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22 May

Massive sales at Mass-market condominiums

Over the weekend, buyers turned up en-masse for a series of mass-market launches. Some were completely fresh out of the oven and some were launching a new round of units. These new properties are sprinkled across different districts and each had their plus points and investment value.

The 3 strongmen of the new condominium market this round are:

WhitehavenWhitehaven sold more than half of their 121 units. 70 apartments were picked up by eager buyers at an average price of $1,470 – $1,480 psf. A five-storey project developed by Roxy-Pacific Holdings, it does not have the bulk and density of other bigger condominiums but it does provide an exclusive and private atmosphere. And as a freehold project, prices are considered reasonable.

If you wish to go bigger, there is the 380-unit Stratum in Pasir Ris. It is a 99-year leasehold property, with a wide range of apartment sizes ranging from a 432 sq ft studio to a 2, 446 sq ft five-room duplex penthouse. In their first phase launch, 190 of 250 units released were sold over the weekend alone.

Corals at Keppel Bay previewed to intense response as well. Almost all of the 100 units released were sold and majority of the buyers were Singaporeans. Most of the units which moved were the one to three-bedders. As expected, buyers are savvy enough to recognise the investment value of this property, with it being near the HarbourFront MRT Station, and a number of amenities, entertainment spots and schools nearby. Prices at this 366-unit 99-year leasehold condominium were well spread across $1, 800 to $3,000 psf. And this is only the preview. What response will their official launch this weekend bring?

Belgravia villasAnd to whet the buyers’ appetite even further, a selection of other launches coming up include:

The long weekend is here. If you’re out house-hunting, there might be lots to look forward to.

20 May

Variety of New Properties for the picking

After a brief respite in the property market, new property launches are back to make for a hot and heated summer.

Stratum in Pasir Ris.

Stratum in Pasir Ris.

Five new residential developments across the island are offering home buyers plenty of sweet ptions to pick from. Properties in the city centre include the 366-unit Corals at Keppel Bay near HarbourFront MRT station and Liv on Sophia near Dhoby Ghaut MRT station. The proximity of these developments to transport and amenities should mean they are popular with buyers and investors alike. Corals at Keppel Bay is situated beside the Caribbean condominium and previewed the weekend past. 100 more units will be launched this weekend. Prices range from $2, 000 psf for a one-bedroom unit of between 570 and 732 sq ft. Ferra condominium in Leonie Hill in the prime district 9 also released its remaining 22 units of its 104 units. A 732 sq ft unit is going for $3,160 psf.

Fancy being even nearer the city centre? Liv on Sophia on Adis Road offers 64 two-bedders starting from $2,500 psf. Buyers will have to wait a little longer for these though as they are launching only end of this month or early June. Also in the property launch pipelines is the mixed-use project King Albert Park Residences. With the Bukit Timah Shopping Centre and Bukit Timah Plaza nearby, King Albert Park Residences will add even more colour to the area with its 107 retail units and 142 residential units. It will also be flanked by the  upcoming King Albert Park and Beauty World MRT stations. Property agents are expecting prices to start at $2, 000 psf for the smallest 484 sq ft units.

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

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

And further in the East, Stratum in Pasir Ris launched last Saturday with a $900 psf median. The 99-year leasehold condominium will stand across Elias Mall and the new Singapore University of Technology and Design. Will this increase the potential investment value of the property? How will other older condominiums nearby fare?

Another new suburban launch to look out for is the Jewel at  Buangkok, just 2-minutes away from Buangkok MRT station. To be launched within the next few weeks, a small 463 sq ft apartment is expected to go for $1, 000 psf. In an area yet to be saturated with private high-rise properties, how will this new project fare? Will it bring more interest and development into the area?

8 May

Novena Ville will soon be Novena Regency

As far as mixed-use developments go, the new kid on the block is Novena Regency. Taking over the spot of the previous Novena Ville, (foodies might remember it as the location of the popular Wee Nam Kee Hainanese Chicken Rice),  Novena Regency will consist of 45 shop units and 55 residential units. It is set to receive its Temporary Occupation Permit in 2017.

Novena RegencyConsidering its prime city fringe location, the proximity to the Novena MRT Station, shopping malls such as Novena Square and United Square, post offices, churches and offices, Novena Regency looks set to bring even more life to the area. Launched just a few weeks ago, property developer Fragrance Realty, a subsidiary of the Fragrance Group, is predicting a more than healthy demand for both their shop and home units. Shop units are going for $7, 000 psf and the apartments at $2,300 psf.

Fragrance Group executive chairman and chief executive Koh Wee Meng has expressed positivity in buyer demand, “We are fairly confident that buyers will be attracted to its location – an exclusive private estate enclave within the Novena vicinity”. Commercial units will face the main road, where human traffic is heavy both on the weekdays from the offices nearby, and also on the weekends from the church-goers from Novena Church.

And if you’re looking for a home that is both private yet highly convenient, Novena is the prime spot. Already more than 44 units have gone to eager hands since its launch in mid April. Not many residential units, made up of one-, two- and three-bedroom units, are left. There are quite a number of condominiums nearby, but if you’re looking for a unique development that combines exclusivity with vibrancy and convenience, these Novena Regency units might be just the thing to look at. Will apartments in their vicinity see a corresponding response from buyers?

27 Mar

March Madness in the property market

Fears that the private property market may see a big dip in sales volume and prices could be temporarily set aside following news that 300 more new homes were sold in March, till date.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Over the weekend, four new property launches at D’Nest near Pasir Ris MRT station, Bartley Ridge in Mount Vernon, Urban Vista and Hillion Residences at Bukit Panjang. If things keep up, March new home sales could very well overtake January’s 2, 016 figure. February’s numbers are understandably lower due to a shorter month and the Chinese New Year.

Despite these positive numbers, some property analysts say things will not be like before, when a new condominium would sell out within 2 to 3 months. What may happen now is a situation where the preview sees heated response, where choicer units are snapped up, leaving the rest of the units to sell slowly throughout the year.

Kingsford Hillview Peak condominium in Upper Bukit Timah.

Kingsford Hillview Peak condominium in Upper Bukit Timah.

And of course, properties near MRT stations will go at a quicker pace, mostly targeting young couples. The D’Nest residential project is the prime example, with almost 600 units sold. Its proximity to the Pasir Ris MRT station is one of its main selling points. This Friday, Kingsford Hillview Peak in Upper Bukit Timah will be launched. Is this the one you have been waiting for? Are we expected to see more launches coming up soon and what will the response be then?

16 Jan

2013 property market looking up for now

Despite industry experts’ predictions that 2013 might be a plateau year for Singapore’s real estate sector, sales over the first weekend of the year have proved otherwise. Private condominiums and Executive Condominium (EC) launches have done well, with brisk sales at the showflats.

Buyers could be expecting further rise in prices over the year, and are thus eager to get a slice of the pie before things get even more heated up. Perhaps in the later part of the year, more will be looking to sell than buy. What then? Is the dreaded supply-demand weighing scale expected to finally tip this year?

Echelon
Echelon at Alexandra View, a 508-unit condominium by City Developments (CDL), sold 390 units. Early-bird prices for the project was $1, 700 psf and an average of 2 to 4 per cent increase is expected for future releases. 80 per cent of the buyers were Singaporeans, though PRs and foreigners from Malaysia, Indonesia and China made up the rest of the buyers. Most might be investors who are hoping to reap in profit from rentals as the apartment block is relatively near the Redhill MRT station.

La fiesta

Nearby, most of the 52-unit SeaSuites in Pasir Panjang were soldl. Executive condominiums, CityLife @ Tampines, Heron Bay, 1 Canberra and Watercolours were not outdone as well. Upcoming launches include La Fiesta condominium next to Sengkang MRT station. Prices are expected to hover around $1, 100 psf.

Analysts have said buyers are no longer basing their property buys with the month, and the Hungry Ghost Festival month may not affect property trends this year. However, timing is still everything if you are looking to invest. And it may do well to attend property seminars and keep track of updated property news throughout the year.

8 Jan

New Pasir Panjang Freehold Low-rise Apartments

SeaSuites, launched over the weekend, has collected 100 cheques even before its official launch. As a freehold property, the units range from 517 to 1, 410 sq ft, mostly made up of one and two-bedders. Prices hover around $1, 650 sq ft. With the fashion-based business group, Link (THM) behind this project, this small-scale landed development may be projected at buyers with an eye for design. The group’s other residential properties include a landed housing site in Holland Road, which when completed are expected to fetch a grand $10.5 to $11 million per home.

SeaSuites 1

With only 52 units available, who out of the 100 cheques collected will successfully secure a home at this new residential development by the end of Sunday? The exclusivity and rarity of low-rise apartments are perhaps the calling card for this new property. The previous lack of private condominiums may also be a contributing factor. Many buyers or investors may look at the area as a future property goldmine, at least for the potential it holds. And as more MRT stations are being built, areas such as these which are yet relatively underdeveloped may see much more activity and early buyers could benefit from a wider profit margin.

Other private properties in this area include Village @ Pasir Panjang, Parc Imperial, The Foliage and West Shore Residences.

26 Dec

Best performing districts for Private Home sales

13 is not such an unlucky number after all. Private homes in district 13 were the best performers this year, rising a huge 25 per cent in home prices. District 13 consists of MacPherson, Potong Pasir and Braddell. Sennett Estate near Potong Pasir registered highest sales with the current average of $1,270 psf.

Signature Park

Other districts which also did well were 21 – Upper Bukit Timah, Clementi Park and Ulu Pandan; and district 14 – Geylang and Eunos. Areas which showed a lag were the city fringe and city centre sectors. The Rochor and Bugis area saw the largest drop of 4 per cent, and Telok Blangah, Sentosa, HarbourFront, Bukit Timah, Holland Road and Tanglin areas all saw a slight dip. But overall, prices of private homes are still rising.

Property experts attribute the price gains to rejuvenation projects and upcoming amenities in these districts. Transport and location are often key. District 13 homes are selling well mainly because of their central location. The MRT Downtown Line which is being built, is also expected to bring more positive sales to District 21. The Hillier, The Cascadia and Signature Park are all condominium projects which are doing well. They are also expecting resale value of homes around these new launches to rise accordingly. Will more new residential launches next year bring good cheer all around before Chinese New Year?

18 Dec

Marine Parade HDB flats – Highest COV

In the wake of news that resale HDB flats COV are rising and rising, and rising, data from the Singapore Real Estate Exchange (SRX) now shows that the estate with the highest COV prices is Marine Parade. No surprises there since it’s always been a hotspot for home buyers, being so close to town yet far enough to feel the sea breeze, with good schools nearby and so much good food and a shopping mall and town centre to boot. What’s not to love?

How much higher have prices of resale flats in areas such as Marine Parade gone?

How much higher have prices of resale flats in areas such as Marine Parade gone?

And loving it they certainly are. Property agents say that Marine Parade have always been a good spot for sales of properties, both private and HDB flats. Now with news that the Eastern MRT line will run through Marine parade, COV prices for resale HDB flats here have almost doubled, with a 47 per cent rise to $55, 000. That also pushes the sale prices up and it’s no wonder home prices only seem to go up. The lack of new BTO flats and the limited number of HDB flats in the area, 23, 000, also means that limited supply of resale flats here outweighs strong demand.

SLP International head of research, Nicholas Mak, has an interesting comment, “It’s a vicious circle. People ask for a high COV because they know that to buy their next flat, they have to pay a high COV as well.”  Across the board, the median COV is now $34, 000. In Punggol, which is at the forefront of the Waterfront Living lifestyle, COV prices have risen 27 per cent to $43, 000. 11 out of the 26 HDB estates in Singapore have seen a drop in COV prices however, notably in Bukit Panjang, Jurong West and Pasir Ris.

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