Located at the junction of Wilkie Road and Selegie Road, Wilkie Edge is a leasehold 12-storey development comprising office and retail units as well as a serviced residence, Citadines Mount Sophia Singapore. It has 88 years left on the lease. The mixed-use commercial and residential building located near Little India, is being sold for S$280 million — works out to a price of S$1,812 per square foot (psf) based on the building’s net lettable area, and a price of S$1,299 psf based on gross floor area.
Lian Beng Group and Apricot Capital, the private investment firm of Super Group’s Teo family, have agreed to acquire Wilkie Edge from CapitaLand Commercial Trust (CCT).
The sale is expected to be completed in September. The sale consideration is 39.3 % above Wilkie Edge’s valuation of S$201 million or S$1,301 psf as at Dec 31, and 53.3 % higher than its original purchase price of S$182.7 million in 2008.
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.
A unit of Malaysian property developer Selangor Dredging has bought a prime freehold residential plot in the plush Orchard area.
Champsworth Development (50 % owned by SDB International, a subsidiary of Selangor Dredging) paid $72 million for 1 Draycott Park. The sale price includes a development charge of about $15.3 million, translating to about $1,787 per sq ft per plot ratio, for the 17,442 sq ft site.
The developer purchased the land via private treaty from Ms Seow Ai Ling and Mr Tang Wee Houe who is an architect.
The developer said it was considering building “exclusive mid-rise apartments” on the site, which now has a seven-storey block built in the 1990s, with eight apartments ranging from 860 sq ft to 6,200 sq ft. The site, zoned residential, can be redeveloped up to 36 storeys high.
The site is in the residential enclave of Claymore Hill and Ardmore Park, near the Tanglin Club and American Club, which is also within walking distance of Orchard Road.
The purchase will be 30 per cent paid for with internal funds and the rest with bank borrowings. The break-even price for the new development is expected to be between $2,700 and $2,800 psf.
According to Mr David Tang, chief executive of Metro’s retail business, Orchard Road should be the street that never sleeps.
He said it would be nice to have a “day Orchard” for shopping and an Orchard that comes alive at night, with restaurants or watering holes that could attract young people too, especially when food as a major draw is what Singapore is good at.
Recent initiatives to attract shoppers back to Orchard includes pedestrianising Orchard Road and including special events to draw crowds. However it is not so simple just to close Orchard Road. The crux of the story is to give the shopper enough reason to return to this prime shopping belt. Shopping is no longer just going to shop somewhere; people are also looking for community places. Thus it is crucial that Orchard Road also becomes a community space for activities, events and for people to hang out.
Lum Chang Holdings Limited is acquiring One Tree Hill Gardens for S$65 million, below the owners’ asking price of S$72.8 million. This is the first collective sale for this year. This collective sale translates to a land rate of S$1,664 per square foot (psf), based on the site area of 3,629.1 sq m (39,063 sq ft). The transaction is subject to approval from the Strata Titles Board.
The site is located at the junction of One Tree Hill and Jalan Arnap. It enjoys easy access to Orchard Road, and is within 300 m from the upcoming Orchard Boulevard MRT station along the Thomson-East Coast Line. The Lum Chang Group intends to redevelop it to residential landed homes for sale.
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.