Blog

Singapore New Launch And Condo

Come and find out about new launch and condo news in Singapore! Subscribe to our blog now for more latest property information.

Author

Leonie Gardens owners join the en bloc sale fever

Posted by Singapore Property Launch on 16th October 2017 in Blog
Leonie Gardens owners join the en bloc sale fever

A view of Leonie Gardens, a 99-year leasehold development completed in 1993 which comprises 138 units.

The owners of upmarket condominium Leonie Gardens in Leonie Hill, off Grange and River Valley roads, have jumped into the collective sale bandwagon by forming a sales committee at an extraordinary meeting held on 30 September, reported the Straits Times.

More than 50 percent of the owners who attended the meeting were in favour of the sale.

Nestled on a 14,000 sq m site, Leonie Gardens comprises two 23-storey blocks as well as an eight-storey block. Completed in 1993, the 99-year leasehold property is located near the Somerset, Orchard and upcoming Great World City MRT stations.

Industry watchers, however, noted that having a unique selling point could prove to be the key to a successful sale considering the possibility of more estates within the Core Central Region going for en bloc sale.

Michael Tan, a member of the sales committee at Leonie Hills, said the development’s good points are that it is located “right at the top of the hill, and the slope up Leonie Hill is so pleasant and charming, away from the thoroughfare”.

Aside from this, the site’s plot ratio of 2.8 allows tower blocks to rise up to 36 storeys, said Tan.

Edmund Tie & Company research head Dr Lee Nai Jia believes that developers may consider the site given that the location is good, “but whether the pricing fits their requirement is another thing”.

“They will consider (whether) there is a freehold plot nearby. If it is about getting a 99-year site, why not consider Jiak Kim Street instead, with its Zouk identity?”

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Home-sharing on the rise despite government restriction

Posted by Singapore Property Launch on 15th October 2017 in Blog
Singapore-condo.original

Chua Hak Bin, an economist with Maybank Kim Eng Research said, “Home-sharing may attract a new segment of visitors who would have otherwise not come to Singapore.”

Although the likes of Airbnb are restricted from operating in Singapore, home-sharing has been slowly growing in the city-state as evidenced by the drop in hotel receipts and stagnant hotel rates, despite the pick up in tourist arrivals, reported Bloomberg.

There is also the rising number of complaints on short-term rentals. Minister for National Development Lawrence Wong in August revealed that they have received 415 complaints on short-term rentals during the first seven months of the year – making 2017 on track to reach 711 cases, up from 2016’s 608.

The Urban Redevelopment Authority (URA), which instituted a three-month minimum period for private home rentals in June, revealed that a public consultation process and separate talks with industry players, such as hotel operators and Airbnb, failed to arrive at a clear consensus.

“The issue on short-term stays is complex, multi-faceted and has wide-ranging implications,” said the URA. “While there is a place for short-term rental platforms in Singapore, what the government intends to do is to carefully review and consider safeguards in places to ensure that such rentals do not negatively affect the amenities of residential estates.”

Nee Soon GRC MP Louis Ng Kok Kwan, however, urged the government to regulate instead of ban home-sharing services, much like the approach it had taken with car-sharing businesses like Grab and Uber.

Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp. in Singapore, said that the government could take “a bit of give-and-take” approach in regulating the industry.

According to her, the government could take “more of a laissez-faire approach. You consult, you do a little trial-and-error, rather than say no outright”.

But “if there’s a very big push from the ground”, then the government could “look at enforcing it a little bit more strictly”.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

CapitaLand stops sales at two condo projects

Posted by Singapore Property Launch on 14th October 2017 in Blog
Sky Habitat crop

A view of Sky Habitat, a 99-year leasehold development situated at the heart of Bishan district 20. (Photo: Yasmin Beevi)

With the property market expected to improve further next year, CapitaLand has joined other developers that have stopped selling units in their projects, reported Channel NewsAsia.

CapitaLand has halted sales for Sky Habitat and Marine Blue, which had 99 and 53 unsold units respectively, as at 31 July.

Property agents said the developer stopped sales at the 124-unit Marine Blue two weeks ago and at the 509-unit Sky Habitat a week later.

Other developers that have postponed selling units at projects launched earlier this year include Lendlease and Qingjian Realty.

Lendlease stopped sales at Park Place Residences, with plans to launch the next phase of sales in 2018.

“The potential for long-term asset appreciation is very attractive and thus we believe that the future launch will better reflect the value that Park Place Residences offers,” said a Lendlease spokesperson in response to queries on whether the company will offer the remaining units at a higher price.

Qingjian Realty has stopped making new units available at Le Quest, which was launched in August.

GuocoLand, on the other hand, has revealed plans to scale back sales of Martin Modern.

International Property Advisor CEO Ku Swee Yong said developers either freeze sales or cut back on the number of units offered for sale as they plan to launch the housing units during a market recovery, with the prices revised upwards.

He noted that developers “may be adopting this strategy in order to smooth out their cash flow” for the future since they may not be able to replenish their landbank via en bloc sales and government land sales processes in time to launch new projects.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Another condo goes en bloc, this time in Bukit Timah

Posted by Singapore Property Launch on 13th October 2017 in Blog
Royalville crop

Built in the 1980s, Royalville comprises 93 apartments and 11 shops. (Photo: Edmund Tie & Company)

The en bloc frenzy continues after Royalville at Bukit Timah Road became the latest project to be put up for sale on Thursday (12 October).

The freehold condominium in District 10 joins a growing list of ageing properties in prime districts that are trying their luck at a collective sale. This includes Cairnhill Mansions along Cairnhill Road which has an indicative price of $362 million, and Tai Wah Building along Killiney Road at $81 million.

Built in the 1980s, Royalville comprises 93 apartments and 11 shops and sits on a sprawling site measuring 174,176 sq ft.

The owners are asking for $368 million, which works out to a land rate of $1,509 psf per plot ratio. No development charge is payable.

Under the 2014 Master Plan, the site is zoned residential with a gross plot ratio of 1.4.

“There has not been any freehold site of this size available for sale at Bukit Timah in the last 10 years,” said Swee Shou Fern, senior director, investment advisory at marketing agent Edmund Tie & Co.

The agency expects keen interest for the property, with the successful developer likely to redevelop the site into a luxury condominium of up to 323 units. 

Royalville is a short walk from Sixth Avenue MRT station, and is also close to shops and eateries at The Grand Stand, Holland Village and Dempsey Hill.

The future project will appeal to families as various schools are in the vicinity including Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College.

The tender exercise will close on 10 November 2017.  

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Slim chance of renting HK flat for under HK$10,000

Posted by Singapore Property Launch on 12th October 2017 in Blog
Hong Kong, China, Kowloon, Hong Kong Island from Victoria Peak

“Rentals are increasing but at the same time, prices are also going up,” says Thomas Lam, head of valuation at Knight Frank.

It’s now harder to rent an apartment for less than HK$10,000 (S$1,742) per month in Hong Kong’s two urban areas as such flats are nearly no longer available there, reported the South China Morning Post, citing a new study by Centaline Property Agency.

The city areas refer to Kowloon and Hong Kong Island, but subdivided flats were excluded in the research.

Centaline also revealed that the supply of small flats that can be leased for under HK$15,000 (S$2,607) is also quickly dwindling in these two sub-markets.

In Hong Kong Island, there are no flats in large estates with rental prices below HK$15,000 per month, as affordable options are all located in pencil-style towers.

As of Q3 2017, the percentage of private units measuring under 430 sq ft in this sub-market that have been rented out for HK$10,000 to HK$14,999 a month fell from 18.6 percent in the previous quarter to 14.2 percent. In comparison, that in Kowloon declined from 59 percent to 49.7 percent.

“There’s a shortage of tiny flats in the city’s downtown, compared to huge rental demand from single young people,” said Centaline associate research director Wong Leung-sing, adding that tenants now need over HK$16,000 (S$2,781) to occupy a 200 sq ft studio in a 30-year-old building in Wan Chai.

Moreover, data from the Rating and Valuation Department revealed that the average cost of leasing a typical 450 sq ft flat across Hong Kong increased for 17 consecutive months to a record HK$15,900 a month in August.

According to Knight Frank valuation head Thomas Lam, rents in the city will remain high, especially for small and medium units, until home prices start falling.

“For many people in the middle class or below, they cannot afford to buy a flat because of high stamp duties and high housing prices. They can only rent. This is the demand side. In addition, the available stock of affordable housing is not sufficient,” he added.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Cairnhill Mansions to go on sale for $362m

Posted by Singapore Property Launch on 9th October 2017 in Blog
Cairnhill Mansions Photo

The 18-storey Cairnhill Mansions comprises 61 apartments. (Photo: CBRE)

The freehold Cairnhill Mansions project in District 9 will be launched for collective sale in a few weeks’ time, marketing agent CBRE revealed on Thursday (5 October).

The 61-unit project has a guide price of $362 million, which works out to $2,101 psf per plot ratio (psf ppr). There is no development charge payable.

More than 80 percent of the owners have signed the collective sale agreement, said CBRE.

Located at 69 Cairnhill Road, the approximately 43,103 sq ft site has a maximum allowable gross floor area (GFA) of 172,239 sq ft, including a 10 percent bonus GFA for balconies.

Cairnhill Mansions is surrounded by several luxury condominiums such as Ritz Carlton Residences and The Scotts Tower. It is also close to shopping malls and hotels along Orchard Road, as well as medical facilities such as Mount Elizabeth Hospital and Paragon Medical.

Another selling point is its proximity to Newton MRT station, which is the interchange station on the North-South and Downtown lines.

The site could be redeveloped into a high-rise condo offering unblocked city views, and could yield up to 140 units with an average size of 1,200 sq ft.    

Galven Tan, director, capital markets at CBRE said: “Cairnhill Mansions is the first prime freehold site to be offered in 2017. The last time a residential site of this size in the prime Orchard vicinity was sold was nearly 10 years ago when YTL bought Westwood Apartments for $2,525 psf ppr.”

According to CBRE, the prime residential market has picked up momentum in the past year, encouraged by recent strong sales in new launches such as Martin Modern and Gramercy Park.

At the same time, developers are keen to replenish their land banks as unsold inventories have fallen below the historical average.

“We envisage strong interest from local and overseas developers given the site’s premium location and palatable deal size,” said Tan.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...