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Shunfu Ville set to go en bloc

Posted by Singapore Property Launch on 28th July 2015 in Blog

Shunfu Ville set to go en bloc

The owners of Shunfu Ville in Marymount Road have reportedly secured the minimum consent required for the residential development to be launched for collective sale.

A former HUDC estate that was privatised, Shunfu Ville is a short distance from Marymount MRT station on the Circle Line and sits on a 409,000 sq ft site with a balance lease term of around 70 years, reported The Business Times.

The site features three 16-storey towers and three low-rise blocks, with unit sizes ranging between 1,668 sq ft and 1,776 sq ft.

The en bloc sale of the 358-unit development is being marketed by JLL. The owners controlling 80 percent of Shunfu Ville’s strata area and share value have agreed to the collective sale.

They are expected to receive over $700 million from the sale, which works out to a unit land price within the low $800 psf ppr range, inclusive of two payments to be made by the buyer to the state. One is a lease upgrading premium to top up the lease of the site to 99 years, while the other is a differential premium for developing a larger project on the site.

Zoned residential under the Urban Redevelopment Authority’s (URA) Master Plan 2014, the Shunfu Ville site has a plot ratio of 2.8. This means a new project could comprise 1,280 units with an average size of 850 sq ft.

It could be up to 36 storeys high, offering future residents unblocked views of the surrounding greenery and the MacRitchie Reservoir.

Based on its reserve price, the owners stand to gain over 50 percent more compared to what they could have received from selling the units individually.

Assuming a land price of $820 psf ppr, the breakeven cost for the new project could stand at around $1,300 to $1,400 psf for the winning bidder, according to market watchers.

Considering the scaleback in state land sales, the development should tempt deep-pocketed property developers looking to replenish their landbanks.

“Shunfu Ville has strong locational attributes but the question is what price developers are prepared to pay,” noted an expert.

credits: propertyguru

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640 e-applications for The Brownstone

Posted by Singapore Property Launch on 23rd July 2015 in Blog

Brownstone EC Social Pool

The Brownstone, a 638-unit executive condominium (EC) project at Canberra Drive in Sembawang, has received around 640 e-applications since its launch on 10 July, reportedChannel NewsAsia.

E-applications for the project, which is being jointly developed by City Developments Limited (CDL) and TID Pte Ltd, closed on Monday, while bookings start this coming Saturday, 25 July.

Although e-applications are usually viewed as an indication of interest in a project, applicants are not obliged to purchase once sales commence. Units at The Brownstone have an indicative price of $599,000 for a two-bedroom and $1.3 million for a five-bedroom penthouse.

Meanwhile, several other EC projects are expected to enter the market this month. E-applications for Sol Acres at Choa Chu Kang is currently in progress, while the 517-unit The Vales at Anchorvale Crescent, already opened for sales last Saturday.

credits: propertyguru

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High Park Residences draws buyers

Posted by Singapore Property Launch on 20th July 2015 in Blog

High Park Residences draws buyers

The High Park Residences condominium in Sengkang has received strong interest from buyers, with 1,100 units sold during its first sales weekend, reported The Straits Times.

This works out to 78 percent of the 1,390-unit project, said the developers in a statement.

Set for completion in 2020, the 99-year leasehold project is being developed by CEL Development and Unique Residence, which is a joint venture between Kim Seng Realty and Heeton Homes.

Situated next to Thanggam LRT station, High Park Residences is a short distance away from the Seletar Mall.

CEL Development’s executive director Chng Chee Beow revealed that the new project attracted a diverse range of buyers from across Singapore due to its wide selection of units, free lifestyle classes and 118 recreational facilities on offer.

Notably, buyers snapped up all of the project’s studio, shop, “one plus study” and bungalow units.

“We are indeed very encouraged by the overwhelming response,” shared Chng.

The showflat for High Park Residences at Fernvale Road is open daily from 11am to 7pm.

Image: Artist’s impression of High Park Residences in Sengkang.

 

credits: propertyguru

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Sengkang condo to offer bicycle-sharing facility

Posted by Singapore Property Launch on 13th July 2015 in Blog

Riverbank Fernvale Condo perspective 5

A novel bicycle-sharing facility is set to be launched at Riverbank @ Fernvale, a condominium project in Sengkang expected to be completed by early 2017, reported Today Online.

Under the scheme, residents can book bikes for free, which they can use on short commutes to nearby train stations or to travel around the estate.

Residents can cycle along the North Eastern Riverine Loop park connector, which links four parks within the area and runs through the heartlands of Punggol, Buangkok and Sengkang.

They will also have access to Lorong Halus Wetland, Punggol Promenade and Punggol Beach.

UOL Group, the developer of the 555-unit condominium, said it will supply a pool of 50 bicycles that can be shared among residents and bicycle racks for those who have their own bicycles.

To be administered by the managing agent of the estate, the facility will have an initial cost of around $80,000. It will also have a running cost.

“By incorporating a bicycle facility that links seamlessly to the future park connector, we can encourage more residents to cycle for a healthy lifestyle and enjoy family bonding at the same time,” said Anthony Wong, general manager of marketing at UOL Group.

“If response is good, we will add more bicycles for the residents. We are also considering extending the facility to other condominiums where conditions are as conducive, in the future,” he added.

Image: Artist’s impression of the upcoming Riverbank condo in Sengkang.

Credits: propertygurua

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Prime rents down almost 5% from last year

Posted by Singapore Property Launch on 8th July 2015 in Blog

Prime rents down almost 5percent from last year

Rents of prime residential properties in Singapore fell 4.9 percent in the last one year to Q1 2015, according to the latest Knight Frank Prime Global Rental Index which tracks 18 cities.

On a quarterly basis, rents of high-end units in the city-state dipped 1.9 percent in Q1 from the previous three-month period.

A report by Colliers International in April noted that the slowdown in demand for luxury properties is putting pressure on an already weak leasing market.

It stated that newly completed homes and unsold inventory are competing with existing stock to vie for a limited pool of tenants who mainly comprise existing tenants searching for alternative accommodation. New expatriate arrivals also remained limited due to tight immigration policies.

Globally, Tokyo leads the other cities for the second consecutive quarter with prime rents up 8.1 percent from a year ago.

Knight Frank defines prime property as the top five percent of the housing market in each city.

credits: propertyguru

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Delay in next BTO launch

Posted by Singapore Property Launch on 4th July 2015 in Blog

Delay in next BTO launch

Home buyers looking to apply for a Build-to-Order (BTO) flat in Bidadari will have to wait a while longer as the next BTO exercise has been pushed back from August to September this year, reported Channel NewsAsia.

The Housing and Development Board (HDB) attributed the delay to the ongoing consolidation of the two-room flat and studio apartment schemes, and the review on the higher income ceiling for BTO applications.

These plans were announced by National Development Minister Khaw Boon Wan in a radio interview on 23 June. He had hoped the changes would be in place for the next BTO exercise.

Despite the delay and HDB’s announcement that it will be trimming new flat supply from 16,900 to 15,000 units, the agency assured there will still be four BTO launches in 2015.

The first two BTO and sale of balance flat exercises offered 8,039 and 5,387 units respectively.

The September BTO exercise will be the third one this year, and will see HDB offering the first batch of flats in Bidadari estate, which includes 2,150 studio apartments and three- to five-rooms.

Image: Artist’s impression of the future Bidadari estate.

credits: propertyguru