Residential

175 units at Commonwealth Towers sold on launch day

Commonwealth Towers, a high-rise condominium at Queenstown, sold more than half of its 300 units on its launch day. Then, its developer, Hong Leong Holdings added another 100 units to the launch in view of the 175 units sold. The 99-year leasehold condominium, which resides near shopping malls like Anchorpoint, is selling from $1,635 per square foot for a 441 sqft one-bedroom apartment to $1,690 for a 1,302 sqft four-bedroom apartment.

(Source: Business Times)

Declining housing sales likely to push down land prices

As housing sales slows, developers are more wary and land prices are likely to cool in H2 of 2014 said Chong Kang Ho, BNP Paribas analyst. DBS Research analyst, Lock Mun Yee predicts housing sale transactions to fall by 20 per cent and prices to dip by 5 per cent this year. The Singapore Residential Price Index that was released by NUS showed a 1.1 per cent month on month decline for prices of completed condominiums. These reasons are likely to push land prices down as developers try to limit their risks.

(Source: Business Times)

Waterfront@Faber opens for preview

99-year leasehold development at Sungei Ulu Pandan, WATERFRONT@FABER, which consists of 199 units and 11 strata houses, is on preview this May. Two-bedroom dual key units, ranging from 753 square feet to 764 square feet are priced from $863,000; three-bedroom dual key units, which are about 1,023 square feet, will cost about $1.125 million; and four-bedroom units, ranging from 1,173 square feet to 1,292 square feet are priced from $1.32 million. The 2,799 to 3,035 square feet strata houses will cost at least $2.48 million.

(Source: Business Times)

Potong Pasir site expected to draw bids as high as $900 psf ppr

A 99-year leasehold tenure site near Potong Pasir MRT station is expected to draw bids from $650 to $900 per square feet per plot ratio. Closing on August 19, the tenure is likely to attract four to eight bids. The commercial and residential site, which is under the Government Land Sales programme, may be developed into a 13 to 16-storey development to give 685 residential units. Other sites on reserved lists, such as an executive condominium site at Sembawang, have also been launched for application.

(Source: Business Times)

Housing plot at Sims Drive fetches lower bid price than nearby site in Geylang East

GuocoLand won the bid for a private housing site at Sims Drive for $687.88 per square foot of potential gross floor area, which was lower than a nearby site at Geylang East that was sold in January for $775.96 per square foot of potential gross floor area. There was higher interest in the Geylang East site as it had a superior location. Its maximum gross floor area was also smaller and thus was more attractive to developers. The Sims Drive site will be developed into a 19-storey condominium with 800 to 850 units and is expected to be launched in 2015.

(Source: Business Times)

Commercial

Extension to 6-year grace period for commercial & industrial tenants

The Housing & Development Board makes an extension from three to six years for the grace period for tenants, who have rented HDB spaces for at least 15 years, affected by the rule restricting the transfer of business spaces. Under this new rule, introduced in October 2013, tenants need to return their spaces to HDB after exiting the business, permitting new tenants to bid for those spaces without paying “assignment fees” to the ones moving out. An estimated 7,100 long-time tenants, or 40 percent of HDB commercial and industrial tenants, will benefit from the extension.

(Source: Business Times)

Singapore attracts US$ 217 billion in real estate investments from the ultra-rich

Singapore beats New York to be among the top four locations for real estate investments made by ultra-high net worth individuals (UHNWI). Singapore, which attracted US$217 billion, trails behind Hong Kong (US$ 798 billion), London (US$ 676 billion) and Moscow (US$ 263 billion). According to Savills, global interior design house Candy & Candy and Deutsche Asset & Wealth Management, 40 per cent of all global real estate investments come from the top five cities. Also, 72 per cent of the world’s real estate is owner-occupied residential property; and residential property remains the hot favorite for 200,000 UNHWIs according to Savills.

(Source: Business Times)

Prime spot retail rents expected to increase

While retail rents are expected to fall by three to five per cent this year, they have risen by 0.8 per cent in Q1 for prime locations such as Marina, City Hall and Bugis. Furthermore, a report by Knight Frank expects rents for prime locations to increase by three to five per cent this year. Nonetheless, data from URA showed a marginal 0.3 per cent quarter on quarter decline in rental index for the Central region. This was due to an increase in supply.

(Source: Business Times)

More industrial sites for tender under the IGLS scheme

Two industrial sites at Tuas and one other at Woodlands are open for tender till July 1, as part of the Industrial Government Land Sales (IGLS) scheme. The sites at Tuas Avenue 11 and Tuas South Street 11 are for B2 industrial uses. While the Woodlands site is for B1 industries uses such as clean and light industries. Nicholas Mak, executive director of SLP International predicts that the Tuas Avenue 11 site, which has a 30-year lease, will attract bids as high as $95 per square foot per plot ratio. However, the site at Tuas South Street 11, which is on lease for only 20 years, is expected to be less attractive to the other sites.

(Source: Business Times)

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