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Reflections Condo - Comparatively Low Cost

 

It has been reported :


Luxury homes may see build-up in sales
Last month's strong showing hints at comeback, say experts

The Straits Times - May 19, 2011
By: Esther Teo

Singapore Marq Condo

A 3,003 sq ft unit at The Marq on Paterson Hill recently sold for a record- breaking $5,842 psf, or $17.5 million in total, said media reports. -- ST PHOTO: NURIA LING


INTEREST in luxury homes seems to be creeping back, if April's new private home sales figures and reports of a fresh jaw-dropping record sale price are anything to go by.

A unit at SC Global's The Marq on Paterson Hill recently sold for a record-breaking $5,842 per sq ft (psf) - surpassing the previous high of $5,600 psf at The Orchard Residences in October 2007, media reports said yesterday.

This means the 3,003 sq ft four-bedroom apartment was sold at an absolute price of $17.5 million.

The Business Times reported the unit is on the mid- to upper levels of the 24-storey project, but is not a penthouse unit. The freehold project was completed earlier this year.

Last month, 15 non-landed homes priced at $3,000 psf and above were sold - the highest number since December, when more than 60 units of Robinson Suites were sold in this price range, Savills said.

These included units in Alba, Scotts Square, The Orange Grove and Tomlinson Heights.

Experts say these sales might provide early signs of a comeback by high-end homes, whose prices have struggled to recover to levels recorded during the boom in 2007.

However, the high-end segment must be monitored closely for the next few months before any trend can be firmly established, they add.

Kim Eng said in an analyst report that only three ultra-luxury projects - The Ritz-Carlton Residences, The Orchard Residences and The Marq on Paterson Hill - have achieved unit prices of more than $5,000 psf.

'The latest above $5,000 psf transaction will certainly get the attention of high-end developers that are currently holding back on new project launches,' the report added.

'It might well be the tip of the iceberg, as we could see more sales breaking above the $5,000 psf mark.'

However, Cushman & Wakefield Singapore vice-chairman Donald Han noted that while he is confident that the high-end segment will do 'fairly well' for the rest of the year, not all projects can expect to set new benchmark prices.

The record price is likely an exception and limited to certain units and specific developments, he added.

'But Singapore continues to be a sweet spot for investors with its robust economy and political stability... These factors look good to foreigners who contribute to the high-end activity here, making up 60 to 65 per cent of the segment above $3,000 psf,' he added.

Experts also noted that some of the posh apartments sold last month - such as at Nassim Park Residences, The Orchard Residences and The Orange Grove - are already completed.

This could have encouraged sales since buyers of expensive apartments might prefer seeing the finished product before making a purchase decision.

Mr Tan Kok Keong, OrangeTee's head of research and consultancy, said luxury homes are often more valuable when completed.

'Buyers are able to see what they are going to get rather than just buying off a plan,' he added.

 

http://property.st701.com/resources/index.php?c=article&aid=10447&title=Luxury-homes-may-see-build-up-in-sales

Page 70

 

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Two land sites at Orchard, Tanjong Pagar up for sale

 

It has been reported :


by HARSHA JETHNANI


TWO centrally located land sites were offered for sale to developers yesterday – one for commercial and retail use, the other for inner-city homes.

Elizabeth Tower – a condo near Mount Elizabeth Hospital in the Orchard area – is a collective sale tender with an asking price of $630 million.

More than 80 per cent of owners have consented to the sale tender as required by law, marketing agent Credo Real Estate said yesterday.

 

The total gross floor area upon redevelopment of the 80-unit development is 277,682 sq ft, which includes an extra 10 per cent balcony gross floor area. Under the Master Plan 2008, 36-storey developments are permitted on the site.

 

Credo said the new development could boast 132 apartments with an average size of 2,000 sq ft, depending on the layout and configuration.

 

The $630 million asking price works out to $2,397 per sq ft per plot ratio (psf ppr), said Credo's managing director, Mr Karamjit Singh.

 

If the buyer purchases the additional 10 per cent space permitted for balconies, the cost works out to $2,323 psf ppr, he added.

 

At that price, a developer may expect to break even at about $3,000 psf to $3,100 psf, he said.

 

The last successful large collective sale in the area was Westwood Apartments, which sold for $435 million or $2,525 psf ppr in 2007.

 

The second property put up for sale yesterday was 70 Shenton Way, in the Tanjong Pagar district, at an indicative price of $270 million or $1,500 psf ppr.

 

The site currently boasts a commercial development, Marina House, comprising a four-storey podium and a 17-storey office tower with a gross floor area of about 210,729 sq ft.

 

Marketing agent DTZ said yesterday that the site has obtained provisional permission from the Urban Redevelopment Authority for the construction of a 32-storey mixed commercial and retail development.

 

In-principle approval from the Singapore Land Authority has also been obtained for a top-up of the lease to 99 years. The lease has 61 years left.

 

The tender for Elizabeth Tower closed on June22, while that for 70 Shenton Way closed a day later, on June 23.

 

 

The Straits Times

 

Page 71

 

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Two redevelopment sites up for sale

 

It has been reported :


Consortium that bought 70 Shenton Way is selling the site while Elizabeth Tower is the latest collective sale

TWO redevelopment sites have been put on the market - Elizabeth Tower and 70 Shenton Way.

70 Shenton Way: The office block has approval for redevelopment into a 60:40 commercial-residential project

A five-member consortium which includes Roxy-Pacific Holdings which bought 70 Shenton Way for $148 million in April last year is now seeking to sell the office block, which has approval for redevelopment into a 60:40 commercial-residential project, at a price said to be around $270 million.

This price works out to $1,583 per square foot per plot ratio (psf ppr) including an estimated $56.72 million for topping up the site's lease to 99 years from the balance term of 58 years and an estimated $6.93 million development charge (DC).

This calculation is based on the new development retaining 70 Shenton Way's existing gross floor area of 210,729 sq ft.

This is the maximum GFA allowed for the redevelopment under provisional permission granted by Urban Redevelopment Authority (URA) on Aug 31 last year and extended till Aug 31, 2011.

However, property consultancy group DTZ, which is marketing 70 Shenton Way's sale through a tender exercise, said that the unit land price could potentially be lowered to $1,534 psf ppr if the successful developer is allowed to tap the maximum 10 per cent bonus gross floor area for balconies for the residential component of the proposed development.

This would entail a higher DC of $11.2 million but a lower lease upgrade premium of $54.9 million (based on the lower unit land price).

Such a scheme would take the potential GFA to 219,158 sq ft inclusive of the 8,429 sq ft bonus balcony allowance.

URA's provisional permission is for a 32-storey project on the 19,736 sq ft site which will include shops on the ground floor.

The proposed project will have mechanical carparking in basement 1, as well as conventional car park lots in a podium carpark on levels two to five.

Above that will be offices, while 135 apartments will be spread across the 24th to 32nd levels. There will be three sky terrace levels - on the sixth, 14th and 23rd floors.

Singapore Land Authority has granted in-principle approval for topping up the site's lease to 99 years, although the amount payable for this has not been made known yet.

Besides Roxy-Pacific, the other members of the consortium which owns 70 Shenton Way are Fission Group, Macly Capital, Pinnacle Assets and architect Chee Hsian Sing. All five hold equal stakes.

The tender for 70 Shenton Way will close on June 23.

Roxy-Pacific executive chairman and CEO Teo Hong Lim told BT that while the consortium had originally planned to redevelop the site itself, it has now decided to try and sell the site through a formal tender process after receiving unsolicited enquiries from property agents keen on finding buyers for the site.

'This will also give us an opportunity to ride on the increase in office capital values over the past year,' he added.

'If the consortium does not get the kind of price we have in mind, we can still proceed to redevelop the property itself,' he added.

Separately, the majority owners of the freehold Elizabeth Tower at Mount Elizabeth off Orchard Road have put their homes up for collective sale with an asking price of $630 million.

The site is zoned for residential use with 2.8 plot ratio and 36-storey maximum height under Master Plan 2008. URA has verified the project's existing GFA reflects an equivalent gross plot ratio of 4.6474.

Based on this, the $630 million price tags works out to $2,496 psf ppr (with no DC payable).

However, the unit land price could potentially be lowered to $2,323 psf ppr assuming the successful developer is allowed to tap the maximum 10 per cent bonus balcony allowance, which would entail an estimated DC of $15 million being payable, according to Credo Real Estate, which is marketing the site.

On both calculations, the breakeven cost for a new project would cross the $3,000 psf mark, say analysts. The tender for Elizabeth Tower closes on June 22.

The $630 million price tag for Elizabeth Towers is lower than the $673 million asking price during the previous collective sale attempt for the property in late 2007.

The last successful large-scale collective sale site sold in District 9 was Westwood Apartments, which transacted at $453 million or $2,525 psf ppr in 2007.



Business Times

 

Page 72

 

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