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GuocoLand launches Martin Modern in Robertson Quay area

Posted by Singapore Property Launch on 7th July 2017 in Blog
GuocoLand launches Martin Modern in Robertson Quay area

Landscaping, gardens and pools will utilise 80 percent of the 1.6-ha site. Source: GuocoLand

Developer GuocoLand is launching luxury project Martin Modern on 22 July. The development is the first major condominium launch in the last eight years in the Robertson Quay area. Nearby amenities include the upcoming Great World and Fort Canning MRT stations, as well as the plethora of bars, cafes and restaurants in River Valley.

Martin Modern comprises 450 residential units, with a mix of 2-, 2+study, 3- and 4-bedroom apartments. Unit sizes range from 764 sq ft to 1,798 sq ft. Prices start at SGD 1.8 million.

Designed by four-time President’s Design Award winner, Yip Yuen Hong of ip:li architects, Martin Modern draws inspirations from Good Class Bungalows (GCB) and the Botanic Gardens. 80 percent of the 1.6-hectare site will be dedicated to green and garden spaces, including a “secret garden” at the top of each of the project’s towers.

“We want to redefine the current conventions of luxury living. We draw inspiration from the experiences of living in a GCB and translate that into a modern condominium in an upmarket riverside neighbourhood,” said Mr. Cheng Hsing Yao, Group Managing Director, GuocoLand Singapore.

GuocoLand submitted the top bid of SGD 595.1 million for the site in June 2016. The plot was hotly contested, with 13 developers in total submitting tenders for the land.

Recent projects by the developer include the iconic Tanjong Pagar Centre, currently the tallest building in Singapore, and the 1,024-unit Sims Urban Oasis along Sims Drive.

The sales gallery and show suites for Martin Modern are located at 8 Martin Place and open on 8 July for private previews.

credits: proeprtyguru

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Singapore condo prices recover in May

Posted by Singapore Property Launch on 2nd July 2017 in Blog
Singapore Condominium

 

Overall prices of non-landed private homes here rose 0.4 percent in May on a monthly basis, reversing the 0.8 percent decline in the April, revealed flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, prices in the central region increased by 1.3 percent, an improvement from the 0.4 percent dip in the previous month. On the other hand, the non-central region posted a drop of 0.3 percent compared to a larger slide of 1.0 percent in April.

The central region sub-basket comprises properties situated in postal districts 1 to 4 and 9 to 11, while non-landed private homes located in the other postal districts fall under the non-central region sub-basket.

Meanwhile, prices for small units measuring 506 sq ft or below fell by 1.3 percent in May after witnessing a positive growth of 0.6 percent in the preceding month.

The latest statistics represent transactions received as of 20 June 2017.

credits: propertyguru

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Ramped up land supply may not be enough for developers, analysts

Posted by Singapore Property Launch on 1st July 2017 in Blog
Construction site with crane and building in city

 

Analysts believe the ramped up supply of development sites under the Government Land Sales (GLS) programme for H2 2017 is insufficient to meet the developers’ demand for sites given the declining stock of unsold private homes.

Announced yesterday, the H2 2017 GLS Programme comprise six sites on the confirmed list and 10 reserve list sites.

Four of the confirmed list sites are for residential – including one executive condominium site – while two are mixed use sites. They could yield 2,840 private homes units as well as 26,800 sq m gross floor area (GFA) of commercial space.

The reserve list, on the other hand, has nine private residential sites and one commercial. The sites can accommodate 5,285 units of private homes and 56,790 sq m GFA of commercial space, mainly for office use.

Describing the allocation as “measured” and “conservative”, market analysts said the sites released by the government may not be enough to satisfy developers, reported The Straits Times.

“Given the demand crunch for residential sites, developers could be steered towards triggering sites on the reserve list as well as sourcing from the collective sales market,” said JLL national director for research and consultancy Ong Teck Hui.

Plum sites on the confirmed list, such as Sengkang Central, Holland Road and Handy Road, are expected to witness bullish bidding and stiff competition.

The Cuscaden Road and Jiak Kim Street Forth Avenue sites on the reserve list are also expected to interest developers given their prime locations.

“These offer very palatable quantums and are expected to set new benchmarks,” said CBRE research head for Singapore and South-east Asia Desmond Sim.

credits: propertyguru

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Yishun: The next leap forward

Posted by Singapore Property Launch on 23rd June 2017 in Blog
enquirers

Attendees were keen to find out more about Yishun’s potential and the Symphony Suites project. 

PropertyGuru’s Guru Talk knowledge empowerment seminar focused on the investmentpotential of Yishun, one of Singapore’s fastest-growing towns.  

By Mindy Chong 

A property seminar held on 27 May at the Symphony Suites showflat in Yishun attracted 70 attendees who were keen to learn more about the investment potential of this northern suburb.

Jointly organised by PropertyGuru and EL Development, the Guru Talk seminar featured insights from industry experts Kelvin Fong, Executive Director at PropNex Realty and Desmond Lian, Senior Division Director at ERA Realty Network. 

Fong offered his views on why the government tweaked the property cooling measures recently, which included reducing the Seller’s Stamp Duty holding period from four years to three years. 

“The supply of private residential units will hit 8,632 in 2019 and 7,833 in 2020. The population, on the other hand, is expected to grow by 62,000 in 2019 and 90,000 in 2020. Hence, demand for homes will increase. 

“This will cause a real estate bubble with property prices shooting up, while GDP growth will not be stable. This is the main reason why there is a tweak in the cooling measures, to ensure a slower decline in prices,” said Fong.  

Amenities aplenty 

Lian, on the other hand, provided an update on the Yishun micro market, as well as a brief overview of its growth potential.  

“If you buy a freehold property in town, the rental yield is probably one to two percent. However, properties in Yishun offer steadier rental returns of 2.9 percent to 3.5 percent,” he said. 

“The development of a new road – Yishun Avenue 8 – has made the area more accessible and reduced traffic flow. By having facilities such as Northpoint City, Junction Nine and Khoo Teck Puat Hospital, there will be more job creation. There are also facilities such as educational institutions, golf clubs and park connectors.” 

He added: “With the development of the North-South Expressway (NSE), which will be ready by 2023, and proximity to the upcoming Woodlands Regional Centre, property prices in Yishun will rise.”   

Attendees also got the chance to enjoy a three percent discount off selected units at Symphony Suites, and win a Claude Bernard watch worth more than $700 with their property purchase. Selected participants also stood to win a two-day, one-night stay in the Guesthouse of Swiss Club, Singapore. 

credits: propertyguru

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Real estate stocks rally

Posted by Singapore Property Launch on 20th June 2017 in Blog
Singapore city skyline

 

Shares of Singapore-listed property players are poised to achieve their highest annual gain in five years, with experts believing that the good times would continue, reported Bloomberg.

So far this year, developers and property trusts, including UOL Group and City Developments Limited, account for five out of 10 top-performing shares on Straits Times Index.

In fact, the index tracking 42 Singapore property stocks increased by 16 percent, leading to its biggest annual gain since 2012. Comparatively, the city-state’s benchmark gauge only rose by 12 percent year-to-date.

This comes after the government rolled back several property cooling measures in March. This resulted in home sales doubling on an annual basis during the same month and it soared to its highest level in nearly four years, based on data from the Urban Redevelopment Authority (URA).

“We’re in a recovery phase at this point. There are a number of macro prudential measures that are still weighing on the real estate market but we are definitely up from the bottom we saw early last year,” noted Morgan Stanley equity strategist Sean Gardiner.

According to Desmond Loh from JPMorgan Asset Management, the second top-performing fund here this year, the housing market is witnessing a marked improvement in sentiment.

This would benefit property players that have starting acquiring land for new developments, he shared, adding that vacancy levels are forecasted to drop in the next few years.

Andrew Gillan, head of equities for Asia excluding Japan at Janus Henderson Group, shared that the recovery bodes well for earnings of developers, particularly those that have amassed landbank at “reasonable” prices.

Notably, developers have recently started to accumulate land for their developments. For instance, a Chinese consortium bought a residential site under the government land sales programme last month for a record price of S$1 billion. Other developers turned to en-bloc sales to beef up their land, spending a total of S$1.5 billion on four of such deals so far this year.

However, the rebound in residential sales hasn’t been consistent. Official statistics revealed last week that transactions declined by 34 percent in May as fewer new projects were launched. Moreover, a significant rise in home sales may force the authorities to impose more cooling measures or slow the pace of easing.

The risk is “if volume really start to pick up quite strongly, then we will see more measures from the Monetary Authority of Singapore. That’s something I can’t rule out, it’s certainly a possibility,” added Nomura Southeast Asian equity strategist Mixo Das.

credit: propertyguru

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New private home sales down 34% in May

Posted by Singapore Property Launch on 18th June 2017 in Blog
Parc-Riviera-EL-Development-crop

Artist’s impression of Parc Riviera at West Coast Vale.

Property developers in Singapore sold 1,024 private homes in May, down 34 percent from 1,558 units in April, according to latest numbers from the Urban Redevelopment Authority.

Unlike the previous month which saw two major projects hit the market – Seaside Residences and Artra, the lack of new launches in May contributed to the drop in sales.

Despite the slowdown, several previously launched projects managed to find buyers.

Parc Riviera led the private condominium segment with 83 units sold at a median price of $1,246 psf, followed by The Santorini (64 units at a median price of $1,022 psf), Commonwealth Towers (53 units at a median price of $1,841 psf), Kingsford Waterbay (51 units at a median price of $1,162 psf) and Sims Urban Oasis (51 units at a median price of $1,387 psf).

Last month, developers also sold 370 executive condominium (EC) units, a public-private housing hybrid. The bulk of sales came from Sol Acres EC, which happened to be the best-selling residential project. Located in Choa Chu Kang, it moved 116 units at a median price of $794 psf.

Meanwhile, home sales activity in June is expected to cool further due to the school holidays, noted Tay Huey Ying, Head of Research & Consultancy at JLL Singapore.

But she added: “Sales volume should rebound in July as developers rush to launch projects and buyers rush to pick up units ahead of the lunar seventh month (22 August to 19 September) – typically considered an inauspicious period by the Chinese for making large financial commitments.”

Three major projects are expected to launch in July – Hundred Palms Residences EC in Yio Chu Kang Road, Martin Modern in Martin Place and Le Quest in Bukit Batok, which are expected to yield a total of 1,497 homes.

credits: propertyguru

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