Residential

Upper Paya Lebar Rd private house and 3 EC sites rolled out under GLS

A private housing site in Upper Paya Lebar Road and three executive condominium (EC) sites have been rolled out for November under the second half of 2013 Government Land Sales (GLS) Programme. According to DTZ head research Lee Lay Keng, the government is trying to strike a balance between adequate supply for current demand and being mindful of upcoming supply of private homes. The market would expect a pullback of supply of private homes for the confirmed list in the next half-year. Jones Lang LaSalle national director Ong Teck Hui said the supply of private homes by the Ministry of National Development has decreased from 8,000 in H2 2010, H1 & H2 2011 to 7,000 for 2012 and H1 2013, and eventually standing at just 6,000 in H2 2013. DTZ’s Lee Lay Keng predicted that the government could release 5,000 to 6,000 private homes in the next-half confirmed list, with a shift towards more ECs.

(Source: Business Times)

Marina South to house 9,000 private homes

21.5 ha of development area in Marina South will house 9,000 private homes with development starting after 2017/2018 when the Thomson Line is completed. This is part of the Draft Master Plan 2013 of the Urban Redevelopment Authority (URA) to create the next major growth area. There will also be an 800-metre long underground mall between two Thomson Line stations serving the area – Marina South and Gardens by the Bay. The ground-level space above the mall will be used for pedestrian walkway. A separate elevated landscaped walkway would take pedestrians from the Bay South Gardens to the seafront, and cycling path would cut through other parts of Marina Bay.

(Source: Business Times)

Paterson Hill: world’s 5th priciest street

According to Billionaire.com report, Singapore’s Paterson Hill, located in District 9 close to Orchard Road and international schools, has been ranked the world’s fifth priciest street, with an average price of $4,990 psf. Prices along the road have increased 6.5 percent in 2012. The Marq, the most expensive condo on this road, is worth a record $6,859 psf for a 3,003 sq ft unit in Nov 2011. The local purchase of the condo is about $20.5 million. Standing at the top spot for world’s priciest street is Hong Kong’s Pollock Path’s with an average price of US$11,148 psf – the highest point on Hong Kong island and a stomping ground of Hong Kong’s super-rich.

(Source: Business Times)

Holland Village to be extended under Draft Master Plan 2013

Under the Draft Master Plan 2013 of URA, Holland Village will be extended 6 ha more for a mixed use development and a basement parking station. Another two residential plots which could yield 1,500 units will also be identified, although it has not yet been announced to be designated for private or public housing. The mixed-use plot is likely to be the first to be implemented at the start of 2015. The developer who wins the tender is required to build a basement carpark big enough to serve Holland Village.

(Source: Business Times)

Draft Master Plan 2013 focuses on green townships

Under the Draft Master Plan 2013 of the URA, more townships that are green, healthy, connected and strong in community interaction will be built. Holland Village, Kampong Bugis and Marina South will be the districts with 14,500 new homes and eco-friendly spaces. The 18-ha Kampong Bugis will offer 4,000 more private homes. The 21.5-ha Marina South area will be turned into a mixed-use residential district with 9,000 more private homes. A new commercial area at Woodlands Regional Centre will be rolled out to create 100,000 more jobs. A new retail belt will also come up at Marina Bay. In decentralising work space area, more regional centres such as Jurong Lake District, Tampines Regional Centre, Paya Lebar Central and one-north will be opened. Industrial parks including Seletar Aerospace Park, Defu Industrial Estate and Lorong Halus Industrial Park will continue to be developed. Along with these decentralization plans, the city centre will continue to grow.

(Source: Business Times)

Kampong Bugis: new development by URA

The URA is reported to develop Kampong Bugis, located at the convergence of Rochor Canal and Kallang River, into an area with fewer cars and more public transport and pedestrian walkways after 2016. 80 percent of the 18-ha Kampong Bugis area will be used to house 4,000 private housing units. It would also be piloted for high-density, water-sustainable practices to incorporate effective stormwater management, vegetated swales, bio-retention basins and detention ponds to manage rainwater runoff.

(Source: Business Times)

The Draft Master Plan 2013: more people-centric

It is reported that the Draft Master Plan 2013 is taking a more people-centric approach to develop new activity clusters and encourage green spaces, beyond just numbers and land allocation for various uses. It would focus on quality of life, a more livable environment and more sports and recreation. However, some consultants were surprised that plot ratios were largely unchanged in the plan despite the possibility of the population hitting 6.9 million by 2030. A sampling of 22 private residential developments launched or sold via en bloc sales in 2013 did not show any increase in plot ratios, yet the Holland Village area which will be further developed under the plan had their plot ratios raised from 2.8 to 4.6 and 3.6 for two residential plots.

(Source: Business Times)

Commercial

JTC-owned factories to relocate

As a result of a new Master Plan still in a draft stage, JTC-owned factories in Sungei Kadut, Yew Tee and Kranji areas may have to relocate. JTC is reported to be assisting the firms in the process of relocation, with practical and sufficient timing. As the review of the Plan is still taking place, clarity on what the Master Plan entails for the three industrial sites would only be made in 2015.

(Source: Business Times)

OUE Ltd to sell OUE Bayfront for at least $1 billion

Property group OUE Ltd is reported to be selling its office and retail development OUE Bayfront for at least $1 billion to the commercial real estate investment trust to be listed on the Singapore Exchange. The sale may comprise $696.9 million in cash and units in OUE Commercial Real Estate Investment Trust of $308.1 million. In fact, OUE Bayfront would be one of two assets to form the initial portfolio of OUE C-Reit. The 50-year leasehold Lippo Plaza in Shanghai is also said to be injected into the Reit.

(Source: Business Times)

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