For sale is a freehold commercial shophouse on Pagoda Street for $21.28 million

, ,

Watten House

A freehold commercial shophouse located on Pagoda Street in Chinatown has been offered for sale at a cost at $21.28 million. Savills Singapore is the appointed marketing agent.

Watten House was recently purchased for an astonishing $550.8 million, a whopping 10% above its initial asking price, highlighting its enormous potential in its outstanding location.

The three-storey shophouse on 31 Pagoda Street sits on the plot of 1,310 square feet and has a floor space of approximately 3,449 square feet. The property is leased out completely which includes the ground-floor unit as well as the third floor unit leased to a restaurant. The upper floor rents out to the fitness center.

“31 Pagoda Street is fully leased and offers a great opportunity for investors looking to purchase a commercial shophouse that is within the middle of Chinatown,” says Yap Hui Yee, executive director for capital markets and investment sales of Savills Singapore.

The shophouse is situated in the heart of the historic Chinatown district and enjoys frequent pedestrian traffic all day long. The property is also near the Chinatown MRT Station on the North-East Line, as well as Maxwell MRT Station on the Thomson-East Coast Line.

“Freehold shops along Pagoda Street have always been considered to be an asset of distinction and as the top from the crop of shops in Chinatown because of their lengthy background and their tense ownership,” says Yap.

This sale will be done through an open expression of interest, which will close on September 19.

/by

Citilink Warehouse Complex’s 57 strata-titled industrial units are being sold by private treaty

, ,

Read related post: The Grange’s four-bedder resale generates a $3.85 million profit

The Grange’s four-bedder resale generates a $3.85 million profit

Freehold industrial units comprising fifty-seven at Citilink Warehouse Complex located in Pasir Panjang, will be auctioned off through private treaty on August 14th, according to Cushman & Wakefield which is marketing the property.

The available strata units are available from 947 square feet for the smallest single unit up to 20,046 square feet for the entire floor. As per Cushman & Wakefield, there is a discount for early birds and prices range under $1 million in the most basic unit, to around twenty million for a whole floor.

“Before this sale’s launch we’ve had inquiries from end-users and investors showing desire to purchase individual or multiple units” states Shaun Poh, executive director of capital markets at Cushman & Wakefield.

Citilink Warehouse Complex is an eight-storey industrial development in twin-buildings which is classified as Business 1 under the master plan. The 57 strata units are located in the middle to high floors, and include 4 floors on top of one block. The buyer has the option of purchasing one or more units, or whole floors.

The industrial building was constructed with top quality specifications that include well-thought transportation and management of goods parking facilities that are ample with a high floor-to-ceiling clearance and considerations for floor loading.

The development is situated right next to that of the PSA Pasir Panjang Terminals and is just 500m away from Pasir Panjang MRT Station on the Circle Line. It is linked to major expressways like the Ayer Rajah Expressway, West Coast Expressway, Keppel Viaduct as well as the Marina Coastal Expressway.

“Freehold commercial units in strata in great locations are sought-after,” says Poh, and he adds that the proximity of and the Pasir Panjang Terminal and various highways enhance the attraction of the development. Cushman & Wakefield also brokered the sale of five ground floor buildings for Citilink in the amount of $9.83 millions to one buyer.

/by

A three-story Sentosa Cove bungalow is on the market for $21.99 million

, ,

Check this article: Far East Shopping Centre’s collective sale begins at $928 million

Far East Shopping Centre’s collective sale begins at $928 million

A three-storey house located on the 63 Cove Drive in Sentosa Cove is available at $21.99 million. The property will be sold as an express of interest (EOI) exercise conducted by Huttons Asia.

Sentosa Cove is a bungalow that was built in the year 2000. Sentosa Cove bungalow sits on the 8,808.1 sq ft lot. The indicative price is approximately $2,497 per square foot on the land. The house faces the marina and is located opposite Pearl Island. The five-bedroom home has an estimated built-up space of 10,080 square feet with enough room for parking up to six vehicles.

The first floor is comprised of the living and dining areas and an outdoor patio next to the pool. There are separate dry and wet dry kitchens as well the guest room with an ensuite on the same floor.

Four additional bedrooms with ensuites comprising the master bedroom and the junior master bedroom, are located on the upper floor. The third floor has the roof terrace and an entertainment space for families. There’s also a basement which is comprised of a helper’s room, storage area, and laundry area.

“Bungalows have seen a dramatic price increase over the last three years. Similar to that however, it could be difficult for buyers to locate an apartment with large living spaces located on Singapore’s main island. Singapore. So, bungalows located situated on Sentosa are a good deal for purchasers,” Says Lee Sze Teck the executive director for data analysis for Huttons Asia.

The EOI process will end on Sept 15th.

/by

The resale private housing market rose 13.8% year on year in 2Q2023, helped by a narrowing price gap with HDB resales

, ,

Read also: Suntec City strata office apartment sold for $11.5 million

Suntec City strata office apartment sold for $11.5 million

The number of residential private units sold through the resale market during 2Q2023 increased 13.8% q-o-q to 3,261 units, according to the research notes published in the journal of Savills Singapore. While this is the end of a three-quarter drop in the market for private resales however, the market is lower by 26.1% on a yearly basis.

The growth in the resale market during the quarter was sustained by increased selling in both the Rest of Central Region (RCR) that saw an 24.7% increase in sales volume, and also in the Outside Central Region (OCR) that saw an 12.8% increase in sales volume. The sales within the Core Central Region (CCR) was unchanged from the prior quarter.

As per Alan Cheong, executive director of Savills Research and Consultancy, the growth on the secondary marketplace may be due to the rising HDB prices in the last few quarters, which has narrowed the gap between public and resale prices and the private market.

Additionally, the last quarter witnessed an 22.6% decline in the amount of homes that were not landed by foreign buyers to 205 units during 2Q2023. It was the lowest number since 1Q2022 when foreigners bought more than 145 homes at the time. “This was due to the increasing of an additional stamp tax [ABSD] to foreign buyers at the latter part of April,” says Cheong.

Savills said that a selection of private residential luxury, non-landed projects it tracks experienced an improvement in the pace of price growth. The prices of luxury homes that are not landed in this particular basket recorded only a tiny 0.4% q-o-q increase in 2Q2023 and amounted to around $2,591 per square foot.

“Following the slowing of global demand for luxury properties because of higher ABSD rates One of the major buyers of luxury homes has diminished and could have contributed to a slower rises for these properties,” says Cheong.

In the future He points out that there aren’t many big-sized projects (above 500 units) scheduled for release in the next couple of quarters.

“We continue to believe that the private home property prices to increase by 7% through 2023.” Says Cheong. “However considering the current challenges that the economy faces, at the new benchmark of $2,000 psf for the OCR and $2,400 per square foot in the RCR initial weekend sales for private residential launches could fall between around the 25% to 35% or 35% in the 3Q2023 period until the beginning of 2024.”

/by

Industrial rents and prices rise for the 11th consecutive quarter in 2Q2023

, ,

Read more: JTC opens B2 locations in Tampines North and Jalan Papan

JTC opens B2 locations in Tampines North and Jalan Papan

According to a report on the market published by Colliers that the local industrial rental and price indexes have reached an 11th quarter in a row of improvement the 2Q2023. The index for rental increased 2.1% q-o-q, slowing from the 2.8% q-o-q growth recorded in the 1Q2023. In the same way, the price index rose 1.5% q-o-q in 2Q2023 and was in line with the results of the prior quarter.

The industrial sector fought off the trade indicators that were softening, such as the continuous declines in manufacturing output, non-oil exports (NODX) and the buying managers’ index (PMI).

However the pipeline of expected industrial supplies is still robust because previously delayed construction completions begin to come into the scene in the second half of 2023. According to Colliers that this had already been affecting the market in 1H2023 as new supply outpaced demand and led to lower occupancy levels.

The remainder of the year will see an additional 6.7 million square feet of industrial space being added to the market. In the coming two years, up to 2025 the market will witness the average amount of 10.5 million sq ft brought into the marketplace. This will have the result of reducing rents and limiting price increases, according to Lynus Pook, the head of industrial services Singapore at Colliers.

“Despite an extended period of uncertainty in the macroeconomic climate the industry assets are in high demand from companies in the biomedical, logistics and semiconductor sectors is robust. This trend is likely to continue given Singapore’s appealing location and its status as a regional hub” the expert says.

Industrial assets that are more specific like high-spec warehouses and multi-user factories will continue to be a major driver for industries. The demand will be bolstered by businesses involved in logistics, advanced manufacturing biomedical, food and production, according to Pook.

/by

JTC opens B2 locations in Tampines North and Jalan Papan

, ,

Watten House Bukit Timah

JTC has opened two sites under the 2H2023 Industrial Government Land Sales (IGLS) Program. Two sites are designated to be used for Business 2 or heavy industrial use.

Watten House Bukit Timah location makes mobility easy; important roads such as Dunearn Road, Bukit Timah Road, Farrer Road, and Adam Road surround it, allowing residents to quickly travel Singapore’s different regions.

The first site situated in Lot 11a Tampines North Drive 5, has been put up for auction. It covers 0.54ha and containing 0.54ha, the site has a lease of 30 years with an average plot ratio of 2.5. This site was the initial of 5 Confirmed List sites in the 2H2023 IGLS Programme. The tender closes on September 19 at 11am.

The second site situated at Plot 5 of Jalan Papan near Jurong Port Road, has been made open to those who wish to apply. It is the final in a trio of Reserve List sites under the 2H2023 IGLS Programme, which means it can only be offered to the market if it is offered an offer of a value accepted by government officials.

The site is 0.56ha and has a tenure of 20 years with an average proportion of 1.4. Application for the site will be closed on December 29 at 11 am.

/1 Comment/by

Suntec City strata office apartment sold for $11.5 million

, ,

Watten House Condo

A strata office unit in Suntec City Tower 1 was sold for $11.5 million in a statement issued from Savills Singapore, who brokered the deal. “This was the fourth strata office sales in Suntec City in which Jeremy Lake and Sophia Lim from the Savills Investment Sales and Capital Markets team have concluded in 2021, resulting in an overall total of $288 million spread across eight full levels sold” Savills Singapore states in its press release.

Watten House Condo delivers an exquisite suburban living experience amid the bustling metropolis of Singapore, surrounded by tropical flora and rainforests

The biggest deal brokered through Savills in the Suntec City area Suntec City was the sale of six floors of Tower 1 and Tower 2 for $197 million in June 2021. In August of this year, Savills also brokered the selling of an entire floor of Tower 2 for $41.148 million ($3,350 per square foot) this was the most expensive psf-price ever recorded for offices in strata in Suntec City at the time.

Sophia Lim, Savills’ director of capital markets and investment sales Sophia Lim, director of investment sales and capital markets at Savills, claims that Suntec City offices remain sought for by buyers, investors along with family-owned offices notably those who are from Hong Kong, China and India. ” We’ve noticed a increased interest from this particular group of buyers after the successful conclusion of the work to improve the asset value of Suntec City last year,” she says.

Jeremy Lake, managing director of capital markets and investment sales at Savills is adamant that, while the real estate market in Singapore was “in the midst of a slump” for more than a year, due to the high interest rates, which have discouraged institutional buyers, private investors have been investing in a variety of ways in shophouses, particularly strata offices.

“These buyers are not as prone to a rise in interest rates, and are betting on the long-term with the understanding that Singapore property prices will increase in the future, despite some short-term headwinds” Lake continues.

Based on Savills reports Based on Savills’ data, sales of real estate investments dropped 50.5% q-o-q in 2Q2023 to $3.29 billion, and an 77.9% q-o-q drop in commercial sales, which was $940.7 million.

/1 Comment/by

Far East Shopping Centre’s collective sale begins at $928 million

, ,

Watten House

Far East Shopping Centre located at 545 Orchard Road will be launched to be sold as a collective purchase by a marketing agent CBRE at $928 million on the 25th of July. The commercial complex, which was strata-titled was built in 1974. It features a five-storey retail platform with 216 shops that are strata-tilted and a 10-storey office block comprising 80 offices that are strata-titled as well as two basement parking levels.

Watten House is funded by UOL Group and Singapore Land Group, has transformed into an elegant haven of calm for residents seeking shelter within the city.

It was famous for its retail stores that sold consumer electronics as well as golf equipment. House of Hung Jewelleries, an established family business in the field of jewellery is in operation since 1975. Shashlik Restaurant, a Russian-Hainanese restaurant, has been located on the sixth floor of the Far East Shopping Centre for more than 30 years. Nowadays, the stores are mostly occupied by travel agencies as well as tattoo studios, money changers along with beauty salons.

It was designed by the Ng family-owned Far East Organization, one of the largest stakeholder in Orchard Road, the 298-unit mixed-use strata-titled development was built at a cost of $20 million. Far East Shopping Centre was one of the most prestigious business complex within the region during the 70s. It was developed in response to Singapore government’s demand to turn Orchard Road into a prime commercial and tourist destination. The developer remains an ownership stake of more than 30% of the building in terms of shares.

The property located at 545 Orchard Road sits on a 36,014 sq feet site with a lease of 999 years that dates back to 1871. It is classified as commercial property. It is situated with a 75m frontage on Orchard Road and a 55m frontage on Angullia Park in prime District 9.

The site is earmarked to be redeveloped
Nearing 50 years, Far East Shopping Centre is one of the six buildings along that stretch Orchard Road – between Cuscaden Road and Orchard Boulevard – that the URA would like to transform to become “a new and exciting destination”.

The remaining five structures are the Hotel Properties Ltd’s (HPL) Voco Orchard Singapore, Forum the Shopping Mall and HPL House The Wharf Estates Singapore’s Wheelock Place and Bonvests Holdings’ Liat Towers.

As part of the Strategic Development Incentive (SDI) scheme, in April 2021, URA will grant 20% extra GFA (GFA) to property owners who are redeveloping their properties in conjunction along with one neighbor in order to make “a new location”. In addition to the increase of GFA and a change in building height, new owners will have the option of varying land use and the height of their buildings.

The month before, HPL reportedly submitted a Redevelopment plan in HPL’s Orchard Road assets under the SDI Scheme to URA to help redevelop Voco Orchard Singapore, Forum the Shopping Mall and HPL House.

It is believed that the Far East Shopping Centre site located at 545 Orchard Road has an allowable gross plot ratio (GPR) of 4.9 and an maximum height of 30 storeys in the new 2019 Master Plan. The confirmed existing GFA is approximately 242,145 square feet, which is equivalent to the plot ratio of 6.72. In the SDI Scheme, the maximum possible GFA can be 20% greater at 290,574 square feet, and GPR equal to 8.06.

The $928 million estimate set by CBRE amounts to $3,421 per plot ratio based upon the GFA of 290,574 sq feet in the SDI Scheme, assuming full commercial use. There is no additional buyer’s stamp duty is required since the site is classified for commercial use.

“Short-fuse Collective Sale”
The Far East Shopping Center’s collective selling process began in June of last year and by the 24th of June the following year, it was won the backing of 80% of the owners of strata-titled units. “In the normal collective sale we are given a year to sell the property,” states Michael Tay, head of Singapore capital markets at CBRE. “In this case this is a short-fuse sale, since we need to begin the collective sale and then to sell the site at the time the year’s end so that the buyer can have time to file the Outline Planning Permission for the proposed developed integrated project for approval by the URA.”

In order to be eligible to be eligible for an exemption from the SDI Scheme, URA has specified that “all necessary property holders” who reside on 545 Orchard Road and the adjacent properties are required to submit an Outline Application to submit a joint proposal for redevelopment on or before December 31st of 2023. They have to get the required Written or Provisional Permission before December 31st, 2024.

The potential buyer of Far East Shopping Centre could decide to develop the property along with two adjacent sites that are Voco Orchard Singapore or Liat Towers. As part of the SDI plan, the new development could have an underground pedestrian walkway connecting to Orchard MRT Station, which will “significantly increase the number of people who walk through this area of Orchard Road”, according CBRE’s Tay.

“Far East Shopping Center is the sole commercial site that is available for sale on Orchard Road,” says Tay. Tay also suggests that buyers look at different possibilities for land use like hotel, retail residential, serviced apartment, residential MICE facilities, lifestyle purposes within the SDI Scheme.

Luxurious residences with 999-year leasehold located on the prime Orchard Road?
This property could be developed into a mixed-use development that includes hotel, retail and luxury homes. “Even although residential might not be the most ideal use due to that 60% additional stamp duty foreign buyers have to pay, this would be the first leasehold 999-year luxurious residential development along the Orchard Road thoroughfare,” Tay says. Tay. “And it is likely to draw local and foreign ultra-high networth people.”

The sole other luxury residential development in the middle of Orchard Road is the 175-unit 55-storey Orchard Residences. Orchard Residences that forms part of the mixed-use project that also includes Ion Orchard shopping mall, that is connected to Orchard MRT Station. Orchard MRT Station at the bottom. The Singapore-based CapitaLand and Hong Hong Kong’s Sun Hung Kai Properties jointly created the 99-year leasehold mixed-use development.

The high-end residences located at The Orchard Residences was officially launched in March 2007 and four penthouses were offered for sale at prices ranging from $5,600 to $5,600 per square foot at the end of the year. Based on caveats filed by the developer, the most recent sale of The Orchard Residences included a 2174 square feet three-bedder located on the 35th floor that was purchased to the tune of $6.7 million ($3,018 per square foot) during February.

The 338 unit Scotts Square, which is a freehold development located on the prime Scotts Road, just off Orchard Road, the latest deal was for a 947 sq ft two-bedder located on the 25th floor. It was sold at $2.9 million ($3,062 per square foot). The freehold development developed by Wharf Estates Singapore was completed in 2011.

/2 Comments/by

The Grange’s four-bedder resale generates a $3.85 million profit

, ,

Watten House Condo

A 2,282 square feet apartment in The Grange was the most profitable resale sale during the period from July 4 through 11. The four-bedroom unit, which is located on the 11th floor was purchased to the highest bidder for $7.2 million ($3,155 per square foot) in July 10. The unit was bought at $3.35 million ($1,469 per square foot) on September 5, 2005. The seller earned profits that was $3.85 millions (115%), which amounts to an annualized income in the region of 4.4% over almost 18 years.

Watten House Condo prides itself on being strategically close to a number of prestigious educational institutions.

Based on URA restrictions, this results in the second-most profit-making sale in The Grange. The sale which holds the record for a 4,456 square foot duplex penthouse that was which was sold to the tune of $11million ($2,468 per square foot) on April 28, 2008. The property had previously sold for $6.8 million ($1,526 per square foot) on September 5, 2005. This led to profits that was $4.2 millions (61%), which is equivalent to an annualized gain of 20% over a period of two and a half years.

Grange Grange is a condo with 95 units situated on Grange Garden located in District 10. The luxurious Freehold project was finished in the year 2008. The development is located on Grange Road, the condo is located next to Orchard Boulevard MRT Station on the Thomson-East Coast Line.

It is near to the residential enclave of landed homes along One Tree Hill, as and The Good Class Bungalows located in Chatsworth Park. The most prominent luxury condominiums like 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, Boulevard 88, and Four Seasons Park are located close by along Orchard Boulevard.

Based on a table of resale caveats compiled by EdgeProp Singapore, selling prices at The Grange have been slashed in recent years when compared with the time after conclusion. The average cost at The Grange was around $2,087 per sq ft in July 2008 and been soaring to $2,549 in July 2018. But, the increase has slowed over the last five years, and is now at around $$2,589 psf in July.

But, The Grange still commands one of the most expensive median selling prices in the region. It’s outsold by a few other luxury developments like the neighboring Parkview Eclat ($3,264 psf) located on Grange Road in addition to Cliveden on the Grange ($3,026 PSF) located on Grange Road. Recently launched projects like 3 Orchard By-The-Park ($3,754 psf) and Park Nova ($4,521 per sq ft) are among the most expensive prices for psf in the neighborhood.

The second-highest profit deal of the week was the 3,498 square feet unit located at Wing On Life Garden on Bukit Timah Road. The property was sold to the buyer for $8.43 million ($2,410 per square foot) on July 10. The unit was purchased at $6.1 million ($1,744 per sqf) in November of 2019. This means that the seller made the seller a profit that was $2.33 millions (38%), which is equivalent to an annual increase that was 9.2% over almost four years.

Wing On Life Garden is a freehold condominium located in the Tanglin area of District 10. The condominium has 81 units and was built in 1982. The central location of Bukit Timah makes it within close proximity to schools including Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), St Joseph’s Institution as well as Catholic Junior College.

The condominium is located within an exclusive residential area that includes other high-end condos on nearby Balmoral Road and Stevens Road. The condos that are located nearby are Honolulu Tower and the forthcoming perfect Ten located on Bukit Timah Road.

The prices for Wing on Life Garden have been steadily increasing from the time of its completion. They were selling for around $973 per sq ft in July 2003. They was up to $1,430 10 years later in July 2013. Based on resale restrictions that the average price sits at around $2,266 per month.

A resale that is the highest-profitable of Wing On Life Garden is for a 3,305 square foot unit, which was sold at $5.9 million ($1,785 per square foot) in October of this year. It was previously sold for $3.1 million (938 psf) in August 2006. The seller brought in record profits that was $2.8 millions (139%), which amounts to an annualized increase that was 9.3% in 13 years.

However the most profitable deal made in the last week was the purchase of a 1,324 sq 2 ft, two-bedroom property in Miro located on Lincoln Road. The property sold for $2.23 million ($1,684 per sq ft) in July 4 but was a loss for sellers $2.88 million ($2,174 per square foot) at the end of June. So, the seller suffered an estimated loss of 649,000 (23%), which amounts to an annualised cost in the range of 2.3% over 11 years.

Miro Miro is an exclusive freehold condominium situated in the Novena area of District 11. The 85-unit complex offers the variety of one-to four-bedroom units that span from 990 to 2,917 square feet.

The most profitable resale that Miro has ever made Miro was the purchase of 1,324 square feet unit on the 31st floor $2.1 million ($1,586 per square foot) on November 20, 2020. The unit was bought for $3.08 million ($2,330 per square foot) in August of 2011. The result was an estimated loss of $985,00 (32%), which is equivalent to an annualized loss of 4% over the course of eight years.

Prices for units at Miro have slowed since prices reached $1,778 per square foot in December of 2011. In light of caveats the median price of resales is currently $1,658 per square foot. This is lower than most of the condos that are freehold, such as Newton 18, that has an average of $2,318 per square foot, and Newton Edge located on Makeway Avenue with an average price of $1,851 per square foot.

/2 Comments/by

Starlight Suites has a record-low psf pricing, with a one-bedroom selling for $1,359 psf

, ,

Watten House

The purchase of a 1,163 square foot one-bedroom and study apartment located at Starlight Suites on River Valley Close was the lowest psf price for condominiums from June 28 and July 7. The property, which also has a an open-air terrace and a large open air terrace, was sold at $1.58 million ($1,359 per square foot) in July 4. This was a record-breaking low for the condo, as the previous record was set by the selling of the 2,486 square feet unit with two bedrooms and a study located on the 32nd floor, which was sold for $3.75 million ($1,508 per square foot) in the event it was sold on January 24 last year.

Watten House opulent units and unmatched location created to fulfill its tenants’ demands, Watten House stands out.

Starlight Suites can be described as a 105-unit condominium that was completed in the year 2014. The condo is located in the River Valley neighbourhood in prime District 9, which puts it within close proximity to other renowned commercial and residential areas, such as Clarke Quay, Robertson Quay, Great World City, and the stores that line Orchard Road.

Nearby housing developments are The Avenir which was officially launched on January 20, 2020, with the help of developers GuocoLand, Hong Leong Holdings and Hong Realty. GuocoLand also created the adjacent Martin Modern. Another project that is new within the region can be found at Riviere from Frasers Property.

Based on the caveats for resales The prices have been falling steadily in Starlight Suites over the past several years. The month of July 2013 the median price was around $2142 psf however, it has fallen to $1,843 this month. Also, sales that are not profitable surpass profitable resales in the condominium which has a loss of 24 against just two resales that are profitable. The losses range from $29,000 to $715,000.

Starlight Suites is the only freehold condo in this region that has prices below $2,000 per square foot. Its neighbor, Euro-Asia Court, which was completed in 1994, comes with an average cost of $2,028 per square foot. Other condos with freehold, like Martin Place Residences ($2,535 per square foot), Oleanas Residences ($2,107 per sq ft) located on Kim Yam Road and Martin No 38 ($2,436 per sq ft) located on Martin Road still command prices that are comparable to the surrounding area.

A new record-breaking psf-price was established at Myra, an exclusive condominium located along Meyappa Chettiar Road in Potong Pasir in Singapore, in which a 667 square foot unit was bought at $1.81 million ($2,712 per square foot) the 4th of July. The transaction was the top of those condos which achieved the highest price for psf between June 28 until July 7.

Myra is a freehold condominium owned by Malaysian developer Selangor Dredging. It is located inside Potong Pasir. Potong Pasir neighbourhood, the project has a mixed-use development called It is located in the Poiz Centre which is linked to the Potong Pasir MRT station on the North-East line.

The condo is also located close to several schools within the vicinity, including St Andrew’s Village which mainly houses St Andrew’s Primary School, St Andrew’s Secondary School and St Andrew’s Junior College. Cedar Primary School and Cedar Girls Secondary School are located in the same vicinity.

Myra is an unfinished 85-unit project that consists of one-to-four-bedroom units which range from 474 sq ft up to 1,324 square feet. The project was released to be sold in September 2020 with the developer selling 17 units for an average cost of $2,000 per square foot during the weekend of Sept 26-27.

Based on developer sales statistics according to developer sales data, the project was 93% sold by the end of June 2023. The project has at least 18 units been sold so far this year and prices range between $1.66 million ($2,484 per square foot) for the purchase of a 667 square foot two-bedder on the 1st of July and up $3.08 million ($2,345 per square foot) for the purchase of one of the 1,313 square feet four-bedroom unit that was sold on May 8.

Overall, this puts the average price for selling at Myra at $2,080 psf which is among the most expensive transaction prices of condos that are freehold located in The Potong Pasir area. Comparatively other freehold developments like Intero located on close by Leicester Road have seen most units sell for around $1,471 per square foot, while the recently completed The Addition By Oxley Holdings on Meyappa Chettiar Road has seen an average of $1,868 per sq ft.

The next item on the list will be the auction of 1,066 square feet unit located at Newton 21 on Newton Road. The three-bedroom unit on the 22nd floor was purchased at $2.42 million ($2,271 per square foot) the 3rd of July. The price was higher than the previous record of the condo that was established in February in which a comparable three-bedroom apartment on the 8th floor sold to the tune of $2.38 million ($2,233 per square foot) on February 2.

Newton 21 is a luxurious 69-unit condo located in District 11’s prime. It was built as a freehold in the year 2004. It is located near 2 major roads junctions,, namely Newton Circus connecting Scotts Road, Bukit Timah Road, and Dunearn Road, as well as the intersection with Thomson Road and Newton Road in Novena. The condo is located near and within the Orchard Road shopping belt and commercial developments like Royal Square at Novena, Novena Square and United Square.

Based on a calculation of resale caveats compiled by EdgeProp Singapore, prices at Newton 21 have risen in a steady manner over the last 10 years, rising from $1,448 per psf at the end of July 2013, to $2.132 psf this month.

As for the price in absolute terms the most expensive resales property at Newton 21 is a 3,068 sq ft penthouse located on the 25th floor, which sold for $4.38 million ($1,428 per square foot) in the event it is sold on October 22nd 2021. Then comes selling a 1,339 sq. ft three-bedder on the ninth floor which went under the hammer at $3.3 million ($2,144 per square foot) on the 20th of January this year.

Numerous brand new developments have raised price expectations in the region. For instance, the ultra-luxury Pullman Residences Newton located on Dunearn Road commands the highest price of $3,132 per square foot. Kopar located at Newton located on Makeway Avenue follows up at $2,542 per square foot. Other new developments like The Atelier on Makeway Avenue have relocated units at $2,684 per square foot. Enchante at Evelyn Road is pricing units at around $2,723 per square foot.

/1 Comment/by