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Park-Place-Residences-at-PLQ-Hero-Shot_Dusk-version.original.jpg

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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MCL Land (Brighton) has swooped in on two adjoining executive condominium (EC) plots in Choa Chu Kang, offering $375.05 per square foot per plot ratio (psf ppr) for one and $338.94 psf ppr for the other.

This works out to a tender price of $232.5 million for Plot A and $210.1 million for Plot B.

This move is reminiscent of Kingsford Development's end-2013 purchase of two adjacent private housing sites in Upper Serangoon View, in which it paid a substantial premium of 16 per cent and 13 per cent over the respective second-highest bids.

In this round however, the premium was less stark. For Parcel A, the premium MCL Land paid over the second-highest bid from JBE Holdings ($373.26 psf ppr) was 0.48 per cent; for Parcel B, the premium over the second-highest bid jointly put up by Verwood Holdings and TID Residential ($333.14 psf ppr) was 1.74 per cent.

Desmond Sim, head of CBRE Research Singapore, commented that it was difficult to assess whether the batched tender moderated the bids because of the price ceiling inherent in the EC market, which limits the pool of buyers.

"At the same time, demand for ECs has slowed down in recent months and URA figures show that there were still unsold EC units as at end January."

Notably, all four developers who put up bids for Parcel B also participated in Parcel A's tender. These were MCL Land (Brighton), the joint bid by Verwood Holdings and TID Residential, EL Development and Sim Lian Land.

Parcel A received seven bids, and Parcel B, four.

Both sites measure 177,120 sq ft each, with maximum gross floor area (GFA) of 619,920 sq ft. They are expected to yield about 575 units each.

The difference in the values of the bids and number of contestants for the two sites can be explained by the greater attractiveness of Parcel A over Parcel B. One side of Parcel B faces a petrol kiosk, and another, a HDB multi-storey car park.

Ong Teck Hui, the national director for research and consultancy at Jones Lang LaSalle, suggested, however, that, because both parcels have been won by the same developer, they could be amalgamated into one integrated development, mitigating Parcel B's disadvantages through design and thus achieving an overall better average price than if the sites were developed individually.

If the sites are not amalgamated, the selling price of units on Parcel B could potentially be lower by $40 to $50 psf, said Mr Ong.

ERA's key executive officer Eugene Lim said that while competition was not as fierce as in the last EC site in Anchorvale, which drew 12 bidders, yesterday's bidding results still point to developers being confident that there is a demand for ECs.

Notably, the two EC sites are the first to be launched since the measures unveiled on Dec 9 to include a cap on the mortgage-servicing ratio at 30 per cent of gross monthly income, and the introduction of a resale levy for second-timer applicants who buy EC units directly from developers.

Taken from STproperty

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