Category Archives: New Launches

8,940 HDB flats on offer in May BTO, balance flat launch

A total of 8,940 flats were launched on Tuesday (May 24), comprising 3,770 Build-To-Order (BTO) units and 5,170 balance flats, the Housing and Development Board (HDB) announced.

Four new BTO projects were launched in Bukit Panjang, Sembawang, Ang Mo Kio and Bedok. A project in Bukit Merah originally planned for launch in May is undergoing further review to better integrate the project with the surrounding developments, HDB said.

The flats are priced from S$73,000 (excluding grants) for a two-room Flexi flat in Bukit Panjang to S$541,000 (excluding grants) for a 3Gen flat in Ang Mo Kio.

The balance flats, which are in 11 non-mature towns and 14 mature towns, are priced from S$81,000 (excluding grants) for a two-room Flexi unit in a non-mature estate to S$530,000 (excluding grants) for an executive flat in a mature estate.

Interested applicants for the current exercise may submit an application online at HDB’s InfoWEB from May 24 to 30. They can also apply at any HDB Hub or any of HDB’s branches.

This is the second BTO launch for 2016, bringing the total number of BTO flats offered in the first half of this year to 7,940 units. Together with the 5,170 balance flats offered in this exercise, HDB has offered a total of 13,110 flats for sale in the first half of this year.

Another 4,810 BTO flats in Hougang, Sembawang, Tampines and Yishun will be launched in August, HDB said.

‘NON-MATURE ESTATE TODAY, MATURE ESTATE TOMORROW’

In a blogpost on Wednesday, National Development Minister Lawrence Wong said it has been more than three years since BTO flats were launched in Ang Mo Kio, Bedok and Bukit Panjang. This is also the first time that 3Gen flats were launched in Ang Mo Kio and Bukit Panjang, he said.

More flats have also been launched in mature estates, after such flats received much interest from buyers in the last two BTO launches, Mr Wong said. But application rates for these flats are expected to be high, which means a lower chance of success, he added.

Encouraging young couples to apply for BTO flats in non-mature estates, Mr Wong said these flats are more affordable and come with more grants.

“By opting for a 3-room flat in Sembawang instead of one in a mature estate like Bedok, you get to save more than S$100,000 instantly, which you could set aside for renovation and more. You will also enjoy a much higher chance of success in your application,” he said.

“There’s a perception that flats in non-mature estates are located far from work, and are not as well served by transport connections, or other amenities and facilities. But there are significant development plans in many of these areas, which potential home buyers should take into consideration.”

The Government’s move to decentralise urban development and build commercial centres outside the city will also create more investments and jobs closer to homes in these areas, he added.

“I remember when my parents bought their HDB flat in Marine Parade back in the 70s. At that time, it was a completely new town with few amenities. There were also concerns about it being built on reclaimed land.

“But look at how the whole area has developed over time. So a ‘non-mature’ estate today can become a ‘mature’ estate tomorrow.”

Source : Channel NewsAsia – 24 May 2016

Private home sales down in April despite more units launched

Sales of new private homes fell 11.6 per cent in April despite more property units being launched.

Excluding executive condominiums (ECs), property developers sold 745 units last month compared with the 843 units sold in March, data from the Urban Redevelopment Authority (URA) showed on Monday (May 16). Including ECs, 1,291 units were sold, down from March’s 1,328 units.

Excluding ECs, 900 units were launched in April, compared with 682 units the previous month. Including ECs, 2,160 units were launched, compared with 1,216 units in March.

The top selling project in April was the Sturdee Residences in Jalan Besar, followed by EC developments The Visionaire and Parc Life, both in Sembawang.

Source : Channel NewsAsia – 16 May 2016

CDL heading to Indonesia to promote Gramercy Park

CITY Developments Limited (CDL) is holding roadshows in Jakarta this weekend for its freehold condominium project Gramercy Park in Singapore’s District 10, followed by Surabaya the following weekend.

This is part of a marketing effort to raise awareness of the project, which will be launched soon, in regional markets including China and Hong Kong. CDL has appointed DTZ, Huttons, Savills and Luxury Real Estate, a partnership between JLL and PropNex, as the marketing agents.

BT understands that CDL is promoting only one of the two towers in the 174-unit project in Grange Road, suggesting that it is still looking to offload the other tower through a bulk sale. The project is subject to extension charges for unsold units under the qualifying certificate (QC) conditions from the second quarter of 2018.

Its showflat here will open on Monday for private previews by potential buyers. Pricing of units is slated to be released to agents soon.

Last weekend, OUE Limited conducted a launch event for OUE Twin Peaks costing over S$100,000 in Kuala Lumpur and offered star-buy units to potential buyers there, with agents reporting positive response.

GuocoLand’s Wallich Residence at Tanjong Pagar Centre, for which CBRE and DTZ are the marketing agents, may also be promoted in overseas markets such as Malaysia, Indonesia, China and Hong Kong, BT understands.

The 181-unit project, which sits on the highest floors of Singapore’s tallest building when completed, is slated to obtain temporary occupation permit in the third quarter.

It is usual practice for developers to take their high-end projects to overseas markets, with Indonesian buyers still highly sought-after. While the tax amnesty plan of Indonesian President Joko Widodo to encourage the well-heeled to bring money back to the country is seen as having an impact on Indonesians’ overseas investments, agents note that there are still projects that would appeal to Indonesian buyers.

CapitaLand’s Cairnhill Nine, for one, saw strong interest from Indonesian buyers, with top foreign buyers also hailing from Malaysia and China. The company had gone to Jakarta over a weekend in February to market the project.

“The traditional Indonesians tend to favour properties in prime districts and with freehold tenure,” said KF Property Network managing director Tan Tee Khoon. “The new generation of Indonesians are more open to other districts and even leasehold properties. They appear to have a preference for new launches or newly completed projects that are offered to them first rather than the remaining unsold units.”

Business dealings, proximity to Singapore and hedging against their currencies’ depreciation are also reasons why Indonesians and Malaysians are keen to invest in Singapore real estate, he said.

Agents also note that there has been increased interest among Malaysians to invest in Singapore since the ringgit’s plunge and ensuing political uncertainties.

Notwithstanding the 15 per cent additional buyer’s stamp duty applicable to foreign homebuyers, steep discounts dangled for high-end homes have helped to sweeten the deals.

OUE is offering steep discounts of 15 per cent off the price list and creative schemes under private treaties. One is a deferred payment scheme for which a price discount of 12 per cent applies, and the other is a scheme that allows for a longer option exercise period.

Since last weekend, Wheelock Properties is said to be offering a 15 per cent rebate under an “ABSD Assistance” scheme for buyers of its completed project, Ardmore Three. It has sold some 12 units of the 84-unit project since the launch in late 2012. The project is subject to extension charges for unsold units from the fourth quarter under the QC conditions.

Sim Lian’s Wandervale project draws strong demand

SIM Lian Group’s four-bedroom units at Wandervale – the first executive condominium to be launched this year – have been fully sold out.

In addition, about 60 per cent of the 534-unit development in Choa Chu Kang has been booked as at April 19 despite a challenging economic environment, said Sim Lian in an announcement to the Singapore Exchange.

Of the 320 units sold to date, approximately half were booked by HDB upgraders, while another 20 per cent of the current Wandervale homebuyers made their purchase under the Fiancé/Fiancée Scheme.

According to the Singapore-listed property developer and construction group, the larger units were the most popular. The 82 four-bedroom units were the first to be completely sold.

Successful launches help revive new-home sales in March

THE successful launch of two condominium projects in March has lent a boost to new-home sale transactions in Singapore.

This has also reinforced the market’s belief there remains strong underlying demand for good-quality residential properties at the right price, despite the quiet months of January and February.

According to data released by the Urban Redevelopment Authority (URA) on Friday, developers sold 843 private homes last month, close to triple the 303 units sold in February.

About 682 units were launched in March, more than three times the 209 units launched in February.

JLL national director Ong Teck Hui said: “Market confidence seems to have returned following the stock market volatility in the earlier part of the year and the Chinese New Year lull.

“New sales take-up in Q1 2016 stands at 1,470 units, some 12 per cent higher than the 1,311 units which developers sold in Q1 2015. We now have to observe whether sales volume in the primary market has bottomed out and is on the path to recovery.”

CapitaLand’s 268-unit Cairnhill Nine sold 177 of the 200 units launched, at a median price of S$2,441 per square foot (psf), thanks to the project’s attractive location near Orchard Road and digestible price quantum.

The Wisteria, which launched all of its 216 units, sold 125 at a median price of S$1,112 psf, given its appeal as part of a mixed development. It comes with a lifestyle mall.

Other top-selling private residential projects in March were The Poiz Residences (59 units at a median price of S$1,475 psf), Kingsford Hillview Peak (43 units at a median price of S$1,289 psf) and Botanique at Bartley (31 units at a median price of S$1,302 psf).

Inclusive of executive condominiums (ECs), a public-private housing hybrid, developers sold 1,328 units in March, more than thrice those sold in February. Some 1,216 units, including ECs, were launched, compared to just 209 in the preceding month.

This was mostly due to the launch of Sim Lian’s Wandervale EC, which sold 292 of its 534 units at a median price of S$770 psf.

The other better-performing ECs in March included The Terrace (36 units at a median price of S$785 psf), The Brownstone (27 units at a median price of S$831 psf) and Sol Acres (26 units at a median price of S$791 psf).

Consultants noted pent-up demand in the private-home market, which they say surfaces when buyers perceive good deals.

In the past few years, in the absence of good options, many buyers had chosen to wait on the sidelines for prices to fall further, or for the property cooling measures to be removed, both of which did not happen.

Now, with the government’s reiterations that the measures will remain for a while, this could have prompted some buyers to finally be more decisive in acting on the purchases, he said.

“The sales pick-up for these developments in March is poignant enough to reflect an improvement in sentiment and demand,” Mr Ong noted. “If this trend continues, it would result in improvements in both launches and sales take-up in Q2, and that may pave the way for further moderation in price declines in 2016, compared to the last two years.”

PropNex Realty CEO Ismail Gafoor also expects strong sales volume in Q2 with the upcoming condominium launches of Gem Residences, Sturdee Residences and Stars of Kovan.

Two new ECs, Parc Life and The Visionaire, are also slated for launch this month.

Meanwhile, Mr Ismail believes developers will be adjusting their pricing strategy to continue moving units in their past launches.

Cairnhill Nine sells 70% of units launched

Cairnhill Nine has sold 70 per cent of the units launched last Saturday.

The 99-year leasehold residential development, located in the heart of the Orchard Road district, is part of an integrated development that includes serviced residence Ascott Orchard Singapore.

Developer CapitaLand launched 200 of the development’s 268 units last Saturday, and sold 134.

The units sold ranged from 591 sq ft to 3,864 sq ft, including one-bedroom, one-bedroom and guest, two-bedroom, two-bedroom and guest, and four-bedroom units, as well as penthouses.

The most well-received so far are the one-bedroom and guest units, with 80 per cent out of 90 such units sold.

“We are pleased with the strong response to the VIP preview and official launch, and will be stepping up our marketing efforts by having roadshows in cities such as Jakarta, Surabaya, Solo, Shanghai and Hong Kong,” a CapitaLand Singapore spokesman said.

According to CapitaLand, about 50 per cent of buyers are Singaporeans while the rest are from Indonesia, Malaysia and China.

Bidadari continues to see high demand in Feb BTO exercise

New flats in Bidadari continue to be in demand among potential homebuyers, with five-room and multi-generation units being the most oversubscribed in the first Build-To-Order (BTO) sales exercise of 2016.

As at 5pm on Tuesday (Mar 1), five-room and multi-generation flats in Bidadari’s Alkaff Oasis were the most coveted, with 3,020 applicants vying for just 236 units – an application rate of 12.8 per cent. Of these, second-timers dominated the numbers – with an application rate of about 91 per cent, compared to first-timers, who had an application rate of 9 per cent.

PropNex CEO Mohamed Ismail said demand among second-time applicants is stronger in Bidadari as they have the ability to afford properties in the area.

“One reason is that this is the group of people who are older, and they do own an existing unit which has appreciated in its capital. And therefore it allows them greater ease to upgrade to Bidadari, compared to many of the first-timers who want to buy a Bidadari flat,” he said.

A five-room unit in Alkaff Oasis starts from S$546,000, excluding grants.

“Bidadari is a fairly popular location because of its proximity to MRT stations, as well as to the CBD. So for the upgraders, this will be the natural choice for them among the three locations,” said SLP International’s head of research and consultancy, Nicholas Mak.

“Most of the upgraders might already have children, so they prefer flats that have three bedrooms at least, which explains why the four-room and five-room flats have enjoyed higher subscription rates among second-timers,” he added.

Demand for new flats in Bidadari largely outstripped demand for flats on offer in non-mature estates Bukit Batok and Sengkang.

One thing that stood out in this BTO exercise for some property experts is the keen interest in new flats in Sengkang. Compared to the previous BTO exercise in November 2015, this crop of flats in Anchorvale Plains registered higher application rates across the board.

Mr Mohamed noted that the take-up rate used to be less than two in non-mature estates, such as Punggol and Sengkang, as there has been a huge supply coming on the market in the last few years. “But this time, it shot up – compared to the last BTO in Sengkang, close to five times more subscribers were interested in going after the units,” he said.

Its location – near an LRT station – was a big draw.

“Although it’s not located very near to the MRT stations, it’s located near an LRT station and also next to the Punggol Reservoir,” said Mr Mak of SLP International.

The next BTO sales exercise will be in May. More than 4,000 new flats – some in mature estates – will be on offer.

Source : Channel NewsAsia – 1 Mar 2016

Private property prices down for 7th straight quarter: URA

Prices of private residential properties in the second quarter fell by 0.9 per cent from the previous quarter – the seventh consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Jul 24).

The price decline was observed across all segments of the private residential property market, URA said. Prices of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) declined by 0.6 per cent from the previous quarter, while prices in the Outside Central Region (OCR) fell by 1.1 per cent. Prices of landed properties declined by 1 per cent.

Rentals of private residential properties fell by 1.1 per cent from the previous quarter, compared with a 1.7 per cent decline in the January to March period.

LAUNCHES, SALES, RESALES UP

Developers launched 2,099 uncompleted private residential units excluding Executive Condominiums (ECs) in the second quarter, up from the 1,189 units launched in the previous quarter, URA said. A total of 2,116 private residential units (excluding ECs) were sold by developers during the quarter, compared with 1,311 units in the first quarter.

A total of 480 EC units were launched during the quarter, and 439 units sold over the same period, up from the 326 units sold in the previous quarter.

The number of resale transactions rose to 1,827, up from the 1,250 transactions in the first quarter. Resale transactions accounted for 44.5 per cent of all sale transactions during the quarter, compared with 47.1 per cent in the previous quarter.

There were 161 sub-sale transactions, up from the 94 transactions in the previous quarter. Sub-sales accounted for 3.9 per cent of all sale transactions, up from the 3.5 per cent recorded in the previous quarter.

MORE LAUNCHES IN THE PIPELINE

As at the end of the second quarter, there were 61,237 uncompleted private residential units (excluding ECs) in the pipeline, compared with 68,201 units in the previous quarter. Of this number, 24,435 units remained unsold. Adding the 14,701 upcoming EC units, there are a total of 75,938 units in the pipeline, according to URA.

Based on expected completion dates reported by developers, 13,191 units (including ECs) will be completed in the second half of 2015, URA said. Another 25,841 units (including ECs) are expected to be completed in 2016.

Source : Channel NewsAsia – 24 Jul 2015