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Allgreen’s purchase of 2 freehold collective sales sites – Royalville and Crystal Tower, has set a new record price for land transactions around the Bukit Timah area. In particular, Royalville which is located at the hip Sixth Avenue enclave and within walking distance from the Sixth Avenue MRT Station was sold at $1,960 psf ppr. This is almost 30% higher than the asking price. The land price is also higher than the current selling prices of condo units in the vicinity. Breakeven for the redevelopment project should be around $2,400 - $2,500 psf, with possible selling price of around $2,750 - $2,900 psf.
Crystal Tower was transacted at $1,840 psf ppr, which is just over 30% higher than the asking price. It is also about 12% higher than the recent sale price of nearby Casa Contendere to Tee Land. This works out to a breakeven price of around $$2,300 - $2,400 psf, and a potential selling price of around $2,650 - $2,800 psf.
Crystal Tower was transacted at $1,840 psf ppr, which is just over 30% higher than the asking price. It is also about 12% higher than the recent sale price of nearby Casa Contendere to Tee Land. This works out to a breakeven price of around $$2,300 - $2,400 psf, and a potential selling price of around $2,650 - $2,800 psf.
Completed in 1980s, Royalville has 55 apartments, 38 maisonette & 11 shops. PHOTO: EDMUND TIE & CO
Allgreen Properties victory in securing two freehold sites in the coveted Bukit Timah area in two separate collective sale tenders, acquiring Royalville for S$477.94 million and Crystal Tower for S$180.65 million saw an intense competition for both sites as freehold land in Singapore are limited in supply, with Royalville attracting a total of nine bids from local and foreign developers and Crystal Tower drawing a total of 12 tender bids.
Most of the bids for Royalville, nestled in Bukit Timah near Sixth Avenue MRT station, were well above the asking price of S$368 million. Its large sprawling grounds allows the developer to design an upscale condominium with up to 323 residential units and comprehensive suite of facilities.
Most of the bids for Royalville, nestled in Bukit Timah near Sixth Avenue MRT station, were well above the asking price of S$368 million. Its large sprawling grounds allows the developer to design an upscale condominium with up to 323 residential units and comprehensive suite of facilities.
Crystal Tower can be redeveloped into a condominium with some 130 units. PHOTO: EDMUND TIE & COMPANY
Completed in the mid-1980s, Royalville comprises 55 apartments, 38 maisonette and 11 shops. It sits on a land area of 16,181.5 square metres (174,176 square feet) zoned residential with a gross plot ratio of 1.4.
Each apartment owner at Royalville will receive between S$3.09 million and S$3.76 million, while a maisonette owner will receive between S$5.42 million and S$6.64 million. Shop owners are expected to receive S$5.67 million to S$10.38 million.
Each apartment owner at Royalville will receive between S$3.09 million and S$3.76 million, while a maisonette owner will receive between S$5.42 million and S$6.64 million. Shop owners are expected to receive S$5.67 million to S$10.38 million.
Gramercy Park is a beautiful freehold project at Grange Road, minutes walk to Orchard MRT Station
The selling price for Royalville reflects a land rate of about S$1,960 per square foot per plot ratio (psf ppr).
As for the 28-unit Crystal Tower at Ewe Boon Road in prime district 10, the selling price reflects a land rate of S$1,840 psf ppr. It was built in the 1970s.
Subject to the authorities' approval, Crystal Tower's 5,619.0 sq m (60,482 sq ft) site can be redeveloped into a condominium project with some 130 units, up to its existing gross floor area of 9,121.17 sq m (98,179 sq ft) and reflecting an equivalent plot ratio of 1.623. No development charge is payable.
Based on the sale price, each apartment owner at Crystal Tower is expected to pocket gross profit of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.
As for the 28-unit Crystal Tower at Ewe Boon Road in prime district 10, the selling price reflects a land rate of S$1,840 psf ppr. It was built in the 1970s.
Subject to the authorities' approval, Crystal Tower's 5,619.0 sq m (60,482 sq ft) site can be redeveloped into a condominium project with some 130 units, up to its existing gross floor area of 9,121.17 sq m (98,179 sq ft) and reflecting an equivalent plot ratio of 1.623. No development charge is payable.
Based on the sale price, each apartment owner at Crystal Tower is expected to pocket gross profit of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.
GOODWOOD GRAND is a quality freehold project in District 10 along Balmoral Road near Newton MRT
Just last week, we saw a record enbloc deal at How Sun Park where the SingHaiyi Group paid $81.09 million for the freehold estate comprising a three-storey development of 20 townhouses. Owners will get about $4.05 million per unit - slightly more than twice what they would have received had their units been sold individually. The most recent transaction in that development was three months ago, at just under $1.9 million.
Straits Times Article: 'Allgreen snaps up two freehold sites in Bukit Timah in collective sales' on 1 Dec 2017
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By early 2019, Singapore will reinvent itself to be the leading air hub of the the world as our famous Singapore Changi Airport work together with Capitaland Malls to transform Changi Airport to become an international lifestyle destination with Jewel at Changi. Situated in the heart of the world's best airport, Jewel at Changi integrates a unique mix of lush nature and urban energy that will bring together a world of ideas in leisure, shopping, and dining, creating first-class experiences to delight and inspire attracting the world to Changi and Singapore.
Photo from Straits Times
The construction of the upcoming mega mall - one of the largest and most integrated shopping mall in the world - Jewel at Changi has reached the halfway mark, putting the airport on track to build an icon that aims to make Singapore a more attractive air hub and destination by early 2019.
The five-storey, mainly commercial development with five basement floors will house about 300 shops and food and beverage outlets. Highlights include a 40m indoor waterfall and a five-storey garden with about 2,500 trees and 100,000 shrubs from countries including Brazil, Australia, Thailand and the US.
Directly connected to T1, Jewel will be linked to the other two terminals via air-conditioned bridges with travelators.
When completed, Jewel at Changi will glitter with more than 9,600 pieces of glass, specially made in the United States, that will frame its facade. This investment in infrastructure and facilities is to offer a distinctive experience to the travelling public, which will help Changi stay ahead of the competition.
The five-storey, mainly commercial development with five basement floors will house about 300 shops and food and beverage outlets. Highlights include a 40m indoor waterfall and a five-storey garden with about 2,500 trees and 100,000 shrubs from countries including Brazil, Australia, Thailand and the US.
Directly connected to T1, Jewel will be linked to the other two terminals via air-conditioned bridges with travelators.
When completed, Jewel at Changi will glitter with more than 9,600 pieces of glass, specially made in the United States, that will frame its facade. This investment in infrastructure and facilities is to offer a distinctive experience to the travelling public, which will help Changi stay ahead of the competition.
Spanning about 14,000 sqm, the Canopy Park which sits on the highest level of Jewel features exciting play attractions and serene gardens.
We have shortlisted some good new launches in the east that you may consider. Simply click on the images to visit the project websites.
Seaside Residences is the first new project with sea views to be built along East Coast Parkway (ECP) in 15 years
The Alps Residences is a new condo inspired by the Swiss Alps located in Tampines by developer MCC Land.
Grandeur Park Residences is less than 1 minute walk to Tanah Merah MRT thru a sheltered walkway
Enjoy living in a luxury resort @ Coco Palms - 5 min walk to Pasir Ris MRT & White Sands shopping mall
The Line is a rare freehold condo located at Tanjong Rhu Road connected to upcoming Katong Park MRT station
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Over the months, Singaporeans as well as people living in Singapore have seen, heard and experienced at least once - a delay, or stopping of the MRT train operations,often during times when you needed to rush to your important office meeting, appointment with clients or even catching a flight.
Forestwood Residences by CDL is located within 5 mins walk to Serangoon Bus Interchange
As such irregular MRT delays and train stoppages increase in frequency (at least in my opinion), we find our work and daily life affected. We may either plan 1 hour ahead of time in future or we can take public transport like taxi, Uber cabs, Grab taxi, walk, cycle or the old reliable bus transport.
The Trilinq by IOI developer is located within 8 mins walk to Clementi Bus Interchange
Taking buses not only is considered more reliable compared to our MRT nowadays (at least that's how I feel), it also allows me to relax and enjoy the scenic view of people rushing around in the streets and the trees and buildings passing by while we meditate silently to prepare ourselves for the next appointment or meeting that we are rushing to.
North Park Residences by Frasers Centrepoint is located above Yishun Bus Interchange
If you are feeling the same way as me, you may want to consider investing in one of these new condos currently in the market that are within a short walking distance to the bus interchange where a selection of buses can bring you to many places across our tiny Singapore island. If you currently live near a bus interchange, congratulations and I look forward to meeting you on a bus soon. :)
Hillion Residences by Sim Lian is located right above Bukit Panjang Bus Interchange
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A newly built housing estate can be seen next to another that is under construction in a suburb of Auckland, New Zealand. PHOTO: REUTERS
Foreigner intending to speculate on properties in New Zealand will no longer be able to buy existing houses in New Zealand from early 2018. This was announced by the new Prime Minister of New Zealand's new government, Jacinda Ardern at press conference on Tuesday, 31 Oct 2017). This is a big effort to prevent a bubble from forming in the New Zealand property market and most importantly to make it easier for Kiwis to buy their first home.
Recent years have seen tens of thousands of foreign speculators buying houses and driving up prices in various cities of New Zealand causing prices of properties to increase much higher that the salaries of New Zealanders, making the possibility of owning their first home out of reach for more and more New Zealanders.
New Zealand house prices have surged in recent years, driving the average value in biggest city Auckland to more than NZ$1 million (S$932,000) and putting property out of reach for many younger Kiwis. The law change will bring New Zealand into line with other countries including neighbour Australia, where non-residents are also restricted from buying homes unless they are newly built.
Current investors who owns existing properties in New Zealand may receive a lower valuation in their properties as cash rich foreigners will no longer be able to buy these existing properties from early next year and these investor sellers can only sell to the locals in New Zealand.
Recent years have seen tens of thousands of foreign speculators buying houses and driving up prices in various cities of New Zealand causing prices of properties to increase much higher that the salaries of New Zealanders, making the possibility of owning their first home out of reach for more and more New Zealanders.
New Zealand house prices have surged in recent years, driving the average value in biggest city Auckland to more than NZ$1 million (S$932,000) and putting property out of reach for many younger Kiwis. The law change will bring New Zealand into line with other countries including neighbour Australia, where non-residents are also restricted from buying homes unless they are newly built.
Current investors who owns existing properties in New Zealand may receive a lower valuation in their properties as cash rich foreigners will no longer be able to buy these existing properties from early next year and these investor sellers can only sell to the locals in New Zealand.
Wellington has seen property prices increasing over the years to high levels beyond the reach of many young Kiwis
Therefore, the New Zealand's new government said it will change the law to prevent foreigners from buying existing homes in the South Pacific nation to reduce speculation and make it easier for first-time buyers to enter the market.
In particular are speculators and property buyers from mainland China who poured in more than NZ$10 billion over the last few years to snap up vast plots of land, houses and buildings. In fact, other than New Zealand, Chinese money has pushed up home prices around the world, stoking concern among locals in cities from Vancouver to Sydney.
New Zealand is considered as one of the favoured country for the rich to buy an oasis to retreat to annually. The New Zealand government believes this policy will solve a political problem and put a cap on rising home prices in New Zealand.
In particular are speculators and property buyers from mainland China who poured in more than NZ$10 billion over the last few years to snap up vast plots of land, houses and buildings. In fact, other than New Zealand, Chinese money has pushed up home prices around the world, stoking concern among locals in cities from Vancouver to Sydney.
New Zealand is considered as one of the favoured country for the rich to buy an oasis to retreat to annually. The New Zealand government believes this policy will solve a political problem and put a cap on rising home prices in New Zealand.
City Suites is a choice investment project - freehold, city fringe, near Novena Medical Centre, 1 bedder from $8xx K
New Zealand's labour-led government will move forward to introduce amendments to the Overseas Investment Act to classify residential housing as "sensitive," meaning non-residents or non-citizens cannot purchase existing residential dwellings. Australians will not be affected because New Zealanders are exempt in Australia.
The new government, being less than a month old plans to introduce the foreigner property legislation before Christmas and pass the law early next year, before the Trans Pacific Partnership (TPP) is ratified. She said it then won't breach any trade agreements expect the Singapore Closer Economic Partnership, which would be worked through with Singapore as the proposed change means New Zealand can move its focus away from land issues at the negotiating table at Apec.
New Zealand still has concerns about Investor State Dispute Settlement clauses in the TPP, as these confer "greater rights on multi-national companies investing in New Zealand than a New Zealand company has" and the government plans to amend the ISDS provisions of TPP and oppose ISDS in any future free trade agreements.
The new government, being less than a month old plans to introduce the foreigner property legislation before Christmas and pass the law early next year, before the Trans Pacific Partnership (TPP) is ratified. She said it then won't breach any trade agreements expect the Singapore Closer Economic Partnership, which would be worked through with Singapore as the proposed change means New Zealand can move its focus away from land issues at the negotiating table at Apec.
New Zealand still has concerns about Investor State Dispute Settlement clauses in the TPP, as these confer "greater rights on multi-national companies investing in New Zealand than a New Zealand company has" and the government plans to amend the ISDS provisions of TPP and oppose ISDS in any future free trade agreements.
http://www.straitstimes.com/business/property/new-zealand-to-slap-home-buying-ban-on-foreigners-to-cool-market
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NUS announced on Oct 30 2017 that overall private condominium and apartment prices rose 0.1% month-on-month in September 2017, based on the latest flash values of the Singapore Residential Price Index Series. This marks the fifth straight month of increase in the overall SRPI.
The SRPI Central index saw the strongest growth since April 2017, rising 3.9% over the five-month period. This is due to the limited supply of newly launched private residential homes in the Central Region, which causes buyers to turn to the resale market. In September, the Central index rose 0.4% month-on-month.
The SRPI Non-Central index also saw a 2.1% increase over the same five-month period. The SRPI Small Units index rose just 0.3% over the five month period, but registered the strongest growth for September alone, rising 0.9% month-on-month. These indicate that the Singapore property market is poised for a recovery as investors from Asia turn their focus to Singapore due to our stable government and Singapore's attractive property prices compared with property in their own Asian cities.
The SRPI Central index saw the strongest growth since April 2017, rising 3.9% over the five-month period. This is due to the limited supply of newly launched private residential homes in the Central Region, which causes buyers to turn to the resale market. In September, the Central index rose 0.4% month-on-month.
The SRPI Non-Central index also saw a 2.1% increase over the same five-month period. The SRPI Small Units index rose just 0.3% over the five month period, but registered the strongest growth for September alone, rising 0.9% month-on-month. These indicate that the Singapore property market is poised for a recovery as investors from Asia turn their focus to Singapore due to our stable government and Singapore's attractive property prices compared with property in their own Asian cities.
Park Place Residences is one of the most sought after integrated residential property in Singapore.
The property market sentiment shows the highest in seven years with overall sentiment for the real estate market standing at 6.6 in 3rd Quarter 2017, a 0.5 point increase quarter-on-quarter from 6.1 in 2nd Quarter 2017, and the highest since 1st Quarter 2010 when it was 6.8, according to the Real Estate Sentiment Index (RESI) released by the National University of Singapore and the Real Estate Developers’ Association of Singapore (REDAS).
Both the property indices reflecting current and future sentiment rose from 2nd Quarter 2017, continuing the uptrend from 4th Quarter 2015. Every quarter of the year, National University of Singapore and REDAS holds a survey among senior executives of REDAS member firms to measure real estate market sentiment in Singapore. A score above 5 indicates improving conditions.
Both the property indices reflecting current and future sentiment rose from 2nd Quarter 2017, continuing the uptrend from 4th Quarter 2015. Every quarter of the year, National University of Singapore and REDAS holds a survey among senior executives of REDAS member firms to measure real estate market sentiment in Singapore. A score above 5 indicates improving conditions.
A score above 5 indicates improving conditions.
Overall prices of completed private apartments and condos in Singapore inched up 0.9% from July to August, based on the latest release of the Singapore Residential Price Index Series by National University of Singapore.
In August, prices for private non-landed homes excluding small units in the central region were up 1%, compared to 0.1% month-on-month increase in July. Prices for private non-landed homes excluding small units in the non-central region also saw a gain of 0.9%, after a 1.1% hike in July. Meanwhile, prices of small units (up to 506 sq ft) climbed 0.3%, following a 0.6% decline in July.
In August, prices for private non-landed homes excluding small units in the central region were up 1%, compared to 0.1% month-on-month increase in July. Prices for private non-landed homes excluding small units in the non-central region also saw a gain of 0.9%, after a 1.1% hike in July. Meanwhile, prices of small units (up to 506 sq ft) climbed 0.3%, following a 0.6% decline in July.
Forest Woods is a highly sought after residential condo within 5 mins walk to NEX. More than 95% sold.
This positive sentiment in Singapore property market is driven by local demand who have already accepted the fact that ABSD is here to stay and also the influx of Chinese investors continuing to shift their focus from the US to Asia, particularly Hong Kong, Singapore and Shanghai - which continue to be the top three investment destinations in Asia.
Fifth straight month of price increases for completed private condos - By Angela Teo / EdgeProp | November 3, 2017 2:55 PM MYT
