Category Archives: Neighbourhood

9999 years heritage home for only $1.55M @ Farrer Park vicinity

Rare walkup apartment that contains memories of distant past. Looking to own an heritage home? With Collective sale potential! Call David King @ 9477-2121for more details

Accessibility (Location) : Joo Avenue (Walking distance to Farrer Park MRT and City Square Shopping Mall.
Budget: S$ 1.56M for almost Freehold space.
Capacity/Size: 1700 sqft   |  3+1+1 Beds   |  4 baths
Date of Availablity: Competitive offers are coming. Please hurry to secure your chance for great value!

http://www.sgbayhomes.com/20466444

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District 9 Luxury Home for sale (Luma)

Are you looking to buy a prime District 9 freehold condo before it becomes less affordable? Here is your chance at the Luma.
Breathtaking view of the Prime Districts of 9 and 10 (Orchard Road, Paterson and Grange). Minutes to prime shopping belt of Ion Orchard, Ngee Ann City, Takashimaya, Wisma Atria and Paragon, this is the best ideal choice for expats. Selling with Tenancy. Upcoming MRT station coming soon.
Accessibility (Location) : Luma @ 6 River Valley Grove
Budget: S$ 1,818,000   (S$ 2000+ psf)   | 
Capacity/Size: 904 sqft (83.98 sqm)    |  2 Beds   |  2 baths
Dateline: Selling with Tenancy till 2019

http://www.sgbayhomes.com/18635169


Call 94772121 for details or you can fill up the form for future correspondence.

 

Freehold Orchard Condo 5th attempt at Enbloc Windfall

Home owners at freehold condominium Cairnhill Mansions are looking to ride the wave of collective sales as they gear up for their fifth attempt at selling their estate, according to local news media.

The estate in Cairnhill Road consists of a 61-apartment complex with a maximum gross floor area of about 172,240 sq ft, yielding potentially 140 new units in the redevelopment.

At a guide price of $362 million the owners are seeking a higher rate than their last bid in 2011 — translating to $5.7 million each, or about $2,800 per sq ft (psf). Similar projects nearby have sold at between $1,700 psf and $4,000 psf for the past few months.

The estate’s prime address is expected to carry a premium. Not too far away at the former Zouk club address in River Valley area, a developer committed to bid at least $689.4 million for the government reserve site, triggering an URA land sale tender. https://www.ura.gov.sg/uol/media-room/news/2017/Sep/pr17-62

Jiak Kim Street.png

The Jiak Kim Street site can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.

 

En Bloc fever catches on (updated: Normanton Park sold at $830.1M on 5 Nov)

The collective sale fever in Singapore is gathering steam as the news of record enbloc deals and potential sites looms. Among the latest that are joining the fever are:

1. Pine Grove ($1.65B)
Owners of the 660-unit former HUDC estate are aiming to achieve the largest collective sale deal in Singapore. The price tag of $1.65B is much higher than the last record of $1.34B deal made in Farrer Court in 2007.

An extraordinary general meeting will be held on Oct 29 to get at least 80 per cent of owners to back the en-bloc sale. Based on the minimum reserve price, each owner is looking at receiving $2.08 million to $2.64 million per unit.

It will be the estate’s 3rd attempt for a collective sale after a no-bid attempt in 2011 following the owners raising the reserve price from $1.33 billion to $1.7 billion. Its first try was in 2008. The 99-year leasehold project has 66 years left on its tenure

2. Braddell View ($2B)
Braddell View, the largest of Singapore’s 18 HUDC estates and the last to be privatised in March this year, is planning to jump on the en bloc bandwagon.

The 918-unit estate is holding an extraordinary general meeting on Oct 10 to form a collective sales committee to kick-start the process.

The reserve price for the 1.124 million sq ft development is S$2 billion. If successful, this would easily eclipse Pine Grove’s S$1.65 billion en bloc attempt. The 99-year lease Braddell View development has 63years left on its lease.

3. Spring Grove ($1B)
Owners in the 325-unit estate are targeting at least $1 billion sales price. They had asked for $1.39 billion in 2014. A $1 billion price works out to about $1,807 per sq ft (psf), based on a maximum gross floor area of 553,377 sq ft. This is above the $1,285 psf to $1,438 psf that units in the estate have fetched so far this year.

There are quite a lot of sales en bloc going on now, but not that many are in the prime district, so that’s something going for this development.

4. Normanton Park ($0.8B) — updated: sold at $830.1M
It will be second-time lucky in its collective-sale bid at an $800 million reserve price for the hopeful owners at Normanton Park.

The Normanton Park owners are among those capitalising on the collective-sale fever. It failed in its previous bid in 2015. The tender will close today on Oct 5 at 3pm.

Based on the reserve price, each Normanton Park unit owner could get between $1.6 million and $1.8 million. This translates to a land rate of about $898 per sq ft per plot ratio (psf ppr), which includes a differential premium for intensification of the site of about $225.3 million, and a top-up premium of $220.6 million for a fresh 99-year lease.

Update: Normanton Park has been sold to Kingsford Huray Development for S$830.1 million — translating to a land price of approximately S$969 per square foot per plot ratio (psf ppr), is the highest land rate for a 99-year leasehold collective sale site this year.

Each home owner will stand to receive about S$1.68 million to S$1.86 million. Kingsford will have to fork out a premium of about S$231.1 million top up the lease to another 99 years, and top up about S$283.4 million to redevelop the site to a gross plot ratio of 2.1.

5. ICB Shopping Centre ($65m)
This is the first en bloc attempt by ICB Shopping Centre, a mixed-use development in Yio Chu Kang Roadwhich is more than 30 years old. It comprises six apartment units (of between 1,324 sq ft and 1,550 sq ft) and 13 retail units. The site about 1 km from Nex shopping mall and Serangoon MRT station, and is also near eateries and other small retail shopping areas.

The development’s residential and commercial owners are looking for a price of S$65 million to S$70 million. Based on its maximum potential gross floor area (GFA), the asking price range translates to a unit price of about S$1,390 per sq ft (psf) to S$1,500 psf.

The development sits on a freehold plot with a land area of 15,548 sq ft. It has a current GFA of 25,123 sq ft, but with a plot ratio of 3.0, it can be built to a maximum permissible GFA of 46,643 sq ft.
Concerns about current enbloc fever
Though the enbloc fever looks to getting even hotter, the concerns among the industry players are about the sustainability of the momentum over the long run. The market can only absorb one or two big sites. Some of the record-aiming enbloc sites have such huge sizes that the interested developers will need to factor in expected costs if they cannot finish selling the completed units.

Selling all the units within five years of buying the land to avoid additional buyer’s stamp duty (ABSD) will pose a challenge. This could affect the price developers are prepared to pay for the site.

Projects such as The Interlace and d’Leedon, which were built on large sites sold during the 2007 en-bloc boom, are still left with unsold units, together with the existing launches which have unsold inventory. New launches will face some fierce competition among the existing unsold units as well as among themselves.

To top it off, the property rental market has yet shown signs of shaking off its lull as well amidst the economic/employment uncertainty. Unless the authorities loose up the policy of workforce, and new jobs emerge from the current lacklustre market, it remains to be seen if new launches can provide good returns to prospective buyers.

For Sale @ Kovan: Isuites 2 Bedrooms

Are you looking to buy a freehold condo for less than $800K? Well look no further, as I have a 999-year leasehold (as good as freehold) condo in Kovan area for sale. Totally move-in condition! As owner bought it new 3 years ago and had a beautiful renovation for the home.

With Balcony in a serene environment. In the hottest region in Singapore’s property market at the moment, after the recent sales in Serangoon Ville and Rio Casa. Call King for details @ 94772121.

http://www.sgbayhomes.com/16469602

Raffles Place commercial building seeking new owner

Chevron House, a commercial building located near the entrances to the Raffles Place MRT station, is reportedly available for sale. The building owner, Deka Immobilien GmbH — a unit of DekaBank Group of Germany — bought the premises in 2010 for around S$420M. The previous owner was a Goldman SachGroup-managed property fund.

The market price was understood to be S$700M based on anonymous sources. Recent prominent completed commercial deals includes:
– S$2.6B bid led by Malaysian IOI on a Marina Bay white site
Sale of Sime Darby Centre in Bt Timah area by Blackstone to Tuan Sing
Purchase of Wilkie Edge from Capitaland by Lian Beng Group

Chevron House is a skyscraper building in CBD housing Chevron Corp. The 262,650 sqft building consists of a 4-storey retail podium with a basement as well as a 29-storey office block.

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.