Government urges private home owners with short remaining leases to plan ahead

Residential District in Singapore

The government encourages Singaporeans residing in properties with short remaining leases to plan ahead and look for alternative housing early, said the Ministry of National Development in a written answer to Parliament on Monday.

It noted that seniors have various housing options, including short-lease 2-room flexi flats which has no debarment period for purchase.

“Residents can approach agencies for assistance if they need help transitioning to their next housing arrangement,” it added.

The statement was made in reply to the question of Cheryl Chan Wei Ling, MP for Fengshan SMC, who also asked on what measures are taken by the government to ensure that the neighbourhood of private housing estates will not be disproportionately populated by foreign workers or short-term rentals.

To minimise disturbance to neighbours and safeguard the residential environment of private housing estates, private homeowners are allowed to rent out their properties for a minimum period of three months, with each housing unit having a maximum of six unrelated occupants only, said the ministry.

“URA will proactively enforce against subletting arrangements that flout the rules, including prosecuting egregious offenders in court.”

credits to propertyguru

Northwave EC in Woodlands by MCC Land

Northwave EC drop-off
Northwave EC drop-off

The Northwave EC is surrounded by plenty of amenities too. It is within close proximity to the upcoming Kampung Admiralty that will feature a community park, community farm, medical center, hawker center, community plaza and shops for convenience to the residents living nearby. All these will be in addition to what is already existing.

As Woodlands is considered a rather matured estate, Northwave EC Woodlands dwellers can easily access to wet market, Guardian Pharmacy, 7-11, clinics, Giant Express, pastry shops and fast food joints such as KFC and MacDonald’s in Admiralty Place. The mini shopping mall also has an air-conditioned Foodfare food court on level 2 and a wet market behind it to serve residents.

One of the exceptional attribute will be Northwave EC review worthy of a mention. Woodlands will be the next Regional center in Singapore after Tampines and Jurong East. Evident from the success of previous 2 URA major developments, we can see similar infrastructures are being planned to be replicated in Woodlands which include a hospital, offices, mixed developments and transport systems. Also taking reference from previous regional centres, there is an obvious appreciation of property value in the regions. Hence, it is expected that Northwave EC price will be follow suit in future, benefitting the privileged buyers.

  • Rare Opportunity – Executive Condominiums are unique to Singapore. Only the privilege handful of Singaporeans are able to attain if the eligibility conditions are fulfilled. Contact us NOW to check your eligibility and visit our Northwave EC showflat today!

OUE revenue down 56.6% in Q3 2017

OUE revenue down 56.6% in Q3 2017

Oakwood Premier OUE Singapore is a 268-unit luxury serviced apartment, located in the heart of Singapore.

Mainboard-listed OUE Limited saw its revenue for the third quarter of 2017 drop 56.6 percent to $182 million, due to the absence of $205.0 million non-recurring revenue registered on the sale of the extension to Crowne Plaza Changi Airport (CPEX) and lower contribution from the development property division.

The decrease, however, was partially mitigated by higher contribution from its hospitality and healthcare divisions.

In an SGX filing, the company revealed that revenue from its investment properties division and hospitality division increased to $67 million and $58.6 million, respectively, while revenue from OUE Twin Peaks fell to $38.5 million due to fewer sales completed during the period.

Nonetheless, OUE Twin Peaks was fully sold as at October 2017, thanks to the group’s active marketing effort.

Revenue from its healthcare division stood at $11.3 million.

Earnings before interest and tax (EBIT) fell 58.3 percent to $49.4 million, mainly due to the absence of $66.7 million non-recurring gain on disposal of CPEX posted in Q3 2016.

With this, attributable profit plunged 90 percent to $10.7 million from $107.6 million previously.

Looking ahead, OUE executive chairman Dr Stephen Riady expects the commencement of operations at Downtown Gallery as well as Oakwood Premier OUE Singapore to further increase the group’s “recurring income base and enhance shareholder value, which has always been our focus”.

“We remain committed to delivering stable earnings by identifying new opportunities and exploring potential to unlock synergistic gains,” he added.

credits to propertyguru

New condo by MCC Land @ Dundee Road beside Queenstown MRT

Queens Peak will be the blockbuster launch of the year in the city fringe precinct, Queenstown. The development will feature 2 stunning towers of 44 storeys tall on a land size of 10,516.10 square meters comprising of 736 residential units, 1 childcare and 1 shop unit. Sitting right beside Queenstown MRT and surrounded by a myriad of amenities, it will be the perfect home for dwellers in search for utmost convenience.

The land site of Queens Peak Queenstown was won by HY Realty, which shares the same shareholders as Chinese developer Hao Yuan Investment. They emerged victorious among other 8 eight hopeful bidders such as Allgreen Properties and City Developments(CDL) with the top bid of S$483.18 million. Working out to be S$871.14 per square foot per plot ratio (psf ppr) for the 99-year lease site, it is estimated that Queens Peak price may be between $1550 to $1600 psf factoring in all other cost.

  • Convenience and Amenities – There are a myriad of amenities surrounding Queens Peak condo. Places such as the Alexandra Retail Center(ARC), Ikea, Anchorpoint Shopping Center, Queensway Shopping Center, Alexandra Central Mall, Tiong Bahru Plaza, Dawson Place Mall and Vally Point Shopping Center are within a 5 minutes walking or driving distance. Just slightly further away, dwellers can easily get to places of interest such as Dempsey Hill, Ngee Ann Polytechnic, SIM University, National University of Singapore, Hort Park, Mapletree Business City, Mount Faber Park, Tiong Bahru Market,, Kuala Lumpur-Singapore High Speed Rail, Jurong Regional Centre & International Business Park and Holland Village.

Head on down to the Queens Peak showflat to have a look now!

Leonie Hills new condo by CDL

The New Futura site is bought over as a collective sale for $287.3 million or at $1,179 per square foot per plot ratio. It will have a wide range of unit mix of two, three, four and five bedroom penthouses from 1098 sq ft to a whopping 7825 sq ft with private lift access in every unit. Industry experts noted the relatively limited new condominium projects in the Core Central Region(CCR) will drive demand and prices up. The New Futura price is approximated to start from $2700 per square foot (psf). This estimate is due to the recent launch of Martin Modern by Guoccoland that saw overwhelming response by buyers at an average price of $2300 psf with 99 years tenure. The launch at Martin Place, Robertson Quay has a slightly inferior location and thus the New Futura psf estimate can be justified.

Luxurious Layout – CDL has a wide range of projects from Executive Condominiums, Luxury Condominiums and the Ultra Luxury Condominiums such as the New Futura condo. Their latest project will be the nearby Gramercy Park condo @ Grange Road. Also an ultra luxury condominium, their unit starts from 2 + Study with luxurious size of 1184 square feet to 1292 square feet, 3 bedrooms from 1884 square feet to 2207 square feet and 4 bedrooms from 2562 square feet to 3122 square feet.The New Futura floor plan has a similarly luxurious layout starting from 1098 sq ft to 7825 sq ft in size across 2 to 4 bedrooms.Sighting from the floor plan of Gramercy Park, it is evident that the layout design is exceptionally practical and presents a glamorous ambience when one step foot into the unit. This brand new development is suitable for buyers seeking for an abode with state-of-the-art facade that is furnished with only the most luxurious fittings and finishing, while near to the city center from the prestigious address at Leonie Hills. Go arrange an appointment to view the New Futura showflat today!

Rail Corridor upgrade works to begin in 2018

Bukit Timah Railway Station Singapore

View of the Bukit Timah Railway Station when it was in operation. (Photo: Wikimedia Commons)

Enhancement works along the central portion of the Rail Corridor is targeted to start next year, announced the Urban Redevelopment Authority (URA) and National Parks Board (NParks) on Saturday (21 October).

The 4km stretch is located between the conserved Bukit Timah Railway Station and Hillview. Aside from its lush surroundings and railway heritage structures, it is frequented by visitors due to its proximity to several nature and recreational attractions.

Before commencing the enhancement works, both agencies have launched an exhibition showcasing the preliminary design for Rail Corridor (Central) so that the public can provide more feedback. The initial design was derived from proposals submitted by consultancies as well as feedback and comments obtained from the community and other stakeholders since 2011.

The exhibition is being held at the Bukit Timah Nature Reserve Visitor Centre until 29 October. Thereafter, the showcase will be held in neighbouring constituencies. The public can share their views on the initial design at the venue or online at share your thoughts until 21 December 2017.

NParks will also organise a series of volunteer-led guided walks along the Rail Corridor’s central stretch to learn about its preliminary design, biodiversity and heritage.

Enhancement works for this stretch will be carried out in phases, with trail enhancements to be finished by end-2019 and full completion by 2021. At the same time, the authorities will improve the tracks along the 24-km corridor to enhance connectivity. However, the Tanjong Pagar Railway Station is targeted to be re-opened by 2025 after the completion of the upcoming Cantonment MRT station.

Meanwhile, NParks unveiled new islandwide curated trails that intersect with Rail Corridor (Central).

The 36km-long Coast-to-Coast (C2C) Trail runs from Coney Island Park in the northeast to Jurong Lake Gardens in the west. Through this, the public can visit different parks, nature areas and other places of interest. From end-2018, nature enthusiasts can choose to explore the trail on their own using a do-it-yourself trail guide or mobile app.

Singapore’s Rail Corridor (Central) and the C2C Trail form the Nature Park Network (NPN), which is a 48 km network of trails that connects with the central nature parks.

credits to propertyguru

Mayfair Gardens up for en bloc sale at $265m

Mayfair Gardens crop

The asking price works out to a land rate of around $1,058 psf per plot ratio. (Photo: Knight Frank)

Mayfair Gardens off Dunearn Road has been launched for collective sale, with the owners expecting offers above the reserve price of $265 million, according to marketing agent Knight Frank.

Built in the 1980s, the 99-year leasehold condominium comprises six walk-up blocks of 124 units ranging from 100 sq m to 200 sq m (1,076 to 2,153 sq ft). The approximately 208,475 sq ft site is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan.

The asking price works out to a land rate of around $1,058 psf per plot ratio (psf ppr), inclusive of an additional lease top-up premium of about $43.7 million for a fresh 99-year lease.

Each owner could receive about $1.45 million to $2.46 million if the sale goes through, said Knight Frank.

The site could be redeveloped into a new condominium with a maximum permissible gross floor area of 291,865 sq ft.

The immediate vicinity is surrounded by good class bungalows, landed homes and condominiums. It is also near King Albert Park MRT station on the Downtown Line, eateries and established schools.

“With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own,” said Ian Loh, executive director & head of investment and capital markets at Knight Frank Singapore.

Also located in Bukit Timah is the freehold Royalville condo near Sixth Avenue MRT station, which was put up for sale earlier this month by Edmund Tie & Co. at $368 million ($1,509 psf ppr).

The tender exercise for Mayfair Gardens will close on 16 November.

credits to propertyguru

Hougang project sold for $629m in collective sale


The owners of Florence Regency are expected to receive between $1.84 million and $1.89 million from the sale. (Photo: JLL)

The 336-unit Florence Regency development at Hougang Avenue 2 has been sold to Hong Kong-listed developer Logan Property for $629 million, marketing agent JLL said on Friday (20 October).

This is the first collective sale attempt by the owners of the privatised HUDC, and the price matches the valuation of the site by an independent valuer.

It translates to a land price of approximately $842 psf per plot ratio, after factoring in the differential premium of $288.6 million to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio of 2.8.

“At this sale price, the owners would expect to receive gross sale proceeds between $1.84 – $1.89 million per unit,” said Tan Hong Boon, regional director at JLL.

The 389,236 sq ft site is zoned residential under the 2014 Master Plan, and is one of the last few privatised HUDC estates in the North-East region.

The site is close to the Hougang and Kovan MRT stations, Hougang Mall, and eateries along Upper Serangoon Road. Several schools including Holy Innocents’ Primary School and the French School of Singapore are also nearby.

Logan Property marked its maiden foray into Singapore in May with a record $1.003 billion bid for a prime residential site at Stirling Road in Queenstown with Nanshan Group.

Earlier this month, JLL helped broker the sale of Amber Park in Katong to City Developments Limited for $906.7 million ($1,515 psf ppr), making it the largest freehold residential collective sale.

credits to propertyguru

Foreign developers warm up to en bloc sales

HDB flats in Ghim Moh

View of HDB flats in the Ghim Moh area.

Despite its cumbersome and protracted process, the en bloc fever has started to catch on among foreign developers – especially those from China – signalling a paradigm shift, reported Business Times.

JLL regional director of investments Tan Hong Boon noted that en bloc sites were hardly considered by developers before 2016 since more sites were available under the government land sales (GLS) programme than in the collective sale market.

But as more attractive en bloc sites are offered in the market on the back of the limited supply of GLS sites, more developers are now turning to the en bloc market. With this, increased enquiries regarding the collective sale process have since been observed among foreign players.

A corporate lawyer revealed that Chinese developers may have even surpassed a mental hurdle towards the collective sale concept, which is uncommon in China or Hong Kong.

This is evidenced by the fact that several Chinese firms have already snapped en bloc sites. Just this month, Kingsford Hurray Development acquired Normanton Park for $830.1 million, while SingHaiyi Properties and Huajiang International Corporation acquired freehold condominium Sun Rosier for $271 million. Qingjian Realty, on the other hand, purchased Shunfu Ville for $638 million in May last year.

A buyer said to be connected to the Zhao family from China also bought a freehold industrial complex Citimac in July.

Other Chinese firms believed to be scouring for deals include Hao Yuan Investment, China Construction and Nanshan Group. MCC Land has also expressed its interest for en bloc sites.

“We have been closely observing the recent wave of en-bloc activities and will be keen to participate in a tender if an opportunity arises,” said MCC Land CEO Tan Zhiyong.

However, he remains cautious of the developers’ over-exuberant bids.

“The current residential property market seems to be stabilising and recent new launches have also been well received. However, with a likely rise in the supply of new projects coming into the market in the next couple of years arising from these en-bloc activities, how the future market will react to home prices that may rise in tandem with tender prices remains to be seen.”

credits to propertyguru

Cluster House along Ang Mo Kio Avenue 5 by Tong Eng Group

Belgravia Villas is a brand new strata housing project by Fairway Developments Pte Ltd(Tong Eng Group). First founded in 1940, the developer has a rich history of building exquisite commercial developments, condominiums and landed homes such as Stratton Green, Belgravia park, Stratton Park, 8 @ Stratton.

Belgravia Villas is strategically located in Belgravia drive of the Seletar Hills Estate which is surrounded by low rise homes and comprises of mainly semi-detached and bungalows. The Central Business District(CBD) is approximately only 12 minutes driving distance away while Ang Mo Kio MRT at only 6 minutes. From the MRT station, it is only 1 stop away from Bishan Interchange, 6 stops away from Orchard shopping belt and 8 stops away to Raffles Place. On top of that, residents can also get to the nearest bus stop right in front of the Belgravia Villas Ang Mo Kio avenue 5. With bus services 50, 72 and 88, you can get to Punggol, Sengkang, Hougang, Upper Serangoon Road, Tampines, Pasir Ris, Yio Chu Kang, Ang Mo Kio, Bishan and even Toa Payoh directly!

  • Premium Fittings and appliances from SMEG, De Dietrich, Velleroy & Boch and Grohe provided in every extremely spacious unit, with state-of-the-art private lift that serves you from Basement to Level 3. SMEG is an Italian manufacturer of upmarket appliances founded by Vittorio Bertazzoni in 1948 while De Dietrich is a renowned French manufacturer of water and space heating system and products. Velleroy & Boch is an established European brand for sanitary ware and fittings while Grohe is the leading provider of premium bath faucets and shower systems. Only the most premium fiitings will go with the prestigious Belgravia Villas development.
  • Great Investment Potential with the ever expanding Seletar Aerospace Park which will boost employment and increase the demand of housing in the area. Not to forget the busy Sengkang West Industries and Ang Mo Kio Industries where expansion is also in the pipeline. With growing employment comes rising demand for homes and thus a potential in capital appreciation and favorable rental yields. Additionally, developer is offering a 5% discount for all units for a limited period, this means that the Belgravia Villas price will only bw starting from $2.5m or $6xx psf!!Please visit the Belgravia Villas showflat to find out more.