Residential

Freehold Royalville and Ming Arcade up for sale again, with lower asking prices

174,176 sq ft residential Royalville located on Bukit Timah Road is asking $320 million to $370 million, lower than its earlier asking price of $370 million to $400 million. This is about $1,312 psf ppr, or $1,197 psf ppr if it takes into account the additional 10% balcony space and the $1.16 million development charge. The gross plot ratio is 1.4, and can be built up to five storeys.

Ming Arcade, a commercial development located near Orchard Road, is asking for $120 million or $2,180 psf ppr, lower than the earlier $130 million or $2,360 psf ppr. The site with a 55,046 sq ft gross floor area consists of 88 commercial or retail strata units ranging from 140 sq ft to 620 sq ft. Zoned ‘commercial’, the site with a 4.2 gross plot ratio can be redeveloped into a 20-storey high development for office and retail purposes or for hotel and mixed commercial and residential uses, provided approval is granted.

The tender will close at 2.30pm on Feb 15 for the former 3pm on Feb 16 for the latter.

Freehold Asia Gardens and Jade Towers up for collective sale

92,412 sq ft Jade Towers located along Lew Lian Vale, is asking of $108.8 million to $110.8 million or $826 to $841 psf ppr. With its fairly rectangular configuration, it could be reconfigured to a GFA of 131,702 sq ft which can support 101 1,200 sq ft apartment units.

84-unit Asia Gardens located on Everton Road is asking for $302.6 million to $307.7 million or $1,500 to $1,525 psf ppr. Zoned ‘residential’, the 72,059 sq ft site has a 2.8 plot ratio and 201,765 sq ft GFA.

The tenders close at 3pm on Feb 16 and 29 respectively.

Most PRs owning HDB flats occupy the flats they own

95% of permanent residents (PR) who own a flat also occupy the flat. This was revealed in an answer to Mr Ang Hin Kee, Member of Parliament (MP) for Ang Mo Kio GRC’s question as to whether PRs have to occupy the HDB flats that they own. Owners are expected to occupy their flats unless they have legitimate reasons for not being able to do so, in which case they may seek approval to sublet their flats. After 3 years they have to reapply if they want to continue to sublet their flat.

Tepid bidding with lower top bid at Bartley residential plot

The 99-year leasehold private condo site located near Bartley MRT Station drew five bids with a top bid of $388.1 million or $495.01 psf ppr, 20.2% lower than that of a nearby 99-year leasehold site sold last year, which drew eight bids. Both bids were won by a Hong Leong Holdings, City Developments and TID consortium, which had probably bid to prevent the prices for its upcoming launch of its project on the previous site from being undercut.

Bartley Residences, built on the earlier site, will consist of 702 units with one to four bedrooms and an average price of $1,200 psf. By winning the bid at the latest site, not only can the developer prevent its prices from being undercut, it will also be able to spread its breakeven costs between the two sites and establish its standing in the region. The breakeven cost for the new site is estimated to be $880 to $1,000 psf.

The difference between the two sites’ winning bids was predicted to be 5-10%, but it turned out to be higher, possibly because of the poor economic outlook and the recent measures. Another reason could be that the new site is less attractive, being situated near Bartley Secondary School, SPCA and the Gurkha Cantonment rather than being next to the MRT station and located near a landed housing estate.

The tepid bidding trend is expected to continue, but attractive sites may draw more and higher bids.

3,923 new flats offered in first BTO launch of the year

HDB is offering 3,923 new flats out of the total of 25,000 build-to-order (BTO) units it planned to offer in 2012 in its launch of five new BTO projects in Choa Chu Kang, Punggol, Sengkang and Tampines. There are plans to offer 4,110 more new flats for sale in Bedok, Bukit Batok, Bukit Panjang, Bukit Timah, Clementi, Geylang and Toa Payoh two months later.

While the flats may see decent take-up particularly for flats in Tampines and Choa Chu Kang, buyers might choose to wait for the next launch where flats launched will be located in more attractive mature estates. Nonetheless, the prices for the flats are attractive, with prices of four-room flats starting from $277,000 (inclusive of CPF housing grants) at the two Tampines projects – Tampines Alcoves and Tampines GreenTerrace, compared to $450,000 for a resale flat in the same location.

$408m top bid for 99-year leasehold 262,828.6 sq ft condominium site in Clementi

The site with a 2.8 maximum plot ratio and a potential space of 735,920.1 sq ft and yield of 685 units located along Jalan Lempeng attracted eight bids, with the highest of $554.41 psf ppr from Multi Wealth (Singapore) Pte Ltd. The interest in the site was expected since there has not been any condominium project launches in Clementi for years and there will likely be demand for private residential units in the area. Another reason for the interest would be its proximity to the Clementi MRT station, bus interchange and amenities in the town centre.  Breakeven cost and selling price for the site is expected to be $950 and $1,000 psf and $1,200 to $1,300 psf respectively.

Far East had sold 309 of 411 released units of The Hillier

75% or 309 of the 411 released units of The Hillier located at Hillview Avenue has been sold, 90% of which were sold to Singaporeans and permanent residents who mostly are already living in the Hillview and Upper Bukit Timah region. The units in the 99-year leasehold 528 Soho style units were sold at an average of $1,200 psf, and will have access to a retail podium called HillV2 integrated in the development. Confirmed tenants in the 33-unit (ranging from 311 sq ft to 8,887 sq ft), two-storey 55,500 sq ft HillV2 include Market Place, Dean & Deluca and Cold Stone Creamery. 60% of the units will be for food and beverage.

Commercial

Good sales for strata office and industrial units

99-year leasehold 13-storey Paya Lebar Square, an office and retail development located next to Paya Lebar MRT Station has sold 60 of its office units to a 50-50 division of investors and end-users at an average price of $1,700 psf. The buyers are all Singapore companies. It has released a total of 200 of its 550 units so far until its official launch in February. The units include 79 484-sq ft units, 335 units ranging from 501 sq ft – 1,000 sq ft, 120 units ranging from 1,001-1,500 sq ft and 22 units above 1,500 sq ft. The 13-storey building will consist of office strata units on levels 4 – 13, with the carpark on levels 2 – 3, and a retail podium from the basement to the second level. Decisions on the retail podium have not been made – the developer could sell it to a single buyer, sell it in strata units and lease it out.

12-storey freehold Eldix, an industrial development located at 11 Mandai Estate has sold almost 20 strata industrial units at an average price of $470 psf to Singapore entities that are mainly end-users, though some are investors. The developer, EL Development, will occupy a flatted factory unit on the 12th floor, leaving 167 1,389 sq ft to 1,862 sq ft units on the first 11 levels to be sold and the first level for a staff canteen.

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