Category Archives: transport

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.

Huge Meyer Road home for rent

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Hawaii Tower @ Meyer Road is a seafront-facing condominium development in the East Coast area. 2238 sqft space with 3 huge rooms. This is a bigly home for expats and locals alike.

Renovated with all round balcony. Facing south. Mins to Stadium MRT, CBD, Parkway Parade, Changi Airport.

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Singpost Centre mall to be managed by Capitaland

The mall in the new SingPost Centre – near Paya Lebar MRT station – spans five floors and has a net lettable area of about 175,000 sq ft. The SingPost Centre will house the new General Post Office and Philatelic Store and feature tenants, including supermart NTUC FairPrice, Golden Village cinemas and a Kopitiam foodcourt. SingPost said the 300 sq m General Post Office will feature traditional counter service and technology-enabled innovations such as POPStations and eSAM machines. There will also be a heritage corner where customers can learn about the postal service firm’s 150 years of history.

CapitaLand Mall Asia is the mall manager, signing its first third-party mall management contract in Singapore, boosting CapitaLand’s mall network here to 20. The long-term contract with Singapore Post will see CapitaLand managing the upcoming mall at the new SingPost Centre in Paya Lebar – slated to open in the second half of this year.

The SingPost Centre mall will augment its presence in eastern Singapore, where it currently owns and manages two malls – Tampines Mall and Bedok Mall.  It is also involved in a joint venture to develop the Jewel Changi Airport which is due to be ready in early 2019.

With CapitaLand as the retail mall manager, SingPost will be able to focus its attention on our core operations of postal services and e-commerce logistics. Under the property management agreement, CapitaLand will oversee the period leading up to the opening of the mall, its marketing and promotion as well as leasing and facilities management.

New Paya Lebar Condo @ Katong Fringe ready for sale

The Park Place Residences at Paya Lebar Quarter (PLQ), a 429-unit development which will be the third condo project to hit the market this year after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah, will open for a preview tomorrow.

The $3.2 billion PLQ – being jointly developed by Lendlease and Abu Dhabi Investment Authority – will feature a mall, three office towers and three residential blocks. Developer Lendlease yesterday said it is confident there will be a good take-up for the 99-year leasehold Paya Lebar project.

Lendlease plans to sell 171 apartments, or 40 per cent of the total units at Park Place Residences, as part of its first release. Park Place Residences will have 117 one-bedroom units, between 480 sq ft and 580 sq ft in size, with prices starting at $780,000. Meanwhile, the price for 234 two-bedroom apartments, between 650 sq ft and 900 sq ft, will start from $1 million. The remaining 78 three-bedroom units, between 1,080 sq ft and 1,350 sq ft, will be priced from $1.6 million.

The prices should work out to an average of about $1,560 psf to $1,610 psf. This would make Park Place Residences the priciest condo project out this year. Average prices at both The Clement Canopy and Grandeur Park Residences are below $1,400 psf. Park Place Residences will be launched for sale on March 25.

Concurrently the MOF has just announced a set of updated initiatives for property. It includes changes to SSD among others — http://www.mof.gov.sg/news-reader/articleid/1795/parentid/59/year/2017?category=Press%20Release

Katong/St Patrick Semi Detached house @$5k+ only

Beautiful katong semi detached house for rent. Near Katong eateries, malls, schools ( Tao Nan, Ngee Ann, CHIJ, St Patrick’s, Victoria School and Junior College). Partially furnished with garden. 4 bedrooms with guest room at level 1. 3800/2800sqft. Available now. Call David at 94772121 for viewing.

http://www.sgbayhomes.com/19593941

Burger King and Long Beach @ East Coast closing next year

After the closing of the McDonald’s outlet in East Coast area in 2012, the latest development in the popular dining area in East Coast will see the moving out of popular eateries and developments in Raintree Cove site. Long Beach Main Seafood restaurant, the only drive-in Burger King outlet, Ju Shin Jung East Korean Charcoal BBQ Restaurant, and Lorna Whiston Pre-school will move out when the lease expires on Feb 28 2017. The landlord, National Parks Board (NPB), will be taking over the space but there are scant details of the development plans. Market talk is that a new concept will replace the current dated structures, to cater for beach-goers.