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HDB, URA release three sites for 1,500 new homes

Posted by Singapore Property Launch on 5th December 2014 in Blog, Property

 

HDB, URA release three sites for 1,500 new homes

image: URA

Three land sites yielding around 1,500 housing units will be released for sale this month under the Government Land Sales (GLS) Programme for 2H2014.

URA launched a residential site at Jurong West Street 41 (Parcel B) today, while HDB will release an executive condominium (EC) site at Woodlands Avenue 12 on 16 December.

Both sites are on the confirmed list and are located within established residential estates. The tender closing dates for the Woodlands and Jurong West land parcels are on 12 February and 10 March 2015 respectively.

Meanwhile, a commercial and residential site at Holland Road, the first plot under the Holland Village Extension plans, is also being made available for sale on the reserve list today.

A mixed use, pedestrian-oriented development will be built on the site that would add to the area’s reputation as a great place to live, work and play. It will offer more retail and dining options, as well as new residences.

Public transport access to the area has since improved with the opening of the Holland Village MRT station on the Circle Line.

According to URA, a Concept and Price Revenue tender system will be adopted to evaluate the tenders received for the site, a process that aims to ensure the new development integrates well with the existing setting of Holland Village.

credits: stproperty

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Sentosa Cove homes sell for record $28.5m

Posted by Singapore Property Launch on 5th December 2014 in Blog, Property
Sentosa Cove homes sell for record $28.5m

Image: SC Global Developments

TWO Sentosa Cove condo units have been sold at $4,131 per sq ft (psf) in a record price for the island, said the Singapore Real Estate Exchange (SRX).

Spanish tycoon Ricardo Portabella Peralta is thought to be the buyer of two adjacent units, for a total of $28.55 million, at Seven Palms Sentosa Cove. Mr Peralta is chief executive of Luxembourg-based investment holding firm Ventos SA, and is a board member of Danone Spain.

Going by caveats lodged, 12 units have been sold at the 41-unitSeven Palms. Developer SC Global declined to comment.

The sales are good news for the island, quelling some concerns that prices there have been in freefall, said Savills Singapore research head Alan Cheong.

For example, two units at luxury condominium Turquoise in Sentosa Cove were sold at heavy losses by private treaty for $3.88 million and $4.026 million in July, or about $1,400 psf. They had been bought in 2009 for about $2,550 psf and were put up for sale by their mortgagees, understood to be DBS Bank.

Transactions have also been thinning. Just four Sentosa bungalows were sold in the first 11 months of this year, down from 18 last year.

But Seven Palms may have bucked this trend owing to the exclusivity of being the only beachfront luxury development here, said Newsman Realty associate director Steve Tay.

“Demand (for such homes) has been reduced with the Additional Buyer’s Stamp Duty measures imposed, but it is a matter of time before it will return, as Sentosa Cove is still the premium residential precinct for discerning ultra-high-net-worth individuals,” he said.

credits: stproperty

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Govt expected to reduce private housing land for H1 2015

Posted by Singapore Property Launch on 3rd December 2014 in Blog

Govt expected to reduce private housing land for H1 2015

The government is expected to trim down the supply of land intended for private housing on the confirmed list for H1 2015 Government Land Sales (GLS) programme due to rising vacancies and sluggish sales, according to property experts in media reports.

Chua Yang Liang, JLL’s Research Head for Southeast Asia, said, “The period of supplying sufficient land to meet the pent-up demand arising from the large population growth between 2007 and 2009 is over. Now the state is likely to be looking at maintaining sufficient new supply to meet the long-term housing need, i.e. from new household formation.”

In concurrence, Savills’ Alan Cheong noted “the general undersupply situation has been resolved and thus the GLS Programme may reflect a more sedentary pace in line with demographic trends.”

R’ST Research believes the land to be released under the confirmed list for the second half of next year can yield about 1,900 units, while JLL projected a higher figure of around 3,700 units.

On the other hand, experts feel that land on the reserve list would be enough for 6,000 to 7,000 private homes, including Executive Condominiums (ECs). This is roughly the same as the 6,305-unit supply in H2 2014 and will serve a buffer in case there is a rebound in market demand.

In terms of location, the government is expected to release land for EC and private housing in Punggol, Woodlands, Sengkang, Jurong Lake District and maybe even at the Seletar Farmway area.

“…there is potential to release more EC sites in Jurong since the area is fast rejuvenating, and given the near sell-out of Lake Life at its recent launch,” said R’ST Research Director Ong Kah Seng.

In the EC segment, Ong predicted that government would reduce the supply on the confirmed list for H1 2015 to merely 500 units compared to 1,520 units in H2 2014, but Colliers International’s Director Chia Siew Chuin projected a higher figure of about 1,000 units.

credits: propertyguru

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Housing loan growth drops to seven-year low

Posted by Singapore Property Launch on 3rd December 2014 in Blog

Housing loan growth drops to seven-year low

 

Housing loans in Singapore grew at 6.4 percent year-on-year in October – or its slowest pace in seven years – on the back of a weak property market as well as a higher base, said Maybank Kim Eng and reported in the media.

“Industry domestic banking unit (DBU) loans grew nine percent year-on-year in October, down from 10.6 percent a month earlier. Business and consumer loans grew at their slowest pace in four and seven years respectively. The former’s slowdown was led by lending to general commerce (+12.3 percent year-on-year), transport, storage & communication (+13.5 percent) and financial institutions (+15.4 percent),” it said.

“The latter’s deceleration came about as property-market sentiment remained poor. But as we had toned down our loan-growth expectations after Q3 2014 results, especially for DBS, there is no need to revise numbers just yet.”

Looking ahead, Maybank Kim Eng does not expect 2015 to be any better as demand will mainly come from drawdowns for newly completed houses sold in 2012 to 2013.

“As Singapore deposits grew just 0.2 percent month-on-month and 1.5 percent year-on-year, Singapore loan-to-deposit ratio (LDR) may not stir next year. This is because loan growth could decelerate further. Deposits may not grow strongly as holding cash remains unappealing amid low interest rates. October’s SGD LDR was 86.4 percent,” it added.

With this, Maybank Kim Eng expects loan growth to average nine percent in 2015.

“On the domestic front, home loans should expand just four to six percent, without a property-market revival. However, we believe their slack will be taken up by better business loan growth of 10 to 12 percent.”

credits: propertyguru

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New condo to inject life into Sims Drive

Posted by Singapore Property Launch on 3rd December 2014 in Blog
New condo to inject life into Sims Drive

Image: Guccoland

With Sims Drive undergoing progressive transformation, property developer GuocoLand has announced it will be developing the first prime private residential development in the area.

Located at the junction of Sims Drive and Aljunied Road on the city-fringe, the 99-year leasehold Sims Urban Oasis will comprise eight blocks of 1,024 units catering to singles, young couples and those with large families.

These include compact suites of one- to three-bedrooms focusing on ergonomics and functionality, SOHO units designed for flexible work life balance, lifestyle apartments offering premium finishing, and deluxe units of three- to five-bedders catering to multi-generation families with an option of dual-key function.

Prices of the units will only be released at a later date. But a check on URA caveats data of completed apartments revealed that a 99-year leasehold unit at nearby Sims Green measuring 1,249 sq ft was moved in March this year for $1.13 million, translating to a psf price of $905.

Before developing the 2.4ha land parcel, GuocoLand led consumer focus group interviews with potential buyers and residents in the area to get their insights for creating the spaces.

Aside from the standard condo facilities like swimming pools, a gym, tennis court and 500-metre jogging track, the project will also house a convenience store, cafes, and a child-care centre.

Cheng Hsing Yao, Managing Director of GuocoLand Singapore, believes the project is in an excellent location.

“On the one hand, it is very convenient; just a short drive to the CBD and a short walk to the Aljunied MRT station. On the other hand, it is located along a quiet and charming street. The nearby Singapore Sports Hub, Paya Lebar Sub-Regional Centre, James Cook University and many other new developments will create more jobs, attractions and demand for good quality housing in the area. Sims Urban Oasis caters to this demand, and Sims Drive, in time, can become a highly sought-after residential address,” he shared.

Early mover businesses and entrepreneurs have already set up new hip cafes, restaurants, fitness and activity centres in the area tapping on the growing number of residents and expatriates.

Sims Urban Oasis is expected to launch in the first or second quarter of 2015 while the legal completion is by 2023.

 

credits: propertyguru

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Upper Serangoon Road site received 11 bids

Posted by Singapore Property Launch on 28th November 2014 in Blog
Upper Serangoon Road site received 11 bids

image: URA

The tender for a residential with first-storey commercial site at Upper Serangoon Road received 11 bids yesterday.

Asset Legend Limited submitted the highest bid of $276.8 million, while the second highest bid was SL Capital Ventures at $240 million.

Offered for sale on a 99-year lease, the land parcel is easily accessible via major roads, expressways and Kovan MRT station.

According to media reports, the parcel is the first Government Land Sales (GLS) site that has to meet the new construction requirements introduced by the Building and Construction Authority (BCA) to improve productivity within the sector.

The Urban Redevelopment Authority (URA) will announce the tender award at a later date.

credtis: propertyguru

 

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