Residential

Reversal for prices of non-landed private homes – prices rose by 0.9%

After three months of negative or zero growth, prices of non-landed private homes rose by 0.9% in October, according to National University of Singapore’s (NUS) Singapore Residential Price Index (SRPI). Prices of new launches were strong in the earlier months but prices of resale homes had either remained stagnant or decreased. With the prices of the latter catching up to the former, the prices of non-landed private homes has risen.The increase may also be due to higher confidence in the market given the recovery in the stock market and the low interest rates. Prices are likely to increase as new launches continue to set record-breaking prices and sellers whose homes are near these launches follow suit.

URA and HDB launch three residential sites for sale

The Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) have launched three 99-year leasehold residential siteat JalanLempeng,Mount Vernon Road and Kovan Road that can yield up to 1,830 units.

The 2.4 hectare JalanLempeng site has a maximum gross floor area (GFA) of about 735,992 sq ft and can yield about 685 units.Bids are expected to range from $540 to 550 psfppr, given its eventual selling price of $1,150- 1,170 psf as a result of its location – near tertiary institutionsand the new Clementi transport hub, and Clementi Mall.

The 2.1ha Mount Vernon Road site with a GFA of 784,032 sq ft and a potential yield of 785 units is expected to draw a top bid of $610-630 psfppr giventhe average selling price of $1,200 psfppr. It will likely attract employees who work in the industrial estates near the site.

The 1.7ha site located at Kovan Road/Simon Road, with a 384,142 sq ft GFA and a potential yield of 360 units is expected to attract bids ranging from $550- 560 psfppr based on an average selling price of $1,100 psf.

The tenders will close at 12 noon on Jan 12, Jan 10 and Jan 18 respectively.

Archipelago@ Bedok Reservoir’s expected average price: $1,000-$1,100 psf

The 577-unit 99-year leasehold project located on a 491,080 square foot site which consists of condominium units and strata houses is expected to fetch an average price of $1,000to $1,100 psf. The 4,400 sq ft five-bedroom strata houses have an indicative price of above $3 million while one-bedroom condominium units ranging from 527 to 667 sq ft are expected to fetch $600,000 onwards. Two- and three-bedroom units ranging 829 sq ft to 1,894 sq ft makes up 63 per cent of the units sold.

There are also 15 five-bedroom units rangingfrom 2,411 sq ft to 2,648 sq ft.The 51penthouse units include 15 penthouse lofts with two bedrooms and a study and penthouse units ranging from 1,432 sq ft to 3,434 sq ft with four bedroom, five bedroom, and five bedroom with study.

Top bid for BtPanjang mixed use site from Sim Lian

There were 10 bids for the 99-year leasehold commercial and residential site that will be integrated with three transportation nodes – the Bukit Panjang LRT and MRT stations and a bus interchange, with the top bid from two Sim Lian entities being $805.26 per square foot of potential gross floor area (GFA). It will probably be developed into a retail and condo project since at least 35% of the 612,078.41 sq ft maximum GFA has to be set aside for commercial use. The top bid was higher than the earlier prediction of $600-$700 psfppr, a result of the higher confidence in mixed-use developments integrated with transport amenities.The average selling prices are estimated to be $1,300 psf for the residential component and $2,700 psf for the retail component, assuming a efficiency ratio of 65 per cent. The site has to be completed in seven years.

Commercial

SabanaReit to acquire JTC leasehold industrial property in Woodlands

SABANA Shari’ah Compliant Industrial Real Estate Investment Trust (SabanaReit) is buying a three-storey industrial property for $14.8 million, to be funded by debt. Located at 6 Woodlands Loop, near Admiralty and Sembawang MRT stations and easily accessible by Bukit Timah Expressway (BKE), the property has a totalgross floor area (GFA) of 77,544 sq ft and 43 years lease remaining. Once the acquisition is final, SabanaReit and MMI Holdings (the current tenant) will sign a three-year lease agreement.

Chip EngSeng beats out five other bidders for Alexandra hotel site with $189 Mil top bid

There were six bids for the state tender of a99-year-leasehold hotel plot next to Ikea at Alexandra Road, with Chip EngSeng Corporation unit CEL Development winning bid of $189 million or $789.19 psf of potential gross floor area. This will be the first hotel for Chip EngSeng which planned for redevelopment of the site to a three-and-a-half to four-star 450-room hotel with a retail component. It will likely collaborate with hotel management companies to offer accommodation for business travellers to business hubs in the area and other regional visitors.

URA release white site at Novena under reserve list

The commercial site located at the corner of Thomson and Irrawaddy roads has a maximum gross floor area of about 301,852 sq ft with 30% reserved for hotel use and the rest for residential, office, retail and other complementary commercial uses.

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