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.

 

Post lunar new year property market – What to expect?

The first half of February might have been duller for the property market, as expected what with the calendar year just beginning and preparations for the Lunar new year in the way. But now that festivities are almost over, what can we expect for the rest of the year?

South BeachPhoto: South Beach Residences

Property analysts are predicting a year of stabilisation for the market, with most of the worst almost over, though it may be too soon to expect a market recovery. January’s slight rise in resale private property prices and 2015’s increase in transaction volume may boost market sentiments.

They are however expecting the HDB resale market to fare better compared to their privately-owned counterparts. As the volume of these public housing are closely monitored by the government and are often considered the minimal living requirement (aside from those in the rental market), resale HDB flats will find potential buyers, though the wait may be longer than before. Resale flats with low or no COV (cash-over-valuation) can now more readily find buyers. HDB resale flat prices have fallen only 1.5 per cent last year, compared to 3.7 in the private property market.

This year, sellers of properties near the newly-opened Downtown Line mrt stations can expect more interest while buyers seek or hold out for private property bargains in the market as developers try to sell off unsold stock. With a much-depressed luxury property sector, buyers would be wise to keep an eye out for good deals in the prime-districts and central regions in developments such as South Beach Residences, New Futura and Paterson Collection.