Residential
Land parcel at Tanah Merah sold for $419.38 million
A residential site at New Upper Changi Road, near Tanah Merah MRT, was sold for $419.38 million or $761 psf ppr. This is higher than what market experts had predicted previously. Ong Teck Hui from JLL said that the top bid for the site reflects the bidder’s confidence in the market. He added that the pricing is expected as another site along Siglap Road was also sold for $858 psf ppr in January this year. Ong said that market conditions are expected to improve by 2017 and cooling measures might be eased by then, as such, firms may be more willing to bid during the tender. Nicholas Mak from SLP International added that an absence of strong competing projects by the time the development is ready to launch in 2017 could have also contributed to the high bid price. The site which has a 99-year lease term, has a land area of 24,394 sq m and an allowable gross plot ratio of 2.1. The site is likely to be developed into 720 residential units and may consist of a childcare centre.
(Source: Business Times)
Wisteria at Yishun to be launched at average price of $1,030-1,050 psf
Located at Yishun Avenue 4, the Wisteria will be launched soon. Half of the project’s 216 residential units will be put up for sale at the launch at an average price of $1,030-1,050 psf. The preview started on 27 February and sales is expected to begin on 12 March. 74% of the 108 units launched will be priced below $1 million each. Prices will range from $469,600 for a one-bedroom apartment to over $1.19 million for a four-bedder. The Wisteria, which is expected to be completed in 2018, will consist of a 12-storey mixed development that will also include 83,361 sq ft net lettable area of retail space. The site was previously won for $185.09 million or $629.24 psf of potential gross floor area.
(Source: Business Times)
4,170 flats launched by HDB in Bukit Batok, Sengkang and Bidadari
Of the 18,000 BTO flats to be launched this year, HDB has launched 4,170 flats in Bukit Batok, Sengkang and Bidadari this February. Despite flats in Bidadari commanding higher prices, they have received an overwhelming response, as predicted by market experts. According to the Business Times, while there are only 236 five-room and 3-generation flats in Bidadari, at least 408 couples have applied for those flats by 24 February. This translates to an application rate of 1.7. Demand from second-timers was strong at an application rate of 13.8. On the other hand, the application rates for flats in Sengkang Anchorvale Plains was 0.6 to 0.8 while application rates for flats in Bukit Batok West Plains were 0.2 to 0.3 as of 24 February. The Bidadari development consists of 1,994 units in total, and the Bukit Batok development consist of 1,650 units while 921 BTO units were launched in Sengkang this February.
(Source: Business Times)
Sembawang site launched for tender
Located at Jalan Kandis, a 0.7-ha residential site was launched for sale in a tender. Market experts predict that the site will generate strong interest as it would not require a huge capital outlay. The eventual project is expected to be an affordable, entry level condo for the suburban market. The site is 7,045.6 sq m and has a maximum permissible gross floor area of 9,864 sq m. It also has a lease tenure of 99 years. Ong Teck Hui from JLL predicts that the top bid will be around $400 and $470 psf ppr and he predicts that there will be 8 to 12 bidders. Desmond Sim from CBRE also predicts that the site will be won between $380 and $470 psf ppr. Sim estimates that there will be 5 to 8 bidders.
(Source: Business Times)