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Late Choa Kim Keat’s villa sold

Posted on 8 Jun 2011 | Comments Off

The historical beachside villa of the late Choa Kim Keat has been sold to Far East Organization for S$103.8 million.

In a statement, marketing agent Credo Real Estate said the deal was undertaken by Orchard Mall, a member of the Far East Organization.

The single-storey conservation house built in 1898 was put up for sale last month and received five submissions during the tender exercise which closed Monday.

Credo Real Estate managing director Karamjit Singh said: “The market for such sites with unique attributes is strong.

“Aside from its historical background, it is in a convenient location with a shopping centre across the street.

“The purchase price reflects a land rate in the region of S$1,195 psf ppr (per square foot per plot ratio), based on an allowable GPR of 2.166, including the bonus GFA from the conservation house.

“This sale sets a new benchmark for the area”.

Amber Towers, which is also in the vicinity, was transacted at a land rate of S$1,118 psf ppr in April.

The property, which fronts Marine Parade and East Coast Road, consists of two adjoining land parcels which together measure 47,400 sq ft of land area. That’s roughly half of a football field, Credo said.

The property has been zoned for residential development and has an allowable Gross Plot Ratio (GPR) of up to 2.1 and a height control of up to 24 storeys.

Credo said the developer should be able to build a total GFA in the region of 109,494 sq ft, including bonus GFA for balconies.

Depending on the layout and configuration, the site can potentially accommodate up to 100 residential units with an average size of 1,000 sq ft, it added.

The property was put up for sale by the estate of the late Eric Choa, the grandson of Choa Kim Keat.

Source : Channel NewsAsia – 8 Jun 2011

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Posted in Government, Property Market / Real Estate

Tagged Amber Towers, Choa Kim Keat, East Coast Road, Far East Organization, Land Sale, Marine Parade

S’pore luxury home prices moderate in Q1

Posted on 7 Jun 2011 | Comments Off

Prices of luxury homes in Singapore have moderated in the first quarter of this year due to property cooling measures, data from CB Richard Ellis’ (CBRE’s) Asian Luxury Residential Capital Value Index showed on Monday.

The measures, announced in January, included raising the seller’s stamp duty and reducing credit available to those who already have outstanding mortgages.

CBRE said the increase in prices of luxury homes in the core central region moderated to 0.9 per cent quarter-on-quarter, while sales volume was also down by 20.4 per cent.

Prime rents in Singapore remained unchanged, but CBRE said they appeared to show signs of softening towards the end of the quarter, along with the slowdown of expatriate leasing demand.

Commenting on the outlook of luxury residential markets in Singapore, Joseph Tan, executive director of residential at CBRE, said that with the absence of further government initiatives in 2011, he expects minimal growth in both the inflow of foreign investors and home prices.

As such, CBRE said it expects the volume of luxury transactions in 2011 to be about 150 to 200 units, with prices likely to average at S$3,000 per square foot (psf) for resale projects and S$3,500 per square foot for new projects.

Overall in Asia, the CBRE index, which measures the capital value of luxury residential properties, rose by 5.5 per cent quarter-on-quarter in the first three months of this year. This was up from the 0.9 per cent registered in the previous quarter.

However, CBRE pointed out that most markets – including Beijing, Shanghai and key South East Asian cities – recorded a lower rate of price growth.

This came as sales slowed, following the introduction of measures directed at cooling residential property markets in the region.

Anton Eilers, executive director of CBRE Residential, Asia, said: “Home buying demand is expected to remain healthy as the regional economy continues to expand.”

He added that the cooling measures introduced in a number of major markets will moderate price growth of luxury residential property over the course of the year, and prices and rental growth.

Source : CNA – 6 Jun 2011