Category Archives: Mountbatten-Meyer-Tg Rhu

Twin Katong collective sales hit jackpots

The enbloc fever in Singapore does not seems to subside but only get hotter. Not only that record prices have reached for collective sales in their respective regions, but ever more estates are hopping onto the wagon.

The popular East Coast/Katong area also hit headlines recently. Notwithstanding the recent transaction in July for The Albracca, a 10-storey residential development (23,400 sq ft) site along Meyer Road, which has been successfully sold in its first attempt at a collective sale to Sustained Land for S$69.1 million, two prime sites in the vicinity has also hit their respective jackpots.

1. Nanak Mansions
The freehold Nanak Mansions development in upmarket Meyer Road has been bought by an associate of UOL Group in a $201.1 million en bloc deal. Secure Venture Development (No. 1), UOL’s associate company, will redevelop the 10,185 sq m site, which has a gross plot ratio of 1.4.

Meyer Road is dubbed as  ‘Nassim Residences of the East’ — a highly coveted location in the popular seaside area in Singapore. It is a low-rise development completed in the 1980s, located less than 0.5km from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. Currently it comprises 36 maisonettes, each with either four or five bedrooms, all belonging to members and companies of a low-profile Singaporean Indian family. All 36 units have been rented out.

The site may be redeveloped into a five-storey project with a maximum gross floor area of 153,482 sq ft. This means it can accommodate a maximum of 203 units with an average size of around 700 sq ft in terms of gross floor area. The $201.1 million price tag works out to $1,429 per sq ft per plot ratio (psf ppr), after factoring in development charges payable upon redevelopment. This is comparable to the $1,409 psf ppr obtained for The Albracca at $69.1 million.

2. Amber Park

A 200-unit freehold condominium in Katong, Amber Park has been taken for S$906.7 million by its original developer CDL. This is the fourth time that Amber Park has been put up for sale. There are as many as eight bids for this prime site.

Built in 1986, the new winning party includes City Developments Ltd (CDL), through its wholly owned subsidiary Cityzens Development, and joint-venture partner Hong Realty.

The sale price reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8, in Singapore’s largest freehold collective sale by dollar value. At this sale price, the owners would expect to receive between S$4.3 million and S$8.3 million.

The winning consortium intends to redevelop Amber Park into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark. The current site has an area of 213,675 sq ft, and an allowable gross floor area of about 598,290 sq ft. The Tanjong Katong MRT station, located 200m from the site, will be completed in 2023.

The aggressive bid exhibits optimism among developers for Singapore property market. Though this may bring good news for property sellers, many industry experts caution against overtly optimism which may not be sustainable in the short term as loan interest rates looks poised to increase and rental market remains in the doldrums for the recent years.

 

The Albracca in Meyer Road cashing in on the hot collective sale market

Home owners at The Albracca in Meyer Road are hoping to cash in on the hot collective sale market. The property is up for sale for about $62 million to $65 million, which works out to about $1,262 to $1,323 per sq ft per plot ratio for the 11-unit freehold development near Tanjong Rhu, located opposite the upcoming Katong Park MRT station slated to be ready in 2023.

Apartment sizes at the 10-storey The Albracca range from 1,658 sq ft to 3,972 sq ft, thus each owner may get from $3 million to over $7 million from the enbloc sale.

The 23,400 sq ft Meyer Road site is zoned residential, with an allowable gross plot ratio of 2.1 under the 2014 Master Plan. The property’s prime location being near Katong Park MRT station, excellent views and a lower price quantum should attract to a wide pool of developers.

The site can potentially be redeveloped into a high-rise project, housing 65 apartments with an average size of 70 sq m or about 750 sq ft.

The four en bloc deals with a combined value of $1.5 billion sealed so far in 2017 were: One Tree Hill Gardens of District 9, Goh & Goh Building of Beauty World area as well as former HUDC estates Rio Casa and Eunosville.

The value so far has already surpassed the three deals worth $1 billion done for the whole of last year.

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Singapore Primary home sales soar 82%

The recent government figures on private home sales signal a turnaround in the market. Figures showed that, in the primary market, developers sold 1,780 new private homes last month, the strongest showing since the 1,806 units moved in June 2013. This was when sales were still buoyant just before the rollout of the Total Debt Servicing Ratio (TDSR) framework.

The March 2017 sales volume is up nearly 82 per cent from February’s 979 units, and a 111 per cent jump from the 843 units sold in March 2016.

Two well-received new launches (Grandeur Park Residences and Park Place Residences at PLQ) have great sales, while continuing sales in earlier projects (such as Parc Riviera, The Santorini and The Clement Canopy), attributed to the confidence-booster from the government’s maiden tweaks to the cooling measures announced on March 10. The best-selling private-housing project in March was Chip Eng Seng’s Grandeur Park Residences next to Tanah Merah MRT Station, with 484 units sold at a median price of S$1,406 psf; this was followed by Park Place Residences at PLQ, where 217 units were transacted at a median price of S$1,805 psf.

The jubilant home-buying mood was reflected not only in the data from the Urban Redevelopment Authority (URA), based on its survey of licensed developers, but also in the secondary market.

Resale transactions of private homes rose to 942 units in March, translating to increases of more than 50 per cent month on month and year on year. The URA’s definition of resales includes developers’ sales in delicensed projects.

Based on the latest data released by the URA, the preliminary Q1 2017 figure for new sales of private homes stands at 3,141 – up from 2,316 units in Q4 2016 and 1,419 units in Q1 2016; the Q1 2017 figure was also the strongest showing since Q2 2013’s 4,538 units.

Developers also sold 578 executive condominium (EC) units last month, higher than the 329 units moved in February, and the 485 moved in March last year. The preliminary Q1 2017 new EC sales by developers is 1,091 units, surpassing the 734 units in the previous quarter and the 762 units in Q1 2016.

Among ECs, Qingjian Realty’s iNz Residence in Choa Chu Kang was the top seller; it sold 187 units at a median price of S$774 psf.The developers’ new private home sales at the new two major new launches – Seaside Residences in Siglap Road and Artra next to Redhill MRT Station were well received as well. Seaside Residences moved almost 400 units while Artra moved 130 units a few days ago.

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

Saving Dakota Crescent

On local press recently, there is a group of architects, led by Mr Jonathan Poh, seeking to save parts of Dakota Crescent. Dakota Crescent is one of the oldest public housing estate in the island. The group is submitting a paper to MND to provide various options to save the entire area, as well as conserving parts of the iconic structures in the estate.

Based on the government’s rejuvenation plans for old housing estates, the 17 rental blocks in Dakota Crescent is primed for demolition. The residents have to vacate the area by end of 2016, to either nearby Cassia Crescent or elsewhere if they decide to buy a new flat. The site is reserved for future residential development.

The conservation plan include 8 “butterfly blocks” — curved buildings with 2 perpendicular wings at the back; blocks 10 and 20, which are similar to the already demolished blocks in St Michael’s estate in Whampoa and the Princess and Duchess estates in Queenstown. The flats were built SIT in 1958.

Dakota Crescent.png

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.