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Subscribe to this list via RSS Blog posts tagged in property launches

Posted by on in New Launches

A look at some of the developments shaping Singapore’s skyline.


The Criterion
Yishun Street 51

Type: Executive condominium

Developer: City Developments Limited

Tenure: 99-year leasehold

Facilities: 50m lap pool, kids’ play zone, teppanyaki BBQ, microbubble spa, electric bicycles, solar charger

Nearby Key Amenities: Northpoint Shopping Centre, Yishun Park, Khoo Teck Puat Hospital, Orchid Country Club

Nearest Transport: Khatib MRT

Average Indicative Price (psf): $798

Estimated TOP: December 2018

The Criterion is a 505-unit executive condominium (EC) located along Yishun Street 51, which is a only three-minute drive from Khatib MRT. Units include two- to five-bedroom types and penthouses.

The development consists of 10 13-storey blocks. Some residents, such as owners of the three-bedroom units, can opt for flexi layouts. One of the bedrooms in a three-bedder can be modified into two smaller rooms, or to convert half of it into a walk-in wardrobe for the adjacent master bedroom.

The project is located in a relatively quiet part of Yishun, so privacy is a given. Wisteria Mall, slated to open in 2018, will be a five-minute walk away. Northpoint Shopping Centre and Yishun 10, which houses Golden Village Cinemas Yishun, are a five-minute drive away.

Schools in the vicinity include Naval Base Primary School, Northland Primary School, Northbrooks Secondary School, Chung Cheng High School (Yishun) and Yishun Junior College.

The Criterion is easily accessible via major expressways such as the SLE, CTE and TPE. CDL will be providing residents with a shuttle bus service to the nearest MRT stations in the first year.


The Brownstone
Canberra Drive

Type: Executive condominium

Developer: City Developments Limited

Tenure: 99-year leasehold

Facilities: Gym, 50m pool, tennis court, kids’ play zone with pool, junior skating rink, social gardens

Nearby Key Amenities: Sun Plaza, Sembawang Shopping Centre, Wellington Primary School, Canberra Park

Nearest Transport: Canberra MRT (upcoming)

Average Indicative Price (psf): $816

Estimated TOP: January 2019

The Brownstone is a 638-unit executive condominium consisting of two- to five-bedroom units.

Made up of eight 12-storey blocks, the project draws inspiration from the rustic charm of New York’s Brownstone row houses. It is located near the upcoming Canberra MRT station and fronts two of Sembawang’s main thoroughfares, Sembawang Road and Canberra Link.

Sembawang Shopping Centre and Sun Plaza are nearby and Jalan Legundi, an up-and-coming lifestyle enclave with many new cafés, is just a two-minute drive away.

Thanks to the government’s revitalisation plans for the North, residents at The Brownstone will have easier access to the future Seletar Aerospace Park, Yishun Community Hospital, Admiralty Medical Centre and Woodlands Integrated Healthcare Campus.

A Neighbourhood Centre containing a food court, supermarket and other shops right beside Canberra MRT station is also being built. In addition, the Sembawang and Seletar Country Clubs are within a 10-minute drive away.

Schools in the neighbourhood include Sembawang Primary School, Wellington Primary School, Sembawang Secondary School and Ahmad Ibrahim Secondary School.

The Brownstone is accessible via Yishun Avenue 2 and expressways such as the SLE and BKE.


Credits: Propertyguru

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Last year’s property launches showed that home buyers go for reasonably priced homes in good locations, reported The Straits Times.

In fact, three projects performed exceptionally well during their launch despite the cooling measures, primarily due to pricing and location.

High Park Residences in Sengkang moved 1,169 units at a median price of $989 psf, while North Park Residences in Yishun sold 486 units at a median price of $1,374 psf.

Over in the city fringe area, The Poiz Residences in Potong Pasir moved 277 units at a median price of $1,440 psf during its launch.

ERA Realty Key Executive Officer, Eugene Lim, noted that projects that sold well in 2015 were all attractively priced, situated close to an upcoming or existing MRT station, and near various amenities like shopping malls and reputable schools.

“This year, we expect buyers to be equally discerning of new projects. Prices and location should remain the determining factors behind a project’s performance.”

According to PropNex Realty’s Chief Executive, Mohamed Ismail, a project is considered highly attractive to home buyers when they are priced towards the lower end for the area it is located. For the Core Central Region, this would be closer to $2,000 psf and nearer to $1,000 psf for the Outside Central Region. The Rest of Central Region, on the other hand, would be closer to $1,500 psf.

“However, a premium may be commanded due to the location and availability of transportation – near the MRT – or the nature of the project, such as a mixed development,” said Ismail.

He noted that buyers showed a willingness to pay a premium for mixed-use projects like J Gateway, DUO Residences and North Park Residences.

“But for most cases, price is the main factor,” said Ismail.

This is comes as the “restrictive loan environment prevents developers from setting a price that is unrealistically high,” he added.

Credits: Propertyguru

The Poiz Residences Homepage - LPS

(View The Poiz Residences Patong Pasir Condo Homepage - The Poiz Residences Floor Plan, The Poiz Residences Pricing, The Poiz Residences Site Plan)


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Residents in Bukit Panjang and the surrounding areas will have more travel options to other parts of Singapore when the Downtown Line 2 (DTL2) opens this December, ahead of the original Q1 2016 timeframe, revealed Transport Minister Lui Tuck Yew in a Facebook post on Sunday.

Construction work on Stage 2 of the project commenced in July 2009, but was expected to be delayed after Alpine Bau, the main contractor for three stations, went bust in 2013.

The 16.6km long DTL2 comprises one depot and 12 stations, including four interchange stations at Little India, Newton, Botanic Gardens and Bukit Panjang.

Schools in the Bukit Timah area, as well as businesses at malls like Coronation Plaza, Railway Mall and Bukit Panjang Plaza are expected to benefit from the new MRT line, said the Land Transport Authority (LTA) in a Facebook update.

Eateries along Sixth Avenue and Beauty World Centre will also become more accessible, LTA added.

Meanwhile, Stage 3 of the DTL is on track to open in 2017. Once completed, the entire line will connect the north-western and central-eastern regions to the new downtown.

Credits: propertyguru

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We're fully regulated by Singaporean law, the group asserts.

Brazilian property development firm EcoHouse yesterday issued a scathing reply to the fact that it had been listed under the MAS' Investor Alert List.

The company reiterated that the MAs list does not imply that EcoHouse Group has contravened any Singaporean laws.

"We are somewhat surprised that some individuals had the impression that the company was under MAS regulation and welcome and clarification provided by the MAS list. EcoHouse Group is, and has always been, fully regulated as required by Singaporean law," the group stated.

Here's more from EcoHouse

Furthermore, MAS publicly announced that EcoHouse had been added to the Investor Alert List in April 2014, therefore it seems extremely strange to see this news surface in some circles of the press three months later and being portrayed as a new development.

We can only conclude that this resurfacing of old news is driven by those with an agenda against the company, who wish to impede EcoHouse Groups's work in delivering quality homes to Brazilian families and market leading returns to investors.

To reiterate, the MAS list does not imply that EcoHouse Group has contravened any Singaporean regulations, or that there has been anything improper in the company's marketing and promotions.

Nor is the list intended to advise anyone against investing against the companies featured on it. Conversely, some of the leading real estate companies in Singapore also feature on the list as they are unregulated by the MAS.

Credits: Singapore Business Review

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Secures first condominium in Malaysia.

Capitaland's Ascott Residence Trust has entered into conditional agreements to acquire three new serviced residences, which are located in Kuala Lumpur, Malaysia, and Wuhan and Xi'an in China.

The company announced today that the 207-unit Somerset Ampang Kuala Lumpur will be acquired from The Ascott Limited (Ascott) for MYR175 million (S$67.4 million), while the 249-unit Citadines Zhuankou Wuhan and the 251-unit Citadines Gaoxin Xi'an for RMB252 million (S$51.4 million) and RMB270 million (S$55.1 million) respectively from Ascott Serviced Residence (China) Fund, in which Ascott holds a 36.1% stake.

""This is Ascott Reit's first acquisition of a serviced residence in Malaysia, which has a stable and growing economy. The acquisition of the two properties in Wuhan and Xi'an will further expand our presence in China," noted Ascott Residence Trust Management Limited's (ARTML) Chairman Lim Jit Poh.

Here's more from Ascott:

Somerset Ampang Kuala Lumpur has a prime location close to the capital's Golden Triangle – a major business, shopping and entertainment hub marked by Jalan Ampang, Jalan Sultan Ismail and Jalan Tun Razak

Citadines Zhuankou Wuhan is strategically located within the Wuhan Economic and Development Zone. It is a short walk to major commercial developments and offices such as the Xianglong Times Business Centre and Dongfeng Peugeot Citroen Automobile Company's headquarters

Citadines Gaoxin Xi'an is situated in the heart of the Hi-Tech Industries Development Zone and enjoys close proximity to commercial developments such as Pioneer Square, Hi-Tech International Business Centre, Gao Ke Plaza and Sea Star Square. A variety of retail, dining and entertainment facilities are available at the Golden Eagle and Ginwa shopping malls which are a short walk away.

Credits: Singapore Business Review

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The acquisition is finally complete.

The Ascott Residence Trust Management Limited announced on Friday that it has completed its acquisition of Wangze Dalian Enterprise Co. Limited.

Wangze Dalian owns a serviced residence property located at 128-2 Jinma Road, Dalian Development Area, Dalian, China.

"Ascott Residence Trust Management Limited, as manager of Ascott Residence Trust refers to its announcement made on 20 February 2014 in relation to the acquisition of the entire interest in Wangze (Dalian) Enterprise Co., Limited which in turn owns a serviced residence property located at 128-2 Jinma Road, Dalian Development Area, Dalian, the People's Republic of China.
The Manager wishes to announce that the acquisition of Wangze Dalian was completed today.
Following the Completion, Wangze Dalian has become a wholly-owned subsidiary of Ascott REIT."

Credits: Singapore Business Review

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The Yangon deal is still not set in stone.

Yoma Strategic Holdings has announced adjustments to its development of Yangon's Landmark site.

According to OCBC, "Instead of acquiring 80% of the Landmark site after the SPA Group secures a master lease extension to 50+10+10 years (as originally planned), Yoma will now acquire the site with its existing leases (comprising two sub-plots with remaining leases of 24 and 26 years respectively) with a first payment of US$43.2m."

The SPA group is also expected to procure approval for the transfer of the site to Yoma by the end of 2015 from the Myanmar Investment Commission.

Here's more from OCBC:

Yoma's pro rata development cost for Landmark will be capped at US$40m till Dec-15, in addition to the S$7m already incurred, and should SPA fail to obtain approval for the transfer by then, it will refund Yoma US$43.2m and all monies disbursed for the Landmark project.

To fund this acquisition, Yoma has proposed a 1-for-8 rights issue at 38 S-cents, expected in Sep/Oct 2014 pending approval from shareholders and the exchange.

Credits: Singapore Business Review

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Singaporeans getting a bit richer in last 4 years.

It would seem like the number of Singaporeans warming up to the idea of going home to luxury units are slowly ballooning, as the total inventory of unsold posh units fell down to 9,900 in 2013 from 19,300 in 2009. Thanks to the big fat 16.1% drop in prime luxury private home prices, both developers and buyers are sitting pretty amidst better sales for the former and better living for the latter.

According to Nomura, their estimates suggest unsold inventory in the high-end housing market has been pared down significantly over the past four years.

Here's more from Nomura:

Using private residential projects located in the Core Central Region (CCR) as a proxy for the high-end segment, our survey suggests the total inventory of unsold units (projects completed since 2009 + projects uncompleted as of end-2013 + projects yet to be launched) fell from c.19,300 units at the end of 2009 to c.9,900 units by the end of 2013 (i.e. almost halved in four years).

We believe the average fall of 16.1% in prime luxury private home prices from its end-2007 peak may have helped to move the high-end inventory over the last four years.

That being said, in light of the more stringent regulation on property purchases and higher transaction costs such as the Additional Buyer's Stamp Duty (ABSD), we think it could still take a while for the remaining inventory to be taken up.

Moreover, our estimates also suggest about 12,000 non-landed private homes could be completed in the CCR between 2014 and 2016 – i.e. an average of about 4,000 units a year, vs. about 2,800 units completed in 2013. This could imply further competition for rental and/or secondary demand.

Credits: Singapore Business Review

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Highest-priced unit was only at $2,592psf.

Singapore developers failed to turn the tables as high-end projects remained weak in April. According to Barclays, luxury home sales is still anaemic with the highest-priced unit at S$2,592psf.

Barclays estimates that some 14 units were returned in April, lower than the 38 units in March. This includes 4 from the best-selling launch in the month of February at Riverbank@Fernvale.

The highest median price in March was at Liv On Wilkie, where one unit was sold at S$2,592psf, bringing the total take-up for the project to 49 units, or 81%.

Credits: Singapore Business Review

Tagged in: property launches
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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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