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Price comparisons between private, public housing “should be interpreted with care”

Posted by Singapore Property Launch on 7th November 2017 in Blog
Price comparisons between private, public housing “should be interpreted with care”

Artist’s impression of West Scape at Bukit Batok. (Photo: HDB)

The median price gap between private housing and HDB Build-to-Order (BTO) flats in the outside central region – where majority of the BTO flats were built over the past few years – has narrowed to 166 percent from 169 percent prior to the introduction of the Total Debt Servicing Ratio (TDSR) in June 2013.

The median price gap between private housing and HDB resale flats, on the other hand, widened to 130 percent from 106 percent previously, revealed the Ministry of National Development in a written answer to Parliament on Monday.

The ministry explained that the TDSR was implemented not only to safeguard financial prudence, but also to prevent individuals from over-leveraging whenever they acquire private homes with housing loans from financial institutions (FIs).

Those buying an HDB flat are also subject to a Mortgage Servicing Ratio (MSR) limit when they take an FI-originated or HDB housing loan.

“These measures have helped to moderate prices in both the private and public housing markets,” it said.

“However, as there are many different factors which could affect the prices of private and public housing, price comparisons between the two markets should be interpreted with care.”

credits: propertyguru

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Oxley buys freehold mixed-use site for $14.5m

Posted by Singapore Property Launch on 6th November 2017 in Blog
Tessensohn Rd

A wholly-owned unit of Oxley Holdings has exercised an option to purchase a 462 sq m freehold site at Tessensohn Road for $14.5 million, revealed an SGX filing on Friday (3 November).

The vacant land zoned for residential with commercial at the ground floor is being acquired by Oxley Amethyst Pte Ltd from unrelated firm Urban Development Pte Ltd.

Previously, Oxley Amethyst paid $145,000 when the option was granted on 5 October and paid another $580,000 when it decided to proceed with the transaction.

The property is being sold with vacant possession, and the consideration’s remaining balance will be paid upon the deal’s completion within ten weeks from the of acceptance of the option.

Oxley said that the sale is conditional upon obtaining the approval (Qualifying Certificate) from the Land Dealings (Approval) Unit on or before the completion date.

The transaction will be funded by bank borrowings and internal resources, with the seller’s stamp duty to be shouldered by the buyer. The purchase price will also include the goods and services tax, if applicable.

Furthermore, the deal is not expected to have any material impact on the group’s earnings per share or net tangible assets per share for the current fiscal year ending 30 June 2018.

credits: propertyguru

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Landed home sales surge as prices drop to attractive levels

Posted by Singapore Property Launch on 5th November 2017 in Blog
Terraced houses at Serangoon,Singapore

The ongoing recovery in the housing market saw landed home sales surge in the first 10 months of 2017 as landed property prices fell to attractive levels from their Q3 2013 peak, reported Business Times.

Between January and October, the number of landed homes sold stood at 1,513 units, up 50 percent from the 1,009 units moved over the same period last year.

Based on Savills Singapore’s analysis of caveats data from URA Realis data, the value of transactions rose 41.1 percent from $4.3 billion to $6.1 billion.

The preliminary figure for the period have also surpassed the result for the full-year 2016 at 1,187 units, sold at $5.1 billion.

The hike in transaction comes as landed residential properties registered a bigger price drop compared to non-landed private homes over 15 quarters before prices increased in Q3, said Savills Singapore research head, Alan Cheong.

He noted that the narrowed price difference between the two categories improved the attractiveness of landed homes.

Notably, URA’s price index for landed homes fell 16 percent between Q4 2013 and Q2 2017, while its non-landed private home price index contracted by only 10.2 percent.

“To some extent, buyers seem to have returned to the market with a vengeance, with sentiment buoyed by all the positive news about overall sales volume, record land prices, the influx of en bloc millionaires seeking replacement homes and improvements in the economy,” said Knight Frank Singapore executive director of residential sales and leasing Tay Kah Poh.

Cheong believes demand for landed properties in Singapore is “partly aspirational” as owning a landed home is still ranked high within the hierarchy of housing wants of Singaporeans.

Moreover, the overextended downturn in the property cycle has “unbottled pent-up demand for those wanting to buy a landed home”, he said.

credits: propertyguru

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Parc Botannia in Sengkang to launch at prices starting from $548,000

Posted by Singapore Property Launch on 4th November 2017 in Blog
Parc Botannia crop

Artist’s impression of Parc Botannia.

Parc Botannia, the last residential project to launch in 2017, will open its showflat to buyers on 11 November, said developers Sing Holdings and Wee Hur Holdings.

Sing Holdings owns a 70 percent stake in the development, while the remaining 30 percent is held by Wee Hur. The consortium was awarded the site last year after beating out 13 other developers with a top bid of $287.1 million.

The 99-year leasehold condominium comprises four 22-storey towers of 735 units. It sits on a 185,095 sq ft site along Fernvale Road next to Thanggam LRT station.

Unit types range from one- to five-bedroom apartments with sizes spanning 431 sq ft to 1,679 sq ft. Indicative prices start from $548,000 for a one-bedder, $738,000 for a two-bedder, $1.04 million for a three-bedder, $1.3 million for a four-bedder, and $1.6 million for a five-bedder.

There have been no new launches in the area in the past two years, with the last one being High Park Residences in 2015. Located right next to Parc Botannia, the private condo sold all 1,399 units for $988 psf within 20 months despite subdued market conditions in 2015 and 2016.

Parc Botannia is located within the future Seletar Regional Centre, which has the potential to grow to twice the size of Tampines Regional Centre. The nearby Seletar Aerospace Park is already home to big-name aviation firms such as Rolls-Royce and ST Aerospace.

There are also shops and eateries within reach at Jalan Kayu, Seletar Mall and Greenwich V.

“We believe that there is a mix of demand for homes and investment in this location,” said Lee Sze Hao, CEO of Sing Holdings.

“Being the only project to be launched in the vicinity, we are optimistic that Parc Botannia, with its unique features, strong selling attributes and attractive pricing, will be well-received.”

In view of the upcoming launches next year, Lee noted that the project’s average price of $1,280 psf makes it one of the most attractively-priced and affordable condos.  

The showflat at the junction of Fernvale Road and Sengkang West Way is now open for public previews.

credits: propertyguru

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11 Balmoral Road up for collective sale at $75 million

Posted by Singapore Property Launch on 2nd November 2017 in Blog
11 Balmoral Road v2

Built in the mid-1990s, the property comprises 17 units in two four-storey apartment blocks. (Photo: JLL)

Property consultancy JLL has launched 11 Balmoral Road in prime District 10 for collective sale at $75 million.

The asking price translates to a land rate of about $1,761 psf per plot ratio, inclusive of the development charge which is estimated to be around $10 million.

This is the development’s first collective sale attempt with 100 percent owners’ consent. As such, Strata Titles Board approval for the sale is not required.

Built in the mid-1990s, the property comprises 17 units in two four-storey apartment blocks. 

The 30,200 sq ft site is zoned residential with a gross plot ratio of 1.6 under the 2014 Master Plan. It could be redeveloped into a high-end condominium of up to 12 storeys.

Subject to design and approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable gross floor area of 48,320 sq ft up to a maximum of 64 apartments.

The site is a short walk from Newton MRT interchange, which connects to Orchard Road and the Botanic Gardens. Nearby schools include Singapore Chinese Girls’ School and Anglo-Chinese School (Primary).

“11 Balmoral Road is a compelling offering of a freehold site with manageable quantum. It is expected to attract a wide pool of developers due to its affordability and a very prime location,” said Tan Hong Boon, regional director at JLL.

The tender exercise closes on 29 November.

credits: propertyguru

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HK developers building more nano flats

Posted by Singapore Property Launch on 29th October 2017 in Blog
HK developers building more nano flats

Nano flats and small apartments will be the new norm in Hong Kong.

Property developers in Hong Kong are building more nano flats to cater to the strong demand for such units in the world’s most expensive housing market, reported the South China Morning Post.

According to JLL’s latest research, at least 2,100 homes with saleable areas of under 200 sq ft, are expected to be completed there between 2017 and 2020. This works out to an average of 510 units a year compared to just 151 units per annum between 2014 and 2016.

Most are situated in the New Territories, far from the primary business districts.

Aside from that, some are even smaller than a typical 134 sq ft parking space in the city with starting sizes of 128 sq ft, as there are no rules on the minimum flat size in Hong Kong.

Despite the cramped space, there is a strong demand for such tiny flats, which have lower overall cost but higher psf price.

JLL’s regional director of capital markets Henry Mok revealed that most first-time buyers would rather purchase nano flats even though they can afford homes costing below HK$6 million (S$1.05 million).

[Because] that budget would only allow them to buy a sizeable flat in an old housing estate (over 30-years-old) in urban areas, given prices have reached record highs.”

Earlier this month, Hong Kong’s Chief Executive Carrie Lam Cheng Yuet-ngo announced a new “Starter Homes” scheme that will sell units at below-market prices to first-time buyers.

While this is expected to have a slight impact on the sales of nano flats, real estate agents are optimistic that take-up would remain healthy at least in the next few years.

“Given the supply of Starter Homes will take time to realise, buyers with a pressing need for a home may still opt for the private residential market,” noted JLL associate research director Ingrid Cheh.

Moving forward, the property consultancy thinks that residential prices in Hong Kong will continue to increase due to robust demand.

credits: propertyguru

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