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Derby Court sold to Roxy-Pacific unit for $73.88mil

Third time’s a charm for Derby Court, which was sold for $ 73.88 million to Roxy-Pacific subsidiary, RH Developments Two Pte Ltd.

Based on the development’s “as built” gross plot ratio of 2.872, the sale price translates to a land rate of around $ 1,390 psf per plot ratio, said Tan Hong Boon, regional director at JLL, which is the property’s sole marketing agent.

JLL noted that owners of the development stand to receive between $ 3.36 million and $ 6.65 million in gross sales proceeds per unit, reported Business Times.

Nestled on an 18,506 sq ft freehold site, Derby Court comprises two penthouses and 18 apartment units. It is located along Derbyshire Road within the Novena locale, near the Anglo-Chinese School (Junior) and just across the road from St Joseph’s Primary Institution (Junior).

In an SGX filing, Roxy-Pacific revealed that it intends to finance the acquisition by bank borrowings and internal funds.

It added that the acquisition is “not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December 2017”.

 

This article was edited by Keshia Faculin.

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HDB to maintain a steady supply of flats next year, Wong

The Housing and Development Board (HDB) will maintain a steady supply of around 17,000 new flats in 2018, comparable to the 17,584 flats launched this year, revealed Minister for National Development Lawrence Wong.

“We will continue to calibrate our flat supply carefully, taking into account underlying demand and the stability of the HDB resale market,” he said in a blog post.

Wong noted that around 1,000 flats will be launched in Yishun, Sembawang and Sengkang in the second half of 2018. The flats will have shorter waiting periods of around 2.5 years, instead of the usual three to four years for most other Build-to-Order (BTO) projects.

New flat buyers can expect a “good spread of projects across mature and non-mature estates, including flats in the new Tengah town”.

For this year, Wong said the government focused on helping first-timer families acquire their own home.

To help such couples better afford a flat in the open market, the government raised the Central Provident Fund Housing Grant from $ 30,000 to $ 40,000 or $ 50,000 in February 2017.

The enhanced grant has benefitted close to 6,900 first-timer households, said Wong.

The government also raised the rent subsidies for the Parenthood Provisional Housing Scheme (PPHS), benefiting around 840 households who are waiting for their new flats to be ready.

In August 2017, the government also launched the first Re-offer of Balance Flats (ROF) exercise for those with urgent housing needs or who are not so particular about location.

“While the flat selection exercise is still ongoing, about 800 households have already managed to book a flat,” shared Wong.

“All these mean that young couples will have even more affordable and accessible housing options to start their marriage and parenthood journey early.”

 

This article was edited by Keshia Faculin.

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Singapore economy to grow 3.3% this year

The Monetary Authority of Singapore’s (MAS) survey showed that analysts expect Singapore’s economy to grow 3.3 percent year-on-year in 2017, up from the earlier forecast of 2.5 year-on-year in September, reported Singapore Business Review.

In terms of indicators, analysts were more bullish on the manufacturing sector which is expected to expand 10.6 percent year-on-year, finance and insurance (3.7 percent year-on-year) as well as wholesale and retail trade (1.7 percent year-on-year).

The construction sector’s outlook, however, turned sourer as it dropped from -4.2 percent year-on-year to -7.6 percent year-on-year.

Meanwhile, 47 percent of the respondents believe the electronics sector offers a strong potential upside for the economy.

External growth and property market recovery are cited by 40 percent and 27 percent of the respondents, respectively. Exports upswing, on the other hand, accounted for 13 percent of all responses, down from 35 percent during the previous survey.

Although the composition of the top three downside risks from the September survey remained the same, more respondents, at 67 percent, felt the Chinese economic slowdown poses a significant potential downside.

Global trade protectionism and geopolitical uncertainty in the Middle East and North Korea continue to be major concerns.

The survey revealed that 40 percent of the respondents expect them to hinder economic growth, down from September’s 47 percent.

 

This article was edited by Keshia Faculin.

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Oxley buys Vista Park via en bloc sale for $418m

The owners of the 209-unit Vista Park in 50-66 South Buona Vista Road has agreed to sell the property via collective sale to Oxley Holdings for $ 418 million on Thursday (14 December).

The property was acquired by the company’s wholly-owned unit Oxley Spinel Pte Ltd, which intends the refresh the site’s remaining 66-year lease to 99 years and lift certain title restrictions by paying an additional $ 72 million to the Singapore Land Authority.

Oxley intends to redevelop the property, subject to obtaining all the necessary approvals from relevant authorities.

The site measuring 319,250 sq ft has a permissible height of up to five storeys and a plot ratio of 1.4. This works out to a potential gross floor area (GFA) of around 446,951 sq ft, meaning it could generate some 530 units with an average size of about 800 sq ft.

Meanwhile, another wholly-owned unit of the company, Oxley Vietnam Pte Ltd, has purchased a stake in a housing development in Dong Nai province, Vietnam for a total of US$ 12 million (S$ 16.2 million).

This was achieved by acquiring the entire share capital of Centra Cove Pte Ltd, a Singapore-incorporated company engaging in property development and investment holding.  In particular, 27 percent and 73 percent of the stake was acquired from Phuong Tuan Long and Teou Chun Tong Jason.

“Centra Cove holds 75 percent of the licensed charter capital of Phu Thinh Land Company Ltd, a company incorporated in Vietnam, of which only 16.81 percent of the charter capital has been paid up.” It is permitted by the local authorities to jointly develop a residential project at Dong Nai province with a state-owned firm.

 

This article was edited by Keshia Faculin.

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Govt unveils land sales programme for H1 2018

Six confirmed list and nine reserve list sites will be launched under the H1 2018 Government Land Sales (GLS) programme, announced the Urban Redevelopment Authority (URA) on Wednesday (13 December).

These land parcels could potentially yield approximately 8,045 private homes and 63,960 sq m in gross floor area (GFA) of commercial space.

According to Colliers International’s director and head of research Tricia Song, the amount of upcoming residential stock was within its expectations.

“The government has not bumped up the supply significantly. In fact, the total number of housing units remains relatively the same with the H2 2017 GLS programme of 8,000-plus units.

“This came about as the government took into consideration the large potential supply of around 20,000 units from awarded en bloc sales and GLS sites that have not yet been granted planning approval, on top of the around 18,000 unsold units that already have planning approval.”

In particular, the six confirmed list sites are mostly intended for private homes, including one for executive condominiums (ECs). These are expected to generate about 4,450 sq m GFA of commercial space and 2,775 private units, including 450 ECs.

Among the confirmed list sites, the plots at Cuscaden and Mattar Road are expected to be the most sought-after due to their location and size, said Edmund Tie & Co’s research head Dr Lee Nai Jia.

“For the Cuscaden site, we expect bids of around $ 1,600 to $ 1,750 psf per plot ratio (ppr), while bids at Mattar Road should range from $ 1,200 to $ 1,400 psf ppr. The number of units to be built on the land parcel at Silat Avenue may be on the high side, despite its favourable location.”

Similarly, Song believes that the land parcel in Cuscaden Road will be the most attractive. The rare luxury housing site has a palatable quantum of 170 units with an average size of 1,000 sq ft, and is projected to benefit from the recent sale of the prime Jiak Kim site.

The Mattar Road site could pique the interest of developers as it’s very close to the Mattar MRT station and there is limited supply in the area. But it is a relatively untested non-landed private residential location surrounded mainly by industrial estates, landed housing and HDB flats. 

Likewise, the Canberra Link EC site could also be popular given its proximity to the upcoming Canberra MRT station, and there is a limited supply of such residences in the vicinity, Song noted.

Meanwhile, the URA released the details of the nine reserve list sites, which consists of one commercial site and eight private housing plots, including two EC sites. These are expected to yield 59,510 sq m GFA of commercial space mostly for offices and 5,270 private houses, including 1,255 ECs.

Of these, Song is optimistic that the land parcels in Sims Drive and Peck Seah Street will be the most desirable. The former is within walking distance to the Aljunied MRT station. The latter is in the Central Business District near the Tanjong Pagar MRT station, and the last time a housing site was offered there was in 2007.

Likewise, Lee revealed that the Peck Seah Street plot is near many eateries and offices, and he thinks the site will get bids ranging from $ 1,600 to $ 1,750 psf ppr.

 

This article was edited by Keshia Faculin.

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