Biz Times: CapitaLand plans condo launch

CapitaLand plans condo launch

 

CapitaLand plans to launch in second-half 2008 a freehold condo named Urban Resort with about 70 units on the Silver Tower site in Cairnhill. The average price will definitely be above S$3,000 psf, CapitaLand Residential Singapore CEO Patricia Chia told reporters after the group announced Q2 net earnings.

 

‘I will be quite disappointed if it’s below S$3,000 psf,’ CapitaLand Group president and CEO Liew Mun Leong said.

 

The property giant has also sold 11 of the 40 units released so far at Latitude at Jalan Mutiara in the River Valley area at an average price of S$2,400 to S$2,500 psf. Over at Tong Watt Road, it has sold close to 30 of 80 units released recently at The Wharf Residence; prices range from S$1,500 to S$1,900 psf.

 

The project has a total 127 units. Latitude comprises 127 units in total.

 

CapitaLand leads a consortium that will redevelop Farrer Court. — KALPANA RASHIWALA BT NEWSROOM

 

 

Source: Business Times

New Project Launch by Developer: Scotts Tower

New Project Launch by Developer: Scotts Tower

 

Developer: Far East

 

Location: Scotts Road

 

Tenure: Freehold

 

Site Area: 65,663sqft

 

Type of Developement: 1 block of High Rise Condominium 31-storey

 

Total Units: 67

 

Unit Types:

3 Bdrm – duplex unit

3 Bdrm + study (simplex unit)

4 Bdrm + study (duplex unit)

4 Bdrm + study (Penthouse Duplex Unit)

 

Parking Lots: 221 (3 lots per unit)

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

New Project Launch by Developer: Urban Resort

New Project Launch by Developer: Urban Resort

 

Developer: Capitaland

 

Location: 32 & 32A Cairnhill Road

 

Tenure: Freehold

 

Type of Developement: High Rise Condominium 1 Block of 18-storey & 1 Block of 20-storey Residential Area

 

Total Units: 64

 

Unit Types:

3 Bdrm – 2121 sqft (30 units)

4 Bdrm – 2530~2551 sqft (30 units)

Penthouse – 4370 sqft (1 unit)

Duplex Penthouse – 4693~4919 sqft (2 units)

 

Facilities:

1) 50m Lap Pool

2) Swimming Pool

3) Wading Pool

4) Childen’s Pool

5) Garden Pavilion

6) Pool Pavilion

7) Children Play Area

8) Sky Terrace (2nd Storey)

9) Gymnasium

10) Multi-purpose Room

11) Changng Rooms

12) Steam Room

13) BBQ Area

14) Jacuzzi

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

Condo sales in S’pore hit by bad news from US

Condo sales in S’pore hit by bad news from US

 

THE bad news coming out of the United States last week took its toll on property sales in Singapore over the weekend.

Two newly released projects sold fewer than 20 units each, as homebuyers’ caution deepened after the collapse of US bank IndyMac and the forced rescue of mortgage giants Freddie Mac and Fannie Mae.

 

CapitaLand’s Wharf Residence in Tong Watt Road, which started taking bookings over the weekend, sold just over 10 units, sources said.

 

The 173-unit condominium off River Valley Road is priced between $1,500 per sq ft (psf) and $1,900 psf. Unit sizes start at about 1,000 sq ft, so a two-bedroom unit costs $1.6 million to $1.7 million.

 

Meanwhile, Frasers Centrepoint sold about 19 of the 48 units it released at Woodsville 28 near Potong Pasir MRT station.

 

But the developer, which priced the units at an average of $880 psf, said it was ‘quite encouraged by the take-up rate’.

 

‘It was above our expectations, given the general sentiment in the market,’ said a spokesman.

 

Woodsville 28 has two- and three-bedroom units, starting from 829 sq ft, with an average two-bedder costing about $755,000.

 

Sales also continued at a snail’s pace at other condos that have recently been launched, despite reports of large crowds at showflats.

 

OLA Residences in Mountbatten Road has sold only about 10 of its 50 units since sales began three weeks ago.

 

‘There are a lot of walk-ins but offers from buyers are coming in too low,’ said a property agent. The freehold project is priced at about $1,200 psf on average.

 

Two smaller projects, The Scenic@Braddell in Braddell Road and Jubilee Residence in Pasir Panjang, have sold about 10 units each in the last few weekends, putting them at the halfway mark in sales. The Scenic is priced at $820 psf to $850 psf, while Jubilee is going for $900 psf.

 

Cheaper projects are seeing better sales. Buyers have picked up more than 60 of the 212 units at Beacon Heights in St Michael’s Road for an average price of $800 psf, agents said. The 999-year leasehold condo developed by Kim Eng Securities started sales two weekends ago.

 

‘Buyers are still waiting to see if prices go down further, and this will continue until the US situation stabilises,’ said Mr Ku Swee Yong, director of marketing and business development at property firm Savills Singapore.

 

‘There are definitely buyers with enough money to buy new properties, but they are doing their homework these days.’

 

 

 

Source: Straits Times

New Project Launch by Developer: The Wharf Residence

New Project Launch by Developer: The Wharf Residence

 

Developer: CapitaLand

 

Address: Tong Watt Road, off Mohd Sultan Road

 

Tenure: 999 years

 

TOP: March 2013

 

Site Area: 76, 956 sq ft

 

Plot Ratio: 3.8

 

Type of Development: 4 tower blocks of 10/14/15/23 Storey and 13 retrofitted houses

 

Total units: 186

 

Unit Mix:

2 bedroom: 1012 to 1130 sq ft, 110 units

3 bedroom: 1313 to 1733 sq ft, 54 units

4 bedroom: 2196 sq ft, 4 units

Penthouse: 2745 to 5565 sq ft, 5 units

Houses: 4478 to 4930 sq ft, 13 units

 

Estimated $1500+

 

Special Feature: Situated on high ground, there are 13 Vintage Houses conserved in their entirety, providing a pleasant contrast to the contemporary structure of the apartment blocks sitting behind.

 

Facilities: sky terrace on the 24th floor, with outdoor cooking pavilion, overlooking the breathtaking city skyline.

 

Apartment furnished with branded kitchen & appliances

 

Interest absorption & Stamp duty reimbursement.

 

 

Please contact me if you need further details on the above-mentioned projects or any other projects’ details. I would be more than happy to be of assistance.

Biz Times: Prices of good class bungalows still going up, but volume falls

Prices of good class bungalows still going up, but volume falls

25 deals done in H1 worth $440.65m, against 87 deals for 2007 worth $1.15b

 

THE volume of transactions of good class bungalows (GCBs) may have fallen along with other property sectors but values have not.

 

A GCB is one that sits on designated land no smaller than 15,000 sq ft. And according to an analysis by CB Richard Ellis (CBRE), there were 25 GCB transaction in the first half of 2008.

 

While this may be a fraction of the 87 transactions in 2007, the total value for H1 2008 is already $440.65 million, almost 40 per cent of the total value for the whole of 2007 which saw $1.15 billion worth of deals.

 

There are several explanations for this, including the possibility that bigger GCBs were sold this year, but it also seems clear that prices have risen.

 

Upon closer analysis, CBRE found that some of the GCBs sold in 2008 had already changed hands once before in 2007. For instance, a house at Fifth Avenue was sold for $17.4 million in June 2007 and then sold again for $19.7 million in March this year – representing a gain of about 13 per cent.

 

Another house in Cluny Hill was sold in January 2007 for $15 million, re-sold six months later for $20.2 million and then sold again in May this year for $21.5 million.

 

CBRE director (luxury homes) Douglas Wong says: ‘There is still buying interest in the GCB market as it is always regarded as an attractive investment in the long term and/or for owner-occupation.’

 

This certainly seems to be supported by the fact that CBRE and Mr Wong handled possibly the biggest GCB deal ever done here – a house in Leedon Park which sold for $43.2 million in May, bought by a Singaporean.

 

That locals make up the bulk of GCB buyers is interesting as foreigners have been very much credited with bolstering the luxury non-landed sector. Mr Wong also believes that of the estimated 2,400 GCBs in Singapore, these are owned by a small pool of about 1,000 wealthy individuals, suggesting that many own more than one GCB.

 

In tracking GCB transactions, CBRE found that there were two recent ‘peaks’ in the sector. (CBRE defines ‘peak’ in terms of volume rather than price).

 

The first peak occurred in 1999, when 77 transactions were recorded after the property market bottomed out during the Asian financial crisis.

 

The second peak occurred in 2006 with 119 deals done following a protracted period of market stagnation from 2000 to 2004.

 

In 2006, the 119 GCBs were sold with transacted value totalling $1.225 billion, double the value in 1999.

 

On average, each GCB cost $9 million to $10 million. In comparison, at the bottom of the market in 2002, the average price of a GCB was $6 million to $7 million.

 

Of the 25 GCBs sold in H1 2008, about half were sold for over $15 million. Of these, six were sold for more than $20 million.

 

And as CBRE notes, luxury properties are often seen as a barometer of the health of the overall market. When there are signs of the market turning, GCBs and luxury apartments will reflect this first and post bigger gains ahead of the broader residential market.

 

So it is good news then that for the rest of the year, CBRE expects GCB prices to remain firm or even see a marginal upside.

 

Source: Business Times

Today: Simon says: Home prices have hit floor

Simon says: Home prices have hit floor

 

Head of property developer SC Global still bullish on the local real estate market

 

JUDGING from recent transactions, property prices appear to have hit or are near the floor, according to Mr Simon Cheong (picture), the president of the Real Estate Developers’ Association of Singapore (Redas).

 

As evidence, Mr Cheong, the head of high-end property developer SC Global, points to recent transactions of luxury apartments at Nassim Park and Goodwood Residences, which went for nearly $3,000 psf and $2,800 psf respectively.

 

“The high-end is the leading indicator. Why? Now you see the sophisticated investor coming in — people who spend $10 million, $20 million, $30 million (on a property) — these guys are no fools you know,” he says noting that during the 1997 financial crisis luxury flats like those at Ardmore Park were selling for just $1,000 psf.

 

Even mid-class units at developments like those at Dakota, Clover by the Park and Livia are enjoying brisk sales.

 

“Nett nett, property is still a great performer in the mid to long term. For example, the stock market index in 1998 was 800 and today it is 2900. Property appreciation is actually comparable, if not better, if one factors in rentals received,” Mr Cheong says.

 

The property market is driven very much by sentiment, and not just by the laws of supply and demand — the “feel good” factor, he says.

 

According to Mr Cheong developers’ prices have fallen by 30 per cent in all sectors of the market since their peak last year, but are still double those before the sub-prime problem kicked in last August.

 

“The current situation is timely, as since 2005 the property market has been climbing relentlessly for eight straight quarters according to URA (Urban Redevelopment Authority) figures. So, it’s time it took a breather.

 

“We developers were getting concerned that it was climbing so fast. So the sub-prime crisis, in a way hit at the right time and took some of the steam off the market. In a way it came as a relief to developers who were afraid that the steep climb in prices could tempt the authorities to take measures to curb speculation,” Mr Cheong told Today.

 

He also pointed out that it was not in the interest of developers to see prices going up too fast: “There is no reason why developers would like to see an exuberant market and see the bubble burst.”

 

But he claims that his positive outlook for the property market is also driven by fundamentals as interest rates are at present so low and the inflation rate so high it does not make sense to keep your money in the bank.

 

“What do I do if I have a lot of money in my bank account earning 0.6-per-cent interest while inflation is 6 per cent or more, and my money gets smaller and smaller by the day?” he asked.

 

One answer is to put your money in property as in the long run it is a better hedge against inflation than equities.

 

Furthermore, property rentals currently provide yields of 2 to 4 per cent, again better than putting your money in the bank.

 

And there is plenty of money around for when Standard Chartered Bank, earlier this month offered a promotional deposit rate of 2.28 per cent, it was so swamped that it had to withdraw the offer in just two days.

 

Mr Cheong expects interest rates to remain low over the next two years or so.

 

The supply of properties is also not as high as many people think. He pointed to a recent Citibank report which said that the bank sees no oversupply of homes over the next two years.

 

The report estimated that only 60 per cent of the 30,000 units forecast by the URA, will be completed during this period as by end March there were 6,000 en bloc flats that had yet to be demolished.

 

For en blocs to return, prices will have to be double what they are now, especially with no plot ratio increase in the recent announcement of the Singapore Master Plan by URA, Mr Cheong said.

 

High construction costs have also resulted in many projects being delayed. With the many building projects going on — both by the private (including the integrated resort projects) and public sectors — and high material costs caused by worldwide demand, constructions costs will remain for some years, Mr Cheong said.

 

He pointed out at the same time that construction costs here are currently higher than those of Dubai or Hong Kong.

 

“It takes three months to tear a building down but three years to put them up. Once you have taken it down, supply is taken off immediately but to put that supply back it will take three years,” he said.

 

Construction costs are now double what they were a year ago, with high end building costs between $600 and 800 psf and at the low end from $300 to $350 psf.

 

Sometimes Singaporeans also do not realise that market here being relatively small, it would take less than 1 per cent of the available global funds to see the market run up. So, it is not unreasonable to expect a strong turnaround when the sentiment improves, Mr Cheong said.:

 

He added that Singapore has also become a global city and price comparisons of property were now benchmarked against cities like London, Hong Kong, Shanghai and New York rather than against historical prices here.

 

“And contrary to market perception, funding is not an issue, There is no shortage of funding for end purchasers as evidenced by various bank packages (for mortgage loans),” he noted.

 

“My advice to potential buyers is that if you do not have high exposure to the property market, it is an opportune time to consider property”, he said.

 

Source: Today Newspaper