Residential

99-year Sengkang EC sites draws $135m top bid

The 151,779.6-sq-ft site located at the junction of Sengkang West Way and Fernvale Link attracted a total of 6 bids, with the top bid of $135 million or $296.50 psf ppr from CITY Developments’ (CDL) unit Verspring Properties. The site has a 455,338-sq-ft GFA that can yield 420 units though CDL plans to build a 380-unit high-rise EC development. The site is well located, being a five-minute walk away from the Layar LRT Station, and within walking distance from primary and secondary schools, the Sengkang Riverside Park, Punggol Reservoir and Sengkang Sports Complex. It is expected to have a break-even price and average selling price of $560-$610 psf and $670-750 psf respectively.

(Source: Business Times)

Resale prices of non-landed private homes rise in first 10 months of 2012

The resale prices of non-landed private homes registered a 7.3% increase to $1,133 psf from January to October 2012, compared to $1,056 psf in the same period last year, despite the 10.2% fall in transaction volume. This could be due to fewer launches in Q3, which led to increased demand for resale homes.  The largest increase came from the outside central region (OCR), which saw an 8.7% increase to $902 psf, followed by the 7.7% increase to $1,152 psf in the rest of central region (RCR) and the 3.2% increase to $1,718 psf in the core central region (CCR). The narrower price difference between properties in the CCR and the OCR is attributed to the faster rate of increase of average price of private homes in the OCR over the CCR and the greater impact of ABSD on properties in the CCR.

Meanwhile, the 10.2% fall in resale transaction volumes is attributed to the 10,559 properties sold in the primary market in the first 10 months of 2012 as well as the SSD. This trend is expected to continue with large number of units released in new launches.

In October, non-landed private residential units registered a 4.1% increase in resale prices to $1,209 psf from $1,159 psf in Q3 while the average unit rental registered a mere 0.5% increase from $3.87 psf in Q3 to $3.89. The largest rental increase of 2% in Q3 was from the OCR, followed by a 0.9% increase in the CCR; RCR registered a 2.2% fall.  This led to a fall in overall gross rental yield from 4% in Q3 to 3.87% in October.

(Source: Business Times)

Commercial

Freehold mixed-use redevelopment site at Balestier up for sale

The 21,219 sq ft site at 520 Balestier Road is asking for $68-75 million or $1,088-$1,198 psf ppr including an estimated development charge based on its 3.0 GPR and 63,657 sq ft GFA. Zoned for commercial and residential use, a maximum of 40% of the GFA can be for commercial use. It could potentially be amalgamated with a 750 sq ft adjoining state land, which would increase the site area and potential GFA to around 22,000 sq ft and 66,000 sq ft, subject to approval from relevant authorities. If approval is granted, it would bring the land rate to a lower $1,030-1,130 psf ppr. Buyers could potentially strata-subdivide the commercial component of the new development and sell the units or retain them for investment. The tender closes on Dec 13 at 3pm.

Also up for sale by tender is a freehold residential redevelopment site at 241 Pasir Panjang Road. The asking price is $928 to $1,005 psf based on its 1.4 GPR on the 12,933 sq ft land area. The site can potentially be redeveloped into a bungalow, strata landed or strata residential units. It is expected to be fairly popular given its proximity to National University of Singapore, Mapletree Business City, Science Parks 1 and 2, Insead, Singapore Institute of Management and Singapore Polytechnic, as well as the business parks at Jurong, which is a short drive away. The tender closes on Dec 5 at 3 pm.

(Source: Business Times)

19 freehold Crown Centre retail units up for sale

The units located on the ground floor of Crown Centre in Bukit Timah are asking for $32 million, or $4,131 psf of the 7,746 sq ft total strata area which constitutes 39.7% of the share value of the building. While the current average rent being achieved for the fully tenanted units is only a 1.8% net yield, there is a potential for increasing the yield to 4% if the buyer spruced it up, allowing it to attain monthly rents of about $15-19 psf like ground-floor units nearby Coronation Shopping Plaza. The three-storey mixed use Crown Centre has frontage along Queen’s, Bukit Timah and King’s roads, and includes 21 retail units on its second level and six apartments on the third level in addition to the 19 units being put up for sale. It also offers 22 carpark lots at the basement.

Crown Centre sits on a 18,081 sq ft site zoned for commercial and residential use, with a 3.0 plot ratio. It is well located, being in District 10 and near schools such as Hwa Chong Institution, Nanyang Girls’ High, National Junior College and St Margaret’s Secondary and the Botanic Gardens and the upcoming Tan Kah Kee (Downtown Line) MRT stations, and there is strong demand for space for cafes, banks and supermarkets in the area. The expression of interest exercise closes on Nov 28.

(Source: Business Times)

Ascendas Fusion 5 breaks ground for Fusionopolis Phase 5

The 75:25 venture between Ascendas Land Pte Ltd and Mitsui & Co Ltd broke ground for its $370 million Fusionopolis Phase 5 project, development in Fusionopolis in one-north. The development with a total of  67,490 sq m  GFA will consist of a 17-storey building with 59,300 sq m of business space, a five-storey office block with 2,690 sq m of ” work office home office (Woho) concept” units, and 5,500 sq m of retail space. Each Woho units range between 32 and 96 sq m in size, and provide a live-in component for two to six employees comfortably. In addition, tenants can customise and configure these spaces. Energy-efficiency and environmentally friendly features include water-efficient sanitary ware and fittings, efficient light fittings, an efficient chiller plant, wide open green spaces and an observation deck among several others.

(Source: Business Times)

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