Singapore Property News This Week #27

Residential

Sale prices at a new high for The Marq on Patterson Hill

The freehold project which consists of two 24-storey towers with a total of 66 units kept breaking record prices since May this year. In May, a 3,003-sq-ft, four-bedroom apartment in the Premier Tower in The Marq on Patterson Hill sold for a record price of $5,842 psf, this was broken in August with a new record of $6,394 psf, which was in turn broken by the $6,850 psf paid in the recent transaction. Despite the high prices, the luxury apartment market is slow compared to 2007. Singaporeans are more likely to purchase Good Class Bungalows (GCBs) which costs around the same. Foreigners who are not qualified to buy GCBs turn to luxury condominiums instead.  While foreigners are still interested in purchasing property in Singapore, the uncertain global economy results in a higher demand for value buys or fire sales, which are harder to find in Singapore. SC Global, the developer, has been able to set record high prices because of the attention it paid to the quality, design and concept of its developments.

Queues for showflat even before official launch of Bedok Residences

The 99-year leasehold Bedok Residences consisting of 583 one, one-plus- study, two, three, and four-bedroom apartments and penthouses has attracted a queue of more than 400 people at its showflat even a day before its official launch. The project located at Bedok Town Centre will be integrated with a shopping mall and a transportation hub linked to Bedok MRT station. While prices have yet to be finalised, they could range from $1,250 per square foot (psf) for the smaller units to $1,150 psf for larger units. Demand is expected to be high, with its good location and integration with amenities like a shopping mall and a transport hub.

Far East SOHO to preview the 103-year leasehold The Scotts Tower

The first project to be launched under the Far East SOHO brand of Far East Organisation, the 231-unit The Scotts Tower located at Scotts Road consists of 624 sq ft to 904 sq ft one- and two-bedrooms units as well as larger three-bedroom units and four-bedroom penthouses. Prices for the units in the 13-storey tower will start from about $3,200 psf. While this is the first small office, home office (SoHo) under the Far East SOHO Brand, Far East have sold more than 1,000 SoHo apartments since 2004 in its other developments such as Central, The Tennery and The Cape.

Top foreign homebuyers in Q3 – Mainland Chinese

Mainland Chinese (including PRs) were the top buyers of private homes in Singapore in Q3, accounting for 30.6% of the transactions in Q3. This is due to the property cooling measures in China, which led them to turn to overseas markets for property purchases. Singapore with its good environment, well developed infrastructure and education system as well as its large Chinese population proves attractive to the Chinese. Chinese buyers were particularly keen on homes in the east, which made up 21.7% of their total purchases. Generally foreign purchases rose even as the total number of sales decreased, and this may lead to governmental measures limiting foreign purchases.

HDB offers 4,200 new BTO flats, 95% reserved for first-timers

Seven build-to-order (BTO) projects are launched by HDB, with 95% of the 4,200 new flats (excluding the studio apartments) going to first-timers. These projects include Acacia Breeze @ Yishun; Fajar Spring in Bukit Panjang; Golden Cassia in Bedok; Hougang Capeview and Hougang Dewcourt in Hougang; and Waterway Banks and Waterway Ridges in Punggol. The two Punggol projects which offers a scenic view being located near a waterway is are expected to be the most popular. There will be a further launch of 25,000 BTO units in 2012, with 3,890 new flats being offered for sale in Choa Chu Kang, Punggol, Sengkang and Tampines in January next year.

99-year leasehold residential site at Chestnut Avenue draws a top bid of $180m

The highest bid of $180 million or $426 psf ppr for the 201,278 sq ft site with a maximum permissible gross floor area (GFA) of 422,688 sq ft came from SP International (S) Pte Ltd. Analysts expected the high number of bids given the high interest in the Foresque Residences site last year, and its location in Bukit Timah area.

Commercial

Good response expected for new 99-year leasehold Sengkang commercial site

HDB has launched a 94,618 sq ft commercial site with corner frontage along Sengkang West Avenue and Fernvale Road. The site has a maximum plot ratio of 3.0, about a maximum allowable gross floor area (GFA) of 283,854 sq ft. Located near the Fernvale LRT Station, Tampines Expressway (TPE) and Central Expressway (CTE), it is expected to draw good response from developers since supply for sub-urban malls is limited. Bids are estimated at $800 psf ppr, since it is mainly for retail use rather than for mixed retail-residential use which would draw higher prices. The price also reflects competition from nearby malls.

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