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Ridout Road good class bungalow for sale

Posted by Singapore Property Launch on 10th March 2015 in Blog
Ridout Road good class bungalow for sale

photo: DTZ

A prestigious good class bungalow (GCB) at 35 Ridout Road in District 10 is up for sale by tender, marketing agent DTZ said.

The freehold site currently consists of an original two-storey bungalow with two single-storey outhouses and a large open field.

Sprawled over 73,277 sq ft, the site could be subdivided into four smaller plots of GCB land, with each averaging 18,300 sq ft.

Zoned for residential use under the 2014 Master Plan, the property is located within the GCB area of Ridout Park. Neighbouring estates include the coveted GCB addresses of Holland Park, Ridley Park and Chatsworth Park.

According to DTZ, recent transactions of nearby bungalows range from $1,400 psf to around $2,000 psf.

The area is served by major roads and expressways and is also close to dining and entertainment options at Holland Village, Dempsey Hill and Orchard Road.

Commenting, Ho Tian Lam, DTZ Southeast Asia’s CEO and Head of Investment Advisory Services and Auction said: “With its location within a GCB enclave, the subject property will be a compelling draw for high net worth individuals looking for an exclusive home or a choice investment option.

“What is also interesting is that, subject to planning permission, the land area is large enough to be subdivided into four smaller GCB plots. This is relatively rare nowadays, and in this regard may attract keen interest from developers as well.”

The tender exercise closes on 8 April 2015.

credits: propertyguru

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Healthy demand for Kingsford Waterbay units

Posted by Singapore Property Launch on 9th March 2015 in Blog

Kingsford Waterbay Condo perspective 4

A new mixed-use development at Upper Serangoon View has seen keen interest from buyers, selling 40 percent or 140 of the 320 units launched over the weekend, media reports said.

Prices for condominium units at Kingsford Waterbay range between $1,050 and $1,180 psf.

The 1,165-unit project by Kingsford Development also features six strata terraces, two strata semi-detached homes, its own childcare centre and six retail units.

The Chinese developer reportedly sold two strata semi-Ds, one strata terrace and six retail spaces. Prices for the shops, which range from 431 to 452 sq ft, stood at $2,700 psf.

Consultants noted that it was “quite good” that Kingsford Development was able to achieve three-digit sales within a day (on Saturday) amid the lacklustre property market. Some attributed the healthy response to attractive agent commissions, while R’ST Research Director Ong Kah Seng said it was due to the attractive pricing.

Two- and three-bedrooms emerged as the most popular units, as has been the trend with “quantum-friendly” units since the Total Debt Servicing Ratio (TDSR) framework was introduced.

But Kingsford Development Board Chairman Cui Zhengfeng said the two-bedders may have been favoured since most of them face the river.

Built on two amalgamated Government Land Sales (GLS) sites, the 99-year leasehold project will have a combined 400-metre direct frontage of Sungei Serangoon.

Mr Cui revealed that most of the buyers were Singaporeans.

RST’s Ong stated that purchasers in this area tend to be owner-occupiers rather than investors buying to lease.

When asked if he plans to push out subsequent launches, Cui shared that he needs to track sales from the initial launch and study market demand conditions first before deciding on his next move. He added that the difficult market may limit their ability to increase prices in subsequent launches.

credits: propertyguru

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Exec condo prices may not fall much, say experts

Posted by Singapore Property Launch on 8th March 2015 in Blog, Property

The Terrace Perspective 2While executive condominium (EC) prices are expected to fall, following weak sales in the segment and low winning bids for EC sites, home buyers may not see a significant price drop, revealed industry experts quoted in the media.

Recently, two EC site sales have mirrored the cooling market.

One site at Woodlands Avenue 12 was sold last week for $103.8 million, or $278 psf ppr, while an Anchorvale Crescent site was awarded for $157.8 million, or $280 psf ppr during the same month.

Both marked the lowest EC land prices recorded since July 2011. At $279 psf ppr on average, the prices were way below the average EC land prices of $351 psf ppr in 2014, $360 psf ppr in 2013 and $321 psf ppr in 2012, JLL analysis showed.

The two sites are expected to have a breakeven cost of around $650 psf.

“They can easily sell well below $800 psf and still make a decent margin,” noted JLL National Research Director Ong Teck Hui.

Meanwhile, new sale prices for ECs have been on an upward trend in the past few years, standing at an average of $820 psf in Q4 2014, up from the previous year’s $783 psf and 2012’s $739 psf.

Moreover, 2,251 EC units that have been launched remain unsold, while another 6,500 units are expected to enter the market.

“Softening prices of private homes (also) place a downward pressure on EC prices, if that gap between private homes and ECs is to be maintained to keep ECs attractive to buyers,” Ong said.

“With sluggish sales at current price levels, prices may have to be adjusted downwards by about five to eight percent to achieve significantly better sales take-up.”

However, many EC projects now are situated on sites that were acquired at higher prices earlier, leaving property developers with little room to adjust prices without sacrificing revenue margins.

Aside from this, construction costs have also increased with foreign labour constraints as well as prefabrication requirements, said Desmond Sim, CBRE Research Head for Singapore and South-east Asia.

Thus, even as developers that bought land sites at lower costs reduce unit prices, their end products may still be sold at the already benchmarked prices, albeit with room for discounts, shared Sim.

“The latter is more favoured as it preserves the value of the whole development,” he added.

Credits: propertyguru

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Singapore still world’s most expensive city: survey

Posted by Singapore Property Launch on 3rd March 2015 in Blog

Singapore still world most expensive city survey

Singapore remains the world’s most expensive city according to findings of the latest Worldwide Cost of Living Survey 2015published by the Economist Intelligence Unit (EIU), which tracked 133 global cities.

The city-state made headlines last year after overtaking Tokyo for top spot (Singapore named world’s most expensive city: Economist Intelligence Unit). Interestingly, there were no changes among the top five cities in 2015, with Paris in second place followed by Oslo, Zurich and Sydney.

The EIU report noted that it is extremely rare to have identical rankings for the top five cities, which happened as a result of currency shifts with a stronger US dollar and weaker euro.

But the report did not factor the recent unpegging of the Swiss franc from the euro, which would mean that at today’s exchange rates Zurich and Geneva would be the world’s most expensive cities.

Meanwhile, Singapore was rated expensive for a number of reasons.

“It is the joint most expensive place in the world alongside Seoul to buy clothes, with the malls of Orchard Road offering a price premium that is over 50% higher than in New York.

“Most significantly, Singapore’s complex Certificate of Entitlement (COE) fee system makes car prices excessive, and transport costs in Singapore are almost three times higher than in New York,” the report stated.

But Singapore does offer relative value in other categories, especially compared to regional cities. For instance, basic groceries here are 11 percent more expensive than New York, but is 49 percent more in Seoul, 43 percent in Tokyo and 31 percent in Hong Kong.


credits: propertyguru

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Auction properties sold at subdued prices

Posted by Singapore Property Launch on 3rd March 2015 in Blog

Auction properties sold at subdued prices

Only two residential units found buyers out of a total of nine properties at a JLL auction held at Amara Hotel last Thursday. Both freehold apartments comprise four bedrooms and were sold with vacant possession.

JLL revealed the properties sold went for below their asking prices.

One of them is located at The Grange in District 10. Measuring 2,303 sq ft, it changed hands for $4.15 million despite having an asking price of $4.3 million.

Another 1,776 sq ft unit at Twin Regency in Kim Tian Road had a $2.45 million price tag, but was picked up for $2.3 million.

The most expensive listing submitted for sale was a two-storey intermediate terrace house at Goldhill Avenue, valued at $4.95 million.

Although most of the properties on the auction block were residential, there was one factory unit and a shop space submitted for sale but saw no takers.

Six of the properties were put up for mortgagee sales while the rest were owners’ sales.

The next JLL auction will be held on 26 March 2015.

credits: propertyguru

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Qingjian partners with Samsung to build ‘smart homes’

Posted by Singapore Property Launch on 26th February 2015 in Blog

Qingjian partners with Samsung to build smart homes

Property developer Qingjian Realty has partnered Samsung Asia to integrate smart living technology into its future developments as these innovations become commercially-available.

Valued at up to $4 million, the deal will see Samsung providing smart appliances like built-in kitchen appliances, air conditioners, washing machines and refrigerators to homeowners.

For instance, the technology will allow them to operate their washing machines remotely, at the touch of a smart device.

Qingjian is believed to be the first developer in Singapore to embark on such features, and plans for these to be offered in an upcoming executive condominium (EC) in Sembawang to be launched in 2016.

As part of the agreement, owners of Qingjian developments that are expected to obtain TOP from 2015 will also be able to purchase Samsung appliances at preferred rates.

“What we aim to do is to start anticipating and building today the smart Qingjian home that you will be receiving the keys to in three to five years. One that already has the latest technology and infrastructure to integrate with your smart lifestyle at that point in time,” said Li Jun, General Manager, Qingjian.

In anticipation of rapid technological improvements, Qingjian hopes to ‘future-proof’ its new launches by incorporating the necessary infrastructure to support smart homes as they are constructed. This would ensure that buyers are able to plug into the smart home immediately.

Going forward, the partners hope to take this technology further, and will leverage on the Internet of Things (IoT) to enable homeowners to better integrate their technology with personal smart devices.

To date, China-based Qingjian has launched more than 5,000 residential units in Singapore.

Last year, the developer unveiled two EC projects – Bellewoods at Woodlands and Bellewaters in Sengkang.

Both projects will yield over 1,200 apartments and include CoSpace Flexi units that is trademark to Qingjian. The optional layout allows buyers to reconfigure and customise their living spaces to suit different lifestyle needs.

credits: propertyguru

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