Bullish prices for Jurong East condo launch

The upcoming launch of MCL Land's J Gateway in Jurong East with prices in the bullish region of $1,600 per sq ft (psf) is set to test buyers' appetite for suburban homes.

Average prices of homes at the 738-unit development are expected to range from as high as $1,650 psf for a 474 sq ft one-bedder to $1,450 psf for a 1,163 sq ft four- bedder.

One agent said he has received over 100 queries from interested buyers in the past three weeks.

In comparison, developments launched in the area in the last few years are further from Jurong East MRT station - The Lakefront Residences, launched in 2010, is two MRT stops away while Parc Oasis is at Chinese Garden MRT station.

Based on the Government's Master Plan 2008, the 70ha Jurong Gateway encompasses amenities such as the Jurong East MRT station, existing and upcoming malls like Jem, J Cube, Westgate and Big Box, and Ng Teng Fong Hospital.

In due course, a new hotel will be developed in Jurong Gateway - a site there was bought for $238.2 million in November by Resorts World Singapore, a unit of Genting Singapore.

Jurong Gateway is one of two zones - the other being Lakeside - that make up Jurong Lake District.

Other consultants say prices at 99-year leasehold J Gateway are not far off from what other condos are also asking.

Prices of units at Keppel Land's The Lakefront Residences in the Lakeside area are at $1,434 psf for a 495 sq ft unit, and are expected to inch up.

That in turn, might lift resale prices of older condominiums such as Parc Oasis, which are at $1,022 psf for a 1,076 sq ft unit.

Source: The Straits Times –12 June 2013

Register your interest for J Gateway @ Jurong East

Metro Holding will launch Singapore residential project this year

Metro Holdings will launch its first Singapore residential project in nearly two decades later this year and plans to further expand its footprint in China, it said yesterday.

A site at Prince Charles Crescent, which Metro is jointly developing with Wing Tai and UE E&C, will go on the market by the end of the third quarter, chairman Winston Choo said at a results briefing.

At least five home launches coming up

Home hunters will have plenty to choose from with an array of upcoming launches planned across the island.

Those keen on the city centre can focus on Corals at Keppel Bay near HarbourFront MRT station and Liv on Sophia near Dhoby Ghaut MRT station. Corals, which has 366 units and is being developed by Keppel Land, is beside the Caribbean condominium.

Keppel Land pricing Corals units at $1800 - $3000 psf

Keppel Land is said to be pricing the initial 100 apartments at its Corals at Keppel Bay condo at between $1,800 psf and $3,000 psf.

The project - being developed on a site with 99-year leasehold tenure starting February 2007 - has a total of 366 units in 11 blocks between four and 10 storeys high.

Nearly 45 per cent of the units are one and two-bedders. Corals at Keppel Bay will have one, two, three and four-bedroom apartments sized between 600 sq ft and 3,600 sq ft in addition to eight penthouses (4,800 sq ft to 7,800 sq ft).

Developer sales hit new highs on pent-up demand

Developer sales to moderate over the next few months after they hit a record 2,793 units in March, nearly four times the 712 units sold in February, analysts said.

The record figure was due to pent-up demand arising from developers holding back launches in February in the aftermath of January's cooling measures and also due to the Chinese New Year festive period.

Last month's primary market sales figure of 2,793 private homes (excluding executive condos) is the highest since the Urban Redevelopment Authority began releasing developers' monthly sales data in June 2007. The last time the figure came close to this was in July 2009, when developers moved 2,772 units.

Completed condo prices in Central down 3.7%

Prices of completed private apartments and condos fell in February - in contrast to January's rise, according to the latest flash estimate from the National University of Singapore. Analysts note this is in tandem with the sharp slowdown in resale transaction volumes for completed private homes following the Jan 12 cooling measures.

NUS' overall Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes, excluding executive condos, dipped 1.4 per cent month- on-month in February, after rising 0.8 per cent for January.

Brisk sales at Bartley Ridge on launch day

The Bartley Ridge condominium being built near the upcoming new Bidadari township development proved popular with buyers on launch day yesterday.

The Straits Times understands that more than 200 units were sold by 4pm.

About 900 people turned up with their agents at 11am to enter a ballot for flats at the 99-year leasehold project between Serangoon and Paya Lebar.

Roxy-Pacific Holdings set to launch residential projects in April

Roxy-pacific Holdings can expect to have a busy second quarter this year.

Its chief executive Teo Hong Lim said at a results briefing yesterday that showflats at three of its sites will be completed by next month and are set to be launched in April.

"We always sell the moment we are ready. If you go to the various sites now, the showflats are already rushing," he said.

Homing in on property price cuts

Developers who have been cutting prices following the new cooling measures risk angering buyers who bought at the earlier levels, say experts.
But developers claim that the recent discounting does not necessarily disadvantage early buyers.

Property experts say some buyers who have just shelled out on a new home will inevitably be unhappy when they see units at the same development suddenly going cheaper.

Indirect discounts for home buyers under review

Indirect discounts acting as sweeteners to home buyers by developers, to take the sting out of recent property cooling measures, is being reviewed by the Government.

It is concerned that sweeteners such as stamp duty rebates and furniture vouchers cause home prices to be artificially inflated. The Straits Times understands that the Urban Redevelopment Authority (URA) is looking into the practice and might act soon, as indirect discounts could make the cooling measures seem ineffective.

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Developer	Santarli Realty Pte Ltd
Location	Pheng Geck Avenue
Tenure of Land	Leasehold 99 years
Residential Site Area	4,850.5 sq m
Gross Plot Ratio	3.5
Total No. of Units	Approx. 214 units (1 Bedroom / 2 Bedroom / 3 Bedroom / Penthouses / Row Houses)

Location Map

Location of Sant Ritz
(Click to Enlarge)

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Steven Teo 张荣坚 | +65 98232630

steo.property@gmail.com

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Slow weekend for sales at showflats

Slow weekend for sales at showflats over the weekend as home-seekers adopted a wait-and-see approach in the wake of the new cooling measures.

A combination of Chinese New Year distractions and the possibility that some developers might start throwing in discounts meant sales are being put on hold.

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200,000 new homes in the works

The large supply of units that will be coming on stream in the coming years, coupled with an inevitable end to the current low interest rate environment, are factors which those contemplating buying a property need to take into account.

This was the reminder from National Development Minister Khaw Boon Wan in his blog yesterday as he acknowledged that the market was temporarily not in balance because of under-building in the past and high investment demand today.

"But we have been ramping up supply and in 2, 3, and 4 years' time, supply will have caught up with pent-up demand," stressed Mr Khaw.

Year's first condo comes with 7% price cut

The average price for units at Q Bay Residences - the first private condominium launch for 2013 - has dipped 7 per cent in response to the new property cooling measures introduced last Friday.

From an originally planned price of $1,050 per square foot per plot ratio (psf ppr), the developers, a consortium of Frasers Centrepoint, Far East Organization, and Sekisui House, launched the 630-unit residential project at an average of $985 psf ppr at its preview sale yesterday.

This translates to about $525,000 for the smallest 527 sq ft one-bedroom unit and $1.7 million for the largest 1,981 sq ft five-bedroom unit.

Why new rules will tame developers' bids

Last Friday's property cooling measures will have serious implications on how much developers will be prepared to pay for residential land, as well as the continued survival of popular lifestyle concepts like private roof terraces with swimming pools or jacuzzis.

First, the various measures to curb investment demand for residential properties - such as higher additional buyer's stamp duty (ABSD) rates, lower loan-to-value (LTV) limits and bigger cash downpayment - will reduce the pool of buyers for developers to sell units in their housing projects to.

New curbs may delay January launches

A slew of new residential projects that were expected to be launched this month may be delayed as a result of new curbs announced by the Government yesterday.

Experts say the string of new launches this month caters to various budgets with both suburban and higher-end launches coming onto the market.

But one project is going ahead. EL Development's 810-unit project La Fiesta, next to Sengkang MRT station, was launched yesterday.

Govt brings out Big Chiller to freeze property prices

The government announced last Friday its seventh and most sweeping package of property cooling measures in over three years.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam described the package as the "most significant to date" and stronger than those introduced in previous rounds. Some measures will be temporary and will be reviewed later, once prices soften, while others are likely to stay for the long term.

"We're not intending to engineer a market crash," he added.

Effective today, residential property buyers are being slapped with steeper additional buyer's stamp duty (ABSD) rates to tighten property investment as well as foreign buying, while loan-to-value limits are being lowered and minimum cash downpayment raised on housing loans to discourage excessive borrowing.

City Developments Ltd to start selling Echelon this week

City Developments Ltd (CDL) will begin sales later this week for Echelon, its long-awaited, 99-year leasehold private condominium project next to Redhill MRT Station, sources say.

BT understands that bookings for the Alexandra Road condo - next to the completed Ascentia Sky condo - are likely to start on Friday. Potential buyers are said to have been given an average price indication of "$1,700 per square foot plus". Word on the street is that about 30-50 per cent of the development's 508 units may be released for this week's preview, and more than 300 cheques are thought to have been collected.

Designed by SCDA, units in the 43-storey, twin-tower development will range from studios to four-bedroom apartments and penthouses.

Whitley Residences, The Village previewed

Whitley Residences

At least two freehold residential projects were rolled out last week. Hoi Hup sold 19 freehold cluster homes at The Whitley Residences at about $5 million each during a preview on Sunday. The average price is about $850 per square foot (psf) on strata area - after a 12 per cent discount and absorption of the standard 3 per cent buyer's stamp duty.

Village @ Pasir Panjang

Selangor Dredging is said to have moved 40-plus units at its five-storey condo, Village at Pasir Panjang.

A Hoi Hup spokeswoman said all buyers of the 19 units sold in The Whitley Residences were Singaporeans.

Non-Singapore citizens need permission from the Land Dealings (Approval) Unit to buy units in the development, as it is a form of landed housing.