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?

 

Property market’s road to recovery a gradual one

While the global economy remains in the doldrums and the authorities keep the local property cooling measures in place, Singapore’s real estate market is likely to see a gradual gentle road to recovery, starting with stabilisation.

LakeGrandeJuly’s sales figures show promise, with 1,091 units sold (excluding executive condominiums). That is almost double that of June’s 536 units. Although August’s numbers may dip due to the Hungry Ghost month and the lack of major property launches, September will see the launch of Parc Riveria at West Coast Vale and Forest Woods in Serangoon. The former is developed by EL Development and the latter by City Developments.

Consumer interest on landed homes, a rare commodity in local context, has also shone of late. CapitaLand‘s launch of 6 Victoria Park Villas‘ units which all sold between $4.3 to $4.9 million led the way to positive market sentiments. July’s major launch of the highly affordable units at Lake Grande largely boosted sales figures, accounting for 40 per cent of the total number of units sold.

VictoriaParkVillasProperty analysts are expecting monthly sales of 500 to 700 units for the rest of the year, totalling up to 8,000 units for 2016. Selling prices have remained steady in July while sales figures rose 22 per cent, signalling the start to the market’s road to recovery.

New citizens new buyers of Good Class Bungalows

Buyers and sellers of Good Class Bungalows (GCB) seem to be gradually meeting on the same page as the price gap between them narrows and more transactions were recorded thus far this year – 19 to be exact, valued at a total of $438.17 million. In 2015, 33 GCBs valued at a total of $714.78 million were sold and 28 totalling $626.14 million in 2014. Analysts are predicting up to 30 GCB sales in 2016.

Leedon Road GCBEven though prices of these rare properties have not fallen much at all, investors’ interest seems to not have waned. Developer OUE have just picked up 2 sites from the British government in Nassim road at $1,652 psf for $56.58 million, a steal considering the median price of the area stands at $2,000 psf.

An increasing number of GCB buyers are new citizens, buying over these massive-sized properties from Singaporeans moving between property transactions and investment deals. These buyers see the potential in prime properties and the slightest of price adjustments will spike their interest in their search for property upgrades and prestigious addresses. Recent sales included a $27 million GCB in Gallop road and currently on the market are a $38 million Bukit Tunggal Road GCB sized at 14,000 sq ft and a $30 million Dalvey Road property on a 15,211 sq ft site.

 

Luxury property market heats up 

After the market lull in the past couple of years, buyers are once again picking off choice luxury units in the prime residential property sector.

ArdmoreIIIPrices in this segment have gradually become more competitive over the last year or so and sales volume has increased, partly due to this change. For example, in the first half of 2016 alone, 131 apartments priced above $5 million were sold. Only 166 similar units were sold in the entire 2015.

Investors are favoring Singapore properties they match up well against those in other global cities such as New York and London. Property analysts say most investors are still Singaporeans, though  Malaysians, Indonesians and Chinese continue to feature strongly in the investor pool as they see the value of properties here and are not deterred by the currency fluctuations.

An upcoming luxury development is the 99-year leasehold Victoria Park Villas by CapitaLand which consists of 3 bungalows and 106 semi-detached houses starting from $4.3million. In better times, these houses could have cost up to $6 million. Other high-end units currently in the market include those at Gramercy Park, OUE Twin Peaks and Ardmore Three.

Promising year ahead for landed properties?

At least in the Good Class Bungalow (GCB) segment apparently. Property analysts are predicting a 5 per cent price growth this year following promising response in the first quarter alone.

Despite economic slowdown and stock market volatility earlier in the year, this luxury landed property sector has seen a pick-up in sales volume as Singaporean investors are turning their sights on home ground once more, after a few seasons of investing in overseas propeties. Property agents have reported buyers making serious offers as compared to just a quarter ago in the latter part of 2015.

Leedon Road GCBRecent sales of GCBs included one at Swettenham Close at $1,354 psf. A total of 33 GCBs were sold in 2015, a similar number is expected for this year. Perhaps property owners have lowered their expectations and asking prices, and buyers are also enticed by the rarity and land area these bungalows provide. Many are upgraders or investors while sellers tend to be those whose children have flown the coop and are looking to downsize to more manageable properties. Rental yields for these large-sized properties have been diminishing, and these properties also tend to have higher property taxes and maintenance requirements.

Buyers may be more willing to take the bite this year as prices have already fallen 15 per cent since its peak in 2013, and further price declines will be unlikely. As these landed properties are also far and few in between, they may be quicker to pounce on a deal as it will not be easy finding similar options.

Luxury tucked away – Seletar Hills

For now, the district of Seletar and its surroundings are fairly quiet and laid-back. But all that may soon change as the area is being redeveloped as part of the North Coast Innovation Corridor.

The exclusive Seletar Hills Estate in its midst holds a great deal of potential with the serene environment it provides as well as its proximity to town. A 999-year leasehold landed housing project is being built there at the moment –  Luxus Hills is currently in the seventh phase of its development and will feature 28 terrace units and 4 semi-detached houses. These landed properties are developed by Bukit Sembawang Estates whose other properties include Skyline Residences and Paterson Suites.

LUxus HillsPhoto: Luxus Hills

The surrounding area will soon be very vibrant with commercial and retail businesses including the Seletar Aerospace Hub, Greenwich V and Seletar Mall. Within a short drive or bus ride away are the Ang Mo Kio Town Centre and Compass Point in Sengkang. Situated somewhat midway between Yio Chu Kang, Sengkang and Punggol, and Ang Mo Kio, it’s proximity to the Central Expressway (CTE) also makes it a cinch to get to the Central Business District (CBD) and Orchard belt. The Hougang, Ang Mo Kio, Yio Chu Kang and Buangkok MRT stations are within easy reach.

Each of the Luxus Hills homes are designed to suit multi-generational families and come with four en-suite bedrooms, a guest room and roof terrace.

Other properties nearby include Riverbank, Rivertrees Residences, Seletar Park Residence, The Greenwich and Belgravia Park.

 

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.

Singapore – An Island city and her Sea view homes

With Singapore being a island city, it is no wonder properties with a sea view, or better still, just next to the sea, are a popular choice. Some of the more common spots for these seafront properties include Pasir Ris, East Coast, Keppel Bay, Sentosa and though not as common – Sembawang.

Bunglows By the Sea Wak HassanPhoto Credit: Fragrance Group

Not as well known as the other districts, Sembawang is a well-kept secret on the Northern end of the island. The Sembawang park area overlooks quiet stretches of the sea and the Johor Straits. Perhaps its distance from the city centre has deterred some buyers from calling this area home. But those who have since bought properties in district 27 have many good things to say about it.

It is quiet, hence provides a sense of exclusivity, where the view seems like it is almost all yours. Landed homes in the Bungalows By The Sea in Wak Hassan Drive have yet to be fully sold despite landed property prices having fallen in recent times. Prices of a bungalow here is at around $610 psf for the built-up area. But land sizes are big, thus the price of a bungalow here could come up to $6 million. The other landed properties in the vicinity include The Shoreline Residences which have been fully sold.

Next up - The Nautical in Sembawang.

The Nautical in Sembawang.

Nearby, there are private non-landed properties for sale, including The Nautical and Skypark Residences which is an EC (executive condominium). Will Sembawang become the next seaside town to watch? Perhaps so, though it will take some time to fill it with amenities and residents. But the wait might very well be worth it.