Real News‎ > ‎2012‎ > ‎August 2012‎ > ‎

24 August 2012

24th August, Friday




Three 99-year sites up for sale, expected to yield 1,600 units

Source: Business Times

Three 99-year leasehold residential sites at New Upper Changi Road, Woodlands Avenue 6/Woodlands Drive 16, and Prince Charles Crescent, which are expected to yield about 1,600 housing units, were put up for sale by public tender Thursday.

The first parcel at New Upper Changi Road, which was launched for sale by the Urban Redevelopment Authority (URA), sits on a 343,170.4 sq ft plot, and has a maximum gross floor area (GFA) of about 549,077.3 sq ft. Allowable development includes condominium/flats, and is expected to yield some 540 units.

"Those who failed to clinch the earlier site can have another go in tendering for this site. However, bidders for this site will be mindful of the time advantage that the earlier site has in launching the project," said one analyst, referring to the site at Tanah Merah Kechil which was awarded earlier this month, to Fragrance Group Ltd and World Class Land Pte Ltd, for $285.2 million ($676 psf ppr).

He expects the top bid for the subject site to come in at $630-$680 psf ppr, with eight to 12 parties vying for the site.

"(The) subject site is twice the size of the site at Tanah Merah Kechil, this would serve to curb the number of bidders who are willing to undertake the project. First is due to financial constraint, the second would be the need for developers to finish selling all the dwelling units within a period of five years," said another analyst.

DWG's senior manager for training, research and consultancy, Lee Sze Teck, expects the top bid to be $650-$700 psf ppr, with a breakeven price of between $1,050 and $1,100 and selling price for finished units in the $1,300-$1,350 psf range.

"There is a commercial plot of land opposite the MRT station which could be developed into a retail mall if sold. This will increase the attractiveness of the area," said Mr Lee. "There could be pent-up demand from residents in the area. According to marketing agents for eCO, quite a fair bit of interest came from residents in the Bedok and Marine Parade areas."

The second parcel, a 99-year leasehold executive condominium (EC) site at Woodlands Avenue 6/Woodlands Drive 16, was launched for sale by the Housing Board (HDB). It has a site area of about 177,658.2 sq ft and has maximum GFA of 497,442.9 sq ft. It is expected to yield about 465 units.

According to one analyst, that Woodlands is a relatively under-supplied EC sub-market, with only one EC site launched and sold since 2010, should make the successful bidder for the site confident of demand from upgraders.

"We expect moderate interest for the site of three to five bidders, taking into consideration the ample land supply for ECs in 2H 2012. There are six EC sites under the 2H 2012 GLS Programme confirmed list," an analyst said.

DWG's Mr Lee estimates the top bid to be around $300-$350 psf ppr, which translates into a breakeven price of $600 to $650 psf and an estimated sale price of $680 and $730 psf.

The last parcel, a 99-year leasehold reserve site at Prince Charles Crescent, was earlier triggered for sale on July 30 after a developer offered a bid of at least $390 million.

Consultants said they expect bids for the 2.38-hectare site, which has a maximum permissible GFA of some 537,656.8 sq ft, to come in the range of $760-$850 psf ppr.

Tender for the residential sites at Prince Charles Crescent, Woodlands Avenue 6 /Woodlands Drive 16 and New Upper Changi Road (Parcel A) and will close at 12 noon on 20 September, 9 October and 16 October, respectively.


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Bungalow market astir with several changing hands

Source: Business Times

Several big-ticket bungalow deals have been sealed recently including a few in Good Class Bungalow Areas (GCBAs).

A 999-year leasehold bungalow at Yarwood Avenue in the Rifle Range/ Dunearn roads area has changed hands for $19.5 million or $1,198 per sq ft (psf) on land area of 16,278 sq ft. On site is a two-storey bungalow spruced up a couple of years ago.

The property, with a built-up area of about 9,500 sq ft, has three large bedrooms and a swimming pool. It is being sold by a Singaporean who is involved in businesses in Malaysia. She paid $15.8 million for the bungalow in May 2010. The buyers - a Singaporean couple - are understood to be planning to live in the bungalow.

At Oriole Crescent, near Greenwood Avenue, a bungalow has fetched $18.2 million - or $1,726 psf on freehold land area of 10,546 sq ft. On site is a two-storey house said to be over 20 years old. It is leased out at a monthly rental of $18,000 until end-July 2014.

Talk in the market is that an option was granted recently for a bungalow on Camden Park. The price is understood to be $25 million, or $1,659 psf on land area of 15,070 sq ft. The property, said to have been rebuilt about four years ago, features a pool and gym in addition to six bedrooms.

Last month, a seasoned bungalow investor sold his GCB at Binjai Park for $32.9 million or $1,471 psf. On the 22,360 sq ft site is a new two-storey property, completed late last year, boasting seven en-suite bedrooms. The built-up area is about 17,000 sq ft.

A stone's throw away from Farrer Road MRT Station, a small freehold bungalow at Woollerton Drive was transacted a few weeks ago at nearly $12.6 million or $1,570 psf on land area of 7,987 sq ft. It has five bedrooms.

Outside GCB Areas, other recent bungalow deals include a two-storey property at Trevose Crescent, in the Dunearn/Whitley roads vicinity, which changed hands at $13.7 million or $1,788 psf on land area of 7,662 sq ft. The property, completed six years ago, has four bedrooms and a roof terrace. The basement houses a home theatre and pool room.

The number of bungalow deals in GCB Areas doubled from nine in 1Q this year to 18 in 2Q, with the value of transactions rising from $224 million to $359 million.


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Renovation guide for landed home owners

Source: The Straits Times

Owners of landed property now have a clearly defined checklist identifying the dos and don'ts during renovation or building.

A set of guidelines released by the Government Thursday urges landed home owners to think about their neighbours when carrying out building works.

The guide covers subjects that are becoming increasingly relevant as greater numbers of house- proud Singaporeans either tear down and rebuild houses or make additions to them.

Aside from minimising noise and dust problems, home owners should consider details such as the materials used to build the facade of a house, the guide says.

Even the placement of condensers of air-conditioning units matters in maintaining neighbourly relations, it says.

A circular containing these guidelines was sent out by the Urban Redevelopment Authority and the Building and Construction Authority yesterday to the various associations for home owners, architects, engineers, contractors and builders.

A footnote in the circular said that the guide was intended to be "advisory" in nature, and that both authorities "are not obliged to intervene in the event that any party chooses not to adhere to the guide".


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Hamilton Scotts to step up marketing drive

Source: The Straits Times

Marketing for the remaining units at luxury condominium Hamilton Scotts - the one that comes with car garages right inside the apartments - will be stepped up although prices are not expected to drop.

About 40 per cent of the 56 units have been sold.

Average prices for the units have risen from the $3,000 per sq ft (psf) achieved at the 2008 launch to between $3,700 and $3,800 psf now, according to the developer.

The project, located on Scotts Road, was completed in June, and buyers have started moving in.

There are 52 standard units of 2,756 sq ft each, with the unsold ones each carrying a price tag of at least $9.8 million. They also come with two "en suite" car spaces each, as do the two 3,229 sq ft junior penthouses.

Two large penthouses, each spanning 6,975 sq ft and costing more than $30 million, offer buyers parking spaces for four cars each.

In addition, there are 75 carpark spaces at the basement floors of the condo.


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