Top-end home sells defines gravity in a cautious property market
AMID the caution that has crept into the market for mainstream condos since last month, a record price has been set for a top-end bungalow on Sentosa Cove. The property at Paradise Island changed hands in the resale market for $36 million or $2,403 per square foot on land area last month. In terms of both, the absolute amount and unit land price, this is believed to be the priciest bungalow deal in the upscale waterfront housing district, based on caveat records captured by the URA Realis system.
The $2,403 psf unit land price is also probably the highest for a bungalow transaction anywhere in Singapore, property agents say. The deal is understood to have been brokered by DTZ. The two-and-a-half storey bungalow fronting the waterway has a private pool and a berth for a yacht. Homes on Sentosa Cove are sold on 99-year leasehold tenure sites.
The new owner of the Paradise Island bungalow is believed to be a Chinese national who is a Singapore permanent resident. The sellers, who are understood to be Singaporeans, have reaped a handsome profit. According to caveats data, the house was last transacted in September last year at $20.18 million or $1,347 psf. The property was first sold in April 2007 by Ho Bee, the developer of Paradise Island, for $18.1 million or $1,208 psf. The bungalow has a land area of 14,983 sq ft and a built up area of about 17,000 sq ft.
A nearby property on Paradise Island also changed hands in March at $2,390 psf in the resale market but as its land area was smaller at about 8,105 sq ft, the lumpsum price was lower at $19.38 million. Ho Bee’s Pardise Island project received Temporary Occupation Permit (TOP) in May last year.
A new record bungalow price could be set for the location if Satinder Garcha’s Elevation Developments gets the $3,000 psf it is looking at for its three-storey bungalow at 81 Ocean Drive, which has been completed. With a land area of 9,436 sq ft, the total price would work out to $28.3 million sq ft. The unit’s built-up area is 11,500 sq ft. According to KH Tan, managing director of Newsman Realty, which is marketing the property, an offer for $2,700 psf from an American has been received, but Elevation is waiting for its target price.
The unit comes with a glass lift, two master suites, three smaller en-suite bedrooms, an infinity pool, a home theatre room and a spacious lawn. Elevation is offering the property furnished and fitted.
Foreign buyers, including mainland Chinese, have been active buying landed homes in Sentosa Cove, say property agents.
In March, four members of a Liu family from Liaoning are said to have acquired a bungalow each at Kasara – The Lake collection at Sentosa Cove from YTL Corporation. Their purchase prices range from about $15.9 million to nearly $26 million per bungalow or $1,731-1,780 psf on land area. The villas are slated to receive TOP in June 2012.
DTZ executive director (consulting) Ong Choon Fah is not expecting bungalow prices on Sentosa Cove to keep climbing at the same pace, given the more cautious global economic climate which could dent foreign interest. ‘However, there is limited supply of just 400 landed homes on Sentosa Cove. And long-term investors may draw the conclusion that putting their money in the Singapore property market is a good investment when you consider the alternatives,’ she added. Some market watchers say that the opening of Resorts World Sentosa has also boosted the appeal of owning a home on Sentosa Cove to some foreigners.
Sentosa Cove is the the only place where foreigners who are not Singapore permanent residents are allowed to buy landed homes, although this is still subject to approval from the Land Dealings (Approval) Unit. Also, foreigners buying a landed home on Sentosa Cove do not have to hold the property for at least three years before they can resell it, unlike the case when they buy a landed property on the mainland.
Whether on the mainland or on Sentosa Cove, foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
Source : Business Times – 12 Jun 2010
Saturday, June 12, 2010
Property tax bill: feedback wanted
THE Ministry of Finance (MOF) yesterday launched a public consultation to seek feedback on proposed changes to the Property Tax Act.
There will be 12 suggested changes in the draft Property Tax (Amendment) Bill 2010. They are the result of periodic reviews of the property tax system, and ‘aim to improve tax administration or provide clarity to taxpayers’, MOF said in a release.
One proposed amendment will streamline reporting requirements for property owners – they will no longer need to inform the taxman about certain events, such as when a building is completed or rebuilt.
Another suggested change will allow the Comptroller of Property Tax to recover property tax for redevelopment sites prior to the current year, subject to a time-bar limit of five years.
The public consultation exercise will end on June 25. Consultation documents and explanations for the draft bill are available at MOF’s website and the REACH consultation portal.
Source : Business Times – 12 Jun 2010
There will be 12 suggested changes in the draft Property Tax (Amendment) Bill 2010. They are the result of periodic reviews of the property tax system, and ‘aim to improve tax administration or provide clarity to taxpayers’, MOF said in a release.
One proposed amendment will streamline reporting requirements for property owners – they will no longer need to inform the taxman about certain events, such as when a building is completed or rebuilt.
Another suggested change will allow the Comptroller of Property Tax to recover property tax for redevelopment sites prior to the current year, subject to a time-bar limit of five years.
The public consultation exercise will end on June 25. Consultation documents and explanations for the draft bill are available at MOF’s website and the REACH consultation portal.
Source : Business Times – 12 Jun 2010
Friday, June 11, 2010
CapitaMalls Asia gets approval to list assets on Bursa Malaysia
CapitaMalls Asia (CMA) says it has received approval from the Securities Commission of Malaysia to list its assets across the Causeway.
It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia.
Some 1.35 billion CMMT units will be listed.
A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.
If an over-allotment option of up to 15 per cent of the proposed offering totaling some 117.9 million units is exercised, CMA will retain a stake of 33 per cent in CMMT.
CMA did not reveal the pricing of the shares.
But the Employees Provident Fund Board of Malaysia and Great Eastern Life Assurance Malaysia have signed up as cornerstone investors for the proposed offering.
They will buy 90 million shares, which is 11.4 per cent of the units being offered to investors in Malaysia and overseas.
The cornerstone investors have agreed to pay 1.1 ringgit per unit or the institutional price, whichever is lower.
CMMT will invest in a portfolio of income-producing real estate primarily used for retail purposes and located primarily in Malaysia for the long-term.
Its initial portfolio comprises three shopping malls – Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur, and The Mines in Selangor.
The portfolio has a total net allowable area of some 1.88 million square feet.
CMA believes that if listed, CMMT will be Malaysia’s largest listed “pure-play” shopping mall REIT by market capitalisation and property value.
CMMT will not be available to retail investors in Singapore.
CMA adds that its decision on whether to proceed with the proposed listing depends on factors, including prevailing market conditions.
Source : Channel NewsAsia – 11 Jun 2010
It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia.
Some 1.35 billion CMMT units will be listed.
A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.
If an over-allotment option of up to 15 per cent of the proposed offering totaling some 117.9 million units is exercised, CMA will retain a stake of 33 per cent in CMMT.
CMA did not reveal the pricing of the shares.
But the Employees Provident Fund Board of Malaysia and Great Eastern Life Assurance Malaysia have signed up as cornerstone investors for the proposed offering.
They will buy 90 million shares, which is 11.4 per cent of the units being offered to investors in Malaysia and overseas.
The cornerstone investors have agreed to pay 1.1 ringgit per unit or the institutional price, whichever is lower.
CMMT will invest in a portfolio of income-producing real estate primarily used for retail purposes and located primarily in Malaysia for the long-term.
Its initial portfolio comprises three shopping malls – Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur, and The Mines in Selangor.
The portfolio has a total net allowable area of some 1.88 million square feet.
CMA believes that if listed, CMMT will be Malaysia’s largest listed “pure-play” shopping mall REIT by market capitalisation and property value.
CMMT will not be available to retail investors in Singapore.
CMA adds that its decision on whether to proceed with the proposed listing depends on factors, including prevailing market conditions.
Source : Channel NewsAsia – 11 Jun 2010
Investors call for regulation of land banking
Having failed to get their dues back from Singapore-based investment firm Profitable Plots and left to fend for themselves, a group of investors is now calling for better regulation of land banking here.
Unable to get back a sum totalling more than $2 million, they have not been able to get help from any regulatory body as land banking is not regulated in Singapore.
In an advisory yesterday, the Monetary Authority of Singapore (MAS) said it does not regulate land banking, as it involves investors acquiring direct interests in real estate, rather than securities related to real estate.
The investors are hence calling for a petition tomorrow to appeal to the authorities to issue some form of regulation and to investigate the practices of Profitable Plots (Corrected at 02:00 PM Jun 11, 2010).
One of the investors who drafted the petition, a 38-year-old who declined to be named, said “a nicely worded friendly petition … for a plea to the authorities to take the case seriously” has been put together.
Another investor, Kok T L, who invested more than $30,000 and has consulted a lawyer, said the authorities should step in and provide some form of regulation and aid.
Ex-NTUC Income chief executive Tan Kin Lian, who has blogged extensively about land banking, told MediaCorp that any product sold as an investment should be regulated – especially if it is advertised through the media to the general public.
Land investment company Walton International Group Singapore said it did not believe a real estate investment like theirs needed to be regulated by the authorities (Corrected at 02:00 PM Jun 11, 2010).
But the chief operating officer of Walton Singapore, Ms Lusi, said the company – which has over 18,000 investors and has operated in Singapore for 14 years – would respect any regulatory decision reached.
It hopes the firm would be consulted before any regulatory regime is put in place.
Dr Tan Tee Khoon, chief executive officer of Singapore Accredited Estate Agencies, noted that “the regulation route is always an appealing one to take when something goes awry”. Investors, however, “may be the best persons to protect themselves”. They should do the necessary checks before making an investment.
Profitable Plots is also on the MAS Investor Alert List.
Responding to a letter to Today querying if companies on the list should be allowed to advertise, Ms Lily Tay, executive director of Singapore Advertisers Association, said the list only warns consumers that they will not be protected under the law if they deal with these unregulated companies.
Consumers should be more careful in responding to such advertisements. And while not impossible, it may be difficult for the local media to verify the authenticity of all advertisements, including those in the financial sector, she added.
From MAS’ advisory
What is land banking?
- The practice of buying undeveloped land, usually in the city outskirts, to sell for profit later, often to developers. Land banking firms typically sell small plots to investors, promising high returns
What are the key risks?
- The land may have little or no chance of being developed as, for instance, it could be a protected plot and a sale would be difficult. Investments may be stuck for longer than projected
- Investors could be exposed to foreign exchange fluctuations
Before investing:
- See the land, do ample research; don’t just rely on the salesman’s advice
- Be aware of property, land development laws of that country and area
- Know the company you are investing in; check its credibility
- Be sure of the contract details, such as payout frequency, duration of investment and access to information on changes to the land value
Source : Today – 11 Jun 2010
Unable to get back a sum totalling more than $2 million, they have not been able to get help from any regulatory body as land banking is not regulated in Singapore.
In an advisory yesterday, the Monetary Authority of Singapore (MAS) said it does not regulate land banking, as it involves investors acquiring direct interests in real estate, rather than securities related to real estate.
The investors are hence calling for a petition tomorrow to appeal to the authorities to issue some form of regulation and to investigate the practices of Profitable Plots (Corrected at 02:00 PM Jun 11, 2010).
One of the investors who drafted the petition, a 38-year-old who declined to be named, said “a nicely worded friendly petition … for a plea to the authorities to take the case seriously” has been put together.
Another investor, Kok T L, who invested more than $30,000 and has consulted a lawyer, said the authorities should step in and provide some form of regulation and aid.
Ex-NTUC Income chief executive Tan Kin Lian, who has blogged extensively about land banking, told MediaCorp that any product sold as an investment should be regulated – especially if it is advertised through the media to the general public.
Land investment company Walton International Group Singapore said it did not believe a real estate investment like theirs needed to be regulated by the authorities (Corrected at 02:00 PM Jun 11, 2010).
But the chief operating officer of Walton Singapore, Ms Lusi, said the company – which has over 18,000 investors and has operated in Singapore for 14 years – would respect any regulatory decision reached.
It hopes the firm would be consulted before any regulatory regime is put in place.
Dr Tan Tee Khoon, chief executive officer of Singapore Accredited Estate Agencies, noted that “the regulation route is always an appealing one to take when something goes awry”. Investors, however, “may be the best persons to protect themselves”. They should do the necessary checks before making an investment.
Profitable Plots is also on the MAS Investor Alert List.
Responding to a letter to Today querying if companies on the list should be allowed to advertise, Ms Lily Tay, executive director of Singapore Advertisers Association, said the list only warns consumers that they will not be protected under the law if they deal with these unregulated companies.
Consumers should be more careful in responding to such advertisements. And while not impossible, it may be difficult for the local media to verify the authenticity of all advertisements, including those in the financial sector, she added.
From MAS’ advisory
What is land banking?
- The practice of buying undeveloped land, usually in the city outskirts, to sell for profit later, often to developers. Land banking firms typically sell small plots to investors, promising high returns
What are the key risks?
- The land may have little or no chance of being developed as, for instance, it could be a protected plot and a sale would be difficult. Investments may be stuck for longer than projected
- Investors could be exposed to foreign exchange fluctuations
Before investing:
- See the land, do ample research; don’t just rely on the salesman’s advice
- Be aware of property, land development laws of that country and area
- Know the company you are investing in; check its credibility
- Be sure of the contract details, such as payout frequency, duration of investment and access to information on changes to the land value
Source : Today – 11 Jun 2010
Thursday, June 10, 2010
Hot property market to cool?
Analysts expect drop in transactions
The local property market is in for a correction in the coming months, said industry players, citing tell-tale signs like a plateau in home prices and a drop in transaction volumes.
The Singapore Institute of Surveyors and Valuers (SISV) said there were only 899 caveats lodged for condominiums in the first three weeks of last month. There were 3,060 for the whole of April.
And although new condominium projects are still doing well, property agents said homes sales in the secondary or resale market have dropped by up to 20 per cent recently.
Dennis Wee Group said buyers are becoming more cautious going by last month’s sales figures.
“Instead of seeing a 30 per cent increase in transactions as in the month before, I only saw a marginal 3.5 per cent increase,” said Mr Chris Koh, director at Dennis Wee Properties.
“A lot of buyers are pulling their handbrakes. What they feel today is that the seller is asking for too high a price and ‘if I am not in a hurry, why not sit and wait?’” he added.
Industry data from SISV showed sales falling across various districts as of the middle of last month.
The prime districts of 9, 10 and 11 recorded a 76 per cent drop, while the downtown city area saw the sharpest decline of 88 per cent.
Analysts also expect transaction volumes to fall by 5 to 10 per cent due to the World Cup which begins tomorrow.
Meanwhile, ECG Property said it now takes longer to close a transaction. It used to be about 45 days before, but is now up to 80 days.
Industry players expect the market correction to last between three and six months, and some said home prices could trend down by 3 to 5 per cent on average during this period.
“Some of these prices are over book-keeping value where some banks may not even match some of the asking prices today,” said Mr Eric Cheng, chief executive officer of ECG Property.
“That also shows that these prices could be a speculation price instead of a true reflection price. I think the market is going through a slight correction,” he said.
Analysts said prices may also be capped by more land supply due to be released by the Government. Other risk factors include volatile stock markets and the European debt crisis.
Source : Today – 10 Jun 2010
The local property market is in for a correction in the coming months, said industry players, citing tell-tale signs like a plateau in home prices and a drop in transaction volumes.
The Singapore Institute of Surveyors and Valuers (SISV) said there were only 899 caveats lodged for condominiums in the first three weeks of last month. There were 3,060 for the whole of April.
And although new condominium projects are still doing well, property agents said homes sales in the secondary or resale market have dropped by up to 20 per cent recently.
Dennis Wee Group said buyers are becoming more cautious going by last month’s sales figures.
“Instead of seeing a 30 per cent increase in transactions as in the month before, I only saw a marginal 3.5 per cent increase,” said Mr Chris Koh, director at Dennis Wee Properties.
“A lot of buyers are pulling their handbrakes. What they feel today is that the seller is asking for too high a price and ‘if I am not in a hurry, why not sit and wait?’” he added.
Industry data from SISV showed sales falling across various districts as of the middle of last month.
The prime districts of 9, 10 and 11 recorded a 76 per cent drop, while the downtown city area saw the sharpest decline of 88 per cent.
Analysts also expect transaction volumes to fall by 5 to 10 per cent due to the World Cup which begins tomorrow.
Meanwhile, ECG Property said it now takes longer to close a transaction. It used to be about 45 days before, but is now up to 80 days.
Industry players expect the market correction to last between three and six months, and some said home prices could trend down by 3 to 5 per cent on average during this period.
“Some of these prices are over book-keeping value where some banks may not even match some of the asking prices today,” said Mr Eric Cheng, chief executive officer of ECG Property.
“That also shows that these prices could be a speculation price instead of a true reflection price. I think the market is going through a slight correction,” he said.
Analysts said prices may also be capped by more land supply due to be released by the Government. Other risk factors include volatile stock markets and the European debt crisis.
Source : Today – 10 Jun 2010
Wednesday, June 9, 2010
Two residential sites put up for en bloc sale
Knight Frank also unveiled the tender for Cavenagh Mansions, a freehold residential redevelopment site along Cavenagh Road, with a guide price of $55 million to $60 million.
This translates to a land price of $1,258 to $1,367 per square foot per plot ratio.
Analysts said the asking prices for the properties appear to be high.
But they do not think that the simultaneous launch of the two properties marks a return of the en bloc fever.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the property market is entering an “uncertain phase” due to the crisis in the euro zone. And property owners may be anxious to sell as “they want to use the present opportunity to sell before any more uncertainty materialises”, he said.
The marketing agents for both sites said they are confident that the properties will get good response from buyers.
Mr Karamjit Singh, managing director at Credo Real Estate (Singapore), said medium to large-sized developers will be keen on the freehold Goodrich Park, which can be made into 120 apartment units.
Goodrich Park currently has 52 units on a land area of close to 97,703 sq ft.
Mr Nicholas Wong, executive director for Investment at Knight Frank, believes that boutique property developers and foreign developers will be interested in Cavenagh Mansions since the site is relatively small.
Mr Colin Tan, Chesterton Suntec International’s research and consultancy director, said the site has a good location but the drawback is its small size. “The eventual development needs to be niche or else it will be difficult to get buyers,” he said.
Both tenders will close on July 8.
Source : Today – 9 Jun 2010
This translates to a land price of $1,258 to $1,367 per square foot per plot ratio.
Analysts said the asking prices for the properties appear to be high.
But they do not think that the simultaneous launch of the two properties marks a return of the en bloc fever.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the property market is entering an “uncertain phase” due to the crisis in the euro zone. And property owners may be anxious to sell as “they want to use the present opportunity to sell before any more uncertainty materialises”, he said.
The marketing agents for both sites said they are confident that the properties will get good response from buyers.
Mr Karamjit Singh, managing director at Credo Real Estate (Singapore), said medium to large-sized developers will be keen on the freehold Goodrich Park, which can be made into 120 apartment units.
Goodrich Park currently has 52 units on a land area of close to 97,703 sq ft.
Mr Nicholas Wong, executive director for Investment at Knight Frank, believes that boutique property developers and foreign developers will be interested in Cavenagh Mansions since the site is relatively small.
Mr Colin Tan, Chesterton Suntec International’s research and consultancy director, said the site has a good location but the drawback is its small size. “The eventual development needs to be niche or else it will be difficult to get buyers,” he said.
Both tenders will close on July 8.
Source : Today – 9 Jun 2010
Tuesday, June 8, 2010
Goodrich Park up for tender with $80-85m asking price
Another site is set to test the en bloc property market here.
Goodrich Park at Simon Lane has been released for sale by tender with an asking price of S$80-85 million.
At that price, each owner stands to get on average between S$1.54 million and S$1.63 million.
The site, located in District 19 near Kovan MRT, is currently a 52-unit development.
It has a land area of close to 98,000 square feet with a gross plot ratio of 1.4 and an allowable height of up to 5 storeys.
The total gross floor area allowed is about 137,000 square.
Property consultant Credo Real Estate, which is marketing the site, says this translates to a land rate of S$585 to S$620 per square per plot ratio, excluding development charges.
The site may be configured into some 120 apartment units with an average size of 1,100 square feet, depending on layout and configuration.
More than 80 per cent of the owners have signed a collective sale agreement to sell the property.
The owners submitted a development baseline enquiry in mid-May and expect to receive a reply from the Urban Redevelopment Authority soon.
This would indicate if there is any development charge.
The tender for Goodrich Park closes on 8 July 2010 at 2.30 pm.
Source : Channel NewsAsia – 8 Jun 2010
Goodrich Park at Simon Lane has been released for sale by tender with an asking price of S$80-85 million.
At that price, each owner stands to get on average between S$1.54 million and S$1.63 million.
The site, located in District 19 near Kovan MRT, is currently a 52-unit development.
It has a land area of close to 98,000 square feet with a gross plot ratio of 1.4 and an allowable height of up to 5 storeys.
The total gross floor area allowed is about 137,000 square.
Property consultant Credo Real Estate, which is marketing the site, says this translates to a land rate of S$585 to S$620 per square per plot ratio, excluding development charges.
The site may be configured into some 120 apartment units with an average size of 1,100 square feet, depending on layout and configuration.
More than 80 per cent of the owners have signed a collective sale agreement to sell the property.
The owners submitted a development baseline enquiry in mid-May and expect to receive a reply from the Urban Redevelopment Authority soon.
This would indicate if there is any development charge.
The tender for Goodrich Park closes on 8 July 2010 at 2.30 pm.
Source : Channel NewsAsia – 8 Jun 2010
Freehold Cavenagh Mansions up for collective sale by tender
Cavenagh Mansions, a freehold residential redevelopment site along Cavenagh Road, has been put up for sale by tender.
Its marketing agent Knight Frank said the guiding sale price is S$55 million to S$60 million.
This translates to a land price of S$1,258 to S$1,367 per square foot per plot ratio.
This is based on the potential gross floor area of about 45,768 square feet, inclusive of the additional 10 per cent space for balconies.
For the asking price, each owner stands to get between S$2.62 and S$2.86 million.
The site has a land area of 19,813 square feet.
Under the 2008 Master Plan, it is zoned for residential use at a plot ratio of 2.1 and has a building height control of 24 meters above mean sea level.
It currently comprises 21 apartment units with sizes ranging from 90 square metres to 153 square metres.
There is an additional estimated development charge of S$2.567 million for the option of 10 per cent balcony space.
Knight Frank said the site can be redeveloped into a project with 57 apartments of 800 square feet on average.
It added that the bidding developer may expect to breakeven at about S$1,750 to S$1,850 psf per plot ratio.
Cavenagh Mansions is fully owned by the original developer, Teck Jin, and thus, there is no need for Strata Titles Board and High Court approval.
The tender will close on July 8 at 3 pm.
Source : Channel NewsAsia – 8 Jun 2010
Its marketing agent Knight Frank said the guiding sale price is S$55 million to S$60 million.
This translates to a land price of S$1,258 to S$1,367 per square foot per plot ratio.
This is based on the potential gross floor area of about 45,768 square feet, inclusive of the additional 10 per cent space for balconies.
For the asking price, each owner stands to get between S$2.62 and S$2.86 million.
The site has a land area of 19,813 square feet.
Under the 2008 Master Plan, it is zoned for residential use at a plot ratio of 2.1 and has a building height control of 24 meters above mean sea level.
It currently comprises 21 apartment units with sizes ranging from 90 square metres to 153 square metres.
There is an additional estimated development charge of S$2.567 million for the option of 10 per cent balcony space.
Knight Frank said the site can be redeveloped into a project with 57 apartments of 800 square feet on average.
It added that the bidding developer may expect to breakeven at about S$1,750 to S$1,850 psf per plot ratio.
Cavenagh Mansions is fully owned by the original developer, Teck Jin, and thus, there is no need for Strata Titles Board and High Court approval.
The tender will close on July 8 at 3 pm.
Source : Channel NewsAsia – 8 Jun 2010
Land parcel in Sembawang sees highest bid of S$131.7m
Two residential sites located near the Kovan MRT Station and in Orchard Road were launched separately for collective sale yesterday.
Property consultant Credo Real Estate announced the sale of Goodrich Park in Simon Lane with offers likely to be around $80 million to $85 million.
More than 80 per cent of the owners have agreed to the sale and each may gain between $1.54 million and $1.63 million for the sale, Credo said.
Developers MCC Land has put in the top bid of S$131.7 million for a land parcel at the corner of Sembawang Road and Canberra Drive.
The bid works out to S$387 per square foot per plot ratio.
The second highest bid from SP Setia International came in at S$122.6 million.
Nam Hee Contractor and OPH Marymount submitted the third highest bid of S$111 million.
The lowest bid of S$85 million came from Frasers Centrepoint.
All in, the Housing and Development Board received seven bids.
Analysts said projects at the site would have a breakeven cost of between S$650 and S$750 psf, with the units possibly selling at between S$700 and S$820 psf.
Research Director at Colliers International, Tay Huey Ying, said the bids showed developers were still keen on land banking, with the prices reflecting an optimistic sentiment.
“It still trends on the bullish side considering the potential influx in supply of homes as a result of the ramped-up 2H 2010 Government Land Sale programme,” said Tay.
CB Richard Ellis Research executive director, Li Hiaw Ho, added that the site’s good response was helped by the location.
“The site is situated at the junction of Sembawang Road and Canberra Drive, surrounded by greenery and landed estates. It is also close to Sembawang Shopping Centre and is not far away from Sembawang MRT Station, Sembawang Interchange and Sun Plaza,” said Li.
The site was put on sale in April, with 290 units expected from any proposed development on the site.
Source : Channel NewsAsia – 8 Jun 2010
Property consultant Credo Real Estate announced the sale of Goodrich Park in Simon Lane with offers likely to be around $80 million to $85 million.
More than 80 per cent of the owners have agreed to the sale and each may gain between $1.54 million and $1.63 million for the sale, Credo said.
Developers MCC Land has put in the top bid of S$131.7 million for a land parcel at the corner of Sembawang Road and Canberra Drive.
The bid works out to S$387 per square foot per plot ratio.
The second highest bid from SP Setia International came in at S$122.6 million.
Nam Hee Contractor and OPH Marymount submitted the third highest bid of S$111 million.
The lowest bid of S$85 million came from Frasers Centrepoint.
All in, the Housing and Development Board received seven bids.
Analysts said projects at the site would have a breakeven cost of between S$650 and S$750 psf, with the units possibly selling at between S$700 and S$820 psf.
Research Director at Colliers International, Tay Huey Ying, said the bids showed developers were still keen on land banking, with the prices reflecting an optimistic sentiment.
“It still trends on the bullish side considering the potential influx in supply of homes as a result of the ramped-up 2H 2010 Government Land Sale programme,” said Tay.
CB Richard Ellis Research executive director, Li Hiaw Ho, added that the site’s good response was helped by the location.
“The site is situated at the junction of Sembawang Road and Canberra Drive, surrounded by greenery and landed estates. It is also close to Sembawang Shopping Centre and is not far away from Sembawang MRT Station, Sembawang Interchange and Sun Plaza,” said Li.
The site was put on sale in April, with 290 units expected from any proposed development on the site.
Source : Channel NewsAsia – 8 Jun 2010
Monday, June 7, 2010
SPH’s condo development Sky@eleven obtains TOP
Sky@eleven, a freehold condo development by Times Development Pte Ltd, a wholly-owned subsidiary of Singapore Press Holdings (SPH), has obtained Temporary Occupation Permit (TOP) last month.
Speaking at the completion ceremony today, Dr Tony Tan, Chairman of SPH, said: “The completion of Sky@eleven, through our wholly-owned subsidiary Times Development Pte Ltd, has proven that we are able to deliver more than just media products. It is a testament to SPH’s growing versatility, dynamism and willingness to seek out opportunities to create shareholder value. Sky@eleven also reflects the type of high quality product that SPH is well known for.”
Within 30 hours of its launch in January 2007, Sky@eleven’s 273 units were immediately snapped up by property hunters.
Sky@eleven’s location, in prime district 11 off Thomson Road, is a main draw for buyers, with its close proximity to the Central Business District and Orchard Road. Apart from this, the condo also boasts exclusivity and spaciousness.
With only two units on each floor for each of the four towers, Sky@eleven offers exclusive privacy to its residents. Apartment units are built from the fifth storey, shielding residents from street-level activities.
The spacious units at Sky@eleven range from 1,871 sq ft for a three-bedroom with a study unit to 2,820 sq ft for a four-bedroom unit. The eight duplex penthouses have an even more impressive size from 4,844 sq ft to 5,597 sq ft. Each of the 265 apartments and eight penthouses comes with designer touches, from living room furnishings, kitchen to toilet fittings.
The principal designer and architect for the project is Mr Ti Lian Seng, who led the award-winning DP Architects to design the apartments. Mr Ti also designed Marina Square and was part of a team behind the iconic Esplanade Arts Centre.
Apart from Sky@eleven, SPH’s other property ventures include Paragon, the prime retail and office complex in the heart of Orchard Road. It has a new facade now, following its recent $82 million makeover. SPH has also acquired Clementi Mall, which is scheduled to begin operations in the first half of 2011.
Source : AsiaOne – 7 Jun 2010
Speaking at the completion ceremony today, Dr Tony Tan, Chairman of SPH, said: “The completion of Sky@eleven, through our wholly-owned subsidiary Times Development Pte Ltd, has proven that we are able to deliver more than just media products. It is a testament to SPH’s growing versatility, dynamism and willingness to seek out opportunities to create shareholder value. Sky@eleven also reflects the type of high quality product that SPH is well known for.”
Within 30 hours of its launch in January 2007, Sky@eleven’s 273 units were immediately snapped up by property hunters.
Sky@eleven’s location, in prime district 11 off Thomson Road, is a main draw for buyers, with its close proximity to the Central Business District and Orchard Road. Apart from this, the condo also boasts exclusivity and spaciousness.
With only two units on each floor for each of the four towers, Sky@eleven offers exclusive privacy to its residents. Apartment units are built from the fifth storey, shielding residents from street-level activities.
The spacious units at Sky@eleven range from 1,871 sq ft for a three-bedroom with a study unit to 2,820 sq ft for a four-bedroom unit. The eight duplex penthouses have an even more impressive size from 4,844 sq ft to 5,597 sq ft. Each of the 265 apartments and eight penthouses comes with designer touches, from living room furnishings, kitchen to toilet fittings.
The principal designer and architect for the project is Mr Ti Lian Seng, who led the award-winning DP Architects to design the apartments. Mr Ti also designed Marina Square and was part of a team behind the iconic Esplanade Arts Centre.
Apart from Sky@eleven, SPH’s other property ventures include Paragon, the prime retail and office complex in the heart of Orchard Road. It has a new facade now, following its recent $82 million makeover. SPH has also acquired Clementi Mall, which is scheduled to begin operations in the first half of 2011.
Source : AsiaOne – 7 Jun 2010
Unit at Pebble Bay sells for $1,209 psf
Pebble Bay, a 510-unit waterfront condominium in Tanjong Rhu, has seen strong interest from home-buyers since early this year. Prices climbed to a high of $1,389 psf in January when a 2,099 sq ft three-bedroom unit on the sixth floor changed hands for $2.9 million, surpassing the previous high of $1,372 psf achieved at the condo in the previous peak of 2007.
According to Sheirly Leo, ERA Realty Network marketing director, the reason for the surge in interest in Pebble Bay and other condos in the Tanjong Rhu area is their proximity to Marina Bay, with the opening of the Marina Bay Sands Integrated Resort, The Helix bridge, which links Marina Bay and the Bayfront, as well as the upcoming Gardens by the Bay. As such, property values in the Tanjong Rhu area have appreciated, says Leo.
For instance, the latest asking prices for a condo at Pebble Bay range from $1,200 to $1,389 psf, she says. Meanwhile, asking rents range from $4,500 a month for a two-bedroom unit to $12,000 a month for a four-bedroom unit. Pebble Bay was jointly developed by Keppel Land and CapitaLand and completed 13 years ago. The project has a mix of units, with studio apartments measuring 850 to 947 sq ft, two- to four-bedroom apartments, and penthouses measuring 1,281 to 6,469 sq ft.
For the period of May 4 to 11, four units at Pebble Bay were sold for $1,156 to $1,209 psf, according to caveats lodged with URA Realis. A 2,336 sq ft three-bedroom unit on the eighth floor of one of the four blocks was sold for $2.768 million ($1,185 psf), representing an 18.5% gain for the seller, who purchased it for $2.336 million ($1,000 psf) in 2008.
On the second floor of the same block, a 1,367 sq ft two-bedroom unit changed hands for $1.58 million ($1,156 psf), representing a 10.5% gain for the seller, who bought the unit for $1.43 million ($1,046 psf) in October 2007. Prior to that, the last transaction was in July 1999, when the previous owner paid $1.1 million ($805 psf) for the unit. The first owner had purchased the property for $1.098 million ($815 psf) from the developer in February 1995.
In the same block, another seller reaped a significant gain of 83.9% when he sold his 1,378 sq ft two-bedroom unit on the third floor for $1.6 million ($1,161 psf). He had purchased the unit in 2006 for $870,000 ($631 psf). The previous owner had purchased the apartment in a sub-sale for $1.089 million ($790 psf) in March 1997, at the peak of the market just before the Asian financial crisis.
On the 10th floor of another block, an 850 sq ft studio unit was sold for $1.028 million ($1,209 psf), representing a 40.8% gain for the previous owner, who had purchased the unit for $730,000 ($858 psf) in April 1999.
Pebble Bay also has uninterrupted views of the Kallang Basin, which the government has earmarked for a massive makeover into a waterfront precinct with homes, recreational activities, offices, shopping malls and entertainment. Pebble Bay is also near the Stadium MRT station, and is close to the upcoming Singapore Sports Hub, which is expected to be ready in 2014.
Other condominiums in Tanjong Rhu have also seen an increase in activity. One of them is the 522- unit, 99-year leasehold Sanctuary Green, which saw two transactions in the week of May 4 to 11. One unit was sold for $1.316 million ($940 psf) and the other went for $1.35 million ($965 psf). Another is Costa Rhu, a 737-unit 99-year leasehold condo, where a 1,647 sq ft unit changed hands for $1.647 million ($1,000 sq ft) on May 7. The seller had bought the unit for $1.8 million ($1,093 psf) in August 2007.
According to Sheirly Leo, ERA Realty Network marketing director, the reason for the surge in interest in Pebble Bay and other condos in the Tanjong Rhu area is their proximity to Marina Bay, with the opening of the Marina Bay Sands Integrated Resort, The Helix bridge, which links Marina Bay and the Bayfront, as well as the upcoming Gardens by the Bay. As such, property values in the Tanjong Rhu area have appreciated, says Leo.
For instance, the latest asking prices for a condo at Pebble Bay range from $1,200 to $1,389 psf, she says. Meanwhile, asking rents range from $4,500 a month for a two-bedroom unit to $12,000 a month for a four-bedroom unit. Pebble Bay was jointly developed by Keppel Land and CapitaLand and completed 13 years ago. The project has a mix of units, with studio apartments measuring 850 to 947 sq ft, two- to four-bedroom apartments, and penthouses measuring 1,281 to 6,469 sq ft.
For the period of May 4 to 11, four units at Pebble Bay were sold for $1,156 to $1,209 psf, according to caveats lodged with URA Realis. A 2,336 sq ft three-bedroom unit on the eighth floor of one of the four blocks was sold for $2.768 million ($1,185 psf), representing an 18.5% gain for the seller, who purchased it for $2.336 million ($1,000 psf) in 2008.
On the second floor of the same block, a 1,367 sq ft two-bedroom unit changed hands for $1.58 million ($1,156 psf), representing a 10.5% gain for the seller, who bought the unit for $1.43 million ($1,046 psf) in October 2007. Prior to that, the last transaction was in July 1999, when the previous owner paid $1.1 million ($805 psf) for the unit. The first owner had purchased the property for $1.098 million ($815 psf) from the developer in February 1995.
In the same block, another seller reaped a significant gain of 83.9% when he sold his 1,378 sq ft two-bedroom unit on the third floor for $1.6 million ($1,161 psf). He had purchased the unit in 2006 for $870,000 ($631 psf). The previous owner had purchased the apartment in a sub-sale for $1.089 million ($790 psf) in March 1997, at the peak of the market just before the Asian financial crisis.
On the 10th floor of another block, an 850 sq ft studio unit was sold for $1.028 million ($1,209 psf), representing a 40.8% gain for the previous owner, who had purchased the unit for $730,000 ($858 psf) in April 1999.
Pebble Bay also has uninterrupted views of the Kallang Basin, which the government has earmarked for a massive makeover into a waterfront precinct with homes, recreational activities, offices, shopping malls and entertainment. Pebble Bay is also near the Stadium MRT station, and is close to the upcoming Singapore Sports Hub, which is expected to be ready in 2014.
Other condominiums in Tanjong Rhu have also seen an increase in activity. One of them is the 522- unit, 99-year leasehold Sanctuary Green, which saw two transactions in the week of May 4 to 11. One unit was sold for $1.316 million ($940 psf) and the other went for $1.35 million ($965 psf). Another is Costa Rhu, a 737-unit 99-year leasehold condo, where a 1,647 sq ft unit changed hands for $1.647 million ($1,000 sq ft) on May 7. The seller had bought the unit for $1.8 million ($1,093 psf) in August 2007.
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