Singapore Property News This Week #62

Residential

More than 60% of Parc Centos sold

Over 60% or 370 of 99-year leasehold 16-storey Parc Centos’s 618 units have been sold at an average price of $950 psf. The price for a one-bedroom unit starts from $550,000 while prices for two-bedroom units, three-bedroom units and four-bedroom units start from $750,000, $880,000 and $1.22 million respectively, with the latter two being the most popular unit types. In addition, the development also offers five-bedroom units and penthouses. The popularity of Parc Centros is likely due to its location in the popular Punggol, the proximity to the MRT station and the upcoming Waterway Point mall, as well as its relative lower psf average price when compared to the nearby Watertown project.

(Source: Business Times)

URA and HDB launch two residential sites

URA and HDB have launched two 99-year leasehold sites that can support a total of 950 units.

The first is an 188,861.2 sq ft condominium site located at Dairy Farm Road which has a 396,617.4 sq ft GFA that can support 390 units. Located within the Dairy Farm neighbourhood near the nature reserve, and amenities such as The Rail Mall and schools as well as the upcoming Hillview MRT station, the site is expected to be very popular with four to ten bidders and a winning top bid of $500-600 psf. The expected breakeven cost and expected average selling price are $900-950 psf and $1,100-1,200 psf respectively.

The second is a 201,799.4 sq ft EC site next to Twin Waterfalls at Punggol Way/Punggol Walk, with a 605,398.3 sq ft GFA that can yield 560 units. While some believe that much of the demand had been satisfied by the many project launches in the area, others believe that the site’s status as the last EC site near the Punggol MRT Station under the H2 2012 GLS programme and the proximity to schools will attract developers. The site is expected to attract six to ten bidders with a top bid of $300-350 psf ppr, and an expected breakeven cost and an estimated selling price of $600-650 psf and $750-800 psf respectively.

Tender for the two sites will close at 12 noon on September 11 and September 4 respectively.

(Source: Business Times)

ROXY-Pacific Holdings Limited buys Harbour View Gardens

Freehold residential development Harbour View Gardens has been sold to RH West Coast Pte Ltd, a wholly-owned subsidiary of ROXY-Pacific Holdings Limited for $33.0 million or $766.7 psf ppr based on the 1.4 gross plot ratio on the 30,745 sq ft site area. A 14-unit three-storey residential development with seven 2,411 sq ft maisonettes and seven 1,195 sq ft walk-up apartments currently sits on the site at 211/A to 223/A Pasir Panjang Road. The company plans to redevelop the site into a 55-unit five-storey apartment development.

(Source: Business Times)

GCB transaction volume picks up in Q2 2012

The number of transactions of Good Class Bungalows (GCB) increased from nine in Q1 to 18 in Q2, accompanied by an increase of 60% in transaction values from $224 million in Q1 to $359 million in Q2. This trend is likely to continue in Q3 as well, with recent deals made on a freehold two-storey bungalow at Oei Tiong Ham Park for $17.5 million or $1,614 psf based on the 10,844 sq ft site area, and a two-storey bungalow at Olive Road for $30 million or $1,185 psf based on the 25,320-sq-ft site area. The increase in transaction volume is likely due to the improved sentiment as well as recovery from the earlier ABSD setback, and the traditional increase from pent-up demand in Q1. The average price of transactions in GCB Areas in H12012 was $1,370 psf, a 7% increase from the whole of 2011’s $1,276 psf. 50-55 GCBA deals with $1-1.1 billion transaction value is predicted for the whole of 2012.

(Source: Business Times)

Demand for resale private homes rises as prices for new launches increase

As the prices for new launches increase (the number of units priced up to $750,000 falling by 50% from 2,766 in Q1 to 1,435 in Q2), more buyers have been turning to the secondary market for purchases, as evident by the 58% or 1,281-unit increase from Q1 to 3,487 units in the secondary market in Q2 compared to the 17.2% or 1,124-unit fall to 5,402 units in the primary market in Q2. Since sellers in the secondary market are individuals who tend to sell their units at prices lower or comparable to those of new launches, buyers are increasing attracted to resales, resulting in an 86% increase to 701 resale units in the Core Central Region (CCR), a 54% increase to 1,751 units in Outside Central Region (OCR), and a 50% increase to 1,035 units in Rest of Central Region (RCR) in Q2. The strong demand for resales have helped stabilised the prices for non-landed homes in all three regions, with the price index for completed properties in the CCR increasing 2.2% compared to a 0.6% fall for uncompleted properties, and a 0.9% price increase for completed properties in both the RCR and OCR compared to a mere 0.1% increase for uncompleted properties in the second quarter. The number of subsales (secondary market transactions involving uncompleted properties) also increased from 446 units in Q1 to 600 units in Q2.

Meanwhile, the number of shoebox apartments (up to 50 sq m/538 sq ft) fell from 1,764 in Q1 to 1,038 in Q2, bringing their proportion of the primary market share down from 27% to 19%. This could be due to either the earlier satisfaction of demand or the smaller number of such units in Q2 launches.

(Source: Business Times)

Record high HDB resale prices in Q2

The number of HDB resale flats transacted in Q2 hit a record high of 7,011 after a 19% increase 5,892 in Q1, bringing the resale price index (RPI) to 194.0, an 1.3% increase from Q1. This is made possible by the higher median COV prices ($20,250 and $25,000 for a three-room flat and a four-room flat respectively in Q2) which made resale flats more affordable, especially for second-time buyers since the resale levy of $30,000 and $40,000 for three-room and four-room flats respectively are higher than the COVs. The increased demand could also be due to buyers reconsidering resale HDB flats after the popularity of shoebox apartments died down and the supply of such units fell. HDB resale prices are expected to increase by up to 5% by the end of 2012, assuming demand remains stable though resale flats may continue to face competition from the 25,000 flats to be released in 2012.

(Source: Business Times)

Commercial

JTC launches two 22-year industrial sites at at Tuas South Street 6 and 7

Both sites are zoned B2 and has a 1.0 maximum permissible gross plot ratio. The plots at Tuas South Street 6 and Tuas South Street 7 have land areas of 0.86ha and 1.01 ha respectively. The sites are expected to attract three to seven bidders, with a top bid of $80-$110 psf ppr. Tender closes on September 4 at 11am.

(Source: Business Times)

SC Global Developments sold two Seven Palms Sentosa Cove units for $57.2 million

SC Global Development is said to have sold two units at Seven Palms Sentosa Cove condominium to a company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting for $57.2 million, with the third floor unit at $23.3 million and the fourth floor unit at $33.9 million. This means that the price for the two units have exceeded $4,000 psf, with the fourth floor unit hitting $4,150 psf based on the unit’s size of 8,051 sq ft. The 41-unit four-storey project sits on a 103-year leasehold 113,797 sq ft plot next to Tanjong Beach in Sentosa.

(Source: Business Times)

GCB, industrial and commercial sites/spaces up for sale

The 53,000-sq-ft empty plot of land for good class bungalows (GCBs) located in the Holland Rise area about 400 metres from Holland Village and the Holland Village MRT Station is asking for $60-65 million or $1,132-$1,226 per square foot (psf). The plot has been subdivided into three plots, two of which with access from East Sussex Lane, and one from Holland Rise. The buyer can either join the three plots together to develop one bungalow, or reconfigure the subdivision of the plots.

A 20,133-sq-ft freehold industrial site at New Industrial Road zoned Business 1 is also up for sale with an asking price of $22-25 million or $437-497 psf ppr based on the 2.5 plot ratio and 503,332.5 sq ft GFA.

Meanwhile, the commercial space up for sale is a 99-year-leasehold (with 65 years remaining) former cinema space at Sultan Plaza asking for $20 million or $1,195 psf on the net lettable area. The space up for sale is from parts of the 4th to 7th levels of Sultan Plaza, with a 37,189 sq ft strata area and a 16,738 sq ft net floor area. The buyer can convert the space into commercial units, an entertainment centre or an auditorium, subject to approval from the authorities. There are

The tenders for the first two sites close on Aug 23 at 2.30pm, while the tender for the third closes on Aug 28 at 2.30pm.

(Source: Business Times)

Leave a Reply

Your email address will not be published. Required fields are marked *