Singapore Property News This Week #151

Residential

Condo project The Sorrento to be launched at Easter weekend

The freehold five-storey condominium project The Sorrento (the former Regent Gardens) by Allgreen Properties at West Coast Road will be launched on the Easter weekend of April 19. The indicative pricing was between $1,380 and $1,600 psf. The project is on a site of 78,100 sq ft, and has 131 one to three-bedroom units of between 441 sq ft and 1,808 sq ft. The marketing agent for the project is CBRE, which said that the pricing is considered attractive compared to other nearby developments.

(Source: Business Times)

Resale condo prices up in March

The resale prices of non-landed private homes in March 2014 increased 0.2 percent, alongside an increase in transaction prices in the Rest of Central Region (RCR), compared with the 3.1 percent decline in resale prices in February. The number of resale transactions in March also went up to 451 transactions, which is the highest figure since October 2013, and is 82.6 percent higher than the previous month and 22.5 percent lower than that of March, 2013. Analysts said that this recovery shows the higher demand in March from buyers after the festive January and February, but it will be too early now to cheer.

(Source: Business Times)

HDB resale prices go up slightly

Data from the Singapore Real Estate Exchange (SRX) shows that the resale prices of HDB flat has slightly increased for 0.3 percent in March, as price increases in smaller units balanced the declines in larger units. Prices for three- and four-room units went up 0.5 percent and 0.8 percent, as buyers looked for units with smaller quantum due to the loan cap of the Mortgage Servicing Ratio (MSR). Transaction volumes also significantly went up since buyers returned after the festive months of January and February.

(Source: Business Times)

Hillview House up for sale

The freehold Hillview House is now up for sale with an asking price of $55 million, or $875 psf based on its potential gross floor area including an $18.2 million estimated development charge payable to the state – the same price as of last round when it was offered in a tender exercise closing in July 2013. This time’s tender closes on May 12. Its owner will offer the site in a vacant state, after having pulled down the old Hillview House industrial building to meet the Urban Redevelopment Authority’s Feb 23, 2014 deadline of ceasing industrial activities and clearing the site for the qualified 1.92 plot ratio, including a 0.3 additional plot ratio.

(Source: Business Times)

Sky Habitat to be relaunched at lower prices

CapitaLand’s Bishan project Sky Habitat is reported to be relaunched at lower prices of $1,370 psf on April 19, according to its marketing agent Knight Frank. At the project’s first launch in 2012, the prices was from $1,435 to $1,893 psf, and the average selling price was about $1,650 psf with the initial 3 per cent discount given to all buyers. 36 percent of 509 units have been sold as the project is near its temporary occupation permit in 2015. The relaunch price of one-bedroom cum study could be from $1.05 million or $1,485 psf, compared with the previous price of $1,600 psf.

(Source: Business Times)

Commercial

Frasers Centrepoint Trust purchases Changi City Point

Frasers Centrepoint Trust (FCT) was reported by its manager Frasers Centrepoint Asset Management (FCAM) to have reached a conditional sale-and-purchase agreement for Changi City Point mall for a possible $305 million. The decision of acquisition was negotiated on an arm’s-length basis between FCAM and the vendor Ascendas Frasers, which is a 50-50 joint-venture between Frasers Centrepoint Limited and Ascendas Development.

(Source: Business Times)

Far East-Sekisui House joint venture wins highest bids for Woodlands office site

The joint venture between Far East Organization, its listed unit Far East Orchard and Sekisui House was reported to have had the highest bid of nearly $634 million, or $906.29 psf of the potential gross floor area for the office site in Woodlands Regional Centre in a state tender. The venture is planning to build two 16-storey office towers on the site with large and small strata office units for sale and lease. Some retail space will also be expected for the venture’s long-term investment. The second highest bid was $887.42 psf ppr by CapitaLand units Mahogany One and Mahogany Two.

(Source: Business Times)

14th floor of Samsung Hub sold for $39.72 million

The 14th floor of Samsung Hub was sold at $39.72 million, or $3,030 psf on its 13,110 sq ft strata area. It has also been speculated that Arch Capital Management is selling the whole office floor of four strata units to a mainland Chinese company, but the floor is still leased until the end of 2014 to a law firm. If this happens, Arch Capital will be leaving the 999-year leasehold office tower, as it had already sold its 13,110 sq ft space on the 13th floor in late 2012, early 2013 for prices between $2,920-$3,150 psf.

(Source: Business Times)

CapitaGreen has its first tenant

The new 40-storey Grade A office tower CapitaGreen, which will be completed in Q4 2014, has landed its first tenant, as Cargill has signed a lease of 50,000 sq ft on two floors with the monthly rents of $9 psf. Swiss private bank Bordier & Cie may be the next tenant as it could be signing a lease for 11,000-12,000 sq ft – or half a floor in the tower as it leaves its current location at GB building along Cecil Street. A serviced office operator could also be in negotiation to lease a floor at the building.

(Source: Business Times)

Hotel room rates increase in early 2014

Initial figures from the Singapore Tourism Board (STB) showed that average room rates (ARR) increased 2.5 percent year-on-year to $260.10 in January and February 2014, painting an optimistic outlook for the industry. The industry-wide occupancy also increased 0.8 percent to 86 percent. The revenue per available room (RevPAR), a performance indicator based on ARR and average occupancy went up to $223.60. Luxury, upscale and mid-tier hotels were all reported to slightly increase in their ARR and RevPAR. However, economy hotels lost 4.7 percent in ARR to only $95.80, while its RevPAR declined 8 percent to $76.20.

(Source: Business Times)