- Published on
Golden Mile Complex, with its iconic stepped form, emerged as a symbol of this rapid national development. The building synthesised the prevailing international architectural aesthetic with a young nation's ambitions of urban renewal. - BT File photo
GOLDEN Mile Complex has been put up for sale in its second collective sale attempt at a reserve price of S$800 million after the Urban Redevelopment Authority (URA) announced on Oct 22, 2021 that Golden Mile Complex will be gazetted as a conserved building in view of its historical and architectural significance. Under the conservation status, the 47-year-old complex's main building with its signature terraced facade on top of a podium block will have to be retained.
Alongside the conservation requirements, a set of planning incentives will also be offered to support the adaptive reuse and commercial viability of the building given the building owners' interest in a collective sale. The incentives include bonus floor area which will allow the building of an additional 30-storey tower within the existing site, a partial development charge waiver on the additional floor area, a development charge waiver for the enhancement in value of the conserved gross floor area, adjustment of the site boundary to be more regular, the option to top up the lease on the land to 99 years, and the flexibility to adapt the building to a mix of possible uses.
Alongside the conservation requirements, a set of planning incentives will also be offered to support the adaptive reuse and commercial viability of the building given the building owners' interest in a collective sale. The incentives include bonus floor area which will allow the building of an additional 30-storey tower within the existing site, a partial development charge waiver on the additional floor area, a development charge waiver for the enhancement in value of the conserved gross floor area, adjustment of the site boundary to be more regular, the option to top up the lease on the land to 99 years, and the flexibility to adapt the building to a mix of possible uses.
Golden Mile Complex was completed in 1973, and its sister building Golden Mile Tower, located next door, was completed a year later. Some long-time business owners still occupy their units today, but little else has remained the same for this Brutalist icon.
In 2006, a politician described Golden Mile Complex as a "vertical slum" and a "national disgrace". Years of poor maintenance, low occupancy and low rent had caused the building's physical state to deteriorate.
The physical decline of Golden Mile Complex stems from its status as a strata-title leasehold property, which means that the building has hundreds of individual owners. At the start of the lease, everyone pools money into a fund, known as a sinking fund, which is used for building repairs. But there is no mechanism for the sinking fund to maintain the cash flow. Over time, the money dries up. The shared swimming pool has long been drained and lies unused, abandoned. Pipes often leak into residents' bedrooms and balconies.
In 2006, a politician described Golden Mile Complex as a "vertical slum" and a "national disgrace". Years of poor maintenance, low occupancy and low rent had caused the building's physical state to deteriorate.
The physical decline of Golden Mile Complex stems from its status as a strata-title leasehold property, which means that the building has hundreds of individual owners. At the start of the lease, everyone pools money into a fund, known as a sinking fund, which is used for building repairs. But there is no mechanism for the sinking fund to maintain the cash flow. Over time, the money dries up. The shared swimming pool has long been drained and lies unused, abandoned. Pipes often leak into residents' bedrooms and balconies.
The last sale attempt of the property had ended in July 2019, with the 2 tenders in the first round of the collective sale exercise closing with no bids. The reserve price for the sale remains the same as its previous attempt. Depending on the proposed mix of uses, the indicative land rate will work out to S$1,350 per square foot (psf) per plot ratio, including differential and lease upgrading premiums.
While developers keen to bid for the collective sale of Golden Mile Complex may be constrained by the building's conservation status, there are also incentives for the collective sale to take place. Kiwi Lim from Huttons Asia felt that the government also provided various carrots for developers who are keen to redevelop this beautiful project in a prime location with lots of upside potential with incentives such as increasing its gross plot ratio and waiving part of the development charge among others, making the Golden Mile Complex site much more appealing to entice developers. The upcoming potential future developments nearby will also make this future mixed development an attractive project.
While developers keen to bid for the collective sale of Golden Mile Complex may be constrained by the building's conservation status, there are also incentives for the collective sale to take place. Kiwi Lim from Huttons Asia felt that the government also provided various carrots for developers who are keen to redevelop this beautiful project in a prime location with lots of upside potential with incentives such as increasing its gross plot ratio and waiving part of the development charge among others, making the Golden Mile Complex site much more appealing to entice developers. The upcoming potential future developments nearby will also make this future mixed development an attractive project.
Business Times article on 30 Nov 2021
- Published on
The Government has been closely monitoring the property market for several quarters. The private residential and HDB resale markets have been buoyant, despite the economic impact of COVID-19. Private housing prices have risen by about 9% since 1Q2020. HDB resale flat prices are also recovering sharply after a six-year decline,1 rising about 15% since 1Q 2020. Even though House Price-to-Income ratios remain below their historical averages, there is clear upward momentum. Amid the low interest rate environment, transaction volumes in the private housing market and HDB resale market have also been high despite the COVID-19 situation
The Government announced today a package of measures to cool the private residential and HDB resale markets. With effect from 16 December 2021, Additional Buyer’s Stamp Duty (ABSD) rates will be raised, and the Total Debt Servicing Ratio (TDSR) threshold will be tightened. The Government will also tighten the LTV limit for loans from HDB from 90% to 85%. In addition, the Government will increase public and private housing supply to cater to demand.
The Government has therefore decided to implement a set of measures to cool the private and public housing markets, to promote continued housing affordability. The private residential measures are calibrated to dampen broad-based demand, especially from those purchasing property for investment rather than owner-occupation. Measures to tighten financing conditions for both public and private housing will encourage greater financial prudence. The Government will also be ramping up the supply for both private and public housing.
The Government has therefore decided to implement a set of measures to cool the private and public housing markets, to promote continued housing affordability. The private residential measures are calibrated to dampen broad-based demand, especially from those purchasing property for investment rather than owner-occupation. Measures to tighten financing conditions for both public and private housing will encourage greater financial prudence. The Government will also be ramping up the supply for both private and public housing.
Measures Applicable to All Residential Property
Raising Additional Buyer’s Stamp Duty (ABSD) Rates
The current ABSD rates for Singapore Citizens (SCs) and Singapore Permanent Residents (SPRs) purchasing their first residential property will remain at 0% and 5% respectively.
The Government will raise the ABSD rates as follows:
a. Raise ABSD rate to 17% for SCs purchasing their 2nd residential property;
b. Raise ABSD rate to 25% for SCs purchasing their 3rd and subsequent residential property, and SPRs purchasing their 2nd residential property
c. Raise ABSD rate to 30% for SPRs purchasing their 3rd and subsequent residential property and foreigners purchasing any residential property,
d. Raise ABSD rate to 35% for entities purchasing any residential property; and
e. Raise ABSD rate to 35% for developers purchasing any residential property. This 35% may be remitted under the Stamp Duties (Non-licensed Housing Developers) (Remission for ABSD) Rules and the Stamp Duties (Housing Developers) (Remission of ABSD) Rules, subject to conditions. In addition to this 35% ABSD rate, the non-remittable component remains unchanged at 5%.
Raising Additional Buyer’s Stamp Duty (ABSD) Rates
The current ABSD rates for Singapore Citizens (SCs) and Singapore Permanent Residents (SPRs) purchasing their first residential property will remain at 0% and 5% respectively.
The Government will raise the ABSD rates as follows:
a. Raise ABSD rate to 17% for SCs purchasing their 2nd residential property;
b. Raise ABSD rate to 25% for SCs purchasing their 3rd and subsequent residential property, and SPRs purchasing their 2nd residential property
c. Raise ABSD rate to 30% for SPRs purchasing their 3rd and subsequent residential property and foreigners purchasing any residential property,
d. Raise ABSD rate to 35% for entities purchasing any residential property; and
e. Raise ABSD rate to 35% for developers purchasing any residential property. This 35% may be remitted under the Stamp Duties (Non-licensed Housing Developers) (Remission for ABSD) Rules and the Stamp Duties (Housing Developers) (Remission of ABSD) Rules, subject to conditions. In addition to this 35% ABSD rate, the non-remittable component remains unchanged at 5%.
Tightening of Total Debt Servicing Ratio Threshold (TDSR)
The TDSR threshold6 will be tightened by 5%-points from 60% to 55%. The revised TDSR threshold will apply to loans for the purchase of properties where the OTP is granted on or after 16 December 2021, and for mortgage equity withdrawal loan applications made on or after 16 December 2021. Borrowers with existing property loans granted before 16 December 2021 will not be affected by the revised TDSR threshold when refinancing their loans.7
6 TDSR is applicable to both residential and non-residential property loans granted by financial institutions to individuals, sole proprietors and vehicles with no substantive genuine commercial business, set up for the purchase of properties held by individuals.
7 TDSR is currently waived for borrowers who refinance their owner-occupied housing loans. For borrowers refinancing their existing investment property loans, MAS has provided for a temporary TDSR waiver for borrowers affected by COVID-19. Otherwise, the previous 60% TDSR will apply.
Measure Specific to Public Housing
Tightening of Loan-to-Value (LTV) Limit
The LTV limit for HDB housing loans will be tightened by 5%-points from 90% to 85%. The revised LTV limit does not apply to loans granted by financial institutions, for which the LTV limit remains at 75%.
The LTV limit of 85% will apply to new flat applications for sales exercises launched after 16 December 2021, and complete resale applications8 which are received by HDB from 16 December 2021 onwards.
The TDSR threshold6 will be tightened by 5%-points from 60% to 55%. The revised TDSR threshold will apply to loans for the purchase of properties where the OTP is granted on or after 16 December 2021, and for mortgage equity withdrawal loan applications made on or after 16 December 2021. Borrowers with existing property loans granted before 16 December 2021 will not be affected by the revised TDSR threshold when refinancing their loans.7
6 TDSR is applicable to both residential and non-residential property loans granted by financial institutions to individuals, sole proprietors and vehicles with no substantive genuine commercial business, set up for the purchase of properties held by individuals.
7 TDSR is currently waived for borrowers who refinance their owner-occupied housing loans. For borrowers refinancing their existing investment property loans, MAS has provided for a temporary TDSR waiver for borrowers affected by COVID-19. Otherwise, the previous 60% TDSR will apply.
Measure Specific to Public Housing
Tightening of Loan-to-Value (LTV) Limit
The LTV limit for HDB housing loans will be tightened by 5%-points from 90% to 85%. The revised LTV limit does not apply to loans granted by financial institutions, for which the LTV limit remains at 75%.
The LTV limit of 85% will apply to new flat applications for sales exercises launched after 16 December 2021, and complete resale applications8 which are received by HDB from 16 December 2021 onwards.
From MND
- Published on
The most expensive flat sold last month in November 2021 was a $1.268 million five-room Design, Build and Sell Scheme unit at City View @ Boon Keng. Photo: Lianhe Zaobao
November's record high number of million-dollar resale flats sold comes in the same month as the launch of the first Build-To-Order (BTO) project under a new prime location public housing (PLH) model, which subjects buyers to stricter home ownership criteria.
Housing Board resale flat prices rose for the 17th consecutive month, climbing at a faster pace of 1.3 per cent in November compared with October, according to flash data from real estate portals 99.co and SRX on 9 Dec 2021 (Thursday).
Home prices are pushing new boundaries as demand outweighs supply in many locations. The market exuberance has been propped by a recovering economy, low mortgage rates and new buyer demand as a result of construction delays of Build-To-Order (BTO) flats.
Housing Board resale flat prices rose for the 17th consecutive month, climbing at a faster pace of 1.3 per cent in November compared with October, according to flash data from real estate portals 99.co and SRX on 9 Dec 2021 (Thursday).
Home prices are pushing new boundaries as demand outweighs supply in many locations. The market exuberance has been propped by a recovering economy, low mortgage rates and new buyer demand as a result of construction delays of Build-To-Order (BTO) flats.
High floor 4 room DBSS for sale below $1 million in matured estate of Toa Payoh minutes walk to 3 MRT lines
Stricter restrictions for the Rochor BTO flats under the PLH model may have turned some potential buyers away from this type of flats to the resale market, inadvertently contributing to the increase in million-dollar HDB flats transactions.
Property analysts are widely expecting the robust performance seen in the HDB resale market to continue into 2022, largely on the back of fears of further construction delays in BTO projects after the detection of the Omicron variant. The emergence of Omicron has shown that the Covid-19 pandemic will take much longer than expected to resolve, which may further boost prices of HDB resale flats.
In November this year, a total of 2,586 HDB resale flats changed hands, an increase of 3.2 per cent from the month before. Some buyers may have turned to the HDB resale market as the completion periods can be "quite long" for some of the new BTO launches, especially projects in the mature estates as buyers feel uncertain about the completion periods of BTO project.
Property analysts are widely expecting the robust performance seen in the HDB resale market to continue into 2022, largely on the back of fears of further construction delays in BTO projects after the detection of the Omicron variant. The emergence of Omicron has shown that the Covid-19 pandemic will take much longer than expected to resolve, which may further boost prices of HDB resale flats.
In November this year, a total of 2,586 HDB resale flats changed hands, an increase of 3.2 per cent from the month before. Some buyers may have turned to the HDB resale market as the completion periods can be "quite long" for some of the new BTO launches, especially projects in the mature estates as buyers feel uncertain about the completion periods of BTO project.
In November's BTO sales exercise, the Rochor BTO project is expected to take around six years to be completed. In the August sales exercise, Queen's Arc in Queenstown is estimated to take more than five years to be ready. HDB has said that the longer build time for these project is due to site constraints and the tall building heights. The latest curbs on new applications for workers holding S Passes or work permits to enter Singapore via the vaccinated travel lanes may also have a knock-on effect on the construction time of ongoing BTO projects and may turn more people to the HDB resale market.
Between 29,000 and 30,000 flats is expected to change hands this year, with prices up by another 2 per cent to 2.5 per cent in the last quarter of 2021 bringing the overall average price increase for the whole of 2021 to more than 11 per cent, the biggest jump since 2010. Kiwi Lim from Huttons Asia noted that the increase in resale HDB prices are also seen across non-mature estates, for example the highest transaction price in non-mature estates was $970,000 for a five-room loft unit at Treelodge @ Punggol according to SRX.
The increase in HDB resale flat prices is caused by the mismatch in supply and demand, which, in turn, is caused by the supply chain disruption and delays in the construction industry that are induced by the pandemic, unless the construction delays of BTO flats are resolved, the mismatch can cause HDB resale flat prices to rise by at least another 7 per cent in 2022.
Between 29,000 and 30,000 flats is expected to change hands this year, with prices up by another 2 per cent to 2.5 per cent in the last quarter of 2021 bringing the overall average price increase for the whole of 2021 to more than 11 per cent, the biggest jump since 2010. Kiwi Lim from Huttons Asia noted that the increase in resale HDB prices are also seen across non-mature estates, for example the highest transaction price in non-mature estates was $970,000 for a five-room loft unit at Treelodge @ Punggol according to SRX.
The increase in HDB resale flat prices is caused by the mismatch in supply and demand, which, in turn, is caused by the supply chain disruption and delays in the construction industry that are induced by the pandemic, unless the construction delays of BTO flats are resolved, the mismatch can cause HDB resale flat prices to rise by at least another 7 per cent in 2022.
Straits Times article on 10 Dec 2021
- Published on
The lucky owners of La Ville is expected to receive between $3 million and $5.9 million per unit - Straits Times
As developers grapple with a shortage of land parcels for developing future private residential condo / landed projects, they are quietly on the prowl looking for good enbloc projects to acquire. According to JLL's calculations, seven projects were successfully sold via a collective sale so far this year, up from four in 2020. Of the 24 collective sale projects launched this year, a couple of tenders are still ongoing.
La Ville sold for $152 million to Hong Kong-listed property firm ZACD Group
La Ville’s third collective enbloc sale attempt saw the 40 unit residential development located at Tanjong Rhu sold for $152 million to Hong Kong-listed property firm ZACD Group translating to a land rate of $1,540 psf per plot ratio (ppr). After factoring in an additional 7% bonus gross floor area (GFA), the unit land rate will be about $1,477 psf ppr.
Built in the 1980s, the 40-unit La Ville sits on a freehold land area of 47,012 sq ft. The site is zoned residential with a plot ratio of 2.1 under the 2019 Master Plan. The site has the potential to be redeveloped into a new 107-unit condominium project based on an average size of 85 sqm (915 sq ft). The lucky owners of La Ville is expected to receive between $3 million and $5.9 million per unit.
La Ville sold for $152 million to Hong Kong-listed property firm ZACD Group
La Ville’s third collective enbloc sale attempt saw the 40 unit residential development located at Tanjong Rhu sold for $152 million to Hong Kong-listed property firm ZACD Group translating to a land rate of $1,540 psf per plot ratio (ppr). After factoring in an additional 7% bonus gross floor area (GFA), the unit land rate will be about $1,477 psf ppr.
Built in the 1980s, the 40-unit La Ville sits on a freehold land area of 47,012 sq ft. The site is zoned residential with a plot ratio of 2.1 under the 2019 Master Plan. The site has the potential to be redeveloped into a new 107-unit condominium project based on an average size of 85 sqm (915 sq ft). The lucky owners of La Ville is expected to receive between $3 million and $5.9 million per unit.
Peace Centre / Peace Mansion successfully sold to group of Singapore-listed companies for $650 million
Peace Centre and Peace Mansion at 1 Sophia Road sold for $650 million
Built around 1977, Peace Centre and Peace Mansion are two properties that sit on a single commercial site at 1 Sophia Road comprising 319 strata units, with 232 commercial units, 86 apartments and a carpark with 162 lots.
Peace Centre and Peace Mansion, two properties that sit on a single commercial site at 1 Sophia Road have been sold for $650 million in a collective sale to a joint venture (JV) comprising CEL Development, SingHaiyi Crystal, and Ultra Infinity subject, among others, to the joint offerors obtaining a sale order approving the collective sale, meeting planning criteria and getting the lease topped up.
The joint venture group will apply to top-up the lease and also seek approval from the URA to redevelop the property into a mixed-use commercial and residential development. The site, which spans 7,118 sq m, is currently zoned "commercial", near shopping amenities such as Bugis Junction with six MRT stations within 1km distance and near educational institutions such as Singapore Management University, the School of the Arts, Lasalle College of the Arts, Nanyang Academy of Fine Arts.
At the sale price of S$650 million, based on a new development comprising 60 per cent commercial and 40 per cent residential quantum, the unit land rate after including an estimated lease top-up premium is approximately S$1,426 per sq ft per plot ratio, or S$1,388 per sq ft per plot ratio after factoring in an additional 7 per cent bonus gross floor area for the residential component.
Built around 1977, Peace Centre and Peace Mansion are two properties that sit on a single commercial site at 1 Sophia Road comprising 319 strata units, with 232 commercial units, 86 apartments and a carpark with 162 lots.
Peace Centre and Peace Mansion, two properties that sit on a single commercial site at 1 Sophia Road have been sold for $650 million in a collective sale to a joint venture (JV) comprising CEL Development, SingHaiyi Crystal, and Ultra Infinity subject, among others, to the joint offerors obtaining a sale order approving the collective sale, meeting planning criteria and getting the lease topped up.
The joint venture group will apply to top-up the lease and also seek approval from the URA to redevelop the property into a mixed-use commercial and residential development. The site, which spans 7,118 sq m, is currently zoned "commercial", near shopping amenities such as Bugis Junction with six MRT stations within 1km distance and near educational institutions such as Singapore Management University, the School of the Arts, Lasalle College of the Arts, Nanyang Academy of Fine Arts.
At the sale price of S$650 million, based on a new development comprising 60 per cent commercial and 40 per cent residential quantum, the unit land rate after including an estimated lease top-up premium is approximately S$1,426 per sq ft per plot ratio, or S$1,388 per sq ft per plot ratio after factoring in an additional 7 per cent bonus gross floor area for the residential component.
Chuan Park in private talks after close of $938m collective sale tender PHOTO: LIANHE ZAOBAO
Chuan Park condominium currently "in a private treaty negotiation process"
Chuan Park condominium has closed its tender and is currently "in a private treaty negotiation process" after the 400,588.72 sq ft residential development received some interest from developers in its enbloc collective sale attempt.
Located beside Lorong Chuan MRT, Chuan Park condominium comprises 444 residential apartments, a food and beverage space not currently occupied, as well as a supermarket. Developed by Golden Developer, a unit of Far East Organization, the property has a 99-year lease which began in 1980. The lease will expire on June 5, 2079, or in about 58 years.
In 2018, Chuan Park condominium tried for a collective sale with an asking price of $900 million, but could not secure the necessary 80 per cent consent of owners. This came even after the asking price was raised from its initial $790 million. More than 80 per cent of the owners consented to the tender in October this year with an indicative price of $938 million.
Chuan Park condominium has closed its tender and is currently "in a private treaty negotiation process" after the 400,588.72 sq ft residential development received some interest from developers in its enbloc collective sale attempt.
Located beside Lorong Chuan MRT, Chuan Park condominium comprises 444 residential apartments, a food and beverage space not currently occupied, as well as a supermarket. Developed by Golden Developer, a unit of Far East Organization, the property has a 99-year lease which began in 1980. The lease will expire on June 5, 2079, or in about 58 years.
In 2018, Chuan Park condominium tried for a collective sale with an asking price of $900 million, but could not secure the necessary 80 per cent consent of owners. This came even after the asking price was raised from its initial $790 million. More than 80 per cent of the owners consented to the tender in October this year with an indicative price of $938 million.
Pre-war bungalows along both sides of Thiam Siew Avenue. (Image source: Google Maps)
Thiam Siew Avenue set the record as the largest land sale in 2021
Situated between Tanjong Katong Road and Haig Road, two freehold development sites at Thiam Siew Avenue in District 15 have been sold for S$815m via public tender, which closed on 18 November 2021.
Thiam Siew Avenue is flanked on both sides by single-storey, pre-war semi-detached houses and bungalows making the 263,794 sq ft area the largest land sale recorded in 2021 so far. A joint venture between Hoi Hup Realty and Sunway Developments secured the plum sites consisting of 22 plots of smaller freehold residential development sites zoned as “residential”, with a plot ratio of 2.8 based on the URA Masterplan 2019.
For the Thiam Siew Avenue sites, they are within walking distance to 2 MRT stations (EW8/CC9 Paya Lebar Interchange MRT station and CC8 Dakota MRT station), so their proximity to the Paya Lebar Central precinct could mean greater buyer demand when the sites are fully developed. They are also within 1km of Kong Hwa, Haig Girls’ and Tanjong Katong Primary Schools.
Based on the sale price of $815 million, and a further estimated development charge of approximately $284 million, the land price works out to about $1,488 psf per plot ratio (psf ppr). If the price includes an estimated $39.3 million for 7% balcony space, the land price works out to $1,440 psf ppr.
Situated between Tanjong Katong Road and Haig Road, two freehold development sites at Thiam Siew Avenue in District 15 have been sold for S$815m via public tender, which closed on 18 November 2021.
Thiam Siew Avenue is flanked on both sides by single-storey, pre-war semi-detached houses and bungalows making the 263,794 sq ft area the largest land sale recorded in 2021 so far. A joint venture between Hoi Hup Realty and Sunway Developments secured the plum sites consisting of 22 plots of smaller freehold residential development sites zoned as “residential”, with a plot ratio of 2.8 based on the URA Masterplan 2019.
For the Thiam Siew Avenue sites, they are within walking distance to 2 MRT stations (EW8/CC9 Paya Lebar Interchange MRT station and CC8 Dakota MRT station), so their proximity to the Paya Lebar Central precinct could mean greater buyer demand when the sites are fully developed. They are also within 1km of Kong Hwa, Haig Girls’ and Tanjong Katong Primary Schools.
Based on the sale price of $815 million, and a further estimated development charge of approximately $284 million, the land price works out to about $1,488 psf per plot ratio (psf ppr). If the price includes an estimated $39.3 million for 7% balcony space, the land price works out to $1,440 psf ppr.
Built around 1983, Watten Estate Condominium now houses 104 units of townhouses and apartments.ST PHOTO
A joint venture between UOL Group and Singapore Land Group (SingLand) has won the tender for Watten Estate Condominium in Bukit Timah with a $550.8 million bid about 10 per cent higher than the minimum price of $500 million, enabling UOL and SingLand to replenish their residential land banks as most of UOL Group's projects are substantially sold.
Spanning 220,241 sq ft, the Shelford Road property is located in the prime residential enclave at Watten Rise, which is within 1km of two popular primary schools: Nanyang Primary School and Raffles Girls' Primary School. Watten Estate Condominium is also about 650m away from Tan Kah Kee MRT station. In its vicinity are Coronation Shopping Plaza, King's Arcade Shopping Centre, Crown Centre, Serene Centre, Cluny Court and Adam Road Food Centre.
UOL Group has plans to develop a luxury condominium project on the site "with about 200 larger format units on elevated ground.
Built around 1983, Watten Estate Condominium is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to five storeys now houses 104 units of townhouses and apartments.
The winning bid was submitted by an 80:20 joint venture between United Venture Investments (UVI), a wholly owned subsidiary of UOL Group, and Singland Residential Development (SRD). UVI will pay 80 per cent of the purchase price or $440.6 million and SRD will fund the remainder.
Real estate professional Kiwi Lim from Huttons Asia believe more developers may turn to the collective sale market to replenish their land banks given the conservative supply from the Government Land Sales programme and with unsold inventory easing to around 15,000 units by the fourth quarter of this year, we are seeing the lowest supply of available new condo units in the market since 2006. Next year's upcoming launches may include another 5,000 new condo units in the market but the Singapore real estate market is now currently seeing around 10,000 new condo units sold a year on average driven by strong domestic demand. As the borders slowly re-open, we may see more foreign buyers entering the market and buying the avail new condo units in the RCR and CCR regions.
Spanning 220,241 sq ft, the Shelford Road property is located in the prime residential enclave at Watten Rise, which is within 1km of two popular primary schools: Nanyang Primary School and Raffles Girls' Primary School. Watten Estate Condominium is also about 650m away from Tan Kah Kee MRT station. In its vicinity are Coronation Shopping Plaza, King's Arcade Shopping Centre, Crown Centre, Serene Centre, Cluny Court and Adam Road Food Centre.
UOL Group has plans to develop a luxury condominium project on the site "with about 200 larger format units on elevated ground.
Built around 1983, Watten Estate Condominium is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to five storeys now houses 104 units of townhouses and apartments.
The winning bid was submitted by an 80:20 joint venture between United Venture Investments (UVI), a wholly owned subsidiary of UOL Group, and Singland Residential Development (SRD). UVI will pay 80 per cent of the purchase price or $440.6 million and SRD will fund the remainder.
Real estate professional Kiwi Lim from Huttons Asia believe more developers may turn to the collective sale market to replenish their land banks given the conservative supply from the Government Land Sales programme and with unsold inventory easing to around 15,000 units by the fourth quarter of this year, we are seeing the lowest supply of available new condo units in the market since 2006. Next year's upcoming launches may include another 5,000 new condo units in the market but the Singapore real estate market is now currently seeing around 10,000 new condo units sold a year on average driven by strong domestic demand. As the borders slowly re-open, we may see more foreign buyers entering the market and buying the avail new condo units in the RCR and CCR regions.
Source: Straits Times articles
- Published on
Singapore’s private home prices have been rising throughout this Covid pandemic from mid of last year to current quarter this year and it rose at a faster rate in the third quarter this year 2021 despite retightened Covid-19 restrictions, driven by the surge in landed property sales and prices, and the knock-on effects of the red-hot Housing Board resale market.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
As the supply of available brand new condo units in Singapore reached record historical low, some developers however decided to inject some year end fun to the market by offering a limited time only year end discount for some of their new condo projects.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
As the supply of available brand new condo units in Singapore reached record historical low, some developers however decided to inject some year end fun to the market by offering a limited time only year end discount for some of their new condo projects.
Promotions & Prices May Be Revised Without Notice By Developer
One Pearl Bank
One Pearl Bank is Capitaland's rare iconic condo development - a 774-unit twin towers taking over Singapore’s famous Pearl Bank apartments located on a green hilltop in the city. Standing tall at 178m nestled on top of Pearl's Hill, it will be the tallest residential development in the Outram-Chinatown district, outstripping the Pinnacle @ Duxton which stands at 156m. Click One Pearl Bank for ebrochure, floorplans & VIP discount price list.
Rivière
Rivière is an award-winning development designed by architecture firm SCDA, offering 455 residential units of 1 to 4-bedroom with spacious layouts housed in two magnificent high-rise 36 storey towers which offer scenic waterfront views. Click Rivière for ebrochure, floorplans & VIP discount price list.
Midtown Bay
Guoco Midtown is like a future modern city featuring a huge 770,00 sq ft of premium Grade A offices and three retail clusters. The residential development Midtown Bay has a stunning 33-storey residential tower with 219 units made up of 1 to 3-bedroom options with the two-storey duplex units designed for three possible setups – residential, dual key and home office. An area truly made for working, playing & living. Click Midtown Bay for ebrochure, floorplans & VIP discount price list.
1953
Shaped by rich heritage of renowned Balestier, 1953 stands beautifully with a conserved facade to add on to a new legacy. An icon where new chapters unfold in a precinct filled with characters and conveniences. Welcome to 1953. Click 1953 for ebrochure, floorplans & VIP discount price list.
One Pearl Bank is Capitaland's rare iconic condo development - a 774-unit twin towers taking over Singapore’s famous Pearl Bank apartments located on a green hilltop in the city. Standing tall at 178m nestled on top of Pearl's Hill, it will be the tallest residential development in the Outram-Chinatown district, outstripping the Pinnacle @ Duxton which stands at 156m. Click One Pearl Bank for ebrochure, floorplans & VIP discount price list.
Rivière
Rivière is an award-winning development designed by architecture firm SCDA, offering 455 residential units of 1 to 4-bedroom with spacious layouts housed in two magnificent high-rise 36 storey towers which offer scenic waterfront views. Click Rivière for ebrochure, floorplans & VIP discount price list.
Midtown Bay
Guoco Midtown is like a future modern city featuring a huge 770,00 sq ft of premium Grade A offices and three retail clusters. The residential development Midtown Bay has a stunning 33-storey residential tower with 219 units made up of 1 to 3-bedroom options with the two-storey duplex units designed for three possible setups – residential, dual key and home office. An area truly made for working, playing & living. Click Midtown Bay for ebrochure, floorplans & VIP discount price list.
1953
Shaped by rich heritage of renowned Balestier, 1953 stands beautifully with a conserved facade to add on to a new legacy. An icon where new chapters unfold in a precinct filled with characters and conveniences. Welcome to 1953. Click 1953 for ebrochure, floorplans & VIP discount price list.
Promotions & Prices May Be Revised Without Notice By Developer
Cairnhill 16
Cairnhill 16, a luxurious freehold high end development at 16 Cairnhill Rise. Nestled in the prime residential district of Cairnhill. Minutes’ walk from Orchard Road and Newton MRT station, this centrally located property is well connected and within easy access to the convenience of Singapore’s exclusive shopping belt. Inspired by nature, Cairnhill 16 is an oasis in the heart of the city, featuring 39 luxurious units set in an idyllic garden environment. Click Cairnhill 16 for ebrochure, floorplans & VIP discount price list.
The Iveria
The Iveria is the maiden freehold private condo apartment residence designed by The Ove Collection featuring just 51 exclusive apartments across 18 floors, and all of them comprise 3 bedrooms plus study. The Iveria condo brings a unique brand of cutting-edge design to the cosmopolitan River Valley enclave. Inspired by the architecture of New York offering a modern take on luxury in a coveted location. Click The Iveria for ebrochure, floorplans & VIP discount price list.
Sloane Residence
Sloane Residences, a luxurious freehold high end condo apartment in prime Balmoral district. Minutes’ walk from Orchard Road and Newton MRT station, this centrally located property is well connected and within easy access to the convenience of Singapore’s exclusive shopping belt. Inspired by nature, Sloane Residences is an oasis in the heart of the city, featuring 39 luxurious units set in an idyllic garden environment. Click Sloane Residence for ebrochure, floorplans & VIP discount price list.
Cairnhill 16, a luxurious freehold high end development at 16 Cairnhill Rise. Nestled in the prime residential district of Cairnhill. Minutes’ walk from Orchard Road and Newton MRT station, this centrally located property is well connected and within easy access to the convenience of Singapore’s exclusive shopping belt. Inspired by nature, Cairnhill 16 is an oasis in the heart of the city, featuring 39 luxurious units set in an idyllic garden environment. Click Cairnhill 16 for ebrochure, floorplans & VIP discount price list.
The Iveria
The Iveria is the maiden freehold private condo apartment residence designed by The Ove Collection featuring just 51 exclusive apartments across 18 floors, and all of them comprise 3 bedrooms plus study. The Iveria condo brings a unique brand of cutting-edge design to the cosmopolitan River Valley enclave. Inspired by the architecture of New York offering a modern take on luxury in a coveted location. Click The Iveria for ebrochure, floorplans & VIP discount price list.
Sloane Residence
Sloane Residences, a luxurious freehold high end condo apartment in prime Balmoral district. Minutes’ walk from Orchard Road and Newton MRT station, this centrally located property is well connected and within easy access to the convenience of Singapore’s exclusive shopping belt. Inspired by nature, Sloane Residences is an oasis in the heart of the city, featuring 39 luxurious units set in an idyllic garden environment. Click Sloane Residence for ebrochure, floorplans & VIP discount price list.
Promotions & Prices May Be Revised Without Notice By Developer
Fourth Avenue Residences
Fourth Avenue Residences is a collection of 476 exclusive homes nestled amidst lush greenery and Good Class Bungalow Areas in Prime District 10. It is served by Sixth Avenue MRT Station at its doorstep and surrounded by prestigious schools. Click Fourth Avenue Residences condo for ebrochure, floorplans & VIP discount price list.
Mooi Residences
Mooi Residences is a brand new freehold luxurious boutique development at 139 Holland Road, in highly sought after prime District 10. This condo apartment features an exquisite collection of 24 gorgeous, luxurious and spacious residential units that are created with a vibrant layout giving owners a lush and comfortable living experience for endless generations. Click Mooi Residences condo for ebrochure, floorplans & VIP discount price list.
Leedon Green
Leedon Green is well located freehold condo situated along Farrer Road in District 10, Singapore. This is where you find one of Singapore's most prime residential district. Residents will get to enjoy the convenience of having an MRT station right at its doorstep, the Farrer Road MRT Station. Empress Road Market and Food Centre is also just minutes' walk away. Residents can also get take a 5 minute's drive up Holland Village where there are endless choices of cafes, restaurants, bars and banks. Click Leedon Green condo for ebrochure, floorplans & VIP discount price list.
Juniper Hill
Located at 39 Ewe Boon Road, Juniper Hill is nestled on higher ground within the exclusive Bukit Timah-Tanglin enclave. Within the freehold development, beautiful landscaped gardens across various levels create an elegant living experience immersed in nature. Click Juniper Hill condo for ebrochure, floorplans & VIP discount price list.
Fourth Avenue Residences is a collection of 476 exclusive homes nestled amidst lush greenery and Good Class Bungalow Areas in Prime District 10. It is served by Sixth Avenue MRT Station at its doorstep and surrounded by prestigious schools. Click Fourth Avenue Residences condo for ebrochure, floorplans & VIP discount price list.
Mooi Residences
Mooi Residences is a brand new freehold luxurious boutique development at 139 Holland Road, in highly sought after prime District 10. This condo apartment features an exquisite collection of 24 gorgeous, luxurious and spacious residential units that are created with a vibrant layout giving owners a lush and comfortable living experience for endless generations. Click Mooi Residences condo for ebrochure, floorplans & VIP discount price list.
Leedon Green
Leedon Green is well located freehold condo situated along Farrer Road in District 10, Singapore. This is where you find one of Singapore's most prime residential district. Residents will get to enjoy the convenience of having an MRT station right at its doorstep, the Farrer Road MRT Station. Empress Road Market and Food Centre is also just minutes' walk away. Residents can also get take a 5 minute's drive up Holland Village where there are endless choices of cafes, restaurants, bars and banks. Click Leedon Green condo for ebrochure, floorplans & VIP discount price list.
Juniper Hill
Located at 39 Ewe Boon Road, Juniper Hill is nestled on higher ground within the exclusive Bukit Timah-Tanglin enclave. Within the freehold development, beautiful landscaped gardens across various levels create an elegant living experience immersed in nature. Click Juniper Hill condo for ebrochure, floorplans & VIP discount price list.
Promotions & Prices May Be Revised Without Notice By Developer
Peak Residence
Peak Residence is the former Peak Court located at 333 Thomson Road. It is situated in the Prime District 11 in Novena Estate. This brand-new luxury freehold condo is near Novena MRT, amenities and eateries. Click Peak Residence condo for ebrochure, floorplans & VIP discount price list.
35 Gilstead
35 Gilstead is a freehold condo apartment located in the heart of Newton in District 11 comprising of an exclusive mix of 70 residential units, in 3 Blocks of 5-Storey. With 38,086 sqft of prime land, residents can enjoy Infinity Lap Pool, Wading Pool, Gymnasium, Sun Deck, Various Dining Pavilion and Lush Landscaping. Click 35 Gilstead condo for ebrochure, floorplans & VIP discount price list.
Verticus
Verticus is an upcoming new residential condo apartment project located along Jalan Kemaman, Balestier in District 12 on a site area of 4,071 sqm, developed by reputable Singapore-listed developer Soilbuild Group. Verticus is within walking distance to the Novena MRT, Toa Payoh MRT, Whampoa Hawker Centre, Zhongshan Mall, United Square, Toa Payoh Centre, surrounded by amenities, shopping and eateries with great connectivity with buses and the Central Expressway (CTE) and Pan Island Expressway (PIE). Click Verticus condo for ebrochure, floorplans & VIP discount price list.
The Woodleigh Residences
The Woodleigh Residences is a beautiful integrated condo project above the shopping mall and MRT by the Singapore Press Holdings and Kajima Development on a vast 273,842 square feet. Comprising of residential and commercial shopping mall below, this is set to transform Woodleigh into a very attractive location for property hunters and investors. Within the new Bidadari Park, the Alkaff Lake & Heritage walk serves to ratify the sense of calmness and the sentimental memories of the old Alkaff Lake Garden. The Woodleigh Residences is a winning collaboration brings together Japanese craftsmanship and Singaporean retail expertise into the homes and shopping mall. Click The Woodleigh Residences condo for ebrochure, floorplans & VIP discount price list.
MYRA
Located at Potong Pasir in District 13, MYRA condo is only a 3 min walk to Potong Pasir MRT and just 4 stops to Dhoby Ghaut and Orchard area. Strategically located in the city fringe area, Myra is just beside the POIZ Mall and Potong Pasir MRT (North East Line) near St Andrew's Village. Major Expressways such as PIE, CTE and KPE is just a few minutes drive away, bringing about great accessibility to the East, West and Central Singapore. MYRA is also surrounded by many amenities such as supermarket, food court, coffeeshops and popular local delicacies just opposite the development. Click MYRA condo for ebrochure, floorplans & VIP discount price list.
Peak Residence is the former Peak Court located at 333 Thomson Road. It is situated in the Prime District 11 in Novena Estate. This brand-new luxury freehold condo is near Novena MRT, amenities and eateries. Click Peak Residence condo for ebrochure, floorplans & VIP discount price list.
35 Gilstead
35 Gilstead is a freehold condo apartment located in the heart of Newton in District 11 comprising of an exclusive mix of 70 residential units, in 3 Blocks of 5-Storey. With 38,086 sqft of prime land, residents can enjoy Infinity Lap Pool, Wading Pool, Gymnasium, Sun Deck, Various Dining Pavilion and Lush Landscaping. Click 35 Gilstead condo for ebrochure, floorplans & VIP discount price list.
Verticus
Verticus is an upcoming new residential condo apartment project located along Jalan Kemaman, Balestier in District 12 on a site area of 4,071 sqm, developed by reputable Singapore-listed developer Soilbuild Group. Verticus is within walking distance to the Novena MRT, Toa Payoh MRT, Whampoa Hawker Centre, Zhongshan Mall, United Square, Toa Payoh Centre, surrounded by amenities, shopping and eateries with great connectivity with buses and the Central Expressway (CTE) and Pan Island Expressway (PIE). Click Verticus condo for ebrochure, floorplans & VIP discount price list.
The Woodleigh Residences
The Woodleigh Residences is a beautiful integrated condo project above the shopping mall and MRT by the Singapore Press Holdings and Kajima Development on a vast 273,842 square feet. Comprising of residential and commercial shopping mall below, this is set to transform Woodleigh into a very attractive location for property hunters and investors. Within the new Bidadari Park, the Alkaff Lake & Heritage walk serves to ratify the sense of calmness and the sentimental memories of the old Alkaff Lake Garden. The Woodleigh Residences is a winning collaboration brings together Japanese craftsmanship and Singaporean retail expertise into the homes and shopping mall. Click The Woodleigh Residences condo for ebrochure, floorplans & VIP discount price list.
MYRA
Located at Potong Pasir in District 13, MYRA condo is only a 3 min walk to Potong Pasir MRT and just 4 stops to Dhoby Ghaut and Orchard area. Strategically located in the city fringe area, Myra is just beside the POIZ Mall and Potong Pasir MRT (North East Line) near St Andrew's Village. Major Expressways such as PIE, CTE and KPE is just a few minutes drive away, bringing about great accessibility to the East, West and Central Singapore. MYRA is also surrounded by many amenities such as supermarket, food court, coffeeshops and popular local delicacies just opposite the development. Click MYRA condo for ebrochure, floorplans & VIP discount price list.
Promotions & Prices May Be Revised Without Notice By Developer
Promotions & Prices May Be Revised Without Notice
Meyer Mansion
Meyer Mansion is a new freehold condo in Meyer Road at District 15 by Guocoland. The city is truly at your doorstep with the upcoming Katong Park MRT Station just a 5-minute walk away. With the Thomson-East Coast MRT Line completion, Meyer Mansion will be just 6 stops away from Raffles Place MRT Station. Those who drive will appreciate how the ECP is right outside and takes you into the heart of the Central Business District and the Marina Bay area in less than 10 minutes. Click MYRA condo for ebrochure, floorplans & VIP discount price list.
Treasure at Tampines
Where every moment is treasured, and new memories are created, come home to Treasure at Tampines. Relish in a Lifestyle enriched by 128 exciting Condominium facilities with choice of One to Five Bedroom homes. Come home to Treasure at Tampines, a 99 year leasehold new condo launch where a wealth of treasured moments awaits you. The contemporary architectural symmetry of Treasure at Tampines rises up from the beautifully landscaped grounds and lush greenery. Relish in a lifestyle enriched by 128 exciting condominium facilities with choice of one to five bedroom homes. Click Treasure at Tampines condo for ebrochure, floorplans & VIP discount price list.
Citrine Foodland
Citrine Foodland is a freehold (B2) food factory located at 33, Kim Chuan Drive, Singapore 537087 in District 19. A proposed erection of 9 storeys multiple users industrial development with an ancillary industrial canteen and two levels of basement car parks by Goodland Citrine Pte Ltd, a wholly-owned subsidiary of Goodland Group Limited. The new building is named Citrine Foodland. This building will be 9 storeys tall and comprising of a total of 15 units. Each unit size is not finalised. Click Citrine Foodland to register for more information and you will be invited as a VVIP guest to the showroom.
Phoenix Residences
Phoenix Residences is a new condo in the heart of Bukit Panjang formerly known as Phoenix Heights. There are many amenities that are located at Phoenix Residences in District 23 and these include leisure spots like dining, retail and shopping. Phoenix Residences is a short distance from all these amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep. Click Phoenix Residences condo for ebrochure, floorplans & VIP discount price list.
Midwood
Midwood explores a variety of nature parks that imbue the district with organic charm. Yet near lifestyle indulgences at HillV2 Mall, or across the street, at the Hillview Community Club. Midwood is the ideal starting point to explore just about anything you could want, including a variety of nature parks that imbue the district with organic charm. A good selection of lifestyle indulgences can be found literally next door, at HillV2 Mall, or across the street, at the Hillview Community Club. With the Hillview MRT Station close to home, and the BKE and PIE within minutes by car, enjoy fuss-free journeys to prestigious schools as well as first-rate medical care at Ng Teng Fong General Hospital. Also nearby are Holland Village, Orchard Road, Shenton Way, and the burgeoning Jurong Lake District. Click Midwood condo for ebrochure, floorplans & VIP discount price list.
Meyer Mansion is a new freehold condo in Meyer Road at District 15 by Guocoland. The city is truly at your doorstep with the upcoming Katong Park MRT Station just a 5-minute walk away. With the Thomson-East Coast MRT Line completion, Meyer Mansion will be just 6 stops away from Raffles Place MRT Station. Those who drive will appreciate how the ECP is right outside and takes you into the heart of the Central Business District and the Marina Bay area in less than 10 minutes. Click MYRA condo for ebrochure, floorplans & VIP discount price list.
Treasure at Tampines
Where every moment is treasured, and new memories are created, come home to Treasure at Tampines. Relish in a Lifestyle enriched by 128 exciting Condominium facilities with choice of One to Five Bedroom homes. Come home to Treasure at Tampines, a 99 year leasehold new condo launch where a wealth of treasured moments awaits you. The contemporary architectural symmetry of Treasure at Tampines rises up from the beautifully landscaped grounds and lush greenery. Relish in a lifestyle enriched by 128 exciting condominium facilities with choice of one to five bedroom homes. Click Treasure at Tampines condo for ebrochure, floorplans & VIP discount price list.
Citrine Foodland
Citrine Foodland is a freehold (B2) food factory located at 33, Kim Chuan Drive, Singapore 537087 in District 19. A proposed erection of 9 storeys multiple users industrial development with an ancillary industrial canteen and two levels of basement car parks by Goodland Citrine Pte Ltd, a wholly-owned subsidiary of Goodland Group Limited. The new building is named Citrine Foodland. This building will be 9 storeys tall and comprising of a total of 15 units. Each unit size is not finalised. Click Citrine Foodland to register for more information and you will be invited as a VVIP guest to the showroom.
Phoenix Residences
Phoenix Residences is a new condo in the heart of Bukit Panjang formerly known as Phoenix Heights. There are many amenities that are located at Phoenix Residences in District 23 and these include leisure spots like dining, retail and shopping. Phoenix Residences is a short distance from all these amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep. Click Phoenix Residences condo for ebrochure, floorplans & VIP discount price list.
Midwood
Midwood explores a variety of nature parks that imbue the district with organic charm. Yet near lifestyle indulgences at HillV2 Mall, or across the street, at the Hillview Community Club. Midwood is the ideal starting point to explore just about anything you could want, including a variety of nature parks that imbue the district with organic charm. A good selection of lifestyle indulgences can be found literally next door, at HillV2 Mall, or across the street, at the Hillview Community Club. With the Hillview MRT Station close to home, and the BKE and PIE within minutes by car, enjoy fuss-free journeys to prestigious schools as well as first-rate medical care at Ng Teng Fong General Hospital. Also nearby are Holland Village, Orchard Road, Shenton Way, and the burgeoning Jurong Lake District. Click Midwood condo for ebrochure, floorplans & VIP discount price list.
While we endeavour to ensure that the information and materials contained herein are accurate and up to date as at 02/12/2021. We are not responsible for any errors or omissions, or for the results obtained from their use or the reliance placed on them. All information is provided "as is", with no guarantee of completeness, and accuracy. In no event will we or www.latestprojectlaunch.com thereof be liable in contract or in tort, to any party for any decision made or action taken in reliance on the information in this presentation or document or for any direct, indirect, consequential, special or similar damages.
