Residential

Busy week for developers the last week

Developers had been enjoying a busy week with sales coming in. Freehold 107-unit The Line@Tanjong Rhu has also sold 15 units at an average price of $2,100 psf.

54-storey 510-unit 99-year V on Shenton has sold almost 50 units in the last week, bringing the total transacted units to over 140 out of its 190 released units. The average price for the project is $2,200, while absolute prices start from a little under a million dollars for a 441 sq ft city-facing studio unit on the 17th floor. A penthouse was also sold for $13.5 million. Buyers are mainly Singaporeans, and some are from Indonesia, China and India.

Meanwhile, another 100 units at 99-year leasehold 16-storey 618-unit Parc Centros near Punggol MRT station has been sold, bringing the total number of units sold to around 480 units. The remaining 90-plus units have yet to be released. The average price for the units is $950 psf, with absolute prices starting from $550,000, $750,000, $880,000 and $1.22 million for one-bedroom, two-bedroom, three-bedroom and four-bedroom units respectively. There are also five-bedroom and penthouse units. The popularity of the project is attributed to the current popularity of Punggol, and its location, being near the MRT station and future Waterway Point mall.

99-year 486-unit Parc Olympia at Flora Drive in Upper Changi has also sold 20-odd units, bringing the total to over 200 units out of the 358 released units. Initially sold at $820 psf after a 16% discount, prices have increased to around $830-840 psf after the discount fell to 15%. The project will consist of six blocks of eight storeys and two seven-storey blocks.

(Source: Business Times)

NUS SPRI reflects overall stagnation in prices

The NUS’s Singapore Residential Price Index (SRPI) series reflected a non-growth from May to June, compared to a 1.4% increase in May. The sub-index for the Central Region(excluding small units of up to 506 sq ft) fell by 0.9% while the sub-index for the Non-Central Region (excluding small units of up to 506 sq ft) increased by 0.7%. Prices for small units (up to 506 sq ft) saw a 1.4% fall from May and a 1.5%fall from Q1.

(Source: Business Times)

Prince Charles Crescent reserve site triggered for sale

The 99-year leasehold 2.38-hectare residential site was triggered for sale by a commitment of at least $390 million or $725.40 psf ppr based on its 537,656.8 sq ft GFA. The site with a height limit of 153 metres above mean sea level is located within a prime residential area next to Crescent Girls’ School.  Four to ten bids are expected for the site, with a top bid of $760-$850 psf ppr range. The expected selling price of the project is at $1,400 to $1,600 psf.

(Source: Business Times)

99-year leasehold Tanah Merah residential site draws 13 bids

The private condo site located diagonally opposite Tanah Merah MRT Station drew 13 bids, with the top bid from a tie-up between Fragrance Group and World Class Land a mere 1.8% or $5.1 million above the next highest bid. A 12-15-storey development with possibly up to 415 one-bedroom to penthouse units could be built on the site, which has an estimated break-even cost and average selling price of $1,000 psf and $1,300-1,400 psf respectively. Given that there will be two more nearby residential sites released (one on the confirmed list, another on the reserve list) by the end of this year; the developer is likely to launch its project as soon as possible. The site’s popularity is attributed to its proximity to Tanah Merah MRT station and expected buyer demand, as well as its proximity to a site zoned for commercial use which may offer retail amenities if sold and developed in the future.

(Source: Business Times)

4,191 flats available in 7 BTO projects in HDB’s July BTO launch

HDB is offering 4,191 new flats in seven BTO projects in two non-mature towns (Choa Chu Kang and Punggol), and three mature towns (Bukit Merah, Clementi, and Geylang). Accompanying this launch is an enhancement to the Special CPF Housing Grant (SHG), which will extend an SHG of $20,000 to first-timer households earning $1,500 and below wishing to purchase two-room or three-room flats in non-mature estates so that low-income families needing more space are able to do so. The projects in the non-mature estates include Keat Hong Axis (located along Choa Chu Kang Ave 1), Punggol Opal and Waterway Cascadia (along Punggol Way) while the projects in mature estates include Clementi Gateway, Depot Heights, Telok Blangah Ridgeview and GreenTops @ Sims Place. A four-room unit at Punggol Opal and Waterway Cascadia will cost from $289,000 without grants and from $274,000 with grants while such a unit at Depot Heights and Telok Blangah Ridgeview will cost from $430,000 excluding grants, and from $415,000 with grants. 95% of the BTO flats in mature towns and 85% of the BTO flats in non-mature towns will be set aside for first-timers.

(Source: Business Times)

Freehold AA Centre’s residential units up for sale by private treaty

After Colliers International put up their six levels of office space and vacant serviced apartments (55,574 sq ft strata area) at AA Centre for sale at $90-100 million, the remaining 49,805 sq ft of residential floor area in the property is available at $100 million. The 14-storey mixed development at River Valley Road is built on a 33,751 sq ft site with a 127,712 sq ft GFA and offers 90 car park lots in the basement. The site is zoned for residential use with a 2.8 plot ratio and a maximum building height of 10 storeys. Buyers interested in acquiring the entire AA centre could purchase from Colliers International and the current sale and redevelop the site. The residential units could be also converted to serviced apartments. The site is also located near the Central Expressway, the Ayer Rajah Expressway and Somerset MRT station.

(Source: Business Times)

All 32 Fifteen Robin units up for lease

All 32 units of the 17-storey Fifteen Robin, a high-end residential development at Robin Road, have been put up for lease. The 16 two-bedroom units (130 sq m or 1,399 sq ft) and the 16 three-bedroom units (170 sq m) will be leased at $7,100-7,600 and $8,500-9,300 respectively. Tenants will enjoy views from the Botanic Gardens. It is located near Newton MRT Station and the upcoming Stevens MRT station, as well as Singapore Chinese Girls’ School and Anglo Chinese School (Primary and Barker Road).

(Source: Business Times)

SingXpress Land sells Southbank SOHO units

SingXpress is selling 34,740 sq ft of space (56% of share value) at Southbank SOHO, a home-cum-office concept condominium project with a 40-storey residential block and a 20-storey SOHO block with a retail shops on the ground floor, at $63 million or $1,812 per square foot over strata area. There are 29 duplex loft SOHOs (883 sq ft-1,593 sq ft), three single-level SOHOs (463 sq ft-603 sq ft) and a 129 sq ft retail shop in the SOHO block. Being located along the junction of North Bridge Road and Crawford Street near Lavender MRT Station, the unit owners can enjoy waterfront views along Kallang Basin/Kallang River from the infinity lap pool, as well as other facilities such as a gymnasium, barbecue stations, a function room, and a courtyard garden. It is expected to be fairly popular given the current interest in strata-titled commercial properties, and the fact that the buyers are not subject to the ABSD ad SSD. The expression of interest exercise closes on Aug 31 at 3pm.

(Source: Business Times)

The property market is not running hot

With smaller average unit sizes, and the lower psf prices of the units sold in the primary market, the property market cannot be considered to be running hot.

The reason for the lower average psf price is the fact that more of the units sold are in the suburbs, where prices are lower. Although the number of units sold has increased (by 19.4% from 2007’s 11,647 units to 13,910 units in 2011), the total area of the units is lower than that of the last peak in 2007 (19.2% fall from 16.62 million sq ft in 2007 to 13.43 million sq ft in 2011) since there are more small units and lesser deals in the Core Central Region (CCR). The total value of the units sold has also fallen from 2007’s $22.7 billion to 2011’s $16.9 billion and 2012’s annualised $16.3 billion.

(Source: Business Times)

Freehold Chateau Eliza back on the market

Chateau Eliza is back on the collective sale market for the fourth time, with a reserve price of $108 million which could possibly be lowered further. The current asking price translate to $2,042 psf ppr based on the 52,887 sq ft GFA, or $1,925 psf ppr based on a 58,176 sq ft GFA with an additional 10% balcony area that cost an additional development charge of $4 million. The 18,000 sq ft site located off Orchard Road is zoned for residential use with a 2.8 plot ratio. The tender for the site closes on Aug 14 at 3pm.

(Source: Business Times)

Commercial

More office space taken up by law firms despite economic climate

Law firms have been taking up more office space in Singapore, especially from international law firms entering the market and expansion of local firms. New Grade A office buildings are particularly popular, and firms are choosing to relocate rather than renew or expand so that the firm can be housed on a single level. There is also a tendency to look for 20,000-30,000 sq ft floor plates and cellular and open-plan hybrid office layouts.

(Source: Business Times)

99-year leasehold Victoria Street mixed site triggered for sale

The 0.84 hectare site zoned for hotel development, or commercial and residential development has a maximum permissible GFA of 333,433 sq ft, of which 60% must be for hotel use with the remaining for commercial and/or residential use if the site is developed for hotel use. If the site is developed for commercial and residential use, 60% of the total GFA must be for residential use, and another 30% for hotel use and a maximum of 10% for commercial use. Another 280 sq m or 3,013.9 sq ft is allowed for an open space for outdoor refreshment areas. The site has a maximum height allowance of four storeys for the section facing the river and the junction of Victoria Street and Jalan Sultan, and 30 storeys for the rest. The estimated top bid of $650-$700 psf ppr for a 500-room three-star hotel would mean a $1,100-1,150 psf breakeven.

(Source: Business Times)

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