Whistler Grand’s string of honors

, ,

Watten House showflat

Whistler Grand enjoyed an impressive run of success during the EdgeProp Singapore Excellence Awards (EPEA) 2023. The Grand won prizes for Landscape Design, Innovation, Design and Sustainability as well as the overall Best Development award.

Watten House showflat designed to meet contemporary living demands, spans 220,241 square feet on an estate designated residential.

The condo is private and comprises 716 units spread over twin 36-storey towers. It is located on a sprawling 209,883 sq ft leasehold site. It was designed in partnership with publicly traded property the giant City Developments (CDL), the project went live in November of 2018 and was fully sold by the end of October in 2021 with a Temporary Occupation Permit (TOP) being obtained in April 2022.

Whistler Grand Whistler Grand is third most recent private condominium in the new residential enclave West Coast Vale, off West Coast Road. The two first projects in West Coast Vale were the 752-unit Parc Riviera, which was launched in November 2016 and completed in the year 2019; and the Twin Vew, a 520-unit development. Twin Vew that was unveiled in May 2018 and completed in 2021.

The private condo cluster located at West Coast Vale totals 1,988 units. The development is built in 99 year leasehold sites that were purchased by developers through the government’s land sales (GLS) bids. The condos are a part of the URA’s Master Plan 2019 to rejuvenate the Clementi Planning Area by introducing new housing options in Clementi, Sunset Way and West Coast.

Outside of housing, there’s new amenities available in the area. For example, CDL has incorporated pedestrian links from both the main entrance and the side entry to Whistler Grand to the existing Ulu Pandan Park Connector, which is located across the Pandan River and permits residents to take in the lush landscape and river views.

This park Connector is connected with the Western Adventure Loop and other park connectors. These include Bukit Batok East Park Connector and Hillview Park Connector. The waterway of the Pandan River will also be transformed under the Active, Beautiful & Clean (ABC) Waters Programme, creating a leisure route that connects residents to the nature.

A number of trails for walking and cycling are planned for Sunset Way and West Coast Park in the near future and could be linked together with Coast-to-Coast Trail, Rail Corridor, Round Island Route and Pasir Panjang Linear Park. This would connect to other island-wide attractions.

The proximity of the Jurong Lake District
In addition to West Coast Vale, the government is planning to introduce more housing options for Clementi Avenue 1. A brand-new GLS site located at Clementi Avenue 1 that could generate 500 homes was announced to bid in June and the tender is scheduled to close on the 7th of November.

It is located in the Clementi Planning Area is close to the Jurong Lake District (JLD) which URA has envisaged for the future as a second CBD following the Master Plan. The announcement of the 6.5ha master developer site in June by URA hopes to kick-start the next stage of development of JLD.

“The launch of JLD has brought the entire region more alive, and made it has made the West Coast area more attractive because of its proximity” states Tang Kok Thye, associate partner of ADDP Architects and a judge on the EdgeProp Excellence Awards 2023.

Design elements
Residents living at Whistler Grand will have the opportunity to take advantage of the facilities at JLD Tang, says Tang as it’s only a 10-minute drive from the. In addition, ADDP Architects was the design architect for Whistler Grand with Coen Design International as the design architect and construction firm Woh Hup, as main contractor.

One of the most attractive features of the design that is unique to Whistler Grand is the extensive landscaping that is ground-level, considering the fact that parking is situated in the basement and these two towers sit on top as noted by ADDP’s Tang. The central location between the blocks as well as the distance between them to the Ayer Rajah Expressway and the extensive landscaping offer a good buffer.

The two towers of Whistler Grand are orientated such that the residents of the higher-floor units have unobstructed perspectives of the city and the lush greenery in the Bukit Batok as well as Bukit Timah Nature Reserve Pandan Reservoir and the sea.

But, everyone have the opportunity to take in the stunning view from The Sky Club on the 24th floor as well as at the Star Club on the 30th floor of both towers. “The sky terraces offer residents an opportunity to see the surrounding area,” says Tang. “Whistler Grand was the first to introduce lots of greenery due to the gardens that are landscaped at the bottom, as well as those sky terraces located on floors 24th and 30th.”

To Angela Lim, director and co-founder of SuMisura and SuMisura, who is on the judging panel for the 2023 EdgeProp Excellence Awards the thing that made an impression in the event at Whistler Grand is the dropping-off area with its large feature wall of dark forest stone slabs that have a matte leather finishes.

Another attraction was the landscaping, which has a huge area for events and an the lap pool of 88m, which Lim says is typical for all condo developments.

For the landscape designer Yvonne Tan, director of DP Green, Whistler Grand was a top pick in terms of landscaping design, not only for its aesthetics, but because of its practicality. “You will see people taking advantage of the facilities,” says Tan who has served on the jury for the past six years. “There are even ramp for wheelchairs leading into the swimming pool. It’s the tiny aspects that count.”

“Reality versus the plan”
The Dr Sky Seah, academic director and senior lecturer in the Department of Real Estate at the National University of Singapore Business School as well as on the jury panel for this year’s awards. He likes to observe “the actuality versus the concept”.

After reading the submitted proposal and visiting the site, Seah gained a fresh perception of the project. “It shows how an developer can combine affordability with the development of a unique and high-quality product,” says Seah.

CDL is not new for its home in the West Coast area, having constructed the 493-unit neighboring Botannia as well as the Monterey Park Condo, which has a 280-unit Monterey Park Condo and the 396-unit Hundred Trees over the last 18 years. All three condos are situated on leasehold for 956 years sites. These are buildings that measure 12 stories and are not as tall as Whistler Grand that is a 36-storey high-rise development.

The apartments at Whistler Grand vary from one bedroom to five-bedrooms, ranging of 441 sq ft up to 1,442 sq feet and accommodate all kinds of different lifestyles. There are three bedrooms, four- and five-bedroom apartments are flexi-space and have dual-key configurations. There are two penthouses available at Whistler Grand, and they each come with five bedrooms as well as a flex-space that spans 2,217 sq. ft. and 2,422 square feet, respectively.

The prices in Whistler Grand have soared over the last five years. When the project first launched in November of 2018 the median price from the 160 units that were sold on the very first week of sale was $1,380 per square foot. Since the project’s completion the project, units have been sold for $1,838 psf to $1,983 per sq ft, in accordance with caveats that were lodged from June through September.

The highest value of $1,983 per square foot attained during the time of Whistler Grand was recorded in September, when 958 square feet of three-bedroom apartment on the 31st floor traded hands for $1.9 million.

/1 Comment/by

Barratt Homes focuses on Asian consumers to advance new product releases

, ,

Watten House at Bukit Timah

As the stability returns to market stability in the London housing market property developers such as Barratt Homes are looking toward Asian buyers to fill their projects. Recently, overseas buyers, predominantly Asian have been leading in the London property market, even as demand for domestic properties slowed because of the high rates for mortgages.

Watten House at Bukit Timah is a complex network of transportation options allows quick and simple transit throughout Singapore in these attractive surroundings.

Barratt Homes is a major residential developer in London with one of the most extensive portfolios of development projects. The developer has built around 200 new homes per year over the last five years. This year the developer is determined to connect with Asia Pacific investors who want to profit from a lower exchange rate to snap the best investments properties located in London.

Moderating the rate of inflation

The overall inflation rate within the UK has slowed down to an “acceptable” rate of 6.4% with most indicators suggest a downward trend, according to Steve Thompson, managing director of Barratt East London, a regional office of Barratt Homes.

But, property prices in the UK have been declining since this year. “Many market monitors, local buyers, and investors from overseas were surprised this year by the rate that the residential property price across UK began to decline. However, we’re nearing a point at which prices are beginning to even out,” says Craig Carson who is the managing director at Barratt West London.

In Singapore foreign buyers are required to pay sixty% extra buyer’s stamp tax (ABSD) beginning on the 27th of April. Singaporeans purchasing their second residential property will be required to make payments of 20% ABSD as well as 30% for their third and subsequent purchases. Certain investors have turned their attention away from the UK.

“We have seen a dramatic increase in the interest in UK investing opportunities from the beginning this year” states Carson. “We expect to take advantage of this by the launch of a few new initiatives to investors across Asia during the quarter.”

The launch is scheduled for Asia

On the 14th of October, Barratt Homes will launch its Sterling Place project in Asia. In Singapore the company has appointed One Global as its exclusive sales agent. Sterling Place is the name of a new development with 456 units within New Malden, an area southwest of central London. This is the first time that Barratt Homes is launching the project globally.

Additionally, Barratt Homes is offering 42 new units in its development located in Bermondsey within London’s zone 2 district. The project, dubbed Bermondsey Heights, is a 26-storey residential development with 163 units.

According to Thompson Thompson, the average sale price GBP800 per square foot ($1,327 per square foot) in Bermondsey Heights is thought to be “the most affordable cost for a brand construction project in the Zone 2”. The average price for selling is comparable to the cost of new developments that are not located in Central London, he says.

The 42 units available on sale Singapore will consist of one-to-three-bedroom units on the upper six levels of the tower’s 26 storeys.

Barratt Homes has made a reputation for itself by identifying areas across London that are ripe to be rejuvenated. This was precisely what the developer was able to identify at Bermondsey according to Thompson.

“Although the prices of houses in Bermondsey are currently at an average of 23% discount to Greater London housing market, the demand for rental properties is high and capital values are expected to rise in several years, on the back of plans for regeneration proposed by the government.” Thompson says. Thompson.

/1 Comment/by

1.2% quarterly growth for central London flats, driven by strong foreign investor demand

, ,

Watten House by UOL Group

The influx of international buyers’ demand is already making an impact on the London market for housing according to the most recent market report for residential homes by property purchasing agent London Central Portfolio (LCP).

Watten House by UOL Group and Singapore Land Group, its transformation into an elegant haven of tranquility for residents seeking refuge within city is unparalleled.

“Despite the summer break which is a time of quieter activity in the property market, the housing market within Prime Central London (PCL) outperformed homes that were located in PCL, Greater London and England and Wales over the past three months” states Liam Monaghan who is the director at LCP. “The information clearly shows that the rise in activity can be attributed to the return of foreign buyers, mostly coming from Asia as well as those from Asia and the Middle East,” he adds.

But, the demand for houses within Greater London, England and Wales is being limited by rising mortgage rates and higher inflation rates. There is a growing number of home property owners are offering their properties for sale, as the fixed term mortgage rate are coming due for renewal, and they are facing increased interest rates, according to Monaghan.

“For people who want to buy cash, this is a great time to start investing since the fall market is already showing greater numbers of properties that are available,” says Monaghan. Although PCL prices are increasing ahead of markets, they’re still% lower than the high of 2015, he says.

The demand for cheap and priced properties which has led into bidding battles, the prices may even rise in 4Q2023 and 1Q2024 according to Monaghan.

In 3Q2023, the most sought-after neighborhoods like Knightsbridge, South Kensington and Belgravia experienced the most significant y-o y price increase of 2.1%, 1.9% and 1.8% respectively. Two central London areas saw prices drop during the quarter in the 3Q2023, with Kensington and Bayswater dropping 0.3% y-o-y and 0.6% per year, respectively.

PCL apartment and flats are benefitting from the move back to the city, as more workers return to work after the Covid era, according to Monaghan. The market is also entering “a peak season in Autum” and overseas tourists flocking to London and the school year beginning in September, according to Monaghan.

/1 Comment/by

Orion’s four-bed unit sold for a $1.4 million loss

, ,

Watten House condominium

The least profitable resale deal that took place during the period of September 19 to 26, was selling a 1 776 square foot unit in Orion Orion, which is a freehold condominium on Orange Grove Road in prime District 10.

Watten House condominium a luxurious condominium complex tucked away in Bukit Timah’s quaint and tranquil neighborhood.

The four-bedroom apartment, located on the 10th level, sold for $3.93 million ($2,216 per sq ft) on the 21st of September. The unit was bought at $5.36 million ($3,018 per square foot) on July 7, 2007. The seller incurred an expense in the amount of $1.43 millions (27%), which amounts to an annualised loss that was 1.9% over 16 years.

This sale has resulted in records for losses at the condominium. A previous record-breaking loss for Orion was derived from the purchase of a 1,518 sq feet, three bedroom unit located on the 23rd level, in the amount of $3.38 million ($2,227 per square foot) in January of 2010. The unit was bought at $4.4 million (42,901 per square foot) during August 2007. In the end, the seller lost $1.02 millions (23%), which is equivalent to a loss per year in the range of 10% over a period of two years.

The four-bedroom unit that was sold on September 21 is the first time that a resale has been completed at the condo in more than two years. The last resale at Orion occurred on the 10th of August 2021. A 1,518 sq ft three-bedroom penthouse unit situated on the 24th floor was purchased for $3.55 million ($2,339 per square foot).

Orion is a boutique development that was completed in 2008. The development is located near the exclusive residential areas located along Nassim Hill, Nassim Road, Orange Grove Road, and Ardmore Park. The condominium is near Tanglin Road and the Orchard Road shopping belt.

The most notable residential developments located in the vicinity are Treetops Executive Residences Shangri-La Residences, The Ladyhill, and Le Nouvel Ardmore. The most notable hotel and commercial developments in the region include Shangri La Hotel, St Regis Hotel Singapore, Palais Renaissance, and Tanglin Mall.

According to the resale caveats that were tabulated from EdgeProp Singapore, the resales prices at Orion have slowed down after a peak at $2,212 per square foot in March 2016. The median resale cost for the condominium was $1,917 psf at the time of writing.

The neighboring D’Grove Villas located at Orange Grove Road lists an average of $2,544 per square foot and the luxury condominium Ardmore 3 on Ardmore Road has an average of $3,742 per square foot. This is one of the most expensive in the region.

On the other hand the most profitable deal of this week was the sale of a 2,745 square feet apartment at Pebble Bay on Tanjong Rhu Road. A four-bedroom apartment, located situated on the second floor was purchased at $5.15 million ($1,876 per square foot) on the 21st of September. Prior to that, the unit sold for $2.19 million ($799 per square foot) on March 15, 1995. In the end, the seller made profits that was $2.98 millions (137%), which amounts to an annualized increase that was 3.1% over 29 years.

Pebble Bay is a 99-year leasehold condominium which was completed in 1997. It is also among a few riverfront developments that face towards the Kallang River. Other riverfront condos in that area include Casuarina Cove, Camelot-by-the-water, and Costa Rhu. Pebble Bay’s riverfront location gives residents a clear views of Singapore’s Singapore Sports Hub and National Stadium.

Based on the resale caveats There have been ten Resales transactions in Pebble Bay so far this year, and all of them were profitable. Profits ranged from $373,000 up to $4.7 million.

The most profitable resale purchase in the first quarter of this year is the sale of an 6,114 square foot penthouse apartment, located on the 17th floor at $9 million ($1,472 per square foot) on the 26th of July. The unit was bought at $4.29 million ($703 per sq ft) at the end of September. This resulted profits in the amount of $4.7 millions (109%), which amounts to an annualized increase that was 3.4% over close to 22 years.

Prices for resales in Pebble Bay reached about $1,716 per sq. ft. last month. This is more that Casuarina Cove ($1,444 per sq ft) as well as Costa Rhu ($1,519 psf) however, it is lower than Camelot-by the-water (about $1,822 per psf).

The second highest-profitable sale to be made over the course of a week was the 1,916 square feet unit in Coronation Grove, an 999-year leasehold condominium situated on Coronation Road. The property, which is situated on the third floor was auctioned off at $3.6 million ($1,879 per square foot) on September 22. The property was bought at $1.5 million ($783 per sq ft) on February 7, 2007. This resulted in an income in the amount of $2.1 millions (140%), which is equivalent to an annual increase in the range of 5.4% over 17 years.

This is a record-breaking profit made by Coronation Grove. It is a leap past the record previous set at $1.46 million. The record was set by a 1,249 square foot unit, located on the top floor auctioned off at $2.32 million ($1,858 per square foot) on the 18th of July. The unit was bought for $860,600 ($689 per square foot) during July of 1999. The seller thus earned an income that translated to an annualized increase that was 4.2% over 24 years.

Coronation Grove is a boutique condo that is comprised of 24 units which span from 1,044 up to 2,217 sq feet. The building is one of the few low-rise condominiums in the semi-detached housing estate on Coronation Road. There are several Good Class Bungalow (GCB) areas like Victoria Park, Rebecca Park, Bin Tong Park along with Belmont Park are in the area. Coronation Grove is also close to Hwa Chong Institution, Raffles Girls’ Primary School as well as National Junior College.

/1 Comment/by

Bukit Panjang’s first million-dollar HDB unit is located on Jelebu Road

, ,

Read related post: The largest bungalow tract on Melrose Drive is for sale for $16.8 million

The largest bungalow tract on Melrose Drive is for sale for $16.8 million

In September, a 127 square meter (1,367 sq feet) executive residence on the 29th level of Block 181 Jelebu Road changed hands as a resale deal for $1.02 million ($746 per sq ft). This was the very first HDB apartment located in Bukit Panjang that crossed one million dollars, as per the data compiled in the Edgeprop Shortlist which includes HDB multi-million dollar deals. The sale was handled through Abel Hwang, senior marketing director at ERA Realty, who represented the sellers.

The executive residence located on Jelebu Road is right across from the Bukit Panjang integrated transport hub, Bukit Panjang Plaza and Hillion Mall, which could be the reason for the hefty price for the flat, claims Lee Sze Teck, senior director of data analytics for Huttons Asia.

Block 181 belongs to eight 30 story blocks of housing for the public located on Jelebu Road built in 2003. The executive residence has a 99-year lease that began in 2003. As such the remaining agreement of 78 year, eight months, as per Huttons’ Lee.

The apartments in Block 181 comprise in the form of five-room, four-room as well as executive apartments. Schools that are within 1 to 2 km radius of Block 181 Jelebu Road comprise West View Primary School, Zhenghua Primary School, Greenridge Primary School, and Bukit Panjang Elementary School according to Mohan Sandrasegeran, head of research and data analytics at SRI.

This month there were 36 million HDB Resale deals surpassed the threshold of $1 million by Sept 23. The HDB town with the highest number of million-dollar deals in this month has been Bukit Merah, which reported five transactions.

In the last 12 months, August was the month that saw the largest million-dollar HDB deal resales (55). By 2023, there were 322 HDB sales of minimum $1 million as compared to 367 similar transactions in 2022 as per SRI’s Sandrasegeran.

Many HDB towns have signed million-dollar deals over the past few years including Bukit Panjang the most recent. One of the few HDB towns yet to get million-dollar deals is Choa Chu Kang, Jurong West, Sembawang and Sengkang as per SRI.

/by

Midtown Bay has set a new high of $4,086 per square foot

, ,

Read related post: Perfect Ten sets a new high of $3,670 per square foot

Perfect Ten sets a new high of $3,670 per square foot

Guocoland’s 99-year leasehold condominium Midtown Bay has recorded a new price per square foot record of $4,086 per sq ft. The price was based on an auction of 4,74 sq one-bedroom apartment for $1.97 million on the 10th of September which beat a list of condos which saw record-breaking psf prices from Aug 29 to September 10.

The previous record for the Midtown Bay unit was achieved in January, when the two-bedroom unit sold for $2.9 million, which is $3,929 per square foot.

Based on caveats filed on caveats lodged, 121 of Midtown Bay’s 219 units have sold so far This is an average take-up that is 55%. The condo is comprised of one- and three-bedroom units.

Midtown Bay is located within the integrated construction Guoco Midtown along Beach Road. The mixed-use development comprises the 30-storey office tower and three retail clusters, an F&B village, and has access directly for the Bugis MRT interchange.

On the heels of Midtown Bay is 99-year leasehold condo The Landmark that recorded an all-time record of $2,894 psf in an auction of 495 square foot one-bedder unit for $1.4 million on September 3. The record was set that was set by six78 square feet of a two-bedroom apartment for $1.95 million, or $2,879 per square foot in May.

The project was developed through Landmark JV, a consortium comprised of ZACD Group, MCC Land as well as SSLE Development, The Landmark is situated along Chin Swee Road, which is located on Pearl’s Hill in District 3. The condo is comprised of a 39-storey tower that has 396 units.

In the month of November, when it was launched 2020 the condominium sold out in 92% of the 120 units sold. In the week ending September 21, The Landmark has sold 297 units, which is an occupancy rate at 75%. The condo is scheduled to be completed by 2025.

Condos with freehold The Regency located in Tiong Bahru ranked third in the list of condos that experienced record-setting psf prices during the review period. This comes after the sale of one of the three bedrooms in a 1,281 square foot property for $3.1 million or $2,411 per sq ft on September 7. The previous record was from the purchase of a two-bedder at $2.2 million, or $2,276 per square foot in March.

The owner of the unit that was sold on September 7 had bought the unit during August of 2009 at $1.4 million ($1,093 per sq. ft.). This is a gain in the amount of $1.7 million.

It is situated on Chay Yan Street in Bukit Merah, The Regency at Tiong Bahru was built in 2008 by UOL Group and was completed in the year 2010. The condo comprises 158 units, and is located within walking distance of Tiong Bahru, Redhill and Queenstown MRT Stations.

There were no new lows for the psf observed during the time period of the review.

/by

Hougang HDB shophouse for sale at $3.5 million

, ,

Read more: One Amber’s four-bedroom apartment sold for $2.4 million profit

One Amber’s four-bedroom apartment sold for $2.4 million profit

Two-storey HDB shophouse located at 698 Hougang Street 61 will be auctioned off in the upcoming auction organized by Singapore Realtor’s Inc (SRI) on September 28. A sale by the owner, the property will go under auction at an auction starting cost at $3.5 million.

The property is comprised of a total area of 1,690 square feet which translates the price to $2,071 per square foot. It is a 99-year leasehold property that comes with an outstanding lease term of 60 years. It has a 1,001 square feet of commercial space on the ground floor. On the second level, 689 sq feet of residential space is lease to an individual tenant.

The shophouse is part of an estate that is 37 years old Hougang Spring estate. The neighborhood and the adjacent HDB estates on Hougang Avenue 8 form a established residential area that is home to numerous schools, community facilities, and the ability to access an MRT station.

About 500m away from the block located approximately 500m from the block is just 500m away is the Hougang Sports Centre that includes an athletics hall, swimming facility and a stadium. It also offers easy accessibility for Hougang MRT Station, which is part of the North-East Line, which will be used as an interchange point for the planned Cross Island Line from 2029.

EdgeProp Singapore’s Landlens tool lists three schools that are within the 500m radius of Hougang Street 60 –– Montfort Junior School, Montfort Secondary School and Yio Chu Kang Primary School. Other schools that are within 1km of this block include Xinmin Primary School Hougang Primary School as well as Punggol primary school.

Based on the census of population that was compiled by Landlens around 90% of Hougang Spring residents are homeowners, and the remaining 10% is comprised of tenants and commercial shop owners.

Eric Liew, manager (auction) at SRI and also the marketing agent to sell the storehouse states that the huge number of residents who live in the area as well as the proximity to several schools create regular footfall which supports commercial enterprises.

The HDB shophouse is also an exceptional investment opportunity to those looking for portfolio diversification. Liew says that the asking price attracts newbies looking to make the most of the long-term rental gains from this kind of asset.

/by

The Lentor Central GLS site received two offers, with the highest bid being $982 psf ppr

, ,

Watten House Bukit Timah

A tender was opened for the government residential site (GLS) site at Lentor Central ended on the 12th of September along with the bid to purchase Champions Way. site on Champions Way.

It is worth noting that the Lentor Central site drew just two bids. The highest offer of $435.1 million offered by a consortium that includes Hong Leong Holdings, GuocoLand and CSC Land Group. The sum is $982 psf/plot proportion (psf or ppr) to leasehold the 99 year term and the area of 158,264 square feet site. The offer came in 5.9% higher than the $410.8 million ($927 per plot ratio psf) that was submitted to Frasers Property.

Watten House Bukit Timah can enjoy the region’s numerous eateries and retail options, as well as the beautiful walks and rich vegetation, to live a leisurely, stress-free lifestyle.

“We are thrilled to have achieved the highest bid for Lentor Central which marks our fourth site within the Lentor Hills Estate area,” spokeswoman for Hong Leong Holdings. “If the bid is accepted, we will plan to develop an exclusive residential development of around 475 units spread across two blocks of high-rises, where residents will enjoy the convenience of close amenities as well as the Lentor MRT station. This will add to the appeal of the area for potential buyers.”

The bid is marginally lower than the $985 per square foot that was paid through a joint venture with GuocoLand as well as Hong Leong Holdings for the Lentor Gardens site in April the previous year, says Leonard Tay, head of research at Knight Frank Singapore. “The current government land tenders in the Lentor region are one of the lowest rates for land in comparison to the earlier four GLS sites that were awarded in 2021 within the Lentor region,” he adds.

Eugene Lim, key executive officer Eugene Lim, chief executive officer of ERA Singapore, notes that there’s been “a decrease in the demands” in Lentor Central due to the huge amount of sites that are scheduled to be released under the second half of 2023 GLS program.

Additionally, certain developers might be more cautious because of economic uncertainties, high interest rates and cooling measures according to Justin Quek, deputy chief executive officer of OrangeTee & Tie.

“They could also be holding back, as additional land may be released in the coming this year.” Quek adds. “The government has announced new land parcels that will be released, or older buildings/sites scheduled to be redeveloped.”

ERA Singapore’s Lim notes in the report that Lentor Central site is in the Ang Mo Kio Planning Area and is in close proximity to the Lentor MRT station as well as established schools, including CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School.

The Knight Frank Singapore’s Tay believes that the probable sale price for the units that are residential in this development could begin from over $2,000 psf, comparable to the $2,080 per square foot unit cost for Lentor Hills Residences which was announced in July.

“The two bids to purchase the Lentor Central plot are a reflection of the growing defensive and hesitant attitude of developers in addition to the reality that the Lentor area could have numerous condominium developments which are being developed within a couple of years of one another,” says Tay.

Six GLS sites in Lentor have been offered to the present, with another site is currently being placed on the Reserve List. Together the sites could bring about 3500 new houses to the area.

/by

CDL submits the highest proposal for the Champions Way GLS site, $904 psf ppr

, ,

Watten House Condo

Tenders to tender for the two federal property for sale (GLS) sites located at Lentor Central and Champions Way ended on September 12.

Watten House Condo development on Shelford Road in District 11 of Singapore with a size of the freehold structure is 220,241 square feet.

The Champions Way site, which could yield 350 units, received bids from six different companies. City Developments Limited (CDL) offered the highest bid that was $294.889 million. This is an average land value of $904 per square foot per plot proportion (psf per plot ratio). CDL’s offer exceeds 8.3% higher than the second-highest price offered by TID (the Hong Leong Group and Mitsui Fudosan joint venture) at $272.26 million, or $835 per sq ft per plot.

Champions Way site is the first GLS tender in Woodlands. Champions Way site is the first GLS tender in Woodlands without executive condominiums since 2011. In 2011, the plot at Woodlands Avenue 2 and Rosewood Drive was purchased for $367 psf/plot proportion (psf per plot ratio) and was developed to become the 6,89 unit Parc Rosewood.

CDL states that the site will be replenishing its landbanks, ensuring an unshakeable pipeline for the launch. “It has been more than 10 years since a private residential development was announced in Woodlands and it is an exceptional opportunity to create an iconic and sustainable symbol as part of the plans for revitalization by the government,” remarks Sherman Kwek, CDL group CEO.

The site received more attention from developers as compared against those interested in the Lentor Central plot, which attracted only two bids. Wong Siew Ying, head of content and research of PropNex Realty, observes that the Champions Way plot was the one that received the most bids for non-executive condo (EC) site this year.

However, she highlights the huge gap between the highest bid and the lowest that was received Champions Way, with CDL’s bid being 45% higher than Innova Investors Limited’s $203.33 million ($623 PSF per). “In Particular, it is important to observe that some of the bids are on a low portion, at less than $750 psf (ppr), which could indicate developers are assessing potential risks associated with the location,” she observes.

Lam Chern Woon, head of research and consulting at Edmund Tie adds that the broad dispersion suggests “an change of the property market” and differing expectations being held by different market players.

He also notes that the site will profit from the expansion in Woodlands Regional Centre. Woodlands Regional Centre as well as the upgrading the demand of residents living in Woodlands and its proximity to Woodlands South MRT Station located on the Thomson East Coast Line.

Leonard Tay, head of research at Knight Frank Singapore, believes that the price of the new project on the site could begin at “just less than $2,000 per sq ft”. This could be a price increase that is more than fifty-three% above the average value for resales transactions within Parc Rosewood this year of $1,301 psf, Tay says. PropNex’s Wong has a similar opinion and estimates the expected average selling price to be above $1,900 per square foot. “This project will establish a new benchmark for launches that are new to the Woodlands planning zone,” she says.

/by

Four HDB shops on North Bridge Road and Marsiling are up for sale for $7.2 million

, ,

Watten House

The four commercial Housing and Development Board (HDB) stores have been opened for sale via an expression of Interest (EOI) exercise, with a price range in the range of $7.2 million, as per a Huttons Asia press release.

Watten House is a five-story structure that houses 286 residential units.

Three shops are situated off North Bridge Road, while another is located situated in one of the Marsiling area. The four commercial units cover the total space of 3,700 sq feet that means the average cost is $1,946 per square foot. The units can be sold as a set or in an entire portfolio.

The shops on North Bridge Road are within walking distance of Lavender MRT Station and the Immigrations and Customs Authority building The shop in Marsiling is walking distance of Marsiling MRT Station.

David Chun, Huttons Asia’s associate senior director of marketing David Chun, associate senior marketing director at Huttons Asia, points out the potential for capital appreciation within the shops. “The use of the shops is very adaptable, and the demand for rental is constant,” he says.

Huttons Asia’s director for data analysis, Lee Sze Teck, says that the shops are not subject to any additional buyer or seller’s tax, but there is GST is not payable. The attractive price should attract an increase in interest from investors.

The EOI for the four shops will be closed on October 2 at 2pm.

/by