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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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To entice early-bird buyers, the developer of West Coast condominium Parc Riviera is taking a novel one-tier pricing approach.

EL Development is offering units of the same type from the second to the 15th levels for the same price.

For example, a 603 sq ft two-bedroom flat will be priced at $725,000, regardless of whether it is on the second or 15th level - or anywhere in between.

Most developers charge higher prices for flats on higher floors because higher flats tend to be more popular for the views.

While flats will be priced the same between the second and 15th floors, flats higher up the two towers of 36 storeys at Parc Riviera will be offered at higher prices.

Mr Lim Yew Soon, EL Development's managing director, said he came up with the strategy as he wants early buyers to enjoy "maximum benefits".

Typical early bird promotions which might advertise units going for "$5xx,000" leave buyers guessing about the price and the level of the flat.

He said this approach was "a bit old-fashioned" and cliched. "We are telling people that the price starts from $550,000 for the one-bedroom (unit). We feel that $550,000 is an attractive price, even at the lower levels. But now that we have extended the price to 15 floors, it will be even more attractive," he added, saying this will get buyers to come in earlier.

The one-tier pricing scheme will be available only on Saturday at the condominium's soft launch.

Parc Riviera, located near Pandan Reservoir, comprises two 36-storey towers with a four-storey carpark. Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said that about 64 per cent - are one- and two-bedroom apartments.

Mr Lim said the price difference between the 15th and the 16th floor will be "substantial", by about 5 per cent.

Property experts were optimistic about the move.

PropNex Realty chief executive Ismail Gafoor said that the strategy is likely to be effective.

"This is one of the first times when a developer has dangled this type of carrot. This strategy will likely get greater interest from consumers as they have an incentive to come early to make up their minds, to get discounted prices for higher floors. There are real savings for the buyer."

Mr Ong Kah Seng, director of R'ST Research, said that the main purpose of the strategy is to encourage buyers to "snap up" the higher floors.

Typically, units on the higher floors of a 20-storey condominium are more expensive by up to 15 per cent than those in the middle levels, he added.

While this might mean lower floor units could be unsold for a while, Mr Ong said that this is "immaterial" as "the project would already have achieved a fairly good sales rate, resulting in the project achieving good break-even sales or even marginal profits".

Credits: Straits Times New

 

 

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Posted by on in New Launches

Parc Riviera, Queens Peak aim to tap buyer interest amid good showing at other launches

Two new condominium projects - in West Coast and Queenstown - will open their showflats this weekend in the hope of capitalising on good sales at recent launches.

Prospective buyers can visit the showflat of EL Development's Parc Riviera in West Coast Vale over the next two weekends, ahead of its sales launch next month.

The other project vying for buyers is Queens Peak in Dundee Road, in Queenstown. It will open for preview on Saturday, with the sales launch scheduled for Nov 5, its developer Hao Yuan Investment said.

EL Development told The Straits Times the average selling price for units at the 752-unit Parc Riviera - a 99-year leasehold development - will be about $1,250 per sq ft.

"We want to price (the units) low at the start to attract early-bird buyers... If demand is there and the market improves, maybe we can consider raising the price slightly," noted Mr Lim Yew Soon, managing director at EL Development.

Parc Riviera comprises two 36-storey towers with a four-storey carpark. It is near the Pandan Reservoir and park connector. Key features include a panoramic deck with jacuzzis and pavilions on the rooftops of both blocks.

Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said 480 of the 752 units - or about 64 per cent - are one- and two-bedroom apartments.

Mr Lim said: "Recent sales at The Alps Residences and Forest Woods are very encouraging... I think as long as the project is well designed and reasonably priced, there'll be takers."

Hao Yuan Investment's Queens Peak - also a 99-year leasehold project - appears to be better located, being near the Queenstown MRT station. It has 736 units, comprising one- to five-bedroom apartments and penthouses.

The sizes of the units at Queens Peak range from 431 sq ft for the one-bedroom unit to 2,002 sq ft for the five-bedder, and 4,768 sq ft for the largest penthouse.

The one- and two-bedroom apartments make up 62 per cent of the total units available there. The developer said premium units will have private lift lobbies, and all four penthouses will come with private pools, jacuzzis and private roof terraces.

"While market sentiment is buoyed by the recent recovery in sales, Queens Peak has very strong qualities... and as such, we have improved confidence at this moment," said Hao Yuan Investment, adding that selling prices have not been set yet.

The two upcoming showflat openings follow the positive response to new projects rolled out this month.

Forest Woods, a project by City Developments, Hong Leong Holdings and TID, in Lorong Lew Lian sold 65 per cent of its 519 units on its first launch weekend on Oct 8.

MCC Land's The Alps Residences in Tampines moved 280 of 626 units in a single day when it was put on the market on Oct 2.

Investor Eileen Gwee bought a two-bedder at The Alps Residences in Tampines for under $750,000, in the hope of leasing it out. "I am still confident about Tampines. It is a mature estate and a regional centre; an international school is nearby... so there should be rental potential," said Ms Gwee, a sales manager.

Newly launched projects such as Cairnhill Nine near Orchard Road, Gem Residences in Toa Payoh and Lake Grande in Jurong have also sold well.

"New projects have launched at reasonable price levels this year... In addition, several of the projects are relatively well located and have attractive characteristics, such as a retail podium and proximity to an MRT station," said Ms Alice Tan, Knight Frank Singapore research head.

Both Parc Riviera and Queens Peak are expected to get their temporary occupation permits at the end of 2020.

 

Credits: Straits Time Property News

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An investment holding company owned by the Kuik family and led by Kuik Ah Han, Founder and Executive Chairman of Sim Lian Group (SLG), is looking to privatise and delist the property developer.

In an SGX filing on Monday (8 August), Coronation 3G announced a voluntary cash offer for all outstanding shares of SLG that it doesn’t already own.

The offer price of S$1.08 per share is final and represents a 14.9 percent premium over the last traded price per share of S$0.94 on 4 August.

“Coronation 3G believes that the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares,” it said, adding that the shares have not traded at or above the offer price since its listing in 2000.

Coronation 3G has secured irrevocable undertakings representing 80.36 percent of the total number of issued shares. The offer is conditional on Coronation 3G receiving acceptances of 90 percent of the total number of issued shares.

Oversea-Chinese Banking Corporation Limited is the financial adviser to Coronation 3G in relation to the offer.

Credits: Propertyguru

 

(View Wandervale EC Choa Chu Kang Homepage, an exquisite development by Sim Lian Group)

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Posted by on in New Launches

Property giant CapitaLand has reported a net profit drop of 36.6 percent to S$294 million in Q2 2016, due to lower fair value gains from revaluation of properties, partially mitigated by improved operating performance.

However, group revenue rose 9.7 percent to S$1.131 billion on higher contributions from development projects in China and Singapore, as well as higher rental income from its serviced residence business and higher contribution from its CapitaGreen office development.

Residential sales that contributed to the group’s higher revenue during the quarter included Cairnhill Nine in Singapore, The Paragon in Shanghai and Vermont Hills in Beijing.

Launched in March this year, the Cairnhill Nine development in the Orchard area has sold 78 percent, or 208 of the total 268 units to date.

Despite the muted residential market in Singapore, CapitaLand found buyers for 304 homes during the first half of 2016, or nearly three times the 106 units sold during the same period last year.

The developer recently opened a private preview for Victoria Park Villas, a 109-unit landed housing development at Coronation Road, to gather interest from prospective buyers. At a results briefing on Thursday (4 August), Wen Khai Meng, CEO of CapitaLand Singapore, said there are plans to officially launch the project after the Ghost Month.

In China, the group sold 6,273 homes in the first six months of the year, up 50 percent over the same period last year. For the second half of 2016, CapitaLand has more than 3,000 launch-ready units.

It will also start handing over around 9,000 sold units with a total value of about RMB13 billion (S$2.6 billion). CapitaLand noted that at least 60 percent of the said value is expected to be recognised in H2 2016.

Overall, the group has already sold more than 7,000 homes this year with a total sales value of nearly S$2.62 billion.

Looking ahead, CapitaLand President and Group CEO Lim Ming Yan said: “We will maintain our focus on our core markets of Singapore and China and the growth markets of Vietnam and Indonesia, as well as our serviced residence global platform.

“In addition to capital recycling and portfolio optimisation, we will also leverage our fund management platform and management contracts to grow our assets under management.”

 

Credits: Propertyguru

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Luxury property developer SC Global Developments has launched an enhanced purchase plan to help move unsold units at its Hilltops condominium in Cairnhill.

For a 20 percent upfront payment, buyers will be given a two-year option to purchase the units at a fixed price. During the period, buyers will receive a return of 10 percent each year on the downpayment before completing their purchase.

For instance, a 20 percent downpayment of $600,000 on a $3 million unit would generate an annual repayment of $60,000 per year to the buyer. This would amount to $120,000 over two years, while saving the buyer two years of mortgage payments (up to $100,000).

Under this scheme, SC Global is marketing 30 units, which are leased out to tenants. The 10 percent yield will be secured by tenancies managed by the developer.

The said units comprise two- and three-bedroom condos of sizes ranging from 800 sq ft to 1,700 sq ft. Prices range from $2.5 million to $6 million.

Simon Cheong, Chairman and CEO of SC Global said: “We believe this plan is unique and was designed in response to feedback we have received from prospective clients who are keen on our property but who, for various reasons, have some constraints in timing and need the additional flexibility.”

The developer believes there is still genuine demand for Singapore homes, but some buyers face constraints in facilitating their purchase.

“The two-year option will give them the security to buy at a fixed price today, and allows them to generate a healthy return on their downpayment during the interim. It facilitates genuine home ownership by addressing some of these constraints,” said Cheong.

In a statement, SC Global said the scheme is expected to benefit home upgraders who need more time to sell their existing property and do not want to be burdened by two mortgages.

It also gives older Singaporeans who plan to downsize more time to dispose their property, and get a good return on their downpayment in the meantime.

Furthermore, it will help overseas Singaporeans who plan to return home in future and want to secure a property now, but find it difficult to manage a property and tenant while abroad.

Completed in 2011, Hilltops comprises 241 furnished units in three residential blocks.

Credits: Propertyguru

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Posted by on in New Launches

Although a lot have been done in the housing front, it remains a “work-in-progress” given the changing demographics, stated National Development Minister Khaw Boon Wan at a People’s Action Party (PAP) rally for Sembawang Group Representation Constitution (GRC). Mr Khaw, who serves as the PAP anchor minister for Sembawang GRC, outlined several improvements and measures on housing in order to illustrate how the Singaporeans and the government can tackle challenges together including “what more can be built together”, reported Today Online. He cited the doubling of the Special CPF Housing Grant, the Fresh Start Housing Scheme, the construction of 100,000 new flats, the measures to build more rental flats and the new Proximity Housing Grant as examples of what his ministry achieved over the last four years. Mr Khaw noted that the 100,000 new flats cleared the newlyweds’ waiting queue for new flats while the waiting time for rental flats has been reduced to four to five months. Meanwhile, the Fresh Start Housing Scheme will provide families with young kids, who are living in HDB rental units, a second chance to own a two-room flat, although they have acquired and sold a subsidised HDB unit before. “We will implement it as soon as we can. Because we do not want to leave anyone behind. This is our commitment,” he said. “It is a continuation of a commitment that dates back 50 years. We have always wanted every Singapore family to have the peace of mind, to pursue their dreams in a stable home which they own. This way we can better ensure that your children can enjoy and benefit from the same Singapore that you have.” Notably, the measures to cool the housing market saw the market moderate very nicely, even though some developers were unhappy about it, with some property agents finding their income and business affected. “Unfortunately, we cannot have home prices both high for the sellers and low for the buyers,” said Mr Khaw. Nonetheless, he believes that most Singaporeans support the cooling measures and prefer the present situation to four years ago. “Singapore is already a nation of homeowners. Nowhere else in the world can you find this. But still, public housing is always a work-in-progress as we need to… respond to changing demography and changing aspirations,” he said. “We have done a lot for housing, but we still have things to do.”

 

credits: property guru

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There were no gains from divestments this quarter.

City Developments Limited today revealed that it is actively seeking overseas opportunities on the back of the challenging domestic property market, even as the company's profit slipped to $137.9m in Q2 compared to $205.1m in the same period last year.

Excluding one-off divestment gains made in 2Q13, CDL's core earnings surged by 89.7%. There were no significant gains made from divestments this quarter.

The group is eyeing more overseas investments to boost its bottomline. Apart from ongoing projects in the UK and in China, it is also actively seeking opportunities in Japan and Australia and to develop funds management products.

Here's more from CDL:

Property development was the main contributor to the Group's earnings, despite the challenging Singapore market which was affected by several rounds of Government property cooling measures.

Profits were booked in from fully or substantially sold projects that are recognised based on stages of construction. Profits from the top-selling Coco Palms and Commonwealth Towers have yet to be recognised as were those from three fully sold Executive Condominiums (ECs).

Hotel operations, primarily from Millennium & Copthorne Hotels plc (M&C), form the next highest contributor to the Group's earnings.

Strong balance sheet with cash and cash equivalents of $3.4 billion and a healthy net gearing ratio of 33.0% (as at 30 June 2014), without factoring in any fair value gains in investment properties, and taking into account the consolidation of CDL Hospitality Trusts and M&C's acquisition of new hotels.

The Board is pleased to declare payment of a tax-exempt (one-tier) special interim ordinary dividend of
4.0 cents per ordinary share.

Credits: Singapore Business Review

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Almost 175,000 units are expected in the next 3 years.

Both private condos and HDB flats are increasing at a staggering rate, with almost 175,000 new units expected to crowd the property market within the next 3 years. This in turn will only drag prices further.

According to PropertyGuru's Outlook Report for H2 2014, a further 65,128 private condos are expected to be completed between this quarter and end 2016, while 108,000 HDB flats will come onstream from 2014 till 2017.

For private developers, the amount of vacant units up for sale is expected to be much larger than this as a result of spillovers from the year before.

"This cycle of remnant units will continue to have a domino effect on prices year- on-year
in the long run, adding further pressure on developers to offer discounts and incentives to purchase their projects," noted the report.

Meanwhile, the large supply of HDB flats market will influence the amount of resale flats in the market in the next 3-5 years.

"Current flat owners are more likely to set their sights on the resale HDB market rather than purchase another BTO. This is because second-time applicants must have a monthly household income of less than $12,000 to qualify for a BTO as well as the fact that they are not as favoured as compared to first-timers with families (70 to 95 percent of BTO flats are set aside for the latter). As such, the effect of higher BTO supply on resale demand is low – at least for the short term," stated the report.

Credits: Singapore Business Review

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Applications will close on Friday.

The Housing Development Board has launched 3841 new flats in six projects under the July 2014 Build-to-Order exercise.

The projects are located in the non-mature towns of Punggol, Sembawang, Woodlands, and Yishun, and in the mature town of Toa Payoh.

"A wide range of flats, including Studio Apartments, 2-room to 5-room flats, and Three-Generation (3Gen) flats, is offered to meet the diverse housing needs of first-timers, second-timers, multi-generation families, elderly and singles," said the HDB.

Here's more from HDB:

First-timers will continue to enjoy priority flat allocation, with at least 85% (for 4-room and 5-room) and 70% (for 2-room and 3-room) of the BTO public flat supply set aside for them. eligible first-timer singles have the options of applying for a 2-room flat in Matilda Court, Waterway Sunray, Park Grove @ Yishun or Sun Natura.

Married/courting couples who wish to live together with their parent(s) can apply for a 3Gen flat at Park Grove @ Yishun. Other multi-generation families who wish to live near each other can apply under the Multi-Generation Priority Sceme for the flats in Matilda court, Waterway Sunray, Park Grove @ Yishun,, Sun Natura and Toa Payoh Apex.

Application for the new flats can be submitted online through HDB InfoWEB from 19 Jul to 25 Jul 2014. The next BTO exercise will be launched in Sept 2014 for flats in Bukit Batok, Hougang, Jurong and Kallang Whampoa.

Credits: Singapore Business Review

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Only 480 units were sold.

According to Barclays, private home sales fell to a three-month low of 480 units, and were also the lowest March monthly take-up since Mar 2008's 301 units.

Typically March sales pick up after Chinese New Year festivities in January or February, but not this year. This brings the year-to-date total of units sold to 1,784 units, based on data released on Tuesday by URA.

Here's more:

We attribute the poor sales to only one new launch – The Santorini at Tampines, in the far eastern part of Singapore, which is not near any MRT stations, which sold just 13% of its total 597 units. In addition, we estimate some 38 units were returned including 19 from the best-selling two launches in February – Rivertrees and Riverbank, which could be due to bank loan rejections on tighter TDSR conditions.

Credits: Singapore Business Review

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