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Subscribe to this list via RSS Blog posts tagged in Property Developer

Posted by on in New Launches


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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Developments that are required to provide public spaces, as well as those seeking gross floor area exemption for a first-storey covered public space, will have to comply with the new design guidelines released by the Urban Redevelopment Authority (URA) on Tuesday (24 January).

This comes as some new sites are required to provide public spaces as part of the technical conditions of tender for Government Land Sales sites. Some redevelopment sites are also required to provide such spaces as part of the planning conditions for major alterations and additions works, or redevelopment proposals.

The design guidelines, which take effect from 24 April, include specifications on the size and configuration of the public space, signage, accessibility, and the need to provide public seating and amenities.

The URA is encouraging property owners, developers and qualified professionals to adopt the guidelines from project inception and design, to management and use of the space by the public.

It revealed that the recommendations included in the good practice guide will be considered during its assessment of development applications.

Meanwhile, property developer CapitaLand has expressed its support for the URA’s latest move to improve the quality of public spaces in Singapore, including those which are privately owned.

“As one of Asia’s largest real estate companies, CapitaLand has long been committed to building safe, accessible, vibrant and quality real estate developments that enhance the lives of the community. Even before government guidelines, we have catered for community spaces on our properties, which are considered from the start of the development process,” said Poon Hin Kong, Deputy Chief Development of Asia and Head of Design Management, CapitaLand.

Examples of community spaces that CapitaLand has created on its properties include the outdoor plaza at Plaza Singapura, the urban park at The Courtyard in Westgate and the plaza in front of Capital Tower.


Credits: Propertyguru

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CRL Realty, a wholly-owned subsidiary of property giant CapitaLand, has sold its 100 percent stake in Nassim Hill Realty (NHR) to Kheng Leong Company for $411.6 million.

In an SGX filing on Monday (16 January), CapitaLand revealed that NHR was responsible for developing The Nassim, a luxurious low-rise condominium located along Nassim Hill in District 10. It presently owns 45 units in the freehold property.

The consideration, which was satisfied entirely in cash, is subject to post-completion adjustment and comprises the estimated net tangible assets value of $138.7 million as at 16 January 2017.

It also takes into account the $407.2 million agreed property value for the 45 units in The Nassim, as well as an assignment of a $272.9 million shareholder’s loan.

Based on CapitaLand’s unaudited consolidated financial statements for the nine months ended 30 September 2016, and assuming the sale was effected on 1 January 2016, CapitaLand’s earnings per share would have increased from 17.9 cents to 21.7 cents.

However, assuming the sale was effected on 30 September 2016, the financial impact on CapitaLand’s net tangible asset per share would not be material.

Credits: Propertyguru


Take a look at CapitaLand Properties: Skyvue Bishan, Sky Habitat Bishan, Bedok Residences Bedok, D' Leedon Farrer Road, The Interlace Alexandra, Victoria Park Villa Tanglin, Cairnhill Nine Orchard
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Improving sentiment in the housing market will likely benefit City Developments Limited (CDL), as it remains the developer with the most available inventory, with much of its land bank purchased at a lower cost in previous years, revealed a Credit Suisse report.

The report noted that the introduction of the final rounds of property cooling measures, including the Total Debt Servicing Ratio (TDSR) in 2013, saw transaction volumes drop 66 percent to 12,850 units in 2014 from 37,873 units in 2012.

“While transaction volumes remained tepid with declining prices a dampener on demand, we have observed a resurgence in volume growth across both the primary and secondary markets in recent quarters,” said Credit Suisse.

In fact, latest data for Q3 2016 showed that total sales volumes increased 10.5 percent year-on-year, on the back of strong resale volumes across all markets.

Resale volumes, which increased 53 percent year-on-year in Q3, would be a “better representation of buyer sentiment rather than total volumes, as they exclude the moderating impact on primary sales volumes from the decline in land sites in the market”, noted Credit Suisse.

The report stated that total unsold units (including completed, under construction and planned developments) have also progressively declined to an all-time low of 22,502 units.

With this, Credit Suisse expects the recovery in market sentiment to benefit CDL.

“Based on our proprietary analysis, CDL has the largest available land bank and unsold inventory, with an estimated 2,909 units worth $5.8 billion, half of which are located in the prime CCR region. Furthermore, much of these would have been acquired at a lower cost in earlier years, hence supportive of margins.”

The Swiss banking giant believes volumes are a more important driver of share price performance than prices per se, since they better reflect sentiment in the residential market.

“CDL remains one of the most direct and investable residential proxies in the Singapore market for investors, and we expect CDL to re-rate with gathering sales momentum,” it said.

“With $3.5 billion in funds AUM through three PPS deals thus far, we expect further PPS initiatives to drive value creation, on track to meet its $5 billion target by 2018. This would serve as share price catalysts to drive a further narrowing of its current discount to NAV.

“At 0.85x P/B (-1 SD from historical averages) and a 31 percent discount to RNAV (-0.9 SD from the historical average), valuations remain attractive.”


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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Property developer UOL Group is planning to launch two new residential projects in Clementi and Potong Pasir over the next two years, reported Singapore Business Review, citing a report from OCBC Investment Research.

The Clement Canopy, a 505-unit condominium in Clementi in which UOL owns a 50 percent stake, is expected to launch in the first quarter of 2017.

Raintree Gardens in Potong Pasir, which was acquired by the group via an en bloc sale with UIC Ltd, will be redeveloped into a 750-unit project that will hit the market in 2018.

UOL has seen healthy sales at its previously launched Singapore projects. The 797-unit Botanique at Bartley recorded a take-up rate of 96 percent, while Principal Garden and This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank">Riverbank @ Fernvale are 43 percent and 78 percent sold, respectively.

The three projects obtained their Temporary Occupation Permit (TOP) in September 2015 and May 2016, respectively.

With this, the group’s revenue for the quarter climbed 11 percent year-on-year to $393 million, on the back of higher topline contributions across its hotel, property development and property investment segments.

Property development revenue, for instance, jumped 19 percent year-on-year to $207 million due to higher progressive recognition from Botanique at Bartley, Riverbank @ Fernvale and Principal Garden, said OCBC.


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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