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Serangoon North Avenue 1 site attracts 16 bids

Posted by Singapore Property Launch on 28th July 2017 in Blog
Serangoon North Ave 1

Location of the land parcel at Serangoon North Avenue 1. (Photo: URA)

The tender for a residential plot at Serangoon North Avenue 1 closed on Thursday (27 July) after drawing 16 bids, said the Urban Redevelopment Authority (URA).

Corson and Wingjoy Investment, entities of Keppel Land and Wing Tai, submitted the top bid of $446.28 million for the approximately 185,022 sq ft site. This works out to a land rate of about $965 psf per plot ratio. 

FCL Residences was the second-highest bidder with $418.7 million, followed by a joint offer of $417.2 million from Singland Homes and UOL Venture Investments. 

Launched for sale on 30 May under the first half 2017 Government Land Sales programme, the 99-year leasehold site could yield more than 500 homes.

The Chomp Chomp Food Centre, Serangoon Garden Market and Nex shopping mall are located nearby. The future development will also appeal to families with school-going children as it is close to Rosyth School, Nanyang Junior College and the French School. 

The URA will make a decision on the award of tender after evaluating the bids.

credits: propertyguru

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Serangoon Ville sold en bloc, each owner to get about $2m

Posted by Singapore Property Launch on 28th July 2017 in Blog
Serangoon Ville sold en bloc, each owner to get about $2m

The former HUDC estate was purchased for $499 million by a consortium led by Oxley Holdings.

The former HUDC estate Serangoon Ville has been sold in a collective sale to an Oxley Holdings-led consortium for $499 million, following the close of the tender exercise on 25 July. Each owner will get about $2 million.

This exceeds the expected offers of $400 million to $430 million. Located along Serangoon North Avenue 1, the estate sits on a 296,913 sq ft site and has a plot ratio of 2.8.

Privatised in 2014 and with 69 years left on its lease, Serangoon Ville comprises 244 apartments and maisonettes spread across seven blocks.

The sale price, on top of an estimated differential premium of $195 million to top-up the lease to a fresh 99 years and intensify the site, works out to a land rate of $835 psf per plot ratio, said Stanley Koo, Division Director at ERA Realty Network, which brokered the sale.

Eugene Lim, ERA’s Key Executive Officer, said: “This serves as yet another indication that developers are of the view that the property market’s down cycle is almost over.”

He noted that strong sales seen at the nearby Hundred Palms Residences executive condominium along Yio Chu Kang Road would have given developers more confidence in the tender of Serangoon Ville.

credits: propertyguru

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Eye on Bukit Batok: A green oasis

Posted by Singapore Property Launch on 23rd July 2017 in Blog
Eye on Bukit Batok: A green oasis

View of Little Guilin, a scenic spot in Bukit Batok. (Photo: Michael Gwyther-Jones; Flickr)

Other neighbourhoods in the west of Singapore have become very crowded, but Bukit Batok remains a haven of peace.

By Joanne Poh

A stroll around Bukit Batok Central or one of the area’s subzones such as Guilin or Hillview reveals a peaceful residential area swathed in greenery.

With easy access to some of Singapore’s most luxuriant natural spaces, residents enjoy an escape from the hustle and bustle of daily life while still being within easy reach of the lively Jurong East commercial hub.

A turbulent past

Some say the name Bukit Batok means “coughing hill”. As quarrying used to be carried out in the area, the reference to coughing is an allusion to the blasts that were frequently heard in the vicinity.

The hilliness of the area is emphasised probably because the area was built upon norite, a type of plutonic rock that made Bukit Batok such an important quarrying location at the turn of the last century. Spectacular traces of former granite quarries can be found today at Little Guilin and Bukit Batok Nature Park.

Bukit Batok also played a significant role in World War II, being the site of the Battle of Bukit Timah from 10 to 12 February 1942, when British, Indian and Australian soldiers attempted to repel the Japanese invasion following their landing on Singapore’s western shores just days earlier.

The Old Ford Motor Factory, located on Upper Bukit Timah Road, was the site where the British officially surrendered to Japanese forces on 15 February 1942. The original building has been converted to Memories at Old Ford Factory, a museum run by the National Heritage Board.

In December 1975, works to turn the quarrying village into Bukit Batok New Town commenced, with the first HDB blocks being completed in 1985. 1987 saw the completion of HDB blocks in Bukit Gombak. In 1998, the area’s main shopping mall West Mall was opened.

Peace and quiet

The Bukit Batok today has not changed tremendously since the late 1990s when West Mall was opened. And that is how residents like it.

Charmaine Tan, a 32-year-old bank executive, is grateful that she got to grow up in the relative peace and quiet of the Hillview area.

“The Bukit Batok area is a lot greener than many of Singapore’s other neighbourhoods. There are lots of great spots where residents can take long walks, have picnics or sit down to an al fresco kopi without having to worry about being swamped by crowds,” she said.

She cites Bukit Batok Nature Park as one of her favourite places in the area. “In my opinion, this park is one of the most beautiful places in Singapore. The view of the quarry is amazing, and you can often see people meditating or doing yoga on quiet weekday afternoons. Little Guilin over at Bukit Batok Town Park is also very scenic.”

Recent hype in the area has been centred on the gentrified subzone of Hillview, where most of Bukit Batok’s private condominiums are located. New shopping mall HillV2 has been a breath of fresh air for the Hillview area’s residents, who appreciate the stylish offerings such as Dean & Deluca and Wine Connection Bistro.

Despite the decidedly upmarket feel of the Hillview area, Bukit Batok manages to retain a down-to-earth character that residents cling to in an increasingly fast-paced society.

Tan said: “There are many hidden gems in the area that only residents know about. At the Civil Service Club across the road from the bus interchange, there are a bowling alley and spa that are both open to the public. West Mall, our neighbourhood mall, has the advantage of never being too crowded. It houses a library, supermarket and cinema.”

For those residents who prefer the buzz of big shopping malls, Jurong East is just one MRT stop away, and even reachable on foot in under 45 minutes from Bukit Batok MRT station. Jurong Gateway and the Jurong Lake District are being developed into Singapore’s second Central Business District (CBD). The former is already a bustling commercial hub thanks to big shopping malls like Westgate and JEM.

The area has reaped the benefits of the new Downtown Line, with Hillview MRT station cutting travelling time to the CBD in half for residents who previously relied on feeder bus services to ferry them to stops on the North-South and East-West lines.

In addition to the Downtown Line, residents are also served by the Bukit Batok and Bukit Gombak stations on the North-South Line, which connects swiftly to the East-West Line at Jurong East station in a couple of minutes.

An MRT ride from the Bukit Batok area to the city centre takes only about half an hour. In addition, there are various bus services like 77 and 171 that connect the area directly to the city centre, enabling residents to shuttle seamlessly between the energy of the city and the serenity of home.

PGNV 115 Eye on Bukit Batok

Stirrings of the future

Recently, Bukit Batok’s first new launch in almost 15 years was announced. Le Quest, a development by Qingjian Realty, will be in Bukit Batok West Avenue 6, and is anticipated for launch in July 2017.

The development is slated to comprise 516 residential units, as well as commercial space spanning more than 6,000 sq m. On-site facilities such as a supermarket, childcare centre and F&B establishments will be a boon to residents.

PGNV 115 Eye on Bukit Batok

Le Quest by Qingjian Realty will feature 516 private residential units and over 6,000 sq m of commercial space.

Wong Xian Yang, Head of Research & Consultancy at OrangeTee, noted that new residential developments in Bukit Batok are few and far between, with the last major project containing more than 100 units, Kingsford Hillview Peak, having been launched in 2013 and currently sold out.

Other projects in recent years include Hills TwoOne, launched in 2013, and Laurel Tree, launched in 2012. Both are freehold residential developments. “All projects are more than 90 percent sold,” said Wong.

According to Wong, the Bukit Batok area is promising from the point of view of investors and homeowners.

He said: “As the Jurong Gateway District develops into the largest commercial hub outside of the CBD, there will be positive spillover effects for the surrounding regions, including Bukit Batok.

“Housing prices in Bukit Batok are relatively low compared to nearby areas such as Clementi or Lakeside. For example, the median transacted price for Kingsford Hillview Peak is around $1,326 psf in contrast with Lake Grande in Lakeside, whose average median transacted price is around $1,346 psf. Over in Clementi, The Trilinq is selling for around $1,388 psf. All three projects are relatively close to an MRT station.”

According to Wong, Bukit Batok’s star looks set to rise even further following the completion of the Kuala Lumpur-Singapore High Speed Rail, which is slated to open by 31 December 2026 and is likely to be in Jurong East.

Said Wong: “As the KL-Singapore High Speed Rail will drive up pedestrian and road traffic in the surrounding area, it might not be conducive to live too close by due to noise and congestion issues.

“This makes Bukit Batok appealing for residential buyers as there is sufficient buffer distance from the terminal of approximately 1.8km or more, enabling residents to enjoy the convenience of the future developments while remaining at a distance from the negative externalities that such a development may bring to its immediate vicinity.”

He summed up the appeal of the area in a nutshell: “Bukit Batok will appeal to buyers who are looking for a peaceful residential area while still remaining in proximity to an upcoming commercial centre.”

Did you know?

– There are wild durian trees growing in the Bukit Batok area, including Bukit Batok Nature Park, and illegal durian hunters often secretly pick the spiky fruit when the time is right.

– Bukit Batok inspired eminent Singaporean poet Edwin Thumboo’s poem “Evening by Bukit Batok”.

– Bukit Batok is home to a hidden disused quarry, Seng Chew Granite Quarry, that is said to possess magic powers. Car owners who wash their vehicles with the quarry’s water are said to receive winning 4D numbers.

credits: propertyguru

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The Albracca sold collectively for $69m

Posted by Singapore Property Launch on 21st July 2017 in Blog
The Albracca JLL

The 10-storey apartment at Meyer Road was completed in 1990 and comprises 11 units. (Photo: JLL)

The Albracca apartment at Meyer Road has been sold in a collective sale to property developer Sustained Land for $69.119 million, revealed marketing agent JLL.

The price works out to $1,409 psf per plot ratio inclusive of development charges, and is higher than the owners’ guide price of $62 million to $65 million during the tender which closed on Thursday (20 July).

Completed in 1990, the 10-storey strata-titled development comprises 11 apartments. This is the first time that the property was offered for sale collectively, with more than 80 percent of the owners consenting to the deal.

“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Karamjit Singh, Senior Consultant at JLL. 

He added: “Clearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back.”

The 23,400 sq ft site is zoned residential with an allowable gross plot ratio of 2.1. It could be redeveloped into an 18 to 24-storey apartment, depending on height restrictions imposed by the government.

Sustained Land could potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 units with an average size of 753 sq ft.

The future Katong Park MRT station on the Thomson-East Coast line is right at its doorstep, while Katong Park and the sea are also nearby.

credits: propertyguru

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Woodleigh Lane residential site awarded

Posted by Singapore Property Launch on 19th July 2017 in Blog
Woodleigh Lane CEL

The site, which is located near an MRT station, is the second plot within the upcoming Bidadari precinct to be awarded this year. (Image: URA)

A 1.9ha residential site at Woodleigh Lane has been awarded to CEL Unique Development, after the Chip Eng Seng unit submitted the highest bid of S$700.7 million, revealed the Urban Redevelopment Authority on Friday (14 July).

The tender for the plum site attracted 15 bids, with the winning bid working out to S$1,110 psf per plot ratio.

Launched for sale on 30 May, the 99-year leasehold site could yield about 735 housing units.

The site, which is located near an MRT station, is the second plot within the upcoming Bidadari precinct to be awarded this year.

credits: propertyguru

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‘Bungalow in the sky’ up for sale for $100m

Posted by Singapore Property Launch on 14th July 2017 in Blog
Wallich Residence super penthouse

Artist’s impression of the Wallich Residence penthouse.

A three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters.

Set to become the most expensive apartment in Singapore, the ‘bungalow in the sky’ penthouse is part of Wallich Residence, which is due for launch later this year at GuocoLand’s Tanjong Pagar Centre.

The penthouse is expected to test the endurance of demand for luxury property in Singapore, the segment of the market that suffered most from the government’s property cooling measures.

Property consultancy JLL revealed that luxury home prices in the city-state fell by 15 to 20 percent from its 2013 peak.

But it expects luxury prices to increase by three to five percent this year, on the back of growing demand from both foreigners and locals who believe that the market is bottoming out.

In fact, transaction volume for the first four months of the year in the Core Central Region increased by 35 percent over the same period last year, it said.

“A lot of people think Singapore is value for money because it’s been downhill all the way – such a long winter,” said Chandran VR, who is managing director at a real estate agency specialising in luxury properties.

“Now they feel it is the right time to come in,” he said. He added that “sensible investors will come here” as apartment prices in Hong Kong continue to go uphill.

Cheng Hsing Yao, group managing director at GuocoLand Singapore, said its high-end Leedon Residence project, located near the Singapore Botanic Gardens, witnessed increased foreign buying at the start of the year.

“In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them,” he said, noting that some foreigners were snapping up homes worth between $8 million and $12 million in the project.

credits: propertyguru

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