Category Archives: Commercial property

Shops, offices and industrial properties which provide commerce for katong residents and visitors alike

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

Real estate sector to get Industry Transformation Map

Minister of State for National Development Koh Poh Koon in Parliament announced that the real estate sector is the latest to have an Industry Transformation Map (ITM) developed for it, to help it transform and prepare for future challenges. He laid out the challenges that the sector is already facing in a digital age when this was announced on Tuesday (Mar 7).

For instance, he pointed out that a growing number of Singaporeans are choosing to complete their property transactions using DIY portals, without the need for property agents. “To survive and thrive, the industry must consider new ways of doing things,” said Dr Koh.

The real estate ITM is one of 23 of such roadmaps which outline Singapore’s jobs and growth strategy for the various sectors. Six ITMs have already been launched and 17 more, including the one for real estate, will be released this year.

Together, the 23 industries with ITMs make up 80 per cent of Singapore’s economy and such roadmaps were a key strategy recommended by the Committee on the Future Economy (CFE) last month.

The key points mentioned includes:
1. Raising productivity
The Government will do its part to streamline its processes, such as HDB’s resale transaction procedure, to reduce the total transaction time for the public, including possibly doing away with one of the HDB’s resale appointments by leveraging ICT technology.

2. Helping workers gain new skills and
With more information and services being it will be more important for property agents to “hone their skills in servicing clients and building their credentials”, rather than just competing on marketing and closing transactions. This is where training opportunities should be put in place to help workers “upskill”.

3. Helping companies enter new areas of growth.
In addition, real estate companies can take advantage of new areas of growth and better respond to market disruptions. For example of local company LHN Group, which has moved from its original focus on managing properties for lease to managing facilities such as carparks and providing services such as CCTV surveillance and security guards. The company is also expanding into China to manage mixed-used developments.

New Quarter in Paya Lebar by 2018

The massive upcoming mixed development in Paya Lebar Central will comprise seven buildings on a 3.9-hectare site. The S$3.2 billion project – Paya Lebar Quarter – will feature a retail mall, three office towers and three private residential blocks.

The developer Lendlease said the development will transform the Paya Lebar area into a “vibrant, pedestrian-friendly city precinct”. Over 200 stores and entertainment options across the seven-storey mall, with about 30 per cent of the tenants being food and beverage operators.

Paya Lebar Quarter has a total gross floor area of about 1.8 million sq ft. About 100,000 sq ft at the development have been set aside as public spaces, and will include cycling path and lush greenery.

The first two anchor tenants to sign up at Paya Lebar Quarter are supermart NTUC Fairprice Finest, which will occupy 22,000 sq ft of space, and foodcourt Kopitiam, which will take up 15,000 sq ft of space. The development will also have about one million sq ft of Grade A office space across three 13- to 14-storey blocks, which can house up to some 10,000 workers.

The office and retail components of the development are expected to be completed in the second half of 2018, while the residential component – the 429-unit Park Place Residences – will be completed only in the first half of 2019.

 

Katong Shopping Centre may go enbloc again

Katong Shopping Centre (KSC) in Katong/East Coast area is making a third time try at the collective sale market, with a asking price of about $630m. More than 80% of owners have agreed to the proposed sale. CDL owns 60 units and 323 carpark spaces in the mall. KSC is built in 1973, at a cost of $20m to CDL.

The psf price of %2248 is seen high in today’s market. The 86,924 sqft site with plot ratio of 3.0 is zoned for commercial and residential use. The current gross floor area (GFA) is 280,203sqft. The agent responsible for the collective sale, Cushman & Wakefield, is applying to URA for outline permission for full commercial site.

The venue is also a prime ideal for additions and alterations to recreate a landmark mall in Katong. A potential 32K sqft space may be set aside for medical suites. The site is within 500-600m of the future MRT stations of Marine Parade and Amber. The tender is due 8 Sept 2016.

 

 

KatongShoppingCentreFacade

Online financial comparison for home buyers

Business times and GET.com launched a new tool online to allow Singapore consumers compare financial information like home loans, credit cards and personal loans. The online tool can be found on Business Times’ website, which is powered by GET.com’s propriety comparison technology.

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Paya Lebar project to be ready by 2018

A tender for the plum site at Paya Lebar Central, between the MRT station, Tanjong Katong Complex and City Plaza, was won by a consortium including Lend Lease and Abu Dhabi Investment Authority (ADIA). A mixed development including offices, retail space and 429 residential homes will be built on the site.

According to market rumours the residential component will be launched for sale in 2017. This is the first time the Australian Development group will be developing homes in Singapore. The project is given the approval to build 91,340sqm of office space and 43,740 sqm of retail space in addition to the 429 homes.  A maxium of 164,794 sqm of gross floor space is available for development. The TOP of the project is expected to be in 2018.

Keppel Land became the retail Manager for i12 Katong

On Sunday, Keppel Corp announced that Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million.

Its fund management vehicle, Alpha Investment Partners also hold the remaining 77.6 per cent stake via Alpha Asia Macro Trends Fund. Keppel Land Retail Management will be appointed as the retail manager for the mall.

CEO of Keppel Land Ang Wee Gee said the property management company will focus on strengthening 112 Katong’s positioning as a lifestyle and dining destination in the East.