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Dunearn Gardens Sold To EL Development For $468m

Posted by Singapore Property Launch on 26th April 2018 in Blog
Dunearn Gardens

The purchase price is lower than the reserve price of $488.8 million. (Photo: Knight Frank)

Dunearn Gardens, a freehold condominium located off Newton Road, has been sold collectively to a wholly-owned subsidiary of EL Development for $468 million following its third en bloc attempt, marketing agent Knight Frank said on Monday (23 Apr). 

The purchase price is lower than the reserve price of $488.8 million.

Including a development charge of about $43.6 million to redevelop the site to a gross plot ratio (GPR) of 2.8 based on the maximum gross floor area of approximately 267,239 sq ft, the land rate stands at $1,914 psf per plot ratio (psf ppr).

With the inclusion of a 10 percent bonus balcony space and a proposed GPR of 3.08, the land rate works out to $1,841 psf ppr, subject to the authorities’ approval.

Each owner could walk away with between $2.69 million and $7.98 million from the successful sale.

With a site area of approximately 95,442 sq ft, Dunearn Gardens is located close to Newton MRT interchange and various established schools. Completed in 1992, it comprises 114 units.

EL Development plans to redevelop the site into a 34-storey luxury condominium comprising 348 one- to four-bedroom units.

“The new high-rise development will enjoy unobstructed views towards the city. We believe the new development will appeal to owner-occupiers and investors given its choice location right at the city fringe,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

Knight Frank is also set to launch Kemaman Point for collective sale in early May. Completed in 1993, the freehold condo in Balestier comprises 89 units.

credits: propertyguru


Developer Sentiment Hits Record High In Q1 2018

Posted by Singapore Property Launch on 25th April 2018 in Blog
Developer sentiment hits record high in Q1 2018

Many developers expect property prices to increase by 5.0 to 8.0 percent for the whole of 2018.

Singapore developers have become more upbeat about the state of the property market, with the Real Estate Sentiment Index (RESI) hitting a record high since the index was launched in Q1 2010.

Overall sentiment improved from 6.9 in Q4 2017 to 7.1 during the first quarter of this year. In particular, the Current Sentiment Index rose from 6.9 to 7.2, while the Future Sentiment Index increased from 6.9 to 7.0 over the same period. A score above five indicates improving market conditions, while a lower score denotes deteriorating conditions.

“The real estate market sentiment has been at the all-time high after showing 10 consecutive quarters of increases since Q4 2015,” said associate professor Sing Tien Foo of the Department of Real Estate at the National University of Singapore (NUS).

“The improvements in the performance were broad-based and found in all sectors of the property markets. Prime and suburban residential markets showed the most robust performance in Q1 2018 supported by the strong take up in new launches.”

However, the improvement in market sentiment appears to be slowing down quarter-on-quarter.

Nevertheless, 88.2 percent of the developers surveyed anticipate home prices to rise over the next six months, with about 64.7 percent forecasting an increase of between 5.0 and 8.0 percent for the whole of 2018.

Moreover, 26.5 percent of them plan to significantly increase their new launches in the next six months, while 55.9 percent intend to moderately increase their roll out of units.

On the other hand, 14.7 percent said they would maintain their launches at the same level. Only 5.9 percent expect prices to remain unchanged, while another 5.9 percent think prices would fall.

Furthermore, 65.1 percent of the respondents believe that a significant drop in collective sales is unlikely to occur over the next six to nine months despite the hike in development charges.

RESI is jointly developed by the Real Estate Developers’ Association of Singapore (Redas) and the Department of Real Estate at NUS. The data is derived from questionnaires conducted among senior executives of Redas members.

credits: propertyguru


Queenstown HDB Flat Sold For $1.08m, More Record-Breaking Deals Expected

Posted by Singapore Property Launch on 24th April 2018 in Blog
Block 148 Mei Ling Street crop

The 1,615 sq ft high-floor unit is close to Queenstown MRT station and Anchorpoint mall. (Photo: Mohamed Ameen)

A HDB resale executive apartment at Block 148 Mei Ling Street in Queenstown, which has a balance lease of about 76 years, was sold this month for an eye-popping $1.08 million, which works out to about $669 psf on the built-up area.

The 1,615 sq ft corner unit located on the 13th floor is close to Queenstown MRT station and Anchorpoint mall.

It is understood that the sellers have been staying there since 1995 and plan to upgrade to a nearby condominium.  

ERA Realty property agent Mohamed Ameen helped broker the sale. He revealed that the unit was listed on PropertyGuru with an asking price of $1.1 million for less than two weeks.

More than five groups of buyers viewed the flat during this period before it was sold to a Singaporean woman who was looking to downgrade after her house went en bloc.

“The buyer was willing to pay a premium for the unit due to its large size and proximity to an MRT station,” said Ameen.

Comparatively, a 5-room flat at the iconic Pinnacle@Duxton in Tanjong Pagar is smaller at 1,141 sq ft. 

Another major selling point is the limited supply of HDB executive apartments as such flats are no longer being built, noted Ameen.

He expects to see a pick-up in demand for executive apartments and executive mansionettes this year as many owners of en bloc properties will be looking for big replacement homes.

Citing data from HDB, Ameen shared that there have been 10 resale flat deals of more than $1 million concluded so far in 2018; seven at Pinnacle@Duxton, two in Mei Ling Street and one at City View @ Boon Keng, a Design, Build and Sell Scheme development. 

This is higher than the three million-dollar deals recorded in Q1 2017, all at the Pinnacle.

As such, he expects to see more record-breaking prices in future, especially in Queenstown, once the HDB flats in nearby Dawson estate reach their five-year minimum occupation period in 2020.

“The high-floor flats there offer beautiful unblocked views, and we can expect to see transactions breaching the million-dollar mark,” said Ameen.

Meanwhile, PropNex Realty CEO Ismail Gafoor reckons HDB resale prices could rise by 1.0 percent in 2018 due to positive sentiment in the residential market and the ongoing collective sales fever.

This reverses a trend of falling resale flat prices since their peak in 2013 following the introduction of measures to stabilise the public housing market, including the Mortgage Servicing Ratio cap of 30 percent and the maximum loan term of 25 years for HDB mortgage loans.

credits: propertyguru


Property Market Uptrend To Continue, Buyers Encouraged To Look At Regional Centres

Posted by Singapore Property Launch on 21st April 2018 in Blog
Ken Low Huttons Parc Botannia

Ken Low from Huttons Asia talked about upcoming launch prices and squashed any possibility of a property bubble forming at a recent Guru Talk event.  

Singapore’s property market has seen a decline for nearly four years, but this was followed by a recent upturn in property prices and transactions. In fact, analysts from Morgan Stanley have predicted that property prices could rise by 5.0 to 6.0 percent per annum.

Meanwhile, the number of new launches may hit 50 this year, with the majority of projects located in the central, western and northeast regions. The northeast of Singapore, which includes Sengkang, Serangoon, Kovan, Hougang and Punggol tops the list for being the most affordable region and one to look at in the coming years. Located within the North Coast Innovation Corridor, the area will grow to become the largest regional centre, surrounded by various R&D and tech companies.

But questions remain, including what to expect in the second half of 2018 and how buyers and investors can address current challenges in the property market.

Also, what is the growth potential of regional centres in Singapore? These issues were discussed during PropertyGuru’s recent Guru Talk seminar held at the Parc Botannia showflat in Sengkang at the end of March.  

Guru Talk is a series of knowledge empowerment seminars aimed at providing ‘Guru Views’ on the property market.

The latest seminar drew a good response, with over 50 people in attendance and looking to gain fresh insights from esteemed speakers Ken Low, director of project sales & marketing at Huttons Asia, and Winston Lee, PropertyGuru’s regional head of special projects.

The event kicked off with Low talking about launch prices of upcoming projects and squashing any possibility of a property bubble forming.

“If the launch price of a property is higher, there will also be a much higher chance of capital appreciation. As of now, launch prices of projects in the northeast area are in the range of $1,200 to $1,400 psf, $3,000 psf for central areas, $1,800 to $2,500 psf for the city fringe, and $900 psf for executive condominiums,” he said.

Low added that housing prices are still within the healthy range. Singapore also has one of the lowest interest rates at 1.6 to 1.7 percent and there is fluidity in the market due to ongoing en bloc sales.

“Aside from the Buyer’s Stamp Duty for property purchases above $1 million, we are also expecting an increasing population and a higher number of foreign investors,” he noted.  

Attendees also benefitted from a talk on the potential of regional centres in Singapore from PropertyGuru’s Lee.

“There are four regional centres; Tampines Regional Centre, Jurong Lake District, Woodlands Regional Centre and the North Coast Innovation Corridor. Aside from Seletar Aerospace Park, the growth pipeline in the North Coast Innovation Corridor includes the new Singapore Institute of Technology, the future Thomson-East Coast Line and the creation of 10,000 jobs by end 2018,” he said.

Punggol and Sengkang currently top the list of areas for property ownership due to employment opportunities and its popularity among younger Singaporeans. This will in turn boost the market value of properties and promote better rental yield and demand, noted Lee.

credits: propertyguru


Twin Vew To Open Showflat This Weekend

Posted by Singapore Property Launch on 20th April 2018 in Blog
Twin VEW - Hero crop

Artist’s impression of Twin Vew in West Coast Vale.

Twin Vew in West Coast Vale will open its showflat for preview this Saturday (21 Apr), said developer CSC Land.

The 520-unit condominium is the Group’s first development in Singapore, and will comprise two 36-storey towers offering a range of one- to four-bedroom units and penthouses from 484 sq ft to 2,088 sq ft. There are also two shops and a childcare centre on site.

Early-bird prices for the one-bedders start from $650,000, two-bedders from $898,000, three-bedders from $1.18 million, and four-bedders from $1.55 million.

CSC Land is the property development arm of China Construction (South Pacific) Development, which purchased the riverfronting site along Pandan Reservoir in February last year for $291.99 million ($591 psf per plot ratio).  

The site is located right next to the 752-unit Parc Riviera condo launched in 2016. Commercial amenities nearby include Westgate, Jem and Big Box at Jurong Lake District, which is slated to be transformed into Singapore’s second central business district.

Li Xiao Qian, chairman of CSC Land, said: “We are excited to have the opportunity to develop a residential development within a location with so much potential, we look forward to playing a part in the revitalisation and redevelopment of this region.”

Sale of units will commence on 5 May. The 99-year leasehold project is expected to be completed by Q4 2021.

Other projects launching soon include the estimated 275-unit Margaret Ville in Margaret Drive by MCL Land and UOL’s Amber 45 at Amber Road (139 units).

Property analysts expect private home prices to rise this year, with flash estimates of the Urban Redevelopment Authority’s price index up 3.1 percent in Q1 from the previous quarter, the biggest increase in nearly eight years.

credits: propertyguru

Luxury home prices in downtown Singapore rising faster than other high-end districts: report

View of historical shophouses and modern skyscrapers in Tanjong Pagar. (Photo: GuocoLand)

Prices of luxury apartments in the downtown core, which includes Raffles Place, Marina Bay and Tanjong Pagar are outperforming other high-end districts in Singapore, according to an OrangeTee report.

The area comprises districts 1 and 2 and is one of the most sought-after locations for luxury properties here, the report said. Proximity to the Shenton Way financial district and commercial amenities in Boat Quay and Chinatown were cited as the main reasons for the strong appeal.

OrangeTee’s analysis of URA Realis caveats shows that the average price of non-landed luxury homes in the two districts grew by 9.3 percent to $2,147 psf in Q1 from a year ago. This is higher than the 6.2 percent increase to $2,046 psf for the Core Central Region during the same period.

The average price of private condos downtown is also close to the peak of $2,207 psf seen in Q1 2013.

Specifically, District 2 saw a bigger year-on-year price increase of 14.5 percent as compared to District 1 (5.6 percent) due to projects like Wallich Residence at Tanjong Pagar Centre – Singapore’s tallest building, Icon in Gopeng Street and 76 Shenton.

In fact, the second and third most expensive non-landed homes in dollar psf terms transacted last quarter were high-floor apartments at Wallich Residence; a 958 sq ft unit was sold at $3,894 psf, while a 1,722 sq ft unit was sold at $3,832 psf.

Although prices continue to rise in both districts, demand for homes has been picking up since Q2 2017, with sales breaching the five-year average of 85 units, said OrangeTee.

URA data shows that 493 caveats were lodged in districts 1 and 2 last year, up 153 percent from 195 caveats in 2016. In the first three months of 2018, 89 caveats were lodged.

The best-selling project in the downtown core since 2017 has been Marina One Residences in Marina Bay, which sold 47 units at a median price of $2,428 psf. This was followed by V on Shenton in Shenton Way and Spottiswoode Suites at Spottiswoode Park Road, which moved 44 and 40 units at median prices of $2,235 psf and $2,135 psf respectively.

Looking ahead, OrangeTee expects non-landed home prices in districts 1 and 2 to rise by about 8.0 to 12 percent this year as more units from Marina One Residences and Wallich Residence are released.

credits: propertyguru