6th July, Friday
Residential
A string of private housing launches around the corner Source: Business Times Developers are preparing a slew of private housing projects for release in the next few weeks, including V on Shenton on the former UIC Building site, Parc Olympia at Flora Drive in the Upper Changi area and Parc Centros near Punggol MRT Station. Next week, City Developments and Hong Realty are expected to roll out their Green Mark Platinum landed housing project, Haus@Serangoon Garden. The 99-year leasehold development will have 97 terrace houses. The homes are expected to cost $2.5 million-$3 million each. A typical intermediate terrace house will have land area of about 1,600 sq ft and built-up floor area of about 3,600 sq ft. Capitol Investments is also said to be mulling over the release of some of the 39 units at its Eden Residences Capitol, near City Hall MRT Station, perhaps later this month or early next month. A typical three-bedroom apartment will be about 2,200 sq ft and a four-bedder, over 3,000 sq ft. Pricing for the apartments has yet to be fixed but some market watchers suggest it could touch $3,000 psf - given their unique positioning within Singapore's civic and cultural district. In the financial district, United Industrial Corporation is getting ready to release its V on Shenton (or Five on Shenton) towards the end of this month, Business Times understands. The project comprises 510 apartments in a tower that will rise to 54 storeys. Units range from studios to three-bedders; there will also be six penthouses. Word on the street is that the average pricing for the 99-year leasehold project could be in the $2,300-$2,500 psf range. In the 99-year, mass-market condo segment, Koh Brothers is expected to preview next week its Parc Olympia project at Flora Drive. Observers say that pricing could average around $880-$900 psf. Near Punggol MRT Station, Wee Hur Holdings is expected to roll out Parc Centros within a fortnight. The pricing may be around $950 psf on average. The 16-storey condo will feature one to five-bedroom apartments as well as penthouses. Absolute prices start from about $550,000 for a 460-sq ft one-bedroom apartment, working out to about $1,195 psf. Meanwhile, Allgreen Properties is expected to release two projects over the next few months - the 928-unit Riversails at Upper Serangoon Crescent and The Sorrento on West Coast Road. The latter will be a five-storey, freehold project with 131 units (one to three-bedders). Average prices could be around $1,300-$1,400 psf. Riversails - an 18-storey, 99-year condo - will have one to four-bedroom apartments. The average price is expected to be around $850 psf.
Link to the story: http://www.businesstimes.com.sg/print/115450
S'pore property market shows resilience Source: The Straits Times More evidence has emerged of the ongoing strength of the local property market, with both rents and resale prices defying global economic uncertainty. In a new report, a property consultancy said rents of non-landed suburban apartments rose by 1.9 per cent in the three months to June, after edging up 0.6 per cent in the first three months of the year. Prime condo rents also enjoyed a boost, inching up 1.5 per cent in the same period. The report said that this was largely the result of a seasonal increase in leasing activity in April and May. Expatriates relocating to Singapore after summer tend to have their contracts inked during this period. Despite economic uncertainties hurting expat relocations, rental demand from top-end expats with budgets for luxury apartments also continued to support the high-end market despite the drop-off in relocations now. On the other hand, cost-conscious mid-tier foreign professionals, with no housing allowance as part of their relocation package, continue to support rental demand for apartments in the range of $3,000 to $7,000 a month. On the resale front, prices of private homes also gathered pace with suburban landed homes leading the pack. They rose 1.2 per cent to 2 per cent in the quarter, more than the 1 per cent rise for landed homes in the prime districts of 9, 10 and 11. Resales of non-landed homes also lodged higher prices as buyers in search of better value were diverted to resale properties in the light of benchmark prices set for new suburban launches. Freehold apartments in the prime districts of 9, 10 and 11 gained 0.5 per cent, reversing the 0.7 per cent fall the quarter before, while suburban leasehold condo prices increased 0.6 per cent, up from 0.3 per cent previously. The consultancy said buying demand for homes is expected to remain healthy owing to the low interest rate and buoyant employment market. However, the strong pipeline of developments will intensify competition for purchasers and tenants, and limit price increases particularly in the face of slower economic growth.
Link to the story: http://www.straitstimes.com/print/Money/Story/STIStory_819254.html
Investment Sales
Cambridge Ind acquiring Teban property for $41m Source: Business Times Cambridge Industrial Trust (CIT) is acquiring a property from Eurosports Auto Pte Ltd for $41 million. The property, which is located at 30 Teban Gardens Crescent, comprises a purpose-built, three-storey industrial building with a single-storey factory and car showroom, and an annex block. The latter, a two-storey showroom with ancillary office, is to be completed by Eurosports Auto. Following the completion of the annex block, the gross floor area of the property is expected to be about 12,922 sq m. On completion of the acquisition, which is expected to take place around December next year, Eurosports Auto has agreed to lease the property for six years.
Links to the story: http://www.businesstimes.com.sg/print/115402 http://www.straitstimes.com/print/Money/Story/STIStory_819230.html
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