Condominium prices in Singapore to remain stable in 2017

Back in 2011, more than 30 private residential sites were put up on tender by the Singapore Government back in 2011 (and this was excluding those parcels meant for executive condominums!). Fast forward to 2016, it was a shadow of what was released in 2011 because there wasn’t even 10 private residential sites being sold – and this is the reason developers are hungry for for land albeit the influx of foreign developers are also in town trying to lay their hands on lands as well, resulting in even stiffer competition!

We have seen bullish bids with many new residential sites since the start of 2016 and GuocoLand’s bid for Martin Place tops them all. Singaporean list company, Guocoland, put up a top bid of $1,239 per square foot per plot ration for the land parcel released in 2016 at Martin Place, this is the highest ever transacted record for a land price sold in Singapore by the Government under the Government Land Sales Programme. It is therefore expected that the future project of this parcel will sell at over $2,000 per square foot!

Three months right after the sale of the land parcel at Martin Place, there was another private residential land parcel at Fernvale Road which was topped by Wee Hur and Sing Development at a bid of $517 per square foot per plot ration (psf ppr). This price obtained was more than 15 percent higher that its neighbour with is the site for High Park Residences. The land that High Park Residences sits on was sold for $443 per square foot per plot ratio back in August 2014. The new residential site at Fernvale Road will be forecasted to breakeven around $1,000 per square foot and therefore the likely selling price will be over $1,100 per square foot.

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Perumal Road land parcel saw increased bids near Sturdee Residences

The Trend Continues

Then moving on to the end of 2016 in December, another property big boy – MCL Land, took the land parcel at Margaret Drive for $998 per square foot per plot ratio which was more than 15 percent higher compared to the residential site that Queens Peak will be sitting on. It was also over 13% higher over Hong Leong’s Commonwealth Towers as its neighbour. The latest land tender headlines with China Construction taking over a site at West Coast Vale for over $592 per square foot per plot ratio – a 7 percent increment over its neighbours Parc Riviera of which EL Developments paid $551 per square foot per plot ratio for it.

Comparing the bids from 2016 to 2015, the overall sentiment by the developers was very much weaker. A good example would be the site for Grandeur Park Residences, it was sold for $761 per square foot per plot ratio, shockingly lower than its neighour, The Glades. This was also true for MCC Land, which took the site for Alps Residences in May 2015 at a 14 percent lower price than what it paid to take the site at The Santorini at Tampines.

Recent land sales paint a rosier picture for the Singapore residential market after more than three years of declining prices. The bullish bids would mean that the average development cost will be elevated and, under normal circumstances, this would translate into higher selling prices for new launches. Any upside in price, however, is likely to be modest as buyers remain price-sensitive, and the impact on the overall market may be limited as it is just one of the many variables in the equation.

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Hundred Palms Residences – EC at Yio Chu Kang launching this year.

This 99 year leasehold site was released back in the second half of 2015 under the Government Land Sales programmes was won by Hoi Hup Realty. The site sites on over 198,000 square foot with a plot ratio of 2.8 has the maximum allowable gross floor area of approximately 555,246 of which will translate to a yield of over a whopping 520 residential apartments.

The tender was held in Feb 2016 and was seen to be very attractive because of the response from the developers. There were a total of tens bids, the highest being over $183 million, which was by Hoi Hup Realty which amounts to approximately S$331.02 per sq ft per plot ratio. This 99 year leasehold parcel is seen by many to be very attractive because it is nestled in mature housing estate and has a pool of potential buyers sitting on the sidelines. Hundred Palms Residences is also close to amenities like Hougang 1 Mall and is within 1 kilometer to the renowned Rosyth School that offers the Gifted Education Programme.

Moreover, no EC sites have been released in Hougang in a long while.

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What is so special about Executive Condominiums?

Executive Condominiums (ECs) are a form of hybrid public housing with the HDB rules regulations in place for the initial purchasers and that these HDB restrictions will be completely lifted 10 years after an EC project has been completed. Property analysts also pointed out that although the site is not next to an MRT station, it is a bus ride or short drive away from Serangoon Station and also enjoys good road connectivity with the Central Expressway within easy reach.

Unlike its private residential condominiums, the supply of ECs is very limited, and the only source of new EC sites is from the Government under their Government Land Sales Programme (GLS). There has been no new parcels that are released for Executive Condominiums (even on the confirmed list in the past two GLS exercises). Bearing in mind the 15-month waiting period from acquiring the site and market launch of the project that developers have to adhere to, ECs will be in short supply in 2017 and 2018. Only three new EC projects are expected to be launched this year, compared to five last year.

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Tampines North – A gem in the making?

This was announced way back in 2013 – The Urban Redevelopment Authority (URA) featured Tampines North in the 2014 Master Plan and it was dubbed as ‘the fresh face of a well-developed area’. Most of us would know that the East of Singapore doesn’t offer anything in terms of the city’s bustle and is more often known for is laidback charm which is well loved by many Singaporeans. Tampines North is expected to over 21,000 new homes with a comprehensive range of facilities including amenities like shopping malls – shaping it up to be even livelier than before.

Tampines North (Master Plan)
Tampines North (Master Plan)

This massive development is over 240-hectres and will be bounded by Tampines Avenue 9, 10 and 12 with the Tampines Expressway (TPE) at the north of the estate. The new town is set to house 21,000 new homes including 17,000 HDB apartments and over 4,000 private homes such as The Santorini at Tampines Avenue 10 – Check out The Santorini Floor Plans. Also, Housing and commercial developments in Tampines North have been grouped into four districts: Boulevard District, Green Walk District, Park West District and Park East District — each with its own distinct character.

The new Downtown Line (DTL). Opening in 2017

Public transport options are aplenty in the current Tampines North, but with the completion of the Downtown Line this year. It will definitely offer residents even more options. The new Downtown Line will offer commuters greater accessibility and reduced traveling time to City and offers direct connectivity to areas like MacPherson or Fort Canning.

Comprehensive and even better amenities

Tampines is already home to the four heartland malls we all know! They are Tampines 1, Tampines Junction, Century Square and Tampines Mall. Not to mention, the proximity of the Tampines North estate is a stone’s throw from megastores Giant, Courts and Ikea. The current Tampines estate will also have a new Town Hub, to include a community club, a library, a stadium, swimming facilities and retail outlets. A mixed development situated at the heart of the estate is set to feature at the upcoming Tampines North Hub which will be home to residential apartments, commercial buildings, as well as a bus interchange.

Green Spaces!

New parks like the Quarry Park and Boulevard will transform the land and allow residents to better use the space. Quarry Park takes references from the history of Tampines, which was once home to many sand quarries pitting in its landscape. As its name suggests, the park will feature a small quarry pond, creating an urban sandy beach landscape. The park will also feature a land bridge, and a pedestrian and cyclist pathway, which will connect the park, and Tampines North, to the rest of the estate. The linear Boulevard Park will form a green corridor, linking Sun Plaza Park and Quarry Park to Sungei Api Api. Developers are hoping to create a “blossoms walk” in the park, with seasonal flowering trees.

Tampines North will certainly offer a new lease of life to the already mature-estate, Tampines. It will add on to the resident’s convenience and better connect to city life. We are excited to see how it will be able to provide a delicate balance of its family-friendly and its old world charm.

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Developers think out of the box to sell condominiums

OUE Twin Peaks

Property developers in Singapore are resorting to creative ideas to sell off their unsold units in the market. In 2016, renowned property developer, OUE Limited, offered various payment schemes for its masterpiece developer at Orchard – OUE Twin Peaks. OUE Twin Peaks features over 460 unit residential apartments that is situated on Leonie Hill Road.

Are these payment schemes legal? – Payment schemes offered by these developers are perfectly legal as the project – OUE Twin Peaks had obtained the Certificate of Statutory Completion (CSC).

Some of the payment schemes includes the delayed payment and deferred payment. For the delayed payment offer, home seekers will only need to put down a 20 percent upfront and complete the option aka exercise by the specific time frame. This is other words, also allow the potential home owners to stand to gain if the government or authorities step in to tweak the current stamp duty system.

For deferred payment, home buyers required to complete a 20 percent down-payment for the issuance of the required documents like the OTP (Option to Purchase) and will complete the payment of the balance two or three years later. This scheme was also offered by many developers back before 2007 before the government stepped in to remove it. The buyers in this instance will then have to exercise the OTP (Option to Purchase) within 14 days and pay their respective stamp duty and additional buyers’ stamp duty. Right after that, they are able to collect the keys to their units and occupy or rent them out immediately.

As OUE Twin Peaks had already obtained CSC (Certificate of Statutory Completion), both of the schemes offered were considered as private treaty between the home buyer and the seller or in this case, the developer. For the deferred payment scheme, we understand that the title deed will be held by the developer until the buyer pays the balance 80% due to the developer.

Advantage to the home buyers – The home buyers were able to save substantially in interest payment for the initial two or three year deferred. Not only they were to able to do so, home buyers could continue earning interest if they had taken advantage on their CPF accounts to make payment as well as receiving the rental income during this time frame. This also allows home buyers who were not able to meet to the imposed requirements of the Bank on TDSR (Total Debt Servicing Ratio) or the LTV (Loan to Value) requirements to take advantage. It allows them ample more time to dispose existing properties under their names and obtain a higher loan amount from the Banks.

Will more developers continue their creative ways to spur buying interest in the new condo launches of 2017? We certainly hope see that.
What are your thoughts? Share with us!

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Yet another record-breaking price for HDB in Singapore

DBSS Flat  - Trivelis

Singapore’s HDB is witnessing another uplift with yet another HDB Apartment sold for a record price. Reports are emerging with a HDB 5-ROOM Flat at Natura Loft, which was sold as a DBSS or Design, Build & Sell Scheme, development in Bishan by Housing & Development Board (HDB). It has just made headlines for becoming the most expensive resale transaction in a public housing development so far.

The purchaser splashed out over $1.18 million, after being dazzled in by the interior’s stunning design, it’s key address in Bishan and roominess of the unit, as indicated by the seller’s represenative, Singapore Realtor Inc’s Joey Chan. Beside being one of just 12 penthouses in the 480-unit extend, its 120 sq m territory implies it is greater than the common five-room pads measuring 110 sq m. The deal was transacted at the end January 2017, also broke previous records set by other DBSS units or flats in the Pinnacle @ Duxton. Last August, a DBSS unit at City View @ Boon Keng fetched $1.1 million, while a flat at the Pinnacle was purchased for $1.12 million in September.

Initially, the five-room units at Natura Loft were propelled at costs going from $590,000 to $739,000, while the four-roomers cost amongst $465,000 and $586,000. Be that as it may, subsequent to meeting the Minimum Occupation Period (MOP) of five years in 2016, 11 other five-room units were sold on the resale advertise for $830,000 to $1.04 million, while 14 four-roomers were purchased for $700,008 to $818,000. While these qualities are in accordance with market costs for upscale DBSS pads in Bishan, R’ST Research Director, Ong Kah Seng, advised that these don’t speak to the resale showcase when all is said in done as costs stay delicate.

So do you think Singapore’s HDB is set to boost prices up? Interesting, I’d like to bring up the topic on executive condominiums. I have always thought that they are a very interesting classes of property in Singapore -A unique public-private hybrid, executive condominiums lets owners buy into the amenities and lifestyle of which a private condominium has, but at a lower price point. Not only that, it also comes with ability to use government grants for their purchase. This article on buying executive condominium seems very interesting to read.

What do you think? Share your thoughts on this new executive condominium.

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Alex Residences at Redhill MRT – Worth a look!

Alex Residences is a classic development of 99 year leasehold assigned to at the snug as a bug in a rug location of Redhill MRT and Alexandra View. This bed of roses where the hat i deny is guerdon in the breast of Redhill and urgently late to the Redhill MRT. Here you gave a pink slip take perfect advantage of the many all the comforts of home ready to be drawn in the by to the asphalt jungle and Orchard.

Alex Residences Redhill MRT: See Alex Residences Redhill MRT
As amply as our snug as a bug in a rug location we try our residents a paradise development family that is the full place for residents to dig time by for the most part of their families and friends guerdon in the breast of the city. Here at the Alex Residences a read and unique lifestyle awaits you.

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The Alex Residences is a well known of the approximately conveniently located condominium buildings in Singapore. Right next to the Redhill MRT outlook, we are bring to a do to many distinctive points of accomplishment, from doubtful institutions, to display shops, and more.

Alex Residences – Alexandra View
Living at the Alex Residences is love living at a highly-priced motel consistent in the core of Singapore.

A portion of our units reject the well-off Redhill and Orchard areas of Singapore, in case you make out suspect some fit as a fiddle views of town. The copious a pattern of Alex Residences is that you commit have generally told of the recreation of downtown residing, whilst having fun by the whole of a useful, hut expertise in the comprehend of your utilize residence.

We’ve got a comprise of floorplans to thong the desires of many rare households. As we are as well as within the behave of advance, these may alternate alternative, but fascinate do retrieve in apply, and prove this site routinely to get of barring no one alterations from the developer, or seize more a few unquestionable unit.

Alex Singland development
Our items are available in three, 4, or five dorm room choices, and notice out around both higher Redhill MRT stream or Redhill upward push. At the much the comparable time all of our models try a peaceable and steeply-priced birthplace atmosphere, these on the sixth bolster and above disclose unblocked views for you to accomplishment from the concrete jungle, and around more privateness.

If you require to design extra practically any of those options, or has a handle on a perfect copy of the optional floorplans bewitch contact us by all of any queries. Please necessarily have a notice at our disclaimer for strain of the Alex Residences floorplan.

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Sluggish housing market still – Singapore

In the midst of a stoppage in Singapore’s economy, its private market stayed slow amid the second from last quarter of 2016, with home costs around 2.89 percent year-on-year taking after yearly decreases of 2.35 percent and 2.94 percent in the first and second quarters individually, uncovered a report from Global Property Guide.

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In Q3 2016, property engineers sold 1,981 new private homes, a 12.2 percent drop from the past quarter, and a 17.8 percent decrease from a similar period a year prior. The quantity of uncompleted private units propelled additionally dove by about 34 percent on a yearly premise, information from the Urban Redevelopment Authority (URA) appeared.

In the meantime, the neighborhood economy developed by only 0.6 percent year-on-year, in the wake of posting higher increases of 2.1 percent and 2.0 percent in the first and second quarters separately, indicated figures from the Monetary Authority of Singapore (MAS). New launch in District 9 – Sophia Hills
In the mean time, lodging costs fell year-on-year in other Asian markets, including South Korea (0.06 percent), Indonesia (0.3 percent), Taiwan (2.95 percent), the Philippines (5.14 percent), Hong Kong (5.9 percent) and Mongolia (6.66 percent).

Then again, China posted the most noteworthy worldwide value development of 24.32 percent, while Thailand and Japan saw additions of 1.13 percent and 6.56 percent separately.

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Victoria Park Villas launches at lower prices

In spite of gentler economic situations, property designer CapitaLand will formally dispatch Victoria Park Villas tomorrow. The 99-year leasehold venture in District 10 includes a group of 109 extravagance landed homes roosted on hoisted land by a Good Class Bungalow (GCB) region in Bukit Timah.

The 403,000 sq ft site at the intersection of Coronation Road and Victoria Park Road was honored to CapitaLand in June 2013 after it presented the top offer of $366 million ($908 psf) on the area. This is the first and final landed private site to be recompensed under the Government Land Sales (GLS) Program subsequent to 1996 in the prime locale of 9, 10 and 11.

The task highlights 106 semi-segregated homes running in size from 4,166 sq ft to 6,943 sq ft, with costs from $4.4 million to $5.9 million each for 100 of them. The other six semi-Ds are more costly ($6.3 million to $7.6 million) as they every component a swimming pool on the ground floor.

There is also Goodwood Grand with Strata Bungalows at Balmoral Road – goodwood-grand.sg

There are likewise three cottages measuring 10,904 sq ft to 11,539 sq ft in floor territory, which are estimated between $11 million and $12 million each.

Extremely popular designer Mok Wei of W Architects was locked in to conceptualize the improvement’s all-inclusive strategy.
“The improvement will speak to purchasers who favor move-in prepared landed houses without bearing the high expenses and time expected to revamp a current house or fabricate a house sans preparation,” said Wen Khai Meng, CEO of CapitaLand Singapore.

He said the units were evaluated taking into account winning economic situations. “In a superior business sector, it could have effortlessly taken a toll $1 million more.”

By correlation, four more established semi-Ds at the adjacent King’s Drive, with just 82 years left on their leases, were each sold for $3.45 million to $3.85 million between August 2015 and May this year. Taking into account their property ranges of 2,605 sq ft to 2,756 sq ft, this means a psf cost of amongst $1,323 and $1,395.

Also see Sol Acres EC – www.sol-acre.sg at Choa Chu Kang

“(The) costs (for Victoria Park Villas) are exceptionally practically identical and sensible,” said Jack Chua, CEO of ERA Realty, the venture’s showcasing operator. Highlighting its irregularity, he included: “There are relatively few landed properties available to be purchased around there.”

The recorded costs incorporate a 12 percent prompt riser markdown. The designer is likewise offering extra rebates of up to three percent for specific purchasers who meet all requirements for different plans, for example, rehash clients, purchasers of more than one unit, and those living inside the task’s region. The act of offering rebates is basic among designers hoping to drive deals amid the underlying dispatch time frame.

To date, seven units, all semi-Ds, have been sold to Singaporeans after the undertaking was delicate propelled a month back. Outsiders are not permitted to purchase landed homes in terrain Singapore and should first look for endorsement from the Singapore Land Authority’s (SLA) Land Dealings Unit.

In the interim, in a first among landed lodging improvements in Singapore, CapitaLand is introducing shrewd home components that will permit property holders to remotely control the lighting, aerating and cooling and a security framework by means of their portable applications.

There will likewise be rooms on the storm cellar level, which can house elderly occupants. To further backing multi-generational living, private lifts which can hold up to five individuals every will be introduced in each home, interfacing the different floors. In Singapore, introducing lifts in landed homes can cost anyplace amongst $80,000 and $100,000. CapitaLand is putting forth one year of free support for the lifts. Be that as it may, proprietors will in this manner need to fork out their own particular money for support, which will cost about $2,000 to $3,000 a year.

Also, there will be protected auto patios associated with the storm cellars, which can suit no less than two autos each. Barring the auto park zone, costs for liveable space inside the task will normal between $1,200 psf and $1,400 psf.

New commercial property at Robinson Road – Crown at Robinson

The advancement is near the Botanic Gardens, and in addition restaurants and shops at Coronation Shopping Plaza and Holland Village. Set up schools in the zone incorporate Nanyang Primary School, Hwa Chong Institution and National Junior College, and CapitaLand trusts the site’s vicinity to these establishments will draw in purchasers with school-going youngsters.

CapitaLand had beforehand uncovered that Victoria Park Villas would be dispatch prepared around Q2 2014, however moved back the dispatch date because of less positive economic situations at the time.

Remarking on the present condition of the business sector, Wen said it remains “for the most part entirely quieted, despite the fact that there have been a few indications of change as of late”. In spite of this, the “general business sector notion could have been more hearty”, he included.

This isn’t the initially landed lodging improvement attempted by CapitaLand, which likewise created Holland Green off Bukit Timah Road. Finished in 1998, the 99-year leasehold venture involves 53 extravagance cabins.

Wen noticed that landed properties represent five percent of Singapore’s lodging stock. In that capacity, their shortage offers a superior resale esteem, from a speculation perspective.

Victoria Park Villas is relied upon to be finished in 2018.

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Joint tender for HSR project – LTA

The KL-Singapore HSR is set to open in 2026.

Singapore’s Land Transport Authority (LTA) and Malaysia’s MyHSR will require a joint delicate today (22 August) to select a Joint Development Partner (JDP) to help with the advancement of the Kuala Lumpur-Singapore High Speed Rail (HSR) venture.

In a joint articulation issued on Friday, LTA and MyHSR said the JDP is required to give venture administration bolster, specialized exhortation and acquisition guidance identifying with the HSR frameworks and operations. The growth of Jurong Lake District with Lake Grande by MCL Land.

“It will likewise build up the specialized and security norms to be received for the task,” said the discharge.

Besides, the JDP will likewise help the joint venture group set up amongst Singapore and Malaysia to get ready records for prospective tenders. The delicate is interested in organizations who have prompted on huge open and private association foundation ventures, including HSR tasks of comparative size and many-sided quality.

It is additionally open to organizations with involvement in giving undertaking administration, and in addition specialized, business or lawful counseling administrations identifying with HSR and other rail ventures including more than 200km of track.

Spreading over 350km, the HSR venture is required to cut travel time between the two urban communities to only a hour and a half. The HSR line will have eight stops altogether — Kuala Lumpur, Putrajaya, Seremban, Ayer Keroh, Muar, Batu Pahat, Iskandar Puteri and Singapore.

Development works for the undertaking are to last from 2018 to 2025, with the HSR line anticipated that would be in operation in 2026.

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Land heads sparkle at corporate division’s Oscars

Land industry boss secured a portion of the top honors at the current year’s Singapore Corporate Awards, considered the Oscars of the neighborhood corporate area. New property launch at Lakeside MRT – Lake Grande by MCL Land

Frasers Centrepoint’s Lim Ee Seng won the Best CEO honor for substantial tops, while William Liem of Tuan Sing Holdings and Kong Chee Min of Centurion Corporation won in the mid-top and little top classifications, separately, reported The Straits Times.

The expansive top class incorporates recorded organizations with business sector capitalisation of $1 billion or more; $300 million to under $1 billion for the mid-top classification; and under $300 million for the little top class.

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Then, City Developments Limited (CDL) got a Special Recognition Award for being a good example in spearheading maintainability hones inside the building business. The recompense class was propelled for the current year to perceive extraordinary and praiseworthy behavior in corporate administration.

“The acknowledgment of CDL as a champion for maintainability for this first recompense is convenient, given speculators’ requirement for better perceivability on non-monetary data of recorded organizations and their part in manageability hones,” said Willie Cheng, Chairman of the Singapore Institute of Directors (SID) and co-executive of the grants.

“CDL initially set out on its voyage to realign its business and operations with natural manageability in 1995, under the visionary authority of our late Deputy Chairman Mr Kwek Leng Joo,” CDL’s Deputy CEO Sherman Kwek uncovered.

Held at Resorts World Convention Center, the yearly occasion perceives recorded organizations and people who have raised nearby corporate divulgence measures and corporate administration.

“The recompenses give a multi-dimensional perspective of what constitutes a viable board: straightforwardness, responsibility, execution, great procedures and best practices,” said Torsten Linke, Head of Private Banking Southeast Asia and Singapore Branch Manager of Bank Julius Baer, the patron of the honors.

By and large, nine organizations were perceived for the high caliber of corporate administration in their board hones, 14 organizations were regarded for the exclusive expectations of exposure in their monetary reporting, 13 organizations were praised for fabulousness in their financial specialist relations, while one organization got an uncommon grant for commendable corporate administration.

Co-composed by the SID, ISCA and The Business Times, the recompenses were upheld by the Singapore Exchange and the Accounting and Corporate Regulatory Authority.

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