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Normanton Park sold for $830.1m, or $969 psf ppr

Posted by Singapore Property Launch on 8th October 2017 in Blog
Normanton Park - 2

This is the highest land rate achieved for a 99-year leasehold collective sale site this year. (Photo: Knight Frank)

The Normanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray Development for $830.1 million, marketing agent Knight Frank said on Thursday (5 October).

It comes one day after Amber Park was sold to City Developments Limited for $906.7 million. On Thursday, CBRE also announced that Cairnhill Mansions would go on sale soon at a guide price of $362 million.

The sale price of Normanton Park works out to approximately $969 psf per plot ratio (psf ppr) – making it the highest land rate for a 99-year leasehold collective sale site this year.

Built in the mid-1970s for the Singapore Armed Forces, the approximately 660,999 sq ft site comprises 13 blocks of 488 apartments.

Over 80 percent of the owners consented to the sale and the public tender was launched on 22 August. Each owner will stand to receive approximately $1.68 million to $1.86 million.

Sukhvinder S Chopra, chairman of the sale committee and a retired navy colonel, said: “The sale committee received several submissions and worked very closely with the marketing agent and lawyers. We deliberated all the submissions carefully and the decision to award to Kingsford was unanimous.”

Ian Loh, executive director and head of investment & capital markets at Knight Frank, said: “The gross development value for this project is estimated at $2.23 billion. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m (1,076 sq ft).”

In May, Knight Frank sold two collective sale sites: One Tree Hill Gardens near Orchard Road for $65 million, and the privatised HUDC estate Rio Casa along Hougang Avenue 7 for $575 million.

credits: propertyguru

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Private home prices rebound marginally in Q3: URA

Posted by Singapore Property Launch on 2nd October 2017 in Blog
Completed private homes

Private home prices across Singapore rose by 0.5 percent quarter-on-quarter in Q3 2017, reversing the 0.1 percent dip in the previous three-month period, according to flash estimates published by the Urban Redevelopment Authority (URA) today.

In the landed property segment, prices increased by one percent compared to the 0.3 percent decline in the second quarter.

Similarly, overall prices of non-landed houses here edged up by 0.4 percent from a slide of 0.1 percent previously.

In particular, Singapore’s Core Central Region (CCR) posted a 0.2 percent gain in the prices of non-landed homes versus a 0.5 percent drop, while the Outside Central Region (OCR) recorded a growth of 0.7 percent compared to a 0.3 percent contraction in the preceding quarter.

Meanwhile, prices of non-landed homes in the Rest of Central Region (RCR) remained unchanged after a 0.6 percent increase in prices during Q2 2017.

credits: propertyguru

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49% of S’poreans aspire to buy property in near future

Posted by Singapore Property Launch on 29th September 2017 in Blog
modern apartment blocks in Singapore

Property affordability sentiment is still subdued in Singapore.

Nearly five in 10 Singaporeans intend to purchase a residential property in the near future, according to PropertyGuru’s Regional Consumer Sentiment Survey for H1 2017.

Although the home purchase sentiment in the city-state is higher than Thailand’s 43 percent, it is lower than Malaysia and Indonesia with 52 percent and 60 percent respectively.

Despite the positive purchase intent, property seekers continue to worry over prices, with the property affordability sentiment here remaining at 29 from the previous survey in H2 2016. It was also unchanged in Thailand (34) and Indonesia (52), while Malaysia posted a slight increase to 38.

“In Singapore, we see that intent to purchase homes remain strong, but consumers continue to express concern on their ability to afford homes. Even as the Singapore real estate market looks to recover in 2018, concerns with affordability are likely to continue to hobble the absorption of supply,” said PropertyGuru Group’s CEO Hari V Krishnan.

Meanwhile, the study revealed that people from Singapore are open to both new and resale houses, while those from the three other Southeast Asian markets have a penchant for new units. In terms of key considerations, the respondents named location and the area’s security among the top factors influencing their purchase decision.

PropertyGuru’s latest survey involved more than 3,100 respondents across Singapore, Malaysia, Thailand and Indonesia.

credits: propertyguru

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ERA Realty to relist in Singapore

Posted by Singapore Property Launch on 23rd September 2017 in Blog
Jack Chua

ERA Realty’s CEO Jack Chua.

ERA Realty Network, the second biggest property agency here by agent numbers, plans to relist on the Singapore Exchange (SGX) to take advantage of the anticipated recovery in the housing market, reported the Business Times.

The firm and other related businesses will be floated under APAC Realty, with each share to be sold at 66 cents, according to the registered prospectus for the initial public offering (IPO).

“We are now at the initial stage of a market run. For the next one year, everyone knows the market will be good, so it’s only logical to list now,” said ERA Realty’s chief executive Jack Chua, who is also the CEO of APAC Realty.

The listing’s goal is to provide more funding to fuel ERA’s expansion in the Asia Pacific region. Of the IPO’s estimated net proceeds of $55 million, $27.1 million will go to APAC Realty, whose business is the fully-owned ERA Realty.

In turn, a larger network will help drive the brokerage business in Singapore via cross-selling as Chua expects a return of foreign buyers in the city-state, particularly the Chinese who are attracted by the lower prices of luxury real estate, while other markets have raised property taxes.

“Many Singaporeans are also buying foreign properties, so establishing our foreign presence will allow us to advise Singaporeans better,” he noted.

This move is also expected to improve its competitive edge. ERA Realty presently has 6,272 property agents in Singapore. It had the most number of agents here for six straight years until PropNex Realty and Dennis Wee Group merged, forming a group with a total of 6,858 agents.

Under the IPO, APAC Realty will offer 4.4 million shares and 44.5 million shares to retail investors and institutional investors respectively. At the same time, another 39.3 million shares will be sold to cornerstone investors Fidelity Investment, Soilbuild Group executive chairman Lim Chap Huat, Singapore-based Azure Capital and serial investor Wang Yu Huei.

The transaction will close by Tuesday (26 September) and the shares will start trading by next Thursday.

Previously, ERA Realty was listed under Hersing Corporation. But the latter’s founder sold it to Northstar Group in August 2013 one year after delisting.

Currently, Northstar Group owns 80 percent of APAC Realty, while the remaining 20 percent is held by APAC Realty’s management. After the IPO, their stakes will be proportionately diluted, but if the greenshoe option for 9.75 million shares is exercised in full, both firms will retain a combined stake of 72 percent.

credits: Propertyguru

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Analysts: Home prices to rise 10% next year

Posted by Singapore Property Launch on 21st September 2017 in Blog
Singapore Cityscape

More redevelopment deals and increased foreign buying interest is expected to drive demand for Singapore homes.

Fuelled by redevelopment deals and an increase in foreign buying, UOB Kay Hian expects home prices in Singapore to bottom out this year and climb by five to 10 percent in 2018, reported Bloomberg.

This comes even as the government has kept most of the property cooling measures in place.

Earlier this month, Morgan Stanley also predicted home prices to increase by two percent this year and 10 percent by end-2018.

“We foresee the nascent recovery spreading to the mid-range and high-end segments in the next wave, driven by replacement demand from redevelopment of old housing projects and a pick-up in home-buying interest from foreigners,” said Vikrant Pandey in a note.

This year’s redevelopment deals, which see homeowners in older buildings sell their apartments to developers, have exceeded the combined transaction value for the past four years at $3 billion. Armed with the money from these redevelopment sales, he expects these buyers to drive the demand for mid- to high-end homes.

Despite the 15 percent Additional Buyer’s Stamp Duty imposed on foreigners, Pandey also expects foreign buying to increase as other overseas destinations have introduced their own measures to cool foreign demand.

Hong Kong has doubled its stamp duties on foreign property buyers to 30 percent – exceeding that of Singapore, while Taiwan levied a punitive divestment-gains tax of up to 45 percent in January last year. Canada and Australia have also raised their transaction costs for foreign buyers.

Pandey noted that the levelling of taxation costs is making Singapore property more appealing for foreign investors.

credits: propertyguru

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Lian Beng wins contract to build Martin Modern condo

Posted by Singapore Property Launch on 18th September 2017 in Blog
Lian Beng wins contract to build Martin Modern condo

Artist’s impression of the infinity pool at Martin Modern.

A wholly-owned subsidiary of Lian Beng Group has secured a $162 million contract to construct Martin Modern, a 99-year leasehold project comprising two 30-storey condominium blocks with a total of 450 units at Robertson Quay.

According to an SGX filing on Friday (15 September), the work package for the development with landscape deck, common basement carparks and communal facilities was clinched by Lian Beng Construction (1988) via a tender held by developer GuocoLand.

The contract is expected to have a positive effect on Lian Beng’s net tangible assets per share and earnings per share for the current fiscal year ending 31 May 2018. In fact, the company’s order book reached about $699 million as of 15 September 2017 after it secured the deal.

Lian Beng is expected to start construction work on the project in September, with the contract spanning 32 months. The development is expected to receive its temporary occupation permit by 2021.

Martin Modern sold 110 of the 120 units released within two weeks of its launch on 22 July.

Prices range from $1.8 million for a two-bedroom unit to $3.86 million for a four-bedder, with early buyers eligible for a five percent discount.

credits: propertyguru

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