Tag Archives: Colliers International

More Government land sales

As home prices continue to climb despite four rounds of cooling measures, the Government is releasing more land to meet demand.

The Housing and Development Board (HDB) will release an Executive Condominium site at Upper Serangoon View today under the Reserve List of the Government Land Sales (GLS) Programme for the first half of this year.

The site can yield some 420 housing units. Developers can submit their applications indicating their minimum prices to the HDB. If the minimum price is acceptable, the HDB will put up the land for sale by tender.

Ms Chia Siew Chun, director of research and advisory at Colliers International, said: “The view is not too bad but for amenities you will need some time to get to Hougang Central. It is quite the norm for most Executive Condominium sites that they are not right next to the MRT but you would need to take public transport to reach the commercial places.”

Besides this plot of land, the HDB and the Urban Redevelopment Authority will also be releasing three new residential sites – in Punggol, Serangoon Garden Way and Upper Serangoon – under the Confirmed List of the GLS this month.

The four residential sites can potentially yield 1,380 residential units. They are part of the total 14,310 residential units that could be generated from both the Confirmed and Reserve Lists in the GLS for the first half of this year.

Separately, the HDB said yesterday it received nine bids for a residential site at Pasir Ris Central and Pasir Ris Drive 1.

The 16,388 sq m site is expected to yield a total of 410 units. Designated under the Design, Build and Sell Scheme, it has a lease term of 103 years, including a two-year construction period.

The top bid of S$123.9 million came in jointly from Singxpress Land and Kay Lim Holdings. That amounts to about S$3,023.64 per sq m based on a gross floor area of 40,970.5 sq m on a gross plot ratio of 2.5.

The HDB will award the tender at a later date.

Source : Today – 1 Jun 2011


Good demand for residential and industrial property

Industrial and residential projects with affordable prices continue to attract demand.

MCL Land has marketed 150 of the 200 units it has launched at its 414-unit Terrasse condo in Hougang.

“Before we began sales last Saturday (May 21), we had intended to release only 120 units initially. But because demand was strong, we released another 80,” said Koh Teck Chuan, MCL Chief Executive.

The units in the 99-year leasehold, five-storey project are offered at an average price of S$950 psf, with the cheapest unit, a 506 sq ft one-bedroom condo on the second floor, priced at around S$580,000 (S$1,146 psf).

The development also includes two- to four-bedroom units and nine five-bedroom penthouses of approximately 2,217 sq ft, with an indicative price of up to S$1.85 million (S$834 psf) each.

“At most recent launches in the market, enquiries tend to be concentrated on the smallest units but for Terrasse, we’ve seen strong response across the board, including our four-bedders and five-bedroom penthouses,” noted Mr. Koh.

The project’s design provides excellent views of either a water feature or swimming pool, for approximately 80 percent of the units. It will also include a tennis court, a multi-purpose court and three clubhouses.

Meanwhile, NTUC Choice Homes and CEL Development have obtained 520 e-applications for Belysa, their executive condominium (EC) project at Pasir Ris Drive 1 / Elias Road.

The 315-unit, 99-year leasehold project has an average price of S$670 psf and comprises three- and four-bedroom units. The indicative price ranges from S$574,000 for an 829 sq ft three-bedroom unit to S$882,000 for a 1,335 sq ft four-bedroom unit.

In the industrial real estate market, quick sales have been witnessed during the preview of the 60-year leasehold North Spring BizHub at Yishun Industrial Street 1.

According to The Business Times, approximately a third of the 454 units in the seven-storey light and general industrial development were committed or sold.

The robust demand is attributed to the affordable lump sum transaction size. For instance, a 1,539 sq ft unit is offered at a starting price of S$478,000 (approximately S$311 psf). The attractive specifications of the project, including high ceilings and direct vehicular access for up to 40-foot containers for every level, also attracted buyers.

Marketed by Colliers International, the development has smaller units, mostly about 1,500 sq ft to 1,600 sq ft and is priced from S$311 psf upwards. There are also approximately two dozen or so large units (of about 11,000 sq ft to 36,000 sq ft), with prices of approximately S$210 psf upwards.

Source PropertyGuru – 24 May 2011