Category Archives: Landed

Villas at Somerset area

Went to an Open house at Brentwood Villa and Villa Madeleine this week. There are beautiful houses right at the periphery of Orchard area. Convenience is definitely is an understatement. The interiors were also luxurious. At 2300sqft of luxury living space right in the prestigious district of district 9 it is only at $10k per month ie slightly over $4psf. A bigger house at Villa Madeleine that is twice the size is available for only $15.2k. That’s only $3.7psf.

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Auctioned properties now at 6-year high

According to Business Times over the weekend, it was reported that there are more properties put up at auctions but much less were sold. Though there were 796 properties put on auction according to Colliers, only 33 were sold. This success rate of 4.1% is less than an average of 6% over the past 5 years. There is still a big price gap between sellers and buyers resulting in stalemates in most of the auction sales. Most of the properties that are suffering from the lull belongs to the high end private residences and high-quantum priced homes (such as landed homes above 3000sqft and condos of more than 1500 sqft).

Sentosa Cove Bungalow fetches S$2775 psf

A bungalow in Sentosa Cove fronting the Serapong Golf Course and overlooking the sea, has changed hands for S$23.8 million or S$2,775 per square foot (psf) on the land area of 8,576 square feet.

Located along Lakeshore View, the property is on a site with a balance lease term of 89 years.

The psf price is the highest for a bungalow transaction in Sentosa Cove in the past two years. However, it is shy of the S$2,922 psf and S$2,952 psf that two nearby villas on the same road fetched in June and May 2013 – both prior to the introduction of the total debt servicing ratio (TDSR) framework in late-June that year.

The latest bungalow transacted at Lakeshore View has three and a half levels, including a roof terrace with a jacuzzi. In all, the property has four bedrooms, a theatre room and a swimming pool; the total built-up area is around 10,000 sq ft.

The buyer, a Chinese businesswoman, has lodged a caveat for the property – having been granted an option to purchase the bungalow and exercised it, both last month. The sellers are three siblings from a Hong Kong family, two of whom are British citizens and the third, a Singapore citizen.

Sentosa Cove bungalow at Lakeshore View fetches S$2,775 psf

Over the past two years, from October 2013 to October 2015, villas on Sentosa Cove have sold at between S$1,386 psf and S$2,612 psf, going by URA Realis data.

That said, he highlighted that the discount between the latest transaction and the S$2,900-plus psf for the two nearby villas is a reflection of sellers lowering their price expectations in the face of softening demand due to the property cooling measures.

Mr Tay said that he was confident that there would be a couple more deals by year end. BT understands that, including last month’s Lakeshore View deal, he has brokered the sales of three villas on Cove this year.

The other two are a property at Treasure Island that was sold for S$14.3 million or S$1,706 psf to a Chinese citizen who is a Singapore permanent resident, and a bungalow on Pearl Island sold by the developer, Ximeng Land. The price for the second property, which spans three storeys and basement, with about 8,000 sq ft built-up area, is believed to be S$14-plus million or over S$1,900 psf. The Pearl Island villa purchase was not caveated.

Foreign buyers eyeing villas on Sentosa Cove are mostly Asians, noted Mr Tay. Some Singaporeans are also keen on investing in a villa in the waterfront housing district. “Ultimately, Sentosa Cove is an enclave with only 360-plus bungalows. There is no more land that is to be released on Sentosa Cove for villas.”

While viewing activity by potential buyers in the Cove is higher compared to a year ago, transaction volumes are nowhere near pre-TDSR levels. Inclusive of the Lakeshore View transaction, six bungalows would have changed hands year to date. This is double the three deals for the whole of last year. In 2013, the figure was 18 transactions while that for 2012 was 23.

Back in 2009, there were 36 deals, followed by a record 54 transactions in 2010 before activity began slowing to just 24 deals in 2011 – due to the onset of property cooling measures.

Housing rents continue the decline in Oct

The residential rental market remained lull in October 2015. Both rents and transaction volumes continue the decline. According to the flash estimates from SRX Property, rents of non-landed private residential units has declined 0.4% in October from September. HDB slipped 0.5%.

Various factors are attributed to this decline.

  • Seasonal (second half of the year is a weaker period for leasing periods)
  • Increase in supply of homes for lease (The number of private residential units receiving TOP are 10,329/13,150/19,941/13,589 for the periods 2012/2013/2014/2015 (till Q3 2015))
  • Change in requirements for senior expatriates.

 

Queen Astrid GCB site up for sale at S$49-51m

A FREEHOLD Good Class Bungalow (GCB) redevelopment site in Queen Astrid Park is put up for estate sale by tender, with an indicative price of S$49-51 million.

This works out to S$1,399 to S$1,456 per square foot (psf).

Located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, the 35,011 sq ft site is currently occupied by a single-storey detached house.

Colliers International deputy managing director Grace Ng noted that the indicative price is “inviting” when compared to the peak median price of S$1,749 per sq ft recorded in the second quarter of 2014.

In the second quarter of this year, the median price for detached houses with land area of 15,000 sq ft (1,400 sq m) and above in District 9, 10 and 11 is S$1,410 per sq ft.

GCBs are highly coveted here due to its scarcity, with only some 2,500 islandwide.

Ms Ng said that the GCB site at 2 Queen Astrid Park, which is nestled in an exclusive neighbourhood zoned for GCBs, would not have been available for sale had it not been an estate sale.

The draw of the GCB site at 2 Queen Astrid Park lies in its exclusivity as it is on elevated grounds in tranquil surroundings with lush greenery, and yet with easy accessibility to Holland Village and Orchard Road.

“Furthermore, there is the potential for sub-division into two smaller plots, which is a rare attribute and would appeal to developers,” Ms Ng said.

The GCB site enjoys wide double road frontages onto Queen Astrid Park and Coronation Road West, with good accessibility via the Ayer Rajah Expressway and Pan Island Expressway, as well as Holland Village and Buona Vista MRT stations. The tender for the site closes on Nov 12.

The second quarter of this year saw a surge in the number and value of transactions in GCB areas – to at least 11 deals totalling S$282.3 million, up from just four deals adding up to S$95.3 million in the first quarter.

In recent transactions involving GCBs, a 31,125 sq ft site at 45 Belmont Road was sold in June for S$1,420 per sq ft while a detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for S$1,400 per sq ft.

In July, a Queen Astrid Park GCB was sold for S$32 million or about $1,169 psf on a 27,373 sq ft freehold plot. This plot cannot be subdivided. The buyer was Liu and Lee Investment, a company led by the low-key property investor Liu Shek Yuen.

Elsewhere, prime Good Class Bungalow land along Nassim Road could come on the market in the next several months as the British High Commission mulls over the potential sale of unused land at the Eden Hall site.

http://www.businesstimes.com.sg/real-estate/queen-astrid-gcb-site-up-for-sale-at-s49-51m
http://www.businesstimes.com.sg/real-estate/queen-astrid-gcb-site-up-for-sale-at-s49-51m

GCB site in Cluny Hill area sold for S$21.52M

A plum vacant freehold site of 15,097 sq ft in the Cluny Hill Good Class Bungalow Area is being sold for S$21.52 million or S$1,425 per square foot based on the land area.

The property is being sold by Standard Chemical Corporation. The buyer is Aston Holdings, Realstar Premier Group, which brokered the transaction, told BT.

A company search revealed that Aston is 90 per cent owned by Tan Koo Chuan, who also controls developer Yi Kai Group. Based on caveats data, the Cluny Hill property was previously transacted in 2005 at S$6.64 million. The site includes three conservation trees. The transacted price of S$21.52 million is lower than the S$24 million that the seller is understood to have looked for earlier this year.

The S$1,425 psf on land area at which the property is being sold is lower than the S$1,659 psf at which a GCB along Cluny Road facing the Botanic Gardens was transacted at in February 2014. Market watchers suggest one factor for the lower price for the Cluny Hill property is that there is a power station next door.

http://business.asiaone.com/news/gcb-site-cluny-hill-area-sold-2152m#sthash.NGJPB5Cj.dpuf

Top Selling Landed Localities in District 11 by Street 2013-2015

Novena

Bt Timah/Novena/Newton, considered as a central district with a mixture of private condos, landed and commercial properties. A highly desired location for private property owners for its  location, amenities and schools. Here are the top 6 landed localities by street name between 2013-2015.

  1. Whitley Road: 22 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure/Type
1/6/2014 $4,388,000           4,801 $914.00 Free Hold (Strata Landed)
14/11/2013 $5,080,000           6,448 $788.00 Free Hold (Strata Landed)
1/11/2013 $4,967,000           5,716 $869.00 Free Hold (Strata Landed)
1/11/2013 $4,998,000           5,823 $858.00 Free Hold (Strata Landed)
18/09/2013 $5,233,488           5,683 $921.00 Free Hold (Strata Landed)
1/9/2013 $4,957,000           5,285 $938.00 Free Hold (Strata Landed)
1/9/2013 $4,975,000           5,651 $880.00 Free Hold (Strata Landed)
5/8/2013 $5,300,000           6,168 $859.00 Free Hold (Strata Landed)
1/8/2013 $4,950,000           5,780 $856.00 Free Hold (Strata Landed)
16/07/2013 $5,450,000           6,049 $901.00 Free Hold (Strata Landed)
1/7/2013 $5,118,000           6,071 $843.00 Free Hold (Strata Landed)
1/7/2013 $5,019,000           5,877 $854.00 Free Hold (Strata Landed)
1/7/2013 $4,900,000           6,125 $800.00 Free Hold (Strata Landed)
25/06/2013 $4,978,210           6,060 $821.00 Free Hold (Strata Landed)
23/04/2013 $5,331,200           6,125 $870.00 Free Hold (Strata Landed)
23/04/2013 $5,287,600           6,168 $857.00 Free Hold (Strata Landed)
22/04/2013 $4,800,000           5,554 $864.00 Free Hold (Strata Landed)
19/04/2013 $5,330,000           6,082 $876.00 Free Hold (Strata Landed)
10/2/2013 $5,000,000           5,587 $895.00 Free Hold (Strata Landed)
22/01/2013 $5,118,000           6,071 $843.00 Free Hold (Strata Landed)
17/01/2013 $5,080,000           5,748 $884.00 Free Hold (Strata Landed)
16/01/2013 $4,902,000           5,726 $856.00 Free Hold (Strata Landed)
  1. Hillcrest Road: 16 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure/Type
28/05/2015 $2,970,000           3,079 $965.00 99 YRS FR 03/08/2006

(Strata Landed)

12/6/2014 $1,425,000           3,218 $443.00 99 YRS FR 03/08/2006

(Strata Landed)

22/05/2014 $3,170,000           3,154 $1,005.00 99 YRS FR 03/08/2006

(Strata Landed)

7/5/2014 $2,800,000           3,035 $922.00 99 YRS FR 03/08/2006

(Strata Landed)

20/04/2014 $4,900,000           2,725 $1,797.87 Free Hold
18/04/2014 $3,150,000           3,154 $999.00 99 YRS FR 03/08/2006

(Strata Landed)

31/12/2013 $6,300,000           3,220 $1,956.82 Free Hold
22/10/2013 $3,280,000           3,154 $1,040.00 99 YRS FR 03/08/2006

(Strata Landed)

28/09/2013 $3,200,000           3,154 $1,015.00 99 YRS FR 03/08/2006

(Strata Landed)

27/08/2013 $3,280,000           3,154 $1,040.00 99 YRS FR 03/08/2006

(Strata Landed)

5/6/2013 $2,998,000           2,917 $1,028.00 99 YRS FR 03/08/2006

(Strata Landed)

22/03/2013 $3,150,000           3,089 $1,020.00 99 YRS FR 03/08/2006

(Strata Landed)

20/03/2015 $2,800,000           3,089 $906.00 99 YRS FR 03/08/2006

(Strata Landed)

8/8/2014 $2,750,000           2,917 $943.00 99 YRS FR 03/08/2006

(Strata Landed)

11/12/2013 $3,228,000           3,154 $1,024.00 99 YRS FR 03/08/2006

(Strata Landed)

15/05/2013 $1,133,333           1,982 $571.91 Free Hold
  1. Greenwood Ave: 8 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure/Type
5/11/2015 $5,300,000           3,639 $1,456.32 Free Hold
5/11/2015 $3,618,000           3,100 $1,167 103 YRS FR 03/10/2011

(Strata Landed)

5/11/2015 $3,618,000           3,100 $1,167 103 YRS FR 03/10/2011

(Strata Landed)

11/11/2014 $3,850,000           1,630 $2,362.44 Free Hold
15/10/2013 $4,230,000           1,660 $2,548.49 Free Hold
4/7/2013 $4,350,000           1,630 $2,669.25 Free Hold
27/05/2013 $4,500,000           1,634 $2,754.02 Free Hold
13/03/2013 $6,180,000           2,406 $2,568.84 Free Hold

 

 

  1. Watten Rise: 7 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure/Type
19/05/2015 $3,600,000           1,766 $2,038.08 Free Hold
2/5/2015 $6,398,000           3,926 $1,629.80 Free Hold
16/06/2014 $3,690,000           4,004 $922.00 Free Hold (Strata Landed)
13/02/2014 $3,700,000           4,004 $924.00 Free Hold (Strata Landed)
27/09/2013 $4,150,000           1,765 $2,350.88 Free Hold
8/6/2013 $3,350,000           3,111 $1,077.00 Free Hold (Strata Landed)
27/05/2013 $4,300,000           1,765 $2,435.85 Free Hold

 

 

  1. Gilstead Road: 4 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure/Type
7/11/2014 $3,000,000           2,992 $1,003.00 Free Hold (Strata Landed)
26/09/2014 $3,030,000           3,068 $988.00 Free Hold (Strata Landed)
5/9/2014 $4,260,000           6,049 $704.00 Free Hold (Strata Landed)
6/6/2013 $4,200,000           4,015 $1,046.00 Free Hold (Strata Landed)

 

 

  1. Jalan Adat: 4 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
3/8/2015 $4,628,000           1,827 $2,533.60 Free Hold
13/07/2015 $4,150,000           2,771 $1,497.84 Free Hold
28/05/2014 $4,050,000           1,828 $2,215.87 Free Hold
20/05/2014 $4,300,000           2,598 $1,654.85 Free Hold

 

Rare HDB landed home sold for $958K

A RARE “landed public home” has just fetched $958,000 on the resale market.

The two-storey terraced house in Jalan Bahagia in Whampoa is one of just 285 such units here.

Located in Whampoa and Queenstown, these units come under Housing Board rules. They were built decades ago by the Singapore Improvement Trust, HDB’s predecessor.

The 241 sq m house sold earlier this week is among the largest such units to have changed hands recently.

The price works out to about $370 per sq ft (psf).

In contrast, private landed terraced houses nearby have gone for more than $2,200 psf this year.

“Nowadays, it’s very rare to be able to get any landed house for less than $1.5 million,” said Mr Nicholas Mak, the head of research at SLP International Property Consultants.

However, he noted, prices in excess of $1 million might be seen for a freehold property or a new private house on a 99-year lease.

The three-room terraced unit has less than 60 years left on its lease, which began in 1972.

Mr Mak added that buyers might have to consider renovation costs as well, given the age of such properties.

Even so, HDB terraced units are much sought after when they hit the market. In March, a larger HDB terraced unit in Jalan Ma’mor, also in Whampoa, went for $1.06 million.

That unit was 280 sq m, which made it an even better deal at around $350 psf. Its lease also began in 1972.

The two properties are among at least five Housing Board terraced units that have changed hands this year.

An 85 sq m unit sold for $760,000 in January, a 104 sq m unit fetched $875,000 in February and an 81 sq m unit went for $708,000 in March.

http://business.asiaone.com/news/rare-landed-public-home-sold-958k-0#sthash.riSznzDL.dpuf