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Subscribe to this list via RSS Blog posts tagged in GLS

Posted by on in New Launches

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A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).

Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The price works out to about $1,000 psf on the gross floor area. The second-highest bid of $166.7 million came from China Construction (South Pacific) Development, while Hotel Grand Central offered the lowest bid of $90.89 million.

Launched for sale on 29 November 2016, the 99-year leasehold site could yield about 200 homes.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going by the tender results of the first GLS land tender for the year. Developers are clearly looking to replenish their depleting inventory and the Perumal plot offers the added bonus of a small size and therefore an affordable quantum of $174 million.

“The site benefits from its proximity to transport nodes – the Dhoby Ghaut Interchange is only two stops away. Other amenities nearby include the relatively new One Farrer Hotel,  Farrer Park Medical Hospital and City Square Mall.”

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

 

Credits: Propertyguru

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UPDATED: A 1.7ha residential site in the reserve list of the second half 2016 Government Land Sales (GLS) Programme has been released for application, said the Urban Redevelopment Authority (URA) on Thursday, 27 October.

Located at Serangoon North Avenue 1, the site could be developed into a two-storey project with a maximum gross floor area of 42,973 sq m. It could yield up to 505 private housing units.

The 99-year leasehold site is close to Chomp Chomp Food Centre, Serangoon Garden Market and several schools.

A reserve list site is only triggered for sale if a developer’s minimum bid price is acceptable to the government.

 

Credits: Propertyguru

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Victoria Park Villas is expected to be completed in 2018.

 

Credits: Propertyguru

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Posted by on in New Launches

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

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

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

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

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

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

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

 

Credits: Propertyguru

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Posted by on in New Launches

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

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

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

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

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

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

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

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

 

Credits: Propertyguru

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Posted by on in New Launches

Demand for private rental units has increased of late, but so has supply. Here’s how to spruce up your condo and set it apart from the competition.

1. Before you can rent out your condo, consider all the pros, cons and legal implications of being a landlord. What are the rules and regulations regarding renting out your condo? Do you need permission from condo management? It is advisable to engage a property agent to help you perform background checks on potential tenants, as well as to draw up legally binding tenancy agreements. Once you have spoken to your agent and assessed all the factors involved, you can proceed with the rest of the rental process.

2. Prior to your tenant’s arrival, inspect your entire home thoroughly to see if there are any defects. If there are, be sure to repair them as soon as possible. Problems such as leaky faucets or pipes, cracked tiles, faulty plumbing, exposed electrical wiring, burnt-out lights and so on should be fixed in advance, so your tenant feels confident and at ease upon moving in.

3. Apart from ensuring everything in your home is in working order, remember that safety is also of utmost importance. This is especially so for the room in which your tenant will be sleeping, so do see to it that features like smoke detectors and electrical wiring are working as they should be, and that no part of your house poses any safety hazard. Installing fire extinguishers in your home is a good idea, as is making sure all your kitchen appliances are in good condition.

4. It has been said that cleanliness is next to godliness, and rarely is this truer than when opening your home to someone. It is important to make your tenant as comfortable as possible, and keeping your home clean is quite possibly the best way to do so. A dirty house is an instant turn-off, so be sure to keep floors and carpets free from dust and dirt, and repaint your walls if you must. Appliances and fixtures should remain grime-free; disinfectant wipes and sprays, as well as home fragrances, work well to keep dirt and odours at bay.

credits: propertyguru

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It's a 5,000-bed workers dormitory.

Centurion Corporation continues its expansion in Malaysia with its first acquisition outside of Johor.

The Group has acquired a piece of land located at Seberang Perai Selatan in Penang, Malaysia for SGD2.45m.

In a media release, Centurion reveals that the plot of land is strategically located at the fringe of Bukit Minyak Industrial Park, which houses notable multinational companies like Flextronics Technology and JCY HDD Technology. The proposed acquisition is subject to receipt of consent from the State of Penang, and is expected to be completed in 4Q14. Post seeking approval to convert the land from its current agricultural purpose to workers accommodation development, Centurion intends to build a 5,000 bed workers dormitory managed under the Westlite brand. Construction period is expected to take about 2 years.

Credits: Singapore Business Review

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Posted by on in New Launches

28,000 flats are to be finished this year.

The HDB is set to build 14,000 more flats in the second half of 2014, according to a blog post released yesterday evening by National Development Minister Khaw Boon Wan.

This number is on top of the 14,000 flats that have already been completed in 1H14, in line with the MND's goal to build 28,000 flats this year.

"This event marks the completion of 14,000 new flats so far this year. Another 14,000 new flats are on track to be completed in the next 6 months. This will be in line with our promise of building 28,000 new flats in 2014," wrote Khaw.

Here's more from the post:

This morning, I witnessed the handover to HDB of the Compassvale Ancilla precinct, a BTO project in Sengkang. This project comprises over 1,000 units, from Studio Apartments (SAs) to 5-room flats.

The Married Child Priority Scheme (MCPS) has made this easier for Mr and Mrs Kang, as it doubled their chances in the BTO ballot.

Besides MCPS, we also offer the Studio Apartment Priority Scheme (SAPS), where 50% of SAs are reserved for seniors applying for one near their current home or married children. There is also the Multi-Generation Priority Scheme (MGPS), which allows parents and married child to book a flat each in the same BTO project.

Through these priority schemes, as well as the integration of SAs with other flat types, we have been able to facilitate multi-generational living – helping young couples and their parents live together or near each other.

Indeed, this has been a running theme at MND's ongoing Housing Conversations.

Most of the couples in the conversations expressed a strong preference to live in the same town or neighbourhood as their parents, if they do not live together. Our job is to help them realise their wish.

Credits: Singapore Business Review

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CHALLENGES in the real estate market continue to worry association members, said Chia Boon Kuah, president of the Real Estate Developers Association of Singapore (Redas), at its 54th annual dinner last night.

"Against a backdrop of market volatility and a maturing real estate cycle, we have had to manage the unfolding effects of the government's seventh round of cooling measures, and the introduction of the total debt servicing ratio.

"The substantial physical supply of real estate coming onstream, especially with the completion of projects presently under construction, and the expiry of the lock-in period of the seller's stamp duty, from now to 2017, continues to weigh on our mind."

It is Redas's hope that the government would calibrate its land sales programme to ensure land supply is injected at a pace that would contribute to the overall health of the market, said Mr Chia, who reaffirmed Redas's commitment to work closely with the government to plan for the various scenarios that the market might take.

 

Credit from Business Times

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CHALLENGES in the real estate market continue to worry association members, said Chia Boon Kuah, president of the Real Estate Developers Association of Singapore (Redas), at its 54th annual dinner last night.

"Against a backdrop of market volatility and a maturing real estate cycle, we have had to manage the unfolding effects of the government's seventh round of cooling measures, and the introduction of the total debt servicing ratio.

"The substantial physical supply of real estate coming onstream, especially with the completion of projects presently under construction, and the expiry of the lock-in period of the seller's stamp duty, from now to 2017, continues to weigh on our mind."

It is Redas's hope that the government would calibrate its land sales programme to ensure land supply is injected at a pace that would contribute to the overall health of the market, said Mr Chia, who reaffirmed Redas's commitment to work closely with the government to plan for the various scenarios that the market might take.

 

Credit from Business Times

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