The Marine Parade area could benefit as Paya Lebar Airbase moves to Changi sometime in the 2030s

, ,

Terra Hill Hoi Hup Sunway

The URA Master Plan 2019 and the Long-Term Plan Review along with an exhibit which began on June 6th, shows the future plans for some of Singapore’s most sought-after locations as well as new zones. It will be a part of it’s EdgeProp NDP Master Plan Master Class webinar series that runs from August 6-20. In the final part in the series we look at areas of the East Coast and the CBD region, where a significant change is happening.

Terra Hill Hoi Hup Sunway have jointly acquired Terra Hill Condo for S$371 million ($276.1 million) through a joint venture.

Within on the East Coast, the idea of an “Long Island” which integrates measures to protect the coast with plans for future reclamation plans are being thought of. It could be a possibility to create an additional reservoir to improve Singapore’s water and food security. This is crucial to ensure Singapore’s future in the face of climate change.

“Long Island “Long Island” could also be developed to build new houses and is connected to the coastal parks and recreation areas. The concept was first proposed as a reclaimed island to be used for residential and leisure facilities along the waterfront as part of the Concept Plan.

Further along further along the East Coast Parkway is the Bayshore region. Land has been cleared create an entirely new Bayshore area that is set to have 12,500 houses in the near future. The area will have a mixture of private and public housing, comprising 6000 HDB homes and 6,500 residences. The new area of 60,000 square meters (645,800 sq feet) will feature a pedestrianized main street. “The concept is to encourage healthy living within areas like the East Coast area,” says Bernard Tong, CEO of EdgeProp Singapore. “Priority is given to cycling, walking and public transportation.”

In of the Bayshore Precinct are two MRT stations, one at each end The upcoming Bayshore as well as Bedok South stations on the Thomson-East Coast Line (TEL). Bayshore Station is part of phase 4 of TEL While Bedok South is part of Phase 5 (together with Sungei Bedok). The station is expected to open sometime between 2024 and 2025.

Over the long time in the long run, over the long term, Marine Parade estate located on The East Coast is likely to benefit from the relocation of the Paya Lebar Airbase. After the airbase has been relocated building heights for structures in the area surrounding it can be relaxed, such as at Paya Lebar, Marine Parade or Hougang the Hougang, or Paya Lebar, Prime Hougang or Paya Lebar, Minister Lee Hsien Loong had said at the National Day Rally on Aug 21.

Older structures in the area could be renovated. “The changes could increase the possibility of en bloc construction of resales located around Paya Lebar, Marine Parade and Hougang,” comments Christine Sun the senior vice president of analytics and research. “Some units built in the past but are less than 20 stories may be suitable for renovation. These condos could be demolished and rebuilt to a higher standard in the near future.”

The older flats within the Marine Parade Estate could benefit in particular, particularly the ones constructed between the 1970s and the 1980s. In a decade’s time they’ll be more than half a century old. “Some older flats might be renovated as part of Sers (Selective En Block Redevelopment Program) to optimize the land’s use, since limitations on heights were lifted and more tall flats are being constructed now,” points out Sun.

Additionally is that the TEL station, which has a station in Marine Terrace and another station located at Parkway Parade, will do great things to improve the convenience and accessibility of the area as noted by EdgeProp’s Tong. In the meantime, the growth in resales HDB and resale condominiums within The East Coast has already surpassed the average of Singapore in the last decade Tong adds. This trend is likely to continue to grow in the coming years, considering the long-term goals for the region.

In the CBD The rate of renewal has been accelerated, particularly within The Tanjong Pagar area that is considered to be as the entrance point to the upcoming Greater Southern Waterfront.
Since Marina Bay already developed, the government plans at developing these areas: Marina South, Marina East and Straits View areas. URA is planning to make the most of Singapore’s main assets -“waterbodies and greenery “waterbodies and lush greenery” to transform areas like the Marina South, Marina East and Straits View enclave into “an appealing live-work-play-play area, complemented with high-quality transport and infrastructure”.

First residential developments site located at Marina South was released under the 2H2022 Government Land Sales program. The site is located in Marina Gardens Lane, the 99-year leasehold site could yield around 795 housing units. The site is scheduled to be launched in December.

URA’s goal is to build more houses in the CBD as well as for residents to be closer to their workplace and the recreation and lifestyle facilities in the city according to Desmond Sim, CEO of Edmund Tie. “It’s one of many aspects of URA’s overall strategy to add more work, live, and play into the CBD and to bring the CBD excellent once more.”

In order to encourage mixed-use developments with a range of uses that complement each other to help support living-in residents within areas like the CBD, URA introduced the CBD Incentive Scheme with bonus plot ratios for developers in the Master Plan 2019. URA also launched an initiative called the Strategic Development Incentive Scheme to help encourage the renovation of older structures in strategic locations.

URA had received twelve outline application in the CBD Incentive Scheme as at April 5 Of these, eight have been granted in-principle approval. In addition, URA has received and granted in principle approval to four outline proposals under the Strategic Development Incentive Scheme.

With the renewal of the CBD There will be greater housing options and amenities available in The City Centre. This could result in an increase in the value of capital within the CBD.

/1 Comment/by

Bukit Timah Plaza is up for sale at a guide price of $11 mil for a strata commercial unit

, , ,

Terra Hill condominium

A commercial strata unit that has permission to use it for restaurants in Bukit Timah Plaza has been put up for sale through the expression of interest. According to the sole marketing agency CBRE the unit is offered at a an estimated cost of around $11 million.

Terra Hill condominium development will feature around 271 units to benefit from its strategic location on a unique hillside plot offering its residents a spectacular view to the south.

The property is located in Basement Two that faces the central plaza of this retail development. It is fronted by 20m and has an area totalling about 3,391 square feet. It is currently completely leaseable.

Bukit Timah Plaza is a mixed-use development which was completed in the year 1979. It is situated at the end of an island site that is bordered with the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. This development is made up of retail block as well as two apartment blocks , dubbed Sherwood Towers and Sherwood Towers, which comprise 269 units of residential homes.

Clemence Lee Clemence Lee, Clemence Lee, executive director for capital markets Singapore Clemence Lee, executive director of capital markets, Singapore at CBRE is aware that strata-commercial properties within the Beauty World sub-precinct are limited in terms of availability. “Investors recognize that the supply of commercial strata properties will be restricted in the near future, when authorities start to limit further strata subdivisions of commercial components of properties that are located in the central locations,” he adds.

In this regard there is a lot of enthusiasm for the property from foreign and local buyers, including wealthy individuals, family offices , and owner-occupiers.

Additionally, Lee views that the revitalization taking place within Beauty World will likely boost the capital appreciation and rental rates for properties in the region over the long-term to medium term.

The upcoming projects include a landmark mixed-use development being developed by Far East Organization and Sino Group on Sino Group’s Jalan Anak Bukit Government Land Sales (GLS) site. The joint venture partners were awarded this 3.22ha site, located at the intersection between Upper Bukit Timah Road and Jalan Jurong Kechil, with the bid for $1.03 billion ($989 per square foot, per plot proportion) on August 21, 2021. The development will consist of an office tower and residential units, as well as serviced apartments and an upgraded transport hub.

There’s also an upcoming site in the 2H2022 GLS Program located in Bukit Timah Link. This will produce the equivalent of 160 housing units.

/1 Comment/by

Freehold residential site in Bukit Batok with approximately 37,575 sqft is for sale at $42 mil

, ,

Read related post: Freehold residential building listed on the market for $9.2 mil at Wilkie Road

Freehold residential building listed on the market for $9.2 mil at Wilkie Road

Freehold housing site located at 30 Bukit Batok East Avenue 6 located just off Old Jurong Road and Upper Bukit Timah Road It is for sale by public tender , with a target price of $42 million.

The site is approximately 37,575 square feet and is designated for residential use, with an allowed plot-to-plot ratio of 1.4. The maximum allowed Gross Floor Area (GFA) is approximately 56,287 square feet, which includes of balcony space.

A single-storey workshop for cars with an annex of three stories is located at the site. The property is let by Autobacs Singapore, a Japanese automobile company.

According to the exclusive marketing agent SRI The guide price for the site amounts to the land rate of around $1,127 psf for each plot, taking into consideration that bonus balcony GFA as well as the development cost to be paid.

Bruce Lye, managing partner SRI, Bruce Lye’s managing partner SRI Bruce Lye, SRI’s managing partner, anticipates that the site to garner a significant amount of interest from developers due to the limited amount of private residential land available within the Bukit Batok neighborhood. “Both the value of the site and the possible amount of new units that could be constructed are within the range of what is considered to be a sweet spot,” he says. If the relevant approval from the authorities A new residential development may produce an additional 57 dwelling units according to the most recent URA guidelines.

Furthermore, Lye points out that the property is owned by a single person and this will add security to the sale and the timeframe.

Low Choon Sin, managing partner of SRI Capital Market, notes that the location of the site, which is adjacent with the Bukit Batok Nature Park is likely to give developers with the possibility of transforming the site to a boutique property with lush green views and a long frontage of about 120m.

“There is very little residential construction that is private Bukit Batok East Avenue 6 and there is a park Natura Condominium is likely to be the only project along the road completed over 10 years ago.” Low adds.

A look at EdgeProp LandLens shows that there only 308 condo units within 500m of the site over two developments – Park Natura which has 192 units as well as Sherwood Condominium which has 116 units.

Within a larger area of 1km, recent developments include 633 units Forett at Bukit Timah by Qingjian Realty (South Pacific Group) and Prennial Real Estate Holdings which was launched in August of 2020 and has seen more than 600 units sold until date, with an average of $1,982 per sq ft. Another project, 258 units Verdale Verdale opened in September 2020 by the joint developers COLI Singapore and CSC Land Group. The development has since been sold out with prices starting at $1,800 per square foot.

The public tender for the project will end on September 21 , at 3.30pm.

/by

Singapore office market believe that CICT is well positioned to ride on the office upcycle central commercial portfolio

, , ,

Read related article: Sevens Group buys four strata-titled units for $10.3 mil

Sevens Group buys four strata-titled units for $10.3 mil

DBS Group Research analysts Rachel Tan and Derek Tan have kept “buy” on CapitaLand Integrated Commercial Trust (CICT) since they see the REIT benefiting from the reopening of international and domestic borders.

It is viewed as a major proxy for the reopening of play.
“We think CICT could provide an estimated 6-% 2 year distribution for each unit (DPU) compound annual growth rate (CAGR) which is one of the highest growth rates among its competitors,” the analysts write.

With the strong growth trend within Singapore’s office market, CICT is in a good position to benefit from the Singapore office sector, analysts believe that CICT is well-positioned to benefit from the upswing in office prices due to its position as its largest Singapore REIT (S-REIT) and having central commercial assets in Singapore.

Furthermore, CICT is one of the few S-REITs with the potential to acquire recently finished top Singapore office assets, such as CapitaSpring’s remaining 50% part of CapitaSpring and potential additional commercial Singapore assets that are in the pipeline of sponsors.

Regarding the Mercatus portfolio, analysts believe CICT as the “strongest rival” of local retailers.

“[TheMercatus portfolio Mercatus portfolio could benefit CICT through a greater runway of assets since it expands the base of malls in Singapore that can withstand the rigors of suburban life. within Singapore,” they write.

In their research, analysts have remained with their price target of $2.70 this implies that the price would be 1.3x at 1 Standard deviation (s.d.) of the CICT’s historical range.

“Despite any potential headwinds to the company in the near term We are among the first to focus towards its future growth prospects resulting the optimisation of its portfolio and recycling of assets,” the analysts write.

“The most significant risks in our opinion include a slowdown in the economy and a long recovery and a weakening of sentiment. The repercussions of new outbreaks of the pandemic may impede the recovery of CICT,” they conclude.
Units of CICT ended the day 1 cent lower , or 0.47% down at $2.11 on August 15.

/by

One Pearl Bank holds twin 39-storey 774-unit project

, , ,

Read also: Final figures released as HDB resale price increase to 5.3%

Final figures released as HDB resale price increase to 5.3%

The construction of One Pearl Bank is in full swing and expected to be completed at the end of next year. The twin 39-storey 774-unit project located at the highest point the hill of Pearl’s Hill is designed by Serie+Multiply which is a joint venture of the London-based Serie Architects and Singapore-based Multiply Architects. The curving façade of both towers pay homage to the horseshoe design of the previous Pearl Bank Apartments, which was the highest residential building in Singapore at the time it was completed in the year 1976.

CapitaLand acquired the former 99-year leasehold Pearl Bank Apartments in an arrangement that cost $728 million in February 2018. The company is currently building a brand new landmark on top of Pearl’s Hill that will be more tall than the former Pearl Bank Apartments. With a height of 178m, One Pearl Bank will be the tallest residential building located in the Outram Chinatown district of Singapore’s Central area of Singapore.

The units start at the second floor of the towers. The towers are elevated 27m above the street level, it’s equivalent to the 9th or 10th floor of a typical tower. Due to its elevation the units will have views. Even the mid-level units on the 18th floors will have panoramic views, according to John Cheong, Huttons’ associate director of the district and project lead in charge at One Pearl Bank. Cheong was an invited speaker at EdgeProp’s NDP Master Plan Master Class webinar in the Outram region on the 6th of August.

The units facing north will offer 180deg views towards Clarke Quay and the city skyline The south-facing units be able to see Sentosa Island and the sea Cheong adds Cheong.

One Pearl Bankis located within a 5-minute walk of the planned Outram Park MRT Station. CapitaLand will build an enclosed walkway to protect against the harsh weather. Accessibility will be significantly improved by having Outram Park MRT Station designated as an interchange point for the three MRT routes: North East, East-West and the soon-to-be Thomson-East Coast Line, which is expected to go into operation in the near future.

The boundary of Pearl’s Hill City Park, there will be a brand-new gate that will lead directly into the park. The gate will be secured to ensure that the gate will be only accessible to those who live at One Pearl Bank. The benefit for residents of One Pearl Bank is that Pearl’s Hill City Park is getting a makeover with an addition to the park of kids’ play area and social space.

One of the most unique features is the sky allotment garden idea that CapitaLand will be introducing on the the One Pearl Bank. The bank will have 18 allotment gardens in the sky on various floors of both towers. They will have around 200 plots for residents to plant their own vegetables, herbs, and fruits. The idea is to foster bonds of community among residents.

Over 500 trees spread across 35 species and over 135,000 trees, plants and flowers that will be planted around One Pearl Bank. The greenery will cover up to 60,000 square feet (75%) of the total site area.

CapitaLand is also introducing an idea called the “Renovation-Zero concept” in which new owners are able to move in right away without having to do any work. The kitchen will be fully equipped with a swivel cabinetry and table developed from the Italian company Ernestomeda.

All kitchen appliances will come made by top-of-the-line Swiss label V-Zug. In everything from kitchen sinks and faucets all the way to bathroom tiles, flooring The materials were chosen for their longevity and easy maintenance, according to CapitaLand. The developer has provided LED lighting on all of its units. Through”The “Renovation-Zero Concept” owners are able to move into their units right away or rent their units at the time of handover without any hassle.

Its completion is scheduled by 2023’s end the Owners of One Pearl Bank will have the opportunity to take advantage of the capital gain that comes from URA Master Plan 2019. URA Master Plan 2019, that details plans to revitalize and transform central area. Central Area.

The opening is part of the brand new Thomson-East Coast Line on the entrance of One Pearl Bank; the new Singapore General Hospital (SGH) facility, set to become the most prestigious medical facility in Singapore and The Greater Southern Waterfront, with its 10-km promenade along the coast and the possibility of adding more amenities to the area. From the Outram region, Chinatown, the CBD, Orchard Road, Robertson Quay and Tiong Bahru are all within the distance of a few minutes and MRT ride.

Cheong from Huttons expects a potential large rental pool that originates out of Huttons sees a potential strong rental pool coming from the SGH campus over the near future as the campus is flooded with medical experts. In the past, prior to One Pearl Bank, the most recent new development was launched about a decade ago . It was the Dorsett Residences, a 68-unit complex that was launched in October of 2010. All units were purchased within a single day for an average of $1,800. The project, which is connected with Dorsett Hotel, was completed in 2013.

One Pearl Bank was introduced in July 2019 and has had over the 84% sold as of today with an average of $2,425 per square foot. The development offers a broad selection of different types of units that range from studios, one-bedroom units and even sky villas with four bedrooms. There are just four basicx sky villas on the 38th level, featuring four bedrooms each, with sizes of 2 626 sq ft up to 2,788 sq feet. Prices for sky villas start at $8.42 million ($3,206 per square foot).

Studios start at $1.229 million One-bedroom units begin at $1.664 million and two-bedroom units up to $1.917 millions, and three bedders start at $2.866 million, and four-bedders cost at minimum $3.437 million. Prices start at $2,416 per square foot.

/by

Sky Everton six-bedroom unit was sold for $7.59 million

, , ,

Read related post: Actual sale site of Sceneca Residence at Tanah Merah Kechil Link

Actual sale site of Sceneca Residence at Tanah Merah Kechil Link

A penthouse with six bedrooms located at Sky Everton fetched a new price per square foot. The 2,228 square feet unit was offered through developer SL Capital — an entity that is a combination of Sustained Land, Ho Lee Group, Kwong Lee Land and Penjuru Capital — for $7.59 million on the 26th of July which is equivalent to $3,406 per sq ft.

Sky Everton is an open-hold development that is situated in Everton Road in District 2. The development consists of a 36-storey building which will be home to 262 residents. The units are comprised of one-to four-bedroom units with sizes ranging from 463 sq ft up to 1,345 sq feet. Additionally, there are four penthousestwo five-bedders that measure 1,819 sq ft , and two six-bedders that measure 2,228 square feet.

The development went on sale in June 2019 with over forty% of homes sold on the launch weekend, with an average cost of $2,500 per square foot. Based on analysis of EdgeProp Singapore’s research tool the development has seen regular sales and prices have steadily increased by an average $2865 psf during the past 12 months of August.

The penthouses of three in Sky Everton were sold this year which included the penthouse with 2,228 square feet that was sold on the 29. The second 2,228 sq ft penthouse was sold on March 31, at $7.11 million ($3,189 per square foot) which was the most expensive transaction ever reported by Sky Everton at the time. In addition, one of the two penthouses of 1,819 square feet was sold on January 30th for $5.69 million ($3,127 per square foot). Sky Everton is within walking distance from the planned Cantonment MRT Station on the Circle Line and is scheduled to be completed in 2023.

Another planned development, One Bernam, also had a new psf highest after a single-bedroom unit that was 452 square feet at the top of 26th was bought through developer developer to a buyer for $1.37 million ($3,039 per square foot) on July 25.

One Bernam is an 99-year leasehold mixed-use project situated on Bernam Street which is located just off Anson Road in District 2’s Tanjong Pagar area. This is a joint-venture venture that is a partnership between MCC Land and Hao Yuan Investment. Alongside 351 housing apartments, One Bernam comprises a two-storey retail platform comprising 15,726 square feet as well as an upper floor that houses serviced apartment units that have 13 keys.

The residences at One Bernam was launched to the market in May of last year. So far, 121 homes (34%) have an average price of $2,467 per sq ft according to caveats that were lodged. The units in One Bernam comprise a mix of oneto three bedroom unitsthat range in size between 452 and 1,421 sq feet. There are two penthouses with three bedrooms that measure 1,744 sq ft and 1,948 sq ft and the biggest penthouse is home to five bedrooms and covers 4,306 square feet. It is situated just a few steps away from Tanjong Pagar MRT Station on the East-West Line.

In the meantime, One Meyer -an apartment that is freehold in Meyer Place within District 15, which is located on the Marine Parade — saw the lowest price of cost as a 926 square feet 3-bedroom apartment was purchased to a buyer for $2.24 million ($2,419 per square foot) on the 28th of July. The sale marks the final residence at the boutique development of 66 units through Sustained Land, which means it’s 100% sold. The project, which went up on the market in March 2019 it saw its units being sold for an average of $2,580 in the last three years.

The units at One Meyer are comprised of smaller one-, two and three-bedroom homes in sizes that range between 614 and 1,033 sq feet. The project, which is scheduled to be completed by mid-2023 and is situated right between Katong Park and Katong Park MRT Station on Thomson East Coast Line, set to begin operating in 2024.

/by

For sale is a ground-floor commercial unit with 27-metre dual road frontage along Greenwood Avenue and Hillcrest Road

, , ,

Read related article: 20 strata townhouse that are linked to the edge of Thomson Plaza

20 strata townhouse that are linked to the edge of Thomson Plaza

A ground floor F&B property at 2 Greenwood Avenue in prime District 11 is up for sale at a cost of $15 million. The freehold property will be offered in an exercise to express interest and is currently being marketed by CBRE.

The property is located in the highly sought-after Bukit Timah neighborhood located in the prestigious Bukit Timah neighbourhood, the property is the ground floor commercial component of a semi-detached two-storey house. It has excellent street-level visibility because of its 27-metre-long dual road frontage on Greenwood Avenue and Hillcrest Road.

In accordance with the current Master Plan, the entire structure is classified as “residential with commercial at the first storey”. The commercial space is licensed to be used as a restaurant and is currently being leased to an Mediterranean restaurant. It covers a total strata space of 2,670 sq feet.

“Within the entirety of the Hillcrest zone of development in the Bukit Timah area of planning just a tiny fraction of 27 shophouses have been designed to commercial uses on the first floor. In addition, with the URA not giving new F&B approvals in the area, buildings with approval for restaurants are limited,” says Clemence Lee executive director of Capital Markets, Singapore, at CBRE.

So, he anticipates that the property to draw a lot of purchasing interest from both local and foreign buyers with high net worth families, as well as F&B operators. Foreign buyers are eligible to purchase the property and there will not be additional buyer’s or seller’s stamp duty charged upon this purchase.

The new owner has the possibility of subdividing the unit into three separate unitsdue to its large frontage. This will allow owners to rent more units, and thus increase rent, according to Lee.

“Given the dearth of retail and malls in Bukit Timah area, smart investors recognize the huge need for premium restaurant spaces in the region. There isn’t a additional retail outlet that is expected to be built in the vicinity,” he says.

/by

Freehold residential building listed on the market for $9.2 mil at Wilkie Road

, , ,

Terra Hill ebrochure

A freehold residential property located at the 62 Wilkie Road in District 9’s prime area will be offered for sale at $9.2 million on August 2. The property will be sold through an auction for collective sales and is being advertised through PropNex Realty.

According to Terra Hill ebrochure land rate of $1,355 psf ppr and $1,318 psf ppr, including a 7% bonus balcony area in the GFA.

The building has six floors and comprises three duplex apartments with the strata area total of 5,597 square feet. The estimated price is $1,644 per sq ft of strata area. It is a property is completed as of 2003. It is located on a 2,542 square foot site which is designed for residential use with an average plot ratio of 2.1 in accordance with the most current Master Plan.

Because of its central location and close proximity in the Bras Basah, and Bencoolen regions The property is located near the six MRT stations, including Dhoby Ghaut, Bencoolen, Little India, Rochor, Bras Basah and Bugis. It is also near Bencoolen and the Orchard Road shopping belt.

“This group sale offers investors with the chance to acquire a piece of land and an unassuming building comprising three apartments situated in the sought-after District 9 for an affordable price,” says Tracy Goh director of collective and investment sale in PropNex Realty.

She also says it’s perfect for families with multiple generations that would like to live in one place. Investors will find the property appealing for its appreciation in value in addition to rental earnings.

The collective sale tender is due to close on 7 September.

By using EdgeProp’s Landlens software, in addition to showing nearby property deals, the tool shows the most recent enbloc transactions within the area, like Sophia Villa and Fairhaven in November 2020. These developments were sold at $2,387 psf per ppr, and $1,724 psf per psf respectively.

/1 Comment/by

Sevens Group buys four strata-titled units for $10.3 mil

, ,

Terra Hill Yew Siang Road floor plan

A freehold property comprised of four strata-titled units situated on Jalan Ulu Siglap located just off Upper East Coast Road in District 15 The property was transferred in a single transaction by property developer Sevens Group for $10.3 million.

Terra Hill Yew Siang Road floor plan will feature around 271 units to benefit from its strategic location on a unique hillside plot offering its residents a spectacular view to the south.

This property is completed the year 1984 and covers a net floor space of 5,833 sq feet. It is located on land that is 6,872 square feet which is subject to URA approval to build three-storey mixed-landed homes.

The site is just a few steps away from the soon-to-open Siglap MRT Station on the Thomson-East Coast Line. Other amenities nearby include restaurants and stores on Upper East Coast Road and malls like Siglap Centre, Bedok Mall and Parkway Parade, all of that are within a short distance by car.

Four strata apartment owners were represented by Marge Christy Ho, and Serene Goh of OrangeTee & Tie. The property was listed for sale around six weeks ago and was sold with an estimated price of $11 million.

Based on Ho and Goh Ho and Goh, the site received a variety of offers. “We received a large number of buyers who were interested, which included five developers and a handful of private buyers contemplating redevelopment of this site,” they state.

Sevens Group plans to redevelop the site into three landed homes that will comprise two corner terraces, with land sizes between 2,260 sq ft to 3,660 sq feet, along with an intermediate terrace that has an area of approximately 1,830 square feet. The homes to be built are expected to cost between $3,500 to $3,000 per square foot on the land.

“This distinctive and appealing site offered us the perfect opportunity to increase our landbanks,” says Wayne Chua Sevens Group’s marketing and sales director. “This lets us maintain a pipeline of high-quality homes that will be built through 2023. It also allows us to further strengthen our position as the top in landed developer of District 15” the director adds.

1. Jalan Ulu Siglap is located close to Woo Mon Chew Court, an apartment with six units freehold (shown with orange in the above map) that was sold as a block at $8.6 million on April 20, 2021.

/1 Comment/by

Final figures released as HDB resale price increase to 5.3%

, , ,

Terra Hill land price

The figures released by HDB revealed that flat resales prices increased in 2.8% q-o-q in 2Q2022 and grew by 2.4% growth in 1Q2022. The figures that were released were more over estimates of 2.6% flash estimate released on July 1, according to Wong Siew Ying, PropNex director of content and research. This increases the 1H2022 HDB price of resales from 5.3%.

Terra Hill land price of $1,355 psf ppr and $1,318 psf ppr, including a 7% bonus balcony area in the GFA.

According to HDB the resale flats of 6,819 were sold in 2Q2022, around 1.7% lower than the flats of 6,934 sold during the preceding quarter. Typically, transactions tend to increase in the second quarter following an ebb in the first quarter, according to Lee Sze Teck, Huttons Asia senior director of research. “This will be the third consecutive quarter that has seen a decline and indicates indications that the market is slowing down,” he adds. “It will also be the lowest sales quarter since the break in the circuit in 2Q2020.”

Based on HDB transactions for resales The median price of three, four and five-room flats for resale ranged from $368,000 to $610,000 during 2Q2022 – an increase of 1.7% to 3.0% from the median resale price in the 1Q2022 quarter of $358,000 – $600,000. “With more recently MOP flats anticipated to enter the resale marketplace in the next few months, we believe that the median price will remain solid,” says PropNex’s Wong.

The data from transactions showed that the towns that were not mature Sengkang, Punggol, Yishun, Woodlands and Jurong West were the most sought-after estates in the 2Q2022 period with more than one third of all transactions in the quarter, including several flats that recently passed the minimum occupancy period (MOP) in resales transactions, says Wong.

“The pattern of the million dollar flat has shown no sign of slowing,” says Huttons’ Lee. “They represented more than one% of all resales flat transactions and could reach 300 by 2022. There could be more large flats in non-mature estates that surpass the million dollar threshold in the coming months.”

However there is a growing number of buyers who aren’t the cost of the resale of a flat, according to Huttons’ Lee. There are a growing amount of resales that’s value is in line with the transaction value, which results in zero cash over value. “Some buyers might have made an application for BTO flats in Yishun with shorter construction times or tried their luck in the May 2022 SBF (sale of balance flats] exercise” the expert believes.

HDB flats that are resold will likely to stabilize in the 2H2022 timeframe. “Rising prices for interest and lower prices for BTO flats with a lower time to build will shift some buyers away from the resales marketplace,” according to Huttons. Buyers of the BTO flat will also be able delay their payment until the time of key payment is made, which allows buyers to take advantage of an interest rates. Huttons anticipates HDB prices for resales to rise by 10% by 2022.

PropNex On the contrary, projects a for a full-year increase between 7% between 7% and 9%. “The HDB resale market is set to record another year of solid price growth” PropNex’s Wong is in agreement. “The low supply of flats for resales helps to support prices despite the constant demand from various categories of purchasers.” This includes those who are buying their first home and want ready-built flats and buyers who are excluded from the residential market, buyers who are upgrading and seeking a larger flat, and buyers with a sale of their home and want to buy an HDB flat for sale on the second market.

“With interest rates expected to increase further and some buyers might decide to be cautious and purchase the resale of a apartment, which is typically less expensive than an individual condo,” adds Wong.

In spite of higher resales rates however, some homeowners may be reluctant to sell due to the fact that they believe that the cost of purchasing an alternative home of comparable size is high in the market today, as per Wong. “This continuous supply and demand dynamics is likely to help HDB price resales over the next few months,” she adds.

/1 Comment/by