Singapore Property News This Week #40

February 28, 2012

Singapore Property News This Week #40

Residential

Older housing estates to see more resale transactions

With the $20,000 bonus for older Singaporeans who sell their flats and purchase three-room or smaller flats, older housing estates in Bukit Merah, Toa Payoh and Queenstown with more senior owners are likely to see more resale transactions. This may lead to a slight increase in prices of such flats since some 5% of existing HDB households is predicted to switch to three-room or smaller flats with the introduction of the bonus. The target of 400,000 housing units within 400 metres of MRT stations in the next 10 years would also mean an increase in government land sales close to MRT stations. However, these are more likely to be for public rather than private housing developments.

Two freehold sites up for collective sale

The first site located along Bartley Road actually consists of two separate plots that can be tendered together or separately. Taken together, the 65,305 sq ft combined site zoned residential with a height limit of 5 storeys and 1.4 gross plot ratio is asking for $73 – $75 million or 798 to $820 psf ppr, or $726 to $746 psf ppr if the extra 10% GFA for balconies is included. Taken separately, the 55,286 sq ft 25-unit Bartley Grove Apartment plot is asking for $62.35 million to $64.04 million, down from its earlier asking price of $70 million in 2010. The 10,019 sq ft plot with three adjoining terrace houses (No 25, 27, and 29 Bartley Road) is asking for $10.65 million to $10.96 million. The new development on this site is likely to appeal to families with children, being located near schools such as Cedar Primary School, Nanyang Junior College and the Australian and American international schools.

The tender for the site closes at March 21.

26,050 sq ft Kovan Court located along Kovan Road is asking for $29 million or $795 psf ppr. The four-storey 16-unit walkup apartment has a 1.4 plot ratio (and consequently, a 36,470 sq ft GFA) and a maximum building height of five storeys. It can also be potentially amalgamated with a 996 sq ft state land in front of Kovan Court.

The tender for the site closes on March 21.

65 units of Bartley Residences sold

Of the 120 released units in at 99-year leasehold 702-unit Bartley Residences, Hong Leong Group has sold 65 units (90% to Singaporeans and PRs). The prices range from $610,000 to $670,000 for a one-bedder, $970,000 to $1.1 million for a two-bedder, $1.2 million to $1.4 million for a three-bedder, $1.65 million to $1.9 million for a four-bedder and $1.8 million to $2.1 million for a dual-key unit. After a discount of up to 20%, the average price psf is $1,240.

Motoring tycoon Peter Kwee sells a vacant freehold land parcel along Nassim Road

The 23,920 sq ft parcel was sold for about $47.8 million or $2,000 psf, a record price for Nassim Road, to a Singaporean businessman. Originally part of a site with a net land area of 109,059 sq ft jointly purchased by Mr Kwee and Tee Yih Jia executive chairman Sam Goi at $50.4 million or $462 psf, the land parcel currently sold is part of the 63,300 sq ft plot Mr Kwee got when they split up the plot. The other part was sold to Sukmawati Widjaja for $25.5 million or $647 psf in 2003.

Commercial

Rents for business and high-tech spaces increased in 2011 amidst slowdown  

In 2011, the rents for business and science park space and high-tech space increased by 5.6% and 9.6% respectively. The rental figures for the business park space and high-tech space, which reached $3.85 psf and at $2.85 psf per month in Q3 2011 respectively and stayed flat for the remainder of the year, are likely to fall by 5 to 10% in 2012. The increase in 2011 was likely to be driven by companies shifting their back-office operations to the business parks, attracted by the quality and lower rental rates.  With the increase in supply of around million sq ft of business park space in 2012, out of which 22.7 per cent is owner-occupied and 63 per cent has been pre-committed, the rental rates are expected to slow, but not by much since certain industries may see growth and there is a high pre-commitment rate.

by Propwise.sg on February 28, 2012 · 0 comments

Posted in Singapore Property News

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