1st August, Wednesday
Residential
HDB launches 4,191 BTO flats in 7 projects Source: Business Times The Housing & Development Board (HDB) has launched seven built-to-order (BTO) projects, which will offer 4,191 new flats in a mix of non-mature and mature towns. The flats, part of the fourth BTO launch this year, will be offered in two non-mature towns (Choa Chu Kang and Punggol), and three mature towns (Bukit Merah, Clementi, and Geylang). HDB also announced an enhancement to the Special CPF Housing Grant (SHG), which will allow first-time households earning $1,500 and below to purchase three-room standard flats in non-mature estates. Under the enhanced scheme, an SHG of $20,000 will be extended to first-timer households earning $1,500 and below. This is aimed at expanding the housing options available to low-income households who need more space, HDB said. Together with the Additional CPF Housing Grant (AHG), households earning $1,500 and below are entitled to total housing grants of $60,000 for the purchase of two-room or three-room standard flats in non-mature estates from HDB. The enhanced grant will take effect from the July BTO launch. Under the upcoming BTO launch, projects in the non-mature estates comprise Keat Hong Axis (located along Choa Chu Kang Ave 1), Punggol Opal and Waterway Cascadia (along Punggol Way). Those in the mature towns are Clementi Gateway, Depot Heights, Telok Blangah Ridgeview and GreenTops @ Sims Place. Separately, HDB will be offering 3,700 new BTO flats for sale in Ang Mo Kio, Choa Chu Kang, Kallang Whampoa, Tampines and Woodlands in September. In addition, 3,000 flats will be offered in a Sale of Balance Flats (SBF) exercise, which will be held concurrently. It will comprise flats from both mature and non-mature estates.
Links to the story: http://www.businesstimes.com.sg/print/158925 http://www.straitstimes.com/st/print/387514 http://www.channelnewsasia.com/stories/singaporelocalnews/print/1216853/1/.html
$285.2m top bid for Tanah Merah residential site Source: The Straits Times A residential site in Tanah Merah has attracted a bullish top bid of $285.2 million in a closely fought 13-way tussle - in a sign developers are still hungry for well-located mass-market plots. A joint bid by Fragrance Group and World Class Land topped the table with a bid of $676 per sq ft (psf) per plot ratio (ppr). The 14,000 sq m site is set to boast an estimated 415 homes. The top bid was just 1.8 per cent more than CapitaLand unit Areca Investment's second- placed bid of $280.1 million - or $664 psf ppr. Other bidders vying for the 99-year leasehold site at Tanah Merah Kechil Road include Sing Holdings, Qingjian Realty, Far East Organization, Frasers Centrepoint and Trident Assets, which lodged the lowest bid of $202 million - or $479 psf ppr. Experts say that the strong tender response is largely due to the site's proximity to Tanah Merah MRT station and the expectation of very keen demand from buyers interested in this locality. Another possible plus factor is the site next door, which has a commercial zoning and is likely to have retail facilities should it be sold and developed. An analyst said that residential sites within walking distance of MRT stations have proven to be a formula for success, and usually sell out. He expects a breakeven price of just below $1,000 psf and an estimated selling price of $1,200 psf to $1,300 psf. Another analyst pointed out that as the site is close to the predominantly landed residential area of Bedok Road, Simpang Bedok and Lucky Heights estate, there could be a sizeable portion of potential downgraders from these landed properties. She expects the breakeven cost to range from $1,000 psf to $1,100 psf, with selling prices at above $1,250 psf. However, Dennis Wee Group's senior manager of research and consultancy, Mr Lee Sze Teck, said that the bid was "bullish", as it was 25 per cent more than the previous site sold at Bedok South Avenue 3, even though market conditions have not changed significantly. He expects the breakeven price to be between $1,050 psf and $1,100 psf, with selling prices possibly from $1,300 psf to $1,350 psf. From January to June this year, units at the nearby Optima@Tanah Merah were sold at a median price of $1,114 psf.
Links to the story: http://www.straitstimes.com/st/print/387551 http://www.businesstimes.com.sg/print/158924 http://www.todayonline.com/Print/Business/EDC120801-0000044/S$285,2m-top-bid-for-Tanah-Merah-site http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1216949/1/.html
Investment Sales
Remaining residential units in AA Centre up for sale Source: Business Times A group of freehold residential bulk units at the AA Centre has been offered for sale by private treaty. The total residential floor area of about 49,805 sq ft (sq ft) comes with an indicative price tag of $100 million. The 14-storey residential and commercial development on River Valley Road sits on a freehold 33,751 sq ft site and has a gross floor area of 127,712 sq ft. The residential units on the 7th to 14th floors are owned by individual owners. There are about 90 car parking lots located in the basement level for common use. The marketing agent said the residential units may be converted for serviced apartment use. The buyer could also choose to keep the freehold apartments for long-term investments or redevelop the site should he or she acquire the remaining two strata lots on the first to sixth storey. The building was developed by AA Singapore in 1984. Nearby transport links include the Central Expressway, the Ayer Rajah Expressway and Somerset MRT station.
Link to the story: http://www.businesstimes.com.sg/print/158948
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