Residential

Freehold Yi Mei Garden at Tampines Road site up in collective sale market

The 78,030.38 sq ft site located at Tampines Road near the Kovan MRT and Heartland Mall is asking for $132-135 million or $805-810 psf ppr including a$4 million development charge. It has a 2.1 GPR and can be potentially redeveloped into two towers with a total GFA of 163,863.79 sq ft. The tender closes on June 6 at 4pm.

(Source: Business Times)

99-year The Siena at Farrer Road opens for preview

The SOHO project consisting of 54 one to three-bedroom apartments units with sizes ranging from 538 to 980 sq ft has been opened for preview at prices starting from $1.28 million or $2,380 psf for a 538 sq ft unit.  Features include high ceilings, unique layout and space planning concepts. It is located near schools such as the Nanyang Primary School and St Margaret’s Secondary School as well as the Botanic Gardens and MRT station.

Meanwhile, seven out of the 30 released units at the 103-year leasehold 104-unit Ferra has been sold at prices starting from $3,160 psf or $2.3 million for a 732 sq ft unit.There are 32 units of 732 sq ft in size, 70 units of 883-893 sq ft in size and two penthouses of 2,013 sq ft. The most popular are units in the range of 883-893 sq ft. Buyers can customise their unit layout or choose from a selection of pre-designed layouts.

(Source: Business Times)

99-year leasehold Woodlands EC site draws $216m top bid

The 99-year leasehold EC sitebetween Woodlands Avenue 5 and 6 which can potentially yield 590 homes attracted a total of seven bids, with the top bid of $216 million or $341.21 psf ppr from Qingjian Realty (South Pacific) Group. The high bid price and number of bidders in this tender is despite the cooling measures in January, indicating developers’ confidence in demand for ECs in the region as well as developers’ demand for lands to replenish or stock up their land bank. The pent-up demand from the lack of EC sites released since December 2012 as well as the location of the site (being in Woodlands which was set to be developed into a commercial hub) might also have been contributing factors. In addition, the amenities in the in the region will be enhanced by the upcoming Thomson MRT line and the planned rapid transit system between Woodlands and Johor Baruv. A breakeven price of $650- $700 psf ppr is expected.

(Source: Business Times)

Fall in home resale volume and prices in April

There were 572 non-landed homes resale deals transacted in April, down from 614 deals in March 2013 and down by 53.9% from the 1,240 deals in April 2012. This is attributed to the difference in buyer and seller price expectation. The fall in sales volume is accompanied by a 0.4% fall in price from March. Specifically, prices for resale homes in the CCR and the RCR fell by 1.9% to $1,772 psf and $1,267 psf respectively while the prices of home in the OCR saw a 1.0% increase to $1,022 psf in April. The rise is largely due to the pent-up demand from first-time buyers, the low unemployment rates and interest rates. Nevertheless, this is expected to change when the demand is being met, coupled with the cooling measures, increased supply and the buyer preference for new homes over resales.

Meanwhile, the overall rents fell by 1.0% in April, with rents in the RCR and OCR falling by 4.4% and 0.9% respectively and rents in the CCR increasing by 2.1% to $4.79 psf. This lead to a fall in rental yields in both RCR and OCR to 3.73% and 3.68% respectively and an increase in rental yields in CCR to 3.25%. Looking ahead, rents are expected to fall further given the increase in supply.

The COV for resale HDB flats also fell by $1,000 to $30,000, though the median resale prices continued rising by 1.1% to $465,000. There were 1,271 flats resold in April, compared to 1,355 in April.

(Source: Business Times)

Commercial

180-suite Pan Pacific Serviced Suites Beach Road launched

The new property near Arab Street would cater to the corporate sector, offering a team of 24/7 personal assistants, complimentary Wifi access, a meeting room facility and shuttle services to the various business districts. Sizes of the serviced apartments range from 45 sq m for a one-bedroom unit to 66 sq m for a two-bedroom suite. Unlike most other serviced apartments, the Pan Pacific Serviced Suites Beach Road offers both single-night stays (from $300/night) and extended stays (from $8,000/month).

(Source: Business Times)

Zhongshan Park integrated development completed

The 190,000 sq ft hotel-cum-commercial development in Zhongshan Park off Balestier area has been completed. The development consists of a shopping mall, a commercial tower and two independently owned hotels – the three-star Days Hotel Singapore which opened last December and thefour-star Ramada Singapore at Zhongshan Park which will open on May 18. Combined, they will offer nearly 800 rooms. The 50,000-sq-ft Zhongshan Mall will feature tenants such as FairPrice Finest, Guardian, BreadTalk and Crystal Jade Steamboat Restaurant.

(Source: Business Times)

30-year Loyang Way industrial site attracts $61.6m top bid

The222,092 sq ft site with a 2.5 GPR and zoned for B2 development attracted a total of six bids and a top bid of $61.6 million or $111 psf ppr from OKH Global. Despite its irregular L-shape, it is attractive to bidders since it can be strata-subdivided when few other sites in the area can be, and also since there is a limited supply of flatted factory in the region.

(Source: Business Times)

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