Singapore Property News This Week #96

Residential

43% of 99-year Urban Vista sold

250 or 43% of the 99-year leasehold 582-unit Urban Vista condominium project located at the junction of New Upper Changi Road and Tanah Merah Kechil Link has sold been at an average of $1,350 psf after a 7% discount. Units sold were mostly one- to three-bedroom units. There are 135 one-bedroom units, 249 two-bedroom units, 160 three-bedroom units and 37 four-bedroom units. Prices start from $588,000, $768,000, $1.1 million and $1.5 million for one-bedroom units (average area of 450 sq ft), two-bedroom units (average of 600 sq ft); three-bedroom units (average of 900 sq ft) and four-bedroom units (average of 1,050 sq ft), respectively. The take-up rate reflect genuine demand though had there not been the latest round of cooling measures, the developer could have  sold even more units at a price of more than $1,400 psf.

(Source: Business Times)

99-year D’Nest sells 500 of 650 released units

99-year leasehold 912-unit D’Nest at Pasir Ris Grove near Pasir Ris MRT station and White Sands shopping mall has sold 500 of its 650 released units at an average price of $990 psf or $920 psf after discount. It has since increased by 2%. It consists of one-to-four bedroom units, five-bedroom dual key units and 10 dual-key penthouses with five or six bedrooms in 12 blocks of 11- to 13-storey and three clubhouses sitting on a 444,284 sq ft site. Prices start at $498,000, $680,000, $820,000 and $1.15 million for one-bedroom, two-bedroom, three-bedroom and four-bedroom units respectively. More units of each type have been progressively released in response to the strong demand. 80% of the buyers are Singaporeans, with remaining being foreigners and PRs largely from Malaysia, China, and Indonesia.

(Source: Business Times)

HDB launches 3,898 BTO flats in non-mature estates

3,900 BTO flats have been launched in four projects three non-mature towns: Bukit Batok, Punggol and Sengkang.

SkyPeak @ Bukit Batok located between Bukit Batok Street 21 and Bukit Batok East Avenue 6 offers 1,430 units of two-room to five-room flats with prices starting from $117,000 to $411,000.

Matilda Portico bounded by Punggol Field and Punggol Way comprises 470 four-room and five-room flats with prices starting from $294,000.

Compassvale Cape located along Compassvale Crescent near Cheng Lim LRT station offers 1,400 flats including studio apartments as well as three-room to five-room flats. Prices start from $88,000 for a studio apartment and $189,000 for a three-room unit.

Compassvale Helm, located between Compassvale Bow and Buangkok Drive, near Buangkok MRT Station. It has 598 flats comprising studio apartments, as well as four-room and five-room units. Prices start at $88,000 for studio apartments, and $304,000 for a four-room flat.

Most projects are expected to have application rates of two to three. Compassvale Helm, however, is expected to have application rates of three to four given its proximity to several schools, the MRT station and other amenities.

(Source: Business Times)

Commercial

A rise in property investment in Singapore expected

Property investment in Singapore is expected to rise, given the cooling measures in Hong Kong and China which would divert investment to Singapore and the pent-up demand. Singapore’s strong currency is another factor that will attract foreign investors. This may result in a 5-10% increase in foreign investors.

(Source: Business Times)

Freehold Lam Soon Industrial Building back on collective sale market

The 10-storey building consisting of 154 warehouses and light industrial factories sits on a 230,915 sq ft freehold residential site with a 1.92 GPR. It can be redeveloped into a 10-storey residential building with 403 1,100 sq ft units. It is located near Bukit Timah Hill, the Bukit Timah Reserve, and Dairy Farm Nature Park, and amenities such as The Rail Mall, Bukit Timah Plaza, and Beauty World as well as the Bukit Batok and Bukit Gombak MRT stations and the upcoming Hillview station. The tender will close on April 3 at 2.30 pm.

(Source: Business Times)

Enterprise Road industrial building up for sale

The single-storey factory sitting on a 109,164 sq ft site zoned ‘Business 2’ with a 2.5 GPR at 19 Enterprise Road in Jurong is asking for $18.5 million. It comprises of warehouses, offices, and production areas in a 62,500 sq ft built-up area and has a floor loading capacity is 25kN psm. In addition, there is a nine-metre ceiling height and an overhead crane in the production and warehousing area. The site with 25 years remaining in its lease is located within an established industrial estate, and near the Boon Lay and Joo Koon MRT stations, the AYE and the PIE. It is likely to see much demand given a general increase in demand for industrial properties and a lack of available large industrial plots in the area. The tender closes on April 30 at 3pm.

(Source: Business Times)

Prime Orchard Road space rents increase in Q1

The average rents for prim Orchard Road space saw a 2% increase to $32.20 psf in Q1 2013 and is expected to remain stable for the rest of the year even as supply increases by 328,000 sq ft. This is a result of various asset enhancement initiatives in shopping malls in the area, as well as the limited supply of such prime space. Of the increase in supply, 172,000 sq ft of space will come from from Orchardgateway, with another 156,000 sq ft of space from asset enhancement exercise at The Heeren. Meanwhile, rents for prime suburban space remained unchanged at average of $29.75 psf in Q1. There is an upcoming supply of almost 1.6 million sq ft of space in 2013 from the Bedok Mall, and JEM and Westgate in Jurong.

(Source: Business Times)

Hotels investment sales fall in 2012

As a result of differential price expectations of buyers and sellers and the bullish outlook for the hotel industry, there were lesser hotel real estate deals in 2012, leading to a fall in investment deals from $1.58 billion in 2011 to $1.45 billion last year. At least $800 million worth of deals is also expected in the next two to three years. Meanwhile, the average room rate rose from $247 in 2011 to $261 in 2012 while the average occupancy rate remained at 86%. Revenue per available room also increased to $226 from $214. Around 5,020 rooms are expected to be completed by 2013, which may lead to a fall in room rates and occupancy rates (slight fall but remaining above 80%). The supply is expected to increase to 53,000 by 2015 with another potential 5,000 hotel rooms by 2017.

(Source: Business Times)

Bright Chambers at Middle Rd up for collective sale

Nine-storey eight-unit Bright Chambers, a commercial building located at 108 Middle Road, has been put up for collective sale by tender with an asking price of $45-50 million. It consists of eight units with a total strata area of 34,972 sq ft sitting on a 5,263 sq ft plot zoned for commercial use with a 7.94 GPR. The 99-year leasehold site with a remaining term of 60 years can be accessed via Middle Road, Victoria Street and Manila Street, and is near Bugis MRT station. The tender will close on April 18 at 3pm.

(Source: Business Times)

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