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Subscribe to this list via RSS Blog posts tagged in developer sales

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Chinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April).

The 651-unit project comprises three- to five-bedroom units with sizes ranging from 926 sq ft to 1,528 sq ft. It is expected to be completed by this quarter.

PropertyGuru understands that a mix of unit types were resold and demand was particularly strong. “The ballot units were more than four times oversubscribed with a total of 43 applications,” said Yen Chong, Deputy General Manager at Qingjian Realty.

“These units became available when the original buyers did not meet the eligibility requirements (of the Housing and Development Board) for an EC purchase,” she noted, without going into specific details.

One industry expert who chose to remain anonymous, said that in such cases, a change in family nucleus is the main contributing factor. This could be due to the breakup of an engagement, divorce or death of a family member, with the first two scenarios being the most common reasons. Thus, they must pay a five percent cancellation fee, down from 20 percent in 2013.

Calling it a common issue faced by EC developers, the source added: “The developer will have to actively re-market such units to avoid incurring the Additional Buyer’s Stamp Duty (ABSD).”

Under the ABSD rules introduced in December 2011, developers must build and sell all units at their projects within five years of acquiring the sites. Failure to do so will incur a 10 percent levy on the land price, plus a five percent interest. Subsequently, the levy was increased to 15 percent for sites purchased from January 2013 onwards.

Alvin Tan, Executive Director of Local Projects at PropNex International, said that in some instances, the affected units could be resold at higher prices, but this depends on which stage the units were released for sale.

“If it is just after launch, it could be sold at launch price. If sales are good, the price would possibly be higher. Only when the project is nearing completion are developers maybe under pressure to offload the units, which could possibly see some discounts coming in,” he said.

Qingjian would not disclose pricing details for the re-balloting exercise, but URA Realis data shows that the total median transacted price of units at the 99-year leasehold project is $795 psf

Credits: Propertyguru.

 

 

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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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Pollen & Bleu, an eight-storey condominium in District 10, has attracted keen interest since its relaunch in February, with 83 percent of the units released sold, revealed CBRE, which is jointly marketing the project with Huttons and Savills.

In fact, buyers have taken up all the one+study and two-bedroom units, as well as three penthouses at the 99-year leasehold project.

With this, new stacks of units facing the Singapore Botanic Gardens will be released for sale this weekend by developer Singapore Land (SingLand) at an average price of $1,800 psf. Sizes of the one- to four-bedroom units range from 549 sq ft to 1,593 sq ft.

Located at Farrer Drive, the 106-unit Pollen & Bleu is a short drive away from Orchard Road, Holland Village and Dempsey Hill. It is also close to several established schools including Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, Nanyang Girls’ High School and ACS International.

A deferred payment scheme is being offered for the project, in which the remaining 80 percent of the purchase price will be deferred 24 months from the day the buyer exercises the option to buy the unit.

“It is a deliberate strategy to launch the project only after its completion. We are confident in the product and the value which we have created for the buyers,” said Peter Wee, Assistant General Manager for Business Development and Residential Marketing at SingLand Development.

“It is very rare to find a development like Pollen & Bleu surrounded by lush foliage of the Botanic Gardens and landscape in the heart of District 10. Buyers are seeing the true value of Pollen & Bleu and the strong response seen in the last few weeks demonstrated that.”

 

Credits: Propertyguru

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Posted by on in New Launches

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Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month, according to data from the Urban Redevelopment Authority (URA).

On a yearly basis, private homes sales soared 222.4 percent from the 303 units sold in February 2016.

The Clement Canopy, which was the only new launch in February, emerged as the best-selling project, with 207 units sold at a median price of $1,343 psf. It was followed by Parc Riviera and The Santorini, with 200 units and 51 units sold at median prices of $1,281 psf and $1,041 psf, respectively.

Rounding up the top five best-selling projects are The Glades (30 units) and The Venue Residences (28 units).

Sales of ECs also increased 78.8 percent to 329 units in February, despite the lack of new projects.

Sol Acres topped new EC sales with 82 units sold, followed by The Terrace and The Visionaire, with 40 units and 39 units sold, respectively.

Analysts noted that the healthy figures indicated significantly better market sentiments from the previous year and an early start to the buying momentum this year.

“There is a greater sense of confidence in both developers and buyers,” said Ong Teck Hui, JLL’s National Director for Research and Consultancy, adding that 770 of the 977 private homes sold in February were from previously launched projects.

“This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he said.

“The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend.”

Meanwhile, Desmond Sim, Head of CBRE Research for Singapore and South East Asia, believes the sales levels “reinforce the current trend of buyers favouring projects with units priced at a palatable quantum”.

Sim revealed that he does not expect the trend to change even with the recent tweaks to the property curbs.

 

Credits: Propertyguru

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Posted by on in New Launches

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Chinese developer Qingjian Realty, through its smart home solutions provider hiLife Interactive, has teamed up with Singtel to launch iNz Residence, the first internet-ready executive condominium in Singapore.

With this partnership, home buyers can expect their units to be fitted with 1Gbps Singtel fibre broadband. Singtel will also provide WiFi services within the development’s facilities, such as the gym, clubhouse and pool area.

“This will clearly be a boon to the smart lifestyle – they will be able to continue to access online services soon after they are handed their new homes, and be at ease planning and designing their new lifestyle in their new homes in a smart and efficient way,” said Yen Chong, Deputy General Manager at Qingjian Realty.

The property developer revealed that homeowners at the 99-year leasehold development will enjoy energy-efficiency trackers like the smart leak sensor and smart energy meter, as well as more smart security systems like the smart digital lockset, smart contact sensor and smart motion sensor.

Located on a 1.6ha site, iNz Residence EC is located along Choa Chu Kang Ave 5, and comprises nine blocks of high-rise apartments. Unit sizes at the 497-unit project range from two-bedroom apartments to five-bedroom maisonettes.

Prices for the two-bedroom units start from $500,000, $600,000 for the three-bedders and $1.1 million for the maisonettes, reported TODAYonline.

“We believe that the public will continue to be interested in the smart living concept at iNz Residence, just as we have seen at The Visionaire,” said Yen, adding that the latter has seen a consistent stream of buyers and is almost 60 percent sold.

E-applications for iNz Residence will start this Friday (24 February).

The showflat at Choa Chu Kang Avenue 6 (along Brickland Road) will open on the same day, with bookings commencing on 11 March. The project is expected to obtain its TOP in 2019.

 

Credits: Propertyguru

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The Peak @ Cairnhill II, a freehold 18-storey luxurious development by TG Development, received robust response during its launch in January, with 34 out of 60 units snapped up at an average price of S$2,700 psf.

This brings the development’s total take-up rate to over 55 percent.

Located within the prime Orchard Road district, The Peak @ Cairnhill II comprises 58 two-bedroom and two-bedroom penthouse units.

Of these, 28 units measure 829 sq ft and another 28 units measure 904 sq ft. Sizes of the two-bedroom penthouse units, on the other hand, stood at 1,884 sq ft and 1,864 sq ft respectively.

“The luxury marketing is indeed showing signs of improvement in 2017. We are heartened by the good take up rates of our development as reflected by the 34 units sold to date,” said TG Development managing director Ong Boon Chuan.

Data from the Urban Redevelopment Authority’s (URA) showed that similar high-end developments such as  Gramercy Park and OUE Twin Peaks registered good take-up rates last year, with 44 and 237 units sold respectively.

“This shows quality developments such as ours can still move amid the challenging property market in Singapore. Buoyed by market confidence, we felt this was opportune time to launch The Peak @ Cairnhill II and our results speak for themselves.”

Ong also attributed the good take-up rates to the company’s Enhanced Deferred Payment Scheme, saying that “most of the units were sold through this scheme”.

Buyers under the scheme, only paid a 20 percent option fee, and were also given a two year period to exercise the option-to-purchase. The buyers also signed a master tenancy agreement with the developer, which enables them to rent out their unit.

Currently, the developer is offering a 12 percent discount while absorbing the buyers’ property tax and two years of maintenance fees.

 

Credits: Propertyguru

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Posted by on in New Launches

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Despite the continued drop in private home prices, Singapore’s property market has showed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper.

Data from the Urban Redevelopment Authority (URA) showed that private home prices fell by 10.8 percent over 12 consecutive quarters, while rents dropped by 10.7 percent.

Nonetheless, the sales volume for the first nine months of 2016 increased by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums).

In fact, the falling prices have helped boost the luxury residential segment.

As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singapore Research Head Alan Cheong.

“This shows there has been a strong revival of interest in the luxury segment of the private residential market,” he said.

Cheong attributed the revival to developers’ creative marketing schemes, like the deferred payment scheme offered at OUE Twin Peaks.

Another bright spot is the return of collective sales. Three deals worth over $1 billion were sealed this year, compared to one $380 million deal in 2015 and none in 2014.

The $638 million sale of Shunfu Ville to Chinese developer Qingjian Realty emerged as the biggest en bloc sale of the year.

Edmund Tie and Co. Research Head Dr Lee Nai Jia is confident more sales will be sealed in 2017.

“This is because sellers have dropped asking prices, while developers are keen on well-located smaller sites,” he said.

 

Credits: Propertyguru

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

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

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

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

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

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

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

Condominiums that are substantially discounted:

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

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

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

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

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

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

Source: Channel News Asia

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Posted by on in New Launches

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

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

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

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

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

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

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

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

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

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

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

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

 

Credits: Propertyguru

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The bidding race has been won.

Singapore's Frasers Centrepoint Ltd (FCL), has reached a deal to buy Australia's Australand Property Group (ALZ.AX) for about AUD2.6 billion or $2.46 billion.

Frasers Centrepoint is backed by Thai billionaire Charoen Sirivadhanabhakdi, whose appetite is growing for acquisitions outside Thailand after he took over conglomerate Fraser and Neave in an $11 billion deal last year.

FCL trumped competitor Stockland Corp Ltd, who offered AUD2.5 billion and owns 15.7% of Australand.

Here's more from Reuters:

Australand said a statement on Tuesday it has entered into an agreement with FCL under which the Singapore firm's wholly-owned subsidiary will make an offer to buy Australand's stapled securities for A$4.48 each.

The deal has to be approved by at least half of Australand's shareholders and Australia's Foreign Investment Review Board.

Australand directors have unanimously recommended FCL's offer.

FCL was spun off from F&N and listed in Singapore in January and this month a hospitality trust backed by Charoen's real estate units is raising nearly $300 million in a Singapore initial public offering.

The Singapore firm is 59 percent owned by Charoen's investment company TCC Assets Ltd and 29 percent owned by his Thai Beverage PCL.

Deutsche Bank and Standard Chartered Bank are the financial advisers to FCL.

Australand was being advised by Fort Street Advisers, Macquarie Capital and King & Wood Mallesons.

Credits: Singapore Business Review

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It's poised to be the second-largest shareholder.

Energy conglomerate China Everbright Limited (CEL) is poised to make a $284 investment in Ying Li International Real Estate, the companies announced in a statement today.

If approved, the deal will make CEL the second-largest shareholder of Ying Li, next only to its Executive Chairman and Group CEO Fang Ming.

According to the release, "Ying Li will use the monies to accelerate development of existing projects and finance new projects. Ying Li aims to leverage on CEL's network and strong connections to secure projects in prime locations in the first- and leading second-tier cities in China, as well as seek expansion into Singapore and Hong Kong."

Here's more:
Ying Li International Real Estate Limited ("Ying Li" or the "Group") a PRC-based property developer listed on the Singapore Exchange, intends to seek shareholders' approval to bring in CEL as its strategic and second largest shareholder.

Ying Li is proposing to issue new shares and perpetual convertible securities to Everbright Hero Holdings Limited ("EHHL") for an aggregate of approximately S$284 million. EHHL is an indirect wholly-owned subsidiary of CEL, the asset management arm of the significant China Everbright Group.

The transaction will be completed in two phases:

Phase A involves the issuance and allotment of 381 million new shares at S$0.260 per share to raise approximately S$99 million. EHHL will own approximately 14.9% of the enlarged share capital of the Group after completing Phase A and become the second largest shareholder of Ying Li.

Phase B involves the issuance of perpetual convertible securities in two tranches – S$165 million (Tranche 1) and S$20 million (Tranche 2). Please refer to the announcement for more information on the perpetual convertible securities.

Credits: Singapore Business Review

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With Singapore being named the world's most expensive city, the Straits Times has published a comparative study on the five big ticket items which contributed to the ranking.

The Straits Times report compared the prices of these items with those of a similar standard in five different developed nations.

The following are the items and the price comparisons:

Property rental

A three-bedroom apartment of between 1,200 and 1,500 sq ft averages S$8,000 (RM20,700) a month in Singapore.

In New York, a three-bedroom apartment of between 950 and 1,800 sq ft ranges from US$1,750 (S$2,221, RM5,700) to US$2,500 in the outlying neighbourhoods and US$6,000 to US$15,000 in Manhattan.

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Having had its maiden collective sales attempt stymied by the introduction of the total debt servicing ratio (TDSR) framework, Eunosville is back on the market for a second run. Accompanying it is Jervois Gardens, which was also launched for collective sale by tender Monday.

The 330-unit Eunosville, located opposite Eunos MRT Station, is being put on the market for a minimum price of $688 million, similar to its initial collective sale attempt in June.

Including estimated differential premiums of $163 million payable to top up the site's lease from a balance term of around 74 years to 99 years, and intensification of use (subject to approval from the relevant authorities), this translates to about $806 per square foot per plot ratio (psf ppr) on the potential gross floor area (GFA), said Jones Lang LaSalle, the project's sole marketing agent. It added that the higher estimated differential premium this time is due to the increase in development charge rates from Sept 1.

"When the tender closed in August, we received written expressions of interest from three large developers who found the site attractive on many counts, in particular having an MRT station at its doorstep. But as this was shortly after the introduction of TDSR, they asked for more time to assess the market, given that it entails commitment to a large-scale project," said Karamjit Singh, head of investments and residential at Jones Lang LaSalle (JLL).

Eunosville was built in the late 1980s by the former Housing and Urban Development Company (HUDC), and was subsequently privatised in 2011. It has a land area of about 376,712 sq ft and is zoned "residential", with a gross plot ratio of 2.8 under the Master Plan 2008 and Draft Master Plan 2013. The site could potentially yield 1,000 units with an average size of 1,100 sq ft.

Mr Singh said developers have the option of dividing the plot into two or more parcels, and can expect to sell new units at $1,400-1,550 psf, based on an estimated break-even price of about $1,200 psf. Homeowners can expect to receive sales proceeds of more than $2 million each, based on the minimum asking price.

Taken from AsiaOne

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Posted by on in New Launches

Another Hong Kong celebrity has expressed interest in buying Singapore property just a few days after actress Carina Lau announced she is considering it as well, media reports stated.

Andy Lau (pictured), one of Hong Kong's four ‘Heavenly Kings’, said he was thinking of purchasing a home in the city-state.

Speaking to the media ahead of the world premiere of his movie ‘Firestorm’, Lau said he only invests in property since he isn’t familiar with other types of investments. 

This prompted a reporter to ask if he had thought about purchasing a property here, to which he replied that he had planned to do so. But it did not materialise due to the high property prices. 

The emcee at the press conference then informed him that the government had introduced market cooling measures. 

Lau then said he hoped the cooling measures will work and that property prices will drop. 

He also revealed that he had been “following the property scene in Singapore” while his friends had been advising him which properties are good investments.

 

Credits from PropertyGuru

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Posted by on in New Launches

C Corporation and the Urban Redevelopment Authority (URA) on Thursday said they have launched five sites at Tuas South and Gambas Crescent for sale under the confirmed list of the second-half 2013 Industrial Government Land Sales (IGLS) programme.

The three sites in the Tuas South area (Plots 20, 22 & 24) each has a tenure of 21 years and seven months and gross plot ratio of 1.0. They are zoned for Business-2 development.

The site at Gambas Crescent has a 30-year tenure and gross plot ratio of 2.5, and is zoned for Business-1 development.

Separately, another site at Gambas Crescent is released for application for sale under the reserve list of the same programme. It has a 30-year tenure and gross plot ratio of 2.5, and is zoned for Business-1 development.

 

Credit from BusinessTimes

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