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CDL unit submits top bid for Tampines site

Posted by Singapore Property Launch on 27th April 2017 in Blog
CDL unit submits top bid for Tampines site

The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA

The tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority (URA).

Bellevue Properties, a unit of City Developments Limited (CDL), submitted the top bid of $370.1 million for the 99-year leasehold site. This translates to about $565 psf per plot ratio (psf/pr).

Chinese developers Kingsford Development and Qingjian Realty were the next two highest bidders at $350 million and $345 million, respectively.

A spokesperson for CDL said that its bid for the site topped the tightly contested tender by a 5.7 percent margin over the second highest bid.

Launched for sale on 14 March under the confirmed list of the first half 2017 Government Land Sales Programme, the site could yield about 715 homes.

It is sandwiched between two condominium projects, The Santorini and The Alps Residences. The nearest MRT station is the upcoming Tampines West station along the Downtown Line.

Nearby amenities include Courts Megastore, Giant Hypermarket and IKEA Tampines. There are also various schools within the vicinity, including United World College of South East Asia (East Campus) and Temasek Polytechnic.

“Although nine bidders is a good turnout, it is less than expected and this could possibly be due to bidders being drawn to the Stirling Road site as well as the Lorong 1 Realty Park parcel, which are more attractive sites,” said Ong Teck Hui, National Director, Research & Consultancy at JLL.

Despite this, he noted that the top bid is 17 percent higher than the $483 psf/pr paid for The Alps Residences site in April 2015, and is almost similar to The Santorini’s land price of $562 psf/pr, awarded in July 2013 before the effects of the Total Debt Servicing Ratio were felt.

“This shows that the outlook of the top bidder is for prices to at least remain stable or turn upwards when the project is launched. The average selling price of nearby projects such as The Santorini and The Alps Residences is $1,070 to $1,090 psf,” revealed Ong.

Said CDL’s spokesperson: “In the event that we are awarded the site, CDL will explore a condominium development of about 15 storeys with about 800 units. All units are expected to enjoy a North-South orientation and the development will also include a childcare centre on site.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

Tampines Avenue 10
credits: proeprtyguru

GuocoLand to launch Martin Modern in second half of 2017

Posted by Singapore Property Launch on 26th April 2017 in Blog
Martin Modern

More than 80 percent of the Martin Modern site will be turned into a botanic garden. Image source: GuocoLand

Property developer GuocoLand is targeting to launch Martin Modern, a new luxury condominium in District 9, in the second half of this year.

Located at the corner of Martin Place and River Valley Close in prime Robertson Quay, the 450-unit project will comprise two 30-storey towers with two- to four-bedroom units from 800 sq ft to 1,800 sq ft.

According to marketing agent PropNex Realty, the 99-year leasehold project has an indicative average price of $2,300 psf. Actual prices of the units will only be released during the official launch, said GuocoLand.

The 171,535 sq ft Martin Modern site was acquired for $595.1 million in July 2016 through a government land sales tender. This works out to about $1,239 psf per plot ratio.

More than 80 percent of the site will be turned into a lush botanic garden containing more than 200 species of plants and over 50 species of trees and palms. All units come with views of the gardens, the city or the Singapore River.

“In land-scarce Singapore, space in a prime location is the ultimate luxury. It is extremely rare to find a large lush site in prime District 9,” said GuocoLand Singapore’s Group Managing Director, Cheng Hsing Yao.

Martin Modern is situated near the Great World MRT station along the Thomson-East Coast Line and the Fort Canning station along the Downtown Line, both of which will be up and running by the time the project is completed. Various schools, eateries, hotels and shopping malls are also located within the vicinity.

The project is expected to obtain its TOP in 2022.

Giving an update on its other luxury residential projects, GuocoLand revealed that Goodwood Residence along Bukit Timah Road is fully sold, while Leedon Residence at Leedon Heights is close to 90 percent sold.

Said Cheng: “Leedon Residence has seen a surge in interest among buyers since the beginning of 2017. The average price of the apartments there is around $6 million. We certainly experienced a growing sentiment that the luxury market seems to be offering great value now, especially since the supply of land in the prime districts is finite and new supply will be increasingly limited.”

credits: propertyguru


URA launches 2 housing sites for sale

Posted by Singapore Property Launch on 25th April 2017 in Blog
Stirling Road reserve list site


Two housing sites at Stirling Road and Lorong 1 Realty Park were launched for sale by public tender by the Urban Redevelopment Authority (URA) on Thursday (21 April).

Offered on a 99-year leasehold tenure, both sites can potentially yield about 1,160 units.

The 21,109.5 sq m plot at Stirling Road is zoned for residential. It has a maximum gross floor area (GFA) 88,660 sq m and 1,110 flats are expected to be built there.

Originally, this site was released for sale as two smaller adjacent plots in March 2010, but these were subsequently combined and offered as a single parcel via the 1H 2012 Reserve List. It was triggered for sale after URA announced on 10 April 2017 that a developer has committed to a minimum bid price of S$685.25 million.

Meanwhile, the 13,398.6 sq m site at Lorong 1 Realty Park is zoned for conventional and/or strata landed homes. Expected to yield about 50 residential properties, the plot has been released for sale via the Confirmed List of the 1H 2017 Government Land Sales (GLS) Programme.

The tender for the Stirling Road site will close on 18 May 2017, while that for the land parcel at Lorong 1 Realty Park will close on 1 June of the same year.

According to JLL’s Head of Research & Consultancy for Singapore, Tay Huey Ying, both sites are expected to see keen biddings by developers. But the Stirling Road plot is unlikely to see a large turnout similar to that of the recently tendered Toh Tuck Road site due to its high price tag.

In fact, Tricia Song, Research Head at Colliers International Singapore, expects eight to 12 bids for the plot compared to the 24 bids received for the Toh Tuck Road site. The offered quantum could range from S$811 million to S$907 million, or S$850 psf to S$950 psf.

Moreover, Tay opined that the substantial unsold supply in the locality could tame the bids as there are currently over 1,500 unsold units in nearby launched and yet-to-be-launched projects, including in Alex Residences (127 unsold units), Commonwealth Tower (306 unsold units), Queens Peak (415 unsold units) and the upcoming 400-unit Artra project.

Similarly, Song estimates that the development of the Stirling Road site will increase the area’s housing supply by 30 percent, but she reckons that the units at two ongoing launches, Queens Peak and Commonwealth Tower, could be significantly absorbed by the market by the time this project is launched.

As for the site at Lorong 1 Realty Park, Tay believes that it could see better turnout than the Stirling Road site given its more palatable price quantum, its location within the established Upper Serangoon area, and the dearth of sites for landed homes in the market.

“The last time a landed site was sold under the GLS programme was four years ago in June 2013, when the Victoria Park Villas parcel was awarded after being strongly contested by 12 bidders,” noted Tay.

For this site Song, expects 16 to 23 bids ranging from S$58 million to S$79 million, which works out to S$400 psf to S$550psf.



392 units sold at Seaside Residences over weekend

Posted by Singapore Property Launch on 24th April 2017 in Blog
Seaside Residences sales launch

Large crowds were seen at the Seaside Residences show suite over the weekend. (Photo: Chang Hui Chew)

The 843-unit Seaside Residences condominium at Siglap Link has attracted strong buyer interest, with 392 of the 560 released units (70 percent) sold during the first weekend of its official launch on 22 and 23 April.

This wasn’t totally unexpected as close to 5,000 people visited the project’s show suite during the preview weekend earlier this month, leading to high expectations of good sales.

About 60 percent of the buyers live in the east, varying from ages 30 to 50, said developer Frasers Centrepoint Singapore.

The 99-year leasehold project comprises one- to five-bedroom units spread across four 27-storey towers. Floor areas range from 420 sq ft to 3,294 sq ft.

According to a sales brochure, prices start from about $885,000 for a one-bedroom suite, $1.3 million for a two-bedroom dual key unit, $1.6 million for a three-bedroom + study apartment, and $2.3 million for a four-bedder.

Sitting on a 207,849 sq ft land parcel, at least 70 percent of the units offer sea views. The site is close to East Coast Park and the future Siglap MRT station.

Christopher Tang, CEO of Frasers Centrepoint Singapore, said: “The strong sales results in this launch phase indicate that buyers value the rare and premium location of Seaside Residences, our thoughtful design, and the building quality that Frasers Centrepoint Singapore is known for. We are encouraged by the response and look forward to completing the seafront project, which will add to the vibrant, green and well-connected Siglap precinct.”

The project’s show suite will remain open daily. It is slated for completion by 2021.

credits: propertyguru


Private home sales soared 81.8% in March

Posted by Singapore Property Launch on 19th April 2017 in Blog
Private home sales soared 81.8% in March

New private homes saw stronger sales since Total Debt Servicing Ratio was introduced.


Developers saw new private home sales soar 81.8 percent to 1,780 units in March from 979 units in February.


On an annual basis, private home sales surged 111.2 percent from the 843 units sold over the same period last year.


JLL noted that the figure is also the highest since June 2013, when sales were still buoyant just before the imposition of the Total Debt Servicing Ratio (TDSR) at the end of June that year.


“This is the most significant month since June 2013 with primary market sales of private homes harking back to pre-TDSR levels. Not only are new launches doing well, but previously launched projects as well, since half of the March private home sales are attributable to such projects,” said JLL national director of research & consultancy Ong Teck Hui.


Grandeur Park Residences emerged as the top-selling project in March, with 480 units sold, followed by Park Place Residences at PLQ (217 units sold) and Parc Riviera (163 units).


For executive condominiums (ECs), developers sold 578 units, up 75.7 percent from the previous month and 19.2 percent over the same period last year.


iNz Residence emerged as the best-selling EC project with 187 units sold, followed by Sol Acres and The Visionaire.


“The demand pick-up has led numerous previously launched projects to confidently release more units for sale as seen in The Trilinq, Parc Riviera, The Springside/Brooks I & II, Marine Blue, Kingsford Waterbay, Highline Residences and Stars of Kovan which released between 50 and 105 units each in March,” revealed Ong.


“This is reflective of a broad-based improvement in demand with buyers not just attracted to newly launched projects but to those launched previously as well.”


Ong believe that the recent easing of the Total Debt Servicing Ratio and Seller’s Stamp Duty would have had a positive effect on new home sales during the month following its announcement on 10 March.


“In 2016, sales volume was improving gradually as price declines moderated. If the current upbeat trend of new home sales continues, it could mark a new phase in the market, characterized by stronger sales volume, prices bottoming and turning the corner,” he added.


PropNex CEO Mohamed Ismail expects the trend to continue in Q2 where buyers are prepared to purchase units that are rightly priced.

credits: propertyguru


Eunosville put up for en bloc sale

Posted by Singapore Property Launch on 18th April 2017 in Blog
Eunosville estate

The owners are expecting offers of up to $653 million, which would make the estate the biggest en bloc sale in recent years. 

Former Housing and Urban Development Company (HUDC) estate Eunosville has been put up for collective sale, with the owners expecting offers of between $643 million and $653 million, reported the Straits Times.

The asking price for the 330-unit development dwarfs that of Rio Casa in Hougang, which went on sale just days ago with expectations of over $450.8 million. It would also surpass the $638 million paid for Shunfu Ville in 2016 – making the estate in Sims Avenue the biggest en bloc sale in recent years, said marketing agent OrangeTee.

This includes a top-up premium of around $181 million for a fresh 99-year lease as well as for the 376,713 sq ft site’s intensification. Eunosville is situated less than 100m away from the Eunos MRT station.

“The recent tweak to the cooling measures has injected some optimism into the residential market… Strong sales results at recent launches such as Grandeur Park Residences… show buyers are still keen to invest in projects with strong locational attributes such as proximity to MRT stations,” said Marcus Oh, Executive Director of Business Solutions at OrangeTee.

With 70 years left on its lease, Eunosville comprises 75 walk-up apartments in four blocks and 255 maisonettes spread across 10 blocks.

The maisonettes have a strata floor area of between 1,697 sq ft and 1,776 sq ft, while apartment sizes range from 1,636 sq ft to 1,722 sq ft.

The future development could yield around 1,035 units, with an average size of 969 sq ft.

The selling price for the new condominium could be in the range of $1,450 psf, with a break-even price of around $1,250 psf, said Alex Oh, Director of Business Solutions at OrangeTee.

credits: propertyguru

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