This week, URA released news that developers sold 1,724 private homes in July, 2.6 times the 654 units in the previous month, and up 55 per cent from the 1,112 units in July 2017. While developers sold 1,000 units on 5 July, the fact that 700 units were transacted in the following weeks speaks volume of the strong fundamental demand in the market. Analysts believed that real estate investment sales in Singapore is expected to match last year's record of S$40 billion, thanks to bumper sales already clocked in for the first half this year even as Singapore economic growth eases to 3.9% in 2nd quarter.

New Zealand's Parliament passed a law to ban many non-resident foreigners from buying existing homes but Singaporeans are not affected. 

Sengkang hospitals will provide north-east residents with quality healthcare closer to home with the opening of the Sengkang General Hospital (SKH) and Sengkang Community Hospital (SKCH). People living in the north-east will be able to receive quality and affordable healthcare closer to home through partnerships with the National Heart Centre, Singapore National Eye Centre (SNEC) and the National Cancer Centre, among others, the SKH campus will also offer residents easy access to specialist services. These specialist centres are part of the SingHealth group to which the two hospitals belong.

Sengkang Central site goes for top bid of $777.8m A CapitaLand and City Developments Ltd (CDL) tie-up has clinched a commercial and residential site in Sengkang Central. Their winning bid of $777.78 million works out to $923.59 psf ppr for the 99-year leasehold site next to Buangkok MRT Station. In a joint statement, CapitaLand and CDL said their joint venture will transform the 3.7ha site - the largest commercial and residential site awarded since 2015 - into an integrated community hub with 700 residential apartments, meeting the needs of residents in Buangkok with amenities such as a hawker centre, community club, childcare centre, retail shops, as well as public rail and bus transport facilities sited in a one-stop location. The integrated development is targeted for completion in the first half of 2022. The winning bid was the highest of the four shortlisted tenderers for the dual-envelope (concept and price) tender. 

Residential - Borrowers feel rate hike pinch as banks step up mortgage repricing As interest rates hit a 10-year high, banks are increasingly firing off missives to home loan borrowers informing them that their loans have been repriced. For some, it will be the second repricing letter this year as interest rates continue their relentless climb. ​The key 3-month Sibor or Singapore interbank offered rate - a common benchmark used to price home loans - rose to 1.64 per cent over a week ago, back to levels last seen in September 2008. At 1.64 per cent, it has gained some 50 basis points from late last year. For many borrowers the applicable interest rate hike is between 20 and 40 basis points since the beginning of 2018, which can translate into several hundred dollars more in monthly instalments.

Rush to beat cooling measures sends developers' sales to 16-month high The knee-jerk reaction by some buyers who raced to snap up private residential properties on the night of July 5 to beat the cooling measures that kicked in the next day sent developers' sales for July to its highest level in 16 months. The 1,724 private homes developers sold in July was 2.6 times the 654 units in the previous month, and up 55 per cent from the 1,112 units in July 2017. However, no one is expecting a repeat performance this month, given the double whammy from the cooling measures - higher additional buyer's stamp duties and lower loan-to-value limits - as well as the ongoing Hungry Ghost festival, when some buyers avoid buying property.

Among the projects launched so far this month, The Tre Ver in Potong Pasir has done relatively well; it has sold 148 units at an average price of around S$1,550 psf, which is deemed "reasonable" for the area. As expected, the top three selling projects in July were Riverfront Residences in Hougang, Park Colonial next to Woodleigh MRT station and Stirling Residences near Queenstown MRT station. Their respective developers began sales on the evening of July 5. Together, the three projects accounted for 1,396 units, or just over 80 per cent of developers' sales of private homes last month, according to data released by the Urban Redevelopment Authority, based on its survey of licensed housing developers. At Riverfront Residences, 628 units were sold last month at a median price of S$1,307 psf. At Park Colonial, 429 units were moved at S$1,756 psf median price, while at Stirling Residences, 339 units were transacted at S$1,746 psf median price.

Developers cut prices after latest property curbs In a bid to attract more buyers, some property developers are lowering the prices of their residential projects by about 5 to 10 per cent after the latest round of cooling measures took effect on July 6. Daintree Residence, a 99-year leasehold condominium which opened for sale on July 28, was selling at an average price of S$1,710 psf, which is 5 per cent lower than the earlier announced price of S$1,800 psf.

At Potong Pasir, The Tre Ver — another new development launched on Aug 4 by UOL and United Industrial Corporation — sold at an average transacted price of S$1,550 psf. Park Colonial, which is located in the same district and put up for sale just before the cooling measures kicked in, was selling at an average of S$1,750 psf — indicating that The Tre Ver's launch prices are about 10 per cent less than its neighbouring project. Affinity @ Serangoon's developer Oxley Holdings was offering a 5 per cent discount for its one-bedroom units, and a 7 per cent discount for its two-bedroom ones. The discounts were limited to just the next 20 units sold from July 12 at the project in Yio Chu Kang. Guocoland was similarly offering a 5 per cent discount on July 12 for selected units at Martin Modern condominium in River Valley, which was launched slightly more than a year ago.

However, not all developers would see the need to bring down their prices yet, as pointed out by Mr Lee Sze Teck, head of research at property firm Huttons Asia. Some of them have managed to sell units without discounts due to the project's location, architectural design and layout. Mr Lee believes that prices will not fall further in the coming months. Mr Lee said that there is little room for developers to move prices since projects overheads are locked in, such as land and construction costs. Last month, the Urban Redevelopment Authority reported that prices of private homes went up by 3.4 per cent quarter-on-quarter from April to June. 

This effectively presents an ideal opportunity for buyers to enter the market right now to enjoy the discounts that would not have been available for them before the ABSD increase. 

​Hong Kong may be hit by perfect storm

US-China trade spat, strong currency, rising interest rates could hurt more than expected A perfect storm of rising interest rates, a strong currency and trade war blues could be circling Hong Kong, and preparations for the worst are in order so the city can ride out the choppy waters. To set the context, Hong Kong's economy has had a strong showing - its economy outperformed forecasts to grow 3.8 per cent year-on-year in 2017. The growth was just 1.9 per cent in 2016. In the first quarter of this year, the economy continued on its upbeat momentum, clocking 4.7 per cent growth year-on-year and the government was bullish in its May forecast, estimating the growth rate to be 3 to 4 per cent this year despite concerns over a trade war between the United States and China. Many analysts remain relatively upbeat, believing the strong balance sheet will help Hong Kong weather the headwinds in the second half of the year - and that may well be true. But the combination of an impending interest rate hike and a strong Hong Kong dollar could end up hurting more than expected. 

Property sector sentiment down, but underlying demand still exists 
​
​The real estate industry's business sentiment plunged after the latest round of property cooling measures, but the outlook of the services sector continued to hold firm even as manufacturing optimism waned. For firms in the services sector, a net weighted balance of 9 per cent expect more favourable business conditions, up marginally from the 8 per cent recorded in the previous survey. The net weighted balance is the difference between the proportion of optimistic and pessimistic firms. Real estate was the only industry within the services sector where firms felt that business conditions for the rest of the year would be less favourable, with a net weighted balance of -13 per cent compared to 9 per cent a quarter ago. In particular, real estate developers expect recent property cooling measures including the Additional Buyer's Stamp Duty and Loan-to-Value limits to slow down the property market.

​
Private home price increases to moderate rest of the year
​
​The property cooling measures will tame the upswing in private residential prices in the first half of the year and moderate growth in the rest of the year, but as the pipeline of units eases in the near term, rentals and occupancy rates will find firmer footing, analysts said. Private residential prices in Q2 rose 3.4 per cent, its fourth straight quarter of increase. Transaction volumes soared to a five-year high, according to second-quarter real estate statistics released on Friday by the Urban Redevelopment Authority (URA). With that, private home prices rose by a cumulative 7.4 per cent in the first half of 2018. Landed properties led the way by rising by 4.1 per cent, compared with the 1.9 per cent increase in the previous quarter, while prices of non-landed properties rose by 3.2 per cent, compared with the 4.4 per cent increase in the previous quarter. 

SP Setia moved 50 of the 80 apartments launched at Daintree Residence over the weekend, in the private property market's first new launch since latest cooling measures kicked in earlier this month. The first phase of the 327-unit Daintree's launch achieved an average selling price of $1,710 per sq ft (psf), the developer told The Business Times on Sunday, with two-bedders making up the bulk of apartments sold, followed by three-bedroom homes. The price tag at Daintree was slightly under the S$1,800 psf that Mr Neo quoted ahead of the launch. But that's not to say that the developer is holding a fire sale. Next-door neighbour The Creek @ Bukit sold out for less last year, at S$1,630 psf. Malaysia's SP Setia snagged the Toh Tuck Road site in a government tender last year at S$265 million, or S$939 psf ppr. The decision to hold back the rest of the units could reflect the expectation that rivals will go in with higher prices, as the nearby Goodluck Garden condominium was sold en bloc at S$1,210 psf in March. 

Court gives go-ahead for Albracca en bloc sale

The Albracca condo at Meyer Road was granted a sale order by the High Court on Friday afternoon, following proceedings last month to decide on the fate of its collective sale. The 11-unit development was sold for S$69.1 million to Sustained Land last July, but one owner - who represented himself in court - had objected to the sale. The Business Times understands the court ordered costs against the objector, who has to pay the legal fees and disbursements of the other owners. It is not known if the owner will appeal Friday's decision.

Fragrant Gardens up for collective sale at $65m

Fragrant Gardens, located off Upper Paya Lebar Road, has put itself on the market for a collective sale with a reserve price of $65 million. This translates to a land rate of approximately $1,204 psf ppr, said its marketing agent. With no development charge payable, and with the inclusion of a 10 per cent bonus balcony gross floor area, the land rate works out to about $1,094 psf ppr, subject to the authorities' approval. The 37-unit freehold development occupies a 38,576 sq ft plot, with a gross plot ratio of 1.4 and a maximum gross floor area of about 54,005 sq ft, the site can be redeveloped into 71 new units averaging 70 sq m each. 

URA nod for 4,107 units at Tampines Court, Normanton Park

The Urban Redevelopment Authority (URA) granted provisional permission for several residential projects in the second quarter of the year. These include two large projects with well over 1,000 units each on sites sold through collective sales. Sim Lian won URA's provisional nod in June to develop a 2,225-unit condo on the Tampines Court site. In the same month, Kingsford Huray Development was granted approval for a 1,882-unit project on the Normanton Park site - comprising 1,863 apartments and 19 strata terrace houses. Normanton Park is near Science Park and Kent Ridge Park. In Q2 this year, URA also granted provisional permission to some developers for their projects on sites clinched at state tenders. Notably, Frasers Property received approval to develop a residential and serviced apartments project totaling 500 units on the former Zouk site in Jiak Kim Street. Market watchers note that Frasers Property's project combines developing apartments for sale with a long-term investment approach by also including a serviced residences component which the group is likely to retain for recurring income. In May, URA granted provisional permission to City Developments Ltd (CDL) to develop the 718-unit Whistler Grand on a site in West Coast Vale that the group clinched at a state tender earlier this year. 

Property curb prompting developers, especially smaller players to rethink strategy

The halting of an en bloc purchase by Tee Land reflects the turn in sentiment among property developers in Singapore who have begun redoing their sums on the back of the latest cooling measures, industry observers told Channel NewsAsia. Singapore-listed Tee Land said it has decided not to exercise its option to purchase Teck Guan Ville via a collective sale that would have been worth S$60 million, forfeiting its 1 per cent deposit to “adopt a more prudent and circumspect approach towards new projects” to the impact of recent property curbs on market sentiment and purchasers’ interest. Experts have said that the unexpected policies announced on Jul 5 fuelled two worries for property developers. First, the prospect of higher land acquisition costs given an extra non-remissible five per cent Additional Buyer's Stamp Duty (ABSD) for residential land purchases. Second, the fear of a demand slowdown as home buyers face a hike in ABSD rates and tightened loan-to-value (LTV) limits. This worries developers, particularly due to an increase in the remissible ABSD rate to 25 per cent, which can only be waived if they sell all their units within five years. 

Takashimaya Singapore rises to the challenge

​Takashimaya Singapore, which is celebrating the 25th anniversary of the opening of its department store on Orchard Road, looks to achieve a 3 to 4 per cent increase in sales this year, after posting flat growth last year. For the year ended Dec 31, 2017, the operator of the popular Orchard Road department store saw sales inching up 0.3 per cent or S$2 million to S$644 million from the previous year. In both years, tourists accounted for a quarter of the store's sales - with Indonesians having the biggest share, followed by Chinese, Malaysians and Vietnamese. Takashimaya Singapore's operating profit rose 10 per cent to S$44 million last year from S$40 million in 2016. 


Google opens third data centre in Singapore's Jurong West

US Internet giant Google announced on Wednesday that it will build a third data centre in Singapore to meet rapid user growth in the region, bringing its total long-term investment in such facilities here to US$850 million. A Google spokesman told The Business Times that this latest data centre adds another US$350 million to its spending in Singapore. The company said in a blog post that it has begun construction on the third facility in Jurong West, just down the road from its first two centres. Google said that its latest centre, expected to come online in 2020, will be built on a plot of land the size of the first and second centres combined. 


​Singaporean family puts Crowne Plaza resort on sale

Tourism complex Crowne Plaza Surfers Paradise in Australia has been put on the market by its owners - a Singaporean family - for more than A$100 million. Standing on a 1.2-hectare site, the resort complex comprises the 269-room Crowne Plaza Hotel currently operated by IHG, management rights for the 104-room Gold Tower, retail space, a tavern, 15 function venues and multiple food and beverage outlets, including Queensland's only revolving restaurant. The offering also comes with a development site which already has approval for 234 apartments in a 46-level tower. According to Australian media, the hotel is being sold by Xgenesis, a fund anchored by a Singaporean family office. 

A freehold development in District 10 development - Park House at 21 Orchard Boulevard successfully sold for S$375.5 million on 13 June 2018 translating to a record collective sale price of S$2,910 per sq ft per plot ratio (psf ppr) on the maximum allowable gross floor area of 129,035 sq ft, excluding the 10 per  cent bonus for balconies. 

Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.

Park House enjoys a prominent yet exclusive location on Orchard Boulevard with good accessibility to the Orchard Road shopping belt and a short walking distance to Orchard Boulevard MRT when it is completed in 2021.

The public tender for Park House was awarded on June 1 to Shun Tak Cuscaden Residential, a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings. Zoned as residential under the 2014 Master Plan, the 46,984 sq ft site has a plot ratio of 2.8. Shun Tak Holdings intends to redevelop the site into a luxury residential development with expected completion by 2023.

“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake, the agency that sealed this enbloc deal.

This new benchmark price beats the previous peak of S$2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013.

Meanwhile, Lakeside Apartments in the Jurong Lake District has been put up for en bloc sale on the market with a reserve price of $240 million - the latest to wade into the wave of collective sales here. More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the tender was launched on Tuesday (12 June 2018). This means each of the owners at the 120-unit development stands to pocket $2 million.

​The site in Yuan Ching Road is zoned residential with a plot ratio of 2.1. It comprises two tower blocks of 15 storeys, and has 58 years left on its 99-year lease. An enhancement premium of $55.56 million will have to be paid for both the lease top-up premium and land use intensification of the site. The 120-unit development comprises two 15-storey tower blocks on a large 134,176 sq ft site. The tender for Lakeside Apartments closes on 24 July 2018.

Market watchers are seeing an increased demand for the Singapore residential property market from foreign investors and house hunters after the successful Trump-Kim summit held in Singapore on 12 June 2018 with many observers and academics calling the Trump-Kim summit a turning point and a historical moment for the world.

This greatly boosted the prospects of finally seeing peace in the Korean Peninsula and marks the eventual removal of the decades of constant threat of a devastating nuclear war in Asia.

This will mean market recovery and stability for many Asian countries with foreign investors from Europe and Americas looking southwards towards Asia and South-East Asia, Property markets are set to benefit from foreign investor's attention as Asia has seen a robust performance as compared to Europe, North America and South America as well as the Middle East. 

High-net-worth foreigners and foreign investment firms are beginning to scan Asian cities for properties to invest in and one of the prime destination is Singapore for its safe investment environment and stable political climate. 

The Singapore housing sector has recently rebounded after home prices fell 12 per cent from the last peak in 2013. At the same time, household income has improved, resulting in housing affordability - measured by private home price-to-income ratio - falling to a 20-year low. The high-end residential segment, especially, would find itself the centre of foreigners' interest again, he said. This segment is the most dependent on foreign demand and has suffered the brunt of existing curbs. Prices have fallen so much that their median per square foot prices are now at a 62 per cent premium over mass market condominiums - near a 10-year low. 

During the 1970s and 1980s, the government catered to the public demand for larger sized and fancy designed public housing as a housing option for middle-income citizen families by introducing HUDC flats on sprawling land parcels in HUDC estates. HUDC was a good scheme for people who could not afford private property but wanted something better (than public housing).

However, HDB decided to phase out the building of HUDC flats in 1987 as their demand declined and as land scarcity issues surfaced on our tiny Singapore island. There are therefore a total of 18 HUDC estates comprising 7,731 residential and 23 shop units by the time the government decided to stop building new HUDC estates in Singapore.

From 1995, the government gradually privatised the HUDC estates to meet the rising aspirations of Singaporeans to own private properties and by March 2017, all 18 HUDC estates were privatised into private residential developments where the HUDC home owners have to form their own residents council and contribute to their own sinking and management funds to take care of their private estates.  

Since the gradual privatisation of the HUDC estates from 1995 into private housing estates, thirteen out of eighteen of these private housing estates had been collectively sold to private developers through various enbloc exercises creating thousands of new millionaire households.

AMBERVILLE HUDC estate was snapped up in 2006 at the price of $183 million and became the first former HUDC estate to be sold collectively. Its price translates into $396 per square foot per plot ratio (psf ppr), after accounting for a development charge of about $35.2 million and a differential premium of $23.8 million to top up the lease from 71 years to 99 years. AMBERVILLE has been developed into a beautiful condo project called Silversea.

FARRER COURT HUDC estate  was sold above the owners’ reserve price of $1.2 billion but below their asking price of $1.5 billion to CapitaLand at an awesome $1.34 billion for the sprawling Farrer Court estate in 2007. Owners at the 618-unit complex will get about $2.15 million each, depending on the size of their flats, which range from 1,453 to 1,615 square feet. FARRER COURT HUDC estate has now been transformed into a grand condo project called d'Leedon

GILLMAN HEIGHTS HUDC estate was acquired by CapitaLand for S$548 million in 2007. There are 607 apartments in GILLMAN HEIGHTS HUDC estate – about 1,700 and 1,950 square feet each, and one shop unit. Based on a S$363 per square foot per plot ratio, the residents will be compensated between S$880,000 to S$950,000 per unit. The amount is inclusive of a differential premium of S$90 million to top up the lease to 99 years & maximise the use of the plot ratio from the present 1.65 to 2.1. GILLMAN HEIGHTS HUDC estate is now the very beautifully unique condo development called The Interlace.

MINTON RISE HUDC estate was sold to Kheng Leong, a privately owned property group controlled by the family of banker Wee Cho Yaw for $209 million in 2007. Minton Rise has 342 apartments in total and owners of the privatised HUDC estate will receive about $611,000 on average. MINTON RISE HUDC estate is now a condo with amazingly beautiful facilities called The Minton.

WATERFRONT VIEW HUDC estate in 2006 was acquired by Far East Organization and Frasers Centrepoint's maiden joint venture, which bought the privatised former HUDC estate facing Bedok Reservoir, for $385 million. This price works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site’s plot ratio, and upgrading the site’s lease to 99 years for this sprawling 809,037 sq ft site. Due to its huge land size,  WATERFRONT VIEW HUDC estate is now divided into 4 condo developments: Waterfront Waves, Waterfront Gold, Waterfront Key and Waterfront Isle.

SHUNFU VILLE HUDC estate was sold for S$638 million in May 2016, marking the third largest en bloc by quantum in Singapore. Each owner of the 358-unit condo, which lies less than 200 metres from Marymount MRT Station, stands to get around S$1.78 million. The 358-unit project was first put on sale in September with an asking price of at least $688 million or $791 per sq ft (psf) per plot ratio. The tender closed last October with no formal bids but two letters of interest. It was relaunched for tender at the same price in late January. Shunfu Ville sits on a huge 408,927 sq ft land site with a plot ratio of 2.8.

A beautiful new condo development will be launched soon on this site called: Jade Scape. Register for the soft launch invite, updates and floorplans for Jade Scape here.

RAINTREE GARDENS HUDC estate in Potong Pasir was sold in Oct 2016 for $334.2 million, after more than five developers bid for the site. Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit after being sold to UVD (Projects), a joint venture of UOL Group and United Industrial Corporation. The price works out to about $797 per sq ft per plot ratio (psf ppr), including the premium paid to top up the lease to a fresh 99 years and for redevelopment of the site to a gross plot ratio of 2.8.

The location is near the very popular Bidadari estate and UVD is looking to develop the 201,405 sq ft site to house about 750 units. This HUDC site will be developed into an exciting project called: The Tre Ver, register for the soft launch invite, updates and floorplans here.

RIO CASA HUDC estate Rio Casa, a privatised HUDC estate, has been sold for S$575 million to a joint venture company Oxley-Lian Beng Venture. The JV partners are KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital. Rio Casa in Hougang Avenue 7 comprises seven blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres. Each owner stands to receive a gross sale price of about S$2 million upon the successful completion of the sale. 

A new upcoming condo development will be launched soon called: Riverfront Residences. Register for the soft launch invite, updates and floorplans here.

Privatised HUDC estate Serangoon Ville in Serangoon North Avenue 1 has been sold to an Oxley Holdings-led consortium for $499 million in July 2017 well above the $400 million to $430 million the owners had been expecting. The buyer, joint venture firm Oxley Serangoon, comprises partners including Oxley Holdings, Lian Beng Group, Apricot Capital and entities of KSH Holdings and Heeton Holdings with the purchase price working out to a land rate of $835 per sq ft per plot ratio. Serangoon Ville comprises 244 apartments and maisonettes across seven blocks, with sizes ranging from 1,625 sq ft to 1,733 sq ft. Each owner will receive about $2 million from the sale.

The new condo development that will be built on this plot of land is called: Affinity at Serangoon. Register for the soft launch invite, updates and floorplans here.

TAMPINES COURT HUDC estate was successfully sold to property developer Sim Lian for a cool $970 million in Aug 2017 as the collective sale market here continues to sizzle. It is the largest such deal for a former Housing and Urban Development Company property in a decade since Farrer Court changed hands for $1.34 billion in 2007. The enbloc price for the 560-unit development, in Tampines Street 11, works out to about $676 per sq ft (psf) per plot ratio with each owner standing to gain about $1.71 million to $1.75 million. The 702,164 sq ft site could be turned into a project of about 2,000 to 2,100 new units - or as many as 2,600 units, if the site is stretched to its limits. You may follow this project's future developments here.

Eunosville, a former HUDC estate, has 330 units - comprising 255 maisonettes and 75 apartments. It was sold in June 2017 to Hongkong Land's fully-owned unit MCL Land through a collective sale, at a price of S$765.78 million, working out to a land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio (ratio of maximum gross floor area to land area) of 2.8 and to top up the site's lease to 99 years. Owners stand to receive a gross sale price of about S$2.25 million to S$2.41 million per unit upon the successful completion of the sale. Eunosville will be developed into a beautiful condo project. Find out how this estate will be developed in future by registering your interest here.

Florence Regency finally closed a collective sale deal under private treaty after Chinese developer Logan Property (Singapore) agreed to match the independent valuation of $629 million for the property in Hougang Avenue 2 in Oct 2017. Each owner of the 336-unit former Housing and Urban Development Company (HUDC) estate will receive gross proceeds of between $1.84 million and $1.89 million.

The 389,236 sq ft site is zoned residential with a gross plot ratio of 2.8 and could yield around 1,000 units. The land price works out to $842 per sq ft (psf) per plot ratio (ppr) after factoring in the estimated differential premiums of $288.6 million to top up the lease to a fresh 99 years and develop the site to the gross plot ratio of 2.8.

Florence Regency is one of the last few privatised HUDC estates in the north-east region. The future development will enjoy unblocked views, located next to landed housing estates and across the Hougang Stadium and the sports and swimming complex. Find out how this estate will be developed in future by registering your interest here.

CHANCERY COURT, a privatised HUDC estate with 136 residential and eight strata commercial units across the road from Anglo-Chinese School (Barker Road), has fetched $401.78 million - a highly sought-after development among parents who want to register their children into Anglo Chinese School, given that the ACS Barker Road campus is located just across the road. Upon successful conclusion of the collective sale following Strata Title Board approval, owners of the residential units can expect proceeds of $1.8 million to $3.5 million, while the owners of the strata commercial units will walk away with $934,000 to $4.7 million, depending their unit size. The Chancery Court HUDC estate will be developed into a new condo development. Find out how this estate will be developed in future by registering your interest here.


With the sale of Chancery Court, only five of 12 former HUDC estates remain for now - Ivory Heights, Pine Grove, Laguna Park, Braddell View and Lakeview. All five are in various stages of the collective sale process.

THE Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have released three sites with residential components for sale at Dairy Farm Road, Sims Drive and Tampines Avenue 10 under the first half of the 2018 Government Land Sales (GLS) Programme.

For sale is one Confirmed List site at Dairy Farm Road launched for residential development with commercial uses at the first storey. This land parcel has a site area of 19,647.5 square metres (sq m), with a 99-year lease period, and a permissible gross floor area (GFA) of 41,260 sq m. The project completion period is five years, and tender for this development will close at 12 noon on 4 Sept 2018. 

The Dairy Farm Road plot's most attractive attributes are its proximity to the Bukit Timah Nature Reserve and partial unblocked views over the landed residential plots. The site's proximity to Hillview MRT station and major expressways as well as strong rental demand from expatriates in the locality are reasons why the site may prove to be popular with developers.

The last time a residential GLS site was sold in the area was in 2012, to a consortium led by TA Corporation for S$616 per square foot per plot ratio (psf ppr) and developed into The Skywoods. Nearby, there is an older condo development - The Dairy Farm which is now in the process of gathering the requisite consensus for its collective sale with an asking price of over S$1.68 billion, or a land rate of at least S$1,100 psf ppr inclusive of the development charge.

The current record GLS land rate (S$805 psf ppr) in the Bukit Panjang/Hillview/Dairy Farm/Bukit Batok locality is now held by the land parcel where Hillion Residences and Hillion Mall stand. Units in Hillion Residences have commanded average prices of S$1,496 psf this year.

Separately, URA also announced another residential site at Sims Drive made available for application under the Reserve List. This means developers can trigger the tender of these sites if they indicate interest with bid commitments acceptable to the URA.

The development at Sims Drive has a site area of 16,225.3 sq m, with a lease period of 99 years, and a permissible GFA of 48,676 sq m.

This GLS land parcel at Sims Drive is sited right beside the beautiful condo development that has recently achieved TOP status called Sims Urban Oasis, developed by the very reputable Singapore listed developer - Guocoland. There are still a small handful of three bedroom units, 'rare' four bedroom dual-key and 5 bedroom units available for sale at Sims Urban Oasis, find out more about this project by clicking the project image above.

In addition to the above two land parcels, URA also announced a HDB executive condominium site at Tampines Avenue 10 that is available for application under the Reserve List as well. This plot of land for development of an executive condominium at Tampines has a site area of 2.56 hectares (25, 600 sq m), and a proposed gross plot ratio of 2.8. 

Beside this plot of land is a recently launched new condo development called The Tapestry, developed by another very reputable locally listed developer - City Developments Limited or CDL. This project is a private condo project and features good sized layouts in their interior floorplan designs that appeal to both home owners and investors alike. You may click on the project image below to visit The Tapestry website to find out more.

Collectively, the three GLS land parcels released by URA as shown above can yield an estimated total of 1,880 residential units.

If you are looking to buy a brand new condo project that has recently attained TOP status with available units left direct from developer, we have collated the below projects for your perusal.

The DUO Residences comprise an integrated developments with office, hotel, retail, entertainment and residential uses, all set within an attractive garden-like environment right in the heart of the city in Bugis. Its developer, M+S  Pte Ltd is jointly owned by Malaysia's Khazanah Nasional and Temasek Holdings. Enclosed in a park-like environment, DUO features 660 units of prime residences over a  49-storey tower and a 39-storey commercial tower comprising 21 storeys of Grade A offices, a five-star hotel and close to 80,000 square feet of retail space.

Marina One Residences is an integrated development nestled in greenery whilst connected to 21st century infrastructure. Replete with stunning views, the award-winning Marina One Residences is the design of Christoph Ingenhoven, a leader in sustainable architecture. The lush central garden makes Marina One a luxurious oasis, offering serenity right in the bustling city. Marina One Residences is shaped around you, where you’ll truly feel at home.

UIC Limited's flagship development, previously the UIC Building located at 5 Shenton Way into a spanking new V on Shenton - an integrated development comprising a 54-storey residential tower and a 23-storey office building. Strategically located at the confluence of Shenton Way and Marina Bay Financial District, V on Shenton, comprises of 510 units ranging from studio, 1 to 3-bedroom apartments and penthouses.

The Trilinq condo consist of two 36-storey towers with 755 units and a 33-storey tower of clubhouse facilities. There are also two basement carparks for residents and their guests. Designed to provide all the conveniences and luxuries of modern living, The Trilinq has numerous onsite amenities and facilities to give residents their own slice of paradise.

Coco Palms is the final development in Pasir Ris Grove and closest to Pasir Ris MRT. A stunning residential development by City Developments Limited, Coco Palms takes its architectural inspiration from some of the world’s best and most exclusive resorts such as the Maldives, the Caribbean and Fiji. It combines home comforts seamlessly with the laid-back charms of a luxury beach resort. Designed with sustainability in mind, Coco Palms has achieved the BCA Green Mark Gold PLUS Award.

Sims Urban Oasis is a new launch development located at Sims Drive. Developed by reputable developer Guocoland Limited, Sims Urban Oasis occupies a massive land size of 23,900 square metres, with 1,024 luxurious residential units, commerical shops, and a childcare center.

Sims Urban Oasis Development boasts of full Condominium Facilies, with two full size 50m Swimming Pools, 25m SkyPool, Tennis Court, Pavilions and Lush Landscaping. The development also incorporates 6 commercial shops, bringing convenience to the residents. A childcare center is also within the premises, providing much-needed childcare services to the vicinity.

Sims Urban Oasis Singapore is conveniently located near Aljunied MRT (3-5 min walk). Sims Urban Oasis residents also have access to nearby amenities and 24-hour eateries in Geylang, Katong and Marine Parade areas.

This evening - Monday (May 28 2018) , Malaysia's Prime Minister Mahathir Mohamad confirmed in a press conference that Malaysia will drop the Kuala Lumpur-Singapore high-speed rail project (HSR), saying the project will not benefit his country.

"It is a final decision, but it will take time because we have an agreement with Singapore," Dr Mahathir said "It's not beneficial. It's going to cost us a huge sum of money. We'll make no money at all from this arrangement," he added. "(The HSR) is only a short track. It is only going to save people one hour by taking the HSR."

Some analysts believe the HSR Terminus would have been the Cherry on The Cake for Jurong District and that the loss of the terminus may cause the Jurong Lake District to lose its shine but some may also argue that Singapore and Malaysia are already well connected by land and air and is not reliant on the HSR rail to boost our nation's economy.

So the current question in everyone's mind now is: "will this decision of scrapping the high-speed rail adversely affect Jurong's condo property values?"

A new Jurong Innovation District (JID), envisioned as the industrial park of the future, will be built as part of the Government's push to encourage more innovation.The first phase of the district, which will be in Jurong West, is expected to be completed by around 2022.

The Jurong Lake District (JLD) will bring together researchers, students, innovators and businesses to develop products and services of the future. It will also create an environment to house different activities within a single next-generation industrial district - becoming the future of innovation for enterprise, learning and living. The government is determined to transform Jurong into the industrial park of the future redefining how we live, work, play, learn and create as a nation.

The Jurong Lake District project - set to be completed after 2040 is expected to create more than 100,000 new jobs in the 360-hectare Jurong Lake District - announced in 2008 as part of URA's efforts to provide more job and recreational options in the heartlands.

The district has been divided into two precincts - Jurong Gateway, the commercial hub where redevelopment has already begun, and Lakeside.

The new jobs will be created in sectors such as the maritime industry, with the future Tuas mega port; infrastructure development, due to the neighbouring Jurong Industrial Estate; and in the technology sector with the Nanyang Technological University and the planned Jurong Innovation District nearby.

The Tuas mega port, slated to open in phases from 2021, may be more than a hive of container traffic. Cafes, retail stores and even a jogging track overlooking the hustle and bustle of trade are being considered in a bid to optimise land use and add vibrancy.

The 24-kilometre long Jurong Region Line (JRL) will add 24 stations to the existing rail network, including three interchange stations at Boon Lay, Choa Chu Kang and Jurong East MRT stations, which will link to the North-South Line and East-West Line. From 2026 onwards, commuters can start enjoying the JRL in three stages.

Jurong is close to many manufacturing industries and businesses and two of Singapore's main universities Nanyang Technological University and National University Singapore. The JRL will connect the Nanyang Technological University (NTU) and the gateway to Jurong Island to the existing Choa Chu Kang and Boon Lay stations in a Y-shape operating pattern. Separately, the line will serve the Pandan Reservoir and Tengah area, passing through Jurong East station.

48-year old, 32-unit Phoenix Heights condominium in Bukit Panjang is expected to be launched for collective sale on June 7 and the tender will close on July 10. The 99-year leasehold condo sitting on a 42,764 sq ft piece of land.

Located at 71-85 (Odd Nos.) Phoenix Avenue in District 23, Phoenix Heights has a $36 million asking price translating to about $668 psf per plot ratio (ppr), including the 10% bonus balcony space and premiums payable to top-up up the lease. Under the 2014 Master Plan, the site is zoned for residential use and has a plot ratio of 1.4.

The 139-unit Landmark Tower at Chin Swee Road has been sold to a joint-venture (JV) company for $286 million, according to a release by marketing agent JLL. One of the JV partners is said to be a public listed company.
The 60,821 sq ft site is zoned for residential use with an as-built plot ratio of 4.0. The winning bid of $286 million translates to a land rate of $1,406 psf per plot ratio (ppr) after taking into consideration the lease upgrade premium of $57 million, estimates Tan Hong Boon, JLL regional director.
The price of $1,406 psf ppr compares favourably to the $1,515 psf ppr achieved at Pearl Bank Apartments, which was sold to CapitaLand in February. Landmark Tower is also a 99-year leasehold development located next to Pearl’s Hill City Park, near Pearl Bank Apartments.

Given its vantage point, Landmark Tower offers residents 360-degree city views. Based on the sale price, the owners of Landmark Tower will receive gross proceeds between $1.6 million and $4.9 million from the collective sale, adds JLL’s Tan.The 33-year old development was put up for collective sale on April 10 with a reserve price of $285 million, althought owners had expected in excess of $300 million ($1,474 psf ppr) for it.

Chinatown Plaza located along Craig Road has been sold for $260 million to a property unit affiliated to Singapore-based RGE (Royal Golden Eagle), the pulp and paper and palm oil giant manages a group of resource-based manufacturing companies with global operations and assets exceeding US$18 billion (S$24.5 billion). The price translates to a land rate of $1,915 per sq ft per plot ratio (psf ppr). Chinatown Plaza has a land area of 33,953 sq ft and is zoned for commercial and residential use. The site has the potential to be redeveloped up to its existing gross floor area of 135,742 sq ft.

Outline planning permission for serviced apartments with commercial use has been granted by the Urban Redevelopment Authority. Apartment owners are expected to receive gross sale proceeds of between $3.44 million and $4.79 million per unit, while shop owners can expect between $1.64 million and $10.62 million per unit. Such freehold mixed-use sites within the city are rarely available and given its city centre location in a popular and vibrant enclave within close proximity to MRT stations, the property is perfectly situated for use as serviced apartments. This development option will allow the purchaser to hold the invaluable freehold property for long-term investment.

Balestier Regency is a freehold, 72-unit apartment that has been launched for collective sale by tender. Balestier Regency sits on a 61,952 sq ft site and is expected to fetch at least $218 million, which translates into a land rate of $1,265 psf per plot ratio (ppr), including a $1.35 million development charge. The land price would be reduced to $1,221 psf ppr if the 10% bonus balcony area is included.

The site is zoned for residential use, has a plot ratio of 2.8 and an allowable building height of up to 36 storeys. The maximum allowable gross floor area will be 173,409 sq ft. The redevelopment could potentially yield about 230 units of 753 sq ft each, subject to approvals.The tender will close on June 21.

Leonie Gardens is launched for collective sale by tender with a reserve price of $800 million. The reserve price translates to $2,104 per sq ft based on existing gross floor area, or $2,021 per sq ft per plot ratio (psf ppr) if a 10 per cent balcony space is included, subject to approval. The tender will close at 3pm on Thursday, June 21.

Leonie Gardens, located at 23, 25 and 27 Leonie Hill in District 9, has 71 years remaining on its 99-year leasehold, which expires on Sept 14, 2089. The condo consists of 138 units, with a total strata area of 324,972.90 sq ft and a gross floor area of 410,431.80 sq ft.

The site is zoned residential under the Urban Redevelopment Authority Master Plan 2014, with a plot ratio of 2.8. According to Huttons, it can be developed into 544 condominium units averaging at about 70 sq m each, or 380 condominium units at about 100 sq m each. Subject to approval, it is possible to have a 10 per cent balcony space added, increasing the area to 449,031.63 sq ft.

Located at the intersection of Shunfu Road and Marymount Road, within walking distance of Marymount MRT station - Le Quest sold 70 units on the first day of its Phase Two sales. The 516-unit development with one- to four-bedroom units will house a childcare centre, a supermarket, retail outlets and other food and beverage establishments over 6,000 square metres. Prices for one-bedroom and two-bedroom units, which proved popular among new buyers, start from S$703,000.

This Qingjian Realty (South Pacific) Group mixed development project in Bukit Batok offered just 115 units for sale on Saturday (May 19), just a week after it opened up the development for Phase Two preview. In August 2017, Le Quest - a beautiful mixed development, which is a short drive away from Singapore's second central business district in Jurong East, sold 280 units its Phase One sales.

With an average psf of $1,380, buyers can get a four-bedroom unit in the mixed-use development Le Quest from $1.8 million. Prices of the units offered in Phase Two, though higher than at first launch, did not deter buyers from snapping up the units as it is still one of the most competitive among the recent launches.

Qingjian Realty is planning to launch another exciting project - JadeScape, formerly the HUDC estate known as Shunfu Ville, this year. Visit the project website below for JadeScape:

Dunearn Gardens sold for S$468 million.

The collective sale frenzy continues unabated as Dunearn Gardens, a 114 unit freehold residential development located off Newton Road, becomes the latest to be sold on its third attempt to EL Development Pte Ltd for $468 million.

The sale price translates to a land price of about $1,914 psf ppr, but if taking into account the 10% bonus balcony that would raise the proposed plot ratio to 3.08, the land price would be about $1,841 psf ppr subject to authorities approval. EL Development intends to redevelop the site into a 34-storey luxury condo comprising 348 units, consisting one to four bedroom apartment units.

Olina Lodge sold for $230.9 million

The 67 unit Olina Lodge, a residential development located at 15 Holland Hill in prime District 10 has been sold en bloc for $230.9 million to Peak Opal - a unit of Kheng Leong, the privately held property development company of  legendary banker, Wee Cho Yaw of UOB.

The sale price translates to a land rate of $1,712 psf ppr and is also 5% higher than the owner's reserve price of $220 million. Olina Lodge is zoned residential with a plot ration of 1.6 and a maximum height of 12 storeys. The project can be redeveloped into a new development with gross floor area of 148,348 sqft including 10% bonus GFA for balcony space. Development charge will not be payable due to the high development baseline.

Twin Vew preview draws over 7,500 visitors

CSC Land's first development, Twin Vew in West Coast Vale attracted a strong turnout when its showflat opened for preview over the weekend with more than 7,500 visitors turning up over the 2 days.

The two 36 storey towers in the residential development will have 520 units comprising one to four bedders ranging from 484 sqft to 1,518 sqft. It will also have six penthouses, 2 shop spaces and a childcare centre. Indicative prices for the development range from $650,000 for a one bedroom unit to $1.55 million for a four bedroom unit including the early bird discount. Twin Vew is expected to be ready by the fourth quarter if 2021.

Two freehold sites going enbloc

Park House in Orchard and St Michael's condominium in Serangoon have joined the collective sale frenzy with guide prices of $308 million and $112 million respectively. The $308 million reflects a land rate of approximately $2,387 psf ppr or $2,170 psf ppr after taking into consideration the 10% bonus gross floor area allowed for balconies. The 46,084 sqft freehold site has an allowable plot ratio of 2.8. Development charges are not payable as the baseline plot ratio is equivalent to about 3.66. The tender will close at 3pm on 31 May 2018.

The freehold 60 unit St Michael's condo off Serangoon Road has been launched for a collective sale on 24 April 2018 and is expected to fetch $112 million with no development charge payable due to its high baseline GFA. Including a 10% bonus balcony, which would raise the proposed plot ratio to 3.08, the land price would be about $1,072  psf ppr. Tender closes on 23 May 2018.