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Over 5,000 people turn up at The Clement Canopy preview

Posted by Singapore Property Launch on 17th February 2017 in Blog
The Clement Canopy preview

The showflat in Clementi drew a large crowd of prospective buyers last weekend. (Photo: UOL Group)

The Clement Canopy, a 505-unit condominium at Clementi Avenue 1, drew large crowds at the start of its preview last weekend. More than 5,000 people crammed into its showflat over two days to view the two- to four-bedroom apartments.

Spread across two 40-storey blocks, the units range from 635 sq ft to 1,539 sq ft, with prices starting from $850,000 for the smallest units. The average price of the project is in the range of $1,330 psf to $1,360 psf.

Jointly developed by UOL Group and SingLand, the 99-year leasehold project is the first condo to launch in 2017. It is located close to NUS High School of Mathematics and Science and Nan Hua High School.

Anthony Wong, General Manager of Marketing at UOL, said: “We see a very strong interest for The Clement Canopy, as there has not been any launch within the vicinity for some time. I believe the price is the key to the excitement that we see amongst the crowd.

“Moreover, buyers recognise the value of the project, given the attractive pricing and location, which is near one-north and the education hub. Riding on the improved market sentiment, buyers who have been staying on the sidelines are now actively seeking out affordable properties with good location and design.”

In line with Singapore’s vision to become a Smart Nation, UOL has joined a long list of developers to incorporate smart home technology in its latest project. For instance, future residents of The Clement Canopy will be able to book common facilities such as the tennis court and clubhouse through a mobile app. Using the same app, homeowners can also remotely control door access, air-conditioning and lighting in their units.

Meanwhile, the preview period for The Clement Canopy will stretch for another weekend, while balloting starts on 25 February.

Giving an update on sales figures at its previous launches, UOL said it has seen an increase in transactions since the start of the year.

Thomson Three and Seventy Saint Patrick’s in Marine Parade are now fully sold, while Botanique at Bartley, a 797-unit condominium, is left with just nine units. Over in Sengkang, the 555-unit Riverbank @ Fernvale project, which comes with bike-sharing facilities, is left with 18 units, while Principal Garden at Prince Charles Crescent has sold more than half of its units.

This improved sentiment in the housing market carries on from a good year-end take up of 7,972 private units in 2016, up 7.2 percent from the year before, noted analysts.

credits: propertyguru


New home sales up 17.6% from year ago

Posted by Singapore Property Launch on 16th February 2017 in Blog
property market

Analysts expect more sales activity in the primary market this year. 

Despite the lack of new project launches, developers sold 381 private residential units in January, excluding executive condominiums (ECs), according to latest data from the Urban Redevelopment Authority (URA). This is up 3.8 percent from the 367 units moved in December, and 17.6 percent higher than the 322 units sold in the previous year.

Developers also sold 184 EC units, down 13.6 percent from December, but 17.9 percent higher from last year, indicating more positive sentiments and outlook compared to the previous year.

“January 2017 is better than January 2016. Notwithstanding the lead-up to the Lunar New Year celebration in January, market sentiments and outlook at the onset of 2017 is clearly much more positive than the beginning of 2016, which was marred by a volatile stock market that dampened sentiments,” said Ong Teck Hui, National Director, Research & Consultancy at JLL.

Given the improved sentiments, Ong expects a more active first quarter this year as developers are more confident to launch new projects.

In fact, Desmond Sim, Research Head for Singapore and Southeast Asia at CBRE, expects new sales in February “to be higher with the launch of The Clementi Canopy and possibly Grandeur Park Residences if it is launched soon”.

Mohamed Ismail, CEO of PropNex Realty, said he also expects February “to enjoy a healthy number of transactions, exceeding January’s numbers, along the lines of 700 units. Whereas in March, we can expect more than 1,000 units sold”.

“This is indeed a buyers’ market which home buyers should take advantage of, while interest rates are still low,” noted Ismail, who also expects developers to continue dangling incentives to move unsold units.

credits: propertyguru


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


West Coast Vale site draws $291.99m top bid

Posted by Singapore Property Launch on 12th February 2017 in Blog

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.

credits: propertyguru

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


Four project launches set to boost home sales

Posted by Singapore Property Launch on 6th February 2017 in Blog

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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