Developers eye project at an earlier onset releases before holidays

Developers eye project at an earlier onset releases before holidays

City developments had announced of one of the best purchase of the field last day and had said that about three fourth of the total 150 units at the freehold Glyndebourne condo was sold since the preview held on Friday and some other construction companies and developers are running behind project releases prior to the yearend holidays

UOL Group is expecting to have a preview on the spottiswoode residences condo in the coming week and the price is expected to raise around $2000 per square feet .in this 351 units, almost 90% comprise of a single bed room, or two bedroom s and sometimes one bedroom attached with a studying units.

Another project which is just next to spottiest woode park with 36 storeys and located near to tanjong pagar is just preparing to be the best waterfront district once after the container terminals in the area had moved out.

The site for Tanjong Pagar Railway Station is also under a plan for refurbishing once the keratapi tanah melayu had vacated the site on behalf of the historic deal of land swap between Malaysia and Singapore announced in the month of September.

Agents are now gathering the interest for the freehold Robinson suites over the Robinson road at a price ranging from $2300 to $3300 per square feet. This is a 42 storied project and is going to develop at VTB building site and comprise of 167 apartments and three shop units at the ground floor. All the apartments are either of a single bedroom or else attached with a studying unit or else with two bed systems. The unit size will be simply starting at 484 square feet.

One of the leaders of the field, a consortium whose market holders include the fission holdings, tan Koo chuan, cheong sim lam, saw Pik Kee etc are getting to make the project pitch at the first freehold apartments ever placed along the Robinson road.

Meanwhile, capital land is getting ready to get to the first phase of release of its 1715 unit condo that too on the 99 year lease hold site of farrer court .they are mainly 36 storied zaha Hadid project designed of single to four bedded apartments and around six pairs of semi deta hed homes.

While taking of the mass market sector , sim lian is said to set up for a release water view which is a 99 year leasehold condo consisting of 696 units at Tampines Ave 1/10 that too facing on to the bedok reservoir and it is still waiting for all the essential approvals from the authorities.

The whole project will be encompassing two bedrooms or sometimes three or four bedded apartments and sometimes the penthouses. The average price is also expected to be at a range of $820 to $920 psf.
Meanwhile yesterday CDL had said that they had sold almost 112 units out of the total of 150 units at Glyndebourne condo that too at Dunearn road.
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City dvelopemental’s had also passed a comment on that all single, double as well the third bedded rooms were just snapped off and another wide collection of unit types were also sold including the 10 out if the total 23 pent houses.

Seventy percent of the total buyers were mainly Singaporeans with permanent resident ship and rest of the 30%6 occupied with Malaysian foreigners and others from India, Korea, Taiwan, Thailand, and Brunei.

City developmental had began to preview the project on last October 29th under the London listed units hotels of millennium and copthorne since it is the one which hold the freehold site on to which condo will be finished.

It is also being planned to close the copthorne Orchid Hotel Singapore at the site towards the end of March 2011 so as to reestablish and develop the Glyndebourne.
CDL had also made an opinion that 112 units were made to sell at accost ranging from $1900 and $2350 per square feet or at an average cost of $2100 per square feet.

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Singapore Government Keeping A Close Eye On Property Market »« Potentials Behind Home Sales

Potentials Behind Home Sales

Potentials Behind Home Sales

Buyers are appearing to be returning to the high- end home market, with long stripes of luxury projects and strong sales.

City developments projects on freehold: Glyndebourne had seen 112 apartments or almost 75% of the 150 units clicked up like anything during one of the previews on private plots, which started on last Friday.

These apartments are made in eight blocks in 5 storey and each was sold at an average price of $2100 per square feet.

Whatever be the case, CDL says that the costs of these will range from $1900 to $ 2350 per square feet which in millions will vary from $1.59 million to a single bedroom plus a study room up to $7.15 for a penthouse of five bedrooms.

CDL also says that out of all 23 penthouses , 10 homes ranging at a price of 3541 square feet up to 3563 were snapped up and this project on copthorne orchid hotel site were all sold with one bedroom , two and even three each one with its own study units.
70% of the total buyers were purely local along with permanent occupants and remaining 30% including foreigners from various countries like Indonesia, Korea, Malaysia, china and South Korea.

CDL had always planned to start as just 60 simple units in the first phase of preview. But later the firm had released progressively additional units so as to cater the increasing demands in the housing field. The whole thing is managed on behalf of the hotel of copthorne and millennium which owns the hotel.

Another strong sales group comes with the all green properties in the 118 unit suites at orchard. In the early two days after which the hotel was gone for sale, almost 65 apartments of the same were sold at a cost of $2000 per square feet up to $2200 per square feet.

SC global also has sold a penthouse at the Boulevard residence last month at a price of $ 30 million or $ 4242 per square feet. This is one of the best achieved in the field of construction both regarding the price square feet as well as the total price.

Experts had come with an opinion that high end homes are doing well with their lower interest rate. There is also a very good liquidity in the housing market and prices of luxury segments have much more to excel their peak of previous times.

As per the words of Donald Han, managing director of Cushman and Wakefield, the prices of these high end homes are about a 12 % less than the peak value in the initial quarter of 20008. This will enable the investors who search for stable and good money investments with strong potential for any upsides.

This can be considered as the only property segment that has yet to go surpassing the previous peak of the price. The main point here is focused on to the historic low range of interest rates which attracts the investors who look for good investing opportunities and compel them to buy the plot as a best mean to park their money.

A report of UOB Kay Hsian has said that it is expecting a great end segment project to stay well in the forthcoming months. This is because they could offer relatively good value when compared to the segments of other sectors and this is strictly supported by many other factors like the affordable interest rates as well as better liquidity inflows.

There were almost 30 units sold all across the portfolio of Far East Organization last week. it mainly includes, the shore residences in the area katong,vista residences off Thomson road, waterfront gold in the area of bedok reservoir, silver sea in East coast area and green which in the road of seletar.

The firm will be launching officially 214 units, the lanai consisting of two, three and even four bedrooms that may vary at a range from 947 square feet up to even 1615 square feet along the hill view avenue, almost towa4ds this weekend.

It is of great interest that a 999-year project on lease hold has sold almost 76 units at a last month preview that too at a price starting from $1290 per square feet which comprised of a vey huge purchase.

Industry players was also of the opinion that various high end launches including spottiswoode residences , Robinson suites and Helios residences will be launched very soon.

They had also added to that the establishment of capital lands former farrer court site containing 1700 units will also owe further indications on to the high yielding momentum of segments.

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Developers eye project at an earlier onset releases before holidays »« Hotel site for sale in Tanjong Pagar area

Hotel site for sale in Tanjong Pagar area

Hotel site for sale in Tanjong Pagar area

The legal Tender for reserve list plot activated after the lower level bidding

An unnamed construction entrepreneur had forwarded a very successful form of application for receiving the tender on a hotel plot area in the region of tanjong pagar by URA or urban redevelopment authority.

They had even agreed to receive the bid for a small amount of $94.05millions or else in the ratio of $450 per square foot. The whole plan is made to furnish at a 99 year plot which is lease hold at peck seah or Gopeng Street. This is made possible through the system of reserve list at the month of February in the year of 2008.

Once fully furnished, this plot can hold a hotel of 330 rooms and an area of 31,215 square feet total floor area as commercial place as per the information from the second half of Government Land sales program of the year 2010.

The URA has decided to launch the public legal tender for the plot within two weeks.
In fact, the plot is only at a stone’s throw distance from the two hotels, earlier made and sold by URA in the year of 2007. One plot was traded for about$ 123 million or $573 per square feet ppr to the group of Carlton. Another gigantic plot was sold for around $97 .07 million or else $562 per square feet ppr to the Chng Gim Huat which belongs to CGH group

Another most important thing mattering to this is regarding the prediction of managing director of Cushman and wake field Singapore who says that the plot will yield up to a maximum bid ranging from$ 650 to $750 puff ppr . When converted to millions, it will come around $136-$157millions in the means of absolute bid costs.

URA had noted that the area of Tanjong pagar is a domicile to several established hotels and restaurants which serves the tourists, visitors and the whole business community. These business hotels include Amara and M Hotel and other award winner hotels like Berjaya hotel and the hotel of the scarlet.

In fact, the Tanjong pagar district will become a commercial city with the vibrancy of big sales groups, new official enterprises, hotel sites, high-rise residential and so on.
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Potentials Behind Home Sales »« URA calls up for a hotel site at Gopeng

URA calls up for a hotel site at Gopeng

URA calls up for a hotel site at Gopeng

The URA or urban redevelopment authority had just assumed an application form from one of the best developers of the state at Gopeng Street for a hotel construction for the purpose of promotion of sale through public tender.
Reserve List system was used on 2008, 21st February to go for making land parcel available.
URA has alleged that bidding has gone in the land parcel for a price of more or less than $94.05 million.

The land parcel is situated in the area of Tanjong pagar, which is a centre of several edifices serving the tourists and community in the best way.

The hotel site is located in an area of 2311 square meters, and can function on a maximum allowed floor area of around 19416 meter squares. The building height can go up to 30 storeys with a lease period of 99 years.

URA has announced to launch the tender for the site within two weeks and later announce the correct date. The maximum tender period for land parcel is around eight weeks or nearly two months.

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Hotel site for sale in Tanjong Pagar area »« Intercon Group To Manage RB Capital Hotel

Intercon Group To Manage RB Capital Hotel

Intercon Group To Manage RB Capital Hotel

Intercontinental Hotels Group (IHG) has been awarded the contract to manage RB Capital Hotel. This was announced by Mr. Kishin RK the leader of RB capital Hotels. IHG was chosen to run the hotel because its Holiday Inn Express has more than 2100 hotels worldwide. Holiday Inn Express is now the fastest growing chain in mid-tier select service hotel category.

The hotel will be built at the corner of Clemenceau Avenue and Havelock Road. It will have between 460 and 500 rooms. It will be the biggest holiday inn express in South-East Asia by bed capacity. It will have premium design and décor and all hotel facilities including swimming-pool, a gym and dining facilities. The Great Room will be used by guests to relax, meet and dine. RSP Architects Planners & Engineers designed the building and are supervising its construction. They have reputable and experienced architects and engineers who designed and supervised construction of great buildings including St Regis Singapore, ION Orchard and EFG Bank Building. Interior decoration will be done by Wilson Associates who did the decors for St Regis Singapore and Four Seasons Hong Kong.

The cost of the hotel is estimated at more than $300 million. The land for the hotel was purchased at $101.1 million equivalent to $813 per square foot per plot ratio. This was the highest price for any land sales ever recorded. Tendering for the land was closed in August 2010. RB Capital Hotel was given a lease-hold 99 year on the land.

The opening of the hotel is scheduled for the second half of 2013. Another hotel owned by Hotel Inn Express will open in 2013 in Singapore. The hotel is being constructed at the Wellington building site near Heeren. It will have 220 rooms and the developer is Chee Swee Cheng Group of Companies. Mr Jan Smits, the managing director of IHG Asia Australasia is of the opinion that Holiday Inn Express is capable of constructing more hotels. He said that Singapore hotel market has a good rating in the market due to the renewed vigorous marketing by Singapore tourism board. The number of visitors arriving in the country monthly is now very high. The demand for hotels will therefore increase.

Holiday Inn Express will put up two more hotels in the near future. The names of the hotels will be announced soon. They will be located in areas with the highest appeal for tourists. The hotel to be built at Clemenceau/Havelock Road is meant to attract corporate and leisure travelers who transit in Singapore. Such travelers require accommodation close to the CBD. They can also access nearby entertainment facilities at Boat Quay, Robertson Quay and Clarke Quay. The hotel on the Wellington site is aimed to attract leisure guests and retail shoppers. That is why it was located at the Orchard Road Belt.

Mr. Kishin announced that RB Capital Hotels has already purchased 4 sites on which they plan to construct hotels. The sites are located in Asia and tendering for the contractors will be announced within the next 2 years.

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URA calls up for a hotel site at Gopeng »« Secondary Home Sales Shrink Under Big Chill

Secondary Home Sales Shrink Under Big Chill

Secondary Home Sales Shrink Under Big Chill

Sales of private homes in the secondary market have considerably fallen. The situation has been attributed to the property cooling measures put in place on 30 August 2010. A fall of 52 per cent was recorded for the number of sub-sales of private homes in the month of September. A fall of 42 per cent was also recorded for re-sales over the same period. This is according to the recently released caveats data. The data was released by Urban Re-development Authority (URA) on 19 October 2010. The number of sales of private homes may increase in the next few weeks as shown by the caveats already lodged in the September transactions. It is however expected that there will be further fall in sales as a reaction to the government’s new measures.

Secondary market transactions consist of sub-sales and re-sales. Sub-sales occur in projects which have not been issued with certificate of statutory completion (CSC). Re-sales on the other hand occur in projects with CSC. Last Friday URA published data on private homes sold by developers. The number of homes sold reduced by 28 percent to 911 units in the month of September.

It may be misleading to compare this rate of reduction with declines in secondary market transactions because URA primary market sales data are obtained from monthly surveys of developers. But the data on number of sub-sales and re-sales are determined from caveats lodged. There is normally a time lag of more than two weeks between a caveat being lodged and the time it is accepted.

Mr. Ong Choon Fah, the DTZ executive director, was of the opinion that a comparison was good. He said that the possibility of successful conclusion sales in the secondary market is nowadays low because the buyers and sellers do not have much control over it. The transactions are not well organized as in the primary market. In the primary market the developer will first ensure there is a good chance of success before making any move. The other reason he gave for reduced sales in the secondary market was that the owners were trying to hold on to their property in order to push up prices. They want to make sure that there is high activity in the market before they present their property for sale.

The number of caveats lodged for sub-sales of private homes fell from 311 to 150. The higher figure was recorded in august and the lower one in September. This was the lowest figure in eight months after 127 units recorded in February. In good times more than a thousand units can be sold in a month as was recorded in April 2009 when 1,009 units were sold. The volume of re-sale caveats reduced from 1,927 to 1,113. The higher figure was in August and the lower figure in September. It should be remembered that after the global financial crush of 2009 a figure of 1,009 transactions was recorded in April.

Mr. Ong Teck Hui, the executive director of CREDO said that the 150 units sold in September were about half the 304 units which has been recorded as the average sales per month for the period of January to august 2010. In the same period the average for re-sale figure was recorded at 1,767 units.

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Intercon Group To Manage RB Capital Hotel »« Survey Results On Cooling Measures An Property Prices

Survey Results On Cooling Measures An Property Prices

Survey Results On Cooling Measures An Property Prices

The results of recent surveys predict a substantial fall in property prices. This has greatly alarmed developers. The sectors expected to be hit hardest are homes and suburban residential sector. This has been confirmed by the Real Sentiment Index released by NUS and the developers’ umbrella organization.

A survey done just after the 30 August 2010 cooling measures 34 percent of the respondent developers polled for Q3 expected a fall in prices of new residential developments. They anticipated the prices to fall by about 10 per cent in the next 6 months. Developers polled in Q1 and Q2 did not predict any price falls. Only 44 per cent predicted new residential units to be developed in the coming 6 months compared to 68 per cent who polled in the last quarter.

The respondents were less optimistic and predict the market conditions to be more uncertain in the coming 6 months. This is confirmed by the fall in sentiment indices recording significant mark of 5 in Q3.

A generally weaker net balance was realized. A survey on the expected performance of the suburban residential the Q3 net balance was -43 per cent indicating that most developers expected this sector to per form worse in the next six months. Q2 expected a much better outlook with net balance of +27 percent. Associate Professor Sing Tien Foo of NUS was equally skeptical. He said that it was unlikely to maintain the historical growth in the sector and added that a downward adjustment of the price growth make the increase the affordability of the mass-market residential properties in suburban areas. The net balance in the prime residential sector even though still positive also recorded a significant reduction recording +54 per cent in Q1, +32 per cent in Q2 and +54 per cent in Q3. 70 percent of the respondents wanted the Government to intervene and rescue the property market from decline in prices. The respondents gave the reasons for the fall in prices and net balance. 40 percent said it was because of tightening financial and liquidity in the credit market, 49 per cent cited too many new property developments, 60 per cent said the reason was slowdown in global economy, 47 per cent thought it was due to increase in interest rates and 53 per cent said it was due to increase in supply of land for development.

84 percent of respondents said it was likely to very likely that development land would increase further in the next 6 months. (0 percent of the respondents said the government would encourage increase in executive condo units, Built and Sell Scheme public housing flats and Built-to-order and Design.

The Government recently set up measures to cool the market. These measures may cause a significant impact on mass private market segments and HDB resale. 64 per cent of the respondents agreed that the measures would produce a significant effect on mass private market segments whereas 76 per cent of the respondents said that the measures would produce a significant effect on HDB resale in the next 6 months. The respondents produced little optimism that the measures would produce significant effects on the high end and luxury sector.

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Secondary Home Sales Shrink Under Big Chill »« Wheelock Scotts Square Snags Hermes As Maiden Tenant

Wheelock Scotts Square Snags Hermes As Maiden Tenant

Wheelock Scotts Square Snags Hermes As Maiden Tenant

Hermes will be a tenant at Scotts square. Wheelock Properties has signed a rental agreement with Hermes for tenancy in their new retail podium. The building will be opened by Christmas next year. Hermes will occupy a ground floor corner unit with a space of 3,000 square feet. This will be the fourth Hermes outlet in Singapore. The other outlets are The Shoppes at Marina Bay Sands, Liat Towers and Takashimaya department store. The new store will be fully stocked with Hermes merchandise including equestrian, silk, fine jewelry, home, leather, fashion accessories, perfumes, ready-to-wear and watches. The percentage mix of the merchandise will be unique to Scotts square.

The total cost of Scotts Square Development project is estimated at $168million. The mall is designed with 4 levels. The levels are basement 1, level 1, level 2 and level 3. Basement 2 will be used as a car park. It has a capacity of more than 80 cars. An 11 meter high glass promotion wall has been provided. It will be used by the tenants for advertisement. It is positioned at the front of the mall from level 4 to level 6. A connection has been provided to Tang Plaza and Orchard MRT station. It is situated at basement 1. Scotts square development also comprises 338 freehold apartments. They have been sold at an average price of $3,992 per square foot.

Scotts square has 75,000 square feet as total area to be let for tenancy. Wheelock is racing to find tenants to fully occupy it before the mall opens its doors. It is expected that tenants in the retail and services trade will occupy 70-75 percent of the mall. The rest of the space will be occupied by food and beverage outlets. Gourmet marts and upscale home furnishing outlets will also be housed at the mall. It is estimated that there will be about 60 shops. The minimum space each tenant can rent is 800 square feet. Rent will be charged using two options. The first option is a fixed monthly rate and the second one is a percentage of gross turnovers. The option with the higher rent will be used. The fixed monthly rents will range from $50 psf to $70 psf for ground floor shops, $15 to $20 psf for basement 1 and $15 to $30 for levels 1-3.

Shoppers to the mall will include residents of the 338 apartments in the two 35 and 43 storey towers that are part of Scotts Square Development project. Guests from two nearby hotels will also find it easier to shop at Scotts Square. The hotels are grand Hyatt and Marriott. Other shoppers will come from the nearby locations such as residents of Ardmore Park, Cairnhill and Draycott.

Wheelock has purchased 2 sculptors at a cost of $6.4 million. They will be placed at the Scotts Square. The main entrance is located along Scotts road. The space at the entrance will be adorned by Victoria $ Albert Museum Chandelier 1999 made by Dale Chihuly. Henry Moore’s Working Model for Sheep piece 1971 and Bernar Venet’s Three Indeterminate Lines 1994 will be placed at the mall’s promenade. Salvador Dali’s Alice in Wonderland will be placed at the entrance of the residential towers at the back of Scotts Square.

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Survey Results On Cooling Measures An Property Prices »« HDB Launches BTO Projects In Bukit Panjang And Sengkang

HDB Launches BTO Projects In Bukit Panjang And Sengkang

HDB Launches BTO Projects In Bukit Panjang And Sengkang

Housing Development Board (HDB) has initiated 2 additional built-to-order (BTO) projects. Senja Parc View will be situated Bukit Panjang while Anchorvale will be put up at Sengkang. In these 2 projects 1,322 units will be constructed. They will consist of 148 five-room flats, 240 studio apartments, 112 three-room flats, 710 four-room flats, and 112 two-room flats. The projects are being developed for sale and will consist of various units to allow all categories of buyers to acquire houses. The units will range from studio apartments to 5-room flats. There will also be 4-room flats, 3-room flats and 2-room flats. The prices will range from $75,000 for studio apartments to $426,000 for five-room flat. Everybody will be able to find an affordable unit.

These projects will bring the number of units developed by BTO for sale to 5,000 flats. The ambitious project plans to complete construction of a total of 22,000 is by 2011. According to the report by HDB released yesterday, the units will be put up in towns spread all over the country. The towns earmarked include Yishun, Bukit, Panjang, Sengkang and Jurong West. These towns were chosen because they provide a good geographical coverage within the country and experience the highest problems of housing shortage.

The apartments constructed in the project will be put up for sale. Senja Parc View will consist of 577 apartments being put up next to the Senja road and Kranji Expressway. They will be sold at $149,000 to $191,000 for three-room flats, $242,000 to $312,000 for four-room flats, and $86,000 to $119,000 for two-room flats. The site of Anchorvale Horizon is at the cross roads of Sengkang East Way and Anchorvale Road. The 745-unit prime flats are being sold at a higher price. They will be sold at $344,000 to $426,000 for five-room flat, $277,000 to $344,000 for four-room flat, and $75,000 to $104,000 for studio apartment.

HDB predicts that 12 to 27 percent of the income of first time buyers will go into monthly loan repayments for those interested in flats in Anchorvale Horizon and Senja Parc View. It is also expected that Anchorvale Horizon will attract more buyers. The highly developed area around Anchorvale Horizon will have an attractive appeal to more buyers. This has been confirmed by Mr. Adam Tan, PropNex Communications Manager. He said there were various sports facilities that may attract young people and easy communication enhanced by the nearby expressway and LRT stations. The low cost of the flats at Senja Parc View will the most likely attraction for Senja Parc.

Many potential buyers are very happy with the development of the projects and the efforts made by HDB in solving the housing problem in the country and in enabling a cross section of people to own houses. They commend the efforts of HDB to arrange for loans to enable the people to purchase the houses. By choosing the towns with the highest needs for housing the projects will go along way to provide housing to people who really need them.

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Wheelock Scotts Square Snags Hermes As Maiden Tenant »« Traditional Office Space

Traditional Office Space

TRADITIONAL OFFICE SPACE

Businesses that choose high-tech space or business parks may have a reason to smile in the near future. Business has been good in the industrial property sector since last year. Rent and capital values of industrial properties have been on the rise. This shows a possibility for sustained recovery. There was marked contrast between the traditional production space and trendy industrial sector. Rents improved by about 5% at the end-H1 2010 but decreased by up to 10% in the high tech space and business parks. The stellar economic recovery failed to boost rentals in H1 2010. It will therefore be interesting to see how the sector will perform in the near future with the slow economic recovery.

The main cause of the problems in high tech space and business parks is that of demand and supply. The demand fell as a result of economic recession of the year 2009. At the same time the supply increased. This resulted in low rents for high-tech space and business parks. The occupancy of business parks fell from 93.3 percent to 80.8 percent. The higher figure was recorded in 2008 and the lower figure in 2009.

There was a total of 1.77 million square feet of new supply area to business parks, the highest annual figure ever recorded since 2002. 1.55 million square feet of high-tech and business parks was completed and made available for sales in H1 2010. Included was Maple Tree Business City which has three business space towers. Occupancy in these sectors reduced by 15.9 percent in H1 2010 to 74.9 percent.

A disparity was created in the property development activity with the economic cycle due to the over-supply of high-tech space and business parks. This disparity was caused by high development of office property. It was noticed that no office space provider used a contrarian strategy to develop office projects from the year 2003, the year of Sars. This occurred despite the fact that the developers incurred high costs. This is what led to an office space crunch when the economy recovered in 2007. To date the crunch still prevails.

A high demand for space in 2006 and 2007 created a desperate reliance on high-tech space and business parks. The result was that the developers turned to high-tech and business park development. The supply of business parks rose significantly in 2007 to a figure of 6.02 million square feet. This was the highest figure ever recorded in a period of five years. But when these projects were completed in 2009 there was no more demand for them. The low demand saw some tenants moving from the older buildings to the new and more fashionable high-tech and business parks. Rents will definitely stagnate for the next two years in the high-tech and business parks due to the excessive supply. They may even come down unless the economic recovery shows signs of sustainability which will bring confidence to start new business. The new business owners will then occupy the empty spaces and cause rents to increase or stabilize.

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HDB Launches BTO Projects In Bukit Panjang And Sengkang »« Enbloc Sales Gaining Momentum