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Lendlease is set to launch Park Place Residences at Paya Lebar Quarter (PLQ) by 31 March, marking its maiden foray into residential development in Singapore.

“We are excited to be entering Singapore’s residential property market with Park Place Residences at PLQ,” said PLQ’s Managing Director Richard Paine, adding that they have tapped the expertise of the Australian developer to create a condominium with a live-work-play concept.

The 429-unit project along Paya Lebar Road comprises three towers standing on a 98,520 sq ft site with a leasehold tenure of 99 years commencing from 29 June 2015. It offers a mix of one- to three-bedroom apartments, of which there are 117 one-bedroom units ranging from 480 sq ft to 580 sq ft, with prices starting from around $780,000.

There will also be three variations of two-bedroom apartments measuring from 650 sq to 900 sq ft, while the two variations of three-bedders range from 1,080 sq ft to 1,350 sq ft.

Located near the Paya Lebar MRT Interchange, the condominium will be linked to retail and office buildings via covered walkways, meaning more than 700 shops in the retail mall are within a short walk.

Aside from the development’s various facilities, which includes three pools, another key feature is its extensive network of greenery. In fact, it has received the Green Mark Platinum Award from the Building and Construction Authority.

Furthermore, the condominium is exempt from the Additional Buyer’s Stamp Duty rules that require developers to sell all units in a development within a five-year period, as it is part of a mixed-use development located within a commercial zone.

Park Place Residences at PLQ is scheduled to be completed by the second half of 2020.

 

Credits: Propertyguru

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There are signs that Singapore’s private residential market may have bottomed out in 2016, with the sector recording a higher deal volume, revealed Edmund Tie & Co.

Citing data from the Urban Redevelopment Authority (URA), the property consultancy noted that the combined sales of new and resale private homes increased sharply by 15.5 percent to 16,378 units last year from 14,183 units in 2015. Specifically, transactions in the primary market rose marginally to 7,780 units from 7,703 previously.

The URA’s statistics also revealed that prices of private homes stabilised in 2016, with the sector posting a softer price drop of 3.1 percent compared to the 3.7 percent decline seen in the preceding year.

Moreover, the private residential market may benefit from the higher transaction volume of HDB resale flats, which rose 7.8 percent to 20,813 units last year. This is because upgraders tend to sell their public housing units before moving into private properties.

Looking ahead, the company expects sales of new private homes to trend upwards to 8,000 to 9,000 units for the whole of 2017. New developments that are expected to sell well this year include Guocoland’s 450-unit Martin Modern in Martin Place, UOL’s The Clement Canopy with 505 units in Clementi Avenue 1, the 720-unit Grandeur Park Residences by CEL Development in New Upper Changi Road, and the 840-unit Seaside Residences by Frasers Centrepoint in Siglap Road.

 

Credits: Propertyguru

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The Clement Canopy, a 505-unit condominium at Clementi Avenue 1, drew large crowds at the start of its preview last weekend. More than 5,000 people crammed into its showflat over two days to view the two- to four-bedroom apartments.

Spread across two 40-storey blocks, the units range from 635 sq ft to 1,539 sq ft, with prices starting from $850,000 for the smallest units. The average price of the project is in the range of $1,330 psf to $1,360 psf.

Jointly developed by UOL Group and SingLand, the 99-year leasehold project is the first condo to launch in 2017. It is located close to NUS High School of Mathematics and Science and Nan Hua High School.

Anthony Wong, General Manager of Marketing at UOL, said: “We see a very strong interest for The Clement Canopy as there has not been any launch within the vicinity for some time. I believe the price is the key to the excitement that we see amongst the crowd.

“Moreover, buyers recognise the value of the project, given the attractive pricing and location, which is near one-north and the education hub. Riding on the improved market sentiment, buyers who have been staying on the sidelines are now actively seeking out affordable properties with good location and design.”

In line with Singapore’s vision to become a Smart Nation, UOL has joined a long list of developers to incorporate smart home technology in its latest project. For instance, future residents of The Clement Canopy will be able to book common facilities such as the tennis court and clubhouse through a mobile app. Using the same app, homeowners can also remotely control door access, air-conditioning and lighting in their units.

Meanwhile, the preview period for The Clement Canopy will stretch for another weekend, while balloting starts on 25 February.

Giving an update on sales figures at its previous launches, UOL said it has seen an increase in transactions since the start of the year.

Thomson Three and Seventy Saint Patrick’s in Marine Parade are now fully sold, while Botanique at Bartley, a 797-unit condominium, is left with just nine units. Over in Sengkang, the 555-unit Riverbank @ Fernvale project, which comes with bike-sharing facilities, is left with 18 units, while Principal Garden at Prince Charles Crescent has sold more than half of its units.

This improved sentiment in the housing market carries on from a good year-end take up of 7,972 private units in 2016, up 7.2 percent from the year before, noted analysts.

 

Credits: Propertyguru

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The team led by KCAP Architects&Planners (KCAP) has been appointed as consultant to develop the detailed master plan for the Jurong Lake District, revealed the Urban Redevelopment Authority (URA) on Wednesday (8 February).

This comes after its proposal received the highest score among the five teams shortlisted for stage two of the Jurong Lake District Request for Proposal (RFP) exercise.

The URA noted that the team’s proposal best met the expectations and requirements of the RFP as it featured a “sensitive focus on water and greenery, which incorporates new waterways and a series of green spaces and connections that weave through the entire district to create a strong, distinctive identity”.

“Evaluation panel members were similarly impressed with the proposed urban typology that integrates with the green setting beside Jurong Lake, which at the same time places emphasis on creating active, walkable streets and interactive public spaces,” it said.

Over the next few months, the team will work with the URA and relevant agencies to refine the master plan and draw up detailed proposals for the Jurong Lake District, with the proposals set to be exhibited in mid-2017.

During the exhibition period, the public are encouraged to give their feedback on the detailed proposal. Thereafter, the URA will work with the consultant to review and incorporate the feedback where appropriate, before finalising the master plan.

Credits: Propertyguru

Stay tune to the many upcoming developments - Developer-sales.sg - Launch Property Singapore

 

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Property developer GuocoLand on Wednesday topped out Tanjong Pagar Centre, its $3.2 billion integrated mixed-use project located above Tanjong Pagar MRT station.

At 290 metres high, the development is set to become the tallest building in Singapore, once completed in mid-2016.

National Development Minister, Lawrence Wong, was the guest-of-honour at the ceremony to mark the important milestone.

The building will integrate 890,000 sq ft of Grade A office space at Guoco Tower, a 100,000 sq ft dynamic lifestyle and F&B component, 181 luxury homes at Wallich Residence, the 222-room Sofitel Singapore City Centre and a 150,000 sq ft landscaped Urban Park.

“Tanjong Pagar Centre makes two key contributions to the Singapore city. It will act as a catalyst in accelerating the rejuvenation and transformation of Tanjong Pagar District into a business and lifestyle hub in the CBD. Additionally, its ‘Integrated Vertical Living’ design concept offers a model for Singapore’s urban future. Through intelligent and sustainable designs, we can still achieve excellent quality of life in a highly-urbanised environment,” said Raymond Choong, President and CEO of GuocoLand Group.

Meanwhile, Channel NewsAsia reported that GuocoLand will start selling the residential units upon the project’s completion. Wallich Residence will house Singapore’s tallest and largest penthouse – a triple floor duplex on levels 62 to 64.

Credits: Propertyguru

(View Other Developments by GuocoLand - Goodwood Residence Bukit Timah Road, Sim Urban Oasis Sims Drive & Leedon Residence Holland

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9 property privatisations recorded in last four years.

Including the most recent general offer of SingLand, CIMB counted nine privatisations/partial offers within the property space in the past four years, with offer prices offering >20% upside on average. CIMB explores potential privatisation candidates which include Wheelock, Ho Bee, Wingtai and Bukit Sembawang .

Here's more from CIMB:

With developers trading at historically steep discounts, high-end market void of buyers and potential extension charges on unsold developments, we asked ourselves what will happen if this continues.

We come to two conclusions 1) more reasons for privatisations of small-mid cap developers and 2) further weakness for high-end residential properties.

We compared potential privatisation candidates based on 1) current valuation against historical mean; 2) whether there are major shareholders with more than 50% stake in the company; 3) lack of the need for equity fund raising (EFR) based on balance sheet strength and when they last tapped the market; 4) trading liquidity as percentage of free float and; 5) whether there is any incentive to avoid extension charge by going private.

We have selected four companies, all of which are trading at significant discount to historical P/BV and RNAV, with limited need for equity fundraising given their strong balance sheets. Out of the four, we believe Wheelock and Ho Bee have higher potential of being taken private.

Wheelock fits most of the criteria that we looked at, despite lacking the push factor of extension charge. It is 75.8% owned by Hong Kong-listed Wheelock and Company Ltd (20 HK), which owns The Wharf (4 HK) and Wheelock Properties Limited (private).

The majority shareholder is financially strong with HK$29.3bn (S$4.8bb) cash and equivalents and 0.3x net gearing. On top of that, Wheelock's valuation is attractive at 0.7x FY13 P/BV, 0.6x FY14 P/BV and 34% discount to RNAV. Coupled with its strong balance sheet and low liquidity, we believe it is the most likely candidate for privatisation.

Ho Bee is another candidate at the top of our list, given its attractive valuation, majority shareholder and strong balance sheet with limited need for equity fundraising. On top of that, we noticed that Ho Bee Holdings (owned by Mr Chua Thian Poh, Mdm Ng Noi Hinoy and Mr Chua Kong Chian) has been increasing its stake since 70.8% in Apr 2013 to 72.6%.

Ho Bee is our top pick within the small-mid cap developer space and its book is undervalued in our opinion, largely on the basis that Metropolis's book value of S$1,151 psf NLA is conservative relative to our estimation of S$1,550 psf NLA (based on 4.2% cap rate and recent office transactions). While its unsold Sentosa developments remain a drag on earnings and share price, they are not subjected to QC and are currently being rented out.

Wing Tai has a healthy balance sheet and is trading at a historically low FY13 and FY14 P/BV of ~0.5x. While its majority shareholder owns a smaller stake of ~50% than the majority shareholders of other privatisation candidates, it has the additional push factor of extension charge.

Bukit Sembawang fits the criteria of cheap valuation, low liquidity and limited need for equity fundraising. However, privatisation may not be a near-term theme for the stock as the largest shareholder owns only ~41% of the company and does not face a push factor such as the extension charge.

Credits: Singapore Business Review

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