Private property prices... Up or Down?

[Showster]

Another way to think of pent up demand is the car market.

 

Similar enough.

 

Another way is to scour through the thread from 2008 till today. You will also get an indication of what's pent up.

 

Be the ant not the grasshopper. Work hard for what you want especially in SG. Analyse the data in depth and not superficially.

Edited May 21, 2016 by Showster

[Mercs]

http://www.theedgeproperty.com.sg/content/47m-profit-semi-detached-house-district-11

May 21, 2016

 

The top gain based on URA caveats released on May 6 and 10 accrued to a freehold semi-detached house on Jalan Tempua in District 11. The house, which sits on a 4,338 sq ft land area, fetched $7.6 million ($1,752 psf on land) last month, yielding a profit of $4.7 million. The seller purchased the land in October 2003 for $2.9 million ($673 psf). The profit works out to an annualised gain of 8%.

 

In District 19, a seller netted a profit of $2.8 million, or 315%, from the sale of a terrace house on Brockhampton Drive. This translates into an annualised gain of 12%. The property sits on a 999-year leasehold plot of 2,799 sq ft. The seller had purchased the property in July 2003 at $880,000 ($315 psf on land) and resold it last month for $3.7 million ($1,306 psf).

 

In the non-landed housing segment, three freehold condominium units reaped more than $1 million in profit for their sellers last month. All three units had been held for more than 10 years.

 

A 2,196 sq ft three-bedroom unit at Diary Farm Estate was sold for $2 million ($911 psf) in April 2016, yielding $1 million in profit, or an annualised gain of 4%. The home was previously purchased for less than half the price, or at $439 psf, in July 1998.

 

At Tanglin Park, one seller made a profit of $1.2 million from the sale of his 1,335 sq ft condo unit. He bought the three-bedroom home for $1.3 million ($981 psf) in August 1999 and resold it for $2.5 million ($1,888 psf) last month. All 11 homes sold at the project since 2014 have been profitable.Tanglin Park is a 274-unit freehold condo in District 10 that was completed in 1989.

 

Meanwhile, a 1,399 sq ft, three-bedroom home at The Shelford in District 11 was transacted at a $1.1 million profit. The house was bought in a sub-sale for $1.2 million ($858 psf) in May 2003 and resold for $2.3 million ($1,658 psf) in April this year.

 

Amid the negativity surrounding Sentosa Cove homes, a 1,636 sq ft, three-bedroom unit at The Berth by the Cove was sold at a $743,000 profit, making it the most lucrative non-landed home sold in Sentosa so far this year. The waterfront property was purchased directly from the developer for $1.4 million ($829 psf) in December 2004 and resold for $2.1 million ($1,284 psf) last month.

[car50]

"pent up" demand is frequently used by economists to refer to a return of STRONG SPENDING after a period of DECREASED SPENDING 

As discussed by others here, the ABSD, TDSR have distorted the picture, and changed buying behaviour

Now it is largely driven by market sentiments and also marketing strategies and potential acute govt intervention 

 

When most people decide to buy a property, very few look at the projected "pent up" demand figures in order to time it, esp now when everyone knows that govt relaxation of measures will change this demand overnight. 

In land scarce Singapore and with increasing population, whether for investment or stay, the demand will always be there

This demand is highly dynamic and policymakers' main priority is to soothe out this demand such that it does not lead to wild swing in prices.

 

Pent-up demand.  Is it real?

 

If you read the property news regularly, you might come across this phrase "pent-up demand" used by some property developers in explaining why their particular developments are doing well in sales. 

 

Looking through this thread, I note that some bros are sceptical about this "pent-up demand" and attribute this to "market talk to push up sales", or simply "rubbish".  Are our bros right?

 

While it sounds silly to analyse this phrase (there is nothing else to analyse, is it?), I will like to bring this into a discussion, for this weekend entertainment, if you like.

 

In simple terms, "pent-up demand" refers to a demand that has not been able to be expressed or fulfilled, due to a reason. In our context, this refers to someone wanting to own a private property, but has been held back due to a variety of reasons, ranging from "scare to lose money on this one", "what happens if I lose a job and cannot afford the loan payments down the road", "why must I pay the buyer's ABSD?", "still waiting for a right development to come along", "Not located in my desired area", "I think the price is too high for my liking", etc.  So many are sitting on the fence, waiting for some event to happen, such as removal of the cooling measures, property market turn-around, developers cutting prices, etc.

 

Let me bring an analogy using the stock market.  The stock market is like the property market (except that the latter transacted volumes are lesser).  Everyone is happily trading, buying low and selling high, the next buyer is buying high and selling even higher, so on and so forth.  

 

Many investors started to open margin trading accounts (these are accounts that do not need to make full payment on shares purchased; it is a leverage tool in which a small amount of your own money, let's say x dollars, is used to buy 5x dollars of shares - the 4x dollars are borrowed from the stock brokerage that you opened the margin account with).  In a rising market, margin trading poses no problem, as the profits obtained from buying and selling shares is more than enough to pay off the interest payment incurred due to the borrowing of 4x dollars for the short duration of buy/sell. 

 

Due to the stock market's exuberance and fearing a stock market bubble will happen, the government decides to step in.  No more margin trading allowed (cooling measure).  Each share purchase must be fully funded by its purchaser.  The stock market's trading dries up and share prices go into a tailspin as demand for shares dropped dramatically. For 3 years, the stock market becomes rather subdued, as transaction volumes hit a 10-year low.  Suddenly, the government announced that margin trading is allowed once more.  The stock market becomes alive again.  Buyers swamped and snapped up shares like there is no tomorrow.  This is pent-up demand in action.

 

 

Coming back to the property market, after the government re-iterated that cooling measures are here to stay a while longer, are the recent success of sales for Cairnhill Nine, OUE Twin Peaks and Sturdee Residences considered as a pent-up demand?  

 

Let's look at the facts and examine if there is a pent-up demand (as defined by me, using the stock market analogy, Sorry!).

 

A recent article in Property guru website.

 

--------------------------------------------------------------------

Developer sales down 36.2% from year ago

 

http://www.propertyguru.com.sg/property-management-news/2016/5/125228/developer-sales-down-36-2-from-year-ago

 

UPDATED: New private home sales in Singapore, excluding executive condominiums (ECs), fell by 11.6 percent to 745 units in April 2016, compared to the 843 units sold in the previous month, according to latest data published by the Urban Redevelopment Authority on Monday (16 May).

 

Year-on-year, developer sales plunged by 36.2 percent from the 1,167 units sold in April last year, data showed.

This comes despite the number of units launched rising to 900 in April from 682 units in March, noted DTZ.

 

“As the economy becomes more uncertain, and (with) the Additional Buyer’s Stamp Duty (ABSD) weighing on buyers’ decisions, more buyers prefer to stay put unless they find the project very attractive, in terms of its pricing and location.

“Notwithstanding, the release of May and June’s data will give a better indication on whether there is a further weakening of demand or not,” he added.

 

----------------------------------------------------------------

 

Statistics do not lie. 

 

Trading volumes (stock market), oops, I mean transacted volumes of the private properties have dropped year-on-year.   Based on my definition, I will hardly call the recent sales a pent-up demand.  Perhaps I am too harsh here.  Let's call it a pent-up demand from a tiny minority.

 

With the cooling measures still in place, we have to open our eyes big and see the overall big picture; lest we got blinded by what is happening right in front of us.  With the impending launch of the highly anticipated Stars of Kovan and Gem (Toa Payoh), let us wait for URA's next quarterly release of property prices and digest the sales for April to June 2016, before we make a judgement call.

 

The real pent-up demand

This will come when the government revises or removes some of the more punitive cooling measures.  When it happens, will history repeat itself?  Will we see a return of long queues of people lining up to book a unit (like in the 1990s) at launch time?       

 

[tenyawph]

http://www.theedgeproperty.com.sg/content/47m-profit-semi-detached-house-district-11

May 21, 2016

 

 

 

Good update. 

 

Every time a profitable property transaction takes place, we admire the lucky owner who made a tidy profit.   We tend to not think about two often overlooked aspects of the transaction.

 

1) The circumstances of the seller. Where is the previous owner (seller) going to stay now?  If this is not the seller's only property, then no worries.  If it is, to enjoy the same level of comfort and space, the seller probably will have to pay more to get an equivalent place.  The alternative is to rent a place, and wait for the next opportunity to own a place again. 

 

2) The circumstances of the buyer. So the buyer got the property at a higher price.  While we might be saying on hindsight that the buyer could have a better deal if he had bought this exact unit or an unit of the same development earlier, perhaps he could had sold off a larger and more expensive property earlier, and with the profits made, bought this new property as a downgrade.

 

We really don't know.

 

Case in point. 

My uncle bought a semi-detached house in Coronation Road West in the 1970s for over $100,000.  In the early 2010s, he disposed of it for over $4M.  He bought a resale condo unit at Newton area, and paid over $2M for it, setting the highest record of $ psf paid for an unit in that condo development. 

 

The seller, a doctor by occupation, was laughing all the way to the bank (according to my uncle), as it was an offer that he could not refuse, having bought the place at a much cheaper price. 

 

But to my uncle, he was very happy with the unit that he purchased, as it was on the highest floor, and comes with an open terrace space.  He renovated it and installed a very nice and large veranda which he often uses to entertain his guests (my family included) during the evenings.  Not forgetting, he got a net $2M gain, even when he had 'over-paid' for this property.

 

So what can we conclude from here?

 

Life is short.  No matter what happens, whether you win or lose when buying a private property, always remember this:  Do not fret, for it is better to enjoy the stay in the property, than to think of what could have been.  $$$ lost can always be earned back.  

 

Most importantly, make sure you stay solvent, so that the property remains yours to keep and enjoy.

 

My dream?  A cluster home in a condo development, relaxing on a sofa, seeping a cold drink and overseeing a nice scenery of forested and a flowing river.

[Yeshe]

i have a pent up demand for porky 911 since 10 years ago ... still penting up ....

Bro, u strongly believe your pent up can be fulfilled anytime. It's a matter of u want or dun want

[Yeshe]

http://www.theedgeproperty.com.sg/content/47m-profit-semi-detached-house-district-11

May 21, 2016

 

The top gain based on URA caveats released on May 6 and 10 accrued to a freehold semi-detached house on Jalan Tempua in District 11. The house, which sits on a 4,338 sq ft land area, fetched $7.6 million ($1,752 psf on land) last month, yielding a profit of $4.7 million. The seller purchased the land in October 2003 for $2.9 million ($673 psf). The profit works out to an annualised gain of 8%.

 

In District 19, a seller netted a profit of $2.8 million, or 315%, from the sale of a terrace house on Brockhampton Drive. This translates into an annualised gain of 12%. The property sits on a 999-year leasehold plot of 2,799 sq ft. The seller had purchased the property in July 2003 at $880,000 ($315 psf on land) and resold it last month for $3.7 million ($1,306 psf).

 

In the non-landed housing segment, three freehold condominium units reaped more than $1 million in profit for their sellers last month. All three units had been held for more than 10 years.

 

A 2,196 sq ft three-bedroom unit at Diary Farm Estate was sold for $2 million ($911 psf) in April 2016, yielding $1 million in profit, or an annualised gain of 4%. The home was previously purchased for less than half the price, or at $439 psf, in July 1998.

 

At Tanglin Park, one seller made a profit of $1.2 million from the sale of his 1,335 sq ft condo unit. He bought the three-bedroom home for $1.3 million ($981 psf) in August 1999 and resold it for $2.5 million ($1,888 psf) last month. All 11 homes sold at the project since 2014 have been profitable.Tanglin Park is a 274-unit freehold condo in District 10 that was completed in 1989.

 

Meanwhile, a 1,399 sq ft, three-bedroom home at The Shelford in District 11 was transacted at a $1.1 million profit. The house was bought in a sub-sale for $1.2 million ($858 psf) in May 2003 and resold for $2.3 million ($1,658 psf) in April this year.

 

Amid the negativity surrounding Sentosa Cove homes, a 1,636 sq ft, three-bedroom unit at The Berth by the Cove was sold at a $743,000 profit, making it the most lucrative non-landed home sold in Sentosa so far this year. The waterfront property was purchased directly from the developer for $1.4 million ($829 psf) in December 2004 and resold for $2.1 million ($1,284 psf) last month.

Talk machiam no talk, any, I repeat ANY properties bought in sg during the low period 10+ yrs ago CONFIRM make profit selling anytime in recent years.

[Duckduck]

Talk machiam no talk, any, I repeat ANY properties bought in sg during the low period 10+ yrs ago CONFIRM make profit selling anytime in recent years.

 

yup n in case pple thk d next 10yrs prices will triple double like last time, unless p8p pump in 30-40% more population n risk losing power, which aint gona happen, our golden age for property is long gone. i expect 2-3% gain per annum, in line w political ambitions of p8p.

[Yeshe]

yup n in case pple thk d next 10yrs prices will triple double like last time, unless p8p pump in 30-40% more population n risk losing power, which aint gona happen, our golden age for property is long gone. i expect 2-3% gain per annum, in line w political ambitions of p8p.

People wanna make it sound like rocket science

[tenyawph]

Does purchasing a freehold condominium, and holding it for close to 20 years before reselling, necessarily means a certain profit?

 

Let's examine a 365-unit freehold condominium, Ballota Park Condominium, Mariam Way, at Pasir Ris.  After the government had imposed anti-speculation measures in May 1996, this development was launched a few months later in the late 3rd Quarter, at an average of >$600 psf. 

 

It was considered a steal at that time, given that a leasehold condominium, East Point Green, Simei, was also selling at the same time for an average of >$600 psf too.

 

For the record, there are a total of 139 unprofitable transactions and 118 profitable transactions lodged for Ballota Park (Info: Edge Property Website).   Who could have thought 20 years ago, that a condominium, a freehold one at that, could have dealt a 'cruel' fate (i.e. made a loss) for more than one third of its owners who bought it? 

 

Let's examine the past transactions for Ballota Park in recent years (2011-2016), 15 to 20 years after the launch of this development.  One will suppose that it is hard to even conceive that in a rising market, from 2009 to 2013, unprofitable transactions even take place.

 

 

So this begs the question, why is it that Ballota Park, a freehold condo, cannot appreciate in prices, in the order of magnitude, like any other freehold properties would? 

 

 

ITS' ABOUT LOCATION, LOCATION, LOCATION

 

This is the first lesson that any would-be property investor should learn.  Location plays the most important factor in determining the future price appreciation of any property development. 

 

So what is it that makes Ballota Park so "undesirable"?  If one will to drive along Upper Changi Road North to reach Mariam Way, one cannot miss the huge complex on the right of the road, directly opposite Ballota Park.  What is that huge complex?  Check it yourself.  It is a place that you do not wish to become a resident there.

 

In conclusion, before committing to a private property, do survey the neighbouring area, and watch out for anything that will put off future buyers.  When in doubt, bring a property-savvy person along to help you. 

 

  

Edited May 21, 2016 by tenyawph

[Sabian]

Does purchasing a freehold condominium, and holding it for close to 20 years before reselling, necessarily means a certain profit?

 

Let's examine a 365-unit freehold condominium, Ballota Park Condominium, Mariam Way, at Pasir Ris.  After the government had imposed anti-speculation measures in May 1996, this development was launched a few months later in the late 3rd Quarter, at an average of >$600 psf. 

 

It was considered a steal at that time, given that a leasehold condominium, East Point Green, Simei, was also selling at the same time for an average of >$600 psf too.

 

For the record, there are a total of 139 unprofitable transactions and 118 profitable transactions lodged for Ballota Park (Info: Edge Property Website).   Who could have thought 20 years ago, that a condominium, a freehold one at that, could have dealt a 'cruel' fate (i.e. made a loss) for more than one third of its owners who bought it? 

 

Let's examine the past transactions for Ballota Park in recent years (2011-2016), 15 to 20 years after the launch of this development.  One will suppose that it is hard to even conceive that in a rising market, from 2009 to 2013, unprofitable transactions even take place.

 

Ballota Park.jpg

 

So this begs the question, why is it that Ballota Park, a freehold condo, cannot appreciate in prices, in the order of magnitude, like any other freehold properties would? 

 

 

ITS' ABOUT LOCATION, LOCATION, LOCATION

 

This is the first lesson that any would-be property investor should learn.  Location plays the most important factor in determining the future price appreciation of any property development. 

 

So what is it that makes Ballota Park so "undesirable"?  If one will to drive along Upper Changi Road North to reach Mariam Way, one cannot miss the huge complex on the right of the road, directly opposite Ballota Park.  What is that huge complex?  Check it yourself.  It is a place that you do not wish to become a resident there.

 

In conclusion, before committing to a private property, do survey the neighbouring area, and watch out for anything that will put off future buyers.  When in doubt, bring a property-savvy person along to help you. 

Bird don't lay eggs location plus Changi Prison with no MRT plus so many other similar sized (read >500 units) all using the same 2 lane road...

 

Can't any worse unless it becomes part of Johor.

[Showster]

yup n in case pple thk d next 10yrs prices will triple double like last time, unless p8p pump in 30-40% more population n risk losing power, which aint gona happen, our golden age for property is long gone. i expect 2-3% gain per annum, in line w political ambitions of p8p.

2-3% gain per annum is fantastic for all. If really achieve, it will be soft landing achieved.

[Porker]

People wanna make it sound like rocket science

 

Very smart. Tonight I let you blow longer  End of OT back to real estate please.

[Mercs]

http://www.businesstimes.com.sg/real-estate/launch-prices-for-stars-of-kovan-marked-down

May 21, 2016

 

A Cheung Kong Property spokeswoman said it is "a Cheung Kong tradition" to offer special discounts to the first batch of buyers as an incentive; prices may be raised after the launch weekend, depending on demand.

 

After factoring in a "VIP discount package" which includes a net 5 per cent and up to S$20,000 off this weekend's price list, the average pricing of S$1,417 psf for Stars of Kovan this weekend is a mark-down from the earlier indicative average of between S$1,550 and S$1,600 psf for the 390 condo units in the development

 

 

In the high-end residential market, City Developments Limited (CDL) is expected to launch its freehold, prime District 10 project Gramercy Park next month, at an average S$2,600 psf.

 

It is said to have sold fewer than 10 units ahead of the launch. Caveats have been lodged for two units of between 1,880 and 1,980 sq ft and sold for between S$2,500 and S$2,700 psf.

 

A CDL spokeswoman said that following the roadshows in Jakarta, Surabaya, Hong Kong and Shenzhen, deposits for some more units before issuance of options are pending; in addition to this, some overseas buyers have made or are making arrangements to come to Singapore to view the project.

 

 

Also located along Grange Road is OUE Twin Peaks, which has sold more than 120 units since late March.Units there went for around S$2,500 psf on average, based on caveats lodged.

 

The deferred payment scheme offered for this development appears to have worked; agents said about 70 per cent of buyers since late March have opted for it. This is despite there being a lower price discount - 12 per cent instead of 15 per cent - for buyers who opt for it.

[Mercs]

http://www.theedgeproperty.com.sg/content/just-sold-caribbean-keppel-bay-unit-profits-despite-low-price

JUST SOLD: Caribbean At Keppel Bay unit profits despite low price

May 19, 2016

 

Two similar sized units have been sold at Caribbean At Keppel Bay, one on the second floor at $3.85 million, and another on the eighth floor at $3.02 million.

 

The second floor unit sold at a $830,000 or 26% premium, above the eighth floor unit, despite being 150 sq ft smaller. This is likely due to it having a sea view.

[Mercs]

http://www.straitstimes.com/business/property/shunfu-ville-estate-sold-for-638m

MAY 21, 2016

 

The Shunfu Ville estate in Bishan has been sold for $638 million, with many of its owners reaping a tidy profit.

 

The price works out to an average price of $1.782 million for owners of the 358-unit privatised Housing and Urban Development Company (HUDC) estate.

 

That is almost 50 per cent above the typical value of a unit on its own, said Ms Yong Choon Fah, national director of capital markets at JLL, which brokered the sale.

 

"We are very happy. I feel it's the right thing for Shunfu Ville - we are an ageing estate of about 30 years now, in a very good location and underutilising our plot ratio," collective sale committee chairman Woo Hon Wai told The Straits Times.

 

 

Ms Yong of JLL noted that the size of the Shunfu Ville plot offers the developer a development pipeline similar to it landing two or three sites from the Government.

 

Qingjian expects to build over 1,000 condo units and even some terraced units on the 408,927 sq ft site. The land has about 70 years left on its lease and a plot ratio of 2.8.

 

Qingjian expects to pay about $123 million in differential premium for intensifying land use and another $94 million to top up the lease in addition to the $638 million sale price. Overall, it is paying about $747 psf per plot ratio (psf pr) for the site, lower than the $791 psf pr the original reserve price would have entailed.

 

This is comparable to prices at recent Government Land Sales (GLS) sites, noted Mr Desmond Sim, CBRE research head for Singapore and South-east Asia. The Toa Payoh site of the future Gem Residences went for $755 psf pr last year, for example.

 

Qingjian noted yesterday that its first development project in Singapore, Natura Loft, is just across the street from Shunfu Ville. "Our prior experience in Bishan-Thomson gives us confidence in this development," said Mr Li Jun, general manager of Qingjian.

 

The market is also now much healthier than about five years ago and the result of cooling measures is that developers now have a clearer view of buyer demand, Mr Li added. Given this and the long-term warm reception to the area, "we believe the size of the project will not be an issue", he said.

 

Owner Teo Chong, 77, said he enjoyed the convenience of the project but noted that repair costs had been more onerous since the estate was privatised in 2013. Owner James Law, 74, who bought his unit for less than $230,000 back when Shunfu Ville was first launched, said he would miss the place. "We're a close-knit community and that is difficult to replicate."

[Mercs]

http://www.straitstimes.com/business/property/other-privatised-hudc-estates-that-also-went-en-bloc

Other privatised HUDC estates that also went en bloc

MAY 20, 2016

 

Just five privatised Housing and Urban Development Company (HUDC) estates have been successfully sold en bloc so far. These are:

 

1) FARRER COURT

 

The 618-unit development remains the priciest en bloc deal by quantum to date. It went for about $1.34 billion in June 2007. The D'Leedon by CapitaLand current sits on the plot of land.

 

2) GILLMAN HEIGHTS

 

Now The Interlace by CapitaLand, the 607-unit development went for $548 million in February 2007.

 

3) WATERFRONT VIEW

 

The 583-unit development was sold for $385 million in May 2006. Currently four condos stand in its place: Waterfront Waves, Waterfront Key, Waterfront Gold and Waterfront Isle.

 

4) MINTON RISE

 

Back in January 2007, the 342-unit development went for $209 million. Today, a new condo called the Minton by Kheng Leong, occupies the plot of land.

 

5) AMBERVILLE

 

Far East Organisation paid $183 million for the the 168-unit development in January 2006. Far East has since built the Silversea condo on the plot of land.

[Showster]

What we are more interested in is which is the next HUDC queueing up for en bloc.

 

Will it be able to beat this price?

 

Should start a poll for this.

 

Is it going to be one off?

 

 

http://www.straitstimes.com/business...may-be-one-off

Shunfu Ville sale may be one-off

Rennie Whang

23 May 2016


News of the $638 million collective sale of Shunfu Ville last Friday must have been heartening for many owners of flats in ageing condos but the champagne should be kept on ice for a while longer.

Only one collective sale took place last year - mixed-use Thong Sia Building in Orchard - and none was completed in 2014.

This has not been for want of trying. Owners at Normanton Park and Amber Park are among those who have tried their luck in recent years and come up short. So while news of a collective sale could rekindle some excitement in the market, Shunfu Ville is likely to be the exception for some time.

Pricing has been the main stumbling block in most cases.

"While the Shunfu Ville sale could spark some life back into the market, the supply of realistically priced collective-sale opportunities is a key challenge," said Mr Karamjit Singh, international director of JLL, which brokered the Shunfu sale.

Apart from price point, site attributes, the size of a development and developers' outlook on the market are factors, said Mr Desmond Sim, CBRE research head for Singapore and South-east Asia.

Going by the turnout for Shunfu Ville, most developers do not seem bullish. The site, first launched for sale last year, attracted two letters of interest - one of which was from eventual purchaser Qingjian Realty (South Pacific) Group. It again attracted only two parties, including Qingjian, when the site was relaunched in January despite the land cost of about $747 per sq ft per plot ratio being quite reasonable, compared with recent sales nearby.

Would-be bidders were no doubt wary of the large site, given the law now that developers must build and sell all units on a site within five years or face paying Additional Buyer's Stamp Duty. There is also more risk associated with sites sold en bloc, evident from the foiled sale of Gilstead Court, for example.

The market is not ideal for such deals and anybody wishing to sell in this manner will have to price the property accordingly or ride out the current period of uncertainty.

Rennie Whang

 

http://www.straitstimes.com/business/property/other-privatised-hudc-estates-that-also-went-en-bloc
Other privatised HUDC estates that also went en bloc
MAY 20, 2016

Just five privatised Housing and Urban Development Company (HUDC) estates have been successfully sold en bloc so far. These are:

1) FARRER COURT

The 618-unit development remains the priciest en bloc deal by quantum to date. It went for about $1.34 billion in June 2007. The D'Leedon by CapitaLand current sits on the plot of land.

2) GILLMAN HEIGHTS

Now The Interlace by CapitaLand, the 607-unit development went for $548 million in February 2007.

3) WATERFRONT VIEW

The 583-unit development was sold for $385 million in May 2006. Currently four condos stand in its place: Waterfront Waves, Waterfront Key, Waterfront Gold and Waterfront Isle.

4) MINTON RISE

Back in January 2007, the 342-unit development went for $209 million. Today, a new condo called the Minton by Kheng Leong, occupies the plot of land.

5) AMBERVILLE

Far East Organisation paid $183 million for the the 168-unit development in January 2006. Far East has since built the Silversea condo on the plot of land.

 

Edited May 23, 2016 by Showster

[Voodooman]

Another one bites the dust. Stars of Kovan (what a name) is at least near MRT, food centre, Heartland mall but sold just 60 units out of 390 units at $1,408 psf at launch. GEMS is asking for higher psf pricing and location is inferior, IMHO (got ERP gantry infront, WTF), I will be surprised it outperforms SOK but I might be wrong, many cheques collected.

 

 

Stars of Kovan units fetch even less than expected

60 homes sold over weekend at average S$1,408 psf, below Friday's downgraded average of S$1,417 psf

 

http://www.businesstimes.com.sg/real-estate/stars-of-kovan-units-fetch-even-less-than-expected

 

http://www.theedgeproperty.com.sg/content/developer-unveil-showflats-release-prices-gem-residences

Developer unveil showflats, release prices for Gem Residences

May 20, 2016

 

One-bedroom units sized from 452 sq ft will be priced between $578,000 and $741,000.

 

Two-bedroom units from 570 sq ft will be priced between $750,000 to $1.16 million.

 

Three-bedroom units sized from 936 sq ft will cost around $1.2 million to $1.56 million.

 

Four-bedroom units of 1,249 sq ft will be rolled out at prices from $1.66 million to $1.82 million.

 

Five-bedroom units of 1,313 sq ft will be in the range of $1.75 million to $1.91 million.

 

As of May 19, about 1,500 people have registered interest in the development that will have a total of 578 units.

Edited May 23, 2016 by Voodooman