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No Plans To Buy Back Unsold Flats Due To Ethnic Integration Policy

Posted by Singapore Property Launch on 6th October 2018 in Blog
High-rise HDB flats resize

The policy was introduced in 1989 and ensures there is a balanced mix of ethnic groups in HDB estates.

The government has no plans to buy back flats from homeowners who claim they are unable to sell their units due to the Ethnic Integration Policy (EIP), said National Development Minister Lawrence Wong in Parliament on Tuesday (3 Oct).

“The saleability of a flat in the open market is dependent on many factors, not just the EIP,” he said in responding to MP Lim Biow Chuan’s suggestion to help non-Chinese homeowners who are unable to sell their flats due to the EIP.

“While homeowners may have their own expectations of how much their flat can sell for, flat attributes such as location, storey height, physical condition, remaining lease and market sentiments would naturally be considered by prospective home buyers.”

Introduced in 1989, EIP ensures that there is a balanced mix of ethnic groups in HDB estates.

“The EIP is an important policy that is applied to all ethnic groups consistently,” noted Wong.

“It applies to the sale and purchase of all new and resale HDB flats, and is implemented for all ethnic groups.”

He noted, however, that those who are struggling to sell their flats may be given an extension of time by HDB, while advising them to be realistic with their asking prices.

“HDB will continue to exercise flexibility for households with exceptional circumstances,” he added.

credits: propertyguru

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40 Percent Of Mayfair Gardens Sold Over Launch Weekend

Posted by Singapore Property Launch on 4th October 2018 in Blog
Mayfair Gardens

Artist’s impression of Mayfair Gardens, a high-end condo in Bukit Timah.

Mayfair Gardens, Oxley Holdings’ latest luxury condominium project in Bukit Timah, moved 40 percent or 87 of its 215 units during its launch weekend on 29 to 30 September.

With an average price of $1,900 psf, the units sold range from one- to four-bedroom units, while three of its six penthouses also found buyers.

In an SGX filing, Oxley revealed that Singaporeans accounted for 85 percent of the buyers, while foreigners and permanent residents made up the remaining 15 percent.

Designed by DP Architects, Mayfair Gardens is the most upscale development within Oxley’s portfolio to date. The project boasts 55 facilities, including three sky terraces and a 75m swimming pool.

“Mayfair Gardens is the project of the decade for Oxley. Its British architectural design, efficient use of space, wide range of facilities and charming landscape offer home buyers a warm homely feeling,” said Oxley executive chairman and CEO Ching Chiat Kwong.

“Including Mayfair Gardens, we will launch three more projects before year-end. We are cautiously optimistic that our total sales for 2018 will reach 2,000 units.”

credits: propertyguru

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HDB Awards Anchorvale Crescent Site For $319m

Posted by Singapore Property Launch on 29th September 2018 in Blog
Anchorvale Crescent EC site 16Sept crop

Location map of the land parcel at Anchorvale Crescent. Source: HDB

The Housing and Development Board has awarded the tender for a land parcel at Anchorvale Crescent to Evia Real Estate (8) and Gamuda (Singapore), after the consortium submitted the highest bid of $319 million.

Launched for sale on 10 August, the 17,137.3 sq m site has a maximum gross floor area of 51,411.90 sq m and a gross plot ratio of 3.0.

It has a leasehold tenure of 99 years and could yield up to 550 housing units.

The tender for the executive condominium site closed on 14 September with seven bids received.

credits: propertyguru

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Upper East Coast Site Launched For Sale

Posted by Singapore Property Launch on 26th September 2018 in Blog
Redevelopment site at Upper East Coast crop

The owners of the freehold property are expecting offers of about $26 million. (Photo: ET&Co)

A three-storey mixed landed housing development at Upper East Coast has been launched for en bloc sale via tender for $26 million, which works out to about $914 psf per plot ratio based on its land area of 28,449 sq ft, revealed marketing agent Edmund Tie & Co.

“Sizeable sites for landed housing development are rarely available. The price quantum of this property is also palatable to developers,” said Swee Shou Fern, senior director at ET&Co’s Investment Advisory division.

Moreover, all the homeowners gave their consent to the collective sale.

Given that the freehold site is zoned for three-storey mixed landed housing, the winning bidder has the flexibility to construct detached, semi-detached and terrace homes or a combination of such properties, either as typical residences or as a cluster housing project as long as the developer obtains planning approval.

The site is also close to Bedok Food Centre and East Coast Park and is a short walk from the upcoming Sungei Bedok MRT Interchange on the Downtown Line (DTL) and Thomson-East Coast Line (TEL).

It is also within proximity to established schools like Temasek Primary School, Temasek Junior College and Singapore University of Technology and Design (SUTD).

Furthermore, the site is a short drive from Changi Business Park and Changi Airport, with the highly-anticipated completion of Jewel Changi Airport further boosting the area’s appeal.

The tender exercise for the freehold site closes on 31 October.

credits: propertyguru

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300 JadeScape Units Sold At Weekend Launch

Posted by Singapore Property Launch on 25th September 2018 in Blog
Booking of JadeScape units crop

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

Qingjian Realty’s JadeScape condo received robust interest during the launch of Phase 1 as buyers snapped up 300 of the initial 480 units released.

With interest balanced across all unit types, buyers picked up their units at an average transacted price of $1,700 psf.

Qingjian Realty deputy general manager Yen Chong revealed that they were cautiously optimistic, but the response from buyers exceeded their expectations.

“I was attracted to the convenience of JadeScape – with its central location, connectivity and the amenities within and outside of the development,” said Ling Mee Har, who was one of the first buyers to secure a unit.

Despite the new property curbs, demand will remain healthy if “there is a strong product offering (and) an easily-accessible location using either public or private transport modes”, said Alan Cheong, senior director of research and consultancy at Savills Singapore.

And given the lack of large projects sold within the vicinity in the last few years, Cheong expects the strong first weekend showing to “translate to a steady rate of weekly sales for the months ahead”.

With units featuring new smart home technology, JadeScape is also adopting a Smart Estate Management System. The project is set to be completed by early 2023.

credits:propertyguru

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New Private Home Sales Plunged In August

Posted by Singapore Property Launch on 23rd September 2018 in Blog
JadeScape Archi View crop

Artist’s impression of JadeScape, a new private housing development near Marymount MRT station.

Following the introduction of new property cooling measures on 6 July, new private home sales in Singapore declined sharply in August on both a monthly and yearly basis, reported Channel NewsAsia.

According to statistics published by the Urban Redevelopment Authority (URA) on Monday (17 Sept), developers sold 616 new private units last month, excluding executive condominiums (ECs).

This translates to a 50.6 percent slump from the 1,246 units taken up in August 2017 and a 64.3 percent plunge from the 1,724 units sold in July this year, when buyers rushed to purchase private homes on the evening of 5 July before the curbs took effect.

Including ECs, property developers moved 639 units in August versus the 1,587 units that changed hands a year ago and the 1,776 condos transacted in July 2018.

The latest statistics prove that the new measures are beginning to take “a significant toll” on the demand for private condominiums, said OrangeTee & Tie.

“While August is traditionally slower for sales and launches (due to the Hungry Ghost Festival), last month’s figure is in stark contrast to the same period last year where 794 new homes were launched and 1,246 units were sold.

“The tighter financing rules and increased Additional Buyers’ Stamp Duty of up to 20 percent for foreign buyers have also sent foreigners scurrying from the market,” noted the property agency.

Moreover, PropNex Realty revealed that excluding ECs, August saw the lowest volume of new private home sales over the past six months.

“It is understandable that August’s performance is slower as it is the first month right after the cooling measures were implemented, with buyers and investors still trying to understand and digest the effects (on) future pricing,” said its chief executive Ismail Gafoor.

Nevertheless, he is confident that sales of new private condos will rebound from 616 units in August to over 800 units by September due the launches of Mayfair Gardens and JadeScape.

In August, the top-selling newly-launched private condo was The Tre Ver, which sold 164 out of 200 units put up for sale at a median price of $1,551 psf.

“The success of The Tre Ver (in) moving 82 percent of units launched in August, post-cooling measures, signals silver linings for rightly priced projects,” Ismail added.

Other popular projects include Riverfront Residences and Park Colonial, where 76 and 79 condos changed hands for $1,311 psf and $1,713 psf respectively. Stirling Residences also moved 91 units at a median price of $1,757 psf.

credits: propertyguru