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Toa Payoh flat sold for $955k

Posted by Singapore Property Launch on 17th September 2015 in Blog

Toa Payoh flat sold for $955k

A 5-room HDB resale flat in Toa Payoh recently changed hands for $955,000 – a figure that is comparable to the high resale flat prices at The Pinnacle@Duxton, reported My Paper.

The sale also stood out as it happened near the Ghost Month, which is usually a quiet period for the property market.

Measuring 124 sqm, the 14-year-old flat is located at Block 154 in Toa Payoh Lorong 2, between the 22nd and 24th storeys, showed HDB data.

In July 2007, a 5-room resale flat on the 28th storey of the same block was sold for $650,000, a new record for resale flat prices within the area at that time.

Eugene Lim, Key Executive Officer at ERA Realty, said the unit enjoys an excellent location.

Situated just across the road from Toa Payoh Town Centre, the flat is near the Toa Payoh MRT station, with an underpass directly linking to it, he said.

Since it is on a high floor, the unit is not blocked by any surrounding flats, offering unobstructed views, noted Lim.

“If the owner is facing the right direction, he can even see the MacRitchie Reservoir,” he added.

However, he believes the deal is unlikely to become a trend as it is more of an exception than the norm.

Image: Toa Payoh Town Centre. (Photo by Sengkang; Wikimedia Commons)

credits: propertyguru

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EC showflat sees crowds on Polling Day

Posted by Singapore Property Launch on 14th September 2015 in Blog

Signature at Yishun perspective 2

Even though it was Polling Day, buyers still flocked to Signature @ Yishun’s showflat last Friday, reported The Straits Times.

Developer JBE Holdings revealed that the executive condominium’s (EC) sales gallery saw around 800 visitors, with about 100 applications received by the end of the first day of e-applications.

Applications for the EC units will remain open until 20 September, while prices will be released by the developer on 24 September, two days prior to booking day, when successful online applicants can purchase their preferred units.

“It was encouraging to see a big crowd on the opening day of our e-applications, despite it also being Polling Day,” said JBE Holdings chief executive Patrick Lam, “We do understand that most homebuyers have to cast their votes today and might also be distracted by the developments of the election, and as such, may not be in a normal frame of mind for house-hunting.”

While viewing at the sales gallery started slowly, it was followed by a sharper spike in visitors in the afternoon, said Lam. However, the crowd tapered off near dinnertime, likely because buyers were going home to monitor the election results.

Touted by the developer as this year’s most affordable EC project, Signature @ Yishun is the first EC project to be launched after the income ceiling was raised from S$12,000 to S$14,000. Located at Yishun Street 51, the 525-unit project will have “easy access to the Orchid Country Club and Lower Seletar Reservoir”.

The development features two- to four-bedroom units ranging from 764 sq ft to 1,302 sq ft, while amenities include a yoga deck, 50m lap pool, urban farming lawn and foot reflexology walk.

Signature @ Yishun is JBE Holdings’ third EC project after SkyPark Residences and The Amore.

Credits: propertyguru

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Colourful memories

Posted by Singapore Property Launch on 11th September 2015 in Blog
Colourful memories

image: news.asiaone.com

A charming building built and completed by the HDB in 1977, Rochor Centre will be demolished soon to make way for the construction of the North-South Expressway (NSE).

By Michelle Yee

When one thinks of Rochor Centre, images of brightly coloured flats immediately come to mind. These HDB flats, which are painted red, green, blue and yellow, have over the past few decades become an iconic landmark in the Rochor area.

Apart from the four colourful blocks of flats, another unique attribute of Rochor Centre is that it is a unique mixed-used development consisting of residential, commercial and retail spaces – the building comprises over 180 shops and eateries, offering a wide variety of goods and services such as ceremonial items, hardware, electrical appliances and more.

“Built by the HDB and completed in 1977, Rochor Centre is a unique mixed-use development located conveniently outside of the central business district. Like many other HDB estates built during that period, Rochor Centre was designed in the podium-and-tower style – the first three floors of the building consists of a supermarket, shops and other amenities, while the fourth floor is home to a spacious void deck. The residential units only start from the fifth floor onwards. The unique integration of commercial with residential provides greater convenience to Rochor Centre residents,” shared Peter Poh, Chief Operating Officer of Asia Wisdom Group.

Looking at the bigger picture

Although the demolition of Rochor Centre to make way for the NSE in 2016 would inconvenience almost 570 families and 190 retailers, the new 21.5km expressway, which is set for completion by 2020, is expected to cut travel time for motorists by up to 30 percent during peak hours.

The NSE, which will connect towns along the north-south corridor, including Woodlands, Sembawang, Yishun, Ang Mo Kio, Bishan and Toa Payoh, to the city centre, will especially benefit residents living in the north and north-eastern sectors of Singapore.

For example, a journey between Yishun and the city currently takes about 30 to 35 minutes. With the NSE, the same journey is expected to take only between 20 and 30 minutes.

Apart from the NSE, analysts added that the demolition of Rochor Centre, which sits on a plot of land bounded by Rochor Road, Rochor Canal Road, Ophir Road and Queen Street, will also make way for the development of the Ophir-Rochor Corridor.

Ophir-Rochor corridor set for total transformation

According to the Urban Redevelopment Authority (URA), Ophir-Rochor is envisioned as a new growth area and a natural extension from the Marina Centre. The area will feature exciting 24/7 integrated mixed-use developments with offices, hotels, homes, and other complementary facilities within an attractive garden-like environment. The area is expected to be developed over the next 10 to 15 years.

“Earmarked as a strategic transport hub, the Ophir-Rochor area will be well-connected by the rail and road network to the rest of Singapore. In fact, the first phase of the new Downtown rail line will have an interchange at the existing Bugis MRT station, which itself is part of the East-West line, offering easy access to the rest of the CBD, Marina Bay and major shopping, dining and entertainment areas on Orchard Road, as well as the Singapore River. When complete, the North South Expressway will serve increasing traffic along the north-south corridor that is currently served by the Central Expressway (CTE). It will have a few in-and-out ramps (exit and entrances) to serve this area. One of the prominent landmarks that has to make way for the project is Rochor Centre.

The government is also spearheading efforts to rejuvenate this area, which comprises a series of large parcels of land set to provide exciting opportunities for new high density, high-rise mixed-use developments, like The Duo and South Beach.

A commercial parcel along Beach Road that was put on the reserve list for the second half of 2015 is also expected to contribute to the city skyline and offer an integrated, 24/7 lifestyle environment. “This initiative is expected to be developed over the next 10 to 15 years. In the longer term, the Singapore government will continue to interest international investors in property development and investment opportunities here, and to showcase Singapore as a great city to invest, live, work and play in,” Poh added.

Developments to look at

City Gate

Strategically located at the junction of Jalan Sultan and Beach Road, City Gate, which is being developed by World Class Land and Fragrance Group, is a 30-storey mixed development comprising 311 residential units and 188 retail units.

Apart from breathtaking views, residents can look forward to spectacular sea views of Kallang Basin on the Eastern and Southern sides, as well as unblocked views across Kampong Glam, towards the city skyline on the Western and Northern sides.

Residents will also get to enjoy utmost convenience and connectivity, as the development is within proximity to an array of transportation links, including the Nicoll Highway MRT station, Bugis interchange, Kallang-Paya Lebar Expressway, East Coast Parkway and Marina Coastal Expressway.

Liv on Wilkie

For those seeking an exclusive home within a well-located area, look no further than Liv on Wilkie, which is tucked away within the prestigious Mount Sophia enclave – a cosy and exclusive area featuring developments with a maximum seven-storey height limit.

Developed by Roxy-Pacific Holdings, Liv on Wilkie is a unique freehold residential development with a dual key concept. The functional dual-key units will benefit both home buyers and investors: for the former, buyers can look to establish a home office within their own home, and for the latter, investors can look to optimise their investment returns by renting out both abodes as individual units to double their profits.

DUO Residences

Situated on Ophir-Rochor Road, DUO Residences, which is a stunning high-rise residential development, is the epitome of city living at its best. Developed by M+S, the 660-unit development, which is part of the DUO – a unique mixed development comprising premium residences, a hotel, grade A offices and a retail complex – consists of a good mix of apartments and penthouse units that feature stylish aesthetics, premium finishing and fittings, coupled with state-of-the-art amenities.

Aside from a host of convenient facilities, residents can also enjoy a bevy of commercial amenities, including a retail plaza offering food and drink, as well as a signature restaurant with an observation deck on the top floor, overlooking the city skyline. Another highlight of this development is the magnificent views residents can enjoy from the comfort of their homes; the 49-storey residential tower is expected to be one of the tallest residences in the Bugis area.

Lastly, whether by foot, public transportation or car, those living at DUO Residences will get to enjoy utmost convenience, as the area is well served by major expressways, including the CTE and ECP. For those who rely on public transportation, Bugis MRT station, which offers a direct connection to the East West Line, is just a stone’s throw away.

DID YOU KNOW…

1) There are 10 sub-zones in Rochor, mainly: Mackenzie, Selegie, Mt Emily, Bencoolen, Victoria, Kampong Glam, Rochor Canal, Sungei Road, Little India, and Farrer Park.

2) Constructed in 1836, Rochor Canal was not just a canal or a large storm drain, but a water source for several industries and a channel for goods transportation in early Singapore. Rochor Canal also played a big role in its neighbourhood, as a waterway that divided the two historic settlements of Kampong Glam and Little India.

3) The four iconic blocks of flats at Rochor Centre were originally painted white when they were first built in the 1970s, until the early 1990s, when they were repainted with four bright colours in a government upgrading programme.

4) Rochor Centre is listed by the Urban Redevelopment Authority (URA) as a landmark to be protected. However, in 2011, the Land Transport Authority (LTA) and Singapore Land Authority (SLA) announced that Rochor Centre would be demolished by 2016 to make way for the construction of the North-South Expressway.

5) During the 1960s, the Rochor area was packed with opium dens and brothels, but they were demolished to make way for shopping complexes and commercial buildings.

credits: propertyguru

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Public housing a work-in-progress, Khaw

Posted by Singapore Property Launch on 9th September 2015 in Blog

Public housing a work-in-progress, Khaw

Although a lot have been done in the housing front, it remains a “work-in-progress” given the changing demographics, stated National Development Minister Khaw Boon Wan at a People’s Action Party (PAP) rally for Sembawang Group Representation Constitution (GRC).

Mr Khaw, who serves as the PAP anchor minister for Sembawang GRC, outlined several improvements and measures on housing in order to illustrate how the Singaporeans and the government can tackle challenges together including “what more can be built together”, reported Today Online.

He cited the doubling of the Special CPF Housing Grant, the Fresh Start Housing Scheme, the construction of 100,000 new flats, the measures to build more rental flats and the new Proximity Housing Grant as examples of what his ministry achieved over the last four years.

Mr Khaw noted that the 100,000 new flats cleared the newlyweds’ waiting queue for new flats while the waiting time for rental flats has been reduced to four to five months.

Meanwhile, the Fresh Start Housing Scheme will provide families with young kids, who are living in HDB rental units, a second chance to own a two-room flat, although they have acquired and sold a subsidised HDB unit before.

“We will implement it as soon as we can. Because we do not want to leave anyone behind. This is our commitment,” he said.

“It is a continuation of a commitment that dates back 50 years. We have always wanted every Singapore family to have the peace of mind, to pursue their dreams in a stable home which they own. This way we can better ensure that your children can enjoy and benefit from the same Singapore that you have.”

Notably, the measures to cool the housing market saw the market moderate very nicely, even though some developers were unhappy about it, with some property agents finding their income and business affected.

“Unfortunately, we cannot have home prices both high for the sellers and low for the buyers,” said Mr Khaw.

Nonetheless, he believes that most Singaporeans support the cooling measures and prefer the present situation to four years ago.

“Singapore is already a nation of homeowners. Nowhere else in the world can you find this. But still, public housing is always a work-in-progress as we need to… respond to changing demography and changing aspirations,” he said. “We have done a lot for housing, but we still have things to do.”

credits: propertyguru

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SG50 inspired EC to launch soon

Posted by Singapore Property Launch on 7th September 2015 in Blog

Signature at Yishun club house

Signature at Yishun, a new 525-unit executive condominium (EC) project located at Yishun Street 51/Yishun Avenue 1, will open for e-applications from 11 to 20 September.

Developed by JBE Holdings, the 99-year leasehold project comprises two- to four-bedroom units ranging from 764 to 1,302 sq ft.

Conceived as an SG50 EC, the project will feature unique facilities inspired by Singapore’s rich heritage, such as a Dragon Playground, Chapteh Terrace and Sepak Takraw Pavilion. The facade of the project’s clubhouse will also feature a pineapple motif, which is synonymous with Yishun’s past. In its early days, Yishun was dotted with pepper and pineapple plantations.

Although pricing details have not been released yet, the developer said it is committed to launching the project at a more affordable price.

“In line with SG50 celebrations, we intend to price Signature at Yishun to be the most affordable EC in 2015 along with Singapore’s home-ownership vision of making housing affordable and with ever-increasing quality,” said Patrick Lam, Chief Executive Officer of JBE Holdings.

“We will only be announcing the price details two days before the booking day (26 September), so we hope home buyers will capitalise on this opportunity to get their dream home at very friendly prices and with a Singapore soul,” he added.

Launch prices of ECs in 2015 have hovered above $800 psf, according to data from the Urban Redevelopment Authority.

Most recently, the government also raised the income ceiling for ECs from $12,000 to $14,000. This means that households with higher incomes now have the additional option of buying an EC. This is expected to benefit new projects such as Signature at Yishun, said analysts.

Meanwhile, Yishun is rapidly developing into an integrated new town. Large infrastructure projects currently underway include Northpoint City, which will become the largest retail mall in the north upon completion, Yishun Integrated Transport Hub, North-South Expressway and Thomson-East Coast MRT Line. The recent completion of Seletar Aerospace Park is also expected to boost economic, employment and leisure opportunities in the area.

Image: Artist’s impression of the iconic clubhouse with its pineapple-inspired facade.

credits: propertyguru

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Shunfu Ville up for collective sale

Posted by Singapore Property Launch on 5th September 2015 in Blog
Shunfu Ville up for collective sale

Image source: JLL

The 358-unit Shunfu Ville residential development in the highly sought-after Bishan/Thomson area has been launched for collective sale, revealed marketing agent JLL.

Built in the late 1980s by the former Housing & Urban Development Company (HUDC), Shunfu Ville was recently privatised in 2013, said Tan Hong Boon, Regional Director, Capital Markets at JLL.

Measuring 408,927 sq ft, the site is zoned residential with a gross plot ratio (GPR) of 2.8 under the Master Plan 2014, and could yield over 1,100 units with an average size of 1,000 sq ft.

“More than 80 percent of the owners have inked their consent to the collective sale, and they are expecting offers in excess of their minimum price of $688 million. This minimum price translates to a land rate of approximately $791 psf per plot ratio (psf/pr) on the potential GFA, after adding an estimated differential premium of $218 million payable to the State to top up the lease to a fresh 99 years and for intensification of use, subject to approval from the relevant authorities.

“At this rate, the estimated breakeven cost for the successful purchaser should be around $1,250 psf, with the new units expected to fetch between $1,400 psf and $1,450 psf. At the minimum price of $688 million, owners can look forward to receiving gross sales proceeds of at least $1.9 million per unit, or about 50 percent more than what they could obtain by selling their units individually,” said Tan.

He added that the new project could have a height of up to 36 storeys, making it the the tallest residential development within a 1km radius.

The site is close to the Marymount, Bishan and future Upper Thomson MRT stations, while established schools like Ai Tong School and Raffles Institution are also nearby.

The tender exercise for Shunfu Ville closes on 27 October 2015.

credits: propertyguru