Developer releasing 30 units in Nim Collection
The first developer to launch a private residential project this year, Bukit Sembawang Estates, will release 30 out of 47 units in the first phase of its landed development, Nim Collection, at an average price of $2.8 million to $3 million.
The launch of the project tomorrow follows a recovery in landed home values, marked by two quarterly price upticks in the second half of last year.
Located in Nim Road off Ang Mo Kio Avenue 5, this project is one of the first to adopt the new "envelope" control guidelines that offer greater flexibility in the design and configuration of interior space.
The guidelines do away with some of the current "micro-controls", such as the attic profile, floor-to-floor height and basement protrusions, and instead control the envelope or the overall bulk of the house.
Mr Ng Chee Seng, executive director and chief executive of Bukit Sembawang Estates, said the development offers homes that break away from the usual conventional design. "This includes a unique blend of high spatial heights, volume, luxury of space and layout."
The 99-year leasehold project is designed in partnership with Mr Mok Wei Wei of W Architects and is jointly marketed by CBRE, Edmund Tie & Company, and Huttons Asia. Phase 1 of the project comprises 37 inter-terraced units, eight corner terraced units and two semi-detached houses. The first two phases of the project have planning permission for 98 units.
Bukit Sembawang Estates' land bank in the area is said to be able to house some 300 landed homes in total.
For Phase 1, the developer is selling the inter-terraced units spanning 1,916 sq ft of land with 4,478 sq ft of built-up area for around $2.75 million, sources say.
CBRE executive director for residential Joseph Tan said: "Landed terraced homes are very limited in supply. Bukit Sembawang Estates Limited has chosen a very opportune time to put the houses on the market, at a time when the sentiments around Singapore's residential market have improved."
The official index for landed homes rose 1.2 per cent in the third quarter and 0.5 per cent in the fourth quarter.
This brought the full-year price change for landed homes to a 0.5 per cent decline, following three years of a price slump.
Prices fell 4.5 per cent in 2016, 4.1 per cent in 2015 and 5.4 per cent in 2014, according to data from the Urban Redevelopment Authority.
The previous major landed project launch was Kismis Residences by Low Keng Huat (Singapore) in May last year, which had sold 11 of 31 units as of January this year, for $4.1 million on average. These sold units span an average land area of 1,624 sq ft.