Actual sale site of Sceneca Residence at Tanah Merah Kechil Link

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Terra Hill showflat

The sales gallery at Sceneca Residence located at Tanah Merah Kechil Link has been prepared to launch, and construction on the site has started. The 268-unit condominium development that has 19 units that are strata-titled for commercial use is yet to be officially launched.

Terra Hill showflat will benefit from its strategic location on a unique hillside plot offering its residents a spectacular view to the south.

This is due to the fact that the URA’s Controller of Housing (COH) has issued the developer, MCC Land (TMK) Pte Ltd, with the no-sale certificate on the 12th of May. “COH granted a no-sale license for MCC Land (TMK) Pte Ltd for its proposed project in Tanah Merah Kechil because the company failed to satisfy the requirements of an approval to sell that includes proving the ability to complete previous projects in a timely manner,” says a URA spokesperson in an email reply to questions received from EdgeProp Singapore.

MCC Land (TMK) Pte Ltd is an entity of MCC Land, the property development arm of MCC Singapore, which is in turn a subsidiary of Beijing-headquartered state owned enterprise China Metallurgical Group Corp (MCC Group).

As per the MCC Singapore spokesperson, URA has issued a no-sale license for the project located at Tanah The Merah Kechil Link “because it has not yet satisfy the requirements for an official sale licence”.

A spokesperson for the MCC Singapore spokesperson adds that MCC Singapore will apply for a sales licence by October 2022 “pending an approval for sales licence being granted following the application is approved, we will begin operations the business as soon as possible after that”.

URA states that the COH considers a variety of aspects into account when evaluating the eligibility of a developer’s license, including the track record of the developer when it comes to the creation of housing developments. “Where required the COH can issue a licence with conditions in order to ensure the interests of buyers are properly secured,” says the spokesperson.

For instance for instance, the COH could have to require the developer to get CONQUAS certification in order for the project to be licensed, in accordance with the Spoksperson. “This is to provide homeowners confidence that “their houses are constructed and finished to a decent quality standard,” says URA.

The COH could issue a no-sale license to prevent selling apartments until the developer can meet the conditions for a sale licence according to the URA spokesperson. “A no-sale licence permits the developer to start construction on the housing development, but does not permit the sale of units with out having prior permission from COH.”

The no-sale permit is specific to the project located at Tanah Merah Kechil Link which will have no impact on MCC Land’s earlier release, One Bernam. The project in Tanjong Pagar, comprising 351 condominium units, 13 serviced apartments, and two floors of retail space first launched in May of the year before. As of now the project has sold 37% from the apartments have sold for an average of $2,464 per square foot, in accordance with caveats that were lodged in conjunction with URA Realis as at July 20.

The project was launched in May of this year was the executive condo of 413 units Provence Residence located at Canberra Crescent. The project was completely sold by the end of July, at $1,174 per square foot, in accordance with caveats filed.

MCC Land had won the site at Tanah Merah Kechil Link by close of the month in October, 2020 after outbidding the other 14 developers. MCC Land purchased the 99-year leasehold, 21,528 square feet site in the amount of $248.99 million ($930 psf/plot ratio). The new development will be connected with the Tanah Merah MRT station on the East-West Line.

The land auction by the government took place as part of the batched tender procedure that included the executive condominium (EC) site at Yishun Avenue 9 close to this tender. Sing Holdings was awarded the executive condo site located at Yishun Avenue 9 with a bid of $373.5 million ($576 per square foot – per person). A new EC project, that includes 616 apartments, North Gaia, was officially launched in April of this year. Up to date there have been 161 units sold at an average cost of $1300 per square foot.

MCC Land is no stranger to Singapore and has been developing residential developments in Singapore since. The projects completed in the past four years by MCC Land over the past four years include The Poiz Residences with 731 units, which is situated on top of the commercial podium Poiz Centre (completed at the beginning of this year) The six-unit The Alps Residences (completed in the year 2019);

the 358-unit executive condominium (EC) Northwave (completed in the year 2019) as well as Queens Peak, which is 736 units Queens Peak (completed in 2020).
MCC Singapore also has a construction division, and the most recent projects that it’s part of includes Changi East Depot, the recently sold-out 1,862-unit Normanton Park by Kingsford Development, and Bedok South Station on the Thomson-East Coast Line.

MCC Land is not the first park to be hit with an no-sale permit. In the past three years, Normanton Park was also granted a no-sale license. COH did not issue Kingsford Huray Development with a sale licence in the latter part of November, 2020.

In the end, Kingsford Huray sold out all of its 1,862-units in just 18 months after the project’s debut in January 2021. MCC Singapore is handling the construction of the project, which is expected to be completed in the second half of 2023.

In contrast to Normanton Park, where the launch was delayed by nearly two years, there’s still a chance of Sceneca Residence could be launched to the market in 2022 in the event that the developer is able to meet COH requirements to obtain a sale license remarks Mark Yip, CEO of Huttons Asia.

In 2012 Chinese developer Hao Yuan Investments was also ordered to stop selling units in the 653 unit Forestville executive condominium (EC) located in Woodlands. It was the result of 1,201 applicants who had voted in favor of units the initial sale day. But the developer had to shut down its showflat and was permitted to offer any options for purchase.

The reason for this was that Hao Yuan had proceeded to begin the project even though modifications to its plans for development were not endorsed by COH. The developer was granted permission to reopen the showroom and begin sales six months later , in June 2013. It was done following COH had been “satisfied” that all the approvals needed for the development plan were obtained, as well as that the plans included in those sales catalogues had been consistent with the approved plans.

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Residential sales down 64% in June due to lack of new launches

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Terra Hill at Yew Siang Road

The number of new private homes sold in Singapore dropped 64% monthly in June – at a two-year low, despite an absence on new developments. In addition, sales of luxurious non-landed residential properties decreased in the first half of 2022, to $1.1 billion, a drop of 43.7% in total sale value from the second quarter of 2021.

Terra Hill at Yew Siang Road is also accessible through the West Coast Highway, close to many bus stops, and less than 500m from Pasir Panjang MRT Station.

Private home sales for new homes in Singapore dropped 64% monthly in June, due to the absence in new home launches.

Excepting Executive condominiums (ECs), developers sold 488 units in June , compared against the 1355 units sold in May.

Annually sales fell by 44% between June 2021 and June 2021.

The June transaction numbers resulted in new home sales for Q2 2022 at 2,504 units, an increase of 37.2% from the previous quarter.

The decrease isn’t surprising, and is even expected given the absence of any new launch projects during the month.

PropNex Real Estate’s Director of Research and Content Wong Siew Ying says “In out of the return of international travel as well as the June holiday – when families are more likely to take holiday abroad – could contribute to the slowdown in market activity.”

As reported by Knight Frank, it’s the third straight month in which it is the month that Core Central Region (CCR) has sold more than 200 units as well, for the first time in the month of March 2021, the region has sold the highest number of units.

The CCR sold 206 units and it was the Rest of Central Region (RCR) and the Outside Central Region (OCR) sold 171 and 111 units respectively.

Luxury, non-landed residential sales have dropped in the first half of 2022.

Luxury non-landed residential properties decreased to $1.1 billion, with the total of 125 units purchased during the first half of 2022. That’s a drop of 43.7% in total sale value from the second quarter of 2021, as reported by Knight Frank.

A significant 50.6% quarter-on-quarter decline in sales was recorded in Q1 2022. The value of sales then growing by 29.4% quarter-on-quarter in Q2 2022 when investors sought secure skies and foreign investment came back to markets following the reopening of the borders.

As per the PropertyGuru Consumer Sentiment Study H2 2021 Luxury property demand continues to rise and as high as 32% of the millennials who are planning to purchase the most expensive property in the future.

In the same way, Knight Frank expects interest for luxurious non-landed homes that are fully furnished, especially larger-sized ones that are ready for immediate occupancy that will continue to rise in 2022 despite the increase in travel between countries.

The value of transactions for homes that are landed also fell 46.9% to $2.9 billion in the 1H 2022 period from $5.4 billion recorded in the 2H 2021 period.

“While the activity of transactions is expected to slow in the coming year due to a an uncertain global outlook however, it is evident that the shortage of homes that are landed and the growing domestic wealth will drive the market,” said Knight Frank.

“As so, the prices of housing in the land-based residential market are predicted to rise by 10% over the entire period of 2022.”

Rehousing for SERS is a new option that will are not popular with users.

Two new rehousing options presented by the Government for Selective En Block Redevelopment Scheme (SERS)owners appear to not be popular, even though these options do not have to cost any money.

The new options include shorter leases of 50 years for those who are 45 years old at the time when they receive the SERS announcement as well as the possibility of a lease buyback for older flats.

The Straits Times reported that out of the thirty people interviewed by Ang Mo Kio, 23 wanted a renewal of their 99-year lease, while two went to sign a 50-year contract, while five people were undecided.

Property Analysts were shocked by the fact that the majority of residents, especially seniors, preferred the fresh 99-year lease because there’s plenty of uncertainty for those signing the shorter lease of 50 years.

Prof. Sing Tien Foo, director of the Institute of Real Estate and Urban Studies at the National University of Singapore (NUS) noted the difficulty in predicting market value of 50-year-old flats, which be resold within 10 years.

In the past it was an increasing trend of younger buyers settling for older HDB properties and hoping to be picked for SERS.

Lakepoint Condominium receives URA approval to ease height limits

After the open tender in June without bids accepted Lakepoint Condominium’s marketing representative provided updates to the land development parameters for the property.

PropNex Realty revealed that the Urban Redevelopment Authority (URA) has said that “it is willing to relax the height restrictions for the development that will be constructed on Lakepoint Condominium collective sale site subject to specific conditions and a thorough analysis once the formal planning application is approved”.

JTC also confirmed that the development baseline on the site. With the reserve price remaining of $640 million that amounts to an average land cost of $988 per square foot per plot ratio (psf ppr) which includes the rent top-up fee as well as development costs as well as seven% area for balconies.

Tracy Goh, Head of Investment and Collective Sales at PropNex said the height control of the website is one of the issues expressed by interested parties . She also said URA’s “latest response will go some step towards addressing the problem”.

PropNex has announced that all offers on their site will be reviewed by July 22nd, 2022.

Research has revealed where to locate affordable HDB flats for resales amid rising costs

With the prices of HDB flats for resales rising steadily over the last two years, home buyers are wondering if they can locate cheap HDB flats.

Not least, Singapore saw public housing prices rise 18.4% over the past two years.

In an article by the Business Times, Nicholas Mak who is the Director of Research and Consultancy at ERA Realty has revealed that the most affordable larger HDB flats, like five-room, four-toom, as well as executive apartments, tend to be located in Sembawang.

The town was ranked first in the list of the most affordable median prices for executive and five-room apartments and second in the rankings for flats with four rooms.

Jurong West, Woodlands and Yishun were also included on the towns with the lowest median transaction rates for three, fourand five-room flats and executive apartments.

At minimum, 2.ha Pang Sua Woodland will be kept, as per HDB

As eco-consciousness has grown in popularity in recent times, people have expressed concerns about clearing forest to be used for residential purposes.

After receiving feedback from the public along with an environment study following an environmental study, the Housing and Development Board (HDB) altered their plans to build a brand new housing development within Choa Chu Kang to include at minimum 2ha of greenery, as reported by in the Straits Times.

The greenery that will be kept is located along the Pang Sua Canal.

HDB stated it was important to note that Rail Corridor’s initial route that runs through the the western region of Singapore will be preserved as long as it is feasible.

Nature groups, however continue to fight against the construction on the site.

Leong Kwok Peng who is the Nature Society’s (Singapore) Conservation Committee Chair was not happy by the decision of the government to go ahead with the development.

“By cutting down the size of the forest and its potential to be an ecological link along the Rail Corridor will be diminished,” he said, saying that the development should be kept to the eastern side of the site in order to keep as much green as is feasible.

Cicada Tree Eco-Place said Pang Sua Woodland should be left to its own devices as the area is insufficient for flats and wildlife.

“Building flats that are so close to wildlife corridors can only cause more conflicts between humans and animals that animals will are always losers,” it said.

HDB issue $1.1bil Green notes with a fixed-rate

The Housing & Development Board has issued $1.1 billion fixed rate green notes as part of their $35 billion Multicurrency Medium Long Note (MTN) program.

Due to mature on the 13th of July 2027, these notes are offered in $250,000 denominations with the coupon in the amount of 2.94% per annum payable every two years in arrears. They’re graded AAA by Fitch Ratings.

HDB stated its intention to use the proceeds from these Notes “will serve to fund as well as consolidate Eligible Green Projects under the Project Category of Green Buildings according to the HDB’s Green Finance Framework”.

Although the principle approval for listing the notes in the Singapore Exchange Securities Trading has been obtained, it must “not be considered to be an indication of the advantages of HDB or its subsidiaries, nor of the notes” HDB said. HDB.

Four adjoining units in Peninsula Plaza up for sale for $60,000

Four adjoining commercial units in Peninsula Plaza has been put on the market with an estimated price in the region of $60,000 million as revealed by the marketing agent PropNex Realty.

It is $3,750 for each sq ft (psf) according to the strata area total of 16,038 square feet.

The portfolio is anticipated to draw a lot of attention because of the difficulty of locating a large commercial space in the strata that is adjacent to the city’s central area. It also comes with a 999-year leasehold.

The auction for commercial units will close on the 18th of August, 2022.

REITs, massive developers Earnings to rebound

Moody’s Investors Service believes that the credit quality of REITs and major property developers in Singapore will remain steady through 2023 despite the rising the demand for commercial properties due to the ease of curbs on COVID.

“Higher the retail market and footfalls following the ease of COVID curbs will lessen the requirement for rent rebates. This will help boost earnings in retail assets,” added Moody’s analyst Yu Sheng Tay.

“Office rental rates will increase due to an increase in demand from employees returning to work despite the shortage of office equipment that is new and high-quality.”

The most well-positioned companies to benefit from the recovery in demand include CapitaLand Integrated Commercial Trust, Mapletree Commercial Trust and Frasers Centrepoint Trust as per Moody’s.

City Developments, GuocoLand and UOL Group will also benefit due to their large property portfolio and hospitality services.

Although rising inflation and rates of interest may slow down growth in the coming year Moody’s is still expecting the profits of REITs and major property developers to rise from 2022 until 2023.

Prime office rents are up 1.1% in Q2 2022

Singapore witnessed prime office rents in that Raffles Place / Marina Bay region increase by 1.1% quarter-on-quarter to $10.36 per square foot monthly (psf pm) per month on average during the 2nd quarter in 2022 said Knight Frank.

The increase in rent was during the first half of 2022 between 2.3% and 3.8% as office rents peaked in the third quarter of 2021.

Knight Frank noted that the Raffles Place and Marina Bay precinct also registered high levels of occupancy despite the shortage of office space. The occupancy rate increased 1.5 percentage points per quarter and reaching 95.4%.

“Overall CBD occupancy levels also improved. In a reverse of the decision to reduce size due to hybrid work certain companies are looking at options like restructuring and reshaping their offices for more flexible collaboration in the workplace,” it said.

In the future, Knight Frank expects office rents to increase between 3% to 5% through the entire year of 2022. It also anticipates the leasing market for office space remaining stable all through the year, considering that as high as 100% percent of workers permitted to return to their work place.

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

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Terra Hill condo for sale

In the back of Thomson Plaza is a townhouse development named Marigold Mews. It’s located on Marigold Drive, accessible via Soo Chow Garden Road off Upper Thomson Road. It is not widely known the fact that these townhouses, which are double-storey, are connected to Thomson Plaza. Thomson Plaza shopping mall, and form an integral part of the development that is mixed use.

Terra Hill condo for sale is equivalent to a land rate of $1,355 psf ppr and $1,318 psf ppr, including a 7% bonus balcony area in the GFA.

The owners of 19 townhouses in Marigold Mews gathered to begin a mass sale on the 13th of July at the price at $158million. The sale will be conducted through an express of interest process by the sole marketing agent Sammi Lim, the founder as executive director at Brilliance Capital.

The only sign that the development of residential homes is connected with Thomson Plaza are the beams which span 2 rows of townhouses. “These are extremely sturdy beams, and supporting beams, and they are connected to Thomson Plaza’s edge. of Thomson Plaza,” points out Tim Kow, one of the residents of the townhouses that participate in the sale in bulk.

Marigold Mews was completed in 1979, and it was given a 99-year lease beginning in 1976. This means that the property is left with 53 years in the lease.

Thomson Plaza shopping mall was developed and opened simultaneously under the name Marigold Mews in 1979 by CapitaLand (former DBS Land). The mall is three stories high with a GFA (GFA) in the range of 467,298 square feet and includes 180 stores, which includes cafes, restaurants Super-markets as well as enrichment centres. Tenants that anchor the mall include FairPrice Finest, Daiso Japan, DBS Bank, Koufu and Yamaha Music School. Established F&B operators who have been around for many seasons are Peach Garden Chinese Restau-rant, Sushi Tei, Swensen’s, KFC and Pizza Hut.

Mercatus Co-operative acquired the strata ownership of the property in July of 2016 through NTUC Fairprice Co-operative, which acquired a 100% of the interest of Thomson Plaza Pte Ltd from CapitaLand in 2011 , for $103,093. Thus, Mercatus owns 110,000 sq feet of retail space at Thomson Plaza (specifically Swing By at Thomson Plaza), which is roughly fifty% of the total area lettable within the mall. In the last month, Mercatus announced that it is conducting an “strategic examination” of its real estate investments in its portfolio. These include AMK Hub, Jurong Point, Nex and Swing By @ Thomson Plaza.

The townhouses are located in the total strata area of 60,805 sq feet which is 25.29% of Thomson Plaza’s strata total, according to Brilliance Capital’s Lim. Together, they constitute major stakeholders of the Management Corporation Strata Title (MCST) through the strata area and strata area, she says.

Each townhouse comes with an area of strata that ranges between 2,411 and 4,133 sq feet. In the case of the price that is being offered at $158 million in the case of the sale as a bulk purchase the owners could take home $6.2 million or $10.7 million each, according to Lim.

The townhouses of the strata are equipped with 3 bedrooms located on the top level as well as one on the ground floor, according to Kow who has lived at Marigold Mews since the year 1996. In the past, certain homeowners have renovated their homes and added rooms to accommodate their expanding families. Kow’s house, for example has five bedrooms now. “My three kids grew up in this house,” he says. “Because due to the sheer size the houses as well as the area, they are appealing for families with children.”

The best part is an added benefit is the Upper Thomson MRT Station on the Thomson-East Coast Line that was opened in August. “In the near future we could just put on your flip-flops with shorts, and T-shirt, and bring a towel and go on the MRT train until the Katong Station, and walk across the ocean to East Coast Park,” the man says.

A lot of residents at Marigold Mews have been for a number of years. According to URA information, the most recent sale took place in the year 2018 where one of townhouses that had the strata area of 2,960 square feet was sold in exchange for $1.77 million ($598 per square foot).

It was just four years ago. “It’s difficult to come up with an accurate valuation since nobody sells,” says Jenny Yin who relocated into Marigold Mews from Serangoon Gardens 15 years ago. Her house has turned into an exhibit for Marigold Mews, as it’s packed with the collection she has of antiques as well as antiques.

The majority of the homeowners of Marigold Mews are happy to remain on their current property However, the biggest issue is the lease’s shortening Kow concedes Kow. “Once the lease is over fifty years old, you must think about what the next steps are,” he says.

All hopes of a collective sale are tied to what happens to Thomson Plaza. According to the URA Master Plan 2019, Thomson Plaza is a part of the URA Master Plan 2019. Thomson Plaza site is zoned for commercial use in full, with a Gross plot ratio of 3.0. The planned commercial development may include an hotel. The mall is directly connected with the Upper Thomson MRT Station.

If Mercatus was to sell Swing By @ Thomson Plaza and the buyer of the property would have control over greater than the 80% of the strata area of Thomson Plaza when combined with the residential units in Marigold Mews. Lim says. “It could be a huge opportunity for the buyer to gain value, and an important step in any collective sale that could occur in the near future.”

In the meantime, a bulk purchaser of the units at Marigold Mews could be able to rent townhouses based on the strong demand for rental, or even repurpose the property to serve as housing or co-living units as noted by Lim. The exercise to express interest is scheduled to end on 18 August.

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