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Forest Woods condo attracts over 500 cheques

Posted by Kaeden Ong on 14th October 2016 in Blog

The Forest Woods condominium in Serangoon Central will be launched this Saturday (8 October), said home builder City Developments Limited (CDL), whichMore »

forest-woods-by-cdl

The Forest Woods condominium in Serangoon Central will be launched this Saturday (8 October), said home builder City Developments Limited (CDL), which is jointly developing the project with Hong Leong Holdings and TID.

The 519-unit project has already received a strong response since its preview began on 24 September. So far, more than 4,500 groups of visitors and families have visited the showflat, and over 500 cheques have been collected from buyers, said CDL.

Facilities include a three-level clubhouse with an indoor gym, a 150-metre adventure zone and a 75-metre pool.

Located within a mature estate in Lorong Lew Lian, the 150,711 sq ft site is close to Nex shopping mall, which is linked to the Serangoon MRT station and bus interchange.

The 99-year leasehold project is expected to obtain its TOP in 2021.

Credits: Propertyguru

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65% of Forest Woods units sold at launch

Posted by Kaeden Ong on 13th October 2016 in Blog

Forest Woods, a condominium project by City Developments Limited (CDL), Hong Leong Holdings and TID, received a strong response duringMore »

forest-woods-by-cdl

Forest Woods, a condominium project by City Developments Limited (CDL), Hong Leong Holdings and TID, received a strong response during its launch over the weekend, with 337 of the 519 units (65 percent) sold as at 5pm on Sunday, 9 October.

CDL Group General Manager Chia Ngiang Hong attributed the keen interest to several factors, including its strategic location and competitive pricing.

All unit types saw a good take-up rate, with units sold achieving an average price of $1,400 psf. In fact, all the two-bedroom and one-bedroom with study units were snapped up, while one of the three penthouses was sold at $2.85 million.

Singaporeans accounted for 88 percent of buyers, while the remaining 12 percent comprised permanent residents and foreigners from Indonesia, China, Switzerland, Malaysia, Vietnam and Taiwan.

Unit prices start from $688,000 for a one-bedroom unit to $1.65 million for a four-bedder.

The project in District 19 comprises a range of facilities including a three-level clubhouse, a 75-metre pool and a 150-metre adventure zone.

 

Located at the junction of Upper Paya Lebar Road and Upper Serangoon Road, Forest Woods is near the Serangoon MRT station and bus interchange, as well as Nex shopping mall.

 

“Many units bought were for owner-occupation as they like the location and the project’s strong attributes and offerings. Due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand,” added Chia.

Credits: Propertyguru

 

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5 best-selling projects in August 2016

Posted by Kaeden Ong on 22nd September 2016 in Blog

Property developers sold 805 housing units in August, including executive condominiums (ECs). The five top-selling projects, all located in theMore »

Property developers sold 805 housing units in August, including executive condominiums (ECs). The five top-selling projects, all located in the Outside Central Region (OCR), are:

Treasure-Crest-Artist Impression

1) Treasure Crest EC (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $745 psf
Total no. of units: 504
Sales update: 56 units sold in August

2) Sol Acres EC (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Choa Chu Kang Grove (D23)
Nearest MRT station: Bukit Panjang MRT
Median price: $781 psf
Total no. of units: 1,327
Sales update: 46 units sold in August

bellewoods ec

3) Bellewoods EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Woodlands Avenue 5 and 6 (D25)
Nearest MRT station: Admiralty MRT
Median price: $769 psf
Total no. of units: 561
Sales update: 37 units sold in August

4) Lake Grande (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Jurong West Street 41 (D22)
Nearest MRT station: Lakeside MRT
Median price: $1,317 psf
Total no. of units: 710
Sales update: 35 units sold in August

5) The Trilinq (OCR)
Developer: IOI Properties
Tenure: 99-year leasehold
Location: Clementi Avenue 6 (D5)
Nearest MRT station: Clementi MRT
Median price: $1,413 psf
Total no. of units: 755
Sales update: 30 units sold in August
Credits: Propertyguru

 

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CapitaLand celebrates completion of Sky Vue

Posted by Kaeden Ong on 8th September 2016 in Blog

Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark theMore »

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Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark the completion of Sky Vue in Bishan Central. The event was jointly hosted by the project’s developers CapitaLand and Mitsubishi Estate Asia.

The 99-year leasehold condominium located close to Bishan MRT station obtained its TOP on 21 July.

Around 97 percent, or 672 of the 694 units have been sold as at end-August, said CapitaLand.

The remaining 22 units are mostly two-bedroom configurations measuring 678 sq ft to 829 sq ft, with prices starting from $1.16 million. Also available are a 484 sq ft one-bedroom unit and two penthouses of 2,045 sq ft each.

“We are confident of selling the remaining 22 units, especially with its completion,” said Wen Khai Meng, CEO of CapitaLand Singapore. “This is the fourth completion party we have organised for our home buyers, following those held at The Interlace, d’Leedon and Sky Habitat.”

In an update on its deferred payment scheme, called the stay-then-pay scheme, Wen revealed that 59 options were exercised for d’Leedon, and 42 for The Interlace between 20 June and 30 August. “This scheme is very well-received,” he said.

Under the standard payment scheme, 13 units were sold at d’Leedon and nine at The Interlace during this period.

CapitaLand will also be introducing a marketing scheme to move units at Sky Habitat. Meanwhile, Marine Blue will be completed in the coming months before being officially launched.

Credits: Propertyguru

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CapitaLand launches Victoria Park Villas at lower prices

Posted by Kaeden Ong on 5th September 2016 in Blog

Despite softer market conditions, property developer CapitaLand will officially launch Victoria Park Villas on 3 September. The 99-year leasehold projectMore »

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Despite softer market conditions, property developer CapitaLand will officially launch Victoria Park Villas on 3 September. The 99-year leasehold project in District 10 comprises a cluster of 109 luxury landed homes perched on elevated land next to a Good Class Bungalow (GCB) area in Bukit Timah.

The 403,000 sq ft site at the junction of Coronation Road and Victoria Park Road was awarded to CapitaLand in June 2013 after it submitted the top bid of $366 million ($908 psf) on the land. This is the first and only landed residential site to be awarded under the Government Land Sales (GLS) Programme since 1996 in the prime districts of 9, 10 and 11.

The project features 106 semi-detached homes ranging in size from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $5.9 million each for 100 of them. The other six semi-Ds are more expensive ($6.3 million to $7.6 million) as they each feature a swimming pool on the ground floor.

There are also three bungalows measuring 10,904 sq ft to 11,539 sq ft in floor area, which are priced between $11 million and $12 million each.

Famed architect Mok Wei Wei of W Architects was engaged to conceptualise the development’s master plan.

“The development will appeal to buyers who prefer move-in ready landed houses without having to bear the high costs and time needed to rebuild an existing house or build a house from scratch,” said Wen Khai Meng, CEO of CapitaLand Singapore.

He said the units were priced based on prevailing market conditions. “In a better market, it could have easily cost $1 million more.”

By comparison, four older semi-Ds at the nearby King’s Drive, with only 82 years left on their leases, were each sold for $3.45 million to $3.85 million between August 2015 and May this year. Based on their land areas of 2,605 sq ft to 2,756 sq ft, this translates to a psf price of between $1,323 and $1,395.

“(The) prices (for Victoria Park Villas) are very comparable and reasonable,” said Jack Chua, CEO of ERA Realty, the project’s marketing agent. Highlighting its rarity, he added: “There are not many landed properties for sale in this area.”

The listed prices include a 12 percent early bird discount. The developer is also offering additional discounts of up to three percent for certain buyers who qualify for other schemes, such as repeat customers, buyers of more than one unit, and those living within the project’s vicinity. The practice of offering discounts is common among developers looking to drive sales during the initial launch period.

To date, seven units, all semi-Ds, have been sold to Singaporeans after the project was soft-launched a month ago. Foreigners are not allowed to buy landed homes in mainland Singapore and must first seek approval from the Singapore Land Authority’s (SLA) Land Dealings Unit.

Meanwhile, in a first among landed housing developments in Singapore, CapitaLand is installing smart home features that will allow homeowners to remotely control the lighting, air-conditioning and a security system via their mobile apps.

There will also be bedrooms on the basement level, which can house elderly residents. To further support multi-generational living, private lifts which can hold up to five people each will be installed in every home, connecting the various floors. In Singapore, installing lifts in landed homes can cost anywhere between $80,000 and $100,000. CapitaLand is offering one year of free maintenance for the lifts. But owners will subsequently have to fork out their own cash for maintenance, which will cost about $2,000 to $3,000 a year.

In addition, there will be sheltered car porches connected to the basements, which can accommodate at least two cars each. Excluding the car park area, prices for liveable space within the project will average between $1,200 psf and $1,400 psf.

The development is close to the Botanic Gardens, as well as eateries and shops at Coronation Shopping Plaza and Holland Village. Established schools in the area include Nanyang Primary School, Hwa Chong Institution and National Junior College, and CapitaLand hopes the site’s proximity to these institutions will attract buyers with school-going children.

CapitaLand had previously revealed that Victoria Park Villas would be launch-ready around Q2 2014, but moved back the launch date due to less favourable market conditions at the time.

Commenting on the current state of the market, Wen said it remains “generally quite muted, although there have been some signs of improvement recently”. Despite this, the “overall market sentiment could have been more robust”, he added.

This isn’t the first landed housing development undertaken by CapitaLand, which also developed Holland Green off Bukit Timah Road. Completed in 1998, the 99-year leasehold project comprises 53 luxury bungalows.

Wen noted that landed properties only account for five percent of Singapore’s housing stock. As such, their scarcity offers a better resale value, from an investment point of view.

Victoria Park Villas is expected to be completed in 2018.

Credits: Propertyguru

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Good deal hunting: The search for genuine property bargains

Posted by Kaeden Ong on 1st September 2016 in Blog

In the first of a two-part series, Bernard Tong from The Edge Property look at ways to determine if aMore »

In the first of a two-part series, Bernard Tong from The Edge Property look at ways to determine if a particular home is a good buy, especially when discounts are offered. 

SINGAPORE: We can all fondly recall that one euphoric moment when we discovered a great bargain and took advantage of it, whether it was for a 50-inch TV at a promo price of S$399 or that pair of sneakers you always wanted at half the original amount.

But when it comes to buying properties, how easy is it to assess what is a good bargain? Recently, CapitaLand rolled out a stay-then-pay scheme coupled with a 15 per cent discount for two of its projects, d’Leedon and The Interlace. Not to be left out, Bukit Sembawang offered a 10 per cent to 13 per cent discount for its Skyline Residences development. Earlier this year, Wheelock Properties introduced an ABSD Assistance Package, which provided buyers a 15 per cent discount and a 15 per cent ABSD rebate for selected units at Ardmore Three. OUE Twin Peaks is probably the most notable project, being the first developer to have brought back the deferred payment scheme.  The scheme has been a huge success as 116 units have been sold since.

While these are a handful of popular developments which have been widely cited, we put the numbers to the test to uncover some other deals. And to find the “real deals”, we looked at:

  1. New condos that are substantially discounted from the original launch price, and
  2. New condos that are selling at close to their cost-price.

In our analysis on projects with heavy discounting, we looked at the average per square foot (psf) of transacted new units in the last three months versus those in the first three months of launch. We took into account developments with at least three recent transactions and excluded those with no remaining units (you can’t buy what’s not for sale). Even though it is impossible to account for every single nuance of the transacted properties in this exercise, we ensured there must at least be comparable transactions in terms of size, level and stack in the two different time periods.

Condominiums that are substantially discounted:

substantially-discounted-data

Although we only included projects with an average discount of 5 per cent or more, we were surprised at how short the list is. Beyond the prominent projects that were mentioned earlier, there are not that many discounted projects despite a softening market. Developers’ large holding power from the boon years and compressed margins are possible reasons.

Nonetheless, the projects presented above are being transacted at notable discounts.  If you are looking for property deals, this list could be a good start as a general guide. For example, at Floraville, a 50-unit apartment at Ang Mo Kio, a 635 sq ft unit on the second level was transacted at S$1,316 psf in May 2016 verus S$1,470 psf for a same size and stack transaction on the third level in August 2013. This translates to a 10 per cent discount, although the unit was located only one floor lower. Based on the analysis by The Edge Property, a typical discount/premium for each level is in the range of 0.3 per cent to 0.5 per cent.

Sophia Hills and The Trilinq are two projects with more than 400 remaining units. Last month, a 463 sq ft unit at Sophia Hills was transacted at 7 per cent discount compared to a same size and stack unit in December 2014, despite it being one floor higher. The Trilinq, which has been frequently cited as the first project likely to incur developer’s ABSD remission charge, is also cutting prices. Transactions lodged indicated an average discount of 5 per cent to 10 per cent.

Mon Jervois, a 109-unit condo at Tanglin, has sold seven units since the beginning of the year, some at a considerable discount. For example, a 1,905 sq ft unit on the third floor was transacted at S$1,975 psf in May 2016 versus S$2,037 psf in October 2013 for a same size and stack unit located one floor lower. If you are not the superstitious sort, you can find even greater deals. At this same development, a #04-04 unit was recently transacted at S$1,850 psf, a significant 20 per cent discount compared to a #02-04 unit which was transacted at S$2,318 psf in August 2013. (The number 4 is considered unlucky by many in the Chinese culture).

At The Crest, a prestigious development located at Bukit Merah, sales have also picked up in recent months. Wing Tai Holdings, the developer, is understood to have offered 6 per cent commission to salespersons in April and May. A             discount of 15 per cent is also applied to selected units.

The level of discounting is just one of the ways for property buyers to identify bargains. Understanding cost and margins allow buyers to make better informed decisions. In the second article in this series, we will continue to identify the “real deals” by looking at condos that are selling near costs.

Source: Channel News Asia

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