Showflats season – Parc Riviera and Queens Peaks

Starting low and working the way up. That’s the strategy property developer, EL Development, will be taking with their latest project, Parc Riviera. They are hoping that buyers will continue to take the price bait and are thus pricing their units affordably and on the low side, with an option of raising prices later on should market conditions improve.

parcrivieraPhoto credit:

And this weekend looks like it will be busy one for the real estate industry as crowds are expected to take to the 2 latest private residential project offerings with relish, if recent buyers’ response to new condominium units are anything to go by. Buyers have been snapping up units at the recently-launched Alps Residences and Forest Woods condominiums.

Although Parc Riviera is only launching in November, their show flats will be ready for viewing this and next weekend. The projected average selling price at this 752-unit development in West Coast Vale is expected to stand at approximately $1,250 psf.

queenspeak2The 99-year leasehold Parc Riviera will feature  two 36-storey towers consisting of a range of units from 463 sq ft one-bedders to 1,711 sq ft four-bedders, though more than half will be smaller one- and two-bedroom units. Situated near the Pandan Reservoir and will feature rooftop pavilions and jacuzzi decks.

Another private condo project which will have their show flats ready for public viewing this weekend is Hao Yuan Investment‘s Queens Peak which sits near the Queenstown MRT station. Larger units are available at this 99-year leasehold development, ranging from 431 sq ft for a one-bedder to 2,002 sq ft for a five-bedder, including a penthouse at 4,768 sq ft unit.

Forest Woods condominium in Serangoon selling fast

Keeping unit prices at the new Forest Woods condominium below the $1 million mark seems to be a good move by developer, City Developments (CDL).

forestwoodsBuyers are attracted by the prime suburban location and its proximity to the Serangoon MRT station which speaks volumes since location is still a key mitigating factor for most tenants. The fact that the Serangoon MRT station is a major interchange node connecting between different MRT lines, is linked to a bus interchange and also a huge shopping mall, NEX, are all bonuses. And as property prices have been falling for a couple of years now, buyer sentiment is that they will not fall any further, and are taking the opportunity to buy now before interest rates potentially rise in the later part of the year. The $6,000 to $12,000 early bird discount may also have enticed some to seal the deal early.

forestwoods2All the one- and two-bedroom apartments launched at Forest Woods have sold out and the median selling price currently stands at $1,400 psf. The development has a range of units ranging from 506 sq ft one-bedders to 2,185 sq ft penthouses. As of Sunday evening (the project was launched last weekend), almost 65% of the units were already sold. One of the three penthouses available was also sold at $2.85 million. Almost 90 per cent of the buyers were Singaporeans, with the rest being permanent residents or foreigners from China, Indonesia, Malaysia, Taiwan, Vietnam and Switzerland.

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.

Former HUDC Estate in Potong Pasir soon up for collective sale

Following the successful collective sale of the former HUDC estate, Shunfuville, earlier this year, yet another such property could be coming into the market soon.

Raintree Gardens Potong PasirPhoto credit: Google Maps

In May this year, Shunfuville was sold for $638 million. Now, the 175-unit Raintree Gardens on Potong Pasir Avenue 1 which was privatised in July 2014, could also be hoping for similar results as they finally attain their minimum consent level. The 201,405 sq ft site just next to the Kallang River is projected to have an asking price of $430 million, which could mean a potential $1.8 million for each home-owner in the estate. Developers may be drawn to its proximity to the Potong Pasir MRT station and the future Bidadari HDB estate, which could mean a bustling area that could potentially attract new businesses and the development of other amenities as well.

poiz-img-001The number of new private condominiums in the Potong Pasir area have been growing steadily, and most have sold well as consumers respond well to the exclusivity and connectivity of the district. One of the most recent launches in the area was that of Poiz Residences. With the St. Andrew’s Village nearby, the site will also be near primary and secondary schools as well as a junior college. It will be an en bloc sale effort worth watching as developers weigh in. One of the considerations developers may have is the length of time between getting the site and being able to start redeveloping it as the procedure in between could take at least 6 months.


Jurong Lake District – New sparkling Gem of the West

In less than 2 decades, the landscape of Singapore’s west-side could be said to be almost completely transformed. From the largely industrial factory districts to far-flung housing estates and only a few schools, new shopping malls, transport hubs, commercial and office spaces, private residential homes and spanking new build-to-order (BTO) flats now dot the scene.


Photo credit: URA

Jurong, once a busy but secondary commercial district, has been slated for development as Singapore’s second central business district (CBD). Every large city is almost certain to have one secondary commercial hub, as big and functional as the town-centre CBD, but newer and with more space for development. Just thing of Shanghia’s Pudong or London’s Canary Wharf. The Urban Redevelopment Authority (URA) is looking to transform the Jurong Lake District into a eco-friendly, futuristic township with homes, offices, hotels and filled with greenery and waterways.

LakeGrandeWith the Kuala Lumpur-Singapore high speed rail in its midst and as the convergence point of a number of new and existing MRT lines, there seems to be quite a far breadth for value appreciation of residential and commercial properties in the Jurong Lake district.

With Punggol and Jurong both set to include many good, new things may be coming the country’s way in the next decade or two.

River Valley’s properties peak

Just off the city centre, with a quiet and exclusive environment and a variety of hip and happening eateries, retail and office housed in quaint heritage buildings nearby, River Valley has always been a property hotspot for expatriates and young professionals.

MartinPlaceResidencesSo it probably comes as no surprise that developers were quick to bid, fast and furiously, on a GLS (government land sales) site in its vicinity. With the highest bid coming from Guocoland at $595.1 million or $1, 239 psf for the Martin Place plot which is situated near the upcoming Great World MRT station and promises to yield as many as 450 homes, this could be one of the highest bids for a land plot, aside from those on Sentosa. In January this year, a Siglap road condominium site was sold for $624.2million but that could yield up to 900 units, twice the number of units the Martin Place plot is capped at.

Confidence was likely to have been boosted by strong sales from the recent Cairnhill Nine launch. The area is peppered with a wide variety of private properties, including shophouses, older resale condominiums, newer developments and upcoming residential projects. Demand continues to be strong as rental prices become more competitive. Sales volume has always been on the rise, with 86 units sold in May this year, compared to the 15 units monthly average in 2015. Developers’ response to this land sale could be a positive indication of market confidence in recovery.


Singapore’s property districts: Where do you belong?

Though small, Singapore’s 28 housing districts and 26 (and growing) HDB towns each have their own unique and distinct atmosphere. Each have their own history, good eats and exclusive hideouts or communal features. How do you choose which district or estate you belong to?

Grandeur8Many older estates such as Ang Mo Kio and Toa Payoh have their identity rooted in times preceding even World War II. These matures estates have well-established amenities and their transport options have grown over the years. Each will have their own MRT station and bus interchange providing inter-town and shuttle buses; schools, shopping mall, medical facilities such as polyclinics, sporting and recreation amenities as well as parks and libraries.

Some larger townships are built around a regional commercial hub, such as Woodlands and Jurong. Woodlands for example is laid out in a circular shape, with each part of the town connected to major highways and to the town centre. HDB flats and many private condominiums dot the estate and its proximity to the Causeway also makes it a prime leasing spot for Malaysians working in Singapore.

Queenstown HDB flatPhoto credit: HDB

And there are also Satellite towns, Queenstown being the first and Tampines joining its ranks later on. Queenstown was developed by the former Singapore Improvement Trust (SIT) in 1952 and was named after Queen Elizabeth II to mark her coronation. These towns, much like the other mature estates, are chock full of property-investment opportunities as buyers tend to look to these towns for leasing opportunities.

Outlying townships such as Punggol, Sengkang and Sembawang, previously considered remote and unpopular, are all coming into their own with Punggol leading the way into the 21st Century.

Thus, depending on your lifestyle preference, with the variety available within our small nation, there will always be a spot in Singapore which suits you.

It’s an EC world

Executive condominiums are some of the hottest properties on the buying public’s radar this year. These rare hybrid private-public homes straddle the 2 markets in the best way possible. While they begin their journey as public housing, thus allowing qualifying buyers to make use of government subsidies and loans to secure a usually cheaper-yet-comparable alternative to private condominium units, they graduate after 10 years to the private property market and their values more often that not appreciate considerably.

WandervaleECOne of the first ECs to be launched this year include Wandervale and The Visionaire. The Parc Life will soon be launched. Even though the nearby 1-327-unit Sol Acres EC might have been competing for buyers , 320 out of the 534-unit Wandervale EC in Choa Chu Kang has been sold.  Most of the units popular with HDB ugpraders and young families were the 4-bedders. 82 were sold in total. Prices averaged at $755 psf with a 3-bedroom apartment starting at $655,000 and the larger 4-bedders going for more than $896,000.  The Wandervale’s proximity to the Choa Chu Kang MRT station could have added to its popularity.

Besides The Parc Life, other EC launches in the works include Treasure Crest in Sengkang, Northwave in Woodlands and another in Choa Chu Kang.