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

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

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

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

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

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

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

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

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

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

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


Credits: Propertyguru

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

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

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

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

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

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

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

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


Credits: Propertyguru

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Posted by on in Trends

Price decline observed across all segments.

According to the Urban Redevelopment Authority, prices of private residential properties decreased by 1.3% in 1st Quarter 2014, following the 0.9% decline in the previous quarter.

Prices of non-landed properties in the Core Central Region (CCR) declined by 1.1%, following the 2.1% decrease in the previous quarter.

In Outside Central Region (OCR), prices declined by 0.1%, following the 1.0% decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined 3.3%, after registering a marginal 0.4% increase in the previous quarter (see Annexes A-1, A-2 & A-62following a decrease of 1.0% in the previous quarter.

Rentals of private residential properties decreased by 0.7% in 1st Quarter 2014, greater than the 0.5% decline in 4th Quarter 2013. Prices of landed properties declined 0.7%.

Credits: Singapore Business Review

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