Real News‎ > ‎2012‎ > ‎August 2012‎ > ‎

25 August 2012

25th August, Saturday




Good response to eCO, One Dusun Residences

Source: Business Times

Braving the traditionally inauspicious Hungry Ghost Festival has boded well for both eCO and One Dusun Residences, which saw keen interest from buyers.

Indeed, the 99-year-leasehold eCO at Bedok South Avenue 3, which is jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, and is priced at some $1,250 per sq ft (psf), has received in excess of 300 registrations of interest for the 222 units rolled out, since marketing activities for the project started last week.

"About half of the interested parties came from residents in the Bedok and Marine Parade areas," noted Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group. About 50 per cent had HDB addresses.

Most of the interest has been directed at the two-bedroom units, which can range from about 597 sq ft to some 1,181 sq ft, depending on the unit type, added Mr Lee.

The 752-unit project consists of 246 suites, 220 small-office-home-office (Soho) apartments, 34 townhouses and 252 condominium units, according to marketing brochures.

Residential units at the freehold mixed-development One Dusun Residences, which consist of 154 apartments and 76 shop units, also flew off the shelves. Business Times understands that less than 10 apartments are left at the project, which is located at Jalan Dusun (off Balestier Road). The units were priced at $1,400 to $1,500 psf.

According to the marketing material, majority of the units, which are two-bedders, range from about 452 sq ft to 786 sq ft. There are also seven duplex penthouses of two and three-bedroom mix, which range from 796 sq ft to 980 sq ft and 1,087 sq ft to 1,098 sq ft, respectively.

Despite buoyed sentiments, transactions in the market have slowed, according to data provided by the Singapore Real Estate Exchange.

Non-landed private resale transactions dipped 25.4 per cent, from 193 transactions per week year-to-date (on average) to 144 transactions in the first week (Aug 17-23) of the Hungry Ghost Month. Rental transactions too dipped 31.5 per cent, from 648 transactions on average per week year-to-date to 444 transactions in the first week of the seventh lunar month.

HDB resale and rental transactions fell too, from 513 to 278 (45.8 per cent) and from 448 to 307 (31.5 per cent) respectively.

Consultants point out, however, that while the market has been quieter, the slowdown in activities could be attributed to the festivities over the weekend as families celebrated Hari Raya, or took advantage of the long weekend to travel.

Some new projects that may feature in the August-September period include Skies Miltonia at Yishun Avenue/Miltonia Close, Eden Residences Capitol at Stamford Road/North Bridge Road and The Sorrento at West Coast Road.


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Living in the city is catching on

Source: The Straits Times

City living is taking off, with thousands of new apartments downtown and thousands more in the pipeline.

One key factor is the exponential growth of office space in the Central Business District (CBD) - specifically the Marina Bay, Shenton Way, Cecil Street and Robinson Road areas.

Office space in these areas has jumped 38 per cent to 17 million sq ft over the last five years and that demand for homes is likely to spike in tandem.

Moreover, another 1.425 million sq ft of office space is expected to be completed by 2015, which will likely bring another 16,000 professionals to work there.

This increase will fuel demand for more homes, especially after the Government's push to cultivate an area where professionals can "live, work and play".

Housing stock is set to grow sharply from the 3,000 to 3,500 completed apartments now, with an estimated 17,000 people already living in the area. A further 3,400 homes are expected to be built in the city from now to 2018.


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Condo strip boosts Bedok Reservoir's appeal

Source: The Straits Times

A quiet stretch in Bedok Reservoir Road has been transformed in recent years into a row of private condos housing more than 2,300 units.

The new developments have helped to raise home-buyer interest for the entire area, said an analyst.

Four condos in the Waterfront collection developed by Far East Organization and Frasers Centrepoint dominate the strip. The 405-unit Waterfront Waves, ready last year, was the first to be completed. The 437-unit Waterfront Key and 361-unit Waterfront Gold are fully sold and due to be completed in the next couple of years. Farther down the road is UOL Group's Archipelago, which was launched in December.

While the Waterfront condos are separated from the reservoir by a road, most of the units have unblocked water-facing views, especially those on the higher floors, but some apartments at the lower-rise Archipelago may not enjoy the same view.

Older condos nearby are recording higher median resale prices. For instance, Aquarius by the Park had a median price of $864 psf in the second quarter of this year, or $799 psf a year earlier, said Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy.

There is no MRT station at Bedok Reservoir yet but that will change in 2017 when the new Downtown Line opens. The spruced-up reservoir park will also add to the area's appeal, with an outdoor adventure centre and restaurant.


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High-end Taiwanese project to launch here

Source: The Straits Times

A luxury tax imposed on Taiwan's booming residential property market last year has hit sales but is not deterring one developer from marketing a property here.

Chinese blue-chip real estate developer Vantone will launch a Taiwanese project here this weekend, aimed at high-end buyers.

The levy, which applies if owners sell their homes within two years, helped send transactions in Greater Taipei down 49 per cent year-on-year in the second half of last year. Sales were down 35 per cent year-on-year in the first half of this year.

Called Vantone 2011, the 294-unit luxury project is being built near the Yangmingshan, a tourist spot in Taipei City. The units - two-, three- and four-bedders and penthouses - range between 1,557 and 4,001 sq ft and will be housed in two towers of 29 storeys each. Prices range from $749,000 to about $2.1 million.

It is near the Kuo Hua Golf and Country Club, other tourist attractions, train stations and international schools. The development will also have a private club with function rooms, yoga studios, gyms and an underground hot spring.

Marketing began last year in mainland China, and in Hong Kong earlier this year, and about 160 units have been sold.

Singaporeans can apply for loans when the project is completed at the end of 2014, a policy that applies to all foreign condo buyers in Taiwan. The loan quantum for Singaporeans stands at 50 per cent of the sales price. Interest rates are at 2 per cent.

Singaporean buyers will be able to enjoy a 4 per cent rental guarantee for the first three years after the project's completion.


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