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7 recently completed residential projects

Posted by Singapore Property Launch on 14th February 2015 in Blog
D'Leedon condo perspective 2

image: D’Leeon

 

There were 6,304 private housing units completed in the fourth quarter of 2014, increasing the number of homes that are ready-to-occupy in the year to 19,444 units, revealed a Savills report.

The report stated that the total number of available private homes across Singapore now stands at 308,814 units.

Special mention was given to d’Leedon at Leedon Heights, which was completed in Q4 and comprises a whopping 1,715 units.

Meanwhile, the slew of new completions is expected to put more downward pressure on rents. According to Savills, as at end-2014, private rents fell 3.0 percent from a year ago, and this is expected to soften further.

But the consultancy noted that rents are not expected to collapse.

“The abundant supply situation does not mean rents will cave in as employment remains high and interest rates are still low relative to the norm,” said Alan Cheong, Research Head of Savills Singapore.

Here’s a look at some newly completed projects that will add to the supply of homes available for rent.

 

1. d’Leedon (CCR)
Developer: CapitaLand
Tenure: 99-year leasehold
Location: Leedon Heights (D10)
Nearest MRT station: Farrer Road
No. of units completed: 1,715

 

2. Seastrand (OCR)
Developer: Far East Organization and Frasers Centrepoint
Tenure: 99-year leasehold
Location: Pasir Ris Link (D18)
Nearest MRT station: Pasir Ris
No. of units completed: 473

 

3. Parc Vera (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Hougang Street 32 (D19)
Nearest MRT station: Hougang
No. of units completed: 452

 

4. Terrasse (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Terrasse Lane (D19)
Nearest MRT station: Kovan
No. of units completed: 414

 

5. The Miltonia Residences (OCR)
Developer: Hoi Hup Sunway
Tenure: 99-year leasehold
Location: Miltonia Close (D27)
Nearest MRT station: Khatib
No. of units completed: 410

 

6. SkySuites @ Anson (CCR)
Developer: Allgreen Properties
Tenure: 99-year leasehold
Location: Enggor Street (D02)
Nearest MRT station: Tanjong Pagar
No. of units completed: 360

 

7. The Tennery (OCR)
Developer: Far East Organization
Tenure: 99-year leasehold
Location: Woodlands Road (D23)
Nearest MRT station: Bukit Panjang (future)
No. of units completed: 338

credits: properyguru

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URA releases residential site in Farrer Park

Posted by Singapore Property Launch on 11th February 2015 in Blog
URA releases residential site in Farrer Park

Image: URA

UPDATED: The Urban Redevelopment Authority (URA) has released a residential site at Sturdee Road for sale today under the Confirmed List of H1 2015 Government Land Sales (GLS) programme.

Measuring 6,111.5 sq m, the site has a Maximum Gross Floor Area (GFA) of 21,391 sq m and is estimated to yield 265 housing units.

The nearest MRT station to the 99-year leasehold site currently is Farrer Park, and it is close to the upcoming Bendeemer station on the Downtown line.

The site is a short drive to Orchard Road, with close proximity to the Central Business District (CDB).

Desmond Sim, Head of CBRE Research in South East Asia said, “This is the first of a limited pool of six sites that are being offered for sale under the GLS for the first half of the year. The relatively small plot will translate to a palatable quantum of between $160 million to $180 million, on the basis of $700 per plot ratio.”

CBRE expects healthy interest in the site from at least 10 developers.

The tender for the land parcel (pictured) will close on 24 March 2015.

credits: propertyguru

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16 condo units sold in bulk deal for around $75m

Posted by Singapore Property Launch on 10th February 2015 in Blog
16 condo units sold in bulk deal for around 75m

image: stproperty

Emerald Land has reportedly found buyers for 16 remaining unsold units at its 40-unit completed freehold condominium at Emerald Hill Road, revealed media reports.

The transacted units at 111 Emerald Hill (pictured) consist of three to four-bedroom apartments, including the project’s four penthouses which come with roof terraces.

The deal was reached through a sale of the developer’s stocks for between $75 million to $76 million. Based on the project’s strata area of around 44,000 sq ft, the psf price works out to $1,700 compared to the price range of $2,214 to $3,030 psf for the 24 units sold previously.

The low price includes a significant discount for the bulk deal and reflects the current predicament of the high-end residential market, experts said.

The stocks of Emerald Land were disposed by a fund managed by LaSalle Investment Management to companies entirely-owned by Singapore citizens.

As the developer is now completely owned by Singapore citizens, it may rent out the units or keep them as long it wants, presuming that the project’s Qualifying Certificate (QC) has been revoked and it has received a clearance certificate from the Land Dealings (Approval) Unit.

Commenting on the deal, Cushman & Wakefield Executive Director (capital markets) Shaun Poh said funds are motivated to sell their investment properties as they are restricted by the fund’s life.

Meanwhile, a German core fund managed by Morgan Stanley has appointed Savills and CBRE to sell 22 four-bedrooms and one penthouse at Draycott Eight. The property has a total strata area of 68,419 sq ft and a remaining lease term of around 82 years. The seller is said to be asking for $157.4 million or $2,300 psf.

credits: propertyguru

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HDB awards EC site to Sim Lian Land

Posted by Singapore Property Launch on 8th February 2015 in Blog
HDB awards EC site to Sim Lian Land

Image: HDB

HDB has awarded the tender for a land parcel at Anchorvale Crescent (pictured) in Sengkang East to Sim Lian Land after it submitted the top bid of $157.8 million.

Launched for tender on 18 November 2014, the 99-year leasehold site has an area of 17,450.10 sq m with a maximum gross floor area of 52,350.30 sq m and a gross plot ratio of 3.0.

Zoned for Executive Condominium (EC) housing, is expected to yield up to 525 housing units.

Located near Cheng Lim LRT station, the upcoming EC will be near Bellewaters, an EC project by Qingjian Realty.

The site attracted three bidders after the tender closed last month, after the government extended the deadline to submit bids for the site so that developers would have more time to study a new condition set by the Land Transport Authority (LTA).

credits:propertyguru

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10 major launches to look out for in 2015

Posted by Singapore Property Launch on 5th February 2015 in Blog
Symphony Suites Perspective 1

Image: Symphony Suites

 

Despite the large number of unsold private residential units in Singapore, property developers will continue to roll out new condominium launches in 2015, revealed a Savills report.

Around 32,970 units out of the total pipeline supply of 75,188 units have not found buyers as of end-2014, stated the report.

But some recently launched projects still achieved relatively good sales such as Marine Blue, which sold 31 units over a single preview weekend in January, at an average price of between $1,800 and $2,000 psf.

Located in Marine Parade, the freehold condo by CapitaLand comprises 124 units.

According to Savills, most of the units launched this year will be in the OCR, with the biggest project being the 1,165-unit Kingsford Waterbay at Upper Serangoon View.

Meanwhile, given the current weak market conditions, developers are expected to adjust prices of new launches, noted a report from PropertyGuru.

Instead of pricing units based on profitability, home builders will need to focus on affordability to drive sales.

Speaking to PropertyGuru, Alice Tan, Research Head at Knight Frank Singapore said: “For mid-sized mass market private homes of 800 to 1,100 sq ft in size, the sweet spot price range will typically be between $900,000 and $1.1 million. Projects beyond $1.2 million might be a stretch for most middle and upper middle income buyers.”

She added: “City fringe homes should ideally be priced between $1.2 million to $1.5 million for a two- or three-bedroom unit. Any project which surpasses the $2 million mark will be less attractive to prospective buyers because they would be unable to fulfil their TDSR (Total Debt Servicing Ratio) limitations.”

At the same time, buyers are more likely to gravitate to smaller units as it would cater to their immediate housing needs and financial situation.

“In the Outside Central Region (OCR) and Core Central Region (CCR), there has been a marked increase from 14 to 17 percent and from 53 to 57 percent for condos 800 square feet and less,” said the PropertyGuru report.

Bearing in mind these factors, here’s a list of the major launches in 2015, courtesy of Savills Research.

 

1. Botanique at Bartley (OCR)
Developer: UOL Development
Tenure: 99-year leasehold
Location: Upper Paya Lebar Road (D19)
Nearest MRT station: Marymount
Estimated no. of units: 797

 

2. Kingsford Waterbay (OCR)
Developer: Kingsford Property Development
Tenure: 99-year leasehold
Location: Upper Serangoon View (D19)
Nearest MRT station: Hougang
Estimated no. of units: 1,165

 

3. Marine Blue (RCR)
Developer: CapitaLand
Tenure: Freehold
Location: Marine Parade Road (D15)
Nearest MRT station: Eunos
Estimated no. of units: 124

 

4. North Park Residences (OCR)
Developer: Frasers Centrepoint
Tenure: 99-year leasehold
Location: Yishun Central 1 (D27)
Nearest MRT station: Yishun
Estimated no. of units: 920

 

5. Parksuites (CCR)
Developer: Far East Organization
Tenure: 999-year leasehold
Location: Holland Grove Road (D10)
Nearest MRT station: Holland Village
Estimated no. of units: 119

 

6. Pollen & Bleu (CCR)
Developer: Singland Development
Tenure: 99-year leasehold
Location: Farrer Drive (D10)
Nearest MRT station: Farrer Road
Estimated no. of units: 106

 

7. Sims Urban Oasis (RCR)
Developer: GuocoLand
Tenure: 99-year leasehold
Location: Sims Drive (D14)
Nearest MRT station: Aljunied
Estimated no. of units: 1,024

 

8. South Beach Residences (CCR)
Developer: CDL and IOI Group
Tenure: 99-year leasehold
Location: Beach Road (D7)
Nearest MRT station: Esplanade
Estimated no. of units: 190

 

9. Symphony Suites (OCR)
Developer: EL Development
Tenure: 99-year leasehold
Location: Yishun Avenue 9 (D27)
Nearest MRT station: Yishun
Estimated no. of units: 660

 

10. Victoria Park Villas (CCR)
Developer: CapitaLand
Tenure: 99-year leasehold
Location: Coronation Road (D10)
Nearest MRT station: Tan Kah Kee (future)
Estimated no. of units: 109

 

credits: propertyguru

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2 in 3 S’poreans want property curbs, but seek relaxation of rules

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

tweaks to property cooling measures

Two in three Singaporeans want the government to maintain the property cooling measures but many home buyers hope some curbs will be relaxed, according to a recent consumer sentiment survey by PropertyGuru. Conducted in Q4 2014, the survey polled 940 people.

The top three measures they’d like to see 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.

Currently, Singapore citizens pay an ABSD rate of 7.0 percent for a second residential unit and 10 percent for a third or more property. Foreigners buying private homes in the city-state have to pay a higher ABSD of 15 percent.

In June 2013, the Monetary Authority of Singapore (MAS) implemented TDSR to ensure financial prudence among borrowers. The policy specifies that total monthly payments of a borrower, including car and home loans and even credit card debts, should not exceed 60 percent of the borrower’s income.

Two months later, HDB cut the MSR limit to 30 percent of the borrower’s gross monthly salary from the previous limit of 35 percent.

As such, buyers are more restrained if their MSR is over 30 percent or TDSR is near 60 percent.

However, some analysts feel chances of the government relaxing these regulations in 2015 are slim as it wants further stabilisation in the market.

In his Budget 2014 statement last February, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said it is still too early to start relaxing the property cooling measures given the run-up in prices in the last few years.

Agreeing with this decision, Getty Goh, Chief Executive Officer, Co Assets & Director, Ascendant Assets, told PropertyGuru that the Minister is looking at the overall stability of the market and prices have not significantly corrected yet.

“Up to this point, prices are down by about 4.0 to 5.0 percent which is not that big a drop. Median prices of private homes in the CCR (Core Central Region) and RCR (Rest of Central Region) are going for more than $900 psf and that is something the majority of upgraders are finding a bit of a stretch,” Goh shared.

He believes the government would want prices to decline further so that the aspirations of Singaporeans can be met.

Commenting on what could cause the measures to be removed, Goh noted that a significant price drop similar to levels seen during the 2008 financial crisis would play a part.

“During the Global Financial Crisis, property prices came down by as much as 20 percent within a year. But right now we are seeing more of a gradual decline so unless there is a sudden drop of more than 20 to 30 percent within a short period of time, then we believe it will warrant the government coming in to repeal some of these measures.”

Goh also thinks the timing is too soon to reduce some policies given that it has only been a down market for four quarters.

Comparatively, other down markets have lasted between three to five years which means it has not reached a point where the government feels it needs to take action, he said.

 

credits: propertyguru