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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