Category Archives: Global News

2 districts are going against the trend

In SBR, it was reported 2 districts are going against the trend.

Non-landed private residential property prices have continued its downward slide in May. Overall resale prices of non-landed private homes slipped by 0.3%, representing a 17-month low since December 2012.

However, two districts are going against the grain by recording the highest transaction over x-values (TOXs) in the past month. The TOX measures how much people pay compared to recent transaction prices.

A report by the Singapore Real Estate Exchange released today revealed that District 10 (Bukit Timah, Holland Road, Tanglin) posted the highest positive TOX value of $80,000 in May.

District 21 (Upper Bukit Timah, Ulu Pandan) is a far second with a TOX value of $29,000 last month.

“This means that majority of the non-landed private property buyers last month in these districts purchased their units above what other buyers who came before them paid for in similar units,” the report noted.

This is in sharp contrast to overall median TOX recorded for the past month, which stands at negative $10,000 for non-landed private resales.

– See more at: http://sbr.com.sg/residential-property/in-focus/bucking-trend-two-districts-record-soaring-resale-prices-in-may#sthash.ouNy9oHk.dpuf

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URA announcement for H2 GLS

The Government today announced the second half 2014 (2H2014) GLS Programme, which will comprise 9 Confirmed List sites and 14 Reserve List sites. These sites can yield up to 10,200 private residential units, including 1,500 Executive Condominium (EC) units, and 352,000 sqm gross floor area (GFA) of commercial space (see Appendices 1 & 2).

The supply from the 2H2014 GLS Programme, together with the large supply from projects in the pipeline, is expected to be adequate to meet the demand for private housing and commercial space over the next few years.

The Confirmed List contains 6 private residential sites (including 3 EC sites), 2 commercial & residential sites and 1 commercial site. These sites can yield about 3,900 private residential units (including 1,500 EC units) and 159,000 sqm GFA of commercial space.

The Reserve List contains 12 private residential sites, 1 commercial site and 1 White site. These sites can yield about 6,300 private residential units and 193,000 sqm GFA of commercial space.

Supply of Private Housing

The residential sites to be placed on the 2H2014 Confirmed List are located across all regions (i.e. Outside Central Region, Rest of Central Region and Core Central Region). These sites are expected to provide a supply of about 3,900 private residential units (including 1,500 EC units), which will be added to the existing large pipeline supply of more than 90,000 private residential units (including ECs).

A commercial & residential site at Holland Road will be placed on the Confirmed List as part of the Holland Village Extension plan unveiled in the Master Plan 2014. The sale of the site will further enhance the existing urban village character of the area. It will provide new housing options within a mixed use development that is well connected via pedestrian linkages to surrounding transport nodes and public spaces.

Supply of Commercial Space

The Government is releasing a commercial site at Paya Lebar Road for sale on the Confirmed List of the 2H2014 GLS Programme. The 3.98 ha site at Paya Lebar Road comprises a commercial site that was on the first half 2014 (1H2014) Reserve List and another plot of land immediately south of Paya Lebar East-West Line MRT Station. The two plots of land will be connected via a subterranean space under Sims Avenue. The sale of the larger land parcel provides greater flexibility for building design, layout and placement of uses. It will also facilitate the development of Paya Lebar Central into a commercial node, which is in line with the Government’s objective of decentralising employment centres and bringing jobs closer to homes.

In addition, the 2H2014 Reserve List will have 2 sites for office developments: a white site at Marina View and a commercial site at Beach Road. These 2 sites will provide opportunities for the market to initiate the development of more office space if there is demand.

Other Government Supply to be Made Available in 2H2014

Apart from the GLS Programme, the Government will also make available other supply of land and properties through its various agencies to meet economic or development objectives. These include localised retail facilities at HDB estates, industrial estates, MRT stations, sport facilities and community centres, as well as the leasing of vacant state properties for commercial uses.

http://www.ura.gov.sg/uol/media-room/news/2014/jun/pr14-34.aspx

H2 GLS to speed up development in Holland V and Paya Lebar among others.

In today Business Times (11 June), it was reported that even as the government adopted a cautious approach to private housing in the latest land sales programme for H2 2014 to account for the twin factors of oversupply and weaker demand, the new sites rolled out yesterday stirred excitement in the market,

The new sites were rolled out under both confirmed and reserve lists in the residential and commercial property sectors.

In particular, the strategy to accelerate the development of various growth areas as identified in the latest land-use master plan is made clear in the latest slate. For instance, the Urban Redevelopment Authority (URA) will launch the tender for a much-awaited commercial and residential development site in Holland Village in December. “The sale of the site will further enhance the existing urban village character of the area,” said the Ministry of National Development (MND). The 2.31-hectare site is estimated to yield about 580 private residences in addition to 13,500 sq m GFA of commercial space. It is being placed on the H2 confirmed list as part of the Holland Village Extension plan unveiled in Master Plan 2014. It will provide new housing options within a mixed-use development that is well connected via pedestrian linkages to surrounding transport nodes and public spaces. An existing car park that will be part of the sale site will be shut by the first half of next year to facilitate development of the sale site. Future development on the site will provide parking lots to meet the demand in the area. In the meantime, an interim car park will be built to replace the public parking lots affected.

In addition, URA has enlarged a commercial site next to Paya Lebar MRT Station and moved it up from the reserve list to the confirmed list, reflecting its commitment to drive the growth of Paya Lebar as a regional commercial hub. Elaborating on the enlarged 3.98-hectare commercial site in Paya Lebar, MND said yesterday that the site comprises a plot that was on the H1 reserve list and another plot immediately south of Paya Lebar East-West Line MRT Station.

The two plots of land will be connected via a subterranean space under Sims Avenue. The sale of the larger land parcel provides greater flexibility for building design, layout and placement of uses. It will also facilitate the development of Paya Lebar Central into a commercial node, which is in line with the government’s objective of decentralising employment centres and bringing jobs closer to homes.

The earlier plot has a drain running diagonally across it, severely constraining any potential design scheme. While the additional plot to its north also has a drain running through it, the drain divides the plot into two more regular-shaped rectangular plots, which would allow a developer to put a tower on each half. Market watchers reckon that besides a minimum office component, the enlarged sale site is likely to have retail and residential elements, and possibly hotel uses too. The enlarged Paya Lebar site can generate about 167,160 square metres (nearly 1.8 million sq ft) gross floor area (GFA), compared with 86,940 sq m for the old plot. This will limit participation at its tender to big players, say market watchers.

With the focus on decentralisation, two sites for office developments in the city – a commercial site on Beach Road and a “white” site in Marina View – will take a “back seat on the reserve list. The 2.14-ha Beach Road plot, a new site that includes the former Central Police Station grounds, can generate 89,880 sq m GFA of commercial space. Meanwihile the Marina View plot, which can produce about 101,400 sq m GFA, has been on the reserve list for more than two years, though MND yesterday announced a new sale condition: banning strata subdivision of office space for the future project on the site. This is in line with the vision for quality office developments within Marina Bay, Singapore’s key financial and business district.

See: http://www.businesstimes.com.sg/premium/top-stories/push-speed-development-new-sites-released-20140611