Singapore Property News This Week #125

Residential

3 pilot HDB estates to have mechanised carparks

Three HDB estates in Bukit Panjang, Yishun and Changi Village have been chosen as pilot sites to display mechanized parking systems to see how carpark shortages can be addressed in a pilot project by the Government Parliamentary Committee (GPC) for National Development. It was reported that GPC and HDB have studied the suitability and potential of mechanized carparks as additional parking solutions because they can provide additional parking lots in estates with site constraints, especially older estates with no space to build more lots. However, not all HDB estates are appropriate for mechanized parking systems. The three pilot sites, therefore, allow further evaluation, including users’ acceptance before extending it to other sites in the future. The new mechanized carparks operate like an automated multi-storey garage, with a lift for cars. Once a driver parks his car and exits the lift, the system will determine where to take the vehicle and will move the car into place. It is estimated that the cost of installing and maintaining mechanized parking is higher than that for multi-storey or surface car parking.

(Source: Business Times)

Five houses and 506-unit EC up for sale in Sembawang

Three terraced houses and two semi-detached homes were launched for sale by tender, while e-applications for SkyPark Residences, a 506-unit executive condominium (EC), were also open this week in Sembawang region. The three terraced houses in Kerong Walk range from 2,187 sq ft to 2,946 sq ft in size. The pair of semi-detached houses on Wak Hassan Drive are 3,775 square feet and 4,661 sq ft in size. Together, the five houses in the Sembawang Park neighbourhood have a guide price of $15 million, or $943 psf. The guide price for the semi-detached houses ranges from $850 to $900 psf, and the terrace houses’ guide price are between $950 and $1,100 psf. The owners will consider both individual bids and offers for permutations of the properties. The tender exercise for the five houses closes at 3pm on Oct 31. The marketing agent for the sale is CBRE, which said that the houses are unique in design catering needs of modern families with lush natural surroundings. As for SkyPark Residences, market watchers expect the project, the first EC with a 100m skypark, to be around $750 and $820 psf. The development will give a third of its ground-level common space to water facilities. It has nine 15-storey towers of apartments with between three and five bedrooms and maisonettes with five bedrooms. Most units will have three or four bedrooms. Three-bedroom units are available in 1,141-sq-ft and 1,152-sq-ft sizes. The three-bedroom premiums are 1,238 sq ft in size. Four-bedroom units range from 1,302 sq ft to 1,356 sq ft in size. The four-bedroom premiums are 1,528 sq ft and 1,582 sq ft sizes. There are also 28 five-bedroom maisonettes with 1,722 sq ft in area.

(Source: Business Times)

Commercial

Poyang factory building and leasehold land to be sold for $11.8m

ICP Ltd announced on Oct 7 that it would be selling its factory building and leasehold land at 5 Loyang Drive of 6,931.2 sq m to Chang Hua Construction Pte Ltd for $11.8 million. For the financial year ended June 30, 2013, the net book value of the property was $9.5 million. The sale was driven by continuous losses for the last three financial years of the group’s electroplating business carried out in the property. The electroplating business would be stopped, while the proposed property deal would improve the ICP’s cash flow and earnings, including the $2.3 million gain from the disposal. Proceeds would be used for working capital, investment and acquisition opportunities.

(Source: Business Times)

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