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Shunfu Ville sale fuels en bloc market

Posted by Singapore Property Launch on 7th June 2016 in Blog

Shunfu Ville sale fuels en bloc market

The $638 million collective sale of Shunfu Ville has stoked the interest of developers looking for potential redevelopment sites, as well as homeowners hoping to dispose their older properties, reported The Straits Times.

Located close to the Marymount MRT station, the 358-unit privatised HUDC estate changed hands in May, with each owner pocketing around $1.78 million, or a 50 percent premium over a typical unit’s price. It is also the first en bloc transaction in almost a year, and the most expensive since 2007.

“There is interest from developers, which is why we are stepping up our search for suitable projects,” said Karamjit Singh, International Director at JLL.

Shortly after the Shunfu Ville sale, property consultancies began receiving inquiries from developments that could be potentially sold en bloc, while other estates have started the process.

For example, some residents at The Capri condominium are testing the waters for an en bloc deal by inviting parties to submit prices. Meanwhile, a privatised HUDC estate in Potong Pasir Avenue 1 is gathering signatures from the owners. Reportedly, around 60 percent have consented to the sale, but this is still short of the 80 percent minimum approval required.

Developments that have already attempted this move twice but failed on both occasions are also trying their luck again. These include the 84-unit Changi Garden, as well as the privatised HUDC estates of Eunosville and Tampines Court.

In fact, the en bloc sale committee of the mixed-use Changi Garden project off Upper Changi North Road appointed lawyers and a marketing agent in May for its latest collective sales exercise.

Meanwhile, residents at the 330-unit Eunosville are understood to be restarting the en bloc process, while those at the 560-unit Tampines Court are writing up a sales agreement.

According to Lee Liat Yeang, Senior Partner in Dentons Rodyk & Davidson, “owners of privatised HUDC developments are under pressure as their estates grow older and the responsibility of upgrading rests on their shoulders now.

“As time passes, the value of topping up the lease (of site) will go up and, correspondingly, the amount of money that goes to owners in an en bloc sale will come down.”

Moreover, this is an opportune time for collective sales, as the authorities have tapered down the Government Land Sales (GLS) Programme, noted Alice Tan, Knight Frank’s Research Head for Singapore.

However, bidders are expected to offer more realistic prices in light of the sales deadlines under the Qualifying Certificate and Additional Buyer’s Stamp Duty (ABSD) rules, added Shaun Poh, Executive Director, Capital Markets at Cushman & Wakefield.

“Developers are low on their land stocks so quite a number will be keen to restock. But they are also very mindful of whatever sales backlog they may have.”

credits: propertyguru

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Prices at Gem Residences to start from $578k

Posted by Singapore Property Launch on 26th May 2016 in Blog

Gem Residences perspective

Gem Residences, the first private condominium to launch in Toa Payoh since 2009, has released the prices of its units ahead of its official launch next Friday (27 May).

The move to release its pricing list to the public this early goes against the current industry practice for developers to price according to interest at booking, with unit prices only revealed during the balloting process.

Speaking to reporters on Thursday (19 May), ahead of the opening of the project’s showflat today, Vincent Ong, Managing Partner of Evia Real Estate, said this will allow potential buyers to compare prices across the development and get their finances in order.

The 578-unit project consists of one- to five-bedroom units and two penthouses, with prices ranging from $578,000 for a one-bedder to around $1.9 million for a five-bedder.

“We have priced all our units competitively,” said Ong, whose firm is jointly developing the project with Gamuda Berhad and Maxdin.

In fact, the project’s average price was revised to $1,426 psf, slightly lower than its indicative pricing of $1,480 psf. This is also below that of other private condos in the Rest of Central Region (RCR), which have average selling prices ranging from $1,457 psf to $1,753 psf.

According to data from the Urban Redevelopment Authority (URA), prices at the nearby Trevista condo have been above $1.4 million in the past year. Over at the 16-year-old Trellis Towers in Lorong 1 Toa Payoh, half of the transactions over the past one year have been above $1,400 psf.

“We have received strong interest from prospective buyers since the show gallery was opened to the public in end-April,” shared Ong, adding that the project has already attracted more than 2,500 registered visitors and around 1,500 expressions of interest.

“Gem Residences is situated on prime land, which will only become more expensive in years to come. This, coupled with the lower selling prices, makes the condo stand out as a valuable and lasting investment choice,” added Ong.

Located near Braddell MRT station, the 99-year leasehold project is expected to obtain its TOP in 2020.

credits: propertyguru

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UOL reports revenue surge in Q1

Posted by Singapore Property Launch on 16th May 2016 in Blog

Riverbank Fernvale Condo perspective 5

Higher contributions from new and ongoing projects saw UOL Group’s revenue from property development more than double to $164.3 million in Q1 2016, from $77.3 million during the same period last year.

In an SGX filing, the Singapore-based developer reported higher progressive recognition of revenue from two residential developments launched in 2014 – Riverbank@Fernvale and Seventy Saint Patrick’s – as well as two other projects launched last year, Botanique at Bartley and Principal Garden.

Moreover, revenue from property investments, which includes contributions from the group’s offices and malls, grew by four percent to $55.5 million, noted UOL.

Revenue from its hospitality business, which includes hotels under the Pan Pacific and PARKROYAL brands, increased marginally by two percent to $104.9 million, from $102.6 million previously.

As such, the company’s total revenue surged by 39 percent to $330.1 million on an annual basis, while net attributable profit climbed five percent to $77.1 million.

However, the share of profit from associated companies and partnerships fell 12 percent to $34.1 million, mainly due to the absence of contribution from the Archipelago project. Completed in September 2015, the development is a joint venture with United Industrial Corporation.

Nevertheless, UOL’s gearing ratio remained unchanged at 0.27 during the first quarter.

Moving forward, the company believes the housing market outlook remains gloomy.

Similarly, the office rental market will continue to be under pressure due to the large upcoming supply in H2 2016, while the retail leasing sector will likely be subdued as tenants consolidate their operations amid an increasingly challenging business environment.

UOL’s hospitality business in Asia Pacific is expected to remain competitive, given the weak growth in the global economy.

credits: propertyguru

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Symphony Suites Yishun

Posted by Singapore Property Launch on 11th May 2016 in Blog

Symphony Suites Yishun

Symphony Suites is a brand new residential development located at Yishun Avenue 9 in District 27. The new Yishun condo situated next to North-Point BizHub will feature 660 luxurious units with a good unit mixture of 2, 3 and 4 bedrooms, all within a land size of more than 20,000 square meters. It comprises of 11 blocks of 15 storeys with 2 levels of 672 lots basement car-park, gym, clubhouse, swimming pool and even a Child Care Center. The expected Symphony Suites TOP date will be 31 March 2019 but might be slightly earlier as well depending on the construction progress of the 99-year lease condominium.

Symphony Suites location is backed by the tranquil Sungei Khatib. Connecting Yishun Avenue 9, the new Yishun Avenue 8 road will link residents to the Tampines Express-way(TPE) directly in approximately 8 minutes. For public SBS bus services, you have Bus No. 803 and 811 to serve your needs.

The new condo in Yishun Avenue 9 will be developed by EL Development PTE LTD with a wide range of proven track records showing the quality they present to satisfied buyers. Well known high-end projects such as Rhapsody on Mount Elizabeth, Parc Centennial, Illuminaire and Stevens Suites are just a few of their projects located in the prestigious District 9. They are dedicated to produce quality homes to owners and Symphony Suites Yishun Avenue 9 will be no difference.

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Symphony Suites Price

Posted by Singapore Property Launch on 11th May 2016 in Blog

Symphony Suites Price

Affordable Price – Developer of the Yishun condo has priced it right for potential home up-graders and new buyers. Latest launches in the area such as Nine Residences and North-park Residences are going at a steeper price. Considering all 3 projects are within 1 km in distance, Symphony Suites psf of about $150-$200 lower is definitely a safe buy regardless of market condition.

 

Please kindly Call or fill up the Contact Us form to enquire on availability before visiting. Thank you.

2 Bedroom from $733,000

3 Bedroom $793,000

3 Bedroom Premium from $911,000

4 Bedroom $998,000

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