Tag Archives: paya lebar

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.

 

$575K Investment property in Paya Lebar/Ubi

Looking to buy an investment property at 4.6% yield? Situated in Ubi Avenue 1, this Ubi Centre business space is for sale with tenancy. 1152sqft. Call 97442121 for more details.

https://drive.google.com/open?id=1uYvrM_7LD-yMX_u0ydOLtWecWhw&usp=sharing

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

Freehold property at Katong-Paya Lebar for sale at $1M only!

A very spacious apartment at Paya Lebar/Katong area. 915 sqft. South facing with city view.

Freehold apartment — minutes to MRT and town area and near amenities. This prime freehold location is priced at $1.0m. Also available for rent. Minutes to Paya Lebar MRT, OneKM mall and supermarkets. Future regional commercial zone under development. Great investment potential.

Available now. Call David King @ 94772121 for viewing appointment

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Paya Lebar Freehold Shops below $600K

Freehold Shop at Paya Lebar Regional Centre.
Face main road/entrance/bus-stop/water point.
Tenanted $1900 pm.

Call David for more details @ 94772121

http://www.sgbayhomes.com/19270612

Grandlink Square is a commercial property located in 511 Guillemard Road in district D14. This commercial space is primarily used for Mall Shop rental and sale. This Mall Shop space is 0.45 km away from Paya Lebar MRT Station/Interchange. The tenure of this commercial property is Freehold.

OneKM mall opens today at Tanjong Katong

UOL Group, which is officially opening its newest mall OneKM this Sunday, said it has garnered close to 93 per cent of pre-commitment lease for the mall at a time when retailers and restaurateurs are facing a challenging time given a manpower crunch and rising cost pressures.

More than 70 per cent of shops are open now. The mall is expected to be fully operating next month. According to UOL, this is the largest shopping mall in the up-and-coming decentralised commercial hub in Paya Lebar.

The addition of the mall to the group’s portfolio provides another avenue of recurring income and will raise its retail portfolio by 50 per cent in terms of net lettable area.

UOL Group president (property) Liam Wee Sin said he sees the mall as a “catalyst” in Paya Lebar Central amid the lack of new retail supply in the east and expects it “to replicate the success” of the group’s niche shopping malls in Novena, namely United Square and Velocity@Novena Square.

OneKM is also expected to enjoy strong catchment of residents in the 244-unit Katong Regency, the sold-out condo project on top of the mall, when the condo is completed.

Sitting on a freehold site that previously housed the Lion City Hotel and the adjoining Hollywood Theatre, OneKM – located just one kilometre away from the Paya Lebar MRT station – has a net lettable area of more than 200,000 sq ft and more than 150 shops.

“We worked closely with our tenants to see how we can improve productivity to overcome the manpower issue facing local retailers and restaurateurs,” Mr Liam said. This has led to the introduction of new concepts that are less labour intensive, particularly the first centralised kitchen for three restaurants within a shopping mall.

Home-grown Chinese restaurant chain The Paradise Group is opening a “Paradise Dynasty” outlet and two concept eateries “Para Thai” and “Beauty in The Pot”, which serve Thai food and hot pots respectively.

Paradise Group CEO Eldwin Chua told reporters that having a centralised kitchen helped reduce its manpower needs for the three restaurants from 45 to 28 staff.

Mr Liam pointed out that some 30 per cent of the shop space in OneKM is occupied by F&B outlets, 60 per cent by specialty retail and 10 per cent by enrichment schools.

The mall counts Cold Storage and Food Junction as its anchor tenants, which took up 15 per cent of its space. There is also a mix of international brands like Uniqlo, Esprit and Adidas as well as niche local brands. More than half the tenants at OneKM are existing tenants of UOL’s malls.

Meanwhile, the group is set to launch a nearly 800-unit condo project at Upper Paya Lebar in the first quarter of next year, followed by another condo project launch on the site along Prince Charles Crescent in the second half of next year.

Mr Liam said the group is under no pressure to cut prices at Riverbank@Fernvale in Sengkang to move sales ahead of the two upcoming launches next year.

Seventy Saint Patrick and Riverbank@Fernvale, its two condo projects launched this year, are 72 per cent and 50 per cent sold respectively, while Thomson Three that was launched in September last year is 96 per cent sold.

TRE Residences launched recently

SALES at TRE Residences in Geylang, a 250-unit condominium project jointly developed by Sustained Land, MCC Land and Greatview Development, will begin next weekend at an average indicative pricing of S$1,560 per square foot (psf).

The developers are also dangling early-bird discounts of up to 5 per cent during the Nov 15-16 launch.

The project’s launch is coming ahead of GuocoLand’s condo project at Sims Drive, Sims Urban Oasis, that is expected to be launched only early next year.

After factoring in the early-bird discounts, prices at TRE Residences start from S$690,000 for a 420-sq-ft one-bedder to S$899,900 for a 570-sq-ft two-bedder, S$1.179 million for a 764-sq-ft compact three-bedroom unit and S$1.38 million for a 947-sq-ft four-bedroom dual-key unit, according to marketing materials.

Huttons and PropNex are the official marketing agents for TRE Residences, a project that is 51 per cent owned by Sustained Land, 29 per cent by Greatview Development and 20 per cent by MCC Land (Singapore), a unit of the Metallurgical Corporation of China.

According to MCC Land managing director Tan Zhiyong, the breakeven price for the project is around S$1,300 psf, in line with the earlier projections of property consultants.

The project was widely expected to start selling at above S$1,400 psf, given the land bid of S$776 psf per plot ratio or S$146 million tabled by Sustained Land in January this year, consultants said.

SLP International executive director Nicholas Mak noted that the average indicative pricing for TRE Residences is steep compared to the median prices of between S$1,151 psf and S$1,497 psf for new sale transactions in the vicinity, including The Centren and Grandview Suites, in the past one year.

The 99-year-leasehold TRE Residences is priced similarly to freehold resale units at two other Geylang projects, Centra Heights and Centra Studios, which have a median price of S$1,507 psf and S$1,687 psf respectively for units transacted over the past one year.

R’ST Research director Ong Kah Seng noted that while the ideal price for a project in this locality would be around S$1,450 psf, the developers are likely assuming marginal profits due to the high land price paid for the smallish plot near Aljunied MRT Station.

The small number of units in the project and its location may work to its favour, said Mr Ong. “This location is very suitable for tenants who are single expatriates or those who prefer renting a small apartment, at most co-sharing of an apartment. Rental prospects for this project is fairly positive due to its convenient location.”

Mr Mak noted that the rental yields for selected 99-year condos near TRE Residences hover at 3.8-3.9 per cent per annum. To match this rental yield, the expected monthly rents for units in TRE Residences have to range from S$4.79 to S$5.19 psf. The median monthly rents in the Geylang planning area, however, have been S$3.30-S$3.80 psf in the past 15 months, he said.

Elsewhere, developers are also dangling discounts for selected units in existing launches to revive buyers’ interest. Roxy-Pacific is offering an additional 8 per cent discount for limited units at Trilive in Kovan; Singapore Land is tagging a 10 per cent discount and another 7 per cent discount for the absorption of the additional buyers’ stamp duty for limited units in Alex Residences in Redhill.

http://www.businesstimes.com.sg/real-estate/tre-residences-to-be-launched-next-weekend