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GuocoLand to launch Martin Modern in second half of 2017

Posted by Singapore Property Launch on 26th April 2017 in Blog
Martin Modern

More than 80 percent of the Martin Modern site will be turned into a botanic garden. Image source: GuocoLand

Property developer GuocoLand is targeting to launch Martin Modern, a new luxury condominium in District 9, in the second half of this year.

Located at the corner of Martin Place and River Valley Close in prime Robertson Quay, the 450-unit project will comprise two 30-storey towers with two- to four-bedroom units from 800 sq ft to 1,800 sq ft.

According to marketing agent PropNex Realty, the 99-year leasehold project has an indicative average price of $2,300 psf. Actual prices of the units will only be released during the official launch, said GuocoLand.

The 171,535 sq ft Martin Modern site was acquired for $595.1 million in July 2016 through a government land sales tender. This works out to about $1,239 psf per plot ratio.

More than 80 percent of the site will be turned into a lush botanic garden containing more than 200 species of plants and over 50 species of trees and palms. All units come with views of the gardens, the city or the Singapore River.

“In land-scarce Singapore, space in a prime location is the ultimate luxury. It is extremely rare to find a large lush site in prime District 9,” said GuocoLand Singapore’s Group Managing Director, Cheng Hsing Yao.

Martin Modern is situated near the Great World MRT station along the Thomson-East Coast Line and the Fort Canning station along the Downtown Line, both of which will be up and running by the time the project is completed. Various schools, eateries, hotels and shopping malls are also located within the vicinity.

The project is expected to obtain its TOP in 2022.

Giving an update on its other luxury residential projects, GuocoLand revealed that Goodwood Residence along Bukit Timah Road is fully sold, while Leedon Residence at Leedon Heights is close to 90 percent sold.

Said Cheng: “Leedon Residence has seen a surge in interest among buyers since the beginning of 2017. The average price of the apartments there is around $6 million. We certainly experienced a growing sentiment that the luxury market seems to be offering great value now, especially since the supply of land in the prime districts is finite and new supply will be increasingly limited.”

credits: propertyguru

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URA launches 2 housing sites for sale

Posted by Singapore Property Launch on 25th April 2017 in Blog
Stirling Road reserve list site

 

Two housing sites at Stirling Road and Lorong 1 Realty Park were launched for sale by public tender by the Urban Redevelopment Authority (URA) on Thursday (21 April).

Offered on a 99-year leasehold tenure, both sites can potentially yield about 1,160 units.

The 21,109.5 sq m plot at Stirling Road is zoned for residential. It has a maximum gross floor area (GFA) 88,660 sq m and 1,110 flats are expected to be built there.

Originally, this site was released for sale as two smaller adjacent plots in March 2010, but these were subsequently combined and offered as a single parcel via the 1H 2012 Reserve List. It was triggered for sale after URA announced on 10 April 2017 that a developer has committed to a minimum bid price of S$685.25 million.

Meanwhile, the 13,398.6 sq m site at Lorong 1 Realty Park is zoned for conventional and/or strata landed homes. Expected to yield about 50 residential properties, the plot has been released for sale via the Confirmed List of the 1H 2017 Government Land Sales (GLS) Programme.

The tender for the Stirling Road site will close on 18 May 2017, while that for the land parcel at Lorong 1 Realty Park will close on 1 June of the same year.

According to JLL’s Head of Research & Consultancy for Singapore, Tay Huey Ying, both sites are expected to see keen biddings by developers. But the Stirling Road plot is unlikely to see a large turnout similar to that of the recently tendered Toh Tuck Road site due to its high price tag.

In fact, Tricia Song, Research Head at Colliers International Singapore, expects eight to 12 bids for the plot compared to the 24 bids received for the Toh Tuck Road site. The offered quantum could range from S$811 million to S$907 million, or S$850 psf to S$950 psf.

Moreover, Tay opined that the substantial unsold supply in the locality could tame the bids as there are currently over 1,500 unsold units in nearby launched and yet-to-be-launched projects, including in Alex Residences (127 unsold units), Commonwealth Tower (306 unsold units), Queens Peak (415 unsold units) and the upcoming 400-unit Artra project.

Similarly, Song estimates that the development of the Stirling Road site will increase the area’s housing supply by 30 percent, but she reckons that the units at two ongoing launches, Queens Peak and Commonwealth Tower, could be significantly absorbed by the market by the time this project is launched.

As for the site at Lorong 1 Realty Park, Tay believes that it could see better turnout than the Stirling Road site given its more palatable price quantum, its location within the established Upper Serangoon area, and the dearth of sites for landed homes in the market.

“The last time a landed site was sold under the GLS programme was four years ago in June 2013, when the Victoria Park Villas parcel was awarded after being strongly contested by 12 bidders,” noted Tay.

For this site Song, expects 16 to 23 bids ranging from S$58 million to S$79 million, which works out to S$400 psf to S$550psf.

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392 units sold at Seaside Residences over weekend

Posted by Singapore Property Launch on 24th April 2017 in Blog
Seaside Residences sales launch

Large crowds were seen at the Seaside Residences show suite over the weekend. (Photo: Chang Hui Chew)

The 843-unit Seaside Residences condominium at Siglap Link has attracted strong buyer interest, with 392 of the 560 released units (70 percent) sold during the first weekend of its official launch on 22 and 23 April.

This wasn’t totally unexpected as close to 5,000 people visited the project’s show suite during the preview weekend earlier this month, leading to high expectations of good sales.

About 60 percent of the buyers live in the east, varying from ages 30 to 50, said developer Frasers Centrepoint Singapore.

The 99-year leasehold project comprises one- to five-bedroom units spread across four 27-storey towers. Floor areas range from 420 sq ft to 3,294 sq ft.

According to a sales brochure, prices start from about $885,000 for a one-bedroom suite, $1.3 million for a two-bedroom dual key unit, $1.6 million for a three-bedroom + study apartment, and $2.3 million for a four-bedder.

Sitting on a 207,849 sq ft land parcel, at least 70 percent of the units offer sea views. The site is close to East Coast Park and the future Siglap MRT station.

Christopher Tang, CEO of Frasers Centrepoint Singapore, said: “The strong sales results in this launch phase indicate that buyers value the rare and premium location of Seaside Residences, our thoughtful design, and the building quality that Frasers Centrepoint Singapore is known for. We are encouraged by the response and look forward to completing the seafront project, which will add to the vibrant, green and well-connected Siglap precinct.”

The project’s show suite will remain open daily. It is slated for completion by 2021.

credits: propertyguru

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Private home sales soared 81.8% in March

Posted by Singapore Property Launch on 19th April 2017 in Blog
Private home sales soared 81.8% in March

New private homes saw stronger sales since Total Debt Servicing Ratio was introduced.

 

Developers saw new private home sales soar 81.8 percent to 1,780 units in March from 979 units in February.

 

On an annual basis, private home sales surged 111.2 percent from the 843 units sold over the same period last year.

 

JLL noted that the figure is also the highest since June 2013, when sales were still buoyant just before the imposition of the Total Debt Servicing Ratio (TDSR) at the end of June that year.

 

“This is the most significant month since June 2013 with primary market sales of private homes harking back to pre-TDSR levels. Not only are new launches doing well, but previously launched projects as well, since half of the March private home sales are attributable to such projects,” said JLL national director of research & consultancy Ong Teck Hui.

 

Grandeur Park Residences emerged as the top-selling project in March, with 480 units sold, followed by Park Place Residences at PLQ (217 units sold) and Parc Riviera (163 units).

 

For executive condominiums (ECs), developers sold 578 units, up 75.7 percent from the previous month and 19.2 percent over the same period last year.

 

iNz Residence emerged as the best-selling EC project with 187 units sold, followed by Sol Acres and The Visionaire.

 

“The demand pick-up has led numerous previously launched projects to confidently release more units for sale as seen in The Trilinq, Parc Riviera, The Springside/Brooks I & II, Marine Blue, Kingsford Waterbay, Highline Residences and Stars of Kovan which released between 50 and 105 units each in March,” revealed Ong.

 

“This is reflective of a broad-based improvement in demand with buyers not just attracted to newly launched projects but to those launched previously as well.”

 

Ong believe that the recent easing of the Total Debt Servicing Ratio and Seller’s Stamp Duty would have had a positive effect on new home sales during the month following its announcement on 10 March.

 

“In 2016, sales volume was improving gradually as price declines moderated. If the current upbeat trend of new home sales continues, it could mark a new phase in the market, characterized by stronger sales volume, prices bottoming and turning the corner,” he added.

 

PropNex CEO Mohamed Ismail expects the trend to continue in Q2 where buyers are prepared to purchase units that are rightly priced.

credits: propertyguru

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Eunosville put up for en bloc sale

Posted by Singapore Property Launch on 18th April 2017 in Blog
Eunosville estate

The owners are expecting offers of up to $653 million, which would make the estate the biggest en bloc sale in recent years. 

Former Housing and Urban Development Company (HUDC) estate Eunosville has been put up for collective sale, with the owners expecting offers of between $643 million and $653 million, reported the Straits Times.

The asking price for the 330-unit development dwarfs that of Rio Casa in Hougang, which went on sale just days ago with expectations of over $450.8 million. It would also surpass the $638 million paid for Shunfu Ville in 2016 – making the estate in Sims Avenue the biggest en bloc sale in recent years, said marketing agent OrangeTee.

This includes a top-up premium of around $181 million for a fresh 99-year lease as well as for the 376,713 sq ft site’s intensification. Eunosville is situated less than 100m away from the Eunos MRT station.

“The recent tweak to the cooling measures has injected some optimism into the residential market… Strong sales results at recent launches such as Grandeur Park Residences… show buyers are still keen to invest in projects with strong locational attributes such as proximity to MRT stations,” said Marcus Oh, Executive Director of Business Solutions at OrangeTee.

With 70 years left on its lease, Eunosville comprises 75 walk-up apartments in four blocks and 255 maisonettes spread across 10 blocks.

The maisonettes have a strata floor area of between 1,697 sq ft and 1,776 sq ft, while apartment sizes range from 1,636 sq ft to 1,722 sq ft.

The future development could yield around 1,035 units, with an average size of 969 sq ft.

The selling price for the new condominium could be in the range of $1,450 psf, with a break-even price of around $1,250 psf, said Alex Oh, Director of Business Solutions at OrangeTee.

credits: propertyguru

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Condo buyer wins luxury car in CDL lucky draw

Posted by Singapore Property Launch on 17th April 2017 in Blog
CDL Dream Draw Group Photo

CDL Group General Manager Chia Ngiang Hong (front row, fourth from left) together with winners of the CDL Dream Draw.

Some 10 lucky home buyers walked away with prizes ranging from a luxury car to cash prizes and travel vouchers, after participating in a lucky draw organised by property developer City Developments Limited (CDL).

The CDL Dream Draw campaign, which ran over a four-month period from 3 September 2016 to 1 January 2017, was open to the first 100 buyers of four CDL projects  – Coco Palms, D’Nest, Echelon and The Venue Residences and Shoppes.

The winners received their prizes on Saturday (15 April) at a ceremony held at CDL’s Forest Woods showflat beside NEX shopping mall.

For 35-year-old Singaporean Ms Fernando, her purchase of a three-bedroom suite at The Venue Residences and Shoppes near Potong Pasir MRT station helped her nab the top prize of a brand new Mercedes-Benz C 180 Coupe.

Her fiancé, Mr Sanjeev, received the car keys on her behalf from CDL Group General Manager, Chia Ngiang Hong.

“This is a great start for our future,” said Sanjeev, a 31-year-old airline pilot. “Never in our wildest dreams did we think we would win a car, especially a Mercedes-Benz. This is our first car and also our first home.”

The couple plan to get married at the end of this year and move in after the project’s completion. They declined to reveal the unit’s purchase price.

Meanwhile, the second to fourth prize winners each walked away with $40,000 in cash. Fourth prize winner Cephas Chang called it “a pleasant surprise”.

“The biggest prize I had won in a lucky draw was nothing better than a water mug,” said the 42-year-old who works in a bank.

Chang, who bought a four-bedroom unit at D’Nest in Pasir Ris late last year for about $1.29 million, said he plans to use the money to defray the renovation cost of his new home.

As for the remaining prize winners, they received travel vouchers from Jetabout Holidays, worth $5,000 each.

Currently, D’Nest is fully sold, while selected units are still available at the other three projects.

credits: propertyguru

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