MARKET UPDATES

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Fragrance Group to launch Jervois Treasures in Tanglin with prices from $1.37m

SINGAPORE - Mainboard-listed property developer Fragrance Group will launch the sale of its Jervois Treasures condo in prime District 10 on Saturday (July 27), with prices starting from $1.37 million for a one-bedroom apartment. Located in Jervois Road in the Tanglin area, the five-storey luxury development has 36 units, comprising one- to three-bedroom units of 506 to 1, 432 sq ft. Prices for two-bedroom units start from $1.64 million, while those for three-bedroom apartments begin at $2.85 million. The condo is being developed on the site of the former Lotus @ Jervois, which Fragrance Group bought en bloc for $46.3 million in March last year. The price worked out to around $1, 683 per sq ft per plot ratio (psf ppr), including an estimated development charge of $200, 000. The condo, which is expected to be completed in March 2021, is a five-minute drive from Orchard Road, the Central Business District and Marina Bay Financial Centre. The nearest MRT stations are Redhill, Tiong Bahru and Orchard Boulevard, which is on the Thomson-East Coast Line, due to open in 2021. Nearby landmarks include the Singapore Botanic Gardens, Dempsey Hill, and shopping malls Valley Point, Tiong Bahru Plaza and Great World City. Schools in the area are Alexandra Primary School, Zhangde Primary School, Gan Eng Seng School and Crescent Girls' School. Jervois Treasures has a swimming pool, function room, playground, barbecue deck and outdoor gymnasium among other facilities. Fragrance also said another condo project being built on a site acquired en bloc, Urban Treasures in Jalan Eunos, will go on sale in the later part of 2019's third quarter. Fragrance bought Eunos Mansion for $220 million ($1, 118 psf ppr) in a collective sale in March last year. Urban Treasures has two 12-storey buildings with 237 units in total. Facilities will include a swimming pool, children's playground, barbecue pits, tennis courts and a gym. Fragrance Group said it is turning its focus back to Singapore with the launches of these two projects after forays into Australia and the UK. Its Australia portfolio consists of hotels, residential and commercial developments, while it has hotels in many cities across the UK. Mr Koh Wee Meng, founder, executive chairman and CEO of Fragrance Group, said: "We have been busy building a good foundation for growth in overseas markets in recent years. Revisiting the Singapore market, we picked up two choice sites with freehold tenure in prime and strategic locations. Jervois Treasures is a coveted address, while Urban Treasures will offer a good value freehold property in the east."

Source: Straits Times
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80% of 200 One Pearl Bank units snapped up at launch

The first weekend of sales for upcoming condominium One Pearl Bank saw 80 per cent of the 200 units released being snapped up. Real estate developer CapitaLand said in a statement yesterday that 160 units were sold as at 5pm, at an average price of $2, 400 per square foot. This is about 20 per cent of the 774 residential units in the 99-year leasehold condo, which is being developed on the site of the former iconic Pearl Bank Apartments. Sales began last Saturday. More than 4, 000 people had shown up when the sales gallery opened for public viewing on July 13 and 14. CapitaLand said the 160 units sold included a mix of studio, one-, two-and three-bedroom apartments. The most popular were the one-and two-bedders, which made up 56 per cent and 31 per cent respectively of the units sold. About eight in 10 of the buyers are locals. Prices start from under $1 million for a studio apartment, and more than two-thirds of the units are priced below $2 million each. The 39-storey development, which sits on Pearl's Hill, is expected to be completed by 2023. It occupies a land area of 82, 376 sq ft. The condo will have a sheltered linkway to the upcoming triple-line Outram MRT station. All the units come with fully integrated kitchens, built-in lighting, air-conditioning, cabinetry and curtains. CapitaLand said One Pearl Bank was the best-selling new launch in the central area so far this year, based on data from the Urban Redevelopment Authority's Real Estate Information System. But the figures drew mixed reviews from analysts, with one saying he was disappointed given the attractive pricing and included furnishings. Savills Singapore research head Alan Cheong said the sales rate of 20 per cent of the total units was "in line with the overall economic situation". Cushman & Wakefield's head of research for South-east Asia Christine Li said it was encouraging, given that the price point was towards a more high-end product. "The timing is good as the dust has settled, post-cooling measures, " she added. Mr Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said the positive response "points to the continued market demand for well-appointed homes in prime District 3". He added: "We are confident the project's iconic status and excellent attributes will continue to attract interest from prospective home buyers."

Source: Straits Times
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One Pearl Bank condo draws 4,000 during weekend preview

SINGAPORE - Over 4, 000 people showed up at the One Pearl Bank public preview over the weekend of July 13 and 14, property developer CapitaLand said on Monday. One Pearl Bank is a 99-year leasehold condominium with 39 storeys, occupying a land area of 82, 376 sq ft, and it is expected to be completed by 2023. It is being developed on the site of the former iconic Pearl Bank Apartments, which CapitaLand bought for $728 million in a private treaty collective sale last year. The new development will have 774 residential apartments, ranging from studio units to penthouses of between 430 sq ft and 2, 800 sq ft. Bookings for the condo will open on July 20, with prices starting at $970, 000 for studio units. More than two-thirds of the 774 units are priced below $2 million each. CapitaLand declined to comment on the average price per sq ft when contacted by The Business Times. Mr Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said: "We are very encouraged by the enthusiastic turnout of prospective home buyers at the One Pearl Bank sales gallery. This reflects the strong appeal of One Pearl Bank's strategic location in the heart of central Singapore, iconic design and wholesome lifestyle offerings." The sale price translates to a land price of about $1, 515 per sq ft per plot ratio, after factoring in an additional lease top-up premium estimated at $201.4 million.

Source: Straits Times
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Braving curbs, Chinese buyers lead foreign revival in Singapore's luxury homes

SINGAPORE (REUTERS) - Foreigners are once again pouring money into Singapore's high-end property market despite hefty levies introduced last year. And, it is the Chinese who are leading the return, property brokers say, even though British billionaire James Dyson grabbed headlines this week with the purchase of Singapore's most expensive apartment. Some of the Chinese investors are apparently buying into these luxury homes in the city state as a safety bet against the US-China trade war. Fresh interest is also being driven by instability in rival financial hub Hong Kong, the brokers say. Private home prices rose unexpectedly to a five-year high in the second quarter, driven by Singaporeans who make up the bulk of the market. But a detailed analysis of transaction data also shows a rise in foreign demand. "The Chinese are coming, " said Chandran V R, managing director of realty firm Cosmopolitan Real Estate. "The factors are the issue in Hong Kong and also the trade war... They are looking at the stability of our currency." Chandran, who is currently marketing a $12.8 million penthouse, said there has been a rush of potential Chinese buyers to view the property in recent weeks. Other brokers said they were aware of four deals over the last three months where Chinese bought apartments worth $20 million to $30 million in Singapore. In Singapore's luxury apartment market, 169 deals worth $1.4 billion were registered in the first half of this year, according to List Sotheby's International Realty, with foreigners and permanent residents making up 70 per cent of the buyers. Deals picked up from the previous six months, but were still lower than the first half of 2018, when the group made up 61 per cent of the buyers, it said. In recent years, Chinese buyers have become the dominant players in Singapore's prime residential property markets, taking over from wealthy tycoons from surrounding Malaysia and Indonesia. However, cooling measures introduced by the Singapore Government last year - including hiking additional stamp duties for foreign buyers to 20 per cent from 15 per cent last July - have dampened demand. Until now. Second-quarter transaction volumes in Singapore's core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, touched their highest in a year, consultancy OrangeTee & Tie's analysis of transaction data as of July 10 shows. New luxury launches like City Developments' Boulevard 88 have also spurred deals. After dipping for five straight quarters, the number of foreigners buying apartments in the prime districts of the Singapore rose in the second quarter from the previous three months. "The current social and political uncertainties around the world, including the trade war and Hong Kong social unrest, magnify Singapore's strong positioning as a safe haven for property investment, " said Christine Sun, head of research & consultancy, at OrangeTee. That attraction comes even as Singapore's trade-reliant economy, like many of its Asian counterparts, faces intensifying pressure from the US-China tariff war and cooling global growth. Data on Friday (July 12) showed Singapore's annual growth at its slowest in a decade. China's yuan currency has depreciated around 2.5 per cent against the US dollar and the country's main stock market has fallen 8 per cent over the last three months as the United States has ramped up trade tariffs on Beijing. Over the same period, the Singapore dollar is down less than 0.4 per cent against its US counterpart. There are already signs Singapore stands to benefit from concerns among the public and business community about Beijing's increasing influence over its regional rival Hong Kong. These have been galvanised by recent protests against a now-suspended extradition Bill. Bruce Lye, managing partner at realty firm SRI, said his eight-person luxury team - which typically caters to buyers looking for homes costing upwards of $8 million - are busy now coping with the new demand from potential buyers, mainly from China. Each team member usually services just one client at a time, but now has three, he said. Recent prospective buyers are coming "because they are looking for an alternative home - a safe haven", said Lye.

Source: Straits Times
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Piermont Grand EC open for applications this weekend

Applications for Piermont Grand, the first executive condominium (EC) to be launched this year, will start this weekend, with bookings to be conducted on July 27. The 820-unit EC was developed by City Developments Limited (CDL) and TID, and overlooks My Waterway@Punggol. CDL did not comment on the pricing for the project. The EC offers three-, four-and five-bedroom units, with sizes ranging from 840 sq ft for a three-bedroom flat to 1, 701 sq ft for a five-bedroom premium penthouse. Penthouses and selected units will come with high ceilings in the living, dining and bedroom areas. A kitchen island will be provided in four-and five-bedroom units. All apartments also come with a Haiku brand ceiling fan, Teka kitchen appliances, Grohe bathroom fittings, a wireless smart home system and more. The development offers a wide range of facilities spread across four zones - the Cascades, the Waterfalls, the Lakes and the Hills. They include a gymnasium alongside a 50m lap pool, a children's party room, tennis court and barbecue pavilions. Piermont Grand is located near the Sumang and Nibong LRT stations and connected to the Punggol MRT station and bus interchange. It is also near the upcoming Punggol Digital District, which will house digitally focused companies, JTC business parks and the Singapore Institute of Technology's new campus.

Source: Straits Times
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One Pearl Bank launches next week with prices starting from $970,000

Real estate developer CapitaLand's 99-year leasehold condo One Pearl Bank will be open for booking on July 20, with prices starting at $970, 000 for studio units. The 39-storey condominium, with curved towers linked by sky bridges, occupies a land area of 82, 376 square feet (sq ft) and is expected to be completed by 2023. The development comprises 774 residential apartments, ranging from studio units to penthouses of between 430 sq ft and 2, 800 sq ft. More than 60 per cent of the units will be priced at less than $2 million. The indicative pricing starts at $970, 000 for a studio unit, $1.1 million for a one-bedroom unit, $1.5 million for a two-bedroom unit, $2.5 million for a three-bedroom unit and $3.5 million for a four-bedroom unit. CapitaLand did not provide the average price per sq ft. It bought the former Pearl Bank Apartments for $728 million in a private treaty collective sale last year.

Source: Straits Times
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3 sites up for tender under govt land sales scheme

The Urban Redevelopment Authority (URA) yesterday released three sites for sale under the first half of the 2019 Government Land Sales programme. They are at one-north Gateway, Hillview Rise and Dunman Road, and each has a lease tenure of 99 years. All in all, the three sites can yield about 1, 545 residential units, said the URA. The site at one-north Gateway is launched for sale under the confirmed list as part of industrial land and infrastructure agency JTC's efforts to inject more residential spaces in the one-north estate - to meet housing needs and to enhance the area as a mixed-use business park, the URA said. Zoned residential with commercial in the first storey, the one-north Gateway site covers 5, 778.7 sq m and has a maximum gross floor area (GFA) of 14, 447 sq m. Analysts are expecting between six and 10 bids for this site. OrangeTee & Tie research and consultancy head Christine Sun said residential sites with a commercial component are popular, given their "rarity, attractive rental yield and convenience enjoyed by both residents and tenants". "Private homes in the vicinity have high investment potential, given that the area has good rental demand and healthy capital appreciation, " she said. Mr Desmond Sim, CBRE's head of research for South-east Asia, noted that the last time a site was launched in the one-north precinct was in 2005. "It is likely to receive competitive bids from developers who need to replenish their land bank, " he said. Height control for the first two storeys stands at 23m to 25m above mean sea level (AMSL), while the overall building height control is about 61m to 87.5m AMSL. The site is estimated to yield about 165 housing units. The tender for this site will close at noon on Sept 5. Separately, the two residential sites in Hillview Rise and Dunman Road - which are close to Hillview and Dakota MRT stations, respectively - are released under the reserve list and are now available for application. A site on the reserve list is triggered for launch if a developer's indicated minimum price in its application is acceptable to the Government. This is as opposed to confirmed-list sites which are launched according to a schedule, regardless of demand. The land parcel in Hillview Rise has a site area of 10, 395.2 sq m and a maximum GFA of 29, 107 sq m. Its maximum building height is 120m AMSL. The site is estimated to yield about 340 housing units. Meanwhile, the Dunman Road site has an area of 25, 234.7 sq m and a maximum GFA of 88, 322 sq m. The maximum building height is 64m AMSL, with the site expected to yield about 1, 040 housing units, according to URA estimates. Ms Tricia Song, Colliers International's head of research for Singapore, said some of the attributes of the Dunman Road site include its proximity to Dakota MRT station and the predominantly unblocked views of the East Coast area. "However, a concern could be its relatively larger size - 1, 040 buildable units, " she said. Ms Sun said the probability of either site being triggered may not be high. The increasing supply of new homes may lead to developers scaling back on land acquisition. "Some may prefer to pare down their existing stock before expanding their current land bank, " she added.

Source: Straits Times
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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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