RESIDENTIAL MARKET
Thomson View fetches $590m in en bloc sale
Thomson View condominium has been sold to a consortium led by Wee Hur Development Pte Ltd and Lucrum Capital Pte Ltd for $590 million after two previously unsuccessful en bloc attempts.
Including an estimated $107 million premium to enhance the property's use and a $90 million premium to top up the lease from the remaining 62 years to 99 years, this translates to $712 per square foot per plot ratio (psf ppr).
The 540,314-sq-ft site, located along Upper Thomson Road, is designated for residential use with a 2.1 plot ratio and 24-storey maximum height.
It comprises 100 residential apartments of 1,313 sq ft, another 100 residential apartments of 2,023 sq ft, 54 townhouses of 3,842 sq ft and one shop lot of 1,862 sq ft.
With the collective sale, owners are expected to receive proceeds of $1.62 million, $2.30 million, $3.59 million and $2.82 million respectively, representing an en bloc premium of 30 to 40 per cent above the current resale prices of individual units.
The plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft.
Source: Business Times – 7 September 2012
Bishan HDB executive maisonette changes hands for record $980,000
DESPITE its steep $980,000 asking price, a Bishan executive maisonette was snapped up on the first day of an open house held to sell it.
The buyers are a Singapore citizen and her Chinese-national father, and the seller is a Singaporean woman who is relocating to Shanghai for work.
The price tag makes this the most expensive Housing Board (HDB) resale flat sold. The last record was held by an executive flat in Toa Payoh, which was sold for $910,000 in May this year.
The $980,000 includes a $200,000 cash over valuation (COV), which is a premium paid to the seller in cash. It is also believed to be the highest ever COV reported.
ERA Realty's Cheryl Clare Ng, the agent of the Bishan seller, said 40 people viewed the 25-year-old property in Bishan Street 13 within the first two hours of the open house in June.
Its simple furnishings did not deter the buyers.
Instead, they were won over by how it is a spacious 1,800 sq ft and comes with a rare 150 sq ft open roof terrace.
Other attractions, Ms Ng noted, are its proximity to amenities such as schools.
The Bishan bus and MRT interchange is less than a 10-minute walk away.
"It's also on the 19th floor, has a great view and it is very airy most of the time," she said.
Such spacious maisonette units with open terrace roofs are hard to come by. There are only 48 such homes islandwide.
In 2005, a unit like this would have cost about $550,000.
Ms Ng said the buyers got a good deal: "If you compare it to a similar condo unit, you are effectively paying half the price for twice the space."
The $980,000 price equates to about $550 per sq ft.
A similar-sized condominium unit nearby would fetch at least $1,300 psf.
Property analysts, however, were quick to point out that the record-breaking deal is a one-off that is unlikely to drive up resale flat prices or COV quantums.
ERA Realty key executive officer Eugene Lim said he is not surprised that the Bishan unit fetched a high price since such homes are rare and flats in the area usually command a premium.
Source: The Straits Times – 7 September 2012
Seven units smash $900,000 price tag
SEVEN HDB resale flats have been sold for at least $900,000 - five in this year alone, property agency data show.
And according to the Singapore Real Estate Exchange, which collates information from the Housing Board and major property firms, a $1 million deal for an executive maisonette in Queenstown is in the works.
All seven transactions were in mature towns where there are well-developed transport links and amenities.
Three were in Bishan, two in Queenstown, and one each in Kallang and Toa Payoh. They range from 1,180 sq ft to 1,850 sq ft.
ERA Realty key executive officer Eugene Lim said these flats are likely to be on higher floors, well maintained and nicely done up, saving the new owner a tidy sum in renovations.
Upward prices of mass market condominiums are also driving up the prices of premium public flats.
A typical unit at the 99-year leasehold Watertown condominium in Punggol, for instance, can fetch about $1,300 psf. In contrast, the latest record-breaking deal for the 1,800 sq ft executive maisonette in Bishan cost about $550 psf.
Buyers of premium flats are typically private-property downgraders who have cashed out and want to live in a flat of comparable size. They can also afford high cash over valuation (COV).
There were two recently reported transactions where such downgraders paid high COVs - $168,000 for an executive maisonette in Tampines and $135,000 for a five-room flat in Holland Drive.
Source: The Straits Times – 7 September 2012
'Bullish' top bid from CDL/ Hong Leong
A tie-up between City Developments Ltd (CDL) and Hong Leong Holdings yesterday placed the top bid of $245 million or $793.02 per square foot per plot ratio (psf ppr) for a 99-year-leasehold mixed-use site near Potong Pasir MRT Station.
The bid exceeded market expectations and it was also about $24.4 million, or 11 per cent, higher than second highest offer of $714.10 psf ppr from Chip Eng Seng's unit CEL Property
The state tender drew eight bids, which analysts say attests to the popularity of residential projects with a commercial component.
CDL said last night its proposed scheme is for a residential development of up to 19 storeys, with around 28 commercial units on the ground floor. Some of the commercial units could be released for sale.
The authorities have stipulated a maximum commercial quantum of 2,000 square metres (about 21,528 square feet) gross floor area (GFA) on the ground floor, which can be carved into no more than 28 units, translating to an average unit size of about 71.43 sq m (nearly 769 sq ft). Also stipulated is a maximum 267 residential units, reflecting an average unit size of 100 sq m. The caps on the number of residences and commercial units are to ensure that the traffic generated from the project can be supported by the area's current road capacity.
Based on the CDL/Hong Leong's top bid, DWG the breakeven cost is estimated at $1,250-$1,300 psf and selling price for the apartments at $1,450-$1,500 psf. The retail component could be sold on a strata basis for around $4,000-4,500 psf.
Some market watchers consider CDL/Hong Leong's top bid "bullish". In July, property consultants predicted winning bids of $580-$750 psf ppr for the site.
CDL's spokeswoman noted that "demand for homes near MRT stations, in particular those integrated with commercial/retail components, continues to be robust".
"Given this, along with the ongoing transformation of the area around Potong Pasir MRT station into a private residential enclave, we expect this development to be highly sought after," she said.
Source: Business Times – 7 September 2012
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