Knight Frank names new residential head for Asia Pacific

Knight Frank has appointed Victoria Garett as head of residential for Asia Pacific, based in Singapore.

Garrett, who spent four years in Dubai as Knight Frank’s head of the new homes team, relocated to Singapore in August 2017, focusing on the residential business in China. This saw her setting up residential teams in Shenzhen and Guangzhou.

In view of Knight Frank’s plan of growing and developing its Asia Pacific residential business, Garrett will oversee the marketing of overseas and local developments, sales and leasing.

“In this new year, we are looking at engaging with our clients on a more intimate level, particularly so where wealth preservation and inter-generational wealth transfer issues take centre stage for high-net-worth investors,” said Garrett.

“Providing clients with an integrated regional perspective on the opportunities developing across the region and beyond is how we would like to differentiate our services to our clients.”

credits to propertyguru

Gov’t spent $1.93bil on home improvement programme

Gov’t spent $1.93bil on home improvement programme

The Housing and Development Board (HDB) revealed that $1.93 billion had been spent under the Home Improvement Programme (HIP) since its launch in 2007 until 31 March this year, while another $40 million was spent under the Enhancement for Active Seniors (EASE) scheme.

HIP is for older HDB flats built up to 1986 which have not undergone the Main Upgrading Programme.

EASE, on the other hand, retrofits flats with elderly-friendly features. It is usually offered along with HIP in order to make it more convenient for residents, since improvement works could be carried out simultaneously, reported Channel News Asia.

As at November 2017, almost 149,000 households applied for EASE since its introduction in July 2012, with around 97,000 opting for the scheme together with HIP. The rest applied for the programme under the Direct Application scheme.

Focused on improvements within the housing units, HIP helps unit owners deal with common maintenance problems connected to ageing flats. It will only proceed when at least 75 percent of the eligible households within a block had voted in favour of the programme.

Notably, there are three primary components of work under HIP – Optional, Essential and EASE improvements.

Fully paid by the government, essential improvements are aimed at enhancing public health and safety standards, with works including repair of structural cracks or spalling concrete as well as pipe socket replacements with new clothes drying racks.

Works under the optional components include the upgrade of existing toilets and replacement of gates, main doors and refuse chute hoppers, while EASE improvements include slip-resistant treatment of toilet floor tiles and installation of ramps and grab bars.

Although home owners pay for the combination of improvement works they require, such works are heavily subsidised by the government by up to 95 percent.

In fact, upgrading works at 101,000 flats from 113 projects have already been completed as at 30 November 2017, while another 139,400 flats are in different stages of progress. HDB is set to select the remaining eligible flats by end-2018.

Among those who had their flats upgraded under the HIP and EASE programmes is Mr. Chew Ang Moh. While Chew is still able-bodied, he had opted for the EASE improvements.

“Since we have the chance to do so, we have arranged for the improvement works to be done now. We know we’re not getting any younger, and we don’t know when our bodies may fail us. So it’s important that we arranged for this to be done early,” said the 70-year-old Chew, who lives in a four-room flat with his 65-year-old wife, son and three grandchildren.

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New Yishun Street 51 Executive Condo already obtained TOP

Signature at Yishun is a brand new executive condominium development by JBE Holdings Pte Ltd. Located in Yishun street 51, the 99 years leasehold new Yishun EC will be one of the latest EC project after the successful sell-out of The Canopy in year 2010. Signature at Yishun EC is expected to house 525 residential units with a wide unit mix of 2 / 3 / 4 bedrooms in 11 towers of 12 storeys, addressing to most of EC buyers needs.

  • Safe Entry Price – Being an executive condo, Signature at Yishun price will be definitely lower than its nearby counterparts which are about 20% – 30% higher. Also with the G.E.M.S World Academy(Singapore) and Seletar Aerospace Park around the Yishun Street 51 EC, the potential for future capital appreciation is higher and thus a lower risk to enter now!
  • Vantage Views – Signature at Yishun offers four great views of either the Swimming Pool, the beautiful Golf Course, Reservoir or Waterbody.

Enquire to visit the Signature at Yishun EC showflat now!

Rivercove Residences EC Anchorvale Lane EC by Hoi Hup

Rivercove Residences is a brand new EC situated in Anchorvale Lane, Sengkang of District 19. The large 226,000 square feet land is expected to house 635 residential units with communal facilities and parking space for residents. To be jointly developed by Hoi Hup Realty and Sunway Developments, the new Anchorvale lane EC is poised to attract home buyers with its unique location.

  • Layout – With reference to hoi Hup Realty’s past project launches, we can expect the practicality to be presented in Rivercove Residences EC floor plan. From a small family startup to multi generations, there will definitely be a suitable unit for everyone!
  • On top of the cheaper entry of Rivercove Residences price, there are generally a low supply of ECs especially in the next 2 years. As seen on the HDB website, Rivercove Residences EC is the only upcoming EC to be launched in 2018. Additionally, there are also no supply of ECs in the vicinity following the sell out of The Terrace EC(747 units), The Amore EC(378 units), Treasure Crest EC(504 units), The Vales EC(517 units) and Hundred Palms EC(531 units). Basically there are 0 supply in the area and this upcoming one will be the final chance for buyers who would like to reside in this location.
  • Extensive Facilities – Rivercove Residences Anchorvale Lane residents will get to enjoy a full fledged gym, 50m lap pool, bbq pit, function room, clubhouse etc.

Go right down to visit the Rivercove Residences EC showflat now!

Oxley Holdings acquires freehold property from interested person

Oxley Holdings logo

Oxley Holdings, via its wholly-owned subsidiary Oxley Amethyst Pte Ltd, has exercised an option to acquire a property along Balestier Road for $38 million from Owen Private Limited.

With a land area of around 1,118.4 sq m, the freehold property is zoned residential with commercial on the first storey at a gross plot ratio of 3.0.

In an SGX filing, Oxley revealed that Owen’s shareholders – Ching Chiat Kwong, Low See Ching and Tee Wee Sien – are also Oxley’s executive chairman and CEO; deputy CEO and substantial shareholder, respectively.

It noted that the three hold 47.5 percent, 42.5 percent and 10 percent, respectively, of the issued share capital of Owen.

But while the acquisition is an interested person transaction, the approval of shareholders will not be needed since the purchase consideration is around 3.5 percent of the group’s latest audited net tangible assets as at 30 June 2017.

Oxley believes that the purchase will enable it “to undertake a larger development project of greater value by amalgamating the property” with No. 3 Tessensohn Road and an adjoining state land.

Separately, Oxley announced that it has taken a 25.5 percent stake in Australian firm Pindan Capital Mermaid Beach (PC Mermaid Beach).

This comes after Oxley Australia subscribed for 4.845 million fully paid ordinary shares in PC Mermaid Beach, which has an issued share capital of A$19 million (S$19.7 million).

The remaining share capital comprising 14.155 million ordinary shares is held by Pindan Capital Investments, a fully-owned subsidiary of Pindan Group, in which Oxley holds a 40 percent interest.

“PC Mermaid Beach has acquired a 1,417-square metre site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals,” it said.

Oxley explained that the investment in PC Mermaid Beach is in line with the group’s expansion plans.

credits to propertyguru

Bedok gets new red cycling paths

Bedok Reservoir Park crop

The Land Transport Authority (LTA) has opened the first 5km of the planned 13km bike paths, with the rest to be opened next month, reported The Straits Times.

The paths run along Sims Avenue East, Chai Chee Road, Bedok North Street 2, Bedok North Avenue 3 and New Upper Changi Road.

“When the entire network is completed, it will feature additional bicycle crossings, bicycle parking boxes and wheeling ramps to make it safer and more conducive for cycling,” said the LTA spokesman.

Painted red, the new paths around Bedok are modelled after the paths first used in Ang Mo Kio, which served as the test bed for new cycling infrastructure.

The LTA noted that the red lanes are popular with residents since they could be easily distinguished from regular footpaths.

“The prominent hue of these cycling paths also help alert pedestrians to the presence of cyclists and personal mobility device users,” it added.

The government began construction of the cycling network in the middle of 2015.

Bedok is poised to be Singapore’s ninth cycling town by 2018, joining the likes of Pasir Ris, Punggol and Jurong Lake District.

The government targets to construct cycling paths along all 26 Housing Board towns comes 2030, contributing to a nationwide network of 700km.

To date, the network is now at over 400km.

credits to propertyguru

Tampines new condo The Tapestry

This plot of land the Tapestry condo is sitting on is highly contested by 9 hopeful bidders upon the tender closure on 25th April 2017. Located diagonally opposite the Tampines Quarry, the land is eventually sold to Bellevue Properties, a wholly owned subsidiary of CDL who submitted a top bid of SGD $370.1 million. This translate to a Tampines avenue 10 condo psf of SGD $565.42 per plot ratio which is also 17.2% higher than the land price of Alps Residences that MCC Land paid for at S$483 per square foot per plot ratio. Comparing to the adjacent projects such as The Santorini and Alps Residences which are selling at an average price of $1070 to $1090 psf, analysts are expecting the Tapestry condo price to be in the range of $1200 psf. This is in consideration of the construction and other miscellaneous costs on top of the land price that CDL paid for. Please kindly fill in the Contact Us form to view the Tapestry condo showflat NOW! Excellent Connectivity – Tampines avenue 10 condo location is exceptional. Residents can to the rest of the island easily using major expressways and viaducts that is located nearby. Drivers exiting from Tapestry condo Tampines is able to get to the central area by way of the Bartley viaduct, it links up Bartley road, Braddell road and Bishan with ease with no traffic lights. Comprehensive Condo Facilities – Tapestry condo review should be superb with its well planned facilities within to provide a lifestyle packed with activities and yet conducive for families to live in

West Coast Vale residential site launched for tender

West Coast Vale land parcel

View of the residential site at West Coast Vale. (Photo: URA)

The residential site at West Coast Vale has been launched for sale by public tender after a developer had committed to a bid price of at least $379.988 million, revealed the Urban Redevelopment Authority (URA) on Tuesday (19 December).

Made available for sale on the Reserve List of the second half 2017 Government Land Sales Programme, the 99-year leasehold site has an area of 19,591.5 sq m and a maximum gross floor area of 54,857 sq m.

Expected to yield up to 730 housing units, the site is conveniently linked to Ayer Rajah Expressway and West Coast Highway, and is near shopping and dining options such as Westgate, Jem and Big Box at the Jurong Lake District.

Meanwhile, nearby schools include Nan Hua Primary School, The Japanese School and Commonwealth Secondary School.

The tender for the site will close on 30 January 2018, along with “two residential sites at Handy Road and Chong Kuo Road and HDB’s Executive Condominium site at Sumang Walk”, said URA.

“Any tender below the minimum bid price of $379.988 million will not be accepted,” it added.

credits to propertyguru

Govt unveils land sales programme for H1 2018

GLS site-crop

Six confirmed list and nine reserve list sites will be launched under the H1 2018 Government Land Sales (GLS) programme, announced the Urban Redevelopment Authority (URA) on Wednesday (13 December).

These land parcels could potentially yield approximately 8,045 private homes and 63,960 sq m in gross floor area (GFA) of commercial space.

According to Colliers International’s director and head of research Tricia Song, the amount of upcoming residential stock was within its expectations.

“The government has not bumped up the supply significantly. In fact, the total number of housing units remains relatively the same with the H2 2017 GLS programme of 8,000-plus units.

“This came about as the government took into consideration the large potential supply of around 20,000 units from awarded en bloc sales and GLS sites that have not yet been granted planning approval, on top of the around 18,000 unsold units that already have planning approval.”

In particular, the six confirmed list sites are mostly intended for private homes, including one for executive condominiums (ECs). These are expected to generate about 4,450 sq m GFA of commercial space and 2,775 private units, including 450 ECs.

Among the confirmed list sites, the plots at Cuscaden and Mattar Road are expected to be the most sought-after due to their location and size, said Edmund Tie & Co’s research head Dr Lee Nai Jia.

“For the Cuscaden site, we expect bids of around $1,600 to $1,750 psf per plot ratio (ppr), while bids at Mattar Road should range from $1,200 to $1,400 psf ppr. The number of units to be built on the land parcel at Silat Avenue may be on the high side, despite its favourable location.”

Similarly, Song believes that the land parcel in Cuscaden Road will be the most attractive. The rare luxury housing site has a palatable quantum of 170 units with an average size of 1,000 sq ft, and is projected to benefit from the recent sale of the prime Jiak Kim site.

The Mattar Road site could pique the interest of developers as it’s very close to the Mattar MRT station and there is limited supply in the area. But it is a relatively untested non-landed private residential location surrounded mainly by industrial estates, landed housing and HDB flats.

Likewise, the Canberra Link EC site could also be popular given its proximity to the upcoming Canberra MRT station, and there is a limited supply of such residences in the vicinity, Song noted.

Meanwhile, the URA released the details of the nine reserve list sites, which consists of one commercial site and eight private housing plots, including two EC sites. These are expected to yield 59,510 sq m GFA of commercial space mostly for offices and 5,270 private houses, including 1,255 ECs.

Of these, Song is optimistic that the land parcels in Sims Drive and Peck Seah Street will be the most desirable. The former is within walking distance to the Aljunied MRT station. The latter is in the Central Business District near the Tanjong Pagar MRT station, and the last time a housing site was offered there was in 2007.

Likewise, Lee revealed that the Peck Seah Street plot is near many eateries and offices, and he thinks the site will get bids ranging from $1,600 to $1,750 psf ppr.

credits to propertyguru

Lian Beng, KSH, Heeton buy Geylang properties for $60mil

Geylang Road

Lian Beng Group Ltd, via its 42 percent-owned associated company Development 24 Pte. Ltd., has exercised an option to acquire the freehold properties known as 31 to 51 (ODD) Lorong 24 Geylang.

KSH Holdings and Heeton Holdings also holds a 48 percent and 10 percent stake in Development 24.

In a separate SGX filings, Lian Beng, KSH and Heeton said the aggregate consideration for the properties is $60 million, of which $6 million has already been paid during the exercise of the option. They noted that the balance shall be paid within 12 weeks.

Located on a total of 12 lots of land, the properties – which comprise around 26,188 sq ft of land area – could be redeveloped into an eight-storey residential development with a maximum allowable gross floor area of around 73,325 sq ft.

Lian Beng, KSH and Heeton revealed that their respective share of funds for the purchase will be financed by external borrowings and internal funds.

They do not expect the acquisition to materially affect the groups’ net tangible assets and earning per share for the current financial year.

Lian Beng added that Ko Chuan Aun, “an independent director and shareholder of the company, is also an independent director of KSH Holdings Limited”.

credits to propertyguru