Category Archives: Property Market / Real Estate

Three residential en bloc sites up for sale

Posted on 25 Apr 2011 | Comments Off on Three residential en bloc sites up for sale

Three residential en bloc sites in prime locations have been put up for sale by their sole marketing agent Knight Frank.

The first site is the freehold Dynasty Garden, located on Sixth Avenue in District 10. It has a land area of about 73,300 square feet. Under the 2008 Master Plan, the site is a “three-storey mixed landed”. There are currently 33 walk-up apartments with unit sizes ranging from 1,044.1 square feet to 2,604.8 square feet.

The guide price for Dynasty Garden is S$114.8 million or S$1,566 per square foot. Owners will receive about S$2.8 million to S$5.4 million from sale proceeds.

Adjoining Dynasty Garden is 21 Lim Tai See Walk, the second site put up for sale by Knight Frank.

There is a two-storey detached house on the site, which has a land area of 12,691 square feet. The site is designated as a “three-storey mixed landed” under the 2008 Master Plan.

The guide price for 21 Lim Tai See Walk is S$17.5 million or S$1,379 per square foot.

With the combined land area of Dynasty Garden and 21 Lim Tai See Walk amounting to 85,991 square feet, Knight Frank said both sites offer developers an opportunity to build luxurious cluster homes in quiet but convenient locations.

Both sites are situated near dining and shopping amenities in Holland Village, as well as reputable schools such as Raffles Girls’ Primary, Nanyang Girls’ High School and National Junior College.

Associate director of investment at Knight Frank Ian Loh expects the sites to receive strong interest from developers, due to the limited supply of landed homes and rare large redevelopment sites.

“The freehold sites could house up to 52 strata terrace houses or around 39 strata semi-detached houses,” added Mr Loh.

Buyers can opt to tender for either site or both sites.

Tenders for Dynasty Garden and 21 Lim Tai See Walk will close on May 27 at 4pm.

The third site up for sale is Riviera Point – a freehold site sized at 14,580 square feet located on River Valley Road.

The site is a short walk from Somerset MRT Station and some minutes’ drive to the central business district, said Knight Frank. It can be redeveloped into a new project with a gross floor area of 49,303 square feet and a gross plot ratio of 3.38. This exceeds the permissible plot ratio of 2.8 under the Master Plan 2008.

Riviera Point can be redeveloped into a boutique apartment complex with 70 units averaging 700 square feet each.

The guide price for the site is S$73.5 million or S$1,491 per square foot per plot ratio. No development charge is payable with a gross floor area of 49,303 square feet for the new project.

With an additional 10 per cent balcony area, the land price could be powered to S$1,417 per square foot per plot ratio, based on a potential gross floor area of about 54,233 square feet.

Knight Frank also expects strong developer interest in Riviera Point, given its prime location and its popularity among foreign buyers.

The tender for Riviera Point closes on May 26 at 3pm.

Source : CNA – 25 Apr 2011

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Market for luxury homes muted

Posted on 25 Apr 2011 | Comments Off on Market for luxury homes muted

The luxury residential property sector should be performing quite consistently this year but luxury residential property prices look unlikely to climb to pre-crisis levels anytime soon, according to market-watchers.

“Current prices for luxury residential property prices per square feet (psf) are in the S$2,500 to S$4,500 range,” said Mr Liang Thow Ming, executive director and head of residential services at Credo Property Services. “This is still some way off the record high of S$5,000 psf registered in 2007.”

Mr Liang’s pick for the star performer this year would be the mid-market segment, where he expects “a higher percentage increase in overall prices”.

He feels that the demand for luxury residential property – “which is more dependent on foreign buyers than any other segment” – is “unlikely to pick up substantially due to the geo-political situation in the world”.

Another reason could be the fact that en bloc sellers are “setting certain high expectations” in terms of prices, he said, adding that land supply for luxury residential developments in the Core Central Region (CCR) is very much dependent on collective sales.

Higher asking prices and the limited supply of land could put a damper on the number of luxury developments to be rolled out.

Similarly, market-watchers like UOB KayHian’s Mr Vikrant Pandey are not bullish, despite the shift in buying interest toward the CCR and the Rest of Central Region (RCR) for last month, as indicated by figures from the Urban Redevelopment Authority (URA).

The latter’s flash estimates showed that private home sales last month increased 25 per cent to 1,386.

Mr Pandey explains that the surge last month could be a temporary one – “a result of pent-up demand from February as buyers had held back on their property purchases due to the Chinese New Year”.

“While the month-on-month sales have picked up, the year-on-year volumes remain weak, indicating that measures are slowly but steadily taking effect,” he added.

“Market sentiment is cautious,” said Mr Danny Low, chief operating officer and executive director of Heeton Holdings. Heeton, along with KSH Holdings and TEE International, last week launched The Boutiq, a luxury residential development on the site of the former Mitre Hotel at Kiliney Road.

To date, The Boutiq has sold 39 units of the 52 units launched in Phase One at an average price of S$2,350 psf – a result that Mr Low said met expectations.

He added that he “hopes the European and United States markets will recover in speed, so that investors will come back”.

Goldman Sachs is slightly more optimistic about the luxury sector. In a recent research note on the Singapore property sector, analysts Paul Lian and June Zhu wrote: “Luxury is seeing renewed interest, mainly from foreign buyers.”

“16 units (versus only one unit in February) were sold above S$3,000 psf,” it said. “Of note, one unit at Scotts Square was sold at S$4,334 psf and one unit at Boulevard Vue fetched S$4,308 psf.”

Other luxury residential developments to be launched this year include Heeton’s iLiv@Grange and City Development’s Jean Nouvel Residences at Anderson Road, and Buckley 9 & 11.

Source : Today – 25 Apr 2011

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Posted in Luxury Property, Property Market / Real Estate, Property Price

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