More private land sites up for collective sale

With improving sentiments in the real estate industry, land and property owners are beginning to test the waters once more with new freehold sites and shophouses up for collective sale.

Goh&GohBuildingAn exciting prospect comes in the form of the Goh & Goh Building in Upper Bukit Timah. The 4-storey building is a mixed-use site currently consisting of 7 residential units and 7 shophouses. It has recently been put up for collective sale with a tag of $120 million. Situated right at the doorstep of the Beauty World MRT station and next to the Bukit Timah Shopping Centre and Beauty World centre, it is a delicious plot of prime land indeed. And a sale could be on the way as almost 80 per cent of the building’s owners have already given their consent for the go ahead of the collective deal.

Properties in the area have been selling swiftly and developers who are looking to replenish their land bank in the area will no doubt keep a keen eye on this land. The area has further potential for development, in terms of infrastructure and amenities. It is also situated in between the Upper Bukit Timah, Bukit Timah, Bukit Batok and Jurong Kechil areas where both local and international schools dominate. In fact, neighbouring land plots have already been earmarked for hotels, hospitals and other residential or mixed-use properties.

Hillbrooks CondoAfter taking into account the $15 million development charge the successful bidder is estimated to have to pay, property analysts expect the land rate to hover around $1,460 psf and the winning developer could possibly accommodate around 100 residential units in the new project.

New Condominiums to look forward to

Before the cooling measures have hardly had time to, well, cool, the private property market is heating up once again with 17 new condominium launches coming up within the next few months.

With some stellar projects up for offer, buyers might be spoilt for choice. Though some might hold back from jumping into the pool straightaway, as long as the overall sales volume and showflat response hold positive, developers will still be happy with that result.

Marina One residential project with 1,042 new condominium units. Photo by marina-one.org.

Marina One residential project with 1,042 new condominium units. Photo by marina-one.org.

The huge number of units from these 17 launches, almost 7, 500 of them, were mainly thanks to the significant number of sites released by the Government via the Government Land Sales (GLS) Programme. One of the largest residential properties to be launched will be the Marina One project, developed by Malaysia’s Khazahan Nasional and Singapore’s Temasek Holdings as part of a land swop agreement. Located at Marina South, it will have 1,042 units for sale when it’s launched in October this year.

D'nest condominium.

D’nest condominium.

Some of the prominent launches include:
1. Trilinq at Jalan Lempeng
2. D’nest at Pasir Ris Grove
3. Bartley Ridge on Mount Vernon Road
4. Duo in the Rochor area
5. Urban Vista in Tanah Merah Kechil Link
6. Hillion on Jelebu and Petir Road
7. Hillview Peak on Hillview Avenue

All these new properties will have more than 500 units per project. Response to the upcoming series of new properties might very well be the gauge property developers have been waiting for. Industry players are expecting the take-up rates to slow down, especially for the higher-end luxury projects which are out of the reach of most first-time buyers and upgraders. Suburban condominiums may see healthier sales.

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