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The Alps Residences, a 626-unit condominium at Tampines Street 86, will open for preview this Saturday (24 September), said Chinese developer MCC Land. Property agencies ERA and Huttons are marketing the project.

MCC Land paid $227.78 million ($482.59 psf per plot ratio) for the hotly contested site in 2015, which attracted a total of 12 bids.

The 168,567 sq ft site will contain nine residential towers, designed with a Swiss Alps theme.

“We specially engaged a Switzerland-based architectural firm to create a tropical home with Alpine inflections,” said Tan Zhiyong, Managing Director of MCC Land.

These include a clubhouse with a gabled roof similar to those seen in Swiss chalets, and balconies with snowcap design motifs.

There are one- to four-bedroom apartments and penthouses available, with sizes ranging between 441 sq ft and 2,486 sq ft. Around 66 percent of the units are two- and three-bedrooms measuring from 689 sq ft to 1,087 sq ft.

PropertyGuru understands that prices haven’t been finalised yet, and will depend on the response seen at the preview. However, prices are expected to start in the $400,000 range for a one-bedder, which translates to just over $900 psf.

There will also be two shops of approximately 680 sq ft each, which will cater to the needs of residents and those living nearby. In addition, 104 bicycle parking lots will be installed for residents to encourage and facilitate cycling.

The Alps Residences is close to Tampines MRT station, which will become an interchange for the existing East-West Line and the upcoming Downtown Line Stage 3 in 2017. Other nearby amenities include shopping malls, schools and a hospital.

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

Credits: Propertyguru

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Posted by on in New Launches

Property developers sold 805 housing units in August, including executive condominiums (ECs). The five top-selling projects, all located in the Outside Central Region (OCR), are:

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1) Treasure Crest EC (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $745 psf
Total no. of units: 504
Sales update: 56 units sold in August

2) Sol Acres EC (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Choa Chu Kang Grove (D23)
Nearest MRT station: Bukit Panjang MRT
Median price: $781 psf
Total no. of units: 1,327
Sales update: 46 units sold in August

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3) Bellewoods EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Woodlands Avenue 5 and 6 (D25)
Nearest MRT station: Admiralty MRT
Median price: $769 psf
Total no. of units: 561
Sales update: 37 units sold in August

4) Lake Grande (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Jurong West Street 41 (D22)
Nearest MRT station: Lakeside MRT
Median price: $1,317 psf
Total no. of units: 710
Sales update: 35 units sold in August

5) The Trilinq (OCR)
Developer: IOI Properties
Tenure: 99-year leasehold
Location: Clementi Avenue 6 (D5)
Nearest MRT station: Clementi MRT
Median price: $1,413 psf
Total no. of units: 755
Sales update: 30 units sold in August

Credits: Propertyguru

 

 

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Posted by on in New Launches

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Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark the completion of Sky Vue in Bishan Central. The event was jointly hosted by the project’s developers CapitaLand and Mitsubishi Estate Asia.

The 99-year leasehold condominium located close to Bishan MRT station obtained its TOP on 21 July.

Around 97 percent, or 672 of the 694 units have been sold as at end-August, said CapitaLand.

The remaining 22 units are mostly two-bedroom configurations measuring 678 sq ft to 829 sq ft, with prices starting from $1.16 million. Also available are a 484 sq ft one-bedroom unit and two penthouses of 2,045 sq ft each.

“We are confident of selling the remaining 22 units, especially with its completion,” said Wen Khai Meng, CEO of CapitaLand Singapore. “This is the fourth completion party we have organised for our home buyers, following those held at The Interlace, d’Leedon and Sky Habitat.”

In an update on its deferred payment scheme, called the stay-then-pay scheme, Wen revealed that 59 options were exercised for d’Leedon, and 42 for The Interlace between 20 June and 30 August. “This scheme is very well-received,” he said.

Under the standard payment scheme, 13 units were sold at d’Leedon and nine at The Interlace during this period.

CapitaLand will also be introducing a marketing scheme to move units at Sky Habitat. Meanwhile, Marine Blue will be completed in the coming months before being officially launched.

 

Credits: Propertyguru

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Despite softer market conditions, property developer CapitaLand will officially launch Victoria Park Villas on 3 September. The 99-year leasehold project in District 10 comprises a cluster of 109 luxury landed homes perched on elevated land next to a Good Class Bungalow (GCB) area in Bukit Timah.

The 403,000 sq ft site at the junction of Coronation Road and Victoria Park Road was awarded to CapitaLand in June 2013 after it submitted the top bid of $366 million ($908 psf) on the land. This is the first and only landed residential site to be awarded under the Government Land Sales (GLS) Programme since 1996 in the prime districts of 9, 10 and 11.

The project features 106 semi-detached homes ranging in size from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $5.9 million each for 100 of them. The other six semi-Ds are more expensive ($6.3 million to $7.6 million) as they each feature a swimming pool on the ground floor.

There are also three bungalows measuring 10,904 sq ft to 11,539 sq ft in floor area, which are priced between $11 million and $12 million each.

Famed architect Mok Wei Wei of W Architects was engaged to conceptualise the development’s master plan.

“The development will appeal to buyers who prefer move-in ready landed houses without having to bear the high costs and time needed to rebuild an existing house or build a house from scratch,” said Wen Khai Meng, CEO of CapitaLand Singapore.

He said the units were priced based on prevailing market conditions. “In a better market, it could have easily cost $1 million more.”

By comparison, four older semi-Ds at the nearby King’s Drive, with only 82 years left on their leases, were each sold for $3.45 million to $3.85 million between August 2015 and May this year. Based on their land areas of 2,605 sq ft to 2,756 sq ft, this translates to a psf price of between $1,323 and $1,395.

“(The) prices (for Victoria Park Villas) are very comparable and reasonable,” said Jack Chua, CEO of ERA Realty, the project’s marketing agent. Highlighting its rarity, he added: “There are not many landed properties for sale in this area.”

The listed prices include a 12 percent early bird discount. The developer is also offering additional discounts of up to three percent for certain buyers who qualify for other schemes, such as repeat customers, buyers of more than one unit, and those living within the project’s vicinity. The practice of offering discounts is common among developers looking to drive sales during the initial launch period.

To date, seven units, all semi-Ds, have been sold to Singaporeans after the project was soft-launched a month ago. Foreigners are not allowed to buy landed homes in mainland Singapore and must first seek approval from the Singapore Land Authority’s (SLA) Land Dealings Unit.

Meanwhile, in a first among landed housing developments in Singapore, CapitaLand is installing smart home features that will allow homeowners to remotely control the lighting, air-conditioning and a security system via their mobile apps.

There will also be bedrooms on the basement level, which can house elderly residents. To further support multi-generational living, private lifts which can hold up to five people each will be installed in every home, connecting the various floors. In Singapore, installing lifts in landed homes can cost anywhere between $80,000 and $100,000. CapitaLand is offering one year of free maintenance for the lifts. But owners will subsequently have to fork out their own cash for maintenance, which will cost about $2,000 to $3,000 a year.

In addition, there will be sheltered car porches connected to the basements, which can accommodate at least two cars each. Excluding the car park area, prices for liveable space within the project will average between $1,200 psf and $1,400 psf.

The development is close to the Botanic Gardens, as well as eateries and shops at Coronation Shopping Plaza and Holland Village. Established schools in the area include Nanyang Primary School, Hwa Chong Institution and National Junior College, and CapitaLand hopes the site’s proximity to these institutions will attract buyers with school-going children.

CapitaLand had previously revealed that Victoria Park Villas would be launch-ready around Q2 2014, but moved back the launch date due to less favourable market conditions at the time.

Commenting on the current state of the market, Wen said it remains “generally quite muted, although there have been some signs of improvement recently”. Despite this, the “overall market sentiment could have been more robust”, he added.

This isn’t the first landed housing development undertaken by CapitaLand, which also developed Holland Green off Bukit Timah Road. Completed in 1998, the 99-year leasehold project comprises 53 luxury bungalows.

Wen noted that landed properties only account for five percent of Singapore’s housing stock. As such, their scarcity offers a better resale value, from an investment point of view.

Victoria Park Villas is expected to be completed in 2018.

 

Credits: Propertyguru

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In the first of a two-part series, Bernard Tong from The Edge Property look at ways to determine if a particular home is a good buy, especially when discounts are offered. 

SINGAPORE: We can all fondly recall that one euphoric moment when we discovered a great bargain and took advantage of it, whether it was for a 50-inch TV at a promo price of S$399 or that pair of sneakers you always wanted at half the original amount.

But when it comes to buying properties, how easy is it to assess what is a good bargain? Recently, CapitaLand rolled out a stay-then-pay scheme coupled with a 15 per cent discount for two of its projects, d’Leedon and The Interlace. Not to be left out, Bukit Sembawang offered a 10 per cent to 13 per cent discount for its Skyline Residences development. Earlier this year, Wheelock Properties introduced an ABSD Assistance Package, which provided buyers a 15 per cent discount and a 15 per cent ABSD rebate for selected units at Ardmore Three. OUE Twin Peaks is probably the most notable project, being the first developer to have brought back the deferred payment scheme.  The scheme has been a huge success as 116 units have been sold since. 

While these are a handful of popular developments which have been widely cited, we put the numbers to the test to uncover some other deals. And to find the "real deals", we looked at:

1.       New condos that are substantially discounted from the original launch price, and

2.       New condos that are selling at close to their cost-price.

In our analysis on projects with heavy discounting, we looked at the average per square foot (psf) of transacted new units in the last three months versus those in the first three months of launch. We took into account developments with at least three recent transactions and excluded those with no remaining units (you can't buy what’s not for sale). Even though it is impossible to account for every single nuance of the transacted properties in this exercise, we ensured there must at least be comparable transactions in terms of size, level and stack in the two different time periods.  

Condominiums that are substantially discounted:

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Although we only included projects with an average discount of 5 per cent or more, we were surprised at how short the list is. Beyond the prominent projects that were mentioned earlier, there are not that many discounted projects despite a softening market. Developers’ large holding power from the boon years and compressed margins are possible reasons.

Nonetheless, the projects presented above are being transacted at notable discounts.  If you are looking for property deals, this list could be a good start as a general guide. For example, at Floraville, a 50-unit apartment at Ang Mo Kio, a 635 sq ft unit on the second level was transacted at S$1,316 psf in May 2016 verus S$1,470 psf for a same size and stack transaction on the third level in August 2013. This translates to a 10 per cent discount, although the unit was located only one floor lower. Based on the analysis by The Edge Property, a typical discount/premium for each level is in the range of 0.3 per cent to 0.5 per cent.

Sophia Hills and The Trilinq are two projects with more than 400 remaining units. Last month, a 463 sq ft unit at Sophia Hills was transacted at 7 per cent discount compared to a same size and stack unit in December 2014, despite it being one floor higher. The Trilinq, which has been frequently cited as the first project likely to incur developer’s ABSD remission charge, is also cutting prices. Transactions lodged indicated an average discount of 5 per cent to 10 per cent.

Mon Jervois, a 109-unit condo at Tanglin, has sold seven units since the beginning of the year, some at a considerable discount. For example, a 1,905 sq ft unit on the third floor was transacted at S$1,975 psf in May 2016 versus S$2,037 psf in October 2013 for a same size and stack unit located one floor lower. If you are not the superstitious sort, you can find even greater deals. At this same development, a #04-04 unit was recently transacted at S$1,850 psf, a significant 20 per cent discount compared to a #02-04 unit which was transacted at S$2,318 psf in August 2013. (The number 4 is considered unlucky by many in the Chinese culture).

At The Crest, a prestigious development located at Bukit Merah, sales have also picked up in recent months. Wing Tai Holdings, the developer, is understood to have offered 6 per cent commission to salespersons in April and May. A             discount of 15 per cent is also applied to selected units. 

The level of discounting is just one of the ways for property buyers to identify bargains. Understanding cost and margins allow buyers to make better informed decisions. In the second article in this series, we will continue to identify the "real deals" by looking at condos that are selling near costs. 

Source: Channel News Asia

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Posted by on in New Launches

A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month.

Although the identity of the applicant was not revealed, The Business Times reported that Nanshan Group was the party that submitted the minimum bid of $1.536 billion for the plum site, which was deemed acceptable to the government. This translates to about $1,010 psf per plot ratio (psf ppr).

The 99-year leasehold site has a maximum permissible gross floor area (GFA) of 141,294 sq m, and was made available on the reserve list of the second half 2016 Government Land Sales (GLS) Programme. Approximately 70 percent (100,000 sq m of the GFA) will be reserved for office development, while the remaining GFA can be set aside for hotel, serviced apartment or residential uses.

Situated opposite Lau Pa Sat food centre, the future development will be connected to One Raffles Quay and Marina Bay Financial Centre (MBFC) via underground and overhead pedestrian links. It will also be linked to the Downtown and Raffles Place MRT stations, as well as the future Shenton Way station.

Despite the mind-boggling price set for the site, it is not the most expensive offer by far for a plot in Marina Bay. The record price currently stands at $2.02 billion ($1,409 psf ppr) for the 1.02ha Marina View land parcel A where Asia Square Tower 1 stands, which was netted in 2007 by private equity real estate firm MGPA. The 43-storey office tower with a net lettable area of 1.25 million sq ft opened in 2011.

In 2005, a consortium comprising Keppel Land, Cheung Kong and Hongkong Land paid $1.9 billion ($381 psf ppr) for the 3.55ha MBFC site. Completed in 2013, the massive development features nearly three million sq ft of Grade-A office space, 649 luxury apartments and 179,000 sq ft of retail space.

Meanwhile, the tender for the white site at Central Boulevard will close on 8 November. Any tender less than $1.536 billion will not be considered, said the URA.

 

Credits: Propertyguru

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Property developer Sim Lian Group has reported a 71 percent year-on-year slump in net profit to $68.8 million for the financial year ended 30 June 2016.

The group’s revenue during the period also fell by 52 percent to $570.9 million, from $1.193 billion previously.

Its property development division accounted for $86.6 million of total revenue for FY2016, down by 91 percent from the $914.3 million reported in FY2015. The group attributed the decline to lower contributions from its development property that was completed in February last year.

However, contributions from Sim Lian’s construction division soared by 88 percent to $430 million, due to an increase in percentage of work done in FY2016.

Contract costs incurred by the group declined by 52 percent to $434 million from $906.1 million previously. The drop in contract costs was in tandem with the revenue fall.

During the period under review, the group posted a foreign exchange loss of $8.2 million, due primarily to the revaluation of intercompany balances that are not denominated in the functional currency of the respective subsidiaries.

With this, Sim Lian has proposed a first and final dividend of 1.5 Singapore cents, down from the 7.28 Singapore cents it declared last year.

“With the property cooling and loan restriction measures still in effect since June 2013, and the expected global slow growth, the group expects the operating environment for the property market to continue to be challenging,” said the group in an SGX filing.

Credits: Propertyguru

 

(Check out condominium developments by Sim Lian Group: Wandervale EC Choa Chu Kang Homepage & Treasure Crest EC Sengkang Homepage)

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Posted by on in New Launches

As part of our special report on TOP projects, we’ve profiled a number of new developments across Singapore that are set to be completed soon, and which have available units for sale. Click the map to see the larger version. Happy house hunting!

Credits: Proeprtyguru

 

Check Out –

1.       Bellewoods EC Woodlands Homepage

2.       Bellewaters EC Sengkang Homepage

3.       Leedon Residences Farrer Road Homepage

 

4.       Ecopolitan EC Punggol Homepage

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Posted by on in New Launches

An executive condominium (EC) site along Anchorvale Lane in Sengkang has attracted strong interest from developers, with 16 bids submitted at the end of the tender exercise on Tuesday (23 August), said the Housing and Development Board (HDB).

Hoi Hup Realty and Sunway Developments jointly submitted the top bid of $241 million for the land parcel, or $355 psf per plot ratio (psf ppr), followed by a $235 million offer from Wee Hur Development, or $346 psf ppr.

“The race to acquire land has become more intense given that this is the last EC site that will come on the market for the rest of the year,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

“The EC sales market has seen some traction in the last few months. Despite an unprecedented number of unsold stock, the number of unsold EC units has steadily reduced for the last six months since the first quarter of 2016. The stock has dropped to 5,471 unsold units at the end of June, from 6,520 units in Q1 2016. Developers’ interest was also fanned by the recent sales performance of Treasure Crest.

“The 15-month time bar for ECs from award to launch gives developers another reason to remain confident that the unsold stock will reduce further by the time the development is ready for launch,” added Sim.

Launched for sale on 29 June under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, the 99-year leasehold site is expected to yield up to 635 units.

Located beside Punggol Reservoir, it is within proximity to the Tongkang LRT station and schools.

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

 

Credits: Propertyguru

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Newly-launched Gem Residences accounted for most of the new private homes sold last weekend, while other previously-launched projects recorded slow but steady sales.

Developers Gamuda, Evia Real Estate and Maxdin sold 315 units or 55 per cent of their Toa Payoh project at an average price of $1,426 per sq ft (psf) over the period. About 300 of these units were sold at its VIP sales booking day on Friday.

Under current market conditions, a sales rate of over 50 per cent of a project's units in the first month is considered very good, experts said.

When any project is launched, most of the sales are typically in the first two to three weeks, said Mr Joseph Tan, CBRE executive director of residential services.

"Post-cooling measures, the demand has been muted due to loan curbs and the Additional Buyer's Stamp Duty. But demand is also project-specific - if a project is in a good location, there will be demand."

Smaller units were sought after at Gem Residences. About 60 per cent of the 471 units that are smaller than 1,000 sq ft each were sold, while about 20 per cent of the other 107 units larger than 1,000 sq ft were sold.

"We have kept prices fair, and we believe this has played a huge part in drawing in buyers," Mr Chow Chee Wah, managing director of Gamuda Land, said of its maiden project in Singapore.

Gem Residences has also been notable for its various concepts, including tri-key units or trios. These are 980 sq ft and the developers are believed to have sold about five of 37 available trios at the project.

The project has a 24-hour concierge service able to fulfil "more challenging requests, including helping residents get a table at Michelin-starred restaurants overseas or that limited edition Hermes bag", the developers said. This is provided by local company Djenee and the London-headquartered Ten Group. It is on-demand and service fees are involved.

Separately, about 10 units were sold at the public launch of Stars of Kovan over the past weekend. Developer Cheung Kong Property had sold about 60 units at an average price of $1,408 psf at its VIP pre-sale the prior weekend.

A handful of sales were recorded as well at The Trilinq, Sturdee Residences, The Poiz Residences, Principal Garden, Botanique at Bartley and Symphony Suites.

Among executive condominiums, The Terrace, Sol Acres, The Amore and Bellewaters also registered sales.

"While the market may not have the horsepower to accelerate, there is still underlying torque, or a steady state of demand," said Mr Alan Cheong, Savills Singapore research head.

"The initial launch is where you see a spurt in sales, but this will peter out later as there are other factors impacting sales - expectations about the economy and job security, which may leave potential buyers more circumspect."

Credits: StProperty

 

 

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Posted by on in New Launches

UPDATED: A residential site at Fernvale Road in Sengkang was launched for sale by public tender on Tuesday (16 August), said the Urban Redevelopment Authority (URA).

Offered on a 99-year lease, the 17,196.4 sq m site has a maximum gross floor area of 51,590 sq m.

Released under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, it can yield up to 605 units.

The site is close to the Thanggam LRT station, eateries along Jalan Kayu, The Seletar Mall and the Tampines Expressway.

Analysts expect the site to draw more developer interest. “Including the Fernvale Road site, only three residential sites are confirmed for sale in this second half of 2016. This will certainly nudge developers to bid for the site. Competition will be keen especially from developers who have not been awarded any residential sites for the past few tenders,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

The tender for the land parcel will close on 27 September, said the URA.

Credits: Propertyguru

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Posted by on in New Launches

Singapore developers sold 1,921 housing units in July, including executive condominiums (ECs), compared to just 768 units in the previous month, data from the Urban Redevelopment Authority (URA) showed.

Analysts attributed the surge in transactions to more launches and the end of the school holidays in June, which is traditionally a quiet time for the property market.

There were 1,486 units launched (including ECs), up from a mere 234 in June when no EC projects hit the market.

The chart-topping project in July was Lake Grande, a private condo in the up-and-coming Jurong Lake District, followed by three EC projects. The Trilinq rounds out the top five list.

1. Lake Grande (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Jurong West Street 41 (D22)
Nearest MRT station: Lakeside MRT
Median price: $1,368 psf
Total no. of units: 710
Sales update: 464 units sold in July

2. Treasure Crest EC (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $751 psf
Total no. of units: 504
Sales update: 398 units sold in July

3. Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $790 psf
Total no. of units: 651
Sales update: 70 units sold in July

4. Sol Acres EC (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Choa Chu Kang Grove (D23)
Nearest MRT station: Bukit Panjang MRT
Median price: $796 psf
Total no. of units: 1,327
Sales update: 43 units sold in July

5. The Trilinq (OCR)
Developer: IOI Properties
Tenure: 99-year leasehold
Location: Clementi Avenue 6 (D5)
Nearest MRT station: Clementi MRT
Median price: $1,393 psf
Total no. of units: 755
Sales update: 42 units sold in July

Credits: Propertyguru

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Posted by on in New Launches

Sales of new private homes, excluding executive condominiums (ECs), more than doubled to 1,091 units in July, up from 536 units sold in the month before, according to data published on Monday (15 August) by the Urban Redevelopment Authority (URA).

Property analysts said the spike in transactions was due to the higher number of units launched, following a lull in June when buyers held off on purchases and developers delayed their launches to avoid the school holidays.

There were 624 private condo units launched last month, compared to 234 in June.

The bulk of home sales took place in the suburbs, with 825 units sold (76 percent). This was followed by the city fringe, which sold 213 units (19 percent), and the city centre with 53 units sold (five percent).

The top-selling private condominium in the month was Lake Grande in Jurong, which sold 464 units at a median price of $1,368 psf.

Meanwhile, developers sold 830 EC units in July, up significantly from the 232 units sold in the previous month.

The most popular EC project was Treasure Crest in Sengkang, which moved 398 units at a median price of $751 psf.

Despite the improved sales result, Mohamed Ismail, CEO of PropNex Realty, cautioned that there are still issues plaguing the housing market.

“The mounting supply of homes amid the on-going implementation of stringent measures and strict loan curbs continue to weigh on buying sentiments,” he said.

He added that many buyers are choosing to remain on the sidelines as they anticipate further price declines.

“With the odds stacked against developers, they will continue to act with caution – taking a slow and deliberate approach in launching their projects, as well as having a competitive pricing strategy to further entice buyers to commit.”

Ismail expects sales for the rest of the year to hover at around 500 to 700 units per month. For the whole of 2016, PropNex forecasts the sales volume to reach between 7,000 and 8,000 units.

 

Credits: Propertyguru

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An investment holding company owned by the Kuik family and led by Kuik Ah Han, Founder and Executive Chairman of Sim Lian Group (SLG), is looking to privatise and delist the property developer.

In an SGX filing on Monday (8 August), Coronation 3G announced a voluntary cash offer for all outstanding shares of SLG that it doesn’t already own.

The offer price of S$1.08 per share is final and represents a 14.9 percent premium over the last traded price per share of S$0.94 on 4 August.

“Coronation 3G believes that the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares,” it said, adding that the shares have not traded at or above the offer price since its listing in 2000.

Coronation 3G has secured irrevocable undertakings representing 80.36 percent of the total number of issued shares. The offer is conditional on Coronation 3G receiving acceptances of 90 percent of the total number of issued shares.

Oversea-Chinese Banking Corporation Limited is the financial adviser to Coronation 3G in relation to the offer.

Credits: Propertyguru

 

(View Wandervale EC Choa Chu Kang Homepage, an exquisite development by Sim Lian Group)

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Posted by on in New Launches

Property giant CapitaLand has reported a net profit drop of 36.6 percent to S$294 million in Q2 2016, due to lower fair value gains from revaluation of properties, partially mitigated by improved operating performance.

However, group revenue rose 9.7 percent to S$1.131 billion on higher contributions from development projects in China and Singapore, as well as higher rental income from its serviced residence business and higher contribution from its CapitaGreen office development.

Residential sales that contributed to the group’s higher revenue during the quarter included Cairnhill Nine in Singapore, The Paragon in Shanghai and Vermont Hills in Beijing.

Launched in March this year, the Cairnhill Nine development in the Orchard area has sold 78 percent, or 208 of the total 268 units to date.

Despite the muted residential market in Singapore, CapitaLand found buyers for 304 homes during the first half of 2016, or nearly three times the 106 units sold during the same period last year.

The developer recently opened a private preview for Victoria Park Villas, a 109-unit landed housing development at Coronation Road, to gather interest from prospective buyers. At a results briefing on Thursday (4 August), Wen Khai Meng, CEO of CapitaLand Singapore, said there are plans to officially launch the project after the Ghost Month.

In China, the group sold 6,273 homes in the first six months of the year, up 50 percent over the same period last year. For the second half of 2016, CapitaLand has more than 3,000 launch-ready units.

It will also start handing over around 9,000 sold units with a total value of about RMB13 billion (S$2.6 billion). CapitaLand noted that at least 60 percent of the said value is expected to be recognised in H2 2016.

Overall, the group has already sold more than 7,000 homes this year with a total sales value of nearly S$2.62 billion.

Looking ahead, CapitaLand President and Group CEO Lim Ming Yan said: “We will maintain our focus on our core markets of Singapore and China and the growth markets of Vietnam and Indonesia, as well as our serviced residence global platform.

“In addition to capital recycling and portfolio optimisation, we will also leverage our fund management platform and management contracts to grow our assets under management.”

 

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Luxury property developer SC Global Developments has launched an enhanced purchase plan to help move unsold units at its Hilltops condominium in Cairnhill.

For a 20 percent upfront payment, buyers will be given a two-year option to purchase the units at a fixed price. During the period, buyers will receive a return of 10 percent each year on the downpayment before completing their purchase.

For instance, a 20 percent downpayment of $600,000 on a $3 million unit would generate an annual repayment of $60,000 per year to the buyer. This would amount to $120,000 over two years, while saving the buyer two years of mortgage payments (up to $100,000).

Under this scheme, SC Global is marketing 30 units, which are leased out to tenants. The 10 percent yield will be secured by tenancies managed by the developer.

The said units comprise two- and three-bedroom condos of sizes ranging from 800 sq ft to 1,700 sq ft. Prices range from $2.5 million to $6 million.

Simon Cheong, Chairman and CEO of SC Global said: “We believe this plan is unique and was designed in response to feedback we have received from prospective clients who are keen on our property but who, for various reasons, have some constraints in timing and need the additional flexibility.”

The developer believes there is still genuine demand for Singapore homes, but some buyers face constraints in facilitating their purchase.

“The two-year option will give them the security to buy at a fixed price today, and allows them to generate a healthy return on their downpayment during the interim. It facilitates genuine home ownership by addressing some of these constraints,” said Cheong.

In a statement, SC Global said the scheme is expected to benefit home upgraders who need more time to sell their existing property and do not want to be burdened by two mortgages.

It also gives older Singaporeans who plan to downsize more time to dispose their property, and get a good return on their downpayment in the meantime.

Furthermore, it will help overseas Singaporeans who plan to return home in future and want to secure a property now, but find it difficult to manage a property and tenant while abroad.

Completed in 2011, Hilltops comprises 241 furnished units in three residential blocks.

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Special Advertising Feature

Step inside these condominiums that offer luxurious interiors and quality finishings, and are close to good amenities, all at reasonable prices.

Singaporeans work hard to afford the things they desire, but they also need their money to work hard for them. Luckily for aspiring homeowners, there has never been a better time than now to own a luxurious home at a great price.

City Developments Limited (CDL), the established developer behind some of Singapore’s most iconic landmarks, has launched three condominiums that offer unparalleled value for money.

Coco Palms and Jewel @ Buangkok offer luxury at attractive prices, while The Venue Residences and Shoppes provides a premium experience that’s a cut above the rest.

Coco Palms

Being pampered at a tropical island resort is an everyday experience at Coco Palms. The development is inspired by some of the world’s best and most exclusive resorts, and contains six retail shops on the ground floor. Situated in Pasir Ris Grove, it is just a five-minute walk from Pasir Ris MRT station.

Sun-lovers will love the gorgeous landscaping featuring five pools (each with its own theme) and the three-storey clubhouse.

The invigorating Grand Lagoon glistens in the afternoon sun and brings to mind blissful tropical beach vacations. It forms the centrepiece of the condominium’s grounds, and selected units enjoy tranquil views of the crystal clear waters. A Cascading Waterlace, Lagoon Jets, Sunken Lounges and the beach-inspired Palm Island are just some of the features of the magnificent pool.

In the Zen-like Onsen Garden, residents can soak their cares away in the Salt Water Pool and Onsen-style Hot Bath, before attaining inner piece on the Meditation Deck or enjoying a brew at the Tea Pavilion.

A relaxing Hydrotherapy Pool awaits in the Hydro Garden, where residents can enjoy hydro foot and neck massages.

Sporty residents will appreciate the 50m Lap Pool and Aqua Gym in the Fitness Garden, which is also equipped with tennis courts, fitness and play stations and a jogging track.

The Sun Play Garden, which promises to be a hit with families and kids, features a Play Pool for the little ones to splash around in.

The development’s unrivalled proximity to Pasir MRT station connects you to the city on the East-West Line. The future Cross Island line will also provide connectivity from Changi to Jurong. Amenities like Downtown East, IKEA, Giant and Courts are a short drive away, as are Changi Business Park, Singapore EXPO and Changi International Airport. The White Sands shopping mall is located just a five-minute walk away.

While units have seen brisk sales, there is still a choice of three-, four- and five-bedroom units available, as well as dual penthouse units with five-plus bedrooms. Three-bedroom units are priced from $960,660.

Lovingly designed interiors are equipped with a suite of premium appliances, including a kitchen hood, hob and oven by Teka and kitchen sink by Franke. Each kitchen is equipped with a built-in Hyflux Ultrafiltration System, which dispenses purified drinking water through a Hyflux tap.

The expected date of vacation possession for Coco Palms is June 2019.

Jewel @ Buangkok

Location is everything, and the residents of Jewel @ Buangkok know that better than anything.

The condominium is situated right opposite Buangkok MRT station, which is a three-minute walk away. Buangkok MRT station connects to the Circle Line via Serangoon MRT station, transporting residents to the city centre in just minutes. Access to other parts of the island is also quick and easy, thanks to the CTE, KPE and TPE.

Buangkok MRT station is home to a range of must-have amenities, including a 24-hour supermarket and medical centre. Compass One, Rivervale Mall and Hougang Mall are situated close by, as is Nex megamall, with its hundreds of premium shops and upmarket brands.

The surrounding area offers so much more than just convenience. Residents can take long walks at Punggol Park, enjoy the peace of Punggol Waterway, commune with nature at Sengkang Floating Wetland or dine by the waterfront at Punggol Waterway.

A healthy lifestyle is also not out of reach, with the nearby Sengkang Sports and Recreational Centre, with its various water sports facilities, as well as the upcoming Sports Hub at Buangkok Crescent. Punggol Ranch offers horse riding, while Punggol Point Park provides the perfect setting for picnics.

Jewel @ Buangkok’s connectivity is rivalled only by the quality of the design and finishings residents will enjoy.

Most of the condominium’s units are being built with a north-south orientation in order to reduce the glare of the sun’s rays. Certain units are also equipped with sun-shading screens in order to boost privacy and comfort.

The dual-level waterscape provides relaxation on Sun Decks surrounded by the sound of lapping water, while cabanas and palm alcoves provide an interlude in between a swim in the family pool, with its aqua gym and Jacuzzi.

What’s more, six thematic outdoor cabins allow residents to experience the great outdoors right at home.

The Spa Cabin with its hydrotherapy pool and rain spa enables residents to pamper themselves after a long day at work, and the Adventurers’ Cabin will enthrall children with its flying fox and rock climbing wall. Pet owners and their furry friends will adore the Pet-Lovers’ Cabin, which contains a grooming station and play area.

Units are equipped with the finest fittings and finishes, as well as deluxe appliances from Electroluxe. The plush bathrooms enjoy premium sanitary wares and fittings from Kohler and Crestial.

While the vast majority of units have been sold, there is a limited number of three- and four-bedroom units still available starting from $1,380,000. Penthouse units with five-plus bedrooms are also available.

The T.O.P is expected very soon, making Jewel @ Buangkok one of the most hotly anticipated developments in the coming year.

The Venue Residences and Shoppes

Singapore has blossomed into one of the most glamorous cities in the world. At The Venue Residences and Shoppes, residents will get to truly experience what it means to live the good life.

This luxury development located at the junction of Upper Serangoon Road and Macpherson Road is highly exclusive, with only 266 residential units. Nearby schools include St. Andrews Junior and Secondary School, which is within walking distance.

Selected units enjoy panoramic views of the city or the surrounding landed estate, and purchasers can choose between a mix of low-rise and high-rise blocks.

It goes without saying that the interiors and finishes are of the highest quality, with ultra-luxe marble flooring in the living and dining areas. A suite of premium appliances in the kitchen, courtesy of Fisher & Paykel and Teka, makes preparing meals a pleasure, while fittings from Duravit and Hansgrohe lend a touch of class to the luxurious bathrooms.

No effort has been spared in the design of the facilities, which include origami-inspired poolside cabanas, a heated spa and a rain shower. A gym equipped with steam rooms and sky terraces on various levels of the residential blocks makes city living every bit as glamorous as it looks in the movies.

The development is just a three-minute walk away from Potong Pasir MRT station, and also enjoys easy access to the CTE, PIE, KPE and major roads.

What is more, it is also home to The Venue Shoppes, which offer a sophisticated curation of retail and dining options. Residents can stroll through lush walkways fronting the retail area before heading up to their homes.

At present, a good choice of two-, three- and four-bedroom units are available from $1,082,250, $1,506,750 and $1,741,500 respectively. Three-bedroom dual key units are available from $1,779,750, while penthouse units are from $2,475,000.

The T.O.P for The Venue Residences and Shoppes is expected in 2017, offering investors the promise of an immediate return on investment via rent, as well as immediate occupation.

Credits: Propertyguru

 

 

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Property developer CapitaLand has announced that two of its projects – d’Leedon and Jewel Changi Airport – were honoured at the International Architecture Awards 2016.

Now in its 13th year, the awards recognise real estate projects that display excellence in aspects such as design, construction, planning and sustainability.

Completed in 2014, d’Leedon was designed by the late British-Iraqi architect Zaha Hadid. The 1,715-unit condominium near Farrer Road MRT station is the largest residential development in Singapore.

According to Simon Yong, CapitaLand’s Chief Development Officer for Asia, the orientation and placement of the condo’s seven towers take environmental factors into account.

“d’Leedon’s petal-shaped floor plan allows for windows on three sides of every apartment and natural ventilation in all kitchens and bathrooms,” said Yong.

Meanwhile, Jewel Changi Airport is scheduled to open in early 2019. Designed by Safdie Architects, its distinctive architecture includes a stunning glass and steel façade and lush greenery indoors.

One of Jewel’s attractions will be the Forest Valley, a five-storey garden filled with thousands of trees and other plants, said Yong.

He added that another centrepiece will be the 40-metre high Rain Vortex, expected to be the world’s tallest indoor waterfall.

A mixed-use development, Jewel Changi Airport will house retail stores, facilities for airport operations, hotel facilities and a car park.

Organised by the Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies, about 130 projects from 43 countries were selected as winners out of the final shortlist of 370 developments.

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Property developers sold 536 private residential units, excluding executive condominiums (ECs) last month, down 50 percent from the 1,065 units sold in May, revealed latest data from the Urban Redevelopment Authority (URA). Including ECs, there were 768 units sold.

There were three reasons for the drop in sales, namely selective buying sentiments, seasonal effects of the June school holidays and no new major launches, said PropNex Realty.

Only 234 new private units were launched in June, down 80 percent from May. Meanwhile, no new ECs were launched in the month.

Mohamed Ismail, CEO of PropNex, said: “The upcoming launches of Lake Grande and Gramercy Park will help to boost volume as developers look to step up their launch activities before the Hungry Ghost Festival hits in August.”

Meanwhile, the five top-selling projects were Bellewaters EC, Kingsford Waterbay, The Glades, Kingsford Hillview Peak and The Vales EC.

 

1. Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $804 psf
Total no. of units: 651
Sales update: 43 units sold in June

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2. This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank">Kingsford Waterbay (OCR)
Developer: Kingsford Development
Tenure: 99-year leasehold
Location: Upper Serangoon View (D19)
Nearest MRT station: Hougang MRT
Median price: $1,185 psf
Total no. of units: 1,165
Sales update: 34 units sold in June

 

3. The Glades (OCR)
Developer: Keppel Land and China Vanke
Tenure: 99-year leasehold
Location: Bedok Rise (D16)
Nearest MRT station: Tanah Merah MRT
Median price: $1,402 psf
Total no. of units: 726
Sales update: 32 units sold in June

 

4. Kingsford Hillview Peak (OCR)
Developer: Kingsford Development
Tenure: 99-year leasehold
Location: Hillview Avenue
Nearest MRT station: Hillview MRT
Median price: $1,315 psf
Total no. of units: 512
Sales update: 31 units sold in June

 

5. The Vales EC (OCR)
Developer: SingHaiyi Group and Kay Lim Investment
Tenure: 99-year leasehold
Location: Sengkang (D19)
Nearest MRT station: Sengkang MRT
Median price: $779 psf
Total no. of units: 517
Sales update: 28 units sold in June

 

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Sim Lian Group has priced its Treasure Crest executive condominium (EC) project at $742 psf on average, with a three-bedroom unit starting from $649,000, or $677 psf.

The 504-unit development received 1,077 e-applications during the 10-day e-application period, making it 2.1 times oversubscribed.

Sim Lian attributed the high number of e-applications to the development’s lower prices, strategic location and layout of its units. Notably, the master bedroom of all units can accommodate a king-sized bed, while the other bedrooms can fit a queen-sized bed.

Set to obtain its TOP by 2019, the 99-year leasehold project comprises 84 three-bedroom units, 364 three-bedroom premium units and 56 four-bedroom units spread across eight residential blocks. Unit sizes range from 958 sq ft to 1,345 sq ft.

The bigger three-bedroom premium and four-bedroom units were the more popular choice amongst potential buyers.

First-timers, including those applying under the Fiancé/Fiancée Scheme, accounted for around 48 percent of the e-applicants, while the rest were HDB upgraders. Majority of the applicants currently live in the north-eastern part of Singapore, specifically Hougang, Sengkang and Punggol.

Treasure Crest is located in Sengkang New Town, near the Sengkang MRT station and bus interchange.

The balloting and sales booking exercise for the project will take place on 16 July.

 

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