7th March, Thursday
Residential
Top Global to launch Braddell project Source: Business Times SGX-listed Top Global Limited plans to launch a freehold residential project in Braddell at the end of this month. Prices for the twin residences R Maison and E Maison - collectively named The Maisons - are expected to range from $1,350 to $1,450 per sq ft (psf). These prices are "10 to 15 per cent" lower than originally planned, said Top Global chief executive Hano Maeloa. The two residences will comprise 175 units, ranging from 570 sq ft for a one-bedroom apartment to 2,357 sq ft for a two-storey penthouse. It is expected to be completed in June 2016.
Links to the story: http://www.businesstimes.com.sg/print/481830 http://www.straitstimes.com/st/print/888346 http://www.todayonline.com/print/79636
Commercial
SBF Center's small offices selling briskly Source: Business Times Small office units at SBF Center at Robinson Road/Cecil Street have enjoyed brisk sales since last week when Far East Organization began sales at the development. However, sales of medical suites in the 99-year leasehold project have been slower, say sources. Far East is currently said to be calling an average price of about $3,200 per sq ft for small office units after selling about 100 of them. In all, the 31-storey project will have 196 small strata office units that will range from 590 sq ft to 1,500 sq ft, on the 10th to 28th levels. Sources say the development's 48 medical suites, which range from 680 sq ft to 1,300 sq ft and are located on Levels 3 to 5, are priced between $3,800 psf and $4,000 psf. Some market watchers attribute their slower sales partly to the absence of a nearby existing hospital/key medical facility that potential occupiers could tap on. The project's total development cost including land has been previously reported as around $520 million. It is about 200 metres from Tanjong Pagar MRT Station.
Link to the story: http://www.businesstimes.com.sg/print/481703
Four Queensway retail units up for sale Source: Business Times Four freehold strata retail units at Queensway Shopping Centre, with up to 10,388 sq ft in all, have been put up for sale. The joint sole marketing agents for the property, said they expect to receive "strong offers in excess of $32 million" or $3,080 per sq ft (psf). The four units include the prime street-facing second-floor unit now leased to McDonald's. The four units on offer are now leased at a monthly rental of $50,000, which translates to a nearly 2 per cent net yield based on the price of $32 million. Besides the 2,734-sq-ft unit leased to McDonald's, the 7,654 sq ft taken up by the three adjoining units on the third level are leased to Sports Link. Queensway Shopping Centre, at the corner of Alexandra Road and Queensway, is a mixed development which includes apartments. The four units hold about 11 per cent of the share value in the overall development. The expression-of-interest exercise for the four units closes on 2 April.
Links to the story: http://www.businesstimes.com.sg/print/481860 http://www.straitstimes.com/st/print/888335
Investment Sales
Kovan Lodge put up for collective sale again Source: Business Times The freehold Kovan Lodge has been put up for collective sale through tender. The asking price is a tad below $30 million, or around $790 per sq ft of potential gross floor area. No development charge is payable. Under the 2008 Master Plan, the 27,090 sq ft site is zoned for residential use. The plot ratio, which is the ratio of maximum gross floor area to land area, is 1.4. Kovan Lodge's buyer may be able to purchase an adjoining plot of state land of about 505 sq ft. The tender will close on 26 March.
Links to the story: http://www.businesstimes.com.sg/print/481704 http://www.straitstimes.com/st/print/888335
International Markets
UK house prices up 0.5% in Feb Source: Business Times UK house prices rose in February, according to a report, which said the market is improving and values may continue to increase this year. Prices increased 0.5 per cent from the previous month to an average £163,600 (S$307,500). From a year earlier, values gained 2.1 per cent. In the three months through February, home values were up 1.9 per cent compared with the previous quarter.
Link to the story: http://www.businesstimes.com.sg/print/481852
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