Residential

SPRI for shoebox apartment falls by 4.3% in 2015

According to flash estimates by the National University of Singapore, the Singapore Residential Price Index (SRPI) for small units of up to 506 sq ft has fallen by 4.3% in 2015, making it the worst price performer that year. Comparatively, the price indices for the central region and non-central region have fallen by 3.6% and 3% respectively. Overall, the SRPI has fallen by 3.3% in 2015. Ong Choon Fah from DTZ said that the size of shoebox units and their locations may have affected sales. Ong added that potential tenants may find that for the same rental outlay, they can lease a much bigger HDB flat. As such, the rental of shoebox units may have been seen as less attractive.

(Source: Business Times)

Shunfu Ville relaunched for en bloc sale

Shunfu Ville, which is located near Marymount MRT Station, has been put up for en bloc sale again after a failed attempt last year. The reserve price by owners remains unchanged at $688 million or $791 per square foot of potential gross floor area. According to JLL, housing has been more affordable since 2008, when suburban private home prices were equivalent to 9 to 10 years’ income. The figure is about 5.6 years now. The recent state land tender also suggested that developers are still hungry for land. JLL’s Yong Choon Fah believes that the location of Shunfu Ville and its proximity to facilities will increase its attractiveness. Based on the reserve price, the estimated breakeven cost for the successful buyer should be around $1,250 psf with new units expected to fetch an average price of between $1,400 and $1,450 psf.

(Source: Business Times)

Commercial

Site at Paya Lebar Central to be built into mixed commercial-residential building

Located at Paya Lebar Central, a consortium has obtained provisional permission to build a project that comprises of office, retail spaces and 429 residential apartments. The apartments are expected to be completed by 2018. However, market experts believe that the development may be launched for sale as early as next year. The development will comprise of 91,240 sq m of gross floor area of office space and 43,740 sq m of retail space. The leasehold site was won by a Lendlease-ADIA consortium in a tender that closed in March last year. The winning bid worked out to be $942.56 per square foot of potential gross floor area. The site comprises of four plots – two land parcels, an underground area and an airspace – that may be developed to a maximum of 164,794 sq m of gross floor area.

(Source: Business Times)

SBF Centre office deal inked

According to caveat information, an $85.46 million transaction of office space at SBF Centre has been completed. The deal reflects a price of $3,125 psf for a total of 27,350 sq ft covering all of Levels 29 and 30; and 8 smaller units on Level 27 and 28. The SBF Centre is expected to receive its Temporary Occupation Permit in Q3 this year and is built on a 99-year leasehold site. The site was won in state tender in 2011 for $311.78 million or $882 psf ppr. The project’s total development cost including land has been previously reported to be around $520 million.

(Source: Business Times)

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