Residential

6 freehold units at 8 Nassim Hill up for bulk sale

The six units are part of 8 Nassim Hill, a freehold condominium project with 16 luxury triplex apartments with private rooftop pools and gardens. They consist of three penthouses and two townhouses (3,218-4,338 sq ft) and a corner townhouse (5,759 sq ft). Originally meant to be kept for rental income, unsolicited interests in the units have led the developer into putting them up for sale at a price of $58-59 million or $2,400-2,450 psf. Only 10 units at the development have been sold so far, at an average of $3,060 psf, with the highest at $3,316 psf. It is located near Botanic Gardens and Orchard Road as well as the upcoming Napier and Orchard Boulevard MRT stations. The expression of interest will close on May 8 at 4 pm.

(Source: Business Times)

Developer sales in March break records

Developers sold a record 2,793 units in March, up from the 712 units sold in February, a result of pent-up demand after the traditionally slow Chinese New Year period in February and the cooling measures in January. Specifically, the OCR accounts for almost 65% or 1,814 of the 2,793 private homes sold in March while the RCR accounts for 29.4%. However, sales are expected to slow to around 1,500-2,600 units in the next few months. The record sales in March can also be attributed to the record 3,489 private homes released, compared to 261 in February, the more attractive prices from discounts and rebates in light of the increased ABSD rates, the proximity to MRT stations for many new launches and buyers’ fear of more cooling measures. The latest figures brought Q1’s total to 5,533 units excluding ECs, compared to the 4,353 units in Q4 2012. Resale deals, on the other hand, fell from 3,466 in Q4 2012 to 1,838 in Q1.

279 ECs were sold in March, compared to 209 in February. This resulted in a total of 744 ECs sold in Q1, compared to the 1,682 units sold in Q4 2012.

(Source: Business Times)

Tender for 3 EC sites to close on the same day

Four residential sites have been released under the H1 2013 GLS, one of which is a EC site at Punggol Central whose tender will close on July 30 together with two other EC sites in Punggol Drive and Yuan Ching Road. These two sites will be launched in June. This is aimed at lowering tender bids and property prices since this may result in developers having to consider their choices carefully. Some believed that this may moderate the number of bidders but not the bid prices and having the sites in the same area close on the same day might be a better measure. Furthermore, a lower bid prices may not result in a lower property price since the developer will still launch the development at the market price.

The Punggol Central EC site is a 146,010 sq ft plot with a maximum building height of 64 metres above mean sea level (AMSL) and a maximum GFA of 438,030 sq ft that can yield 395 homes. It will be launched on April 29. Next is another EC site located at Anchorvale Crescent. The 247,570 sq ft site has a maximum building height of 64 metres AMSL and a 742,709 sq ft GFA which can yield 690 units. Tender closes on May 30.  The two EC sites are expected to attract an average of five bids per plot, with bids in the range of $300-$350 psf ppr.

Also released is a 162,808 sq ft residential site at Faber Walk with a maximum building height of five storeys and a maximum GFA of 227,936 sq ft which can yield 210 units. The tender will close on June 18. It is expected to draw a top bid of around $480 psf ppr.

The last site is a 160,710 sq ft residential site at Fernvale Close with a maximum building height of 80m AMSL and a maximum GFA of 482,131 sq ft that can yield about 495 homes. The tender will close June 13 for this site which expected to draw a top bid of $450-520 psf ppr.”

(Source: Business Times)

99-year Kim Tian Road private residential plot draws record-breaking top bid

The 99-year leasehold private housing site located at Kim Tian Road near Tiong Bahru MRT Station and Tiong Bahru Plaza attracted a total of 11 bids, with the record-breaking top bid of $550.28 million or $1,162.86 psf ppr from Keppel Land unit Harvestland Development. This is despite the height restrictions of 25, 30 and 40 storeys for different sections of the site and a maximum of 500 homes, and the requirement for a basement carpark instead of a relatively cheaper multi-storey carpark. The developer plans to develop the site into a project with around 500 one to four-bedroom units of 500 sq ft to 1,350 sq ft. The expected breakeven cost and average selling price are $1,660-1,800 psf and $2,000 psf respectively.

(Source: Business Times)

Commercial

Suburban mall Jem® 100% leased

100% of the 241 shops in Jem®, a 76,000 sq ft 70-30 retail and office mixed-use development located in the Jurong Gateway regional centre, have been leased. Tenants include H&M, and Books Kinokuniya, many of which do not have outlets in the region. The lack of competition for such big brands in the area and the mall’s proximity to the Jurong East MRT station are attractive to retailers. Other retailers include hypermarkets like Fairprice Xtra, F&B outlets and entertainment facilities.

(Source: Business Times)

Two new wings to be added to Marina Square in a $95m expansion

The first new wing to be added to Marina Square is The Dining Edition, a $15 million new gourmet dining zone to be completed by June. There will 16 F&B outlets, with 14 tenants committed and already renovating their premises. The second is a $80 million three-storey retail wing to be completed by Q4 2014. There will be 60 to 80 shops in 150,000 sq ft of NLA in the new retail wing, which would feature a 200m frontage facing the Marina Bay area.

(Source: Business Times)

Two adjoining JTC industrial properties in Jurong up for sale

The two sites zoned for “Business 2” use, located at 1 Gul Avenue and 3 Gul Circle in the Jurong Industrial Estate, will be jointly sold through expression of interest.  The first has a 24-year lease while the latter has a 16-year lease. Combined, the two sites consists of two single-storey warehouses with ancillary office space and four workshop/showroom/office buildings with 527,418 sq ft of GFA on sitting on the total land area of 639,454 sq ft. The scarcity of such large industrial sites and its proximity to the AYE and PIE and the proposed Gul Circle MRT station are attractive factors to potential buyers. The expression of interest will close on May 16, 2013 at 1pm.

(Source: Business Times)

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