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After reputable local listed developer Allgreen Properties launched and sold more than 85% of total units in Pasir Ris 8 - a rare property asset class of fully integrated condo in Pasir Ris Central on 24 July 2021 at prices of up to $2,116 psf for its 710 sqft 2 bedroom condo unit, all eyes are now on another fully integrated condo project in District 19 - Sengkang Grand Residences.
The next day after Pasir Ris 8 sold its 2 bedder for more than $2,000 psf, Sengkang Grand Residences immediately saw close to 40 units sold in one day on Sunday - 25 July 2021. While there was a "good spread of take-up" across all unit types, interest was very strong for the 2 bedroom units, as the 1 + study units were long sold out beforehand leaving only the last 6 units of 2 bedroom, 118 units of 3 bedroom units and 21 four bedroom flexi units left avail by Wed (28 July) averaging around $1,7xx psf.
Buyers felt that Sengkang Grand Residences is more value for money as compared to Pasir Ris 8 because CDL & Capitaland bought the GLS site for Sengkang Grand Residences at $924 psf ppr and is currently selling at around $1,7xx psf whereas Allgreen Property bought the GLS site for Pasir Ris 8 at $685 psf ppr and sold at an average of $1,7xx psf leading up to above $2,000 psf for a 2 bedroom unit.
Buyers of both projects - Pasir Ris 8 and Sengkang Grand Residences are similar in profile mostly Singaporean singles and HDB upgraders looking to stay in a fully integrated condo development.
Kiwi Lim from Huttons Asia felt that buyers looking at District 18 in Pasir Ris, are generally quite willing to also consider District 19 as well because it is well connected by the Tampines Expressway (TPE).
The next day after Pasir Ris 8 sold its 2 bedder for more than $2,000 psf, Sengkang Grand Residences immediately saw close to 40 units sold in one day on Sunday - 25 July 2021. While there was a "good spread of take-up" across all unit types, interest was very strong for the 2 bedroom units, as the 1 + study units were long sold out beforehand leaving only the last 6 units of 2 bedroom, 118 units of 3 bedroom units and 21 four bedroom flexi units left avail by Wed (28 July) averaging around $1,7xx psf.
Buyers felt that Sengkang Grand Residences is more value for money as compared to Pasir Ris 8 because CDL & Capitaland bought the GLS site for Sengkang Grand Residences at $924 psf ppr and is currently selling at around $1,7xx psf whereas Allgreen Property bought the GLS site for Pasir Ris 8 at $685 psf ppr and sold at an average of $1,7xx psf leading up to above $2,000 psf for a 2 bedroom unit.
Buyers of both projects - Pasir Ris 8 and Sengkang Grand Residences are similar in profile mostly Singaporean singles and HDB upgraders looking to stay in a fully integrated condo development.
Kiwi Lim from Huttons Asia felt that buyers looking at District 18 in Pasir Ris, are generally quite willing to also consider District 19 as well because it is well connected by the Tampines Expressway (TPE).
Sengkang Grand Residences is generally considered by home buyers as being very attractively priced as current new OCR condos that are further from the MRT station, bus interchange and shopping malls are already priced around $1,7xx psf in the market today.
Kiwi Lim believe that with the current supply of new condo units left available in the market, Sengkang Grand Residences can afford to charge a premium price for being a rare fully integrated condo project (only less than 5% of all private residential condo / apartment projects in Singapore are integrated projects) which is far better than mixed development with just a mall below.
Mixed development consists of residential units above and commercial shops below, with most of the shops being strata owned shops and not managed malls. They also are not connected to the MRT station and bus interchange.
Integrated projects offers the ultimate convenience to the residents staying in the condo units above with a managed mall below, connected to the MRT and bus interchange at their doorstep. Most integrated projects also include public community projects, e.g. polyclinics, community centres as well as a plaza for communal activities for the neighbourhood. There are less than 5% of private residential projects that are considered as integrated projects in the market today.
Kiwi Lim believe that with the current supply of new condo units left available in the market, Sengkang Grand Residences can afford to charge a premium price for being a rare fully integrated condo project (only less than 5% of all private residential condo / apartment projects in Singapore are integrated projects) which is far better than mixed development with just a mall below.
Mixed development consists of residential units above and commercial shops below, with most of the shops being strata owned shops and not managed malls. They also are not connected to the MRT station and bus interchange.
Integrated projects offers the ultimate convenience to the residents staying in the condo units above with a managed mall below, connected to the MRT and bus interchange at their doorstep. Most integrated projects also include public community projects, e.g. polyclinics, community centres as well as a plaza for communal activities for the neighbourhood. There are less than 5% of private residential projects that are considered as integrated projects in the market today.
Sengkang Grand Residences - a fully integrated condo development by CDL and Capitaland is nearly 80% sold as at 27 July 2021
Sengkang Grand Residences being a fully integrated condo development allows its future residents to enjoy ultimate convenience to shop for daily essentials and groceries with a mall managed by reputable Capitaland and supermarket under one roof, with a hawker centre right downstairs.
Located close to the brand new community club with a multi-purpose hall perfect for active, sporty lifestyles. With residential homes sitting above Buangkok MRT and a bus interchange, condo residents will enjoy seamless connectivity to anywhere across Singapore.
"With the weather in Singapore expecting to get hotter and hotter in future, I believe that more homebuyers will seriously consider either living in an integrated condo development or living in a condo project that is just right across the road to the integrated mall, MRT and bus interchange - something like Esparina Residences, for example."
Located close to the brand new community club with a multi-purpose hall perfect for active, sporty lifestyles. With residential homes sitting above Buangkok MRT and a bus interchange, condo residents will enjoy seamless connectivity to anywhere across Singapore.
"With the weather in Singapore expecting to get hotter and hotter in future, I believe that more homebuyers will seriously consider either living in an integrated condo development or living in a condo project that is just right across the road to the integrated mall, MRT and bus interchange - something like Esparina Residences, for example."
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Pasir Ris 8 comprises commercial and residential condo development integrated with a bus interchange, a polyclinic and a town plaza, will offer seamless connection to public transport services and amenities for residents
On a quiet weekend of 24 July 2021 (Saturday) under tight Covid safety measures, Allgreen properties & Kerry Properties launched the sales preview of Pasir Ris 8 from 9am in the morning till around 10pm at night with OTPs being issued throughout the night.
The one day sales preview of Pasir Ris 8 saw buyers making up mainly of Singaporeans and PRs snapping up nearly 80% of the residential units in this highly sought after rare fully integrated condominium development with commercial retail mall, polyclinic situated directly below plus the ultimate convenience of being integrated with MRT station and Bus Interchange at your doorstep. Buyers saw prices above $2,000 psf for the 2 bedder units at Pasir Ris 8.
Pasir Ris 8 sits on a precious OCR white site next to Pasir Ris MRT Station successfully clinched by a joint venture between Allgreen Properties and Kerry Properties (part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok) at nearly $700 million working out to $684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft on 14 Dec 2018.
The one day sales preview of Pasir Ris 8 saw buyers making up mainly of Singaporeans and PRs snapping up nearly 80% of the residential units in this highly sought after rare fully integrated condominium development with commercial retail mall, polyclinic situated directly below plus the ultimate convenience of being integrated with MRT station and Bus Interchange at your doorstep. Buyers saw prices above $2,000 psf for the 2 bedder units at Pasir Ris 8.
Pasir Ris 8 sits on a precious OCR white site next to Pasir Ris MRT Station successfully clinched by a joint venture between Allgreen Properties and Kerry Properties (part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok) at nearly $700 million working out to $684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft on 14 Dec 2018.
Allgreen Properties and Kerry Properties sold 415 units (85% of total units in Pasir Ris 8) at an average price of estimated $1,650 psf on 24 July (Sat). Seeing strong buying response, the developers jointly decided to increase the price around 5 times throughout the day to price their remaining units up to $2,116 psf for home buyers to own a unit at the rare fully integrated condo in Pasir Ris Central.
Kiwi Lim from Huttons Asia believe that the timing of this Pasir Ris 8 preview couldn't be more perfect as it was just a day after news of the high land bid price clinched for the condo GLS plot at Lentor Central & record breaking EC GLS at Tampines Street 62 were announced.
Allgreen Properties and Kerry Properties may have also realised the value of Pasir Ris 8 as a fully integrated developments in Singapore especially one that comprise of managed commercial shopping mall and residential development integrated with a bus interchange, a polyclinic and town plaza offering seamless connection to public transport services and amenities for residents. Such developments are considered rare and are in high demand by buyers who work from home & desire convenience.
Allgreen Properties and Kerry Properties may have also realised the value of Pasir Ris 8 as a fully integrated developments in Singapore especially one that comprise of managed commercial shopping mall and residential development integrated with a bus interchange, a polyclinic and town plaza offering seamless connection to public transport services and amenities for residents. Such developments are considered rare and are in high demand by buyers who work from home & desire convenience.
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The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) released two sites at Lentor Central and Tampines Street 62 (Parcel A) for sale on 15 April 2021 under the first half 2021 (1H2021) Government Land Sales (GLS) Programme.
The URA site at Lentor Central earmarked for a residential with commercial at 1st storey development and the HDB Executive Condominium site at Tampines Street 62 (Parcel A) are launched for sale under the Confirmed List. Together, these two sites can yield about 1195 residential units.
The tender for the two land parcels at Lentor Central and Tampines Street 62 (Parcel A) will close at 12 noon on 22 Jul 2021 at URA and HDB respectively.
The URA site at Lentor Central earmarked for a residential with commercial at 1st storey development and the HDB Executive Condominium site at Tampines Street 62 (Parcel A) are launched for sale under the Confirmed List. Together, these two sites can yield about 1195 residential units.
The tender for the two land parcels at Lentor Central and Tampines Street 62 (Parcel A) will close at 12 noon on 22 Jul 2021 at URA and HDB respectively.
Today, the tender results for the two land parcels at Lentor Central and Tampines Street 62 (Parcel A) revealed record breaking OCR GLS bidded prices for both plots of land.
Qingjian Realty and Santarli Construction is the top bidder for the EC site at Tampines St 62. This land parcel can build about 590 units and the land price works out to $658.93 psf ppr. It is a new record land price for a EC site. This may indicate a selling price of $1,3xx psf for this new executive condo that may be launched in end of 2022 or early 2023.
Qingjian Realty and Santarli Construction is the top bidder for the EC site at Tampines St 62. This land parcel can build about 590 units and the land price works out to $658.93 psf ppr. It is a new record land price for a EC site. This may indicate a selling price of $1,3xx psf for this new executive condo that may be launched in end of 2022 or early 2023.
Guocoland is the top bidder for the GLS site at Lentor Central at $1,204 psf ppr. This piece of and can build 605 residential units with commercial shops on the 1st level. This may indicate a selling price of $2,2xx psf for its condo units when it's launched in 2022 next year.
Kiwi Lim from Huttons Asia believe this is due to strong local demand for property from younger professional singles or couples as working from home created in them a desire to live apart from their parents and have their own personal space. Developers are also seeing a decline in their inventory of unsold condo units and are currently short of land banks in their possession.
Kiwi Lim from Huttons Asia believe this is due to strong local demand for property from younger professional singles or couples as working from home created in them a desire to live apart from their parents and have their own personal space. Developers are also seeing a decline in their inventory of unsold condo units and are currently short of land banks in their possession.
