep increasing. We decided to buy now rather than keep waiting.'
Nearby Chiltern Park condo, completed in 1995, saw an average selling price of $746 psf for five units sold last month, according to caveats lodged with the Urban Redevelopment Authority.
The Scala is expected to be completed in the first quarter of 2014.
Source: Straits Times, 29 Jul 2010
More than 75% of The Scala sold
MORE than 75 per cent of the Hong Leong group's latest residential project, The Scala, has been sold at prices averaging $1,150 per square foot.
The 468-unit development in Serangoon Avenue 3 was publicly launched yesterday.
Hong Leong said yesterday that the units sold at the 99-year leasehold project are spread across five residential towers that feature one to four-bedroom units ranging from 474 square feet to 2,142 sq ft.
Buyers comprise a mix of Housing & Development Board upgraders and investors, with the majority being Singaporeans.
Betsy Chng, Hong Leong's head of sales and marketing, attributed the strong response to the project's location, unique features, finishing and pricing.
The Scala is next to the Circle Line's Lorong Chuan MRT Station and near several schools, including St Gabriel's Primary, Yangzheng Primary, Nanyang Junior College, the Australian International School, Stamford American International School and Lycee Francais de Singapour.
It is also close to a bus and MRT interchange at Serangoon Central, and the soon-to-be-opened NEX mega mall.
The project is slated for completion in the first quarter of 2014. Apart from the usual condominium facilities, The Scala will have features such as pavilions with wood-fired pizza ovens and teppanyaki hotplates, a Harvest Garden and a Green Gazebo.
Source: Business Times, 29 Jul 2010
The 468-unit development in Serangoon Avenue 3 was publicly launched yesterday.
Hong Leong said yesterday that the units sold at the 99-year leasehold project are spread across five residential towers that feature one to four-bedroom units ranging from 474 square feet to 2,142 sq ft.
Buyers comprise a mix of Housing & Development Board upgraders and investors, with the majority being Singaporeans.
Betsy Chng, Hong Leong's head of sales and marketing, attributed the strong response to the project's location, unique features, finishing and pricing.
The Scala is next to the Circle Line's Lorong Chuan MRT Station and near several schools, including St Gabriel's Primary, Yangzheng Primary, Nanyang Junior College, the Australian International School, Stamford American International School and Lycee Francais de Singapour.
It is also close to a bus and MRT interchange at Serangoon Central, and the soon-to-be-opened NEX mega mall.
The project is slated for completion in the first quarter of 2014. Apart from the usual condominium facilities, The Scala will have features such as pavilions with wood-fired pizza ovens and teppanyaki hotplates, a Harvest Garden and a Green Gazebo.
Source: Business Times, 29 Jul 2010
NUS estimates confirm private home prices tapered off in June
(SINGAPORE) Latest flash estimates from National University of Singapore (NUS) confirm what property industry players have already experienced on the ground - a rapid slowdown in the growth of non-landed private home prices in June compared with May.
NUS's overall price index for non-landed homes for June rose 0.3 per cent month on month, compared with month-on-month gains of 2.4 per cent each for May and April.
It was the same story for the sub-index for the Central region, which covers a basket of properties in districts 1-4 and 9-11. It increased 0.7 per cent month on month in June, slower than gains of 2.1 per cent in May and 3.4 per cent in April.
The sub-index for Non-Central region was unchanged in June from the preceding month, after rises of 2.7 per cent in May and 1.7 per cent in April.
The Singapore Residential Price Index (SRPI), compiled by the NUS Institute of Real Estate Studies, covers only completed properties.
DTZ executive director (consulting) Ong Choon Fah said: 'The latest indices confirm the slowdown in buying momentum felt on the ground in June - because of the school holidays, World Cup and continued uncertainty in the eurozone economies.
'People found no reason to rush and buy a home. Developers have also been holding back launches and the projects they did launch were not priced at the top end of their own target range; so developers have also moderated their own price expectation.'
Since the end of last year, all three NUS indices have appreciated - to the tune of 8.7 per cent for the overall index, 8.2 per cent for Central region and 9.2 per cent for Non-Central region. Based on the latest June flash estimates, NUS's overall SRPI is now 36.3 per cent above the post-financial crisis low in March 2009. Over the same period, the growth for the Central region has been 42.1 per cent and that for the Non-Central region, about 33.3 per cent.
The June flash estimate for Central region is still 3.5 per cent below the pre-crisis high in November 2007. However, for the Non-Central region, the latest index surpassed its respective pre-crisis peak in January 2008 by 11.2 per cent. As a result, the overall SRPI flash estimate for June is 5.7 above its November 2007 high.
Looking ahead, Mrs Ong reckoned the overall and Central region indices are likely to remain flat in July, but the index for the Non-Central region could either be flat or post a marginal increase, supported by high cash-over-valuations in the HDB resale market.
Meanwhile Hong Leong Holdings said yesterday it has sold over 75 per cent of the 468 units available at The Scala, a 99-year condo at Serangoon Avenue 3. The units are sized between 474 and 2,142 sq ft, and sold at an average of $1,150 per square foot. Buyers comprised a good mix of HDB upgraders and investors, with the majority made up of locals.
Source: Business Times, 29 Jul 2010
NUS's overall price index for non-landed homes for June rose 0.3 per cent month on month, compared with month-on-month gains of 2.4 per cent each for May and April.
It was the same story for the sub-index for the Central region, which covers a basket of properties in districts 1-4 and 9-11. It increased 0.7 per cent month on month in June, slower than gains of 2.1 per cent in May and 3.4 per cent in April.
The sub-index for Non-Central region was unchanged in June from the preceding month, after rises of 2.7 per cent in May and 1.7 per cent in April.
The Singapore Residential Price Index (SRPI), compiled by the NUS Institute of Real Estate Studies, covers only completed properties.
DTZ executive director (consulting) Ong Choon Fah said: 'The latest indices confirm the slowdown in buying momentum felt on the ground in June - because of the school holidays, World Cup and continued uncertainty in the eurozone economies.
'People found no reason to rush and buy a home. Developers have also been holding back launches and the projects they did launch were not priced at the top end of their own target range; so developers have also moderated their own price expectation.'
Since the end of last year, all three NUS indices have appreciated - to the tune of 8.7 per cent for the overall index, 8.2 per cent for Central region and 9.2 per cent for Non-Central region. Based on the latest June flash estimates, NUS's overall SRPI is now 36.3 per cent above the post-financial crisis low in March 2009. Over the same period, the growth for the Central region has been 42.1 per cent and that for the Non-Central region, about 33.3 per cent.
The June flash estimate for Central region is still 3.5 per cent below the pre-crisis high in November 2007. However, for the Non-Central region, the latest index surpassed its respective pre-crisis peak in January 2008 by 11.2 per cent. As a result, the overall SRPI flash estimate for June is 5.7 above its November 2007 high.
Looking ahead, Mrs Ong reckoned the overall and Central region indices are likely to remain flat in July, but the index for the Non-Central region could either be flat or post a marginal increase, supported by high cash-over-valuations in the HDB resale market.
Meanwhile Hong Leong Holdings said yesterday it has sold over 75 per cent of the 468 units available at The Scala, a 99-year condo at Serangoon Avenue 3. The units are sized between 474 and 2,142 sq ft, and sold at an average of $1,150 per square foot. Buyers comprised a good mix of HDB upgraders and investors, with the majority made up of locals.
Source: Business Times, 29 Jul 2010
Sunday, July 25, 2010
Sales of landed homes picking up
Surge in demand sees buyers paying higher prices, but rate of increase likely to slow
More buyers are picking up landed homes and paying higher prices amid the strong economic recovery, said a recent Savills Singapore study.
It found that 2,198 caveats were lodged for landed houses between January and June this year, which is more than 57 per cent of the 3,832 caveats lodged last year.
And the total value of these transactions reached about $7.2 billion, which is about 75 per cent of the value of what was sold last year, it said.
Savills noted that more homes priced $5 million and above were traded this year.
'The surge in demand could be that purchasers are seeing better value in landed homes, as condominium prices have soared beyond peak levels,' said its prestige homes and investment director Steven Ming.
Also, compared with prices of their non-landed counterparts, prices of landed homes were relatively stable during the recent economic downturn, he said.
Median landed home prices have increased by 6.2 per cent from $745 per sq ft (psf) in the first quarter to $791 psf in the second, according to data from Savills.
The rise over the past year has been 31.4 per cent, it said.
Last Friday, the Urban Redevelopment Authority released data showing that landed home prices are still climbing, but at a slower rate of 6.2 per cent in the second quarter this year, compared with 8.3 per cent in the first.
Prices of detached houses saw the highest rise of 6.8 per cent among the landed housing types, while terrace house prices rose by 5.6 per cent.
Two to three years ago, buyers could easily find a typical freehold landed home of around 1,600 to 1,800 sq ft for about $1.3 million to $1.5 million, said Colliers International's deputy managing director (agency and business services) and auctioneer, Ms Grace Ng.
Today, they must be prepared to pay a higher amount of $1.6 million to $1.8 million, she said.
However, there are still bargains to be found in the resale market if 'you spend time doing your homework', she said.
These are likely to be run-down houses that need a lot of work.
Or they could be old houses that were bought a few decades ago at relatively low prices, such that the owners may be happy to sell around today's valuation price instead of above it, she said.
Property consultants say the attraction of landed homes lies in the scarcity factor, as there is limited supply.
Even the recent floods won't affect landed home values - that is, in the long term.
'Floods won't affect values in the long term, but in the short term, buyers may turn away,' said Ms Ng.
For instance, in the Bukit Timah area, where only the main roads were flooded, homes remain attractive because of their proximity to schools and the city, she said.
Unless the floods become a common occurrence, they won't weigh down on prices, she added.
Landed home prices are likely to continue rising, though the rate of increase could slow further as price resistance has set in, said Ms Ng.
Savills senior manager of research and consultancy Christine Sun believes that more buyers are likely to enter the market as the economy continues to improve.
'Landed home prices will still increase, but unlikely at the 10 per cent rate that we saw around the middle of last year,' she said.
'We believe that price rises will hover around 5 per cent to 6 per cent per quarter for the rest of the year.'
Source: Sunday Times, 25 Jul 2010
More buyers are picking up landed homes and paying higher prices amid the strong economic recovery, said a recent Savills Singapore study.
It found that 2,198 caveats were lodged for landed houses between January and June this year, which is more than 57 per cent of the 3,832 caveats lodged last year.
And the total value of these transactions reached about $7.2 billion, which is about 75 per cent of the value of what was sold last year, it said.
Savills noted that more homes priced $5 million and above were traded this year.
'The surge in demand could be that purchasers are seeing better value in landed homes, as condominium prices have soared beyond peak levels,' said its prestige homes and investment director Steven Ming.
Also, compared with prices of their non-landed counterparts, prices of landed homes were relatively stable during the recent economic downturn, he said.
Median landed home prices have increased by 6.2 per cent from $745 per sq ft (psf) in the first quarter to $791 psf in the second, according to data from Savills.
The rise over the past year has been 31.4 per cent, it said.
Last Friday, the Urban Redevelopment Authority released data showing that landed home prices are still climbing, but at a slower rate of 6.2 per cent in the second quarter this year, compared with 8.3 per cent in the first.
Prices of detached houses saw the highest rise of 6.8 per cent among the landed housing types, while terrace house prices rose by 5.6 per cent.
Two to three years ago, buyers could easily find a typical freehold landed home of around 1,600 to 1,800 sq ft for about $1.3 million to $1.5 million, said Colliers International's deputy managing director (agency and business services) and auctioneer, Ms Grace Ng.
Today, they must be prepared to pay a higher amount of $1.6 million to $1.8 million, she said.
However, there are still bargains to be found in the resale market if 'you spend time doing your homework', she said.
These are likely to be run-down houses that need a lot of work.
Or they could be old houses that were bought a few decades ago at relatively low prices, such that the owners may be happy to sell around today's valuation price instead of above it, she said.
Property consultants say the attraction of landed homes lies in the scarcity factor, as there is limited supply.
Even the recent floods won't affect landed home values - that is, in the long term.
'Floods won't affect values in the long term, but in the short term, buyers may turn away,' said Ms Ng.
For instance, in the Bukit Timah area, where only the main roads were flooded, homes remain attractive because of their proximity to schools and the city, she said.
Unless the floods become a common occurrence, they won't weigh down on prices, she added.
Landed home prices are likely to continue rising, though the rate of increase could slow further as price resistance has set in, said Ms Ng.
Savills senior manager of research and consultancy Christine Sun believes that more buyers are likely to enter the market as the economy continues to improve.
'Landed home prices will still increase, but unlikely at the 10 per cent rate that we saw around the middle of last year,' she said.
'We believe that price rises will hover around 5 per cent to 6 per cent per quarter for the rest of the year.'
Source: Sunday Times, 25 Jul 2010
Saturday, July 24, 2010
Private home sales slower, but prices up
Prices hit new high, could rise further with economic recovery
SALES of private homes slowed towards the end of the second quarter but prices still kept heading north into record territory.
Prices rose 5.3 per cent in the second quarter - above the preliminary estimate of 5.2 per cent and not far from the first quarter rise of 5.6 per cent.
According to Urban Redevelopment Authority (URA) data released yesterday, prices are up 11.6 per cent since January and are expected to continue climbing although the pace may ease, said analysts.
Prices are now at record levels, eclipsing the 1996 peak, after shrugging off a dip in sales that began in May when Europe's debt crisis rocked global stock markets, observers said.
Rents were also rocketing - up 5.9 per cent in the second quarter to take the half-year rise to 10.9 per cent. Rents fell by 14.6 per cent last year.
'The continuing recovery in the economy facilitated the increased hiring of expatriate staff, which in turn, drove the rental market,' said Mr Li Hiaw Ho, CBRE Research's executive director.
Cushman and Wakefield managing director Donald Han added: 'In the second half of last year, prices went up more than 20 per cent but rents fell. So, there was some fear of a bubble forming.
'But prices are now moving in line with rent rises. As long as rents go up, the price rise should be supported.'
Non-landed home prices rose the most in suburban areas, up 5.7 per cent, from a 4.3 per cent increase in the first quarter.
City-fringe home prices were up 4.6 per cent while city-centre ones rose 5.4 per cent.
Prices of landed homes also continued to surge, climbing 6.2 per cent in the second quarter after jumping 8.3 per cent in the first quarter.
Luxury homes are the only sector yet to reach record heights, experts noted.
Yesterday's URA data also showed that 4,033 new homes were sold in the second quarter, down about 8 per cent from the first.
As at the second quarter, there were 61,831 private residential units in the pipeline. Of these, 32,630 units were still unsold. The URA said: 'This number is equivalent to about three years of supply based on the average take-up of about 11,300 units per year over the last three years.'
While some buyers hesitate, others have been snapping up property.
Copywriter Daryl Lee, 34, said: 'The last thing I want is to lock my cash up in a mortgage when all people are doing is chasing higher prices to pay higher asking prices.'
Another potential buyer Alex Wee, 37, said: 'On the one hand, things are pricey. But on the other hand, we're afraid that if we don't buy, we will miss the boat.'
Accounts executive Kris Lau, 33, who bought a small investment unit at a newly released project, 368 Thomson, after selling her HDB flat, said: 'It's a good time to cash out and upgrade.'
Jones Lang LaSalle's head of residential project sales, Mr David Neubronner, told The Straits Times: 'Prices... should take a breather. But given the current backdrop where our economic recovery is generating wealth, they are likely to continue to rise this year.
'Quite a lot of people are parking their money in property for the long term. In the worst-case scenario, I think prices may stay flat.'
Ngee Ann Polytechnic real estate lecturer Nicholas Mak believes private home prices will continue to rise this year and possibly into next year but at less than 5 per cent a quarter as sales slow.
The level of speculation now is within manageable levels, he felt.
URA data shows that sub-sales fell to 723 units in the second quarter, from 996 in the first.
Mr Li said the surprisingly strong economic growth in the second quarter will help keep market sentiment positive.
'However, as the Government is also anticipating a slowdown in the growth momentum for the rest of the year, the residential market is likely to move at a more moderate pace,' he said.
Sales of new homes may still reach 14,000 units this year - below last year's 14,688 units while home prices may rise by 12 to 15 per cent, he said.
Mr Mak is looking at a price rise of 16 to 21 per cent this year.
Meanwhile, office rents rose 1.1 per cent in the second quarter compared with 0.4 per cent in the first quarter.
Rents for shops and industrial properties rose by 0.5 per cent and 1.3 per cent respectively in the second quarter.
Source: Straits Times, 24 Jul 2010
SALES of private homes slowed towards the end of the second quarter but prices still kept heading north into record territory.
Prices rose 5.3 per cent in the second quarter - above the preliminary estimate of 5.2 per cent and not far from the first quarter rise of 5.6 per cent.
According to Urban Redevelopment Authority (URA) data released yesterday, prices are up 11.6 per cent since January and are expected to continue climbing although the pace may ease, said analysts.
Prices are now at record levels, eclipsing the 1996 peak, after shrugging off a dip in sales that began in May when Europe's debt crisis rocked global stock markets, observers said.
Rents were also rocketing - up 5.9 per cent in the second quarter to take the half-year rise to 10.9 per cent. Rents fell by 14.6 per cent last year.
'The continuing recovery in the economy facilitated the increased hiring of expatriate staff, which in turn, drove the rental market,' said Mr Li Hiaw Ho, CBRE Research's executive director.
Cushman and Wakefield managing director Donald Han added: 'In the second half of last year, prices went up more than 20 per cent but rents fell. So, there was some fear of a bubble forming.
'But prices are now moving in line with rent rises. As long as rents go up, the price rise should be supported.'
Non-landed home prices rose the most in suburban areas, up 5.7 per cent, from a 4.3 per cent increase in the first quarter.
City-fringe home prices were up 4.6 per cent while city-centre ones rose 5.4 per cent.
Prices of landed homes also continued to surge, climbing 6.2 per cent in the second quarter after jumping 8.3 per cent in the first quarter.
Luxury homes are the only sector yet to reach record heights, experts noted.
Yesterday's URA data also showed that 4,033 new homes were sold in the second quarter, down about 8 per cent from the first.
As at the second quarter, there were 61,831 private residential units in the pipeline. Of these, 32,630 units were still unsold. The URA said: 'This number is equivalent to about three years of supply based on the average take-up of about 11,300 units per year over the last three years.'
While some buyers hesitate, others have been snapping up property.
Copywriter Daryl Lee, 34, said: 'The last thing I want is to lock my cash up in a mortgage when all people are doing is chasing higher prices to pay higher asking prices.'
Another potential buyer Alex Wee, 37, said: 'On the one hand, things are pricey. But on the other hand, we're afraid that if we don't buy, we will miss the boat.'
Accounts executive Kris Lau, 33, who bought a small investment unit at a newly released project, 368 Thomson, after selling her HDB flat, said: 'It's a good time to cash out and upgrade.'
Jones Lang LaSalle's head of residential project sales, Mr David Neubronner, told The Straits Times: 'Prices... should take a breather. But given the current backdrop where our economic recovery is generating wealth, they are likely to continue to rise this year.
'Quite a lot of people are parking their money in property for the long term. In the worst-case scenario, I think prices may stay flat.'
Ngee Ann Polytechnic real estate lecturer Nicholas Mak believes private home prices will continue to rise this year and possibly into next year but at less than 5 per cent a quarter as sales slow.
The level of speculation now is within manageable levels, he felt.
URA data shows that sub-sales fell to 723 units in the second quarter, from 996 in the first.
Mr Li said the surprisingly strong economic growth in the second quarter will help keep market sentiment positive.
'However, as the Government is also anticipating a slowdown in the growth momentum for the rest of the year, the residential market is likely to move at a more moderate pace,' he said.
Sales of new homes may still reach 14,000 units this year - below last year's 14,688 units while home prices may rise by 12 to 15 per cent, he said.
Mr Mak is looking at a price rise of 16 to 21 per cent this year.
Meanwhile, office rents rose 1.1 per cent in the second quarter compared with 0.4 per cent in the first quarter.
Rents for shops and industrial properties rose by 0.5 per cent and 1.3 per cent respectively in the second quarter.
Source: Straits Times, 24 Jul 2010
Broad-based growth in Q2 property prices
Momentum of recovery in private residential rents also picked up
PRIVATE home prices generally rose at a slightly slower pace in Q2 than they did in Q1, but latest official numbers show a broad-based growth in property prices - with stronger quarter-on-quarter gains for office, shop and industrial properties, as well as HDB resale flat prices in Q2 than in the first quarter.
The momentum of recovery in private residential rents also picked up in the second quarter, supported by an acceleration in hiring of expats as Singapore's economy continues to expand.
'Sentiment among developers and market watchers probably moderated from the end of first quarter as a result of the eurozone's economic problems, but the recent spectacular official GDP growth forecast for Singapore has probably helped to restore some confidence,' said Real Estate Developers Association of Singapore CEO Steven Choo.
The Urban Redevelopment Authority's (URA) benchmark overall price index for private homes rose 5.3 per cent in the second quarter over the preceding quarter, close to the 5.6 per cent per cent hike in Q1.
The price index for office space increased 4.6 per cent quarter on quarter in Q2, a bigger gain than the 1.8 per cent quarter-on-quarter rise in Q1.
Likewise, the shop price index went up 3.9 per cent in Q2, following a 1.8 per cent pick-up in the first three months. URA's flatted factory and warehouse price indices rose 5.4 and 9.4 per cent in Q2. In Q1, each of these increased 1.5 per cent.
In the private housing market, prices of detached houses rose 6.8 per cent in Q2, slower than the 9.6 per cent increase in Q1. Semi-D and terrace houses appreciated 6 per cent and 5.6 per cent respectively in Q2 - compared with increases of 7.5 and 7.4 per cent in the first three months.
Non-landed home prices in Core Central Region (which includes the prime districts, Marina Bay and Sentosa Cove) climbed 5.4 per cent in Q2, higher than the 4.4 per cent growth in Q1. Likewise, the price index for Outside Central Region (where suburban condos are located) rose 5.7 per cent in Q2 after increasing 4.3 per cent in Q1.
However, in Rest of Central Region the pace of price gain slowed from 7.9 per cent in the first quarter to 4.6 per cent in Q2.
In the primary market, developers sold a total of 4,033 private homes in Q2, down 7.9 per cent from Q1. In the secondary market, strong buying momentum was also seen in the resale market, with 4,682 private homes changing hands in Q2, although this was 5.6 per cent lower than the first three months of the year. However, subsale volumes eased 27.4 per cent, from 996 deals in Q1 to 723 in Q2.
'Resales were strong in Q2 because prices are more reasonable for older, completed properties than new project launches. On the other hand, subsales (which are secondary-market deals involving projects that have yet to receive Certificate of Statutory Completion) come in waves. Those who bought homes from developers in the past few months are probably waiting for prices to rise further before they offload their units,' suggests a market watcher.
In the leasing market, URA's All Residential rental index rose 5.9 per cent in Q2 over the preceding quarter, compared with a 4.7 per cent quarter-on-quarter gain in Q1. The index has appreciated 10.9 per cent since end-2009.
Rents accelerated for both landed and non-landed private homes. Terrace houses led the landed segment, with rents rising 6.6 per cent in Q2, followed by semi-detached houses (up 5.6 per cent) and detached (up 4.6 per cent). For non-landed homes, rents in Core Central Region appreciated the most, by 6.4 per cent, followed by Outside Central Region (up 6.1 per cent) and Rest of Central Region (5.1 per cent).
However, the latest All Residential rental index is about 11.1 per cent below its peak in Q2 2008.
Jones Lang LaSalles' head of residential Jacqueline Wong said the latest official figures confirm feedback from the ground. Monthly rentals of four-bedroom apartments in high-end developments such as Grange Residences, Draycott 8 and Ardmore Park are hitting $16,000-$18,000 on average - an improvement from $14,000-$15,000 in the second half of last year.
'But we still haven't achieved the peak levels of $18,000-$22,000 seen in the late 2007 to mid-2008 period,' Ms Wong added. 'We're seeing rehiring of expats again but housing allowances are not as generous as before.'
Ms Wong is predicting flattish rents until the end of this year, citing new competition with the impending completion of The Orchard Residences and The Marq on Paterson Hill.
URA numbers show 4,379 private homes received Temporary Occupation Permit (TOP) in Q2, compared with 1,407 units in Q1. The surge in new completions pushed up the islandwide vacancy rate for private homes to 5.4 per cent at end-Q2, from 4.6 per cent at end-Q1. But this could ease again as owners or tenants move into the new homes.
Major residential projects completed in April-June 2010 include One Amber, Marina Bay Residences, Dakota Residences and The Arte.
With a further 4,958 units expected to receive TOP by year end, the full-year tally will be 10,744, slightly above last year's 10,488 units
Source: Business Times, 24 Jul 2010
PRIVATE home prices generally rose at a slightly slower pace in Q2 than they did in Q1, but latest official numbers show a broad-based growth in property prices - with stronger quarter-on-quarter gains for office, shop and industrial properties, as well as HDB resale flat prices in Q2 than in the first quarter.
The momentum of recovery in private residential rents also picked up in the second quarter, supported by an acceleration in hiring of expats as Singapore's economy continues to expand.
'Sentiment among developers and market watchers probably moderated from the end of first quarter as a result of the eurozone's economic problems, but the recent spectacular official GDP growth forecast for Singapore has probably helped to restore some confidence,' said Real Estate Developers Association of Singapore CEO Steven Choo.
The Urban Redevelopment Authority's (URA) benchmark overall price index for private homes rose 5.3 per cent in the second quarter over the preceding quarter, close to the 5.6 per cent per cent hike in Q1.
The price index for office space increased 4.6 per cent quarter on quarter in Q2, a bigger gain than the 1.8 per cent quarter-on-quarter rise in Q1.
Likewise, the shop price index went up 3.9 per cent in Q2, following a 1.8 per cent pick-up in the first three months. URA's flatted factory and warehouse price indices rose 5.4 and 9.4 per cent in Q2. In Q1, each of these increased 1.5 per cent.
In the private housing market, prices of detached houses rose 6.8 per cent in Q2, slower than the 9.6 per cent increase in Q1. Semi-D and terrace houses appreciated 6 per cent and 5.6 per cent respectively in Q2 - compared with increases of 7.5 and 7.4 per cent in the first three months.
Non-landed home prices in Core Central Region (which includes the prime districts, Marina Bay and Sentosa Cove) climbed 5.4 per cent in Q2, higher than the 4.4 per cent growth in Q1. Likewise, the price index for Outside Central Region (where suburban condos are located) rose 5.7 per cent in Q2 after increasing 4.3 per cent in Q1.
However, in Rest of Central Region the pace of price gain slowed from 7.9 per cent in the first quarter to 4.6 per cent in Q2.
In the primary market, developers sold a total of 4,033 private homes in Q2, down 7.9 per cent from Q1. In the secondary market, strong buying momentum was also seen in the resale market, with 4,682 private homes changing hands in Q2, although this was 5.6 per cent lower than the first three months of the year. However, subsale volumes eased 27.4 per cent, from 996 deals in Q1 to 723 in Q2.
'Resales were strong in Q2 because prices are more reasonable for older, completed properties than new project launches. On the other hand, subsales (which are secondary-market deals involving projects that have yet to receive Certificate of Statutory Completion) come in waves. Those who bought homes from developers in the past few months are probably waiting for prices to rise further before they offload their units,' suggests a market watcher.
In the leasing market, URA's All Residential rental index rose 5.9 per cent in Q2 over the preceding quarter, compared with a 4.7 per cent quarter-on-quarter gain in Q1. The index has appreciated 10.9 per cent since end-2009.
Rents accelerated for both landed and non-landed private homes. Terrace houses led the landed segment, with rents rising 6.6 per cent in Q2, followed by semi-detached houses (up 5.6 per cent) and detached (up 4.6 per cent). For non-landed homes, rents in Core Central Region appreciated the most, by 6.4 per cent, followed by Outside Central Region (up 6.1 per cent) and Rest of Central Region (5.1 per cent).
However, the latest All Residential rental index is about 11.1 per cent below its peak in Q2 2008.
Jones Lang LaSalles' head of residential Jacqueline Wong said the latest official figures confirm feedback from the ground. Monthly rentals of four-bedroom apartments in high-end developments such as Grange Residences, Draycott 8 and Ardmore Park are hitting $16,000-$18,000 on average - an improvement from $14,000-$15,000 in the second half of last year.
'But we still haven't achieved the peak levels of $18,000-$22,000 seen in the late 2007 to mid-2008 period,' Ms Wong added. 'We're seeing rehiring of expats again but housing allowances are not as generous as before.'
Ms Wong is predicting flattish rents until the end of this year, citing new competition with the impending completion of The Orchard Residences and The Marq on Paterson Hill.
URA numbers show 4,379 private homes received Temporary Occupation Permit (TOP) in Q2, compared with 1,407 units in Q1. The surge in new completions pushed up the islandwide vacancy rate for private homes to 5.4 per cent at end-Q2, from 4.6 per cent at end-Q1. But this could ease again as owners or tenants move into the new homes.
Major residential projects completed in April-June 2010 include One Amber, Marina Bay Residences, Dakota Residences and The Arte.
With a further 4,958 units expected to receive TOP by year end, the full-year tally will be 10,744, slightly above last year's 10,488 units
Source: Business Times, 24 Jul 2010
Tuesday, July 20, 2010
Prestige bungalows soar in price
Good class bungalow sales in first half pass $1b mark, and demand unlikely to flag: Report
THE priciest homes just keep getting pricier, with the values of upmarket, prime-area bungalows rocketing this year, and sales totalling more than $1 billion in the first six months.
And just to underline the boom in what are called 'good class bungalows', a Nassim Road house sold in April for $43.5 million, that is $1,800 psf and just shy of the record $1,899 psf set in 2007 for a plot along the same road, according to a Savills Singapore report.
The most expensive bungalow sold this year in terms of overall price was a sprawling Leedon Park plot that went last month for a whopping $59.4 million, or $1,419 psf.
Good class bungalows tend to be big and exclusive, and are arguably Singapore's most coveted landed homes.
They typically sit on plots of at least 1,400 sq m, or 15,070 sq ft, and can be found in 39 prime gazetted areas such as Nassim Road.
In the first half of this year, sales of good class bungalows reached about $1.12 billion, which is about 81 per cent of the value done last year, said Savills.
There were 54 deals done in the first six months, compared with 24 in the same period last year, it said.
Prices have continued edging higher on the revived demand from well-heeled buyers, added Savills.
The average price of good class bungalows rose from $928 psf in the first quarter to $1,082 psf in the second and is now 36 per cent higher than a year ago.
'This year we are seeing more demand from ultra-rich, new citizens and PRs in the market, which could possibly have resulted in the higher volume and prices,' said the firm's director of prestige homes and investment, Mr Steven Ming.
An agent who declined to be named added: 'Some new citizens from China are still looking for good class bungalows.'
He said the market has quietened down a bit recently as the gap between buyers' and sellers' price expectations widens.
CB Richard Ellis director (luxury homes) Douglas Wong said: 'Good class bungalow prices have continued to rise since 2007 and through the global financial crisis. Owners' expectations are still high due to the limited supply.'
Some sellers have been asking for higher prices after hearing talk of a Cluny Road bungalow achieving a record price of slightly over $2,000 psf, agents said.
Buyers may be sitting on the sidelines but they are likely to come back to market soon when they realise that prices are not going to fall, Mr Wong said.
The managing director of RealStar Premier Property, Mr William Wong, said he has already seen some local investors returning to the good class bungalow market recently.
But foreign buyers are few and far between. They need special permission and must be permanent residents to own landed property.
Foreigners who are not permanent residents can buy landed homes in Sentosa Cove, subject to government approval.
In recent years, the typically smaller landed homes in the 99-year leasehold gated residential enclave have also seen exceptional prices.
Average prices of Sentosa Cove bungalows rose 55 per cent to $1,959 psf in the second quarter over the same period a year ago, said Savills.
In the first half, there were 35 caveats lodged for bungalows in Sentosa Cove compared with 36 for all of last year, it said.
Just over half of this year's bungalow caveats were lodged by Singaporeans.
China accounted for 10 deals, the largest of the foreign buying contingent.
But Mr Ming said that good class bungalow prices are looking more attractive than the prices of leasehold Sentosa Cove bungalows.
He added that good class bungalow prices may rise by a further 5 to 10 per cent this year, given the more robust economic recovery and the fact that the buyer base has expanded.
Source: Straits Times, 20 Jul 2010
THE priciest homes just keep getting pricier, with the values of upmarket, prime-area bungalows rocketing this year, and sales totalling more than $1 billion in the first six months.
And just to underline the boom in what are called 'good class bungalows', a Nassim Road house sold in April for $43.5 million, that is $1,800 psf and just shy of the record $1,899 psf set in 2007 for a plot along the same road, according to a Savills Singapore report.
The most expensive bungalow sold this year in terms of overall price was a sprawling Leedon Park plot that went last month for a whopping $59.4 million, or $1,419 psf.
Good class bungalows tend to be big and exclusive, and are arguably Singapore's most coveted landed homes.
They typically sit on plots of at least 1,400 sq m, or 15,070 sq ft, and can be found in 39 prime gazetted areas such as Nassim Road.
In the first half of this year, sales of good class bungalows reached about $1.12 billion, which is about 81 per cent of the value done last year, said Savills.
There were 54 deals done in the first six months, compared with 24 in the same period last year, it said.
Prices have continued edging higher on the revived demand from well-heeled buyers, added Savills.
The average price of good class bungalows rose from $928 psf in the first quarter to $1,082 psf in the second and is now 36 per cent higher than a year ago.
'This year we are seeing more demand from ultra-rich, new citizens and PRs in the market, which could possibly have resulted in the higher volume and prices,' said the firm's director of prestige homes and investment, Mr Steven Ming.
An agent who declined to be named added: 'Some new citizens from China are still looking for good class bungalows.'
He said the market has quietened down a bit recently as the gap between buyers' and sellers' price expectations widens.
CB Richard Ellis director (luxury homes) Douglas Wong said: 'Good class bungalow prices have continued to rise since 2007 and through the global financial crisis. Owners' expectations are still high due to the limited supply.'
Some sellers have been asking for higher prices after hearing talk of a Cluny Road bungalow achieving a record price of slightly over $2,000 psf, agents said.
Buyers may be sitting on the sidelines but they are likely to come back to market soon when they realise that prices are not going to fall, Mr Wong said.
The managing director of RealStar Premier Property, Mr William Wong, said he has already seen some local investors returning to the good class bungalow market recently.
But foreign buyers are few and far between. They need special permission and must be permanent residents to own landed property.
Foreigners who are not permanent residents can buy landed homes in Sentosa Cove, subject to government approval.
In recent years, the typically smaller landed homes in the 99-year leasehold gated residential enclave have also seen exceptional prices.
Average prices of Sentosa Cove bungalows rose 55 per cent to $1,959 psf in the second quarter over the same period a year ago, said Savills.
In the first half, there were 35 caveats lodged for bungalows in Sentosa Cove compared with 36 for all of last year, it said.
Just over half of this year's bungalow caveats were lodged by Singaporeans.
China accounted for 10 deals, the largest of the foreign buying contingent.
But Mr Ming said that good class bungalow prices are looking more attractive than the prices of leasehold Sentosa Cove bungalows.
He added that good class bungalow prices may rise by a further 5 to 10 per cent this year, given the more robust economic recovery and the fact that the buyer base has expanded.
Source: Straits Times, 20 Jul 2010
Sunday, July 18, 2010
Room for growth in high-end market
Trends in other cities show demand for luxury apartments in S'pore may grow yet
Singapore has long been seen as a safe investment haven - and foreigners are responding by snapping up property across the island.
About 23,000 non-landed private homes have been bought by foreigners since 2007 - of which about 35 per cent are high-end homes in districts 1, 2, 4, 9, 10 and 11 - based on the Urban Redevelopment Authority's (URA) record of caveats lodged.
Yet, the high-end apartments sector still has room for growth if trends in other cities are anything to go by.
Data from Savills shows that the average price of high-end apartments was $2,154 per sq ft (psf) in the second quarter, while that of super luxury private homes was $3,055 psf.
Super luxury homes - a subset of high-end homes - are defined as developments that achieved an average of $2,500 psf in the fourth quarter of 2006.
In Hong Kong, however, prices for high-end residences in the same quarter hit HK$14,520 (S$2,570) psf, 20 per cent higher than those here. As common spaces like corridors are taken into account in computing unit prices in Hong Kong, the actual price disparity could be even greater.
In fact, prices for high-end apartments in Hong Kong rose 47 per cent last year, raising concerns about an already overheated market. On the other hand, high-end values here went up by only 3.9 per cent last year.
Moreover, the most expensive private apartment in Hong Kong is a 6,830 sq ft unit at The Albany - which sold for HK$49,488 psf, or HK$338 million in total, this year. This is about 58 per cent more than Singapore's priciest apartment, a 5,048 sq ft home at Orchard Residences, which sold for $28.3 million, or $5,600 psf, in 2007.
In addition, Sydney apartment prices are about 28 per cent up on Singapore's while London's values are an eye-watering 41 per cent higher.
China, however, is a mixed story. While prices in its two major cities are lower, they shot up 32 per cent in Shanghai last year and 15 per cent in Beijing - and are both at record levels, marginalising any potential short-term capital gains.
Furthermore, the high-end market in Singapore is the only sector where prices are still below previous peaks. Prices of high-end apartments are 11 per cent below record levels set in the fourth quarter of 2007 while super luxury prices are 17 per cent cheaper.
In contrast, mass market prices in May were already 15 per cent over previous peaks with mid-tier apartments a more modest 5 per cent above. As positive economic prospects for Singapore are likely to continue into the second half of this year, it is possible that prices of high-end apartments could reach previous peak levels by early next year.
Compared to the full year of 2009, the number of apartments sold above $2,500 psf has already more than trebled over the last six months, with some even falling in the $3,500 to $4,000 psf range.
With rising anxiety over bubble risks and fears of more tightening measures that could derail prices, many East Asian investors may shift their funds to Singapore.
The government imposed 11 cooling measures in China earlier this year, helping to send new home sales plummeting 60 to 70 per cent in Beijing, Shanghai and Shenzhen in May alone.
As a result, more foreign buyers, especially mainland Chinese, have flocked to Singapore, at times buying with full cash payments.
They have displaced Malaysians this year as the No. 2 buyers of super luxury homes priced $5 million and above.
The growing number of high net worth individuals and millionaire Singaporeans could also see an increasing demand for luxury homes.
However, prime redevelopment sites for sale are lacking. The average take-up rate of high-end homes between 2005 and last year is 3,500 units per year, sitting comfortably above the average of 2,500 units being constructed yearly from this year to 2014.
Therefore, the supply of luxury homes is expected to be limited in the coming years and this imbalance should continue to sustain prices.
Luxury apartment prices are expected to rise by 5 to 8 per cent in the second half of this year.
Optimism surrounding the integrated resorts and robust GDP growth - and the increased expatriate employment it brings - should keep drawing affluent foreign buyers here.
This should help sustain demand for high-end homes even as an approximate 1,800 luxury apartments are expected to be launched in the second half of this year.
The writer is the senior manager, research & consultancy of Savills Singapore
Source: Sunday Times, 18 Jul 2010
Singapore has long been seen as a safe investment haven - and foreigners are responding by snapping up property across the island.
About 23,000 non-landed private homes have been bought by foreigners since 2007 - of which about 35 per cent are high-end homes in districts 1, 2, 4, 9, 10 and 11 - based on the Urban Redevelopment Authority's (URA) record of caveats lodged.
Yet, the high-end apartments sector still has room for growth if trends in other cities are anything to go by.
Data from Savills shows that the average price of high-end apartments was $2,154 per sq ft (psf) in the second quarter, while that of super luxury private homes was $3,055 psf.
Super luxury homes - a subset of high-end homes - are defined as developments that achieved an average of $2,500 psf in the fourth quarter of 2006.
In Hong Kong, however, prices for high-end residences in the same quarter hit HK$14,520 (S$2,570) psf, 20 per cent higher than those here. As common spaces like corridors are taken into account in computing unit prices in Hong Kong, the actual price disparity could be even greater.
In fact, prices for high-end apartments in Hong Kong rose 47 per cent last year, raising concerns about an already overheated market. On the other hand, high-end values here went up by only 3.9 per cent last year.
Moreover, the most expensive private apartment in Hong Kong is a 6,830 sq ft unit at The Albany - which sold for HK$49,488 psf, or HK$338 million in total, this year. This is about 58 per cent more than Singapore's priciest apartment, a 5,048 sq ft home at Orchard Residences, which sold for $28.3 million, or $5,600 psf, in 2007.
In addition, Sydney apartment prices are about 28 per cent up on Singapore's while London's values are an eye-watering 41 per cent higher.
China, however, is a mixed story. While prices in its two major cities are lower, they shot up 32 per cent in Shanghai last year and 15 per cent in Beijing - and are both at record levels, marginalising any potential short-term capital gains.
Furthermore, the high-end market in Singapore is the only sector where prices are still below previous peaks. Prices of high-end apartments are 11 per cent below record levels set in the fourth quarter of 2007 while super luxury prices are 17 per cent cheaper.
In contrast, mass market prices in May were already 15 per cent over previous peaks with mid-tier apartments a more modest 5 per cent above. As positive economic prospects for Singapore are likely to continue into the second half of this year, it is possible that prices of high-end apartments could reach previous peak levels by early next year.
Compared to the full year of 2009, the number of apartments sold above $2,500 psf has already more than trebled over the last six months, with some even falling in the $3,500 to $4,000 psf range.
With rising anxiety over bubble risks and fears of more tightening measures that could derail prices, many East Asian investors may shift their funds to Singapore.
The government imposed 11 cooling measures in China earlier this year, helping to send new home sales plummeting 60 to 70 per cent in Beijing, Shanghai and Shenzhen in May alone.
As a result, more foreign buyers, especially mainland Chinese, have flocked to Singapore, at times buying with full cash payments.
They have displaced Malaysians this year as the No. 2 buyers of super luxury homes priced $5 million and above.
The growing number of high net worth individuals and millionaire Singaporeans could also see an increasing demand for luxury homes.
However, prime redevelopment sites for sale are lacking. The average take-up rate of high-end homes between 2005 and last year is 3,500 units per year, sitting comfortably above the average of 2,500 units being constructed yearly from this year to 2014.
Therefore, the supply of luxury homes is expected to be limited in the coming years and this imbalance should continue to sustain prices.
Luxury apartment prices are expected to rise by 5 to 8 per cent in the second half of this year.
Optimism surrounding the integrated resorts and robust GDP growth - and the increased expatriate employment it brings - should keep drawing affluent foreign buyers here.
This should help sustain demand for high-end homes even as an approximate 1,800 luxury apartments are expected to be launched in the second half of this year.
The writer is the senior manager, research & consultancy of Savills Singapore
Source: Sunday Times, 18 Jul 2010
The appeal of designer condos
More developers are engaging world-class architects as buyers get more sophisticated
It is hard to miss the striking high-rise residential projects in central Singapore, some designed by internationally renowned architects.
In recent years, these internationally acclaimed names include German Ole Scheeren – who was behind The Interlace in the Alexandra Road area – and American Daniel Libeskind, who designed Reflections at Keppel Bay.
Equally famed Zaha Hadid is behind a huge condominium project on the former Farrer Court site, which has yet to be launched for sale.
Developers say it is crucial to differentiate their products in a challenging market where buyers are becoming more discerning.
Far East Organization, Singapore’s largest private developer, launched an ultra luxury brand called ‘Inessence’ last month.
Apart from allowing it to tap further into the rapidly growing wealth in the Asia-Pacific region, the developer said its move is a testament to Singapore’s strong foundations and transformation into a vibrant global city.
Mr Augustine Tan, chief executive officer, Singapore residential, Keppel Land, said: ‘With increasing globalisation, home buyers have also becoming increasingly sophisticated, so much so that owning a home is beyond the brick and mortar but involves the considerations of prestige, lifestyle and other value propositions associated with the development, such as designer architects.’
Property experts say that condos designed by world-renowned architects have a particular appeal to brand-conscious buyers.
Furthermore, these architects are believed to be able to design condos with superior layout and lifestyle concepts – for both the individual apartments and the overall development, said Colliers International’s director for research and advisory Tay Huey Ying.
Many of these designer condos are then able to command a pre- mium.
‘It’s one of the marketing tools for developers to help them achieve their price target,’ said ERA Asia-Pacific associate director Eugene Lim.
‘If I put a brand-name architect to a high-end project, I can push the price slightly higher. The pre- mium is possible because of the product differentiation.
‘People have to associate what they are paying for with what they are getting. It’s about selling an image, a lifestyle and status.’
The price premium, said Ms Tay, is, however, not guaranteed.
‘More often, they are differentiators that can help to move sales, particularly in a competitive market.’
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said buyers will be willing to pay a premium only if the property comes with other attributes – such as a desirable location and a sensible layout.
And developers do change the designs to fit the market if needed. Far East Organization, for instance, did away with an eye-catching design by Mr Scheeren for Scotts Tower as the market had changed significantly.
It had wanted to launch the project – which had only 67 large units – back in late 2007 but the high-end market had started to show signs of slowing.
It has since replaced the original design, featuring four suspended towers, with a creation by Mr Ben van Berkel of UNStudio.
Singapore can expect to see more designer condos, but they would not be flooding the market any time soon. They will remain in a class of their own.
‘Not all developers can afford to pay for the services of a world-renowned architect. Moreover, such architects may also be selective in the projects that they want to be a part of,’ said Ms Tay.
‘As such, it is unlikely that designer condos will be the norm one day, although such condos could grow in numbers, particularly in the higher-end segments.’
Source: Sunday Times, 18 Jul 2010
It is hard to miss the striking high-rise residential projects in central Singapore, some designed by internationally renowned architects.
In recent years, these internationally acclaimed names include German Ole Scheeren – who was behind The Interlace in the Alexandra Road area – and American Daniel Libeskind, who designed Reflections at Keppel Bay.
Equally famed Zaha Hadid is behind a huge condominium project on the former Farrer Court site, which has yet to be launched for sale.
Developers say it is crucial to differentiate their products in a challenging market where buyers are becoming more discerning.
Far East Organization, Singapore’s largest private developer, launched an ultra luxury brand called ‘Inessence’ last month.
Apart from allowing it to tap further into the rapidly growing wealth in the Asia-Pacific region, the developer said its move is a testament to Singapore’s strong foundations and transformation into a vibrant global city.
Mr Augustine Tan, chief executive officer, Singapore residential, Keppel Land, said: ‘With increasing globalisation, home buyers have also becoming increasingly sophisticated, so much so that owning a home is beyond the brick and mortar but involves the considerations of prestige, lifestyle and other value propositions associated with the development, such as designer architects.’
Property experts say that condos designed by world-renowned architects have a particular appeal to brand-conscious buyers.
Furthermore, these architects are believed to be able to design condos with superior layout and lifestyle concepts – for both the individual apartments and the overall development, said Colliers International’s director for research and advisory Tay Huey Ying.
Many of these designer condos are then able to command a pre- mium.
‘It’s one of the marketing tools for developers to help them achieve their price target,’ said ERA Asia-Pacific associate director Eugene Lim.
‘If I put a brand-name architect to a high-end project, I can push the price slightly higher. The pre- mium is possible because of the product differentiation.
‘People have to associate what they are paying for with what they are getting. It’s about selling an image, a lifestyle and status.’
The price premium, said Ms Tay, is, however, not guaranteed.
‘More often, they are differentiators that can help to move sales, particularly in a competitive market.’
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said buyers will be willing to pay a premium only if the property comes with other attributes – such as a desirable location and a sensible layout.
And developers do change the designs to fit the market if needed. Far East Organization, for instance, did away with an eye-catching design by Mr Scheeren for Scotts Tower as the market had changed significantly.
It had wanted to launch the project – which had only 67 large units – back in late 2007 but the high-end market had started to show signs of slowing.
It has since replaced the original design, featuring four suspended towers, with a creation by Mr Ben van Berkel of UNStudio.
Singapore can expect to see more designer condos, but they would not be flooding the market any time soon. They will remain in a class of their own.
‘Not all developers can afford to pay for the services of a world-renowned architect. Moreover, such architects may also be selective in the projects that they want to be a part of,’ said Ms Tay.
‘As such, it is unlikely that designer condos will be the norm one day, although such condos could grow in numbers, particularly in the higher-end segments.’
Source: Sunday Times, 18 Jul 2010
Brisk sales continue at new launches
Sales picking up after quiet June with World Cup, school holidays
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line’s Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Sunday Times, 18 Jul 2010
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line’s Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Sunday Times, 18 Jul 2010
New ‘hot’ residential districts coming up
Non-traditional prime areas have emerged as the property boom spreads to the suburbs
For years, Districts 9, 10 and 11 – covering Orchard, Holland, Newton and Bukit Timah – have been the must-have residential areas in Singapore.
But as the recent property boom spreads to the suburbs, a number of newly popular districts have emerged outside these traditional prime areas.
Developers with a keen eye snapped up land around city-fringe locations and suburban MRT stations, and have been launching projects in these areas over the last few months to great demand.
Some of these new sizzling spots may come as no surprise. District 2, for instance, comprises mainly the Tanjong Pagar area around the Central Business District, which is evolving into an inner-city residential hub. Recent launches such as City Developments’ 76 Shenton and Far East Organization’s Altez have been well-received.
Slightly farther from the city is District 14, where Waterbank @ Dakota and Casa Aerata have been sell-outs, and Dakota Residences is 95 per cent sold.
Property consultants say the opening of the two integrated resorts this year has boosted the popularity of these more centrally located areas.
Mr Joseph Tan, executive director for residential services at real estate consultancy CB Richard Ellis, said: ‘Not only do they attract people who bought for their own use, they also attract a good number of property investors with a view to future price appreciation or rental income.’
Ms Tay Huey Ying, director of research and advisory at Colliers International, explained: ‘District 2 has grown in popularity since 2006 and 2007 when the development of the two integrated resorts and Marina Bay Financial Centre popularised inner-city living.’
She added that homes there have remained popular since then, although sales have slowed, owing to their relatively high price tags, and especially with investors turning more cautious following the global financial crisis.
But there are also other ‘hot’ districts that may be less obvious, including District 5 in the West Coast and District 16 in Upper East Coast.
In District 5, recent launches such as Hundred Trees and The Vision were 95 per cent sold within three months, and Parc Imperial was 100 per cent sold, according to data from DTZ Debenham Tie Leung. Over in District 16, Optima @ Tanah Merah sold out in just three days.
These areas have drawn interest because of their proximity to current or future MRT stations, good local schools and international schools, said Mr Tan. Buyers of homes in the area are mostly locals – HDB upgraders and private homeowners – and also permanent residents settling down here.
‘These properties tend to be more affordably priced than those situated in the city or at the city fringe,’ he said.
Ms Chua Chor Hoon, head of South-east Asia research at DTZ Debenham Tie Leung, said in general, there are more ‘hot’ areas in Singapore now than in the past because of two main reasons: collective sales of estates in older areas and deliberate government policies to decentralise office hubs.
With more people, including expats, working outside the CBD, there is higher demand for rental homes – and hence more potential for property investors – in other parts of the island now, she said.
CBRE’s Mr Tan agreed: ‘With new initiatives to chart the progress of the country, future growth areas like Marina Bay, Jurong East, Kallang Riverside and Punggol Waterfront town are becoming more and more attractive because there is still room to encompass new ideas.’
It helps that the Government is constructing more MRT lines, consultants said. ‘The MRT network is reaching more areas of Singapore, making outlying places more accessible and desirable,’ said Ms Chua.
In the years to come, Ms Tay believes new emerging districts would include those with newly opened or soon-to-be-constructed MRT lines, as well as districts within growth areas designated by the Government.
These could include District 22 in Jurong and Boon Lay, which could benefit from the Government’s plan to develop the Jurong Lake District, and District 23 – Bukit Batok and Hillview – which would get a double boost from the construction of the MRT’s Downtown Line stage 2 as well as the spillover effects of the development of the Jurong Lake District.
Still, property consultants maintain that the traditional prime residential districts of 9, 10 and 11 will always retain their charm.
‘The exclusivity and prestige attached to certain addresses cannot be fully replicated in the new growth areas,’ concluded Mr Tan.
Source: Sunday Times, 18 Jul 2010
For years, Districts 9, 10 and 11 – covering Orchard, Holland, Newton and Bukit Timah – have been the must-have residential areas in Singapore.
But as the recent property boom spreads to the suburbs, a number of newly popular districts have emerged outside these traditional prime areas.
Developers with a keen eye snapped up land around city-fringe locations and suburban MRT stations, and have been launching projects in these areas over the last few months to great demand.
Some of these new sizzling spots may come as no surprise. District 2, for instance, comprises mainly the Tanjong Pagar area around the Central Business District, which is evolving into an inner-city residential hub. Recent launches such as City Developments’ 76 Shenton and Far East Organization’s Altez have been well-received.
Slightly farther from the city is District 14, where Waterbank @ Dakota and Casa Aerata have been sell-outs, and Dakota Residences is 95 per cent sold.
Property consultants say the opening of the two integrated resorts this year has boosted the popularity of these more centrally located areas.
Mr Joseph Tan, executive director for residential services at real estate consultancy CB Richard Ellis, said: ‘Not only do they attract people who bought for their own use, they also attract a good number of property investors with a view to future price appreciation or rental income.’
Ms Tay Huey Ying, director of research and advisory at Colliers International, explained: ‘District 2 has grown in popularity since 2006 and 2007 when the development of the two integrated resorts and Marina Bay Financial Centre popularised inner-city living.’
She added that homes there have remained popular since then, although sales have slowed, owing to their relatively high price tags, and especially with investors turning more cautious following the global financial crisis.
But there are also other ‘hot’ districts that may be less obvious, including District 5 in the West Coast and District 16 in Upper East Coast.
In District 5, recent launches such as Hundred Trees and The Vision were 95 per cent sold within three months, and Parc Imperial was 100 per cent sold, according to data from DTZ Debenham Tie Leung. Over in District 16, Optima @ Tanah Merah sold out in just three days.
These areas have drawn interest because of their proximity to current or future MRT stations, good local schools and international schools, said Mr Tan. Buyers of homes in the area are mostly locals – HDB upgraders and private homeowners – and also permanent residents settling down here.
‘These properties tend to be more affordably priced than those situated in the city or at the city fringe,’ he said.
Ms Chua Chor Hoon, head of South-east Asia research at DTZ Debenham Tie Leung, said in general, there are more ‘hot’ areas in Singapore now than in the past because of two main reasons: collective sales of estates in older areas and deliberate government policies to decentralise office hubs.
With more people, including expats, working outside the CBD, there is higher demand for rental homes – and hence more potential for property investors – in other parts of the island now, she said.
CBRE’s Mr Tan agreed: ‘With new initiatives to chart the progress of the country, future growth areas like Marina Bay, Jurong East, Kallang Riverside and Punggol Waterfront town are becoming more and more attractive because there is still room to encompass new ideas.’
It helps that the Government is constructing more MRT lines, consultants said. ‘The MRT network is reaching more areas of Singapore, making outlying places more accessible and desirable,’ said Ms Chua.
In the years to come, Ms Tay believes new emerging districts would include those with newly opened or soon-to-be-constructed MRT lines, as well as districts within growth areas designated by the Government.
These could include District 22 in Jurong and Boon Lay, which could benefit from the Government’s plan to develop the Jurong Lake District, and District 23 – Bukit Batok and Hillview – which would get a double boost from the construction of the MRT’s Downtown Line stage 2 as well as the spillover effects of the development of the Jurong Lake District.
Still, property consultants maintain that the traditional prime residential districts of 9, 10 and 11 will always retain their charm.
‘The exclusivity and prestige attached to certain addresses cannot be fully replicated in the new growth areas,’ concluded Mr Tan.
Source: Sunday Times, 18 Jul 2010
Saturday, July 17, 2010
Brisk sales continue at new launches
Sales picking up after quiet June with World Cup, school holidays
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line's Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Straits Times, 17 Jul 2010
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line's Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Straits Times, 17 Jul 2010
Home-hotel project coming up in Outram
Other projects include Hong Leong's launch of The Scala in Serangoon
A NEW development is about to inject some freshness to the historic area of Chinatown. The Tang Group of Companies will be building Dorsett Regency Hotel and Dorsett Residences at a 99-year hotel site at New Bridge Road.
Agents have started gathering interest for the 68-unit Dorsett Residences, and they say it could be previewed at the end of this month. The six-storey project will have one, two and two-plus-one bedroom units, starting from 484 sq ft in size. Prices are said to be in the region of $1,700-$1,900 psf.
According to agents, residents will be able to tap on concierge services from Dorsett Regency Hotel next door.
Tang Group's website provides more details. It says the 10-storey hotel will have 285 rooms, a swimming pool and a landscape deck. The entire hotel-residential development will have a direct link to Outram Park MRT station.
Tang Group is headed by Dennis Chiu, of the Chiu family that used to run the former Tang Dynasty City in Jurong.
The firm bagged the hotel site through a state tender which closed in September last year. Zoning guidelines allow developers to set aside as much as 40 per cent of a hotel site's total floor area for commercial and residential uses.
Cushman & Wakefield managing director Donald Han believes that Dorsett Residences should be popular, given its location. He suggests that medical tourists who frequent Singapore General Hospital nearby may consider buying units for their own occupation when they are in town.
He adds that for developers, hotels are a longer term investment compared with homes. Developers would be able to recover some capital more quickly by incorporating and selling residences in hotel sites.
Another residential project that is coming up is The Scala. Hong Leong Holdings plans to launch the 99-year leasehold 468-unit development at Serangoon Avenue 3 at the end of the month.
There will be one to four-bedders, ranging from 474 to 2142 sq ft in size. Hong Leong has yet to determine the number of units and prices for the launch. Based on caveats lodged, units at Chiltern Park nearby were sold at $735-761 psf in May.
'The Scala was designed with the family in mind,' said Hong Leong's sales and marketing head Betsy Chng. The project will have seven pavillions, providing facilities such as a wood-fired pizza oven for residents.
Over at Cairnhill Road, private previews of CapitaLand's Urban Resort Condominium have started since May. According to Urban Redevelopment Authority data, 12 units have been sold. Of these, four units changed hands in June at a median price of $2,733 psf.
Source: Business Times, 17 Jul 2010
A NEW development is about to inject some freshness to the historic area of Chinatown. The Tang Group of Companies will be building Dorsett Regency Hotel and Dorsett Residences at a 99-year hotel site at New Bridge Road.
Agents have started gathering interest for the 68-unit Dorsett Residences, and they say it could be previewed at the end of this month. The six-storey project will have one, two and two-plus-one bedroom units, starting from 484 sq ft in size. Prices are said to be in the region of $1,700-$1,900 psf.
According to agents, residents will be able to tap on concierge services from Dorsett Regency Hotel next door.
Tang Group's website provides more details. It says the 10-storey hotel will have 285 rooms, a swimming pool and a landscape deck. The entire hotel-residential development will have a direct link to Outram Park MRT station.
Tang Group is headed by Dennis Chiu, of the Chiu family that used to run the former Tang Dynasty City in Jurong.
The firm bagged the hotel site through a state tender which closed in September last year. Zoning guidelines allow developers to set aside as much as 40 per cent of a hotel site's total floor area for commercial and residential uses.
Cushman & Wakefield managing director Donald Han believes that Dorsett Residences should be popular, given its location. He suggests that medical tourists who frequent Singapore General Hospital nearby may consider buying units for their own occupation when they are in town.
He adds that for developers, hotels are a longer term investment compared with homes. Developers would be able to recover some capital more quickly by incorporating and selling residences in hotel sites.
Another residential project that is coming up is The Scala. Hong Leong Holdings plans to launch the 99-year leasehold 468-unit development at Serangoon Avenue 3 at the end of the month.
There will be one to four-bedders, ranging from 474 to 2142 sq ft in size. Hong Leong has yet to determine the number of units and prices for the launch. Based on caveats lodged, units at Chiltern Park nearby were sold at $735-761 psf in May.
'The Scala was designed with the family in mind,' said Hong Leong's sales and marketing head Betsy Chng. The project will have seven pavillions, providing facilities such as a wood-fired pizza oven for residents.
Over at Cairnhill Road, private previews of CapitaLand's Urban Resort Condominium have started since May. According to Urban Redevelopment Authority data, 12 units have been sold. Of these, four units changed hands in June at a median price of $2,733 psf.
Source: Business Times, 17 Jul 2010
Friday, July 16, 2010
Sales of new private homes cool further
SALES of new private homes slowed further last month as World Cup fever seemed to take its toll on buyer interest.
Homehunters bought 847 units in June, compared with 1,083 units in May and the near-record 2,208 units in April, according to Urban Redevelopment Authority (URA) data released yesterday.
The June figure brings new home sales to 8,518 units for the first half of the year - averaging 1,420 units per month and ahead of last year's average monthly sales volume of 1,224 units, noted CBRE Research.
The URA figures show that launches were also down last month, with 1,010 units released, against 1,135 in May.
Property experts had factored in a quiet June, given that the four-week-long South Africa World Cup, school holidays and the euro zone crisis were likely to divert the attention of potential buyers.
About half of the sales in June were for homes in suburban areas, according to URA, while prime areas proved to be the quietest, accounting for 17 per cent of sales.
Colliers International sees the geographical breakdown of new sales volumes showing intensified price resistance in June.
It points out that mid-tier units in city-fringe areas - or what the URA calls Rest of Central Region - dipped by a sharp 74 per cent to just 275 units from April's peak level of 1,044 units.
The firm's director of research and advisory, Ms Tay Huey Ying, said that this was not surprising, considering URA preliminary data had showed prices in that region gaining the most in the first half, compared to prices in the city centre or suburban areas. And overall, the prices have crossed the previous peaks.
The Minton in Hougang proved to be June's top seller, moving another 173 units at a median price of $871 per sq ft. CBRE Research said that this was higher than the median price of $849 psf reported for the first 204 units sold in May.
A new launch, Waterfront Gold, had a weaker showing with 157 units launched and 77 units sold at a median price of $996 psf.
Jones Lang LaSalle said the total quantum demanded at the project - more than $1 million for a three-bedder - was possibly larger than what the market was willing to absorb.
At the 84-unit La Brisa in Geylang, where most of the units range from 409 sq ft to 689 sq ft, buyers snapped up 82 units at a median price of $960 psf.
Looking ahead, experts expect to see stronger sales in July, noting that already two new launches - 368 Thomson and Terrene in Bukit Timah - have done well.
Yesterday, NOL Group reported selling more than 100 units at Terrene since a private preview started on July 8.
Buyers could come out to buy before the inauspicious Hungry Ghost Festival in August, they said.
Still, CBRE Research predicts buying interest will remain selective, and depend on location, product attributes and price points.
Jones Lang LaSalle said a more moderate buying mood backed by conservative global economic conditions, and hence a continual slowdown in price growth, can be expected.
Source: Straits Times, 16 Jul 2010
Homehunters bought 847 units in June, compared with 1,083 units in May and the near-record 2,208 units in April, according to Urban Redevelopment Authority (URA) data released yesterday.
The June figure brings new home sales to 8,518 units for the first half of the year - averaging 1,420 units per month and ahead of last year's average monthly sales volume of 1,224 units, noted CBRE Research.
The URA figures show that launches were also down last month, with 1,010 units released, against 1,135 in May.
Property experts had factored in a quiet June, given that the four-week-long South Africa World Cup, school holidays and the euro zone crisis were likely to divert the attention of potential buyers.
About half of the sales in June were for homes in suburban areas, according to URA, while prime areas proved to be the quietest, accounting for 17 per cent of sales.
Colliers International sees the geographical breakdown of new sales volumes showing intensified price resistance in June.
It points out that mid-tier units in city-fringe areas - or what the URA calls Rest of Central Region - dipped by a sharp 74 per cent to just 275 units from April's peak level of 1,044 units.
The firm's director of research and advisory, Ms Tay Huey Ying, said that this was not surprising, considering URA preliminary data had showed prices in that region gaining the most in the first half, compared to prices in the city centre or suburban areas. And overall, the prices have crossed the previous peaks.
The Minton in Hougang proved to be June's top seller, moving another 173 units at a median price of $871 per sq ft. CBRE Research said that this was higher than the median price of $849 psf reported for the first 204 units sold in May.
A new launch, Waterfront Gold, had a weaker showing with 157 units launched and 77 units sold at a median price of $996 psf.
Jones Lang LaSalle said the total quantum demanded at the project - more than $1 million for a three-bedder - was possibly larger than what the market was willing to absorb.
At the 84-unit La Brisa in Geylang, where most of the units range from 409 sq ft to 689 sq ft, buyers snapped up 82 units at a median price of $960 psf.
Looking ahead, experts expect to see stronger sales in July, noting that already two new launches - 368 Thomson and Terrene in Bukit Timah - have done well.
Yesterday, NOL Group reported selling more than 100 units at Terrene since a private preview started on July 8.
Buyers could come out to buy before the inauspicious Hungry Ghost Festival in August, they said.
Still, CBRE Research predicts buying interest will remain selective, and depend on location, product attributes and price points.
Jones Lang LaSalle said a more moderate buying mood backed by conservative global economic conditions, and hence a continual slowdown in price growth, can be expected.
Source: Straits Times, 16 Jul 2010
Far East buys 31 Parbury Avenue
FAR East Organization has signed a deal to buy 31 Parbury Avenue off Upper East Coast Road for $55 million - a price that works out to $898 per sq ft of land area.
A two-storey bungalow stands on the sprawling 61,240 sq ft freehold site, which can be redeveloped into eight luxury bungalows or a strata landed-housing scheme comprising either 14 bungalows or 28 semi-detached houses or 37 terrace houses, according to CB Richard Ellis, which brokered the sale.
Depending on how intensively Far East redevelops the site - beyond a baseline plot ratio of 0.7 - a development charge may be payable.
The plot is zoned for three-storey mixed landed use under Master Plan 2008.
There are also a few condos in the area, such as Parbury Hill Condominium and Riviera Residences, although these are on residential sites with a 1.4 plot ratio - on which non-landed residential developments are allowed - under Master Plan 2008.
CBRE marketed 31 Parbury Avenue through a tender that closed in late May and is said to have attracted a handful of bids.
The property is being sold by the family of the late Goh Seong Pek, one of the founders of Tat Lee Bank.
Sales of residential sites have been picking up as developers seek to restock landbanks following strong housing sales last year. Besides the Government Land Sales Programme, collective sales and other private-sector sources have been providing residential land for developers.
BS Capital recently bought the Colourscan Building in Kim Keat Road in the Balestier area with a view to redeveloping the 32,544 sq ft freehold site into a 20-storey apartment project. The Urban Redevelopment Authority has approved a rezoning of the site from Business 1 to residential use with 2.8 plot ratio - the ratio of maximum potential gross floor area to land area. BS Capital's purchase price of just over $36 million reflects a unit land price of $670 per sq ft of potential gross floor area, including an estimated Development Charge (DC) of almost $25 million.
In District 9, Cavenagh Mansions, which comprises 21 apartments, has been sold by Teck Jin - which developed the project about 20 years ago - to Selangor Dredging for $42.38 million or about $1025 per sq ft of potential gross floor area including an estimated $267,000 DC. The Malaysian company plans to redevelop the freehold site.
Source: Business Times, 16 Jul 2010
A two-storey bungalow stands on the sprawling 61,240 sq ft freehold site, which can be redeveloped into eight luxury bungalows or a strata landed-housing scheme comprising either 14 bungalows or 28 semi-detached houses or 37 terrace houses, according to CB Richard Ellis, which brokered the sale.
Depending on how intensively Far East redevelops the site - beyond a baseline plot ratio of 0.7 - a development charge may be payable.
The plot is zoned for three-storey mixed landed use under Master Plan 2008.
There are also a few condos in the area, such as Parbury Hill Condominium and Riviera Residences, although these are on residential sites with a 1.4 plot ratio - on which non-landed residential developments are allowed - under Master Plan 2008.
CBRE marketed 31 Parbury Avenue through a tender that closed in late May and is said to have attracted a handful of bids.
The property is being sold by the family of the late Goh Seong Pek, one of the founders of Tat Lee Bank.
Sales of residential sites have been picking up as developers seek to restock landbanks following strong housing sales last year. Besides the Government Land Sales Programme, collective sales and other private-sector sources have been providing residential land for developers.
BS Capital recently bought the Colourscan Building in Kim Keat Road in the Balestier area with a view to redeveloping the 32,544 sq ft freehold site into a 20-storey apartment project. The Urban Redevelopment Authority has approved a rezoning of the site from Business 1 to residential use with 2.8 plot ratio - the ratio of maximum potential gross floor area to land area. BS Capital's purchase price of just over $36 million reflects a unit land price of $670 per sq ft of potential gross floor area, including an estimated Development Charge (DC) of almost $25 million.
In District 9, Cavenagh Mansions, which comprises 21 apartments, has been sold by Teck Jin - which developed the project about 20 years ago - to Selangor Dredging for $42.38 million or about $1025 per sq ft of potential gross floor area including an estimated $267,000 DC. The Malaysian company plans to redevelop the freehold site.
Source: Business Times, 16 Jul 2010
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