Category Archives: Condos

Woodleigh site attracts top bid of $700.7M

A unit of Chip Eng Seng Corp and Unique Real Estate has put in the top bid for a plum site in Woodleigh Lane. Unique Real Estate is a joint venture of Heeton Holdings and KSH Holdings units.

The 99-year leasehold site launched on May 30 under the confirmed list for the first half of this year drew a top bid of $700.7 million from CEL Unique Development, which is 60 per cent owned by Chip Eng Seng Corp, and 40 per cent by Unique Real Estate.

The Government land sales site tender attracted 15 bidders. The land is next to Woodleigh MRT station, adjacent to Bidadari New Town and near amenities such as Nex shopping mall. The 19,547 sq m site has a maximum gross floor area of 58,641 sq m.

The selling price of the proposed development to expected to range from $1,720 psf to $1,800 psf and could face some competition from the mixed-use site in Bidadari estate linked to Singapore Press Holdings and Kajima Development.

Super Penthouse in Singapore for S$100M

Who will be buying the most expensive apartment or “bungalow in the sky” in Singapore? The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached more than $100 million. This amount of money can well easily buy one a few good-class bungalows (GCBs) in District 9/10.

The Wallich Residence’s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed South-east Asian neighbours, as well as multi-millionaires from mainland China.

It will test the endurance of demand for luxury property in the city-state – the part of the market that has taken the biggest hit from measures aimed at cooling down prices in recent years.

Prices for luxury homes in Singapore have fallen 15-20 % from a 2013 peak. However the recent events has cause optimism among market insiders to foresee a turnaround – at least at the top end of the market – and is forecasting a 3-5 % increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out.

The volume of transactions in the first four months of the year in Singapore’s core central region was 35% higher than in the same period last year. The Core Central Region includes the popular areas among wealthy foreigners — the Orchard Road shopping area and Sentosa island.

Buying by foreigners has picked up since the start of the year at the developer’s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan.

The recent tightening of property market controls in places like Hong Kong and Australia played a part in attracting foreign demand to Singapore’s luxury property this year. While prices in Hong Kong tripled and Sydney’s doubled over the past decade, Singapore prices rose just 29 %.

City Developments (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than $2,800 per sq ft in recent months, up 8 % from a year ago, and foreign buyers accounted for three-quarters of the project so far.

One may note though that the Singapore’s residential market has fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. Analysts expect a bottoming of prices in the year 2017.

Singapore introduced property price cooling measures to curb speculation for the past 7 years. Some measures were relaxed slightly this year but the authorities announced that there would be no more rolling back of the remaining measures for now.

More information of the Penthouse can be found at the following link.
https://www.guocoland.com.sg/Properties/SG/Resources/WR/Wallich_PentHse.pdf

J Gateway for rent at $2.98K

For Rent  –  J Gateway (D22)

S$ 2,980 / month  Negotiable   |  S$ 4.01 psf   |  743 sqft (69.03 sqm)   |  Partially Furnished    |  2 Beds   |  2 baths

Beautiful unblocked home in the most happening place in Singapore. High floor with captivating view of the Singapore South East, this is a luxury stay for the well discerned. Partial furnished. Suitable for couples and young families. Call for a viewing appointment. David 94772121

http://www.sgbayhomes.com/20620833

 

Robertson Quay’s newest “garden in the city”

Robertson Quay is having its the first large-scale launch in eight years: Martin Modern. The new condo project will comprise 450 residential units set within a botanic garden. It will offer a range of two, two plus study, three and four-bedroom apartments with sizes spanning 764 sq ft to 1,798 sq ft. Prices start from S$1.8 million.

Residents will be able to enjoy lush greenery in this development, more than 80% of the land area set aside for a beautiful botanic garden with over 200 species of plants and more than 50 species of trees and palms.

The project highlights includes:

– 2 Towers of 450 units (up to 30 storeys)
– Low site-coverage with Extensive Botanical Landscape
– Bespoke concierge services
– Panoramic Views of gardens / city / the Singapore River
– 2 to 4 Bedrooms (2BR, 2+S sizes from 800-880sqft / 3BR, 3+S sizes from 1,000-1,300sqft/ 4BR with private lift 1,800sqft ) on average price of $2300psf  (prices and sizes subject to change)

This next masterpiece by renowned Guocoland Singapore in District 9 Orchard/River Valley is slated for launch on 22 July 2017. There is a preview period prior to the official launch. Due to overwhelming response for the past 2 days, Martin Modern show suite operating hour is extended to this coming weekend 10 – 14 July (10am – 1pm)

Call +65-94772121 or email davidking.property@hotmail.com for preview and launch details.

URA statistics indicating private home market bottoming

The quarter-on-quarter drop of 0.3 % in URA’s overall private home price index, based on its Q2 flash estimate released on Monday, follows a 0.4 % decline in the index in Q1. The 0.3 % fall in the second quarter is the smallest of the 15 quarters since the peak in Q3 2013. The general sentiment among the property circles is that the private housing market is close to its trough given the statistics.

The Urban Redevelopment Authority’s overall private home price index is expected to start increasing next year, as projects on sites bought at high land prices come to the market.

 

The market is bottoming out with the cooling measures expected to stay put. While private home sales volumes are expected to remain healthy, the price index is expected to flatline, while the affordability in terms of absolute price quantum is expected to remain the key driver for sales volume – given the current muted market sentiment amid soft economic growth, and policy conditions.

The Monetary Authority of Singapore’s comments last week that the “calibrated adjustments” in March to the seller’s stamp duty and TDSR do not signal the start of an unwinding of the property cooling measures.

 

Based on its Q2 flash estimate, URA’s overall private home price index has slipped 11.8 % from the recent peak in Q3 2013.

URA’s data also showed that prices of non-landed private residential properties in the Core Central Region (CCR) or prime areas fell by 0.9 %  in Q2, after easing 0.4 % in Q1. In the city fringe or Rest of Central Region (RCR), prices rose 0.5 %, after registering an increase of 0.3 % in the previous quarter. Prices in the suburbs or Outside Central Region (OCR) retreated 0.4 %, after inching up 0.1 % in Q1.

 

https://www.ura.gov.sg/uol/media-room/news/2017/Apr/pr17-24

Many Sentosa Cove Homes suffering losses

Sentosa Cove properties may have the Singapore’s most prestigious address, but they may not be the guaranteed money spinners many of their rich owners thought when they bought them.

Many of the Sentosa Cove transactions over the past year recorded losses. Of the total of 30 units recorded , 16 suffered losses when they were sold, and 11 notched profits.

The largest loss was at Seascape. A seventh-floor unit, which had been purchased for $12.8 million in June 2010, chalked up a loss of $6.6 million. The 378 sq m apartment was put up for auction in January and sold through private treaty to a buyer with a HDB home address for $6.2 million in February.

The next largest loss was also at Seascape – $4.65 million in the red, after the eighth-floor unit went under the hammer for $6.35 million in a mortgagee sale (Oct 2016). The previous owner bought the unit for $11 million in December 2011.

For those who have made profits in this prestigious location, on example includes a house in Ocean Drive. One savvy investor made a $4.1 million profit for his landed property at 184 Ocean Drive. The owner purchased it for just $2.7 million in February 2005 and sold the 316 sq m terrace house for $6.8 million in May last year.

Sentosa Cove is the only place in Singapore where foreigners need not be permanent residents in order to buy landed property.

The second-largest profit recorded was at The Azure, where a 294 sq m unit was sold in May last year for a profit of $1.158 million – 10 years after it was purchased.

The 30 properties were sold for between $1.68 million and $6.8 million. The average profit of the 11 profitable transactions was about $820,900, while the average loss of the 16 loss-making transactions was about $1.67 million.

Prices at Sentosa Cove have been falling. In the core central region, which takes in Sentosa, private non-landed home prices continued on a downward trend, falling by 0.4 per cent for the first quarter of this year, compared with a 0.1 per cent increase in the previous quarter. Overall, prices fell by 1.2 per cent in the core central region last year.

Luxury property sector on the way up?

The luxury property market has pickup momentum after years of lull activity. Recent deals that transacted include a GCB sale of 31,211 sqft in Leedon Park. The buyer is understood to be the executive chairman of Raffles Medical Group Loo Choon Yong. The price is at $1310 psf based on land. There is also a Sentosa Cove bungalow selling for $16.6m based on a land area of 9725sqft. The sale will be a loss based on the price the seller bought in 2012 at $24m.

A penthouse in the prestigious area of Nassim area was sold for more than $25m. The condo unit at The Nassim has a strata area of 9300 sqft, including a pool deck and rooftop pool. The Mukhtar family from Allied Bank in Pakistan bought the place from the developer of the project, Nassim Hill Realty.

For condo and private apartment sold at $10m and above, the number is at a total of 19 units, valued more than $262m.