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Over 7,000 Visited Riverfront Residences Showflat

Posted by Singapore Property Launch on 26th June 2018 in Blog
Riverfront Residences preview crowd crop

Crowds braved the rain for the opening of Riverfront Residences over the weekend.

More than 7,000 people visited the Riverfront Residences showflat, a 1,472-unit residential project with six retail shops in Hougang Avenue 7, after it opened for preview over the weekend (23 – 24 June).

“The response has been very encouraging and the crowd was especially strong on Saturday despite the heavy downpour,” said a spokesperson for the Oxley-led consortium developing the project.

“Due to the overwhelming response, we will be opening the showflat on weekdays and this coming weekend for those who may have missed visiting this project due to the June holidays.”

The 99-year leasehold condominium is situated on the former site of Rio Casa, which was acquired last May through an en bloc sale valued at $575 million.

Buyers can choose from one- to five-bedroom apartments from 463 sq ft to 1,905 sq ft, along with four-bedroom strata terrace houses measuring 2,109 sq ft.

Prices range from $578,000 for the one-bedders to $1.97 million for the five-bedders, with the strata terrace houses going for $2.35 million each.

Expected to be completed by 2024, the project has a large land area of about 396,231 sq ft and a plot ratio of 2.8, enabling the developers to build over 100 facilities.

These include three clubhouses each with different amenities such as a co-working and study space, a gym and KTV/movie room, and a fully-equipped kitchen. The developers will also offer dockless sharing bikes for residents.

In addition, there is a park connector in front of the project that links to the nearby Punggol Park.

Oxley intends to officially launch Riverfront Residences in July. This follows the launch of Affinity at Serangoon earlier this month, which saw 112 of the 300 units released sold at an average price of $1,575 psf.

credits: propertyguru


Rochor Centre Demolition To Begin On 26 June

Posted by Singapore Property Launch on 24th June 2018 in Blog
Rochor Centre demolition to begin on 26 June

The government announced in 2011 that it would acquire Rochor Centre to make way for the North-South Corridor. 

The demolition of Rochor Centre will commence on 26 June and is set for completion by April 2019, announced the Land Transport Authority (LTA) on Wednesday (20 June). This is in preparation for the construction of the North-South Corridor (NSC).

The demolition of the iconic rainbow-coloured estate will start from the top floors, with the structure progressively brought down floor-by-floor using machinery.

“For the convenience of pedestrians during the works, temporary sheltered walkways have been erected at alternative routes around the site. There are also signages at public access areas to redirect pedestrians,” said LTA.

It noted that the work area was enclosed by the contractor with dust screens and noise barriers to minimise the impact of dust and noise. A water spraying system will “also be used to suppress airborne dust particles during the demolition”.

It also requires the contractor to monitor and comply with the permissible noise level stipulated under the prevailing regulations.

“LTA will continue to work closely with the contractor to monitor and minimise inconvenience to the public,” it said.

Works to construct the section of NSC near Rochor Centre will follow after the completion of the demolition works and site preparatory works, LTA added.

The government announced in November 2011 that it would acquire Rochor Centre to make way for the NSC, reported Channel NewsAsia.

Told to move out by end-2016, residents of the estate were offered relocation benefits similar to those given under the Selective En Bloc Redevelopment Scheme.

Aside from the opportunity to move to a new 99-year leasehold flat, the residents were given an acquisition package comprising compensation and rehousing benefits.

As part of the package, they were assured of a replacement home at Kallang Trivista.

credits: propertyguru


Sengkang Central Site Attracts Seven Tenders

Posted by Singapore Property Launch on 23rd June 2018 in Blog
Location map of Sengkang Central site crop

Location map of the land site at Sengkang Central. Source: URA

The tender for a residential and commercial site in Sengkang Central measuring approximately 401,008 sq ft closed on Thursday (21 June), said the Urban Redevelopment Authority.

The 99-year leasehold site with a maximum gross floor area of 842,125 sq ft could yield some 700 housing units. It also has strong potential to become a landmark in the area, said CBRE research head Desmond Sim.

The confirmed list site was launched for sale last December via the concept and price tender system, whereby envelopes containing the concept proposals are opened and evaluated first.

The criteria includes the design concept, quality of public realm and the developers’ track record.

Thereafter, the envelopes containing bid prices will be opened, but only those with qualifying concept proposals will be considered, with the site awarded to the highest bidder.

Overall, six parties submitted seven concept proposals. These include a joint venture between CapitaLand and City Developments Limited, Perennial Real Estate Holdings and Qingjian Realty, Wing Tai Holdings and Keppel Land, and Singapore Press Holdings and Kajima Development.

Property consultancy JLL noted that the site received fewer bids compared to the 247,214 sq ft Holland Road site, which was awarded in May to Far East Organization.

Nevertheless, it said the land parcel next to Buangkok MRT station attracted “fair interest” from companies with “no shortage of capability and experience in successfully designing and developing the subject parcel”.

CBRE’s Sim agrees. “The six consortia who have thrown in the bids comprise experienced developers with proven track records. We expect the selection process to be challenging and very comprehensive.”

credits: propertyguru


Singapore’s Ultra-Rich Increased 11.5% Last Year

Posted by Singapore Property Launch on 21st June 2018 in Blog
Singapore’s ultra-rich increased 11.5% last year

The wealth of HNWIs in Singapore grew by 12.8% to $858.42 billion in 2017.

Singapore now has more high net worth individuals (HNWIs), whose wealth also grew by 12.8 percent from $761.24 billion in 2016 to $858.42 billion in 2017, reported Singapore Business Review citing consultancy firm Capgemini.

The number of HNWIs in the city-state rose 11.5 percent to 122 in 2017 from 109 previously.

Based on Capgemini’s World Wealth Report 2018, their wealth was driven by the growth in GDP which climbed 3.6 percent in 2017, the recovery in real estate prices (up 1.1 percent), and national savings which stood at 46.5 percent. Market capitalisation also rose in 2017.

The consultancy noted that MAS core inflation averaged around 1.5 percent last year and is expected to hit the upper half level in the 1.0 to 2.0 percent range.

With government spending on security, healthcare and other social schemes expected to reach 3.0 percent of the GDP in the next 10 years compared to 2.2 percent in 2017, the Singapore government decided to increase taxes in order to meet the demands.

Globally, the wealth of HNWIs breached the US$70 trillion (S$94.9 trillion) mark for the first time. Posting its sixth year of gains in a row, HNWI wealth jumped 10.6 percent – making 2017 the second-fastest year of growth since 2011.

credits: propertyguru


New Private Home Sales Jump 53% In May

Posted by Singapore Property Launch on 20th June 2018 in Blog
Twin Vew showflat resized

Thousands of buyers turned up at the showflat of Twin Vew during the launch in May. (Photo: CSC Land)

Sales of new private homes in Singapore reached 1,121 units in May 2018, representing a 53.1 percent jump from the month before and a 7.9 percent increase from the same period last year, according to Urban Redevelopment Authority data published on Monday (18 June).

Last month’s sales volume is also the highest since August 2017, when 1,246 new private units were taken up. Moreover, launches by property developers soared by 60 percent and 186 percent to 1,060 units on a monthly and annual basis respectively.

“The market pick-up in May is mainly due to increased launches with five new private residential projects launched, accounting for 71 percent of the total launch volume, which in turn contributed to stronger sales performance during the month,” said Ong Teck Hui, national director of research and consultancy at JLL.

New project launches last month included Twin Vew in West Coast Vale, which released all of its 520 units, with 454 units sold at a median price of $1,385 psf. The 139-unit Amber45 at Amber Road launched 100 units, of which 86 were sold at a median price of $2,378 psf.

Sixteen35 Residences in Geylang released 60 units, with 45 units taken up at a median price of $1,511 psf. 120 Grange along Grange Road launched 50 units and held back six. Although it posted no sales last month, caveats show that there were 37 deals recorded at a median price of $3,141 psf. Lastly, Sea Pavilion Residences on Upper East Coast Road put up 24 units for sale, with 14 finding buyers at a median price of $1,852 psf.

The top-selling projects in May were Twin Vew and Amber45. Previously launched developments secured the remaining spots in the top five. They are Le Quest, which sold 73 units at a median price of $1,462 psf, The Tapestry (59 units at $1,388 psf) and Seaside Residences (59 units at $1,896 psf).

Ong pointed out that Twin Vew alone accounted for nearly 41 percent of new home sales in May, attributing the robust demand to its attractive price.

“In the current market, suburban projects priced around $1,400 psf have been achieving steady sales progress, even if they are not near MRT stations,” he said.

But he added that private home sales only amounted to 3,434 units from January to May 2018, down from 5,568 units in the same period last year. This means sales must pick up strongly in the second half of the year for it to match or surpass the 10,566 units sold for the whole of 2017.

Meanwhile, Huttons Asia research head Lee Sze Teck expects property developers to launch 800 to 1,200 units in June.

“These will include Affinity at Serangoon, Margaret Ville and The Garden Residences. For mega launches, developers will probably launch in phases to manage the options for buyers and allow leeway to increase prices in subsequent phases,” he said.

credits: propertyguru


Singapore Private Home Prices May Surge 20% This Year: Savills

Posted by Singapore Property Launch on 19th June 2018 in Blog
Singapore private home prices may surge 20% this year: Savills

Official data shows that over 100 private units were sold for at least $3,000 psf in Q1 2018.

Property consultancy Savills reckons that private home prices here may rise 15 to 20 percent for the whole of 2018 – up from its previous forecast of between 12 and 15 percent, reported Singapore Business Review.

It raised its estimates after 22 units were sold for a minimum of $10 million each over the past few months, with 102 units taken-up for at least $3,000 psf in Q1, according to data from the Urban Redevelopment Authority.

Moreover, the island-wide private home price index increased 3.9 percent quarter-on-quarter in Q1. This is the highest growth in nearly eight years since Q2 2010, following lower quarterly gains of 0.7 percent and 0.8 percent in the third and fourth quarters of 2017 respectively.

In particular, luxury condos tracked by Savills posted quarterly price gains of 2.9 percent in Q1. Following a cumulative growth of 5.7 percent over four straight quarters since Q2 2017, the average price of these properties reached $2,383 psf in the first three months of the year, and that amount is only 1.9 percent lower than the recent peak five years ago.

One factor driving the healthy growth in private home prices is that baby boomers are helping their children climb the property ladder, said Alan Cheong, senior director of research and consultancy at Savills Singapore. 

“Visits to show flats leave a discerning observer with the impression that an increasing number of buyers at new launches are funded in part by their parents’ money,” he noted.

credits: propertyguru