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Vista Park up for collective sale for $350mil

Posted by Singapore Property Launch on 18th November 2017 in Blog
Vista Park up for collective sale for $350mil

Joining in the collective sale frenzy, Vista Park condominium has also launched a tender for en bloc sale, with the owners expecting offers of at least S$350 million, reported Business Times.

At this price, each unit owner could gain between S$1.16 million and S$3.5 million, which is a premium of more than 60 percent to what they could fetch if they sell individually in the open market.

Including the estimated lease top-up premium of around S$66 million, the land rate stands at around S$932 psf per plot ratio. This, however, can be pared down to around S$903 psf ppr once the bonus balcony gross floor area (GFA) is factored in.

This compares favourably to Normanton Park’s transacted land rate of S$969 psf ppr, said Sieow Teak Hwa, managing director of Teakhwa Real Estate, the property’s marketing agent.

Located at the edge of Kent Ridge Park, the sea-facing site is set in lush greenery – making it a good prospect for a “nature and wellness” themed residential project.

Spanning 319,250 sq ft, the 209-unit Vista Park has 61 years left on its lease. It has a plot ratio of 1.4 as well as an allowable height of up to five stories, which translates to a potential GFA of around 446,951 sq ft.

This could yield around 530 housing units of around 800 sq ft each, subject to the authority’s approval.

“For its unique hill location, land size and reasonable land rate expectation, we can expect very strong developers’ interest for the rare site,” said Sieow.

The tender for Vista Park will close on 13 December.

Two other condominium projects set to launch their en bloc tenders – are Kismis View and Brookvale Park – both of which are marketed by JLL. The asking prices for such projects are not yet available.

credits: propertyguru


Four condos up for en bloc sale

Posted by Singapore Property Launch on 16th November 2017 in Blog
Derby Court

Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL)

Four residential developments, including the iconic Pearlbank Apartments in Outram, have been put up in separate tenders for en bloc sale. The others are Parkway Mansion in Katong, Riviera Point along River Valley Road and Derby Court near Novena.

With a 99-year leasehold tenure that started in June 1970, Pearlbank Apartments has 288 units, which includes eight commercial units.

The horseshoe-shaped development carries a reserve price of $728 million, which works out to a land cost of around $1,505 per sq ft per plot ratio (psf ppr), after factoring in an upgrading premium of about $195 million for the lease top-up. No development charge is payable for the site.

Apartment owners, whose unit sizes range between 123 sq m and 371 sq m, “stand to receive minimum gross prices of between $1.8 million and $4.9 million”, while commercial unit owners, with sizes ranging from 65 sq m to 523 sq m, could receive $1.2 million to $6.9 million, said marketing agent Colliers International, which is also the agent for Parkway Mansion.

The 32-unit Parkway Mansion has an indicative price of $138 million, which excludes an estimated development charge of about $21 million “payable to the state for the intensification of land use”.

But when taken together, the combined amount translates to a land rate of $1,454 psf ppr. “This compares favourably against the land rate of $1,515 psf ppr for Amber Park,” noted Colliers.

With this, each owner could receive $4.2 million to $4.4 million in gross proceeds from the sale, depending on the size of their unit.

Colliers revealed that the two developments have undergone various en bloc attempts, with Pearlbank now at its fourth bid and third for Parkway Mansion.

“We expect the two tenders to attract keen interest among both local and foreign developers amid the strong demand for development sites via the Government Land Sales programme and the collective sale market,” said Colliers managing director Tang Wei Leng.

Meanwhile, Riviera Point has a reserve price of $75 million, while 20-unit Derby Court has set a reserve price of $62 million.

Derby Court’s reserve price translates to a land rate of about $1,168 psf ppr, based on the development’s “as-built” gross plot ratio of about 2.869.

“Factoring in the 10 percent bonus balcony plot ratio, the effective land rate is only $1,062 psf ppr. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 percent balcony GFA,” said Tan Hong Boon, regional director at JLL, which is the property’s marketing agent.

The tenders for all developments will close in December.

credits: propertyguru


Greenest buildings in Singapore

Posted by Singapore Property Launch on 12th November 2017 in Blog
TPC Urban Park crop

Artist’s impression of the 150,000 sq ft Urban Park at Tanjong Pagar Centre. Source: GuocoLand

Singapore’s Garden City vision was started in the 1960s by then Prime Minister Lee Kuan Yew. Thousands of trees were planted along roads and in housing estates to transform the city into a flourishing garden.

The country’s bold plan to go green has evolved over the years as environmental issues such as climate change take centre stage. For instance, more developers are now encouraged to adopt sustainability into their building designs.

At the recent PropertyGuru Asia Property Awards (Singapore) 2017, developer GuocoLand was hailed as an exemplary innovator for its integrated development Tanjong Pagar Centre, which was fully completed in early 2017.

At 290m high, it is the tallest building in the Garden City and quite possibly the greenest too, picking up the Best Green Development prize for incorporating well-designed public spaces as well as sustainable and green amenities.

The project stands out for its 150,000 sq ft Urban Park, which is directly linked to Tanjong Pagar MRT station. Visitors can enjoy its lush greenery and take part in community events such as group exercise sessions or watch music performances.

Here’s a look at four other properties which have scored top marks for being green.


PARKROYAL on Pickering

PARKROYAL on Pickering

Dubbed the first eco-friendly hotel in Singapore, the project at Upper Pickering was completed in 2013. Developed by UOL Group, it features over 160,000 sq ft of sky gardens and achieves total energy savings of 3.5 million kilowatt hours per year. This is equivalent to the energy consumption of more than 8,500 households.




Completed in 2014, the 40-storey Grade A office building near Raffles Place MRT station is touted as one of the greenest commercial buildings in Singapore. Designed by Toyo Ito, more than half of the building’s façade is covered by plants. At the top sits a red and white sculptural petalled wind scoop that helps to draw in cooler air, and channels it to the floors below. 


The Criterion

The Criterion

The Criterion in Yishun comprises 505 executive condominium (EC) units spread across 10 blocks. CDL launched the project in 2015 and it boasts free-to-use electric bicycles with a solar charging station – a first for an EC project. This encourages residents to adopt a green mode of transport and reduces their carbon footprint.


Paya Lebar Quarter

Paya Lebar Quarter

The $3.2 billion mixed-use project by Lendlease in Paya Lebar is slated for completion in 2019 and offers more than 100,000 sq ft of green public spaces. Aside from high efficiency water fittings and more efficient air-conditioning systems, there will also be end-of-trip facilities and bicycle parking spaces to promote cycling among tenants.

credits: propertyguru


En bloc sales soars by over 4-fold, says MND

Posted by Singapore Property Launch on 8th November 2017 in Blog
Rio Casa Aerial

An aerial view of Rio Casa, a 286-unit development at Hougang Avenue 7. (Photo: Knight Frank Singapore)

Collective sales have surged from around 600 units for the whole of 2016 to about 2,700 existing private homes so far this year, revealed the Ministry of National Development (MND) during a parliamentary session on Monday (6 November).

MND thinks that the strong sales growth is due to two primary factors.

“First, more developers are keen to replenish their land banks.  There has been a healthy increase in the sales of new units in the first three quarters of the year, which in turn means that the unsold supply in the pipeline has come down. To illustrate, there are about 17,200 units as at Q3 2017, down from about 40,000 units in 2012. “

“Second, successful en-bloc sales in 2016 may have encouraged more owners of ageing residential projects to initiate the en-bloc sale process this year to monetise their assets.”

These are MND’s responses to the queries of MP for Nee Soon GRC Dr Lim Wee Kiak regarding the main driving forces for the recent spike in en bloc sales.

He also asked if whether there is a need to increase the number of residential sites offered under the Government Land Sales (GLS) programme, and what is the effect of the robust en bloc sales on the property market’s outlook over the next six months.

In reply, the MND said that the en-bloc residential sites sold since last year are expected to be launched for sale in the next one to two years. And these upcoming units and other key factors like population and income growth as well as prevailing market conditions will be taken into account before deciding the number of state land to be made available for sale.

Specifically, it noted that the GLS programme is updated on a half-yearly basis, with Confirmed List sites designated to be released for sale within the next six months, while Reserve List plots will be triggered for sale once a developer has committed to a minimum bid price. This implies that the latter will only be purchased by home builders if they feel that there exists underlying demand.

The authorities will also continue to closely monitor market trends and take necessary actions to ensure that the property sector is stable and sustainable, said the MND, adding that the details of 1H 2018 GLS programme will be announced by year-end.

credits: propertyguru


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


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