Singapore Property News This Week #227

Residential

GCB at Upper Thomson Road up for sale

A freehold good class bungalow (GCB) at Thomson Road has been put up for sale at an indicative price of $27 million or $1,280 psf based on a land area of 21,091 sq ft. The bungalow was built in the 1950s and is located near Thomson Plaza. The site has been put up for public tender and the tender will close on 21 October. According to Stella Hoh from Colliers, 25 GCBs worth $543 million in total changed hands last year. Thus far this year, there have already been 20 GCBs transacted at a total value of $485 million, Hoh added.

(Source: Business Times)

Private housing site on reserve list of GLS triggered for tender

A housing site at Lor Lew Lian, which was put on the reserve list of the Government Land Sales (GLS) has been triggered for tender—a first in the last 21 months. Based on estimates stated in the current H2 2015 GLS Programme, the 99-year leasehold site may be developed into a 465-unit private condo project. An unnamed developer had made a minimum bid of $250 million or $552.93 psf of potential gross floor area. This commitment has led to the release of the site for tender. Located near Serangoon MRT Station, the 1.4 ha site has a maximum gross floor area to land area ratio of 3.0. The tender is expected to be launched next month according to the Urban Redevelopment Authority. Wong Xian Yang from OrangeTee.com predicts that there would be about 6 to 12 bids for the site. He believes the top bid would be around $590-630 psf ppr. On the other hand, Alan Cheong from Savills believes that the site would attract bids that are about $700-800 psf ppr due to its proximity to the MRT Station.

(Source: Business Times)

MND: BTO launch in September will be merged with November’s launch

Previously, the Ministry of National Development (MND) announced that the BTO launch in September will be delayed by a few weeks so that three housing policies tweaked recently could benefit as many Singaporeans as possible. MND had alsoscheduled for another launch in November this year. However, due to the proximity of the September and November launch, MND had decided to merge both launches into a mega launch in November, said Minister of National Development, Khaw Boon Wan. About 7,000 HDB flats would be launched in 6 HDB towns including Bidadari, Bukit Batok, Chua Chu Kang, Hougang, Punggol Northshore and Sengkang. Not only so, 5,000 balance flats in a concurrent Sale of Balance Flat exercise would be released.

(Source: Business Times)

Two adjacent EC projects at Yishun launched for sale

Two adjacent executive condominium (EC) projects in Yishun, The Criterion and Signature, have been launched. The sites were bought by City Development (CDL) and JBE Holdings respectively. CDL had paid $330 psf ppr, while JBE paid $335 psf ppr for their sites previously. Market experts believe that CDL may project a higher price to reflect higher qualities finishes and amenities, while JBE is expected to price competitively.

(Source: Business Times)

GCB at Cluny Hill sold for $21.52m

A 15,097 sq ft good class bungalow (GCB) at Cluny Hill was sold for $21.52 million or $1,425 psf based on land area; this is lower than the $1,659 psf at which another GCB along Cluny Road had changed hands for last year. According to William Wong from Realstar Premier Group, due to lowered price expectations by sellers, more GCBs have been marketed at a lower price point; this has led to an increase in demand following the lowered price.

(Source: Business Times)

Commercial

Prefabrication hub opens in Kaki Bukit

Located at Kaki Bukit Road, SEF SpaceHub was launched last Wednesday. The multi-storey compound will be used for design, production and storage of prefabricated components used in construction. The site has a gross floor area of 3.26 ha. According to Senior Minister of State for Trade and Industry, Lee Yi Shyan, the government aims to have about 10 such integrated construction and prefabrication hubs by 2020.

(Source: Business Times)