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Koh Bros, Heeton clinch Westwood EC site

Apr - 16 | | no comments. | Uncategorized

Source: Business Times – 16 January 2014

A joint venture between real-estate developers Koh Brothers Group and Heeton Holdings has clinched the mandate to develop an executive condominium (EC) site in Westwood Avenue in Jurong West.

The successful bid was $198.9 million, or about $382 per square foot per plot ratio (psf ppr) for the 99-year leasehold site. The 186,052 sq ft site across from Cleantech Park will yield a maximum gross floor area of 520,945 sq ft.

Specifics about the shareholdings in the joint venture have yet to be firmed up, The Business Times understands.

The development plan is for 480 two to five-bedroom residential units, to be completed in 2018.

Koh Brothers’ managing director and chief executive Francis Koh said in a statement: “We are very pleased to have won this highly contested tender, given its attractive location and the ongoing transformation of the Jurong vicinity . . . There is also a limited supply of executive condominium developments in western Singapore, in comparison to other parts of Singapore.

“Hence, we anticipate that the development will enjoy strong interest from buyers, particularly from public housing upgraders and first-time owner-occupiers.”

Heeton chief operating officer Danny Low said: “We are very pleased that today’s award of the EC tender gives us an exciting opportunity to inject some discerning attributes of our higher-end projects in Singapore into the EC market, thereby, offering wider lifestyle choices to EC home buyers.”

Koh Brothers and Heeton beat 11 other rivals to the project, pipping the next higher bid, from a partnership between City Developments and TID, by just 0.45 per cent.

In July 2013, a slightly better located plot in Yuan Ching Road drew 16 bids and a winning price of $419 psf ppr, which was a high for EC land.

The Westwood project will be the first in recent times in which second-timers or HDB upgraders will have to pay a resale levy of up to $50,000 to the Housing Board.

Buyers will also be subjected to a recently-introduced mortgage servicing ratio cap of 30 per cent that applies to direct EC purchases from developers.

Analysts had earlier estimated, based on the winning bid, that the break-even cost of the project will be about $750 psf. Assuming a 10 per cent profit margin, the target selling price could be around $820 to $830 psf.

Details of the bids for the Westwood site were reported a week ago; the lowest bid was $180.06 psf ppr by Sim Lian Land.

Shares of Koh Brothers closed flat at 30.5 cents yesterday, while Heeton stock last traded at 63 cents last Friday.

 

Marine Blue | New Launch Free Hold Condo By Capitaland

Dec - 04 | | no comments. | property-news

Marine Parade – Free Hold Condo Launch by Capitaland Singapore.
Marine Blue: Quaint. Chic. Katong
Call Teo Chang Wee, ERA @ +65 98534284 for VVIP Registration Now!

Development Highlights
*Freehold development in prime district 15
*Future Marine Parade MRT Station (Thomson-East Coast Line) at your doorstep
*Excellent accessibility to Central Business District, Marina Bay, Changi Business Park, Airport via ECP / MCE
*Good schools in the immediate vicinity such as Tao Nan, CHIJ Katong, Victoria School, Victoria Junior College
*Minutes’ walk to Parkway Parade and I12 Katong
*Only 124 exclusive units available for sale
Pending Approval for Sale

Call Teo Chang Wee, ERA @ +65 98534284 for VVIP Registration Now!
CEA Reg No: R025565G
Estate Agency License No: L3002382K

‘Tweaks’ To Property Cooling Measures Worth Exploring Say Industry Players

Aug - 13 | | no comments. | property-news

While real estate industry practitioners understand the Government’s intention in keeping the property cooling measures intact, it is still worth reviewing the curbs as some may have become “redundant” given how effective the Total Debt Servicing Ratio (TDSR) has been in keeping prices in check.

That was the takeaway from a discussion at the annual National Real Estate Congress today (Aug 12), where the panelists singled out the Seller’s Stamp Duty (SSD) and Additional Buyer’s Stamp Duty (ABSD) as measures worth reviewing.

ERA’s key executive officer Eugene Lim singled out the SSD as a measure that has become unnecessary given that speculative activity in the local property market has declined.

The panelists also suggested that ABSD for local buyers be either lowered or removed to allow Singaporeans to own their second properties.

“Since TDSR is already preventing people from over-gearing, I don’t think tweaking ABSD for local buyers will cause prices to shoot up again. Developers also have a lot of stock to clear, so prices can’t shoot up,” said Mr Lim.

Source: Today – 13 August 2014

Time To Review Cooling Steps Say Property Players

Aug - 13 | | no comments. | property-news

Even though the government has reiterated that it is not yet time to lift the property cooling measures, some real estate consultants are calling for a review of the earlier taxes imposed to rein in speculators, which they claim have an inflationary effect.

Consultants felt that with the implementation of total debt servicing ratio (TDSR) to cap total borrowings at 60 per cent of gross monthly income, the additional buyer’s stamp duty (ABSD) and the seller’s stamp duty (SSD) have become less relevant.

Speaking at the National Real Estate Congress yesterday, ERA Realty key executive officer Eugene Lim, , felt that it was “safe to remove SSD now” given that sub-sales, which serve as an indication of speculative activity, are low across all property types. Currently, the SSD kicks in if a residential property is sold within four years of acquisition.

“Perhaps, it is an opportune time to review the measures that were implemented to tackle speculative buying and selling and whether the holding period under SSD is necessary at this point now,” he added.

While acknowledging that economists have flagged ample Asian liquidity waiting to enter the market, Mr Lim felt that the ABSD, while imposing a higher tax on foreigners, still penalises Singaporeans who wish to own a property for owner-occupation and another for investment.

Sing Tien Foo, deputy head of the department of real estate at the National University of Singapore, also touched on the government’s supply-side policy. He noted that the impact of the ramp-up in residential supply – be it on prices or buyers’ behaviour – is “yet to be fully understood at this moment”.

Given that it has become more costly to buy properties in Singapore, consultants said that there is greater interest than before in overseas properties among Singaporeans.

Consumers Association of Singapore (Case) executive director Seah Seng Choon said that he had once come across an advertisement on the Internet touting returns of 100 per cent for an overseas property. He urged real estate agents not to “over-sell” or confuse buyers where overseas properties are concerned.

Source: Business Times – 13 August 2014

The Hillford Review

Dec - 18 | | no comments. | property-news

It all started when a group of as many as 150 aging local baby boomers working hard to communicate to ministers and developers their desire to have a retirement village. A place where they can enjoy their retirement life with like-minded senior citizens.

After 20 years of planning and consideration, the authority finally announced the launch of the Hillford Retirement Resort, the first of its kind here in Singapore. The baby boomers were overjoyed upon hearing the good news.

World Class Land, a subsidiary of Aspial Corp, will develop the first retirement village at Jalan Jurong Kechil Road, on a plot of land of about 10,170 square meters.

Singapore is one of the fastest aging nations in the world. The current group of age 65 and more will be doubled in the next few years. By year 2020, it will grow to be about 600,000! Hence, this retirement village or resort comes timely.

The response from the market was pretty encouraging; they, mainly are looking forward to enjoy the services, facilities and in-house care management, such as having a dedicated 24-hour concierge to offer high-quality service and to organize activities for the senior community.

Some of the comments are, I quote:
“I hope the developers pay heed not just to the housing needs but also the lifestyle and care services, which are what seniors want and value more.”
“those retirees in the picture are from 55 to 70, look very healthy and happy but want to live in a retirement village/resort to enjoy a different life style in their twilight years”
“In Shanghai, classmates can stay together at retirement villages. I am glad it is happening here…”
“This is the biggest piece of news I have heard this year.”

However, there are also concerned voices,  I quote:
“not a good idea to isolate the old people from the young like this”
“Living in this environment means I am unwanted by my children or single with nowhere to go to. Lonely all the time…”

These concerns are certainly valid, but in Hillford, the developer has taken great care to ensure the residents are in good hands.

Some of the features and benefits are:
* A resort-styled development for active and independent seniors
* Total resort concept with a variety of facilities including clubhouse, game rooms, gym,  swimming pool, library, movie theater, multipurpose hall and more..
* A 24-hour concierge desk to offer comprehensive services to the residents
* “Pay as you use” special services like domestic help, meals and medical care
* Dedicated resort manager to plan and organize activities for the residents

Furthermore, elderly friendly features are also incorporated into the interior design of the units in Hillford retirement village, including but not limited to:
* Two way light switch installed near bedside and upon bedroom entry
* All switches are of a large easy-touch rocker type mounted at 1.2m from finished floor level
* Sliding door for bathroom entry for easier operation
* Lever handles to doors and cupboard, door keys, lever taps and controls that can be used by elderly with limited grip, mounted at an elderly friendly height
* Most importantly, emergency call bell alarm system at bedroom and bathroom, linked to Concierge Service Counter

Also, for the convenience of the residences, a comprehensive suite of facilities and essential services comprising of medical services, elder care, childcare, restaurants and conveniences where their daily needs will be well taken care of.

A total of 18 units of non-residential space are zoned for such purposes that  create unique and yet a totally new and engaging lifestyle for the retired residents

All the above are carefully thought through and brainstormed to ensure the community of seniors living within The Hillford can live independently without the feeling that they are staying in a nursing home.

There a total of 281 units available, of which, 186 units are 1 bedroom, 55 units are 2 bedrooms and 40 are 2 bedroom with dual key.

The prices are pretty attractive starting at $4xxk for 1 bedroom(398-431 sq ft), $5xxK for 2 bedroom(506-560 sq ft) and $7xxk for the dual key 2 bedroom(657 sq ft).

Word of conscious though, the tenure for this resort style “Apartment for Senior Living” is 60 years, hence, interested buyers or investors must understand that there will be restriction in term of the loan period.

There is no restriction for foreign buyers.

For more information, visit http://www.hillfordretirementresort.com or call saleperson, Teo Chang Wee at +65 98534284

Singapore Properties For Sales

See Sky Vue Graphically

Sep - 23 | | no comments. | Condo, For Sale

Looking at Sky Vue from a different perspective!

Sky Vue Infographics

Queues Return For Bedok Condo Launch

Nov - 22 | | no comments. | property-news

CapitaLand will start the sale of its newest condominium Bedok Residences only tomorrow – yet a queue of more than 400 people had already formed at the project’s showflat by last night.

The developer said that prices of the 583-unit project at Bedok Town Centre have not been finalised, but agents said last week that prices could start from around $1,250 per square foot (psf) for the smaller units and $1,150 psf for larger units.

CapitaLand, South-east Asia’s biggest property group, confirmed yesterday that it would start selling units only tomorrow. But a queue started to form outside the project’s showflat on Sunday, BT understands.

The 99-year leasehold development offers a mix of one, one-plus- study, two, three, and four-bedroom apartments, as well as penthouses. The developer hopes that the project’s location would ensure good take-up.

Bedok Residences is part of a 15-storey integrated development comprising homes, a shopping mall and a transportation hub linked to Bedok MRT station. CapitaLand is developing the entire project jointly with its retail unit CapitaMalls Asia.

Wong Heang Fine, chief executive of CapitaLand’s Singapore residential arm, expects strong demand for Bedok Residences, ‘given its strategic location in one of the most popular residential estates in Singapore and unparalleled connectivity to various parts of the island’. ‘Sitting atop a shopping mall and transportation hub, we believe Bedok Residences will rejuvenate the Bedok residential estate and enjoy the exuberance and convenience of the lively Bedok Town Centre,’ he said.

Nearby, UOL Group and Singapore Land intend to roll out their newest project, the 577-unit Archipelago @ Bedok Reservoir, within this week or next week, BT understands. The project is located on Bedok Reservoir Road.

Source: Business Times – 22 November 2011

Rochor Centre Residents Getting A Good Deal: Analysts

Nov - 22 | | no comments. | property-news

Residents of Rochor Centre may still be coming to terms with the news that their homes will be acquired, but analysts say they are getting a good deal from their compensation package. The Housing Board (HDB) will acquire their flats based on market rates, and has assured them that they will be allocated replacement flats at subsidised prices in a new project in Kallang.

If they accept the offer, they will be trading their 34-year-old flats for new units with fresh leases of 99 years. They could also reap capital gains when they are able to sell the Kallang flats after the minimum occupancy period of five years. Those who decide to sell their Rochor flats now are also likely to gain. Agents say prices are set to increase as buyers – who will also enjoy the relocation benefits – come knocking on their door with offers.

Last Tuesday, the Government announced details of the southern stretch of the North-South Expressway (NSE), which is scheduled to be completed in 2020. Rochor Centre will be acquired as part of construction works. This will affect flat-owners from 567 HDB flats in four blocks, as well as 187 shops and eating houses. According to figures given by the HDB, the compensation for three- and four-room units at Rochor will range from $423,400 to $645,000.

An independent valuer from the private sector will consider relevant attributes such as flat size and the condition of renovations, it said.

The Kallang flats are due to be completed by 2016.

In the HDB’s examples (see table), a three-room flat owner at Rochor who buys a similar replacement unit at the Kallang project would get a net payout of around $100,000, or up to around $300,000 if the owner chooses a smaller studio apartment. Owners who choose to upgrade their flats will have to pay between $19,000 and $200,000 for a four- or five-room flat.

Rochor flat owners can also choose to apply for other build-to-order (BTO) projects, and will enjoy the same discounts although they will not be guaranteed a flat, said HDB. If the Kallang project were being offered as part of an HDB BTO exercise, the demand for it would be very strong. If buyers today purchased the Rochor flats, they are guaranteed a new flat in a central location adding that the Rochor flats would become harder to sell as the lease on them decreases.

Owners can upgrade to new flats with a fresh lease of 99 years, so financially they are better off. If owners choose to sell their flat in the next few months, property agents said there would be takers. The Rochor flats would now probably command a cash-over-valuation (COV) of $50,000 to $70,000 or more on the resale market. This is almost twice the median COV for flats in the Central area – where Rochor Centre is located – which ranged from $33,000 to $36,500 in the second quarter of this year.

ERA Realty property agent Jason Ng, who listed a three-room flat at Rochor Centre just two weeks ago before the NSE announcement was made, said its Indian owner – who is currently overseas – has already asked for a revaluation of the 87 sq m flat and upped his expectations of the selling price. It was valued at $475,000 and the owner was originally asking for $550,000 – but ‘negotiable’.

Home values and COV amounts will likely be boosted by resale flat buyers who do not mind paying a premium for the relocation benefits. He estimates that, based on previous relocation projects, perhaps 10 per cent of owners will sell their units along with the relocation benefits and take the cash – either to buy at another location, or because they already own a private property and do not want to have to stay in the new flat for a minimum of five years.

The HDB said on Monday that owners can begin selling or transferring their flats from Dec 15 until Oct 31 next year.

Source: The Straits Times – 22 November 2011

Latest Sale Sets Another Peak At The Marq

Nov - 21 | | no comments. | property-news

SC Global Developments has been able to set a new record price at The Marq on Paterson Hill once every three months since May this year.

In the latest transaction, a 3,003-sq-ft, four-bedroom apartment in the Premier Tower is understood to have sold for nearly $6,850 per square foot (psf) or about $20.5 million.

This tops the previous record set in August for $6,394 psf, which in turn broke the May record of $5,842 psf. In all three cases, the units are of the same size and in the same tower.

The Marq, a freehold project which received Temporary Occupation Permit in January this year, comprises two 24-storey towers with a total of 66 units.

Still, despite SC Global hitting the high notes with The Marq, the luxury apartment market in Singapore is generally quiet compared to its heyday in 2007, say market watchers.

The majority of buyers in this segment are foreigners. Singaporean buyers typically aim for Good Class Bungalows, since the absolute price for a GCB is quite similar to that for a luxury apartment in a project like The Marq.

It is foreigners, who don’t qualify to buy a GCB, who are the main players looking at luxury condos right now. Their interest in buying property in Singapore has never dissipated; their interest is still there. But due to the global uncertainty including European debt crisis, everybody’s more cautious, more selective now. They want value buys or fire sales – but these are difficult to find in Singapore as local high-end developers are deep-pocketed.

Market watchers note that SC Global has been able to achieve benchmark prices at The Marq despite thin sales volumes generally in the luxury residential sector.

The developer’s track record of consistently improving its product in terms of quality, design and concept, for instance, The Signature Tower at The Marq has an interlocking design for each of the apartments (which are over 6,000 sq ft) so that it feels like a penthouse even for units on lower floors – with double-volume ceiling height in the living and dining area and a private pool for each apartment.

(SC Global chairman and chief executive) Simon Cheong has paid careful attention to the project’s details even in the common areas like the lobby. There’s a club lounge/ library where they serve drinks, and the gym is fully equipped. There’s a concierge service, and sculptures and other artwork on display in various parts of the development.

Source: Business Times – 21 November 2011


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