Tag Archives: Oasis @ Elias

Pasir Ris residential site awarded to MCL Land

Posted on 12 May 2011 | Comments Off on Pasir Ris residential site awarded to MCL Land

The Urban Redevelopment Authority on Thursday awarded a residential site at the junction of Jalan Loyang Besar and Pasir Ris Drive 4 to MCL Land, which submitted the top bid of S$246.1 million at the close of tender on Tuesday.

There were only three bids submitted, with observers saying this was because developers were concerned over potential competition from projects at nearby sites, including those at Pasir Ris Drive 1 and an executive condominium site in Elias Road. They added that the impending review to raise the income ceiling for public housing eligibility may also have a dampening effect on mass market private homes.

The site has an area of 27,054.8 sq m with maximum permissible gross floor area of 56,816 sq m. MCL’s bid translates to S$402 per sq ft per plot ratio.

CBRE Research executive director Li Hiaw Ho said that “units in this new project will be able to fetch above S$800 psf on the average”. This was based on caveats lodged between February and last month for units in NV Residences in Pasir Ris Drive 1 which were sold at between S$800 psf and S$890 psf.

Meanwhile, units at another nearby project, Oasis @ Elias, were sold at between S$680 psf and S$830 psf, according to CBRE.

Source : Today – 12 May 2011

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Posted in Developers, Property Market / Real Estate

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Sustainable home sales

Posted on 24 Sep 2009 | Comments Off on Sustainable home sales

Strong sales volume has been the cause for the government’s concern that a bubble was building up, says HAN HUAN MEI

DEFYING all expectations, Singapore’s residential property market has rebounded in the thick of the worst recession the country has seen. Buyers turned up in droves at recent project launches, sending the home sales figures in July to its highest level since the peak in June 2007. New home sales between January and August were just 21 per cent below the total number of homes sold for the whole of 2007.

But going forward, prices of mass market and mid-tier projects are expected to face some resistance. The number of launches is also expected to be limited for the rest of the year. Even as the market was debating the outlook, the government announced anti-speculative measures mid-month which makes it almost certain that sales volume and prices will moderate.

The robust residential market of the past few months seemed to mirror the peak in 2007, notwithstanding the recession. Market sentiment ran high as the stockmarket rally continued for four months starting in March. The strong take-up of new homes, led by mass-market projects back in February, filtered up to the mid-tier segment by April and to the prime segment by May.

Buyers have been prowling showflats, concerned that home prices may be rising again after having corrected from peak levels. It appears that what started out as pent- up demand progressed into investment demand, and to some extent, speculative demand. Developers launched 10,496 new homes for sale from January to August, compared to 6,107 units in 2008. The total number of new homes sold up to end-August was 11,721 units, far exceeding the 4,264 new homes that were sold in all of 2008. Continue reading →

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Posted in New Launches, Property Market / Real Estate, Property Price

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