Tag Archives: TDSR

Upper Thomson site draws 18 bids

Posted on 11 Oct 2014 | Comments Off on Upper Thomson site draws 18 bids

The tender for a residential site at Lorong Puntong near Upper Thomson Road closed yesterday after attracting a stunning 18 bids, according to the Urban Redevelopment Authority (URA).

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Launched for sale in August, the 10,502.8 sqm site has a maximum permissible gross floor area (GFA) of 22,056 sqm.

The highest bid was submitted by China-based Nanshan Group, with an offer of $173.6 million. That translates to around $7,870 psm on the GFA.

This was followed by a $161.9 million bid from SL Capital Ventures. The lowest bid was from Tee Vista at $108 million.

Property analysts had expected strong demand for the 99-year leasehold site due to its small size which commands a smaller quantum of below $200 million.

“Generally, the bidders were probably also encouraged by the good attributes of the site. The site is located in a mature estate, supported by a comprehensive network of amenities and renowned schools,” said Desmond Sim, Research Head for CBRE Singapore.

He added: “The future Thomson Line will certainly be a selling point because the site is situated in-between two future MRT stations.”

With previous projects in the area selling well, this would have further boosted developers’ confidence in the plot, noted Sim.

“The bidders have also benefited from studying the market for a longer period post-TDSR and now have a better sense of price levels.”

Photo by URA

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Posted in Government, Land Sales

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Buyers shun luxury city apartments despite price falls

Posted on 8 Sep 2014 | Comments Off on Buyers shun luxury city apartments despite price falls

Luxury apartment sales in the city centre sank markedly in the first half of 2014, revealed a CBRE report.

According to caveats data for the Core Central Region (CCR), there were 48 transactions of properties costing $5 million and above in the first six months of the year, compared to 78 and 107 deals in H2 2013 and H1 2013 respectively.

CBRE attributed the drop in sales over the past year to the TDSR framework which took effect at the end of June 2013.

At the same time, foreign buyers who used to be big players in Singapore’s prime residential market, appear to be retreating since the ABSD was raised to 15 percent.

Purchases by foreigners plummeted to 14 units in H1 2014 from 35 the year before.

Weak market conditions have also put pressure on prices, with the average price of completed luxury apartments at $2,800 psf, down slightly from $2,825 psf at end-2013.

Helped by the sale of 16 units at Goodwood Residence after factoring price discounts and rebates, the average price for new developments was $2,400 psf.

As at end-June, three luxury residential projects were completed, namely Tomlinson Heights, TwentyOne Angullia Park and Le Nouvel Ardmore. But the report noted that approximately 70 percent of the 167 units from these developments remain unsold, on top of 300 unsold units from other projects completed over the last one to two years.

To help close deals, CBRE said: “Some developers are looking for bulk purchasers while others are seeking to attract buyers via direct discounts and ABSD rebates. With prices softening, sales volume might see improvement in H2 2014.”

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Posted in Cooling Measures, Luxury Property

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