MARKET UPDATES

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Pasir Ris white site clinched by Allgreen Properties, Kerry Properties tie-up

SINGAPORE - The Housing & Development Board (HDB) has awarded a white site next to Pasir Ris MRT Station to Phoenix Residential Pte Ltd and Phoenix Commercial Pte Ltd. Both companies are owned by a joint venture between Allgreen Properties and Kerry Properties - the two companies are part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok. Their winning bid is nearly $700 million, which works out to $684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft. The dual envelope concept and price revenue tender for the 99-year leasehold plot closed on Dec 14, 2018, attracting three bids. The only other shortlisted tenderer, Laguna Garden and Far East Commercial Trustee - both units of Far East Organization - bid nearly $677.78 million, translating to $662.75 psf ppr. There was a third bidder that took part in the tender but was not shortlisted - a tie-up between Singapore Press Holdings and Kajima Development. HDB said in its release on Friday evening (March 22) that the proposed development, comprising a commercial and residential development integrated with a bus interchange, a polyclinic and a town plaza, will offer seamless connection to public transport services and amenities for residents. The completed development will also serve as a community focal point. In line with this vision, HDB adopted a concept and price revenue tender system to shortlist quality development concepts with seamless integration of amenities and well-designed public spaces. At the first stage of the tender process, concept proposals which substantially satisfied the evaluation criteria were shortlisted by the Concept Evaluation Committee (CEC) to proceed to the second stage of tender evaluation. At the second stage, the price envelopes submitted only by the tenderers of the shortlisted concept proposals were opened for consideration. The site is then awarded to the tenderer with the highest bid among the tenderers with shortlisted concept proposals. The tender for the site was launched for sale on Aug 27, 2018 and closed on Dec 14. The three tenderers submitted a concept proposal each. All tenderers were given the opportunity to present their proposals to the CEC. After evaluation, the CEC concluded that two of the three concept proposals - the ones submitted by Far East Organization, and the tie-up between Allgreen Properties and Kerry Properties - had substantially satisfied the evaluation criteria and could proceed to the second stage of tender evaluation. The price envelopes of the two shortlisted tenderers were opened and the site awarded to the Allgreen-Kerry partnership which had submitted the higher bid of the two shortlisted tenderers.

Source: Straits Times
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CDL sells 20 units of Boulevard 88 luxury condo units at over $4m to $10m each

SINGAPORE - Freehold luxury development Boulevard 88 in prime district 10 has sold 20 residential units at an average selling price of $3, 550 per square foot, of the 25 units released to date. City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments, launched exclusive private previews of Boulevard 88 - which are by appointment only - on March 8. In total, sales of over $160 million have been achieved so far, said CDL in a media release on Wednesday (March 20). Directly accessible through Orchard Boulevard and Cuscaden Road, the 154-unit development is within walking distance of the Orchard Road shopping and entertainment belt, Orchard MRT station and future Orchard Boulevard Station (on the Thomson-East Coast Line). Prices start from $4.4 million for a two-bedroom unit plus study, $6 million for a three-bedroom, and $9.6 million for a four-bedroom. The development offers four penthouses priced at $30 million to $32 million. Unit sizes range from 1, 313 square feet (sq ft) for a two-bedroom plus study to 6, 049 sq ft for the largest penthouse. The majority of the units sold were four-bedroom apartments, which cost more than $10 million each, and the rest comprised two-bedroom plus study and three-bedroom apartments. About 60 per cent of the buyers were Singaporeans while the remaining were Singapore Permanent Residents and foreigners, who were mainly from Indonesia, China and the US. CDL group general manager, Chia Ngiang Hong, said: "For an ultra-luxury development, achieving a sales value of over $160 million in less than two weeks of exclusive previews is commendable in the current market. Apart from its prime location and the plans to rejuvenate and transform Orchard Road, he said Boulevard 88's buyers were also "drawn to its attractive pricing."

Source: Straits Times
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Sim Lian launches Singapore's largest condo in Tampines

SINGAPORE -A condominium with 2, 203 apartments in Tampines Street 11 was launched on Friday (March 15) to give a preview of what its developer Sim Lian Group has touted as Singapore's largest. Treasure At Tampines eclipses the 1, 715-unit d'Leedon in Farrer Road. Its first sales launch is expected to take place by end-March (2019), which is not long after that of The Florence Residences, a 1, 410-unit development in Hougang Avenue 2 which had its initial sales earlier this month. Sim Lian, however, declined to disclose how many apartments will be released at the first sales launch. The condo, which stands on the site of the former Tampines Court HUDC estate, is expected to be among a handful of mega projects that are slated to be launched this year. To be priced at about $1, 280 per sq ft, the 99-year leasehold Treasure At Tampines is expected to receive its temporary occupation permit by 2023. The collective sale site was acquired by Sim Lian for $970 million in 2017, which was then the biggest collective sale in a decade. The site spans about 650, 000 sq ft, with one- to five-bedroom apartments that range in size from 463 sq ft to 1, 722 sq ft. Mr Kuik Sing Beng, executive director of Sim Lian Group, pointed out the development's proximity to Changi Airport and Changi Business Park while Orange Tee & Tie, a co-marketing agent of the development, expects the "attractive entry price" and monthly maintenance fees, which starts at $150, to draw buyers. Also, 60 per cent of the site has been set aside for landscaping and facilities, said Orange Tee & Tie's managing director Steven Tan. "I am optimistic about the sales and very happy with the turnout for the preview today, " he told The Straits Times. As at 6pm, more than 900 people had walked through its doors. Among them is tutor Kelvin Loh who is eyeing a two- or three-bedroom unit for investment, priced about $800, 000 and $1 million, respectively. "I've always lived in Tampines, so it's a familiar area. The price is also affordable compared with other properties in the area, " said the 37-year-old, who lives in a five-room Housing Board flat. PropNex Realty chief executive officer Ismail Gafoor said the apartments are a "worthwhile investment for HDB upgraders and property investors", while ERA Realty key executive officer Eugene Lim pointed to the ease of access provided by the Downtown and East-West MRT lines and the Tampines and Pan Island expressways. PropNex and ERA are the other marketing agents of the property. Other big residential projects to be launched later this year include UOL's 56-storey Avenue South Residence in Silat Avenue, with 1, 074 apartments, and the 1, 468-unit Parc Clematis by SingHaiyi Group in Clementi. Experts estimate there will be about 40 to 50 new launches this year, coming from the wave of successful collective sales of the past few years. Like many of them, the preview of Treasure At Tampines is taking place in the aftermath of last year's property cooling measures. Its effect is indicated in the sales figures of The Florence Residences. Of the 200 units released by Logan Property, almost 60 units, or 30 per cent, were sold. The Urban Redevelopment Authority's figures released on Friday (March 15) also show a 20 per cent increase in private homes launched for sale month-on-month. Last month, developers put 596 private homes for sale, compared with January's 498 units. Of these, 455 private homes were sold last month, up 4.4 per cent from the 436 units that moved in January.

Source: Straits Times
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Mega condo launch: Treasure At Tampines on former Tampines Court site opens for preview on Friday

SINGAPORE - Treasure at Tampines, the 2, 203-unit condominium coming up on the site of the former Tampines Court HUDC estate, will be open for a preview this Friday (March 15), with actual sales slated to start later this month at an average price of approximately $1, 280 per square foot (psf). Developer Sim Lian Group, which acquired the collective sale site for $970 million in 2017, said the condominium will be Singapore's largest in terms of number of units. The site spans close to 650, 000 sq ft, with 40 per cent currently built up. Treasure at Tampines is one of a few mega projects launching in 2019, and is expected to receive its temporary occupation permit by 2023. Located at Tampines Street 11, the 99-year leasehold development will offer one to five-bedroom units in sizes ranging from 463 sq ft to 1, 722 sq ft. The blocks are laid out in a north-south orientation, with a majority of units facing waterscapes, said Sim Lian. It will have 128 recreational and lifestyle amenities including 13 pools and a 24-hour indoor and outdoor gym facility, it added. Kuik Sing Beng, executive director of Sim Lian Group, said in a media release on Thursday that the development caters to families and upgraders. With its close proximity to Changi Airport, Jewel Changi Airport and Changi Business Park, Mr Kuik said "a home here will be a very attractive proposition for both new home buyers and upgraders alike, as well as investors". Tampines is a major employment hub outside of the CBD, with employment clusters at the Tampines Regional Centre, Changi Airport and Changi Business Park. The business park houses tenants such as DBS, IBM and Standard Chartered Bank, while major Singapore banks like OCBC and UOB run their back-end operations at Tampines Regional Centre. There will also be more employment opportunities with the continued development of Changi Airport, Changi Business Park and the Singapore University of Technology and Design, said Sim Lian. The condo will have easy access to Tampines Expressway (TPE), and direct access to the Pan Island Expressway (PIE) via a new slip road, Tampines Lane. said Sim Lian. There will also be a 21 kilometre cycling path network that completes in 2022, it added. Interested homebuyers may visit the sales gallery at Tampines Avenue 7 between 10am and 7pm daily from March 15.

Source: Straits Times
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Condo and HDB rents stagnant in February as leasing volumes drop

SINGAPORE - The rental market for non-landed private properties and HDB flats in Singapore remained unchanged in February, with volume in both markets recording a double digit percentage drop month on month, going by flash estimates from real estate portal SRX on Wednesday (March 13). OrangeTee & Tie head of research and consultancy Christine Sun noted that the fall in rental volume could be seasonal, as was similarly observed in 2018, when February recorded the second lowest rental volume for the year for both the private and HDB markets. "Many tenants could also have renewed their contracts in January, " Ms Sun said. According to SRX, rents for non-landed private residential properties were unchanged month on month. Year on year, rents last month rose by one per cent from February 2018. They are still 18 per cent off their peak in January 2013. In the smaller HDB rental market, rents too were unchanged in February, after rising 0.2 per cent in January. The HDB three-room and five-room flats recorded rent increases of 0.8 per cent and 0.1 per cent respectively, whereas rents for four-room flats fell 0.3 per cent, and executive rents dropped 1.8 per cent. Rents in mature estates also declined 0.9 per cent, while those in non-mature estates rose by 1.1 per cent from the previous month. Year on year, HDB rents last month were down 0.3 per cent from February 2018, and are 15.3 per cent off their peak in August 2013. According to SRX, an estimated 3, 597 non-landed units were rented last month, a 22.1 per cent plunge from 4, 618 units in January. Year on year, rental volume last month was 6.8 per cent lower than the 3, 860 units rented in February 2018. Separately, some 1, 388 units HDB flats were leased last month, down 28.5 per cent from 1, 940 units in January, and 9.6 per cent lower than the 1, 536 units rented in February last year. Added Ms Sun: "Currently, there are many housing options available for tenants and we have observed that landlords are increasingly open for rent negotiations. Landlords may prefer to lower rents and secure a tenant quickly, especially since interest rates have been rising and mortgage payments have become higher. "Moving forward, the closing gap between public and private home rentals is likely to add further downward pressure on HDB rentals. Comparatively competition may be stiffer for the public housing market, as the number of flats reaching MOP (minimum occupation period) will be increasing while the number of condo completions may be holding fairly constant this year."

Source: Straits Times
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Condo resale prices up 0.5% in February from January: SRX Property

SINGAPORE - Singapore condo resale prices increased for the first time in February, up 0.5 per cent from January, after two consecutive months of cooling in December and January, according to monthly figures from real estate portal SRX Property on Tuesday (March 12). It was the largest price increase since July 2018, with year-on-year prices up by 4.6 per cent compared to February 2018. Prices were up 0.2 per cent in the core central region and 0.8 per cent in the city fringes, or rest of central region. The suburbs, or outside central region, followed suit with prices rising 0.5 per cent. February prices were 0.9 per cent lower than the peak in July 2018, when property cooling measures were announced. An estimated 523 units were resold in February, representing an 8.7 per cent decrease from the 573 units resold in January, and a sharper 56.7 per cent decrease from the 1, 207 units resold in February 2018. OrangeTee & Tie head of research and consultancy Christine Sun said that taking the cue from the primary market which has seen price resilience in many new project launches, sellers in the secondary market had also increased their asking prices in recent months. On the fewer number of units sold, Ms Sun said that as resale condos are generally larger in size than new condos, the price quantum of resale homes may breach the affordability threshold of buyers when the units are pegged too close to the prices of new homes on a per square foot basis. Therefore, some potential buyers may have turned to the primary market, where smaller but more affordable options are available. She added that the effects of the cooling measures and uncertainties surrounding the global economy may continue to weigh on the resale market. Competition for buyers may also intensify as more than 60 new projects are slated to be launched this year.

Source: Straits Times
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Selegie Centre sells en bloc for $120 million

The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million. This deal - the development's third attempt at a collective sale - is at a land rate of $1, 942 per square foot per plot ratio (psf ppr). It means owners of the 84 sq m apartments there will reap about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size, said sales committee chairman M. Thomas yesterday. "The building needs many repair works to be done and it is timely for (it) to be revamped, " he added. "We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts. "It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India." The 30-year-old Selegie Centre, which is at the junction of Selegie and Mackenzie roads and borders the central business district, is a mixed development consisting of 33 shops and 25 apartments. It is within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations. The 10-storey building has a gross floor area of slightly over 60, 000 sq ft and stands on the spot which used to be Singapore's transport hub in the 1950s and 1960s. The buyer, Peak Tower Corp, which is backed by an Indonesian developer and industrialist, expects to build a hotel or commercial complex there. It hopes for a rezoning change for the building. The marketing agent was Property Link Services.

Source: Straits Times
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Selegie Centre sold en bloc at reserve price of $120 million

SINGAPORE - The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million. This deal - the development's third attempt at a collective sale - is at a land rate of $1, 942 per square foot per plot ratio (psf ppr). It means owners of the 84 sq m size apartments will reap about $1.7 million while shop owners can expect between $1 million and $12 million, depending on the unit size, said sales committee chairman M Thomas on Friday (March 8). "The building needs many repair works to be done and it is timely for (it) to be revamped, " he added. "We believe that the redeveloped building will be a landmark for the overall outlook of the Tekka or Little India precincts. It will form an integrated resort atmosphere for visitors passing through Selegie or Serangoon and Little India." The 30-year-old Selegie Centre, which is at the junction of Selegie and Mackenzie Roads and bordering the central business district, is a mixed development of 33 shops and 25 apartments. It is within walking distance of the Little India, Rochor and Dhoby Ghaut MRT stations. The 10-storey building has a gross floor area of slightly over 60, 000 sq ft and stands on the spot which used to be Singapore's transport hub in the 1950s and 1960s. The buyer, Peak Tower Corporation, is backed by an Indonesian developer and industrialist and expects to build a hotel or commercial complex. It hopes for a rezoning change for the building.

Source: Straits Times
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Micro-hotel chain Yotel to open at Jewel Changi Airport on April 12

SINGAPORE - Yotel, a chain of micro-hotels, will open at Jewel Changi Airport on April 12 with rooms for short daytime layovers and overnight stays. Branded YotelAir Singapore Changi Airport, its 130 space-optimised "cabins" can be booked by the hour - for at least four hours. In addition to airline-style self check-in kiosks, its facilities include a 24/7 gym, co-working space and a club lounge that overlooks Jewel's indoor waterfall. YotelAir hotels are typically located inside airport terminals and cater to travellers on stopover flights or whose flights have been delayed or cancelled. Yotel general manager Norman Cross said the hotel "is set to become an integral gateway to the most prominent journeys in the world, championing the hotel experience for every modern traveller".

Source: Straits Times
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Gambas Way industrial site on reserve list triggered for sale: JTC

SINGAPORE - JTC on Monday (March 4) said it has accepted an application to put up an industrial site in Gambas Way (Plot 2) for sale by public tender. The land parcel is on the reserve list under the first half 2019 Industrial Government Land Sales (IGLS) Programme. 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 schedule, regardless of demand. JTC said it had received an application for the 1.2 hectare site with a committed bid price of at least $19.31 million. Zoned for "Business-2" development, or heavier industrial use, the site comes with a 30-year tenure and a maximum permissible gross plot ratio of 2.5. The public tender is scheduled on March 26, with a tender period of six weeks.

Source: Straits Times
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