Category Archives: Keppel Bay and Sentosa

District 4

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.

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Landed house market on upward trend amidst dropping prices

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.

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.

Waterfront facing Reflections unit for Rent @ $8K

For Rent  –  Reflections at Keppel Bay (D04)

S$ 8,200 / month   |  S$ 5.11 psf   |  1,604 sqft (149.02 sqm)    |  3 Beds   |  2 baths

Homes by The Bay

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Features that will delight you
* Spacious Balconies for Villa Units
* Sky bridge (for Tower Blocks) on #08/15/22
* Luxurious swimming pools (Main/Children/Reflecting/Jacuzzi)
* Clubhouse overlooking the sea.
* Gymnasium by the pool
* Steambath
* Function Room
* Playground
* Tennis Courts
* Basement Car Park
* 24-Hour Security

Unique features of the unit
* Modern furnishings
* Trendy designs
* Luxury Statement
* Spacious Patios
* 3 bedrooms
* Breathtaking Views of the Bay/ Sentosa/ Greenery

Main Attractions of the vicinity:
* Surrounded by panoramic views of Mt Faber, Keppel Golf Course, Labrador Park, Sentosa, Resorts World Sentosa and the city skyline.
* Waterfront Lifestyle
* Mins to CBD, Business Districts, Science Parks, Sentosa and RWS
* MRT (Telok Blangah & Harbourfront) & Shopping Mall (Harbourfront & Vivocity)

Call 94772121 for more details.

http://www.sgbayhomes.com/8934933

Closing up the Circle Line starting in 2018

Advance preparatory works to make the Circle Line a complete loop, by joining HarbourFront station to Marina Bay station, have begun. Tenders for the civil works are expected to be awarded by the year end, and construction will begin in 2018Q1

The 4-km CCL6 line will close the loop for the CCL by connecting HarbourFront Station to Marina Bay Station. When the three CCL6 stations of Keppel, Cantonment and Prince Edward are completed in 2025, the CCL will have a total of 33 stations, including 12 interchange stations with other MRT lines.

Expanding the rail network to more areas such as the southern edge of the existing CBD, CCL6 will support direct east-west travel. Besides reaching new commuters, the extension will allow those travelling between the south-western and south-eastern ends of the line – such as from Pasir Panjang to Nicoll Highway – to have more direct and quicker access.

The stage is being set to build the three new stations that will complete the Circle Line. Keppel station will serve commuters at Keppel Distripark, while Cantonment station will be near Tanjong Pagar Railway Station and offer access to Spottiswoode Park Estate. The Prince Edward station will be near Palmer Road, where heritage landmarks are.

The extension will also serve part of the Greater Southern Waterfront, a massive mixed-used development that will commence once the Tanjong Pagar, Keppel and Brani port terminals are relocated to Tuas after their leases expire in 2027.

Preparatory works include relocating affected facilities at PSA Keppel Terminal for the construction of Keppel station, dismantling the platform canopy structures of Tanjong Pagar Railway Station and the relocation of Shenton Way Bus Terminal for the construction of Prince Edward station.

Bungalow market in Sentosa is gaining pace

So far there are around 7 deals have been in various stages of completion in the bungalow market in Sentosa. The market expectations for these high-end homes are improving with the recent developments of the real estate market in Singapore.

A house along Cove Drive has been sold for $2016 psf, or S$16.25M on land area of 8060 sqft. Another one along Lakeshore View, fronting the golf course, was brokered at S$21.25M or $1886 psf. The buyers was reported to be Japanese discount retail group Don Quijote’s founder Takao Yasuda.

Recently a sale was entered into for the Cove Grove House owned by Ezra Chairman. The price is believed to be between S$14.5-15M for the land-sized -11,515-sqft villa.

Keppel Bay Penthouse sold at $2400 psf

Keppel Land sold a penthouse at the Corals at Keppel Bay condo for S$18.88 million recently. The price works out to S$2,400 psf based on the total strata area of 7,868 sq ft which includes 1,550 sq ft of roof terrace. The duplex unit has five bedrooms and a jacuzzi. It is the largest penthouse in the 366-unit project.

The development comprises 11 blocks ranging from five to 10 storeys. Corals at Keppel Bay is on a site with 89 years’ balance lease, and received Temporary Occupation Permit in August.