First private condominium launch in 2017 – Clement Canopy

Open for preview today is a new condominium in the west – on Clementi Avenue 1 to be exact. The 505-unit Clement Canopy is a joint venture between UOL Group and Singapore Land and the developers are hopeful about an uptick in demand, as shown by a pickup in new home sales last year.

The-Clement-Canopy-1Photo credit: http://clementcanopy.info

Situated in the Jurong Lake District – which is earmarked to be developed into the second Central Business District (CBD)– and with a number of schools such as the NUS High School of Mathematics and Science and the Yale-NUS College, this new condominium project will benefit from high rental demand. The 99-year leasehold development will consist of two 40-storey blocks holding a range of 2- to 4-room units. 194 out of the 505 units are 2-bedders sized between 635 to 732 sq ft and priced between $85,000 to $1 million. These smaller units are more palatable in terms of the total quantum price and also more in demand in the rental market.

The TrilinqOther bigger units include 3-bedders starting at $1.28 million and 4-bedders priced from $1.62 million. Selling prices are pegged between $1,340 to $1,360 psf. As a comparison, the neighbouring private residential condominiums, The Trilinq, is going for $1,400 psf but it is a tad nearer the Clementi MRT station; and Parc Riviera on West Coast Vale is selling at around $1,200 psf . There are no one-bedroom apartments at Clement Canopy and developers are hoping this will help differentiate their product from the rest of the market. Swimming pools and smart home features will be included in the project.

This year, the  would probably be all about timing. Launched at the right time, when demand is high and supply slow in stirring consumer interest, a new development could do very well indeed.

Small apartment units spell affordable prices

Despite small private condominium apartments having fallen out of favour with buyers of late, 2 upcoming launches will feature these smaller units heavily.

forestwoodsForest Woods, a 519-unit condominium project in Lorong Lew Lian developed by a joint venture between City Developments (CDL), Hong Leong Holdings and TID, will launch this week with almost 89 per cent devoted to smaller units below 1,184 sq ft. The property configurations will vary from one- to three-bedroom units and pricing is expected to range between $668,000 for a one-bedder to $1 million for a 3-bedder. Forest Woods is located in prime suburban location, near interchange-MRT station, Serangoon, Nex shopping mall and schools such as Paya Lebar Methodist Girls’ School and Yangzheng Primary School.

The other development with 96 per cent of their units configurered as three-bedders and smaller units is The Alps Residences in Tampines. Prices are highly affordable with 80 per cent of the units priced below the $1 million sweet spot,  at $491,000 for a one-bedder to $918,000 for a three-bedder. About 30 per cent of the units at Forest Woods will also be priced below $1 million.

thealpsThe Alps Residences will also be launched this weekend, and if the 6,000 visitors who have since showed up at their showflat preview last weekend is anything to go by, the pent-up demand for new condo units in Tampines will bring out the buying mood in property seekers.

Home prices along Downtown Line go to town

As expected, the newly completed Downtown MRT stations have brought much cheer not only the commuters but also to owners of properties in their vicinities.

The SkywoodsPhoto credit: Skywoods.com.sg

Since the Downtown Line began operating some of its stations last December, prices of properties near these stations have already seen an increase in interest, units sold and also rental prices. Private apartment prices have risen from $1,523 psf to $1,592 in the last quarter, up 4.5 per cent from the previous quarter. Out of the 18 stations now operating include long-awaited ones along Bukit Timah and Upper Bukit Timah such as Tan Kah Kee, King Albert Park, Sixth Avenue, Beauty World, Cashew, Hillview and also Bugis, Little India and Rochor stations along Rochor Canal and Sungei Road.

The price increase can be observed at private apartment projects such as Eco Sanctuary, where 9 per cent more units were sold by December. The development is now 91 per cent sold. Kingsford Hillview Peak condominium also saw a 3 per cent increase in sales and The Skywoods almost doubled their in the number of units sold.

With the effect MRT stations have on property prices, it would not be surprising to find prices of homes along upcoming Downtown and latest Thomson-East Coast line appreciate in the near future.

500 potential new homes near Serangoon MRT station

Say Lorong Lew Lian and the name brings to mind the spiky durian fruit – but you might not be far off with the fruit metaphor as the site might yield a bumper crop of new homes in a few years’ time.

Bartley Ridge

Photo: Bartley Ridge

Hoping to plant the investment seed early, several property developers have already placed juicy bids for a 1.4 ha condominium site on Lorong Lew Lian. The top bid came from a joint venture between City Developments Limited (CDL), Hong Leong Holdings and TID at $321 million. The site could yield up to 500 new units in a 12 or 13-storey condominium project. The developers are old hands at building in this area, having already developed residential projects in the vicinity including Bartley Residences and Bartley Ridge. Sales at both properties have been more than positive, with Bartley Residences 100% sold and 99% of the units at Bartley Ridge snapped up.

As the authorities may not be releasing many more land plots anytime soon, putting in bids for tenders with good locations might be a good way to go. Despite recent concerns that an oversupply of homes might descent on the market as soon as next year, buyers may hardly tire of homes with good locations, near transport nodes such as MRT stations or bus interchanges and schools. This Lorong Lew Lian site is located near Serangoon MRT station and bus interchange and the NEX shopping mall. With the new Bidadari Housing Estate coming up along the North East Line, properties along this and the Circle Line are likely to enjoy some attention from property seekers.

Seng Kang Executive Condominium newbie

Though neighbouring HDB estate, Punggol, has been stealing the limelight this past quarter, the score is yet to be settled. Sengkang once began like Punggol, out of the way, with splotchy residential areas and far from amenities and transport. But now, it is rather a blooming, booming town.

La Fiesta condominium in Sengkang.

With another two sites up for bids, new executive condominiums (ECs) may once again ignite the excitement in the property market in the buzzing HDB town. Existing private condominiums in Sengkang include Riversound Residences, The Luxurie, H20 Residences and the upcoming La Fiesta.

And if you are waiting to spot an executive condominium unit in Sengkang by the end of this year, you’re in luck. 2 more launches are expected by year-end – CityLIfe @ Tampines and Forestville in Woodlands. Property developers have shown a great deal of interest in the recent EC bids and the real estate market could perhaps be expecting robust interest from buyers of this particular property type.

Executive condominiums have always been a good draw for buyers as they become private property after five years and their value is expected to rise accordingly. It also helps that this EC site is near a LRT station.