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Property developers sold 843 private housing units, excluding executive condominiums (ECs), in March 2016, according to new data released by the Urban Redevelopment Authority (URA).

This represents a 178 percent jump from the 303 units sold in the previous month. Year-on-year, sales increased by 37.5 percent.

OrangeTee said this is the highest tally of monthly developer sales since July last year, when 1,655 units were moved.

But analysts were not surprised by the surge in new home sales. DTZ said the period of March to May tends to see an increased level of activity.

“Notwitstanding, consistent with what we see on the ground, there are more buyers returning to the market. Most of these buyers look for developments at choice locations at relatively lower quantums,” noted the consultancy.

OrangeTee explained that there has been an accumulation of pent-up demand from buyers who have adopted a wait-and-see attitude due to the property cooling measures.

While these measures have side-lined many buyers due to the increase in upfront costs and tighter financing conditions, buyers are still willing to commit when there is perceived value in the market, the firm said.

“Good quality projects coupled with competitive pricing is the key to excite dormant demand lurking in the private residential sector.”

Meanwhile, two of the best-performing new launches in March were Cairnhill Nine and The Wisteria.

Located at Cairnhill Road, the 268-unit Cairnhill Nine by CapitaLand sold 177 units last month at a median price of $2,441 psf. Over in Yishun, NorthernOne’s The Wisteria saw 125 out of its 216 units snapped up at a median price of $1,112 psf.

Looking ahead, OrangeTee said three new projects will be launched in April and May, namely Sturdee Residences (305 units), Stars of Kovan (395 units) and Gem Residences (578 units).

Credits: Propertyguru

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Gem Residences, the first private condominium to launch in Toa Payoh since 2009, will hit the market at the end of May 2016.

Jointly developed by Evia Real Estate, Gamuda Berhad and Maxdin, the project sits on 130,832 sq ft of land and contains 578 apartments across two towers. Unit sizes range from 452 sq ft for a one-bedroom unit to 2,045 sq ft for a six-bedroom penthouse.

The consortium was the highest bidder among 13 others for the hotly contested site back in June 2015, with an offer of $345.86 million ($755 psf).

This is Evia and Gamuda’s first foray into private condominiums and property projects in Singapore, respectively.

Pricing details are yet to be confirmed, but data from the Urban Redevelopment Authority (URA) and PropertyGuru shows that condos in Toa Payoh and Balestier are going at an average of $1,000 psf.

Located at Lorong 4 and Lorong 6 Toa Payoh, the 99-year leasehold development is close to two MRT stations (Braddell and Toa Payoh), Toa Payoh Shopping Mall and HDB Hub. Several established schools are also in the vicinity.

Vincent Ong, Managing Partner of Evia Real Estate, said: “Gem Residences is definitely set to shake things up in Toa Payoh. We believe that there is a pent-up demand for private housing in this area as it is one of the most highly-populated public housing estates in Singapore with only three condominiums.”

He added: “We are also very glad that the Ministry of National Development has announced the rejuvenation of Toa Payoh town with more greenery, covered shopping streets and dedicated cycling paths. This gives us confidence that the development will be well-received by upgraders and first-time buyers.”

Gem Residences is expected to obtain its TOP in 2020.

Credits: Propertyguru

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Posted by on in New Launches

The Visionaire, the first executive condominium (EC) with smart homes, attracted keen interest on the first weekend of its opening.

More than 2,000 visitors turned up at the showflat in Wellington Circle over two days, and 400 e-applications were submitted for the 632 units, said developer Qingjian Realty.

The project comprises two- to four-bedroom units with sizes ranging from 721 sq ft to 1,582 sq ft. PropertyGuru understands that prices start from around $550,000 for a two-bedder.

Applicants indicated that they were attracted to the development’s smart features. These include the ability to monitor the movement of visitors, turn on the air-conditioner remotely, and motion sensor lighting.

“Visitors to our show units expressed their excitement and interest in the technology implemented at The Visionaire. They were also very keen on the prospect of being among the first in Singapore to live in an EC with smart homes,” said Li Jun, General Manager of Qingjian Realty.

In addition, residents can book the EC’s facilities through the HiLife smartphone app, which Qingjian launched last year.

Meanwhile, 65 of the three- and four-bedroom units feature Qingjian’s signature CoSpace concept. These apartments come with a flexible design, offering residents the option of reconfiguring their spaces to meet different lifestyle needs.

Located in Sembawang, the EC is within proximity to the future Canberra MRT station and Canberra Plaza, and Sembawang Shopping Centre.

E-applications for The Visionaire will close on 17 April, while bookings will commence on 23 April.

The 99-year leasehold project is expected to obtain its TOP in 2018.

Meanwhile, visitors can also visit the Home of the Future exhibit by Qingjian. Located next to the showflat, it showcases what homes will be like in the future.

Credits: Propertyguru

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Property developers and cities are developing more cycling-friendly projects to cater to the rising number of people who are choosing biking over driving, according to a new Urban Land Institute (ULI) report entitledActive Transportation and Real Estate: The Next Frontier.

The report, which seeks to improve the health of people and communities, studied the impact of active transportation on economic development, public health, air quality, community design and real estate design and investment.

“At its core, the bicycle boom is about people choosing a lifestyle that gives them more options and requires less dependence on motor vehicles.

“Through supporting bike infrastructure, real estate professionals can play a significant role in creating healthier, more sustainable communities. They can also help position their projects and communities in a marketplace that increasingly values active transportation,” stated the report.

One of projects profiled was the 480-unit Westwood Residences in Jurong. Considered the first ever bike-themed development in Singapore, it is due for completion in 2017. Developed by Koh Brothers and Heeton Holdings, the 99-year leasehold project will feature a mini velodrome and a bicycle garage that can house 500 bicycles, secured by a biometrics system.

This kind of project shows that “leading development practitioners are recognising the competitive advantage of investing in active transportation amenities”, the report added.

Meanwhile, nine other real estate developments were profiled in the report; eight in the United States and one in London.

Credits: Propertyguru

 

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The Jurong Innovation District will create an environment to house activities such as learning, research, innovation and production within a single, next-generation industrial district, Mr Heng Swee Keat says.

SINGAPORE: An “industrial park of the future”, the Jurong Innovation District, will be developed, and is touted to be the “future of innovation for enterprise, learning and living”.

Finance Minister Heng Swee Keat announced this in his Budget statement on Thursday (Mar 24), and described the space as “an open and innovative urban environment”. The first phase of the District is targeted for completion around 2022, he added.

“Fifty years ago, we transformed Jurong from swampland into a thriving hub for the manufacturing industry that powered Singapore’s economic growth. Now, we will make another leap to create the industrial park of the future,” he said.

The Minister noted that Singapore’s earlier industrial estates were developed for specific industries focused mostly on production. Today, however, learning, research, innovation and production are closely intertwined, he said.

The Jurong Innovation District will create an environment to house activities such as learning, research, innovation and production within a single, next-generation industrial district. “This has the potential to transform how we live, work, play, learn and create,” he said.

JTC is currently constructing Launchpad @ JID to serve as a space for entrepreneurs, researchers and students to design, prototype and test-bed their new innovations, Mr Heng said. 

Nanyang Technological University will be integrated within the district, bridged by an open plaza to create an open learning environment, the Finance Minister added.

It also launched an open innovation call to invite technology owners to test-bed and develop innovative and sustainable infrastructure within the District, he added.  

Credits: Channel News Asia

Tagged in: 2022 JTC Jurong District
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Posted by on in New Launches

The Straits Times

Some privatised executive condominiums (ECs) are still in high demand and notching up huge gains despite the cool property market.

Just ask OrangeTee associate director Alan Yap, who gets calls every week for units he is marketing at Bishan Loft. "Newer and pricey condos in the area - Sky Vue and Sky Habitat - have helped Bishan Loft prices appreciate," said Mr Yap.

At Nuovo in Ang Mo Kio, which he also markets, prices have roughly doubled since launch.

Buyers at Wandervale EC in Choa Chu Kang, which was launched earlier this month, may be hoping for a similar price appreciation, as will potential buyers for two more ECs launching in the second quarter, Parc Life and The Vales. But the much higher average prices of ECs launched from 2010 - about $700 to $800 per sq ft (psf) compared with mid-$300 to mid- $400 psf previously - mean profits will not be as big.

"Launch prices back then were very low due to the weak economy and events impacting property prices, including the Sars crisis," said R'ST Research director Ong Kah Seng.

Prices of older ECs rose from about 2010, propelled by low interest rates that sent housing values soaring. In contrast, recent launch prices of ECs are nearer the $1,000 mark, a level which a resale EC unit seems unlikely to cross in the near future, said Mr Ong.

At about $1,000 psf, buyers have many other options, such as a new 99-year leasehold condo, though it may not be near an MRT station - for instance, High Park Residences in Sengkang where average prices are about $970 psf. They may even be able to get older, freehold condos, Mr Ong added. Not only are today's ECs priced much higher than before, but the price gap between them and new suburban condos may be slightly smaller now.

At the time the privatised ECs were launched, new suburban condos sold at about $500 to $600 psf, although prices in Bishan had already hit about $1,000 psf.

Suburban condo developers have been reducing prices in view of the ample supply of private homes. Besides High Park Residences, Symphony Suites condo in Yishun Close launched at an average price of $1,000 psf last year. In comparison, average prices at The Criterion EC, also in Yishun, are about $795 psf.

Ten years or so after both are completed, about 85 years will be left on their leases. If sold in the resale market then, and in a weak market, Symphony Suites prices could be as low as $900 psf, putting pressure on prices at The Criterion EC, said Mr Ku Swee Yong of Century 21 Singapore.

EC developers may not have been as motivated to cut prices in recent times, given government grants for EC buyers and the increased income ceiling cap last year. It was hoped these factors would spur demand.

In fact, prior to Wandervale EC, which launched at about $755 psf, recent EC releases were priced close to $800 psf.

There is also the issue of abundant supply. There were 3,450 unsold EC units at the end of last year, with another 3,200 homes expected from EC projects yet to be released.

Credits: ST Property

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Posted by on in New Launches

Construction work on the new Canberra MRT station along the North-South Line has commenced, said the Land Transport Authority (LTA) on Saturday (26 March).

Located along Canberra Link and between the Sembawang and Yishun stations, the Canberra station will serve commuters living in nearby estates such as Sembawang Springs, as well as upcoming residential developments in the vicinity.

China State Construction Engineering Corporation Limited (Singapore) was awarded the $90 million contract for the station in mid-2015.

“When the new station opens in 2019, commuters travelling towards the city centre or Jurong East will save up to 10 minutes of travelling time,” the LTA said in a statement.

To better facilitate commuter movement and enhance accessibility, Canberra station is designed with five entrances, with one connected to the new housing estates across Canberra Link. The new station will also have covered linkways to bus stops and bicycle parks.

This is the second time an MRT station is being built on an operational MRT line, noted the LTA. The first was Dover MRT station, between Clementi and Buona Vista stations on the East-West Line, which was completed in 2001.

Credits: Propertyguru

(Check out new condominium developments near Canberra MRT Station: Brownstone EC Floor Plan, The Visionaire EC Pricing)lauh

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South Beach, Singapore’s biggest mixed-use development, has won the only Platinum SG Mark, presented at this year’s Design Business Chamber Singapore (DBCS) SG Mark awards.

Jointly developed by City Developments Limited (CDL) and Malaysian-based IOI Properties, the new project at Beach Road was built on a 3.5ha plot, and took eight years to complete. It faced design challenges that involved incorporating four conserved buildings with modern structures.

Several of the project’s green features impressed the judges, including a 280-metre long canopy that converts solar energy to electricity and collects rainwater to irrigate South Beach’s landscaping, as well as sky gardens which act as ‘green lungs’.

It is estimated that South Beach can save up to 17 million KWh of energy and 174,000 cubic metres of water annually.

“We believe that many of the principles behind this iconic building can be applied to future buildings to improve urban sustainability and overall aesthetic and practical appeal,” said Tai Lee Siang, President of the DBCS.

Several other local developments picked up SG Mark Gold Awards, namely the JTC Space @ Tuas development and the Singapore University of Technology and Design campus in Changi.

In total, 32 organisations picked up awards this year. Started in 2013, the SG Mark Awards are considered the Oscars of the design industry here. Previous winners include Gardens by the Bay, Botanic Gardens and Changi Airport.

Credits: Propertyguru

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The Pinnacle@Duxton in Tanjong Pagar has recorded three transactions of above $1 million so far this year for its 5-room flats, similar to the four deals seen in the first three months of 2015.

The development has regularly made headlines in recent months. For example, a unit was sold for $1.08 million ($945 psf) in November 2015, the most expensive sale ever for a 5-room flat in Singapore. In January this year, a unit changed hands for approximately $1.07 million.

According to Eugene Lim, Key Executive Officer of ERA Realty, which helped to broker both deals, these flats commanded sky-high prices due to their unblocked, panoramic views of the city, and the Pinnacle’s status as a landmark project.

Aside from its proximity to MRT stations, another key selling point is the scarcity of such units. “Not everyone at the Pinnacle wants to sell. Those who have decided to sell are leveraging to get the maximum premium for their units,” Lim said.

Based on statistics from ERA, the two said transactions were three percent higher than the average transacted price of $977,846 for a 5-room flat at the project. But compared to older flats in the area, such as those at Smith Street and Tanjong Pagar Plaza, this translates to a premium of 25 percent to 46 percent.

The current resale prices are also a far cry from the original selling price range of between $345,100 and $439,000 for the 5-roomers during the project’s launch in 2004.

Nevertheless, Lim noted that these record flat prices are unique to the Pinnacle. “They do not represent the majority of resale HDB transactions, which are trading at around valuation in the current market environment.”

It’s also unlikely that prices of 5-room flats there will rise significantly higher or reach the $2 million mark, as home buyers could easily purchase a private apartment within the area for the same price, he said.

Looking ahead, prices of HDB resale flats are expected to remain stable, while transaction volume is expected to pick up as the reduced focus on cash-over-valuation (COV) premiums would attract buyers in immediate need of housing, or those who do not qualify for Build-To-Order (BTO) flats, added Lim.

Credits: Propertyguru

Tagged in: BTO ERA hdb
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Two newly launched private residential projects reported brisk sales over the weekend, an indication that units within integrated developments remain popular despite the lacklustre housing market.

The Wisteria in Yishun sold more than 80 percent, or 116 of the 138 units released for sale.

Its developer Northern Resi initially launched 108 units on Saturday (12 March), priced from $1,030 psf to $1,050 psf on average. Subsequently, another 30 units were released due to keen interest for the smaller units, leading to more sales.

“Buyers are drawn to this project because of its affordability and its convenience of being above a lifestyle mall,” said Michael Leong, CEO of Keppel Land Retail Management, the project and marketing manager for The Wisteria.

The 99-year leasehold project features 216 condominium units spread across three nine-storey towers, built on top of a two-storey shopping mall. Prospective buyers can choose from one- to four-bedroom apartments, with unit sizes ranging from 441 sq ft to1,173 sq ft.

The Wisteria is expected to be completed by the end of 2018.

Meanwhile, CapitaLand’s 268-unit Cairnhill Nine development in the Orchard area has found buyers for 70 percent, or 134 of the 200 units launched on Saturday.

The 99-year leasehold condominium is part of an integrated development that includes a serviced residence called the Ascott Orchard Singapore.

The units sold include one, two, and four-bedroom units as well as penthouses, measuring between 591 sq ft and 3,864 sq ft. The one-bedroom+guest units have been the most well-received to date, with 80 percent of the 90 apartments sold.

Around 50 percent of the project’s buyers are Singaporeans, while the rest are from Indonesia, Malaysia and China.

Commenting, a spokesman from CapitaLand said: “We are pleased with the strong response to the VIP preview and official launch, and will be stepping up our marketing efforts by having roadshows in cities such as Jakarta, Surabaya, Solo, Shanghai and Hong Kong.”

Credits: Propertyguru

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Special Advertising Feature

Offering thoughtfully-designed residential spaces, state-of-the art facilities, as well as a good mix of retail and F&B shops under one roof, The Wisteria presents itself as the ideal space for live and play.

In recent years, mixed-use developments, which encompass both commercial and residential units in a single complex, have become increasingly popular, with a growing number of developers starting to roll out mixed-use developments across the island. This comes as no surprise, as the fast growing population in land-scarce Singapore has resulted in a surge in demand for homes and amenities alike.

Those looking to invest in a mixed-use development that offers utmost convenience, easy accessibility, as well as a slew of amenities within one location, should look no further than The Wisteria – a mixed residential and retail development in Yishun.

Jointly developed by Northern Resi Pte Ltd and Northern Retail Pte Ltd, the development comprises 216 residential units, which are built on top of the Wisteria Mall – a unique lifestyle mall comprising F&B and retail shops. There is a good mix of one- to four-bedroom apartment units that range in size from 441 sq ft to 1,171 sq ft. Discerning home buyers and investors will like that most units come fully outfitted with a fine selection of kitchen and sanitary fittings from reputable brands such as Electrolux and Hansgrohe, as well as a well-edited selection of fittings.

The 216 residential apartments will be spread across three blocks and will occupy the 4th to 12th floors, while the retail units will be housed within basement 1 and level 1 of the development. The lifestyle mall, with over 100 units of F&B and retail offerings, are held under one strata-owner, who will operate and manage the entire mall.

Smart living

One of the main highlights of The Wisteria is no doubt the in-built home automation system – ABB-free@home system – that is installed in each residential unit. With this innovative system, residents can intelligently control virtually any device in their home – lighting, air-cons at the dining / living area and master bedroom, and even main door locks via their smart devices.

Spaces to relax and retreat

Residents can expect to be spoilt for choice when it comes to leisure and relaxation pursuits. Equipped with an array of state-of-the-art facilities, fitness enthusiasts can choose to take a refreshing dip in either the 50m free-form lap pool or sweat it out at the aqua gym and gymnasium. For those who prefer to just sit back and lull the afternoon away, there are also plenty of spaces for you to do just that including the wine pod, jaccuzi, water lounge, steam room, sun deck and leisure deck among others. The specially designed BBQ Pavilion is also ideal for intimate parties or even just a spontaneous evening dinner outdoors.

A host of amenities and conveniences

Among the advantages of living in a mixed-use development, convenience ranks high on the list. And when it comes to convenience, The Wisteria – located at the juntion of Yishun Avenue 4 and Yishun Ring Road – is truly unbeatable. The development is situated within close proximity to various transportation links including Khatib MRT station and the Seletar Expressway (SLE), which make travelling to other parts of the island a breeze. The future North-South Expressway (NSE) will also reduce travelling time to and from the city – the NSE will connect the city centre with towns along the north-south corridor – Woodlands, Sembawang, Yishun, Ang Mo Kio, Bishan and Toa Payoh.

The star of this integrated residential and retail development has to be the Wisteria Mall, which offers residents a slew of dining and shopping options at their doorstep. Housing a handful of specialty cafes and restaurants, a FairPrice Finest supermarket, Kopitiam food court and many other lifestyle shops, residents will be able to indulge in an array of gastronomical delights and shop for their daily necessities without even having to set foot out of the development.

For families with school-going children, the development is located within a stone’s throw away of several established educational institutions, such as Chongfu Primary School, Naval Base Primary School and GEMS World Academy.

Great investment potential

The position of The Wisteria is further strengthened by its proximity to nearby commercial clusters such as Woodlands Regional Centre, Seletar Regional Centre and the upcoming Seletar Aerospace Park.

Seletar Aerospace Park, which is envisioned to be a world-class dedicated aerospace regional facility, is expected to create about 10,000 jobs upon its projected completion in 2018, while the Woodlands Regional Centre, which is part of a larger commercial belt called the North Coast Innovation Corridor, will house the first business park cluster in Singapore’s northern area.

In short, residents of The Wisteria can look forward to a wealth of job opportunities near where they live. The 99-year leasehold development is expected to receive its temporary occupation permit (TOP) in the fourth quarter of 2018.

Credits: Propertyguru

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Sim Lian Group has released prices for the 534-unit Wandervale executive condominium (EC) in Choa Chu Kang, the first major property launch this year.

In a statement, the group said prices start from $655,000 for a three-bedroom unit, $753,000 for a three-bedroom premium unit, and $896,000 for a four-bedroom unit. The project has an average price of $755 psf.

“Wandervale is competitively priced against other ECs in the market,” said Sim Lian. The EC units range in size from 958 sq ft to 1,249 sq ft, across nine residential blocks.

Located near Choa Chu Kang MRT station, Wandervale was more than 40 percent oversubscribed, receiving a total of 783 e-applications over 11 days.

The showflat at Choa Chu Kang Avenue 3 saw more than 5,000 visitors during the e-application period, which ended on 28 February.

According to Sim Lian, potential buyers were mainly attracted to the location, spacious units and overall design of the project.

The balloting and sales booking exercise for the EC starts on 5 March at the showflat.

The 99-year leasehold project is expected to receive its TOP by 2019.

Credits: Propertyguru

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Posted by on in New Launches

The application period for the Wandervale executive condominium (EC) closed on Sunday (28 Feb) after receiving 750 e-applications, said its developer Sim Lian Group.

This means that the 534-unit project is more than 40 percent oversubscribed. OrangeTee and ERA are the marketing agents for the 99-year leasehold EC.

Priced at approximately $750 psf to $770 psf on average, the Wandervale showflat at Choa Chu Kang Avenue 3 has attracted more than 5,000 visitors since e-applications started on 18 February.

The first major launch this year, the EC features 130 three-bedroom, 322 three-bedroom premium, and 82 four-bedroom units, ranging from 958 sq ft to 1,249 sq ft, across nine residential blocks.

The larger three-bedroom premium and four-bedroom units were more popular amongst potential buyers, said the developer, adding that the location, spacious units and overall design were the main reasons they chose the project.

“There was a balanced mix of first-time and second-time home buyers, primarily HDB upgraders, at the showflat,” noted Sim Lian.

Wandervale is within proximity to the Choa Chu Kang MRT station and bus interchange, Bukit Panjang MRT station on the newly opened Downtown Line 2 (DTL2), Lot One Shoppers’ Mall, and South View Primary School. The project is expected to receive its TOP by 2019.

Wandervale will open for sales booking on 5 March 2016.

Singapore-listed Sim Lian Group has launched 23 developments to date, including three projects in Malaysia

Source: Propertyguru

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Special Advertising Feature

A convenient location coupled with a slew of outstanding facilities, This email address is being protected from spambots. You need JavaScript enabled to view it.">UOL Group Limited’s residential project Riverbank @ Fernvale is hitting all the right notes with home buyers and investors alike.

These days, when it comes to purchasing a new property for investment or as a residential home, there’s little doubt that home buyers are pretty much spoilt for choice. There’s plenty of new project launches available in the market, with each development offering a list of impressive features catering to various needs, tastes and budgets. However, if the criteria for your ideal home includes exclusivity, proximity to nature, close walking distance to a slew of conveniences, coupled with impressive recreational facilities, look no further than Riverbank @ Fernvale in Sengkang.

Strategically located at Sengkang West Way, the 555-unit development comprises a good mix of one- to five-bedroom units ranging from 495 sq ft to 1,389 sq ft. To date, the one-, two-, as well as five-bedroom units have all been sold out, and only a limited number of three- and four-bedroom units are left. For those who require a bigger space to stay, they can opt for the three- or four-bedroom units, which range from 947 sq ft to 1,238 sq ft. And for those who are buying to invest, they can choose the three-bedroom dual-key units, which range from 990 sq ft to 1,044 sq ft.

Regardless of which unit buyers pick, they can be assured that every unit housed within the development not only features a chic and stylish interior design, but has also been outfitted with top-of-the-line fittings and functional appliances.

Raising the bar on outdoor facilities

Long gone are the days of enticing home buyers solely with location, views or the usual trappings of tennis courts, Jacuzzis, steam rooms, and state-of-the-art gymnasiums. In a bid to attract more buyers amid softer market conditions, developers are upping their game – some have introduced new types of facilities in their projects, while others are offering interest-based classes, and UOL is no exception.

Besides the requisite pools, playgrounds and BBQ pits, Riverbank @ Fernvale also features a unique bicycle sharing facility – the first-of-its-kind in condominium developments in Singapore, with UOL supplying 50 bicycles to be shared by the condominium’s residents.

Residents, especially nature lovers and outdoor enthusiasts, will be pleased to know that they can book the bicycles for free, and enjoy rides to a slew of nature spots including Lorong Halus Wetland, Punggol Park, Riverside Park Connector, My Waterway@Punggol, Pulau Ubin, and Coney Island – all of which are easily accessible from the development.

Seamless connectivity

Whether by public transportation or by car, those living at This email address is being protected from spambots. You need JavaScript enabled to view it.">Riverbank @ Fernvale will get to enjoy more options for shorter and more comfortable journeys between Sengkang and the rest of Singapore as the area is well served by major roads and expressways, including the Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE), and the newly unveiled Seletar Aerospace Flyover. For those who rely on public transportation, they will appreciate that Sengkang MRT station, as well as the Layar and Oasis LRT stations, are all within walking distance from the development. Residents can also use the bicycles to commute to the nearby MRT or LRT station.

Endless amenities at your doorstep

For families with school-going children, they will definitely appreciate the convenience of the development’s location, with top institutions like Nan Chiu Primary and Nan Chiau High School situated in the vicinity. In addition, the development is close to various shopping malls and eateries, such as Seletar Mall, Compass Point, Rivervale Mall, Waterway Point and Jalan Kayu.

It’s easy to see why Sengkang is fast becoming one of the more sought after housing estates in the north-eastern part of Singapore – more young families are choosing to settle down there as the area not only features a well-connected public transport network and a slew of amenities, but it is also located close to several nature spots.

That is not all, as new residents can look forward to even more amenities in future, such as the upcoming Safra Punggol (slated to be ready by April 2016), new childcare centres in approximately 1,000 places (by mid 2016), and The Oval @ Seletar Aerospace Park (SAP). Comprising a cluster of 32 black and white colonial bungalows that were gazetted for conservation under the Urban Redevelopment Authority (URA) Master Plan 2014, The Oval @ SAP will be used for an array of lifestyle businesses, including restaurants. Families with young children will also be drawn to this place as the development will include a slew of lifestyle facilities such as a playground, a boardwalk that fronts the runway, an open lawn, picnic tables, and an open hard court – perfect for family outings and events.

Strong investment potential

The position of Riverbank @ Fernvale is further strengthened by its close proximity to nearby industrial clusters such as Woodlands Regional Centre, Seletar Regional Centre and the upcoming Seletar Aerospace Park.

Seletar Aerospace Park, which is envisioned to be a world-class dedicated aerospace regional facility, is expected to create about 10,000 jobs upon its projected completion in 2018.

In short, residents of Riverbank @ Fernvale can look forward to a wealth of job opportunities near where they live.

The 99-year leasehold condominium development is expected to get its temporary occupation permit (TOP) at the end of 2016 or early 2017.

Prices start at $905,000 for three-bedders and $1.023 million for four-bedders.

 

Credits: Propertyguru

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As a sign of developers’ confidence in the growth potential of Yishun, a new mixed-use development comprising residential and commercial units will be launched on 12 March.

Located at Yishun Ring Road, The Wisteria and Wisteria Mall is the third mixed commercial and residential project to launch in the area since the end of 2013, following Nine Residences and North Park Residences, both of which are also integrated with shopping malls.

Zoned for commercial and residential use, the approximately 105,054 sq ft site was awarded for $185.09 million in January 2015.

Located on levels 4 to 12, The Wisteria condominium comprises three nine-storey towers of 216 one- to four-bedroom apartments, ranging in size from 441 sq ft to 1,173 sq ft.

The residential units will incorporate several smart-home features, enabling homeowners to remotely control door access and air-conditioning via a smart device.

Northern Resi and Northern Retail, wholly-owned companies of NorthernOne Development, are the project’s joint developers. Array Realty, an entity of Keppel Land, is acting as a consultant.

To be launched in phases, the first phase will see 50 percent of the condominiums (108 units) being released to buyers, a spokesperson for Array Realty told PropertyGuru.

“The units will have an initial average price of $1,030 psf to $1,050 psf, inclusive of a five percent early bird discount,” she said.

Sources told PropertyGuru that the project’s average price is around 20 percent lower than North Park Residences, where recent transactions have been in the range of $1,300 psf to $1,400 psf. Units at Nine Residences have gone for an average of $1,100 psf.

A VIP preview of The Wisteria will begin this weekend at the project’s showflat at the junction of Yishun Central and Yishun Avenue 9. “We will have a better gauge of buyers’ interest levels after the VIP preview. As for the actual prices, they will only be released on the day of sales booking,” noted the spokesperson.

In addition, the residential component will adopt the Prefabricated Pre-finished Volumetric Construction (PPVC) method, which helps to speed up construction significantly and minimize dust and noise pollution in the vicinity.

“This is one of the first projects in Singapore to use the prefab method,” the spokesperson said.

According to the Building and Construction Authority (BCA), this is a new construction method that involves modules complete with internal finishes, fixtures and fittings being manufactured in factories, then transported to the site for installation in a Lego-like manner.

Meanwhile, the commercial spaces are about 40 percent leased, the anchor tenants being NTUC Finest and Kopitiam Food Court.

“This is the only commercial project in Yishun South,” said the spokesperson, adding that it will help cater to the growing number of future residents.

The 99-year leasehold project is expected to obtain TOP in end-2018.

Credits: Propertyguru

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SINGAPORE: Developers are starting to launch new projects in Singapore, following a quiet start to 2016. And while there is an underlying demand for homes, one analyst said developers must keep prices relatively low to attract buyers.

CapitaLand’s Cairnhill Nine is one of the latest projects to be unveiled on Tuesday (Feb 23). The integrated development, a 268-unit residential tower, is part of the same complex as the Ascott Orchard Singapore, a 220-unit serviced residence slated to open early 2017.

It will be the first residential project to be launched in the Orchard Road area in nearly three years, according to CapitaLand.

Other recent launches include Wandervale, an executive condominium in Choa Chu Kang, which saw strong crowds at its showroom over the weekend.

The starting prices for Cairnhill Nine range from S$1.35 million for a one-bedroom apartment to S$6.67 million for the most expensive penthouse. The average indicative price is S$2,500 dollars per square foot.

Despite a relatively quiet start for new developments this year, CapitaLand is confident the premium location and relatively low prices will draw interest.

"Cairnhill Nine is a very well-located project in the heart of Orchard Road,” said Mr Wen Khai Meng, CapitaLand Singapore CEO. “It's also very attractively priced with about 90 per cent of the units S$3 million and below, and about 50 per cent S$2 million and below.

“Given that there's not been any new condominiums in Orchard Road in the last three years, we are confident of a very good response to this project."

HOMING IN ON VALUE BUYS

Property research firm DTZ said property measures such as the Additional Buyer's Stamp Duty (ABSD) have put a cap on prices, while potential property buyers have also become more selective.

"Generally there is still quite a substantial demand from potential buyers, it's just that there are sort of constrained by the TDSR (Total Debt Servicing Ratio) and ABSD,” said Dr Lee Nai Jia, head of research for Singapore at DTZ. “And in these later years, the ABSD - when it’s going to be lifted - is the main thing on most buyers' minds, because it is still quite substantial.

“So what we are seeing, at least from 2015, is buyers going for units of lower quantum, usually of S$1.5 million and below. And they usually go for value buys or value offerings when the project is close to amenities, MRT stations.”

Source: Channel News Asia

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Posted by on in New Launches

The tender for an executive condominium (EC) site at Yio Chu Kang Road closed on Thursday (18 Feb), after attracting 10 bids, according to the Housing and Development Board (HDB).

Launched for sale on 29 December 2015 under the confirmed list of the second half 2015 Government Land Sales (GLS) Programme, the approximately 198,302 sq ft site has a maximum gross floor area (GFA) of about 555,267 sq ft.

Property developer Hoi Hup Realty submitted the top bid of $183.8 million, which translates to about $331 psf on the GFA. Offered on a 99-year lease, the site is expected to yield around 520 EC units.

Desmond Sim, CBRE Research Head, Singapore and South East Asia, said: “It has been some time since an EC plot has been put up for sale in the Hougang and Yio Chu Kang area in the north-eastern part of Singapore. The site is located in a mature residential estate and is relatively close to the city. These attributes probably account for the high rate of participation and the competitive bids garnered for the plot.

“Its close proximity to Rosyth School gives developers further confidence that demand might stem from young couples planning to enrol their children in the school. These factors will contribute to the selling points of the future project.”

Other nearby amenities include the Hougang 1 shopping mall, Hougang Sports Centre and Nanyang Polytechnic. The area is served by the Hougang, Buangkok and Kovan MRT stations.

The HDB said a decision on the award of the tender will be announced at a later date after the bids have been evaluated.

Credits: Propertyguru

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Applications for the 534-unit Wandervale executive condominium (EC) at Choa Chu Kang Avenue 3, the first major property launch for 2016, will open this Thursday (18 Feb).

Developed by Sim Lian Land, the 99-year leasehold project is located close to Choa Chu Kang MRT station and the newly opened Downtown Line 2 (DTL2). Scheduled to launch in March, Wandervale will feature a range of three-bedroom, three-bedroom premium and four-bedroom units, from 958 sq ft to 1,249 sq ft.

The approximately 205,138.6 sq ft site was awarded to Sim Lian for $207.4 million in September 2014.

According to a Credit Suisse report, the project will have an average indicative price of $750 psf to $770 psf. “This is likely to place further stress on MCL Land’s Sol Acres EC in Choa Chu Kang, which has only sold 28 percent of its 1,327 units at an average price of $800 psf.”

The report stated that the future launch of Qingjian Realty’s EC project at Choa Chu Kang Avenue 5 is likely to add further oversupply concerns within the vicinity.

In January 2016, sales of new EC units improved 26 percent month-on-month to 156 units, lifted mostly by The Amore, CDL’s The Brownstone, and The Vales, which together accounted for around 40 percent of total EC sales, revealed Credit Suisse, citing data from the Urban Redevelopment Authority (URA).

“Oversupply in the EC market, however, will likely persist, as 50 percent or more of these projects and several others remain unsold, which could weigh down capital values in the mass market segment,” added the report.

Credits: Propertyguru

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Posted by on in New Launches

Despite the bleak property market, City View @ Boon Keng saw at least 14 flats sold even though it only entered the resale market this year, according to a recent Straits Times report.

In fact, flat owners at the premium public housing project have been reaping big profits.

Housing Board data shows that three- to five-room flats there were sold from $560,000 to $900,000, far exceeding the project’s launch prices of between $349,000 and $727,000, as well as HDB prices within the vicinity.

Century 21 Chief Executive Ku Swee Yong attributed the high prices to the project’s design and recent completion in 2011.

“It’s the newest in the neighbourhood. As a Design, Build and Sell Scheme (DBSS) project, it also has high-quality design and fittings.”

The second DBSS project after The Premiere @ Tampines, the 714-unit City View @ Boon Keng comprises three 40-storey blocks and was developed by Hoi Hup Sunway.

Although owners at City View are only allowed to sell their units from this year, following the end of their five-year minimum occupation period, 10 units were sold earlier.

This came after the HDB granted the said owners special approval. Property agents who helped sell the properties revealed that some of the reasons included emigration and divorce.

ERA agent Brandon Zheng, for instance, handled the $820,000 sale of an eighth floor five-room unit, whose owners moved to Australia.

Looking ahead, Ku expects the units at City View to go for more, given the project’s proximity to the city.

“I wouldn’t be surprised if the top-floor units exceed $1 million,” he said.

Credits: Propertyguru

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The government has a “rough idea” on when to revise the property cooling measures, “but that doesn’t mean that we announce it”, said Home Affairs and Law Minister K. Shanmugam.

Speaking to over 2,000 property agents at an ERA Realty conference on Wednesday (3 Feb), the minister said such a decision would be made by the National Development and Finance ministers when they assess the risks to be “less or manageable”.

He was responding to questions on when the Additional Buyer’s Stamp Duty (ABSD) would be removed.

He explained that the measures were put in place by the government to protect Singaporeans, and they have managed to avert the disaster of an overheated property market.

He noted that while some people are worried that the property market could go the other way, the government will ensure this doesn’t happen.

“We cannot have a healthy economy if the property market has crashed. So it’s not in anybody’s interest to see it crash.”

First introduced in December 2011, the ABSD was revised upwards in January 2013 to rein in Singapore’s escalating residential property prices.

Singaporeans are required to pay an ABSD of seven percent for a second property, and 10 percent for a third and subsequent property. However, foreigners are required to pay an ABSD of 15 percent for their first and subsequent property purchases.

Eugene Lim, Key Executive Officer at ERA Realty, believes that the government is watching the market closely and will tweak the property measures in due time.

“The question is when, and many analysts have tried to set a target of how much prices will come down before the government removes the measures, but I do not think that is the case. The government is concerned about Singaporeans over-leveraging themselves as there are many potential buyers waiting on the sidelines.

“Right now, we’re not sure how quickly prices will rebound if one of the measures is removed, and I think that is the litmus test for the government. They don’t want to remove something and cause prices to rebound, derailing the measures.

“They are looking at market stability rather than a target price. When the time comes, they will make the decision to reverse the measures, which will be a quick and easy process.”

Credits: Propertyguru

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