Summer Scent launched for sale
Summer Scent, a freehold residential development located at Hougang Avenue 2 and Upper Serangoon Road, has been launched for sale. The 16-unit development has sold six of its units, which consists of two-bedroom (581-1,711 sq ft) and three-bedroom (1,065-1,905 sq ft) units. Two-bedroom units and the two two-bedroom penthouse units that include a family room, roof terrace and Jacuzzi costs around $1,200 psf and $1,088 psf respectively. Three-bedroom units and three-bedroom penthouse units that boast of a study, a family room, roof terrace, and Jacuzzi costs around $1,200 psf and $1,086 psf respectively. It would be completed by August.
Sky Habitat awaits launch
99-year leasehold Sky Habitat, a condominium development located at Bishan Central will comprises 509 units across two 38-storey towers. The 509 units consists of the following unit types – one-bedder-plus-study, two-bedder, two-bedder- plus-study, three-bedder and four-bedroom units, which ranges from 680 sq ft to 3,000 sq ft. It is expected to be launched in late March or early April.
Surprising top bid for Hillview residential plot
At $243.2 million or $638 psf ppr, the bid from Kingsford Development was a good 18.6% higher than the second highest bid for the 99-year leasehold 136,147 sq ft residential site with 2.8 plot ratio located at Hillview Avenue. It may be a result of using the land price of nearby The Hillier’s plot as its guide, but many feel that the bid was rather high considering that it does not have a commercial component unlike The Hillier. The expected breakeven cost ranges from $1,000 to $1,060 psf and the expected selling price needed to make a profit would be more than $1,200 psf.
DTZ: IRs did not have a lasting effect on home prices
After the opening of the Marina Bay Sands (MBS) and Resorts World Sentosa (RWS), prices of residential properties slowed down from Q2 2010 to Q4 2011, with a registered growth of 3.7% and 1.5% respectively. This is a sharp contrast when compared to the period before the completion of the site, the prices of non-landed residential properties in Marina Bay and Sentosa grew by 30.6% and 41.7% in 2007 respectively. In the 18 months leading up to the competition of the IRs, the capital values of private non-landed homes in Marina Bay and Sentosa also increased by 65.3% and 38.5% respectively, likely a result of excitement over the IRs, speculative interests and the economic situation at that time. Median rents in Marina Bay increased by 35% in the same period, compared to 15% in CCR, while the median rents in Sentosa rose to $7.28 psf per month in Q4 2007 compared to $3.87 psf per month for CCR. Nevertheless, the growth in median rents rate have slowed and the rates in Marina Bay and Sentosa are likely to follow that of CCR from now.