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PM Lee to witness signing of KL-Singapore HSR agreement

Posted by Singapore Property Launch on 14th December 2016 in Blog
PM Lee to witness signing of KL-Singapore HSR agreement

The HSR project is expected to boost connectivity, strengthen economic ties and enhance people-to-people linkages once completed.

Prime Minister Lee Hsien Loong on Tuesday (13 December) will witness the signing of the bilateral agreement for the Kuala Lumpur-Singapore High Speed Rail (HSR) project at the seventh Malaysia-Singapore Leaders’ Retreat in Putrajaya, Malaysia.

In a statement, the Prime Minister’s Office (PMO) revealed that the agreement will be signed by Coordinating Minister for Infrastructure and Minister for Transport Khaw Boon Wan and Malaysian Minister in the Prime Minister’s Department Dato’ Abdul Rahman Dahlan.

It noted that the signing of the agreement is a “culmination of intensive bilateral discussions since the 2013 Leaders’ Retreat, and furthers the good progress made by both sides since the signing of the Memorandum of Understanding in July 2016”.

It also demonstrates the commitment of the two governments to the project, which is expected to boost connectivity, strengthen economic ties and enhance people-to-people linkages once completed.

Aside from Mr Khaw, PM Lee will also be accompanied by other cabinet ministers including Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean, Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for National Development and Second Minister for Finance Lawrence Wong, Minister for Culture, Community and Youth Grace Fu, and Minister for the Environment and Water Resources Masagos Zulkifli.

Also part of the delegation are Minister for Education (Schools) and Second Minister for Transport Ng Chee Meng, Senior Minister of State for Home Affairs and National Development Desmond Lee, Minister of State for Health Lam Pin Min and Senior Minister of State for Finance and Law Indranee Rajah.

credits: propertyguru

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MCL Land wins bid for Margaret Drive site

Posted by Singapore Property Launch on 13th December 2016 in Blog
Margaret Drive residential site-crop

The 0.48ha site is located close to the Commonwealth MRT station, shopping malls and schools. Source: URA

The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Margaret Drive in Queenstown to MCL Land (Regency), after the developer submitted the highest bid of $238.39 million for the 0.48ha plot.

The price translates to about $998 psf on the gross floor area.

The land parcel attracted strong interest when it was launched for sale last month, receiving a total of 14 bids during the tender exercise, which closed on 6 December.

Nearby amenities include the Commonwealth MRT station, as well as shopping, dining and entertainment options at Queensway Shopping Centre, IKEA Alexandra and Alexandra Central. Many schools are also located in the vicinity.

The 99-year leasehold site is expected to yield about 275 condominium units.

credits: propertyguru

Margaret Drive land parcel
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Demand from Singaporean home buyers continues to grow

Posted by Singapore Property Launch on 12th December 2016 in Blog
Lake Grande 3D model-crop

Lake Grande in Jurong was the most popular project among Singaporeans in Q3, with 441 units sold to local buyers. (Photo: Christopher Chitty)

The residential market is seeing growing demand from local buyers, who accounted for around 76 percent of home sales in Q3 2016, revealed a report from Edmund Tie & Co.

In fact, home purchases by Singaporeans climbed 1.9 percent quarter-on-quarter to 3,403 units, despite traditionally slower demand during the third quarter due to the Ghost Month. Home purchases by buyers with HDB addresses, however, fell from 1,792 units in Q2 to 1,480 units in Q3.

Lake Grande emerged as the most popular project among Singaporeans during the quarter, with 441 units sold to local buyers, while The Trilinq (63 units sold) and The Poiz Residences (51 units sold) came in a distant second and third, respectively.

Foreign buyers, on the other hand, accounted for nearly 23 percent of home purchases, with the number of sales to Singapore permanent residents (SPR) dropping to 784 units in Q3 from 816 units during the previous quarter. Purchases by non-permanent residents (NPR) also fell to 240 units from 302 units previously.

“Mirroring the preferences of Singaporeans, SPR buyers were attracted to Lake Grande at Jurong Lakeside District, registering 59 home acquisitions,” said the report.

“The potential of Jurong Lakeside District becoming the second CBD also attracted NPR buyers, registering 14 purchases in Q3 and highest among the developments.”

NPR buyers were also attracted to developments in prime locations, including Sophia Hills, Gramercy Park and Marina One Residences.

In Q3, homes sales increased by one percent quarter-on-quarter to 4,596 units.

The property consultancy attributed the uptick in transactions to the stronger showing in the resale market, which registered a 15.7 percent quarter-on-quarter increase in sales. Primary home sales dropped 13.2 percent due to slower sales in August.

But despite the increase in transaction volume, home prices remained soft as the Urban Redevelopment Authority’s (URA) private residential property price index fell 1.5 percent quarter-on-quarter in Q3, its 12th consecutive quarter of decline.

Looking ahead, Edmund Tie & Co expects home prices to ease further, as the city-state’s economy continues to face headwinds. The economy grew 0.6 percent year-on-year in Q3, which was lower than anticipated.

“With the economy slowing, the Monetary Authority of Singapore (MAS) cautioned households to consider their housing choices carefully, as retirement adequacy could be compromised should households overstretched their finances,” it said.

Nonetheless, prices of properties close to amenities and transportation facilities are expected to remain resilient.

“The projects in 2017’s pipeline are very attractive, and are expected to garner much interest. We anticipate most projects in 2017 to do well, given their choice locations,” it added.

credits: propertyguru

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S’pore home prices down 2% from year ago: Knight Frank

Posted by Singapore Property Launch on 11th December 2016 in Blog
Private property

Singapore housing prices continue to fall.

Home prices in Singapore fell two percent year-on-year in Q3 2016, while most countries in the world registered strong price growth, revealed a Knight Frank report.

In fact, 44 of the 55 countries tracked in the report recorded an increase in prices, with Turkey posting the highest growth.

Housing prices in Turkey increased 13.9 percent year-on-year in Q3 2016, followed closely by New Zealand and Iceland with annual growth of 13.5 percent and 12.9 percent, respectively.

Over in the US, the expected slowdown in home prices in the run up to the presidential election failed to materialise. The 0.8 percent month-on-month rise in September was the biggest monthly rise since August 2013, contributing to an annual increase of 5.5 percent, noted the report.

“September marked a new high for US house prices, which have now exceeded their previous peak recorded in July 2006,” said Kate Everett-Allen, Partner, International Residential Research at Knight Frank.

UK house prices proved to be resilient following the EU referendum, underpinned by ultra-low mortgage rates and a lack of supply. Average house prices climbed 1.3 percent in the three months following the referendum, and 5.4 percent in the year to September.

Knight Frank also noted that resurgent home prices in China and Hong Kong have prompted new regulation and taxes to control price inflation. China’s resurgent prices are most evident in its biggest cities, where price inflation has been driven by pent-up demand and a lack of supply.

Despite dropping 5.5 percent year-on-year, home prices in Hong Kong rose 4.8 percent between June and September. Affordability concerns forced authorities to increase the stamp duty to 15 percent for residents as well as non-residents, except for first-time buyers.

Looking ahead, Knight Frank expects 2017 to be a bumpy ride both economically and politically, with stimulus coming in the form of fiscal rather than monetary policy.

“That said, low rates are likely to persist in Europe at least, but hikes in the US will result in a stronger dollar with implications for global capital flows and emerging markets,” noted the consultancy.

credits: propertyguru

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Joint tender for HSR project to launch end-2017

Posted by Singapore Property Launch on 10th December 2016 in Blog
Joint tender for HSR project to launch end-2017

The 350 km rail link is expected to reduce travel time between Singapore and Kuala Lumpur to just 90 minutes.

MyHSR CEO Mohd Nur Ismal Kamal revealed that the joint tender for the high-speed rail (HSR) project between Singapore and Malaysia will launch in the fourth quarter of 2017, reported Channel NewsAsia.

The head of the Malaysian company tasked with developing the HSR project expects the two countries to make a decision on the contract award by end-2018.

“They have to go through the actual alignment and prepare their tender submissions. So we open in the fourth quarter next year, give them one year to submit, (and) from there we do our evaluation.”

In July, a memorandum of understanding on the project was signed by Singapore and Malaysia.

Malaysian Prime Minister Najib Razak has stated that a formal bilateral agreement will be signed with Singapore Prime Minister Lee Hsien Loong at the leaders’ retreat next week.

The agreement will provide details on the project’s cost and profit-sharing structures.

Set to be completed in 2026, the 350 km rail link is expected to reduce travel time between Singapore and Kuala Lumpur to just 90 minutes.

The multi-billion-dollar project has attracted strong interest from companies in Japan, China and South Korea since it was first announced more than three years ago.

And while China was awarded the East Cost Rail Line project in October, Mohd Azharuddin Mat Sah, CEO of Malaysia’s Land Public Transport Commission, explained that this does not mean it is in a better position to win the KL-Singapore project than others.

“We’re looking at various parameters, not just the costing – reliability, sustainability, value, and together with Singapore, we want to ensure we select the best submission, from other countries – not just Asian countries but it could be Europe as well. We are very open to that,” he said.

Commenting on the project’s viability, Mohd Azharuddin noted that given Singapore’s population of over five million, and seven million for Kuala Lumpur, operators would not have a problem increasing ridership by offering attractive fares.

He revealed that while ticket prices will not be regulated, they will be benchmarked against the cheapest available airline tickets.

credits: propertyguru

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URA receives 14 bids for Margaret Drive site

Posted by Singapore Property Launch on 9th December 2016 in Blog
Margaret Drive residential site-crop

The 0.48ha site is within proximity to two MRT stations. Source: URA

The tender for a residential site at Margaret Drive in Queenstown closed on Tuesday (6 December) after attracting 14 bids from developers, said the Urban Redevelopment Authority (URA).

MCL Land (Regency) submitted the top bid of $238.39 million for the 0.48ha site. The price works out to about $998 psf on the gross floor area.

Allgreen Properties had the second-highest bid of $220.9 million, while the lowest bid of $193.88 million came from CEL Real Estate Development.

The 99-year leasehold site was launched for public tender on 10 November 2016. It was originally on the reserve list of the second half 2016 Government Land Sales (GLS) Programme, but was triggered for sale after an unnamed developer committed a minimum bid of $185.758 million that was acceptable to the government.

The site is expected to yield about 275 units. Two MRT stations (Commonwealth and Queenstown), churches, schools and a public library are located within the vicinity.

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

Margaret Drive land parcel

Source: URA

credits: propertyguru

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