Tag Archives: Alexandra view

Slower property market to be expected after a stellar 2012

AFTER last year’s stellar run-up in the property sector, a slower 2013 can be expected, a new report predicts.

Despite another round of tightening from the Government last October, home prices and volumes here continue to be strong, noted Credit Suisse analysts Yvonne Voon and Chok Sing Ping in the report released yesterday.

But with prices steadily rising in the mass market and Housing Board segments, the risk of new measures still persists, they added.

However, prices are likely to remain flattish this year, supported by low vacancy rates for rental properties and strong affordability, the report said.

Vacancy rates remain below the long-term historical average of 6.9 per cent while low unemployment should help keep the finances of households healthy.

“(However), we expect a further 5 to 10 per cent downside risk for the prime segment due to vacancy risks, given the oncoming supply and unsold units versus weak rental demand.

“Meanwhile, we expect mass market prices to be slightly more resilient, supported by a relatively affordable price tag, which seems to be the sweet spot for upgraders and investment demand,” the report added.

Sales volumes are also likely to slow this year as the number of units in the confirmed list of the Government Land Sales (GLS) programme for the first half of this year has dipped compared with the GLS in 2011.

Developers are also likely to be less aggressive this year, Ms Voon and Ms Chok said. This is because developers such as CapitaLand and Keppel Land have won bids in the past six months.

“(Therefore) we believe that there will be less urgency for them to bid for GLS sites, although we maintain our stance that attractive sites such as Alexandra View, Mount Sophia and Prince Charles Crescent are still likely to see strong bids.”

They noted share prices of Singapore real estate investment trusts (S-Reits) have also been boosted due to increased investor demand for yields.

Total returns for such Reits are expected to be in the “mid-teens” this year, the report added.

“The weighted-average yield for S-Reits is around 5.5 per cent, which implies that a further yield compression of 50 basis points should easily translate into share price appreciation of about 10 per cent,” it said.

The added kicker of the appreciation of the Singdollar should offer investors a total return in the teens.

(Source: The Straits Times)

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Posted by on January 5, 2013 in General


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$332.7m top bid for Alexandra View

A closely watched tender for a residential site at Alexandra View drew a top bid of $332.7 million, or $970.18 per square foot per plot ratio (psf ppr), yesterday.
Singland Homes, which put up the top bid for the 99-year leasehold site, Alexandra View (Parcel B), beat five other bidders.
$332.7m top bid for Alexandra View Parcel B

The land parcel is located within an established residential estate and a short 10 minutes’ drive to Orchard Road, the Central Business District, Marina Bay and the Southern Waterfront area where VivoCity and Sentosa are located.

Situated next to Redhill MRT station, future residents will enjoy convenient access to all parts of Singapore. The future residential development will also be well connected to major arterial roads and expressways such as Alexandra Road, Tanglin Road and Ayer Rajah Expressway.

In addition, residents of the Alexandra View land parcel development can enjoy quiet respites at the nearby recreational parks at Telok Blangah Hill and Mount Faber. Recreational facilities such as the Delta Sports Hall and Swimming Complex are also located just a short 10 minutes’ walk away.

The future residential development will provide ideal homes for families with school-going children. Reputable schools located in the vicinity include Crescent Girls’ School and Gan Eng Seng Primary School.

Diverse and convenient shopping, dining and entertainment options are available at the nearby Tiong Bahru Plaza, Alexandra Village, Anchorpoint Shopping Centre, Queensway Shopping Centre and IKEA Alexandra.

Singapore Land has in the nearby vicinity a low-rise condo with about 109 units on a plot that it clinched at a state tender in February.
Mon Jervois, which has a Jervois Road address, is expected to be launched in late January.
“(For the Jervois Road site) we are looking at about $2,000 psf,” said Michael Ng, group general manager of Singapore Land and its parent, UIC.
Assuming it is awarded the site, the developer plans to erect a 43-storey residential tower.
The break-even cost will be about $1,500 psf, which translates to a selling price of about $1,700 psf, said Mr Ng.
“(The project will be) geared towards younger executive couples looking to buy for owner-occupation, or investors looking to rent the units out to expatriates working in the central business district or Orchard Road vicinity.”
The majority of the units will feature two bedrooms or two-plus-one and will be in the range of 800-1,000 square feet.
Joining the fray to protect its unlaunched project was a consortium comprising City Developments’ unit Sunmaster Holdings, Hong Leong Group’s Intrepid Investments and Hong Realty’s Garden Estates, which put up a bid of $271 million, or $790.30 psf ppr.
The consortium’s Echelon is a 43-storey condo with 508 units, and is located next to the subject site.
The second highest bid, which was put up by Far East Orchard and FCL Topaz, came in at $300.1 million, or $875.1 psf ppr.
The lowest offer for the land parcel was $268 million, or $781.56 psf ppr, which came from Mezzo Development.
(Source: Business Times)
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Posted by on December 13, 2012 in Government Land Sales


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