Residential

Slight increase in capital value of Singapore homes

The 1.5% increase in the capital value of its homes in H1 2012, compared with a 3.6% increase in the H2 2011, seems to suggest that the cooling measures such as the increased supply and the ABSD are working. However, these measures should not result in a significant slowdown in the short to medium term since demand is still strong, given the strong economy, rising wages and high home ownership rates. Developers had sold 11,928 private homes excluding ECs in H1 2012 75% of the 15,904 units they sold in the whole of 2011. 18,000 to 22,000 units are expected to be sold by the end of 2012, breaking 2010’s record of 16,292 units. The private home price index also increased by 0.4% from Q1 to Q2.

(Source: Business Times)

Extension of tender for 99-year Dairy Farm residential site

The tender for the 188,861.2 sq ft site with a 396,617.4 sq ft GFA and a part-five-storey-part-15-storey height restriction subject to 140 metres above mean sea level has been extended by a week after URA introduced a Development Control guideline on the maximum allowable number of dwelling units. This meant that any project on the site can have no more than 526 units. The closing date for the tender is now 12 noon on Sept 18, 2012.

(Source: Business Times)

HDB flat near Queenstown MRT sold for $1 million

The 150 sq m (1,614.6 sq ft) three-bedroom-plus-study executive apartment along Mei Ling Street near Queenstown MRT station has been sold for $1 million or $619 psf. Despite the price, about 10 buyers still viewed the apartment located on a high floor of a 16-story block. This is not surprising given the popularity of flats in the area, though such high prices are rare and should not be seen as being representative of the market.

(Source: Business Times)

Heron Bay EC offers luxury features

The 394-unit Heron Bay EC project located along Upper Serangoon View will offer features such as living rooms with ensuite private pool cum jacuzzi, complimentary fibre broadband service from M1 during the first year of occupancy, a hydroactivated water swimming pool with “healthful cell-hydration properties” and a seasports recreation centre with kayaks for free rental, among other amenities. Other than these, the project also offers a basement carpark, full condominium facilities, and a card-access security system. There are two-bedroom units (775 – 915 sq ft), three bedroom units (1,023-1,582 sq ft), four-bedroom units (1,281-1,819 sq ft) and five-bedroom units (1,496-1,938 sq ft) as well as three- to five-bedroom penthouses (starting from 1,991 sq ft) in the project. The indicative average selling price for the project is $715-720 psf.

(Source: Business Times)

Commercial

60-year Ark@Gambas releases its industrial strata units

60-year leasehold nine-storey 293-unit Ark@Gambas at 7 Gambas Avenue has been launched for sale. The part-ramp-up- part-flatted factory zoned “Business 1” offers full-glass frontage and floor-to-floor height of up to seven metres for the ground floor units as well as a canteen and car parking facilities at a three-lot-per-unit ratio. Prices start from $350 psf for a 1,600-2,700 sq ft typical column-free unit. It is expected to be equally popular among both end-users and investors since this is the first B1 strata-titled industrial development to be launched in this area this year.

(Source: Business Times)

Metropolis garnering strong interest

Grade “A” The Metropolis, an office project with two office towers and retail space that is directly linked to the Buona Vista MRT Station on the Circle Line has leased 12,600 sq ft in its Tower 2 to gym operator Fitness First. Other potential tenants include Shell, which may lease around 100,000 sq ft of space, and Neptune Orient Lines (NOL) which may lease 100,000 sq ft to 130,000 sq ft of space. 23-storey Tower 1 and 21-storey Tower 2 are expected to be completed around mid-2013 and September 2013, respectively, with a total NLA of 1.08 million sq ft (including 22,000 sq ft of retail space). The profile of office tenants has grown to include more than just the financial services sector in the past two months; and there is a growth in demand for spaces outside the CBD.

(Source: Business Times)

Office rents to fall further

Despite the healthy demand for office space in Singapore (almost 720,000 sq ft in H1 2012), rents in Raffles Place are expected fall by 12-15 per cent in 2012 and 2013 as a result of cautious demand and increasing shadow space, before recovery in 2014. Demand has been coming from social media firms, insurance and medical research companies and legal firms. Rents for prime office space, however, fell by 3% since the end of 2011.

(Source: Business Times)

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