Twin Fountains at Woodlands 2.3 times subscribed

Twin Fountains, the first EC launched in Woodlands since 2005, saw a total of 963 e-applications for its 418 units, making it 2.3 times subscribed. One third of the subscribers are first-time buyers, the rest are second-time buyers. Its appeal lies in its location, being near the upcoming Woodlands South MRT station and expressways such as the Seletar, Tampines and upcoming North-South expressways. Units range from two-bedroom suites to three- and four-bedroom units. 104 dual- key units are also offered in the development. There will also be a “Fountain Villa” for residents to host private functions or to accomodate visiting guests.

(Source: Business Times)

Freehold Versailles at Paya Lebar up for collective sale

Versailles, a 55-unit four-storey condominium freehold condominium located near Guillemard Road and Paya Lebar Road has been put up for collective sale. The 53,073 sq ft site with a 2.1 GPR is asking for $105-110 million or $1,088-$1,133 psf ppr including development charge. It has a potential GFA of 122,598 sq ft which could yield potentially 148 units and has a maximum height of 24 storeys. Any new development on the site is expected to be popular since there is a general lack of new residential projects in the area and it is located near the upcoming Paya Lebar Central, Paya Lebar MRT station and schools such as Kong Hwa School, Haig Girls’ School, Tanjong Katong Primary School, and Chung Cheng High School. The tender will close at 2.30 pm on Thursday, May 30, 2013.

(Source: Business Times)

Increase in private home price slows in Q1

In Q1 2013, private home prices saw a mere 0.6% increase from Q4 2012, compared to the 1.8% increase then. This is attributed to the cooling measures in the residential sector in January. 5,412 private homes were sold in the primary market Q1, compared to 4,353 units in Q4. The secondary market, however, saw a fall in transactions from 3,447 units to 1,871 units in Q1.  The overall rental index saw a 0.8% increase, slightly higher than the 0.7% increase I Q4 2012, while the vacancy rate fell to 5.2% from 5.4% in Q4. The number of rental transactions, however, fell by 33% to 7,676 deals in Q1.

Meanwhile, the URA’s All Industrial price index increased by 4.5% in the same period, compared to a 0.7% fall earlier. This is despite the 51.4% fall in transaction volume of strata industrial units since the proportion of transactions involving freehold/999-year leasehold industrial properties which have higher values more than doubled from 11% in Q4 2012 to 24% in Q1. The price indexes for multiple-user warehouse space and multiple-user factory space also increased by 10.6% and 2.9% respectively. The price index for office space also increased by 2.1% in Q1, compared to a 0.3% increase in Q4 while the price index for shop space also increased by 2.1% in Q1 after 0.2% fall in Q4.

(Source: Business Times)


Office leasing market expected to bottom out in 2013

The office leasing market is expected to bottom out towards the end of 2013 despite the fall in rents in Q1 and the expectation of rents to remain flat.  Even if there is any increase, it would be marginal increases of around 0.5% at the end of the year. There had been a 2.5% fall in rents for grade A+ office space in the Marina Bay and Raffles Place area from Q4 2012 to Q1 2013. Rents in the Shenton Way/Tanjong Pagar and Robinson Road area are also expected to fall given the ongoing construction of buildings in the area. Meanwhile, rents in the suburbs are expected to remain stable given the development of new good quality office buildings and their high pre-committed rates.

(Source: Business Times)

Bright Chambers sold for $46 million

Bright Chambers, a nine-storey eight-unit commercial development located at 108 Middle Road next to Bugis+ near Bugis MRT station is said to have been sold via a tender exercise for $46 million. The development with a total strata area of 34,972 sq ft sits on a 5,263 sq ft site zoned for commercial use which has a balance lease term of about 60 years. It can be refurbished and further strata-subdivided for sale or retained by the new owner for rental income.

(Source: Business Times)

65 retail units at 99-year The Midtown at Hougang sold at preview

60% of 65 of the 107 retail units at The Midtown, a 12-storey mixed-development in Hougang, have been sold. Of the retail units, there are 55 F&B units, 51 shop units and a supermarket space. The F&B units (721-969 sq ft) are sold at an average of $4,039 psf, or between $3,588 psf and $5,013 psf while the shop units (258-893 sq ft) at an average of $5,800 psf or between $4,687 psf and $6,737 psf.

In addition, 40 of the 160 residential units at Midtown Residences have also been sold at an average price of $1,400 psf. Unit sizes range from 441 sq ft for a one-bedroom apartment with a study to 1,572 sq ft for a penthouse. Prices start from $660,000 for a one-bedroom unit on a low level to $2.1 million for a four-bedroom penthouse.

(Source: Business Times)

Vacancy rate of office space falls in Q1

The net absorption of office space increased to 269,098 sq ft in Q1, up from 183,000 sq ft in Q4 last year. This resulted in an office vacancy rate stood at 9.2%, compared to 9.4% in Q4 2012. There has also been an increase in non-CBD office rents while the gross average monthly rent for Grade A office space fell by three cents to $9.55 psf in Q1 this year while the gross effective monthly rent for prime Grade A offices in Raffles Place remained at $8.90 psf.

(Source: Business Times)

30-year Tuas Bay Walk and Buroh Crescent industrial sites awarded to highest bidders

The first is the 0.58-hectare site zoned for Business 2 (Food only) use located at Tuas Bay Walk plot. The top bid out of the four the site attracted was $8.988 million or $84.57 psf ppr from Yee Lee Development Pte Ltd.  The second is the 1.77-hectare site at Buroh Crescent in Jurong which attracted a total of five bids. The top bidder OKH Holdings Pte Ltd bid $39.017 million or S$82 psf ppr for the site zoned for Business 2 use.

(Source: Business Times)

Join Our Weekly Newsletter

“What you must know before buying Singapore property…”

Sign up to get our free weekly newsletter with the best ideas and market updates from Singapore property experts, property transaction data and deals. Enter your email below to get our FREE Beginner's Guide and Property Buyer’s Checklist as a bonus. Save yourself thousands of dollars and lots of heartache!

Thanks for signing up! Please check your email to download your reports.