Residential

HSR fined and barred for en bloc deals for a year

The Council for Estate Agencies (CEA) has imposed a financial penalty of S$74,000 on real estate agency HSR International Realtors for two counts of acting for a client without declaring a conflict of interest. HSR is disallowed from undertaking any collective-sale work for one year from April 20, 2016. HSR had intended to give four owners incentives, using the commission from the collective sale, to sign the collective sales payment. These incentive payments brought about a conflict of interest, because the agency had placed its own interest (to collect the commission) and the interests of the four owners over the interests of other owners.

(Source: Business Times)

Freehold site in Novena up for sale

CBRE has launched an expression of interest (EOI) for the sale of a freehold site at 2 Derbyshire Road. Located in Novena, the 6,768 sq ft site comes with an existing four-storey building and its current gross floor area is about 8,742 sq ft. It is estimated to be priced at about S$26 million. Situated near multiple transport options, it is easily accessible to town, and is within walking distance from Novena MRT station. CBRE director for investment properties Sammi Lim said she expects keen interest from high net worth individuals.

(Source: Business Times)

Shunfu Ville sold under reserve price to Qingjian

Shunfu Ville was sold to developer Qingjian Realty for S$638 million on Thursday. The sale price is lower than the reserve price of at least S$688 million during a relaunch in January after a failed attempt last September. The site could potentially yield over 1,000 units with an average size of 1,000 sq ft. While this deal would likely rekindle interest among other enbloc sellers, many market watchers are still ambivalent about the effects of such a sale on reviving the enbloc market, given the punitive measures on unsold units for developers.

(Source: Business Times)

Lower launch prices for Stars of Kovan

Cheung Kong Property Holdings, which is developing private condominium project Stars of Kovan, has released a lower average pricing of S$1,417 per square foot (psf) for the first batch of units to be released for sale this weekend. A Cheung Kong Property spokeswoman said it is “a Cheung Kong tradition” to offer special discounts to the first batch of buyers as an incentive. Prices may be raised after the launch weekend, depending on demand. Stars of Kovan is a mixed development near Kovan MRT station that comprises 390 apartment units, five strata terrace units and 46 ground-level, British-inspired commercial shops.

(Source: Business Times)

GEM Residences developers give full price list ahead of launch

Developers of GEM Residence have released the full price list one week ahead of launch and are making the commitment to stick by that price list. The 99-year leasehold project in Toa Payoh, jointly developed by Gamuda, Evia Real Estate and Maxdin Pte Ltd, will go on sale at an average S$1,426 per square foot (psf), lower than the earlier indicative market pricing of S$1,480 psf. Vincent Ong, managing director of Evia Real Estate, said the developers wanted to be transparent about the prices early on and give buyers the time to think through their purchases properly.

(Source: Business Times)

Commercial

W Hotel looking at Downtown Singapore

W Hotel Worldwide sees room for a second W hotel in Singapore in the city centre to complement its existing W Hotel at Sentosa. There are 46 W Hotels worldwide, a figure which is expected to grow to 75 by 2020. Mr. Ingham opines that an emerging middle class and an expanding appetite for travel from today’s consumers have helped support the hospitality industry. The hotel industry, however, still has to remain relevant as consumer demands evolve. The W will be introducing new programmes across its hotels in the coming year, such as healthy meals, exercise classes and beauty services.

(Source: Business Times)

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