Residential Market News Extract - 26 June 2012

Home hunters still in buying mood

Home hunters have been snapping up units over recent weeks and propping up developer sales amid a market slump, but some consultants expect the June tally to be weaker than last month's.

Buyers have been especially keen on suburban and city fringe projects such as the newly launched Cradels, where 65 units have been sold since its launch last Saturday.

The freehold condominium near Novena MRT station has a total of 125 units costing about $1,500 per sq ft.

A one-bedroom unit of nearly 500 sq ft starts from about $600,000.

Tong Eng Group's Tropika East, which launched on June 9, has sold 59 of its 105 units, with 14 moved in the past two weeks.

Three-bedroom units are priced from about $1.3 million.

The 376-unit Sea Esta in Pasir Ris has sold about 250 units since its preview on June 10.

One-bedroom units of 517 sq ft or more are available from $488,000. Three-bedroom units of at least 904 sq ft start from $760,000.

Qingjian Realty has sold more than 250 units out of the 410 released at its River Isles in Punggol. The 610-unit condominium, launched on June 2, is priced from $830 psf to $850 psf.

Far East Organization has sold 27 units over the past week across its projects, with Seahill and Seastrand the top performers.

Sales also held up in the luxury sector. Aurum Land's 1919 at Mount Sophia has sold out its 75 units since the June 9 launch.

Units cost at least $1.12 million, and were sold for $2,000 psf to $2,200 psf.

Mass market sales have been quite good because the pricing is in line with neighbouring launches in those areas, a factor for good sales. June sales are expected to dip 5 per cent to 10 per cent from last month, due to the lack of big launches.

Weak sentiment stemming from Europe's debt crisis and faltering stock markets have also affected buyers.

Source: The Straits Times – 26 June 2012

Six Woodlands blocks to be replaced under Sers

More than 400 households, businesses and hawker stalls will be affected by the latest relocation exercise to be carried out by the Housing Board.

The six blocks on Woodlands Centre Road is the 78th site to be picked under the Selective En Bloc Redevelopment Scheme, which offers new flats with fresh 99-year leases to affected residents.

HDB said the move will affect 147 households, a majority of which occupy three-room flats.

The six blocks - 1A to 6A - were completed between 1980 and 1986. The 190 replacement flats on Woodlands Drive 70 - a 10-minute drive away - will offer two-, three-, four- and five-room options, and be ready by 2016.

HDB said these flats will be opposite the Admiralty MRT station and a shopping complex.

There will also be a wide range of amenities such as shops and eateries, as well as a wet market and schools.

Under the scheme, residents will get compensation for their flats pegged to prevailing market value. They are also assured of a replacement unit at a 20 per cent price discount.

They will be given priority if they choose to go for Build-to-Order launches.

Eligible shop tenants will be given $60,000 and a 10 per cent rental discount if they bid successfully for other HDB rental shops.

Smaller businesses will be given a relocation grant of $30,000 if they are able to find another location and move out by 2016.

Some 78 hawker stalls in the estate will also have to make way. Those who wish to continue their trade will be allocated new stalls at the replacement site.

To ensure there are enough cooked food stalls in the area, the National Environment Agency will build a replacement hawker centre in Woodlands town.

Source: The Straits Times – 26 June 2012