Residential

Shunfu Ville up for en bloc sale

Located at Marymount Road, a privatised estate, Shunfu Ville has achieved the minimum consent level required for it to be launched for en bloc sale. The estate is about 409,000 sq ft large and has a balance lease term of 70 years. The plot is expected to sell for $800 psf ppr. Under the Urban Redevelopment Authority’s Master Plan 2014, Shunfu Ville is zoned for residential use. Also, it has a 2.8 plot ratio, which may be constructed into 1,280 units with an average unit size of 850 sq ft.

(Source: Business Times)

Condo prices in central region has fallen by 12.7% since 2013

According to the Singapore Residential Price Index (SRPI), prices of completed private apartments and condos in the central region have fallen by 12.7% since May 2013. Prices of small apartments that are no larger than 506 sq ft have also taken a 9.9% hit, since August 2013, when property prices peaked. Ong Kah Seng from R’ST Research explained that this is because flat owners may be releasing their shoebox units for sale after the flat has been left vacant for a period of time. On the whole, the SRPI has fallen 10% since July 2013. Ong Kah Seng from R’ST Research predicted that prices of completed private homes in the non-central region may be volatile in the upcoming months.

(Source: Business Times)

Q2 Current Sentiment Index inches up to 3.9 points from 3.8 in Q1

According to the Real Estate Sentiment Index survey, the Current Sentiment Index has increased to 3.9 in Q2 from a score of 3.8 in Q1. In the same survey, the Future Sentiment Index had also increased from 3.7 points to 4 from Q1 to Q2. The results indicate that developers are optimistic about the market. Survey respondents believe that the upcoming General Elections may have influenced market sentiments as developers are hoping that the election may bring about policy changes. About 74% of developers surveyed believed that the number of residential projects that will be launched in the next 6 months will either increase or remain the same. 52% believe that there will be a drop in residential property prices in the next half of the year while 38% believe that prices will remain stable.

(Source: Business Times)

Choa Chu Kang EC site attracts 11 bids

Situated at Choa Chu Kang Avenue 5, an executive condominium site has attracted 11 bids in a tender. The site was eventually sold to the top bidder for $295 psf ppr. 8 of the 11 bids were priced below $250 psf ppr. Ong Teck Hui from JLL said that this is expected as there is still a large volume of unsold EC units in the market, and more EC units are expected to be launched in the future. Nicholas Mak from SLP said that the site may have attracted a large number of bidders as developers anticipate that the income ceiling for buyers will be increased. The Choa Chu Kang site is said to incorporate smart living features into the residential development and will be launched in late-2016 or early-2017.

(Source: Business Times)

Commercial

Thong Sia Building sold for $380 million

Thong Sia Building, which is 26 storeys high, has been sold for $380 million or $2,430 psf in a collective sale. It is the first and the largest ever mixed use collective sale this year. The building is freehold and was built in 1981. It has a land area of about 21,602 sq ft. The building may be redeveloped into a mixed residential and commercial development with at least 60% of the space set out for residential use. Market experts believe that the building had fetched a very high price, given current market conditions.

(Source: Business Times)

137 Cecil Street sold for more than $200 million

The office block at 137 Cecil Street has been sold for between $210- $215 million to a Shanghai buyer. The Aviva Building, which is located at Cecil Street, has a net lettable area of 67,550 sq ft. According to URA, two units on the first level of the office block will be used as restaurants. A neighbouring site, 158 Cecil Street, was also sold in late June for $2,100 psf based on the property’s net lettable area of 115,000 sq ft.

(Source: Business Times)

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