Several bungalow deals on Sentosa Cove recently
Even as analysts debate the outlook for Singapore's luxury condo
sector, there has been no dearth of bungalow transactions. Sentosa Cove,
for one, is said to have seen several deals. They include two
properties at Cove Drive facing the waterway and Tanjong Golf Course.
Both are said to have been sold for $15-plus million. One fetched $15.3
million, or $2,202 per square foot, based on 6,947 sq ft of 99-year
leasehold land area. It is said to have been sold by a Singaporean
aesthetics doctor to a Myanmar national. A foreigner, whether a
Singapore permanent resident (PR) or not, is allowed to buy a landed
property for own occupation on Sentosa Cove, subject to the nod of the
Land Dealings (Approval) Unit. The other bungalow that changed hands on
the same road is closer to the Seven Palms Sentosa Cove condo
development.
There is also talk that Fragrance Group boss Koh Wee Meng recently disposed of a seafronting bungalow along Cove Grove with views
of the Southern Islands at around $24 million or $2,470 psf on land
area of 9,725 sq ft. The bungalow's built-up area is said to be around
11,000 sq ft, spread across two levels and an attic. It features eight
bedrooms including a spacious master suite, a rooftop jacuzzi and a
swimming pool. The property was believed to be Mr Koh's weekend home.
Market watchers note that the sale follows Mr Koh's purchase last year
of a nearby bungalow. The hotel and property tycoon paid close to $16.8
million or slightly over $1,720 psf on land area of 9,740 sq ft for that
property. This was at a loss to the seller, who forked out around $16.5
million for the land alone in 2008, say sources. The seller was Tony
Chan Chun Chuen of Hong Kong, the former feng shui consultant to the
late tycoon Nina Wang and who is embroiled in legal problems for
allegedly forging Mrs Wang's will in an attempt to claim her
multi-billion-dollar estate. That bungalow, too, spans two-and-a- half
storeys, including a spacious attic, and boasts eight bedrooms and a
swimming pool.
Last month, a two-and-a-half storey bungalow at Tudor Close - in the
Kheam Hock Road/Dunearn Road vicinity - changed hands for $10.88 million
or $1,995 psf on its freehold land area of 5,454 sq ft. It has five
bedrooms, a lap pool, lift and wine cellar. Both the seller and buyer
are Singapore citizens. The house is currently leased at a monthly
rental of $20,000 until August 2014.
In the Meyer Road vicinity, a freehold bungalow with a driveway
fronting Broadrick Road fetched $22.2 million or $1,147 psf. A
two-storey property and a swimming pool are on the site, which has a
land area of 19,349 sq ft. The buyer - believed to be a Singaporean
hailing from a family in the construction business - is likely to live
in the property.
Source: Business Times – 15 September 2012
Punggol waterfront sees wave of launches
The wave of property launches in waterfront Punggol that has left home buyers spoilt for choice is about to grow even bigger.
At least seven private condominiums have been launched in the past year
along with five executive condominium (EC) projects since EC
development Prive - the first in Punggol - was launched in December
2010.
Another mega private condo project, Allgreen Properties' 920-unit
RiverSails will be launched at the end of the month while Qingjian's
383-unit Waterbay EC is expected to be open for applications next month.
On top of that, two more ECs are in the works in the area.
One EC land parcel was recently sold while another site is on the
confirmed list of the Government Land Sales (GLS) programme and is
slated for sale next month.
While the take-up for projects launched so far has been healthy, the
increasingly stiff competition has prompted developers to pull out all
the stops to differentiate their projects from others.
For instance, EC Heron Bay offers some buyers their own jacuzzi pool
while RiverSails will provide a dazzling array of 50 amenities for
residents, including a sky lounge and a tea party lounge.
Experts say that most of the private condos in Punggol have the
advantage of either being close to transportation links or close to the
area's recently opened 4.2km man-made waterway, offering a slew of
recreational activities.
Source: The Straits Times – 15 September 2012
Cracks in Bt Timah homes near MRT worksite
The Land Transport Authority (LTA) has started temporary work to fix
damage to several houses in Bukit Timah's Watten Estate, believed to be
linked to nearby construction of the Downtown Line.
Residents of the terraced and semi-detached houses across from the site
of the upcoming Tan Kah Kee MRT station said they began noticing
hairline cracks in walls inside and outside their homes one to two
months ago.
They complained when the cracks began widening in recent weeks. At
least 40 homes in the upscale neighbourhood, where home prices start in
the millions, are believed to be affected.
The LTA told The Sunday Times that following the complaints, it checked
the houses together with an independent engineer and found them to be
structurally safe.
Last week, it carried out interim works to prop up car-porch roofs and
shifting walls, and helped some residents move gates that could no
longer open.
"LTA and our contractor will continue to monitor the situation very
closely and ensure the houses remain safe," its spokesman told The
Sunday Times.
"When the basic structural works are completed at the MRT station
worksite, expected to be around end-2013, LTA and the relevant agencies
will repair the cracks."
The LTA said that it was also taking action to stabilise the ground in the area.
The area's Member of Parliament, Transport Minister Lui Tuck Yew, also
visited some of the affected homes yesterday evening and spoke with
about 50 residents.
The sinking and cracking are related to water seeping out of the underlying soil, residents recounted later.
They said Mr Lui told them that this is not common, but had happened before, in Arab Street.
In 2004, shophouse owners there noticed cracks on their walls.
Residents said Mr Lui also told them that he had asked the LTA to write
to them to confirm that their houses were safe, and to visit
periodically to make certain that this remained so.
Source: The Straits Times – 16 September 2012
Industry watchers assuage over-supply concerns
Even as a large pipeline of residential units in Punggol has sparked
market chatter over a possible over-supply, other areas in Singapore,
including the Kovan/Lorong Ah Soo/Hougang belt, Pasir Ris, and Bukit
Panjang/Upper Bukit Timah too face substantial upcoming supply.
That being said, these areas are relatively well supported by amenities in the region, and healthy take-up by HDB upgraders.
Pasir Ris is arguably a self-contained township, given that leisure
options (Pasir Ris Beach and Downtown East) supplement job opportunities
(employment hubs listed above, including Pasir Ris Industrial
Drive/Loyang).
The Bukit Panjang/Upper Bukit Timah/Cashew/ Chestnut Avenue belt on the
other hand, which can expect some 3,920 private units coming on-stream
from 2014, will have its "hibernating potential" unlocked with the
completion of new MRT stations in the Downtown Line 2.
While there are no employment hubs within the vicinity, it is within
the range of Jurong East, which is envisioned to be Singapore's largest
regional hub outside the city centre.
The Hougang/Lorong Ah Soo/Kovan area on the other hand can expect
rejuvenation, through the spate of new projects lined up, including
mixed use developments with strata malls which will renew the
residential identity.
Indeed, a buyer's profile analysis through caveats lodged for projects
launched over the past two years show that most of the areas surveyed
have a larger share of buyers who are HDB dwellers, with Punggol,
Sembawang, and Yishun having the highest average share of purchasers
with HDB addresses, at 73 per cent.
Source: Business Times – 17 September 2012
Record $1.28m for HUDC unit
A new record has been set for an HUDC flat.
The 1,680 sq ft maisonette along Shunfu Road was sold in July for
$1.28million, topping last year's $1.22million sum for a 1,668 sq ft
HUDC flat in the same area. This works out to about $762 per sq ft for
the new record.
The sale was listed by data-crunching firm Singapore Real Estate
Exchange (SRX), which collates sales by major property agencies. It
accounts for about 85per cent of resale transactions.
Last Thursday, a Queenstown executive flat sold for $1 million, beating
a record set by a Bishan executive maisonette when it sold for $980,000
a week earlier.
HUDC units have been attracting ever-larger bids due to their roomy
interiors. The average HUDC flat is about 1,650 sq ft. A standard HDB
five-room flat is smaller, at around 1,200 sq ft.
SRX records show that in the past two years, for example, the majority
of sales above $1 million for yet-to-be privatised HUDC estates were
from the six blocks of flats in Shunfu Ville, near Marymount MRT
station.
Farrer Court estate, privatised in 2002, was sold for a jaw-dropping
$1.34billion in 2007 - a collective sale record. Each owner at the
618-unit estate pocketed about $2.1million on average.
Analysts said buyers of such flats are paying for the larger sizes,
nearby amenities and a possible windfall in the coming years.
"Most buyers go for the rarity of the flat, the large space, location
and possibly renovation works done," said ERA Realty key executive
officer Eugene Lim.
A Housing Board spokesman yesterday said prices of these flats,
transacted in the open market, are a private matter between a willing
buyer and seller.
"From time to time, there will be such high resale prices due to unique individual characteristics.
"But they are the exceptions rather than the norm," she said.
Source: The Straits Times – 17 September 2012
Over 1,000 DBSS flats still unsold since scheme's suspension
More than 1,000 Design, Build and Sell Scheme (DBSS) flats have been sitting unsold since the scheme was suspended last year.
Experts say demand for these pricier homes has likely been dampened by
the bumper fresh supply of build-to-order (BTO) flats since both have a
monthly income ceiling of $10,000.
Six DBSS launches have been rolled out since the 806-unit Adora Green
in Yishun - now fully sold out - entered the market in February last
year.
Some DBSS projects have similarly enjoyed healthy sales.
EL Development's 888-unit Trivelis in Clementi is 90 per cent sold,
while CEL Development's 488-unit Belvia in Bedok has found buyers for
400 units.
But other projects have seen more modest sales. Pasir Ris One, for
instance, has sold only about a quarter of its 447 units, while 195
units are still up for grabs at 680-unit Parkland Residences along Upper
Serangoon Road.
There are also still 206 flats at 682-unit Lake Vista @ Yuan Ching in Jurong up for grabs.
DBSS flats are a hybrid form of public housing. Designed and sold by
private developers, they typically come with fittings and better
finishings than standard BTO flats.
However, the scheme was suspended in July last year following a public
outcry over a Centrale 8 DBSS unit bearing an initial price tag of
$880,000. This was subsequently lowered, with the priciest unit selling
at $778,000.
The National Development Ministry said last week that it was not
rushing to finish the scheme's review as its current priority was to
ramp up supply of BTO flats and executive condominiums (ECs).
Its reply came in response to a question from MP Ang Hin Kee on on
whether the ministry had completed the review and if the review was
looking into how it would impact owners of DBSS flats.
Experts say that the ramp up in BTO launches and the slew of new ECs
have placed further pressure on this hybrid segment as they all target
primarily first-time buyers.
They add that DBSS projects launched earlier and in areas without a huge ramp up of housing supply have typically fared better.
ERA Realty key executive officer Eugene Lim noted that with BTO flats
and ECs cannibalising the demand for DBSS flats, developers will now
take longer to move units.
"DBSS flats do offer buyers an alternative as they are priced between
BTO flats and ECs. But because of the many alternatives that buyers have
now, they are no longer as in demand," he said.
If DBSS flats cost $600,000 to $700,000 in an estate, EC units would
cost about $800,000, while private condo units might fetch $1 million,
Mr Lim added.
Source: The Straits Times – 17 September 2012
12 of 18 HUDC estates already privatised
HUDC units were introduced in the 1970s for middle-income families who
could afford bigger flats. There were 18 HUDC projects, comprising 7,731
units. All were on 99-year leases.
The Housing Board stopped building them in 1987 after private property prices fell and interest in HUDC units dwindled.
In 1995, privatisation was introduced for these estates, to give the
owners control over their homes. The process of privatisation is by way
of public announcement and designation in the Government Gazette.
Once owners of at least 75per cent of the flats support privatisation, the leases can be converted to strata titles.
HDB's lease conditions are then lifted, effectively making them private property.
The process of legally transferring the title from the Housing Board to flat owners takes about 21/2 years to complete.
Of the 18 estates, 12 have been legally privatised, while five have
obtained the required 75 per cent mandate for privatisation.
The 12 privatised estates are: Farrer Court, Amberville, Lakeview,
Chancery Court, Laguna Park, Gillman Heights, Pine Grove, Ivory Heights,
Minton Rise, Waterfront View Estate, Tampines Court, and Eunosville.
The five pending legal privatisation are Bishan (Shunfu), Serangoon North, Hougang North N3, Hougang North N7 and Potong Pasir.
Braddell View is the only estate that has not been privatised.
It was built in two phases, and each development was issued a separate state lease with a different expiry date.
Source: The Straits Times – 17 September 2012
