Category Archives: Novena/Newton/Bukit Timah

Districts 11&21

Braddell Road Flyover to delay completion to June

After having been delayed three times, the troubled Braddell Road flyover project has a new deadline. It is now slated to be completed by June, the Land Transport Authority (LTA) said. Its original deadline was end-2015.

A spokesman for LTA told The Straits Times that it had been working closely with the public works project’s main contractor, Feng Ming Construction (FMC), to “rectify, review and improve” safety measures after a stop-work order (SWO) stalled progress on Feb 23.

Safety inspectors from the Ministry of Manpower (MOM) discovered several safety violations during a random spot check at the worksite. The SWO was lifted on March 8, and the works have now fully resumed, said LTA .

 

 

Condo @ King Albert Park MRT for sale

Blossomvale, nicely tucked into the greenery and the serene King Albert Park/Dunearn Road. Mins to Methodist Girls School (MGS). Cosy home in Bt Timah enclave. Close to amenities like Cold Storage and shopping areas, it is a great buy! Call David King for viewing details

http://www.sgbayhomes.com/19956906

Deferred payments are catching up among developers

Following the brisk sales in OUE’s Twin Peaks, more developers are adopting deferred payment schemes to move sales. About 160 units were sold at the OUE project since March after the scheme was introduced. 

CapitaLand sold about 20 units in d’Leedon under its version of deferred payment schemes.  It has also introduced the scheme for the Interlace.

Some of the deferred payment schemes involve allowing buyers to stay first pay later. It involves a downpayment ranging from 5-20 % upon exercising the option and the remaining bulk payment of 80-90% to be paid a year later.

Bulk sales in the making for developers

As the deadline for hefty penalties is approaching, various developers adopted various measures to avoid them. Some previously public listed developers chose to delist their companies from the stock market. Others had used their affliated companies to buy over unsold units. There are also some developers chose to find bulk buyers for their properties. CDL is believed to market one of the two towers at Gramercy Park which is yet to be launched. OUE is also offloading one of its towers in Twin Peaks.

Gramercy Park is about 90% completed and is expected to obtain its TOP in Q2 2016. It has 174 apartments in the freehold site. CDL has until mid 2018 to sell all the units before incurring Qualifying Certificate  (QC) extension charges. The asking price is believed to be around  $2600 psf.

For the 231-unit Tower 1 of Twin Peaks, which is a 99-year leasehold project, the TOP was obtained in Feb 2015. It has until next year to sell the unsold units before incurring QC charges. The average price of the other tower was at $2861psf.  So far 72 units were sold.

Many developers are giving good discounts now in the current lull market especially on the luxury segment. Individuals and funds may find this time to do property shopping at a rare opportune time.

Beautiful home in Watten Estate avail in April

Located in the prestigious Bukit Timah area, this luxurious residence is in the middle of the Watten Estate/Shelford Road area. Resort styled condominium within minutes to prestigious schools (like RGPS and Nanyang Primary), this home is suitable for small families and professionals working in town area. Call David King +94772121 for appointment.

http://www.sgbayhomes.com/19643664

Completion of Downtown Line 2 bolstered home prices

The completion of the long awaited DTL2 for the central and northwest region in Singapore has led to the rise in home prices near the stations. Also informally known as the Bukit Timah line, the average prices near the stations rose 4.5% over the last quarter compared to Q3 2015. Based on the past 2 years trends, the average prices has risen 3.58% though the URA’s property index dipped by 7.6%. Projects that have seen increased buying interest include Eco Sanctuary @ Chestnut Avenue, Kingsford Hill view Peak in Hillview Rise and Skywoods in Dairy Farm Heights. Other projects in the CCR region like Robin Residences seems to be going strong as well.

Timeless Qualities make for Timeless Living

A newly minted luxury residence are now welcoming new residents to make themselves at home.

With its coveted freehold status, Leedon Residence will tell the story of your achievements for generations. Located in District 10’s Good Class Bungalow enclave, you’ll be connected to shopping and entertainment districts, as well as prestigious schools.

Five hectares of lush greenery offers a 200-metre nature trail, 50-metre lap pool and gourmet kitchen. Created by internationally acclaimed architect Chan Soo Khian of SCDA, Leedon Residence’s lofty double-volume living spaces, private balconies and magnificent views will make home as grand as your dreams.

Freehold, District 10

● For immediate occupation

● Sprawling 500,000 sq ft land

● Luxurious amenities with 200m Forest Walk

● Surrounded by Good Class Bungalows

● Short walk to Farrer Road MRT

● Close proximity to Holland Village (set for intensification by URA)

● Attractively priced 2, 3, 4, 5 bedroom and penthouse units

For more information call David King for more details @ 94772121.

Morning 2

Vista Residences for Sale.

Vista Residences

Vista 1 Vista 2

At the heart of Novena & Thomson lies a FREEHOLD residence that is inspired by the buzz of the city and the tranquility of nature. Towering above the Sky Terraces, the Sky Apartments at Vista Residences provide stunning panoramic views. One overlooks the bustling cityscape while the other commands a view of the lush surroundings of MacRitchie Reservoir.

At each Sky Apartment, residents will be pampered with luxurious living spaces furnished with the finest finishing and superior Italian marble.

This development is a short drive to MacRitchie Reservoir Park, and the shopping and dining amenities at Novena, Orchard, and Balestier. In addition, the upcoming Mount Pleasant (to be completed in 2021), Novena, and Toa Payoh MRT Stations are all within walking distance. Additionally, cycling path networks will soon be built in Ang Mo Kio to allow residents to cycle islandwide . Reputable schools like Anglo Chinese School and SJI International are also close by.

Major developments like the Novena medical hub, future Health City Novena (to be completed by 2030) and international schools are in the vicinity. Health City Novena will form when all public and volunteer health-care facilities there plus medical school – Lee Kong Chian School of Medicine are physically linked up. Landscape of Novena will be transformed with Health City’s new healthcare facilities, boulevards, gateways and plazas. These developments will all be seamlessly integrated with the surrounding lifestyle components like shopping malls, and transport hubs, providing greater accessibility, and more amenity options for residents in Vista Residences. The facilities include:

  • Gymnasium
  • 50m Olympic-length pool
  • Basketball Half Court
  • Splash Deck
  • Children’s Pool
  • Garden Pavilion
  • Children’s Play Area
  • Sunbathing Deck
  • Roof Garden Pavilion
  • Tennis Court
  • Bicycle Track
  • Lagoon Villa
  • Cabana
  • Lounge Deck

Prime office rents seen softening further

OFFICE rents in Singapore’s Central Business District (CBD) likely peaked in the first quarter of this year, with further softening becoming more pronounced as more tenants opt for cheaper decentralised offices and financial institutions consolidate amid an uncertain economic outlook.

Key projects seen weighing down office rents in the Raffles Place and Marina Bay area in the second quarter were Asia Square in Marina Bay as well as CapitaGreen in Raffles Place.

According to some consultants, there was an aggressive marketing strategy to fill up Asia Square amid a potential divestment of Tower 1 by BlackRock Inc. The sale is said to have drawn bids from Norway’s sovereign wealth fund, CapitaLand and Keppel Land.

“As Asia Square Tower 1 is going through divestment exercise, it is in the landlord’s interest to fill up the building quickly,” said Cushman & Wakefield research director Christine Li.

In Marina Bay, Grade A effective direct rents – which are based on per floor basis and account for rent holidays and other incentives – slipped to S$11.01 per square foot per month (psf pm) in Q2, down from S$13.22 psf pm in Q1, Cushman & Wakefield estimated. In Raffles Place, rents dipped to S$10.66 psf pm in Q2 from S$10.92 psf pm in Q1.

Data released by the Urban Redevelopment Authority (URA) showed that office rents in the Central Region weakened by 2.6 per cent in the second quarter, after rising 0.6 per cent in the first quarter.

Ms Li is projecting a decline of 2 per cent in overall CBD prime office rents for each quarter in the second half, with the Marina Bay area more susceptible to rental fluctuations since some 58 per cent of the tenants there are banking tenants – of which many are reviewing their space requirements – compared with about 49 per cent in Raffles Place.

Savills head of research Alan Cheong said that he is expecting another 3-5 per cent slide in prime office rents in the CBD in the second half compared with the first half.

According to Colliers International, cost-conscious companies that do not require a CBD front office are making plans to move out of the financial district to reduce their occupancy costs.

Germany’s automotive firm Daimler Group, for instance, is moving from Centennial Tower in City Hall to about 55,000 sq ft at Westgate Tower in Jurong East with an estimated 30 per cent rental savings. Insurance company Great Eastern Life is also taking up close to 33,000 sq ft at Westgate Tower. Mechanical engineering services firm Beca has reportedly leased 26,000 sq ft at Westgate Tower, relocating from Anson Centre in Shenton Way.

Knight Frank head of consultancy and research Alice Tan noted that the current lack of demand from potential large-space tenants, adding that with the possible deterioration in market sentiment, “downside risks on Singapore’s rental growth could become more pronounced going forward”.

A report released by Knight Frank last week showed a 1.4 per cent drop in prime office rents in Raffles Place and Marina Bay based on 2,500 to 5,000 sq ft of net lettable area and flagged that Singapore’s prime office market is at a stage of accelerating decline in the rental cycle.

“As global and domestic business conditions turned cautious, leasing activities in Singapore’s office market are showing signs of weakening,” Ms Tan added. “Typical large space occupiers, in particular financial institutions, are holding back their expansion plans or are going through a consolidation phase by relocating to alternative locations or consolidating their offices to fewer locations in the CBD.”

Ms Li noted that a growing amount of shadow and secondary space is easing the supply crunch this year as some large bank tenants give up more space in Raffles Place and Marina Bay.

For tenants whose leases expire next year, they will be “spoilt for choice” as about four million sq ft of prime office space and 2.3 million sq ft of business park space (out of which 1.1 million sq ft comes from MapleTree Business City II) will be completed, Ms Li added.

http://www.btinvest.com.sg/dailyfree/prime-office-rents-seen-softening-further/