Category Archives: Condos

More HUDC Estates in heat for enbloc sales

After the 2 recent enbloc deals involving HUDB estates being successfully sealed, namely Rio Casa and Eunosville, two more privatised HUDC estates are in the midst of launching tenders for collective sales process. Rio Casa in Hougang sold last month for $575 million and Eunosville in Sims Avenue sold for $765 million in a deal finalised this week.

The 560-unit Tampines Court may launch its tender in July, while 336-unit Florence Regency in Hougang is in the early stages. Tampines Court owners are seeking at least $960 million for the large Tampines Street 11 site, spanning over 702,000 sq ft.

Built in the 1980s and privatised in 2002, Tampines Court has 14 blocks, with 432 maisonettes and 128 apartments. Its first try of $405 million was dismissed by the Strata Titles Board in 2008. In 2011, it failed to obtain the required level of approval from residents. This is its third bid for a collective sale.

Another privatised HUDC project, Florence Regency in Hougang Avenue 2, will also start its collective sale process soon. It is the first attempt for the development, with about 71 years left on the lease.

Since the 1970s, 18 projects were built under the HUDC or Housing and Urban Development Company scheme. All have since been privatised and nine have been sold, including Shunfu Ville and Raintree Gardens last year.

HUDC sites are said to appeal to developers owing to their location in mature estates and the potential to be further intensified, given their layout and the size of units. However, the huge size of their land plots may put off some bidders, owing to rules requiring developers to build and sell all units within a designated time frame or face huge fines.

Some other potential HUDC Estate for collective sales
1. Braddell View (618K sqft land, 918 units)
2. Chancery Court (123K sqft land. 136 units)
3. Ivory Heights (825K sqft land, 654 units)
4. Laguna Park (677K sqft land, 528 units)
5. Lakeview Estate (242K sqft land, 240 units)
6. Pine Grove (893K sqft land, 660 units)
7. Serangoon Ville (296K sqft land, 244 units)

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.

 

Private properties rose to 27% of total housing stock

THE number and proportion of private properties in Singapore grew in the decade between 2006 and last year. The total number of private condominium units and landed homes went up from 243,000 to 372,000 in that time, taking their share of the overall dwelling units from the 22 per cent in 2006 to 27 per cent last year.

Meanwhile, the number of Housing Development Board (HDB) flats grew from 880,000 units to 1,011,000 during the period. But despite this increase, the proportion of HDB flats out of the total housing stock went down from 78 per cent to 73 per cent.

National Development Minister Lawrence Wong unveiled these figures in Parliament. The ratio is “expected to remain stable” over the next few years, with 72 per cent of all dwelling units projected to be HDB flats in 2020.

However, he added, this proportion refers only to the housing stock in Singapore – not the total proportion of people living in flats, which remains at about 80 per cent.

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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.

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.

PLQ to incorporate co-working spaces

Australian developer Lendlease is jumping on the co-working bandwagon and taking its employees along with it. Co-working spaces are working environments shared by people employed by different companies. One hundred of its five-hundred-and-fifty staff here will be moving into a co-working space at OUE Downtown in the Central Business District, partially in preparation for similar zones at its own upcoming office towers at the Paya Lebar Quarter (PLQ).

Lendlease chief executive Tony Lombardo said the company’s PLQ development would “definitely” have a co-working element. The PLQ project is expected to have about one million sq ft of Grade A office space across three 13- to 14-storey blocks and accomodate around 10,000 workers. Lendlease said it is in talks with multinational corporations over the leasing of space there.

The developer will be hoping to replicate the success it has enjoyed at its A$6 billion (S$6.4 billion) development in Barangaroo South, Sydney. Lendlease built three skyscrapers there of 2.8 million sq ft, to the entire Sydney Central Business District.The three towers has committed leases for almost full occupancy. The floor plates of the PLQ offices will be large, similar to those of the Sydney towers, ranging from 2,200 sq m to 3,000 sq m.

PLQ would be a “new place in Singapore in terms of connectivity and quality of the environment” according to Lendlease. The company is keen on expanding its urban regeneration portfolio and wants to win at least two to four urban regeneration projects in the next five years in Asia. Naturally, it has its eyes set on Singapore’s master developer projects.

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

Primary Sales in February picking up in momentum

DEVELOPERS’ sales momentum had picked up this year, even before the recent easing of the property cooling measures; sales figures for February bear this out and March figures are projected to be even more sterling.

A total 977 new private homes and 329 executive condominiums (ECs) were sold by developers last month – respectively 2.6 times and 1.8 times more than the numbers sold in January.

Compared to a year ago, the number of private homes sold in February was nearly 3.2 times greater; that of ECs was 2.5 times higher.

The sales data were collated by the Urban Redevelopment Authority (URA) through a survey of developers. Many property observers said that the fact that some 79 per cent of the new private homes sold in February came from previously launched projects reflects a broad-based recovery in demand.

With highly anticipated projects such as Seaside Residences to headline sales in the coming months, sales momentum are expected to continue.

The top selling project in February was The Clement Canopy by UOL Group and Singapore Land. The 505-unit development in Clementi, the first project to be launched this year, moved 207 units at a median pricing of S$1,343 per square foot (psf). Its launch in February cast buyers’ attention on the Clementi/West Coast area, and this benefited EL Development’s Parc Riviera, which was priced lower on a per square foot basis. Parc Riviera, located in West Coast Road sold 200 units at a median S$1,281 psf. There was also strong pick-up in sales in the Sol Acres EC project by MCL Land, which sold 82 units in February at a median S$782 psf, and at The Santorini by MCC Land, which moved 51 units at a median pricing of S$1,041 psf in February.

CEL Development sold another 23 units at 720-unit Grandeur Park Residences in Tanah Merah last weekend, following the news on the cooling measures. This takes its total sales this month to 462. About 60 per cent of units in the project are one- and two-bedders.

Qingjian Realty also moved nearly 170 of the total 497 units in EC project iNz Residence on booking day this month. Three in every four private residential units sold were in the suburban region or Outside Central Region last month, in tandem with the higher proportion of new launches in the region, URA data shows.

Since the start of this year, developers have continued to move units in delicensed projects. These are completed projects that have received Certificate of Statutory Completion and individual strata titles issued to buyers, and are hence not included in the monthly compilation of licensed developers’ new home sales. PropNex data indicates that, in the first 71 days of this year, about 50 units at The Peak @ Cairnhill II and 30 units at OUE Twin Peaks were sold.