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Private home sales hit 15-month high in October

Posted by Singapore Property Launch on 17th November 2016 in Blog
Private home sales hit 15-month high in October

The 364 units sold at Forest Woods last month have boosted private home sales significantly.

 

New private home sales soared to a 15-month high in October as two newly launched projects registered steady take-up rates.

Developers sold 1,252 new condominiums last month, more than double the 509 sold in September, and the highest since the 1,655 units sold in July 2015, reported Channel NewsAsia.

The bulk of the units sold were from two new projects — 334 units were sold at The Alps Residences in Tampines, while 364 units were sold at Forest Woods in Serangoon.

Including executive condominiums (EC), developers sold 1,540 units in October, higher than the 769 units sold during the previous month. CBRE noted that flight to value appeared to be the key driver of demand.

“Buyers have been motivated by value buys in terms of competitive pricing and palatable quantums, as smaller units seem to be gaining (the) most traction. Some buyers are also taking advantage of the current market situation to upgrade,” said Desmond Sim, Head of CBRE Research (Singapore and Southeast Asia).

In fact, the 1,252 units sold in October have helped to lift total year-to-date sales. And with two new projects launched this month — Parc Riviera and Queens Peak — CBRE revised its sales estimates for 2016 to around 8,000 units, higher than the 7,440 sold in 2015 and 7,316 sold in 2014.

EC projects also registered a better year-to-date performance, despite the lack of new launches since July. In the first 10 months of 2016 alone, developers sold a total of 3,553 ECs, up 39 percent from the 2,550 units sold last year.

“Should there be a new EC project launch before the end of the year, EC sales in 2016 could number more than 4,000 units,” said Sim.

credits: propertyguru

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Bencoolen Street gets a car-lite makeover

Posted by Singapore Property Launch on 14th November 2016 in Blog
Bencoolen Street

Artist’s impression of the revamped Bencoolen Street. Source: Land Transport Authority

Bencoolen Street will get a new lease of life when it reopens in the first quarter of 2017, following the completion of Downtown Line 3 works for the Bencoolen MRT station, the Land Transport Authority (LTA) said on Thursday, 10 November.

The redesigned street will feature wider footpaths lined with trees and benches. There will be sheltered linkways from the MRT station to nearby developments, such as Hotel Rendezvous and Manulife Centre. A dedicated cycling path will also connect Rochor Canal to the planned cycling route along the future North-South Corridor to the city centre.

At the same time, some 125 bicycle parking lots will be provided at various locations along Bencoolen Street, including the entrances of the new MRT station and Nanyang Academy of Fine Arts. In addition, a dedicated bus lane will be introduced for faster and smoother bus journeys.

“These enhancements are part of our efforts to create a more conducive and pleasant environment for people to walk, cycle and ride public transport in Singapore,” said the LTA in a statement.

credits: propertyguru

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URA launches sale of Margaret Drive site

Posted by Singapore Property Launch on 13th November 2016 in Blog
Margaret Drive residential site-crop

The 0.48ha site is close to the Commonwealth and Queenstown MRT stations. Source: URA

A 0.48ha residential site at Margaret Drive in Queenstown was launched for sale by public tender on Thursday (10 November) by the Urban Redevelopment Authority (URA).

Released under the reserve list of the second half 2016 Government Land Sales (GLS) Programme, the site has a maximum gross floor area of 22,195 sq m. The 99-year leasehold plot could yield about 275 homes.

On 3 November, the URA received an application from a developer to put the site up for sale. In fact, the developer committed to a minimum bid of $185.758 million.

Nearby amenities include two MRT stations (Commonwealth and Queenstown), churches, schools and a public library.

The tender for the land parcel will close on 6 December. “Any tender below the minimum bid price of $185.758 million will not be considered,” said the URA.

 

Margaret Drive land parcel
Credits: propertyguru
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CapitaLand Q3 net profit up 28% to $247.5 million

Posted by Singapore Property Launch on 12th November 2016 in Blog
Cairnhill Nine

Earnings grew on higher contributions from its residential business in China and Singapore. (Photo: CapitaLand)

Property developer CapitaLand posted a total net profit of $247.5 million in the third quarter of 2016, up 28.4 percent from $192.7 million in the previous year, on the back of better operating performance.

Group revenue during the period also jumped 27.7 percent to $1.374 billion.

In an SGX filing, the group attributed the increase to higher contributions from CapitaLand’s residential business in China and Singapore, shopping malls in Malaysia and China, its commercial portfolio in Singapore, and newly acquired serviced residences.

The residential projects which contributed to higher revenue in Q3 included The Nassim and Cairnhill Nine in Singapore, New Horizon in Shanghai, Vermont Hills in Beijing and Riverfront in Hangzhou.

Earnings before interest and tax (EBIT) also rose 7.7 percent year-on-year to $494.4 million in Q3, with Singapore and China remaining as key contributors.

Looking ahead, Lim said the group will continue to grow its assets under management through capital recycling, portfolio optimisation, fund management and management contracts.

credits: propertyguru

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Condo sales start for Queens Peak, Parc Riviera

Posted by Singapore Property Launch on 9th November 2016 in Blog
Parc-Riviera-West-Coast-Showflat

Parc Riviera sold more than 100 units on Saturday, offering an unconventional pricing scheme for units from the lowest floor to the 15th floor. (Artist’s impression)

Queens Peak, Hao Yuan Investment’s 736-unit condominium project at Dundee Road, has been warmly received by buyers, with 242 units sold during its launch on Saturday (5 November).

One- and two-bedroom units accounted for 90 percent of all the units sold, while the project’s average price stands at $1,632 psf. The lowest transacted price was $1,406 psf.

The developer attributed the encouraging sales to the project’s good connectivity to the nearby Queenstown MRT station, as well as the fact that all units are at least eight storeys above ground.

“We have received feedback from buyers that Queens Peak is an attractively priced city fringe project made affordable for mass condominium buyers,” said Tan Zhiyong, Managing Director of MCC Land, the project manager for Queens Peak.

Meanwhile, the 752-unit Parc Riviera at West Coast Vale sold more than 100 units on Saturday, offering a “one-tier pricing scheme” for units found on the lowest floor to the 15th floor, reported The Business Times.

With the average price at $1,150 psf, more than 95 percent of units sold are those that come under the one-tier pricing scheme. Around 80 percent of buyers opted for the one- or two-bedroom units.

The scheme, which was originally planned to be offered only on Saturday, did not generate further interest when it was extended to Sunday, with only a few more units sold.

While location may have played a role in the project’s sales performance, EL Development Managing Director Lim Yew Soon noted that the manner by which smaller units were distributed in the project may have also been a factor.

The smaller units at Queens Peak are concentrated on the lower floors to keep the quantums low for investors, while Parc Riviera has similar unit types from the lowest to the highest floors. The developer kept the unit-type composition consistent on each floor due to the use of prefabricated prefinished volumetric construction (PPVC).

Lim explained that it would be challenging for a project using PPVC to have different unit types stacked on top of another as this would require transfer beams and columns to be erected on each floor.

He also revealed that the project will revert to its original price list.

“We took quite a steep discount for the units on the higher floors so we can’t keep doing it all the time,” he said. “We are not planning for further discounts now. Based on the original pricing, it’s still attractive.”

credits: propertyguru

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HDB receives prestigious award

Posted by Singapore Property Launch on 5th November 2016 in Blog
SkyVille at Dawson-crop

SkyVille @ Dawson was among the top five finalists for the International Highrise Award. (Photo: designapplause.com)

The Housing and Development Board (HDB) was conferred a Special Recognition Award on Wednesday (2 November) by an international panel of judges in Frankfurt, for its unique role in providing access to quality high-rise living.

The Special Recognition Award stems from the prestigious International Highrise Award, which is conferred by the City of Frankfurt, the Deutsches Architekturmuseum (German Architecture Museum) and DekaBank.

The win marks the first time an organisation has been acknowledged for its contributions in providing good quality homes in high-rise environments. Previous Special Recognition Awards were given to prominent skyscrapers such as Dubai’s Burj Khalifa and Frankfurt’s Deutsche Bank Towers.

The international jury, which comprised industry experts such as top engineers, architects, economists, academics and property management experts, noted that the HDB’s public housing model can be used as a model for other governmental housing programmes.

“A public agency for social housing in high-rises needs to be recognised. It is a game changer for affordable housing all over the world,” said juror Brigitte Shim, an architect and founding partner of Toronto-based design firm Shim-Sutcliffe Architects, who is also Professor of Architecture, Landscape and Design at the University of Toronto.

The HDB’s SkyVille @ Dawson was among the top five finalists for the International Highrise Award, standing alongside the world’s best high-rise buildings, such as Four World Trade Centre and VIA 57 West in New York, the Shanghai Tower and the Allianz Tower in Italy.

“We are honoured to be the first organisation in the world to receive this exclusive award,” said HDB’s Deputy CEO (Building) Fong Chun Wah.

“In land-scarce Singapore, optimising land use to accommodate different needs is a challenge but a necessity. Despite our space constraints, Singapore is among the world’s most liveable cities largely due to the safe and stable living environment that our residents enjoy.”

credits: propertyguru

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