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.

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Woodleigh site to build 600 private homes plus mall

Singapore Press Holdings (SPH) and Kajima Development are planning to develop more than 600 residential units and a retail/commercial component with a gross floor area of about 310,000 square feet on a 99-year leasehold site in the new Bidadari Estate that they have won the tender. The two teamed up to form an equal partnership that placed the top bid for the site at a tender conducted by the Housing & Development Board.

The winning bid of S$1.132 billion translates to S$1,181 per square foot plot ratio based on the maximum gross floor area of 958,450 sq ft allowed for the commercial and residential site next to Woodleigh MRT Station.

The site’s proximity to popular primary schools and other educational institutions and the green environment in the Bidadari Estate including a park and a lake are the key attractions.

As part of the tender conditions, the successful bidder will also have to build a 6,000 square metre community club, a 2,190 sq m neighbourhood police centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.

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Novena Area Condo now at $3.2K only (926sqft) #sgbayhomes

Great location near Novena MRT station. Mins to the shopping malls. Facilities and near eateries and shopping. 926 sqft. Partially furnished. Available now.

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Marina One to be launched in a cautious tone

M+S Pte Ltd, the developer behind the mega mixed-use project Marina One, is taking a calibrated tack with its upcoming launch of the residential units in the development, and is dangling early-bird discounts of 10 per cent on selected units.

On the expected launch date of Oct 11, it will release only 150 to 200 units in the first block, instead of all 521 at a go.

It will also hold back the release of the 521 units in the second residential block until after the project’s temporary occupation permit (TOP) is issued, said Kemmy Tan, the chief operating officer of M+S.

Prices at Marina One Residences will range from S$1,960 to S$3,100 per square foot (psf), which is on par with transacted prices in the area, she added.

Market watchers believe that holding back half the residential units until TOP is a move to avoid flooding the market with too many units upon the project’s completion in 2017, which could weigh on the rental market in that area.

Nicholas Mak, the executive director at SLP International, said: “This is to reassure buyers that they are not going to flood the market, but it does not change the fact that there are 1,042 units in the project.”

But Ms Tan explained that the rationale for holding back the second residential block was to allow the developer to “ride on the future growth of Singapore”.

M+S is not required to finish selling the units within a stipulated time because it does not come under qualifying certificate (QC) rules, under which a developer has to finish building a residential project in five years and sell the units within two years of its completion.

M+S, a joint venture between Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional, was set up after a historic land swop between the two countries.

Its other project in Singapore, the 660-unit Duo Residences in the Ophir-Rochor area, is already 94 per cent sold.

Ms Tan said she expects the profile of buyers for Marina One Residences to be similar to that of Duo Residences, where 70 per cent of buyers are Singaporeans and 14 per cent, Malaysians; some of these buyers were bulk purchasers.

While the window for expression of interest will close only this Sunday, the first 150 to 200 units to be released are already over-subscribed, she said.

The pricing list from agents indicates that a one-bedroom unit of 700 sq ft starts at S$1.4 million; a two-bedder of 1,001 sq ft starts at S$2 million, and a three-bedder of 1,539 sq ft, at S$3.46 million.

Some consultants note that such price levels could still prove challenging, given similar price quantums for some freehold units in prime districts. In addition, there are more developments coming up in the Marina Bay area.

Ms Tan said, however, that Marina One is expected to draw empty nesters looking for city apartments, investors looking to rent to expatriates and seasoned buyers scouting for “trophy assets” here.

Potential buyers can be looking at a rental yield of 2 to 3 per cent in the area and capital appreciation, given URA’s masterplan for Marina South, she said.

One major draw of the project is “the Green Heart” – a biodiversity garden of lush greenery covering 65,000 sq ft and featuring a 13.2 m high waterfall, she added.

The project is also seamlessly connected to four MRT lines via three stations – the Marina Bay station, Downtown station and the future Shenton Way station.

Ms Tan said: “We are ready (to launch) and there is demand, especially since Duo is substantially sold at 94 per cent. I have buyers who come to me to ask when we are going to launch this.”

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TOP 5 CHEAPEST APARTMENTS SOLD (by $PSF) IN DISTRICT 7 & 8 FOR 1ST HALF OF 2014

No.1 GOLDEN MILE COMPLEX (S$555psf)

Location: 5001 Beach Rd

Lowest $psf sold: S$555

Transacted $ per unit: S$1,218,000

Tenure: 99 yrs from 1969-Aug-4

Floor Square Feet per unit sold: 2,196psf

Not too surprising our champion in this department goes to Golden Mile Complex mainly because it is one of the oldest projects in district 7 & 8 for a lease hold building. There isn’t as much years left as compared to the other projects.

The Golden Mile Complex is a commercial and residential development, providing offices, shopping, entertainment services and apartment living within its podium and stepped terrace structure. It houses 411 shops, 226 offices and 68 residential units.

No.2 RANGOON APARTMENTS (S$852psf)

Location: 190 Rangoon Road

Lowest $psf sold: S$852

Transacted $ per unit: S$1,238,000

Tenure: FreeHold

Floor Square Feet per unit sold: 1,453psf

Rangoon Apartments has 17 units and is accessible to Farrer Park, Boon Keng and Novena MRT Stations. It is also near to many educational institutions like St. Joseph Institutional International, Global Indian International School, San Yu Adventist School, Farrer Park Primary School Hong Wen School and Balestier Hilll Primary School.

No.3 MERGUI MANSIONS (S$880psf)

Location: 81 Mergui Road

Lowest $psf sold: S$880

Transacted $ per unit: S$1,260,000

Tenure: FreeHold

Floor Square Feet per unit sold: 1,432psf

Mergui Mansion is a freehold apartment development located at 81 Mergui Road, Singapore 219057, in District 08, minutes walk to Farrer Park MRT Station. Completed in 1995, it comprises 36 units. Mergui Mansion is close to Tan Tock Seng Hospital and Kampong Java Park.

No.4 KENTISH COURT (S$966psf)

Location: 33 Oxford Road

Lowest $psf sold: S$966

Transacted $ per unit: S$1,050,000

Tenure: 99 years frm 1995-Mar-1

Floor Square Feet per unit sold: 1,087psf

Kentish Court has a 99-year leasehold, located at, 33, Oxford Road, Singapore 218816, in district 8, near Farrer Park MRT Station, Little India MRT Station and Novena MRT Station. It was completed in 2000. It has a total of 77 units. It is located near Serangoon plaza and Pek kio Market and Food Centre.

No.5 KERRISDALE (S$984psf)

Location: 32 Sturdee Road

Lowest $psf sold: S$984

Transacted $ per unit: S$2,500,000

Tenure: 99 years frm 1998-Apr-2

Floor Square Feet per unit sold: 2,540psf

Kerrisdale is a trademark of an exclusive home. A value-added condominium of 481 units total that will allow you to attain many luxuries to compliment your lifestyle. Located in the heart of town, Kerrisdale is only a few minutes away from Orchard Road and the CBD.

There are several bus route options within 100 metres ofKerrisdale, on Jalan Besar, Serangoon Road and Lavender Street. The Farrer Park MRT is about 200 metres from the back gate and the Lavender MRT is less than half a kilometre from the main gate.

Kallang Riverside Transformation via Bus Firm

AS A young man visiting his father’s Kampong Bugis factory in the late 1970s, Mr Lee Kin Hong would watch the comings and goings of boats on the water.

“There were timber logs flowing down the Kallang River,” the soft-spoken man recounts.

“They built sampans and tongkangs (a type of wooden boat) nearby. There was a bustling trade in boats… it was quite messy.”

The boatmakers’ huts have since vanished and the timber merchants no longer ply that route.

And Mr Lee, 60, has taken over as managing director of his father’s firm, Singapore-Johore Express (SJE). Set up in 1947, SJE operates buses to Malaysia.

The family’s Singapore-Johore Factory still stands, but not for long. The Lees plan to redevelop it into a new 30-storey condominium called Kallang Riverside.

The eight-storey building was built around 1978 to house bus maintenance services, but is now used mainly by short-term tenants as a warehouse.

Mr Lee told The Straits Times earlier this week at the condo’s newly-built showflat that he plans to begin tearing down the factory by the end of this year.

In its place will be a 212-unit condo that will have an “open concept… when you move in it will feel like a park. We want it to merge into the garden”.

There will be seven shops on the ground level, he said, adding that there are plans for an infinity pool on the 24th floor, offering a view of Marina Bay Sands and the new Sports Hub.

Mr Lee plans to sell units at about $1,900 to $2,350 per sq ft (psf), though he added that without the property market cooling measures, he would have priced it at around $3,000 psf.

It is expected to be completed in 2019.

Although the building plan for Kallang Riverside was formally approved only in March, plans to redevelop the site have been on the drawing board for nearly two decades.

The Singapore-Johore Factory was built in Kampong Bugis because that was near the bus terminal at Ban San Street in Bugis, where the Singapore-Johore Express buses would stop, he said.

When SJE moved its bus maintenance depot to Sin Ming in the 1980s, the factory was rented out to an array of tenants.

“We had printers, shoemakers… glassmakers, (those making) textiles. Even boilermakers. Most were related to retail activities in the city.”

In the early 1990s, SJE wanted to refurbish the factory and build an extension. But when they sought approval from the authorities, “the matter was delayed for some time”, he said. “They told us they were going to relook the concept plan for Kampong Bugis.”

Mr Lee then found out from government land planners in 1994 that his family’s freehold plot at 51 Kampong Bugis was to be rezoned from industrial to residential land.

SJE thus had to submit a new plan to build a residential development on the land parcel. It refined it “countless times” over two decades in discussion with various government agencies.

Its plan was finally approved in principle last year, before the Urban Redevelopment Authority’s draft masterplan was released. The masterplan earmarked Kampong Bugis, bounded by Kallang Road and Crawford Street, as a residential and lifestyle district.

Kallang Riverside will technically be SJE’s maiden residential project, but Mr Lee said the firm’s sister company, Melodies, is developing the 41-unit Riverside Melodies at St Michael’s Road. Melodies also developed the 72-unit Cassia View at Guillemard Road, completed in 1998. Both projects are freehold.

Continued dismay for private housing market

The number of units sold in June fell by 68 per cent from the previous month to 482 units, according to data by the Urban Redevelopment Authority.

Sales of private homes by developers in Singapore fell by about two-thirds in June from May, hurt by ongoing Government measures to cool the housing market.

Data compiled by the Urban Redevelopment Authority (URA) on Tuesday (July 15) showed developers sold 482 units in June, down 68 per cent from May when sales of 1,488 units were booked.

The bulk of the sales involved homes located outside the central region, with 269 units changing hands. Another 46 sales were made in the central region, while the rest of central region accounted for 167 units, the URA data revealed.

http://www.channelnewsasia.com/news/business/singapore/singapore-private-home/1264624.html