Hougang EC site sold for $183.8 million

A 99-year leasehold site situated at Hougang/ Yio Chu Kang area attracted 10 bids in a recently closed tender. The site was won by Hoi Hup Realty with a winning bid of $183.8 million or $331.02 psf ppr. The breakeven cost is estimated to be slightly above $700 psf and the targeted selling price will be close to $800 psf on average, said market experts. Last year, when the plot was launched, property consultants had predicted that the winning bid would be in the range of $260 to $340 psf ppr. Market experts also predicted that there would be 5 to 14 bids. The plot is projected to be developed into 560 units. Of these units, about 70% will be three-bedroom apartments, 15% will be four-bedroom apartments and the rest will either be two- or five-bedroom apartments. According to Ong Kah Seng from R’ST Research, the results of this tender do not reflect that developers are becoming positive. Instead, Ong believes that bid prices were higher due to the location of the site. Ong Teck Hui from JLL added that an absence of new EC supply in that area and the significant potential demand catchment from nearby HDB estates could have encouraged bidders to view the site positively.

(Source: Business Times)

At least 4 GCBs sold since start of year

According to the Business TImes, at least 4 Good Class Bungalows (GCBs) have been sold since the start of this year. Among the latest is a bungalow along Peirce Road that changed hands for about $24 million or $1,479 psf based on the freehold land area of 16,224 sq ft. The two-storey property which is located near Ridout Park was previously sold in 2006 for about $9.5 million. Other GCB transactions include a property at Mount Echo Park which changed hands for $22.25 million or $1,322 psf on 16,826 sq ft of freehold land; and another GCB along Yarwood Avenue was sold for $15.7 million or $971.35 psf. In 2015, more than $700 million of deals were transacted in GCB areas. This exceeded the $626 million that was transacted in 2014. William Wong from Realstar Premier Group estimates that GCB prices had fallen by 10 to 15% in 2015. He predicts that prices will continue to slip in H1 this year due to an absence of positive stimulus. However, he believes that GCB prices will stabilise in H2 this year.

(Source: Business Times)

TOP awarded to Tampines EC

The first hotel-inspired EC project, CityLife@Tampines has been awarded the temporary occupation permit (TOP). The EC which was launched in 2012, consists of 514 units. About 90% of the units were fully sold during its launch in March 2013. The EC will offer hotel-inspired features such as home concierge service, an infinity pool and even complimentary WiFi at common areas. Market experts believe that the hotel-inspired facilities and the strategic location of the condo had contributed to its appeal.

(Source: Business Times)

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