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1,400 people from Singapore have US$50m or more in net assets

Posted by Singapore Property Launch on 8th March 2018 in Blog
Marina Bay Sands Resort resized

View of Marina Bay Sands Resort in Singapore.

Singapore’s ultra-wealthy population surged to 1,400 individuals in 2017, up 18 percent from 1,190 the year before, according to Knight Frank’s 2018 Wealth Report unveiled today.

The report defines ultra-wealthy individuals as those with US$50 million (S$65.8 million) or more in 
net assets.

Over the next five years, Singapore’s super-rich population is expected to grow by 11 percent to 1,550 in 2022.

Globally, the number of ultra-wealthy individuals rose by 10 percent year-on-year to 11,630, taking the overall population to 129,730.

Knight Frank attributed the rise in affluence to the booming global economy, which is lifting GDP as well as stock and property markets.

credits: propertyguru

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Hollandia in District 10 sold for $183.38m

Posted by Singapore Property Launch on 4th March 2018 in Blog
Hollandia resized

The owners could receive gross sale proceeds ranging from $3.3 million to $4.2 million. (Photo: Savills Singapore)

The 48-unit Hollandia development at the junction of Holland Road and Queensway has been sold through a collective sale to FEC Properties for $183.38 million, or a unit land rate of about $1,703 psf per plot ratio (psf ppr).

FEC Properties is an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International.

The sale price is about 11 percent higher than the reserve price of $163.15 million ($1,515 psf ppr) when the property was launched for sale in January this year.

The owners are expected to receive between $3.3 million and $4.2 million from the sale, said marketing agent Savills. This works out to over $2,000 psf on the strata area.     

Built in the mid-1980s, the freehold project sits on a 53,505 sq ft site. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6.

Located in District 10, Hollandia is within proximity to Holland Village MRT station as well as eateries at Dempsey Hill and Holland Village.

Subject to planning approvals from the relevant authorities, the site may be redeveloped into a 12-storey condo with an allowable gross floor area (GFA) of 107,688 sq ft. No development charge is payable, including the additional 10 percent GFA for balconies.

“Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use Government Land Sale site located at the heart of Holland Village,” said Suzie Mok, senior director of investment sales at Savills Singapore.

She added: “The last major transacted collective sale site in the Holland vicinity was in December 2011 for Henry Park Apartments at Holland Grove. FEC Properties’ acquisition of Hollandia would therefore represent the first significant collective sales transaction in the area.”

Check out more properties for sale in District 10.

credits: propertyguru

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URA launches prime site at Cuscaden Road for sale

Posted by Singapore Property Launch on 2nd March 2018 in Blog
Map of Cuscaden Road site

Map showing the location of the Cuscaden Road site. Source: URA

A plum residential site at Cuscaden Road in the Orchard area was launched for sale on Tuesday (27 Feb) under the confirmed list of the first half 2018 Government Land Sales (GLS) Programme, said the Urban Redevelopment Authority (URA). 

The 99-year leasehold site could yield about 170 housing units.

Measuring approximately 61,596 sq ft, the land parcel has a maximum gross floor area of 172,470 sq ft.  

The site is close to the future Orchard Boulevard MRT station on the Thomson-East Coast Line, Camden Medical Centre, as well as shopping malls and hotels along Orchard Road.  

URA said the tender for the Cuscaden Road site will close on 26 April and will be batched with two other residential sites at Silat Road and Mattar Road, which will be launched for sale in March.

Land parcel at Cuscaden Road
credits: propertyguru
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Sumang Walk EC site attracts 17 bids

Posted by Singapore Property Launch on 28th February 2018 in Blog
Sumang Walk

Map showing the location of the EC site at Sumang Walk. Source: HDB

UPDATED: The tender exercise for an executive condominium (EC) site at Sumang Walk in Punggol closed on Tuesday (27 Feb) after attracting 17 bids, said the Housing and Development Board (HDB).

The top bid of $509.37 million was jointly submitted by property developers City Developments Limited (CDL) and TID Residential. This works out to about $583 psf on the gross floor area (GFA).

CDL’s joint venture bid topped the hotly contested tender by a 4.8 percent margin versus the second highest bid of $486 million submitted by Qingjian Realty (Residential). This was followed by a $450 million offer from Yanlord Singapore Residential and Soilbuild Group Holdings.

Launched for sale on 12 December 2017, the 291,235 sq ft site has a maximum GFA of 873,698 sq ft and a plot ratio of 3.0.

In the event that CDL and TID are awarded the 99-year leasehold site, the developers will explore an EC project comprising 13 blocks of 10 to 17 storeys with about 820 units.

Residents will enjoy waterfront living as the site is situated right next to My Waterway@Punggol. Nearby amenities such as Waterway Point, Punggol Plaza and Seletar Mall offer shopping, dining and entertainment options.

Sherman Kwek, CDL Group Chief Executive Officer, said: “We are very pleased to win this keenly contested Sumang Walk EC site. This will be CDL’s ninth EC project and we are confident of its success given its excellent location and desirable attributes.

“Punggol, slated to be Singapore’s first Digital District, has an exciting future and we believe this will make the site very compelling to home buyers.”

This district will include sectors of the digital economy such as cyber security, artificial intelligence and Internet of Things (IoT) which will drive Singapore’s Smart Nation initiative.

Dr Lee Nai Jia, head of research at Edmund Tie & Co, said there will be a substantial rental catchment when the Digital District is up and running. “Additionally, there are not many competing EC developments in the market currently.”

Based on the land rate, he expects the breakeven price to fall between $1,000 to $1,100 psf per plot ratio.

“While the winning bid is considered high relative to past launch prices, the demand for the site is expected to be supported by buyers’ positive outlook of the area.

“Furthermore, with prices of new private homes trending upwards, the final selling price of the future EC development will be an attractive option for investment,” noted Lee.

A decision on the award of the tender will be made after the bids have been evaluated, said HDB. 

credits: propertyguru

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New private home sales up 37% from a year ago

Posted by Singapore Property Launch on 18th February 2018 in Blog
Symphony Suites resize

Symphony Suites sold 65 units in the month of January, making it the most popular project. 

Property developers sold 522 new private homes excluding executive condominiums (ECs) in January 2018, up 21 percent from 431 units in the month before, according to data published by the Urban Redevelopment Authority (URA) on Wednesday (14 February).

Year-on-year, there was a 37 percent increase from the 382 units sold in January 2017.

According to property agency PropNex Realty, last month’s sales tally is the highest for the month of January since 2015. However, it is still lower than the average monthly figure as most developers only plan to launch their projects after Chinese New Year.

“Usually the months of December and January are the slower months with lesser property activities,” said PropNex CEO Ismail Gafoor.

“However, a closer look at the figures comparing with the past few years, it seems to depict that January 2018 is gaining momentum with home buyers and upgraders making their move to purchase existing stocks of private homes available which are rightly priced, before prices are predicted to go up in the later part of this year.”  

The top-selling project in the month was the previously launched Symphony Suites in Yishun, which sold 65 units at a median price of $1,085 psf. This was followed by Gem Residences in Toa Payoh, which moved 44 units at a median price of $1,508 psf. Parc Botannia in Sengkang was next with 43 units sold at a median price of $1,265 psf. 

Ismail expects to see more transactions after Chinese New Year as developers gear up to launch several new projects including The Tapestry at Tampines Avenue 10, The Enclave @ Holland and possibly Rivercove Residences EC in Sengkang.

“Activities in the market will pick up from March onwards with transactions along the lines of 1,000 units,” he noted.

Ismail predicts that some 12,000 units (excluding ECs) will be sold in 2018, similar to last year. 

credits: propertyguru

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S’pore emerges as favoured investment destination for China’s super-rich

Posted by Singapore Property Launch on 13th February 2018 in Blog
Picture of Costa Rhu Condominium, one of the most prestigious apartments in Singapore.

Singapore is gaining popularity amongst wealthy Chinese investors because of its world-class health facilities and international schools, while Mandarin is among its four official languages.

While Hong Kong continues to be the primary destination for China’s offshore money, more Chinese high-net-worth individuals (HNWIs) are looking at Singapore as a safe haven to park their wealth.

This comes as Chinese HNWIs feel exposed by Hong Kong’s changing banking practices, reported Bloomberg.

Hong Kong has entered into tax transparency agreements which requires banks to report their account holder’s information to Hong Kong officials, which in turn makes the information available to 75 jurisdictions, including mainland China.

While Singapore also has similar agreements with 61 jurisdictions, it does not include either Beijing or Hong Kong, which means the Chinese government has no access to their account holders.

“Many rich people from the mainland believe Hong Kong is still a part of China, after all,” said Xia Chun, chief research officer at Noah Holdings Ltd. of Hong Kong, an asset management service provider. “They think there’s no difference in putting money in Hong Kong, compared to Beijing.”

With this, the number of Chinese HNWIs who consider Hong Kong as their preferred overseas destination for investment fell to 53 percent from 71 percent in 2016, revealed a Bain & Co. survey. Over 20 percent prefer Singapore, an increase from 15 percent in 2016.

“Singapore is the Zurich of the East,” said Xiao Xiao, chief operating officer of Chinese wealth manager Fortunes Capital.

“We see Singapore, not Hong Kong, as the bridgehead of China’s investment overseas,” noted Li Qinghao, co-founder of NewBanker Tech Consulting.

Singapore offers other attractions for Chinese HNWIs. The city-state has world-class health facilities and international schools, while Mandarin is among its four official languages.

And with real estate far cheaper than in Hong Kong, mainland Chinese emerged as the biggest foreign buyers of luxury properties in Singapore in H1 2017, said Cushman & Wakefield.

credits: propertyguru

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