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Only 70 four-room flats are on offer at Telok Blangah Beacon in the mature estate of Bukit Merah.PHOTO: HDB
Young aspiring HDB home owners made a rush for the four-room Build-To-Order (BTO) flats in Telok Blangah, contributing to one of the highest application rates in recent years.
Telok Blangah Beacon HDB BTO flats are the most expensive units in the Housing Board's sales exercise this month. Located in the mature estate of Bukit Merah, a whopping total of 3,124 applicants competed for the 70 units of 4-room flats put on offer by HDB in the Telok Blangah Beacon project as at 5pm on Monday, 31 May 2021. The last time a BTO project drew such strong competition was in August last year, when 334 four-room flats in Geylang drew almost 15 applicants for each unit.
For first-timer applicants, only one in more than 28 applicants will get a unit. Second-time applicants face even bleaker prospects, with more than 412 applicants vying for each available unit.
Kiwi Lim from Huttons Asia said the overwhelming response for Telok Blangah Beacon is expected due to its proximity to the future Greater Southern Waterfront similar to another HDB project in the CBD in Tanjong Pagar called The Pinnacle at Duxton launched in 2004.
"Prices for these Telok Blangah four-room flats, which are located within walking distance of Telok Blangah MRT station, range from $602,000 to $710,000 is considered attractive as it is very similar to how another HDB BTO project: The Pinnacle at Duxton was priced during its launch as the most expensive BTO project in 2004" said Kiwi. "Back then in 2004, the property market was very weak and Pinnacle at Duxton was priced above double the price of typical HDB BTO projects in Fernvale. However, today in 2021, global cities around the word are seeing a boom in their real estate market, including Singapore. If we consider the added advantage that such BTO projects at the doorstep of The Greater Southern Waterfront is expected to enjoy amazing upside potential from the government's massive future developments there, you will understand why so many are keen to lay their hands on it."
"I recall Pinnacle at Duxton buyers were ridiculed and laughed at by friends in 2004 for buying The Pinnacle at Duxton HDB BTO. This truly is a repeat"
Telok Blangah Beacon HDB BTO flats are the most expensive units in the Housing Board's sales exercise this month. Located in the mature estate of Bukit Merah, a whopping total of 3,124 applicants competed for the 70 units of 4-room flats put on offer by HDB in the Telok Blangah Beacon project as at 5pm on Monday, 31 May 2021. The last time a BTO project drew such strong competition was in August last year, when 334 four-room flats in Geylang drew almost 15 applicants for each unit.
For first-timer applicants, only one in more than 28 applicants will get a unit. Second-time applicants face even bleaker prospects, with more than 412 applicants vying for each available unit.
Kiwi Lim from Huttons Asia said the overwhelming response for Telok Blangah Beacon is expected due to its proximity to the future Greater Southern Waterfront similar to another HDB project in the CBD in Tanjong Pagar called The Pinnacle at Duxton launched in 2004.
"Prices for these Telok Blangah four-room flats, which are located within walking distance of Telok Blangah MRT station, range from $602,000 to $710,000 is considered attractive as it is very similar to how another HDB BTO project: The Pinnacle at Duxton was priced during its launch as the most expensive BTO project in 2004" said Kiwi. "Back then in 2004, the property market was very weak and Pinnacle at Duxton was priced above double the price of typical HDB BTO projects in Fernvale. However, today in 2021, global cities around the word are seeing a boom in their real estate market, including Singapore. If we consider the added advantage that such BTO projects at the doorstep of The Greater Southern Waterfront is expected to enjoy amazing upside potential from the government's massive future developments there, you will understand why so many are keen to lay their hands on it."
"I recall Pinnacle at Duxton buyers were ridiculed and laughed at by friends in 2004 for buying The Pinnacle at Duxton HDB BTO. This truly is a repeat"
Launched on 29 May 2004, The Pinnacle@Duxton is the tallest public-housing project in Singapore and also one of the priciest. The project is situated at the 25,163-square-metre Duxton Plain on Cantonment Road, the site where the Housing and Development Board (HDB) constructed the first two Tanjong Pagar rental blocks in 1963.
The Pinnacle@Duxton consists of seven 50-storey blocks comprising 1,848 flats. Among its unique features are 12 steel sky bridges that link all seven blocks on the 26th and 50th storeys, forming a continuous sky garden, as well as an 800-metre jogging track on the 26th floor.
The Pinnacle at Duxton showcased innovative design approach to high-density, high-rise public housing that would optimise land use while meeting the changing lifestyle needs and rising aspirations of residents.
The Pinnacle@Duxton consists of seven 50-storey blocks comprising 1,848 flats. Among its unique features are 12 steel sky bridges that link all seven blocks on the 26th and 50th storeys, forming a continuous sky garden, as well as an 800-metre jogging track on the 26th floor.
The Pinnacle at Duxton showcased innovative design approach to high-density, high-rise public housing that would optimise land use while meeting the changing lifestyle needs and rising aspirations of residents.
The Pinnacle@Duxton is a 50-storey residential development in Singapore 's city center, next to the business district.[1] All seven connected towers are collectively the world's tallest public residential buildings, and featuring the two longest sky gardens ever built on skyscrapers, at 500m each.
The Pinnacle at Duxton is another HDB project that
is right beside the future Greater Southern Waterfront
In phase one of the launch on 29 May 2004, a total of 528 units in two blocks were offered for selection, with two flat types available: S1 (93 – 97 sqm) priced between S$289,200 and S$380,900 and S2 (105–108 sqm) ranging between S$345,100 and S$439,400. The HDB then offered all the 1,848 flats for public application after an astounding 3,149 applications were received during the initial launch.
The award-winning design; sky gardens; central locale; and convenient access to the Tanjong Pagar and Outram MRT stations, restaurants and supermarkets; as well as flexible layouts were factors that contributed to the Pinnacle’s immense appeal for prospective homeowners, in particular, young families and young urban professionals.
By the close of the launch in July 2004, close to 5,000 applications – more than double the number of flats available – were received by the HDB, enabling it to call for contractor bids for the construction of the Pinnacle under the built-to-order scheme.
The award-winning design; sky gardens; central locale; and convenient access to the Tanjong Pagar and Outram MRT stations, restaurants and supermarkets; as well as flexible layouts were factors that contributed to the Pinnacle’s immense appeal for prospective homeowners, in particular, young families and young urban professionals.
By the close of the launch in July 2004, close to 5,000 applications – more than double the number of flats available – were received by the HDB, enabling it to call for contractor bids for the construction of the Pinnacle under the built-to-order scheme.
View of the Greater Southern Waterfront from the 50th storey skybridge at The Pinnacle at Duxton.
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Extracted from Straits Times article on 31 May 2021
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Minister for National Development Lawrence Wong mentioned in an interview on 2019 The Government is working out a new pricing model for future public housing in the Greater Southern Waterfront, in order to mitigate the so-called “lottery effect” of obtaining a subsidised flat in a prime area.
It seems the best way to mitigate the so called "lottery effect" is to price the upcoming HDB BTOs close to the resale pricing of the surrounding flats of prime districts. Higher construction costs due to the Covid pandemic could also have caused prices to increase (click to read the article below).
It seems the best way to mitigate the so called "lottery effect" is to price the upcoming HDB BTOs close to the resale pricing of the surrounding flats of prime districts. Higher construction costs due to the Covid pandemic could also have caused prices to increase (click to read the article below).
Situated along the future Greater Southern Waterfront, the Telok Blangah Beacon Bukit Merah May 2021 BTO project is the first launch in the area since 2013. Notable amenities nearby include Mount Faber Park and VivoCity, with Telok Blangah MRT station located within walking distance from the BTO project.
Only 175 BTO units comprising 3-room and 4-room flat types will be up for grabs as part of the May 2021 Telok Blangah Beacon Bukit Merah BTO launch. This means that buyers can expect very heavy competition.
5-room flats will not be offered. As such, larger families or buyers planning on one may want to consider the other May 2021 BTO launches at Tengah and Woodlands instead.
Only 175 BTO units comprising 3-room and 4-room flat types will be up for grabs as part of the May 2021 Telok Blangah Beacon Bukit Merah BTO launch. This means that buyers can expect very heavy competition.
5-room flats will not be offered. As such, larger families or buyers planning on one may want to consider the other May 2021 BTO launches at Tengah and Woodlands instead.
Residents can enjoy easy access to various shops and eateries at Telok Blangah Mall, as well as the nearby Telok Blangah Market. For more retail and food and beverage offerings, VivoCity will be only a short bus ride away.
Future Telok Blangah Beacon Bukit Merah BTO residents, e.g. working professionals can reach City Hall and Raffles Place easily by bus. Telok Blangah Beacon Bukit Merah BTO residents working nearby business districts such as Mapletree Business City and the future upcoming Greater Southern Waterfront will enjoy working closer to home.
Telok Blangah Mall, Telok Blangah Market, and Telok Blangah Food Center are all just a short walk away from the Telok Blangah Beacon Bukit Merah May 2021 BTO flats. Future Telok Blangah Beacon Bukit Merah BTO residents can take a 15-minute bus ride to VivoCity to enjoy endless retail and dining options. Alternatively, Alexandra Retail Centre is a 15-minute walk away, where families can access a supermarket, pharmacies, bakeries, and other retail amenities.
Telok Blangah Mall, Telok Blangah Market, and Telok Blangah Food Center are all just a short walk away from the Telok Blangah Beacon Bukit Merah May 2021 BTO flats. Future Telok Blangah Beacon Bukit Merah BTO residents can take a 15-minute bus ride to VivoCity to enjoy endless retail and dining options. Alternatively, Alexandra Retail Centre is a 15-minute walk away, where families can access a supermarket, pharmacies, bakeries, and other retail amenities.
Nature lovers get to enjoy exploring attractions like Labrador Park, Mount Faber Park, and Telok Blangah Hill Park closer to home. Sentosa is also easily accessible for families, couples, and young children who want more recreational options. Most importantly, residents can look forward to the upcoming Greater Southern Waterfront, which promises new lifestyle and recreational opportunities as it takes shape over the next five to 10 years.
Given the prime location and attractive nearby developments in the pipeline, it is as expected that the prices for the Telok Blangah Beacon Bukit Merah BTO units do not come cheap. 3-room and 4-room flats start at $419,000 and $620,000 respectively and are the priciest of the May 2021 BTO launches.
As the Greater Southern Waterfront takes shape, flat owners in the area could potentially benefit from significant capital appreciation. Over the past year, resale prices for 3-room and 4-room flats went for as high as $375,000 and $478,000 respectively. The resale flat prices for this Bukit Merah BTO launch would probably exceed the above prices.
Kiwi Lim from Huttons Asia believe that if 4 room HDB flats in Telok Blangah is being priced around $655k, the prices of the HDB public housing units on the site of the current Keppel Club which is right in the Greater Southern Waterfront region may be priced much higher. He estimate that future HDB BTO flats at the former Keppel Club may possibly see prices above $750k for a 4-room BTO flat.
Kiwi believe prices of these upcoming BTOs near the Greater Southern Waterfront when compared to another iconic HDB project with towering 50-storey sky gardens overlooking the whole of Singapore situated at the doorstep to The Greater Southern Waterfront - The Pinnacle at Duxton which also enjoy the exclusivity of being right in the city at Tanjong Pagar look very very attractively priced (see below).
As the Greater Southern Waterfront takes shape, flat owners in the area could potentially benefit from significant capital appreciation. Over the past year, resale prices for 3-room and 4-room flats went for as high as $375,000 and $478,000 respectively. The resale flat prices for this Bukit Merah BTO launch would probably exceed the above prices.
Kiwi Lim from Huttons Asia believe that if 4 room HDB flats in Telok Blangah is being priced around $655k, the prices of the HDB public housing units on the site of the current Keppel Club which is right in the Greater Southern Waterfront region may be priced much higher. He estimate that future HDB BTO flats at the former Keppel Club may possibly see prices above $750k for a 4-room BTO flat.
Kiwi believe prices of these upcoming BTOs near the Greater Southern Waterfront when compared to another iconic HDB project with towering 50-storey sky gardens overlooking the whole of Singapore situated at the doorstep to The Greater Southern Waterfront - The Pinnacle at Duxton which also enjoy the exclusivity of being right in the city at Tanjong Pagar look very very attractively priced (see below).
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The Dunman Road condo land parcel site is arguably the most attractive site on the Reserve List released by URA in 2019. The Dunman Road condo land parcel site enjoys close proximity to the Dakota MRT station, predominantly unblocked views of the East Coast and within minutes’ drive to town. It is also near good schools and the Sports Hub.
The Dunman Road condo land parcel site's larger land parcel size allows the developer to build an estimated 1,040 new condo units. Kiwi Lim from Huttons Asia believe that this large land parcel along Dunman Road will mainly attract large reputable developers with deep pockets or joint ventures between a few developers to trigger and bid for the Reserve Site.
The Dunman Road condo land parcel site's larger land parcel size allows the developer to build an estimated 1,040 new condo units. Kiwi Lim from Huttons Asia believe that this large land parcel along Dunman Road will mainly attract large reputable developers with deep pockets or joint ventures between a few developers to trigger and bid for the Reserve Site.
The Dunman Road reserve land plot is near to reputable schools such as Kong Hwa School Tanjong Katong Primary School, Haig Girls’ School
The Dunman Road condo land parcel site is located along Dunman Road in District 15 and is less than 100m away from Datoka Circle Line Station (CC8) on the Circle Line, providing easy access to the city centre and other parts of Singapore. It is also conveniently linked to major roads and expressways such as East Coast Parkway (ECP) and Mountbatten Road.
Proximity to Schools and Amenities
The future Dunman Road new condo will enjoy close proximity to educational institutions such as Chung Cheng High School (Main), Broadrick Secondary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School. Amenities such as 51 Old Airport Road Food Centre, Katong Swimming Complex and Paya Lebar Square are also a short distance away.
The Dunman Road condo land parcel site is also close to amenities like Sheng Siong Hypermarket (Tanjong Katong), NTUC Fairprice (Geylang Lorong 38), and Giant (Tanjong Katong Complex). The closest shopping malls are Kinex Shopping Mall, City Plaza, and Joo Chiat Complex.
Future residents at this Dunman Road new condo will enjoy direct access to Geylang Park Connector that runs along Geylang River connecting seamlessly to Marina Reservoir and Gardens by the Bay.
Proximity to Schools and Amenities
The future Dunman Road new condo will enjoy close proximity to educational institutions such as Chung Cheng High School (Main), Broadrick Secondary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School. Amenities such as 51 Old Airport Road Food Centre, Katong Swimming Complex and Paya Lebar Square are also a short distance away.
The Dunman Road condo land parcel site is also close to amenities like Sheng Siong Hypermarket (Tanjong Katong), NTUC Fairprice (Geylang Lorong 38), and Giant (Tanjong Katong Complex). The closest shopping malls are Kinex Shopping Mall, City Plaza, and Joo Chiat Complex.
Future residents at this Dunman Road new condo will enjoy direct access to Geylang Park Connector that runs along Geylang River connecting seamlessly to Marina Reservoir and Gardens by the Bay.
District 15 has seen a very healthy pace in price appreciation over the past 15 years and the average price is now above $1,5xx psf. Data prepared by Kiwi Lim (Huttons)
A site on the Reserve List System will be put up for sale if a developer's indicated minimum price in his application is acceptable to the Government. The Government will also consider launching a Reserve List site for sale if it has received sufficient market interest for the site. This is when more than one unrelated party has submitted a minimum price that is close to the Government's Reserve Price, within a reasonable period.
As private property prices in Singapore post the steepest quarterly rise in pricing in almost 3 years after rising 2.9 per cent in the first quarter of 2021 from the fourth quarter of last year — the steepest jump since the second quarter of 2018, Kiwi Lim believe that the Dunman Road condo land parcel could possibly attract a top bid of around SGD1,150 psf ppr - potentially paving the way for a new benchmark pricing to be set for the area of possibly an average starting price of $2,150 psf taking into account higher constructions costs of 30% to 50% increase globally during the Covid pandemic.
At the current pace of price growth, a new peak may be formed by the second half of this year.
As private property prices in Singapore post the steepest quarterly rise in pricing in almost 3 years after rising 2.9 per cent in the first quarter of 2021 from the fourth quarter of last year — the steepest jump since the second quarter of 2018, Kiwi Lim believe that the Dunman Road condo land parcel could possibly attract a top bid of around SGD1,150 psf ppr - potentially paving the way for a new benchmark pricing to be set for the area of possibly an average starting price of $2,150 psf taking into account higher constructions costs of 30% to 50% increase globally during the Covid pandemic.
At the current pace of price growth, a new peak may be formed by the second half of this year.
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A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids at a state tender that closed on Tuesday.
URA and HDB launched two 99-year leasehold residential sites for sale at Ang Mo Kio Avenue 1 and Tengah Garden Walk, under the Confirmed List of 2H2020 government land sales (GLS) programme last year in Nov 2020.
The condo site at Ang Mo Kio Avenue 1, which is designated for condominium development, measures 136,480 sqft, with a maximum gross floor area (GFA) of 341,205 sqft. It is the latest GLS site in the Ang Mo Kio area in six years. The previous GLS site was the Lorong Puntong site, where Thomson Impressions now is, which was awarded in October 2014 for $173.6 million or $731 psf per plot ratio (ppr). Before that, the Ang Mo Kio Avenue 2/Ang Mo Kio Street 13 site, which was later developed as The Panorama, was successfully tendered for $550 million ($790 psf ppr) in January 2013.
The condo site at Ang Mo Kio Avenue 1, which is designated for condominium development, measures 136,480 sqft, with a maximum gross floor area (GFA) of 341,205 sqft. It is the latest GLS site in the Ang Mo Kio area in six years. The previous GLS site was the Lorong Puntong site, where Thomson Impressions now is, which was awarded in October 2014 for $173.6 million or $731 psf per plot ratio (ppr). Before that, the Ang Mo Kio Avenue 2/Ang Mo Kio Street 13 site, which was later developed as The Panorama, was successfully tendered for $550 million ($790 psf ppr) in January 2013.
The site in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids
These two GLS sites closed their bids today on 25 May 2021 at the site tender.
The 99-year leasehold condo in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids. The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land. Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
UOL plan to develop a 24-25 storey condo project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
The 99-year leasehold condo in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids. The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land. Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
UOL plan to develop a 24-25 storey condo project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
The tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore for Tengah Garden Walk drew seven bids.
The GLS executive condominium (EC) site at Tengah Walk measures 237,032 sq ft. With 663,691 sq ft of maximum permissible GFA, with developers possibly building around 615 residential units.
The Tengah EC site is in a non-mature estate, allowing first-mover advantage when it enters the market.
The government has announced plans to turn Tengah into a smart and sustainable town, with green features and smart technologies. The emerging Jurong Innovation District advanced manufacturing hub in the west would also help to attract investments and create jobs in the area. The Tengah Garden Walk EC site would likely be served by the new Jurong Region Line which is slated to open progressively from 2026, and be near to Hong Kah and Tengah Plantation MRT Stations.
HDB has already launched built-to-order (BTO) flats for sale in several exercises at Tengah. When completed, Tengah is estimated to provide about 42,000 new homes across five residential districts.
Also closing on Tuesday 25 May 2021 was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore). ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed. The tender for the Tengah EC site was conducted by the Housing & Development Board.
Real estate professional Kiwi Lim from Huttons Asia believe that with the higher construction costs of 30% to 50% globally in the market partly due to increased property demand arising from the Covid pandemic and taking into account the psf ppr prices of these bidded GLS land plots, the developers may launch the Ang Mo Kio Ave 1 condo project from $2,000 psf and the Tengah EC project from $1,300 psf.
The Tengah EC site is in a non-mature estate, allowing first-mover advantage when it enters the market.
The government has announced plans to turn Tengah into a smart and sustainable town, with green features and smart technologies. The emerging Jurong Innovation District advanced manufacturing hub in the west would also help to attract investments and create jobs in the area. The Tengah Garden Walk EC site would likely be served by the new Jurong Region Line which is slated to open progressively from 2026, and be near to Hong Kah and Tengah Plantation MRT Stations.
HDB has already launched built-to-order (BTO) flats for sale in several exercises at Tengah. When completed, Tengah is estimated to provide about 42,000 new homes across five residential districts.
Also closing on Tuesday 25 May 2021 was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore). ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed. The tender for the Tengah EC site was conducted by the Housing & Development Board.
Real estate professional Kiwi Lim from Huttons Asia believe that with the higher construction costs of 30% to 50% globally in the market partly due to increased property demand arising from the Covid pandemic and taking into account the psf ppr prices of these bidded GLS land plots, the developers may launch the Ang Mo Kio Ave 1 condo project from $2,000 psf and the Tengah EC project from $1,300 psf.
Price trend for The Panorama - another condo in Ang Mo Kio along Ave 2 launched in 2014 and sold out soon after. Data from 2014 till May 2021 prepared by Kiwi Lim (Your Property Kiwi)
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From: Business Times article on Tue, 25 May 2021
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Singaporeans are buying luxury properties in prime districts as they take advantage of travel restrictions preventing foreigners from entering Singapore due to Covid travel restrictions. Foreign buyers of Singapore's properties declined to a 17-year low in 2020 last year as countries worldwide imposed travel restrictions and lockdowns deterring rich foreign buyers from coming to Singapore.
Kiwi Lim from Huttons Asia believe that Singaporeans who can afford luxury condos are enjoying this small window of opportunity to upgrade or add more luxury properties in prime districts in District 09 and District 10 as well as city area luxury condos before the cash rich foreigners come in to compete with them for these properties. Never before have we seen Singapore closing doors to foreigner buyers, this is a once in a lifetime chance where Singaporeans can buy without pressure from foreign buyers.
Kiwi Lim from Huttons Asia believe that Singaporeans who can afford luxury condos are enjoying this small window of opportunity to upgrade or add more luxury properties in prime districts in District 09 and District 10 as well as city area luxury condos before the cash rich foreigners come in to compete with them for these properties. Never before have we seen Singapore closing doors to foreigner buyers, this is a once in a lifetime chance where Singaporeans can buy without pressure from foreign buyers.
Luxury market buyers generally prefer to physically inspect the premises or visit a show-flat before making a purchase and since many overseas buyers were not able to travel to Singapore to view properties in person, it may have resulted in a dip in foreigner purchases in Singapore.
Foreigners contributed less than 5% of total property sales in Singapore in 2020, the lowest ever seen in Singapore's property market records in nearly 30 years. Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from Singaporeans and Singapore PRs accounted for more than 95% of property purchases in 2020 and 1st quarter of 2021.
Even when foreign buyers are generally out of Singapore's real estate scene, some of them still made the property news headlines when recently Park Nova's condo launch saw 7 ultra luxury apartments and penthouses sold for more than $160 million in just a few hours of launch.
Swire Properties recently also launched Eden and the entire luxury condo residential development was snapped up instantly by a Taiwanese family.
Foreigners contributed less than 5% of total property sales in Singapore in 2020, the lowest ever seen in Singapore's property market records in nearly 30 years. Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from Singaporeans and Singapore PRs accounted for more than 95% of property purchases in 2020 and 1st quarter of 2021.
Even when foreign buyers are generally out of Singapore's real estate scene, some of them still made the property news headlines when recently Park Nova's condo launch saw 7 ultra luxury apartments and penthouses sold for more than $160 million in just a few hours of launch.
Swire Properties recently also launched Eden and the entire luxury condo residential development was snapped up instantly by a Taiwanese family.
Fourth Avenue Residences is a luxury condo project in a private exclusive residential enclave in prime D10 that is only doorstep to Sixth Avenue MRT. Click to visit website & enjoy special VIP discounts valid until 31 May 2021
With more luxury homes slated to be launched in the coming months, sales of luxury homes could rise further. Singapore will continue to be one of the hot favourites among well-heeled investors and wealthy overseas buyers for trophy properties. Backed by the prospects of further price growth and a better leasing environment, foreign demand is expected to return gradually.
There were 10,024 private homes sold in the whole of 2020 more than the 9,912 units sold in 2019 pre-Covid. There were already 3,574 private homes sold in the first quarter of this year in 2021 surpassing the pre-pandemic levels of 2,476 units for each quarter on average in 2019 by 44.2 per cent. This may be partially driven by the pent-up demand caused by the circuit breaker last April and May when there was a partial lockdown.
With a brighter economic outlook in 2021, the positive momentum of the sales and price index could still continue into 2021. With buyers optimistic about a recovering economy, and assuming that no new measures are announced or there is no unexpected resurgence of coronavirus infections in the community that could unhinge demand, Singapore's property market may sell around 10,000 new launch condo units this year.
There were 10,024 private homes sold in the whole of 2020 more than the 9,912 units sold in 2019 pre-Covid. There were already 3,574 private homes sold in the first quarter of this year in 2021 surpassing the pre-pandemic levels of 2,476 units for each quarter on average in 2019 by 44.2 per cent. This may be partially driven by the pent-up demand caused by the circuit breaker last April and May when there was a partial lockdown.
With a brighter economic outlook in 2021, the positive momentum of the sales and price index could still continue into 2021. With buyers optimistic about a recovering economy, and assuming that no new measures are announced or there is no unexpected resurgence of coronavirus infections in the community that could unhinge demand, Singapore's property market may sell around 10,000 new launch condo units this year.
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A green enclave, rising above Orchard’s freehold land, Park Nova promises a tenure of exclusive residence surrounded by the beauty of nature.
Featuring its signature biophilic greeneries that encompass sunlit terraces, natural ventilation, and panoramic views of the city’s magnificent skyline, Park Nova breathes nature, bringing the charm of the outdoors into the comfort of home.
A leader in luxury hospitality and an expert in curating comfort, Shun Tak Holdings pioneers the concept of “smart new urban homes” by introducing nature into everyday city living. Imbued in a biophilic design philosophy specifically adapted to Singapore’s tropical climate, Park Nova condo stands as a living and breathing garden with thoughtfully designed outdoor spaces dedicated to every residence.
Park Nova's Biophilic design concept increased the living space's connectivity to the natural environment through the use of direct and indirect nature. Every spacious condo unit at Park Nova comes with a regular layout. The ergonomically shaped balcony and planter is filled with lush greenery to simulate the shape of a butterfly. Residents can enjoy the unobstructed Southern, Eastern or Western views from the condo's living, dining and bedrooms.
A leader in luxury hospitality and an expert in curating comfort, Shun Tak Holdings pioneers the concept of “smart new urban homes” by introducing nature into everyday city living. Imbued in a biophilic design philosophy specifically adapted to Singapore’s tropical climate, Park Nova condo stands as a living and breathing garden with thoughtfully designed outdoor spaces dedicated to every residence.
Park Nova's Biophilic design concept increased the living space's connectivity to the natural environment through the use of direct and indirect nature. Every spacious condo unit at Park Nova comes with a regular layout. The ergonomically shaped balcony and planter is filled with lush greenery to simulate the shape of a butterfly. Residents can enjoy the unobstructed Southern, Eastern or Western views from the condo's living, dining and bedrooms.
On May 7, sales at Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area began at 2pm and within a few hours, two penthouses located on the top two floors of the 21-storey building were sold for close to $60 million. Besides the two penthouses, five other typical units have also been sold for more than $100 million in sales. In total, more than 160 million in sales were clinched for the 7 ultra luxury condo units.
The two biggest five-bedroom penthouses in the 54-unit luxury Park Nova condo fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
The two biggest five-bedroom penthouses in the 54-unit luxury Park Nova condo fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
