Published January 19, 2011

Small units a big hit at Spottiswoode 18

By UMA SHANKARI

(SINGAPORE) Around 170 units in Roxy-Pacific Holdings' 251-unit Spottiswoode 18 were snapped up at the project's launch yesterday at an average price of $1,900 per square foot (psf) - catching many market watchers by surprise.

The project's mostly small units proved to be popular with investors. Most apartments on offer at Spottiswoode 18 - 150 out of the 251 units - are just 387 sq ft. Apartments at the project go up to 1,324 sq ft in size.

There was also balloting for a handful of units as more than one buyer was keen on them.

The group initially wanted to sell only around 100 units but released all choice units due to the strong response, said Roxy-Pacific chief executive Teo Hong Lim. But he added that last week's government measures to cool the market have had some impact on sentiment as not many units were contested for.

Roxy-Pacific's news comes a day after Oxley Holdings said it has sold 22 out of the 36 residential units at its newly-launched Vibes@Kovan over the weekend.

Apartments at Vibes@Kovan are also small - the 22 apartments range in size from 377 square feet to 1,001 sq ft. They were sold for an average selling price of $1,255 psf.

The deals surprised industry players. Said one industry veteran: 'The thinking now is that small units are mostly sought after by speculators, which is the segment that the government targeted with its measures. So it's surprising that these projects are still selling so quickly.'

But United Engineers reported that sales of its 540-unit executive condominium project Austville Residences were slower as a result of the latest curbs. The developer has sold about 20 per cent of units since its first sales day on Jan 13 - the same day the government unveiled new measures.

'Our sales are affected by the government's announcement on the new set of cooling measures. We are observing a dip in buying interest as most home buyers are still trying to digest the changes introduced to the property market,' said a spokesman for the group.

The morning of the first day of sales saw a high number of visitors and brisk transactions, but the enthusiastic demand was subsequently quelled by the government's announcement later in the day, the spokesman added. But the group is still positive that sales will pick up soon. Units at the project are selling at an average price of $680 psf and the deferred payment scheme is being offered to buyers.

Austville Residences implemented a 'first-come, first-served' system to allocate its 540 units. It was initially well received by the market, with more than 100 successful applicants forming an overnight queue outside its showflat a day before the first sales day.


Source:www.businesstimes.com.sg

Published January 18, 2011


Developers report sales over the weekend
Roxy-Pacific rolls out Spottiswoode 18 project today

By UMA SHANKARI

PROPERTY groups continued to report deals yesterday. Oxley Holdings, which launched its Vibes@Kovan over the weekend, said that it has sold 22 out of the 36 residential units and three out of the five shop units available at the project.

The 22 apartments, which range in size from 377 square feet to 1,001 sq ft, were sold for an average selling price of $1,255 per square foot (psf).

The three shop units, which range from 269 sq ft to 312 sq ft, were sold for an average selling price of $2,400 psf.

Sales at other projects were also reported over the weekend. Far East Organization said in an update on Sunday that it sold 18 units over the weekend across its mid and high-end projects. Eight of the units sold were from The Tennery at Bukit Panjang.

A handful of units were also sold at Allgreen Properties' The Cascadia in Bukit Timah.

Today, Roxy-Pacific Holdings will roll out its new residential project, Spottiswoode 18. Prices at the project on Spottiswoode Park Road will start from $688,900, the developer said yesterday. Previously, agents had said that prices started from upwards of $700,000.

The 251-unit Spottiswoode 18 has one- and two-bedroom units as well as duplexes and penthouses. Units range in size from 387 sq ft to 1,324 sq ft. More than half of the units - 150 out of 251 - are 387 sq ft.

Spottiswoode 18 will built on the site which now houses Dragon Mansion. Roxy-Pacific in 2009 bought the 72-unit Dragon Mansion in a collective sale for $100.8 million, or $863 psf per plot ratio including the estimated development charge

Source:Published January 18, 2011

Published January 17, 2011

Developers offer price cuts, discounts on new projects
They want to entice buyers to exercise their options to purchase

By UMA SHANKARI

(SINGAPORE) DEVELOPERS have started to cut prices and offer discounts on a case-by-case basis in a bid to stop buyers from walking away from planned purchases.

At least one developer, Roxy-Pacific Holdings, has cut asking prices for the upcoming launch of its new residential project, Spottiswoode 18. Previously, prices for one-bedroom units started from $700,000. Now, in light of the new measures to cool the property market announced last Thursday, prices will start from $600,000 instead. Prices for other types of units at the project have been cut as well.

More such price cuts at upcoming launches are likely, market sources said.

In addition, some developers are giving potential buyers discounts on a case-by-case basis in order to entice them to exercise their options to purchase, the sources said.

In one case, a listed developer offered a group of investors a discount of around 5 per cent to persuade them to exercise their option to purchase a unit at a project in Cairnhill. But the investors still chose to walk away and forfeit their deposit. Some developers have also offered to absorb the buyer's stamp duty, which is up to 3 per cent of the price, sources said.

Developers are reacting to the government's decision to raise the seller's stamp duty for private homes to 16 per cent, 12 per cent, 8 per cent and 4 per cent for properties that are bought on or after Jan 14 this year and sold in the first, second, third and fourth year after purchase respectively.

Previously, owners who sold houses and apartments less than three years after buying them had to pay a seller's stamp duty of only up to 3 per cent.

The Loan-To-Value (LTV) limit on housing loans was also lowered from 70 per cent to 60 per cent for individual buyers with one or more outstanding housing loans.

The measures dampened buying sentiment over the weekend. Showflats on Saturday and Sunday were markedly quieter as agents reported a fall in buyer interest - although a few projects still drew interest.

'Turnout at showflats was quite mixed,' said DMG & Partners property analyst Brandon Lee who visited showflats over the weekend.

But there were deals done. Far East Organization said in an update that it sold 18 units over the weekend across its mid and high-end projects. Eight of the units sold were from The Tennery at Bukit Panjang. A handful of units were also sold at Allgreen Properties' The Cascadia in Bukit Timah.

Oxley Holdings also rolled out its 36-unit Vibes@Kovan, along Kovan Road, over the weekend. The developer could not provide a sales update yesterday.

A spokeswoman for CapitaLand, Singapore's largest listed developer, also said it was 'business as usual' for the group. She added that homebuyers who recently bought its properties have completed the Sale and Purchase agreements.

Looking ahead, developers are likely to hold back property launches as they wait for the market to absorb the news.

City Developments and Far East Organization have both said they are assessing the situation. Lim Yew Soon, managing director of EL Development, similarly said that the launch of his company's Skysuites17 at Balestier could be delayed.

'We were scheduled to launch it in March, but now we will monitor how the market reacts before deciding whether to launch it or to hold it back,' Mr Lim said

Source: www.businesstimes.com.sg

SINGAPORE - Oxley Holdings is set to unveil two new residential developments: Loft@Holland and Vibes@Kovan.

Loft@Holland is a 42-unit apartment building located at 151 Holland Road. It consists of 37 one-bedroom units, with sizes ranging from 323 sq ft to 484 sq ft, and four units of two-bedroom penthouses, ranging from 980 sq ft to 1,141 sq ft.

The development has a basement car park, swimming pool and a gym.

Its expected temporary occupancy permit (TOP) date is December 2015, while the legal completion date is expected on December 2018.

Loft@Holland is located near the Holland Village MRT Station, Holland Village Shopping Centre, and Chip Bee Garden eateries.

Schools near the area include Henry Park Primary School, Nanyang Primary School and Hwa Chong Institution.

Vibes@Kovan is a five-storey freehold development located at 93 Kovan Road near Serangoon MRT Station and Kovan MRT Station. The new NEX shopping mall is also close by.

Vibes@Kovan will have 36 units. They range from one-bedroom, one-bedroom plus study, and two-bedroom units with sizes from 377 sq ft to 570 sq ft.

There are also nine penthouse units, of two-bedroom and two-plus-one-bedroom configurations, ranging from 732 sq ft to 1,001 sq ft.

Amenities include a basement car park, swimming pool and gym, as well as five shop units on the first floor, with sizes ranging from 269 sq ft and 710 sq ft.

The expected TOP date is Dec 31, 2015, while the expected date of legal completion is Dec 31, 2018.

05:55 AM Jan 07, 2011
Source: www.todayonline.com