West Coast Vale and Serangoon Road sites to yield more new homes

The Urban Redevelopment Authority (URA) has just released a West Coast Vale residential site with a tender closing date of Feb 9 next year, on the back of positive response from 14 developers for a Margaret Drive site.

parcriviera2While property analysts are more prudent with their predictions of response from developers for this site, they are nevertheless expecting 5 to 10 bids. It’s location is perhaps not as ideal as the previously released  Margaret Drive and Martin Place sites, but this 99-year leasehold, 16,378 sq m site is situated near the Jurong Lake District and its many amenities such as office and commercial spaces and also shopping malls such as Westgate and Jem.

A recently launched project nearby is the 752-unit Parc Riviera condominium. Sales for this development has been muted thus far with 130 units sold at around $1,175 psf, but analysts are still expecting a winning bid of between $222.1 million to $246.8 million for this new West Coast Vale site. There are speculations that EL Development might go for the bid in order to manage pricing of new homes in the area.

sennett-residencesOn the private front, the Serangoon Road site on which the National Aerated Water Company sits has also been sold to Malaysia-listed developer Selangor Dredging for $47 million. Unknown to some, the National Aerated Water Company used to distribute popular nostalgic soda pops such as Sinalco and Kickapoo Joy Juice and this site used to house its bottling factory up to the 1990s when operations ceased. As the new owner is planning to convert this industrial site into a residential one which could potentially yield 117 apartment units, there is an additional fee of $22.66 million involved in the transaction. This could very well be a worthy investment as the site is close to the Potong Pasir MRT station and upcoming Bidadari HDB estate, in the increasingly popular city-fringe district 12.

Properties up north gaining popularity

Up north in what was once woodlands is the growing township of well, Woodlands. The estate is groomed to be to the next Regional commercial and business hub where HDB flats, private condominiums and industrial buildings and regional offices reside, all in this area so close to our neighbouring Johor Bahru and where this rural outpost used to be densely populated with only rubber trees.

BellewoodsECTogether with the Seletar Regional Centre and the Punggol Creative Cluster, the Woodlands Regional Centre will form the North Coast Innovation Centre. The region will be efficiently serviced not only with the Woodlands MRT station and bus interchange, but also the upcoming Thomson-East Coast Line which is prepped for operation as early as 2019.

Some of the condominiums which have come up in Woodlands include Northoaks, The Woodsvale and the Bellewoods and Northwave executive condominiums (EC). The latter two being ECs, are rather prime properties as they hold the benefit of being both public and private housing,  Bellewoods EC, situated at the intersection of Woodlands Avenue 5 and 6, do not lack in the suite of amenities and facilities of any other private condominium. It has a clubhouse, indoor gym, tennis court, swimming pool, playground, jogging trail and waterside dining pavilion.

NorthwaveECAwarded the Highly Commended Best Executive Condo Development (Singapore) at the Southeast Asia Property Awards and with a TOP (temporary occupation permit) date of 2017, the 99-year leasehold EC consists of a mix of 2- to 5- bedders in all its 561 units. As it was launched prior to the resale levy rule implemented in December 2013, buyers who have previously purchased a subsidised HDB, DBSS or EC flat are also exempt from paying a resale levy which could be a huge plus as it could save them up to $55,000.

October’s new home sales up 128 per cent this year

With more that 1,252 new private homes sold in October, new home sales have risen 145 per cent from the 509 units sold in September and 128 per cent in a year-on-year comparison with 2015 when 549 units were sold.

thealpsresidences4The sudden spike may have been due to pent up demand after the slower months of the June school holidays and Hungry Ghost month in August, plus the launch of major projects in the later part of Q3. The 2 new property launches which garnered most of the sales were The Alps Residences in Tampines and Forest Woods in Serangoon Central. Each sold more than 300 units which made up 55.7 per cent of October’s sales. Other projects which consumers actively seemed out such as Stars of Kovan, The Trilinq and Kingsford Waterbay all sold only 30 units each, though understandably as these are much older launches.

Property analysts put the sudden rise in sales, a 15-month record high in fact, to the affordable prices put out by developers. Despite the slower economic outlook, consumers know a good deal when they see one and are willing to invest in what they consider to be long-term investment-worthy properties. Forest Woods is situated close to the Serangoon transport hub – the MRT station, bus interchange and NEX shopping mall – which could account for its popularity.

forestwoodsForest Woods was the top seller last month, with 364 units going at an average of $1,078 psf. Smaller units were purportedly gaining traction with buyers once more. Shoebox apartments, though aplenty in the market, remain affordable and property analysts report a direction change from investors who have turned their attention from riskier financial products back to the more stable property market.

 

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: theparcriviera.com

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.

Juronglakedistrict

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.