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New Futura to launch amid improved market sentiment

Posted by Singapore Property Launch on 11th May 2017 in Blog
View of New Futura

View of CDL’s soon-to-be completed New Futura condominium at Leonie Hill Road.

UPDATED: Property developer City Developments Limited (CDL) is gearing up to launch its New Futura condominium at Leonie Hill Road in prime District 9 sometime in the second half of 2017.

Located close to the Orchard Road area, the luxury freehold project will comprise two 36-storey towers with a total of 124 units. Construction is expected to be completed later this year.

It was previously reported that CDL jointly purchased the collective sale site with El-Ad Group for $287.3 million ($1,179 psf) in late 2006, but the Israel-based American firm later sold its 50 percent stake to CDL.

There will be a range of unit types, including two- to four-bedroom apartments and five-bedroom penthouses from 1,098 sq ft to 7,825 sq ft. All apartments will have private lift access.

Wong Xian Yang, Head of Research & Consultancy at OrangeTee, said not much information is currently available about New Futura, but he estimates average selling prices to be upwards of $2,700 psf.

He explained that supply of new projects in the Core Central Region (CCR) remains relatively limited, as most completions in recent years have been concentrated in the Outside Central Region (OCR).

 

New Futura

New Futura is located close to the Orchard Road shopping belt. Source: CDL

 

Aside from New Futura, the only other major project to be launched in the CCR this year is GuocoLand’s 450-unit Martin Modern condominium in Robertson Quay, which is expected to have a lower average price of about $2,300 psf.

In terms of pricing, Wong thinks the luxury property market may stabilise sooner as prices in the CCR have not increased as much compared to the other submarkets during the last property boom.

“During the property boom of 2009 to 2013, CCR prices only rose 48 percent, whereas RCR (Rest of Central Region) and OCR prices rose 61 percent and 75 percent respectively over the same period.

“The implementation of the Additional Buyer’s Stamp Duty and loan curbs hit the high-end market harder compared to the other submarkets due to their higher prices and higher proportion of foreign demand in the CCR,” he said.

Echoing similar sentiments, a spokesperson for CDL noted that prices in the high-end market are showing signs of bottoming out, with increased buying interest for luxury developments.

“Analysts have indicated that with liquidity aplenty and waning concerns over the supply situation, buyers are more optimistic and coming back to the market.

“For certain premium upmarket projects like CDL’s Gramercy Park, we have even seen a pick-up in pricing from over $2,600 psf to $2,800 psf,” said the spokesperson, adding that to date, 74 units (85 percent) of the 87-unit North Tower have been sold, while 13 (65 percent) of the 20 released South Tower units have found buyers.

According to Wong, prices in the CCR could potentially lead the next price rally if the property cooling measures are gradually removed.

credits: propertyguru

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One Tree Hill Gardens sold for $65m in first en bloc sale of 2017

Posted by Singapore Property Launch on 8th May 2017 in Blog
One Tree Hill Garden

The sale price is less than the over $72.8 million that owners initially expected. (Photo: Knight Frank)

One Tree Hill Gardens off Orchard Boulevard has been sold for $65 million to a subsidiary of construction and property development company Lum Chang Group, said marketing agent Knight Frank on Friday (5 May).

The sale price translates to a land rate of approximately $1,664 psf, which is less than the over $72.8 million ($1,864 psf) that owners initially expected.

According to Knight Frank, this is the first en bloc deal of 2017, and the first involving a freehold landed-zoned site since Milton Court in June 2013.

The approximately 39,063 sq ft site, which currently houses a three-storey building comprising six maisonettes and seven apartments, was put up for sale in January this year. Under the Master Plan 2014, the site is zoned for residential, two-storey semi-detached use.

“During the course of marketing, the development received considerable interest from developers as well as contractor-developers, as this is the only sizable landed redevelopment site within close vicinity of Orchard Road,” said Ian Loh, Executive Director & Head of Investment and Capital Markets, Knight Frank Singapore.

The agency will now focus its attention on marketing Rio Casa, a privatised HUDC estate along Hougang Avenue 7. Launched for collective sale last month, the owners of the 286-unit river-fronting estate are expecting offers above $450.8 million.

The tender for Rio Casa will close on 23 May 2017.

credits: propertyguru

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Vast majority of HDB flats not qualified for SERS

Posted by Singapore Property Launch on 6th May 2017 in Blog
Vast majority of HDB flats not qualified for SERS

Prices of HDB resale units may not increase as sharply as during 2006 to 2012.

National Development Minister Lawrence Wong revealed that most public housing are not eligible for the Selective En Bloc Redevelopment Scheme (SERS), whereby the government purchases homes at prevailing market rate, while the residents are offered discounted new units in another development, reported the Singapore Business Review.

HDB flats not qualified for SERS are recovered by the Housing Board once the building’s tenure has lapsed, according to the HDB Market Pulse report from OrangeTee.

“Besides the remaining lease, there are other factors which affect the resale price of an HDB, such as current economic conditions, local supply and demand dynamics, availability of nearby amenities, upgrading works etc.”

“For example, the prices of old three-room flats in Bukit Merah have seen an uptrend in prices from 2001 to 2013 despite their declining lease,” said the property agency.

While the effect of Wong’s statement is expected to be marginal as most old HDB flats have remaining leasehold tenure of more than 50 years, OrangeTee advised people to exercise prudence when purchasing one as HDB resale units may no longer post a sharp increase in prices similar to what was witnessed in 2006 to 2012.

credits: propertyguru

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130 units at Artra sold on first day

Posted by Singapore Property Launch on 2nd May 2017 in Blog
ARTRA Launch Day

The launch of Artra attracted a large crowd. (Photo: Knight Frank)

FEC Skyline’s Artra project along Alexandra View sold 130 of the 200 released units (65 percent) on the first day of launch last Saturday (29 April) at an average price of about $1,700 psf.

According to Knight Frank, which is jointly marketing the project with Savills and PropNex Realty, 85 two-bedroom and 45 three-bedroom units were taken up. Only two- and three-bedders were launched in the first phase.

The 400-unit project comprises a mix of two-, three- and five-bedroom apartments from 786 sq ft to 2,583 sq ft.

Tan Tee Khoon, spokesperson for FEC Skyline, noted that the larger sizes of the units appealed to buyers. “We are off to a very encouraging start in the sales and believe that the momentum will continue in the days ahead,” he said.

“The results do indicate that there is an underlying stratum of real demand for well-located and appropriately designed units. Taken with the results of the other launches since the beginning of the year, Artra’s outcome demonstrates that the market has bottomed,” added Tay Kah Poh, Executive Director and Head of Residential Services at Knight Frank Singapore.

Located next to Redhill MRT station, the 442,970 sq ft site will also house a supermarket and 16 commercial units.

FEC Skyline, a joint venture between Hong Kong-listed developers Far East Consortium and New World Development, purchased the Artra plot in November 2015 for $376.9 million.

The 99-year leasehold site is close to Tiong Bahru Plaza, Queensway Shopping Centre and IKEA Alexandra. Nearby schools include Crescent Girls’ School and Gan Eng Seng Primary and Secondary Schools.

credits: propertyguru

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HDB market to see positive growth in 2H 2017

Posted by Singapore Property Launch on 1st May 2017 in Blog
Singapore HDB Flat

HDB resale flat prices fell 0.5 percent in Q1 2017.

Resale flat prices in Singapore fell 0.5 percent in Q1 2017 from the previous quarter, according to more detailed statistics released by the Housing and Development Board (HDB) this morning.

The resale price index, which tracks the overall price movement of the public residential market, dropped to 133.9 from 134.6 in Q4 2016.

In the same period, resale flat transactions fell 9.6 percent to 4,530 cases.

Calling it a “marginal” price drop, Mohamed Ismail, CEO of PropNex Realty, noted that the first quarter of the year usually sees fewer activities in the market, with a lower number of transactions due to the Chinese New Year holidays and February being a shorter month.

“We are confident that HDB resale transactions in 2017 will likely hit the 22,000 mark due to the current stable environment in terms of pricing and the non-existence of COV (Cash Over Valuation) for more than 80 percent of transactions in the resale market,” said Ismail.

He added: “2017 will witness a positive growth in the second half of the year with an overall stable price movement of about -1 to +1 percent.”

On a quarterly basis, the number of applications approved for subletting of HDB flats dropped 6.5 percent to 9,981 cases in Q1. As at 31 March, there were 53,360 HDB flats being sublet, an increase of 0.8 percent from Q4 last year.

Meanwhile, the HDB said it will launch about 4,600 Build-To-Order flats and around 3,000 balance flats for sale in May.

credits: propertyguru

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CDL unit submits top bid for Tampines site

Posted by Singapore Property Launch on 27th April 2017 in Blog
CDL unit submits top bid for Tampines site

The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA

The tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority (URA).

Bellevue Properties, a unit of City Developments Limited (CDL), submitted the top bid of $370.1 million for the 99-year leasehold site. This translates to about $565 psf per plot ratio (psf/pr).

Chinese developers Kingsford Development and Qingjian Realty were the next two highest bidders at $350 million and $345 million, respectively.

A spokesperson for CDL said that its bid for the site topped the tightly contested tender by a 5.7 percent margin over the second highest bid.

Launched for sale on 14 March under the confirmed list of the first half 2017 Government Land Sales Programme, the site could yield about 715 homes.

It is sandwiched between two condominium projects, The Santorini and The Alps Residences. The nearest MRT station is the upcoming Tampines West station along the Downtown Line.

Nearby amenities include Courts Megastore, Giant Hypermarket and IKEA Tampines. There are also various schools within the vicinity, including United World College of South East Asia (East Campus) and Temasek Polytechnic.

“Although nine bidders is a good turnout, it is less than expected and this could possibly be due to bidders being drawn to the Stirling Road site as well as the Lorong 1 Realty Park parcel, which are more attractive sites,” said Ong Teck Hui, National Director, Research & Consultancy at JLL.

Despite this, he noted that the top bid is 17 percent higher than the $483 psf/pr paid for The Alps Residences site in April 2015, and is almost similar to The Santorini’s land price of $562 psf/pr, awarded in July 2013 before the effects of the Total Debt Servicing Ratio were felt.

“This shows that the outlook of the top bidder is for prices to at least remain stable or turn upwards when the project is launched. The average selling price of nearby projects such as The Santorini and The Alps Residences is $1,070 to $1,090 psf,” revealed Ong.

Said CDL’s spokesperson: “In the event that we are awarded the site, CDL will explore a condominium development of about 15 storeys with about 800 units. All units are expected to enjoy a North-South orientation and the development will also include a childcare centre on site.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

Tampines Avenue 10
credits: proeprtyguru
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