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The Albracca sold collectively for $69m

Posted by Singapore Property Launch on 21st July 2017 in Blog
The Albracca JLL

The 10-storey apartment at Meyer Road was completed in 1990 and comprises 11 units. (Photo: JLL)

The Albracca apartment at Meyer Road has been sold in a collective sale to property developer Sustained Land for $69.119 million, revealed marketing agent JLL.

The price works out to $1,409 psf per plot ratio inclusive of development charges, and is higher than the owners’ guide price of $62 million to $65 million during the tender which closed on Thursday (20 July).

Completed in 1990, the 10-storey strata-titled development comprises 11 apartments. This is the first time that the property was offered for sale collectively, with more than 80 percent of the owners consenting to the deal.

“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Karamjit Singh, Senior Consultant at JLL. 

He added: “Clearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back.”

The 23,400 sq ft site is zoned residential with an allowable gross plot ratio of 2.1. It could be redeveloped into an 18 to 24-storey apartment, depending on height restrictions imposed by the government.

Sustained Land could potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 units with an average size of 753 sq ft.

The future Katong Park MRT station on the Thomson-East Coast line is right at its doorstep, while Katong Park and the sea are also nearby.

credits: propertyguru

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Woodleigh Lane residential site awarded

Posted by Singapore Property Launch on 19th July 2017 in Blog
Woodleigh Lane CEL

The site, which is located near an MRT station, is the second plot within the upcoming Bidadari precinct to be awarded this year. (Image: URA)

A 1.9ha residential site at Woodleigh Lane has been awarded to CEL Unique Development, after the Chip Eng Seng unit submitted the highest bid of S$700.7 million, revealed the Urban Redevelopment Authority on Friday (14 July).

The tender for the plum site attracted 15 bids, with the winning bid working out to S$1,110 psf per plot ratio.

Launched for sale on 30 May, the 99-year leasehold site could yield about 735 housing units.

The site, which is located near an MRT station, is the second plot within the upcoming Bidadari precinct to be awarded this year.

credits: propertyguru

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‘Bungalow in the sky’ up for sale for $100m

Posted by Singapore Property Launch on 14th July 2017 in Blog
Wallich Residence super penthouse

Artist’s impression of the Wallich Residence penthouse.

A three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters.

Set to become the most expensive apartment in Singapore, the ‘bungalow in the sky’ penthouse is part of Wallich Residence, which is due for launch later this year at GuocoLand’s Tanjong Pagar Centre.

The penthouse is expected to test the endurance of demand for luxury property in Singapore, the segment of the market that suffered most from the government’s property cooling measures.

Property consultancy JLL revealed that luxury home prices in the city-state fell by 15 to 20 percent from its 2013 peak.

But it expects luxury prices to increase by three to five percent this year, on the back of growing demand from both foreigners and locals who believe that the market is bottoming out.

In fact, transaction volume for the first four months of the year in the Core Central Region increased by 35 percent over the same period last year, it said.

“A lot of people think Singapore is value for money because it’s been downhill all the way – such a long winter,” said Chandran VR, who is managing director at a real estate agency specialising in luxury properties.

“Now they feel it is the right time to come in,” he said. He added that “sensible investors will come here” as apartment prices in Hong Kong continue to go uphill.

Cheng Hsing Yao, group managing director at GuocoLand Singapore, said its high-end Leedon Residence project, located near the Singapore Botanic Gardens, witnessed increased foreign buying at the start of the year.

“In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them,” he said, noting that some foreigners were snapping up homes worth between $8 million and $12 million in the project.

credits: propertyguru

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GuocoLand launches Martin Modern in Robertson Quay area

Posted by Singapore Property Launch on 7th July 2017 in Blog
GuocoLand launches Martin Modern in Robertson Quay area

Landscaping, gardens and pools will utilise 80 percent of the 1.6-ha site. Source: GuocoLand

Developer GuocoLand is launching luxury project Martin Modern on 22 July. The development is the first major condominium launch in the last eight years in the Robertson Quay area. Nearby amenities include the upcoming Great World and Fort Canning MRT stations, as well as the plethora of bars, cafes and restaurants in River Valley.

Martin Modern comprises 450 residential units, with a mix of 2-, 2+study, 3- and 4-bedroom apartments. Unit sizes range from 764 sq ft to 1,798 sq ft. Prices start at SGD 1.8 million.

Designed by four-time President’s Design Award winner, Yip Yuen Hong of ip:li architects, Martin Modern draws inspirations from Good Class Bungalows (GCB) and the Botanic Gardens. 80 percent of the 1.6-hectare site will be dedicated to green and garden spaces, including a “secret garden” at the top of each of the project’s towers.

“We want to redefine the current conventions of luxury living. We draw inspiration from the experiences of living in a GCB and translate that into a modern condominium in an upmarket riverside neighbourhood,” said Mr. Cheng Hsing Yao, Group Managing Director, GuocoLand Singapore.

GuocoLand submitted the top bid of SGD 595.1 million for the site in June 2016. The plot was hotly contested, with 13 developers in total submitting tenders for the land.

Recent projects by the developer include the iconic Tanjong Pagar Centre, currently the tallest building in Singapore, and the 1,024-unit Sims Urban Oasis along Sims Drive.

The sales gallery and show suites for Martin Modern are located at 8 Martin Place and open on 8 July for private previews.

credits: proeprtyguru

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Singapore condo prices recover in May

Posted by Singapore Property Launch on 2nd July 2017 in Blog
Singapore Condominium

 

Overall prices of non-landed private homes here rose 0.4 percent in May on a monthly basis, reversing the 0.8 percent decline in the April, revealed flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, prices in the central region increased by 1.3 percent, an improvement from the 0.4 percent dip in the previous month. On the other hand, the non-central region posted a drop of 0.3 percent compared to a larger slide of 1.0 percent in April.

The central region sub-basket comprises properties situated in postal districts 1 to 4 and 9 to 11, while non-landed private homes located in the other postal districts fall under the non-central region sub-basket.

Meanwhile, prices for small units measuring 506 sq ft or below fell by 1.3 percent in May after witnessing a positive growth of 0.6 percent in the preceding month.

The latest statistics represent transactions received as of 20 June 2017.

credits: propertyguru

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Ramped up land supply may not be enough for developers, analysts

Posted by Singapore Property Launch on 1st July 2017 in Blog
Construction site with crane and building in city

 

Analysts believe the ramped up supply of development sites under the Government Land Sales (GLS) programme for H2 2017 is insufficient to meet the developers’ demand for sites given the declining stock of unsold private homes.

Announced yesterday, the H2 2017 GLS Programme comprise six sites on the confirmed list and 10 reserve list sites.

Four of the confirmed list sites are for residential – including one executive condominium site – while two are mixed use sites. They could yield 2,840 private homes units as well as 26,800 sq m gross floor area (GFA) of commercial space.

The reserve list, on the other hand, has nine private residential sites and one commercial. The sites can accommodate 5,285 units of private homes and 56,790 sq m GFA of commercial space, mainly for office use.

Describing the allocation as “measured” and “conservative”, market analysts said the sites released by the government may not be enough to satisfy developers, reported The Straits Times.

“Given the demand crunch for residential sites, developers could be steered towards triggering sites on the reserve list as well as sourcing from the collective sales market,” said JLL national director for research and consultancy Ong Teck Hui.

Plum sites on the confirmed list, such as Sengkang Central, Holland Road and Handy Road, are expected to witness bullish bidding and stiff competition.

The Cuscaden Road and Jiak Kim Street Forth Avenue sites on the reserve list are also expected to interest developers given their prime locations.

“These offer very palatable quantums and are expected to set new benchmarks,” said CBRE research head for Singapore and South-east Asia Desmond Sim.

credits: propertyguru