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Pasir Panjang set to get boost from Master Plan

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PASIR Panjang has long been associated with container ports and warehouses but that image is changing, consultants say.

Private apartments, mostly low-rise and freehold, now line the western stretch of Pasir Panjang Road close to Clementi Road.

Consultants said that although this area may not be at the top of investors’ priority lists now, its star will rise as the Urban Redevelopment Authority’s Draft Master Plan last year sparks further development in the area.

The port at Pasir Panjang will be relocated to Tuas after its lease expires in 2027.

That stretch of Pasir Panjang Road is not within walking distance of an MRT station, so investor interest there has lagged behind that in nearby areas such as Buona Vista, said Chesterton Singapore research head Elaine Chow.

However, homebuyers can find bargains there, she said.

The newest condominium along that stretch of road is the freehold Village @ Pasir Panjang, the only project in the vicinity that is still under construction.

On one side of the development are the 72-unit The Spectrum, completed in 2005, and the 40-unit Palm Green, completed in 1999.

On the other side is the 83-unit Villa de West, completed in 1995. All are freehold.

Being the newest, the 148-unit Village @ Pasir Panjang commands the highest prices among all. Its units sold at $1,437 per sq ft (psf) on average over the past six months.

This was above the historical highs recorded for the rest, which were $1,117 psf for The Spectrum in June 2012, $1,091 psf for Palm Green in April last year and $1,103 psf at Villa de West in February last year.

However, Village @ Pasir Panjang’s prices may be easing amid a softening market.

Ms Chow noted that the median price at the development was $1,627 psf in the fourth quarter of 2012 but that has dropped to $1,404 psf for the first three months of this year.

Delving into transactions within this development, an 829 sq ft unit on the third floor was sold for $1,616 psf in December 2012 while another 829 sq ft unit on the same floor was sold for $1,536 psf in October last year, she said.

In February this year, another 829 sq ft unit also on the third floor was sold for $1,496 psf.

Agents have recently been advertising discounts at Village @ Pasir Panjang as well.

One claimed to be marketing a three-bedroom penthouse at the project for less than $2 million in total, or over $1,300 psf, but declined to give further details.

Relatively low prices can also be found across the street at the 28-unit freehold Pasir Panjang Court. A 1,335 sq ft unit there was sold in February this year at $928 psf or $1.24 million.

“This is a rarity in today’s market where new launches in the suburbs, on 99-year leasehold, are commanding average prices in excess of $1,300 psf,” Ms Chow said. Tenants in the district are generally those who work at the nearby science parks or the National University of Singapore.

PropNex chief executive Mohamed Ismail said that the area is likely to be “well sought after” in future as the population grows. “With the Master Plan, the belt will be transformed.”

 
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Posted by on April 8, 2014 in Others

 

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Kismis Lodge sold en bloc for $84.2m

KISMIS Lodge, a freehold residential development set among the landed housing estates of Upper Bukit Timah, has been sold en bloc for $84.18 million.

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The owners of Kismis Lodge will get about $1.315 million each in the collective sale to Newfort Alliance (Cairnhill). Newfort is made up of a group of local investors interested in real estate development.

This is their second purchase after buying residential estate Chateau Eliza, at Mount Elizabeth, for $92.2 million last September.

The Kismis Lodge development comprises 64 units of walk-up apartments housed in two four-storey blocks, built in the 1970s.

The collective sale of Kismis Lodge was brokered by property consultants Jones Lang LaSalle (JLL).

In a statement, Ms Yong Choon Fah, national director of investments at JLL, said: “More than 80 per cent of the Kismis Lodge owners have consented in writing to Newfort’s offer of $84.18 million, which translates to $1,198 psf…

Kismis Lodge is zoned for three-storey mixed landed development under the 2008 Master Plan. No development charge is payable.”

She added that the sale is subject to Strata Titles Board approval, and could be the largest mixed landed site sold collectively this year.

Based on the current guidelines by the Urban Redevelopment Authority, Newfort could build as many as 43 terraced houses or 32 semi-detached houses, subject to approval.

Kismis Lodge off Toh Tuck Road sits on 70,283 sq ft of land.

JLL also said: “Despite the few rounds of property cooling measures, the demand for landed developments is expected to be fairly strong because the target market is mainly Singaporean families.

“The ample living space within a landed property also appeals to multi-generation families.”

It was reported in January that the Kismis Lodge owners were expecting a $90 million sale, which translates to $1.4 million per household.

Ms Yong said that each strata terrace at the newly developed site could fetch as much as $3.5 million to $4 million.

This Kismis Lodge sale marks the third successful collective sale deal done this year.

(Source: The Straits Times)

 
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Posted by on March 27, 2013 in Commercial, General, Residential

 

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Pasir Panjang is best known for its port and wholesale industry facilities, and is hardly Singapore’s most fashionable address. But consultants say that both commercial and residential property in the area could make good medium-term investments.

It could become the next “waterfront living” belt, given its proximity to various west coast amenities such as science parks, business hubs and a university.

The largest new project in the district is the Mapletree Business City, a huge 1.7 million sq ft office and business park. Completed in 2010, the business hub could be a significant source of office and residential tenants, noted Knight Frank research head Png Poh Soon.

Pasir Panjang is also close to Singapore Science Parks I and II and Alexandra Technopark, giving it access to an estimated 100,000 workers and residents in the vicinity, he said.

Also, the recent completion of the Haw Par Villa and Pasir Panjang MRT stations – both on the Circle Line – has helped to boost accessibility to the area.

But one might be forgiven for wondering if there is much space for many homes in the district.

After all, Pasir Panjang Terminal occupies the south and the National University of Singapore sits in the north-west of Pasir Panjang, along with large greenery belts formed by West Coast Park and Kent Ridge Park.

It is unlikely that many more new homes will be built here, consultants said, noting that there were no government land sale sites available in the Pasir Panjang area for the second half of this year.

Mr Eugene Lim, key executive officer at ERA Realty, said the scarcity of new launches in the area meant prices should “remain stable”.

The residential area in Pasir Panjang is mainly private homes located along Pasir Panjang Road, stretching from the university to the MRT station.

Only a handful of new residential properties have been launched over the past two years.

Two- and three-bedroom units at 72-unit freehold Horizon Residences, which is expected to obtain its temporary occupation permit (TOP) next year, were launched at prices between $1,300 and $1,400 per sq ft in mid-2010. Ninety per cent of the units have been sold to date.

Other recent launches include 10-unit freehold Ria Apartments, 50-unit freehold Luxe Villa and Viva Vista, a freehold mixed development with 144 residential units and 106 commercial shops.

These are all expected to get TOPs between next year and 2014.

The homes at Viva Vista are mainly shoebox units and one-bedders, and were launched at $1,300 to $1,350 psf for larger units and $1,400 to $1,600 psf for shoebox units. All have been sold.

Another rare new launch along Pasir Panjang road is Village@Pasirpanjang. Occupying a large freehold land site of more than 102,000sqft, Village features 146 units of 2 to 4 bedroom residences. Within 4mins walk to NUS, the responses before Preview looks strong.

But both the private resale market and the rental market are fairly active.

Total resale transactions accounted for 52 per cent of all new sale, subsale and resale transactions in the last four years.

Mr Png said prices for new sale properties rose by about 13 per cent over the past year, with all transactions for private homes coming from Ria Apartments and Horizon Residences.

One bonus is that Pasir Panjang is cheaper than its neighbour, Telok Blangah. The average price of new sale and resale private homes in Pasir Panjang is estimated to be about 25 per cent and 22 per cent lower, respectively, than those in Telok Blangah.

As for the rental market, rents at freehold condo Parc Imperial, completed in 2010, range from $3,100 to $3,300 a month for a shoebox unit of 420 sq ft, translating to a gross yield of about 5 per cent.

Mr Lim said the residential projects in Pasir Panjang would likely appeal to buyers who prefer developments with fewer units.

But he noted that smaller projects tend to have higher maintenance fees and may not have full condo facilities, making them less appealing to tenants.

Pasir Panjang the next waterfront living belt?

 
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Posted by on December 1, 2012 in General

 

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Nam Peng Centre Enbloc

Nam_peng_centre_enbloc | SGRealist.com

Nam Peng Centre

Statistics from the Urban Redevelopment Authority (URA) show that the total transaction value of residential en-bloc properties for the first half of this year has plunged by 80 per cent compared to the same period last year.

And there were fewer en-bloc property transactions. Real estate analysts believe that this is due to the global economic slowdown, and the government cooling measures introduced late 2011.

Nam Peng Centre Enbloc

In the first half of last year, 28 en-bloc residential properties were successfully transacted. But this fell to just eight in the same period this year.

Among them was Nam Peng Centre in Upper Serangoon RoadNam Peng Centre is accessible via Boundary Road, Upper Serangoon Road, Kovan Road and Yio Chu Kang Road.

Nam Peng Centre is a freehold mixed development property located at 767 Upper Serangoon Road in District 19. Before the enbloc, Nam Peng Centre is primarily used for Commercial & Residential/Office rental and sale. Nam Peng Centre is close to Serangoon MRT and Kovan MRT. It is near to several bus stops accessing to Yio Chu Kang Road, Kovan Road and Upper Serangoon Road.

Between January and June this year, the total transaction value of residential en-bloc properties fell to about S$250 million, from almost S$1.6 billion in the same period last year.

Analysts said the additional buyer’s stamp duty introduced by the government in December last year has curbed speculative demand for properties.

In addition, developers who buy en-bloc projects are now required to build and sell all units on the residential site within five years of acquiring the land.

Otherwise, they have to pay an additional 10 per cent in stamp duty. So developers have been extra cautious before they enter the market.

Director of Ascendant Assets Pte Ltd, Getty Goh, said: “In the past, developers can buy certain pieces of land and sit on it almost indefinitely. These days with all these additional constraints, it would definitely make a developer think twice before proceeding with an en-bloc transaction.”

And with more land sites released through the Government Land Sales programme (GLS), this gives developers more choice, which in turn, pushed down the transaction price of en-bloc projects.

Goh said: “About 14 land parcels have been awarded via the GLS programme. However, the highest that has been transacted at was about S$400 million. Naturally, this puts a price pressure on the en-bloc market.”

The value of en-bloc deals for the first half of this year is merely 9 per cent of the total transaction value for the whole of last year.

Analysts feel that while the market may pick up in the second half of this year, it is unlikely to top last year’s numbers. But, if the price for en-bloc projects in mature estates is not too high, developers would still be keen on them.

(Source: Channelnewsasia)

 
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Posted by on November 23, 2012 in Commercial

 

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