Singapore Property News This Week #75

Residential

99-year leasehold Eden Residences Capitol begins sales

A few units at 39-unit Eden Residences Capitol, the high-end residential component of a residential, hotel, retail and entertainment mixed development located near St Andrew’s Cathedral, has been sold to mainly Singaporeans and mainland Chinese at $2,900-$3,100 psf or $6.5 million to $10.4 million per unit. The residential component includes five 4,080 sq ft to 6,470 sq ft duplex penthouses in three-, four- and five-bedroom configurations offering a swimming pool and a study each and two three-bedroom garden villas (2,723 sq ft – 3,520 sq ft)with a plunge pool each on the third level. The penthouses and garden villas have yet to be released. The remaining 32 apartment units consist of three-bedroom, three-bedroom-plus-study and four bedroom-plus-study units ranging from 2,100 sq ft to 3,380 sq ft.

The residential component will occupy levels three to 12 of a new tower, while the retail component will occupy B2 to level 2.  There will be 350 car park spaces on B3-B6, with each apartment allotted two spaces in B4. The hotel component will offer around 160 rooms of sizes 40, 45 and 65 sq m on Levels 2 to 4 of Capitol Building and Stamford House.

(Source: Business Times)

Yishun EC unit sold for a record $1.61m

The unit that was sold for $1.61 million was a double-storey penthouse at 1 Canberra in Yishun. This led to worries over the affordability of high-priced units especially since over 50% of the 343 new units that was sold for over $1 million since 2010 were sold this year, compared to 115 such units in 2011.This is due to increased demand for larger units and features such as spacious balconies and unobstructed views, possibly because of the low interest rates, increased incomes and relative lack of impact of cooling measures on many EC buyers. Another possible reason for the increased demand is the increased resale prices of HDB flats, making ECs more affordable to potential HDB upgraders. Even though the higher prices are usually a result of the larger unit sizes of ECs such as four-bedroom units or penthouses (there are also more launched in 2012), an increase in interest rates to over 3% could mean a cash top-up of over $1,400 a month.

(Source: Business Times)

Redhill private housing plot expected to draw much interest

The 99-year-leasehold site near Redhill MRT Station, also known as Alexandra View (Parcel B), has been triggered for release at $222.898 million or $650 psf ppr. It can potentially be developed into a 42-storey condominium project with a maximum of 455 units with an average unit size of 70 sq m (753.47 sq ft) GFA. It is expected to attract eight to 15 bidders with a top bid of $820-$960 psf ppr or even above $1,000 psf ppr. This is due its relatively smaller GFA of 342,900 sq ft, which meant a lower absolute land bid quantum. It is also expected to draw developers with projects nearby who wants to defend their prices, thus resulting in much competition.

(Source: Business Times)

Commercial

Freehold Hotel Grand Pacific sold

Freehold 240-room, 16-storey Hotel Grand Pacific along Victoria Street opposite Bras Basah Complex has been sold for around $210 million or $850,000 to $900,000 per key. It sits on a 25,295 sq ft land and offers facilities such as a ballroom, meeting rooms, Chinese restaurant, coffee house and swimming pool. Last renovated three years ago, it offers relatively large-sized rooms of around 300 sq ft each.

(Source: Business Times)

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