Residential

Bidadari flats: popular choice at Nov HDB sale

Despite higher prices, build-to-order (BTO) flats at Bidadari attracted the highest application rates among all projects released at the November HDB sale. According to the Business Times, the five-room flats at Bidadari were 20 times over-subscribed while four-room flats saw a high application rate of 5.1 times. In comparison, Fernvale Woods at Sengkang was only one time subscribed across its different-size units. Lawrence Wong, Minister for National Development said that the high application rates for the Bidadari flats could have been due to its prime location. To meet strong demand, more flats will be launched in the upcoming BTO exercise in February next year, said Wong.

(Source: Business Times)

Warm interest expected for residential site at Siglap

A residential site at Siglap is expected to be well-received by developers in its tender. The 1.93-ha land parcel is located near to the future Siglap MRT station, which is expected to be operational in 2023. The site has a gross plot ratio of 3.5 and could yield 750 units. It has been released under the confirmed list for the Government Land Sales (GLS) programme for H2 this year. Nicholas Mak from SLP International said that it is rare for a residential site to be offered for sale under the GLS programme, from that region. Ong Kah Seng from R’ST estimates that the winning bid would be between $640 and $680 psf ppr. On the other hand, Lee Nai Jia from DTZ predicts that the winning bid will be between $790 and $850 psf ppr. The tender is expected to close in January next year.

(Source: Business Times)

29 GCBs sold for $645 million in total this year

According to the Business Times, 29 Good Class Bungalows (GCBs) have changed hands for a total of $645 million since the start of the year. This is slightly more than the 28 transactions made last year, which totalled $626 million. Market experts believe that the GCB market is picking up as owners are lowering their price expectations. A recent sale was completed at $19.5 million or $1,258 psf for a 15,504 sq ft freehold bungalow along Peel Road. The property, which consists of two storeys and a basement, has a swimming pool and a home theatre room. The total built up area of the bungalow is about 9,000 sq ft. Despite the limited stock of GCBs, prices have fallen in the past year due to weak buyer sentiments, said market experts. Mary Sai from Knight Frank added that the global and local economic outlook had dampened interest in the market. Sai believed that the total debt servicing ratio framework that was implemented in 2013 had limited effect on the GCB market as GCB buyers typically do not need to borrow substantially to finance their homes.

(Source: Business Times)

Sept’s private home prices down 8.2% from 2013

According to the Asia-Pacific Structured Finance Chart, Singapore’s private residential property prices have fallen 8.2% since September 2013. Market experts attribute the drop to tighter policy controls. It is believed that if immigration rates remain low and vacancy rates and property supply remains elevated, property prices will continue to drop. However, interest rates are unlikely to have a substantial impact on property prices in the near term, added market experts.

(Source: Business Times)

Commercial

Industrial site at Tampines and Woodlands launched for sale

A Tampines industrial site and another at Woodlands have been launched for sale under the confirmed list and reserve list respectively for H2 government land sales programme this year. The Tampines site is about 0.41 ha and has been zoned for Business 2 development. It has a 20-year tenure with a maximum gross plot ratio of 1.4. Ong Kah Seng from R’ST Research predicts that the site will sell between $65 and $70 psf ppr. The Woodlands site, which is 1.61 ha, has been zoned for Business 1 development. Ong predicts that the earliest that the site could be triggered for sale is in Q2 next year.

(Source: Business Times)

Average psf price for office deals achieved at Suntec increases to $2,774 psf this year

According to the Business Times, there has been an increase in the number of office transactions made this year in Suntec City as buyers’ and sellers’ price expectations start to match up. This year, six deals totalling $169.12 million were completed in the region. In 2013, 12 deals were completed totalling $185.85 million. The average psf price achieved has increased from $1,745 psf in 2009 to $2,641 psf in 2013 to $2,774 psf this year. While office deals at Suntec have picked up this year, Alan Cheong from Savills Singapore said that the office investment sales activity on the whole remains muted.

(Source: Business Times)

Commercial building at CBD area up for sale

A freehold commercial building at Hoe Chiang Road has been up for sale by means of Expression of Interest. The building consists of 29 storeys and has a site area of about 39,337 sq ft. It has a gross floor area of 253,453 sq ft. The total net lettable area is 210,268sq ft. The plot has been zoned for commercial use and has a plot ratio of 5.6. It may be built up to 35 storeys. According to Sammi Lim from CBRE, there is limited stock for freehold commercial buildings in the CBD area as such the building is expected to attract strong interest from both local and foreign buyers.

(Source: Business Times)

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