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Property Market Uptrend To Continue, Buyers Encouraged To Look At Regional Centres

Posted by Singapore Property Launch on 21st April 2018 in Blog
Ken Low Huttons Parc Botannia

Ken Low from Huttons Asia talked about upcoming launch prices and squashed any possibility of a property bubble forming at a recent Guru Talk event.  

Singapore’s property market has seen a decline for nearly four years, but this was followed by a recent upturn in property prices and transactions. In fact, analysts from Morgan Stanley have predicted that property prices could rise by 5.0 to 6.0 percent per annum.

Meanwhile, the number of new launches may hit 50 this year, with the majority of projects located in the central, western and northeast regions. The northeast of Singapore, which includes Sengkang, Serangoon, Kovan, Hougang and Punggol tops the list for being the most affordable region and one to look at in the coming years. Located within the North Coast Innovation Corridor, the area will grow to become the largest regional centre, surrounded by various R&D and tech companies.

But questions remain, including what to expect in the second half of 2018 and how buyers and investors can address current challenges in the property market.

Also, what is the growth potential of regional centres in Singapore? These issues were discussed during PropertyGuru’s recent Guru Talk seminar held at the Parc Botannia showflat in Sengkang at the end of March.  

Guru Talk is a series of knowledge empowerment seminars aimed at providing ‘Guru Views’ on the property market.

The latest seminar drew a good response, with over 50 people in attendance and looking to gain fresh insights from esteemed speakers Ken Low, director of project sales & marketing at Huttons Asia, and Winston Lee, PropertyGuru’s regional head of special projects.

The event kicked off with Low talking about launch prices of upcoming projects and squashing any possibility of a property bubble forming.

“If the launch price of a property is higher, there will also be a much higher chance of capital appreciation. As of now, launch prices of projects in the northeast area are in the range of $1,200 to $1,400 psf, $3,000 psf for central areas, $1,800 to $2,500 psf for the city fringe, and $900 psf for executive condominiums,” he said.

Low added that housing prices are still within the healthy range. Singapore also has one of the lowest interest rates at 1.6 to 1.7 percent and there is fluidity in the market due to ongoing en bloc sales.

“Aside from the Buyer’s Stamp Duty for property purchases above $1 million, we are also expecting an increasing population and a higher number of foreign investors,” he noted.  

Attendees also benefitted from a talk on the potential of regional centres in Singapore from PropertyGuru’s Lee.

“There are four regional centres; Tampines Regional Centre, Jurong Lake District, Woodlands Regional Centre and the North Coast Innovation Corridor. Aside from Seletar Aerospace Park, the growth pipeline in the North Coast Innovation Corridor includes the new Singapore Institute of Technology, the future Thomson-East Coast Line and the creation of 10,000 jobs by end 2018,” he said.

Punggol and Sengkang currently top the list of areas for property ownership due to employment opportunities and its popularity among younger Singaporeans. This will in turn boost the market value of properties and promote better rental yield and demand, noted Lee.

credits: propertyguru

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Twin Vew To Open Showflat This Weekend

Posted by Singapore Property Launch on 20th April 2018 in Blog
Twin VEW - Hero crop

Artist’s impression of Twin Vew in West Coast Vale.

Twin Vew in West Coast Vale will open its showflat for preview this Saturday (21 Apr), said developer CSC Land.

The 520-unit condominium is the Group’s first development in Singapore, and will comprise two 36-storey towers offering a range of one- to four-bedroom units and penthouses from 484 sq ft to 2,088 sq ft. There are also two shops and a childcare centre on site.

Early-bird prices for the one-bedders start from $650,000, two-bedders from $898,000, three-bedders from $1.18 million, and four-bedders from $1.55 million.

CSC Land is the property development arm of China Construction (South Pacific) Development, which purchased the riverfronting site along Pandan Reservoir in February last year for $291.99 million ($591 psf per plot ratio).  

The site is located right next to the 752-unit Parc Riviera condo launched in 2016. Commercial amenities nearby include Westgate, Jem and Big Box at Jurong Lake District, which is slated to be transformed into Singapore’s second central business district.

Li Xiao Qian, chairman of CSC Land, said: “We are excited to have the opportunity to develop a residential development within a location with so much potential, we look forward to playing a part in the revitalisation and redevelopment of this region.”

Sale of units will commence on 5 May. The 99-year leasehold project is expected to be completed by Q4 2021.

Other projects launching soon include the estimated 275-unit Margaret Ville in Margaret Drive by MCL Land and UOL’s Amber 45 at Amber Road (139 units).

Property analysts expect private home prices to rise this year, with flash estimates of the Urban Redevelopment Authority’s price index up 3.1 percent in Q1 from the previous quarter, the biggest increase in nearly eight years.

credits: propertyguru

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Luxury home prices in downtown Singapore rising faster than other high-end districts: report

View of historical shophouses and modern skyscrapers in Tanjong Pagar. (Photo: GuocoLand)

Prices of luxury apartments in the downtown core, which includes Raffles Place, Marina Bay and Tanjong Pagar are outperforming other high-end districts in Singapore, according to an OrangeTee report.

The area comprises districts 1 and 2 and is one of the most sought-after locations for luxury properties here, the report said. Proximity to the Shenton Way financial district and commercial amenities in Boat Quay and Chinatown were cited as the main reasons for the strong appeal.

OrangeTee’s analysis of URA Realis caveats shows that the average price of non-landed luxury homes in the two districts grew by 9.3 percent to $2,147 psf in Q1 from a year ago. This is higher than the 6.2 percent increase to $2,046 psf for the Core Central Region during the same period.

The average price of private condos downtown is also close to the peak of $2,207 psf seen in Q1 2013.

Specifically, District 2 saw a bigger year-on-year price increase of 14.5 percent as compared to District 1 (5.6 percent) due to projects like Wallich Residence at Tanjong Pagar Centre – Singapore’s tallest building, Icon in Gopeng Street and 76 Shenton.

In fact, the second and third most expensive non-landed homes in dollar psf terms transacted last quarter were high-floor apartments at Wallich Residence; a 958 sq ft unit was sold at $3,894 psf, while a 1,722 sq ft unit was sold at $3,832 psf.

Although prices continue to rise in both districts, demand for homes has been picking up since Q2 2017, with sales breaching the five-year average of 85 units, said OrangeTee.

URA data shows that 493 caveats were lodged in districts 1 and 2 last year, up 153 percent from 195 caveats in 2016. In the first three months of 2018, 89 caveats were lodged.

The best-selling project in the downtown core since 2017 has been Marina One Residences in Marina Bay, which sold 47 units at a median price of $2,428 psf. This was followed by V on Shenton in Shenton Way and Spottiswoode Suites at Spottiswoode Park Road, which moved 44 and 40 units at median prices of $2,235 psf and $2,135 psf respectively.

Looking ahead, OrangeTee expects non-landed home prices in districts 1 and 2 to rise by about 8.0 to 12 percent this year as more units from Marina One Residences and Wallich Residence are released.

credits: propertyguru

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Tulip Garden Sold For $906.9m In Second Largest Collective Sale This Year

Posted by Singapore Property Launch on 14th April 2018 in Blog
Tulip Garden resized

Tulip Garden’s purchase price is 20.4 percent higher than the reserve price of $753 million. (Photo: Colliers International)

The Tulip Garden condominium at Farrer Road has made headlines for being the second biggest collective sale to date this year, following the $980 million en bloc sale of Pacific Mansion in March.

According to marketing agent Colliers International, the freehold property was purchased for $906.9 million by Asia Radiant – a joint venture between MCL Land, a unit of Hongkong Land Holdings and China’s Yanlord Land Group.

This also represents the second highest premium achieved for a residential collective sale to date this year as the purchase price is 20.4 percent higher than the reserve price of $753 million.

Completed in 1985, Tulip Garden comprises 162 units of apartments and maisonettes as well as two shop units spread across five blocks. Unit sizes range from about 1,701 sq ft to 3,412 sq ft.

Depending on the size of the property, each owner could receive between $4.3 million and $7.6 million from the successful sale. Incidentally, three previous attempts at a collective sale failed.

Based on its land area of about 316,708 sq ft, the purchase price works out to $1,790 psf per plot ratio (psf ppr), which exceeds that of recent en bloc sales in the vicinity, noted Colliers.

The nearby Hollandia, The Estoril and The Wilshire were previously sold collectively for $1,703 psf ppr, $1,654 psf ppr and $1,536 psf ppr, respectively.

“Despite a spate of collective sale deals done in the Holland Road area in recent months and a large slate of redevelopment sites on the market, the tender for Tulip Garden still attracted very keen interest – a testament to its excellent locational attributes,” said Colliers International managing director Tang Wei Leng.

Colliers noted that the property is located close to Farrer Road MRT station on the Circle Line as well as commercial amenities in Holland Village and Dempsey Hill.

Its large contiguous land area also offers greater flexibility in planning the new residential project, and will provide ample space for many facilities.

“Large plots in prime central locations are rare and Tulip Garden provides an opportunity for the developer to capitalise on the upturn in the high-end homes segment,” said Tang, adding that residential prices in the Core Central Region are expected to grow by 10 percent for the whole of 2018.

Under the 2014 Master Plan, the site has a gross plot ratio of 1.6 and maximum building height of 12 storeys. No development charge is payable.

“The successful acquisition of this prime site marks our inaugural venture into the Singapore property market. As a key global financial centre, Singapore’s residential market presents a good value proposition for developers seeking to develop additional growth opportunities,” said Yanlord’s chairman and CEO Zhong Sheng Jian.

The new project is slated to be completed by 2023, and could potentially yield 670 units.

credits: propertyguru

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Great World City To Undergo Major Revamp

Posted by Singapore Property Launch on 13th April 2018 in Blog
Great World City External Facade resized

Artist’s impression of the revamped façade of Great World City.

The Great World City mall at 1 Kim Seng Promenade in River Valley is set to undergo a major renovation in mid-April, announced its owner Allgreen Properties on Tuesday (10 Apr).

Phase 1 of the Asset Enhancement Initiative (AEI) is expected to be completed by Q2 2019, followed by Phase 2 in Q2 2020. This is in preparation for the 2021 opening of the Thomson-East Coast Line’s Great World MRT station.

The AEI includes a new retail link in Basement 2 connecting the six-storey mall with the MRT station. It will also be accessible via level 1 of the development’s 18-storey office tower and through a pedestrian overhead bridge at level 2, where a nearby outdoor playground will be built.

Aside from upgrading Great World City’s façade, skylights, flooring and ceiling, Allgreen will reconfigure the escalators and interior walkways to enhance navigation and accessibility of consumers. It also plans to directly connect the office’s lifts to the mall’s third level.

Moreover, its owner will install uniquely-designed dual-level retail pods in the foyer, which are among the first for shopping malls here.

The mall will also house some 50 new tenants, including Japanese-focused retail and food outlets, while the property’s F&B tenant mix will be increased from 20 percent to 30 percent of its net lettable area (NLA) upon completion of the revamp.

Sited on 344,445 sq ft of land, Great World City has an NLA of 430,000 sq ft and gross floor area of 660,000 sq ft.

Although there will be some disruption to existing businesses in the mall during the renovation, Great World City will remain open and accessible at all times during the refurbishment.

“With the revitalisation of Great World City, we are very excited to bring a new-found vibrancy to the River Valley area whilst maintaining its roots as a beloved leisure and lifestyle destination. We look forward to bringing our customers an enhanced shopping experience in the near future,” said Lee Yew Kwung, CEO of Allgreen Properties.

credits: propertyguru

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Rivercove Residences EC Oversubscribed 2.5 Times

Posted by Singapore Property Launch on 11th April 2018 in Blog
Rivercove-Residences-EC-Main-Facade crop

Artist’s impression of Rivercove Residences EC in Sengkang.

The Rivercove Residences executive condominium (EC) in Sengkang has attracted over 1,500 e-applications since its preview launch on 1 April, said developer Hoi Hup Sunway on Monday (9 Apr).

This translates to an oversubscription rate of 2.5 times for the project’s 628 units.

During this period, more than 9,000 people visited the showflat located at the junction of Anchorvale Lane and Sengkang East Avenue.

The 99-year leasehold project comprises a range of three- to five-bedroom units from 904 sq ft to 1,485 sq ft. Prices start from $830,000 for a three-bedroom, $1.1 million for a four-bedroom and $1.34 million for a five-bedroom.

The e-application exercise will close tomorrow (11 Apr), while the booking of units will commence on 14 April.

Located close to Sengkang MRT station, Rivercove Residences is the only new EC launch in 2018.

According to latest data from the Urban Redevelopment Authority, there are only 212 unsold EC units in the market. This is the lowest number since May 2013 when 213 unsold units were recorded.

“With the supply of ECs drying up and a rising private residential market, we expect demand and price outlook for ECs to be strong,” said Tricia Song, head of research at Colliers International.

She added that the record price of $583 psf per plot ratio for the Sumang Walk EC site in Punggol could result in a breakeven price of $950 psf, “higher than transacted prices for all new ECs, perhaps pointing to sharply higher EC prices two years down the road”.

credits: propertyguru

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