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.
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.
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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 firstname.lastname@example.org for preview and launch details.
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.
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.
538 landed homes were sold in the second quarter – this is the highest quarterly volume since the fourth quarter of 2012. Overall, the number of landed homes sold has increased, driven by falling prices and limited supply of landed homes. URA flash estimates released recently indicated that prices of landed residential properties fell further by 0.4 % for Q2, down from a 1.8 % drop in the previous quarter.
The market for good class bungalows (GCBs) is lukewarm although the market for smaller bungalows in GCB areas is on a rise. Good class bungalows (GCBs) are the most prestigious segment of landed property in Singapore.
On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year. The latest GCB sold was a $46 million bungalow in Queen Astrid Park on a 29,709 sq ft site, reportedly purchased by the family who controls oil trading group Hin Leong.
20 sales have taken place in GCB areas so far this year, worth a total of $432.2 million. These include properties with a plot size of less than 1,400 sq m. This is markedly more than the 14 transactions in the same period last year, which totalled $298.36 million.
Another upmarket landed segment, Sentosa Cove, has contrasting statistics. Sales at the exclusive waterfront precinct shot to seven this year from just four for the same period last year.
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.
Singapore Press Holdings (SPH) and Kajima Development are planning to develop more than 600 residential units and a retail/commercial component with a gross floor area of about 310,000 square feet on a 99-year leasehold site in the new Bidadari Estate that they have won the tender. The two teamed up to form an equal partnership that placed the top bid for the site at a tender conducted by the Housing & Development Board.
The winning bid of S$1.132 billion translates to S$1,181 per square foot plot ratio based on the maximum gross floor area of 958,450 sq ft allowed for the commercial and residential site next to Woodleigh MRT Station.
The site’s proximity to popular primary schools and other educational institutions and the green environment in the Bidadari Estate including a park and a lake are the key attractions.
As part of the tender conditions, the successful bidder will also have to build a 6,000 square metre community club, a 2,190 sq m neighbourhood police centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.
Mercer’s annual Cost of Living Survey finds African, Asian, and European cities dominate the list of most expensive locations for working abroad
According to Mercer’s 2017 Global Talent Trends Study, fair and competitive pay as well as opportunities for promotion are top priorities for employees this year – not surprising given the current climate of uncertainty and change.
Mercer’s 23rd annual Cost of Living Survey finds that factors like instability of housing markets and inflation for goods and services contribute to the overall cost of doing business in today’s global environment.
Mercer’s 2017 Cost of Living Survey finds Asian and European cities – particularly Hong Kong (2), Tokyo (3), Zurich (4), and Singapore (5) – top the list of most expensive cities for expatriates. The costliest city, driven by cost of goods and security, is Luanda (1), the capital of Angola. Other cities appearing in the top 10 of Mercer’s costliest cities for expatriates are Seoul (6), Geneva (7), Shanghai (8), New York City (9), and Bern (10). The world’s least expensive cities for expatriates, according to Mercer’s survey, are Tunis (209), Bishkek (208), and Skopje (206).
Five of the top 10 cities in this year’s ranking are in Asia. Hong Kong (2) is the most expensive city as a result of its currency pegged to the US dollar, which drove up the cost of accommodations locally. This global financial center is followed by Tokyo (3), Singapore (5), Seoul (6), and Shanghai (8).