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Former Tanjong Pagar Railway Station to open on Good Friday

Posted by Singapore Property Launch on 4th April 2015 in Blog
Former Tanjong Pagar Railway Station to open on Good Friday

Image: SLA


The former Tanjong Pagar Railway Station will open its doors to the public on Good Friday from 9am to 6pm, announced the Singapore Land Authority (SLA).

Back in February, SLA said the historical landmark would be open to visitors on all public holidays, starting from the second day of the Lunar New Year.

This is to allow more people to visit the national monument and enjoy the surroundings.

Meanwhile, visitors have been reminded to keep the area clean and litter free.

To help preserve the monument, several activities will not be allowed on the premises including cycling and roller blading, smoking, consumption of alcohol and bringing pets (except for guide dogs).

credits: propertyguru


Sky Habitat nears completion

Posted by Singapore Property Launch on 3rd April 2015 in Blog

sky habitat perspective 8

CapitaLand’s iconic Sky Habitat condominium in Bishan Central is expected to be ready soon with the 38-storey development now towering above other buildings in the area.

Designed by renowned international architect Moshe Safdie, a key selling point is its futuristic design which includes a rooftop swimming pool offering views of Bishan Park and the city, and three sky bridges connecting the two tower blocks.

The 99-year leasehold project comprises 509 apartments of two- to four-bedrooms as well as one-bedroom + study and two-bedroom + study units, with sizes ranging from about 680 to 3,000 sq ft. The floor area is reportedly much bigger than typical developments nowadays, making it ideal for large families.

Located near Bishan MRT station and Junction 8 shopping mall, Sky Habitat was relaunched a year ago to make it more attractive to price-sensitive buyers and investors.

Based on recent caveat data, units have been transacted at around $1,365 psf compared to transacted prices of around $1,580 psf when it was first launched in 2012, making it the most expensive suburban condominium at the time.

credits: propertyguru


Condo prices fall at slower pace

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

Waterfront at Faber Perspective 5

Image: Waterfront @ Faber

Prices of non-landed private homes continued to drop in February 2015, but the overall pace of decline has slowed compared to the previous month, revealed flash estimates of the NUS Singapore Residential Price Index (SRPI).

Across the island, prices dipped 0.3 percent last month after registering a 0.9 percent fall in January.

Excluding small units, prices in the central region slipped further by 0.7 percent – less than the 1.2 percent decrease at the start of 2015. But the non-central region has seen no price change since January.

As for small units, prices went down 0.2 percent in February after rising 0.2 percent in the month before.

The NUS price index for the central region looks at properties located in districts 1 to 4 and 9 to 11. Properties outside these districts fall under the non-central region.

credits: propertyguru


Two owners appeal ruling on Gilstead Court sale

Posted by Singapore Property Launch on 29th March 2015 in Blog

Serangoon Garden bungalow up for auction

Two homeowners at Gilstead Court in Newton have appealed a decision by the High Court which gave the green light for the en bloc sale of the condominium, according to media reports.

Represented by Stamford Law Corporation director Adrian Tan, the minority owners are asking the Court of Appeal to review a part of last month’s decision by High Court Judge Quentin Loh supporting the $150.2 million sale.

Notably, five owners who objected to the deal were imposed with financial penalties under the sales agreement.

One of the penalties required them to pay twice the contributions given by consenting owners towards a common fund that was set up to cover the costs related to the en bloc sale.

They were also made to pay an additional $135,000 for the Strata Titles Board proceedings.

The case was brought up to the High Court following failed mediation efforts with the Strata Titles Board.

In his decision, Justice Loh acknowledged the basic rights of dissenting owners to object to the collective sale, adding that they were not bound by the sales agreements since they were not signatories to it.

“This cannot be right. Otherwise, a majority can embark on an ill-advised collective sale and yet call upon to detractors to contribute to the costs thereof,” he said.

While it may have been easier to scrap the sale, he ruled that it would not be in the interest of the majority to do so, considering the current market state.

He noted that the decision to let the sale proceed, albeit more tedious than refusing it, was “the fair one”.

credits: propertyguru


Govt may review cooling measures this year, say reports

Posted by Singapore Property Launch on 27th March 2015 in Blog

Bellewoods perspective 4

Image: Bellewoods EC @ Woodlands

Analysts expect the government to review the property cooling measures this year, media reports said.

This is because the government’s four key metrics – speculation, home prices, foreign buying and interest rates have begun to move in desired directions, shared Maybank Kim Eng analyst Derrick Heng.

At the same time, HSBC economist Joseph Incalcaterra noted that the government’s macroprudential measures such as the TDSR have been effective in curbing household debt accumulation.

“The MAS is likely to maintain its macroprudential policy to assist in the deleveraging of households; however, it is possible that they tweak some measures in 2H 2015,” he added.

In a Q4 2014 consumer sentiment survey published by PropertyGuru which polled 940 Singaporeans and permanent residents, two in three people wanted the government to maintain the cooling measures, but hoped to see some curbs relaxed.

The top three measures they’d like loosened are:

–    Additional Buyer’s Stamp Duty (ABSD) on a second or subsequent property;

–    Total Debt Servicing Ratio (TDSR) framework;

–    Mortgage Servicing Ratio (MSR) on HDB loans.

The survey polled 940 Singaporeans and permanent residents.

credits: propertyguru


Developers show strong interest for Little India site

Posted by Singapore Property Launch on 26th March 2015 in Blog

Developers show strong interest for Little India site

Image: URA

A 99-year leasehold residential site at Sturdee Road in the Little India district received 16 bids from developers after its tender closed on Tuesday, according to the Urban Redevelopment Authority (URA).

SL Capital (1) submitted the top bid of $181.2 million, up 7.3 percent from the second highest bid of $169 million from Singland Homes.

Launched for sale on 10 February, the 6,111.5 sqm site has a maximum gross floor area of 21,391 sqm and could yield 265 housing units.

The strong interest for the site reflects the developers need to replenish land banks, said Desmond Sim, CBRE Research Head, Singapore and South East Asia.

The palatable quantum of the site also attracted the appetite of various developers, he added.

“Relatively close to the CBD, this vicinity is becoming more trendy with chic retail and F&B offerings.”

Sim noted that the last Government Land Sales (GLS) site put on offer within the vicinity was in Bendemeer back in 2011.

“When completed, the development is poised to enjoy panoramic views of the city. The winning bidder looks set to capitalise on these factors as well as may gain an advantage from a longer gestation period to ride out the current market conditions.”