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Property Cooling Measures Averted A 10-15% Growth In Home Prices

Posted by Singapore Property Launch on 18th November 2018 in Blog
Singapore residential area

National Development Minister Lawrence Wong clarified that the government wants to stabilise the property market so that prices may move broadly in line with income growth.

While developers may want a “complete laissez faire situation” of allowing “the market to run its own course”, the government cannot take a hands-off attitude on the property cycle and allow property bubbles to form, said National Development Minister Lawrence Wong.

“Let me be very clear. The government cannot and will not take a hands-off attitude to the property cycle. So there should not be any surprise when we intervene in the market,” he said at the anniversary dinner of the Real Estate Developers’ Association of Singapore (REDAS).

In explaining the rationale of the July cooling measures, Wong said government intervention is necessary to prevent bubbles from forming and to achieve a stable property market.

He noted that property prices would have soared by up to 10 to 15 percent had the government not introduced the latest measures, reported Today Online.

And while prices had not come down with the measures, they have remained “flattish” or increased only at a very gradual rate. Overall transaction volumes and land sales have also slowed down, he said.

“(More) importantly, the measures have encouraged en bloc sellers and developers to be more realistic in their price expectations.”

However, Wong clarified that it is not the government’s aim to bring property prices down, but to steady the cycle and stabilise the market in order that prices may move broadly in line with income growth.

“Our own experience has shown that if corrective actions are not taken to prevent a bubble from forming, the costs will eventually be larger and more painful, and ultimately this will harm the vast majority of genuine home buyers and owners.”

Speaking at the same event, REDAS’ president Augustine Tan said the cooling measures has led to a state of uncertainty within the property market – with sales momentum at new private property launches slowing down, while supply of units in the market remains high.

Tan believes there would be 44,667 private residential units coming from the unsold stock and the potential new supply from collective sale sites and government land sales.

“Barring tighter regulations, it will take up to five years for these units to be fully absorbed”, he said, while noting that demand will likely remain subdued for the rest of the year on the back of the cooling measures.

Tan also underscored the challenges facing developers – development cost has become higher due to the new five percent non-remissible Additional Buyer’s Stamp Duty (ABSD) payable whenever they acquire a land for residential development.

There is also the risk of paying the 25 percent remissible ABSD with interest, if developers fail to move all units at a residential project within five years from acquiring the site.

With this, Wong said that while developers believe that the market is very subdued with room for prices to grow, buyers think that prices are too high.

“Real estate and property is something that Singaporeans care deeply about. A residential property is a home and also an asset — probably the single largest asset that many people own. So, understandably, there will always be differing views when it comes to the property market… The government is in the position of having to take the responsibility and weigh these different views carefully,” he said.

Although Wong acknowledged that developers have short-term commercial goals, he hoped they would understand that actions taken by the government is the “more responsible approach”.

credits: propertyguru

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Kent Ridge Hill Residences Sells 116 Units

Posted by Singapore Property Launch on 15th November 2018 in Blog
Kent Ridge Hill Residences showflat crop

Buyers waiting for their numbers to be called during the balloting process at Kent Ridge Hill Residences’ showflat. (Photo: Oxley Holdings)

Kent Ridge Hill Residences, a residential project by Oxley Holdings in 50 South Buona Vista Road, has sold 116 units or over 46 percent of the 250 homes released for sale in just two days after it was launched on Saturday (10 Nov).

According to an SGX filing on Monday (12 Nov), 80 percent of the units taken up consisted of one- and two-bedroom apartments. The remaining 20 percent were three-bedders, five-bedroom penthouses and strata landed homes.

These were sold at an average price of $1,700 psf. Around 80 percent of the buyers are Singaporeans, while the rest are permanent residents (PRs) and foreigners.

Located near the 1,000ha Greater Southern Waterfront site and an eight-minute walk to Pasir Panjang MRT station, the 99-year leasehold development consists of 498 private condos and 50 strata landed houses.

Aside from having good accessibility to public transport as well as educational hubs and business centres, the residential project comes with various facilities.

“Situated next to the Kent Ridge Park and surrounded by landed properties and low-rise apartments, residents at Kent Ridge Hill Residences will enjoy an exclusive, luxurious and serene lifestyle. With (its) launch, we are one step closer to our sales target of 2,000 units in 2018,” said Oxley Holdings’ Executive Chairman and CEO Ching Chiat Kwong.

He noted that the development was strongly received by buyers despite the imposition of new property cooling measures on 6 July. One reason for this is the more attractive pricing.

“The cooling measures imposed by the Singapore government have achieved its objective in softening home buyers’ sentiments. Fortunately, Oxley’s strategy in acquiring land parcels at competitive prices in previous years has allowed the group flexibility in pricing our projects. With our competitively lower costs, we are confident of achieving our sales targets,” Ching said.

Meanwhile, Oxley Holdings’ revenue fell by 45 percent year-on-year to $170.3 million in the first quarter ended 30 September 2018 due to softer contributions from the developments in Singapore and the UK. Consequently, net profit slumped 83 percent to $8.06 million.

credits: propertyguru

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Collective Sale Of Pearlbank Apartments Finally Completed

Posted by Singapore Property Launch on 8th November 2018 in Blog
Pearlbank Apartments crop

The iconic horseshoe-shaped building in Outram was sold to CapitaLand for $728 million. (Photo: Colliers International)

Following several failed attempts over the past 10 years, the collective sale of Pearlbank Apartments was finally completed on 1 November – which was marked by a celebratory event held on Monday (5 Nov), revealed marketing agent Colliers International.

The iconic horseshoe-shaped building in Outram was sold for $728 million to CapitaLand in February this year through private treaty, following the close of an en bloc tender on 19 December 2017. A sale order from the Strata Titles Board was subsequently obtained in August.

“For more than a year, we worked tirelessly with the owners, staying the course despite facing numerous challenges along the way which included the introduction of the Pre-Application Feasibility Study on traffic impact for en bloc residential projects as well as managing pricing expectation amid market uncertainties. We are pleased to have overcome the various challenges and delivered an exceptional outcome for the owners,” said Colliers International managing director Tang Wei Leng.

Comprising 288 units (280 apartments and eight commercial units), the 37-storey development sits on a 7,653 sq m site. It is strategically located near the bustling Chinatown and central business district.

“Pearlbank Apartments will always have a special place in our heart due to its excellent hilltop location with fantastic views. The site is appealing and has good Feng Shui too – owners who were renting their units typically could secure a tenant within a day. Having said that, there have been numerous maintenance issues arising from the ageing building, and redevelopment seems to be the best option,” said Cecilia Seet, chairman of the Pearlbank Apartments Management Corporation Strata Title (MCST).

In concurring, homeowner Jennifer Lam said the completion of the sale is timely given that the building “is so old, with many maintenance and water leakage issues”.

“Like many residents, I am sad to leave this place which holds many memories. I will miss the tranquillity of the surrounding greenery and the convenience of living in the midst of the bustling Chinatown. However, the property is ageing and for retirees like myself, we would prefer a smaller unit for easy housekeeping,” she said.

“It would be difficult to find a similar property like Pearlbank Apartments again. If possible, I believe many owners would want to purchase a new unit from the developer when the new development at Pearlbank is ready in the future.”

credits: propertyguru

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Parc Esta To Open For Preview On Saturday

Posted by Singapore Property Launch on 4th November 2018 in Blog
Parc Esta pool view crop

Artist’s impression of the pool view at Parc Esta. Source: MCL Land

Developer MCL Land is set to open the showflat for its highly-anticipated Parc Esta development at Sims Avenue for preview on Saturday (3 Nov).

Aside from being touted as the closest private condominium to Eunos MRT station, which is only 200m from the project, it is also one stop away from Paya Lebar MRT station and a bustling commercial hub.

Paya Lebar Central (PLC) has been earmarked by the government as one of several commercial hubs to be developed outside the city centre. The area is also home to Paya Lebar Square and the SingPost Centre mall, which houses Singapore’s biggest and most technologically advanced post office.

PLC also houses Lendlease’s Paya Lebar Quarter (PLQ), a $3.2 billion landmark integrated project comprising Grade-A offices, a shopping centre and the luxury Park Place Residences condominium.

Overall, Parc Esta will contain five shops and 1,399 residential units spread across nine 18-storey blocks. Buyers can choose from one- to five-bedroom units ranging from 420 sq ft to 1,604 sq ft.

Prices will start from about $698,000 for the smallest unit. This is considered attractive as prices at Park Place Residences, the last residential project to launch in the area, start from $900,000.

Parc Esta is located on the former Eunosville en bloc site. The HUDC development was sold last year to MCL Land for $765.78 million, or $909 psf per plot ratio.

Former Eunosville residents, who each pocketed between $2.25 million and $2.41 million from the collective sale, are understood to have been invited to Parc Esta’s launch, with some potentially looking to buy units at the new 99-year leasehold development.

Moreover, the upcoming project is close to eateries in Joo Chiat and Katong, while the central business district and Changi Airport are a short drive away.

Parc Esta, which is expected to be completed by 2022, is being marketed by ERA, Huttons, PropNex and OrangeTee.

credits: propertyguru

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Belgravia Green Wins Best Landed Development Award For 3-Storey Seletar Residences

Posted by Singapore Property Launch on 2nd November 2018 in Blog
Best landed development Belgravia Green

Terence Teo, Director at Tong Eng Group, collecting the Best Landed Development Award for Belgravia Green at the recent gala dinner.

Contributor Feature

By Nadia Willan

Thoughtful design to maximize privacy, comfort and a feeling of connecting with the green, landscaped setting is the principle behind the freehold Belgravia Green residential development, with work just beginning on the more than 136,500 sq ft plot in the tranquil northeast suburban neighbourhood of Seletar. The development is within proximity to major road routes and expressways, with quality local amenities such as shops and schools adding to its residential appeal.

The low-density Belgravia Green project is set to complete by the end of 2023. Meanwhile, project developers Fairview Developments Pte Ltd, a subsidiary of Tong Eng Group, is already showcasing success with a win in the Best Landed Development category at the 8th annual PropertyGuru Asia Property Awards (Singapore) in October 2018. The residential build is being supported by LAUD Architects, with interior design by Architology and landscaping by PDAA Design.

The modern, minimalist, Scandinavian-style homes of Belgravia Green are designed with the concept of “less is more” in mind. This is set to result in five-bedroom, three-storey homes that feel abundantly spacious, with clean lines and a bold asymmetrical design that feels clutter-free. With an average unit size of 3,530 sq ft, each residence includes a basement and loft space as well as its own private elevator.

One of the judges on this year’s judging panel is Clement Ong, AVP for Strategic Planning & Investment at Banyan Tree Hotels & Resorts. He praises the kind of resort-lifestyle the 81-residence complex inspires. “Belgravia Green is a freehold cluster development that wins in terms of value, design and multitude of facilities. Private lift access to every level and smart home system make it an ideal home. The clubhouse, gym, BBQ deck, playground, swimming pool and gardens create a complete landed lifestyle.” These facilities include a kids’ pool, hydrotherapy jets and a waterfall feature overflowing from the 28-metre infinity-edged pool.

An impressive feature of the Belgravia Green homes is a distinctive fin design to ensure an optimal level of shelter, privacy and shade. At the same time, metal frames on the first floor seamlessly connect the indoors to the outdoor greenery, extending the internal living space. Full-length windows enhance the ambition to build light and airy contemporary homes that resonate with the lifestyles of Singapore’s modern-day families.

Landscaping is a key component of Fairview Development’s residential vision of offering residents the space in which to live, relax, stay active, and socialise. This is reflected in the gentle pathways, natural softscaping and themed gardens. Meanwhile, quiet spots can be meditative spaces or gathering places for get-togethers with others. A rocky pond with a babbling brook and comfortable outdoor furnishings reinforces Belgravia Green’s appeal as a homely residence, whether for families or older residents looking for an elegant and functional property to live in.

credits: propertyguru

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Govt Launches Three Sites Yielding 700 ECs, Over 1,300 Private Condos

Posted by Singapore Property Launch on 1st November 2018 in Blog
Marina View site

Aerial view of the white site at Marina View. (Photo: URA)

The government released for sale on Wednesday (31 Oct) two confirmed list sites and one reserve list plot that can collectively yield 540 hotel rooms and slightly over 2,000 residential units.

In particular, the Housing and Development Board (HDB) launched for sale a 24,938.7 sq m site at Tampines Avenue 10 for an executive condominium (EC) project. It has a maximum gross floor area (GFA) of 69,829 sq m, and the winning buyer is allowed to build up to 700 EC units.

Experts think the land parcel will see stiff competition given the limited supply of EC sites in the market and the strong bidding for such plots this year. For instance, Canberra Link and Anchorvale Crescent attracted nine and seven bids respectively at $558 psf ppr and $576 psf ppr.

“Tampines is the first regional centre in Singapore and a sought after place to live in. The parcel sits in a mature estate with plenty of amenities like Our Tampines Hub, connectivity options like Tampines Downtown line and green spaces like Bedok Reservoir,” Huttons Asia’s research head Lee Sze Teck told the Straits Times.

Colliers International’s Singapore research head Tricia Song also believes that the new rules on the average unit size of 85 sq m will unlikely dampen the demand for ECs as such properties are intended for families in the first place. The 700-unit limit also indicates that the project’s average dwelling size is over 85 sq m.

She expects the EC site to attract seven to nine developers, with a top bid of $420 million ($560 psf ppr). On the other hand, Knight Frank Singapore’s research head Lee Nai Jia is more upbeat expecting offers of between $640 and $680 psf ppr, given the large number of upgraders eyeing the area.

Meanwhile, the Urban Redevelopment Authority (URA) released for sale a 11,643.3 sq m private condo site at Kampong Java Road. With a GFA of 32,602 sq m, the successful bidder can build about 435 houses on the land parcel.

“Response to the Kampong Java site could provide an indication of developers’ confidence in the high-end home market after a spate of collective sales in the area and the recent announcement on revised unit size guidelines,” said Song from Colliers.

She pointed out that site will need to comply with the new average size of 85 sq m. Nonetheless, she expects the top bid to reach $470 million ($1,350 psf ppr).

As for Knight Frank’s Lee, he is more bullish. “Land parcels in the Kampong Java area do not come by often, and the site has the added benefit of being within walking distance to Newton MRT station. We expect the winning bid to range from $1,500 to $1,600 psf ppr,” he explained.

Unlike the two aforementioned confirmed list sites, the third site released for sale is a reserve list plot. The white site at Marina View has a land area of 7,817.6 sq m and a subterranean stratum of 18 sq m. With a GFA of 101,629 sq m, it can yield around 540 hotel rooms and 905 private condos.

“The land parcel is a particularly attractive site – it is located within the central business district (CBD), with the future Shenton Way MRT station right at its doorstep. Additionally, supply is expected to be limited in the future, with most unsold units from new projects in the area likely to be snapped up. We expect the winning bid to range from $1,550 to $1,650 psf per plot ratio (psf ppr), attracting between 5 to 8 bids,” said Lee.

As for Song, she expects the site to attract developers with hotel interests or joint ventures, with a top bid at $1.5 billion to 1.75 billion, or $1,380 to 1,600 psf ppr.

All three land parcels have a leasehold tenure of 99 years.

The tender for the two confirmed list sites will close on 15 January 2019. As for the reserve list plot in Marina View, it will be triggered for sale if a party commits to offer an acceptable price to the government.

credits: propertyguru