In the past time, the collective sales in Singapore that involved residential developments were more than surprising. Not on rare occasions, they were sold for impressive sums, becoming a great deal for those that decided to opt for this solution. At the moment, Farrer Court holds the record in this sector, which was sold in 2007 for the stunning sum of $1.34 billion. A consortium led by CapitaLand represented the winning bidder, turning the development into what is known today as d’Leedon, a modern development with a total number of 1,715 units. But, if The Diary Farm gets all the approvals it needs for the owners, then its starting price has high chances of reaching $1.68 billion, which will definitely be a new record. In fact, all the owners of this freehold development are meeting at the end of the week, to discuss the terms concerning this collective sale.
Author: My Exclusive Condo
The Estoril Sold To Far East Consortium For $223M
FEC properties which is owned by Far East Consortium had recently bought The Estoril at Holland Road, this freehold condo was purchased at approximately $223.mil via collective sales.
This translates the property rate to approximately $1654 psf, ppr. Along with the bonus of 10 percent Gross Floor Area that derives from the balcony space. Due to the inclusion of 10% bonus, the price of the land is also reduced to $1504 psfppr.
Mixed development in Woodleigh
For real estate investors interested in the first ever private mixed residential-commercial development in Bidadari estate, good news is finally here. The Woodleigh complex is said to flag off sometime in September this year. The gigantic edifice will boast approximately 680 condo apartments. The developer consists of 28,000 square meter retail gross area. This project is handled by one of the best retail firms in Singapore: The Singapore Press Holdings in addition to the support Kajima Development. Kajima Development is a developer from Japan.
Also known as the Woodleigh Residences and Mall, resident condominium units will go for as much as $2,000 in a two, three and four bedroom setting per square foot. The SPH Chairman, Lee Boon Yang is hopeful that this real estate innovation will transform ordinary land into a structure suitable for residents to make their homes. He also made it known that the condominium is built in the best convenient surroundings and equipped with state of the art mall. Read more
Will Hong Kong Address Its Soaring Unsold Apartment Market Or Just Turn A Blind Eye?
The financial secretary stated on Thursday that the number of unsold apartment units has soared significantly since 2017. He believes a tax will be required to target specific properties and slow down the housing market and force developers to unlock these vacant homes that they are hoarding.
This hoarding has made things increasingly difficult in one of the most expensive marketplaces, Hong Kong. Problems have also been contributed by favored developers who will only sell new units in batches which will cause the increase in home prices when finally released.
Private homes became more expensive properties in the first quarter of this year
By now, it’s no longer a secret that the property market in Singapore is following an upward trend. Everything started last year and it continues to evolve in the same direction this year as well. Thus, as a result, private homes in the country recorded a 3.1% increase in prices in the first quarter of 2018. The information was released by the Urban Redevelopment Authority or URA, at the beginning of April. If we are to compare these recent numbers with the increase that was recorded in the past quarter, which was of only 0.8%, we will notice a significant difference. As expected, the private property index increased as well, gaining an additional 4.3 points, rising this way from 138.7 points, which was its status in the last quarter in 2017, to 143.0 points, in Q1 of the current year.
The prices of the private properties that are non-landed rose even higher, especially in the Core Central Region, gaining no less than 5%, which is significantly higher than in the past quarter, when the increase was of only 1.4%. Even if the increase in the rest of the regions is smaller, it still happened, as the Rest of the Central Region recorded a rise of 1.1%, which is an improvement since the 0.4% increase recorded in the last quarter, and a 3.8% increase in the Outside Central Region, which is more consistent having in mind that in the past quarter the increase in this area was of only 0.8%. Read more
International Business Park Gets New $100M Hub
According to Straits Times, TUV SUD, a German company, has broken ground at the International Business Park of Singapore this past week on April 4th, 2018. This hallmarks the company’s first major real estate investment besides their headquarters in Germany. TUV SUD specializes in testing, certification, and inspection with the aim of providing high-quality safety, reliability, and environmental protection within various industries.
Sumang Walk – The EC Already Breaking Records
One of the biggest stories of the year in the Singapore property market unfolded in February with the sale of a land parcel in Punggol. The record making transaction was interesting for several reasons, none less so than exactly why it attracted so much interest, so much money, and so much buzz.
The parcel at Sumang Walk, earmarked for EC (Executive Condominium) housing, attracted 17 group of developers in total. Top of those bids was from a joint venture made up of CDL Constellation – a subsidiary of City Developments Limited – and TID Residential. That bid of S$509.37 million not only exceeded all expectations and forecasts, but when it is broken down by area (approximately S$583psf) it is the highest ever for an executive condo anywhere on the island.
The collective Sale value of Chancery Court is set up at $390m
With the land area of 24,074.4 sq. m, Chancery Court at Dunearn Road is situated in one of the prime locations of the city. There are 7 blocks of walk-up four-storey residential properties along with a tower block. These blocks consist of 8 commercial units and 136 apartments. Read more
The sale of The Tapestry
New launch condo, The Tapestry at Tampines Avenue 10 was released for sale last Saturday 24th Mar, 2018. Its developer, CDL sold a total of 315 residential units on their preview day. Developer only released 450 units during the balloting preview. With 70% of the released units sold in a single day, the project has proven to attract strong interests from both homebuyers and property investors.
Singapore’s Budget for 2018 is ready and should help the country face the coming wave of changes
On the 19th of February, Singapore’s Finance Minister, Heng Swee Keat, held his speech about the country’s budget for this year. In spite of the fact that the country started recording great progress since the last half of 2017, the Minister spoke about the most significant shifts that will take place in the coming 10 years and how Singapore must be ready to face these changes appropriately, with the help of a well-made budget. Thus, the most important changes Singapore needs to be careful about are the economic emphasis that will be placed on Asia even more than before, the population that will continue to age, and the appearance of breakthroughs in the sector of technology. This is why Singapore’s budget must be part of a plan that will allow the country to be properly prepared for these shifts.
A Record-Breaking Collective Sales Agreement has been approved in Singapore
The record largest collective sale in Singapore is on the verge of being broken as the new agreement of collective sales of Mandarin Gardens condominium has been approved.
An Extraordinary General Meeting was held on 25th March (Sunday) by the owners of this property. In this meeting, which lasted for more than 4 hours, they approved the collective asking price of S$2.48 billion.
The effect of the newly implemented higher buyer stamp duty
According to the director of the Institute of Real Estate Studies at the NUS, the stamp duty for property buyer is getting higher and this will end up affecting property prices. Recently, there was an announcement of around 1% price hike for the BSD at the budget 2018 meeting. This was something that surprised a lot of people, even those that are vetted with the industry as a whole.
There was an immediate effect and this came in the form of a 1.7% drop at the FTSE straits. This is a very important benchmark indicator for property developers. And it does show that the market does have some issues right now, issues that could potentially be solved if everything is handled correctly and with great results.
Enbloc near Holland V
FEC Properties is an indirect subsidiary of the Far East Consortium. The interesting thing about them is that they are securing a lot of properties right now, and the latest one for them is the Holland Road in District 10.
They paid around S$183.38 million, which is a lot of money. Just so you can better understand the value, we talk about 1703 Sing dollars per square foot per plot ratio. They are trying to create a high end residential development in here and they are indeed bringing in a whole bunch of great stuff to say the least.
Another High Bid For Property In Singapore’s Rush To Redevelop Apartments
An old Singapore Condo in the heart of Orchard, Makeway View was successfully sold for $168 million March 2018.
This property was offered at the same price when it first was placed up for bidding in January. The going price reflects the land rate of $1,626 per square foot per ratio and includes the approximate development charge of $21.26 million.
Urban Redevelopment Authority released a tender for 99-year leasehold on Holland Road
A generous site located on Holland Road, which is capable of providing opportunities in both residential and commercial sectors, was just made available by the state. The Urban Redevelopment Authority offer a 99-year leasehold for this particular site, which is divided into two distinct zones, as mentioned earlier. Already some of the developers that want the site placed more than one bid to get it. Thus, the site managed to gather a total number of 15 bids so far. While the URA publicly released the name of the developers competing for the site, it did not provide any information concerning the value of their bids. Also, it is expected for the tender to last two months before the URA will decide which developer will win this site.