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SINGAPORE - Chinese developer Qingjian Realty will open its first mixed-use development - Le Quest in Bukit Batok - for preview on Saturday (July 22).

The average selling price for private homes at the project is about S$1,280 psf, the developer said on Wednesday (July 19).

Le Quest, a 99-year leasehold development, will feature 516 residential units - along with more than 6,000 sq m of retail space on the ground floor.

About 40 per cent of the commerical space will be devoted to food and beverage, with the remaining area going to other retail and lifestyle offerings.

Qingjian said about 30 per cent of the retail space has been leased, with anchor tenant NTUC Fairprice Finest set to take up more than 1,200 sq m of space, and food court operator Koufu to occupy over 500 sq m of the area.

This is the first retail mall that Qingjian is managing here.

The residential units - from studio apartments to four-bedders - will be spread across five blocks comprising 12-storeys each.

There are 132 studio and one-bedroom units with size ranging from 431 sq ft to 614 sq ft. Indicative prices for the studio start from S$588,000 and S$648,000 for the one-bedders.

Two-bedroom units, which spans 592 to 829 sq ft - accounting for about 28 per cent of the development - will cost at least S$758,000.

Most of the units in Le Quest - 192 of them -are three-bedders, with sizes from 818 to 1,206 sq ft. Prices for these units start from S$990,000.

The 48 four-bedroom apartments have a starting price of S$1.38 million. They are between 1,130 sq ft and 1,528 sq ft.

"We think this is a fair price. It is the first mixed development in the area... looking at the market now, we are optimistic about response for the project," noted Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.

Le Quest will be launched for sale on Aug 5, when Ms Chong said the firm is aiming to sell 150 apartments on that first launch weekend.

The development is expected to be completed at the end of 2021.

 

Credits: The Straits Times

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Chinese developer Qingjian Realty will open its first mixed-use development - Le Quest in Bukit Batok West - for preview this weekend.

The average selling price for private homes at the 516-unit project is about $1,280 per sq ft, the developer said yesterday.

Le Quest, a 99-year leasehold development, will also have more than 6,000 sq m of retail space on the ground floor, with about 30 per cent of the space already leased.

"We think this is a fair price. It is the first mixed development in the area... Looking at the market now, we are optimistic about response for the project," noted Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.

Le Quest will be launched for sale on Aug 5, with hopes that 150 apartments will go.

Sales of new private homes have been robust this year, boosted by positive market sentiment following the slight easing of certain cooling measures in March.

The homes at Le Quest - from studios to four-bedders - will be spread across five 12-storey blocks. There are 132 studio and one-bedroom units with sizes ranging from 431sq ft to 614sq ft.

Indicative prices for the studios start at $588,000, with one-bedders at $648,000, Qingjian said at a briefing yesterday.

Two-bedroom units, which span 592 to 829 sq ft, account for about 28 per cent of the development. They will cost at least $758,000.

Prices for the 192 three-bedders (818 to 1,206 sq ft) will start at $990,000, and the 48 four-bedroom apartments (1,130 to 1,528 sq ft) will start at $1.38 million.

Some analysts told The Straits Times that the prices seem to be on the high side.

"The average selling price is a bit rich for the neighbourhood and it is not near the MRT station. Buyers will be paying a premium," said International Property Advisor chief executive Ku Swee Yong.

On the commercial component, Ms Chong said despite the challenges facing the retail industry, Le Quest is drawing good response from prospective tenants.

Anchor tenant FairPrice Finest supermarket is set to take up more than 1,200 sq m, while foodcourt operator Koufu will occupy about 500 sq m.

The developer, which will be managing a mall for the first time here, is in talks with potential tenants, including fast-food joints and cafes, on leasing for another 20 per cent of the commercial space.

Ms Chong said the mall will have a "hipster/contemporary" theme, with 40 per cent of the retail space for food and beverage outlets and the remaining area going to other offerings.

Le Quest, which will feature smart-home technologies, is expected to be completed at the end of 2021.

This will be Qingjian's final new project launch this year.

The developer plans to launch a new development on the site of Shunfu Ville, which it acquired for $638 million via a collective sale last year, in the third quarter of next year.

 

 Credits: The Straits Times

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Chinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April).

The 651-unit project comprises three- to five-bedroom units with sizes ranging from 926 sq ft to 1,528 sq ft. It is expected to be completed by this quarter.

PropertyGuru understands that a mix of unit types were resold and demand was particularly strong. “The ballot units were more than four times oversubscribed with a total of 43 applications,” said Yen Chong, Deputy General Manager at Qingjian Realty.

“These units became available when the original buyers did not meet the eligibility requirements (of the Housing and Development Board) for an EC purchase,” she noted, without going into specific details.

One industry expert who chose to remain anonymous, said that in such cases, a change in family nucleus is the main contributing factor. This could be due to the breakup of an engagement, divorce or death of a family member, with the first two scenarios being the most common reasons. Thus, they must pay a five percent cancellation fee, down from 20 percent in 2013.

Calling it a common issue faced by EC developers, the source added: “The developer will have to actively re-market such units to avoid incurring the Additional Buyer’s Stamp Duty (ABSD).”

Under the ABSD rules introduced in December 2011, developers must build and sell all units at their projects within five years of acquiring the sites. Failure to do so will incur a 10 percent levy on the land price, plus a five percent interest. Subsequently, the levy was increased to 15 percent for sites purchased from January 2013 onwards.

Alvin Tan, Executive Director of Local Projects at PropNex International, said that in some instances, the affected units could be resold at higher prices, but this depends on which stage the units were released for sale.

“If it is just after launch, it could be sold at launch price. If sales are good, the price would possibly be higher. Only when the project is nearing completion are developers maybe under pressure to offload the units, which could possibly see some discounts coming in,” he said.

Qingjian would not disclose pricing details for the re-balloting exercise, but URA Realis data shows that the total median transacted price of units at the 99-year leasehold project is $795 psf

Credits: Propertyguru.

 

 

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Australia-based developer Lendlease sold 215 (50 percent) of the 429 available units at Park Place Residences in Paya Lebar Quarter (PLQ) during the first day of launch last Saturday (25 March).

This represented over 100 percent of the planned sales under the first phase, making it one of Singapore’s most successful private condominium launches in recent years.

Lendlease had originally intended to release only 40 percent of the units last weekend, but due to overwhelming response from buyers who queued from early morning, an additional 10 percent of the condo units were launched for sale.

Prices of the units ranged from around $800,000 for a one-bedroom apartment to $2.1 million for a three-bedroom premium unit, which works out to $1,600 psf to over $2,000 psf.

“The strong sales show our buyers confidence in the quality of the project and in Lendlease,” said Tony Lombardo, CEO for Asia.

One of the buyers was Patrick Yap, 39, who purchased a one-bedder for investment purposes. “Park Place Residences is part of an integrated development (PLQ) with an upcoming retail mall and offices. Together with its convenient location, I am confident that it will attract many tenants,” he said.

Similarly, 31-year-old Huang Zhenbiao and his wife bought a two-bedroom apartment after being attracted to the project’s strategic location.

“The development is on the Paya Lebar MRT interchange, and we can get to the Central Business District (CBD) quickly. There is potential development around the area too, which is another plus point.”

Meanwhile, prices of the remaining units at Park Place Residences are expected to increase when details of other upcoming developments in the vicinity are announced, especially in the greater Paya Lebar Central area.

The location is also emerging as a new vibrant hub in Singapore, given its position on the double MRT Interchange and proximity to the CBD and Changi Airport.

Following the successful launch, Lendlease will now temporarily close the showflat. Details on the next phase of sales are expected to be revealed later this year, while construction of the entire development is expected to be completed by early 2019.

 

Credits: Propertyguru

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Pollen & Bleu, an eight-storey condominium in District 10, has attracted keen interest since its relaunch in February, with 83 percent of the units released sold, revealed CBRE, which is jointly marketing the project with Huttons and Savills.

In fact, buyers have taken up all the one+study and two-bedroom units, as well as three penthouses at the 99-year leasehold project.

With this, new stacks of units facing the Singapore Botanic Gardens will be released for sale this weekend by developer Singapore Land (SingLand) at an average price of $1,800 psf. Sizes of the one- to four-bedroom units range from 549 sq ft to 1,593 sq ft.

Located at Farrer Drive, the 106-unit Pollen & Bleu is a short drive away from Orchard Road, Holland Village and Dempsey Hill. It is also close to several established schools including Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, Nanyang Girls’ High School and ACS International.

A deferred payment scheme is being offered for the project, in which the remaining 80 percent of the purchase price will be deferred 24 months from the day the buyer exercises the option to buy the unit.

“It is a deliberate strategy to launch the project only after its completion. We are confident in the product and the value which we have created for the buyers,” said Peter Wee, Assistant General Manager for Business Development and Residential Marketing at SingLand Development.

“It is very rare to find a development like Pollen & Bleu surrounded by lush foliage of the Botanic Gardens and landscape in the heart of District 10. Buyers are seeing the true value of Pollen & Bleu and the strong response seen in the last few weeks demonstrated that.”

 

Credits: Propertyguru

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Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month, according to data from the Urban Redevelopment Authority (URA).

On a yearly basis, private homes sales soared 222.4 percent from the 303 units sold in February 2016.

The Clement Canopy, which was the only new launch in February, emerged as the best-selling project, with 207 units sold at a median price of $1,343 psf. It was followed by Parc Riviera and The Santorini, with 200 units and 51 units sold at median prices of $1,281 psf and $1,041 psf, respectively.

Rounding up the top five best-selling projects are The Glades (30 units) and The Venue Residences (28 units).

Sales of ECs also increased 78.8 percent to 329 units in February, despite the lack of new projects.

Sol Acres topped new EC sales with 82 units sold, followed by The Terrace and The Visionaire, with 40 units and 39 units sold, respectively.

Analysts noted that the healthy figures indicated significantly better market sentiments from the previous year and an early start to the buying momentum this year.

“There is a greater sense of confidence in both developers and buyers,” said Ong Teck Hui, JLL’s National Director for Research and Consultancy, adding that 770 of the 977 private homes sold in February were from previously launched projects.

“This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he said.

“The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend.”

Meanwhile, Desmond Sim, Head of CBRE Research for Singapore and South East Asia, believes the sales levels “reinforce the current trend of buyers favouring projects with units priced at a palatable quantum”.

Sim revealed that he does not expect the trend to change even with the recent tweaks to the property curbs.

 

Credits: Propertyguru

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Lendlease is set to launch Park Place Residences at Paya Lebar Quarter (PLQ) by 31 March, marking its maiden foray into residential development in Singapore.

“We are excited to be entering Singapore’s residential property market with Park Place Residences at PLQ,” said PLQ’s Managing Director Richard Paine, adding that they have tapped the expertise of the Australian developer to create a condominium with a live-work-play concept.

The 429-unit project along Paya Lebar Road comprises three towers standing on a 98,520 sq ft site with a leasehold tenure of 99 years commencing from 29 June 2015. It offers a mix of one- to three-bedroom apartments, of which there are 117 one-bedroom units ranging from 480 sq ft to 580 sq ft, with prices starting from around $780,000.

There will also be three variations of two-bedroom apartments measuring from 650 sq to 900 sq ft, while the two variations of three-bedders range from 1,080 sq ft to 1,350 sq ft.

Located near the Paya Lebar MRT Interchange, the condominium will be linked to retail and office buildings via covered walkways, meaning more than 700 shops in the retail mall are within a short walk.

Aside from the development’s various facilities, which includes three pools, another key feature is its extensive network of greenery. In fact, it has received the Green Mark Platinum Award from the Building and Construction Authority.

Furthermore, the condominium is exempt from the Additional Buyer’s Stamp Duty rules that require developers to sell all units in a development within a five-year period, as it is part of a mixed-use development located within a commercial zone.

Park Place Residences at PLQ is scheduled to be completed by the second half of 2020.

 

Credits: Propertyguru

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There are signs that Singapore’s private residential market may have bottomed out in 2016, with the sector recording a higher deal volume, revealed Edmund Tie & Co.

Citing data from the Urban Redevelopment Authority (URA), the property consultancy noted that the combined sales of new and resale private homes increased sharply by 15.5 percent to 16,378 units last year from 14,183 units in 2015. Specifically, transactions in the primary market rose marginally to 7,780 units from 7,703 previously.

The URA’s statistics also revealed that prices of private homes stabilised in 2016, with the sector posting a softer price drop of 3.1 percent compared to the 3.7 percent decline seen in the preceding year.

Moreover, the private residential market may benefit from the higher transaction volume of HDB resale flats, which rose 7.8 percent to 20,813 units last year. This is because upgraders tend to sell their public housing units before moving into private properties.

Looking ahead, the company expects sales of new private homes to trend upwards to 8,000 to 9,000 units for the whole of 2017. New developments that are expected to sell well this year include Guocoland’s 450-unit Martin Modern in Martin Place, UOL’s The Clement Canopy with 505 units in Clementi Avenue 1, the 720-unit Grandeur Park Residences by CEL Development in New Upper Changi Road, and the 840-unit Seaside Residences by Frasers Centrepoint in Siglap Road.

 

Credits: Propertyguru

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DBS Bank and United Overseas Bank (UOB) are offering mortgages with zero percent spread to compete for the chance to fund the purchase of a minimum of 1,225 homes in this year’s first two property launches, reported the Business Times.

DBS’ special-promo is based on the 18-month fixed-deposit home-loan rate (FHR), while the benchmark for UOB is the 36-month FHR. As the current rates are 0.6 percent and 0.65 percent respectively, these are the effective lending rates until the project obtains its temporary occupation permit (TOP), which is usually in three to four years. Thereafter, DBS will charge a one percent spread for its loan, while UOB’s spread is 0.9 percent for the first year after TOP and 0.95 percent subsequently.

Based on a $1 million loan with a 25-year tenure, the amount to be repaid for a DBS loan at FHR + zero percent ranges from $5,193 to $5,947 per annum, but after TOP at FHR + one percent, it amounts to $19,207 for the fifth year.

According to some experts, banks offering such housing loans are suffering a loss, unless they can cross-sell other financial products, like mortgage insurance. While there is no lock-in period, this type of housing loan only applies to developments under construction and comes with one-time free conversion for a limited time only. The promo from DBS ends next Monday (6 March), while UOB is believed to be mulling over the expiry date.

This means there is enough time to take advantage of the offer to buy a unit at the two projects. In fact, DBS and UOB personnel were present last weekend during the launch of the 505-unit Clement Canopy condominium. They are also expected to be on hand at the launch of the 720-unit Grandeur Park Residences this weekend.

 

Credits: Property guru

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Posted by on in New Launches

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Chinese developer Qingjian Realty, through its smart home solutions provider hiLife Interactive, has teamed up with Singtel to launch iNz Residence, the first internet-ready executive condominium in Singapore.

With this partnership, home buyers can expect their units to be fitted with 1Gbps Singtel fibre broadband. Singtel will also provide WiFi services within the development’s facilities, such as the gym, clubhouse and pool area.

“This will clearly be a boon to the smart lifestyle – they will be able to continue to access online services soon after they are handed their new homes, and be at ease planning and designing their new lifestyle in their new homes in a smart and efficient way,” said Yen Chong, Deputy General Manager at Qingjian Realty.

The property developer revealed that homeowners at the 99-year leasehold development will enjoy energy-efficiency trackers like the smart leak sensor and smart energy meter, as well as more smart security systems like the smart digital lockset, smart contact sensor and smart motion sensor.

Located on a 1.6ha site, iNz Residence EC is located along Choa Chu Kang Ave 5, and comprises nine blocks of high-rise apartments. Unit sizes at the 497-unit project range from two-bedroom apartments to five-bedroom maisonettes.

Prices for the two-bedroom units start from $500,000, $600,000 for the three-bedders and $1.1 million for the maisonettes, reported TODAYonline.

“We believe that the public will continue to be interested in the smart living concept at iNz Residence, just as we have seen at The Visionaire,” said Yen, adding that the latter has seen a consistent stream of buyers and is almost 60 percent sold.

E-applications for iNz Residence will start this Friday (24 February).

The showflat at Choa Chu Kang Avenue 6 (along Brickland Road) will open on the same day, with bookings commencing on 11 March. The project is expected to obtain its TOP in 2019.

 

Credits: Propertyguru

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The Clement Canopy, a 505-unit condominium at Clementi Avenue 1, drew large crowds at the start of its preview last weekend. More than 5,000 people crammed into its showflat over two days to view the two- to four-bedroom apartments.

Spread across two 40-storey blocks, the units range from 635 sq ft to 1,539 sq ft, with prices starting from $850,000 for the smallest units. The average price of the project is in the range of $1,330 psf to $1,360 psf.

Jointly developed by UOL Group and SingLand, the 99-year leasehold project is the first condo to launch in 2017. It is located close to NUS High School of Mathematics and Science and Nan Hua High School.

Anthony Wong, General Manager of Marketing at UOL, said: “We see a very strong interest for The Clement Canopy as there has not been any launch within the vicinity for some time. I believe the price is the key to the excitement that we see amongst the crowd.

“Moreover, buyers recognise the value of the project, given the attractive pricing and location, which is near one-north and the education hub. Riding on the improved market sentiment, buyers who have been staying on the sidelines are now actively seeking out affordable properties with good location and design.”

In line with Singapore’s vision to become a Smart Nation, UOL has joined a long list of developers to incorporate smart home technology in its latest project. For instance, future residents of The Clement Canopy will be able to book common facilities such as the tennis court and clubhouse through a mobile app. Using the same app, homeowners can also remotely control door access, air-conditioning and lighting in their units.

Meanwhile, the preview period for The Clement Canopy will stretch for another weekend, while balloting starts on 25 February.

Giving an update on sales figures at its previous launches, UOL said it has seen an increase in transactions since the start of the year.

Thomson Three and Seventy Saint Patrick’s in Marine Parade are now fully sold, while Botanique at Bartley, a 797-unit condominium, is left with just nine units. Over in Sengkang, the 555-unit Riverbank @ Fernvale project, which comes with bike-sharing facilities, is left with 18 units, while Principal Garden at Prince Charles Crescent has sold more than half of its units.

This improved sentiment in the housing market carries on from a good year-end take up of 7,972 private units in 2016, up 7.2 percent from the year before, noted analysts.

 

Credits: Propertyguru

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The Peak @ Cairnhill II, a freehold 18-storey luxurious development by TG Development, received robust response during its launch in January, with 34 out of 60 units snapped up at an average price of S$2,700 psf.

This brings the development’s total take-up rate to over 55 percent.

Located within the prime Orchard Road district, The Peak @ Cairnhill II comprises 58 two-bedroom and two-bedroom penthouse units.

Of these, 28 units measure 829 sq ft and another 28 units measure 904 sq ft. Sizes of the two-bedroom penthouse units, on the other hand, stood at 1,884 sq ft and 1,864 sq ft respectively.

“The luxury marketing is indeed showing signs of improvement in 2017. We are heartened by the good take up rates of our development as reflected by the 34 units sold to date,” said TG Development managing director Ong Boon Chuan.

Data from the Urban Redevelopment Authority’s (URA) showed that similar high-end developments such as  Gramercy Park and OUE Twin Peaks registered good take-up rates last year, with 44 and 237 units sold respectively.

“This shows quality developments such as ours can still move amid the challenging property market in Singapore. Buoyed by market confidence, we felt this was opportune time to launch The Peak @ Cairnhill II and our results speak for themselves.”

Ong also attributed the good take-up rates to the company’s Enhanced Deferred Payment Scheme, saying that “most of the units were sold through this scheme”.

Buyers under the scheme, only paid a 20 percent option fee, and were also given a two year period to exercise the option-to-purchase. The buyers also signed a master tenancy agreement with the developer, which enables them to rent out their unit.

Currently, the developer is offering a 12 percent discount while absorbing the buyers’ property tax and two years of maintenance fees.

 

Credits: Propertyguru

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The team led by KCAP Architects&Planners (KCAP) has been appointed as consultant to develop the detailed master plan for the Jurong Lake District, revealed the Urban Redevelopment Authority (URA) on Wednesday (8 February).

This comes after its proposal received the highest score among the five teams shortlisted for stage two of the Jurong Lake District Request for Proposal (RFP) exercise.

The URA noted that the team’s proposal best met the expectations and requirements of the RFP as it featured a “sensitive focus on water and greenery, which incorporates new waterways and a series of green spaces and connections that weave through the entire district to create a strong, distinctive identity”.

“Evaluation panel members were similarly impressed with the proposed urban typology that integrates with the green setting beside Jurong Lake, which at the same time places emphasis on creating active, walkable streets and interactive public spaces,” it said.

Over the next few months, the team will work with the URA and relevant agencies to refine the master plan and draw up detailed proposals for the Jurong Lake District, with the proposals set to be exhibited in mid-2017.

During the exhibition period, the public are encouraged to give their feedback on the detailed proposal. Thereafter, the URA will work with the consultant to review and incorporate the feedback where appropriate, before finalising the master plan.

Credits: Propertyguru

Stay tune to the many upcoming developments - Developer-sales.sg - Launch Property Singapore

 

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New private home sales are expected to get a boost with four project launches expected by April, reported the Straits Times.

These are Clement Canopy in Clementi by Singland Homes and UOL Group; Park Place Residences at Paya Lebar Quarter by Lendlease; Grandeur Park Residences in Tanah Merah by CEL Development, a unit of Chip Eng Seng Corporation; and Seaside Residences in Siglap by Frasers Centrepoint Singapore.

This comes as developers sold just 367 new units in December, when only 90 new units were launched. On an annual basis, however, new home sales increased by seven percent from 7,440 units in 2015 to 7,972 units last year.

This year, Knight Frank expects developers to sell about 8,000 to 9,000 units amid “gradually returning interest” from local and foreign buyers.

“With more people believing that the market is now close to the bottom of the down cycle, interest in new launches will likely be sustained,” said Christine Li, Research Director at Cushman & Wakefield.

Analysts noted that pent-up demand for homes remains resilient despite the property cooling measures and weaker economic outlook.

Nonetheless, home buyers are expected to remain price-sensitive and selective, opting for competitively priced and well-located projects.

“They will transact only when they perceive a good deal… However, a rapid rise in interest rates would impact market sentiment, which may cause demand to retreat,” said Wong Xian Yang, Head of Research and Consultancy at OrangeTee.

Credits: Propertyguru

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Developments that are required to provide public spaces, as well as those seeking gross floor area exemption for a first-storey covered public space, will have to comply with the new design guidelines released by the Urban Redevelopment Authority (URA) on Tuesday (24 January).

This comes as some new sites are required to provide public spaces as part of the technical conditions of tender for Government Land Sales sites. Some redevelopment sites are also required to provide such spaces as part of the planning conditions for major alterations and additions works, or redevelopment proposals.

The design guidelines, which take effect from 24 April, include specifications on the size and configuration of the public space, signage, accessibility, and the need to provide public seating and amenities.

The URA is encouraging property owners, developers and qualified professionals to adopt the guidelines from project inception and design, to management and use of the space by the public.

It revealed that the recommendations included in the good practice guide will be considered during its assessment of development applications.

Meanwhile, property developer CapitaLand has expressed its support for the URA’s latest move to improve the quality of public spaces in Singapore, including those which are privately owned.

“As one of Asia’s largest real estate companies, CapitaLand has long been committed to building safe, accessible, vibrant and quality real estate developments that enhance the lives of the community. Even before government guidelines, we have catered for community spaces on our properties, which are considered from the start of the development process,” said Poon Hin Kong, Deputy Chief Development of Asia and Head of Design Management, CapitaLand.

Examples of community spaces that CapitaLand has created on its properties include the outdoor plaza at Plaza Singapura, the urban park at The Courtyard in Westgate and the plaza in front of Capital Tower.

 

Credits: Propertyguru

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CRL Realty, a wholly-owned subsidiary of property giant CapitaLand, has sold its 100 percent stake in Nassim Hill Realty (NHR) to Kheng Leong Company for $411.6 million.

In an SGX filing on Monday (16 January), CapitaLand revealed that NHR was responsible for developing The Nassim, a luxurious low-rise condominium located along Nassim Hill in District 10. It presently owns 45 units in the freehold property.

The consideration, which was satisfied entirely in cash, is subject to post-completion adjustment and comprises the estimated net tangible assets value of $138.7 million as at 16 January 2017.

It also takes into account the $407.2 million agreed property value for the 45 units in The Nassim, as well as an assignment of a $272.9 million shareholder’s loan.

Based on CapitaLand’s unaudited consolidated financial statements for the nine months ended 30 September 2016, and assuming the sale was effected on 1 January 2016, CapitaLand’s earnings per share would have increased from 17.9 cents to 21.7 cents.

However, assuming the sale was effected on 30 September 2016, the financial impact on CapitaLand’s net tangible asset per share would not be material.

Credits: Propertyguru

 

Take a look at CapitaLand Properties: Skyvue Bishan, Sky Habitat Bishan, Bedok Residences Bedok, D' Leedon Farrer Road, The Interlace Alexandra, Victoria Park Villa Tanglin, Cairnhill Nine Orchard
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A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).

Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The price works out to about $1,000 psf on the gross floor area. The second-highest bid of $166.7 million came from China Construction (South Pacific) Development, while Hotel Grand Central offered the lowest bid of $90.89 million.

Launched for sale on 29 November 2016, the 99-year leasehold site could yield about 200 homes.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going by the tender results of the first GLS land tender for the year. Developers are clearly looking to replenish their depleting inventory and the Perumal plot offers the added bonus of a small size and therefore an affordable quantum of $174 million.

“The site benefits from its proximity to transport nodes – the Dhoby Ghaut Interchange is only two stops away. Other amenities nearby include the relatively new One Farrer Hotel,  Farrer Park Medical Hospital and City Square Mall.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

 

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Most of the residents at Rochor Centre have relocated, while the few remaining ones have until the end of this week to move out, according to the Housing and Development Board (HDB) in a report by TODAYonline.

The iconic estate, known for its multi-coloured residential blocks, will be demolished to make way for the 21.5km long North-South Corridor, an expressway which will link the city centre with towns in northern Singapore.

On Thursday (29 December), the HDB said nearly all the 567 households there have obtained the keys to their replacement flats, with 504 families opting to resettle at Kallang Trivista in Upper Boon Keng Road.

Although most of the residents have returned the keys to their flats in Rochor Centre, some have asked the authorities to extend the deadline, as they are not able to vacate their premises by year-end.

Among them is housewife Shanel Yep, 38, who intends to relocate to a flat in Bendeemer before the Chinese New Year.

“We have considered their individual circumstances and will continue to work with them to vacate the units as soon as possible. For security reasons, we have advised the remaining residents to move out soon,” said an HDB spokesman.

Once all residents have moved out, the property will be handed over to the Land Transport Authority (LTA).

 

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Falling prices, rents, rising vacancies, but robust sales in some parts of the property market

At first glance, Singapore's broader property market appears decidedly gloomy, with vacancy rates in offices and malls climbing and residential prices falling relentlessly.

But according to analysts, various sectors of the market are showing signs of life, with increased office investments, robust luxury residential sales and a rejuvenated collective sales market.

Still, one of the starkest signs of gloom - unless you are a patient buyer - has been the fall in private home prices.

Including the third quarter this year, private home prices have sunk 10.8 per cent in 12 straight quarters since the peak of the third quarter in 2013. Rents have dropped to almost the same extent, by 10.7 per cent, according to Urban Redevelopment Authority (URA) data.

However, the sales volume has been rising, even though November saw a slightly cooler take-up. A total of 11,993 private residential units (excluding executive condominium units) were sold in the first nine months of this year, an increase of 9.8 per cent year on year.

Falling prices have, in fact, been a boon for the luxury residential property market.

As of last Thursday, there were 2,601 private home transactions in the area defined as the "core central region", 42.6 per cent higher than that of the whole of last year, said Savills Singapore research head Alan Cheong. This area includes Orchard, River Valley, Bukit Timah and Novena.

"Clearly, this shows that there has been a strong revival of interest in the luxury segment of the private residential market," he said. He attributed this to developers' creative payment schemes, such as OUE Twin Peaks' and d'Leedon's deferred payment schemes.

Analysts also singled out the return of collective sales as a cause for optimism. After a long dormant period, three deals were sealed this year, racking up more than $1 billion in value. Last year, there was just one $380 million deal and none in 2014.

The biggest collective sale of the year was of Bishan estate Shunfu Ville, bought by Chinese developer Qingjian Realty for $638 million. The sale is awaiting High Court approval.

The Straits Times understands that at least 10 collective sales committees have been set up in response to these successes.

Dr Lee Nai Jia, head of research at Edmund Tie and Co, is confident more collective sales will be sealed next year.

"This is because sellers have dropped their asking prices, while developers are keen on well-located smaller sites," he said. "It is good for the property market, as it helps to renew the stock of sites available."

However, the star performer of the property market this year was office investment sales. According to data from research firm Real Capital Analytics, the value of office investments in Singapore so far this year was US$4.9 billion (S$7.1 billion) as of Dec 14, rising 54 per cent from the same period a year earlier.

Foreign investment in local real estate hit its highest level in nine years.

Two mega deals made up the bulk of the $8.85 billion of foreign money. One was the sale of Asia Square Tower 1 for $3.38 billion by sovereign wealth fund Qatar Investment Authority. The second was Malaysian developer IOI Properties Group's unit Wealthy Link's record-setting bid of $2.57 billion for a "white" multi-use site in Central Boulevard. Both properties are in Marina Bay.

The bullish buying of commercial assets contrasted with the pressure being put on rental prices. Office vacancy rates continued to rise. They were up last quarter to 10.4 per cent, one of the highest in recent quarters, while office rentals and prices continued to decline last quarter.

In the retail and industrial segments, business remains woeful as rents have softened across the market, said Mr Cheong.

The median rental rate for retail spaces in the third quarter was the lowest on record, falling to $9.82 per sq ft per month for the Orchard area - the first time it fell below $10, according to URA data.

Meanwhile, average prime monthly rent for the factory and warehouse sector slipped 6.3 per cent quarter on quarter, having declined since the fourth quarter of last year.

Most analysts think that the residential market has bottomed out, and that there is cause for optimism next year, as they believe that the Government will release more Government Land Sales (GLS) sites.

Mr Cheong said next year will be a "watershed" year.

"Not only are we likely to see more GLS sites being listed on the confirmed list for residential development, it is also a year like in 2016 where those who, despite the restrictions imposed by the TDSR (total debt servicing ratio), still have the wherewithal to purchase, (and) will start sauntering back to the market," he said.

Ms Christine Li, director of research at Cushman and Wakefield, said that the optimism ahead was primarily in Singapore's commercial and high-end residential markets.

Credits: Propertyguru

 

 

 

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Despite the continued drop in private home prices, Singapore’s property market has showed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper.

Data from the Urban Redevelopment Authority (URA) showed that private home prices fell by 10.8 percent over 12 consecutive quarters, while rents dropped by 10.7 percent.

Nonetheless, the sales volume for the first nine months of 2016 increased by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums).

In fact, the falling prices have helped boost the luxury residential segment.

As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singapore Research Head Alan Cheong.

“This shows there has been a strong revival of interest in the luxury segment of the private residential market,” he said.

Cheong attributed the revival to developers’ creative marketing schemes, like the deferred payment scheme offered at OUE Twin Peaks.

Another bright spot is the return of collective sales. Three deals worth over $1 billion were sealed this year, compared to one $380 million deal in 2015 and none in 2014.

The $638 million sale of Shunfu Ville to Chinese developer Qingjian Realty emerged as the biggest en bloc sale of the year.

Edmund Tie and Co. Research Head Dr Lee Nai Jia is confident more sales will be sealed in 2017.

“This is because sellers have dropped asking prices, while developers are keen on well-located smaller sites,” he said.

 

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