Category Archives: Katong homes

Districts 14/15/16

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.

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Former Queenstown cinema site sold for $78M

A PRIME commercial-zoned piece of vacant land – where the former Queenstown cinema and bowling centre once stood – has been sold for S$78 million. The price for the site, which has a balance lease term of 57 years, is understood to work out to about S$756 per square foot of potential gross floor area.

The site is at the corner of Commonwealth Avenue and Margaret Drive, located a stone’s throw from Queenstown MRT Station. The site comprises two lots of land adding up to 32,305 sq ft. The Queenstown Public Library – which opened 46 years ago and was granted conservation status in 2013- still stands near the site.

Crescendas Group is selling the property to a company controlled by property developer and investor Cheong Sim Lam, a member of the family that developed International Plaza in Anson Road in the 1970s.

Crescendas was previously granted written permission to redevelop the site into a seven-storey commercial building but that approval has since lapsed and the new owner will have to make a fresh application for the site’s redevelopment. Under the Urban Redevelompment Authority’s Master Plan 2014, the site is zoned for commercial use.

Based on the land price of around S$756 per square foot per plot ratio, a new commercial development on the site could breakeven at about S$1,800-1,900 psf, say market watchers. The buyer, Mr Cheong, has been in the news in recent years for his property investments in the Central Business District. He bought two adjacent office buildings at 137 and 139 Cecil Street around 2009 but sold them in 2015 and 2014 respectively.

Along Marine Parade Central, he is developing a four-storey commercial building named IMall, on the former Republic Theatre site.

All HDB industrial properties to JTC by 2018

By the first quarter of 2018, all 10,700 industrial units and 540 land leases under the Housing & Development Board (HDB) will be consolidated under JTC, a single agency offering one-stop access to a full range of Singapore’s public-sector industrial facilities.

The properties will be transferred from HDB’s portfolio to JTC’s at net book value.

Minister for Trade and Industry Lim Hng Kiang said this will better support small and medium-sized enterprises (SMEs) in their business growth.

The government will be able to undertake more comprehensive master-planning of industrial estates across Singapore; the move will also facilitate more efficient clustering of complementary activities and integration of activities along the value chain.

JTC wants to bring HDB tenants under its fold to offer them the same support that JTC tenants under the parentage of the Ministry of Trade and Industry enjoy, and to enhance their productivity and transform them into more competitive enterprises. (HDB falls under the Ministry of National Development.

One common problem HDB industrial tenants face lies in finding adjacent space into which to expand; many end up taking space in multiple venues, sometimes across the island. What JTC can offer SMEs is contiguous large floor plates in its own facilities.

It can also help SMEs plan ahead, by charting their growth trajectories and anticipating their future needs. JTC can provide, not just bigger spaces, but also land for expansion.

Guoxin Manufacturing is one example of an HDB tenant that is moving into a 1,180 sq m space at JTC Space @ Tampines North; this is twice the amount of space it used to occupy over five different units in Tuas and Ubi.

All HDB tenants and lessees affected by the consolidation will continue to be served by the same team of 160 HDB officers, who will be transferred to JTC. JTC also gave the assurance that the contracted terms and conditions of their tenancies and leases with HDB will remain.

 

Thomson-East Coast Line to start building in Q12016

According to LTA announcement yesterday, the Thomson-East Coast Line (TEL) will start construction in this quarter. About $948m of MRT contracts have been awarded for the stations and related tunnels at Tanjong Rhu, Katong Park and Marine Terrace. The construction is slated for completion in 2023. In November last year a contract was awarded to construct Marine Parade station and associated tunnels. The contracts for 5 more TEL stations are yet to be awarded.

Starting from 2019, the TEL will open in stages, with the entire 31-station, 43 km line expected to be fully operational by 2024.

Singapore Private Propertys fall 3.2% for second quarter

Singapore recorded the second-biggest year-on-year drop in private property prices in Asia for the second quarter, according to an index out yesterday.

It noted that apartment prices fell 3.2 per cent in the three months to June 30 over the same period a year earlier. China was the only Asian country to fare worse, with values there dropping 5.7 per cent in the same period.

Overall, Singapore had the eighth biggest price decline among 56 global residential markets tracked by the Knight Frank Global House Price Index. Ms Alice Tan, director and head of consultancy and research at Knight Frank, said yesterday: “Prospective buyers remain cautious against the backdrop of existing cooling measures and… anticipate further price correction.”

More falls in prices and rents are expected due to a range of factors, including more completed homes hitting the market, impending interest rate hikes and a faltering economy, both here and overseas, she added.

The Knight Frank Global House Price Index – which is compiled quarterly with official statistics where available and weighted by gross domestic product (GDP) – posted a marginal 0.1 per cent growth. It was the weakest growth rate since the final quarter of 2011.

Among the 56 housing markets tracked, 27 per cent recorded an annual decline in prices, said Knight Frank. “Lingering concerns over the euro zone economy, jitters in global stock markets and discussions of when, not if, a rate rise in the United States occurs are impinging on growth,” the property consultancy said in a statement.

Hong Kong topped the table with a 20.7 per cent year-on-year price growth, thanks to increasing liquidity and the flow of wealthy Chinese investors into its sector.

Dubai was at the bottom of the index, with prices weakening 12.2 per cent year-on-year due to weaker demand, a strong US dollar and ongoing cooling measures.

Knight Frank noted that the housing markets in China and the US – two countries which together account for about 33 per cent of global GDP – are on divergent paths.

Mainstream prices in China are down an average of 6.2 per cent from the start of last year, while those in the US are up 7.6 per cent.

http://www.straitstimes.com/business/spore-private-property-prices-fall-32-for-q2

Freehold shops for sale @ Paya Lebar Below $600K

Freehold Shop at Paya Lebar Regional Centre.
Face main road/entrance/bus-stop/water point.
Tenanted $1900 pm.

Call David for more details @ 94772121

http://www.sgbayhomes.com/19270612

Grandlink Square is a commercial property located in 511 Guillemard Road in district D14. This commercial space is primarily used for Mall Shop rental and sale. This Mall Shop space is 0.45 km away from Paya Lebar MRT Station/Interchange. The tenure of this commercial property is Freehold.

Amber Park Goes Enbloc in June

The residential collective sale market may be quiet but this is not deterring residents of Amber Park condominium in Katong.

They are putting it up for tender by going en bloc on June 7 with a reserve price of $743.9 million. This works out to a land cost of $1,225 per sq ft per plot ratio, given the 213,676 sq ft site with a plot ratio of about 2.8.

Assuming an average unit size of about 753.5 sq ft, the site could yield 794 units, far more than its current 200, he added.

Completed in 1986, it comprises 192 units of 1,744 sq ft each and eight two-storey penthouses of 3,789 sq ft each.

This is its third attempt at going en bloc. The first in 2009 was hampered by the global financial crisis; the second in 2011 came very close. While over 80 per cent of owners by share value were in favour, fewer than 80 per cent were in favour by strata area – 79.6 per cent, or one unit short, said Mr Lim Lian Seng, chairman of the collective sale committee.

Nearby, Amber Towers – the site of upcoming Amber Skye – was sold en bloc at $1,118 psf in 2011. It is smaller at 40,708 sq ft and, as of April 30, its developers have sold 10 of 109 units at an average of $2,020 psf.

Amber Park will be a less than five minutes’ walk to the future Amber MRT station on the line.

http://business.asiaone.com/news/amber-park-condo-goes-en-bloc-june#sthash.GpG1i51X.dpuf