01 Nov Singapore Property News: 16th to 31st October 2017
Property Market Activities
Private home prices rise 0.7% in Q3, ending almost 4 years of decline: URA data (ST, 27 Oct 2017)
Private residential property prices increased 0.7% in 3Q17, rising for the first time in almost four years. For market watchers, this marks the start of a recovery in the private home market. After hitting a record peak in the third quarter of 2013, private home prices fell for 15 consecutive quarters until the second quarter of this year. Rents of private residential properties stopped their two-year-long slide, remaining unchanged in the third quarter, compared with the 0.2 per cent dip in the previous quarter.
HDB resale flat transactions drop 3.2% in Q3 (BT, 27 Oct 2017)
Following a four-year high in the last quarter, HDB resale flat transactions fell by 3.2 per cent in the third quarter of this year. Compared to the third quarter last year, resale transactions in the same period this year were 5.3 per cent higher. HDB will also offer about 4,800 BTO flats in Geylang, Punggol, Sengkang and Tampines in November. This will bring the total BTO flat supply for the year to about 17,500 units. There will be a concurrent sale of balance flats exercise as well.
Government Land Sales
Residential GLS site at Fourth Avenue under reserve list triggered for sale (BT, 31 Oct 2017)
A developer has lodged an application to bid at a minimum price of S$448.8 million. The site has a land area of about 1.9 ha with a maximum permissible gross floor area of 33,358 sq m.
JTC launches industrial site at Jalan Lam Huat for sale under confirmed list of iGLS (BT, 31 Oct 2017)
This is the fifth out of eight Confirmed List sites for the second half of 2017. The 0.77 hectare site at Jalan Lam Huat is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 2.5.
URA releases residential sites at Cuscaden Road, Chong Kuo Road (ST, 31 Oct 2017)
The 4,282.9 sq m site at Chong Kuo Road, which is under the confirmed list, can accommodate 80 units in a 5-storey development with a maximum GFA of 5,997 sq m. The plum 5,722.6 sq m site at Cuscaden Road which is under the reserve list, can accommodate 100 apartments and has a GFA of 16,024 sq m. Two other confirmed list residential sites in will be released in November and December – a parcel at Handy Road and an EC plot at Sumang Walk.
URA opens tender for former Zouk site at Jiak Kim Street until noon of Dec 5 (BT, 19 Oct 2017)
URA has launched a public tender for the site with a reserve price of S$689.35 million. The 13,481.7 sqm 99-year leasehold site carries a maximum GFA of 51,231 sq m, and can reach a maximum height of 36 storeys subjected to a technical height control of 153 metres above the mean sea level.
Collective sale tender for 11 Balmoral Road launched with S$75m asking price (BT, 31 Oct 2017)
The asking price of S$75 million translates to an estimated land rate of about S$1,761 psf ppr (inclusive of development charge). The development charge payable is estimated to be in the region of S$10 million, subject to confirmation. All owners of the 17-unit freehold development in prime district 10 have given their approval for the sale. Under the 2014 Master Plan, the 30,200 sq ft site is zoned “residential” with a gross plot ratio of 1.6. The site is about 10 minutes’ walk to the Newton MRT Interchange, which connects to Orchard Road, Singapore Botanic Gardens and various parts of the city. Renowned primary schools, the Singapore Chinese Girls’ School and Anglo-Chinese School (Primary), are within a kilometre from the development.
More estates get in on collective sale action (ST, 31 Oct 2017)
How Sun Park, a freehold property in How Sun Road and near the upcoming Bidadari township, was launched for collective sale on 31 Oct with an asking price of $78 million. Pearlbank Apartments, the well-known horseshoe-shaped building in Outram, will go on the market in two weeks, with an asking price of $728 million. The 660-unit Pine Grove near Ulu Pandan Road has begun collecting signatures for the 80 per cent mandate, and its owners are asking for at least $1.63 billion. City Plaza, an 18-storey freehold building with 450 units, including 66 apartments, will hold its EGM for the formation of the collective sale committee on 1 Nov.
Tanglin Shopping Centre in third bid at collective sale (BT, 30 Oct 2017)
The 170-odd owners of strata-titled Tanglin Shopping Centre are making a third try for a collective sale. They will elect a sale committee at a meeting on 3 Nov. The 47-year-old building comprises a six-storey podium block of shops, eateries and medical suites, and a 12-storey office block. The reserve price of the property’s last en bloc attempt in 2014 was S$1 billion, or about S$3,200 psf ppr.
Crystal Tower up for en bloc sale at S$138m (BT, 27 Oct 2017)
Crystal Tower, a freehold residential site at Ewe Boon Road, has been put up for collective sale by tender. Owners are asking for S$138 million, which reflects a land rate of S$1,406 psf ppr based on its existing gross floor area. Built in the 1970s, the 28-unit development sits on a land area of about 60,482 sq ft and is zoned for residential use with a gross plot ratio of 1.6 under the Master Plan 2014.
Cairnhill Mansions, adjacent site up for sale in separate tenders (BT, 25 Oct 2017)
Cairnhill Mansions in prime district 9 was launched on Tuesday for collective sale through a public tender with a guide price of S$362 million. An adjacent freehold site that hosts one house owned by an individual is also launched in a separate tender with a guide price of S$115 million. Located at 69 Cairnhill Road, Cairnhill Mansions comprises 61 apartments that sit on a freehold 43,103 sq ft site, with allowable GFA of about 156,581 sq ft given its gross plot ratio of 3.63. As for the adjacent site at 67 Cairnhill Road, the squarish elevated freehold site has an allowable plot ratio of 2.8 and a height restriction of up to 36 storeys.
Other collective sales in the pipeline include the 116-unit Katong Park Towers in Marine Parade, where owners are asking for S$282 million, which translates to S$1,134 psf ppr after including an estimated lease top-up premium. For Waterloo Apartments, owners are asking for S$80 million. Owners of Shelford Green are seeking S$140 million or S$1,505 psf ppr for the 66,392 sq ft site. Owners at Chuan Park condominium are asking for S$790 million, which translates to S$1,100 psf ppr, including lease top-up premiums. Owners of Teresa Ville and Dynasty Gardens have also appointed a marketing agent.
Dunearn Court sold; Mayfair Gardens up for sale (ST, 24 Oct 2017)
Dunearn Court in prime District 11 has been sold for $36.3 million. The sale price, which carries a development charge of about $550,000 to redevelop the site, translates to a land price of about $1,371 psf ppr. The 19,203 sq ft freehold site, which was bought by Roxy-Pacific Holdings unit RH Central, has a gross plot ratio of 1.4. Meanwhile, the 124-unit Mayfair Gardens in the Bukit Timah area was launched for collective sale yesterday with a reserve price of $265 million. That translates to a land rate of $1,058 psf ppr, including an additional lease top-up premium of $43.7 million.
En bloc contagion spreads to commercial, mixed-use properties (BT, 23 Oct 2017)
The spillover has revived the interest of owners at Goldhill Centre in Novena and Katong Shopping Centre in Mountbatten Road – both projects have formed collective sales committees and are targeting to set a reserve price when their EGMs are held in November. Over at Bugis Cube, owners are putting up the 119-unit retail mall for sale. It is likely to be sold as an investment property rather than on a redevelopment basis.
Meanwhile, three mixed-use developments have been launched for collective sale. Jalan Besar Plaza and Tai Wah Building off Orchard Road – both sitting on freehold land – are asking for S$390 million and S$81 million respectively. Their asking prices work out to S$2,170 psf ppr and S$2,035 psf ppr respectively. Over in Yio Chu Kang, owners of ICB Shopping Centre are asking for S$65-70 million or S$1,390-1,500 psf.
China’s Logan Property buys Florence Regency for S$629m (BT, 21 Oct 2017)
Florence Regency, a privatised HUDC estate in Hougang, has finally found a buyer willing to match the independent valuation of S$629 million – Logan Property. This marks the second land parcel in Singapore snapped up by Logan Property, which in May secured a site in Stirling Road with Nanshan Group under the GLS programme at a whopping S$1.003 billion or S$1,050.7 psf ppr. After factoring in the current estimated differential premiums of S$288.6 million payable to the state to top up the lease to a fresh 99 years, and to develop the 389,236 sq ft site to a GPR of 2.8, the land price works out to about S$842 psf ppr.
Changi Garden sold to Chip Eng Seng for S$249m (BT, 18 Oct 2017)
Property group Chip Eng Seng has picked up Changi Garden in a collective sale for S$248.8 million, a price that consultants say will set a new and much-higher benchmark for properties in the vicinity. The winning bid for the freehold site was 27 per cent above residents’ initial asking price of S$196 million, and works out to an auspicious S$888 psf ppr. The proposed redevelopment is expected to yield about 320 residential units and potentially some retail shops.
Leonie Gardens to try to sell estate en bloc (ST, 16 Oct 2017)
The upmarket condominium in District 9 has made a move for its first collective sale attempt with the formation of a sales committee. The 99-year leasehold property has 138 units and was completed in 1993. It is near the Orchard, Somerset and upcoming Great World City MRT stations, and is within walking distance of malls such as Ion Orchard.
Nim Gardens, Ridgewood owners form collective sales committees (BT, 16 Oct 2017)
To kick-start the process, CSCs were formed for Nim Gardens in Seletar Hills and Ridgewood Condominium at Mount Sinai in prime District 10. The 23,197 sq m site was approved as a condominium development in 1982. As for the 464-unit Ridgewood Condominium, it is a sprawling 999-year site spanning 672,148 sq ft with a plot ratio of 2.1. Owners of Dover Parkview condominium in Dover Crescent are also planning to form their CSC soon. Over at Kovan, owners of freehold Fortune Park condominium have appointed a marketing agent and will convene an EGM to approve the apportionment of sale proceeds and the collective sale agreement.