Tag Archives: katonghomes

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.

 

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

Questa @ Dunman Penthouse at $5.2K onwards only!

Located at a new Condo – Questa@Dunman, a 3 bedroom unit duplex of 1,647sqft on level 18 is well-priced for a new condo unit and it comes with a fantastic sea view ! Unit is available now – Don’t miss out! Only at $5.2K now! Call +65-94772121 for details! #katonghomes.

$2.5K only for a luxury stay in Katong

http://www.propertyguru.com.sg/listing/18346960/for-rent-91-marshall

Looking to stay in the quiet enclave of katong homes?

Located in the quiet street of Marshall Road, this apartment is newly built with luxury fixtures and fittings. With a high ceiling of 4.8m, this is a ideal home for a single/couple with a large space in the area.

With the long Pool at the same level #02, there is a nice rooftop with BBQ pit and Rest area with katong views. Minutes to schools like Tanjong Katong Primary, Tao Nan Primary, Haig Girls, and other reputable/international schools.

Partially Furnished/Fully Furnished options avail.
Call King now at 94772121.

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Flashback to an old housing estate

Bidding farewell to a precious piece of Singapore’s history is always difficult.

Dakota Crescent, one of Singapore’s oldest public housing estates, will be vacated by the end of 2016 to make way for new developments under Mountbatten’s estate renewal plans.

The cosy block of flats just off Old Airport Road has been a sleepy refuge for the Singaporeans who call it home.

We look back at some of the features of Dakota Crescent.

– See more at: http://www.straitstimes.com/news/singapore/housing/story/5-things-remember-about-dakota-crescent-20140725#sthash.HZS1tSLt.dpuf

Singapore Improvement Trust (SIT) HDB flats at Dakota Crescent.-- PHOTO: THE NEW PAPER FILE

The former Kallang Airport has been home to the People’s Association (PA) since 1960. -- PHOTO: PEOPLE'S ASSOCIATION

Tian Kee provision shop in Dakota Crescent has been turned into a cafe that retains the feel of the old place. -- PHOTO: ST FILE

https://i0.wp.com/www.straitstimes.com/sites/straitstimes.com/files/imagecache/2014_revamp_615x346/20140725/DakotaOldDovePlayground_250714e.jpg

Block 62 Dakota Crescent, which won the Cleanest Block Competition in Marine Parade Town for two years consecutively. -- PHOTO: ST FILE

A million thanks to you for rankings

 

 

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Former Joo Chiat Police Station may house F&B concept-based Hotel

86 East Coast Road2

There is an article in today’s BT, that the new hotel in katong will be runned by a famous hotel chain. In January, a joint venture between Master Contract Services and Keong Hong Construction clinched the 99-year leasehold site at an Urban Redevelopment Authority (URA) tender, for $352.8 million or $1,326.11 per square foot of potential gross floor area (GFA). Located next to the 112 Katong mall, the 88,678 sq ft site can have maximum GFA of about 266,041 sq ft. This includes around 13,132 sq ft in the former Joo Chiat Police Station at 86 East Coast Road, a two-storey building constructed in the 1920s and gazetted for conservation in 1993.

Global hotel chain InterContinental Hotels Group (IHG) is said to have signed a memorandum of understanding to manage the two hotels that will spring up on the former Joo Chiat Police Station site at East Coast Road. One tower will be branded Holiday Inn Express and the other, Hotel Indigo, a boutique hotel concept aligned with the local neighbourhood story.

The site is near the East Coast-Joo Chiat road junction.

http://www.businesstimes.com.sg/specials/property/indigo-hotel-holiday-inn-express-joo-chiat-20140619

Paya Lebar Site review

In a CNA news article yesterday, it was reported that though Paya Lebar area lacks character and a core focus, but that could change when a commercial site next to the MRT is released for sale in October.

http://www.channelnewsasia.com/news/singapore/paya-lebar-site-may-cost/1165722.html

SINGAPORE: A commercial site along Paya Lebar Road that is expected to be launched for sale later this year could set the tone for the development of the Paya Lebar regional centre. That is according to some property analysts, who also say that any developer keen on the site may have to cough up more than a billion dollars, just in land cost alone.

In October, the Government is expected to release a 4-hectare commercial site next to the MRT station for sale. Some analysts estimate that the potential “Grade A” development could offer about one million square feet of net lettable space, with office space taking up about 50 to 60 per cent. About 440 residential units can also be built there.

However, the site will not come cheap. “The land cost alone will be S$1 billion or even more, and that increases the risk to any single developer who wants to take a bite of this,” said Mr Alan Cheong, Senior Director of Research & Consultancy for Savills Singapore. He believes that developers will come in as a consortium for this particular site.

“This project itself, with more than 130,000 sq metres of gross floor area commercial space, together with Paya Lebar Central, will set a tone for this area,” he added. “There is no character right now for Paya Lebar.”

Once a sleepy industrial estate, Paya Lebar was earmarked for development as a commercial hub outside the city centre under the 2008 Masterplan, as part of the government’s decentralisation strategy. But some property-watchers say that the area — with its mix of workshops and industrial premises — seems to lack a core focus right now, compared to regional centres in Jurong and Tampines., and believe more can be done to attract more companies to locate here.

Said Century 21 CEO Ku Swee Yong: “SingPost is obviously not sufficient now to bring in a lot more demand for office space, or fill up the industrial B1 space in the Paya Lebar area. But if, for example, we have a Government ministry that is willing to relocate there with about 70,000 sq ft of space – that could be a trigger, a catalyst that would bring other SMEs and service-providers to Paya Lebar Regional Centre.”

According to Savill, the average office rental rate at Paya Lebar is currently around $6.50 per square foot per month, compared to S$5.50 in Tampines, and S$7 to S$8 for some of the newer commercial projects in Jurong. Analysts add that Paya Lebar could potentially appeal to firms in the IT, telecom and multimedia industries.