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Gilstead Mansion Relaunched For Collective Sale At Lower Price

Posted by Singapore Property Launch on 28th October 2018 in Blog
Gilstead Mansion crop

The 24-unit residential development has been relaunched for collective sale at a guide price of $65 million. (Photo: Teakhwa Real Estate)

In a bid to beat the clock before the new rules on unit sizes outside the central area kick in as well as the chill of property cooling measures, the owners of Gilstead Mansion have relaunched the 24-unit development for collective sale at a lower price of $65 million, reported the Business Times.

Down $3 million from its previous guide price in June, the revised price works out to $1,524.70 psf per plot ratio (psf ppr) with no development charge payable.

Nestled on a 35,751 sq ft site, the development has an existing gross floor area of 42,632 sq ft. It is part of the Stevens-Chancery area, in which the increased average unit size of 100 sq m rule would apply for development applications submitted on or after 17 January 2019.

Marketing agent Teakhwa Real Estate noted that the site could yield about 56 new units under the current 70 sq m rule. As per Land Transport Authority confirmation, no pre-application feasibility study for traffic impact is required for the site.

“The expected land rate is undemanding in view of the high price transacted for the surrounding Dunearn Gardens at $1,962 psf and the 99-year leasehold Chancery Court at $1,610 psf,” said Teakhwa Real Estate.

“This is an opportunity for developers who target good smallish prime sites at reasonable pricing in this en bloc cycle. The potential buyer may possibly make it on time to develop the site under the current Urban Redevelopment Authority planning guidelines.”

The authorities revised the guidelines such that the average size of new private homes outside the central area would measure at least 85 sq m. However, nine areas would face the 100 sq m rule – Stevens-Chancery, Marine Parade, Balestier, Joo Chiat-Mountbatten, Pasir Panjang, Telok Kurau-Jalan Eunos, Kovan-How Sun, Loyang and Shelford.

The tender for Gilstead Mansion closes on 22 November.

credits: propertyguru


Forest-Inspired Queenstown Retreat Wins Best Private Condo Development Award

Posted by Singapore Property Launch on 24th October 2018 in Blog
Logan Property and Nanshan win Best Private Condo Development Award

 CB Chng (right), executive director at Logan Property Singapore, collecting the award for Best Private Condo Development at the recent gala dinner. 

Contributor Feature

A trio of shining stars in Singapore’s first satellite town are connecting condo living in the suburbs with nature-inspired lifestyle experiences, with the development of two 40-storey towers and a 38-storey tower that make up Stirling Residences. Logan-Nanshan’s forest-themed Queenstown development, with 1,259 units set in a close to 230,000 sq ft plot, is an imaginative ambition. With 18 sky terraces and two roof gardens, Stirling Residences will take residents “between the sky above and the earth below”.

Upon completion in 2021, Stirling Residences will boast panoramic city, sea and green views with 80 facilities spread across three forest zones. Meanwhile, Logan-Nanshan are proud to be Best Private Condo Development winners at the 8th annual PropertyGuru Asia Property Awards (Singapore) in October 2018, with the architectural and interior design talents of P&T Consultants and landscaping by Ecoplan Asia creating a winning combination.

It is the concept of integrating a condo development on high ground with a green-retreat design influence which extends to the outdoors that impressed the judging panel. “Stirling Residences is a contemporary and luxurious interpretation of tropical architecture with its elevated units, extensive landscaping and sky gardens. An impressive addition to the skyline with special attention given to minimise overlooking,” commented Kristin Thorsteins, one of this year’s judges and vice president of development, East and South Asia & Pacific at Club Med. “Stirling Residences stood out with its preservation of existing mature rain trees and its integration of landscaping with a children’s nursery.”

The verdant Tropical Forest of Stirling Residences promises pools, ponds, a tennis court, hammock lawn, pavilions, a meditation park, steam room, kids’ club, and more. The Fern Forest, a relaxing oasis, is offering a stargazing lawn, ponds, decks, playgrounds, fitness facilities, a stream, putting green, trekking hill, and more. The tranquil haven of the rainforest area is designed to be inviting with massage facilities, a cabana club, rainforest track, aqua foot reflexology, a teppanyaki grill pavilion, water wall feature, hillside greenery, canopy walk, and more.

Softscaping and landscaping that use the land’s existing contours are adopted by Logan-Nanshan to create a sense of fluidity between the architecture and the landscape that are carefully thought out at Stirling Residences, with design elements and furnishings harmonising with the purposeful ambiance of relaxed, resort-style living at home. Stirling Residences is a residential complex designed to act as a counterbalance to city life, with a concierge service too. These carefully crafted facilities are strategically placed within the site so that residents can, for example, look out to a grand 50-metre lap pool from the function room.

Similarly, interiors at Stirling Residences are designed to enhance this indoor-outdoor concept, with the average unit size being 861 sq ft with a choice of one- to four-bedrooms. Large open windows, glass sliding doors and spacious rooms all expand internal spaces and increase natural light. Meanwhile, marble walls and floors in some units and solid timber bedroom floors add to the contemporary, natural expression of Stirling Residences.

credits: propertyguru


Kent Ridge Hill Residences Opens For Preview This Weekend

Posted by Singapore Property Launch on 23rd October 2018 in Blog, Hot Projects, Property
Kent Ridge Hill Residences crop

Artist’s impression of Kent Ridge Hill Residences, a new condominium located right at the edge of Kent Ridge Park.

Kent Ridge Hill Residences, a 548-unit residential project at South Buona Vista Road, will open for preview this weekend (20 Oct).

The 99-year leasehold condo is being developed by Oxley Holdings at the former site of Vista Park, a low-rise walk-up apartment that was acquired via en bloc sale in 2017 for $418 million.

Oxley also recently launched The Verandah Residences within the vicinity, which was sold out within three months.

Situated on a 319,250 sq ft site, Kent Ridge Hill Residences will comprise 498 condo units and 50 strata landed homes that are spread across 11 five-storey blocks.

Various unit layouts will be offered, from one- to five-bedders ranging from 474 sq ft and 2,067sq ft.

The project will also feature a tennis court, 50m lap pool, kid’s pool, waterjet pool, tree house party deck, function room and a putting green, among others.

Located right at the edge of Kent Ridge Park, Kent Ridge Hill Residences is also close to Pasir Panjang MRT station.

It is also within proximity to the National University of Singapore (NUS), One-North Business Park, National University Hospital (NUH), Harbourfront, Mapletree Business City and Greater Southern Waterfront City.

Other nearby amenities include Holland Village, Rochester Park and Vivo City.

credits: propertyguru


New Private Home Sales Up 51% In Sept

Posted by Singapore Property Launch on 17th October 2018 in Blog
Crowd at JadeScape booking day crop

Buyers waiting for their numbers to be called during the balloting process at JadeScape’s showflat. (Photo: Qingjian Realty)

Private home sales in Singapore rose 51 percent in September as developers launched new projects following the Hungry Ghost month and as buyers recover from the impact of recent curbs.

Urban Redevelopment Authority (URA) data released on Monday (15 Oct) shows that developers moved 932 units last month, up from 617 units in August.

On an annual basis, private homes sales jumped 42 percent from 657 units over the same period last year.

Including ECs, developers sold 944 units, up 47.5 percent from the 640 units transacted in August and 4.2 percent higher than last year’s 906 units.

JadeScape on the former site of Shunfu Ville emerged as the best-selling project last month, with 327 units transacted at a median price of $1,669 psf, reported the Business Times.

Mayfair Gardens by Oxley Holdings moved 82 units at a median price of $1,945 psf, while Tripartite Developers’ The Jovell sold 41 units at a median price of 1,259 psf.

Freehold development Jui Residences by Selangor Dredging Berhad sold 31 units at a median price of $1,704 psf last month.

Describing the sales figures as “quite encouraging”, Christine Li, senior director and head of research at Cushman & Wakefield, revealed that this year’s September sales result is the “highest September new home sales since 2013”.

But while market confidence appears to have improved, developers “are still grappling in setting an appropriate price level to attract buyers”, said JLL national director of research and consultancy Ong Teck Hui, while noting that seven new private residential projects were launched last month.

Looking ahead, ERA Realty key executive officer Eugene Lim expects developers to sell 9,000 to 10,000 private homes this year, down from last year’s 10,566 units.

“With a wide selection of new projects coming up, buying demand is not expected to increase significantly as buyers evaluate their housing needs, options and finances,” said Lim.

“We have not observed significant price discounts yet. Developers who have bought land at high prices would need to sell even higher in order to remain profitable. This provides support for property prices in the short term, barring any external shocks.”

credits: propertyguru


Singapore Remains The Best Place For Expats: HSBC Survey

Posted by Singapore Property Launch on 15th October 2018 in Blog
Singapore remains the best place for expats: HSBC survey

Singapore scored highly in terms of family benefits and overall quality of life.

Singapore has once again – for the fourth consecutive year – emerged as the best place for expats to live and work, reported Channel NewsAsia citing an HSBC survey.

New Zealand came in second, while Germany, Canada and Bahrain rounded up the top five list.

While expats in the city-state received less on average at US$160,000, compared to those in Hong Kong who earn US$180,000 annually, Singapore did better when it comes to ratings of family benefits and overall quality of life.

In fact, almost three-quarters of expats in Singapore felt that the overall quality of life of their children is better here.

“The quality of childcare and education are considered better than at home for many expats and 60 percent say their children’s health and well-being has improved,” said the survey.

And with four out of five expats expressing confidence in the country’s economic and political stability, 78 percent said they would recommend Singapore to anyone planning to work abroad.

“More than a quarter of Singapore expats may have originally been sent by their employer (27 percent), but almost half (47 percent) have stayed in this safe, well-organised city and its lush, vibrant surroundings for the great quality of life it offers them and their family,” added the survey.

The survey of 22,318 expats, however, revealed that living in the city-state can be stressful, with 46 percent of the expats saying that stress levels at work in the Southeast Asian country are higher compared to what they witnessed back home.

Singapore’s high cost of living also posed a problem to some expats, with two in four saying they could not afford to buy a home in the city-state.

Meanwhile, Singaporeans who moved abroad said they enjoyed better work/life balance, with 50 percent saying they found personal fulfilment working abroad.

“Having left a well-organised, structured and carefully managed culture to plunge into the great global unknown, far more Singaporeans abroad (51 percent) feel the experience has made them more adaptable than the global average (39 percent),” noted the survey.

credits: propertyguru


MAS Checking Impact Of New Property Curbs

Posted by Singapore Property Launch on 14th October 2018 in Blog
non-landed private homes

The central bank’s head thinks it will take at least two to three quarters to fully understand the implications of the latest property cooling measures.

After the government imposed a “decisive set of measures” on 6 July, the Monetary Authority of Singapore (MAS) is keeping a close watch on the private residential sector.

“The property market always warrants close watching, whichever direction it is inching towards,” said the central bank’s managing director Ravi Menon in a recent interview with Bloomberg.

“It’s too early to tell what the implications from the last round of tightening measures are. It will take at least two to three quarters for the full implications to be understood. So we are watching that closely.”

He said it was not sustainable that private home prices were increasing significantly amid rising interest rates and slowing growth in the country’s gross domestic product (GDP).

According to data from the Urban Redevelopment Authority, private home prices in the city-state rose by 3.9 percent quarter-on-quarter in Q1 2018, or the highest quarterly price gain since Q2 2010. The growth then decreased slightly to 3.4 percent in the second quarter.

Moreover, Singapore was ranked as the world’s sixth most expensive city in Bloomberg’s annual global city housing affordability index.

“The property market, before we implemented the cooling measures, was pretty hot. This was a wrong time to see a renewed property bubble. Not that there was a bubble, but we wanted to pre-empt that,” noted Menon.

But after the new curbs took effect, the latest flash estimates released earlier this month showed that quarterly growth in private home prices significantly slowed down to 0.5 percent in Q3 2018, or the slowest pace in five quarters.

At the same time, en bloc sales of private residential projects plunged by 90.71 percent to $353 million in the third quarter compared to $3.8 billion in the quarter before.

The new cooling measures “were taken at a time when we already knew about the risks facing the economy. We also knew and expected that growth was going to moderate gently into the second half of this year. So all those were taken into account,” Menon added.

credits: propertyguru