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Two highly anticipated condos to launch in coming weeks

Posted by Singapore Property Launch on 14th February 2017 in Blog
Aerial_Grandeur Park Residences

Artist’s impression of Grandeur Park Residences, a new condominium in the east. Source: CEL Development 

Following the Chinese New Year lull period, developers are gearing up to launch two private residential projects in Singapore. One of them is The Clement Canopy, the first condominium to be launched this year, with its showflat opening for preview this Saturday (11 February).

Jointly developed by UOL Group and SingLand, the 99-year leasehold development in Clementi Avenue 1 will comprise two 40-storey blocks of 505 condo units. Buyers can choose from two- to four-bedroom units ranging from 635 sq ft to 1,539 sq ft.

“We are riding on the positive market sentiment and launching The Clement Canopy with a unique approach of doing away with one-bedroom units. Instead, we have introduced a variety of two-bedroom apartments, which are affordably priced from $850,000,” said Liam Wee Sin, Deputy Group CEO at UOL.

In fact, 194 of the units (40 percent) are two-bedders sized from 635 sq ft to 732 sq ft, while prices of all the units range from $850,000 to over $1.62 million.

“Given its close proximity to NUS and the second CBD in Jurong, The Clement Canopy will appeal to both investors and owner-occupiers. For our initial launch, we are going out at an average price that ranges from $1,330 to $1,360 psf,” said Liam. The project is expected to be completed in 2020.

Located near the Clementi MRT station, the development will come with full condo facilities, including smart home features. The developers will also incorporate smart technology within the common areas and facilities, such as the tennis court and clubhouse.

Meanwhile, CEL Development, the property arm of Chip Eng Seng Corporation, will soft launch a 720-unit condominium in the east next weekend.

Dubbed Grandeur Park Residences, the 99-year leasehold development along New Upper Changi Road / Bedok South Avenue 3 will feature one- to five-bedroom units.

Located within walking distance from the Tanah Merah MRT station, the project boasts a three-generational (3G) gym that comes with state-of-the-art equipment. It is also one of the few condominiums to have Omnia gym equipment.

According to Raymond Chia, Executive Chairman and Group CEO of Chip Eng Seng Corporation, buyers will be “treated to a year’s worth of complimentary fitness and lifestyle classes and activities”.

In fact, the developer has teamed up with Amore Fitness to organise fitness classes, such as Zumba classes and Pilates sessions.

Scheduled for completion in 2021, unit prices at Grandeur Park Residences range from about $500,000 to over $1.4 million. In addition, there are two shops priced around $3,500 psf.

credits: propertyguru

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West Coast Vale site draws $291.99m top bid

Posted by Singapore Property Launch on 12th February 2017 in Blog
west-coast-vale-locplan

The land parcel is located along Sungei Pandan. Source: URA

A residential site at West Coast Vale received nine bids when its tender closed on Thursday (9 February), said the Urban Redevelopment Authority (URA).

China Construction (South Pacific) Development submitted the highest bid of $291.99 million, which works out to about $592 psf on the gross floor area. This was followed by MCC Land (Singapore) with a $289.9 million bid, ahead of Allgreen Properties ($286.82 million).

Launched for sale last December, the 1.6ha site next to Parc Riviera could yield up to 520 housing units.

Located within an enclave of private developments and near the park connector network along Sungei Pandan, the 99-year leasehold site “requires the use of prefabricated materials which will help to keep a lid on construction costs”, noted Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

“The plot is the last site to be sold on the GLS confirmed list for 2016, and the profiles of the bid parties reflect interest from some relatively newer developers and small cap players who find the quantum affordable and easy to manage. This will negate the risks for developers making their first foray in the residential market,” noted Sim.

west-coast-vale-aerialmap
credits: propertyguru
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Town councils to get additional $100m for lift maintenance

Posted by Singapore Property Launch on 7th February 2017 in Blog
Lift safety in Singapore-crop

Town councils will receive over $100 million in additional funding to maintain or replace lifts. (Photo: HDB)

The Ministry of National Development (MND) announced on Thursday (2 February) that it will provide more grants to town councils to support their elevator upkeep, or to replace one if necessary.

“(The) MND will provide a Lift Maintenance Grant (LMG) of $600 per lift owned and maintained by town councils, to help them cope with higher lift-related servicing and maintenance costs. This is expected to cost the government an additional $13 million a year,” it said.

Starting on 1 April, town councils will also need to set up a dedicated Lift Replacement Fund (LRF) to ensure there is enough money set aside for replacing existing elevators. To supplement their savings, the MND will match half of their quarterly contributions to the fund. This is expected to cost more than $50 million per year, and the amount is expected to rise as town councils build up their LRFs over time.

Earlier, the MND had also introduced a Lift Enhancement Programme (LEP), whereby the Housing Board will co-fund about 90 percent of the town councils’ expenses for retrofitting older lifts, at an average cost of $45 million per annum over 10 years.

With these, town councils will collectively receive over $100 million of additional funding per annum. These measures are on top of existing grants that the MND already provides to them, namely the yearly Service & Conservancy Charge (S&CC) Operating Grants and the quarterly GST Subvention Grants, which have a combined cost of around $120 million.

credits: propertyguru

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Four project launches set to boost home sales

Posted by Singapore Property Launch on 6th February 2017 in Blog
Paya-Lebar-Quarter-Park-Place-Residences

Artist’s impression of Park Place Residences at Paya Lebar Quarter.

New private home sales are expected to get a boost with four project launches expected by April, reported the Straits Times.

These are Clement Canopy in Clementi by Singland Homes and UOL Group; Park Place Residences at Paya Lebar Quarter by Lendlease; Grandeur Park Residences in Tanah Merah by CEL Development, a unit of Chip Eng Seng Corporation; and Seaside Residences in Siglap by Frasers Centrepoint Singapore.

This comes as developers sold just 367 new units in December, when only 90 new units were launched. On an annual basis, however, new home sales increased by seven percent from 7,440 units in 2015 to 7,972 units last year.

This year, Knight Frank expects developers to sell about 8,000 to 9,000 units amid “gradually returning interest” from local and foreign buyers.

“With more people believing that the market is now close to the bottom of the down cycle, interest in new launches will likely be sustained,” said Christine Li, Research Director at Cushman & Wakefield.

Analysts noted that pent-up demand for homes remains resilient despite the property cooling measures and weaker economic outlook.

Nonetheless, home buyers are expected to remain price-sensitive and selective, opting for competitively priced and well-located projects.

“They will transact only when they perceive a good deal… However, a rapid rise in interest rates would impact market sentiment, which may cause demand to retreat,” said Wong Xian Yang, Head of Research and Consultancy at OrangeTee.

credits: propertyguru

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DBSS flat in Bishan sold for record $1.18m

Posted by Singapore Property Launch on 2nd February 2017 in Blog
Natura Loft

Artist’s impression of Natura Loft, a DBSS project in Bishan. Source: ADDP Architects

A five-room flat in Natura Loft, a Design, Build and Sell Scheme (DBSS) project in Bishan, has made headlines for becoming the most expensive resale transaction in a public housing development so far, reported The New Paper.

The buyer forked out $1.18 million, after being attracted by the flat’s breath-taking view, strategic location and spacious interior, according to the seller’s agent, Singapore Realtor Inc’s Joey Chan. Aside from being one of only 12 penthouses in the 480-unit project, its 120 sq m area means it is bigger than the typical five-room flats measuring 110 sq m.

The deal, which closed in end January, also broke previous records set by DBSS units or flats in the Pinnacle @ Duxton. Last August, a DBSS unit at City View @ Boon Keng fetched $1.1 million, while a flat at the Pinnacle was purchased for $1.12 million in September.

Originally, the five-room units at Natura Loft were launched at prices ranging from $590,000 to $739,000, while the four-roomers cost between $465,000 and $586,000. But after meeting the Minimum Occupation Period (MOP) of five years in 2016, 11 other five-room units were sold on the resale market for $830,000 to $1.04 million, while 14 four-roomers were bought for $700,008 to $818,000.

While these values are in line with market prices for upscale DBSS flats in Bishan, R’ST Research Director, Ong Kah Seng, cautioned that these do not represent the resale market in general as prices remain soft.

credits: propertyguru

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Private home prices down 3.1% in 2016: URA data

Posted by Singapore Property Launch on 30th January 2017 in Blog

Private home prices down 3.1% in 2016: URA data

Romesh NavaratnarajahJanuary 26, 2017

Kembangan Residential Area in Singapore

Aerial view of private properties in the Kembangan area.

Excluding executive condominiums (ECs), prices of private homes in Singapore dipped by 0.5 percent in Q4 2016 following a 1.5 percent drop in the previous quarter. For the whole of 2016, prices fell by 3.1 percent versus the 3.7 percent decline in 2015, revealed more detailed statistics released by the Urban Redevelopment Authority on Thursday (26 January).

Last quarter, the cost of non-landed houses slid by 0.8 percent, an improvement from the previous 1.2 percent decline. Conversely, prices of landed properties increased by 0.8 percent, reversing the 2.7 percent fall in Q3 2016. Consequently, prices in each segment declined by 2.6 percent and 4.5 percent respectively for the whole of 2016.

Rental prices of private homes also fell by just one percent in Q4 2016 versus the 1.2 drop in the previous quarter. For the whole of 2016, rents fell by four percent compared to the 4.6 percent drop in 2015.

Moreover, developers launched 2,944 uncompleted private units for sale during Q4, up from the 1,609 units recorded in Q3. Last year, a total of 7,877 units were released compared with 7,056 units in 2015.

Excluding ECs, 2,316 private homes were sold in Q4 2016 versus the 1,981 units taken up in the previous quarter. Last year, 7,972 units were sold, exceeding the 7,440 units seen in 2015.

In the EC segment, 93 units were launched, while 734 units found buyers last quarter, a far cry from the 862 units launched and 1,398 units moved in Q3. Nevertheless, developers sold 3,999 EC units for the whole of 2016, surpassing the previous year’s 2,550 units.

As for the secondary market, there were 1,944 resale transactions in Q4 2016, down from the 2,477 units transacted in the previous quarter. The sale of secondary homes accounted for 44.3 percent of all deals, a contraction from the 53.9 percent market share in Q3 2016. Overall, 7,901 resale units were sold last year, outstripping the 6,160 transactions in 2015.

Moving forward, 18,307 private homes (including ECs) are expected to be completed this year, while another 13,785 units are targeted to be ready by 2018

credits: propertyguru

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