Tuesday, December 29, 2009

Former Rose Garden, New Property Launch

The Shore Residences comes to Amber Road


As posted in www.h88.com.sg by John

Lovers of Katong rejoice, The Shore Residences at Amber Road is ready to launch. The 99-year leasehold condo developed by Far East Organisation is right opposite Katong Shopping Centre and just a short walk away from Parkway Parade.

Location

Note: Map overlay is approximate

Tenure: 103-year [Note: We're checking our sources to clarify if this is 99-year or 103-year.][See update below]
Site Area: ~191,037 sqft
Developer: Far East Organisation
Estimated TOP: 2015
Blocks: 6
Floors: 20 storeys
Units: 408 total, Studio (84), 2BR (208), 3BR (88), 4BR (24), Penthouse (4)
Typical Sizes:
Studio (592 - 732 sqft)
2BR (872 – 1,055 sqft)
3BR (1,141 - 1,507 sqft)
4BR (1,378 – 1,432 sqft)
Penthouse (2,766 sqft)

Sitemap


Facilities

  • Lagoon Pools
  • 50m Lap Pool
  • Cliff Villa
  • Spa Pools
  • Sunbathing Decks
  • BBQ Cabanas
  • Tennis Courts
  • Gymnasium
  • Sauna

Floorplan (Tower A1, 9th Storey)




Note: These floorplans are not yet finalized

Word is that 1 and 2 BR units are being offered in a special VVIP preview, prices rumoured to be around $1,100 to $1,150 psf.

From the FEO website,

A tropical retreat at your doorstep.

Located in the vibrant Katong vicinity and close to well-known eateries like Katong Laksa, The Shore Residences offers a beachfront lifestyle in tranquility, an oasis away from the city. Comprising 1-4 bedroom units spread over 6 towers, residents will enjoy close proximity to East Coast Park as well as a host of amenities situated in the neighbourhood. The Shore Residences is also a short 10 minutes drive to Marina Bay and CBD.

Occupying a spacious site area of over 191,000 sq ft, The Shore Residences features several lifestyle amenities dotted all over the premises. Offering full condominium facilities, residents get to enjoy BBQ cabanas, spa pool, spa pavilion, children’s playground, 50m lap pool, gym, sauna, the Clift Villa and 2 tennis courts. Of special mention is the lagoon that is made with sand to let residents enjoy the senses of beautiful shores at their door steps. The Shore Residences offers excellent value as prices for 1-bedroom units start from S$658K while 2-bedroom units start from S$1.1 million.*

Thoughtful design has been integrated with the layout of the development as there are no planter boxes nor bay windows, offering residents efficient maximization of space.

Due to good response, level 12 is now open for booking.


Image: Brochure

[UPDATE: 10 Dec 2009 - The Shore Residences was built over the old Rose Garden when FEO bought it in an en bloc sale. Apparently, the land tenure is Freehold. The Shore Residences is being offered as a 99-year (or 103-year) leasehold. Read the 2006 news article about the purchase of Rose Garden.]

Sunday, December 27, 2009

Like walking on GOLD

Record price for retail shop


As posted in www.h88.com.sg by Yeo ZH

Units at The Marq transacted at $5,262 psf and Orchard Residences (above Ion) at above $5,000 psf. So you think our high-end condos are expensive? Wait till you hear about another insane retail shop purchase in Hong Kong - at $135,000 psf!

The 1,212 square foot shop is located at the busy Tsim Sha Tsui district and houses the luxury retailer Emperor Watch & Jewellery, owned by the music tycoon Albert Yeung.

At $135,000 psf, the shop transacted at $163m - you could buy 20 units at The Marq, or both Anson and VTB buildings in the CBD and still have cash left over.

I did some rough calculations; assuming we pave the entire floor of the shop in 2cm thick gold bars - it works out to be almost the same price, give or take a couple of million bucks.

Picture of the shop here. I don't know about you guys, but that shop looks kinda run down, like something you'll see in Little India.

Monday, December 21, 2009

Urban Suites 1st high-end launch of 2010

Urban Suites the next luxury condo to watch for


As posted in www.h88.com.sg by Francis on 18 Dec 2009

In case you are still wondering where the market is heading next year, the luxury market is the one to watch for. There is no doubt other developers are now itching to ride on the wave Marina Bay Suites created and the first one in line seems to be Urban Suites in District 9.

Tenure: Freehold
Site Area: ~93,274 sqft
Estimated TOP: 2013
Blocks: 3
Floors: 20, 20, 17 storeys
Units: 165 total, 2BR (26), 3BR (94), 4BR (40), Duplex Penthouse (5)
Typical Sizes:
2BR (~1,044 sqft)
3BR (~1,550 - 1,615 sqft)
4BR (~2,002 – 2,045 sqft)
Duplex Penthouse (~3,348 - 4,715 sqft)

The Freehold site is located in one of Singapore's most prestigious neighborhoods and found along Hullet Road, just north of Orchard Road and all those chichi boutiques in Ion Orchard and Takashimaya Ngee Ann City. The site sits upon what was previously known as Char Yong Gardens.


The location of Urban Suites. Note the Show Gallery is not located at the exact site.


The sitemap of Urban Suites superimposed on satellite image (for rough illustration purpose only). The Southeast facing units look good as they overlook lowrise landed housing.


Lots of facilities, but it seems that tennis courts aren't the norm even for luxury residences anymore...

Facilities:
  • 50m Lap Pool
  • Shallow Pool
  • Jacuzzi Pool
  • Children's Pool
  • BBQ area
  • Fitness Corner
  • Children's Playground
  • Gym

  • Function Room
  • Male & Female Changing Rooms
  • Roof Terrace with Spa Pool
  • Herbs and Spice Garden
  • Lily Pond




Artist impression of the pool area.


Another impression of the view.


Unit distribution of this project shows some 2BR units which will probably be the hottest units. Also it seems like the lowest unit starts from the 3rd floor!


Sample of type A floorplan, a 2BR unit.


Sample of a type B3 floorplan, which we think will have a great view.

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Friday, December 11, 2009

Adria at Derbyshire road launched

Adria, latest launched FREEHOLD residential project inspired by the charm and ambience of the Adriatic coast in Italy.

Adria is situated at Derbyshire Road, a short walk from Novena MRT Station in prime district 11.

Located near Novena Square and a short drive away from the shopping paradise of Orchard Road, residents will enjoy a host of amenities in the vicinity. Adria is also within walking distance to Saint Joseph’s Institution Junior.

Comprising 1, 2, 3 and 4-bedroom apartments, this project presents an excellent choice for both investment and own stay.

FACILITIES

• 28M Lap Pool
• Spa Pavilion
• Lounge Pool
• Spa seats
• Sunbathing Deck
• Water Pavilion
• Garden Pavilion
• Gymnasium

AMENITIES

• Near Novena MRT
• Close to Orchard Road
• Close to Tan Tock Seng Hospital

NEARBY SCHOOLS

• St Joseph's Institution Junior

Single storey Units or Apt. Type : sq ft
1 Bedroom (21 units)538 - 581
2 Bedroom (42 units)656 - 850
3 Bedroom (21 units)1205 - 1291
4 Bedroom (21 units)1410 - 1496

Location : 12 Derbyshire Road (District 11)

Tenure : Freehold

Site Area : 3,353.6 sqm (36,096 sqft)

Gross Plot Ratio : 2.8

Architect : Ong and Ong Pte Ltd

N0. of Towers : 1 Tower (22 storeys)

No. of Units : 105 units

No. of Lifts : 3

No. of Parking space : 116

Expected TOP : 31 Dec 2015

Expected CSC : 31 Dec 2018


To register please call 9853 3323 or lawrencecyk@gmail.com

Is Marina Bay worth buying, Yes

2 Keppel directors buy Marina Bay units


As posted in Straits Times by Lee Su Shyan


TWO directors in the Keppel group of companies are shelling out millions of dollars for units in the plush Marina Bay Suites that Keppel Land is involved in developing.


Keppel Corp director Alvin Yeo, who is also the senior partner at law firm Wong Partnership, is paying $6.54 million or $2,442 per sq ft (psf) for a 2,680 sq ft apartment on the 32nd floor of the luxury project.


The details of the transaction were disclosed in an announcement by Keppel Land to the Singapore Exchange yesterday as part of the exchange's listing rules.


No discount was given by Keppel Land, which is one of the joint-venture partners of the project along with Hongkong Land and Cheung Kong Holdings.


Keppel Land director Niam Chiang Meng is paying $4.577 million or $2,238 psf for his unit, also on the 32nd floor but smaller at 2,045 sq ft.


Mr Niam also did not receive any discount.


The recent preview of Marina Bay Suites saw units snapped by Singaporeans and foreigners, including Indonesians, Malaysians, mainland Chinese, Australians and Americans.


Reports have put the pricing of the units sold at around $2,300 psf.


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Tuesday, December 8, 2009

Silversea Launched

SILVERSEA

Rising from a lush landscape of coastal greenery, Silversea is an architectural expression of the silvery horizon where sky meets sea. Accentuated by balconies that twist skyward, the towers make a bold statement in the form of a graceful sculptural wave. On the 11th floor of each residential tower, a sky promenade, designed to complement magnificent unobstructed sea views, stretches across to link 2 buildings.

- Located at Marine Parade Rd
- 99yrs leasehold
- TOP: estimated end of 2012
- Site area: 218,435 sqft
- Total unit: 383 units in 4 towers
- Unit available:

2bd (980 sqft),

3bd (1500 sqft),

3+1 (1700 sqft),

4bd (2500 sqft)
- Price starts from $1275 psf onwards

FACILITIES


. Alfresco dining pavilion with cooking facilities

and outdoor lounge
. Poolside dining deck
. Leisure Pool with water deck
. Hot water Jacuzzi
. Lagoon Pool with beachfront edge
. Day Cabanas with Barbeque facilities
. Poolside Sun Deck
. Lap Pool with lap markings
. Hydro-jets seats
. Wading and Fun Pool
. Water Play area
. Game Pavilion with service/bar counter

and table tennis table
. Children play area
. Tennis Pavilion with bar counter
. Outdoor Fitness area
. Tennis Court
. Wellness Pavilion with service counter,

hot tub, message deck and rain shower
. Foot Reflexology path
. Tropical Coastal Garden
. Eco-pond with aquatic plants
. Dining Cabanas with Barbeque facilities
. Tea Cabana with service counter
. Lounge
. Gymnasium
. Steam room
. Indoor Dining with bar and kitchen

AMENITIES


. East Coast Parkway, highway that

connects city and airport
. Nearest MRT Station: Aljunied MRT Station
. East Coast Park
. Marine Parade Town Centre
. Parkway Parade Shopping Centre
. Marine Parade Community Club
. Marine Parade Community Library
. Near CHIJ (Katong) Primary
. Near Ngee Ann Primary School
. Near Tao Nan School
. Near CHIJ Katong Convent
. Near St. Patrick's School
. Near Chung Cheng High School (Main)
. Near Tanjong Katong Secondary School
. Near Tanjong Katong Girls' School
. Near Victoria School
. Near Victoria Junior College











To register please call 9853 3323 or lawrencecyk@gmail.com

Monday, December 7, 2009

Rich Buyers are back to buying high end

Sentosa Cove sees increased interest

As posted in www.h88.com.sg on 7 Dec 2009 by John

Uber-rich buyers are coming back, and they are buying bigger, more expensive homes, in Sentosa Cove at least. Is this a signal that 2010 will see a strong recovery in the mid-to-high end property sector, a 'top-down' recovery, so to speak? After all, Singapore's economy looks to be recovering stronger than expected.

According to Savills, there were 14 transactions done in September and October this year which involved homes that cost above $10m. By comparison, there were only 17 such transactions in the period between Q4 2004 to Q4 2008. Prices have also risen, but have not yet reached the peaks of Q1 2008.

And in another Savills report, foreign buyers have also increased their share of homes in Sentosa Cove too. Compared to the period between 2007-2008, which saw 38-30% foreign ownership, the first 10 months of this year saw foreign buyers taking 43% of the homes transacted.

Let's remind you readers once again that Sentosa Cove is the only place in Singapore where foreigners don't have to be PRs to buy homes.

Analysts say the imminent opening of the two casinos, the near completion of the Marina Bay Financial Centre and the fact that prices are still low compared to places like Hong Kong as factors contributing to the increased interest.

Via Business Times - "It's getting hotter at Sentosa Cove" and "Foreign buyers' share of Sentosa Cove homes on the rise". Fancy graphic here and here.

It's getting hotter at Sentosa Cove


As posted in Business Times by Kalpana Rashiwala


Homes in Sentosa Cove drew strong interest from high-net- worth investors in the first 10 months of this year - more properties costing $10 million and above were transacted during this period than in the preceding four years.


Property consultancy Savills Singapore said that its analysis of URA Realis data as at Dec 1, also shows that September and October this year were particularly active months.


In fact, the three biggest ever residential transactions in Sentosa Cove - at $20.18 million, $22 million and $30 million respectively - took place during this period. The largest involved a completed bungalow at Ocean Drive which changed hands in the secondary market in October. The $30 million sale price works out to $1,753 per square foot, based on a land area of 17,115 square feet.


BT understands that the bungalow was purchased by two Chinese citizens who are also Singapore permanent residents. The seller is a locally incorporated company.


The second and third largest deals involved subsales of two villas at Paradise Island for $22 million and $20.18 million in September.


Overall, Savills' analysis shows that the number of caveats lodged for homes in Sentosa Cove costing $10 million and above shot up to 24 in the first 10 months of 2009 - from just 17 between Q4 2004 and Q4 2008.


Over half or 14 of the 24 deals were sealed in September and October. The firm said that a more positive global economic outlook at the time, before the recent news of Dubai World's debt problems, gave confidence to investors to make big-ticket purchases such as super-luxury homes.


Other above-$10 million homes sold in the two months include four condo units at SC Global's Seven Palms Sentosa Cove; a villa at Sandy Island that fetched $16.57 million or $1,950 psf of land area in the resale market; and a bungalow at Treasure Island which sold for $14.25 million or $1,662 psf, also in the resale market.


Savills said that the steady recovery of the Singapore economy in the past few months and the Republic's renewed prominence on the global financial map have helped fuel optimism among investors to park monies here.


Singapore is also a 'relatively cheaper' destination to buy luxury properties compared with, say, Hong Kong. Luxury property prices here are still below their peak levels.


Savills director of investment sales & prestige homes Steven Ming offered another reason for the surge in transactions in October: according to anecdotal evidence, some high-networth mainland Chinese were in Singapore shopping for properties during their National Day Golden Week holiday.


Across all price bands, the total number of caveats lodged for private homes in Sentosa Cove shot up from 72 in the whole of last year to 133 in the first 10 months of 2009. Even so, the latest figure is just 26 per cent of the peak 516 transactions in 2006.


Savills said that the bulk of the 2009 transactions were in the subsale and resale markets. Primary market deals involving developer sales accounted for just 9 per cent of caveats, reflecting the limited release of new projects this year.


A breakdown of 2009 transactions shows that the number of caveats (both primary and secondary markets) lodged rose from nine in Q1, to 49 in Q2, and 51 in Q3. In October, there were 24 deals - the highest monthly figure for 2009 - bucking the trend of slowing property sales seen generally in Singapore.


Savills credits the approaching opening of the integrated resorts (IRs) with helping to generate a renewal of interest in the super-luxury residential market.


Prices also appreciated with the increase in transactions - the average unit price for landed homes rose from the recent low of $1,150 psf of land area in Q1 this year, to $1,533 psf in Q3 - up 33 per cent. It was up 12.2 per cent from September to $1,647 psf in October. But this figure was still about 38 per cent below the peak figure of $2,643 psf in Q1 2008.


Condominium prices in Sentosa Cove have also firmed. The average price climbed from a low of $1,200 psf in Q4 2008, to $1,804 psf in Q3 this year and $2,117 psf in September before easing to $2,030 psf in October.


The latest figure is 16.5 per cent shy of the $2,431 psf high seen in Q1 last year. Savills said that the October figure was shored up by four caveats lodged for units at Seven Palms Sentosa Cove with prices ranging from $3,091 to $3,353 psf.


Excluding these transactions, the average price for the month would have slipped to $1,658 psf.

DTZ executive director (consulting) Ong Choon Fah reckons that Sentosa Cove prices will continue to appreciate next year, although a lot will depend on the wider property market. 'Prices in Sentosa Cove could be more volatile than in the prime districts on the mainland because Sentosa Cove buyers are relatively more investment driven than motivated by owner occupation, compared to the prime districts.


When markets go up or down markedly, investors may be more inclined to sell than owner-occupiers, whether it is to cut loss or realise a gain,' she added.


Foreign buyers' share of Sentosa Cove homes on the rise


Foreigners, including permanent residents, picked up nearly 43 per cent of the homes transacted in Sentosa Cove in the first 10 months of this year, up from about 38-39 per cent in 2007 and 2008.


A Savills analysis of caveats data captured by URA's Realis system also showed that buyers from 'Western' countries - which it defined as those from Europe, North America, South America, Australia and New Zealand - made up four out of every 10 foreign buyers in Sentosa Cove between the fourth quarter of 2004 and Q4 2009.


In that period, such buyers were more active in Sentosa Cove than in the other sought-after districts of 1, 9, 10 and 11.


DTZ executive director (consulting) Ong Choon Fah observes: 'Buyers from Western countries appreciate the lifestyle elements in residential developments a lot more. In their home markets, units in a project that face the water or bay can sometimes be priced double that of units that don't have such a view.'


Savills found a total of 1,297 caveats lodged for purchases of private homes in Sentosa Cove over the five-year period, of which 487 (or 37.5 per cent) were from foreigners (including permanent residents). Singaporeans bought 705 units, giving them a 54 per cent share.


In the first 10 months of 2009, 133 caveats were lodged for homes in Sentosa Cove. Of these, 57 were bought by foreign buyers, with Malaysians having the largest share of 25 per cent or 14 caveats, followed by Indonesians, UK citizens, mainland Chinese and Hongkongers.


DTZ's Mrs Ong said: 'What Sentosa Cove offers is very unique. It's as close to waterfront housing as you'll get in Singapore, plus it's a gated community, with limited car access to outsiders. Sentosa Cove used to be like a construction yard. Now, however, most of the homes have been developed, and foreigners may be even more inclined to buy.'


The additional draw to Sentosa Cove among foreign buyers is that it is the only location in Singapore where foreigners who are not Singapore permanent residents are allowed to purchase landed property.

However, they must still seek permission from the Land Dealings (Approval) Unit under the Singapore Land Authority.


The approval time for Sentosa Cove has been specially fast-tracked to 48 hours - compared with about four weeks for applications by PRs seeking approval to buy landed homes on mainland Singapore.

Mrs Ong reckons that there is scope for the share of foreign buying to increase further next year, with the opening of the two IRs.


Also, the completion of Phase One of Marina Bay Financial Centre will strengthen Singapore's positioning as a global business centre.


'When high networths buy, they talk about their investments to their clique of people. That can generate further interest in Sentosa Cove,' she says.


Steven Ming, Savills director of investment sales & prestige homes, says that foreign buyers' presence is a critical factor for prices of luxury homes in Singapore, including at Sentosa Cove.


He says: 'If we look back, in 2006-2007 when foreigners were buying in Singapore, luxury prices ran up quite a bit.


'At the start of this year, there was very little foreign interest in the Singapore property market and it was mostly the mass and mid-segments that were doing well.


'In the past few months, however, foreign interest has returned and we're seeing a pick-up in prices on Sentosa Cove.'

Wonder what Sentosa Cove looks like? Take a look at our Special Photo Review: Sentosa Property Guide.


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Thursday, December 3, 2009

En Bloc Dragon Mansion at District 2

Hooray! First en bloc after 20 months!

As posted in www.h88.com.sg on 2 Dec 2009 by John

Finally, it's official - Dragon Mansion is the first successful en bloc this year. Sold to RL Developments, a unit of Roxy-Pacific Holdings for a cool $100.8m. We broke the story of their offer for the Spottiswoode Road condo in back in October. Now it's finally got the approval of the residents, all it has left to clear is the final approval from the Strata Titles Board.

Each owner of the 72-unit freehold condo will get around $1.4m. The amount of $100.8m includes the development charge and works out to about $863 psf ppr.

Good news! It now starts the en-bloc ball rolling! Who's up next? Pine Grove? Meyer Place?

Via Channel News Asia and Today Online.

As posted in www.h88.com.sg on 20 Oct 2009 by John

Yes! Finally, Dragon Mansion has done what no other has done this year - it on it's way to a successful en bloc! Since the tender was announced way back in July 2009 there have been few takers, but now this small District 2 condo along Spottiswoode Park Road has breathed hot fire into the en bloc market! Someone has submitted a solid 'bid' for it. Who is it and how much? Read on!

[EDIT: Note, it's not a done deal yet. Still need approval from 80% of the owners. So let's not celebrate too early. The owners could still hold out for more.]

RL Developments, a unit of Roxy-Pacific Holdings (the people who own Grand Mecure Roxy Hotel and developed Balestier's Nova 48 and Nova 88), has shelled out about $100.8m for the condo. Sadly for the owners, it was much less than the $120m they were asking for. But still, under the circumstances, at least they managed to sell the place!

$100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.

Here's the entire article from The Edge Singapore:

RL Developments, a unit of property and hospitality group Roxy-Pacific Holdings, has agreed to acquire a freehold site in Lot TS23-388P for $100.8 million.

The freehold site has a total land area of 3890.2 sq m and a maximum plot ratio of 2.8 for apartment development.

The acquisition is conditional upon the obtaining of the agreement by 80% majority of the owners of the development to the purchase price and a sale order from the Strata Titles Board under the Land Titles Strata Act, if necessary.

Roxy-Pacific says the acquisition will be fully funded through the company’s IPO proceeds, internal funds and/or bank borrowings.

It is not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year.

Via The Edge Singapore. More info on Roxy Pacific can be found on their website and here. More also on the SGX infoportal.

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Wednesday, November 25, 2009

Marina Bay Suites sells fast; let the good times roll

As posted in www.h88.com.sg on 25 Nov 2009 by Francis

We are getting some unconfirmed reports on the ground that Marina Bay Suites is moving fast and that there is quite a crowd at the sales gallery.

The prices were lower than expected and start from ~$18xx psf. Units on the lower floors were released first, although it seems more have been made available due to good response. It seems at least one stack was said to have been sold out by mid afternoon.

If the good times keep rolling for the rest of the day, we expect around half a billion dollars or more to have exchange hands on paper at the Marina Bay today.

Some property enthusiasts online have even compared this 'feeling' with the 2007 bull run, which started at the same place in late 2006.

So the much awaited Marina Bay Suites which was held back for a year or two will finally preview tomorrow.

Word on the street is that this launch is very closely watched by key industry players, as sales performance for this project will be regarded as a forward indicator for next year’s luxury market sentiment.

Another reason why this project is so important is because the high prices would set new benchmarks for projects nearby such as The Sail, Marina Bay Residences and One Shenton. From what we heard - Marina Bay Suites is being marketed as a luxury project a few notches above other projects in the immediate area. Guesstimated price? Anywhere from $2,XXX - $3,XXX psf.

Here is the schedule of the preview event tomorrow 25 Nov 2009 (Wednesday):

  • 9am to 10:30am – Developer’s Staff preview
  • 10am to 10:30am - Developer’s VVIP
  • 10:30am to 12pm – Agency’s VIP (those who has submitted cheque)
  • 12pm onwards – Guests

Location:
2nd Floor Link Bridge between One Raffles Place (ORQ) and The Sail at Marina Bay.
Registration for VIP and Guests at 1st level of ORQ Atrium near the escalator.

Looking at the tight timing from 9am to 12pm, it seems that the developers are either very confident of the crowd tomorrow or are using pressure cooker sales tactics – making everything seem so hot by squeezing in as many people as possible in the shortest time…

How do you buy a home in 30mins? I don’t know.

Capital Gains to EC owners

CBRE: Executive Condo median prices rise 63 per cent

As posted in www.h88.com.sg on 24 Nov 2009 by John

According to CBRE, the median prices of Executive Condos (EC) have risen a whopping 63% over the past two years. Median resale prices for ECs in 2009 were at $519 psf compared to Q3 2006 when it was at $319 psf. Helped no doubt by the property boom this year. The owners of ECs like La Casa will surely have a very big smile on their faces!

It seems that ECs are worth a second look! There will be two EC plots of land on the confirmed list next year. Read on to find out where they are.

One of them will be in Yishun Avenue 11 (which will surely give The Estuary a huge run for their money) and the other at Buangkok Drive/Compassvale Bow. Keep a look out for tenders coming up in the first half of next year. Find their exact locations.

ECs are a sort of HDB/Condo hybrid, similar to DBSS but with more strings attached. They were built to bridge the gap between condos and HDB during the property boom in 1996 when condo prices were sky high.

CBRE says that the price gap between ECs and mass-market condos is now at 14%.

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Monday, November 23, 2009

Property Launches Preview of Marina Bay Suites

Marina Bay Suites finally launching

As posted in www.h88.com.sg on 29 Oct 2009 by Francis




Note: The Sail's two towers have been omitted in this rendering...

It seems like the luxury Marina Bay Suites is finally launching after almost 2 years. Sources have confirmed that agents will be briefed about the project before the week ends. This project first came under our radar in early 2008 when we received early plans of the development.

Additionally, there have been some murmurs recently going on about reconfiguration of Marina Bay Suites to accommodate 2BR units or even Studios. While these are all just rumors (until we confirm it!), it does seem to make a little sense for the developers to cash in on the "Mickey Mouse" fever we have seen lately. The original plan was for 110 4BR units, 108 3BR units and 3 penthouses (221 total ) as seen below:

Original project details (Jan 2008):
Marina Bay suites is located just south of the sail (left bottom) and east of One Raffles Quay South tower. Units peek out at the Marina Bay and overlooks Central Linear Park. The bay view starts from the southern tower of The Sail and extends east to MBFC Commercial Tower 1.









Facilities of Marina Bay Suites.




More facilities for Marina Bay Suites.



Example of a 4BR floorplan.


Example of a 3BR floorplan




Stacks 3 and 4 are 3BR units, Stacks 1 and 2 with better views are 4BR units.

Lease: 99 years (wef 8 March 2007)
Site Area: 57,047 sqft
Address: Khiang Guan Avenue (to be confirmed)
Developer: Cheung Kong (Holdings)/ Hutchison Whampoa, Hongkong Land and Keppel Land)
Estimated TOP: 2012
Floors: 66
Units: 221 total
3BR (108)
4BR (110)
Penthouse (3)
Typical Sizes:
3BR (1572 - 1628 sqft)
4BR (2045 - 2691 sqft)
Penthouse (4682, 8181 sqft)

Major Facilities:
  • Lap Pool
  • Wading Pool
  • Entertainment Terrace with BBQ areas
  • Spa Lounges
  • Gym
  • Steam Room with male and female changing rooms

Other facilities:
  • Landscaped Garden
  • Sun Decks
  • Terrace Deck
  • Quiet Corner
  • Reflecting Pool
  • Sky Cabanas
  • Yoga Deck
  • Massage Terraces & Tea Decks
  • Lounge Terraces
  • Look-out Deck
  • Outdoor Dining Areas
  • Function Room
  • Games Room

There you go folks, but remember all these details are from 2 years ago so take it with a pinch of salt. If anyone gets their hands on updated floor plans (or a proper rendering of the actual building!) do send it in!

The Marina Bay Suites is touted to be a luxury project, which could mean a steeper Per Square Foot price than what is currently seen in The Sail or Marina Bay Residences.

Preview of Marina Bay Suites next week

As posted in Business Times by Kalpana Rashiwala

AFTER an almost two-year wait, Marina Bay Suites will finally be previewed next Wednesday to VVIPs and invited buyers, BT understands.

Pricing for the preview has not been finalised, but some market watchers suggest it could be a shade below $2,500 per sq ft on average. Others tip the average price at about $2,300 psf. No interest absorption scheme will be offered.


Early last year - when the 99-year leasehold project was expected to be released - the average price was tipped at about $2,800 psf.

The 66-storey condo block has 221 units, comprising 218 three- or four-room apartments and three penthouses.

Three-bedders range from about 1,570 to 1,620 sq ft; four-bedders will be 2,050 to almost 2,700 sq ft. The penthouses include two duplex units of about 4,700 and 8,100 sq ft and a single-level unit of around 5,600 sq ft.

Marina Bay Suites was due to be released early last year, but steadily worsening market conditions that culminated in the global financial slump meant the project could not be released in 2008. In March this year, Keppel Land - which is part of the consortium developing the condo - confirmed the project's construction was deferred.

The other members of the consortium are Hongkong Land and Cheung Kong Holdings/ Hutchison Whampoa. Marina Bay Suites will be the second residential project on the Business and Financial Centre site, which the consortium bagged in a Singapore Government tender in 2005.

The first residential project - the 428-unit Marina Bay Residences (MBR) - sold out in three days in December 2006. The 55-storey development achieved an average price in the region of $1,850 psf, according to a statement by the developer at the time.

Many buyers flipped their units - in some cases within days of their purchase - for handsome gains as high as $1 million or even more for four-bedroom units that face Marina Bay.

MBR has one and two-bedroom units in addition to three and four-bedders. The project, along with the neighbouring completed development, The Sail @ Marina Bay, continues to make news in the secondary market. Sources say a 900 sq ft bay-front unit on the 50th floor at The Sail sold recently for about $3,000 psf, while a 30-odd storey four-bedder at MBR facing the bay fetched just above $2,700 psf.

Marina Bay Suites' preview will be held on the mezzanine level of One Raffles Quay.

Friday, November 20, 2009

Adria in District 11 for the expats

Adria from FEO launching soon

As posted in www.h88.com on 19 Nov 2009 by Francis

Far East Organization seems to be defying the market sentiment and launching the Adria. But perhaps the right time to move in is when everything is all quiet!

There are few details about the Adria, but what makes it yummy is it's Freehold status in prime District 11, just off Orchard Road. For the uninformed, District 11 is a well-known fishing pond for corporate leases to expats.


Facilities:

  • 28M Lap Pool
  • Spa Pavilion
  • Lounge Pool
  • Spa seats
  • Sunbathing Deck
  • Water Pavilion
  • Garden Pavilion
  • Gymnasium






Artist's impression of the lobby.



Siteplan of the Adria.

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Thursday, November 19, 2009

Singapore declares recession over

Singapore on Thursday declared a severe recession over as data showed its economy grew for the second straight quarter in the three months to September.

Official data released Thursday showed gross domestic product (GDP) expanded 14.2 percent in the July-September period on a quarter-on-quarter annualised basis following a 21.7 percent surge in the previous quarter.

"Effectively, the recession in Singapore is over," Ravi Menon, the permanent secretary with the Ministry of Trade and Industry (MTI), said at a media briefing.

Year-on-year, Singapore's GDP grew 0.6 percent in the third quarter compared with a 3.3 percent contraction in the April-June period, the MTI said in its third quarter economic survey.

In its outlook for 2010, the ministry forecasted economic growth of 3.0-5.0 percent while maintaining its existing projection of a contraction of 2.0-2.5 percent this year.

Singapore's trade-reliant economy was the first in Asia to sink into a recession last year as the global downturn hit demand for its exports, especially from the United States.


Friday, November 13, 2009

HDB 4-room Flat for S$653,000.00

Record $673 per square foot for Queenstown HDB flat

As posted in www.h88.com.sg on 13 Nov 2009 by Francis

An Indonesian Permanent Resident (PR) and a Singaporean woman paid $674 per square foot (psf) or $653,000 in total for a 4rm flat in Queenstown. This breaks the earlier record of $609psf made in January 2008.

Are we surprised? Nope. With the flexible PR policy, lack of immediate supply, skyrocketing mass market condo prices and most importantly location...this was bound to happen sooner or later.

The unit is found along Strathmore Avenue, and if you are wondering why it sounds so familiar...that's because it is shares the same street address as the much anticipated Dawson Build-To-order next month. Even if we exclude the $68,000 cash-over-valuation, we are guessing the previous owners would still have made a killing from the difference of the original price...so don't say we didn't tip you on whats hot! (Editor: Application for TOTO BTO is only $10...)

But before everyone starts asking their agent to sell their flats at $674 psf, here are some prices to put that price into perspective:


So with $653k, you could get a brand new 4rm Sengkang flat plus a brand new Mercedes-Benz E200 Class Saloon and $100k+ to spend on rims the wife.


*Average Price October '09
** URA September '09
via Straits Times

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Thursday, November 12, 2009

Land Parcel Upper Thomson winner revealed

As posted in www.h88.com.sg on 9 Nov 2009 by John

Upper Thomson land parcel winner revealed

We should have known there was a Hong Kong hand behind the bid. Just look at the bid numbers - 251338668. The bidder, Treasure Well Investments, is actually a unit of Cheung Kong Holdings, which belongs to - who else - Hong Kong's richest tycoon Li Ka-Shing.

If you've been hiding under a rock, Li Ka-Shing is one of the world's richest men (#16 at $16.2 billon). Singapore's richest - Far East's Ng Teng Fong - is at #118 with a paltry $6.1 billion. No wonder Far East lost the bid (they were second)!

The question is: are they overpaying? Their bid was a good 21.5% over Far East's. Are they flush with funds thanks to the property boom in China and Hong Kong? Maybe. But we think the answer is simpler: they have better feng-shui masters.

As you know Cheung Kong's bid was a nice $251,338,668.00. It shows far greater detail and thoughtfulness, all the way down to the dollar. Far East's on the other hand, was a mere $206,800,000.00. Where are the combo threes and the sixes?

On a more serious note, according to their spokesperson, they plan to build around 340 to 350 units. They added that the breakeven cost will be around $850 to $900 psf.

They seem to be quite confident, Mr Raymond Chui, GM of the group's Singapore-based unit Property Enterprises Development tells the Business Times,

We've done our sums. The site is in a very good location and we have confidence in the future of the Singapore property market.

Far East's bid came in at $206.8m, which works out to $438.8 psf ppr, suggesting a breakeven of price around $840psf and a potential selling price of around $940-$1,040 psf. Cheung Kong Holding's on the other hand works out to a potential selling price of $1,000-$1,100psf.

Note to Ng Teng Fong, time to get a new geomancer!

Fifth reserve site triggered by developer; The Gardens at Bishan might lose view

Another plot of land on the Reserve List at Upper Thomson Road will be put up for public tender. This is the fifth that has been triggered since July.


Located in District 20, this 99yr leasehold residential parcel sits close to the reservoir and squarely in mass market condominium land.

Residents of The Gardens at Bishan(plot ratio 2.5) will be very disappointed considering this plot sits in the way of their currently unblocked reservoir view, although the plot ratio of this new parcel of land is slightly lower at 2.1.




The new land parcel will be in the way of the wonderful reservoir view of The Gardens at Bishan. (Image for illustration purpose only).

The land parcel is 20,847.7 square meters large and has a maximum permissable gross floor area of 43,781 square meters.

The previous land parcel winner for the seletar site was won by Far East Organization only recently. Are Singaporeans really so hard up for mass market condos, or is this going to be tragedy of the masses?
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Wednesday, November 11, 2009

Property Launches Parvis at Holland Hill

Preview 1st week November 2009

As posted in www.h88.com.sg on 10 Oct 2009 by Francis

Located at Holland Hill, off Holland Road and Queensway, Parvis (formerly known as Holland Hill Mansion) boasts a popular address well-received by both locals and expatriates. Nestled in a quiet neighbourhood in the desirable district 10, the residential redevelopment of this well-located purchase parcel is one to look out for! This prime lot is highly accessible via major trunk roads, such as Holland Road, Queensway and Farrer Road. Potential residents can also look forward to ready MRT access with the completion of nearby Circle Line Stations, Farrer MRT Station and Holland MRT Station, expected to be in operation by 2010. Prestigious schools such as Anglo Chinese School International and St. Margaret’s Secondary School are also situated in close proximity. Urban comforts are also a short ride away, with Holland Village and Orchard Road offering a variety of exclusive lifestyle indulgences.

Parvis at Holland Hill also has big units

Parvis at Holland Hill has got big and comfortable looking units, bucking the trend of tiny units. The project is located at the former Holland Hill Mansion site close to Holland Village and is part of District 10.


2rm units without Private Enclosed Space (PES) come in a standard size of 990 sqft and are by far some of the larger ones we have seen lately. The 3rm units without PES also have a uniform size of 1,701 sqft while the 4rm units start from 1,991 sqft. Notably, units with PES have the extra space clearly spelled out in the brochure and are approximately anywhere from 333 - 785 sqft.

The 4rm master bedrooms are luxurious with room even for a seperate bathtub and shower. In general, the rooms have squarish layouts without those oddly shaped corners.


The location of Parvis at Holland Hill.


The siteplan superimposed on a satellite image (for rough illustration purposes only).

Project Details:

Lease: Freehold
Site Area: 243,527 sqft
Address: 12, 16, 18 Holland Hill
Developer: Ho Bee Group and MCL Land
Estimated TOP: 2013
Floors: 12
Units: 248 total, 2rm (51) , 3rm (100), 4rm (76), Penthouse (21)
Typical Sizes:
2rm (990 sqft, 1,195 sqft, 1,442 sqft)
3rm (1,701 sqft, 2,002 sqft, 2,260 sqft)
4rm (1,991 sqft, 2,013 sqft, 2,325 sqft, 2,347 sqft, 2,583 sqft, 2605 sqft)
Penthouse (2,293 sqft - 3,229 sqft)
Carpark: 273


Unit distribution for the project.


Unit distribution for block 12.

Facilities:
  • Junior Pool
  • Lap Pool
  • Dip Pool
  • Jacuzzi
  • Steam rooms
  • Clubhouse
  • Gym
  • Multi-purpose Room
  • BBQ
  • Playground
  • Fitness Station
  • Tennis Court
Updated siteplan:

Stacks 11-25 now get a healthy dose of west sun at an angle. Stacks 1-10 have a lovely North-south facing.

Siteplan showing facilities and stack numbers.


The 2rm layouts mostly come in one standard size.


The 3rm units are pretty big. But note the large balcony and planter.


The huge 4rm units with a luxurious looking bathroom.


Rendering of the pool side.


Another rendering of the lounge area by the pool.

They enbloc Holland Hill Mansions at S$749.39psf/ppr so add another S$500psf for construction, S$200psf for profit. A good guess should be around S$1,450psf to S$1,500psf.

Latest Update: Parvis going for an average of $1480 psf

85 of the 248 units are being launched this week at an average price of $1,480psf. The 12-storey freehold condo at Holland Hill is jointly developed by Ho Bee and MCL Land. That works out to about $1.62m for a 990sqft 2BR and $3.02m for a 1,991aqft 4BR.

Somehow we don't see huge crowds thronging the showrooms. Where have all the mass market condo launches gone? Are all the landbanks used up?

Via Business Times- "Ho Bee, MCL launching Parvis condo at $1,480 psf average"

Latest 11 November 2009

Parvis sells 51 units, Trilight moves 61 units

With the opening of the two integrated resorts round the corner, will the luxury and high end market gain momentum as many punters have been anticipating, or has all the hype been priced in already?

Although not a sell out crowd, it seems that there are some hints of movement at Parvis at Holland Hill and Trilight - Parvis sold 51 units while Trilight has moved 61 units to date. Parvis comprises of 248 units, Trilight has 205 in total.

Both of these condos are considered to be in the mid to high end range, with Parvis (District 10) calling an average price of $1,480 and Trilight (District 11) asking for $1,650psf.

Interestingly, the units that moved the most at Parvis were 4BR units. Fourteen 3BR and fifteen 2BR units were also sold at the development. However the interest still seems very much localized with Singaporeans picking up 39 of the 51 units sold.

Aside from that, it does not take a genius to notice that the market has been eerily pretty quiet. But we detect some undercurrent...perhaps all the developers are waiting for the IRs to open and ride on the frenzy, rolling out not-seen-before projects at never-seen-before prices.

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