Its more than 5 years since a freehold project was launched in Bartley. The show-flats of two condominium projects in Bartley by SingHaiyi Group will open for viewing. The property developer announced this at a media preview at 16 Tai Seng Street, where potential buyers can view the show-flats. The Gazania in How Sun Drive will have 250 units across seven five-storey blocks, while The Lilium in How Sun Road will have 80 units in two five-storey blocks. The two developments will be launched together in about two weeks and are due to be completed in the second half of 2022. Units at The Gazania are likely to be priced from about $1 million for a one-bedroom unit of about 440 sq ft, and from about $3.3 million for a 1,800 sq ft four-bedroom penthouse. The Lilium will have two-to four-bedroom units that are expected to cost about 5 per cent to 10 per cent less per sq ft. Developer appointed marketing agency - Huttons Asia's real estate professional Kiwi Lim estimate that half of the units will be launched first.
Private home sales pick up on back of new launches
Private home sales are on the rebound after the festive lull, as developers in Singapore sold 1,054 units last month, up from the 455 units they moved in February. The latest number is also 47 per cent higher than the 716 units sold in March last year. The figures - which exclude executive condominium (EC) units - were released by the Urban Redevelopment Authority based on its survey of licensed housing developers. Market observers point to a supply-led increase, noting the slew of recent launches. Most believe that demand will remain healthy in the coming months as more projects are rolled out, giving buyers more options. Ten developments were launched last month, including two mega projects, Treasure at Tampines and The Florence Residences, which accounted for more than a third of the total new private home sales last month. Huttons Asia real estate professional Kiwi Lim believe that this is due to the resilience of the real estate market in Singapore.
No-sale licence issued to Normanton Park project
Kingsford Huray Development has been hit with a no-sale licence for its project at the former Normanton Park site, prohibiting it from selling units before the Temporary Occupation Permit (TOP) is obtained. In June, Kingsford Huray was granted approval for a 1,882-unit project on the site, comprising 1,863 apartments and 19 strata terrace houses. But the Controller of Housing (COH) issued a no-sale licence for the project on Jan 15, "as the company had failed to meet the requirements for a sale licence", said a Urban Redevelopment Authority (URA) spokesman in response to queries. Under the Normanton Park project's no-sale licence, the COH must also be informed within 14 days of any changes to persons holding responsible positions in Kingsford Huray, and any changes to the particulars of the developer and/or the project, as set out in the licence.
Real estate investment sales in Singapore fell 52 per cent year on year to S$5.3 billion in the first quarter of 2019, on cooling in the latest bout of en-bloc fever and from residential property curbs. The corresponding period in 2018 had seen a record level of residential collective sales. The overall slump was despite strong growth in investment sales in the hospitality, commercial, industrial and mixed-use sectors. Investment sales refer to all private property sales at transacted prices of S$5 million and above, including successfully awarded state land tenders In the residential sector, the July 2018 cooling measures continued to depress sales.
Investment sales plunged by 82 per cent from a year ago to S$1.7 billion amid declines in all sub-segments, including collective sales and Good Class Bungalows. This sector accounted for 32 per cent of the total investment sales in the quarter. On the other hand, public land sales booked a bumper quarter, recording 32 per cent growth year on year to S$2.1 billion. They accounted for 40 per cent of total investment sales, and four of the top five largest transactions during the quarter were Government Land Sales (GLS). Commercial investment sales quadrupled on a year-on-year basis to S$1.1 billion in the first quarter on a low base.
UBS S'pore taking up all office space at redeveloped Park Mall
Developer SingHaiyi Group and its joint venture (JV) partners, Suntec Reit and Haiyi Holdings, announced that UBS Singapore has signed on to take up all the office space at the redeveloped Park Mall building, confirming a Business Times report on April 1 that UBS was mulling over a consolidation of its Singapore office footprint. Located at 9 Penang Road, the property is now undergoing redevelopment, which is on track to be completed in the fourth quarter of this year, SingHaiyi said. UBS Singapore will take up 381,000 sq ft of net lettable area, spanning eight levels across two towers. It plans to move into the 10-storey Grade A office building in the second half of next year. Besides UBS Singapore, the redeveloped building has drawn strong interest from potential retail tenants, including food and beverage outlets as well as ancillary services, SingHaiyi added. The redeveloped building is located near Singapore's prime shopping belt Orchard Road and Dhoby Ghaut MRT station. It also has 15,000 sq ft of retail space and an extended 99-year lease which will expire on Dec 7, 2115.
Jurong tourism site set to tax developers' creativity
Thinking out of the box will be imperative for developers eyeing the new Jurong Lake District (JLD) tourism development project. The site will have to stand out from among the S$9 billion expansion to be made to the integrated resorts (IRs) and the growing number of theme parks in the region, industry watchers said. The government announced that the now-vacant seven-hectare site next to Chinese Gardens will be the location for a hotel, attractions, eateries and shops by 2026. The need for novel development ideas is clear when one compares the seven-ha size to that of Marina Bay Sands and Resorts World Sentosa, which take up 15.5 ha and 49 ha - two and seven times bigger respectively. An expression of interest (EOI) exercise by the Singapore Tourism Board (STB) will close in November.
Multi-award-winning architect Moshe Safdie says he expects Jewel Changi Airport to become a powerful icon for Singapore. Mr Safdie, 80, who also designed Marina Bay Sands, said he did not expect MBS to become a landmark symbol of Singapore, possibly exceeding the status of the Sydney Opera House. "I do predict now, though, that Jewel will become an icon for Singapore no less than MBS," he told reporters on Friday, ahead of Jewel Changi Airport's official opening.
At 90,000 sq m, Jewel's retail size is comparable to CapitaLand's ION Orchard, which has a retail footprint of about 88,000 sq m. Raffles City remains CapitaLand's largest mixed-use development in Singapore at 320,490 sq m GFA. Jewel's total GFA spans 135,700 sq m, comprising 90,000 sq m of retail; 21,100 sq m of indoor gardens and attractions; 19,400 sq m of facilities for airport operations; while 5,200 sq m has been set aside for hotel space. About 25 per cent of Jewel's over 280 stores comprise new-to-market brands, new concepts or flagship stores. Nearly 50 per cent of the brands in Jewel are home-grown Singapore ones, with stores such as the Rich & Good Cake Shop, Birds of Paradise gelato store and Tiger Beer's new concept, Tiger Street Lab, attracting long queues during the Jewel's preview.
Huttons Asia real estate professional Kiwi Lim believe that in addition to the awesome beauty and entertainment at Jewel Changi Airport, the huge array of amenities and food offered by the cinema and 280 shops and retail outlets at Jewel Changi Airport will make living in the east a very attractive option.