06:05 AM Feb 02, 2011

SINGAPORE - Far East Organization's sold 88 of the 132 units of its Waterfront Isle at a preview yesterday.

The units were sold at an average price of $920 per square foot, the developer said, adding that 80 per cent of the Waterfront Isle buyers were Singaporeans and permanent residents, half of whom live in eastern suburbs like Bedok and Tampines.

The 99-year leasehold project will be officially launched this Saturday, with yet another release of units from its entire stock of 561 units.

Prices will begin from $575,000 for a one-bedroom apartment at the Bedok Reservoir property. Rooms range from one-bedroom units starting from 581 sq ft to penthouse units at a maximum of 2,863 sq ft.

Far East is also offering furniture vouchers worth 5 per cent of the purchase price upon the property obtaining its temporary occupancy permit (TOP) in 2015.

The 15-storey Waterfront Isle is the last edition of the Waterfront Collection - a joint venture development between Frasers Centrepoint and Far East.

The Waterfront Collection comprises four properties fronting Bedok Reservoir.

The three other Waterfront projects met with good response, with Waterfront Waves completely sold out, Waterfront Key selling more than 85 per cent of its units and Waterfront Gold selling more than 75 per cent. - Jo-Ann Huang

Source: www.todayonline.com

Published February 2, 2011


88 Waterfront Isle units sold at preview

FAR East Organization and Frasers Centrepoint have sold 88 units in their 561-unit Waterfront Isle development in the Bedok Reservoir area over the last few days.

The developers released 132 units in the 99-year leasehold project at a preview which started on Jan 28. Of these units, 88 units (67 per cent) have been sold at an average price of $920 per square foot (psf).

Waterfront Isle will be officially launched on Feb 5, the third day of Chinese New Year.

Far East Organization, which is marketing the project, said prices will start from $575,000 for a one-bedroom apartment - excluding an additional 5 per cent cost which will be returned to buyers in the form of furniture vouchers once the development obtains its temporary occupation permit (TOP) in 2015.

Including the extra cost for the vouchers, prices at the project will start from $605,000.

Far East said that the furniture vouchers were being given to 'build a stronger base of long-term buyers'.

Waterfront Isle is the last project in the Waterfront Collection, a master-planned joint venture development between Far East and Frasers Centrepoint. The entire collection comprises four developments fronting Bedok Reservoir.

Units in the first three projects in this master-planned development are mostly sold. Waterfront Waves is 100 per cent sold, Waterfront Key is more than 85 per cent sold and Waterfront Gold is more than 75 per cent sold.

Singaporeans and permanent residents make up 80 per cent of the buyers of Waterfront Isle. About half of the buyers are residents now living in the east in estates such as Bedok and Tampines, Far East said.


Source: www.businesstimes.com.sg

Non-PRs beat PRs in home-buying spurt
Trend reflects Singapore's place as globalised city and investment centre: analysts

By KALPANA RASHIWALA

(SINGAPORE) As more condos and apartments are being bought by foreigners, analysis shows that the increase in the number of homes being bought by non-permanent residents is outpacing that of their PR compatriots.

In a trend led by Chinese and Indian nationals, the number of non-landed private homes picked up by foreigners who were not PRs jumped 37.1 per cent last year to 3,988 units - compared with the 12.1 per cent rise to 4,317 of such homes bought by PRs, shows an analysis of URA Realis caveats data by Knight Frank.

Market watchers say this reflects Singapore's ongoing transformation into a more globalised city and investment market.

The study shows a 90.4 per cent jump in the number of apartments/con- dos bought by Chinese nationals who were not PRs to 817 last year - against a 31.5 per cent increase in the number of such homes picked up by Chinese citizens who were Singapore PRs last year to 794 units.

It was a similar trend among Indian citizens who acquired non-landed homes in Singapore in 2010. Those who were not PRs posted an almost 50 per cent upsurge in the number of units bought last year to 238 - compared with a 16 per cent rise in the number of such units bought here last year by Indians who were PRs to 788.

'China and India are clearly the economic powerhouses of the world and Singapore has always been seen as an attractive country to invest in, due to transparency of law, absence of capital gains taxes and no entry barrier for apart- ment/condo purchases,' said Knight Frank chairman Tan Tiong Cheng.

The trend of bigger increases in non-PR foreign buying of non-landed private homes in Singapore is expected to continue, predicts Ong Choon Fah, head of consulting & research (SE Asia) at DTZ. 'As Singapore becomes a more international, vibrant place with more entertainment and other attractions, it is being seen as a more desirable place to live in, and for a second home,' she adds.

Knight Frank's analysis also showed substantial percentage increases in the number of condos/apart- ments here bought last year by UK citizens - both PRs and non-PRs.

The number of units picked up by UK citizens who were not PRs increased around 58 per cent to 185 units, while the number of units bought by Brits who were PRs here rose 48.5 per cent to 153.

Mr Tan suggests that some British expats may be moving to Singapore from Hong Kong, which is becoming too expensive and suffers from air pollution. 'Some Brits may also have decided to move out of the UK to Singapore, where the weather is warmer, the cost of living and taxes lower, and more opportunities abound.'

Combining PR and non-PR foreigners, Chinese citizens overtook Indonesians to emerge as the second biggest group of foreign buyers of apartments and condos in Singapore last year. They lodged a total of 1,611 caveats last year, ahead of the 1,555 caveats by Indonesian buyers. However, Malaysians held on to their pole position, with 1,858 caveats. Indian and UK citizens maintained their fourth and fifth positions with 1,026 and 338 caveats lodged respectively.

Knight Frank also uncovered a divergence in buying preferences for non-landed homes between PRs and non-PRs within some nationalities last year.

For instance, Malaysians who are PRs here preferred suburban locations like Districts 14 (which includes Eunos and Geylang), 18 , 19 and 23 . On the other hand, their compatriots who are not Singapore PRs here tended to zoom in on 'investment-grade' locations - like Districts 4 (which includes Sentosa Cove), 9, 10, 11 (Singapore's traditional prime districts) and 15 (which includes the Meyer Road and Katong vicinity).

'Perhaps Malaysian buyers who are Singapore PRs and working here have smaller budgets or may want to settle down here. So they're looking for a home in the suburbs, while the Malaysians who don't live here are more likely to buy a Singapore residential property for investment,' Mr Tan suggests.

There was also some evidence that Singaporeans had a higher propensity to buy small-format apartments than foreign buyers. In District 15, where many shoebox developments are being built, about 46 per cent of Singaporean buyers last year picked up units priced between $500,000 and $1 million.

In contrast, only about 29 per cent of PR buyers and 21 per cent of non-PR foreign buyers purchased units in this price range

Published January 28, 2011

Source: www.businesstimes.com.sg

05:55 AM Jan 28, 2011

SINGAPORE - CapitaLand has agreed to buy Marine Point for $100.68 million through a collective sale, the developer said yesterday.

Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056 per sq ft per plot ratio.

CapitaLand plans to redevelop the site into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments, bringing its pipeline of homes in Singapore to a total of over 2,600 units.

Located along Marine Parade Road, Marine Point sits on a 51,185 sq ft freehold site with a maximum gross floor area of 107,488 sq ft. There are 32 apartments in the existing development. The completion of the transaction, expected to take place in the third quarter of the year, is subject to the approval of the Strata Titles Board.

CapitaLand Residential Singapore chief executive Wong Heang Fine said: "For the new development, we will be maximising its height to approximately 19 storeys. This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have the new development ready for launch in the first half of 2012."

Source: www.todayonline.com

SINGAPORE - SDB Asia's latest property offering is the freehold OKIO Residences in the city fringe region of Balestier.

On a land size of about 22,285 sq ft, the single 18-storey block comprises one-bedroom, two-bedroom and penthouse units.

Sizes of the 104 units range from 420 sq ft to 1,098 sq ft. There are eight one- and two-bedroom units with private enclosed space, 48 one-bedroom units, 44 two-bedroom units and four penthouses altogether.

Facilities include a swimming pool, a hydrotherapy pool, a barbecue pit, a pool deck and a poolside gym.

OKIO Residences faces Balestier Road and is a five-minute drive away from the Central Expressway. The Novena MRT and Boon Keng MRT stations are about a 10-minute-walk away. Nearby schools include ITE College West, Balestier Hill Primary School and Queen Margaret University Asia Campus.

The property is expected to get its temporary occupancy permit at the end of 2014. Jo-ann Huang

by Jo-ann Huang
05:55 AM Jan 28, 2011

Source: www.todayonline.com

January 13, 2011, 7.17 pm (Singapore time)

Oxley's Loft@Holland sold out within 2 hrs of launch

By ANGELA TAN


Oxley Holdings Limited said that its Loft@Holland, has met with strong response with all 41 apartment units taken up within two hours of the soft launch on Thursday.


Oxley said the demand was strong enough to require balloting to be conducted for all but two units.

On average, there were about three interested buyers per unit.

The units were booked at prices up from $1,630 psf to $2,166 psf and the buyers were mainly Singaporeans.

Located at 151 Holland Road, the five-storey development comprises 37 one-bedroom units, ranging from 323 - 484 sq ft, and four two-bedroom penthouses with private jacuzzis, ranging from 980 - 1,141 sq ft.

Late Thursday, the Singapore government unveiled a slew of additional measures to cool the property market.

Among the measures, property buyers who are individuals with one or more outstanding housing loans at the time of the new home, the loan-to-value (LTV) limit on housing loans granted by financial institutions regulated by MAS will be lowered from 70 per cent to 60 per cent.


Source: www.businesstimes.com.sg

January 17, 2011, 12.56 pm (Singapore time)


Developers sell 1,332 private homes in Dec

By KALPANA RASHIWALA

Developers sold 1,332 private homes (excluding executive condos or ECs) in December 2010, taking total sales for the whole of last year to 16,364 units.

This figure is 11.4 per cent higher than the 14,688 private homes (excluding ECs) developers sold in 2009.

The latest full-year tally also surpasses the record 14,811 private homes (excluding ECs) developers sold in 2007.

In November 2010, developers disposed of 1,915 private homes excluding ECs.

Including ECs, which are a hybrid between private and public housing, developers sold a total 1,699 units last month, show figures released on Monday by Urban Redevelopment Authority.

The figures, based on monthly sales figures by developers to URA, also show that developers launched 1,179 private homes excluding ECs in December, about half the 2,331 units they launched in November

SOurce: www.businesstimes.com.sg

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

by Millet Enriquez

05:55 AM Jan 18, 2011

SINGAPORE - The turnout of buyers for today's soft launch of Roxy Pacific Holdings' Spottiswoode 18 is likely to be good despite the cooling measures announced by the Government last week, analysts said.

"I think the response would be fairly warm. Of course, it would've been very hot if the project had been introduced prior to the cooling measures," said Mr Donald Han, Cushman & Wakefield's vice-chairman of property brokerage.

The 36-storey freehold residential development near Outram Park comprises 251 units, with sizes ranging from 387 to 1,324 sq feet. Huttons Asia is the sole marketing agent.

Roxy Pacific said yesterday that the price list was still being finalised and disputed a news report that said the cheapest unit would be selling for $600,000.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, also expected a good level of buyer interest, given that the development offers some shoebox units.

"The announcement of measures caught many by surprise and most developers have already committed costs to showflats. So these launches cannot be postponed and have to go ahead," he said.

Whether or not there would be more launches would depend on the market's response, Mr Tan said.

Mr Han said the latest round of cooling measures will definitely "knock some wind out of the market". But he added it was still too early to say if developers would reduce their prices, saying it might take a couple of months before prices soften.

Source: www.todayonline.com

Published January 18, 2011

LETTER TO THE EDITOR
Spottiswoode 18 units don't start at $600,000


ON behalf of Roxy-Pacific Holdings Ltd, we refer to the article 'Developers offer price cuts, discounts on new projects' (BT, Jan 17).


The group wishes to state categorically that none of the units in Spottiswoode 18 starts from a lower price range of $600,000, as stated in the article. The price list is being finalised ahead of the soft launch of the 251-unit prime property today.-Pacific Holdings,

Huttons Asia Pte Ltd has been appointed by Roxy-Pacific as its sole marketing agent. Roxy-Pacific will release further information in due course as and when required, in accordance with the SGX-ST Listing Rules.

Koh Seng Geok
Foo Soon Soo
Company secretaries
Roxy Pacific Holdings


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

05:55 AM Jan 14, 2011

Tong Eng Brothers will have a private preview of its latest property Poets Villas this weekend at 162, Tagore Avenue.

The 40-unit development features four- and five-storey strata semi-detached houses, within a verdant 2-acre estate. Prices are from $2.1 million to $2.3 million for the units that typically range from 3,250 to 3,700 sq ft.

Buyers can choose from six-bedroom houses with a private lift, or units with five bedrooms and a study room.

Both configurations have private car park spaces for two cars.

Amenities include a swimming pool, jet spa pool, gym, barbecue pit and a club house.

Nearby establishments and community centres include Thomson Plaza, Junction 8, AMK Hub, Singapore Island Country Club and Bishan Library. Schools like Anderson Junior College and James Cook University, and nature parks like Peirce Reservoir and MacRitchie Reservoir are also accessible from the site.

Source: www.todayonline.com

Updated 11:12 AM Jan 14, 2011
SINGAPORE - Only hours before the Government announced its latest round of cooling measures for the property market, buyers had snapped up all the units available at the Loft@Holland, Oxley Holdings' latest "shoebox'' residential project.

The property developer said all its 41 units were sold within two hours at its soft launch yesterday. Demand was so strong that all, but two units, in the development needed balloting to be conducted.

"On average, there were about three interested buyers per unit," Oxley said.

The units were sold at between $1,630 to $2,166 per sq ft, and most of the buyers were mainly locals, the company said.

Oxley chairman and chief executive officer Ching Chiat Kwong said: "The market's overwhelming response to our latest projects is extremely encouraging."

The five-storey development which is located at 151, Holland Road, comprises 37 one-bedroom units, ranging from 323 sq ft to 484 sq ft, and four two-bedroom penthouses with private jacuzzis, ranging from 980 sq ft to 1,141 sq ft.

It also has common facilities that include a basement carpark, a swimming pool and a gymnasium.

Analysts believe that the main attraction of the property is its prime location, which puts it in close proximity to the proposed Holland Village MRT Station and nearby Holland Village Shopping Centre.

It is also close to renowned schools like Henry Park Primary School, Nanyang Primary School, and Hwa Chong Institution.

Loft@Holland is expected to receive its Temporary Occupation Permit in December 2015.

Source: www.todayonline.com

Published January 13, 2011

More developers see higher prices for new home launches
Property market's Future Sentiment Index rose to 5.7 in Q4 from 4.8 in Q3

By EMILYN YAP

(SINGAPORE) Developers' outlook for the property sector turned rosier in the fourth quarter last year, with a larger proportion of them predicting higher prices for new residential launches.

Preliminary findings from the Real Estate Sentiment Index (RESI) point to improved sentiment from the third quarter, when the industry was still coming to terms with the impact of property market cooling measures introduced on Aug 30.

Steven Choo, CEO of the Real Estate Developers' Association of Singapore (Redas), gave a preview of RESI results for Q4 at a seminar yesterday. Redas and the National University of Singapore's Department of Real Estate jointly developed RESI.

Based on survey responses so far, the Current Sentiment Index stood at 5.6 in Q4, up from 4.8 in Q3. For this category, respondents rate overall Singapore real estate market conditions now compared with six months ago.

The Future Sentiment Index - where respondents rate overall property market conditions over the next six months - rose to 5.7 in Q4 from 4.8 in Q3.

'We've actually seen a rebound,' Mr Choo said. 'We think it is an accurate reflection of our members' take on the market.'

While the index readings rose in Q4, they did not surpass the levels seen in Q1 and Q2.

Developers were also asked for their take on the primary residential market, and a majority of the respondents thought more launches and moderate price increases were possible.

In Q4, 60 per cent of respondents believed that unit prices would be moderately higher. In Q3, just 12 per cent thought so.

Some 76 per cent of respondents in Q4 also expected moderately or substantially more units to be launched, compared with 44 per cent in Q3.

A developer, who declined to be named, suggested that good take-up for several big launches in Q4 buoyed sentiment. Spottiswoode Residences, Waterview and Robinson Suites were some which reported strong sales.

Some industry watchers also reckoned that the sector's confidence grew as the impact of the tightening measures became clearer.

A Hong Leong spokesman told BT: 'While we took a cautious outlook immediately following the August 2010 cooling measures, buyer demand continued to remain strong for the group's various projects.' Low interest rates and liquidity in the market contributed to the demand, he said.

Credo Real Estate managing director Karamjit Singh also said: 'Like with any announcement, it takes at least a month or two for the dust to settle.'

Even so, improved optimism does not mean that the measures had no effect - there is still 'a sense of caution in the air', he stressed.

In the ongoing Q4 RESI survey, 69 per cent of respondents identified demand-side measures from the government as a potential risk to market sentiment.

Although this proportion is less than Q3's 83 per cent, it is still big enough to make state intervention the second most feared risk.

A possible slowdown in the global economy was the industry's top worry - 70 per cent of respondents said in Q4 that this was a potential risk. This is markedly higher than the 56 per cent a quarter ago

Source: www.businesstimes.com.sg

CapitaLand Residential expects continued demand, price rises for private residential housing

by Jo-Ann Huang Limin

05:55 AM Jan 10, 2011

SINGAPORE - CapitaLand Residential will sell 1,700 private residential units this year out of its existing inventory of 2,500 ready-to-launch homes that it has yet to release for sale, chief executive officer Wong Heang Fine said in his first presentation to the media.

The units that will be sold this year will be from some of CapitaLand Residential's most high-profile developments, such as d'Leedon, The Interlace, Urban Resort and The Nassim, said Mr Wong, who joined the CapitaLand Group in 2006 and was named in July last year to succeed Ms Patricia Chia as CEO of CapitaLand Residential.

As many as 750 units of the 1,715-unit d'Leedon, the former Farrer Court, will be launched this year. MediaCorp understands that another 300 units will be launched next week, after 93 per cent of the initial 250 units launched last month were sold.

The residential unit of CapitaLand, South-east Asia's largest property developer, will also release the remaining 390 apartments at The Interlace for sale this year, Mr Wong, a UK-trained mechanical engineer who was formerly the CEO of SembCorp Engineers and Constructors, said in his briefing. The developer has sold 94 per cent of the initial 650 units that it launched last year.

The Urban Resort and The Nassim, which are luxury developments located in the core central region, will also be launched this year.

Homes at the new Bedok Town Centre site will also be up for grabs. The site will be developed into a mixed retail-and-residential property with 500 apartments, three levels of retail space and a bus interchange.

CapitaLand sold 15,025 units in total in the first 11 months last year, a marginal increase from the 14,688 units sold in 2009. But the developer reported better per-unit sales value than its rivals - its average sales value amounted to $2.3 million per unit, higher than the industry average of $1.52 million per unit. Overall, total residential sales rose 54 per cent to $1.85 billion last year, compared with $1.2 billion in 2009.

In the first 11 months of last year, buyers took possession of 629 CapitaLand homes, including 127 units at Latitude, 327 apartments at The Seafront on Meyer and 175 units at The Orchard Residences.

CapitaLand expects demand for private residential housing to sustain this year, buoyed by robust economic performance, land scarcity and increasing wealth in the region.

It will also be a year of land banking for the developer. The company said it would continue looking at sites in city-fringe areas and near MRT stations. It may tap both the government land sales programme and the collective sale market to acquire land, Mr Wong said.

"We will, of course, bid for the sites at a price we think is consistent with our margin," said Mr Liew Mun Leong, chief executive officer of CapitaLand, who was also present at the media briefing.

CapitaLand expects private home prices to increase by 5 to 10 per cent this year, with the high-end residential segment experiencing gains in the region of 10 to 15 per cent.

The developer also aims to market its iconic projects such as d'Leedon and The Interlace overseas, especially to buyers from China and India, which are emerging as CapitaLand's key new foreign markets.

Foreign buying may become a sizeable chunk of CapitaLand's sales. For example, wealthy Chinese investors have been looking for homes priced at $10 million and above, said Mr Liew.

However, market watchers have expressed concern over foreign ownership and its increasing influence on the private property market in Singapore.

Mr Liew believes that any further Government measures to cool the property market should not target foreign buyers.

"Singapore is an open economy and it will have to attract professionals and expatriates," he said. "I will consider it unprogressive to say that foreigners cannot buy housing here," he added.


Source: www.todayonline.com

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

Published December 29, 2010

By UMA SHANKARI

FAR East Organization has sold 181 Soho-style (small office, home office) apartments in its 338-unit The Tennery.

The developer said yesterday that it released 217 units of its newest residential project, at Bukit Panjang, in a preview. A total of 181 units were sold at prices ranging from $950 per sq ft (psf) to $1,300 psf.

The 99-year leasehold The Tennery is part of an integrated residential and retail development Far East is building on the Ten Mile Junction site it won in a government tender in February.

Far East paid $164 million or $437 psf per plot ratio for the site at the junction of Choa Chu Kang and Woodlands roads.

In addition to The Tennery, the site will also house a 121,000 sq ft retail development called Junction 10.

Some 80 per cent of The Tennery's buyers are Singaporeans and permanent residents, Far East said. It added that most of the buyers are professionals living in the Bukit Panjang, Choa Chu Kang, Bukit Batok and Hillview areas, who are familiar with the neighbourhood.

Far East Organization's executive director and chief operating officer Chia Boon Kuah said that an increasing number of people are looking for versatile living spaces that allow them to work from home.

This development, he said, is flexible, expandable and designed for maximum functionality.

The Tennery's one-bedroom apartments range from 619 sq ft to 640 sq ft in size, while two-bedders range from 860 sq ft to 950 sq ft in size. Far East will release more units during the project's official launch on Jan 1, 2011.

In 2010, including The Tennery, Far East has launched nine residential projects in Singapore. Other launches included Altez in the Tanjong Pagar area, The Greenwich at Seletar Hills and Skyline@Orchard Boulevard

Source: www.businesstimes.com.sg

Analysts say surge in private home sales reinforce the case for harsher measures

by May Wong
05:55 AM Dec 16, 2010

SINGAPORE - A surprising surge in private home sales last month - coming at a time when the Government's cooling measures were expected to take effect - has prompted analysts to predict that another round of intervention could be on the cards.

Private home sales in November jumped almost 80 per cent from the previous month, bringing the total number of homes sold so far this year to more than 15,000, surpassing the 2007 record of about 14,800 units.

According to data released yesterday by the Urban Redevelopment Authority (URA), 1,909 private residential units, excluding executive condominiums, were sold last month, up from 1,058 units in October.

Lakefront Residences in Jurong was the most popular property, selling 437 units at $1,075 per square foot (psf) last month.

The most expensive residential unit, priced at $4,358 psf, was sold at Scotts Square, a Wheelock Properties' project on Scotts Road, while the cheapest sale was at Waterview, a Sim Lian project at Tampines Avenue, for $501 psf.

The surge in sales caught analysts off-guard as it comes just three-and-a-half months after the Government took steps on Aug 30 to cool the property market, including asking banks to demand more upfront cash from homebuyers with existing mortgages.

Said Colliers International director of research and advisory Tay Huey Ying: "It just goes to show that a lot of investors are still viewing property as a safe place to park their wealth in spite of the high exposure to policy risks."

Ms Tay noted that another "driving factor" could be foreign purchases that were "diverted from the HDB resale market" as well as from Hong Kong and China, which introduced property curbs in recent months.

The suburban market led the pack in November, with 1,229 units sold outside the prime central region; the core central region, by comparison, saw just 213 transactions, with the remaining 467 units getting sold in the rest of the central region.

Analysts said that buyers are rushing to take advantage of low interest rates amid concerns about overleveraging.

In the latest annual Financial Stability Review, MAS said that while "household balance sheets continue to be strong, supported by conducive economic conditions" household credit exposures "need to be closely monitored and the risks appropriately managed".

According to URA, 2,329 units were launched last month. Industry watchers expect between 800 and 1,300 units to be sold this month as developers will likely launch fewer properties during Christmas and New Year.

Industry watchers say yesterday's figures have buttressed the case for another, harsher set of cooling measures, such as a tax on profits from property sales, in the next few months.

Chesterton Suntec International head of research and consultancy Colin Tan said: "What's going to happen if the buying doesn't stop? While we may not feel the impact now, the consequences may come a year or two later, and they can be pretty adverse."

Source: www.todayonline.com

Published December 16, 2010

11,849 homes left unsold in launched private projects
Twenty eight projects have more than 100 unsold units each

By UMA SHANKARI

DEVELOPERS are sitting on close to 12,000 unsold units in private residential projects that have already been launched.

Data compiled by The Business Times using information from the Urban Redevelopment Authority (URA) shows that as at end-November this year, developers had a stockpile of 11,849 units in projects that they have already started marketing - that is, projects in which at least one unit has been sold.

While some developments have just a handful of units left unsold, a total of 138 launched projects scattered across the island have 10 or more unsold units left. And of these, 28 projects have more than 100 unsold units each.

The more recently-launched projects include Kheng Leong's The Minton; Frasers Centrepoint's Flamingo Valley; and City Developments' Residences At W Singapore Sentosa Cove - all of which were put on the market in the first half of this year when sentiment was buoyant.

But six projects with more than 100 unsold units each have been on the market for at least three years. These include prime developments such as Keppel Land's Reflections at Keppel Bay; SC Global Developments' Hilltops; Allgreen Properties' The Cascadia; and Wheelock Properties' Scotts Square.

The 11,849 units are held by the entire range of both big and small developers and include landed projects, though the majority are condominium developments.

Market observers say the stockpile could have been accumulated as developers typically roll out units in large developments in phases.

Those with strong holding power may also hold back some units in their projects as part of a larger marketing strategy. Keppel Land, for instance, did this with its Caribbean At Keppel Bay condominium.

But the ample supply of ready-to-buy homes should show prospective homebuyers that there is no need to rush to pick up units in new launches, said another industry veteran.

Homebuyers snapped up 1,909 new private homes in November even as developers launched a strong supply of 2,329 new homes for sale. The strong demand from buyers took the total sales volume for 2010 to a record 15,025 units - even higher than the then-record 14,811 homes sold in 2007 during the last property boom.

'The fact that we have recovered so quickly from the financial crisis has given a lot of false confidence to many people with money,' the industry veteran said. 'They think that it is the right time to jump into property.'

In October, URA said that at the end of Q3 2010, there was a total supply of 64,358 uncompleted units of private housing from projects in the pipeline. Of these, 33,771 units were still unsold. The numbers include both launched and unlaunched projects.

But data compiled using URA's monthly update on the number of units launched, sold and unsold in residential projects in Singapore, released yesterday, showed that as at end-November, there were 11,849 units left unsold in launched projects

Source; www.businesstimes.com.sg