2nd August, Thursday
Residential
All Fifteen Robin units offered for lease only Source: Business Times The developer behind Fifteen Robin, a high-end residential development sitting along Robin Road, has put all 32 units of the project on the market - but for lease only. The 17-storey building is developed by TK Yeo, a real estate investment holding company founded by the late Yeo Thian Kiew, co-founder and managing director of Yeo Hiap Seng Holdings. Fifteen Robin comprises an equal mix of two and three-bedroom apartments. The 16 two-bedroom homes average around 130 sq m(1,399 sq ft) in size, while the three-bedders come at the average size of 170 sq m. A representative for TK Yeo, Nicholas Yeo, said that it is looking to lease out the units at between $7,100-7,600 for the two-bedroom homes, and between $8,500-9,300 for the three-bedroom units. Fifteen Robin is scheduled to obtain temporary occupation permit in August, and leases should commence in September, added Mr Yeo. TK Yeo is behind a number of landed home projects in districts 9, 10 and 11, some of which were also available only for lease. It owns a 75 per cent stake in Fifteen Robin, while the remaining share is owned by a private investor who declined to be named. Fifteen Robin is TK Yeo's first high-rise residential project.
Links to the story: http://www.businesstimes.com.sg/print/161116 http://www.straitstimes.com/st/print/389384
Home prices 'likely to remain stable' Source: The Straits Times Home prices are likely to flatline over the next six months, with falling interest from foreign home buyers eliminating the need for more cooling measures, according to CapitaLand bosses Wednesday. President and chief executive Liew Mun Leong said the additional buyer's stamp duty of up to 10 per cent introduced in December last year has met its aim of dampening foreign demand. Foreign buyers and companies accounted for only 7 per cent of the private home market in the first half of the year, down from 20 per cent for all of last year. Mr Wong Heang Fine, chief executive of CapitaLand Residential, told the meeting that "strong fundamentals" will keep home prices stable for this half of the year. CapitaLand sold 259 homes here in the first half, with a total value of $467 million, in projects such as Sky Habitat, The Interlace and d'Leedon. Mr Wong said new units will continue to be released at its launched projects, which should lead to more sales in the second half. Broadly, it will be looking to build up its residential land bank, particularly in Singapore, but also in China, in the value-homes segment. It will also look at developing or acquiring more malls.
Link to the story: http://www.straitstimes.com/st/print/389381
Investment Sales
Victoria Street site triggered for sale by public tender Source: Business Times A site on Victoria Street/Jalan Sultan has been triggered for sale by public tender after a developer offered a bid of at least $148.7 million, or $445.90 per sq ft per plot ratio (psf ppr). The 99-year leasehold site is zoned for hotel development, or commercial and residential development. It has a site area of 0.84 hectare, which translates to a maximum permissible gross floor area (GFA) of 333,433 sq ft. The maximum building height is part 4-storeys (for the section of the hotel fronting the river, and the junction of Victoria Street and Jalan Sultan), and part 30-storeys. If the site is to be developed for hotel use, a minimum of 60 per cent of the total GFA must be used for hotel rooms and hotel-related use. The remaining GFA can be used for commercial and/or residential use. If the developer chooses to develop a commercial and residential development, a minimum of 60 per cent of the total GFA must be dedicated to residential use, a minimum of 30 per cent for hotel rooms and hotel-related use, and a maximum of 10 per cent for commercial use. An additional maximum permissible GFA of 280 square metres (approximately 3,013.9 sq ft) is allowed as open space for outdoor refreshment areas. "The tourism industry is doing very well, so there is demand for hotel rooms. There are also investors looking to buy good hotels at the right price," said Lee Sze Teck, senior manager, research and consultancy, at DWG. Assuming the the successful bidder develops a 500-room three-star hotel, the top bid could be in the range of $650-$700 psf ppr, said Mr Lee. This translates to a breakeven cost of between $1,100 and $1,150 psf. He added: "The railway line between Bugis and Lavender MRT Stations runs near the site, which could translate to certain safety setbacks. "On the other hand, if the successful bidder were to build a hotel, there's an outdoor recreational area facing the river for al fresco dining." The subject site will be launched for public tender in about two weeks.
Links to the story: http://www.businesstimes.com.sg/print/161073 http://www.straitstimes.com/st/print/389383
Southbank SOHO units up for sale Source: Business Times Singxpress Land has put up for sale some 34,740 sq ft of space at Southbank SOHO. The marketing agent said this works out to an approximately 56 per cent stake in share value in the SOHO block. Southbank, a home- cum-office concept condo, comprises a 40-storey residential block and a 20-storey SOHO block with retail shops on the first floor. The SOHO block consists of 29 duplex loft SOHOs of between 883 sq ft and 1,593 sq ft each; three single-level SOHOs of around 463 sq ft to 603 sq ft; and a retail shop of about 129 sq ft. Based on the asking price of $63 million, this represents $1,812 per sq ft over strata area. Expressions of interest close on 31 August at 3pm.
Links to the story: http://www.businesstimes.com.sg/print/161072 http://www.straitstimes.com/st/print/389382
International Markets
UK house prices record biggest fall in 3 years Source: Business Times House prices in recession-affected Britain slid in July on an annual basis by the biggest amount in nearly three years, a survey by major home-loans provider showed Wednesday. The average value of a home in Britain stood at £164,389 (S$323,825) in July - down 2.6 per cent compared with the same month in 2011, the lender said in a statement. They meanwhile dropped by 0.7 per cent in July compared with one month earlier, it added. "UK house prices declined for the fourth time in five months in July, with prices falling by 0.7 per cent. This pushed the annual pace of price growth down to minus 2.6 per cent, from minus 1.5 per cent in June - the weakest outturn since August 2009," said the survey. "The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy. Data released last week revealed that the UK recession intensified in the three months to July."
Links to the story: http://www.businesstimes.com.sg/print/161051
China new home prices post biggest gain in over a year Source: Business Times China's new home prices posted the biggest gain in more than a year, signalling a turning point for the nation's property market, according to the country's biggest real estate website owner. Home prices last month rose 0.3 per cent from June to 8,717 yuan (S$1,714) per sq m, based on the survey of 100 cities. That was the second monthly gain and the biggest rise since June 2011. Home prices rose in 70 cities last month from June, the most since July last year. Among the major cities, Chongqing in the western region led gains with a 1.6 per cent increase from June, while Beijing and Shanghai both added 0.03 per cent. China's home prices will be little changed for the rest of the year as the government isn't likely to tighten or ease its property curbs, according to the survey.
Links to the story: http://www.businesstimes.com.sg/print/161094
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