RESIDENTIAL MARKET
Land dose to quench thirst for cheaper homes
Satisfying the demand for more affordable private homes seems to be the government's focus in its land sales programme for the second half of 2012.
Most sites in the confirmed list of the Government Land Sales (GLS) programme announced yesterday are in the suburban Outside Central Region (OCR) and Rest of Central Region (RCR). This includes wholly private and executive condominium (EC) sites.
ECs continue to feature strongly, with six out of the 13 residential sites (one of which is a mixed use site) on the confirmed list being allocated for such developments, potentially yielding some 3,100 EC units, slightly more than the five sites or 2,900 EC units offered in the first half of 2012.
Some choice sites are up for grabs, including a private housing site along Commonwealth Avenue and a mixed-use residential site at Yishun Ring Road.
Meanwhile, a commercial site at Venture Avenue (Jurong Gateway) was also placed on the confirmed list. Industry watchers see this as a welcome move and expect the site - which will be sold with a minimum office GFA quantum - to draw interest as the government has committed to develop the district into a vibrant commercial hub.
Also within the commercial sector, the Sims Avenue/Tanjong Katong Road site on the reserve list saw some sale conditions being revised. The site's minimum hotel use requirement has been removed and some residential use allowed to give the developer greater flexibility.
For instance, the developer may choose to create an integrated office-retail-residential development, an office-retail-hotel development or an office-retail development after the change. However, single ownership for both the office and retail space will be required.
Yesterday, the MND announced that the confirmed list for H2 2012 will comprise a total of 12 private residential sites, a commercial and residential site as well as 2 commercial sites, which can be developed into 7,100 private residential homes and a gross floor area of about 861,112 sq ft of commercial space.
On the other hand, the reserve list will include a total of 24 sites, of which 14 are designated for private residential developments, 2 for white sites, 2 for commercial sites and the remaining six for hotel developments. These sites can also be developed into 7,100 private homes, 3.3 million sq ft (GFA) of commercial space and 3,700 hotel rooms.
Source: Business Times – 14 June 2012
Six more EC plots confirmed for year
FIRST-TIME home buyers and aspiring upgraders will have a wider range of executive condominium (EC) units to choose from, going by the Government's latest land sales programme.
Six plots in heartland areas such as Pasir Ris, Punggol and Sembawang are on the confirmed list for the second half of the year.
These sites could yield a total of 3,100 units, augmenting the 2,900 from five EC plots placed on the confirmed list in this half of the year.
ECs have become increasingly popular, especially after the household income ceiling for eligibility was raised last year from $10,000 to $12,000.
There were 1,557 new EC units sold in the three months to March 31, up from 608 in the same period a year ago.
Take the new site in Pasir Ris. Any project built on it will have to compete with the recently launched Watercolours EC.
The Punggol Way EC site will add to others in the pipeline, such as the one at Punggol Central released in the first half of this year.
ERA Realty key executive officer Eugene Lim said the best of the six new plots is the one at the corner of Pasir Ris Drive 3 and Pasir Ris Rise, as it is near the sea and lifestyle amenities.
He added: 'I don't expect the bids to be aggressive, given the number of developments under construction in the area...
'It is possible that developers will price the units competitively, but it depends on market conditions.'
It is in the government’s agenda to provide an avenue to satisfy the upgrading aspirations of the sandwich class, the Government is pushing out sites for private residential development, including ECs.
Analysts highlighted that the Commonwealth Avenue plot was the choicest of the other plots slated for private projects as it is opposite the Queenstown MRT station and relatively close to town.
Another site slated for commercial and residential use - in Yishun Ring Road - is also attractive as it plugs a gap in the neighbourhood, which has a need for amenities.
The nearest mall, Northpoint Shopping Centre, is some distance away.
Source: The Straits Times – 14 June 2012
COMMERCIAL MARKET
Orchard Road fighting to keep its top status
ORCHARD Road is Singapore's premier shopping district - and it wants to stay that way.
Facing increasing competition from newer shopping areas, such as Marina Bay Sands, the association overseeing Orchard Road will be ramping up efforts to draw in more customers and drive sales.
These will take the form of public-private partnerships and new initiatives to be rolled out in five years, said Mr Steven Goh, the director of the Orchard Road Business Association (Orba).
Mr Goh added that this was necessary because Orchard Road faces competition not only from newer shopping areas such as Marina Bay, but cities such as Hong Kong and Bangkok
Retail and management consultants said the challenge for Orba is to get businesses in Orchard Road to see beyond their bottom lines and invest in the area. They added that Orba also needed to find a sustainable funding model to pay for its initiatives, which now include the annual Christmas light-up along Orchard Road, and fashion show Fashion Season@ Orchard.
Currently, Orba has 65 members - mainly hotels, shopping malls and retailers - that represent about 80 per cent of Orchard Road properties.
Some ideas it is considering include adding water fountains to the street, and modifying road signs to show not just the streets but also landmarks.
A mobile phone location-enabled app that lists all the shops and restaurants in Orchard Road may also be in the works.
For the longer term, Orba will explore the possibility of making Orchard Road vehicle-free on weekends, Mr Goh said.
Source: The Straits Times – 14 June 2012
Big boost for suburban commercial centres
NEW commercial land sites are to be released for sale to help boost commercial centres taking shape outside the city centre.
The announcement yesterday is part of a strong push by the Government to develop these centres.
The Ministry of National Development (MND) released a slew of land parcels for sale in key suburban areas such as Jurong and Paya Lebar.
For instance, a 1.2ha commercial site in Venture Avenue in the Jurong Gateway area will be available in December as part of the government land sale programme for July to December.
The MND said that this 'will continue the momentum to develop the area into a vibrant commercial hub... and provide the opportunity for the development of more affordable office space that can cater to users who do not need a central business district location'.
Other suburban areas earmarked for future growth are also set to see their skylines change, with new sites being offered.
A 2.07ha commercial site in the Paya Lebar area, for instance, is up for sale on the reserve list.
The site, at the junction of Tanjong Katong Road and Sims Avenue, can yield an estimated 86,940 sq m of commercial space, although the developer will also have the option of building some homes on the plot.
Paya Lebar Central is one of the three commercial hubs selected to provide alternative locations for businesses and to bring jobs closer to homes as part of the Urban Redevelopment Authority's (URA) decentralisation strategy.
The other two are Jurong Lake District and Kallang Riverside.
But residents of Punggol can also look forward to enjoying a new recreational area, with a commercial site at Punggol Point 'envisioned to be developed into a rustic seaside dining destination'.
It will be put up for sale in December as part of the URA's plans to transform the area into an attractive waterfront promenade for sports and recreation.
The MND also said in a statement that, apart from the government land sale, various other agencies are planning to introduce an extra 86,000 sq m of commercial space.
The supply will come partly from various vacant state properties managed by the Singapore Land Authority as well as new commercial space in parks, Housing Board estates, community centres and MRT stations.
One example is the former CID headquarters at Eu Tong Sen Street, which will be tendered out for commercial uses.
Experts say these sites are likely to draw interest as developers are keen to ride on the Government's strategic development plans.
Source: The Straits Times – 14 June 2012
No comments:
Post a Comment