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Posted by on in New Launches

Developers sold 1,110 units in November, including executive condos, lower than October’s 1,540 units. On a y-o-y basis, sales inched up 17.5% from 945 units in November last year. There were two new launches in November, namely the 736-unit Queens Peak on Dundee Road and the 752-unit Parc Riviera at West Coast.

Hao Yuan Investment’s Queens Peak was the best-selling private project with 271 units sold at a median price of $1,628 psf. EL Development’s Parc Riviera occupied the second spot with 128 units sold at a median price of $1,189 psf followed by MCC Land’s project, The Alps Residences with 32 units sold at a median price of $1,038 psf.

Sales of executive condos went up 34.4% y-o-y to 250 units sold in November. Sol Acres was the top performer in November with 56 units sold at a median price of $784 psf. This was followed by The Terrace (36 units at a median price of $784 psf) and Westwood Residences (29 units at a median price of $798 psf).

Best-selling private projects in November 2016

Project Name Street Name Units Launched in the Month Units Sold in the Month Total Number of Unsold Units Median Price ($psf)
Queens Peak Dundee Road 736 271 465 1,628
Parc Riviera West Coast Vale 200 128 624 1,189
The Alps Residences Tampines Street 86 - 32 273 1,038
The Trilinq Jalan Lempeng - 25 278 1,430
Symphony Suites Yishun Close 10 23 289 1,079

Source: URA, The Edge Property

Best-selling EC projects in November 2016

Project Name Street Name Units Launched in the Month Units Sold in the Month Total Number of Unsold Units Median Price ($psf)
Sol Acres Choa Chu Kang Grove - 56 636 784
The Terrace Edgedale Plains - 36 108 784
Westwood Residences Westwood Avenue - 29 180 798
Bellewoods Woodlands Avenue 5 - 27 99 766
The Vales Anchorvale Crescent - 19 110 823

Source: URA, The Edge Property

Source: The Edge Property  

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Posted by on in New Launches


Property developers in Singapore sold 860 units in November 2016, down 31.4 percent from the 1,253 units in the previous month, reported Channel NewsAsia, citing data from the Urban Redevelopment Authority (URA).

Including executive condominiums (ECs), developers sold 1,110 private homes, down from the 1,542 units sold in October.

The number of units launched by developers also fell from 1,467 units in October to 1,363 units last month.

Most of the sales took place at the Parc Riviera project in West Coast Vale, which sold 128 of the 200 units launched, and at Queens Peak in Queenstown, which sold 271 of its 736 units.

Credits: Propertyguru

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Posted by on in New Launches

Two new private condominiums were launched last month – Parc Riviera and Queens Peak. Both projects sold a total of 399 units, but sales were also recorded at previously launched developments. The top-selling condos in November were:


1) Queens Peak (RCR)

Developer: Hao Yuan Investment
Tenure: 99-year leasehold
Location: Dundee Road (D3)
Nearest MRT station: Queenstown MRT
Median price: $1,628 psf
Total no. of units: 736
Sales update: 271 units sold in November


2) Parc Riviera (OCR)

Developer: EL Development
Tenure: 99-year leasehold
Location: West Coast Vale (D5)
Nearest MRT station: Clementi MRT
Median price: $1,189 psf
Total no. of units: 752
Sales update: 128 units sold in November


3) The Alps Residences (OCR)

Developer: MCC Land
Tenure: 99-year leasehold
Location: Tampines Avenue 10 (D18)
Nearest MRT station: Tampines MRT
Median price: $1,038 psf
Total no. of units: 626
Sales update: 32 units sold in November

4) The Trilinq (OCR)

Developer: IOI Properties
Tenure: 99-year leasehold
Location: Clementi Avenue 6 (D5)
Nearest MRT station: Clementi MRT
Median price: $1,430 psf
Total no. of units: 755
Sales update: 25 units sold in November


5) Symphony Suites (OCR)

Developer: EL Development
Tenure: 99-year leasehold
Location: Yishun Avenue 9 (D27)
Nearest MRT station: Yishun MRT
Median price: $1,079 psf
Total no. of units: 660
Sales update: 23 units sold in November


Credits: Propertyguru

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Improving sentiment in the housing market will likely benefit City Developments Limited (CDL), as it remains the developer with the most available inventory, with much of its land bank purchased at a lower cost in previous years, revealed a Credit Suisse report.

The report noted that the introduction of the final rounds of property cooling measures, including the Total Debt Servicing Ratio (TDSR) in 2013, saw transaction volumes drop 66 percent to 12,850 units in 2014 from 37,873 units in 2012.

“While transaction volumes remained tepid with declining prices a dampener on demand, we have observed a resurgence in volume growth across both the primary and secondary markets in recent quarters,” said Credit Suisse.

In fact, latest data for Q3 2016 showed that total sales volumes increased 10.5 percent year-on-year, on the back of strong resale volumes across all markets.

Resale volumes, which increased 53 percent year-on-year in Q3, would be a “better representation of buyer sentiment rather than total volumes, as they exclude the moderating impact on primary sales volumes from the decline in land sites in the market”, noted Credit Suisse.

The report stated that total unsold units (including completed, under construction and planned developments) have also progressively declined to an all-time low of 22,502 units.

With this, Credit Suisse expects the recovery in market sentiment to benefit CDL.

“Based on our proprietary analysis, CDL has the largest available land bank and unsold inventory, with an estimated 2,909 units worth $5.8 billion, half of which are located in the prime CCR region. Furthermore, much of these would have been acquired at a lower cost in earlier years, hence supportive of margins.”

The Swiss banking giant believes volumes are a more important driver of share price performance than prices per se, since they better reflect sentiment in the residential market.

“CDL remains one of the most direct and investable residential proxies in the Singapore market for investors, and we expect CDL to re-rate with gathering sales momentum,” it said.

“With $3.5 billion in funds AUM through three PPS deals thus far, we expect further PPS initiatives to drive value creation, on track to meet its $5 billion target by 2018. This would serve as share price catalysts to drive a further narrowing of its current discount to NAV.

“At 0.85x P/B (-1 SD from historical averages) and a 31 percent discount to RNAV (-0.9 SD from the historical average), valuations remain attractive.”


Credits: Propertyguru

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Despite the multi-million dollar fines involved if they fail to sell all their residential units within five years, property developers in Singapore are unlikely to cut home prices to attract buyers, reported The Straits Times.

“I don’t think they will be slashing prices drastically, as many of them still have some holding power,” said Alan Cheong, Head of Research at Savills Singapore. OrangeTee’s Head of Research and Consultancy also concurs, saying “developers have been largely keeping prices steady in 2016 as the demand for new homes has picked up”.

Under the Additional Buyer’s Stamp Duty (ABSD) rules introduced in December 2011, developers must construct and dispose of all units in residential projects within five years of acquiring their sites. Otherwise, they need to fork out a 10 percent levy based on the land price, plus a five percent interest. Subsequently, the levy was increased to 15 percent for sites purchased from January 12, 2013 onwards.

Among the projects with imminent deadlines is CDL’s Bartley Ridge, but its developer is optimistic that it can offload the remaining two units there before the January deadline, as well as the remaining 97 units in another project, The Venue Residences, before September next year. If it fails to sell the unsold units, CDL would need to pay ABSD plus interest of around S$79 million.

“To further speed up sales, we have initiated various marketing and promotional activities, such as the CDL Dream Draw, which is applicable to The Venue Residences and three other projects,” said a spokesperson.

Meanwhile, The Trilinq by IOI Properties still had 303 remaining units as of October 31. If these units are not disposed of by January, the developer is liable to pay S$50.9 million.

SingLand has three developments with unsold inventory: Mon Jervois, Pollen & Bleu, and Alex Residences. If it fails to find buyers for these projects by February, June and December respectively, it must fork out a total of about S$70 million.

“For Mon Jervois, if we have to pay ABSD, I think our margins will be able to absorb that and still provide a decent profit,” noted Michael Ng, Group General Manager of UIC, the parent firm of SingLand. “It may be better to hold on to the units and try to sell at a higher price later on, as the market for this segment is improving,” he added.


Credits: Propertyguru

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Stronger home sales in Singapore and China and contributions from serviced residences and commercial properties lifted CapitaLand's third-quarter earnings.

Net profit for the three months to Sept 30 rose 28.4 per cent to $247.5 million from $192.7 million a year earlier.

Revenue was up 27.7 per cent to $1.37 billion, thanks to increased contributions from development projects here and in China.

The developer said yesterday that higher rental income from its commercial properties here and its serviced residences business also boosted turnover.

China and Singapore remained CapitaLand's core markets, accounting for about 83 per cent of its revenue.

"CapitaLand's operating performance has remained robust thanks to our optimal asset mix that provides us with stability and a strong recurring income stream despite a volatile market," said president and group chief executive Lim Ming Yan.

Its development projects The Nassim and Cairnhill Nine in Singapore, Riverfront in Hangzhou, New Horizon in Shanghai and Vermont Hills in Beijing all contributed to higher revenue in the quarter.

CapitaLand sold 206 homes here between July and September, bringing the total units sold in the first nine months of the year to 510, with a total sales value of $1.24 billion.

Sales hit 2,903 units in China in the quarter, taking the nine-month total to 9,176, with a value of 14.8 billion yuan (S$3.04 billion).

CapitaLand gave an update of the extension fees payable in this half of the year for unsold units at The Interlace and d'Leedon as at the "sell-by date" in its third-quarter earnings report.

These fees relate to Qualifying Certificate (QC) rules applying to foreign developers - including Singapore developers listed here but with foreign shareholders.

It estimated an extension fee of $2.36 million for The Interlace, which had 56 unsold units as at Sept 13, and $2.72 million for d'Leedon, assuming the 87 units still available at the end of September remained unsold by the Oct 21 deadline. The developer noted that these fees will have limited financial impact.

Quarterly earnings per share was 5.8 cents, up from 4.5 cents in the third quarter a year ago. Net asset value per share came in at $4.01 as at Sept 30, lower than the $4.21 at Dec 31, 2015.

Net profit for the nine months to Sept 30 dipped 7.1 per cent to $759.8 million, largely due to lower fair value gains from revaluation of properties and portfolio gains. Revenue was up by 12.5 per cent from the previous year to $3.4 billion.

CapitaLand expects property cooling measures to continue to weigh on the residential market here while the outlook for office occupancy and rents remains muted. Its portfolio of malls here is expected to continue to offer stable recurring income.

The counter closed three cents lower to $3.03 yesterday, after the earnings were announced.


Credits: St Property

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Posted by on in New Launches

Singapore’s oldest satellite town has kept up with the times and seen many modern developments spring up across it. But even it progresses, pockets of history are still visible throughout the estate, and it is this mix of old and new that attracts many to Queenstown.

By Cheryl Marie Tay

Singapore may be only 51 years old, but its history began much earlier than 1965. And as the country’s oldest satellite town, Queenstown has certainly seen plenty of changes over the years.

Located on the south-westernmost edge of central Singapore, its very name is a rather transparent reference to Singapore’s heritage as a former British colony. Indeed, Queenstown was so christened after the reigning monarch of the United Kingdom, Queen Elizabeth II, to mark her coronation in 1952.

Thanks to the estate’s obvious association with British royalty, the Duke and Duchess of Cambridge made a stop in Queenstown during their visit to Singapore in September 2012.

The estate is surrounded by Bukit Merah on its eastern and south-eastern sides, Bukit Timah on its northern side, Clementi on its western and north-western sides, Selat Pandan on its southern and south-western sides, and Tanglin on its north-eastern side.

Its 16 subzones include Buona Vista, Commonwealth, Dover, Ghim Moh, Holland Drive, Kent Ridge, Margaret Drive, Mei Chin, Pasir Panjang, Portsdown, Queensway and Tanglin Halt, while its main housing estates include Duchess Estate, Princess Estate and Queen’s Close.

A village in a valley

Before the 1950s, Queenstown was merely a swampy valley flanked by hills, with a rubber plantation on one side and a cemetery on the other. There was also a village in the area, called Bo Beh Kang, which was populated mainly by Hokkien- and Teochew-speaking inhabitants in attap huts.

Until 1942, these residents grew vegetables and fruits and reared chickens and pigs for a living. In 1947, however, the Housing Committee of Singapore published a report highlighting the problem of inadequate housing in the country.

As a solution, the report proposed having Singapore’s population decentralised away from city areas by establishing self-contained suburban residential estates. This was supposedly influenced by post-war Britain’s New Town initiative.

A successful start

The Singapore Improvement Trust (SIT) eventually chose Queenstown for housing development, thanks to its proximity to Singapore’s first public housing project, Tiong Bahru, which had proven to be a success.

The construction of Queenstown’s first public housing neighbourhood, Princess Margaret Estate (named after Queen Elizabeth II’s younger sister), commenced in July 1952, with a preliminary batch of three-room flats ready for occupation by late 1953.

This grew to over 1,000 one-, two- and three-room flats and 68 terrace houses by 1956, and included the 14-storey Forfar House, which was the tallest HDB block in Singapore then. It was considered such a prominent landmark at the time, there was even a ceremony held in October 1956 in its honour.

Simply known as Block 39, it contained 106 three-room flats, four stores and a kopitiam. However, 40 years after it was first built, it was demolished under the Selective En-bloc Redevelopment Scheme (SERS).

Queenstown was fully developed as a public housing estate by 1970, and its success led to Buona Vista and Holland Village following the same route.

Into the 21st century

Today, Queenstown is still a thriving, self-sustaining residential estate. Its demographics have shifted somewhat since it was built, with more senior citizens residing in the area now than in most other estates in Singapore. They live mostly in the older two- and three-room HDB flats in the area.

Thanks to urban renewal efforts in the 2000s, residential developments such as SkyTerrace and SkyVille at Dawson (in Princess Estate) have drawn younger homebuyers to Queenstown. In fact, the SCDA Architects-designed SkyTerrace recently won an award from the Royal Institute of British Architects (Riba) for International Excellence. Margaret Drive has also been redeveloped, such that it is now a modern neighbourhood that affords residents a high level of convenience.

Of course, the older residents are still catered to; a new nursing home at Margaret Drive will open in 2017, and will provide care and rehabilitation to the elderly who have been discharged from the hospital but still require some medical care while recovering. It will also have a senior care centre to help families look after their elderly member in the day, while the former are at work.

Amenities galore

There are many schools — including renowned educational institutions — in Queenstown, a plus point for parents of school-going children of any age. From primary (Fairfield, New Town and Queenstown) and secondary schools (Anglo-Chinese Independent, Fairfield Methodist, Queensway) to tertiary (Anglo-Chinese Junior College, the National University of Singapore, Singapore Polytechnic) and even international institutions (Anglo-Chinese International, Global Indian International School, United World College of Southeast Asia), the Queenstown Planning Area has no shortage of schools.

Other amenities include Alexandra Hospital, National University Hospital (NUH), Anchorpoint Shopping Centre, Queensway Shopping Centre, The Star Vista and of course, Queenstown MRT station.

Those who prefer to be away from large crowds can eschew the shopping malls for Kent Ridge Park and HortPark. If you’re in the mood for something a little different, go to Haw Par Villa, a theme park brimming with Chinese mythology and folklore; it features more than 1,000 statues and 150 giant dioramas depicting scenes from Chinese legend and history.

There is also plenty of food to be had here. The estates numerous hawker centres include ABC Brickworks Market, Alexandra Village Food Centre and Tanglin Halt Hawker Centre. Of course, there is also Singapore’s first IKEA outlet on Alexandra Road, where you can have the Swedish furniture giant’s famous meatballs after a day of furniture shopping.

Hankering for the past

Though Queenstown has kept up with the times and continued to attract both residents and visitors, some still miss the Queenstown of old.

For 32-year-old Singaporean filmmaker Sivaraj Pragasm, it was his first home. Born in 1984, he grew up in Queenstown. After spending the first 15 years of his life living there, his family moved in July 1999 to Sengkang, where he still lives today.

He reminisces about the reputed “kampong spirit” we’ve all heard about, but may not have experienced: “Queenstown was a world of its own. It had a lot of charm because the buildings were pretty old and the people there had been living there since the 1950s and 1960s, so neighbours knew one another.

“You could leave the front door open without any issues. Food there was great because you could either go to Tanglin Halt, Margaret Drive or Stirling Road, all within walking distance of each one another. I also remember spending a lot of time at Queenstown Shopping Centre when I was younger.”

Comparing life in Queenstown with that in Sengkang, he says: “(Life in Queenstown) has never been — and can ever be — replicated by living here in Sengkang, simply because the demographics are different and it’s very sterile, considering it’s an entirely new town.”

Pragasm still visits Queenstown these days, “for old time’s sake”, and is — perhaps unsurprisingly — rather saddened by the rapidly disappearing landmarks and symbols of his childhood.

He says, “Most of the Queenstown that I grew up with has disappeared. Entire blocks of flats are being torn down, and the stalls at the hawker centre that I used to go to are no longer around, except maybe that famous Western food stall at Tanglin Halt, which I think is called A1 Western.”

Pragasm’s mood does lighten considerably when asked to recommend what one should eat and do in Queenstown: “I would highly recommend A1 Western. There are some heritage trails and tours that are run by non-profit organisations in Queenstown, so I would recommend checking that out.

“There’s also a Facebook group called My Queenstown that brings Queenstown residents, past and present, together. There are a lot of old photos of Queenstown you can find on the site that really show the rich history of the place.”

Continuing progress

Still, as it has been for a long time in Singapore, progress will continue, nostalgia notwithstanding. New developments continue to spring up all over the island, and Queenstown is no exception.

One of the upcoming residential projects in the estate is Queens Peak developed by Hao Yuan Investment and managed by MCC Land. Located on Dundee Road, the condominium development will contain 736 units across two towers. The unit types will range from one- to five-bedroom apartments and will also include penthouse units with private pools.

The development will also feature communal sky gardens within its curvilinear façade, and is situated just opposite Queenstown MRT station, as well as close to Alexandra Village Food Centre and ABC Brickworks Market, both of which offer a wide range of delectable local cuisines.

History amid modernity

Still, if you’re looking for some nostalgic indulgence, you can take a stroll along some of the older neighbourhoods in Queenstown, like those at Tanglin Halt and Stirling Road.

Also on Stirling is Tiong Ghee Temple, which was built in 1912 as a shrine to Guan Gong, the god of protection. Originally called Bo Beh Kang End Village Ghee Tiong Temple (after the aforementioned village where it was located), it was expanded in 1931, both physically and in terms of its roster of gods, with Tua Pek Kong joining the fold.

Interestingly, Bo Beh Kang village remained mostly unharmed during World War II, and residents attributed this to the protection of the gods. As a result, every 12 May and 23 August on the lunar calendar, events are held at the temple so devotees can express gratitude to the gods through a series of rituals.

The temple was renamed Tiong Ghee temple in 1968, after a temple committee was formed and had it registered as a religious institution; it was then moved to its current location on Stirling Road.

You can see the temple and other such historical sites in Queenstown by signing up for heritage tours conducted by My Queenstown Heritage Trail 

Credits: Propertyguru

Checkout the condominium developments in Queenstown:
Commonwealth Towers ; Queens Peak
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Property developer UOL Group is planning to launch two new residential projects in Clementi and Potong Pasir over the next two years, reported Singapore Business Review, citing a report from OCBC Investment Research.

The Clement Canopy, a 505-unit condominium in Clementi in which UOL owns a 50 percent stake, is expected to launch in the first quarter of 2017.

Raintree Gardens in Potong Pasir, which was acquired by the group via an en bloc sale with UIC Ltd, will be redeveloped into a 750-unit project that will hit the market in 2018.

UOL has seen healthy sales at its previously launched Singapore projects. The 797-unit Botanique at Bartley recorded a take-up rate of 96 percent, while Principal Garden and This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank">Riverbank @ Fernvale are 43 percent and 78 percent sold, respectively.

The three projects obtained their Temporary Occupation Permit (TOP) in September 2015 and May 2016, respectively.

With this, the group’s revenue for the quarter climbed 11 percent year-on-year to $393 million, on the back of higher topline contributions across its hotel, property development and property investment segments.

Property development revenue, for instance, jumped 19 percent year-on-year to $207 million due to higher progressive recognition from Botanique at Bartley, Riverbank @ Fernvale and Principal Garden, said OCBC.


Credits: Propertyguru

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Posted by on in New Launches

Singapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline.

CDL saw its net profit for Q3 soar 60.1 percent to $170.3 million, from $106.4 million over the same period last year.

The group attributed the increase to robust sales in the property development segment, as well as gains from the divestment of its entire 52.52 percent stake in Hong Kong-listed City e-Solutions Limited.

Revenue climbed 14 percent to $922.8 million, driven by the property development segment, including maiden contributions from the Gramercy Park project in Singapore and Hanover House in the UK, as well as contributions from Coco PalmsD’Nest and The Venue Residences and Shoppes projects in Singapore.

As at 30 September 2016, CDL’s net gearing stood at 27 percent, excluding any fair value surpluses on investment properties, with $3 billion of cash and cash equivalents.

To enhance shareholder returns, CDL Executive Chairman Kwek Leng Beng revealed that the company is reviewing its asset portfolio and business model.

“We are accelerating our diversification initiatives and will continue to focus on improving the group’s performance wherever possible, across all segments – property development, hotel operations, investment properties and funds management,” he said.

“We have an exceptionally robust balance sheet and are building our war chest to capture attractive opportunities during this period of market dislocation.”

Meanwhile, UOL posted a 14 percent drop in net attributable profit to $87.1 million in Q3, due mainly to lower gross profit margin and contributions from joint venture companies.

The share of profit from associated and joint venture companies declined 35 percent to $29.1 million on the back of lower contribution from Archipelago and Thomson Three, which were completed in September 2015 and May 2016, respectively.

Group revenue, however, rose 11 percent to $393.4 million with the property development segment witnessing an increase of 19 percent to $206.6 million due to higher progressive revenue recognition from Botanique at Bartley, Principal Garden and This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank">Riverbank@Fernvale.

“Although new loans were secured to fund the group’s acquisition of 110 High Holborn in London and for advances to a joint venture company to fund The Clement Canopy at Clementi Avenue 1, these were largely offset by repayments with funds from operations,” the company said in an SGX filing.


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Property developer CapitaLand posted a total net profit of $247.5 million in the third quarter of 2016, up 28.4 percent from $192.7 million in the previous year, on the back of better operating performance.

Group revenue during the period also jumped 27.7 percent to $1.374 billion.

In an SGX filing, the group attributed the increase to higher contributions from CapitaLand’s residential business in China and Singapore, shopping malls in Malaysia and China, its commercial portfolio in Singapore, and newly acquired serviced residences.

The residential projects which contributed to higher revenue in Q3 included The Nassim and Cairnhill Nine in Singapore, New Horizon in Shanghai, Vermont Hills in Beijing and Riverfront in Hangzhou.

Earnings before interest and tax (EBIT) also rose 7.7 percent year-on-year to $494.4 million in Q3, with Singapore and China remaining as key contributors.

Looking ahead, Lim said the group will continue to grow its assets under management through capital recycling, portfolio optimisation, fund management and management contracts.


Credits: Propertyguru

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Queens Peak, Hao Yuan Investment’s 736-unit condominium project at Dundee Road, has been warmly received by buyers, with 242 units sold during its launch on Saturday (5 November).

One- and two-bedroom units accounted for 90 percent of all the units sold, while the project’s average price stands at $1,632 psf. The lowest transacted price was $1,406 psf.

The developer attributed the encouraging sales to the project’s good connectivity to the nearby Queenstown MRT station, as well as the fact that all units are at least eight storeys above ground.

“We have received feedback from buyers that Queens Peak is an attractively priced city fringe project made affordable for mass condominium buyers,” said Tan Zhiyong, Managing Director of MCC Land, the project manager for Queens Peak.

Meanwhile, the 752-unit Parc Riviera at West Coast Vale sold more than 100 units on Saturday, offering a “one-tier pricing scheme” for units found on the lowest floor to the 15th floor, reported The Business Times.

With the average price at $1,150 psf, more than 95 percent of units sold are those that come under the one-tier pricing scheme. Around 80 percent of buyers opted for the one- or two-bedroom units.

The scheme, which was originally planned to be offered only on Saturday, did not generate further interest when it was extended to Sunday, with only a few more units sold.

While location may have played a role in the project’s sales performance, EL Development Managing Director Lim Yew Soon noted that the manner by which smaller units were distributed in the project may have also been a factor.

The smaller units at Queens Peak are concentrated on the lower floors to keep the quantums low for investors, while Parc Riviera has similar unit types from the lowest to the highest floors. The developer kept the unit-type composition consistent on each floor due to the use of prefabricated prefinished volumetric construction (PPVC).

Lim explained that it would be challenging for a project using PPVC to have different unit types stacked on top of another as this would require transfer beams and columns to be erected on each floor.

He also revealed that the project will revert to its original price list.

“We took quite a steep discount for the units on the higher floors so we can’t keep doing it all the time,” he said. “We are not planning for further discounts now. Based on the original pricing, it’s still attractive.”


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Property developer EL Development will offer a one-tier pricing scheme for its Parc Riviera condominium during the project’s soft launch this Saturday (5 November), reported The Straits Times.

The scheme will see units of the same type from the second floor to the 15th floor carrying the same prices.

A 603 sq ft two-bedroom unit, for instance, will be priced at $725,000, regardless of whether it is located on the second floor, the 15th floor, or anywhere in between. Units located higher up in the two 36-storey towers will have higher prices.

EL Development Managing Director Lim Yew Soon revealed that he came up with the novel strategy to give early buyers ‘maximum benefits’.

Typical early bird promotions that advertise units going for ‘$5xx,000’ usually leave buyers guessing a unit’s price as well as its level. He describes this approach as clichéd and ‘a bit old-fashioned’.

“We are telling people that the price starts from $550,000 for the one-bedroom (unit). We feel that $550,000 is an attractive price, even at the lower levels. But now that we have extended the price to 15 floors, it will be even more attractive,” he said.

Located near Pandan Reservoir, Parc Riviera comprises two 36-storey towers and a four-storey carpark. Sizes for the units range between 463 sq ft for a one-bedder and 1,711 sq ft for the biggest four-bedder. Around 64 percent of the development contains one- and two-bedroom units, said EL Development.

Lim noted that the price difference for units on the 15th and 16th levels will be ‘substantial’, by around five percent.

Meanwhile, property experts are optimistic about the scheme. In fact, PropNex Realty CEO Mohamed Ismail expects the strategy to be effective.

“This is one of the first times when a developer has dangled this type of carrot. This strategy will likely get greater interest from consumers as they have an incentive to come early to make up their minds, to get discounted prices for higher floors. There are real savings for the buyer,” he said.

Ong Kah Seng, Director of R’ST Research, on the other hand, said the strategy’s main purpose is to encourage buyers to ‘snap up’ units on the higher floors.

He added that units located on the higher floors of a 20-storey condominium are typically more expensive by up to 15 percent, compared to those located within the middle levels.

Although the scheme could mean that lower floor units may remain unsold for a while, this is immaterial since “the project would already have achieved a fairly good sales rate, resulting in the project achieving good break-even sales or even marginal profits”, said Ong.


Credits: Propertyguru

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To entice early-bird buyers, the developer of West Coast condominium Parc Riviera is taking a novel one-tier pricing approach.

EL Development is offering units of the same type from the second to the 15th levels for the same price.

For example, a 603 sq ft two-bedroom flat will be priced at $725,000, regardless of whether it is on the second or 15th level - or anywhere in between.

Most developers charge higher prices for flats on higher floors because higher flats tend to be more popular for the views.

While flats will be priced the same between the second and 15th floors, flats higher up the two towers of 36 storeys at Parc Riviera will be offered at higher prices.

Mr Lim Yew Soon, EL Development's managing director, said he came up with the strategy as he wants early buyers to enjoy "maximum benefits".

Typical early bird promotions which might advertise units going for "$5xx,000" leave buyers guessing about the price and the level of the flat.

He said this approach was "a bit old-fashioned" and cliched. "We are telling people that the price starts from $550,000 for the one-bedroom (unit). We feel that $550,000 is an attractive price, even at the lower levels. But now that we have extended the price to 15 floors, it will be even more attractive," he added, saying this will get buyers to come in earlier.

The one-tier pricing scheme will be available only on Saturday at the condominium's soft launch.

Parc Riviera, located near Pandan Reservoir, comprises two 36-storey towers with a four-storey carpark. Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said that about 64 per cent - are one- and two-bedroom apartments.

Mr Lim said the price difference between the 15th and the 16th floor will be "substantial", by about 5 per cent.

Property experts were optimistic about the move.

PropNex Realty chief executive Ismail Gafoor said that the strategy is likely to be effective.

"This is one of the first times when a developer has dangled this type of carrot. This strategy will likely get greater interest from consumers as they have an incentive to come early to make up their minds, to get discounted prices for higher floors. There are real savings for the buyer."

Mr Ong Kah Seng, director of R'ST Research, said that the main purpose of the strategy is to encourage buyers to "snap up" the higher floors.

Typically, units on the higher floors of a 20-storey condominium are more expensive by up to 15 per cent than those in the middle levels, he added.

While this might mean lower floor units could be unsold for a while, Mr Ong said that this is "immaterial" as "the project would already have achieved a fairly good sales rate, resulting in the project achieving good break-even sales or even marginal profits".

Credits: Straits Times New



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UPDATED: A 1.7ha residential site in the reserve list of the second half 2016 Government Land Sales (GLS) Programme has been released for application, said the Urban Redevelopment Authority (URA) on Thursday, 27 October.

Located at Serangoon North Avenue 1, the site could be developed into a two-storey project with a maximum gross floor area of 42,973 sq m. It could yield up to 505 private housing units.

The 99-year leasehold site is close to Chomp Chomp Food Centre, Serangoon Garden Market and several schools.

A reserve list site is only triggered for sale if a developer’s minimum bid price is acceptable to the government.


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Parc Riviera, Queens Peak aim to tap buyer interest amid good showing at other launches

Two new condominium projects - in West Coast and Queenstown - will open their showflats this weekend in the hope of capitalising on good sales at recent launches.

Prospective buyers can visit the showflat of EL Development's Parc Riviera in West Coast Vale over the next two weekends, ahead of its sales launch next month.

The other project vying for buyers is Queens Peak in Dundee Road, in Queenstown. It will open for preview on Saturday, with the sales launch scheduled for Nov 5, its developer Hao Yuan Investment said.

EL Development told The Straits Times the average selling price for units at the 752-unit Parc Riviera - a 99-year leasehold development - will be about $1,250 per sq ft.

"We want to price (the units) low at the start to attract early-bird buyers... If demand is there and the market improves, maybe we can consider raising the price slightly," noted Mr Lim Yew Soon, managing director at EL Development.

Parc Riviera comprises two 36-storey towers with a four-storey carpark. It is near the Pandan Reservoir and park connector. Key features include a panoramic deck with jacuzzis and pavilions on the rooftops of both blocks.

Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said 480 of the 752 units - or about 64 per cent - are one- and two-bedroom apartments.

Mr Lim said: "Recent sales at The Alps Residences and Forest Woods are very encouraging... I think as long as the project is well designed and reasonably priced, there'll be takers."

Hao Yuan Investment's Queens Peak - also a 99-year leasehold project - appears to be better located, being near the Queenstown MRT station. It has 736 units, comprising one- to five-bedroom apartments and penthouses.

The sizes of the units at Queens Peak range from 431 sq ft for the one-bedroom unit to 2,002 sq ft for the five-bedder, and 4,768 sq ft for the largest penthouse.

The one- and two-bedroom apartments make up 62 per cent of the total units available there. The developer said premium units will have private lift lobbies, and all four penthouses will come with private pools, jacuzzis and private roof terraces.

"While market sentiment is buoyed by the recent recovery in sales, Queens Peak has very strong qualities... and as such, we have improved confidence at this moment," said Hao Yuan Investment, adding that selling prices have not been set yet.

The two upcoming showflat openings follow the positive response to new projects rolled out this month.

Forest Woods, a project by City Developments, Hong Leong Holdings and TID, in Lorong Lew Lian sold 65 per cent of its 519 units on its first launch weekend on Oct 8.

MCC Land's The Alps Residences in Tampines moved 280 of 626 units in a single day when it was put on the market on Oct 2.

Investor Eileen Gwee bought a two-bedder at The Alps Residences in Tampines for under $750,000, in the hope of leasing it out. "I am still confident about Tampines. It is a mature estate and a regional centre; an international school is nearby... so there should be rental potential," said Ms Gwee, a sales manager.

Newly launched projects such as Cairnhill Nine near Orchard Road, Gem Residences in Toa Payoh and Lake Grande in Jurong have also sold well.

"New projects have launched at reasonable price levels this year... In addition, several of the projects are relatively well located and have attractive characteristics, such as a retail podium and proximity to an MRT station," said Ms Alice Tan, Knight Frank Singapore research head.

Both Parc Riviera and Queens Peak are expected to get their temporary occupation permits at the end of 2020.


Credits: Straits Time Property News

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Chinese developer Hao Yuan Investment will hold a preview starting from this Saturday (22 October), to test market sentiment for the Queens Peak condominium at Dundee Road near Queenstown MRT station.

Property agencies SLP Realty and Knight Frank are marketing the 736-unit residential development.

The units will be perched from the eighth storey onwards, and comprise one- to five-bedroom units and penthouses measuring from 431 sq ft to 4,768 sq ft. The prices of the one- to five-bedders will range from $1,430 psf to $1,830 psf.

The four penthouses will come with high ceilings, a private pool, Jacuzzi and private roof terraces, said the developer.

There will also be a 570 sq ft shop unit on the ground floor which will cater to the needs of future residents.

Queens Peak is close to Queensway Shopping Centre, IKEA Alexandra, Alexandra Hospital and several schools.

Tan Zhiyong, Managing Director of MCC Land, the project manager of Queens Peak, said: “The Queenstown estate has greatly transformed in recent years. The nearby Dawson area has been modernised with award-winning public housing projects and the Queensway shopping enclave is now (full of) new malls.”

The 99-year leasehold project is expected to be completed in 2020.


Credits: Propertyguru

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Singapore developers sold 769 private housing units in September including executive condominiums (ECs), down 3.7 percent from the 799 units sold in the previous month, revealed data published on Monday (17 October) by the Urban Redevelopment Authority (URA).

Year-on-year, sales rose about 18 percent compared to the 629 units sold in September 2015.

Analysts explained that developer sales remains slow due to the absence of new launches.

The best-selling private condominium last month was Lake Grande in Jurong West, which was launched in July. The 99-year leasehold project sold 29 units at a median price of $1,312 psf.

Two previously launched EC projects sold even more units, helping to push up the sales figure.Treasure Crest in Sengkang sold 38 units at a median price of $746 psf, followed by Sol Acres in Choa Chu Kang, which moved 36 units at a median price of $800 psf.

“Buyers continue to find value in the EC market as they will be able to take advantage of an expected long-drawn market recovery to capitalise on selling the EC units after fulfilling the Minimum Occupation Period,” said Desmond Sim, Head, CBRE Research in Singapore and South East Asia.

The most active region was the suburbs, which sold 297 units (74 percent). The balance came from the city fringe, which sold 144 units (20 percent), and the city centre with 68 units sold (six percent).

In the coming months, Ong Teck Hui, National Director of Research & Consultancy at JLL, expects to see more buying activity with the launch of The Alps Residences (626 units), Forest Woods (519 units), Queens Peak (736 units) and Parc Riviera (752 units).

“It has already been reported that The Alps Residences and Forest Woods found keen interest amongst buyers and achieved good sales take-up,” he said.

Analysts also predict a stronger sales performance this year compared to 2015. “It is estimated that 7,500 to 8,200 private residential units will be sold by developers in 2016, exceeding the 7,440 units sold last year,” said Ong.

Including ECs, the figure could surpass 12,000 units, a 20 percent increase from the 10,199 units sold in 2015, added Mohamed Ismail, CEO of PropNex Realty.


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The Forest Woods condominium in Serangoon Central will be launched this Saturday (8 October), said home builder City Developments Limited (CDL), which is jointly developing the project with Hong Leong Holdings and TID.

The 519-unit project has already received a strong response since its preview began on 24 September. So far, more than 4,500 groups of visitors and families have visited the showflat, and over 500 cheques have been collected from buyers, said CDL.

Facilities include a three-level clubhouse with an indoor gym, a 150-metre adventure zone and a 75-metre pool.

Located within a mature estate in Lorong Lew Lian, the 150,711 sq ft site is close to Nex shopping mall, which is linked to the Serangoon MRT station and bus interchange.

The 99-year leasehold project is expected to obtain its TOP in 2021.


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Forest Woods, a condominium project by City Developments Limited (CDL), Hong Leong Holdings and TID, received a strong response during its launch over the weekend, with 337 of the 519 units (65 percent) sold as at 5pm on Sunday, 9 October.

CDL Group General Manager Chia Ngiang Hong attributed the keen interest to several factors, including its strategic location and competitive pricing.

All unit types saw a good take-up rate, with units sold achieving an average price of $1,400 psf. In fact, all the two-bedroom and one-bedroom with study units were snapped up, while one of the three penthouses was sold at $2.85 million.

Singaporeans accounted for 88 percent of buyers, while the remaining 12 percent comprised permanent residents and foreigners from Indonesia, China, Switzerland, Malaysia, Vietnam and Taiwan.

Unit prices start from $688,000 for a one-bedroom unit to $1.65 million for a four-bedder.

The project in District 19 comprises a range of facilities including a three-level clubhouse, a 75-metre pool and a 150-metre adventure zone.

Located at the junction of Upper Paya Lebar Road and Upper Serangoon Road, Forest Woods is near the Serangoon MRT station and bus interchange, as well as Nex shopping mall.

“Many units bought were for owner-occupation as they like the location and the project’s strong attributes and offerings. Due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand,” added Chia.

Credits: Propertyguru


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The 626-unit The Alps Residences at Tampines Street 86 sold 270 units (43 percent) on Sunday (2 October), its first launch day after a week-long preview, said its developer MCC Land.

Prices range from $491,000 for a one-bedroom unit measuring 441 sq ft to $1.44 million for a 1,410 sq ft four-bedder.

According to a spokesperson for the condominium, t he one- and two-bedroom units made up 88 percent of the units sold.

“We attribute the strong response to the highly efficient unit designs as well as competitive prices. There seems to be pent-up demand in Tampines, which has seen no new condominium launched since The Santorini, also an MCC Land project, in April 2014,” the spokesperson said.

The 99-year leasehold project is expected to obtain its TOP in 2020.


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