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Westwood Residences unveils lower prices for units

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

Westwood residences perspective 10

Westwood Residences, a 480-unit executive condominium (EC) development in Jurong West has unveiled an indicative price of S$800 psf, down six percent compared to the price of nearby Lake Life EC when it was launched in November last year, media reports revealed.

The lower pricing comes as the EC market starts to feel the pinch following the introduction of stricter mortgage loan rules in December 2013.

“We have to consider the market. When compared to the nearby executive condo, what will buyers think of our condo? So we have to price it very competitively,” said Francis Koh, CEO of Koh Brothers Group, one of the project’s developers.

Westwood Residences is the first EC development where buyers who had previously acquired HDB flats or ECs will be subject to a resale levy.

Developers hope to lure buyers by going big on its cyclist-friendly features, which include a mini velodrome and a bicycle garage that can accommodate 500 bicycles.

“There is a lot of attention on Jurong now, and the bicycle theme differentiates us from other condos and ECs,” said Koh.

Meanwhile, an analyst noted that it may be too early to say if the new development will benefit from Jurong Lake District’s upcoming makeover.

“This project is closer to NTU (Nanyang Technological University), and the Cleantech Park,” noted Sing Tien Foo, Deputy Head at the Department of Real Estate in the National University of Singapore, as cited by the media.

“For the Jurong Lake District area, the project may be located at the fringe of the Jurong Lake District. Although over time, when the area develops, we will probably see the spillover effect. Probably, this will take a while.”

Westwood Residences showflats will open for e-applications on Friday (15 May), while booking for units will start on 30 May.

credits: propertyguru

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Top 5 property searches last week

Posted by Singapore Property Launch on 12th May 2015 in Blog

Westwood residences perspective 12

As part of plans to keep our readers better informed of what’s ‘hot’ in the market, we provide an update of the most searched properties from the PropertyGuru website in the past week, as well as popular buying locations in Singapore.

Kingsford Waterbay which was launched in February 2015 emerged as the most searched private condo for sale. Also, the soon-to-be-launched Westwood Residences executive condominium (EC) topped the list of most searched EC projects for sale.

Kingsford Waterbay is a 99-year leasehold condominium located at Upper Serangoon View in District 19. The 1,165-unit project which faces Sungei Serangoon was the best-selling project in March, moving 155 of the 314 units initially launched at a median price of $1,111 psf. Located close to Hougang MRT station, Kingsford Waterbay is expected to complete in 2017.

Westwood Residences, the second EC to be launched in Jurong in 18 years, is situated in Westwood Avenue in District 22. It comprises 480 units and is not far from Jurong Junior College and Nanyang Technological University (NTU).

Meanwhile, searches on the website during the period show that Sengkang is the most popular HDB estate for sale among resale flat buyers, followed by Jurong West and Woodlands.

The full list of the Top 5 searched condos, ECs and HDB estates for sale on PropertyGuru.com.sg appears below.

Happy house hunting!

 

Top 5 condos for sale       

1. Kingsford Waterbay

2. Sky Habitat

3. The Interlace

4. The Panorama

5. Botanique at Bartley

 

Top 5 ECs for sale

1. Westwood Residences

2. Bellewoods

3. Bellewaters

4. Skypark Residences

5. Sea Horizon

 

Top 5 HDB estates for sale   

1. Sengkang

2. Jurong West

3. Woodlands

4. Tampines

5. Hougang

 

credits: propertyguru

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Jurong property prices get boost

Posted by Singapore Property Launch on 10th May 2015 in Blog

Westwood residences ec perspective 9

Image: Westwood Residences @ Jurong West

Property owners in the Jurong Lake District are rejoicing following the announcement that Singapore’s high speed rail terminus will be located in Jurong East, media reports said.

Consultants expect the new terminus to spur property prices and stimulate retail and commercial activity in the vicinity.

In fact, they noted that the district is well set up to take advantage of the boost.

Jurong East is the interchange of major MRT lines, the east-west, north-south and upcoming Jurong Region Line, making it convenient for commuters, noted Desmond Sim, CBRE head of research for Singapore and South-east Asia.

The area is also a rich hunting ground for business space.

Jurong Gateway, which offers 500,000 sqm of offices, 250,000 sqm of retail, food and beverage and entertainment space and 2,800 hotel rooms, will become “the most ideal suburban location for company headquarters, business services, education and science and technology sectors,” said Cushman & Wakefield research director Christine Li.

New entrants could include businesses in Malaysia, especially companies from areas such as Malacca, Nusajaya and Batu Pahat – stops on the high speed rail line.

Meanwhile, retailers noted that the Jurong area is poised to attract a “larger catchment of shoppers and office workers with new developments including the high-speed rail terminal”, said Jenny Khoo, general manager of mixed-use development Jem.

A Mapletree Industrial Trust official expects higher demand for space at its two buildings once the rail line is ready.

MCL Land, which is currently developing Lakeville in Jurong West Street 41, was awarded a nearby condominium site in March.

Chief executive Koh Teck Chuan expects the two projects to attract more foreign buyers given the area’s greater accessibility and vibrancy.

In Q1 2015, prices of non-landed property in Jurong fell eight percent from the previous quarter to $947.15 psf on average due to the government’s cooling measures. However, average non-landed rents increased six percent over the same period to $3.30 psf per month, revealed PropNex Realty chief executive Mohamed Ismail.

“Property prices in this developing region are expected to slowly appreciate over the next decade,” he added.

credtis: propertyguru

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CapitaLand revenue higher on Singapore sales

Posted by Singapore Property Launch on 5th May 2015 in Blog

The Interlace perspective 5

Property heavyweight CapitaLand has reported an almost 12 percent drop in group net profit to $161.3 million in the first quarter of 2015 from $182.8 million last year.

But revenue was up 49.4 percent to $915 million compared to Q1 2014, due mainly to higher contribution from residential sales in Singapore, China and Vietnam.

On a quarterly basis, Singapore residential sales rose from 34 to 69 units, according to a Credit Suisse report.

The report stated that in Q1, there were seven, ten, four and two units sold at The Interlace, d’Leedon, Sky Habitat and Sky Vue developments respectively. But the Interlace at Depot Road still has 162 unsold units.

Meanwhile in China, residential sales increased 11 percent on year.

Over the next nine months, CapitaLand is expected to launch another 7,600 housing units.

Commenting, Group CEO Lim Ming Yan said: “Despite a challenging market environment, CapitaLand’s well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits.

“Singapore and China remain as the Group’s core markets and we will pursue growth opportunities in Vietnam, Indonesia and Malaysia.”

credits: propertyguru

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Two residential sites for sale

Posted by Singapore Property Launch on 3rd May 2015 in Blog
Two residential sites for sale

Image: Location of the Toa Payoh land parcel. (Source: HDB)

Two residential sites which could offer 1,180 condo units were released for sale on Wednesday, revealed the Housing and Development Board (HDB).

Launched under the confirmed list of the first half 2015 Government Land Sales (GLS) Programme, the sites are located at Lorong 6 Toa Payoh/Lorong 4 Toa Payoh and Dundee Road in Queenstown.

The Toa Payoh site measures 12,154.6 sqm with a maximum gross floor area (GFA) of 42,541.1 sqm, while the 10,516.1 sqm Dundee Road plot has a maximum GFA of 51,528.9 sqm. When fully developed, they are likely to yield 535 and 645 homes respectively.

“Between both sites, the Toa Payoh site is expected to garner more interest among developers due to its smaller size and lower price which leads to an overall smaller quantum. Furthermore, there is a lack of new launches in the area recently,” said OrangeTee research manager Wong Xian Yang.

In fact, the previous GLS site to launch in the area was back in 2008. It currently houses the Trevista condominium.

“We expect keen participation from developers given that primary sales demand for this area has not been tested yet post TDSR. We expect the winning bid to range from $670 to $740 psf ppr,” Wong noted.

But he is cautiously optimistic on the bidding participation for the Dundee Road site considering the relatively large overall quantum area and lukewarm performance of nearby projects.

He shared that the most recent tender exercise within the area was the Commonwealth Avenue site which closed in February 2013 and attracted only three bids.

However, more bids are expected this time due to the smaller overall quantum of the Queenstown site.

“The winning bid price is not expected to surpass the $500 million mark, and this should open up the tender to a wider pool of developers.

“Bids are expected to be cautious, in view of the neighbouring Commonwealth Towers unsold units (478 units as of March 2015). We expect the winning bid to range from $750 to $820 psf ppr,” added Wong.

credits: propertyguru

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Singapore bank lending falls again

Posted by Singapore Property Launch on 1st May 2015 in Blog

Singapore bank lending falls again

Singapore’s total bank lending fell yet again in March 2015, its fourth consecutive month of decline, as loans to financial institutions and manufacturers dropped, revealed latest data from the Monetary Authority of Singapore (MAS).

The city-state achieved a total of $601.1 billion worth of loans and advances by domestic banks last month, over $2 billion less compared with the $603.1 billion worth of loans reported in February.

Despite this, bank lending in the month grew 2.3 percent from last year’s $587.7 billion.

Meanwhile, housing and bridging loans increased to $179.1 billion from $168.9 billion a year ago, and from $178.4 in February, MAS data showed.

credits: propertyguru