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24 bids received for Toh Tuck Road site

Posted by Singapore Property Launch on 12th April 2017 in Blog
Location map of the Toh Tuck Road site

The 99-year leasehold site in Upper Bukit Timah saw fierce bidding from developers looking to replenish their land banks. Image source: URA

A 1.87ha residential site at Toh Tuck Road in Upper Bukit Timah attracted overwhelming interest from property developers, with a total of 24 bids submitted after the tender exercise closed on Tuesday (11 April), said the Urban Redevelopment Authority (URA).

Launched for sale on 28 February 2017, the 99-year leasehold site has a maximum permissible gross floor area of 282,122 sq ft. The future development is expected to yield 325 units.

Malaysian developer S P Setia submitted the highest bid of $265 million for the plot, which works out to $939 psf per plot ratio (psf ppr). This was followed by SingHaiyi Investments with a bid of $260.2 million ($922 psf ppr) and Centrex Developments which offered to pay $250.9 million ($889 psf ppr).

Ong Teck Hui, National Director, Research & Consultancy at JLL, said it was “bewildering” to see so many parties contest for the site, adding that the top bid was “well above expectations”.

“Bidding was particularly aggressive among the top five bidders, which was within a 10.4 percent price range and upwards of $850 psf ppr, suggesting that they shared a similar bullish market outlook. The optimistic top bid suggests that the project is likely to be launched at prices above current levels,” said Ong.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, explained that the high number of bids reflects the eagerness of home builders to shore up their land banks in the face of a dwindling number of residential plots for sale.

“This is a very clear indication that the window of opportunity through government land sales has tightened. The plot’s attractive quantum of $265 million gave developers’ the extra nudge, along with increasing confidence in the market’s possible recovery in the medium term. The bid value may be relatively high, but the manageable project size of around 325 units makes it a less risky proposition,” noted Sim.

Located within an established residential estate, the site is close to shopping centres, eateries and established schools, including Ngee Ann Polytechnic. The Beauty World MRT station is also nearby.

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

credits: propertyguru

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Some Forest City buyers want to cancel purchase

Posted by Singapore Property Launch on 9th April 2017 in Blog
Some Forest City buyers want to cancel purchase

Artist’s impression of Forest City.

Chinese developer Country Garden revealed that about 60 buyers at its Forest City project in Iskandar, Malaysia are looking to cancel their purchases, following efforts by Beijing to tighten capital controls on overseas investments, reported Reuters.

The measure saw Chinese buyers of overseas properties forfeit their purchases as their ability to pay instalments in foreign currencies has been affected.

With this, Country Garden has ceased selling the US$100 billion Forest City project in China. It also stopped accepting Chinese yuan as payment for the project.

The property developer said it has also stopped all travel-related support services for mainland Chinese buyers travelling to Forest City.

Country Garden, which sold more than 15,000 residential units in 2016, said it will now have a more diversified revenue from the mixed-use project through sales and rental of shopping malls, offices, a golf course and a hotel.

However, the company’s stance on penalties for cancellations has resulted in the formation of two online groups comprising a total of around 80 buyers, who are asking for refunds without penalties.

Country Garden said that buyers may face a penalty of 10 percent to 30 percent of deposits if they defaulted on payments or cancelled their purchase.

credtis: propertyguru

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Sentosa Cove condo sold at $6.6m loss

Posted by Singapore Property Launch on 8th April 2017 in Blog
Seascape

View of Seascape @ Sentosa Cove. (Photo: JLL)

A condominium unit at Seascape @ Sentosa Cove was auctioned off at a $6.6 million loss when a Singaporean buyer bought it for just $6.2 million – making it the standout deal in the auction market for Q1 2017, reported the Straits Times.

The unit’s former owner purchased the 4,069 sq ft property for about $12.8 million in June 2010. However, the bank auctioned off his property in February after he ran into repayment problems.

Meanwhile, a record 177 properties were placed under the hammer in Q1 2017, of which 83 were mortgagee auctions, up 38.3 percent from the previous year and the highest since Knight Frank started monitoring the auction market in 2011.

The consultancy noted that mortgagee auctions, which occur when property owners default on their mortgages and banks put their property up for sale, have been on the rise. It revealed that 63 units were put up for mortgagee sale in Q4 2016, the second-highest quarterly number behind this year’s record. There were 62 units put up for sale in Q2 2016.

Looking ahead, Mok Sze Sze, Head of Auctions at JLL, expects mortgagee sales to increase by between 10 and 20 percent this year. More buyers are hunting for good deals, she said.

credits: propertyguru

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HDB resale prices down 0.6% in Q1

Posted by Singapore Property Launch on 5th April 2017 in Blog
Colourful HDB flats

Prices of HDB resale flats fell slightly in the first three months of 2017.

Resale prices of HDB flats dipped 0.6 percent during the first quarter of 2017, revealed flash estimates from the Housing and Development Board (HDB) on Monday, 3 April.

Its Resale Price Index (RPI), which provides information on the general price movements in the resale public housing market, dipped to 133.8 in Q1 2017 from 134.6 in Q4 2016 and 134.7 during the same period last year. This is from a base of 100 in Q1 2009.

The data for the first quarter of the year is preliminary and more detailed statistics will be released on 28 April, said the Housing Board.

Meanwhile, around 4,600 Build-To-Order (BTO) flats and 3,000 balance units will be launched in the next sales exercise in May.

Price Index of HDB resale flats Q1 2017

credits: propertyguru

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880,000 HDB households to receive $120m of S&CC rebates

Posted by Singapore Property Launch on 3rd April 2017 in Blog
HDB flats at night

The S&CC rebate was announced during Budget 2017 to provide additional support to households.

As part of Budget 2017, around 880,000 Singaporean HDB households can expect to receive $120 million worth of service and conservancy charges (S&CC) rebates in the 2017 financial year, revealed the Ministry of Finance (MOF) on Thursday (30 March).

To be disbursed over the months of April, July, October and January 2018, the rebates aim to provide additional support to households.

Depending on their HDB flat type, each eligible Singaporean household will receive a total of 1.5 to 3.5 months of S&CC rebate.

“The S&CC rebate will be used to offset a household’s S&CC payment directly. For households who pay their S&CC through GIRO, their town councils will make the necessary arrangements with their banks,” the ministry said.

“Eligible households will receive a letter from end-March with more details of the S&CC rebate.”

credits: propertyguru

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Kallang River transformation may offer 100,000 new homes

Posted by Singapore Property Launch on 31st March 2017 in Blog
Kallang River transformation

Kallang River is set to get a facelift, which will include new waterfront homes and recreational facilities. (Photo: URA)

There is potential to develop another 100,000 residential units along both sides of the Kallang River over the next 20 years, revealed the Urban Redevelopment Authority (URA).

The URA announced this following the launch of an exhibition on Wednesday (29 March), showcasing opportunities to rejuvenate the 10km-long river and surrounding areas. Dubbed “A River Runs Through It”, the exhibition is a call for public feedback and ideas on a preliminary conceptual plan to rejuvenate Singapore’s longest natural river.

In line with this, the government has outlined five broad key ideas to develop the Kallang River. One of them is to inject new waterfront housing developments in park-like settings and renew old industrial estates within the vicinity.

For instance, the authorities will look to transform Kampong Bugis near the Lavender and Kallang MRT stations into a vibrant residential precinct that is car-lite, people-centric and sustainable.

“There is potential for the government to collaborate with the private sector, for a master developer to master plan and oversee the implementation of developments in Kampong Bugis,” said the URA.

According to Ong Teck Hui, JLL’s National Director for Research & Consultancy, the Kampong Bugis project is expected to benefit from the river rejuvenation as the site has about 1km of river frontage.

“Units fronting the river would be in greater demand and command higher prices,” he said, adding that the master developer would have an additional unique selling point to leverage on.

“Besides the Kampong Bugis project, other residential developments along the Kallang River comprising both private and public housing would also benefit from the rejuvenation plans. River-fronting homes would become more attractive and likely to command higher prices.”

In addition, the government is looking to redevelop Kallang Distripark, a private industrial estate near the future Geylang Bahru MRT station, into a residential project due to its attractive waterfront location.

Meanwhile, there are possible plans to establish a mixed-use precinct in Kallang Industrial Estate, which consists of several smaller industrial estates at Kallang Basin, Kallang Bahru and Kallang Avenue.

The other four ideas to rejuvenate Kallang River are:

– Activate the waterfront, and enhance Kallang Basin as a sports and recreational venue

– Enhance accessibility by providing a seamless active mobility route along Kallang River between Bishan and the city centre

– Enrich the biodiversity of Kallang River

– Celebrate and incorporate the river’s rich heritage

credits: propertyguru

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