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Marina Bay white site launched for sale

Posted by Kaeden Ong on 31st August 2016 in Blog

1A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA)More »

Location-map-of-White-site-crop.original

1A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month.

Although the identity of the applicant was not revealed, The Business Times reported that Nanshan Group was the party that submitted the minimum bid of $1.536 billion for the plum site, which was deemed acceptable to the government. This translates to about $1,010 psf per plot ratio (psf ppr).

The 99-year leasehold site has a maximum permissible gross floor area (GFA) of 141,294 sq m, and was made available on the reserve list of the second half 2016 Government Land Sales (GLS) Programme. Approximately 70 percent (100,000 sq m of the GFA) will be reserved for office development, while the remaining GFA can be set aside for hotel, serviced apartment or residential uses.

Situated opposite Lau Pa Sat food centre, the future development will be connected to One Raffles Quay and Marina Bay Financial Centre (MBFC) via underground and overhead pedestrian links. It will also be linked to the Downtown and Raffles Place MRT stations, as well as the future Shenton Way station.

Despite the mind-boggling price set for the site, it is not the most expensive offer by far for a plot in Marina Bay. The record price currently stands at $2.02 billion ($1,409 psf ppr) for the 1.02ha Marina View land parcel A where Asia Square Tower 1 stands, which was netted in 2007 by private equity real estate firm MGPA. The 43-storey office tower with a net lettable area of 1.25 million sq ft opened in 2011.

In 2005, a consortium comprising Keppel Land, Cheung Kong and Hongkong Land paid $1.9 billion ($381 psf ppr) for the 3.55ha MBFC site. Completed in 2013, the massive development features nearly three million sq ft of Grade-A office space, 649 luxury apartments and 179,000 sq ft of retail space.

Meanwhile, the tender for the white site at Central Boulevard will close on 8 November. Any tender less than $1.536 billion will not be considered, said the URA.

Credits: Propertyguru

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Sim Lian profit slumps 71% on lower development

Posted by Kaeden Ong on 30th August 2016 in Blog

Property developer Sim Lian Group has reported a 71 percent year-on-year slump in net profit to $68.8 million for theMore »

Sim Lian Group Developments

Property developer Sim Lian Group has reported a 71 percent year-on-year slump in net profit to $68.8 million for the financial year ended 30 June 2016.

The group’s revenue during the period also fell by 52 percent to $570.9 million, from $1.193 billion previously.

Its property development division accounted for $86.6 million of total revenue for FY2016, down by 91 percent from the $914.3 million reported in FY2015. The group attributed the decline to lower contributions from its development property that was completed in February last year.

However, contributions from Sim Lian’s construction division soared by 88 percent to $430 million, due to an increase in percentage of work done in FY2016.

Contract costs incurred by the group declined by 52 percent to $434 million from $906.1 million previously. The drop in contract costs was in tandem with the revenue fall.

During the period under review, the group posted a foreign exchange loss of $8.2 million, due primarily to the revaluation of intercompany balances that are not denominated in the functional currency of the respective subsidiaries.

With this, Sim Lian has proposed a first and final dividend of 1.5 Singapore cents, down from the 7.28 Singapore cents it declared last year.

“With the property cooling and loan restriction measures still in effect since June 2013, and the expected global slow growth, the group expects the operating environment for the property market to continue to be challenging,” said the group in an SGX filing.

Credits: Propertyguru

(Check out condominium developments by Sim Lian Group: Wandervale EC Choa Chu Kang Homepage & Treasure Crest EC Sengkang Homepage)

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11 TOP projects to watch out for in 2016

Posted by Kaeden Ong on 26th August 2016 in Blog

As part of our special report on TOP projects, we’ve profiled a number of new developments across Singapore that areMore »

As part of our special report on TOP projects, we’ve profiled a number of new developments across Singapore that are set to be completed soon, and which have available units for sale. Click the map to see the larger version. Happy house hunting!

Credits: Proeprtyguru

10-11_ TOP projects to watch out for in 2016 (R).indd

Check Out –

  1. Bellewoods EC Woodlands Homepage
  2. Bellewaters EC Sengkang Homepage
  3. Leedon Residences Farrer Road Homepage
  4. Ecopolitan EC Punggol Homepage
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16 bids for Anchorvale Lane EC site

Posted by Kaeden Ong on 25th August 2016 in Blog

An executive condominium (EC) site along Anchorvale Lane in Sengkang has attracted strong interest from developers, with 16 bids submittedMore »

An executive condominium (EC) site along Anchorvale Lane in Sengkang has attracted strong interest from developers, with 16 bids submitted at the end of the tender exercise on Tuesday (23 August), said the Housing and Development Board (HDB).

Hoi Hup Realty and Sunway Developments jointly submitted the top bid of $241 million for the land parcel, or $355 psf per plot ratio (psf ppr), followed by a $235 million offer from Wee Hur Development, or $346 psf ppr.

“The race to acquire land has become more intense given that this is the last EC site that will come on the market for the rest of the year,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

“The EC sales market has seen some traction in the last few months. Despite an unprecedented number of unsold stock, the number of unsold EC units has steadily reduced for the last six months since the first quarter of 2016. The stock has dropped to 5,471 unsold units at the end of June, from 6,520 units in Q1 2016. Developers’ interest was also fanned by the recent sales performance of Treasure Crest.

“The 15-month time bar for ECs from award to launch gives developers another reason to remain confident that the unsold stock will reduce further by the time the development is ready for launch,” added Sim.

Launched for sale on 29 June under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, the 99-year leasehold site is expected to yield up to 635 units.

Located beside Punggol Reservoir, it is within proximity to the Tongkang LRT station and schools.

A decision on the award of the tender will be made after the bids have been evaluated, said the HDB.

Credits: Propertyguru

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Gem Residences: Small units the big draw at new launch

Posted by Kaeden Ong on 23rd August 2016 in Blog

Newly-launched Gem Residences accounted for most of the new private homes sold last weekend, while other previously-launched projects recorded slow but steadyMore »

Gem-Resort-Residences-Facade

Newly-launched Gem Residences accounted for most of the new private homes sold last weekend, while other previously-launched projects recorded slow but steady sales.

Developers Gamuda, Evia Real Estate and Maxdin sold 315 units or 55 per cent of their Toa Payoh project at an average price of $1,426 per sq ft (psf) over the period. About 300 of these units were sold at its VIP sales booking day on Friday.

Under current market conditions, a sales rate of over 50 per cent of a project’s units in the first month is considered very good, experts said.

When any project is launched, most of the sales are typically in the first two to three weeks, said Mr Joseph Tan, CBRE executive director of residential services.

“Post-cooling measures, the demand has been muted due to loan curbs and the Additional Buyer’s Stamp Duty. But demand is also project-specific – if a project is in a good location, there will be demand.”

Smaller units were sought after at Gem Residences. About 60 per cent of the 471 units that are smaller than 1,000 sq ft each were sold, while about 20 per cent of the other 107 units larger than 1,000 sq ft were sold.

“We have kept prices fair, and we believe this has played a huge part in drawing in buyers,” Mr Chow Chee Wah, managing director of Gamuda Land, said of its maiden project in Singapore.

Gem Residences has also been notable for its various concepts, including tri-key units or trios. These are 980 sq ft and the developers are believed to have sold about five of 37 available trios at the project.

The project has a 24-hour concierge service able to fulfil “more challenging requests, including helping residents get a table at Michelin-starred restaurants overseas or that limited edition Hermes bag”, the developers said. This is provided by local company Djenee and the London-headquartered Ten Group. It is on-demand and service fees are involved.

Separately, about 10 units were sold at the public launch of Stars of Kovan over the past weekend. Developer Cheung Kong Property had sold about 60 units at an average price of $1,408 psf at its VIP pre-sale the prior weekend.

A handful of sales were recorded as well at The Trilinq, Sturdee Residences, The Poiz Residences, Principal Garden, Botanique at Bartley and Symphony Suites.

Among executive condominiums, The Terrace, Sol Acres, The Amore and Bellewaters also registered sales.

“While the market may not have the horsepower to accelerate, there is still underlying torque, or a steady state of demand,” said Mr Alan Cheong, Savills Singapore research head.

“The initial launch is where you see a spurt in sales, but this will peter out later as there are other factors impacting sales – expectations about the economy and job security, which may leave potential buyers more circumspect.”

Credits: StProperty

 

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URA launches sale of Fernvale Road site

Posted by Kaeden Ong on 19th August 2016 in Blog

UPDATED: A residential site at Fernvale Road in Sengkang was launched for sale by public tender on Tuesday (16 August), saidMore »

Fernvale-Road-site

UPDATED: A residential site at Fernvale Road in Sengkang was launched for sale by public tender on Tuesday (16 August), said the Urban Redevelopment Authority (URA).

Offered on a 99-year lease, the 17,196.4 sq m site has a maximum gross floor area of 51,590 sq m.

Released under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, it can yield up to 605 units.

The site is close to the Thanggam LRT station, eateries along Jalan Kayu, The Seletar Mall and the Tampines Expressway.

Analysts expect the site to draw more developer interest. “Including the Fernvale Road site, only three residential sites are confirmed for sale in this second half of 2016. This will certainly nudge developers to bid for the site. Competition will be keen especially from developers who have not been awarded any residential sites for the past few tenders,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

The tender for the land parcel will close on 27 September, said the URA.

Credits: Propertyguru

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