On the market

In this weekly column, we bring you a sampling of properties up for sale. In the spotlight this week: Condos for below $800 per sq ft.

Serenity Park, Tamarind Road, freehold

What it is: A two-bedroom apartment

Price: $679,000, or $617 per sq ft (psf). The maintenance fee is $250 a month.

This 1,100 sq ft unit comes with a maid’s room and a balcony.

The apartment is in a quiet area off Yio Chu Kang Road, surrounded by landed homes.

Castle Green, Yio Chu Kang Road, 99-year leasehold

What it is: A three-bedroom apartment

Price: $730,000, or $483 psf. The maintenance fee is $267 a month.

Completed in 1997, this condo is a five-minute walk to the Yio Chu Kang MRT station.

It has an area of 1,511 sq ft and comes with a maid’s room. It is currently tenanted.

Pinevale, Tampines Street 73, 99-year leasehold

What it is: A three-bedroom apartment

Price: $730,000, or $595 psf. The maintenance fee is $240 a month.

This ground-floor unit is 1,647 sq ft in size and comes with a maid’s room and built-in wardrobes.

It was completed in 1998 and is currently vacant. The Tampines MRT station is four bus stops away.

Hillington Green, Hillview Avenue, 999-year leasehold

What it is: A three-bedroom apartment

Price: $1.07 million, or $789 psf. The maintenance fee is $350 a month.

Located on the fifth floor, this 1,356 sq ft unit is about five years old and has had a $30,000 renovation. It comes with a private lift lobby.

Source : Sunday Times – 1 Jun 2008

Hong Leong Group approaching property launches with caution

CDL may consider putting off redevelopment

THE Hong Leong Group, which includes Hong Leong Holdings (HLH) and City Developments Ltd (CDL), appears to be taking a cautious approach to new property launches amid the fallout from the US sub-prime crisis.

The Aalto: The development will be officially launched at an average price of $1,800-$1,900 psf

After selling about 60 per cent of the 196-unit Aalto at Meyer Road since August 2007 through soft launches, HLH has decided to officially launch the development at an average price of $1,800-$1,900 per square foot (psf).

And asked about future launches, including those on en bloc sites like Lucky Tower in Grange Road, CDL, which has one of the biggest landbanks here, said that it may consider putting redevelopment on hold.

‘Depending on construction schedules, where there are opportunities we may consider other alternatives like short-term leases,’ a CDL spokesman said.

According to CB Richard Ellis, CDL alone could have about 2,800 residential units ready for launch this year.

With this sort of figure, it makes sense for developers to tread carefully, with some preferring to test the market first.

HLH’s Aalto will only be officially launched this weekend but monthly data from the Urban Redevelopment Authority reveals that sales began as early August last year.

According to the data, about 60 units were sold at a median price of $1,597 psf that month. The highest price achieved was $2,470 psf while the lowest was $1,389 psf.

A month later, HLH sold one unit at $1,570 psf, followed by 49 units in October at a median price of $1,632 psf. In November, it sold six units at a median price of $2,052 psf.

A spokesman for HLH said: ‘The units released during the soft launch were mainly units on the lower floors, hence the average price for the units sold during the soft launch was lower than for the six units sold in November, which were on the higher floors. We are opening up high-floor units for the official launch and henceforth the estimated average price for the whole development will be at $1,800-$1,900 psf.’

Knight Frank’s director of research and development Nicholas Mak reckoned that the pricing for the official launch is on the ‘aggressive’ side but said that because more than half the development has been sold, the developer can afford to test the market with higher prices. ‘Developers can choose to price high and sell at a slower pace, or price low and sell at a faster pace,’ he said.

Pricing developments too high can be a ‘gamble’, depending on how the US sub-prime crisis plays out, he added.

HLH said that 50 per cent of the buyers so far are Singaporeans, with about 5 per cent thought to be HDB upgraders. The remaining buyers are foreigners.

HLH said that it is still allowed to offer deferred payment to Aalto buyers and about 40 per cent have taken this up.

Source : Business Times – 5 Jan 2008

Lippo’s Sentosa condo at about $2,750-2,900 psf

LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.

Over the past few days, the group, controlled by Indonesia’s Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.

Lippo is developing the condo jointly with the Marina Club, OCBC and Austria’s Raiffeisen Zentralbank (RZB).

Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.

Lippo’s price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove – Ho Bee’s Turquoise.

The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.

Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.

The 30 or so units Lippo has sold so far include five penthouses.

There are about 30 penthouses altogether.

The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).

Lippo’s pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week’s tender for the Pinnacle Collection – the last condo plot at Sentosa Cove.

The plot, which has a choice location at the entrance to the precinct’s marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.

Source : Business Times – 8 Dec 2007

Marina Bay’s key selling points

MARINA Bay is not just well on the way to becoming Singapore’s new financial hub, it is also shaping up as an attractive location for home-buyers.

Property analysts say that since the first residential project there – City Developments’ The Sail – was launched in late 2004, interest in the area has spiked, sending prices climbing.

Prices at The Sail averaged $970 per sq foot in 2004 after the project was launched in November that year.

But since then the average price – taking into account new sales, resales and sub-sales – climbed to $1,060 psf in 2005 and $1,300 psf in 2006, says Knight Frank’s director of research and consultancy Nicholas Mak.

And for the first nine months of 2007, units at The Sail went for an average of about $1,600 psf, he says.

He reckons prices could hit $1,800-$1,900 in about two years. The 1,111-unit development is fully sold.

‘The project was launched in 2004, which means it was just in time to rise on the property market upturn,’ he said.

Analysts say the upside for other residential projects in the area may not be as great because they were launched at higher prices. But they could still benefit from the ‘buzz’ now associated with the area.

Two projects have been launched since The Sail – Marina Bay Residences and One Shenton.

Marina Bay’s biggest selling point, analysts and developers agree, is its ‘live-work-play’ concept.

For one, office space there has been a huge hit with banking and financial institutions.

The top office draw at the moment is the massive Marina Bay Financial Centre (MBFC).

Two office towers in MBFC’s first phase will add about 1.7 million sq ft of lettable area when they come up in 2010. And the office tower in the second phase is expected to offer a further one million-plus sq ft of space.

Nearby One Raffles Quay, completed last year, has slightly over 1.3 million sq ft of office space.

In addition to this, the government has indicated that it intends to progressively release plots in the area.

Two parcels – known as Land Parcel A at Marina View and Land Parcel B at Marina View – will add at least 1.7 million sq ft of office space. Parcel A has been awarded, while the tender for Parcel B closes on Nov 13.

The authorities are also moving to increase the area’s vibrancy. And one eagerly anticipated project is Gardens by the Bay.

The waterfront is set to be home to three distinct gardens, each with its a unique look, the National Parks Board revealed last year.

The gardens will range in size from 10 to 54 hectares. It is estimated that $300 million-$400 million could be spent on them.

Perhaps most significantly, the $5.2 billion Marina Bay Sands integrated resort (IR) will come up in 2010 – significantly changing the look and feel of the place.

Besides drawing more tourists, the retail and F&B facilities at the IR could attract home buyers, market watchers say. All these goings-on have translated into greater local and foreign interest in homes in the area, analysts and developers point out.

‘We are seeing a keen appetite among investors confident in Singapore and interested in the live-work-play destination of Marina Bay,’ said Kan Kum Wah, head of residential marketing for Marina Bay Suites.

More residential projects are likely to be launched in the coming months.

For a start, Land Parcel A and Land Parcel B are ‘white’ sites, which means the successful bidders can use some of the gross floor area to build homes.

The Urban Redevelopment Authority is also setting aside some 60ha of land at Marina South for a landmark residential district.

Some 11,000 housing units are planned, with a mix of commercial, hotel and community facilities.

URA expects to start launching sites in the residential district within the next year, and interest is expected to be keen.

But the next project in the area to hit the market is likely to be Marina Bay Suites.

The 223-unit development, which is the second and last residential block at MBFC, will be launched early next year.

MBFC’s developers – Keppel Land, Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land – expect strong interest in the project, as well as high prices, on the back of then-record prices achieved by Marina Bay Residences.

Last December, when Marina Bay Residences was launched, all 428 units were snapped up within days, with one penthouse fetching $3,450 per square foot (psf) – a record for private homes prices at the time.

‘Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences,’ said Mr Kan.

However, homes in the area still have some catching up to do before they reach the prices fetched by residential units in the traditional prime districts 9 and 10.

At Orchard Residences, CapitaLand and Sun Hung Kai Properties are said to have sold a penthouse on the 53rd storey for about $5,600 psf. In contrast, prices at Marina Bay have only hit $3,450 psf.

But home prices in the area could hit $3,500-$4,000, said Ku Swee Yong, Savills Singapore’s director of marketing and business development.

‘Once the casino is up – and perhaps with more traffic congestion due to the vibrant economy – younger high-flying execs in financial services, legal services, etc will come to appreciate inner-city living,’ Mr Ku said.

Source : Business Times – 18 Oct 2007

Orchard Residences: $5,600 psf for penthouse new high in property price here

A NEW record property price for Singapore has been set, even though fewer sales are being made in high-end residential projects since the time of the US sub-prime mortgage crisis.

CapitaLand and Sun Hung Kai Properties are said to have sold earlier this week a penthouse on the 53rd storey of The Orchard Residences for about $5,600 per square foot (psf), or over $28 million. This surpasses the previous benchmark of $5,500 psf set in August when a 54th storey penthouse fetched about $27.8 million.

This means that all four penthouses in the 99-year leasehold development are now sold.

The developers are said to have sold about 73 per cent of the total 175 units in the condo. The buyer of the final penthouse sold this week is believed to be a foreigner. The 5,048 sq ft unit has five bedrooms, a study and a family room.

A stone’s throw away, Wheelock Properties (Singapore) is said to have sold more than 30 apartments at its freehold Scotts Square since the official launch of the project on Sept 28.

The developer is said to have largely maintained its average price at around the $4,000 psf mark from its preview in July, when it sold about half of the project’s 338 apartments.

Over in Sentosa Cove, Ho Bee has sold 38 of the 50 units it has released so far in its 91-unit condo, Turquoise, since late September. The units have been sold at prices ranging from nearly $2,500 psf to $2,770 psf.

The average price is about $2,600 psf, Ho Bee Investment executive director Ong Chong Hua said when contacted by BT yesterday. Buyers of the 38 units – which include four penthouses – were an equal mix of foreigners and Singaporeans, he said.

Apartments at the 99-year leasehold Turquoise typically cost around $5.3 million for a three-bedroom unit, $6.4 million for a four-bedder and around $9.3 million for a penthouse.

DTZ Debenham Tie Leung executive director (residential) Margaret Thean acknowledges that buyers, both local and foreign, have been more cautious after the stock market setback at the time of the US sub-prime mortgage crisis.

‘But we still see activity going on. For the high-end projects, we’ve not noticed any withdrawal of liquidity. The only difference is that prospective buyers are more cautious, doing more calculations and being more selective in their choice of investment before making a commitment,’ she said.

Market watchers also say that the recovery in the stock market in recent weeks has led to a return of confidence in the property market, as seen in a pick-up in subsales activity lately.

Over in the Seletar Hills area, Tong Eng Brothers unit Fairview Developments is launching two landed developments. One is the freehold 8 @ Stratton, comprising eight cluster semi-detached houses priced at $1.98 million to $2.2 million.

The houses have built-up areas ranging from 3,595 sq ft to 3,649 sq ft and strata areas of 4,930 sq ft to 5,145 sq ft. The second project is Nim Green, a collection of just three terrace houses – a corner unit with an asking price of $2.5 million and two intermediate units with a price tag of about $2 million.

Source : Business Times – 12 Oct 2007

Ultra-posh Sentosa Cove villas to be launched early next year

A LITTLE-KNOWN Malaysian businessman has pledged to take luxury living in Sentosa Cove to new heights with a collection of plush villas on Sandy Island.

Dr Derek Wong is building 18 homes aimed at ‘ultra-high’ net worth buyers, including foreign celebrities. The homes will range in size from about 6,500 sq ft to 12,000 sq ft, with prices likely to start at around $12 million.

‘It will be an island oasis with a tropical setting,’ said Dr Wong, the managing director of Genesis-Alliance, which won a tender to acquire Sandy Island in March for $89.7 million.

Genesis-Alliance is a joint venture between Malaysian conglomerate YTL Corp and LP Worlds, of which Dr Wong is the major shareholder.

Dr Wong’s residential projects in Malaysia are mainly mass-market ones developed by his firm LP Worlds.

He also owns the master dealership for audio firm Bang & Olufsen in Malaysia and is developing the US$100 million (S$147.5 million) condo The Palazzio in Kuala Lumpur with Malaysian developer Sunway City.

Dr Wong, who owns homes in Singapore, Malaysia and Australia, clearly knows something about style.

The dapper 53-year-old, who has a PhD in business science, has designed some of his own shoes and clothes. He also holds a franchise for the Armani/Casa store at the Raffles Hotel arcade.

It is the first outlet in South-east Asia to sell furniture and home accessories designed by fashion designer Giorgio Armani.

For Sandy Island, Dr Wong has roped in Italian consultant Claudio Silverstrin as lead architect while the landscaping will be done by Australian Jamie Durie, who appears on The Oprah Winfrey Show.

Mr Silverstrin is the designer of Giorgio Armani stores around the world and his name would immediately ring a bell with Armani connoisseurs. As the villa project’s marketing manager, Mr Richard Leen, pointed out: ‘Our villas are aimed at those who have heard of Silverstrin.’

Each villa will be designed to offer plenty of privacy, with mature trees to be transplanted from other parts of Sentosa, and other vegetation lining the entrances and sides of the homes.

Each one will also have a berth for a boat and a pool. The bathrooms and kitchens will be custom-designed by Mr Silverstrin.

There will be a guard post at the Sandy Island entrance in the gated Sentosa Cove.

Unlike traditional homes, the Sandy Island villas, which will be launched early next year, will have a lean main door that opens out to the canal. And residents will be able to drive straight into the basement carpark – a rare feature for bungalows.

‘Nobody has gone through this trouble for a project,’ said Dr Wong.

He noted the timeliness of the project as Singapore’s upcoming integrated resorts have made the country more attractive to foreigners.

YTL and LP Worlds were in partnership to develop Lakefront Collection in Sentosa Cove. Acquired last September, this plot now comes under Genesis-Alliance and will be launched later next year.

Source : Straits Times – 11 Oct 2007

Goodwood Residence: Guocoland wins BCA’s highest green award

GUOCOLAND’S yet-to-be launched Goodwood Residence has won a Green Mark Platinum Award from the Building and Construction Authority (BCA) for its eco-friendly features.

Plastic, timber, exposed metal and glass will be extracted from the rubble of the existing building on the site, Casa Rosita, and recycled to make internal partition walls for the 210-unit new project.

The idea – conceived by Wee Tiong Huan, a professor at the National University of Singapore’s Department of Civil Engineering – was a response to the Indonesian sand ban.

Guocoland is the first developer here to apply it.Other eco-friendly features of Goodwood Residence include self-sustaining plant irrigation to minimise use of potable water. Tanks will collect rainwater to irrigate plants through wet and dry seasons.

There will also be extensive shading and double refuse chutes to separate recyclable from non-recyclable waste.

The extension of the Goodwood Hill green belt was also recognised by BCA. Close to 80 per cent of the grounds at Goodwood Residence have been reserved for landscaping and communal facilities.

Guocoland (Singapore) managing director Trina Loh said: ‘We are honoured to be recognised for our green efforts.

Due to our early planning, we have demonstrated that green features can complement good design at Goodwood Residence.’ Guocoland reckons the green features will add 1.5 per cent to construction cost.

BCA director (technology development) Tan Tian Chong said: ‘It is very important to have the public and private sectors working together to shape a sustainable built environment.’

Source : Business Times – 5 Oct 2007

Turquoise: Ho Bee sells 20 units of Sentosa Cove condo

HO BEE Investment has begun selling units at its Turquoise condo at Sentosa Cove at prices ranging from around $2,400 to $2,700 psf.

Apartments cost around $5.3 million for a typical three-bedroom unit and about $6.4 million for a typical four-bedroom unit.

The listed developer sold about 20 of the 30 units that it released yesterday in the project, which comprises only 91 units in total.

Ho Bee seems to be in no hurry to sell out the 99-year leasehold project, given the increasing scarcity of new project launches on Sentosa Cove, market watchers say.

Three bedders in the development have an average size of about 2,100 sq ft, and four-bedders about 2,500 sq ft. Turquoise also has a variety of penthouse sizes – three bedders, four bedders (both of these come with their own jacuzzis), and three sky villas ranging from 6,900 to 7,900 sq ft and each with its own swimming pool.

Ho Bee is developing the six-and-a-half storey project on Sentosa Cove’s Waterfront Collection site, which is flanked by Tanjong Golf Course and waterways.

Over at King’s Road in the Bukit Timah area, DTZ Debenham Tie Leung is marketing this weekend King’s 8, comprising eight freehold strata bungalows. The strata areas of the units range from 4,898 sq ft to 5,414 sq ft, and are priced between $4.67 million and $4.98 million. The bungalows have two storeys plus an attic, basement, a private pool and two private carpark lots. King’s 8 is being developed by Longitude Central.

Over at Jansen Road, Fragrance Land is holding a soft launch for 12 strata terrace houses. Prices of the 999-year leasehold development range from $830 to $850 psf of strata area.

And at the prime Scotts Road, Wheelock Properties (Singapore) begins today the official launch of Scotts Square, releasing a limited number of units. During a preview of the project in July, it sold about half of the 338 apartments, at an average price of $3,983 psf.

Source : Business Times – 28 Sep 2007

Marina South: New choice area for homes

60ha site earmarked for ‘waterfront-garden living’; design contest seeks fresh
ideas.

THE Government yesterday earmarked a giant 60ha site right on the coast at
Marina South for what it bills as ‘waterfront-garden living’ in the heart of the
city.

The site, not far from the upcoming Marina Bay Sands integrated resort, is
already being touted as Singapore’s future No.1 residential hot spot by property
analysts.

The Marina South Residential District has spectacular sea views in one direction
and lush greenery in the other, as it is right next to the upcoming Garden at
Marina South.

Up to 11,000 homes are expected to be built in the district, which will also
boast shopping malls, hotels, parks and schools.

The site will have roughly the same number of units as District 11, which covers
Newton, Novena and Thomson.

To garner fresh, innovative ideas as inspiration for its development, the Urban
Redevelopment Authority (URA) and the Singapore Institute of Architects
yesterday launched a design competition for the site.

This is a first in the planning for residential districts, said URA yesterday.
The competition calls on budding student and professional architects alike –
local and foreign – to design a mini-city based on the experience of living in a
waterfront garden.

It must also be distinctive, eco-friendly, and promote a strong sense of
community.

The institute’s president Tai Lee Siang, one of the judges, told The Straits
Times that ‘now is the perfect time to explore…ideas that have never been seen
or tested here before’.

Yesterday’s announcement also marks a new chapter for Marina South.

The site is now home to SuperBowl Marina South and Victor’s Superbowl, along
with seafood restaurants and wide open spaces.

These buildings will eventually have to make way for the new residential
district.

Guidelines from the competition brief, available on the institute’s website
http://www.sia.org.sg gives the project’s gross floor area as 1.5 million sq m and a
gross plot ratio of five.

This sets the scene for high-rise, high-density housing, typical of the 50-
storey public housing at the Pinnacle@Duxton and the 70-storey apartments at The
Sail@Marina Bay, said property analysts.

It will cater to Singaporeans’ growing appetite for high-rise apartments with
stunning views. Property analysts anticipate that demand for the site will be
red-hot, if the economy remains robust.

‘This has all the makings to be Singapore’s number one residential hot spot,’
said Colliers International’s director for research and consultancy Tay Huey
Ying.

When asked if any public housing will be built in the district, URA said
detailed plans have not been finalised – but property consultants said this was
very unlikely.

URA added that the project’s implementation will be decided when plans are
finalised. It expects the district to be developed over a 15- to 20-year period.

The closing date for the competition is Nov 12. Up to 10 of the best ideas will
be selected to share a cash prize of $50,000. The winning entries will be
announced during the Singapore Design Festival 2007 in November.

Source : Straits Times – 14 Sept 2007

Gardens and sea to frame new Marina South homes

A landmark residential district – with lush gardens by its side, a spectacular
view of the sea and the Sands Integrated Resort a mere stone’s throw away – will
rise over the next few years to add further gloss to the Marina Bay area.

Some 60 hectares of land, on which 11,000 homes will be built, has been set
aside for the project. The Marina South Residential District (MSRD) will also
have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of
commercial space and even a primary and a secondary school. There will also be
community facilities for all to enjoy, the government announced yesterday.

The entire project will be developed over a 15 to 20-year period once the
supporting infrastructure has been put in place, said the Urban Redevelopment
Authority (URA).

URA also said given the size of the area, it is likely that the land parcels
will be released in phases.

The government agency is master planning the project as the next stage of
development for the Marina Bay area.

Marina Bay, which is touted as the centrepiece of Singapore’s urban
transformation into a vibrant, global city, is already home to several upcoming
prime projects – including the Marina Bay Sands Integrated Resort and the 100-ha
Gardens By the Bay.

This residential site is located between the upcoming Garden at Marina South and
the Straits of Singapore. URA hopes that MSRD will offer its residents the best
of both worlds – a rare opportunity to experience waterfront living together
with the lush greenery provided by the garden.

‘Obviously, it is a choice location – right between the garden and the sea,’
said Knight Frank managing director Tan Tiong Cheng. ‘The view will be even
better than that from the Marina Bay integrated resort.’

Said Colliers International’s director for research and consultancy Tay Huey
Ying: ‘The area will provide a very wholesome residential environment.’

The bid to develop MSRD is in line with the government’s 2001 Concept Plan – a
long term plan that guides Singapore’s development over the next 40 to 50 years
– which called for more city living options for Singaporeans.

Then, URA said that those who like the downtown buzz can look forward to having
90,000 more units to choose from, mostly in the New Downtown at Marina South.

Experts expect that homes in MSRD will be popular, especially with foreigners.

‘It is possible that the primary and secondary schools could be foreign
schools,’ said Colin Tan, Chesterton International’s head of research and
consultancy.

However, market watchers mostly said that even when boosted by this latest news,
home prices in the Marina Bay area are not likely to reach those fetched by
luxury projects in the Orchard Road vicinity anytime soon.

‘I don’t think the development will overtake Orchard Road in terms of prices and
appeal to foreigners,’ said Ms Tay. Facilities catering to foreign residents,
such as foreign schools and embassies, are now located in the Orchard Road
vicinity, she said.

Knight Frank’s Mr Tan agreed: ‘At the end of the day, Marina South is a new
district; it is not tested.’

In addition, concerns exist about the infrastructure in the area. For one, the
road network in the Marina Bay area will have to be improved, analysts said.

Right now, URA is looking to garner new and innovative ideas to distinguish
MSRD.

Together with the Singapore Institute of Architects, it is organising a
competition, which will close on November 12, for design ideas for the district.
A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.

Source : Business Times – 14 Sep 2007