Saturday, September 18, 2010

Bedok Reservoir DBSS site open for tender



The East sees yet another DBSS site, with the latest one located along Bedok Reservoir Road, at Bedok Reservoir Crescent.

This new DBSS site, spanning 179,415 sqft, throws 430 more dwelling units into the Bedok Reservoir area. It should be a hit with homebuyers since it’s located in close proximity to the new Bedok Reservoir MRT station, which will open come 2017.

What’s more exciting for those of you, especially first timers who want to join in the queue, is that two more DBSS sites will be released in the coming months.

The first site is located Upper Serangoon Road while the other is situated at Yuan Ching Road/Corporation Drive.

Oh, and we forgot to mention that the tender will close at 12 noon on Tuesday, Nov 2, 2010. Let’s wait and see who will bid for this site…

Via HDB. Image: OneMap.gov.

Source : H88 15 Sep 2010 

Thursday, September 16, 2010

Breaking: D'Leedon Condo at former Farrer Court launching soon



According to our sources, a new condo is about to be launched at the site of the mother-of-all-en-blocs Farrer Court. Finally! The site of Singapore's largest en bloc sale ever ($1.3 billion back in 2007) has been sitting quietly watching the mayhem and madness of 2008/09 go by. Will this massive condo beat everyone's expectations?

Given the recent cooling measures taken by the Govt recently, we wonder if this is the best time to launch. Perhaps developers and have been encouraged by the take up rate of Pasir Ris' NV Residences, or perhaps they simply could wait no longer.

Anyway, this condo is sitting right outside the soon to be completed Farrer Road Circle Line MRT. Historically, condos near MRTs have been best sellers - just ask developers of Optima and 8@Woodleigh.

The building in the artist's impressions above and below was designed by Zaha Hadid, one of the world's top architects, though it's only a proposal. I guess we'll find out soon enough what the developers have in mind.

History lesson: Farrer Court was sold for $1.3 billion back in 2007. It was a privatised HUDC (owned by STB) sitting on a gigantic 99-year leasehold site of 838,488 sqft, roughly the size of 10 soccer fields. The condo will be 36-storeys high and could yield 1,500 units.



The developers who won the bid came in as a consortium of partners. The consortium known as Morganite Pte Ltd consisted of Capitaland (35%), Ong Beng Seng's Hotel Properties (22.5%), Morgan Stanley's Real Estate Special Situations Fund III (22.5%) and Wachovia (20%). If the last two partners ring a bell, it's because they are the US financial firms that got into a bit of a sticky mess back in 2008. Remember the 'Global Financial Crisis' where you learned new words like 'bailout', 'credit crunch' and 'toxic assets' ?

Anyway, we guess all the partners are back in a stronger financial position since it will take about $3 billion (yes, $3 billion) to build the condo. Which, incidentally, makes it the largest value residential project in Singapore.

So that makes it about $1,350 to $1,450 psf to breakeven. Our pet octopus tells us the the potential selling price would be in the $2,000 psf region.

As posted in h88 by John

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Saturday, September 11, 2010

Condo site at Jalan Eunos sees only 5 bids



This Jalan Eunos site was offered on a 99-year lease on July 20, and tender closed yesterday with a total of 5 bids. The winner looks like the joint bidders of Tuas Technology Park and OPH Marymount for S$257.8 million. OPH Marymount is a unit of Far East Organisation.

The site has a land area of 444,132 sqft and a maximum GFA of 621,788 sqft. The potential winning bid works out to around $415 psf per gross floor area.

Analysts say the potential selling price of this condo would be from $850psf onwards. Looking at the map, the new condo would be sitting right next to two busy roads - Jalan Eunos and PIE. Get ready that duster!

As posted in h88 by Cheryl Han 

Friday, September 10, 2010

NV Residences: floorplans


Hungry Ghosts' is over! Wonder how NV Residences did in their preview today. Will the recent cooling measures affect buyers' appetite at NV Residences' official launch this coming weekend? The industry is watching closely. Anyway, we've got some of their floorplans ready for your browsing.

Here's a little recap:

Tenure: 99 year leasehold
District: 18
Developer: City Developments Limited (CDL)
Estimated TOP: 2014
Site Area: ~328,110 sqft
Blocks: 8
Storeys: 12-15
Units: 642 units

Notable Facilities
TWO tennis courts
Gym
50m Lap Pool
Jacuzzi

Unit Breakdown and Typical Sizes (Approximate)
1 BR (495 & 657 sqft) 
x 27
2 BR  (743 & 936 sqft
) x 144
2 + 1 BR (872 – 1,066 sqft) 
x 144
3 BR (1,087 – 1,259 sqft) x 104
3 + 1 (1,184 – 1,464 sqft 
x 145
4 BR (1,453 – 1,658 sqft) x 72
5 BR Penthouses (2,497 sqft) x 6

Floorplans

1BR Floorplan




2BR Floorplan


2+1BR Floorplan


3BR Floorplan


3+1BR Floorplan


4BR Floorplan


Penthouse Floorplan

As posted in h88 by John

NV Residences defy cooling measures



Investors, specuvestors and "genuine" home buyers flocked to the 99-year leasehold NV Residences and bought 160 of the 200 units released for sale!

Prices averaged $830psf and prices start from $557,000 to $1.9m.

This is in the face of recent cooling measures implemented by the government. While this might seem just 'another sold out story' in property crazy Singapore, some property observers we know have raised eyebrows by the good response to NV Residences due to these reasons:

1. ECs are starting to surface, which might bode the peak or near peak of a market. ECs are meant to fill a gap by those who have fallen in between, and usually this only happens when the gap is too wide.

2. NV Residences is clearly a mass market project, and in recent months this segment has been red hot. If there was any movement, shouldn't it have been the more prime areas which have been out of the spotlight for a while.

3. It has only been a week since the announcements were announced, pretty early to have digested all the measures perhaps?

Was it pent-up demand from the end of the Hungry Ghost Festival? Or is the economy really humming along? I mean we just saw a COE hike yesterday. We think it was a combination of all that, plus the relatively good location (near MRT) and low entry price point ($557,000).

As posted in h88 by Francis

Friday, September 3, 2010

Fun facts from Population census 2010


The Department of Statistics has released a population census report for 2010. It presents key trends in demographic profile, population size and growth. The results, we would imagine, comes as no surprise to most of us.

Anyway, here are some fun facts picked from the report:

1.    About 3 out of 10 persons on the street is not a citizen! The total population is 5.08 million as of end-June. 3.77 million are residents; 3.23 million are citizens while 0.54 million are PRs. Great news for landlords!

2.    The total population showed a lower growth rate of 1.8%. This means that there is a slower growth of PRs and non-citizens. The number of PRs, however, increased by 1.5%, down from previous rates of 6% between 2005-2009. Growth of non-residents also slowed to 4.1%, from 15% and 19% in 2007 and 2008 respectively. But this means its still growing!

3.     The number of Singapore citizens increased by 0.9% between 2009 and 2010. This is on par with the average of 0.8-1.1% between 2005 and 2009. Gentlemen, please buck up.

4.    The resident population has increased in age! Now, the median age is 37.4 years while in 2000 it was 34 years. Buy land for nursing homes anyone?

5.    The influx of PRs have slowed down the pace of ageing. The old age support ratio (that is the number of persons aged 15-64 per elderly aged 65 and over) for the resident population is 8.2 higher than the 7.2 of the citizen population - lets hope they all don't pack up and go home when they have earned enough to retire in their homeland.
As posted in h88 by Francis 

Toh Tuck Apartments sold for $34 million in en bloc sale




Yet another condo has been sold in an en bloc sale. This time, it’s Toh Tuck Apartments, along Toh Tuck Road. The 40,449 sqft site went for $34 million, or $33.9 million, if you want to be exact.

Despite the many en bloc sales that have taken place this year, Toh Tuck Apartments is the first in its district to be sold in a collective sale this year. The condo lies in District 21, which comprise Upper Bukit Timah and Clementi.

And although District 21 is a "rich man's" residential area, Toh Tuck is actually at the fringe and close to some HDB blocks. Still, the area has its charm and the Canadian International School and nearby eateries is always a big plus. The nearby uncompleted Beauty World MRT too should be factored in (although we are pretty sure the prices have been factored in the day the station's location was confirmed).

Apparently this site can be redeveloped into 75 apartments, ranging from 590 sqft to 1,660 sqft. According to Jeffrey Goh, head of investment sales for the site's marketing agent HSR, the average price of a new apartment there could cost $1,300 psf. The question is - with all the recent cooling measures, will it sell at $1,300psf considering there are plenty or resale options just down the road?


As posted in h88 by Francis