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Seventeen new condos primed for launch in 2013

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AROUND 17 new condominiums comprising almost 7,500 private homes in all are being prepared over the next few months.

The bumper supply stems largely from the significant release of land from the Government Land Sales (GLS) programme over the past year, although private sites are also in the mix.

Market experts are keenly watching to see how some of the more high-profile projects fare, given that the tough cooling measures imposed last month have added an air of uncertainty to the market.

There will be plenty of choice for buyers, with projects in estates across the island from Tanah Merah, Pasir Ris and Hillview to upmarket areas like Marina Bay being primed for launch.

The larger projects lining up for release include the 912-unit D’nest in Pasir Ris Grove, Bartley Ridge in Mount Vernon Road, which has 868 units, and the 755-unit Trilinq in Jalan Lempeng.

The Trilinq showflat will be open today, with preview sales expected early next month. Indicative average prices are about $1,500 per sq ft.

While Q Bay Residences in Tampines enjoyed strong sales despite being launched after the curbs, market watchers are waiting for a second successful launch to set a positive market trend.

Savills Singapore research head Alan Cheong said the healthy take-up of units at d’Leedon after a price cut showed buying sentiment was still positive, and that there is still underlying demand.

“But the take-up rates are unlikely to be as fast as last year. It might take six months for 50 to 70 per cent of a mass market project to be sold now. Previously, 80 to 90 per cent of a smaller-sized project could be sold in three months,” he noted.

International Property Advisor chief executive Ku Swee Yong said high-end homes might still face a uphill battle in lifting sales.

“The overall quantum for prime homes in districts 9, 10 and 11 is generally more than $3 million and is not within reach of the first-timer and upgrader segments,” he added.

A test might come in October when the mega Marina One project, developed by Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings as part of a land swop agreement, is launched. The project has a whopping 1,042 units.

Developers might also delay some of their launches to assess the full impact of the measures, although 99-year leasehold projects from GLS sites will face more urgency to be pushed out compared with freehold ones.

Colliers International’s director of research and advisory services, Ms Chia Siew Chuin, said if the results of the next few launches are encouraging, more developers are likely to push out their projects. “There is no need for projects to sell out within a couple of weeks for developers to gauge that buying interest is still evident, so long as showflat visitor numbers and buying volume remain and hold steady,” she added.

“This would be especially so for projects in the suburban areas, where Singaporeans make up the bulk of buyers.”

Colliers noted that from 2003 to last year, the total number of uncompleted residential homes launched for sale averaged 12,036 units a year.

Buyer sentiment significantly turned for the better from 2005, when the Government announced the development of the integrated resorts.

Developers responded by launching more than 10,000 units each year from 2006 to last year, culminating in a record 21,478 units released last year. The only exception was in 2008, when the financial crisis hit.

The brisk sales of GLS sites last year means 17,000 to 18,000 units could be launched this year.

“This could be the new norm, as the Government continues to inject a strong pipeline supply of housing units into the market until such time when demand falls to more moderate levels,” said Colliers’ Ms Chia.

(Source: The Straits Times)

 
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Posted by on February 23, 2013 in Residential

 

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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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