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GuocoLand cuts back unit releases at Martin Modern

Posted by Singapore Property Launch on 11th August 2017 in Blog
GuocoLand cuts back unit releases at Martin Modern

The developer plans to increase the selling price of Martin Modern in 2018. (Photo: Christopher Chitty)

Believing that private home prices will increase, property developer GuocoLand trimmed the number of units offered for sale at its luxury condominium Martin Modern in Martin Place, reported the Straits Times.

It noted that 110 out of the 450 units at the project have already been sold about two weeks following its launch, with the average selling price ranging from $2,009 psf to more than $2,500 psf.

GuocoLand also revealed plans to increase the selling price in 2018.

“We’ve already started to moderate the releases… you want to achieve a good start so there is confidence in the project, I think we already achieved that. We should not be selling too much too fast,” said GuocoLand (Singapore) group managing director Cheng Hsing Yao.

Other developers also have the same sentiment.

Chinese developer Qingjian Realty put off the second phase of its sales launch at mixed-use development Le Quest, while Lendlease held back on releasing new units at Park Place Residences in Paya Lebar – in the hope of offering the remaining units at higher prices.

While Cheng declined to comment on how much prices may increase next year, he acknowledged the existence of “pressure for prices to go up” given the aggressive bidding of developers and fewer condo completions.

“The margin is already quite thin among developers, and land constitutes 60 percent to 70 percent of total cost, so when the land cost goes up so much, it is not a choice for the developers not to sell higher.”

credits: propertyguru

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280 units at Le Quest sold within hours of launch

Posted by Singapore Property Launch on 10th August 2017 in Blog
Le Quest sales launch

Buyers waiting to book their units at Le Quest. (Photo: Qingjian Realty)

The Le Quest at Bukit Batok opened for sales on Saturday (5 August), with the residential units attracting strong interest from buyers.

A total of 280 of the project’s 516 units (54 percent) were sold on the first day, an oversubscription as only 200 units were initially released for sale.

According to developer Qingjian Realty, the units were transacted at an average of $1,280 psf.

The studio and one- to three-bedroom units sized from 431 sq ft to 1,206 sq ft were the most popular among buyers. There are also four-bedders available from 1,130 sq ft to 1,528 sq ft.

In addition, the mixed-use development will have over 64,583 sq ft of commercial space comprising F&B outlets and retail units.

Home buyer Chen Si, 26, was one of the first to purchase a unit. “I plan to stay at Le Quest with my parents. We are drawn to the prospect of living close to new developments like the Jurong Lake District and Tengah. The price is reasonable considering the convenience of having everything we need in the development.”

Another buyer William Yeo, 37, an auditor based in Vietnam said: “I flew in two weeks ago to preview Le Quest and really liked what I saw. While I intend to stay here with my family, I also want a property that has high growth potential.”

Property analysts were not surprised about the enthusiastic response.

“Not many new developments are expected to launch in the area in the short term, so that is definitely a main factor in buyers’ consideration,” said Alan Cheong, Senior Director of Research & Consultancy at Savills. 

Mohamed Ismail, CEO of PropNex Realty added: “Its Bukit Batok location is a huge draw with its proximity to up-and-coming projects like the Singapore-KL High Speed Rail Terminus and the rejuvenation by the Urban Redevelopment Authority’s Master Plan.”

Details on the next phase of sales will be announced later, said Qingjian. The 99-year leasehold project is expected to be completed by end-2021.

credits: propertyguru

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Roxy-Pacific buys freehold River Valley site for $110m

Posted by Singapore Property Launch on 10th August 2017 in Blog
RV site

View of the vacant lot, which is expected to be developed into an apartment project comprising over 100 units. (Photo: Roxy-Pacific Holdings) 

Roxy-Pacific Holdings subsidiary RH Capital Two has signed an agreement to acquire a freehold residential site along River Valley Road for $110 million, the group announced on Monday (7 August).

Located about 200m from the upcoming Great World City MRT station on the Thomson-East Coast Line, the vacant lot has a land area of 28,798 sq ft and an existing plot ratio of 2.8 under the 2014 Master Plan.

Roxy-Pacific intends to develop the site into a high-rise apartment block of over 100 units, and is expected to launch the project in Q3 2018.

Responding to our queries, a spokesperson for the developer said: “The acquisition was premised on the company’s view that prime properties are currently undervalued and is in a recovery cycle.” 

The cost of the acquisition will be financed by internal funds and bank borrowings, and is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December. 

credits: propertyguru

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CapitaLand Q2 profit soars 97% amid revaluation gains, divestments

Posted by Singapore Property Launch on 7th August 2017 in Blog
Victoria Park Villas perspective

Victoria Park Villas perspective

Victoria Park Villas is one of the development projects that contributed to its Q2 revenue. (Photo: Christopher Chitty)

CapitaLand saw its net profit surge 97 percent to S$579.3 million in Q2 2017, thanks to higher revaluation gains and divestments.

Revenue fell 12.3 percent to S$992.4 million from the previous year, primarily due to lower contribution from Singapore development projects, but partially mitigated by higher contribution from China development projects and higher rental income from newly acquired properties.

Development projects that contributed to this quarter’s revenue include Singapore’s Victoria Park Villas as well as Summit Era in Ningbo and Beaufort in Beijing, China.

In a release, the group revealed that it has divested S$2.37 billion worth of assets to date while deploying “S$2.04 billion to higher yielding ventures across various asset types and geographies”.

New investments include office and retail assets in Greater Tokyo, Japan; Innov Center in Shanghai, China; as well as serviced residence properties including effective stakes in third party operating platforms within China, Australasia and the US.

CapitaLand also intends to deploy an additional S$1.64 billion for Golden Shoe Car Park’s redevelopment based on its 90 percent stake of the new integrated development.

“We will continue to reconstitute our portfolio by realising value of optimised assets and to redeploy capital to higher yielding assets and ventures,” said CapitaLand president and group CEO Lim Ming Yan.

“The positive momentum of our mall’s network expansion as well as Ascott’s global platform will provide key data points on the flow of people, businesses and capital for us to make major capital deployment decisions.”

The group’s mall network expansion strategy saw CapitaLand securing six management contracts in China and Singapore, bringing its portfolio to almost 300,000 sq m within a year. Its serviced residence arm, The Ascott, has expanded its portfolio with the addition of 35 properties.

credits: propertyguru

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HDB launches 5,291 flats in August

Posted by Singapore Property Launch on 6th August 2017 in Blog
WS Bukit Batok

Artist’s impression of West Scape @ Bukit Batok. (Source: HDB)

UPDATED: The Housing and Development Board (HDB) today launched 5,291 flats for sale in its latest Build-To-Order (BTO) and inaugural Re-Offer of Balance Flats (ROF) exercise.

They include 3,897 BTO units spread across three projects in the non-mature towns of Bukit Batok and Sengkang. A range of 2-room Flexi to 5-room flats are available. 

Excluding housing grants, prices start from $87,000 for a 2-room Flexi flat at Sky Vista @ Bukit Batok and West Scape @ Bukit Batok, and $78,000 for a similar unit at Rivervale Shores in Sengkang.  

Eligible first-timer families can enjoy up to $80,000 of grants, comprising the Additional CPF Housing Grant and Special CPF Housing Grant of up to $40,000 each. As such, buyers of 2-room Flexi, 3-room, 4-room and 5-room flats could pay as little as $4,000, $84,000, $192,000, and $312,000 respectively.

“Affordability is expected to be the main draw this time around,” said Eugene Lim, Key Executive Officer at ERA Realty Network.

He expects the Bukit Batok flats to be popular due to their proximity to the Jurong Lake District and Tengah New Town, two growth areas identified by the government.

“Application rates will probably range from 1.5 to 3.5, in line with the previous Bukit Batok BTO flats in February 2016,” he said.

Application rates for the Sengkang flats are also expected to range from 1.5 to 3.5, going by past application rates, noted Lim.

He shared that the area will be served by the Bakau and Rumbia LRT stations, and residents of flats facing the Serangoon Reservoir will enjoy a relatively unblocked view and waterfront living.

 

Table 1: Aug 2017 BTO Prices

Aug 2017 BTO flat prices

 

The HDB will also conduct the first ROF exercise and offer 1,394 unsold units from the November 2016 sale of balance flats (SBF) exercise. Spread across various estates, about 71 percent of the flats are already completed and the rest are under construction. 

“Eligible families with more urgent housing needs and / or are less particular about location and attributes may wish to apply,” said the HDB. “Under this new sales mode, home buyers will be able to select their flats quicker, and from a bigger pool of balance flats of different flat types and in different locations.”

Applications for the flats can be submitted online on the HDB website from today till 7 August 2017.

The next BTO launch will take place in November. The HDB will offer about 4,800 flats in Geylang, Punggol, Sengkang and Tampines concurrently with a SBF exercise.

credit: propertyguru

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Private home prices fall 0.1% in Q2, smallest decline in 15 quarters

Posted by Singapore Property Launch on 31st July 2017 in Blog
Completed private homes

The private housing market seems to be turning a corner, data shows.

UPDATED: Private home prices fell by a marginal 0.1 percent in the second quarter of 2017, compared with the 0.4 percent drop in the previous three-month period, according to latest statistics released by the Urban Redevelopment Authority on Friday (28 July).

This is the smallest decline seen in 15 quarters, and indicates that the market is near its turning point.

Prices of non-landed properties across the island fell 0.1 percent, after remaining unchanged in the previous quarter.

The Rest of Central Region (RCR) recorded a price jump of 0.6 percent, compared with the 0.3 percent increase in the previous quarter.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, noted that price movements are strongly dependent on the location of launches during the period.

“Among top-selling projects in the RCR for the quarter, there was strong performance led by projects such as Commonwealth TowersArtra and Principal Garden where buyers could have been encouraged by a strong value proposition,” he said.

Over in the Core Central Region (CCR), prices dropped 0.5 percent, compared with the 0.4 percent decrease in the previous quarter. Prices in the Outside Central Region (OCR) decreased 0.3 percent, compared with an increase of 0.1 percent previously. 

Dr Lee Nai Jia, Head of Research at Edmund Tie & Co., said the slight decrease in the OCR reflects a mixed market.

“Some locations like Serangoon continue to be popular, and the positive sentiments are further reinforced by recent land bids and collective sales,” he said.

Separately, prices of landed properties declined 0.3 percent, compared with the 1.8 percent fall in the previous quarter.

Said Lee: “We also see a growing demand for landed properties. Given its limited supply and exclusivity, owning a landed property has been an aspiration for many Singaporeans.”

Meanwhile, private home rentals fell 0.2 percent, compared with the 0.9 percent decline in the quarter before. This is also the smallest quarterly decline over 15 quarters.

Lee noted that the leasing market seems to be bottoming out. “While rents of apartments in the OCR and RCR continue to come under pressure from new completions, rents in the CCR continue to hold up.

“Some owners are offering more upgrades and other services for a marginal increase in rent,” he said. 

Moving forward, he expects home prices to remain stable for the rest of the year, but points to an increase of one to three percent in 2018.

On the other hand, rentals will come under pressure due to high vacancy rates, and this situation will likely persist till the end of 2018, he added.

credits: propertyguru

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