Real News‎ > ‎2012‎ > ‎September 2012‎ > ‎

22 September 2012

22nd September, Saturday




Gambir Ridge units 90% sold at preview

Source: Business Times

ABOUT 70 of the 77 units at Gambir Ridge, a freehold condominium at Bartley Road, were snapped up at its preview yesterday.

TA Corp, which was listed on the Singapore Exchange late last year, said the units were selling at above $1,400 per sq ft. They comprise a mix of one- to four-bedroom units.

Apartment sizes range from 570 to 732 sq ft for a one-bedroom unit; about 710 to 1,130 sq ft for a two-bedder; between 915 and 1,119 sq ft for a three-bedroom; and about 1216 to 1,442 sq ft for a four-bedder. Penthouse units are between 1,119 and 1,938 sq ft.

Located at Gambir Walk, the development is near Bartley and Woodleigh MRT stations. It is also close to Nex Mall, Heartland Mall and myVillage (formerly Serangoon Garden Village).


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'White' site near Novena set for sale

Source: Business Times

A prime "white" site at Thomson Road/Irrawaddy Road has been triggered for sale by public tender after a developer offered a bid of at least $211.3 million, or $700 per sq ft per plot ratio (psf ppr).

It is classified as a "white" site, which means it can be put to commercial, residential or hotel use. But the Urban Redevelopment Authority (URA) requires that a minimum 30 per cent of maximum permissible gross floor area (GFA) be set aside for hotel use.

It has a plot area of 0.66 ha, which translates to a maximum permissible GFA of 301,852 sq ft.

Analysts expect keen interest in the site given the location's proximity to Novena MRT Station and several medical centres, including Tan Tock Seng Hospital, Novena Medical Centre and Mount Elizabeth Novena Hospital.

"Considering the location, the price triggered is a fair value and I expect between five and eight bidders for the site," noted Lee Sze Teck, DWG's senior manager, training, research and consultancy.

Another analyst is confident that bids for the plot, which is in an already established commercial hub, will exceed $1,000 psf ppr.

Given the site's flexibility in development options, analysts are uncertain about the exact nature projects will take but expect a combination of serviced apartments, hotel, and retail to cater to the various medical facilities in the vicinity.

URA will launch the public tender for site in about two weeks and the tender period will subsequently be for eight weeks.


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Shophouse sales reap tidy profit

Source: Business Times

Shophouses have been consistently good performers for investors this year, with the value of transactions going through the roof.

There were 192 shophouses sold in the first eight months of the year, worth $944 million in all. That beats the $892 million worth of deals chalked up in the same period last year, although there were 233 transactions, according to a property consultancy.

Experts say the limited supply of these architectural gems, particularly conservation shophouses in areas like Chinatown, is sustaining demand.

Centrally located shophouses typically have lower yields but higher capital appreciation, while it is the reverse for suburban shophouses, they add.

Median prices have surged 35 per cent, from $1,867 per sq ft (psf) last year to $2,520 psf in the first eight months of this year.

Gross yields hover at around 3 per cent to 4 per cent with strong tenant interest largely from food and beverage firms and boutique firms in the information technology, creative design and service sectors.

The advantages for owner occupiers in buying a shophouse are privacy and trophy value, but the disadvantages are illiquidity and maintenance.

Experts add that the life-cycle cost of a shophouse can also be high because it is built to an older design and so certain edifices and materials need to be conserved.

Most are in the three conservation areas: the historic districts of Boat Quay, Chinatown, Kampong Glam and Little India; the historic residential districts of Blair Plain, Cairnhill and Emerald Hill; and secondary settlement areas such as Balestier, Joo Chiat, Mount Sophia, Tanjong Katong and Tiong Bahru.

There are about 5,600 conservation shophouses in these areas.


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Star Vista set to dazzle Buona Vista

Source: Business Times

The one-north area is fast taking shape with the new Star Vista mall.

The CapitaMalls Asia outfit - the first major mall in Buona Vista - has about 100 shops, including some that are new to Singapore, like eatery Morganfield's.

The Star Performing Arts Centre, owned and managed by New Creation Church's Rock Productions, is above the mall.

Star Vista is within Vista Xchange, a cluster next to Buona Vista MRT station that houses Rochester Mall, Park Avenue Rochester Hotel and the upcoming Metropolis, which will have two office towers and retail space.

The one-north development in its entirety will be finished in about 15 years, but the changes are already boosting condominiums in the area while rents are being sustained by the many enterprises, private and public, there.

Property consultants say there is "great investment potential", given the area's accessibility, limited new supply of units, capital appreciation and leasing demands.


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