Residential

Sentosa Cove condo prices are now attractive

The prices of the upscale waterfront housing district in the Sentosa Cove condo market are now attractive to both the high-end and mass markets on the mainland. This has been revealed in Colliers International’s latest White Paper. The median price of 99-year Sentosa Cove condo units has been reported to decrease 44.2 percent over two consecutive quarters, from $2,950 psf in Q1, 2013 to $1,646 psf in Q3, which is 1.5 percent lower than their 99-year-leasehold counterparts in Districts 9, 10 and 11 as well as the financial district on the mainland. This figure of $1,646 psf is also just 25.6 per cent more than the $1,311 psf median price of 99-year mass-market condos in Outside Central Region, the narrowest gap observed since condos were first launched in Sentosa. Previously in Q1, 2008, prices of condos in Sentosa Cove climbed as high as 133.1 percent above their mainland counterparts. Attractive deals on Sentosa Cove in the first nine months of this year include seven condo units with floor areas of between 1,012 square feet and 1,216 square feet transacted at $1.71 million to $1.90 million.

(Source: Business Times)

China Vanke Co. to build condos for rich Chinese buyers in Singapore

China Vanke Co., China’s biggest mainland-listed property developer, has teamed up with Keppel Land to develop 726 flats in east Singapore for rich foreign Chinese buyers who emerged as the top overseas buyers of Singapore residential property. Another factor in Vanke Co.’s decision is reported to be curbs on luxury residences and fundraising back in China. Vanke has sold S$140 million of four-year notes with a 3.275 percent coupon on Oct 31, according to Bloomberg data. More developments are also planned by Vanke in San Francisco and Hong Kong.

(Source: Business Times)

Commercial

Feature Development buys the whole Serangoon Plaza

Feature Development,an associate company of Tong Eng Group of Companies, already owned more than 90 per cent of Serangoon Plaza and has now bought the whole of the five-storey Little India complex for $400 million through a collective sale process. The final sale price is 9 to 11 percent more than the indicative price of $360 million to $368 million or $1,751 to $1,790 psf, standing at $1,946 psf. The building was up for sale in September, and the tender closed on Oct 31.

(Source: Business Times)

Hotel site in Katong up for sale

A 99-year leasehold tenure hotel site on East Coast Road near I12 Katong has been triggered for sale. The hotel is in a heritage area with the leeway for up to 40 percent of the total GFA turned over to serviced apartments and/or commercial use. It is 88,678.4 sqft in size and has a maximum GFA of about 266,040.6 sq ft. A developer is reported to put up a bid of at least $160 million, or $601.41psfppr. The winning bidder will have to restore the former JooChiat Police Station sitting on the plot, which could raise more construction costs.

(Source: Business Times)

A string of development proposals to get URA permission for Q3

A string of development proposals are reported to be granted provisional permission by the Urban Redevelopment Authority in Q3, 2013. These include a 560-room hotel in Jurong Town Hall Road by Resorts World Singapore, an office and retail development in Jurong East by SimLian, a revised development proposal by Keppel Land for its Keppel Towers and GE Tower site in Hoe Chiang Road. Previously in the July-Sept 2013 period, less than a handful of private residential projects received URA nod. One of those projects is the Keppel Land unit Harvestland Development’s proposal for a 500-unit condo in Kim Tian Road, near TiongBahru MRT Station and TiongBahru Plaza.

(Source: Business Times)

Tanglin Shopping Centre up on en bloc market again

Tanglin Shopping Centre is now back on the en bloc market after several failed attempts. Millennium & Copthorne Hotels plc (M&C) has signed a collective sale agreement on its 34 percent interest in Tanglin Shopping Centre’s share through a wholly owned subsidiary. An independent sales committee including representatives of the unit owners has been authorised to obtain the necessary approvals from other owners to market the property and prepare for a sale given that at least 80 percent of owners must agree to a collective sale.

(Source: Business Times)

Rabobank signs lease for South Beach Tower

Rabobank is said to have signed a lease for about 26,000 sqft at South Beach Tower to move out of 77 Robinson Road, under the advice of DTZ. In addition, Booking.com has also signed a lease for 45,000 sqft at Marina Bay Financial Centre Tower 3 to relocate from its existing location at Suntec City, under the broker of CBRE. Gunvor, a Europe-based commodity trading group providing integrated trading products and logistics services for the global oil and energy markets, will be taking 22,000 sqft of the building. This steady stream of office leasing deals shows that there is still demand in the market in the CBD.

(Source: Business Times)

Shops at The Interlace condo up for sale

The eight strata-titled shops at 99-year leasehold The Interlace condominium between Alexandra Road and Depot Road have been put up for sale by Knight Frank with a guide price of more than $2,500 psf.The shops are between 388 sqft and 1,119 sqft in size, and have a combined strata area of about 5,340 sq ft. The sales will be done by an expression of interest, and can be for the whole group of shops or for individual units.The Interlace, which has 1,040 residential units, is developed by CapitaLand Singapore and Hotel Properties Limited.

(Source: Business Times)

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