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Posted by on in New Launches

Northwave executive condominium (EC) saw 20 units sold during its first day of bookings last Saturday (9 July), despite receiving 240 e-applications, reported The Business Times.

Consultants attributed the project’s lacklustre showing to various factors, such as poor transport links and oversupply in the market.

Situated at Woodlands Avenue 12, the 358-unit project is a 10-minute walk to Sembawang MRT station, or two stops away from Woodlands Regional Centre.

Meanwhile, two completed ECs within the vicinity – Woodsvale and NorthOaks – have reached the 10-year mark. Market watchers noted that these projects are located much closer to Admiralty MRT station, and were developed by established firms.

Woodsvale was developed by Pidemco Land, which was then merged with DBS Land to form CapitaLand, while NorthOaks was developed by the Hong Leong Holdings, the privately held property arm of Hong Leong Group.

Northwave, on the other hand, is the fourth residential project of Hao Yuan Investment in Singapore, and its third EC project following Forestville and Sea Horizon.

In today’s buyers’ market, upgraders can afford to be choosy, whether in the private condominium market, new EC market and resale EC market, said Nicholas Mak, Executive Director at SLP International.

In addition to Woodsvale and NorthOaks, there is a substantial overhang of unsold units in previous EC projects, namely The Brownstone, Bellewoods, The Criterion and Signature at Yishun.

Mak expects the oversupply situation in the EC market to improve after one to one-and-a-half years.

Meanwhile, Ku Swee Yong, CEO of Century 21 Singapore, said it may be time for the government to review the EC scheme’s relevance.

He revealed that there may be around 3,000 to 4,000 launched but unsold EC units, and the poor performance is an “obvious indicator that we have flooded the market with too much”.

“In fact, increasing the household income to $12,000 for HDB BTO (Build-To-Order) purchases has cannibalised the number of eligible buyers,” he said. “The authorities really should review the need for an EC scheme.”

 

Credits: Propertyguru

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Treasure Crest, Sim Lian Group’s executive condominium (EC) project at Anchorvale Crescent in Sengkang, witnessed robust demand over the weekend, with e-applications outnumbering the number of units, reportedThe Straits Times.

The 504-unit development received 520 e-applications as at 5pm on Sunday (3 July). E-applications for the project will close on 10 July, while bookings start on 16 July.

The 99-year leasehold development comprises 84 three-bedroom units, 364 three-bedroom premium units and 56 four-bedroom units spread across eight 15-storey residential blocks.

Unit sizes range between 958 sq ft and 1,345 sq ft, while prices range from $735 psf to $755 psf on average.

A source close to the developer revealed that larger units emerged as the popular choice among e-applicants.

Set to receive its TOP by 2019, the EC project is close to the Sengkang MRT station and bus interchange. Nearby schools include Nan Chiau High School, Nan Chiau Primary School and CHIJ St Joseph’s Convent.

Last week, Kuik Sing Beng, Executive Director of Sim Lian, said he expects the project to appeal to new home buyers and upgraders alike, since it is located in a “well-connected, bustling new town”.

Aside from Treasure Crest, four other ECs have gone on sale in recent months, including Northwave in Woodlands, Parc Life and The Visionaire in Sembawang, and Wandervale in Choa Chu Kang, another project by Sim Lian.

Credits: Propertyguru

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Property developer Sim Lian Group will launch its 504-unit Treasure Crest executive condominium (EC) project at Anchorvale Crescent for e-applications this Friday (1 July), with unit prices ranging between $735 psf and $755 psf on average.

This comes a week after e-applications opened for Northwave EC in Woodlands at a slightly higher average price of $760 psf.

Treasure Crest comprises 84 three-bedroom units, 364 three-bedroom premium units and 56 four-bedroom units, spread across eight 15-storey residential blocks. Unit sizes range from 958 sq ft to 1,345 sq ft.

The 99-year leasehold project is being marketed by ERA and OrangeTee. It is within close proximity to the Sengkang MRT station and bus interchange.

Other nearby amenities include Compass One, Oasis Terraces, Waterway Point, The Seletar Mall and Anchorvale Community Club. Established schools such as Nan Chiau Primary School, Nan Chiau High School and CHIJ St. Joseph’s Convent are also within the vicinity.

The project is expected to receive its TOP by 2019.

Sim Lian’s Group Executive Director Kuik Sing Beng expects the project to “appeal to new home buyers and upgraders alike”.

In 2015, the qualifying income ceiling for ECs was raised to $14,000. In addition, first-time buyers are eligible for CPF Housing Grants of up to $30,000.

PropertyGuru understands that prospective buyers will have a choice of a normal payment scheme or a deferred payment scheme.

E-applications will close on 10 July, while bookings start on 16 July.

 

Credits: Propertyguru

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(Artist Impression: The Interlace Depot Road (Left) ; D'Leedon Farrer Road (Right)

In a bid to move units, more property developers are offering deferred payment schemes, reported The Straits Times.

In fact, two more developers are now offering the option following the recent success of OUE Twin Peaks, which offered the scheme.

The scheme partly bets on whether current loan-to-value limits will be fine-tuned, since the majority of the buyer’s payment is usually required later.

OUE Twin Peaks has seen around 160 units snapped up since late March when the deferred payment scheme was introduced, together with another incentive which offers buyers a longer option-exercise date.

CapitaLand recently introduced its version of the scheme at The Interlace and d’Leedon condominiums, where about 20 units have since been sold.

Buyers at CapitaLand’s stay-then-pay plan enjoy a 15 percent discount, and can move into the unit once they have exercised the Option to Purchase (OTP). Buyers then make a 10 percent downpayment in eight weeks, while paying the remaining 90 percent one year from the OTP.

In contrast, a standard payment scheme requires buyers to pay the remaining 90 percent within eight weeks from exercising the OTP.

Foreign buyers, on the other hand, can pay a 15 percent downpayment from exercising the OTP, and pay the remaining 85 percent one year from the said date.

Buyers who take up the scheme are not allowed to rent out their unit. As at end-March, CapitaLand had 99 unsold units at The Interlace and 181 unsold units at d’Leedon.

A similar plan is also being used by the developers of The Boutiq in Killiney Road. Under the plan, a buyer can pay a one percent option fee and four percent two weeks later, 15 percent eight weeks from exercising the OTP, 30 percent 18 months from the OTP, and 50 percent two years from the OTP date.

Savills Singapore Research Head Alan Cheong noted that the increasing use of deferred payment schemes indicates that the market is having difficulty clearing unsold stock.

“Developer sales may have improved but there is still plenty of supply to be soaked up,” said Lee Liat Yeang, a senior partner in Dentons Rodyk’s Real Estate practice group.

Credits: Propertyguru

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Posted by on in New Launches

RECENT LAUNCH

City Gate
371 Beach Road

Type: Mixed development

Developer: Bayfront Ventures (Fragrance Group and World Class Land)

Tenure: 99-year leasehold

Facilities: Sky gym, gourmet dining and teppanyaki grill, outdoor fitness area, 40m outdoor swimming pool

Nearby Key Amenities: Bras Basah Complex, Kampong Glam, Bugis Junction, National Library, InterContinental Singapore

Nearest Transport: Nicoll Highway MRT

Average Indicative Price (psf): $1,833

TOP: June 2020

City Gate, an upcoming mixed-use project, is set to take over the old Keypoint building and turn it into a modern commercial and residential development that will tower over the other buildings in the surrounding areas.

The residential component’s 311 units, which come in various sizes, are each outfitted with branded appliances by Bosch, Gaggenau, Steinberg and DURAVIT. From one-bedroom apartments to dual-key units and penthouses, City Gate has an impressive variety of unit types and sizes to cater to a wide range of buyers and lifestyles. Furthermore, the project features facilities such as a teppanyaki grill, sky gym and yoga deck.

One of its top selling points is very likely its location in the heart of Beach Road, separated from Bugis by the eclectic and perpetually vibrant Kampong Glam, where popular haunts like Arab Street and Haji Lane are but a short walk away.

As for its City Gate’s commercial component, the Keypoint building will be refurbished into a contemporary shopping centre and will thus bring some much-needed modernity to this side of Beach Road.

Coco Palms
Pasir Ris Grove

Type: Condominium

Developer: CDL

Tenure: 99-year leasehold

Facilities: Swimming pool, gym, barbecue pits, hydrotherapy pool, recreational club, grand lagoon

Nearby Key Amenities: White Sands Shopping Centre, Downtown East, Elias Park Primary School, Meridian JC

Nearest Transport: Pasir Ris MRT

Average Indicative Price (psf): $1,023

TOP: 2019

Coco Palms is a massive upcoming development that boasts a whopping 944 residential units and six commercial units. It is a short walk from Pasir Ris MRT station, which is integrated with the bus interchange as well as White Sands Shopping Centre.

Its facilities have a strong resort theme, and include a hydrotherapy pool with massage jets, 50m lap pool, children’s play pool and saltwater pool.

Downtown East is about a 10- to 15-minute drive or bus ride away, and is the site of the closest cinema for residents of Coco Palms. At the same time, Tampines is merely one train stop from Pasir Ris, where there are two other cinemas (in Tampines Mall and Century Square) and three malls, and more recreational amenities abound.

Pasir Ris is gradually becoming more and more urbanised, so residents of Coco Palms will be among those who can experience phase and what its future will offer. As it is, there are an MRT station, bus interchange, shopping mall and plenty of primary and secondary schools, as well as one junior college, in the area.

The Vales
Anchorvale Crescent

Type: Executive condominium

Developer: SingHaYi Group

Tenure: 99-year leasehold

Facilities: Swimming pool, gym, barbecue pits, clubhouse, pool deck, tennis court, family pavilion

Nearby Key Amenities: Prime Supermarket, Compassvale Primary School, Springdale Primary School, Compass Point

Nearest Transport: Sengkang MRT, Cheng Lim LRT

Average Indicative Price (psf): $788

TOP: December 2018

Situated just behind Cheng Lim LRT station, and one stop from Sengkang LRT station on the west loop, The Vales is an upcoming 517-unit executive condominium (EC).

With units within nine 15-storey towers, the EC’s facilities include a spa pool, family dining area, clubhouse, jogging track and open communal court.

It is surrounded by several other residential developments, and with the LRT firmly in place, zipping around to visit malls like Compass Point or even Seletar Mall (the first mall in the northeast to have a cinema) is quick and convenient. It is also near Sengkang MRT on the Northeast Line, which connects directly to popular places like Chinatown, Little India and Dhoby Ghaut.

The Sengkang Hospital is due to be fully operational by 2020, which, in addition to the existing Seletar Aerospace Flyover and Seletar Regional Centre, is bound to provide plenty of new jobs for new residents in the near future.

There are also a few schools within walking distance from The Vales, such as Springdale Primary School and Compassvale Primary School.

 

UPCOMING TOP

The Venue Residences and Shoppes
4 Tai Thong Crescent

Type: Mixed development

Developer: CDL

Tenure: 99-year leasehold

Facilities: Infinity pool, yoga patio, origami boat sculpture, sky terrace, fern garden, alfresco dining

Nearby Key Amenities: The Venue Shoppes, hawker centres, St Andrew’s Junior College, Ascension Kindergarten

Nearest Transport: Potong Pasir MRT

Average Indicative Price (psf): $1,433

TOP: September 2017

The Venue Residences and Shoppes is one of three new developments along the stretch leading up to Potong Pasir MRT station.

Among the three aforementioned projects, it is the furthest from the station but closest to the PIE. And though the nearest shopping mall, NEX, is two train stops away in Serangoon, The Venue Residences will launch together with the Venue Shoppes, which is expected to have 23 F&B units and five retail units.

Further along Tai Thong Crescent are several hawker centres and small stores. There are amenities already established in the area, including a 7-11 at Potong Pasir MRT station and an Old Chang Kee across the road.

Nearby schools include St Andrew’s Secondary School, St Andrew’s Junior College, Cedar Girls Secondary School and the Stamford American International School.

Units at Venue Residences are also expected to be well-designed, with spacious kitchens and bedrooms. Unit types range from two- to four-bedroom apartments, and also include three-bedroom dual key units.

Credits: Propertyguru

 

 

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Posted by on in New Launches

Woodlands has undergone a remarkable transformation over the past 50 years, from its early days of kampongs and plantations, to a densely populated housing and industrial estate. Plans are now underway to develop the town into a regional centre that could rival Jurong and Tampines.

Woodlands is synonymous with the Causeway, which links Singapore to Johor Bahru in Malaysia, but many Singaporeans are unaware of the estate’s rich history that spans nearly 100 years.

The area around modern-day Woodlands probably got its name from the rubber plantations that dotted the landscape in the early 1920s, which existed alongside poultry farms and coastal kampongs.

Some notable examples included Kampong Lorong Fatimah, which existed until the late 1980s before it was torn down to make way for the extension of the Woodlands Checkpoint, and the flood-prone Kampong Sungei Mandai Kechil. Many of the residents living in these settlements worked as boatmen and fishermen.

Following independence, Singapore’s rapid development brought about a growing demand for new homes and industries. This led to the development of Woodlands New Town in the 1970s and 1980s.

The kampongs were replaced with high-rise public housing blocks and industrial infrastructure. By the mid-1990s, more than 22,000 HDB flats were built.

To improve transportation, Woodlands Road was upgraded, while the Woodlands MRT station and bus interchange opened in 1996. Three years later, Causeway Point Shopping Centre, which is linked directly to the MRT station, was opened. Upgrading works for the seven-storey mall were completed in 2010 at a cost of $72 million. Causeway Point now has 250 retail outlets, including Cold Storage, Food Republic and Cathay cinema.

Food paradise

Billy Loh has lived in Woodlands for the past 15 years. The 28-year-old foodie told PropertyGuru that there are several cheap and good eateries, some operating 24 hours a day.

Popular eateries in the neighbourhood include Hong Ji Bak Kut Teh in Marsiling Lane, which even has its own Facebook page. On average, prices are below $10 for a large pot of herbal soup, while the side dishes only cost $1.

Those craving mookata, a traditional Thai barbecue steamboat, can head down to Siam Square Mookata at Woodlands Close, which offers a buffet spread for $29 per person.

Occasionally, Loh visits Fassler Gourmet at Woodlands Terrace, one of a few wholesale food outlets in the area selling fresh seafood. “During festive occasions like Chinese New Year, you can buy fresh sashimi at affordable prices; at least 30 percent off retail prices,” he said.

Living close to the Causeway is another plus for Loh, who frequently drives to Johor Bahru to fill his car with gas and try out the various late night supper joints.

Woodlands Regional Centre

Meanwhile, as part of the Urban Redevelopment Authority’s (URA) Master Plan 2014, Woodlands is set to be transformed into a regional centre for northern Singapore, similar to Tampines in the East and Jurong in the West.

Woodlands Regional Centre will comprise two distinct precincts – Woodlands North Coast, which includes the area between Republic Polytechnic and Woodlands Waterfront, and Woodlands Central, around the Woodlands MRT station.

Around 100ha of land will be developed into new homes, offices and industrial parks. To meet the needs of future residents, the North-South MRT line will be supplemented by the upcoming Thomson-East Coast line (TEL) and North-South Corridor, which will be ready during the next decade.

In addition, there will be a cross-border rail service between the future Woodlands North MRT station on the TEL to Johor, extensive greenery linking Admiralty Park to the Woodlands Waterfront Park, and a walking and cycling network within the estate.

It will take about 15 to 20 years to fully develop the regional centre, which aims to spread out the population and bring jobs closer to homes.

Unveiling plans for the Woodlands Regional Centre at a community event in February 2013, then-National Development Minister Khaw Boon Wan said: “The Woodlands Regional Centre will build on the Causeway Point. But it will be many times bigger and more exciting.

“I believe this development will be a good place for our residents in Woodlands, Sembawang and Yishun. We intend the north to be a good place to live, work and play,” he added.

Genuinely affordable homes

At the same time, public housing prices in the area will be kept affordable, said Mr Khaw.

“We (the government) are the ones who set the price for the new HDB flats, it is not left to the market. We stabilise the BTO (Build-To-Order) prices, and the prices will be linked to the median income of the targeted population, so we can always make sure the new BTO prices will be affordable for new families starting up, and that is a promise which we can deliver.”

Resale HDB flat prices in Woodlands are also lower than in other mature estates. For instance, the median price for a 4-room HDB flat in Woodlands is only $360,000, compared to $510,000 in Toa Payoh and $680,000 in Queenstown, according to Housing Board data in Q1 2016.

Aside from public housing, there are more private properties and executive condominiums (ECs) coming up in Woodlands. Two EC projects have launched there in the last three years, including Forestville, which has sold 99 percent of its 653 units at a median price of $733 psf, followed by the 561-unit Bellewoods, which has found buyers for 322 units. Its developer, Qingian Realty, sold 11 units in May at a median price of $792 psf.

Riding the wave

The latest EC to launch in the area is Northwave. Developed by Chinese firm Hao Yuan Investment, the 358-unit project at Woodlands Avenue 12 comprises two- to five-bedroom units and penthouses, with sizes ranging from 678 sq ft for a two-bedder to 1,722 sq ft for the largest penthouse unit.

Ashton Chan, Senior Manager, Sales and Marketing at MCC Land, the project manager of Northwave, noted that 50 percent of the units will be patio homes. These units come with column-free L-shaped balconies and sliding glass panels. “Residents will be able to slide and fold the glass panels to enlarge their living spaces,” he said.

Marketing agents ERA Realty Network and PropNex Realty have started marketing the project, which has seen a fair bit of interest from prospective buyers, said Chan. “We are targeting buyers who will be working in the future regional centre and industrial clusters.”

In fact, the developer is offering discounts to existing Woodlands residents who may be interested in purchasing units, although details haven’t been finalised yet.

While Hao Yuan has been tight-lipped about unit prices, a source told PropertyGuru that the project’s average price is $760 psf.

“Assuming it is launched at this price, Northwave is poised to be the cheapest new EC in the North, and would be attractive to cost-conscious buyers,” the source said.

PropertyGuru understands that official prices for Northwave EC will be released two days before bookings start.

The e-application exercise runs from 25 June to 6 July, while bookings start on 9 July. The 99-year leasehold project is expected to receive its TOP in 2019.

Stiff competition

Northwave is competing directly with recent EC launches in nearby Sembawang, including The Visionaire and Parc Life, both of which have recorded lacklustre sales.

Jointly developed by Frasers Centrepoint Limited and Keong Hong Holdings, Parc Life has only sold 71 of its 628 units at a median price of $781 psf.

Over at The Visionaire by Qingjian Realty, 185 of the 632 units (29 percent of the project) have been sold at a median price of $820 psf.

With the Woodlands Regional Centre taking shape, industry watchers expect property prices to outperform Sembawang and Yishun in future.

And given the recent hype surrounding the Jurong Lake District, Chan reckons more buyers will turn their attention to Woodlands once the government begins to push for more development in the area.

Did you know?

– Woodlands got its name from the rubber plantations that once dotted the landscape. There were also poultry farms and kampongs in the area, but they had to make way for the development of Woodlands New Town in the 1970s.

– The 12.8ha Woodlands Town Garden in Marsiling was built in 1983 by the HDB. The award-winning park contains a lake, seven Chinese pavilions and six Malay huts on stilts. There are plans to revamp the park, which has fallen into disrepair in recent years.

– The 36-acre Singapore American School moved to Woodlands in 1996. There are close to 4,000 students at the school, of whom two-thirds are US citizens. It is the largest American-curriculum school outside the US, and the largest single-campus international school in the world.

– Crocodiles and sharks are becoming a more common sight in the waters off Woodlands Waterfront Park. Several visitors to the park this year have spotted crocodiles and baby sharks swimming in the area. Recently, an angler at the jetty almost caught a three-metre long crocodile, but his line snapped.

 

Credits: Propertyguru

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Northwave, Hao Yuan Investment’s newest executive condominium (EC) at Woodlands Avenue 12, will open for e-applications this Saturday, 25 June.

Located near the upcoming Woodlands Regional Centre, the 358-unit project comprises two- to five-bedroom units and penthouses. Apartment sizes range from 678 sq ft for a two-bedder to 1,722 sq ft for the largest penthouse unit.

A source told PropertyGuru that the project’s average price is $760 psf.

Northwave is close to Sembawang MRT station, the future Thomson-East Coast MRT line and the North-South Corridor.

Other nearby amenities include Republic Polytechnic, Causeway Point Shopping Centre, and the upcoming Woodlands General Hospital, which is set to become Singapore’s largest general hospital.

“Northwave is a thoughtfully conceived project which reflects the millennial Woodlands, characterised by the rapid transformation of Woodlands Regional Centre into a vibrant live-work-play business hub,” said Tan Zhiyong, Managing Director of MCC Land, the project manager of Northwave.

The 99-year leasehold project is expected to obtain its TOP in February 2019.

The sales gallery is located at Woodlands View. E-applications for Northwave EC will close on 7 July, while bookings start on 9 July.

 

Credits: Propertyguru

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Posted by on in New Launches

New private home sales, excluding executive condominiums (ECs), rose by 41 percent month-on-month in May to a ten-month high of 1,056 units, helped by the launches of Gem Residences and Stars of Kovan, as well as broad-based pickup, revealed a Credit Suisse report citing data from the Urban Redevelopment Authority (URA).

Year-on-year, developer sales surged by 64 percent from the 638 units sold in May 2015.

However, sales of new ECs plunged by 39 percent month-on-month to 332 units in May, due to the lack of new EC launches, said Credit Suisse.

The report stated that the launch of Sim Lian’s Treasure Crest EC may be delayed after sales at Parc Life EC in Sembawang were muted, with only 71 of the 628 units sold to date.

Meanwhile, the five top-selling projects last month were Gem Residences, Stars of Kovan, The Poiz Residences, Bellewaters EC and The Vales EC.

1.Gem Residences (RCR)
Developers: Gamuda Land, Evia Real Estate and Maxdin
Tenure: 99-year leasehold
Location: Toa Payoh (D12)
Nearest MRT station: Braddell MRT
Median price: $1,431 psf
Total no. of units: 578
Sales update: 312 units sold in May

 

2.Stars of Kovan (OCR)
Developer: Cheung Kong Property
Tenure: 99-year leasehold
Location: Upper Serangoon Road (D19)
Nearest MRT station: Kovan MRT
Median price: $1,414 psf
Total no. of units: 395
Sales update: 76 units sold in May

 

3.The Poiz Residences (RCR)
Developer: MCC Land
Tenure: 99-year leasehold
Location: Potong Pasir (D13)
Nearest MRT station: Potong Pasir MRT
Median price: $1,411 psf
Total no. of units: 731
Sales update: 47 units sold in May

 

4.Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $796 psf
Total no. of units: 651
Sales update: 40 units sold in May

 

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: $788 psf
Total no. of units: 517
Sales update: 38 units sold in May

Credits: Propertyguru

 

 

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Despite the increased market uncertainty, foreign buyers bought more private homes in the first quarter of this year compared to the last three months of 2015, revealed a DTZ report.

Purchases by foreigners increased by 5.4 percent quarter-on-quarter to 236 units, while those by permanent residents (PRs) rose by 2.6 percent to 591 units.

In contrast, the number of private units sold to Singaporeans dropped by 18.2 percent in Q1.

Interestingly, foreigners purchased more properties priced above $1.5 million during the quarter.

PRs bought 46 homes priced between $2 million and $3 million, up from 37 in Q4 2015, while foreigners purchased 40 homes within that price range, up from 19 previously.

Kingsford Hillview Peak and Cairnhill Nine emerged as the two preferred projects among foreign buyers.

Cairnhill Nine in the Orchard Road district saw foreigners snap up 52 units, while 27 were sold to PRs. Over at Kingsford Hillview Peak near Hillview MRT station, PRs acquired 28 units while 10 were sold to foreigners.

DTZ noted that while transaction activity among Malaysian, Indian and Chinese nationals declined by 15 to 20 percent, the number of homes sold to Indonesians increased by 12.5 percent to 72 units.

Meanwhile, Chinese and Malaysian purchases continued to form around 42.4 percent of total foreign purchases in Q1.

Overall, 2,830 homes were sold in Q1 2016, up 27.4 percent from the 2,220 units sold during the same period last year.

 

Credits: Propertyguru

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Posted by on in New Launches

A look at some of the developments shaping Singapore’s skyline.

RECENT LAUNCH

The Criterion
Yishun Street 51

Type: Executive condominium

Developer: City Developments Limited

Tenure: 99-year leasehold

Facilities: 50m lap pool, kids’ play zone, teppanyaki BBQ, microbubble spa, electric bicycles, solar charger

Nearby Key Amenities: Northpoint Shopping Centre, Yishun Park, Khoo Teck Puat Hospital, Orchid Country Club

Nearest Transport: Khatib MRT

Average Indicative Price (psf): $798

Estimated TOP: December 2018

The Criterion is a 505-unit executive condominium (EC) located along Yishun Street 51, which is a only three-minute drive from Khatib MRT. Units include two- to five-bedroom types and penthouses.

The development consists of 10 13-storey blocks. Some residents, such as owners of the three-bedroom units, can opt for flexi layouts. One of the bedrooms in a three-bedder can be modified into two smaller rooms, or to convert half of it into a walk-in wardrobe for the adjacent master bedroom.

The project is located in a relatively quiet part of Yishun, so privacy is a given. Wisteria Mall, slated to open in 2018, will be a five-minute walk away. Northpoint Shopping Centre and Yishun 10, which houses Golden Village Cinemas Yishun, are a five-minute drive away.

Schools in the vicinity include Naval Base Primary School, Northland Primary School, Northbrooks Secondary School, Chung Cheng High School (Yishun) and Yishun Junior College.

The Criterion is easily accessible via major expressways such as the SLE, CTE and TPE. CDL will be providing residents with a shuttle bus service to the nearest MRT stations in the first year.

 

The Brownstone
Canberra Drive

Type: Executive condominium

Developer: City Developments Limited

Tenure: 99-year leasehold

Facilities: Gym, 50m pool, tennis court, kids’ play zone with pool, junior skating rink, social gardens

Nearby Key Amenities: Sun Plaza, Sembawang Shopping Centre, Wellington Primary School, Canberra Park

Nearest Transport: Canberra MRT (upcoming)

Average Indicative Price (psf): $816

Estimated TOP: January 2019

The Brownstone is a 638-unit executive condominium consisting of two- to five-bedroom units.

Made up of eight 12-storey blocks, the project draws inspiration from the rustic charm of New York’s Brownstone row houses. It is located near the upcoming Canberra MRT station and fronts two of Sembawang’s main thoroughfares, Sembawang Road and Canberra Link.

Sembawang Shopping Centre and Sun Plaza are nearby and Jalan Legundi, an up-and-coming lifestyle enclave with many new cafés, is just a two-minute drive away.

Thanks to the government’s revitalisation plans for the North, residents at The Brownstone will have easier access to the future Seletar Aerospace Park, Yishun Community Hospital, Admiralty Medical Centre and Woodlands Integrated Healthcare Campus.

A Neighbourhood Centre containing a food court, supermarket and other shops right beside Canberra MRT station is also being built. In addition, the Sembawang and Seletar Country Clubs are within a 10-minute drive away.

Schools in the neighbourhood include Sembawang Primary School, Wellington Primary School, Sembawang Secondary School and Ahmad Ibrahim Secondary School.

The Brownstone is accessible via Yishun Avenue 2 and expressways such as the SLE and BKE.

 

Credits: Propertyguru

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A 99-year leasehold mixed-use site at Bukit Batok West Avenue 6 has been awarded to Qingjian Realty, the Urban Redevelopment Authority (URA) said on Monday, 30 May.

Launched for sale in March, the tender for the site attracted strong interest from developers, with 11 bids submitted by the close of tender on 24 May.

“The cut-back in land sales and the dearth in land parcels for sale in the area gave bidders additional reasons to bid for the land,” said Desmond Sim, Head of CBRE Research, Singapore and South East Asia.

Qingjian submitted the top bid of $301.16 million, which translates to about $635 psf per plot ratio for the 1.5ha site. This is the developer’s first mixed-use development in Singapore, and it expects to build about 500 condominium units.

“This location’s close proximity to the Jurong district, and the success of recent mixed development launches, are very positive indicators of the market’s likely reaction to a potential Qingjian development here,” said the firm’s General Manager, Li Jun.

The mainland Chinese developer has been aggressively buying up land for private development in recent weeks. Earlier this month, it announced that it had entered into a sales and purchase agreement with the residents at Shunfu Ville, at a collective price of $638 million.

 

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Posted by on in New Launches

Despite selling close to 300 of its 578 units within four hours during a VIP sales booking last Friday (27 May), Gem Residences in Toa Payoh only sold about 15 units on the first weekend of sales, which translates to 55 percent of units sold.

On the day of the VIP booking event, buyers were seen queuing outside the showflat at Lorong 5 Toa Payoh from as early as 8am, raising the possibility of a quick sell-out.

Nevertheless, against the backdrop of property cooling measures and challenging market conditions, this is believed to be one of the most successful private condo launches in recent times.

The 99-year leasehold project is jointly developed by Gamuda Land, Evia Real Estate and Maxdin, and marks Malaysian-based Gamuda’s first foray into Singapore’s property market. The infrastructure and construction giant has a 50 percent stake in the consortium.

Although sales have slowed dramatically, Gamuda Land’s Managing Director, Chow Chee Wah, was satisfied with the response.

“We are very pleased that sales have done well so far despite today’s lacklustre property market. We have kept prices fair, and we believe this has played a huge part in drawing in buyers,” he said.

Units were sold at an average price of $1,426 psf, lower than the indicative pricing of $1,480 psf.

Vincent Ong, Managing Partner of Evia Real Estate, said earlier that many buyers were drawn to the larger three- to five-bedroom units, measuring between 936 sq ft and 1,313 sq ft.

Chow added that the project’s new club and condo concept, which includes privileges at Gamuda’s Horizon Hills Golf & Country Club in Johor, also proved popular.

Located near Braddell MRT station, the project is set to be completed in 2020.

 

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Property developers in Singapore sold 745 private homes, excluding executive condominiums (ECs) in April, compared to 843 units in March.

This represents an 11.6 percent month-on-month decline and a 36.2 percent decline from last year.

Mohamed Ismail, CEO of PropNex Realty, said: “The transaction volume in April is largely contributed by the sale of ECs, forming more than half of the total number of new homes sold in April.

“Sturdee Residences was the top-seller (other than The Visionaire EC) for April, at the median price of $1,620 psf for a Rest of Central Region (RCR) project.”

Here’s a look at the five top-selling projects in April, of which three of them are ECs: The Visionaire, Sturdee Residences, Botanique at Bartley, Parc Life and The Vales.

1. The Visionaire EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Sembawang (D27)
Nearest MRT station: Future Canberra MRT
Median price: $821 psf
Total no. of units: 632
Sales update: 154 units sold in April

 

2. Sturdee Residences (RCR)
Developer: Sustained Land
Tenure: 99-year leasehold
Location: Jalan Besar (D8)
Nearest MRT station: Future Bendemeer MRT
Median price: $1,620 psf
Total no. of units: 305
Sales update: 126 units sold in April

 

3. Botanique at Bartley (OCR)
Developer: UOL Group
Tenure: 99-year leasehold
Location: Upper Paya Lebar (D19)
Nearest MRT station: Bartley MRT
Median price: $1,297 psf
Total no. of units: 797
Sales update: 52 units sold in April

 

4. Parc Life EC (OCR)
Developers: Frasers Centrepoint Limited and Keong Hong Holdings
Tenure: 99-year leasehold
Location: Sembawang (D27)
Nearest MRT station: Sembawang MRT
Median price: $784 psf
Total no. of units: 628
Sales update: 51 units sold in April

 

5. The Vales EC (OCR)
Developers: SingHaiyi Group and Kay Lim Investment
Tenure: 99-year leasehold
Location: Sengkang (D19)
Nearest MRT station: Sengkang MRT
Median price: $791 psf
Total no. of units: 517
Sales update: 51 units sold in April

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Posted by on in New Launches

Higher contributions from new and ongoing projects saw UOL Group’s revenue from property development more than double to $164.3 million in Q1 2016, from $77.3 million during the same period last year.

In an SGX filing, the Singapore-based developer reported higher progressive recognition of revenue from two residential developments launched in 2014 – This email address is being protected from spambots. You need JavaScript enabled to view it.">Riverbank@Fernvale and Seventy Saint Patrick’s – as well as two other projects launched last year, Botanique at Bartley and Principal Garden.

Moreover, revenue from property investments, which includes contributions from the group’s offices and malls, grew by four percent to $55.5 million, noted UOL.

Revenue from its hospitality business, which includes hotels under the Pan Pacific and PARKROYAL brands, increased marginally by two percent to $104.9 million, from $102.6 million previously.

As such, the company’s total revenue surged by 39 percent to $330.1 million on an annual basis, while net attributable profit climbed five percent to $77.1 million.

However, the share of profit from associated companies and partnerships fell 12 percent to $34.1 million, mainly due to the absence of contribution from the Archipelago project. Completed in September 2015, the development is a joint venture with United Industrial Corporation.

Nevertheless, UOL’s gearing ratio remained unchanged at 0.27 during the first quarter.

Moving forward, the company believes the housing market outlook remains gloomy.

Similarly, the office rental market will continue to be under pressure due to the large upcoming supply in H2 2016, while the retail leasing sector will likely be subdued as tenants consolidate their operations amid an increasingly challenging business environment.

UOL’s hospitality business in Asia Pacific is expected to remain competitive, given the weak growth in the global economy.

 

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UPDATED: New private home sales in Singapore, excluding executive condominiums (ECs), fell by 11.6 percent to 745 units in April 2016, compared to the 843 units sold in the previous month, according to latest data published by the Urban Redevelopment Authority on Monday (16 May).

Year-on-year, developer sales plunged by 36.2 percent from the 1,167 units sold in April last year, data showed.

This comes despite the number of units launched rising to 900 in April from 682 units in March, noted DTZ.

The property agency stated that the Outside Central Region (OCR) and Core Central Region (CCR) saw weaker sales last month, with the drop in the CCR being attributed to the higher take-up rate for Cairnhill Nine in March. “Notwithstanding, Cairnhill Nine is still doing well, selling 68 units in April, where the bulk are one- and two-bedders,” said Lee Nai Jia, Regional Head (SEA) Research, DTZ.

The best-selling private residential project in the month was Sturdee Residences in the Jalan Besar area, boosting sales in the Rest of Central Region (RCR) to 320 units, said DTZ. Meanwhile, This email address is being protected from spambots. You need JavaScript enabled to view it.">Kingsford Waterbay in Upper Serangoon managed to sell 100 units in April.

Among the EC projects, The Visionaire sold 154 units and Parc Life moved 51 units, despite both projects receiving more e-applications. “Given that the buyers can withdraw their e-applications at no cost, the conversion rate is low,” said Lee.

He explained that the overall slowdown in sales was due to a number of reasons. “Besides the cooling measures, buyers were also affected by the releases of weaker economic data, both globally and locally.

“As the economy becomes more uncertain, and (with) the Additional Buyer’s Stamp Duty (ABSD) weighing on buyers’ decisions, more buyers prefer to stay put unless they find the project very attractive, in terms of its pricing and location.

“Notwithstanding, the release of May and June’s data will give a better indication on whether there is a further weakening of demand or not,” he added.

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Sales at recently launched executive condominiums (ECs) have not been stellar despite the large number of e-applications received, reported The Business Times.

But many property experts feel it is still acceptable in today’s market if 20 to 30 percent of the e-applications translates to sales. However, seven out of the 14 EC projects launched since 2014 failed to achieve even the minimum conversion rate during their launch weekend.

The latest EC to launch was the 628-unit Parc Life. Jointly developed by Frasers Centrepoint Limited and Keong Hong Holdings, it only sold 51 units during its launch last weekend despite recording over 700 e-applications.

During the week prior to that, Qingjian Realty’s The Visionaire sold 158 units out of 632 units, even though it attracted 859 e-applications.

In comparison, the number of e-applications some EC projects received during the market’s heyday in 2011 to 2013 easily surpassed the volume of units offered by two times, said Tan Tee Khoon, Managing Director of KF Property Network.

According to Nicholas Mak, Executive Director of SLP International, the low take-up rate is due to the large supply. “It’s just too much for the market to digest in that span of time (as) demand for ECs in suburban areas tend to be limited to upgraders or people who live in the area.”

This is especially true for developments being built in the same area and launched at roughly the same time, as they are competing for the same pool of eligible buyers who most likely submitted e-applications for multiple ECs.

For example, Parc Life and The Visionaire are both located in Sembawang, in the same neighbourhood where The Brownstone made its debut in July 2015. In Yishun, The Criterion was unveiled last October, followed closely by Signature At Yishun.

Meanwhile, Century 21 Chief Executive Ku Swee Yong believes the weak sales “are conclusive evidence that demand is exhausted” for this type of property. Based on the current pace of EC transactions, he thinks the market needs at least two years to fully absorb the remaining unsold units.

 

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The VIP preview for Stars of Kovan, a new mixed-use development in District 19, will start this Saturday (7 May), said marketing agent CBRE.

Hong Kong-based Cheung Kong Property Holdings (CKPH) is developing the 99-year leasehold project, which comprises 390 apartments and five strata terrace units across four blocks.

The one- to three-bedroom apartments range in size from approximately 506 sq ft to 1,023 sq ft, while the strata terrace units are around 1,830 sq ft. CBRE is also marketing the 46 strata-titled commercial units on the ground floor, which have a British theme.

According to CBRE, the residential units will be priced between $1,550 psf to $1,600 psf. Specifically, the one-bedders will be priced from $800,000, while the two-bedders start from around $1.2 million. The three-bedders will cost about $1.5 million.

Located within a landed housing estate, Stars of Kovan is close to Kovan MRT station. Shopping malls such as Heartland Mall and NEX, as well as schools and business hubs, are also nearby.

Joseph Tan, CBRE’s Executive Director for Residential, said: “The market has a strong appetite for mixed developments. Quality projects near MRT stations within a mature estate are limited in supply and command a premium.”

The developer is also considering offering an early bird discount for the first batch of units being marketed for sale.

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More than 2,000 visitors have visited the sales gallery of Gem Residences at Lorong 5 Toa Payoh since it opened on Friday, 29 April.

Of this number, 468 prospective buyers have registered their interest for the 578-unit condominium, which has an average price of $1,480 psf.

Gem Residences is jointly developed by Gamuda Land, Evia Real Estate and Maxdin.

The consortium has been collating interest on the ground through its property agents since 15 April. To date, close to 1,700 people have expressed interest in the project.

Around 35 percent of them live in Toa Payoh, while another 30 percent live within a 5km radius. The units which garnered the most interest were the two- and three-bedroom units.

A mix of one- to five-bedroom apartments and penthouses are available, with sizes ranging from 452 sq ft for a one-bedroom unit to 2,045 sq ft for a six-bedroom penthouse.

Braddell MRT station, Toa Payoh HDB Hub and established schools are located nearby.

Vincent Ong, Managing Partner of Evia Real Estate, said: “We have been seeing healthy numbers at our show gallery the past three days, as well as positive interest on the ground. This is very likely due to Gem Residences being the first condominium launch in the prime estate since 2009, thereby catering to the pent-up demand, as well as its strategic location.

“We have about a month to go till bookings open, and we expect to see the number of visitors growing in the subsequent weeks.”

The 99-year leasehold project will be launched in end May, and is expected to obtain TOP in 2020.

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Sim Lian Group’s Wandervale executive condominium (EC) saw 60 percent of its units booked—with the four-bedroom flats sold out, the developer said in a press release.

As of Tuesday (19 April), the upcoming 534-unit EC development in Choa Chu Kang has found buyers for a total of 320 units.

According to the release, approximately half were purchased by HDB upgraders, and another 20 percent were bought under the Housing Board’s Fiancé/Fiancée Scheme.

In addition, the group noted that the project’s large flats remain as the most popular option for home buyers, with 82 four-bedroom units snapped up.

Wandervale, which is located within walking distance to the Choa Chu Kang MRT station and bus interchange, is being jointly marketed by OrangeTee and ERA Realty Network. It is the first EC unveiled in Singapore this year.

Unit prices start from S$655,000 for a three-bedder, S$753,000 for a three-bedroom premium unit and S$896,000 for a four-bedroom flat. Buyers may choose either a normal payment or a deferred payment scheme.

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Qingjian Realty’s The Visionaire executive condominium (EC) in Sembawang drew strong interest from buyers, with one out of four would-be purchasers saying they were lured by its smart home concept.

In total, the 632-unit development received 859 e-applications, or the highest number for an EC since 2015, after submissions of online applications closed last Sunday.

Based on a survey conducted by the developer among 200 applicants, over 25 percent said they were drawn to the project’s reputation as the first EC with smart homes. Buyers can choose to opt out of this feature to reduce the price from $6,500 onwards, depending on the property type.

But according to respondents, The Visionaire’s biggest selling point is its proximity to the upcoming Canberra MRT station, which is within walking distance.

“Home buyers in Singapore are very discerning in their choices. A dream home must meet multiple criteria: proximity to transport nodes and schools, excellent facilities, practical layout and outstanding design,” said Li Jun, General Manager of Qingjian Realty.

Unit prices will be announced on Thursday, but the developer revealed that indicative prices will be consistent with other ECs, with prices for a standard three-bedder ranging from $678,000 to $888,000.

Booking will start this weekend, and the project is expected to receive its TOP by 2018.

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