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Le Quest To Launch Phase 2 Sales This Weekend

Posted by Singapore Property Launch on 15th May 2018 in Blog
Le Quest phase 2 preview crop

Potential buyers at the re-opening of Qingjian Realty’s Le Quest showflat last Saturday. (Photo: Qingjian Realty)

Chinese developer Qingjian Realty reopened the showflat of Le Quest at Bukit Batok Avenue 8 for the Phase 2 preview last Saturday (12 May) to an “enthusiastic market response”.

“We had many visitors over the weekend who were excited by how close Le Quest will be to the Tengah Park station on the upcoming Jurong Region Line (JRL). It is very encouraging, and we believe many more buyers in the market will turn their attention to Le Quest,” said Qingjian deputy general manager Yen Chong.

The 24km-long JRL will open in three phases from 2026 and will shorten travel times within the western part of Singapore, the Land Transport Authority said last week.

For the Phase 2 launch of Le Quest this Saturday (19 May), buyers will have a choice of one- to four-bedroom units from 431 sq ft to 1,528 sq ft.

Prices of the three- and four-bedders will start from $1.12 million and $1.49 million respectively, notably higher than initial launch prices last August, which saw the three-bedders going at $900,000 and four-bedders from $1.38 million.

Despite the price hike, Alan Cheong, senior director of research & consultancy at Savills Singapore, said: “Indicative prices in this phase are competitive given the current market conditions.”

According to PropertyGuru’s Property Market Outlook report, prices of new launches are expected to be at least 5.0 percent higher than last year.

Le Quest is the first mixed-use development in Bukit Batok. The 99-year leasehold project will also house a childcare centre, a supermarket, retail shops and F&B outlets spread over 64,583 sq ft.

It is expected to be completed by end 2021.

credits: propertyguru

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85% Of Twin Vew Units Sold Over Weekend Launch

Posted by Singapore Property Launch on 8th May 2018 in Blog
Twin Vew

Thousands of buyers turned up for the balloting exercise at the showflat. (Photo: CSC Land)

CSC Land’s Twin Vew condominium in West Coast Vale sold 85 percent or 442 of the total 520 units during the weekend launch (5-6 Apr).

All unit types had a good take-up rate, including four penthouses sold. The average price of units sold was $1,399 psf.

Thousands of buyers turned up for the balloting exercise at the showflat, which saw a queue form as early as 8am on Saturday. This comes after a successful two-week preview period. 

Sales was driven largely by strong demand from singles, young couples, families and multigenerational families, as well as investors drawn to the potential of the nearby Jurong Lake District, which will soon be developed into Singapore’s second central business district.

Around 83 percent of the buyers were Singaporeans, 15 percent were permanent residents, and the rest were foreign purchasers.

Twin Vew comprises 69 one-bedroom, 171 two-bedroom, 171 three-bedroom, 103 four-bedroom, and six penthouse units ranging from 484 sq ft to 2,088 sq ft. There will also be a childcare centre and two shops on site. 

Early-bird prices for the one-bedders started from $650,000, two-bedders from $898,000, three-bedders from $1.18 million, and four-bedders from $1.55 million.

“We are very encouraged by the strong response. From this weekend’s sales figures alone, all unit-types have been very well-received, demonstrating the diversity offered by Twin Vew. We are confident that this momentum will continue,” said Li Xiao Qian, chairman of CSC Land.

The 99-year leasehold project is scheduled to be ready by Q4 2021.

According to PropertyGuru’s Property Market Outlook 2018 report, there could be as many as 16 to 22 major new launches this year, with launch prices expected to be at least 5.0 percent higher than in 2017.

credits: propertyguru

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Collective Sale Fever Hits Lakeside Towers, Jalan Besar Plaza

Posted by Singapore Property Launch on 2nd May 2018 in Blog
Collective sale fever hits Lakeside Towers, Jalan Besar Plaza

The owners of Jalan Besar Plaza are expecting $380 million if the sale goes through. This is the freehold development’s fourth en bloc attempt.

Lakeside Towers and Jalan Besar Plaza are the latest properties to be put up for en bloc sale, with the owners expecting $30.5 million and $380 million respectively, reported the Business Times.

Overlooking Jurong Lake Gardens, Lakeside Towers sits on a 153,237 sq ft site which is zoned residential under the 2014 Master Plan with an allowable gross plot ratio of 2.1. Marketing agent Huttons Asia said the 99-year leasehold site could yield about 321,797 sq ft of gross floor area once redeveloped.

It noted that the price works out to a land rate of $1,125 psf per plot ratio (psf ppr), including the estimated $57 million for intensifying the land and topping up the lease to a fresh 99 years.

“The site offers an excellent redevelopment opportunity for developers, as it is strategically located within a high-growth area – Singapore’s second Central Business District at Jurong Lake District,” said Angela Lim, Huttons Asia’s deputy head of investment sales.

Located near several malls such as IMM and Jem, Lakeside Towers is also close to Nanyang Technological University and River Valley High School.

Jalan Besar Plaza, on the other hand, is nestled on a 53,042 sq ft site which is zoned for commercial and residential use under the 2014 Master Plan.

Huttons, which is also the marketing agent for the property, noted that the guide price works out to “a land rate of $2,115 psf ppr for 40 percent commercial use and 60 percent residential use on the approved GFA of 16,694 sq m (179,693 sq ft)”. No development charge is payable.

This is the freehold development’s fourth en bloc attempt.

The 16-storey building with a three-storey commercial podium features 111 commercial units and 44 apartment units. Located within the vicinity of Jalan Besar Stadium and Kallang Riverside Park, Jalan Besar Plaza is a short drive from the city centre.

The tenders for Lakeside Towers and Jalan Besar Plaza will close on 28 May and 5 June respectively.

credits: propertyguru

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Private Home Prices Rose At Faster Pace In Q1

Posted by Singapore Property Launch on 30th April 2018 in Blog
Private home prices rose at faster pace in Q1

Non-landed home prices across Singapore grew by 4.4 percent compared to a marginal increase of 0.8 percent previously. 

Private home across Singapore rose by 3.9 percent quarter-on-quarter in Q1 2018, faster than the 0.8 percent increase in the preceding three-month period, according to an updated Property Price Index released by the Urban Redevelopment Authority (URA) on Friday (27 Apr).

This not only represents three straight quarters of rising prices, said PropNex Realty, but it also marks the highest quarterly price increase since Q2 2010 when overall values grew 5.3 percent.

Non-landed homes posted a higher price growth of 4.4 percent compared to a marginal increase of 0.8 percent previously, with all three regions recording sharper price gains. Similarly, prices of landed homes increased by 1.9 percent versus the 0.5 percent gain in the previous quarter.

The Outside Central Region (OCR) saw the biggest jump, with prices rising from 0.8 percent to 5.6 percent – the highest quarterly increase since a 5.7 percent growth in Q2 2010, noted PropNex.

In the Core Central Region (CCR), non-landed home prices climbed 5.5 percent quarter-on-quarter in Q1 after rising by only 1.4 percent in the last quarter of 2017, while the Rest of Central Region (RCR) saw a modest uptick of 1.2 percent from 0.4 percent previously.

“OCR’s price increase was contributed by the strong pricing of the 329 units sold at The Tapestry as well projects like Kingsford Waterbay (95 units) and Parc Botannia (84 units),” said Leong Boon Hoe, chief operating officer of List Sotheby’s International Realty, Singapore.

“CCR’s price increase was mainly supported by the 40 units sold at New Futura, 8 Hullet (15 units) and Martin Modern (41 units).”

Meanwhile, PropNex revealed that overall private residential deals in the first quarter improved to 5,328 units from 5,202 in Q1 2017, with the number of transacted resale units surging from 1,496 to 3,666.

“First quarter numbers clearly demonstrate (a) rebound in the real estate market, the resale property market has performed well with increase of 69 percent year-on-year, highlighting the greater demand of en blocers finding replacement homes,” said PropNex CEO Ismail Gafoor.

“Resale segment performed better than the new sale segment due to two reasons. Firstly, most of the existing stocks of new projects have been absorbed in 2017 and there is limited supply of new launches in Q1 2018. However, we expect the new launch segment to pick up with more developments lined up for launch in the second half of the year.”

Looking ahead, he expects private home prices to rise by five percent for the first half of 2018, possibly ending the year with a price growth of 8.0 to 10 percent.

Furthermore, Ismail expects total private residential sales to reach more than 25,000 units this year, or the highest since 2013 when transaction volumes started falling after the government introduced a series of property cooling measures.

credits: propertyguru

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Cuscaden Road Site Sets New GLS Record Of $2,377 Psf Ppr

Posted by Singapore Property Launch on 29th April 2018 in Blog
Map of Cuscaden Road site

Location map of the Cuscaden Road site. (Photo: URA)

The tender exercises for three residential sites closed on Wednesday (26 Apr) with relatively bullish bidding from developers, with the top bid for the Cuscaden Road site setting a new benchmark for a 99-year leasehold site.

At nearly $410 million, the top bid of $2,377 psf per plot ratio (psf ppr) by Amberden, FEC Properties and Orchard Square “smashes all records for a residential government land sale, as well as earlier market expectations of $1,800 to $2,300 psf ppr”, said Tricia Song, Colliers International’s research head for Singapore.

It also exceeded the previous GLS record of $1,733 psf ppr for Jiak Kim Street by 37 percent. With this land price, Song estimates a breakeven price of $3,100 psf and a selling price of between $3,500 and $3,700 psf.

“While bullish, it is probably achievable as nearby freehold luxury new launches such New Futura and Le Nouvel Ardmore have achieved average prices of $3,200 to $4,000 psf, while the 99-year leasehold Wallich Residence in Tanjong Pagar has sold some units at $3,700 psf.”

The 67,061 sq ft site at Mattar Road, on the other hand, received the most number of bids (10), with the $223.019 million top bid, or $1,109 psf ppr submitted by FSKH Development being higher than expected.

“The narrow margin of 5.5 percent among the top five bidders shows how keen the competition was among them,” noted Ong Teck Hui, JLL’s national director for research and consultancy.

In fact, keen bidding for both the Cuscaden Road and Mattar Road land parcels indicates that “demand for attractive residential sites is still buoyant”.

“With such keen demand for sites, the en bloc market is likely to stay firm as it continues to be the main source of residential land supply over GLS,” added Ong.

Meanwhile, the Silat Avenue site attracted a sole bid of $1.035 billion, or $1,138 psf ppr from UOL Venture Investments, UIC Homes and Kheng Leong Company.

While it is an appealing site within two kilometres from the CBD, “we think the underwhelming tender outcome could be due to the large size of the site (which could accommodate 1,125 homes) and relatively untested location, away from MRT stations”, explained Song.

The presence of five conservation buildings on the site, which are to be retained and restored, may have also posed constraints to developers, said Ong.

credits: propertyguru

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Dunearn Gardens Sold To EL Development For $468m

Posted by Singapore Property Launch on 26th April 2018 in Blog
Dunearn Gardens

The purchase price is lower than the reserve price of $488.8 million. (Photo: Knight Frank)

Dunearn Gardens, a freehold condominium located off Newton Road, has been sold collectively to a wholly-owned subsidiary of EL Development for $468 million following its third en bloc attempt, marketing agent Knight Frank said on Monday (23 Apr). 

The purchase price is lower than the reserve price of $488.8 million.

Including a development charge of about $43.6 million to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum gross floor area of approximately 267,239 sq ft, the land rate stands at $1,914 psf per plot ratio (psf ppr).

With the inclusion of a 10 percent bonus balcony space and a proposed GPR of 3.08, the land rate works out to $1,841 psf ppr, subject to the authorities’ approval.

Each owner could walk away with between $2.69 million and $7.98 million from the successful sale.

With a site area of approximately 95,442 sq ft, Dunearn Gardens is located close to Newton MRT interchange and various established schools. Completed in 1992, it comprises 114 units.

EL Development plans to redevelop the site into a 34-storey luxury condominium comprising 348 one- to four-bedroom units.

“The new high-rise development will enjoy unobstructed views towards the city. We believe the new development will appeal to owner-occupiers and investors given its choice location right at the city fringe,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

Knight Frank is also set to launch Kemaman Point for collective sale in early May. Completed in 1993, the freehold condo in Balestier comprises 89 units.

credits: propertyguru