Tag Archives: Hong Leong Group

8,000 new private homes estimated in H2

Property developers will launch some 8,000 new private homes over the next six months, according to analysts’ estimates.

While there are small risks of oversupply in the horizon, market watchers told Channel NewsAsia that private property prices should remain stable this year.

A consortium comprising Hong Leong Group, City Developments and TID Residential won the tender for the site at Mount Vernon in January this year which is expected to yield more than 700 private home units.

It is one of the 15 residential land parcels that were successfully tendered out by the government last year which have yet to be launched.

Ooi Yi Tung, director of Square Foot Research, said: “In (the) first half, there were at least about 9,000 to 10,000 units launched. But for the second half, we are expecting about 8,000.

“Interestingly, there will be no ECs (executive condominium) in the second half of this year. There might be one along Upper Serangoon Road, which if they make it in the second half, but other than that, it will be a pure private residential and pure mixed project.”

Besides the plot of land at Alexandra Road, which was awarded in December last year, analysts forecast another mixed residential-commercial project at Bukit Panjang should excite home buyers in the second half of 2012.

Analysts believe demand will remain robust.

But any major financial crisis lasting more than two years could dampen sales, especially from a growing group of investors.

Nicholas Mak, research head, SLP International, said: “The government seems to be on the steady path of pushing out ample supply of development sites in the past few GLS programmes and likely will push out more in the next one year or so. However, the robust home buying demand is still likely able to absorb the oncoming supply.”

This year, analysts estimate new home sales to surpass last year’s record 17,750 private home units.

Source : CNA – 2012 Jul 5

Park Infinia at Wee Nam hits $2,180 psf

Prices at Park Infinia at Wee Nam hit an all time high of $2,180 psf last month. This is the second time prices at the three year old condominium along Lincoln Road have breached the $2,000 psf level. Before this, a 560 sq ft unit on the 30th floor was sold for $1.13 million ($2,019 psf) in April. The 486 unit condo was developed by Keppel Land and completed in 2008.

Across the road, at the 85-unit Miro by Far East Organization, prices at the freehold condo hit a peak of $2,300 psf last December, when a 2,917 sq ft unit on the 29th floor sold for $6.7 million. The latest transaction was for a 1,248 sq ft unit on the 23rd floor for $2.47 million ($1,980 psf), according to caveats lodged with URA Realis. Miro is targeted for completion in 2012.

Located next to Miro and directly across the street from Park Infinia is The Linc, a 51 unit boutique development, also by Keppel Land, completed in 2006. In May, a 1,292 sq ft unit on the 15th floor was sold for $1.82 million ($1,409 psf), near the high of $1,471 psf achieved when a 646 sq ft unit on the first floor was sold for $950,000 in March.

Anthony Liang, CEO of Liang Long Real Estate, says prices of condos in the Newton-Novena neighbourhood in prime District 11 could be rising in anticipation of City Developments Ltd’s upcoming launch of Buckley Classique along Buckley Road, just off Newton Road and near Lincoln Road. The upcoming 64-unit condo is a redevelopment of the former Buckley Mansion en bloc site and a bungalow sitting on a 71,812 sq ft freehold site. The bungalow belongs to the Kwek family of Hong Leong Group, and will be conserved and retrofitted into a clubhouse for the new condo. Buckley Classique is said to be a low-rise, high end condo with large units ranging from two-bedroom apartments of 1,098 sq ft to penthouses of up to 4,381 sq ft. Prices are said to start from $2.4 million for the two-bedroom apartments, $3 million for the three-bedroom units, and $4 million for the four-bedroom units.

Park Infinia stands out among developments in the Newton-Novena area as it is one of the largest condo projects sitting on one of the biggest freehold sites in prime District 11, notes Raymond Ho, a team director at ERA. It also has a wide range of facilities, including a swimming pool, tennis courts and a clubhouse. The development has a mix of one to four bedroom units as well as penthouses meas- uring 560 to 3,315 sq ft. The condo is popular with expatriate families as most units are three to four bedroom apartments.

Park Infinia is a few minutes’ drive to the Newton MRT and Novena MRT as well as to the Orchard Road shopping belt and the CBD. It is also near good schools such as Anglo Chinese School and St Joseph’s Institution Junior and therefore sought-after by Singapore- ans as well. In the vicinity are shopping malls such as United Square and Velocity@Novena Square, and the wet market and hawker centre along Cambridge Road.

For the period of May 10 to 16, there were two transactions at Park Infinia. On May 12, a 560 sq ft unit on the 28th floor was sold for $1.22 million ($2,180 psf), representing a 17.5% premium over the last transacted price of $1.038 million ($1,854 psf) in October 2010. The unit was sold for $858,159 ($1,533 psf) at the launch in 2007.

The other transaction was for a 1,001 sq ft unit on the seventh floor for $1.76 million ($1,758 psf). The unit had changed handsfor $1.53 million ($1,530 psf) in 2007 and$866,000 ($865 psf) in 2006.

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Source : TheEdge – 6 Jun 2011