Category Archives: Lifestyle and Neighbourhood news

Interesting activities in the katong neighbourhood

Make Singapore land Great again! Courtesy of 38 Oxley Road

There is a lot of media limelight on this family saga on the residence of Singapore’s first Prime Minister. How much does this plot of land worth?

Eunosville sold enbloc at a premium

The collective sale market here is powering ahead with the sale of privatised HUDC estate Eunosville for $765 million. The price of $765 million at a premium of more than 17 per cent over the $643 million to $653 million the owners had asked for when the site was launched for tender in April.

The 330-unit Eunosville, built in the 1980s, could make way for as many as 1,399 units in a new project. The site has been sold to a Jardine Matheson Group unit, MCL Land, at the second-highest price ever for former HUDC estates, after Farrer Court was sold for about $1.34 billion in 2007. It was the estate’s second try at a collective sale after an unsuccessful bid in 2013.

The purchase costs, which includes the sale price and an additional $194 million of government charges, works out to a land rate of $909 per sq ft per plot ratio. The charges are payable to the state to intensify land use to a gross plot ratio of 2.8 and to top up the lease to a fresh 99 years.

Built in the late 1980s, the project has about 71 years left on the lease. It has 255 maisonettes over six residential blocks and four walk-up apartment blocks with 75 units. Each owner stands to get about $2.25 million to $2.41 million upon completion of the deal, subject to sale conditions.

The site could be rebuilt into a 1,399-unit development with an average apartment size of 70 sq m. The new units could be sold for an average of about $1,700 to $1,750 psf.

The latest deal came after the recent sale of Rio Casa estate in Hougang and mixed-use development Goh & Goh Building in Upper Bukit Timah Road, and One Tree Hill Gardens in the prime District 10. It is the fourth successful collective sale this year amid recovering sentiment and developers’ optimism over residential property.

The four collective sales year to date total slightly over S$1.5 billion. For the whole of 2016, there were three collectives sales – Raintree Gardens in Potong Pasir, Shunfu Ville in Marymount area and Harbour View Gardens in the West Coast area. The total value added up to slightly over S$1 billion. In 2015, the solo collective sale transaction was the S$380 million sale of the commercial/residential Thong Sia Building in Bideford Road. The peak year for en bloc sales was 2007, with 88 deals amounting to S$11.5 billion.

The collective sale fever cooled when the property market tanked during the 2008 global financial crisis though things started to revive again in 2010, when there were 38 collective sales, followed by 51 transactions the following year before activity began to wane again amid a price gap between owners of en bloc properties and developers.

Between 2014 and 2016, only five sold during this period out of 25 collective sale sites launched; implying that the other 20 sites were priced above what the market could bear.

 

Citimac Industrial Complex up for enbloc sale again

The freehold development in the heart of Tai Seng industrial and commercial hub is up for sale again. The 110-unit industrial property of 1.3 ha size in MacPherson Road, Citimac Industrial Complex, has been put up for collective sale with a price tag of at least $430 million this time.

The eventual buyer would have to pay an additional $99 million in development charge (DC) for intensifying the land use — translating to a cost of $1,081 psf per plot ratio.

The redevelopment site is zoned “Business 1-White”, with a gross plot ratio of 3.5 under the URA Master Plan 2014. It can potentially yield a maximum gross floor area of 489,262 sq ft, of which at least 349,473 sq ft has to be for Business 1 or light industrial use, with the remaining for “white” use, which includes retail or commercial uses.

The white component is ideal for retail and F&B, such as cafes, restaurants and foodcourts, to tap on the growing catchment of workers in this up-and-coming F&B cluster, as well as residents in the neighbourhood,

BreadTalk Group, Sakae Holdings, Charles & Keith, Tee Yih Jia Group, Malaysia Dairy Industries and Lian Beng Group are among the many big names in the vicinity.

In February Mapletree opened its mixed-use development 18 Tai Seng, which boasts tenants such as Liao Fan Hawker Chan, Japanese Soba Noodles Tsuta and Tim Ho Wan.

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Former HUDC projects back in En-bloc sale

The 330-unit Eunosville former HUDC estate is up for collective sale. Eunosville, less than 100m from Eunos MRT station, comprises of 10 residential blocks of maisonettes and four walk-up apartment blocks, translating to 255 maisonettes and 75 apartments. It has a remaining lease of about 70 years. The estate sits on a rectangular-shaped site with a land area of about 376,713 sq ft and wide frontage — along Changi Road and Sims Avenue.

Rio Casa, another privatised HUDC estate in Hougang, was put up for sale two days earlier. Rio Casa’s riverfront location will draw interest from developers. It is understood that the former HUDC estate Rio Casa collective sale is seeking a sale price of $451m.

The current sentiment in the property market may result in residential en bloc sales picking up this year, given the limited supply of private housing sites due for sale by the Government and revived demand for land shown by developers.

At least 20 more residential projects may go en bloc this year including Amber Park condominium, Lakeside Tower and The Balmoral condominiums.

Seaside Residences the first project to adopt new design requirements along ECP corridor.

Urban design guidelines, which play a key role in creating attractive and liveable areas, vary from site to site and over time in tandem with planning needs. Appropriate additional design guidelines will be imposed on new development sites along the East Coast Parkway (ECP) to ensure the integration of the new buildings with the surroundings. The move comes as the ECP corridor becomes more developed with higher-density developments as described by the Urban Redevelopment Authority (URA).

The guidelines may feature well-integrated and lushly planted sky terraces to contribute to the sense of pervasive greenery along this major gateway corridor. The Siglap Road plot of the upcoming Seaside Residences is the first government land sales site along the ECP to face these additional design guidelines.

Seaside Residences developer Frasers Centrepoint Singapore announced that the additional design requirements included an “urban window” of at least 45m, meaning there should be a 45m-wide no-build zone through the middle portion of the site.

Another guideline called for greenery and landscaping offered at the development to be equivalent in area to 65 per cent of the site area. These can include sky terraces and roof gardens.

The developer said each pair of residential towers will be spaced 45m apart, thereby meeting the urban window requirement. It has also reduced the number of units to be built at Seaside Residences by about 10 per cent to 843.

 

Kallang River to be rejuvenated

The Urban Redevelopment Authority (URA) launched the “A River Runs Through It” exhibition this morning, which showcases opportunities to revitalise areas along Kallang River. Minister for National Development and Second Minister for Finance Lawrence Wong officiated at the launch.

The exhibition is a call for public feedback and ideas on a preliminary conceptual plan to rejuvenate the Kallang River, and revitalise the areas around the river.

Kallang River’s potential for rejuvenation

The Kallang River is Singapore’s longest natural river.  Originating from Lower Peirce Reservoir, the 10 km Kallang River passes through many housing and industrial areas such as Ang Mo Kio, Bishan, Toa Payoh, Bendemeer and Kallang Bahru, before merging into the Kallang Basin. There are now about 800,000 people living within 2 km of Kallang River. In the next 20 years, there is potential to inject around another 100,000 dwelling units in the area.

Waterfront rejuvenation started in the 1980s in Singapore, following the clean-up of both the Singapore River and Kallang Basin. In the past 30 years, the government has focused on the Singapore River, Marina Bay and the Kallang Basin. The time is ripe now to start a discourse to further rejuvenate the Kallang River in the future.

Many of the ideas exhibited at this stage are conceptual and aspirational in nature, and not developed in great detail. The intention is to invite public feedback, so that they can be developed further. The government has outlined five broad key ideas to rejuvenate Kallang River:

  1. Activate the waterfront, and enhance Kallang Basin as a sports and recreational venue. Active, Beautiful, Clean Waters (ABC Waters) projects will animate the waterfront. An idea that is being developed for implementation is an eventual stream, cascading waters and rain gardens between Bishan Road and Braddell Road. Meanwhile, more facilities are being studied at the area around the Sports Hub to strengthen its standing as an inclusive sports and recreational precinct. Sport Singapore, in collaboration with other agencies, will be transforming the area along Jalan Benaan Kapal into an inclusive community space that celebrates active living.
  2. Inject new waterfront housing developments in park-like settings and renew old industrial estates. Kampong Bugis and Kallang Distripark are primed for the development of quality green residential neighbourhoods. Home to smaller industrial estates, Kallang Industrial Estate has the potential to be renewed into a mixed-use precinct with new industrial developments. The Kampong Bugis project was announced by Minister Lawrence Wong in Parliament recently, and consultations with industry have already started.
  3. Enhance accessibility by providing a seamless active mobility route along Kallang River between Bishan and the city centre. A seamless promenade along the Kallang River will have a key catalytic effect to spur developments around it. The exhibition will present some aspirational ideas to overcome major obstacles along the river bank, such as new underpasses and a cycling bridge across the Pan Island Expressway.
  4. Enrich the biodiversity of Kallang River. Current habitats along the river can be complemented with the naturalisation of more stretches of the waterway, and wider green setbacks, to allow biodiversity to flourish even more.
  5. Celebrate and incorporate the river’s rich heritage. The public will be invited to help capture the memories and heritage associated with the river to enrich future development plans.

Please see Annex A [PDF, 36kb] for detailed proposals to revitalise the river.

Public feedback for exhibited proposals

URA is calling on members of public to share their feedback on the proposals to revitalise Kallang River and Kallang Basin. URA will also be inviting grassroots and residents living along Kallang River and other stakeholders to the exhibition for their views. Members of public are also welcome to give their feedback online at ura.sg/kallangriver.

The ideas and proposals will be exhibited at The URA Centre Atrium from 29 Mar to 2 May, 9am to 6pm, Mondays to Fridays. Admission is free.

https://www.ura.gov.sg/uol/media-room/news/2017/Mar/pr17-23