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

SINGAPORE - Regent Court, a freehold residential property at Serangoon Road, has been put up for sale via tender by its marketing agent Cushman & Wakefield.

The property has a land area of 38,857 sq ft and is zoned for high-rise residential development of up to 36 storeys. It has a plot ratio of 2.8, which allows a maximum gross floor area of 108,800 sq ft. No development charge is payable.

According to Cushman & Wakefield, the site will allow a developer to build some 200 apartment units with average sizes of 500 sq ft.

The property is worth more than $83 million, translating to a minimum price of $763 per sq ft per plot ratio. The break-even project cost is about $1,200 psf, said Cushman & Wakefield.

The firm's vice-chairman Donald Han, said the Serangoon area has been recognised as a strategic suburban residential area due to the its proximity to the city centre, as well as HDB upgraders' interest to own and occupy condominiums.

Cushman & Wakefield said the connectivity of the Serangoon area would be improved with the completion of the Circle Line and the Upper Serangoon PIE viaduct.

The tender is expected to close on Feb 28. Jo-ann Huang


by Jo-Ann Huang Limin
05:55 AM Jan 21, 2011

Source: www.todayonline.com

Wishes for next year: More market transparency and independent views in the property sector

by Colin Tan
05:55 AM Dec 31, 2010

When I was a student, I believed everything I read in the papers. If it appeared in print, it had to be true. When I did my stint as a reporter, I realised that not every bit of important information we gathered came out in print. Sometimes, alternative or opposing views just did not go well with the story flow.

These days, I advise my student interns not to believe everything they read and to be discerning, more so now than in the past, as there is a lot more "noise" in the market these days. While reporters used to hassle news-makers for information, a lot more information is pushed to the media these days.

Marketing views seem to predominate nowadays. Higher-priced properties are automatically classified as prime housing or as belonging to the luxury segment. An 800 sq ft or even a 1,600 sq ft unit, no matter how exquisitely finished, cannot qualify as a luxury unit. If you tell a foreigner from one of the developed economies that you have just purchased one such "luxury" unit, they will have a different notion of what you own. If you then tell them it is only 800 sq ft, they will break into laughter.

Small units in the Central Business District are also not prime apartments. A more accurate description would be inner-city apartments.

Doubled-storeyed top floor units are also not automatically penthouses. A 1,600 sq ft unit split into two floors atop a block in a private housing project is definitely not a penthouse - it is a maisonette. And there are no penthouses in the HDB resale sector, no matter what the agents say. A penthouse is almost always a luxury unit.

This week, an agent described the rising vacancy levels in one of the property segments as a "short-term statistical blip". If there is a short-term blip, should there not be a long-term blip? A blip is a result that goes against the trend in just one outcome. If it carries on for four quarters, it is a trend and no longer a blip.

Monthly data such as developers' sales should not just be compared against the result in the previous month. Or else, it will be good, bad, good, bad, ad infinitum. It should be compared against a monthly average. A year-on-year comparison is better if the market is seasonal in nature.

The time horizon for buying ahead of the curve should be restricted to one property cycle, which may be five years or seven years depending on the market segment. It makes no sense rushing to buy a project next to a future MRT station or in an emerging area if it is coming up only 10 years later or more. It would make better sense to wait to buy during the lowest point of the cycle.

Predicting an interest rate hike within the next five years is not worth the paper it is printed on. Even a student can do that.

And a report predicting a rental increase of 30 per cent over three years is not news; it amounts to an average of only 10 per cent each year.

Lately, I have seen some industry heads taking to publishing their own guide books. Browse around the bookshops and you will find them. Some pointers in these books are useful, while others are less so - and even misleading if you are not careful.

Schematic location maps of some future private housing projects also confuse more than they enlighten. The purpose, it appears, is to show as many amenities and attractions in "close proximity" to the project rather than the actual location. I sometimes have to refer to the street directory to find the project's actual location. I feel these developers not only do a disservice to buyers but also to themselves as they lose credibility in the long run.

Finally, I wish for more independent debate on property matters for next year. In this respect, I hope more academicians and economists will contribute their views to the media. Imagine how much more enlightening for the public as well as policy-makers if there are more insightful views on matters such as housing affordability and on the effectiveness of actual and potential cooling policy measures.



The writer is Head, Research & Consultancy, at Chesterton Suntec International.

Source: www.todayonline.com

by Travis Teo
05:55 AM Dec 22, 2010

SINGAPORE - Prices of freehold landed housing in Singapore's prime districts have surged 5.1 per cent in the fourth quarter from the previous three months, compared to growth of 2 per cent in the third quarter.

The average price of landed homes in the prime districts in the fourth quarter stands at $1,693 psf, property consultant DTZ said yesterday. Outside the prime districts, landed prices are up by 4.3 per cent to $993 psf, compared to the 1.7 per cent increase a quarter ago, it said.

Overall, DTZ says this represents an increase of about 16 per cent for landed properties for the whole of this year.

Ms Chua Chor Hoon, head of DTZ South East Asia Research, noted that the limited supply of landed properties, accounting for about 26 per cent of total private housing stock, made them a prized asset.

In contrast, the supply of non-landed units, such as condominiums, is injected at a faster pace via the government land sales programme and collective sales, she said.

The resale price of leasehold condominiums in the suburban areas has held firm at $660 psf this quarter, while that of condominiums in the prime districts grew marginally by 0.4 per cent to $1,520 psf. The prices of these two non-landed segments have surpassed their previous peaks in 2007, indicating price increases are hitting a resistance wall, DTZ said.

Buyers have also exercised greater prudence following the government's cooling measures implemented this year, it added.

Source: www.todayonline.com

Published December 22, 2010

Landed homes' capital values rise faster than apartments, condos
Average cap value of prime resale freehold landed homes up 5.1% in Q4

By KALPANA RASHIWALA


AVERAGE cap values of landed homes in Singapore have risen at a faster clip than those of private apartments/condos in the fourth quarter as well as the whole of this year, show latest figures from DTZ.

DTZ's analysis referred only to resale landed and non-landed homes, that is, properties that had already obtained Certificate of Statutory Completion.

'The limited stock of landed homes has made them prized assets, especially those in the prime districts. Landed homes currently account for about 26 per cent of Singapore's total private housing stock (including executive condos), with very limited supply in the pipeline. In contrast, the supply of non-landed private homes is injected at a faster pace via the Government Land Sales programme and collective sales,' says DTZ's Southeast Asia research head Chua Chor Hoon.

The average capital value of prime resale freehold landed homes stood at $1,693 per square foot (psf) on land area in Q4 2010, up 5.1 per cent from the previous quarter, taking the full-year increase to 17 per cent. For suburban freehold landed houses, the average capital value increased 4.3 per cent quarter on quarter to $993 psf in Q4, resulting in a full-year appreciation of 15.5 per cent.

In the non-landed segment, the average cap value for 99-year suburban condos remained unchanged at $660 psf on strata area in Q4 2010, taking the appreciation for the whole of 2010 to 8 per cent. The average price of prime freehold condos increased 0.4 per cent quarter on quarter to $1,520 psf in Q4, also reflecting an 8 per cent full-year price gain.


DTZ said prices in these two segments are hitting resistance, having risen by about 18 per cent and 36 per cent since their respective Q1 2009 troughs following the global financial crisis. The latest cap values are also above the respective Q4 2007 peak levels, it noted.

'Greater prudence is also being exercised on buyers' part following the latest property cooling measures introduced on Aug 30. Buyers are more selective and prefer projects with good location attributes such as proximity to MRT stations, schools or the central business district,' DTZ said.

On the other hand, the Q4 2010 average cap value of freehold luxury condos (above 2,500 sq ft) in the prime districts was $2,630 psf, about 6 per cent shy of the Q4 2007 peak of $2,800 psf. The latest Q4 figure was unchanged from the preceding three months while the full-year 2010 increase was 9.6 per cent.

'With a limited pool of buyers being able to afford these luxurious units which require a large quantum sum, this segment has seen more subdued purchasing activity,' DTZ said.

The firm's executive director (residential) Margaret Thean said: 'Although there's less activity in the high-end segment, we're still seeing strong interest from Chinese and Indian nationals, and increasingly from institutional investors such as funds. They have confidence in future price growth due to Singapore's strong economic fundamentals. As for individual foreigners buying for owner occupation, completed developments near renowned schools particularly interest them.'

Ms Chua predicts that resale prices of 99-year suburban condos are likely to remain flattish next year while those of prime freehold condos could rise by up to 5 per cent if there is more buying from foreigners due to the clampdown on property purchases in their home countries.

She expects prices of landed homes to continue to outperform those of apartments and condos due to their relative scarcity appeal.

Source: www.businesstimes.com.sg

by Tang Hsu Jing
05:54 AM Dec 17, 2010

The landed residential sector has been a consistent star performer over the last year or so. It is a sector that has powered on even after the Government exercised round after round of property market cooling measures. The optimism was also evident in the keen interest from developers in the recent government-released landed housing plots for Phase 3 of Sembawang Greenvale.

Within this premium landed segment, there is significant difference in the price performance between freehold and leasehold properties. This article focuses on two districts, 10 and 16, where there are good and comparable freehold and leasehold landed residential properties. It is based on the analysis of caveats lodged in the Urban Redevelopment Authority's Realis system since 2000 for terrace, semi-detached and detached houses comparable in size and age.

For the purposes of this article, freehold and 999-year leasehold properties have been combined under the same category. The practical definition adopted for freehold properties is one where the owners have the right to own the properties in perpetuity: The tenure is of an indeterminate duration. Leasehold properties of 999-year tenure effectively function like freehold properties, although from a legal perspective, they are still leasehold properties. Lastly, leasehold residential properties are those whose land reverts back to the State at the end of the tenure, typically a 99-year term.

The premium of freehold landed properties over 99-year leasehold landed properties is typically about 15 to 20 per cent. However, this can widen during a hot market, when there is added interest in freehold landed housing. This trend was observed in the districts analysed. During the mid-2000s, the rate of capital appreciation for freehold properties began to increase faster than that of its leasehold counterparts, thus widening the premium for freehold landed properties. This can be rationalised by the inverse relationship between the age of leasehold landed properties and remaining years in the tenure, which slows down the rate of capital appreciation after some time. Thus, as one would expect, freehold properties have a better rate of capital appreciation in the long term.

Despite the better long-term rate of capital appreciation, freehold properties are more volatile in terms of prices and the annual rate of capital appreciation. This can be explained by the popularity and scarcity of freehold landed properties, especially during an upmarket.

Although tenure is an important factor, the immediate surrounding of the property is also important. If a freehold landed property is located in a less-superior location, the price performance of this property could be equivalent to a leasehold landed property. Factors such as noise caused by proximity to major roads/expressways, industrial properties or lack of accessibility contribute to price performance as well.

Although freehold landed properties generally exhibit better price performance than leasehold ones, due to the limited supply of landed homes in Singapore, leasehold landed properties are still valuable and much sought after.

Leasehold landed properties may also be a better option if you are looking to lease the property out for rental income, as the tenure of the property does not matter to the tenant. You may also consider the purchase of a leasehold landed property to enjoy specific attributes of the property, for example, individual character, design of the house, immediate environment, local amenities and so forth.

However, one should be aware that, when the tenure of a leasehold property dips below 30 years, it may be difficult to sell the property, as prospective buyers are not able to secure a bank loan. According to the Central Provident Fund Board, buyers are not allowed to withdraw from their CPF when the tenure is less than 30 years.

In a perfect world, everybody would prefer to buy a freehold property for the better price performance, perpetual ownership and the better wealth preservation factors. But in the real world, we are faced with other factors or challenges, such as budget constraints, the availability or supply, individual needs, investment objectives, and so forth, so that a leasehold landed property may be a more suitable purchase.



The writer is consultancy and research analyst at Knight Frank.

Source: www.todayonline.com

Published December 17, 2010

Good-class bungalows join the party as auctions raise cheer

By KALPANA RASHIWALA

(SINGAPORE) Property auctions went more upmarket this year, with several good class bungalows going under the hammer and a changing breed of buyers bidding to snap up real estate.


In all, the value of properties sold at auctions rose 33 per cent to $223.9 million this year, buoyed by rising property prices and more big ticket sales.

The residential sector accounted for more than half, or 51.3 per cent of the total value of properties sold at auctions this year, according Colliers International. Most sellers were owners themselves as the value of mortgagee sales fell.

The $114.8 million worth of homes that changed hands at auctions in 2010 reflect an increase of 30 per cent from last year. Just 12 landed homes accounted for $79 million, or 70 per cent, of this number.

These included four bungalows in Good Class Bungalow (GCB) Areas - 4 Margoliouth Road, 6 Coronation Road West, 53 Sixth Avenue and 5 Chestnut Close - sold for a total $57.4 million. Last year, 18 landed homes were sold for $37.7 million, none of them in a GCB area, said Colliers.

In the non-landed residential segment, 24 properties were transacted at auctions for $35.88 million, of which nine (totalling $21.7 million) were in prime districts.

The most expensive non-landed residential unit sold at auction this year was a unit at D'Grove Villas in the Orange Grove area which fetched $5.42 million, followed by a unit in Makeway View in the Kampong Java Road location ($3.88 million) and a unit in Oceanfront, Sentosa Cove ($3.15 million).

On the whole, while the value of properties sold at auctions rose 33 per cent this year, the number of properties transacted fell nearly 40 per cent to 71 this year. This year's $223.9 million auction sales was still 45 per cent shy of the decade's high of $407.4 million in 2007.

Colliers said that while the value of properties sold at auction arising from owner sales jumped from $90.8 million last year to $178.6 million in 2010, the value of mortgagee sale properties sold at auction declined from $77.6 million to $45.3 million.

The number of properties put up for auction by mortagees declined from 195 in 2009 to 103 this year, the lowest level in 13 years. Owners put 688 properties on the auction block this year, also down from 732 last year.

Knight Frank executive director Mary Sai said that while auctions were becoming more popular among owners looking to sell, mortgagee sales had lost share as the robust economy meant fewer non-performing loans.

'Also, the appreciation in real estate values reduces the risk of borrowers defaulting on loans,' she said.

Colliers deputy managing director Grace Ng said that the profile of buyers has changed from a crowd seeking distressed assets to one that regards auctions as an avenue to acquire prime properties.

'Increasingly, we see permanent residents and foreign bidders from neighbouring countries - including Malaysia, Indonesia, Hong Kong, India and even China - attending auctions,' she added.

Ms Sai reckons residential properties will continue to hog the limelight at auctions next year as 'their stock is more readily available for auction than non-residential properties'.

In fact, non-residential properties on the auction block were generally muted this year. Owners of shop units, shophouses, office and industrial units enjoyed attractive net rental yields of about 4-5 per cent on them. 'Hence, they're less forthcoming in parting with these cash-cows,' said Ms Sai.

Ms Ng highlighted that there were 11 high-value properties (each over $5 million) sold at auction this year, against just two last year. This year's high-value deals included a shophouse hotel at Desker Road which fetched $10.3 million, five strata office units at The Central ($9.98 million) and a petrol station at Jalan Ahmad Ibrahim ($30.2 million).

The value of office units sold at auctions rose from just $3 million last year to $18.2 million this year as optimism returned to the sector amid rapid recovery in office demand and rents.

Auction sales of retail properties fell from $43.4 million in 2009 to $27.1 million this year, while the figure for industrial properties halved to $10.3 million.

Ms Ng reckons the value of auction sales next year is likely to exceed $200 million. Mortgagee sales are expected to continue their downward trend.


Source: www.businesstimes.com.sg

HSR founder reveals tips on investing in property in the current market

by Callie Liew
05:55 AM Oct 29, 2010

In my recent talks to property investors, I would conduct a straw poll with the question: "How many of you believe property prices will increase, go flat or decrease within the next twelve months?" Inevitably, I would get three different groups of respondents.

My follow-up question would be: "In the worst-case scenario, would prices decrease at the same time across all property sectors, including all segments of the residential, commercial, industrial and overseas properties?"

Even the most pessimistic of investors would disagree. Herein lies the truth about property investments.

It is wrong to think prices across all sectors will march to the same tune up and down the property cycle. The cycles of any two properties are never the same.

There will always be properties - during good or bad times - that are more attractive than the others and have more upsurge potential for profit. There will be good investments at any point in the economic and property cycles.

In fact, many of these property gems can be found during times of major change and uncertainty - which could be the situation now.

How, then, should you invest? May I suggest three possible target segments.



OUTLIER PROPERTIES

Outliers are properties that are available or transacted at prices that are much higher or lower than their respective market prices.

As up-to-date information about property prices and terms and conditions for the transactions are not readily available, the resulting imperfect market may cause sellers to sell low.

There are also other reasons, ranging from ignorance and apathy, negative property outlook, need for cashflow, to sudden migration. One night at any of the two casinos can also produce such sellers.

On the other hand, there will be some buyers who will offer high prices to acquire a property. There are many reasons why they do it, including emotional attachment to the property, need to stay near a relative, and desire to move into the property fast.

As the longest-established mega-agency since 1980, we have come across many reasons for such property outliers.

They can be strangely irrational and even absurd - many of which reasons make property investments more appealing. Suffice to say, you should reward the right agent to source for these property outliers and transact them at a higher profit.



GAP PROPERTIES

Gap properties refer to properties that have the potential to increase in price due to the impact of current or future factors.

Unlike the stock market, which is supported by comprehensive information and is more closely monitored, the property market has comparatively fewer investors and fewer of them are investing on a full-time basis.

Many investors rely mainly on hear-say and will not conduct due research to find out how various factors will support property prices and respond to it.

There is a longer lag time for the market to respond to major changes, especially in the resale market.

For example, proximity to major facilities such as MRT stations, business hubs and good schools can help properties to appreciate higher and faster in value.

However, when plans are being made known to build such facilities, the prices might not increase immediately. Property investors who diligently do their homework and make quick decision can capitalise on these gap properties.



UNPOLISHED GEMS

Unpolished gems are properties you can add value to, the end result of which is they can be sold at a higher price.

Most residential property buyers are owner-occupiers and will probably transact about five properties in their lifetime. They are usually not educated or experienced in property investment.

However, this trend may change because, in recent times, we are seeing more astute investors signing up for real estate agent courses to sharpen their skills in negotiation and investment.

Many buyers follow the crowd to invest in properties that have mainstream appeal, without due consideration for how they can market and profit from them in future. They evaluate properties based on what they see rather than what these properties can become. They are inclined to prefer convenience rather than, for example, carry out additions and alterations to enhance the value of the property.

The advantage of property investment, unlike other instruments of investment, is that there are an infinite number of ways to add value to properties. You can add on or remove parts or all of the property; destroy or rebuild the property; change the theme, use and tenancy mix; improve the design and decor; enhance the furnishings and fixtures ... the list goes on and it is only limited by the creativity of your mind.

A simple coat of paint or installation of new lighting to brighten up the place can also increase the appeal and profit potential of a property. The question you need to ask yourself is: "How can I add value to the property so as to sell it at a higher price?"

During challenging times, there are more of these three types of property gems and lesser people to compete with to capitalise on them.

From wisdom of hindsight, do you wish you had bought a reasonable property shortly after the Lehman Brothers crash? You would have done well, wouldn't you?

After reading this article, mark today's date in your diary. In the near future, you will wish you had taken your cheque book, mine the market, and profit from the property gems in the current market.



The writer is the founder and COO of the HSR Property Group. She won the Asia Pacific Entrepreneurship Award 2009 and the Entrepreneur Of The Year Award 2010 for social contribution.

Source: http://www.todayonline.com

The freehold condo will be built on the Copthorne Orchid Hotel site

Published October 19, 2010
By KALPANA RASHIWALA

THE Glyndebourne, a 150- unit proposed freehold condo slated to be built on the Copthorne Orchid Hotel site along Dunearn Road, is expected to go on the market as early as next week, say sources.

Market watchers suggest the average price could be about $2,000 per square foot (psf).

Unit sizes are said to range from about 690 sq ft for a one-bedroom apartment with a study to 3,563 sq ft for a five-bedroom penthouse.

City Developments Ltd (CDL) is managing the marketing of the condo on behalf of its hotel unit Millennnium & Copthorne Hotels, which owns the hotel.

Earlier this month, BT reported that the closure of the hotel has been delayed by at least three months.

It will now continue to take bookings until March 31, 2011, instead of shutting down at the end of this year as initially announced.

Meanwhile, CDL itself has sold 48 units so far this month at its NV Residences condo in Pasir Ris, taking total sales to 395 out of 450 units released in the 642- unit project.

The 99-year leasehold condo was previewed on Sept 8 at $830 psf on average initially. Prices were later raised 1-2 per cent.

Over in Yishun, MCC Land has sold 100 units of The Canopy executive condo (EC).

The 406-unit project was launched on Saturday at an average price of $645 psf.

An earlier EC launch, Frasers Centrepoint's Esparina Residences in the Sengkang area, saw another 35 units being sold last week, taking total sales to 399 units.

The project, which comprises a total 573 units, is priced at $740 psf on average. Frasers Centrepoint also sold six units at Waterfront Gold and two units at Waterfront Key, both along Bedok Reservoir, and a unit at Flamingo Valley.

Allgreen is said to have sold about 80 units at its Suites at Orchard project at Handy Road, which was released last week.

The average price for the 99-year leasehold project, which comprises mostly one and two-bedders and is located near The Cathay and Dhoby Ghaut MRT station, is said to be about $2,100 psf.

Meanwhile, sales are said to have been tepid at The Cityscape at Farrer, a 250-unit freehold condo at Mergui Road (near Rangoon Road, facing the Central Expressway) by IOI Group and KSH Holdings.

The project was previewed last week and about 15 units are said to have been sold.

Potential buyers may have found the price, understood to be about $1,400 psf on average, steep.

The 31-storey project comprises two and three- bedders as well as penthouses.

Meanwhile, property giant Far East Organization sold 33 units across various projects last week.

Source: http://www.businesstimes.com.sg

Published October 21, 2010

By UMA SHANKARI

MARINE Point, a freehold residential development at Marine Parade Road, is up for collective sale with a $110 million price tag.

The indicative price for the 18-storey block works out to $1,116 per square foot per plot ratio (psf ppr), including an estimated development charge of $10 million.

The project has a site area of 51,185 sq ft and a 2.1 gross plot ratio, giving a maximum gross floor area of 107,489 sq ft.

The existing development comprises 30 apartments and two penthouses.

ERA Asia Pacific, which is conducting the public tender for the sale, estimates that the site can be re-developed to accommodate around 90-100 apartments averaging 1,000 sq ft each.

More than 80 per cent of the owners by share value and strata floor area have signed the collective agreement. The tender for Marine Point closes at 3.30pm on Nov 18.

Separately, the Urban Redevelopment Authority (URA) said yesterday that it has accepted an application from an unnamed developer to put up a 30-year leasehold industrial site at Pioneer Road North/Soon Lee Street for sale.

The 1.44 hectare land parcel was made available for sale through the government's Reserve List system on May 27 this year. Sites on the Reserve List are only put up for tender if a developer indicates a minimum bid price in an application, and that bid price is deemed to be acceptable.

The unnamed developer has committed to bid at least $13.8 million, or $44 psf ppr, for the land parcel. But Savills Singapore's industrial director Dominic Peters said the top bid could be in the region of $60-$70 psf ppr.

'There should be strong demand for the site as the industrial sector is still very open to investors, unlike other segments of Singapore's property market,' Mr Peters said.

The land parcel has a maximum gross plot ratio of 2.0. It is zoned for 'Business 2' use, which means it can be developed for a variety of uses such as clean, light and general industries which include industries related to bio-technology, vehicle repair and servicing, and manufacture of electrical and electronic products.

The tender for the site will be launched in two weeks' time.

Source: http://www.businesstimes.com.sg

Average price for freehold Vacanza units expected to top $1,000 psf

A JOINT venture between Hoi Hup Realty and Malaysia's Sunway group is previewing Vacanza @ East, a freehold condo in the Kembangan area, today.

The average price is expected to be slightly over $1,000 per square foot for the 141 units being released in two blocks of the 12-storey project. The project will have a total 473 units in seven blocks.

The project comprises one to four-bedroom units as well as penthouses.

About 39 per cent of units have either two bedrooms or two bedrooms with a study. Another 30 per cent are three bedders.

Last week, Roxy-Pacific group previewed Jupiter 18 at Lorong 102 Changi. So far it has sold more than 70 per cent of the 53 units in the freehold project, which range from one bedders of 388 sq ft to two-bedroom penthouses of 1,119 sq ft.

The average price is about $1,100 psf. In absolute quantum, prices start from slightly over $500,000 for a one-bedder.

Meanwhile, City Developments found buyers for another 35 units at NV Residences in Pasir Ris, taking total sales to 335 units out of 380 launched units in the 642-unit development.

It previewed the 99-year leasehold development on Sept 8 at an average price of $830 psf but later raised prices by about 1-2 per cent.

Meanwhile, Far East Organization sold 23 units last week across its residential portfolio, down from 32 units the preceding week.

In the latest week, it sold units at projects like Floridian, Waterfront Key, Waterfront Gold, The Greenwood, Hillview Regency, Hillvista, Silversea, The Shore Residences, Centro Residences and The Greenwich.

DTZ Research said yesterday that the average capital value of 99-year leasehold suburban private apartments/condos in the resale market rose 2 per cent quarter-on-quarter to $660 psf in Q3.

This is a smaller increase than the 4 per cent rise seen in Q2 this year.

The average cap value of luxury condos also saw a slower 1.6 per cent quarter-on-quarter increase to $2,630 psf in Q3.

In the landed segment, the average capital value of freehold homes in the prime districts 9, 10 and 11 have crept up 2 per cent Q-on-Q to $1,611 psf in the third quarter after rising 3.3 per cent in Q2.

'The slow growth in prices is likely to come to a halt for the rest of the year following the recent implementation of a slew of government measures to cool the residential market. Sales volume is expected to be lower as sellers continue to maintain their asking prices while potential buyers hold out for lower prices,' DTZ said in its release.

http://www.businesstimes.com.sg

Published October 9, 2010

A JOINT venture involving ACT Holdings, Nobel Design Holdings and two other partners has bought a four-storey freehold residential block at Lim Tua Tow Road, off Upper Serangoon Road, through a collective sale for $39.51 million.

According to Jones Lang LaSalle (JLL), which brokered the deal, the price works out to about $740 per square foot per plot ratio (psf ppr) including development charges. A 32-unit development called Glenville sits on the 43,335 sq ft plot.

The other two shareholders in the joint venture are Soh Chooi Lai and Aspen Development.

In May this year, the same joint venture bought an adjoining 29,623 sq ft site occupied by a development called New Gardens. If they amalgamate the two plots, the combined land area of almost 73,000 sq ft could be redeveloped into a new five-storey condo with about 100 units averaging 980 sq ft, analysts say.

The New Gardens site was sold for $21 million or $560 psf ppr including an estimated development charge of $2.26 million.

Under Master Plan 2008, both sites are zoned for residential use with a 1.4 plot ratio - the ratio of potential maximum gross floor area to land area.

JLL marketed Glenville through a tender exercise that closed on Oct 5 and is said to have attracted a handful of bids.

The sale to the ACT-Nobel joint venture is subject to approval by the Strata Titles Board, as unanimous approval of owners has not been secured.

The owners of the 32 existing apartments will receive about $1.18 million to $1.27 million per unit.

Last month, JLL announced the collective sale of Naung Court, which is closer to the Hougang Central area, for $28 million or $662 psf ppr including a development charge of $2.3 million if applicable.

Including the latest sale of Glenville, 23 collective sales have taken place so far this year for a total $1.14 billion, according to data from Credo Real Estate. Last year, there was just one deal for $100 million.

In 2008, there were eight collective sales amounting to $346 million, while in the peak year of 2007 there were 87 such transactions totalling $11.6 billion.

Published October 9, 2010

A JOINT venture involving ACT Holdings, Nobel Design Holdings and two other partners has bought a four-storey freehold residential block at Lim Tua Tow Road, off Upper Serangoon Road, through a collective sale for $39.51 million.

According to Jones Lang LaSalle (JLL), which brokered the deal, the price works out to about $740 per square foot per plot ratio (psf ppr) including development charges. A 32-unit development called Glenville sits on the 43,335 sq ft plot.

The other two shareholders in the joint venture are Soh Chooi Lai and Aspen Development.

In May this year, the same joint venture bought an adjoining 29,623 sq ft site occupied by a development called New Gardens. If they amalgamate the two plots, the combined land area of almost 73,000 sq ft could be redeveloped into a new five-storey condo with about 100 units averaging 980 sq ft, analysts say.

The New Gardens site was sold for $21 million or $560 psf ppr including an estimated development charge of $2.26 million.

Under Master Plan 2008, both sites are zoned for residential use with a 1.4 plot ratio - the ratio of potential maximum gross floor area to land area.

JLL marketed Glenville through a tender exercise that closed on Oct 5 and is said to have attracted a handful of bids.

The sale to the ACT-Nobel joint venture is subject to approval by the Strata Titles Board, as unanimous approval of owners has not been secured.

The owners of the 32 existing apartments will receive about $1.18 million to $1.27 million per unit.

Last month, JLL announced the collective sale of Naung Court, which is closer to the Hougang Central area, for $28 million or $662 psf ppr including a development charge of $2.3 million if applicable.

Including the latest sale of Glenville, 23 collective sales have taken place so far this year for a total $1.14 billion, according to data from Credo Real Estate. Last year, there was just one deal for $100 million.

In 2008, there were eight collective sales amounting to $346 million, while in the peak year of 2007 there were 87 such transactions totalling $11.6 billion.