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13 September 2012

13th September, Thursday




GuocoLand sells 40 Leedon Residence units

Source: Business Times

GuocoLand has sold about 40 units or 10 per cent of the total 381 units in its freehold Leedon Residence condo in the Holland Road area, Business Times understands.

It began a private preview of the project in mid-August at an average price of $2,000 per sq ft. The developer is not offering any discount or stamp duty absorption. For the preview, GuocoLand has released 70 units - mostly three and four bedders.

The 12-storey development will comprise 11 blocks.

Leedon Residence's architectural design, landscaping and interior design are handled by SCDA. Units will be fitted with Smeg kitchen appliances.

Leedon Residence will not have any one-bedders. It will have around 60 two-bedroom apartments, generously sized at around 1,050 sq ft each and priced at $2.4 million and upwards.

The vast majority of units in the development will be three and four-bedders.

The project, which is expected to be completed in 2014, will have a 200-metre long "forest walk" of mostly rain trees. GuocoLand will also conserve over a dozen yellow flames on the perimeter of the development. CBRE and DTZ are marketing the project.

Of the 40 units sold, around 70 per cent are said to have been picked up by Singaporeans. Singapore permanent residents of various nationalities are thought to have bought 15 per cent of the sold units, with the remaining 15 per cent purchased by Indonesians (who are not PRs here).


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The $1M HDB flat

Source: The Straits Times

A Housing Board flat has hit the $1 million mark for the first time, surpassing the previous record that was set only last week.

The sale of the high-floor executive apartment, at Block 149 Mei Ling Street in Queenstown, has turned a few heads, with a cash over valuation (COV) of $195,000.

The 17-year-old unit, with a floor area of 1,615 sq ft, has an unblocked view of Queenstown stadium and is close to food centres, supermarkets and Queenstown MRT station. The buyers and sellers are both Singaporean couples.

"It was love at first sight for them," said Dennis Wee Group agent Irene Ho who represented the sellers. The buyers previously owned a private property.

Property analysts The Straits Times spoke to said such high prices, although rare, could soon become the norm when other coveted units - such as those at Pinnacle@Duxton - enter the resale market.

Dennis Wee Group spokesman Lee Sze Teck was more circumspect and said prices are generally affordable for most new flats.

"It all boils down to the buyers. Prices will skyrocket as long as they find something they like and are willing to put a premium on it," said Mr Lee, pointing out that the overall median COV is still about $30,000.


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Exec condo comes with luxury features

Source: Business Times

A 394-unit executive condominium (EC) project located along Upper Serangoon View is banking on a love of luxury to draw buyers.

Heron Bay's developers said that the project will feature living rooms with ensuite private pool cum jacuzzi, complimentary fibre broadband service from M1 during the first year of occupancy, a hydroactivated water swimming pool with "healthful cell-hydration properties" and a seasports recreation centre with kayaks for free rental, among other amenities. The EC will also feature a basement carpark, full condominium facilities, and a card-access security system.

A mix of two to five-bedroom units is available. Penthouses have between three and five bedrooms. The two-bedroom units are sized at between 775 sq ft and 915 sq ft, while the three-bedders are in the range of 1,023-1,582 sq ft. The four-bedroom units have sizes ranging from 1,281 sq ft to 1,819 sq ft, and the five-bedroom homes at 1,496 sq ft to 1,938 sq ft. Sizes start at 1,991 sq ft for a penthouse.

Market observers said that the indicative average selling price for the project is $715 to $720 psf.

E-applications for the project open this Sunday, while bookings commence on 26 October.


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Ho Bee seeing strong interest in Metropolis

Source: Business Times

Things may generally be slow in Singapore's office leasing market but at least one new office development is generating strong interest.

Ho Bee is said to have secured gym operator Fitness First as its first tenant for The Metropolis project, which will be completed next year beside Buona Vista MRT Station. Fitness First is expected to lease around 12,600 sq ft in Tower 2 of Metropolis.

Oil giant Shell is at advanced stages of discussions to lease about 100,000 sq ft in the same project, Business Times understands. It is currently at Shell House in the UE Square complex along Clemenceau Avenue/River Valley Road.

Word on the street also is that Neptune Orient Lines (NOL), which is in the process of selling its landmark headquarters building at Alexandra Road, is considering leasing space at The Metropolis. NOL could possibly be looking at anything from 100,000 sq ft to 130,000 sq ft, say market watchers. NOL Building is around 3.5km away from The Metropolis site.

The Metropolis is a Grade "A" office project that will have two office towers and retail space, directly linked to the Buona Vista MRT Station on the Circle Line. The 23-storey Tower 1 is expected to be completed around mid-2013, and the 21-storey Tower 2, around September 2013. The project's total net lettable area will be about 1.08 million sq ft (including 22,000 sq ft of retail space).

Near Expo MRT Station, British Telecom (BT) has inked a lease for about 45,000 sq ft at the recently completed UE Bizhub East, which is located within Changi Business Hub. BT will move out from Technopark @ Chai Chee.

Cisco Systems has also taken about 110,000 sq ft at UE Bizhub East. Smaller tenants in the building will include International SOS, which has leased around 20,000 sq ft. These tenants will occupy space in the nine-storey business park component (423,216 sq ft net lettable area) of UE Bizhub East, located a stone's throw away from Expo MRT Station. UE Bizhub East is a mixed development that also includes serviced residences, a convention facility and retail space.

At the next door One@Changi City, which will be ready in a few months, EMC has inked a lease for about 106,000 sq ft. EMC is currently at Suntec City Tower 4 and No 3 Changi Business Park, where its leases run out early next year.

One@Changi City's anchor tenant is Credit Suisse, which has taken 315,000 sq ft on five levels, with an option for an additional two floors (175,000 sq ft).

One@Changi City has about 650,000 sq ft net lettable area of business park space spread across nine levels. It is part of an integrated development that also includes the Changi City Point mall (which opened last year) and a boutique hotel residence, Capri by Fraser, which began operating a few weeks ago. The project is being developed by Ascendas Land and Frasers Centrepoint.

In the Central Business District, Virgin Active has inked a lease to open its first fitness centre on the island. It will occupy about 33,000 sq ft on levels five to seven of One Raffles Place Tower 2, making it one of the biggest fitness centres in Singapore. Market talk is that Cushman & Wakefield arranged the lease. Sources say Prologis may be leasing around 8,000 sq ft on the 36th floor of the same building.

Business Times understands US law firm Freshfields will occupy about 8,300 sq ft on part of the 42nd level of Ocean Financial Centre.

There's talk that another US law firm, Milbank, Tweed, Hadley & McCloy, is in advanced talks for around 12,000-15,000 sq ft at Marina Bay Financial Centre (MBFC) Tower 3.

Business Times understands two leasing agreements were recently inked for space in the same building: Lego for 20,000 sq ft and Hong Kong-listed real estate and financial group Goldin (16,000 sq ft).


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