Ximeng Land, controlled by mainland China parties, is relaunching the balance 12 luxury villas on Pearl Island in Sentosa Cove at $2,185 psf on land area. The price is inclusive of a 5 per cent discount to the $2,300 psf list prices for the units. A year ago, the developer’s asking price was $2,400 psf.

Absolute prices vary from about $14.3 million to $25.5 million per villa. Pearl Island is one of the five man-made islands in the upscale waterfront housing district.

Since 2010, Ximeng has sold seven of the project’s 19 villas at prices ranging from $1,904 psf to $2,228 psf on land area. The buyers comprise Singaporeans, Indonesians and mainland Chinese. The seven units sold include two adjacent units bought by members of the Liu family that controls Ximeng Land. One was purchased for $17.1 million or $1,904 psf on land and the other, for $19.5 million or $1,906 psf. The highest absolute price achieved for the seven sold units was $27 million (translating to $2,162 psf), for a bungalow on 12,486 sq ft of land – the biggest of Pearl Island’s 19 villas.

The project received Temporary Occupation Permit in the first half of 2012. The villas sit on plots ranging from 6,555 sq ft to 12,486 sq ft and with total floor areas (including roof terrace) of between 8,000 sq ft and 11,000 sq ft. Each villa comprises two storeys in addition to a roof terrace and basement. All four levels are accessible by a private home lift.

The bungalows have five to seven bedrooms with en-suite bathrooms.

The basement of each unit houses a lounge and wine cellar, and semi-open garden in addition to a concealed utility area, a maid’s room and toilet. The top floor houses an entertainment room with powder room and a roof terrace. Each villa is built with wet and dry kitchens fitted with Miele refrigerators, wine chiller, ovens and cooker hoods/hobs. Big imported marble tiles cover the floors of the living, dining and bathrooms. Stairs also have marble slabs.

Each villa has its own private berth (imported from France) and swimming pool.

Ximeng Land is owned by the majority shareholders of Ximeng Asset Holdings Co, the parent company of Beijing Ximeng Real Estate Co, a developer of luxury building projects in Beijing, Yantai and Jinan, according to a December 2007 news release issued by Sentosa Cove Pte Ltd announcing the award of Pearl Island to Ximeng Land.

A company search of Singapore-incorporated Ximeng Land (S) Pte Ltd listed its shareholders as Liu Yangang, Liu Yanguo and Liu Yanqiang, all Chinese citizens based in Beijing.

Ximeng Land was awarded the 99-year leasehold site in late 2007 for $215.65 million, or $1,350 psf on its land area of 159,740 sq ft.

Sentosa Cove is the only place in Singapore where foreigners who are not Singapore permanent residents (PRs) may buy a landed home, though this is subject to LDAU’s nod. A foreigner, whether a PR or not, is allowed to buy only one landed residential property on Sentosa Cove, which must be for owner occupation and cannot be rented out. The one landed property limit is on a per-family basis, including economically dependent children. Thus, if a non-Singaporean couple already owns a landed home in Sentosa Cove, their non-Singaporean children who are still studying and not economically independent would not qualify to buy another landed property in Sentosa Cove. The same treatment applies to grandchildren. However, grown-up children/grandchildren who are economically independent from their parents/grandparents may apply to buy their own landed home on Sentosa Cove.

The Sentosa Cove bungalow market is experiencing a dry patch. there has been just one caveat lodged Tfor a bungalow on Sentosa Cove so far this year. BT understands that the deal may not have gone through.

Last year, there were 18 bungalow transactions totalling $367 million. The average price works out to $20.16 million per transacted bungalow and $2,096 psf on land area. In 2012, 23 properties were transacted at a total of $461 million – with an average price of $20.5 million per transacted bungalow and $2,164 psf.

Source: Business Times – 24 May 2014

Activity in the Good Class Bungalow market is starting to pick up with a few deals done recently.

Along Margoliouth Road off Stevens Road, a two-storey, old bungalow has changed hands for $30.8 million. This works out to $1,696 per square foot on its land area of 18,161 sq ft.

Located at a cul de sac, the freehold property has a swimming pool, five bedrooms and a maid’s room. It is likely to be redeveloped.

The property is being sold by a retiree couple. The buyer is understood to be Imelda Tanoto. The Singapore citizen owns an adjoining bungalow while her parents are said to own another bungalow nearby.

Ms Tanoto is the eldest daughter of Singapore-based Indonesian tycoon Sukanto Tanoto of the Royal Golden Eagle International group, a holding company with businesses in a range of industries including paper, palm oil, construction and energy. It owns Singapore-headquartered Asia Pacific Resources International Limited, one of the world’s biggest producers of fibre, pulp and fine paper.

Over at Bin Tong Park, philanthropist Saw Swee Hock is said to have sold a two-storey bungalow for $31.5 million or $1,551 psf on land area of 20,315 sq ft. The buyer is believed to be Singaporean tycoon Goh Cheng Liang of Nippon Paint fame.

The property is said to be one of three adjacent bungalows held by Professor Saw as investment properties.

The demographer and statistician’s philanthropic acts include a $30-million donation in 2011 to the National University of Singapore for establishing the Saw Swee Hock School of Public Health.

The market is also abuzz with talk of a deal in the early stages for a two-storey bungalow in the Cluny area. Its pricing of about $30 million reflects slightly under $2,000 psf on land area. Standing on the site is a five to six-year old bungalow. Like the Margoliouth and Bin Tong Park properties, the Cluny bungalow is freehold.

Including this property, there would be at least six transactions in GCB Areas since the start of the year, totalling about $170 million. That is a quarter of the $687.8 million of deals in GCB Areas sealed last year, which also showed 29 transactions for 2013.

Last year’s showing was a sharp slowdown from the 54 transactions totalling $1.17 billion in 2012 – blamed on the January 2013 property cooling measures which raised additional buyer’s stamp duty on purchases of residential properties, including those by Singaporean investors. Loan-to value limits were also lowered and minimum cash downpayments increased for those applying for their second or subsequent home mortgages.

A bigger blow came in late June, when the total debt servicing ratio (TDSR) framework was announced, along with the shutting of a loophole that some property investors had been using to avoid paying higher ABSD rates and to circumvent the tighter LTV limits.

GCB transaction data for 2013, only seven properties changed hands after the TDSR rollout, compared with 22 before that.

Source: Business Times – 20 February 2014

Market watchers are hopeful that activity in the Good Class Bungalow Areas will pick up from the second quarter following a slow 2013, which saw the number of transactions halve to 27 deals worth $650 million from 54 deals totalling $1.17 billion in 2012.

The first quarter is expected to be quiet as potential buyers continue to monitor the market, although what is believed to be the first deal has been inked.

An option is said to have been granted earlier this month for the purchase of a property in East Sussex Lane off Holland Road.

The price is believed to be $22.5 million – which works out to $1,490 per square foot based on the freehold land area of 15,102 sq ft. It was launched for sale last year with a $25 million “guide price”.

The buyer is understood to be a doctor, who plans to live in the property. The seller is believed to be the Singaporean owner of Euro Group, headquartered in Hong Kong.

Besides property development, it is involved in executive search, investments, marketing, events and conferences.

Euro Group is understood to have developed the bungalow, which was completed in 2006. The two-storey house has a basement and attic/roof terrace. Its total built-up area is about 11,500 sq ft.

It has a luxurious living area that leads from a koi pond at the front. A patio overlooks a 27-metre infinity lap pool at the back.

The basement family area features a state-of- the-art home theatre, billiard room and accommodation for domestic helpers. There are six fully furnished ensuite bedrooms complete with built-in furniture and beds.

The master bedroom has a walk-in wardrobe, twin jacuzzis and steam bath. The upper level of the property comprises an attic housing a gym that opens up to a flat roof-garden with timber platform.

Last year’s halving in transaction volumes in Singapore’s Good Class Bungalow Areas was amid a sharp slowdown in the second half – following the introduction in late June of the Total Debt Servicing Ratio (TDSR) framework.

This stipulates that financial institutions, when granting property loans to individuals, have to ensure that the borrower’s monthly total debt repayments do not exceed 60 per cent of his gross monthly income.

Source: Business Times – 14 January 2014

The Good Class Bungalow (GCB) market appears to be thawing after a quiet period following the introduction of the Total Debt Servicing Ratio framework in late-June.

Options are said to have been granted for the sale of at least two properties recently in Gallop Park and Dalvey Road.

A Singaporean in the banking and finance industry is understood to be selling his Gallop Park bungalow for $25.2 million, translating to $1,574 per square foot (psf) on its land area of about 16,010 sq ft. On site is a two-storey freehold property with approximately 7,000 sq ft built-up area; it has six bedrooms and a swimming pool. The property is believed to have been renovated a few years ago.

The latest transaction would mark the fifth time the property is changing hands in the past seven years; the earlier transactions were at about $7.5 million in March 2006, $12.3 million in July 2007, $13.1 million in September 2008 and the December 2010 sale at $21 million to the current owner.

BT understands that the Dalvey Road transaction is at $33 million, or close to $2,190 psf on land area of 15,081 sq ft.

The freehold bungalow, with a built-up area of about 8,600 sq ft, is part of The Glencaird Residences collection developed by a unit of Wharf Holdings. In the latest transaction, the seller is believed to be a company linked to Singaporeans currently residing in Hong Kong. It is thought to have bought the property in April 1997 from Wharf for nearly $13.9 million.

The bungalow was completed in 1999.

Separately, at Mount Echo Park (in the Chatsworth Park GCB Area), an old bungalow with a freehold land area of 15,116 sq ft has been put up for sale at an indicative price of around $26.8 million or $1,773 psf.

On site is a two-storey property believed to have been built around 26 years ago. Its owner is a retired Singaporean who has emigrated overseas.

The five-bedroom bungalow has a built-up area of about 6,000 sq ft. It has a swimming pool and landscaped garden at the rear. The tender for the property closes on Nov 15.

Most are hoping to sell their existing homes – which could be a smaller bungalow or even apartment – and looking to enter into an agreement to buy a GCB with a longer-than-usual option exercise period.

Market watchers say this is to give them enough time to sell their existing home to avoid being slapped with a high additional buyer’s stamp duty (ABSD) rate on their GCB purchase as well as to settle the loan on their existing property so that they may qualify for the loan amount they will need to buy their new bungalow.

Under the Total Debt Servicing Ratio framework, banks granting property loans to individuals have to ensure that a borrower’s monthly total debt repayments do not exceed 60 per cent of his gross monthly income.

And, under the January 2013 property cooling package, Singaporeans have to pay 7 per cent ABSD on their second residential property purchase here, with the rate increasing to 10 per cent ABSD on the third and subsequent purchase.

Source: Business Times –1 November 2013