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CapitaLand stops sales at two condo projects

Posted by Singapore Property Launch on 14th October 2017 in Blog
Sky Habitat crop

A view of Sky Habitat, a 99-year leasehold development situated at the heart of Bishan district 20. (Photo: Yasmin Beevi)

With the property market expected to improve further next year, CapitaLand has joined other developers that have stopped selling units in their projects, reported Channel NewsAsia.

CapitaLand has halted sales for Sky Habitat and Marine Blue, which had 99 and 53 unsold units respectively, as at 31 July.

Property agents said the developer stopped sales at the 124-unit Marine Blue two weeks ago and at the 509-unit Sky Habitat a week later.

Other developers that have postponed selling units at projects launched earlier this year include Lendlease and Qingjian Realty.

Lendlease stopped sales at Park Place Residences, with plans to launch the next phase of sales in 2018.

“The potential for long-term asset appreciation is very attractive and thus we believe that the future launch will better reflect the value that Park Place Residences offers,” said a Lendlease spokesperson in response to queries on whether the company will offer the remaining units at a higher price.

Qingjian Realty has stopped making new units available at Le Quest, which was launched in August.

GuocoLand, on the other hand, has revealed plans to scale back sales of Martin Modern.

International Property Advisor CEO Ku Swee Yong said developers either freeze sales or cut back on the number of units offered for sale as they plan to launch the housing units during a market recovery, with the prices revised upwards.

He noted that developers “may be adopting this strategy in order to smooth out their cash flow” for the future since they may not be able to replenish their landbank via en bloc sales and government land sales processes in time to launch new projects.

credits: propertyguru

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Another condo goes en bloc, this time in Bukit Timah

Posted by Singapore Property Launch on 13th October 2017 in Blog
Royalville crop

Built in the 1980s, Royalville comprises 93 apartments and 11 shops. (Photo: Edmund Tie & Company)

The en bloc frenzy continues after Royalville at Bukit Timah Road became the latest project to be put up for sale on Thursday (12 October).

The freehold condominium in District 10 joins a growing list of ageing properties in prime districts that are trying their luck at a collective sale. This includes Cairnhill Mansions along Cairnhill Road which has an indicative price of $362 million, and Tai Wah Building along Killiney Road at $81 million.

Built in the 1980s, Royalville comprises 93 apartments and 11 shops and sits on a sprawling site measuring 174,176 sq ft.

The owners are asking for $368 million, which works out to a land rate of $1,509 psf per plot ratio. No development charge is payable.

Under the 2014 Master Plan, the site is zoned residential with a gross plot ratio of 1.4.

“There has not been any freehold site of this size available for sale at Bukit Timah in the last 10 years,” said Swee Shou Fern, senior director, investment advisory at marketing agent Edmund Tie & Co.

The agency expects keen interest for the property, with the successful developer likely to redevelop the site into a luxury condominium of up to 323 units. 

Royalville is a short walk from Sixth Avenue MRT station, and is also close to shops and eateries at The Grand Stand, Holland Village and Dempsey Hill.

The future project will appeal to families as various schools are in the vicinity including Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College.

The tender exercise will close on 10 November 2017.  

credits: propertyguru

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Slim chance of renting HK flat for under HK$10,000

Posted by Singapore Property Launch on 12th October 2017 in Blog
Hong Kong, China, Kowloon, Hong Kong Island from Victoria Peak

“Rentals are increasing but at the same time, prices are also going up,” says Thomas Lam, head of valuation at Knight Frank.

It’s now harder to rent an apartment for less than HK$10,000 (S$1,742) per month in Hong Kong’s two urban areas as such flats are nearly no longer available there, reported the South China Morning Post, citing a new study by Centaline Property Agency.

The city areas refer to Kowloon and Hong Kong Island, but subdivided flats were excluded in the research.

Centaline also revealed that the supply of small flats that can be leased for under HK$15,000 (S$2,607) is also quickly dwindling in these two sub-markets.

In Hong Kong Island, there are no flats in large estates with rental prices below HK$15,000 per month, as affordable options are all located in pencil-style towers.

As of Q3 2017, the percentage of private units measuring under 430 sq ft in this sub-market that have been rented out for HK$10,000 to HK$14,999 a month fell from 18.6 percent in the previous quarter to 14.2 percent. In comparison, that in Kowloon declined from 59 percent to 49.7 percent.

“There’s a shortage of tiny flats in the city’s downtown, compared to huge rental demand from single young people,” said Centaline associate research director Wong Leung-sing, adding that tenants now need over HK$16,000 (S$2,781) to occupy a 200 sq ft studio in a 30-year-old building in Wan Chai.

Moreover, data from the Rating and Valuation Department revealed that the average cost of leasing a typical 450 sq ft flat across Hong Kong increased for 17 consecutive months to a record HK$15,900 a month in August.

According to Knight Frank valuation head Thomas Lam, rents in the city will remain high, especially for small and medium units, until home prices start falling.

“For many people in the middle class or below, they cannot afford to buy a flat because of high stamp duties and high housing prices. They can only rent. This is the demand side. In addition, the available stock of affordable housing is not sufficient,” he added.

credits: propertyguru

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Cairnhill Mansions to go on sale for $362m

Posted by Singapore Property Launch on 9th October 2017 in Blog
Cairnhill Mansions Photo

The 18-storey Cairnhill Mansions comprises 61 apartments. (Photo: CBRE)

The freehold Cairnhill Mansions project in District 9 will be launched for collective sale in a few weeks’ time, marketing agent CBRE revealed on Thursday (5 October).

The 61-unit project has a guide price of $362 million, which works out to $2,101 psf per plot ratio (psf ppr). There is no development charge payable.

More than 80 percent of the owners have signed the collective sale agreement, said CBRE.

Located at 69 Cairnhill Road, the approximately 43,103 sq ft site has a maximum allowable gross floor area (GFA) of 172,239 sq ft, including a 10 percent bonus GFA for balconies.

Cairnhill Mansions is surrounded by several luxury condominiums such as Ritz Carlton Residences and The Scotts Tower. It is also close to shopping malls and hotels along Orchard Road, as well as medical facilities such as Mount Elizabeth Hospital and Paragon Medical.

Another selling point is its proximity to Newton MRT station, which is the interchange station on the North-South and Downtown lines.

The site could be redeveloped into a high-rise condo offering unblocked city views, and could yield up to 140 units with an average size of 1,200 sq ft.    

Galven Tan, director, capital markets at CBRE said: “Cairnhill Mansions is the first prime freehold site to be offered in 2017. The last time a residential site of this size in the prime Orchard vicinity was sold was nearly 10 years ago when YTL bought Westwood Apartments for $2,525 psf ppr.”

According to CBRE, the prime residential market has picked up momentum in the past year, encouraged by recent strong sales in new launches such as Martin Modern and Gramercy Park.

At the same time, developers are keen to replenish their land banks as unsold inventories have fallen below the historical average.

“We envisage strong interest from local and overseas developers given the site’s premium location and palatable deal size,” said Tan.

credits: propertyguru

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Normanton Park sold for $830.1m, or $969 psf ppr

Posted by Singapore Property Launch on 8th October 2017 in Blog
Normanton Park - 2

This is the highest land rate achieved for a 99-year leasehold collective sale site this year. (Photo: Knight Frank)

The Normanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray Development for $830.1 million, marketing agent Knight Frank said on Thursday (5 October).

It comes one day after Amber Park was sold to City Developments Limited for $906.7 million. On Thursday, CBRE also announced that Cairnhill Mansions would go on sale soon at a guide price of $362 million.

The sale price of Normanton Park works out to approximately $969 psf per plot ratio (psf ppr) – making it the highest land rate for a 99-year leasehold collective sale site this year.

Built in the mid-1970s for the Singapore Armed Forces, the approximately 660,999 sq ft site comprises 13 blocks of 488 apartments.

Over 80 percent of the owners consented to the sale and the public tender was launched on 22 August. Each owner will stand to receive approximately $1.68 million to $1.86 million.

Sukhvinder S Chopra, chairman of the sale committee and a retired navy colonel, said: “The sale committee received several submissions and worked very closely with the marketing agent and lawyers. We deliberated all the submissions carefully and the decision to award to Kingsford was unanimous.”

Ian Loh, executive director and head of investment & capital markets at Knight Frank, said: “The gross development value for this project is estimated at $2.23 billion. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m (1,076 sq ft).”

In May, Knight Frank sold two collective sale sites: One Tree Hill Gardens near Orchard Road for $65 million, and the privatised HUDC estate Rio Casa along Hougang Avenue 7 for $575 million.

credits: propertyguru

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Private home prices rebound marginally in Q3: URA

Posted by Singapore Property Launch on 2nd October 2017 in Blog
Completed private homes

Private home prices across Singapore rose by 0.5 percent quarter-on-quarter in Q3 2017, reversing the 0.1 percent dip in the previous three-month period, according to flash estimates published by the Urban Redevelopment Authority (URA) today.

In the landed property segment, prices increased by one percent compared to the 0.3 percent decline in the second quarter.

Similarly, overall prices of non-landed houses here edged up by 0.4 percent from a slide of 0.1 percent previously.

In particular, Singapore’s Core Central Region (CCR) posted a 0.2 percent gain in the prices of non-landed homes versus a 0.5 percent drop, while the Outside Central Region (OCR) recorded a growth of 0.7 percent compared to a 0.3 percent contraction in the preceding quarter.

Meanwhile, prices of non-landed homes in the Rest of Central Region (RCR) remained unchanged after a 0.6 percent increase in prices during Q2 2017.

credits: propertyguru

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