Singapore Property News This Week #66

Residential

Sims Drive freehold factory sold for $43m

The landed factory near the junction of Sims Drive and Lorong 17 Geylang which sits on a 34,912.7 sq ft site was sold to a subsidiary of Fong Tat Group at $43.18 million or $495 psf ppr based on the 2.5 GPR. No development charge is payable for the redevelopment of the site zoned ‘Business 1’. Industrial property prices rose by 7.3% and 8.4% in Q1 and Q2 and this trend is likely to continue given the demand from companies and investors turning their interest into this market sector.

(Source: Business Times)

30-year leasehold Bukit Batok industrial site draws $32.3m top bid

The 161,578 sq ft site at Bukit Batok Street 23 attracted a total of four bids, with the top bid at $32.3 million, or $80.03 psf ppr from Soilbuild Group Holdings. This price is a reflection of a fair market price, a result of the cooling measures such as the capping of leases for all industrial sites at 30 years, and the restrictions on strata sub-division.  The site zoned Business 1 has a maximum permissible gross plot ratio of 2.5 and a maximum building height of 153 metres above mean sea level.

(Source: Business Times)

Commercial

Thomson View condo up for sale again

The 99-year leasehold 540,314 sq ft residential site at Upper Thomson Road is asking for $580 million or $685 psf ppr if a $107 million premium to enhance the property’s use and a $90 million premium to top up the lease are included. If another $46 million development charge is paid for the additional 10% GFA for balcony area, it would increase to $659 psf ppr. It has a 2.1 GPR and is zoned for residential use. The tender will close on Sept 4 at 3pm.

(Source: Business Times)

Increased sales in luxury property market

Sales in the luxury property market nearly doubled in Q2, but prices have falling, with the prices for non-landed new sales falling by 5% to $2,374 psf in Q1 and to $2,230 psf in Q2, possibly as a result of the large supply of 12,855 units (731 completed units and 12,124 uncompleted).Meanwhile, the sales have been on the rise, with new sales increasing by 246%to 235 units in Q2, sub-sales increasing by 34%to 94 units, and resales increasing 86% to 585 units.

(Source: Business Times)

Busy bungalow market

There had been a number of bungalows transacted recently, including a few in Good Class Bungalow Areas (GCBAs). These bungalows include a 999-year leasehold two-storey bungalow with a 9,500 sq ft built-up area at Yarwood Avenue sitting on a 16,278 sq ft site sold for $19.5 million or $1,198 psf, a freehold two-storey bungalow at Oriole Crescent sold for $18.2 million – or $1,726 psf based on a 10,546 sq ft land area, and a six-bedroom bungalow with a gym and a pool in Camden Park which was sold for $25 million, or $1,659 psf on the 15,070 sq ft land area. A new two-storey, seven-en-suite-bedroom bungalow with a 17,000 sq ft built up area in Binjai Park was also sold at $32.9 million or $1,471 psf based on the 22,360 sq ft site area while a small freehold five-bedroom bungalow at Woollerton Drive was sold for $12.6 million or $1,570 psf based on the land area of 7,987 sq ft. Deals transacted outside GCB Areas include a two-storey four-bedroom bungalow with a roof terrace, home theatre and pool room at Trevose Crescent, which was sold for $13.7 million or $1,788 psf based on a  7,662 sq ft land area. Buyers of these GCBs are mostly Singaporean buyer-occupiers, and given the reasonable prices, there may be more GCBs deals.

(Source: Business Times)

Three 99-year residential sites yielding up to 1,600 units launched for sale

The first site, at New Upper Changi Road, is a 343,170.4 sq ft plot for condominium/flat development with a 549,077.3 sq ft maximum GFA that can yield 540 units. The site is expected to draw much interest with eight to 12 bids, and a top bid of $630-$700 psf resulting in a $1,050-1,100 breakeven price. Since it is located near Tanah Merah MRT and the upcoming Bedok Mall, it could potentially sell for $1,200-$1,350 psf. However, there aredownsides to the site, such as competition from two neighbouring sites sold earlier.

Next is a 177,658.2 sq ft EC site at Woodlands Avenue 6/Woodlands Drive 16 witha 497,442.9 sq ft maximum GFA that can yield 465 units. The site is expected to be fairly attractive, drawing three to seven bidders with a top bid of $300-$350 psf ppr, since it there has been limited supply of EC sites in the region. Its expected breakeven price and average selling price are $600-680 psf and $730-750 psf respectively.

The final site is a 2.38-hectare site reserve site at Prince Charles Crescent which was triggered for sale by a $390 million commitment. It has a maximum permissible GFA of some 537,656.8 sq ft, and is expected to attract a $760-850 psf ppr top bid.

Tender for the three sites will close at 12 noon on Sept 20, Oct 9 and October 16 respectively.

(Source: Business Times)

Leave a Reply

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