Residential

Free six-month stay at Koh Brothers Group’s Fiorenza at Florence Road

Koh Brothers Group is offering a six-month stay to a family of three at its newly completed freehold Fiorenza at Florence Road in exchange for feedback so that the developer could incorporate the feedback into future projects. The 28-unit development = launched in April 2009 has sold all but two identical units, including the furnished concept home and one unfurnished one, which are priced around $1.6 million and $1.4 million respectively. The 1,367 sq-ft two-bedroom concept home offers the latest home automation ware, a jacuzzi, Italian designer furniture, cutlery and even a gaming system. Interested parties have to submit a 100-word essay at the Koh Brothers office between 2pm and 6pm on May 19.

Over 200 Eight Riversuites units sold

Over 200 units of 99-year leasehold 862-unit Eight Riversuites condo project in Whampoa near Boon Keng MRT Station was reported to have been sold. The average price is said to be around $1,300 to $1,400 psf after a 5 per cent early-bird discount. 19 of the units are strata terrace homes, with the rest being apartment units in two 28-storey and two 30-storey blocks. Most of these units are two- and three-bedroom apartments with each accounting for about 35 % of the total 862 units. The one-bedroom units (around 450 sq ft) and two-bedroom units (around 700 sq ft) with average prices of $600,000 and $900,000 respectively are the most popular, however. The expected breakeven cost for the project is $1,150 psf.

99-year leasehold Tampines EC site next to Tampines Trilliant attracted a $233.5m top bid

The top bid of $233.5 million, or $373.40 psf ppr for the EC plot next to the Tampines Trilliant project was a joint bid from Singxpress Property Development, Amara Holdings’ Creative Investments and Kay Lim Realty. It beat out the second highest bid by just 1.2%. It attracted a total of six bids within an 8% range, reflecting the site’s popularity, which could be attributed to its proximity to educational institutions including Temasek Polytechnic, United World College of South East Asia and ITE College East and the Tampines Regional Centre. A total of 580 units could potentially be built on the 223,356.3 sq ft site which 2.8 gross plot ratio allows for a of 625,397.7 sq ft GFA. The site has an expected breakeven cost of $680-$700 psf and an expected launch price of more than $750 psf.

Commercial

Burlington Square’s 66 strata office units sold to Guthrie-Sun Venture

The 66 units were sold at $89.3 million or $1,318 psf of strata area to Guthrie and Sun Venture, which may sell these units if there are attractive offers. However, their current plan is to enhance the value of the units, which are 90% occupied and offers a net yield of 3.5-4% on the purchase price. These units are located on the fifth to 12th floors of the mixed development and accounts for 35.4% of total share values.

The venture has also either sold or issued options on all 86 office units at $1,650-2,350 psf or an average price of $1,900 psf and 11 of the 77 retail units at around $2,300 psf at 10-storey, 999-year leasehold The Adelphi near City Hall MRT Station, which was acquired last year. It is asking for $67 million ($62 million or $2,000 psf for all the fourth-level units and $5 million or $4,300 psf for two ground-floor units) for its remaining ground-floor units.

Q1 sees 5.4% fall in prime office rents

Prime office rates decreased by 5.4% in Q1 2012 from Q4 2011, while Grade A office rents continued to fall, with a decrease of 3.6% from last quarter to $10.60 psf per month. Vacancy rates have also increased to 7.3 per cent, an increase of 57 basis points up from Q4 2011 and an increase of 162 basis point from Q1 2011, leading to 3.8 million sq ft worth of vacant space. Quarterly net absorption is 587,000 sq ft, indicating a strong demand but this is likely to change for the worse for the rest of the year. However, rents are not likely to fall by as much as those after the global financial crisis since rents between prime and Grade B spaces are so different.

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