RESIDENTIAL MARKET
Luxury features make Heron Bay a big draw
Heron Bay executive condominium (EC) in Upper Serangoon View, one of the more lavish EC projects, drew 1,664 applications for its 394 units after the one-week e-application closed on Sunday.
This translates to approximately 4.2 applicants for each unit, the highest subscription rate for an EC over the past few years.
According to Vincent Ong, managing partner of Evia, a partner in the development consortium, the project's luxury features on an EC budget is what makes it so appealing.
Units are priced between $715 and $720 per square foot on average. The smallest unit, at about 775 sq ft, is expected to cost around $560,000, while the five-bedroom penthouse has an area of 2,841 sq ft and is expected to cost between $1.5 million and $1.6 million.
The five-room penthouse units are a first for an EC development.
Applicants for the units range from young couples to multi-generational families interested in the bigger penthouse units.
Some ground floor units can opt to have a jacuzzi pool of up to six metres in length or a garden pond. European household appliances, free fibre broadband service for a year, a basement carpark and a swimming pool with hydroactivated water that is said to have health benefits, are among the other features offered.
A sea sports recreational centre with kayaks and tandem bikes will also be available.
The project is sandwiched between Serangoon River and Punggol Park.
The EC is being developed by a consortium comprising Ho Lee Group, See Hup Seng, CNH Investment and Evia Real Estate Management. Construction is due to be completed some time in 2016.
Balloting will be conducted in about two weeks and successful applicants will be able to book their units from Oct 26.
Source: Business Times – 25 September 2012
INDUSTRIAL MARKET
Four industrial property parcels up for sale
Four buildings - a seven-storey corner terrace building, a five-storey industrial building, a single storey factory and an industrial redevelopment site - go on sale today.
The terrace building at 1 Kaki Bukit Place, with a built-in area of 30,570 sq ft, sits on approximately 11,950 sq ft of land. Its 60-year lease began on Nov 20, 1995.
Between March and July, seven similar terrace units in the vicinity changed hands, with the latest transaction fetching $1,399 psf.
The guide price for 1 Kaki Bukit Place is $11.95 million, which works out to approximately $390 psf on the built-up area and $1,000 psf on the land area. It will be sold with vacant possession.
The second building to be sold is the Global Innovation Centre industrial building at 152 Ubi Avenue 4.
It sits on 49,187 sq ft of land and has a gross floor area of 98,246 sq ft.
The tenure of the property is 30 years, with an option to renew it for another 30 from Feb 1, 1997.
The third building, a standard single-storey factory with a mezzanine level along 42 Changi South Street 1, is being sold for a guide price of $11 million, which works out to $215 psf ppr.
The building has a gross floor area of 51,204 sq ft and a tenure of 30 years, with an option to renew it for another 30 with effect from July 1, 1996.
The current lessee, independent worldwide supplier and manufacturer of high-quality printers Printronix Schweiz GmbH, is exploring a sale and leaseback of the building.
Pak Chong Building at 78 Playfair Road, the fourth building on sale, occupies a freehold site and has a land area of 25,782 sq ft.
At a guide price of $36 million, this translates to a land price of $559 psf ppr. The existing development, primarily used for light industrial, is made up of seven units with sizes ranging from 4,768.4 sq ft to 6,835 sq ft.
The tender for Pak Chong Building will close at 3pm on Oct 24; 1 Kaki Bukit Place and Global Innovation Centre are available via private treaty, while the deadline for expression of interest in 42 Changi South Street 1 is Oct 2.
Source: Business Times – 25 September 2012
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