Daily Archives: 10 Mar 2010

HDB releases Hougang residential site for condo devt

Posted on 10 Mar 2010 | Comments Off on HDB releases Hougang residential site for condo devt

THE Housing & Development Board (HDB) yesterday released a residential site at Hougang Avenue 7 for application by interested developers.

The 99-year leasehold parcel is on the reserve list and can yield up to 395 condominium units, HDB said.

The site spans 168,251 square feet, has a maximum gross plot ratio of 2.8, and a maximum gross floor area of 471,102 sq ft.

It is near the Hougang and Kovan MRT stations, as well as Hougang Mall, Hougang Plaza and Heartland Mall.

Caveats lodged show that units at the nearby Kovan Residences changed hands at between $798 and $1,009 per sq ft (psf) last month.

Just about two weeks ago, the government also made a residential site on the reserve list at Hougang Ave 2 available to developers. Another four plots will be coming up from now to May.

An additional four sites from the confirmed list will also be making their way to the market.

The authorities have ramped up the release of sites under the H1 2010 land sales programme as home prices spiked last year, and developers put in fierce bids during state land tenders.

On Monday, National Development Minister Mah Bow Tan further announced that the H2 2010 land sales programme will carry a larger number and greater variety of sites on the reserve list.

Still, there is likely to be ‘good demand’ for sites in the current land sales programme, said DTZ South-east Asia research head Chua Chor Hoon.

‘With the H2 2010 land sales programme still a few months away, developers will not wait for it to be announced as some need to replenish their land bank and there are attractive sites in the H1 2010 programme.’

Meanwhile, developers continue to see fairly healthy demand for newly launched projects. Sing Holdings will hold a preview of its 229-unit development at Cairnhill Road, The Laurels, in both Singapore and Jakarta this weekend.

It plans to release about 100 units at an average selling price of around $2,850 psf. As at yesterday, it had sold more than 80 units from earlier private previews.

Source : Business Times – 10 Mar 2010

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Cheung Kong launching luxury condominium at West Coast

Posted on 10 Mar 2010 | Comments Off on Cheung Kong launching luxury condominium at West Coast

Hong Kong property giant Cheung Kong is launching a luxury condominium at West Coast.

It is hoping to ride on the bright outlook for the high-end residential property segment, with an expected pickup in the leasing market and demand from expatriates.

This latest project by Cheung Kong promises to stand out from neighbouring developments.

When completed, the waterfront condominium will be the only luxury residence in the area. And it will comprise an unusual mix of strata terrace homes and apartment units.

Cheung Kong is optimistic the project will attract interest.

Cannas Ho, sales manager, Cheung Kong, said: “We see this need and demand for high-end residences in this area. And also, there are new developments coming up, just like Sentosa Resorts World, which is just 10 minutes drive from our site, and also there will be a new commercial hub called One North nearby, and there are lot of international companies, IT companies.

“The leasing market is very strong in this area. There will also be the new Circle Line station just around, and this also further enhances the leasing value of this property.”

While small-sized units are popular among investors, they will not be found at the Vision. Cheung Kong has opted for relatively larger units with three to five bedrooms.

Some analysts said this may make it less attractive to investors.

Colin Tan, Head of Research and Consultancy, Chesterton Suntec International, said: “The market now is dominated by investors, so if your project is tailored towards investors, you will do well. In this market, I wouldn’t say the price is too much of a hurdle, but maybe the unit sizes.

“Normally for developers who are aiming at the investors market, they tend to make the unit smaller. In this case, these units are a bit larger than the usual sizes, so that may pose a problem for some investors. Investors generally tend to prefer smaller projects, because they feel that it is easier to flip over.”

The Vision is sold on a 99-year leasehold and will be initially priced at about S$1,000 to S$1,200 per square foot.

The strata terraces will be sold on a “best offer” basis from interested parties.

The first phase of some 100 units will be launched this Friday, and completion is scheduled for 2015.

Source : Channel NewsAsia – 10 Mar 2010

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