MARKET UPDATES

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Bukit Timah's Juniper Hill condo to open for sale from July 13 at prices starting from $1.6m

SINGAPORE - Units at upcoming freehold Bukit Timah condo Juniper Hill, at Ewe Boon Road, will be up for sale on July 13, developer Allgreen Properties Ltd said in a media statement on Thursday (June 27). Prices start from $1.6 million for a two-bedroom unit, and $6.1 million for a five-bedroom unit. Units range from 581 to 2, 217 square feet (sq ft) in size, with prices ranging from $2, 600 to $2, 900 per square foot. The 12-storey, 115-unit residential development will have two and three-bedroom apartments, as well as five units of four and five-bedroom apartments on the top floor. The condo expects to receive its temporary occupation permit in the second half of 2021, with March 31, 2022 being the latest date that the developer will deliver vacant possession of the condo units to purchasers. On top of typical condo facilities such as a tennis court, a swimming pool and a gym, Juniper Hill will also offer smart home provisions such as smart door locks. Allgreen Properties has partnered Shangri-La Hotel Singapore to provide residents with concierge services such as free delivery of baked goods from the hotel's shophouse, laundry services and restaurant booking assistance. It is a 10-minute walk from the Stevens MRT station, an interchange station for the downtown and upcoming Thomson-East Coast lines, and a short drive from Orchard Road. Schools within a one-kilometre radius of the condo include Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road), Singapore Chinese Girls' School, Raffles Girls' School (Secondary) and St Joseph's Institution. One nearby amenity is Tanglin Mall, where the condo's sales gallery is located. ERA, Huttons, Orange Tee & Tie and SRI are marketing agents for the project.

Source: Straits Times
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Luxury condo Cuscaden Reserve in Orchard Road to debut in 3rd quarter

SINGAPORE - Private previews for condominium Cuscaden Reserve in the heart of Orchard Road are expected to start in the third quarter of this year. Singapore luxury property developer SC Global Developments, Hong Kong-listed developers and hotel operators New World Development and Far East Consortium won the tender for the 99-year leasehold site with a joint bid of S$410 million in April last year. The bid set a new record for residential government land sales sites. The offer translates to $2, 377 per sq ft per plot ratio (psf ppr) and trumped eight other bidders. The 117m-tall building at 8 Cuscaden Road in District 10 will have 192 units, which include one, two and three-bedroom variations. Most units will have private lift lobby access to the apartments. Located beside the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, the condo is also a stone's throw away from high-end restaurants, hotels and lifestyle amenities. The developers expect to attract both Singapore and international buyers. SC Global is working with New World Development on a Bauhaus-style concept for the condo, said the developer.

Source: Straits Times
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Sky Everton condo at former Asia Gardens site opens for sale on Saturday, with prices starting from $1.14m

SINGAPORE - Developer SL Capital is launching freehold condo Sky Everton, at the former Asia Gardens en bloc site, on Saturday (June 22) with prices starting from $1.14 million for a one-bedroom unit. SL Capital is a joint venture between Sustained Land Pte Ltd, Ho Lee Group, Kwong Lee Land and Penjuru Capital Pte Ltd. The District 2, 36-storey single-tower condo with 262 units is located at the fringe of Singapore's central business district and the future Greater Southern Waterfront district. Unit sizes range from 463 sq ft for a one-bedroom apartment to 2, 228 sq ft for the largest penthouse, which has six bedrooms plus a private lift. The condo will have four levels of facilities including a garden on the ground level, a piazza on the fifth floor with an infinity pool, workout facilities on the 14th floor, and dining venues and relaxation areas on the 24th storey. Sky Everton is expected to be completed in 2023. The SL Capital consortium previously paid $343 million for the former Asia Gardens site, a 23-storey freehold development with a land area of about 72, 059 sq ft. The development is a two-minute walk from the upcoming Cantonment MRT station, and is also close to Outram MRT station. Malls and schools in the condo's vicinity include Tanjong Pagar Centre, 100 AM Mall, Icon Village, and Cantonment Primary School. It is also a short walk from the medical hub around Singapore General Hospital that is slated for a major revamp, said real estate developer SL Capital (6) Pte Ltd.

Source: Straits Times
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6 of 11 'super penthouses' on sale globally are in S'pore

Of the 11 "super penthouses" around the world now on the market, six are in Singapore. This is based on listings from 2016 to April this year, List Sotheby's International Realty (List SIR) said yesterday. The biggest of these super penthouses here is in Wallich Residence, with a floor area of 21, 108 sq ft and a building height of 950 ft or 289.5m. Spanning levels 62 to 64, the property has five bedrooms, a family room, a viewing deck, a private garden, a 12m pool, a cabana, a jacuzzi, an entertainment room and bar facilities. The next largest in Singapore is in The Marq, with a floor area of 17, 642 sq ft, followed by units in Reflections At Keppel Bay, Hilltops, Boulevard Vue and Concourse Skyline. Super penthouses, as defined by the luxury brokerage, are penthouses which are 10, 000 sq ft and above - about 10 times an average four-room Housing Board flat. Those located in "super tall" buildings, which are 305m to 580m in height, found in major global cities tend to fetch more attention and set record prices due to spectacular views offered, List SIR said. Penthouses are luxurious flats located at the top of tall buildings. Unique characteristics include being the one and only residence on the top floor, a dedicated lift and lift lobby, 360-degree spectacular views and four or more bedrooms. Other features include a space for entertainment, a boardroom for business meetings, concierge service and a private pool. Only six super penthouse transactions have taken place in Singapore since 2006. Facebook co-founder Eduardo Saverin made news in 2017 when he bought a 10, 300 sq ft penthouse at Sculptura Ardmore for over $60 million, making it the most expensive apartment here since Alibaba co-founder Sun Tongyu forked out $51 million for a 13, 573 sq ft penthouse at neighbouring Le Nouvel Ardmore in 2015. There were also three transactions for Goodwood Residence in 2014, 2013 and 2010, and one for Marina Bay Residences in 2006. The other super penthouses currently on the market are in Monaco, Miami, New York, and Auckland, New Zealand.

Source: Straits Times
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Sales of new private homes up 30% last month

Property developers, under pressure from a substantial pipeline, pushed out nine new projects last month following a lull in April, but the bulk of last month's sales came from earlier launches, analysts say. Developers sold 952 units, up nearly 30 per cent from 735 units in April, but down 15 per cent from the 1, 122 units booked in May last year. This is according to figures released by the Urban Redevelopment Authority (URA) yesterday. Of last month's total sales, 70.2 per cent were from previous launches. "This shows that unsold units in previous projects are building up (but) still offer buyers opportunities. URA Realis data shows 3, 491 unsold units in launched private residential projects as at the first quarter of this year, up from 1, 066 units a year ago, " noted JLL's senior director of research & consultancy Ong Teck Hui. The Woodleigh Residences, an earlier launch, was among top sellers last month after its median price was cut to $1, 823 per sq ft (psf) from around $2, 000 psf at its initial launch in November last year, analysts noted. "Despite tighter margins, we believe this move has helped drive sales, with 74 units sold in May, versus 29 sold during its initial launch. Hence, low or slow take-up rates could encourage developers to price more conservatively against the market, " said Credit Suisse analyst Louis Chua. Also boosting Woodleigh's sales were more attractive commissions paid to agents, analysts said. Developers sold 3, 525 new private homes (excluding executive condos) in the first five months of the year, up 2.6 per cent from 3, 436 units in the same period last year. Meanwhile, 1, 394 private homes were released for sale last month, more than triple the 444 units in April, and up 32 per cent from 1, 060 units launched a year ago. Mr Ong said: "Due to the pressure of a substantial pipeline of units for sale, developers can be expected to continue launching their projects to secure buyers." Should take-up remain at current levels, it is likely that some developers may launch at lower prices, especially for projects yet to be launched, as well as those secured in the later stage of the collective sale cycle, said CBRE's head of research for Singapore and South-east Asia Desmond Sim. The nine new launches accounted for 29.8 per cent of total sales last month, with two - Amber Park in East Coast and Parc Komo in Changi - topping the charts with their attractive freehold pricing. Amber Park's plus points include its project design, boasting the largest recreational space among new projects in the East Coast and Katong area, and its proximity to the upcoming Thomson-East Coast MRT line, said Ms Tricia Song, head of research for Singapore at Colliers International. Parc Komo, or the former Changi Garden, is near the future Changi Aviation Hub and Cross Island Line MRT, she added. Mr Ong noted the median prices of between $1, 340 psf and $1, 497 psf "for suburban projects like Parc Komo, The Florence Residences and Treasure at Tampines are within the means of many entry-level buyers". Projects in the city fringes or rest of central region are also doing well: 51.3 per cent of the units were sold in the city fringes last month, up from 43.7 per cent in April. "This is also the first time this year that the mid-tier segment saw the highest sales volume among all market segments, " said Ms Christine Li, head of research for Singapore and South-east Asia at Cushman & Wakefield.

Source: Straits Times
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Much-awaited Kampong Bugis white site to be released for sale may appeal to large developer

The much-awaited white site at Kampong Bugis, to be released for sale under the reserve list to a master developer, is among the most keenly watched sites due to its size and relative novelty, amid current market headwinds, analysts say. Only a few master developer projects exist here, including Marina Bay Financial Centre and Suntec City. Located at the mouth of the Kallang River, the 9.2ha Kampong Bugis site, to be completed over nine to 11 years, is expected to yield 4, 000 private homes and 50, 000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreational facilities. White sites allow for a range of uses. "The intention is for a single developer to comprehensively master plan the site and implement urban solutions" such as a district-wide pneumatic waste conveyance system and a storm water treatment and water management system, said the National Development Ministry. Kampong Bugis should be attractive to a large developer or consortium as it offers a rare opportunity to plan and create an urban ecosystem over the long term, said Ms Tricia Song, head of research for Singapore at Colliers International. But some analysts say there may be limited interest given the sizeable cost of the development and current market headwinds. Cushman & Wakefield senior manager of research Wong Xian Yang believes the total land cost could exceed $5 billion and "would be prohibitive even for the big boys". Two other white sites are on offer. CBRE head of research for South-east Asia Desmond Sim said the Marina View site has "a strong focus on in-city living and commercial, while the site at Woodlands Avenue 2 is part of the Northern Corridor identified in the Draft Master Plan 2019". Credit Suisse analyst Louis Chua said a new hotel site in River Valley Road is expected to appeal to developers given its prime location and robust bids received for a Club Street hotel site that closed in January at $2, 149 per sq ft. Ms Song noted this hotel plot replaced the Sims Avenue hotel site, which would have yielded 575 rooms. The Sims Avenue site has been removed from the Government Land Sales (GLS) programme. The River Valley hotel development will be integrated with Fort Canning MRT station, and is walking distance to Clarke Quay and Fort Canning Park. Mr Govinda Singh, Colliers' executive director of valuation and advisory services, said the site presents a good opportunity to establish the Fort Canning area as a major tourist destination, creating additional footfall to Clarke Quay. "At potentially 560 rooms, this will be a significant project... in addition, a smaller lifestyle property could also be added to enhance the overall development, " he added.

Source: Straits Times
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Cascadale up for sale en bloc with reserve price of $270m

The owners of Cascadale have put their 25-year-old freehold condominium development up for collective sale with a reserve price of $270 million, marketing agent JLL announced yesterday. This translates to a land rate of about $1, 071 per sq ft per plot ratio, after including an estimated development charge of about $17 million and before factoring in any bonus gross floor areas, said JLL. The owners stand to receive between $1.4 million and $4 million each, said JLL. JLL senior consultant Karamjit Singh said demand and values for homes in this area are expected to rise by 10 per cent to 20 per cent over the next three to five years. This is in the light of development plans for areas surrounding Changi Airport, which recently saw the launch of Jewel Changi Airport. Another development is the upcoming Terminal 5, which aims to handle twice the current number of tourist arrivals. The 134-unit Cascadale sits on a site zoned as "residential" under the 2014 Master Plan, and has a land size of 167, 528 sq ft. It has a gross plot ratio of 1.6 and an allowable building height of up to 12 storeys, or 45m above mean sea level, subject to approval from the authorities. The development is located in Upper Changi Road East, some 350m from Upper Changi MRT station, two stations from Changi Airport and Jewel. It is close to the Singapore University of Technology and Design, Changi City Point, Changi Business Park and the Singapore Expo. Cascadale may be redeveloped into a condominium project comprising up to 292 units with an average size of 85 sq m per apartment, subject to approval and payment of development charges. According to JLL, the location is also attractive for redevelopment into serviced residences, with approval from the authorities. The recently unveiled draft 2019 Master Plan outlines plans to transform the entire Changi East area into an innovative lifestyle and economic cluster, centred on aviation-related businesses and industries. Moreover, Mr Singh said there are no new condominium projects in the pipeline for District 16, which includes areas such as Bedok, Upper East Coast Road, Sennett Road, Eastwood and Tanah Merah. "Aside from a small site in Upper East Coast Road sold in 2017, there has been no freehold residential site sold (in the district) since 2010, " he added. JLL believes that although collective sales of residential sites have "practically come to a halt" since the cooling measures in July last year, Cascadale stands a reasonably good chance of securing a buyer due to these unique factors and a reasonable reserve price. The tender will close on July 10 at 2.30pm.

Source: Straits Times
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Newton Lodge takes 2nd stab at collective sale with same $44m reserve price

SINGAPORE - Newton Lodge, a 16-unit apartment development near Novena MRT station, is making a second attempt at a collective sale. The vendors are expecting a minimum of $44 million for the freehold 21, 409 sq ft site zoned "residential", which reflects a land rate of $1, 468 per sq ft per plot ratio (psf ppr) based on an allowable 1.4 gross plot ratio. The minimum asking price is the same as its previous attempt in January this year. If achieved, it means each owner gets between $2.5 million to $3.0 million. Should the deal factor an additional 8 per cent bonus gross floor area for balconies and communal areas, the reserve price translates to a lower rate of about $1, 359 psf ppr. Development charges are not payable for the redevelopment. The property may be redeveloped into a low-rise apartment project comprising up to 27 units, with an average size of 100 sq m per unit. Newton Lodge is located about 400m from Novena MRT station and the Novena commercial cluster. The Government intends to turn the Novena area into Singapore's largest healthcare hub by 2030. When completed, Health City Novena, spanning across 17ha, will form an entire ecosystem revolving around health services, medical research and education, integrated with commercial, leisure and public community spaces. Subject to approval from the authorities, Newton Lodge may also be suitable as serviced residences or a custom-built co-living development. If approved for serviced apartments, Newton Lodge could potentially house around 50 to 60 rooms which could be rented for a minimum seven-day stay. "Professionally-run and organised co-living concepts to the levels of the coworking phenomenon are still in their infancy in Singapore, and are expected to grow, especially with high stamp duties payable for home purchases by foreigners in Singapore, " said Mr Karamjit Singh, senior consultant at JLL. "We are beginning to receive a lot more inquiries from new co-living operators and investors looking to venture into Singapore." The tender for Newton Lodge closes on Thursday, July 11, at 2.30pm.

Source: Straits Times
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Japanese-inspired Parc Komo unveiled

The property development division of Chip Eng Seng Corporation unveiled its Parc Komo mixed development in Changi yesterday. CEL Development said the freehold project is inspired by the Japanese concept of Komorebi, which celebrates the blend of nature and order. It has an average price of about $1, 450 per square foot (psf) and occupies a land area of about 202, 000 sq ft with 10 five-storey blocks totalling 276 units. There are also two levels consisting of 28 commercial units. Apartment sizes range from 452 sq ft for a one-bedroom apartment to 1, 905 sq ft for the largest five-bedroom luxury penthouse. The pricing starts at $663, 000 for a one-bedroom unit, $871, 000 for a two-bedder and $1, 294, 000 for a three-bedroom unit. The public preview is on Saturday. Parc Komo is in District 17, a region earmarked for development and rejuvenation in the Urban Redevelopment Authority (URA) Draft Master Plan 2019. Chip Eng Seng Corporation chief executive Raymond Chia said: "The rustic charm of Changi and the exciting masterplan for the area are major draw cards for Parc Komo." Investors can look forward to rental opportunities given its proximity to Changi Business Park, Changi International Logispark, Changi Aviation Park and the upcoming Changi East Industrial Zone. Nearby recreational amenities include Changi Point and Jewel Changi Airport. Parc Komo will be accessible via the upcoming Loyang MRT station on the Cross Island Line, expected to be completed by 2029.

Source: Straits Times
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Woodleigh Residences condo to launch this weekend

An onsen (hot spring) with a view of a lake, and homes built with Japanese design and technology are what residents at The Woodleigh Residences can look forward to when it is completed in 2022. Residential units at the integrated development by Japanese developer Kajima Development and Singapore Press Holdings (SPH) will be launched for sale on Saturday, said the companies in a joint press statement yesterday. Prices will start at $1, 733 per sq ft, though it was not revealed how many units will be made available at the launch. The 667-unit residential component will sit atop a three-storey retail mall with a supermarket and will have direct access to Woodleigh MRT station and an air-conditioned underground bus interchange. The complex will also include a Neighbourhood Police Centre and a community club. Located at the junction of Upper Serangoon and Upper Aljunied roads, The Woodleigh Residences will have picturesque views of the 10ha Bidadari Park and Alkaff Lake, which are prominent highlights of Bidadari estate under the 2014 Urban Redevelopment Authority Masterplan. A 180m stretch of the Bidadari Heritage Walk, which will be lined with conserved rain trees as well as food and beverage outlets, will run right alongside the 99-year leasehold development. Other features of Bidadari estate include Singapore's first underground service reservoir, a play area with a treehouse, as well as two 5, 000 sq m lawns. SPH chief executive officer Ng Yat Chung said: "As Bidadari's only integrated development, and with the new plans announced for the Bidadari estate, this development is the jewel of Bidadari." The project is also within 1km of schools such as Maris Stella High School, Cedar Primary School and Stamford American International School. Residential units will feature Japanese technology to maximise space, said Mr Keisuke Koshijima, executive vice-president of Kajima Corporation. One example is flushed flooring between the balcony and living room, which means the ground is level right through the living room to the balcony, such that the living space can be extended. Smart drainage design in the balcony ensures that water is drained properly. The units also feature specific walls that can be removed with less hassle, without the need for rewiring electrical works so that the home can adapt to changing family needs. For instance, the living area in a two-bedroom residence can be expanded by removing a wall. Mr Koshijima added: "We will be contributing our technology and proven experience to set a new standard in Singapore's real estate. "Our development will be synonymous with the kind of Japanese design and quality that you will get in Tokyo." The homes will range in size from 570 sq ft for a two-bedroom unit to 1, 475 sq ft for a four-bedroom deluxe unit. All four-bedroom units will have private lift access and views of the Alkaff Lake. In October last year, 50 units of the project were released during a soft launch, following which a further 50 were released in November after Kajima said there was good demand. The Woodleigh Residences sales gallery is located next to Nex shopping mall in Serangoon Link.

Source: Straits Times
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