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Subscribe to this list via RSS Blog posts tagged in URA

Posted by on in New Launches

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Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month, according to data from the Urban Redevelopment Authority (URA).

On a yearly basis, private homes sales soared 222.4 percent from the 303 units sold in February 2016.

The Clement Canopy, which was the only new launch in February, emerged as the best-selling project, with 207 units sold at a median price of $1,343 psf. It was followed by Parc Riviera and The Santorini, with 200 units and 51 units sold at median prices of $1,281 psf and $1,041 psf, respectively.

Rounding up the top five best-selling projects are The Glades (30 units) and The Venue Residences (28 units).

Sales of ECs also increased 78.8 percent to 329 units in February, despite the lack of new projects.

Sol Acres topped new EC sales with 82 units sold, followed by The Terrace and The Visionaire, with 40 units and 39 units sold, respectively.

Analysts noted that the healthy figures indicated significantly better market sentiments from the previous year and an early start to the buying momentum this year.

“There is a greater sense of confidence in both developers and buyers,” said Ong Teck Hui, JLL’s National Director for Research and Consultancy, adding that 770 of the 977 private homes sold in February were from previously launched projects.

“This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he said.

“The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend.”

Meanwhile, Desmond Sim, Head of CBRE Research for Singapore and South East Asia, believes the sales levels “reinforce the current trend of buyers favouring projects with units priced at a palatable quantum”.

Sim revealed that he does not expect the trend to change even with the recent tweaks to the property curbs.

 

Credits: Propertyguru

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The Peak @ Cairnhill II, a freehold 18-storey luxurious development by TG Development, received robust response during its launch in January, with 34 out of 60 units snapped up at an average price of S$2,700 psf.

This brings the development’s total take-up rate to over 55 percent.

Located within the prime Orchard Road district, The Peak @ Cairnhill II comprises 58 two-bedroom and two-bedroom penthouse units.

Of these, 28 units measure 829 sq ft and another 28 units measure 904 sq ft. Sizes of the two-bedroom penthouse units, on the other hand, stood at 1,884 sq ft and 1,864 sq ft respectively.

“The luxury marketing is indeed showing signs of improvement in 2017. We are heartened by the good take up rates of our development as reflected by the 34 units sold to date,” said TG Development managing director Ong Boon Chuan.

Data from the Urban Redevelopment Authority’s (URA) showed that similar high-end developments such as  Gramercy Park and OUE Twin Peaks registered good take-up rates last year, with 44 and 237 units sold respectively.

“This shows quality developments such as ours can still move amid the challenging property market in Singapore. Buoyed by market confidence, we felt this was opportune time to launch The Peak @ Cairnhill II and our results speak for themselves.”

Ong also attributed the good take-up rates to the company’s Enhanced Deferred Payment Scheme, saying that “most of the units were sold through this scheme”.

Buyers under the scheme, only paid a 20 percent option fee, and were also given a two year period to exercise the option-to-purchase. The buyers also signed a master tenancy agreement with the developer, which enables them to rent out their unit.

Currently, the developer is offering a 12 percent discount while absorbing the buyers’ property tax and two years of maintenance fees.

 

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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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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Posted by on in New Launches

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A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).

Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The price works out to about $1,000 psf on the gross floor area. The second-highest bid of $166.7 million came from China Construction (South Pacific) Development, while Hotel Grand Central offered the lowest bid of $90.89 million.

Launched for sale on 29 November 2016, the 99-year leasehold site could yield about 200 homes.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going by the tender results of the first GLS land tender for the year. Developers are clearly looking to replenish their depleting inventory and the Perumal plot offers the added bonus of a small size and therefore an affordable quantum of $174 million.

“The site benefits from its proximity to transport nodes – the Dhoby Ghaut Interchange is only two stops away. Other amenities nearby include the relatively new One Farrer Hotel,  Farrer Park Medical Hospital and City Square Mall.”

A decision on the award of the tender will be made after the bids have been evaluated, said the URA.

 

Credits: Propertyguru

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Falling prices, rents, rising vacancies, but robust sales in some parts of the property market

At first glance, Singapore's broader property market appears decidedly gloomy, with vacancy rates in offices and malls climbing and residential prices falling relentlessly.

But according to analysts, various sectors of the market are showing signs of life, with increased office investments, robust luxury residential sales and a rejuvenated collective sales market.

Still, one of the starkest signs of gloom - unless you are a patient buyer - has been the fall in private home prices.

Including the third quarter this year, private home prices have sunk 10.8 per cent in 12 straight quarters since the peak of the third quarter in 2013. Rents have dropped to almost the same extent, by 10.7 per cent, according to Urban Redevelopment Authority (URA) data.

However, the sales volume has been rising, even though November saw a slightly cooler take-up. A total of 11,993 private residential units (excluding executive condominium units) were sold in the first nine months of this year, an increase of 9.8 per cent year on year.

Falling prices have, in fact, been a boon for the luxury residential property market.

As of last Thursday, there were 2,601 private home transactions in the area defined as the "core central region", 42.6 per cent higher than that of the whole of last year, said Savills Singapore research head Alan Cheong. This area includes Orchard, River Valley, Bukit Timah and Novena.

"Clearly, this shows that there has been a strong revival of interest in the luxury segment of the private residential market," he said. He attributed this to developers' creative payment schemes, such as OUE Twin Peaks' and d'Leedon's deferred payment schemes.

Analysts also singled out the return of collective sales as a cause for optimism. After a long dormant period, three deals were sealed this year, racking up more than $1 billion in value. Last year, there was just one $380 million deal and none in 2014.

The biggest collective sale of the year was of Bishan estate Shunfu Ville, bought by Chinese developer Qingjian Realty for $638 million. The sale is awaiting High Court approval.

The Straits Times understands that at least 10 collective sales committees have been set up in response to these successes.

Dr Lee Nai Jia, head of research at Edmund Tie and Co, is confident more collective sales will be sealed next year.

"This is because sellers have dropped their asking prices, while developers are keen on well-located smaller sites," he said. "It is good for the property market, as it helps to renew the stock of sites available."

However, the star performer of the property market this year was office investment sales. According to data from research firm Real Capital Analytics, the value of office investments in Singapore so far this year was US$4.9 billion (S$7.1 billion) as of Dec 14, rising 54 per cent from the same period a year earlier.

Foreign investment in local real estate hit its highest level in nine years.

Two mega deals made up the bulk of the $8.85 billion of foreign money. One was the sale of Asia Square Tower 1 for $3.38 billion by sovereign wealth fund Qatar Investment Authority. The second was Malaysian developer IOI Properties Group's unit Wealthy Link's record-setting bid of $2.57 billion for a "white" multi-use site in Central Boulevard. Both properties are in Marina Bay.

The bullish buying of commercial assets contrasted with the pressure being put on rental prices. Office vacancy rates continued to rise. They were up last quarter to 10.4 per cent, one of the highest in recent quarters, while office rentals and prices continued to decline last quarter.

In the retail and industrial segments, business remains woeful as rents have softened across the market, said Mr Cheong.

The median rental rate for retail spaces in the third quarter was the lowest on record, falling to $9.82 per sq ft per month for the Orchard area - the first time it fell below $10, according to URA data.

Meanwhile, average prime monthly rent for the factory and warehouse sector slipped 6.3 per cent quarter on quarter, having declined since the fourth quarter of last year.

Most analysts think that the residential market has bottomed out, and that there is cause for optimism next year, as they believe that the Government will release more Government Land Sales (GLS) sites.

Mr Cheong said next year will be a "watershed" year.

"Not only are we likely to see more GLS sites being listed on the confirmed list for residential development, it is also a year like in 2016 where those who, despite the restrictions imposed by the TDSR (total debt servicing ratio), still have the wherewithal to purchase, (and) will start sauntering back to the market," he said.

Ms Christine Li, director of research at Cushman and Wakefield, said that the optimism ahead was primarily in Singapore's commercial and high-end residential markets.

Credits: Propertyguru

 

 

 

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Posted by on in New Launches

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Despite the continued drop in private home prices, Singapore’s property market has showed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper.

Data from the Urban Redevelopment Authority (URA) showed that private home prices fell by 10.8 percent over 12 consecutive quarters, while rents dropped by 10.7 percent.

Nonetheless, the sales volume for the first nine months of 2016 increased by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums).

In fact, the falling prices have helped boost the luxury residential segment.

As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singapore Research Head Alan Cheong.

“This shows there has been a strong revival of interest in the luxury segment of the private residential market,” he said.

Cheong attributed the revival to developers’ creative marketing schemes, like the deferred payment scheme offered at OUE Twin Peaks.

Another bright spot is the return of collective sales. Three deals worth over $1 billion were sealed this year, compared to one $380 million deal in 2015 and none in 2014.

The $638 million sale of Shunfu Ville to Chinese developer Qingjian Realty emerged as the biggest en bloc sale of the year.

Edmund Tie and Co. Research Head Dr Lee Nai Jia is confident more sales will be sealed in 2017.

“This is because sellers have dropped asking prices, while developers are keen on well-located smaller sites,” he said.

 

Credits: Propertyguru

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Posted by on in New Launches

Singapore developers sold 769 private housing units in September including executive condominiums (ECs), down 3.7 percent from the 799 units sold in the previous month, revealed data published on Monday (17 October) by the Urban Redevelopment Authority (URA).

Year-on-year, sales rose about 18 percent compared to the 629 units sold in September 2015.

Analysts explained that developer sales remains slow due to the absence of new launches.

The best-selling private condominium last month was Lake Grande in Jurong West, which was launched in July. The 99-year leasehold project sold 29 units at a median price of $1,312 psf.

Two previously launched EC projects sold even more units, helping to push up the sales figure.Treasure Crest in Sengkang sold 38 units at a median price of $746 psf, followed by Sol Acres in Choa Chu Kang, which moved 36 units at a median price of $800 psf.

“Buyers continue to find value in the EC market as they will be able to take advantage of an expected long-drawn market recovery to capitalise on selling the EC units after fulfilling the Minimum Occupation Period,” said Desmond Sim, Head, CBRE Research in Singapore and South East Asia.

The most active region was the suburbs, which sold 297 units (74 percent). The balance came from the city fringe, which sold 144 units (20 percent), and the city centre with 68 units sold (six percent).

In the coming months, Ong Teck Hui, National Director of Research & Consultancy at JLL, expects to see more buying activity with the launch of The Alps Residences (626 units), Forest Woods (519 units), Queens Peak (736 units) and Parc Riviera (752 units).

“It has already been reported that The Alps Residences and Forest Woods found keen interest amongst buyers and achieved good sales take-up,” he said.

Analysts also predict a stronger sales performance this year compared to 2015. “It is estimated that 7,500 to 8,200 private residential units will be sold by developers in 2016, exceeding the 7,440 units sold last year,” said Ong.

Including ECs, the figure could surpass 12,000 units, a 20 percent increase from the 10,199 units sold in 2015, added Mohamed Ismail, CEO of PropNex Realty.

 

Credits: Propertyguru

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Posted by on in New Launches

A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month.

Although the identity of the applicant was not revealed, The Business Times reported that Nanshan Group was the party that submitted the minimum bid of $1.536 billion for the plum site, which was deemed acceptable to the government. This translates to about $1,010 psf per plot ratio (psf ppr).

The 99-year leasehold site has a maximum permissible gross floor area (GFA) of 141,294 sq m, and was made available on the reserve list of the second half 2016 Government Land Sales (GLS) Programme. Approximately 70 percent (100,000 sq m of the GFA) will be reserved for office development, while the remaining GFA can be set aside for hotel, serviced apartment or residential uses.

Situated opposite Lau Pa Sat food centre, the future development will be connected to One Raffles Quay and Marina Bay Financial Centre (MBFC) via underground and overhead pedestrian links. It will also be linked to the Downtown and Raffles Place MRT stations, as well as the future Shenton Way station.

Despite the mind-boggling price set for the site, it is not the most expensive offer by far for a plot in Marina Bay. The record price currently stands at $2.02 billion ($1,409 psf ppr) for the 1.02ha Marina View land parcel A where Asia Square Tower 1 stands, which was netted in 2007 by private equity real estate firm MGPA. The 43-storey office tower with a net lettable area of 1.25 million sq ft opened in 2011.

In 2005, a consortium comprising Keppel Land, Cheung Kong and Hongkong Land paid $1.9 billion ($381 psf ppr) for the 3.55ha MBFC site. Completed in 2013, the massive development features nearly three million sq ft of Grade-A office space, 649 luxury apartments and 179,000 sq ft of retail space.

Meanwhile, the tender for the white site at Central Boulevard will close on 8 November. Any tender less than $1.536 billion will not be considered, said the URA.

 

Credits: Propertyguru

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Posted by on in New Launches

UPDATED: A residential site at Fernvale Road in Sengkang was launched for sale by public tender on Tuesday (16 August), said the Urban Redevelopment Authority (URA).

Offered on a 99-year lease, the 17,196.4 sq m site has a maximum gross floor area of 51,590 sq m.

Released under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, it can yield up to 605 units.

The site is close to the Thanggam LRT station, eateries along Jalan Kayu, The Seletar Mall and the Tampines Expressway.

Analysts expect the site to draw more developer interest. “Including the Fernvale Road site, only three residential sites are confirmed for sale in this second half of 2016. This will certainly nudge developers to bid for the site. Competition will be keen especially from developers who have not been awarded any residential sites for the past few tenders,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

The tender for the land parcel will close on 27 September, said the URA.

Credits: Propertyguru

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Posted by on in New Launches

Singapore developers sold 1,921 housing units in July, including executive condominiums (ECs), compared to just 768 units in the previous month, data from the Urban Redevelopment Authority (URA) showed.

Analysts attributed the surge in transactions to more launches and the end of the school holidays in June, which is traditionally a quiet time for the property market.

There were 1,486 units launched (including ECs), up from a mere 234 in June when no EC projects hit the market.

The chart-topping project in July was Lake Grande, a private condo in the up-and-coming Jurong Lake District, followed by three EC projects. The Trilinq rounds out the top five list.

1. Lake Grande (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Jurong West Street 41 (D22)
Nearest MRT station: Lakeside MRT
Median price: $1,368 psf
Total no. of units: 710
Sales update: 464 units sold in July

2. Treasure Crest EC (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $751 psf
Total no. of units: 504
Sales update: 398 units sold in July

3. Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $790 psf
Total no. of units: 651
Sales update: 70 units sold in July

4. Sol Acres EC (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Choa Chu Kang Grove (D23)
Nearest MRT station: Bukit Panjang MRT
Median price: $796 psf
Total no. of units: 1,327
Sales update: 43 units sold in July

5. The Trilinq (OCR)
Developer: IOI Properties
Tenure: 99-year leasehold
Location: Clementi Avenue 6 (D5)
Nearest MRT station: Clementi MRT
Median price: $1,393 psf
Total no. of units: 755
Sales update: 42 units sold in July

Credits: Propertyguru

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Posted by on in New Launches

Sales of new private homes, excluding executive condominiums (ECs), more than doubled to 1,091 units in July, up from 536 units sold in the month before, according to data published on Monday (15 August) by the Urban Redevelopment Authority (URA).

Property analysts said the spike in transactions was due to the higher number of units launched, following a lull in June when buyers held off on purchases and developers delayed their launches to avoid the school holidays.

There were 624 private condo units launched last month, compared to 234 in June.

The bulk of home sales took place in the suburbs, with 825 units sold (76 percent). This was followed by the city fringe, which sold 213 units (19 percent), and the city centre with 53 units sold (five percent).

The top-selling private condominium in the month was Lake Grande in Jurong, which sold 464 units at a median price of $1,368 psf.

Meanwhile, developers sold 830 EC units in July, up significantly from the 232 units sold in the previous month.

The most popular EC project was Treasure Crest in Sengkang, which moved 398 units at a median price of $751 psf.

Despite the improved sales result, Mohamed Ismail, CEO of PropNex Realty, cautioned that there are still issues plaguing the housing market.

“The mounting supply of homes amid the on-going implementation of stringent measures and strict loan curbs continue to weigh on buying sentiments,” he said.

He added that many buyers are choosing to remain on the sidelines as they anticipate further price declines.

“With the odds stacked against developers, they will continue to act with caution – taking a slow and deliberate approach in launching their projects, as well as having a competitive pricing strategy to further entice buyers to commit.”

Ismail expects sales for the rest of the year to hover at around 500 to 700 units per month. For the whole of 2016, PropNex forecasts the sales volume to reach between 7,000 and 8,000 units.

 

Credits: Propertyguru

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Posted by on in New Launches

Property developers sold 536 private residential units, excluding executive condominiums (ECs) last month, down 50 percent from the 1,065 units sold in May, revealed latest data from the Urban Redevelopment Authority (URA). Including ECs, there were 768 units sold.

There were three reasons for the drop in sales, namely selective buying sentiments, seasonal effects of the June school holidays and no new major launches, said PropNex Realty.

Only 234 new private units were launched in June, down 80 percent from May. Meanwhile, no new ECs were launched in the month.

Mohamed Ismail, CEO of PropNex, said: “The upcoming launches of Lake Grande and Gramercy Park will help to boost volume as developers look to step up their launch activities before the Hungry Ghost Festival hits in August.”

Meanwhile, the five top-selling projects were Bellewaters EC, Kingsford Waterbay, The Glades, Kingsford Hillview Peak and The Vales EC.

 

1. Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $804 psf
Total no. of units: 651
Sales update: 43 units sold in June

 This email address is being protected from spambots. You need JavaScript enabled to view it.">

2. This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank">Kingsford Waterbay (OCR)
Developer: Kingsford Development
Tenure: 99-year leasehold
Location: Upper Serangoon View (D19)
Nearest MRT station: Hougang MRT
Median price: $1,185 psf
Total no. of units: 1,165
Sales update: 34 units sold in June

 

3. The Glades (OCR)
Developer: Keppel Land and China Vanke
Tenure: 99-year leasehold
Location: Bedok Rise (D16)
Nearest MRT station: Tanah Merah MRT
Median price: $1,402 psf
Total no. of units: 726
Sales update: 32 units sold in June

 

4. Kingsford Hillview Peak (OCR)
Developer: Kingsford Development
Tenure: 99-year leasehold
Location: Hillview Avenue
Nearest MRT station: Hillview MRT
Median price: $1,315 psf
Total no. of units: 512
Sales update: 31 units sold in June

 

5. The Vales EC (OCR)
Developer: SingHaiyi Group and Kay Lim Investment
Tenure: 99-year leasehold
Location: Sengkang (D19)
Nearest MRT station: Sengkang MRT
Median price: $779 psf
Total no. of units: 517
Sales update: 28 units sold in June

 

Credits: Propertyguru

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Woodlands has undergone a remarkable transformation over the past 50 years, from its early days of kampongs and plantations, to a densely populated housing and industrial estate. Plans are now underway to develop the town into a regional centre that could rival Jurong and Tampines.

Woodlands is synonymous with the Causeway, which links Singapore to Johor Bahru in Malaysia, but many Singaporeans are unaware of the estate’s rich history that spans nearly 100 years.

The area around modern-day Woodlands probably got its name from the rubber plantations that dotted the landscape in the early 1920s, which existed alongside poultry farms and coastal kampongs.

Some notable examples included Kampong Lorong Fatimah, which existed until the late 1980s before it was torn down to make way for the extension of the Woodlands Checkpoint, and the flood-prone Kampong Sungei Mandai Kechil. Many of the residents living in these settlements worked as boatmen and fishermen.

Following independence, Singapore’s rapid development brought about a growing demand for new homes and industries. This led to the development of Woodlands New Town in the 1970s and 1980s.

The kampongs were replaced with high-rise public housing blocks and industrial infrastructure. By the mid-1990s, more than 22,000 HDB flats were built.

To improve transportation, Woodlands Road was upgraded, while the Woodlands MRT station and bus interchange opened in 1996. Three years later, Causeway Point Shopping Centre, which is linked directly to the MRT station, was opened. Upgrading works for the seven-storey mall were completed in 2010 at a cost of $72 million. Causeway Point now has 250 retail outlets, including Cold Storage, Food Republic and Cathay cinema.

Food paradise

Billy Loh has lived in Woodlands for the past 15 years. The 28-year-old foodie told PropertyGuru that there are several cheap and good eateries, some operating 24 hours a day.

Popular eateries in the neighbourhood include Hong Ji Bak Kut Teh in Marsiling Lane, which even has its own Facebook page. On average, prices are below $10 for a large pot of herbal soup, while the side dishes only cost $1.

Those craving mookata, a traditional Thai barbecue steamboat, can head down to Siam Square Mookata at Woodlands Close, which offers a buffet spread for $29 per person.

Occasionally, Loh visits Fassler Gourmet at Woodlands Terrace, one of a few wholesale food outlets in the area selling fresh seafood. “During festive occasions like Chinese New Year, you can buy fresh sashimi at affordable prices; at least 30 percent off retail prices,” he said.

Living close to the Causeway is another plus for Loh, who frequently drives to Johor Bahru to fill his car with gas and try out the various late night supper joints.

Woodlands Regional Centre

Meanwhile, as part of the Urban Redevelopment Authority’s (URA) Master Plan 2014, Woodlands is set to be transformed into a regional centre for northern Singapore, similar to Tampines in the East and Jurong in the West.

Woodlands Regional Centre will comprise two distinct precincts – Woodlands North Coast, which includes the area between Republic Polytechnic and Woodlands Waterfront, and Woodlands Central, around the Woodlands MRT station.

Around 100ha of land will be developed into new homes, offices and industrial parks. To meet the needs of future residents, the North-South MRT line will be supplemented by the upcoming Thomson-East Coast line (TEL) and North-South Corridor, which will be ready during the next decade.

In addition, there will be a cross-border rail service between the future Woodlands North MRT station on the TEL to Johor, extensive greenery linking Admiralty Park to the Woodlands Waterfront Park, and a walking and cycling network within the estate.

It will take about 15 to 20 years to fully develop the regional centre, which aims to spread out the population and bring jobs closer to homes.

Unveiling plans for the Woodlands Regional Centre at a community event in February 2013, then-National Development Minister Khaw Boon Wan said: “The Woodlands Regional Centre will build on the Causeway Point. But it will be many times bigger and more exciting.

“I believe this development will be a good place for our residents in Woodlands, Sembawang and Yishun. We intend the north to be a good place to live, work and play,” he added.

Genuinely affordable homes

At the same time, public housing prices in the area will be kept affordable, said Mr Khaw.

“We (the government) are the ones who set the price for the new HDB flats, it is not left to the market. We stabilise the BTO (Build-To-Order) prices, and the prices will be linked to the median income of the targeted population, so we can always make sure the new BTO prices will be affordable for new families starting up, and that is a promise which we can deliver.”

Resale HDB flat prices in Woodlands are also lower than in other mature estates. For instance, the median price for a 4-room HDB flat in Woodlands is only $360,000, compared to $510,000 in Toa Payoh and $680,000 in Queenstown, according to Housing Board data in Q1 2016.

Aside from public housing, there are more private properties and executive condominiums (ECs) coming up in Woodlands. Two EC projects have launched there in the last three years, including Forestville, which has sold 99 percent of its 653 units at a median price of $733 psf, followed by the 561-unit Bellewoods, which has found buyers for 322 units. Its developer, Qingian Realty, sold 11 units in May at a median price of $792 psf.

Riding the wave

The latest EC to launch in the area is Northwave. Developed by Chinese firm Hao Yuan Investment, the 358-unit project at Woodlands Avenue 12 comprises two- to five-bedroom units and penthouses, with sizes ranging from 678 sq ft for a two-bedder to 1,722 sq ft for the largest penthouse unit.

Ashton Chan, Senior Manager, Sales and Marketing at MCC Land, the project manager of Northwave, noted that 50 percent of the units will be patio homes. These units come with column-free L-shaped balconies and sliding glass panels. “Residents will be able to slide and fold the glass panels to enlarge their living spaces,” he said.

Marketing agents ERA Realty Network and PropNex Realty have started marketing the project, which has seen a fair bit of interest from prospective buyers, said Chan. “We are targeting buyers who will be working in the future regional centre and industrial clusters.”

In fact, the developer is offering discounts to existing Woodlands residents who may be interested in purchasing units, although details haven’t been finalised yet.

While Hao Yuan has been tight-lipped about unit prices, a source told PropertyGuru that the project’s average price is $760 psf.

“Assuming it is launched at this price, Northwave is poised to be the cheapest new EC in the North, and would be attractive to cost-conscious buyers,” the source said.

PropertyGuru understands that official prices for Northwave EC will be released two days before bookings start.

The e-application exercise runs from 25 June to 6 July, while bookings start on 9 July. The 99-year leasehold project is expected to receive its TOP in 2019.

Stiff competition

Northwave is competing directly with recent EC launches in nearby Sembawang, including The Visionaire and Parc Life, both of which have recorded lacklustre sales.

Jointly developed by Frasers Centrepoint Limited and Keong Hong Holdings, Parc Life has only sold 71 of its 628 units at a median price of $781 psf.

Over at The Visionaire by Qingjian Realty, 185 of the 632 units (29 percent of the project) have been sold at a median price of $820 psf.

With the Woodlands Regional Centre taking shape, industry watchers expect property prices to outperform Sembawang and Yishun in future.

And given the recent hype surrounding the Jurong Lake District, Chan reckons more buyers will turn their attention to Woodlands once the government begins to push for more development in the area.

Did you know?

– Woodlands got its name from the rubber plantations that once dotted the landscape. There were also poultry farms and kampongs in the area, but they had to make way for the development of Woodlands New Town in the 1970s.

– The 12.8ha Woodlands Town Garden in Marsiling was built in 1983 by the HDB. The award-winning park contains a lake, seven Chinese pavilions and six Malay huts on stilts. There are plans to revamp the park, which has fallen into disrepair in recent years.

– The 36-acre Singapore American School moved to Woodlands in 1996. There are close to 4,000 students at the school, of whom two-thirds are US citizens. It is the largest American-curriculum school outside the US, and the largest single-campus international school in the world.

– Crocodiles and sharks are becoming a more common sight in the waters off Woodlands Waterfront Park. Several visitors to the park this year have spotted crocodiles and baby sharks swimming in the area. Recently, an angler at the jetty almost caught a three-metre long crocodile, but his line snapped.

 

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A 99-year leasehold mixed-use site at Bukit Batok West Avenue 6 has been awarded to Qingjian Realty, the Urban Redevelopment Authority (URA) said on Monday, 30 May.

Launched for sale in March, the tender for the site attracted strong interest from developers, with 11 bids submitted by the close of tender on 24 May.

“The cut-back in land sales and the dearth in land parcels for sale in the area gave bidders additional reasons to bid for the land,” said Desmond Sim, Head of CBRE Research, Singapore and South East Asia.

Qingjian submitted the top bid of $301.16 million, which translates to about $635 psf per plot ratio for the 1.5ha site. This is the developer’s first mixed-use development in Singapore, and it expects to build about 500 condominium units.

“This location’s close proximity to the Jurong district, and the success of recent mixed development launches, are very positive indicators of the market’s likely reaction to a potential Qingjian development here,” said the firm’s General Manager, Li Jun.

The mainland Chinese developer has been aggressively buying up land for private development in recent weeks. Earlier this month, it announced that it had entered into a sales and purchase agreement with the residents at Shunfu Ville, at a collective price of $638 million.

 

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Property developers sold 843 private housing units, excluding executive condominiums (ECs), in March 2016, according to new data released by the Urban Redevelopment Authority (URA).

This represents a 178 percent jump from the 303 units sold in the previous month. Year-on-year, sales increased by 37.5 percent.

OrangeTee said this is the highest tally of monthly developer sales since July last year, when 1,655 units were moved.

But analysts were not surprised by the surge in new home sales. DTZ said the period of March to May tends to see an increased level of activity.

“Notwitstanding, consistent with what we see on the ground, there are more buyers returning to the market. Most of these buyers look for developments at choice locations at relatively lower quantums,” noted the consultancy.

OrangeTee explained that there has been an accumulation of pent-up demand from buyers who have adopted a wait-and-see attitude due to the property cooling measures.

While these measures have side-lined many buyers due to the increase in upfront costs and tighter financing conditions, buyers are still willing to commit when there is perceived value in the market, the firm said.

“Good quality projects coupled with competitive pricing is the key to excite dormant demand lurking in the private residential sector.”

Meanwhile, two of the best-performing new launches in March were Cairnhill Nine and The Wisteria.

Located at Cairnhill Road, the 268-unit Cairnhill Nine by CapitaLand sold 177 units last month at a median price of $2,441 psf. Over in Yishun, NorthernOne’s The Wisteria saw 125 out of its 216 units snapped up at a median price of $1,112 psf.

Looking ahead, OrangeTee said three new projects will be launched in April and May, namely Sturdee Residences (305 units), Stars of Kovan (395 units) and Gem Residences (578 units).

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A 1.93ha residential site at Siglap Road has been awarded to a consortium comprising Frasers Centrepoint unit FCL Topaz, Sekisui House and Keong Hong Holdings unit KH Capital, after the developers submitted the highest bid of $624.18 million, according to the Urban Redevelopment Authority.

The offer translates to about $858 per square foot per plot ratio.

The tender for the 99-year leasehold site closed on 14 January 2016 with eight bids. It could yield 750 housing units.

The land parcel is within proximity to the future Siglap MRT station and the East Coast Parkway (ECP). Parkway Parade, 112 Katong and established schools such as Victoria Junior College and Tao Nan School are also nearby.

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UPDATED: A residential site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) was launched for sale by public tender today, revealed the Urban Redevelopment Authority (URA).

The 2.4ha site which could yield about 570 housing units was made available for sale on the reserve list of the second half 2015 Government Land Sales (GLS) Programme.

On 7 January 2016, the URA announced that it had received an application from a developer for the site to be put up for public tender. The developer had committed to a minimum bid price of $320 million in the tender for the site.

“The bid that triggered the launch of the site is slightly conservative, as the developer may have presumed a 15 percent decrease in sales price from December 2015 to October 2016. Assuming that prices will dip by about five percent, we anticipate the winning bid to be around $380 million ($690 psf) to $400 million ($725 psf),” said Dr Lee Nai Jia, Regional Head of Southeast Asia Research, DTZ.

“Given the location, we expect the number of bids to be around 10,” he added.

The 99-year leasehold site is close to Tanah Merah MRT station, Changi Business Park and the Singapore University of Technology and Design.

“Rental yield in the area is about three percent to 3.5 percent, which is pretty attractive for residential developments,” noted Lee.

The tender exercise will close on 23 February 2016, said the URA, adding that any tender below $320 million will not be considered.

Meanwhile, The Glades, a 726-unit condominium located at the corner of Bedok and New Upper Changi roads, is set to be completed in 2017. The 3.2ha site was sold to Keppel Land for $434.6 million in October 2012.

According to Lee, The Glades has sold 371 of the 400 units launched, while nearly all units in Eco, another nearby development, have been transacted. The prices for the Glades as at December 2015 ranged from $1,274 psf to $1,540 psf.

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The Poiz Residenes Potong Pasir

Sales of new private homes by developers plunged almost 50 percent to 384 units in December 2015 from the 759 units sold in the month before, according to data released this afternoon by the Urban Redevelopment Authority (URA).

PropNex Realty stated that cautious market conditions and the year-end holiday period contributed to the fall in demand. Only 173 private homes were launched for sale in the month, the lowest number in the year.

“December is traditionally a lull period for property sales due to the festive season. Many prospective buyers usually go on holidays and prefer to delay their property purchases to the next year. December’s low volume and launches can thus be attributed to the seasonal effect and the continued impact of the various measures together with the TDSR,” said PropNex CEO, Mohamed Ismail.

The top-selling project was the 731-unit Poiz Residences (pictured) in Potong Pasir, which sold 64 units in December at a median price of $1,430 psf.

The 5 top-selling projects in December 2015


Meanwhile, PropNex revealed that the primary sales volume in 2015 totalled 7,625 units, a slight increase of 2.5 percent from the 7,437 recorded in the previous year. In addition, developers launched 7.4 percent less units for sale within the same period due to the impact of the tough cooling measures.

Looking ahead, Ismail expects 2016 to be another challenging year for the property market.

A combination of the restrictive loan environment, along with the pending interest rate hikes will prevent market activity from picking up, he said.

“Buying interest will remain selective. It is highly unlikely that volume of transactions will return to the boisterous level as witnessed in 2012,” said Ismail, noting that a project’s pricing and location will be the main drivers of demand.

He expects developer sales to remain muted until after Chinese New Year. The next hotly anticipated launch will be in Toa Payoh – which is slated to be launched in March.

The property agency expects new private home sales this year to reach about 8,000 units as developers will likely dangle incentives to move their unsold units.

Credits: Propertyguru

(View: The Poiz Residences Potong Pasir, Sky Vue Bishan, The Brownstone EC Canberra Link)

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Prices of private residential properties fell 3.7 percent for the whole of 2015, compared with the 4.0 percent fall in 2014, according to flash estimates of the Urban Redevelopment Authority (URA) price index.

On a quarterly basis, prices declined 0.5 percent in Q3 2015, compared with the 1.3 percent decline in the previous quarter.

Specifically, prices of non-landed private units declined by 0.4 percent in the Core Central Region (CCR), compared with the 1.2 percent decline in the previous quarter. Prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) remained unchanged, compared with the 1.6 percent decline in each segment in the previous quarter.

For the whole of 2015, prices in the CCR, RCR and OCR fell by 2.6 percent, 3.9 percent and 3.7 percent respectively. Prices of landed properties fell 2.1 percent, compared to the 0.4 percent decline in the previous quarter. For the whole of 2015, prices of landed properties fell by 4.4 percent.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first ten weeks of the quarter. The full statistics will be updated by the URA four weeks later.

Source: URA

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