Singapore Property News This Week #94

Residential

Slew of launches expected in March

With a slew of launches expected in March, sales figure for the month is expected to be strong. The launches expected include The Trilinq in Clementi, Sennett Residence in Potong Pasir, Urban Vista in Tanah Merah, Bartley Ridge and Kingsford.Hillview Peak; all are 99-year leasehold projects.

The Trilling, which is located near The Clementi Mall and Clementi MRT Station, will offer 200-250 of its 755 units for the initial phase at an early-bird average price of about $1,400-1,500 psf after discounts. There will be two 36-storey towers with an attic, and a 33-storey block housing 112 one-bedroom units (538-603 sq ft), 192 two-bedroom units, 346 three-bedroom units, 94 four-bedroom units and 11 penthouses (2,573- 4,456 sq ft), some of which offer a double-volume, six-metre floor-to-ceiling height in either the living room or the master bedroom. Facilities include a tennis court and three swimming pools.

Meanwhile, Sennett Residence near Potong Pasir MRT station is expected to be launched at an average price of $1,400 psf, with the absolute prices starting from $700,000 for a 485-sq- ft one-bedroom unit and ending at $5-6 million for the most expensive penthouse. It offers a total of 332 residential and three shop units in four blocks linked by a sky terrace which will house a 50-metre infinity pool and a sky-gym. Sizes of the one, two, three and four-bedroom apartments and duplex penthouses will range from 485 sq ft to 4,252 sq ft.

Also expected for a March launch are the 582-unit Urban Vista in Tanah Merah (expected average price of $1,300-1,400 psf), 868-unit Bartley Ridge near Bartley MRT Station ($1,300 psf) and Kingsford.Hillview Peak, which has around 500 units named.

(Source: Business Times)

Public housing policies under review to bring down BTO prices

To ensure the affordability of public housing, the housing policy would need to be reviewed with the changing demographics and economy in mind. In addition to cooling measures such as increasing the BTO flat supply from 23,000 to 25,000 flats, HDB will also be looking into designing alternative housing options.

Meanwhile, first-timer singles aged 35 and above who earn up to $5,000 per month will be able to buy new two-room flats directly from the HDB with effect from the July BTO exercise, with the first BTO exercise in Sengkang. They will get to choose between 35-sq-m and 45-sq-m flats in non-mature estates.

Other changes announced also include the extension of the Parenthood Priority Scheme to pregnant mothers with effect from the May BTO launch. This will be further extended to cover those already married but without children next year. The Parenthood Provisional Housing Scheme, previously only an option for first-timer married couples with a child, will be extended to married HDB first-timers without children. Second-timers intending to downgrade will also benefit from the increased quota for two-room and three-room flats in non-mature estates doubled from 15% to 30%. Of the 30%, 5% will be reserved for divorcees or widows with below 16 years. The debarment period from subsidised flats for divorcees will also be shortened from five years to three years.

In addition to building more studio apartments, a new Studio Apartment Priority Scheme (SAPS) where half of the supply of studio apartments will be set aside for seniors who apply for one near their current flat or near where their children live will be introduced. This will replace both the Ageing-in-Place Priority Scheme, and the Married Child Priority Scheme.

Measures to prevent growth of foreigner enclaves in some HDB blocks such as a cap on approvals for all new and renewal of HDB tenancy agreements, involving non-citizens, to one-and-a-half years will also be introduced.

(Source: Business Times)

Freehold Kovan Lodge back on the collective sale market

After an unsuccessful earlier attempt, Kovan Lodge, a freehold four-storey development with 16 apartments of 1,200 sq ft to 1,800 sq ft has been put up for collective sale by tender again, with an asking price of under $30 million or around $790 psf of potential GFA with no development charge. This is lower than the earlier asking price of $31.5 million. Zoned for residential use, the 27,090 sq ft site has a 1.4 GPR. Buyers of Koan lodge may be able to buy an adjoining 505 sq ft plot of state land. The tender will close on March 26.

(Source: Business Times)

Freehold residential project the Maisons in Braddell to be launched by month’s end

The Maisons consist of the twin residences R Maison and E Maison are are expected to be priced at around $1,350-1,450 psf, 10-15% from what was originally planned in response to the recent hike in ABSD rates. There will be a total of 175 units in the project, ranging from 570 sq ft for a one-bedroom apartment to 2,357 sq ft for a two-storey penthouse.

(Source: Business Times)

Steady sales at Sennett Residence brisk; less so at The Trilinq

Despite the similar average pricing of $1,400-$1,500 psf, the sales of Sennett Residence near Potong Pasir MRT and The Trilinq at Clementi showed a marked difference as a result of their locations.

332-unit Sennett Residence near Potong Pasir MRT station had sold 175 units at an average price of $1,450 psf after upfront discounts of 10% plus 8%. Units sold include a 2,600 sq ft penthouse and a 3,600 sq ft penthouse at $3.5 million and $5.2 million respectively. Absolute prices start from $734,000 for a 485 sq ft one-bedroom unit.

On the other hand, 755-unit Trilinq at Clementi is said to have sold around 85 units of its 200 released units at an average price of $1,400-$1,500 psf. The prices for each unit vary from $1,200 psf to $1,800 psf depending on whether the units have void space which would usually mean a lower psf price. 38% of the units offer a double-volume, six-metre floor-to-ceiling height.  One reason for the slower sales is the plan to sell the project over its construction period rather than selling all within a month and another is that they only process options only for buyers who were physically present. The lowest absolute price was $855,000 for a 538 sq ft one-bedroom unit and the lowest absolute price for a 1,518-sq-ft unit four-bedroom unit with void space was $1.82 million.

(Source: Business Times)

Freehold Ultra Mansion sold in collective sale for $149.13 m

13-storey Ultra Mansion which sits on a 45,512 sq ft site at 4, Derbyshire Road near Novena MRT station, has been sold for $149.13 million or $1,170 psf of potential GFA with no development charge payable. Zoned for residential use, the site has a 2.8 plot ratio and 140,000 sq ft potential GFA, including a 10% bonus gross floor area allowance, which can generate 170 one- and two-bedroom units ranging from 600 sq ft to 900 sq ft each.

(Source: Business Times)

Commercial

2HR at 2 Havelock Road sold to Guthrie at $283m

Seven-storey commercial building 2HR which sits on a 54,560 sq ft site with a remaining lease of about 69 years has been sold at $282.88 million, or $1,626 psf based on its current NLA of 173,912 sq ft (36,992 sq ft retail and 136,920 sq ft offices). Located near Clarke Quay MRT station and the future Chinatown MRT station on the Downtown Line, the building offers 95 basement carpark lots. It offers a net yield of 3.2% based on its current average monthly rental of about $6 psf. Outline approval for redevelopment into a 12-storey hotel has been given.

(Source: Business Times)

Steady sales for 99-year SBF Center’s small offices; sales slower for medical suites

60% of the 196 small strata office units (590-1,500 sq ft) on the 10th to 28th levels on the 10th to 28th levels at SBF Center at Robinson Road/Cecil Street near Tanjong Pagar MRT Station is said to have been released, of which most of which have been sold. The units are said to be priced at $3,200 psf after 100 of them had been sold. It is believed that the top-three levels consisting of whole-floor office units of 10,850 sq ft have yet to be released.

On the other hand, sales for the 48 medical suites (680-1,300 sq ft) located on Levels 3 to 5 and priced at $3,800-$4,000 psf are slower. This could be due to the lack of an existing hospital or key medical facility nearby.

(Source: Business Times)

Four strata retail units at freehold Queensway Shopping Centre up for sale

The four retail strata units totalling 10,388 sq ft in size is asking for at least $32 million or $3,080 psf. The four units include the street-facing second-floor 2,734-sq-ft unit currently leased to McDonald’s and three adjacent units on the third-floor totalling 7,654 sq ft that are leased to Sports Link.  The monthly rental of $50,000 would mean a nearly 2% net yield based on the price of $32 million. The four units make up 11% of the share value in the overall development which includes apartments. While the sellers prefer to sell to a single buyer, they are open to selling in two lots (one on second-floor, another on the third) if it brings in more profit. The expression-of-interest exercise will closes on April 2.

(Source: Business Times)

Freehold Ibis Novena sold for $150m

The 241-room Ibis Novena at Irrawaddy Road has been sold for $150 million or $622,000 per room. This will mean substantial profits for the owner, the Kum family, which bought it at $118 million less than two years ago. While the hotel faced competition from two new hotels in the area – the 405-room Days Hotel Singapore and the the 384-room Ramada Singapore, both at Zhongshan Park, the buyer, Alpha Investment will gain from the fact that the hotel is managed by the well-established Accor group and the resilience of such three-star hotels in weathering market cycles.

(Source: Business Times)

1 Reply to “Singapore Property News This Week #94”

  1. Thanks for providing detailed information about site launching and previews. I am currently looking for Singapore condos and I came across your site. Great content, and please keep it up.

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