Category Archives: Landed

Nanshan Group’s Song family buys Holland Park GCB

SOME members of the Song family behind Nanshan Group Singapore, which has been increasing its presence in the Singapore property market, are said to have bought a brand-new Good Class Bungalow (GCB) in Holland Park sold recently by Frasers Centrepoint for S$30 million.

Talk in the market has it that the purchase was made through Sui Yongqing, wife of Song Jianbo, eldest son of China-based Nanshan Group founder Song Zuowen.

The group, which is headquartered in Longkou City, Shandong Province, has interests as diverse as aluminium and golf courses to education, wine and real estate.

Ms Sui is understood to have become a Singapore citizen a few years ago. Her husband is believed to have become a Singapore citizen very recently.

Ms Sui, a director of Nanshan Group Singapore, is said to be an authorised signatory for the group’s business in Singapore. The couple, along with three of their four children, are said to currently reside in a condo in the Newton area. Their eldest daughter is in university in the US, according to a recent article in Lianhe Zaobao.

The S$30 million price of the freehold GCB translates to about S$1,991 per square foot (psf) on land area of 15,070.54 sq ft. The two-storey property has a pool, lift, five bedrooms, family area and a helper’s room.

Last week, Nanshan is said to have completed its S$270 million purchase of the former Midlink Plaza site in Middle Road on a turnkey basis. The site, which has a balance lease term of about 65 years, is being redeveloped into a 396-room boutique hotel, with some strata retail space. Nanshan has acquired all the shares of 122 Middle Investment Pte Ltd – which holds the project – from a consortium including Lian Beng Group, Centurion Properties, coffeeshop operator Chang Cheng Group and a vehicle controlled by Jason Lee, founder of the K Box chain.

Over in the Tai Seng MRT Station vicinity, Nanshan Group is said to have signed an agreement, subject to approval by the Strata Titles Board, to buy Irving Industrial Building through a collective sale.

This follows the requisite 80 per cent majority consent secured recently from the owners through a supplemental agreement to lower the reserve price to S$160 million, translating S$930 psf per plot ratio (psf ppr) including development charges, from the S$200 million (S$1,079 psf ppr) reserve price agreed in the collective sale agreement.

“We are in the midst of preparing an application for the en bloc sale to the Strata Titles Board,” said Shaun Poh, executive director (capital markets) at Cushman & Wakefield Singapore, when contacted. The group is handling Irving Industrial Building’s collective sale.

The 65,309-sq-ft freehold site can be redeveloped into a new project with 228,581 sq ft maximum gross floor area (GFA). It is zoned for Business 1-White use, with a 3.5 maximum gross plot ratio. Of this, at least 2.5 plot ratio (translating to 163,272-sq-ft GFA) shall be for Business 1 use and the remaining GFA of up to 65,309 sq ft will be for white uses.

Last year, Nanshan paid about S$250 million for the Park Regis Singapore hotel and the adjoining office block. The group also owns some space at GB Building in Cecil Street, where its office is located.

Last month, the group made its maiden purchase of a Singapore private residential site. It paid S$173.57 million or S$731 psf ppr for the 99-year leasehold plot in Lorong Puntong off Sin Ming Avenue.

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12 Sentosa Cove luxury villas relaunched at a discount

XIMENG Land, controlled by mainland China parties, is relaunching the balance 12 luxury villas on Pearl Island in Sentosa Cove at $2,185 psf on land area. The price is inclusive of a 5 per cent discount to the $2,300 psf list prices for the units. A year ago, the developer’s asking price was $2,400 psf.

Absolute prices vary from about $14.3 million to $25.5 million per villa. Pearl Island is one of the five man-made islands in the upscale waterfront housing district.

“These are the last remaining brand-new luxury villas in the island developments in Cove, fully fitted and ready for occupation,” said Steve Tay, associate director at Newsman Realty, which was last month appointed sole marketing agent for the villas.

Since 2010, Ximeng has sold seven of the project’s 19 villas at prices ranging from $1,904 psf to $2,228 psf on land area. The buyers comprise Singaporeans, Indonesians and mainland Chinese.

The seven units sold include two adjacent units bought by members of the Liu family that controls Ximeng Land. One was purchased for $17.1 million or $1,904 psf on land and the other, for $19.5 million or $1,906 psf.

The highest absolute price achieved for the seven sold units was $27 million (translating to $2,162 psf), for a bungalow on 12,486 sq ft of land – the biggest of Pearl Island’s 19 villas.

The project received Temporary Occupation Permit in the first half of 2012. The villas sit on plots ranging from 6,555 sq ft to 12,486 sq ft and with total floor areas (including roof terrace) of between 8,000 sq ft and 11,000 sq ft. Each villa comprises two storeys in addition to a roof terrace and basement. All four levels are accessible by a private home lift. The bungalows have five to seven bedrooms with en-suite bathrooms.

The basement of each unit houses a lounge and wine cellar, and semi-open garden in addition to a concealed utility area, a maid’s room and toilet. The top floor houses an entertainment room with powder room and a roof terrace.

Each villa is built with wet and dry kitchens fitted with Miele refrigerators, wine chiller, ovens and cooker hoods/hobs. Big imported marble tiles cover the floors of the living, dining and bathrooms. Stairs also have marble slabs.

Each villa has its own private berth (imported from France) and swimming pool.

– See more at: http://business.asiaone.com/property/news/12-sentosa-cove-luxury-villas-relaunched-discount#sthash.icTRPMIP.dpuf

LANDED FOR RENT @ DUNSFOLD DR (SERANGOON/BISHAN) – S$16K

Couple of landed residential property for lease now. For more information, kindly contact + 65 97442121.

3 properties for rent currently:

  • Build-in size: 4,800sf – 6,700sf
  • In ground pool available
  • Brand new
  • 6 + 1 and 7 + 1 rooms
  • Asking from S$16K per month.

Dunsfold Drive is situated near Serangoon and Bishan area. Nearest MRT would be Lorong Chuan, Serangoon with both only 5 minutes drive from the MRT.  Bishan MRT would be abt 12 minutes drive from Dunsfold Drive.

Nearest bus stop are within 5-10 minutes walking distance.

A few schools are nearby including St. Gabriel’s Primary School, Yanzheng Primary School etc.

Following are some photos of the surrounding houses along Dunsfold Drive:

dunsfold drive1 dunsfold drive2

dunsfold drive3

TOP 5 CHEAPEST SHOP-HOUSES SOLD by $PSF IN DISTRICT 7 & 8 FOR 2014 (8 Mths)

No.1 Tessensohn Road (S$2,080psf)

TESSENSOHN RD

Lowest $psf sold: S$2,080psf

Transacted $ per unit: S$6,160,000

Tenure: FreeHold

Land Square Feet per unit sold: 2,962 sf

 

No. 2 Serangoon Rd (S$2,432psf)

Serangoon Rd2

Lowest $psf sold: S$2,432psf

Transacted $ per unit: S$4,500,000

Tenure: FreeHold

Land Square Feet per unit sold: 1,850 sf

Well, it seems like Serangoon Road is on the chart again. Last week we shared that Serangoon Road shop-houses were one of the most expensive shop-houses sold in distract 7 & 8 for the past 8 months and apparently it is also one of the cheapest . I guess it is not surprising if it ends up in the chart of “Best-selling shop-houses”.

No.3 Belilios Lane (S$2,736psf)

Belilios Ln

Lowest $psf sold: S$2,736

Transacted $ per unit: S$8,805,000

Tenure: 99 yrs frm 1995

Land Square Feet per unit sold: 3,218 sf

 

No.4 Desker Rd (S$2,855psf)

desker road

Lowest $psf sold: S$2,855

Transacted $ per unit: S$3,500,000

Tenure: 99 yrs frm 1995

Land Square Feet per unit sold: 1,226 sf

 

No.5 Bussorah St (S$3,125psf)

Bussorah St

Lowest $psf sold: S$3,125

Transacted $ per unit: S$8,800,000

Tenure: 99 yrs from 2003

Land Square Feet per unit sold: 2,816 sf

 

 

 

DC rates for condo falls while that for commercial land rose

Development charges – the rates developers pay the Government to enhance land use – have fallen for the first time in almost 18 months for residential sites earmarked for non-landed homes such as condominiums.

However, these rates shot up for commercial land, places of worship, civic institutions, as well as hotels and hospitals.

Development charges, which can be a significant cost in a redevelopment, are revised after regular half-yearly reviews based on land prices and market deals.

They fell by an average of 2 per cent for non-landed homes, on the back of flagging property sales since the start of the year. The new fees were released by the Urban Redevelopment Authority (URA) yesterday.

They are applied when the value of a site goes up because of a re-zoning or when a taller building can be erected after a change in the site’s plot ratio.

Consultants said they expected the dip in the rates for non-landed residential plots, given the 2.1 per cent slip in the official residential price index in the first half of the year.

Bids for land sold under the Government Land Sales programme have also been conservative, noted Ms Chia Siew Chuin, director of research and advisory at Colliers International, unless the plot is in a popular area.

Moreover, the collective sale market has screeched to a halt this year, she said.

However, the dip in development charges is not expected to boost the acquisition of land significantly, because the risk of shrinking profits from falling property prices is still far greater, noted Mr Nicholas Mak, research head at SLP International.

This was because “the reduction in the development charge rate would only increase the developer’s return on investment of the residential project by 1 per cent, assuming all other factors remain unchanged”.

Non-landed residential plots in Prince Charles Crescent, Alexandra Road, Tanglin Road, Henderson Road, Depot Road and the Telok Blangah area recorded the sharpest dips of 5 per cent.

On the other hand, experts were surprised by the 9 per cent hike in fees for land slated for hotels, hospitals, places of worship and civic institutions – the highest average across all segments.

After all, hotel deals this year have paled in comparison with the “landmark year of transactions” last year, said Dr Chua Yang Liang, head of research Southeast Asia at Jones Lang LaSalle (JLL).

The increase in charges for land for places of worship and civic institutions was also the first hike in five years, JLL noted.

“We believe that the upward revision in both (categories) is for the overall harmonisation of development charge rates with other use groups,” said Dr Chua.

For the commercial sector, charges rose by an average of 2 per cent, with the highest increases in places such as Balestier Road, Thomson Road and the Novena area.

This was largely thanks to the uptick in strata-sales activity at Balestier towers, Dr Chua added. Construction group Low Keng Huat, for instance, had in July forked out about $64 million for 36 units at the mixed-use project in Balestier Road.

The rates were unchanged for landed residential and industrial sites.

Though there were transactions for industrial land in the review period which showed that development charge rates were “trailing behind land prices”, there were also plots of industrial land being sold for less than the land value imputed by the development charge for the area, said Ms Chia.

For instance, the highest bid for a plot in Tuas South Avenue 7 was 22.7 per cent lower than the land value imputed by its development charge.

The new development charges will take effect on Monday.

– See more at: http://business.asiaone.com/news/development-charges-condos-fall#sthash.l5XBjpPj.dpuf