RESIDENTIAL

HDB launched over 8,200 flats; largest supply offered in a launch so far

HDB launched over 8,200 flats for sale under its BTO and SBF exercises; this number is said to be the biggest number of flats offered in a single launch so far. 5,415 new flats in Sengkang, Punggol, Jurong West, Jurong East, and Ang Mo Kio towns will be launched under the BTO projects; while, another 2,847 flats located in more than 15 matured and non-matured estates will be launched under the SBF exercise. In November, HDB will introduce an additional 4,200 BTO flats. HDB is launching so many flats in order to meet the expected rise in demand for flats due to the rise in income ceiling.

Biggest en bloc sale for 2011 so far: Oxley Holdings bought Hong Leong Garden Shopping Center at $171.128 million

A $171.128 million acquisition of Hong Leong Garden Shopping Center by a consortium led by Oxley Holdings made its way to the biggest collective sale in term of value in 2011 so far. Zoned for ‘Residential with Commercial and 1st storey’, the 956-year-leasehold mixed development at West Coast Way has a gross plot ratio of 1.6 and land area of 150,816 sq ft. From this sale, apartment owners can receive about $1.17 million to $1.64 million each, while shop owners can receive about $792,000 to $1.51 million each.

Parkway View is put up for collective sale with a stated price of $81 million

Situated along Marine Parade Road, freehold residential redevelopment plot Parkway View has been put up for collective sale with an asking price of $81 million (approximately $1,496 psf ppr). Zoned for residential use, the site has a gross plot ratio of 2.1 and an area of 25,787 sq ft. The current 15-storey development, which contains 26 units between 129 sq m and 332 sq m, can be build up to a maximum of 24 storeys. The tender ends at Oct 27, 3pm.

Sim Lian sold a further 105 units at A Treasure Trove

Over the weekend, Sim Lian had successfully sold another 105 units for its 99-year leasehold condo project A Treasure Trove, totaling the number of units sold to 625. Also, Sim Lian released an additional 200 units for the 882-unit condo project, totaling up the number of units released for sale to 790. The additional 200 units released are priced somewhat higher than the initial $866 psf. Two- and four-bedroom units are most popular. Some market watchers think that the high price for units at The Luxurie (another condo project located nearby) has drawn buyers to buy units at A Treasure Trove.

COMMERCIAL

Office plot at Robinson Road drew top bid of only $311.777 million; Top bidder Far East Organization intends to invest $520 million to develop office project

It is obvious that developers’ caution in the residential segment have spread to the office sector. An office plot at Robinson Road/Cecil Street, which is next to Capital Tower, drew a top bid of only $882.03 psf ppr ($311.777 million); the top bid submitted by Far East Organization falls below the range of $920 psf ppr to $1,500 psf ppr that property consultants had predicted. Furthermore, the top bid is merely 1.1% higher than the $872.16 psf ppr obtained by a Paya Lebar office plot this April. Far East Organization will be investing approximately $520 million (inclusive of $311.777 million land price) into developing a 33-storey office building on the 99-year leasehold plot. The development will consist of small-sized and large-sized office units of 1,075 sq ft and 10,765 sq ft respectively. With a NLA of 296,000 sq ft, the breakeven cost equates to $1,756 psf.

URA is launching tender for office site at Mountbatten Road; Colliers International is launching tender for 14,753 sq ft industrial site at 243 Alexandra Road

URA decided to put an office site at Mountbatten Road up for sale via public tender after an anonymous developer expressed interest to bid for the site with at least $8,210,250. The site, which is zoned for office development and has a lease period of 15 years, has a site area of approximately 1.17 ha and a maximum permissible GFA of 11,739 sq m. Separately, Colliers International will put a 14,753 sq ft freehold four-storey industrial development at 243 Alexandra Road up for sale via a tender. The site is zoned for Business 1 use and has a plot ratio of 2.5. The tender ends on Oct 20.

Chevron House up for sale again; this time round at an expected price of $656.6 million

Deka Immboilien of Germany, which had bought Chevron House at $2,083 psf ppr ($547 million) in September 2010, is putting the building up for sale with an expected price of $2,500 psf on NLA ($656.6 million). The monthly rents in Chevron House average between $12 psf and $13 psf for retail space, and $7.50 psf for office space. Sitting on a site with a remaining lease of 77 years, Chevron House’s 262,650 sq ft NLA consists about 230,000 sq ft of office space and 32,000 sq ft of retail space.

Property investment sales decreased 55% from Q2 to Q3: Savills Singapore

Investors have been holding back their purchases in the mid of economic uncertainties. Figures from Savills Singapore showed that investment sales of property was only around $3.8 billion this quarter, a 55% decrease from the $8.5 billion in Q2. Savills’ data also showed that total residential investment sales (including GLS sites) decreased from $4.4 billion in Q2 to around $1.77 billion in Q3 to date. Also, office investment sales decreased drastically from $1.1 billion in Q2 to $261.8 million in Q3 so far. However, industrial investment sales (excluding GLS sites) increased from $418.6 million in Q2 to $1.07 billion in Q3 to date.

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