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Pacific Mansion sold for $980m in second-largest ever collective sale

Posted by Singapore Property Launch on 20th March 2018 in Blog
Pacific Mansion crop

Completed in 1976, Pacific Mansion in River Valley comprises 288 apartments and two commercial units. (Photo: CBRE)

The freehold Pacific Mansion in prime District 9 has been sold collectively to a consortium comprising GuocoLand (Singapore), Intrepid Investments and Hong Realty for a whopping $980 million, marketing agent CBRE said on Monday (19 Mar).

This marks the largest transaction in the current en bloc cycle, exceeding Tampines Court which was sold for $970 million and Amber Park ($907 million), and is only surpassed by the sale of Farrer Court for $1.338 billion more than a decade ago.

Pacific Mansion’s sale price is about four percent above the reserve price of $938 million, and works out to around $1,987 psf per plot ratio (psf ppr) based on the existing gross floor area (GFA) of 493,222 sq ft.

Inclusive of the 10 percent bonus balconies GFA, the price works out to a lower $1,806 psf ppr. No development charge is payable.

Located along River Valley Close, the sprawling 128,352 sq ft site is close to Orchard Road and the upcoming Great World MRT station on the Thomson-East Coast Line.

Completed in 1976, the 290-unit development comprises 288 apartments and two commercial units. More than 80 percent of the owners consented to the collective sale.

Each homeowner could receive a gross payout of $3.26 million to $3.48 million, while the shop units could get between $2.2 million and $4.5 million.

“The tender drew keen interest from local and foreign developers,” said Galven Tan, director, capital markets at CBRE.

“We look forward to an exciting iconic landmark to be developed on the site,” he added.

credits: propertyguru

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CDL to launch 861-unit Tampines condo next weekend

Posted by Singapore Property Launch on 17th March 2018 in Blog
The Tapestry crop

Artist’s impression of The Tapestry, a new project in Tampines. Source: CDL

Property developer City Developments Limited (CDL) is set to launch The Tapestry along Tampines Street 86 next Saturday (24 Mar).

Located close to Tampines MRT station and the newly-completed Our Tampines Hub, the 861-unit condominium has a range of one- to five-bedroom apartments from 441 sq ft to 1,991 sq ft.

The units are priced from $596,000 for a one-bedder to $2.1 million for a five-bedder dual-key with study apartment.

CDL group general manager Chia Ngiang Hong expects the project to receive a good take-up from home buyers and investors.

“Given The Tapestry’s location in the much sought-after mature Tampines estate, we have received very strong enquiries for this launch,” he said.

CDL previewed the project from 10 March and more than 5,000 people visited the showflat during the first weekend.

“Close proximity to major transportation nodes, popular schools, amenities, offices and business parks has fuelled demand for residences in this area,” said Chia.

Slated for completion in 2021, the 99-year leasehold project is sandwiched between two condominiums, The Santorini and The Alps Residences.

The Tapestry is the first major condo to launch following the Chinese New Year break, which is traditionally seen as a quiet period for home buying activity.

Meanwhile, the second phase of Park Place Residences at Paya Lebar Quarter is scheduled to start previewing on 24 March, while Rivercove Residences, the only executive condominium to launch in 2018, is slated to preview from 1 April.

“We can expect the primary market to pick up from next month as more property launches are on the cards,” said Christine Sun, head of research & consultancy at OrangeTee.

“The perception that the market is in the beginning of an upswing and the current en bloc frenzy could hasten buyers to secure a property now in anticipation of higher property prices.”

credits: propertyguru

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Orchard condo sets record psf prices

Posted by Singapore Property Launch on 15th March 2018 in Blog
View of New Futura

CDL’s New Futura condo sold 48 units at an average price of over $3,200 psf.

Most of the released units in CDL’s recently launched New Futura project have been sold at an average price of $3,200 psf – the highest in five years, reported Singapore Business Review.

The selling price at the freehold development in Leonie Hill Road has not been seen in Singapore for a long time, said iCompareLoan chief mortgage consultant Paul Ho.

He pointed out that Singapore’s property market has become upbeat thanks to a record number of en bloc sales of older condominiums. “This has led property sellers to ask for higher prices.”

OCBC Investment Research analyst Andy Wong Teck Ching agrees with Ho that prices are rebounding amidst positive sentiment and a recovery in the private housing market.

“As a recap, the URA Private Residential Properties Price Index (PPI) reached an inflection point in Q3 2017, climbing 0.7 percent on-quarter after 15 consecutive quarters of decline, or a cumulative 11.6 percent dip from the last peak in Q3 2013.

“This momentum continued in Q4 2017, with the URA Private Residential PPI rising 0.8 percent on-quarter, such that the year 2017 ended in positive territory (up 1.1 percent from 2016),” he noted.

Furthermore, notable deals in the luxury segment attest to the bullish sentiment, said Ching.

“New Futura saw 48 units sold (75 percent out of the 64 units launched) at an average selling price of over $3,200 psf (as of 22 Feb 2018). Gramercy Park, another freehold project in the Orchard Road vicinity (Grange Road), is now 97 percent sold with average selling prices in excess of $2,800 psf,” he added.

credits: propertyguru

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1,400 people from Singapore have US$50m or more in net assets

Posted by Singapore Property Launch on 8th March 2018 in Blog
Marina Bay Sands Resort resized

View of Marina Bay Sands Resort in Singapore.

Singapore’s ultra-wealthy population surged to 1,400 individuals in 2017, up 18 percent from 1,190 the year before, according to Knight Frank’s 2018 Wealth Report unveiled today.

The report defines ultra-wealthy individuals as those with US$50 million (S$65.8 million) or more in 
net assets.

Over the next five years, Singapore’s super-rich population is expected to grow by 11 percent to 1,550 in 2022.

Globally, the number of ultra-wealthy individuals rose by 10 percent year-on-year to 11,630, taking the overall population to 129,730.

Knight Frank attributed the rise in affluence to the booming global economy, which is lifting GDP as well as stock and property markets.

credits: propertyguru

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Hollandia in District 10 sold for $183.38m

Posted by Singapore Property Launch on 4th March 2018 in Blog
Hollandia resized

The owners could receive gross sale proceeds ranging from $3.3 million to $4.2 million. (Photo: Savills Singapore)

The 48-unit Hollandia development at the junction of Holland Road and Queensway has been sold through a collective sale to FEC Properties for $183.38 million, or a unit land rate of about $1,703 psf per plot ratio (psf ppr).

FEC Properties is an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International.

The sale price is about 11 percent higher than the reserve price of $163.15 million ($1,515 psf ppr) when the property was launched for sale in January this year.

The owners are expected to receive between $3.3 million and $4.2 million from the sale, said marketing agent Savills. This works out to over $2,000 psf on the strata area.     

Built in the mid-1980s, the freehold project sits on a 53,505 sq ft site. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6.

Located in District 10, Hollandia is within proximity to Holland Village MRT station as well as eateries at Dempsey Hill and Holland Village.

Subject to planning approvals from the relevant authorities, the site may be redeveloped into a 12-storey condo with an allowable gross floor area (GFA) of 107,688 sq ft. No development charge is payable, including the additional 10 percent GFA for balconies.

“Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use Government Land Sale site located at the heart of Holland Village,” said Suzie Mok, senior director of investment sales at Savills Singapore.

She added: “The last major transacted collective sale site in the Holland vicinity was in December 2011 for Henry Park Apartments at Holland Grove. FEC Properties’ acquisition of Hollandia would therefore represent the first significant collective sales transaction in the area.”

Check out more properties for sale in District 10.

credits: propertyguru

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URA launches prime site at Cuscaden Road for sale

Posted by Singapore Property Launch on 2nd March 2018 in Blog
Map of Cuscaden Road site

Map showing the location of the Cuscaden Road site. Source: URA

A plum residential site at Cuscaden Road in the Orchard area was launched for sale on Tuesday (27 Feb) under the confirmed list of the first half 2018 Government Land Sales (GLS) Programme, said the Urban Redevelopment Authority (URA). 

The 99-year leasehold site could yield about 170 housing units.

Measuring approximately 61,596 sq ft, the land parcel has a maximum gross floor area of 172,470 sq ft.  

The site is close to the future Orchard Boulevard MRT station on the Thomson-East Coast Line, Camden Medical Centre, as well as shopping malls and hotels along Orchard Road.  

URA said the tender for the Cuscaden Road site will close on 26 April and will be batched with two other residential sites at Silat Road and Mattar Road, which will be launched for sale in March.

Land parcel at Cuscaden Road
credits: propertyguru