Success of collective sales continues

2017 continues to be a good year for the collective sales market with Shunfu Ville given the go-ahead from the Court of Appeal last week and the sale of One Tree Hill Gardens site for $65 million this year.

OneTreeHillGardensThe Lum Chang Group has purchased the latter freehold landed residential development site near Orchard Road at $1,644 psf. Its proximity to Orchard Road makes it a prime site that is rare also because of its freehold status. It is of sizeable land ratio and developers have expressed considerable interest. The site was initially put up for sale at $72.8 million. Despite the $7.2 million shortfall, individual owners of the 6 maisonettes and 7 apartments will still receive $4.3 to $9.1 million depending on the size of their units.

Under a 2014 masterplan, the freehold site is zoned for 2-storey semi-detached residential use within a 39,063 sq ft land area. What it could potentially yield are 8 semi-detached houses, 5 bungalows or 10 semi-detached homes and 3 bungalows. With such landed properties near Orchard Road a scarcity, the freehold homes will no doubt receive much interest from investors and high net-worth buyers.

venturaheightsWhile the market is still tender from the previous years of slow growth, developers are beginning to replenish land stock and collective sales may be their means to the ends as the government has recently cut back on the release of land plots. Though price-sensitivity continues to rule developers’ bids, the collective sale market will be active this year especially with more home owners enquiring about en bloc sales and the sale of Eunosville and Rio Casa last month.

Prime sites may yield high-demand homes

Should the sites currently earmarked for future residential use be put up for sale, the public can expect some juicy baits from developers as these sites are in prime locations near the city centre.

Tanglin ResidencesThe 2 sites which are particularly beguiling are the former Ministry of Home Affairs Phoenix Park site in Tanglin road and the former Overseas Family School plot in Paterson road. Both sites are under governmental ownership and while the location of these sites will excite developers and buyers alike, the government is unlikely to put them up for sale anytime soon. They have in fact been holding back on the release of land sites possibly contributing to the increased number of successful en bloc sales in recent months.

Paterson SuitesThese sites with their exclusive addresses are currently put up for interim use though should they eventually be placed for sale, they are likely to yield 450 to 700 homes in the Paterson road site and 850 to 1000 units averaging 800 to 1,000 sq ft on the Phoenix Park site. The latter is currently tenanted by LHN Facilities Management who will have the option of renewing till the end of 2020. The proximity of this site to various embassies in the Tanglin area will however mean restrictions may be placed on the height not to mention possible heritage conservation regulations.

 

New homes in District 10 – Victoria Park Villas

Soon to nest in the midst of District 10 will be 106 semi-detached houses and 3 bungalows totalling 403,000 sq ft.

VictoriaParkVillas

Victoria Park Villas is a new development by CapitaLand situated in the junction of Coronation and Victoria Park Roads. Prime area indeed as it is only a 10-mins walk away from Farrer Road and Tan Kah Kee MRT station, not to mention having the selection of many choice schools down Bukit Timah road.

Launching tomorrow, 3 Sept, these 109 homes making up Victoria Park Villas are 99-year lease properties projected to sell at around $2,000 psf. Though on the high side, consumers will have to realise that having your own land even for awhile, will cost. The property sizes will range between 2,153 to 3,835 sq ft for semi-detached houses and 10,904 sq ft to 11, 539 sq ft in floor area for the 3 bungalows. Prices are expected to reach $12 million for the latter. Other similar properties in the King’s Drive, Hillcrest road and Greenwood Avenue have sold for between $906 to $1,351 psf last year.

Ventura HeightsNew cluster landed properties are not a dime a dozen, thus the property size, exclusivity and location Victoria Park Villas offer may very well be worth its calling price. CapitaLand has previously offer deferred payment schemes for their other properties such as d’Leedon, The Interlace and perhaps soon, Sky Habitat and Marine Blue as well. Will they be likely to extend the scheme to their upcoming projects once they are completed?

 

Waterfront living from East to West

Waterfront living is no longer restricted to those living at Sentosa or by the coastal lines mainly in the eastern districts. With a number of lakes being developed all across the island, waterfront living is becoming more possible than ever before.

In North-east, there is the Punggol Waterway; in the West, Jurong Lake; and in the East, there is the Bedok Reservoir area which has already seen the development of 3 massive private condominium establishments – Waterfront Gold, Waterfront Key and Waterfront Isle.

WaterfrontFaberNow, there is Waterfront@Faber near Sungei Ulu Pandan – a 210-unit private residential development boasting a wide variety of units including increasingly popular dual-key apartments and strata houses. The property consists of 11 such landed houses and 5 high-rise apartment blocks and holds a substantial amount of potential value in terms of its location near the future Singapore-Kuala Lumpur Speed Rail Terminus, as well as its current proximity to the Clementi MRT station and bus interchange. The latter makes it easy for travel to The International Business Park, JTC Summit, National University of Singapore and neighbouring towns and industrial hubs in Jurong and Bukit Batok.

Families will also be happy to know that the property is surrounded by a number of good schools including Nan Hua Primary and High School, The Japanese School Singapore, United World College, Singapore Polytechnic, Ngee Ann Polytechnic and SIM University. There is also no lack of medical facilities as the Ng Teng Fong General Hospital, Jurong Community Hospital and the National University Hospital are all just a stone’s throw away.

No longer does the East have monopoly of well-amenitized townships and waterfront living. It seems the West is doing well in cultivating well-rounded environments for their old and new residents.

Properties near primary schools gets the spotlight

Especially those near clusters of well-know primary schools. Such as Nanyang Primary School, Anglo-Chinese Primary, Singapore Chinese Girls’ primary, Methodist Girls’ Primary and Raffles Girls’ Primary. No prizes guessing where this cluster hails from.

The Bukit Timah area has long been known as the prime district due to its proximity to schools and exclusive addresses and many huge landed properties. But quite a number of high-rise private condominiums have begin to come up in its midst, and parents eager for higher chances in the balloting for spaces in these schools now have options of moving nearer to their primary school of choice.

Cluny Park ResidenceStretching mainly across prime districts 10 and 11, properties along the main Bukit Timah stretch attract the most number of eyeballs, closely followed by those nearer newton and at the other closer to Upper Bukit Timah. Properties on the main stretch include Cluny Park Residences and The Siena. The latter has an added advantage with its proximity to the Botanic Gardens MRT Station.

Near Newtown, where ACS Primary is situated, cluster landed development, The Glyndebourne offers the option of serviced landed housing while the Robin Suites which will be completed in 2016 will attract savvy parents who have their children’s future well-planned ahead of time. The latest property to come up near the Upper Bukit Timah area is KAP Residences, taking over the King Albert Park McDonald’s, placing it near MGS.

King Albert Park Residences is a mixed-use development with retail and residential units in District 21.

King Albert Park Residences is a mixed-use development with retail and residential units in District 21.

A comparison of prices across these areas will show that the main stretch commands the highest prices as it is not only near a number of primary and secondary schools and junior colleges, but also  eateries and other amenities. Transport options are more apparent as well. Prices at The Siena and Cluny Park Residences range around $2, 323 to $2, 704 psf, though older condominiums may only go for $1, 700 to $1, 800 psf.