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Yishun: The next leap forward

Posted by Singapore Property Launch on 23rd June 2017 in Blog
enquirers

Attendees were keen to find out more about Yishun’s potential and the Symphony Suites project. 

PropertyGuru’s Guru Talk knowledge empowerment seminar focused on the investmentpotential of Yishun, one of Singapore’s fastest-growing towns.  

By Mindy Chong 

A property seminar held on 27 May at the Symphony Suites showflat in Yishun attracted 70 attendees who were keen to learn more about the investment potential of this northern suburb.

Jointly organised by PropertyGuru and EL Development, the Guru Talk seminar featured insights from industry experts Kelvin Fong, Executive Director at PropNex Realty and Desmond Lian, Senior Division Director at ERA Realty Network. 

Fong offered his views on why the government tweaked the property cooling measures recently, which included reducing the Seller’s Stamp Duty holding period from four years to three years. 

“The supply of private residential units will hit 8,632 in 2019 and 7,833 in 2020. The population, on the other hand, is expected to grow by 62,000 in 2019 and 90,000 in 2020. Hence, demand for homes will increase. 

“This will cause a real estate bubble with property prices shooting up, while GDP growth will not be stable. This is the main reason why there is a tweak in the cooling measures, to ensure a slower decline in prices,” said Fong.  

Amenities aplenty 

Lian, on the other hand, provided an update on the Yishun micro market, as well as a brief overview of its growth potential.  

“If you buy a freehold property in town, the rental yield is probably one to two percent. However, properties in Yishun offer steadier rental returns of 2.9 percent to 3.5 percent,” he said. 

“The development of a new road – Yishun Avenue 8 – has made the area more accessible and reduced traffic flow. By having facilities such as Northpoint City, Junction Nine and Khoo Teck Puat Hospital, there will be more job creation. There are also facilities such as educational institutions, golf clubs and park connectors.” 

He added: “With the development of the North-South Expressway (NSE), which will be ready by 2023, and proximity to the upcoming Woodlands Regional Centre, property prices in Yishun will rise.”   

Attendees also got the chance to enjoy a three percent discount off selected units at Symphony Suites, and win a Claude Bernard watch worth more than $700 with their property purchase. Selected participants also stood to win a two-day, one-night stay in the Guesthouse of Swiss Club, Singapore. 

credits: propertyguru

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Real estate stocks rally

Posted by Singapore Property Launch on 20th June 2017 in Blog
Singapore city skyline

 

Shares of Singapore-listed property players are poised to achieve their highest annual gain in five years, with experts believing that the good times would continue, reported Bloomberg.

So far this year, developers and property trusts, including UOL Group and City Developments Limited, account for five out of 10 top-performing shares on Straits Times Index.

In fact, the index tracking 42 Singapore property stocks increased by 16 percent, leading to its biggest annual gain since 2012. Comparatively, the city-state’s benchmark gauge only rose by 12 percent year-to-date.

This comes after the government rolled back several property cooling measures in March. This resulted in home sales doubling on an annual basis during the same month and it soared to its highest level in nearly four years, based on data from the Urban Redevelopment Authority (URA).

“We’re in a recovery phase at this point. There are a number of macro prudential measures that are still weighing on the real estate market but we are definitely up from the bottom we saw early last year,” noted Morgan Stanley equity strategist Sean Gardiner.

According to Desmond Loh from JPMorgan Asset Management, the second top-performing fund here this year, the housing market is witnessing a marked improvement in sentiment.

This would benefit property players that have starting acquiring land for new developments, he shared, adding that vacancy levels are forecasted to drop in the next few years.

Andrew Gillan, head of equities for Asia excluding Japan at Janus Henderson Group, shared that the recovery bodes well for earnings of developers, particularly those that have amassed landbank at “reasonable” prices.

Notably, developers have recently started to accumulate land for their developments. For instance, a Chinese consortium bought a residential site under the government land sales programme last month for a record price of S$1 billion. Other developers turned to en-bloc sales to beef up their land, spending a total of S$1.5 billion on four of such deals so far this year.

However, the rebound in residential sales hasn’t been consistent. Official statistics revealed last week that transactions declined by 34 percent in May as fewer new projects were launched. Moreover, a significant rise in home sales may force the authorities to impose more cooling measures or slow the pace of easing.

The risk is “if volume really start to pick up quite strongly, then we will see more measures from the Monetary Authority of Singapore. That’s something I can’t rule out, it’s certainly a possibility,” added Nomura Southeast Asian equity strategist Mixo Das.

credit: propertyguru

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New private home sales down 34% in May

Posted by Singapore Property Launch on 18th June 2017 in Blog
Parc-Riviera-EL-Development-crop

Artist’s impression of Parc Riviera at West Coast Vale.

Property developers in Singapore sold 1,024 private homes in May, down 34 percent from 1,558 units in April, according to latest numbers from the Urban Redevelopment Authority.

Unlike the previous month which saw two major projects hit the market – Seaside Residences and Artra, the lack of new launches in May contributed to the drop in sales.

Despite the slowdown, several previously launched projects managed to find buyers.

Parc Riviera led the private condominium segment with 83 units sold at a median price of $1,246 psf, followed by The Santorini (64 units at a median price of $1,022 psf), Commonwealth Towers (53 units at a median price of $1,841 psf), Kingsford Waterbay (51 units at a median price of $1,162 psf) and Sims Urban Oasis (51 units at a median price of $1,387 psf).

Last month, developers also sold 370 executive condominium (EC) units, a public-private housing hybrid. The bulk of sales came from Sol Acres EC, which happened to be the best-selling residential project. Located in Choa Chu Kang, it moved 116 units at a median price of $794 psf.

Meanwhile, home sales activity in June is expected to cool further due to the school holidays, noted Tay Huey Ying, Head of Research & Consultancy at JLL Singapore.

But she added: “Sales volume should rebound in July as developers rush to launch projects and buyers rush to pick up units ahead of the lunar seventh month (22 August to 19 September) – typically considered an inauspicious period by the Chinese for making large financial commitments.”

Three major projects are expected to launch in July – Hundred Palms Residences EC in Yio Chu Kang Road, Martin Modern in Martin Place and Le Quest in Bukit Batok, which are expected to yield a total of 1,497 homes.

credits: propertyguru

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LTA, MyHSR to conduct industry briefing for KL-Singapore HSR project

Posted by Singapore Property Launch on 7th June 2017 in Blog
LTA, MyHSR to conduct industry briefing for KL-Singapore HSR project

 

With the Kuala Lumpur-Singapore High-Speed Rail (HSR) project attracting strong interest from various parties, an industry briefing for companies interested in participating in the tender for the assets company of the high-speed rail project will be conducted next month, according to Singapore’s Land Transport Authority (LTA) and Malaysia’s MyHSR Corporation.

Notably, the assets company (AssetsCo) will be responsible for the financing, designing, building and maintaining all rolling stock including rail assets like signalling, power and telecommunications.

To be conducted by LTA and MyHSR, the briefing will serve as a platform for the two agencies to share key features of the 350-km long high-speed rail line “as well as indicative AssetsCo tender parameters and technical specifications”.

“This industry briefing marks yet another milestone in our HSR journey. Since the bilateral agreement was signed last December, we have received indications of strong market interest in this project,” said LTA chief executive Ngien Hoon Ping and MyHSR CEO Mohd Nur Ismal Mohamed Kamal.

“We believe in interacting with the industry, to allow for a well-informed and successful competitive AssetsCo tender, which will be conducted in an open, fair and transparent manner.”

With the tender expected to be called by end-2017, the Kuala Lumpur-Singapore HSR project is expected to reduce travel time from Singapore to Kuala Lumpur to just 90 minutes.

credits: propertyguru

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Downtown Line 3 to open on 21 October

Posted by Singapore Property Launch on 5th June 2017 in Blog
Ext Jln Besar

Exterior of the Jalan Besar MRT station. (Photo: LTA)

The 21km-long Downtown Line 3 (DTL3), the last and longest stretch of the 42km Downtown MRT Line (DTL), will begin operations on 21 October, said the Land Transport Authority (LTA) on Wednesday, 31 May.

There will be a total of 16 stations, including three interchange stations, bringing commuters from the north-western and eastern parts of the island to the Central Business District and Marina Bay, providing greater connectivity to residential, industrial and lifestyle enclaves, the LTA said.

The new stations comprise Fort Canning, Bencoolen, Jalan Besar, Bendemeer, Geylang Bahru, Mattar, MacPherson, Ubi, Kaki Bukit, Bedok North, Bedok Reservoir, Tampines West, Tampines, Tampines East, Upper Changi and Expo.

The first 10 stations from Fort Canning to Bedok North have been completed, while final works are still in progress at the last six stations.

The first two stages of the DTL (six stations from Chinatown to Bugis and 12 stations from Bukit Panjang to Rochor) were opened in 2013 and 2015.

credits: propertyguru

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Eunosville sold to MCL Land for $765 million

Posted by Singapore Property Launch on 4th June 2017 in Blog
Eunosville

Aerial view of the Eunosville site. (Photo: OrangeTee)

Eunosville, a 330-unit privatised HUDC development near Eunos MRT station, has been sold en-bloc for $765.78 million ($909 psf per plot ratio) to Singapore-listed MCL Land, said marketing agent OrangeTee.

The sale price is significantly higher than what the owners previously expected, which was in the range of $643 million to $653 million. Built in the late 1980s, the approximately 376,713 sq ft site has a remaining lease term of about 71 years.

This is the second largest collective sale of this type of property following the sale of Farrer Court for $1.3388 billion in 2007.

Eunosville consists of 10 residential blocks with a total of 255 maisonettes and 75 apartments. More than 80 percent of the owners consented to the deal.

According to OrangeTee, each owner stands to gain about $2.25 million to $2.41 million upon the successful completion of the sale, which is subject to several conditions.

The site is almost rectangular with wide frontage onto Changi Road and Sims Avenue. It is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan.

The future project could yield about 1,399 units with an average size of 753 sq ft.

“There was strong interest for Eunosville and the bids received were competitive, given its strong locational attributes,” revealed Marcus Oh, Executive Director of Business Solutions at OrangeTee.

“The primary home sales market has also seen marked improvements and developers are starting to make strategic acquisitions of land to position themselves for a recovery of the market.”

The Business Times reported that other bidders for the Eunosville site included Qingjian Realty, Keppel Land and City Developments Limited.

The collective sales market has been heating up in recent weeks following the sale of Goh & Goh Building in Upper Bukit Timah Road for $101.5 million, Rio Casa in Hougang for $575 million, and One Tree Hill Gardens off Orchard Boulevard for $65 million.

credits: propertyguru

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