Property News Roundup May 2018
Chancery Court In District 11 Sold En Bloc For $401.8m
Chancery Court, a privatised HUDC estate right across the road from the Anglo Chinese School campus, has been sold en bloc for $401.78 million, or six percent higher than its reserve price of $390 million, revealed marketing agent OrangeTee Advisory on 17 May.
The purchase price works out to a land rate of about $1,610 psf per plot ratio, after taking into account a differential premium and lease upgrading premium of around $182.4 million to redevelop the site to a gross plot ratio of 1.4, based on the maximum permissible gross floor area of 362,788 sq ft, and to top up the lease to a fresh 99 years.
With a site area of approximately 259,134 sq ft, Chancery Court comprises a 16-storey tower block and seven blocks of four-storey walk-up maisonettes.
85% Of Twin Vew Units Sold Over Weekend Launch
CSC Land’s Twin Vew condominium in West Coast Vale sold 85 percent or 442 of the total 520 units during the weekend launch in early May.
All unit types had a good take-up rate, including four penthouses sold. The average price of units sold was $1,399 psf.
Thousands of buyers turned up for the balloting exercise at the showflat, which saw a queue form as early as 8am on Saturday. This comes after a successful two-week preview period.
URA To Adjust Guidelines If Developers Build Too Many Shoebox Units
The Urban Redevelopment Authority (URA) said earlier this month that it will intervene, if needed, to prevent property developers from building too many tiny apartments or shoebox units amidst the ongoing collective sales fever.
“We agree that shoebox units should not form a disproportionately large portion of Singapore’s housing stock,” wrote Goh Chin Chin, development control group director at URA, in response to recent forum letters in the Straits Times.
“We are monitoring the trend closely and will adjust the guidelines if needed.”
Up To 29 New Launches Offering 14,200 Units For Rest Of Year: Report
Up to 29 private residential projects could be launched between the second and fourth quarters of this year, supplying about 14,200 new units and raising concerns of an overheating housing market, according to a recent report from List Sotheby’s International Realty, Singapore.
The report analysed recent en bloc sales and Government Land Sales (GLS) sites, based on the assumption of a period of nine to 12 months for projects to be built on GLS sites to obtain all planning approvals before launching, and a longer period of 15 to 18 months for collective sale sites.
As such, the property consultancy identified 29 sites acquired by developers from mid-2016 to August 2017 that could be launched later this year.
Extracted from Propertyguru