Singapore Property News This Week #65

Residential

Shan Gate apartments up for collective sale

The 27-unit 10-storey residential development located along Shan Road near the Novena Medical Hub and the Novena MRT Station is asking for $51.5-53.5 million or $1,010-1,049 psf ppr excluding balcony allowance, or $918-953 psf ppr if included, based on a 2.8 gross plot ratio on the 18,305 sq ft site with a 51,254 sq ft potential GFA. It can potentially be redeveloped into a 36-storey project consisting of 85 600 sq ft units. The tender will close by 3 pm on Sept 18.

(Source: Business Times)

Luxury home prices and rents to continue their decline

Despite the increase in the sales volume of luxury prime properties by 22% to 434 units from Q1 to Q2, average resale capital value of luxury prime properties fell by 2.9% to $2,380 psf, and resale capital values of typical prime properties fell by 1.5% to $1,350 psf in the same period. The increase in sales volume was due to the growth in sales volumes in the new sale and resale segments which increased by 38.5% and 22.9% respectively in Q2, as well as the 101 central region (CCR) units launched in the same period. Meanwhile, average prime rental values fell by 1.2% from Q1 to around $49 psf per annum or $4.08 psf per month, while average typical prime rental values fell 2.2 % to $38 psf per annum or $3.16 psf per month possibly because of the falling rents in older prime properties, large units, and properties facing construction and tenants’ relocation to either overseas (in the case of expatriates) or outside the prime areas where rents are lower. The trend of declining prices and rents in this segment of the market is likely to continue given the uncertain global economy.

(Source: Business Times)

Private home sales shot up by 42% in July

July saw an increase in demand for private residential homes, with a 42% increase from the 1,371 units sold in June to the 1,943 units sold in July. The strong July sales are driven mainly by the sales in the Outside Central Region (OCR) which accounted for 77.7% or 1,509 of the 1,943 private homes (excluding ECs) sold in July. The sales in the Core Central Region also registered a 79% increase to 253 units sold in July.  A total of 181 units out of the 281 released were sold in the Rest of Central Region (RCR) while 124 ECs were also sold. Looking forward, sales in August are likely to slow as a result of the seventh lunar month.

(Source: Business Times)

Freehold Kovan Lodge up for sale by tender

The 27,090 sq ft residential site located on Kovan Road could potentially be redeveloped into a bigger residential development if approval to amalgamate the site with a 505 sq ft adjoining piece of state land is granted. This would bring the GFA to 38,633 sq ft based on the 1.4 GPR, and in turn, the price to $802 psf ppr based on the $31 million indicative asking price. The site is likely to be popular since supply of freehold land in the area is limited and it is located near amenities such as Nex mall, Heartland Mall and Hougang Mall, as well as the upcoming food street@Simon Road, located at Kovan MRT Station. The tender will close on Sept 25.

(Source: Business Times)

Commercial

JTC to launch Small Footprint Standard Factories for SMEs

JTC will be launching 14,800 sq m worth Small Footprint Standard Factories, single-user, three-storey terrace standard factories catered to SMEs at Tanjong Kling in September. These factories will offer greater space flexibility from additional structural provisions that would make installation of different material handling systems easier. An additional 64,200 sqm of industrial space will be added in 2013 with the launch of the Surface Engineering Hub and MedTech1 @ MedTech Hub. SMEs are also given opportunities to build their customised facilities through the Open Land Application Scheme and the Price-Quality Tenders as well as the increased supply of industrial land through GLS (500,000 sqm of multiple-user factory space launched in 2012 and 2013 each). The current available JTC-managed space for SMEs to operate their business is 94,000 sqm, of which 29,000 sqm is from the multiple-user factory segment and the remaining 65,000 sqm is from the single-user standard factory segment.

Yishun reserve-list industrial site triggered for tender

The 1.2-hectare 30-year industrial site at Yishun Avenue 9 with a 2.5 maximum permissible GPR is zoned Business 1. Response to the site is likely to be muted given its short lease period, relative small size when compared to adjacent plots and the large existing supply in the area. However, there are also plus points such as the existing supporting networks, and its accessibility to Yishun Interchange. It is expected to draw from under five bids to nine bids with a top bid of $50-100 psf ppr, a break-even cost of $220-250 psf and an estimated selling price of $280-$300 psf or below based on different predictions.

(Source: Business Times)

Bedok Mall to open in Q4 2013

Bedok Mall which is part of an integrated retail-residential-transport development in Bedok will open its doors by end-2013. The new Bedok bus interchange on the second level is connected to the Bedok MRT station and the mall beneath it via a linkway at the basement two level of the mall. 30% of the 250-unit mall with a 220,000 sq ft NLA across three levels has been leased to tenants such as FairPrice Finest, Best Denki, Canton Paradise, RamenPlay and Din Tai Fung. 90% of the 583-unit Bedok Residences, also part of the integrated development, has also been sold.

(Source: Business Times)

99-year leasehold Victoria Street/Jalan Sultan mixed site launched

A 0.84 ha or 8,423.2 sqm mixed site located at Victoria Street/Jalan Sultan near Lavender MRT Station  has been launched for sale by public tender. The site near the Kampong Glam historic district and Little India historic district has a maximum permissible GFA of 30,977 sqm can be developed either into a hotel or a commercial and residential development with a minimum hotel component. Any bid for the site which tender closes at 12 noon on October 11, 2012 should not be below $148.7 million.

(Source: Business Times)

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