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Parc Botania to boost Sing Holdings

Posted by Singapore Property Launch on 5th September 2017 in Blog
Fernvale Road condo

Map showing the location of Parc Botania at Fernvale Road. Source: URA

KGI Securities expects Parc Botania, a 735-unit private residential project at Fernvale Road in Sengkang, to boost Sing Holdings’ profit, reported Singapore Business Review.

This comes as the project is expected to sell well at its upcoming launch, considering the recent upturn in property sales.

Sing Holdings currently owns a 70 percent stake in the development, while the remaining 30 percent is held by Wee Hur.

KGI expects profit to reach $103 psf over the saleable area of 555,288 sq ft, or a total of $57 million.

It noted that High Park Residences, which is located right next to the project, moved 1,399 units for $988 psf within 20 months despite low property sales in 2015 and 2016.

Other developments in the area sell for between $970 psf and $1,060 psf.

“Singapore property prices have declined for consecutive 15 quarters, with home prices lower by around 12 percent from their peak in 2013,” KGI said.

“However, sentiments have started to improve lately, going by the increased transactions and slower decline of property prices in the last two quarters.”

In fact, Singapore developers sold more than 7,000 homes during the first seven months of the year, up 50 percent over the same period last year.

With this, KGI expects Sing Holdings’ revalued net asset value to stand at “$0.77 following the sale of its BizTech Centre, Robin Residences, and its private residential project at Fernvale Road”.

credits: propertyguru

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Oxley Holdings to buy Yio Chu Kang property for $8.4 million

Posted by Singapore Property Launch on 4th September 2017 in Blog
208 Yio Chu Kang Road

View of the residential property at 208 Yio Chu Kang Road. Source: Google Maps

Oxley Garnet, a wholly-owned subsidiary of property developer Oxley Holdings, has exercised options to purchase six housing units with vacant possession at 208 Yio Chu Kang Road for a total of $8.4 million, the group said in an SGX filing on Wednesday (30 August).

Located near Serangoon Gardens, the 99-year leasehold property has a land area of approximately 14,136 sq ft that is zoned for residential use.

Oxley intends to redevelop the property, subject to obtaining all necessary approvals from the authorities.

The purchase price was arrived at on a willing buyer-willing seller basis after taking into account current market prices of properties in the area and the redevelopment potential of the site.

The purchase will be funded by internal resources and bank borrowings, and is expected to be completed by 23 November 2017.

The deal is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending 30 June 2018.

credits: propertyguru

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Amber Park and Jervois Gardens launched for sale

Posted by Singapore Property Launch on 3rd September 2017 in Blog
Amber Park resized

View of Amber Park, which is expected to be redeveloped into a high-rise project with sea views. (Photo: JLL)

The collective sales market continues to roll on with two freehold residential developments – Amber Park and Jervois Gardens – launched for tender.

Located along Amber Road in Katong, Amber Park comprises 200 units and was built in the mid-1980s. The future Tanjong Katong MRT station on the Thomson-East Coast Line is located within walking distance. 

More than 80 percent of the owners consented to the sale at a minimum price of $768 million. This works out to a land rate of approximately $1,284 psf per plot ratio (psf ppr), based on the allowable gross plot ratio of 2.8.

The 213,670 sq ft site is zoned residential under the 2014 Master Plan and could be redeveloped into a high-rise apartment of around 24 to 26 storeys with several sea-facing units, depending on height controls imposed by the government.

“The last site with a land area above 200,000 sq ft that was transacted in this location was that of the ex-HUDC Amberville in 2006, which has now been redeveloped into Silversea,” said Tan Hong Boon, regional director at marketing agency JLL.

He added: “Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area of 598,300 sq ft into close to 800 apartments with an average size of 70 sq m (753 sq ft).”

Meanwhile, the asking price for Jervois Gardens at Jervois Road is in the region of $68 million, or $1,297 psf ppr, said marketing agent Colliers International. Each owner is expected to get between $3 million to above $4 million from the collective sale.

The 34,038 sq ft site comprises a total of 14 maisonettes and three apartments. It is located near the Tiong Bahru and Redhill MRT stations on the East-West Line.

Zoned for residential use with a plot ratio of 1.4 under the 2014 Master Plan, the site could be re-developed into a five-storey project comprising 60 units of approximately 850 sq ft each, subject to approval by the URA.

“Freehold sites are hard to come by in the current market and developers’ landbanks are steadily depleting. Jervois Gardens offers developers the opportunity to build well-designed affordable two- and three-bedroom apartments in prime district 10,” said Tang Wei Leng, managing director at Colliers. 

According to the consultancy, the selling price of newer projects in that area which are largely leasehold, such as Mon JervoisPrincipal GardenThe Crest and Alex Residences are in the region of $1,900 psf to $2,350 psf.

The tender exercise for Jervois Gardens and Amber Park will close on 26 September and 3 October respectively.

credits: propertyguru

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Housing market rebound fuelled by local demand

Posted by Singapore Property Launch on 2nd September 2017 in Blog
property market

Singaporeans account for close to 80 percent of private home buyers here.

Local buyers have been driving Singapore’s resurging residential property market, accounting for 77.6 percent of private home buyers during the first seven months of 2017, reported the Straits Times.

The figure is an improvement from last year’s 74.4 percent.

Urban Redevelopment Authority (URA) data showed that new and resale private homes sales jumped 56 percent to 10,565 units in the first seven months of the year from 6,785 units over the same period last year.

“Private home transaction volume so far this year has reached one of the highest levels since 2013 when mortgage rules were tightened through the introduction of the Total Debt Servicing Ratio (TDSR) framework,” said ZACD Group executive director Nicholas Mak.

The rally, however, has been fuelled by locals instead of foreigners.

In fact, the proportion of foreigners including permanent residents (PRs) and non-PRs buying property fell to 22.4 percent from around 26 percent in 2016.

Singapore’s stringent stamp duties have dampened speculative overseas demand, with foreign buyers making up just six percent of acquisitions during the first half of the year, down from nine percent in 2013, showed Cushman & Wakefield data.

Christine Li, research director at Cushman & Wakefield, attributed the strong buying from locals to demand from HDB and Build-To-Order upgraders who are taking advantage of the low interest rate environment.

Demand is expected to increase further as more en bloc sales enter the market.

But while Ku Swee Yong, chief executive officer of International Property Advisor, acknowledged that home sales, especially that from new launches, have increased, he warned that “there is still pain in the market”.

“In the first quarter this year, 21 percent of resales of private non-landed homes were transacted at a loss.”

credits: propertyguru

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Completed condo prices up 0.5% in July, NUS index

Posted by Singapore Property Launch on 29th August 2017 in Blog
Singapore residential area

 

Prices of completed condominiums and apartments in Singapore continued to grow in July at 0.5 percent, according to latest flash estimates of the NUS Singapore Residential Price Index (SRPI).

However, the uptick is a bit slower compared to the 0.9 percent increase registered in June.

Excluding small units, home prices in the central region held flat in July, after expanding by 1.1 percent during the previous month. Prices in the non-central region climbed one percent, up from the 0.7 percent hike registered in June.

The central region sub-basket comprises properties located in postal districts 1 to 4 as well as 9 to 11, while properties in the other postal districts fall under the non-central region sub-basket.

Meanwhile, prices of small units measuring 506 sq ft or below fell 0.8 percent, reversing the 0.6 percent increase posted in June.

credits: propertyguru

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Sun Rosier condo up for en bloc sale for S$235mil

Posted by Singapore Property Launch on 28th August 2017 in Blog
Sun Rosier condo up for en bloc sale for S$235mil

With a maximum gross floor area of 204,464 sq ft, the freehold site can yield 204 housing units with an average size of around 1,000 sq ft each. (Photo: Google Maps)

The owners of the 78-unit Sun Rosier condominium in How Sun Drive have joined the collective sale bandwagon, setting the indicative price at S$235 million, reported The Straits Times.

The selling price works out to S$1,149 per sq ft per plot ratio (psf ppr), revealed marketing agent Huttons Asia.

The 146,046 sq ft site has a plot ratio of 1.4 under the Urban Redevelopment Authority’s 2014 Master Plan. With a maximum gross floor area of 204,464 sq ft, the freehold site can yield 204 housing units with an average size of around 1,000 sq ft each.

Huttons noted that no development charge is payable for the site off Bradley Road.

Just a five minutes’ walk from Bartley MRT station, the developer of the site could tap on “favourable conditions”, it said.

And given its freehold status and proximity to the upcoming development of the Bidadari estate, “prospective developers can expect strong demand from buyers”.

In fact, government land sales within the area has received robust response from buyers. A mixed development site beside Woodleigh MRT station, for instance, was sold in June for S$1.132 billion, or S$1,181 psf ppr.

Consultants attributed the bullish bid to the developers’ confidence in the government’s masterplan for the Bidadari estate.

A consortium connected to Kajima Development and Singapore Press Holdings plans to develop the 99-year leasehold site into more than 600 housing units as well as a 310,000 sq ft retail and commercial component.

Another factor is that Singapore’s en bloc sale market is currently hot.

Sim Lian recently acquired Tampines Court for S$970 million, making it the biggest deal for a former Housing and Urban Development Company estate since 2007, when Farrer Court went for S$1.34 billion.

CBRE’s capital markets director Galven Tan expect more home owners to join the growing list of collective sale over the next three to six months, which may appeal to developers eyeing to replenish their landbanks.

credits: propertyguru

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