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Vista Park up for collective sale for $350mil

Joining in the collective sale frenzy, Vista Park condominium has also launched a tender for en bloc sale, with the owners expecting offers of at least S$ 350 million, reported Business Times.

At this price, each unit owner could gain between S$ 1.16 million and S$ 3.5 million, which is a premium of more than 60 percent to what they could fetch if they sell individually in the open market.

Including the estimated lease top-up premium of around S$ 66 million, the land rate stands at around S$ 932 psf per plot ratio. This, however, can be pared down to around S$ 903 psf ppr once the bonus balcony gross floor area (GFA) is factored in.

This compares favourably to Normanton Park’s transacted land rate of S$ 969 psf ppr, said Sieow Teak Hwa, managing director of Teakhwa Real Estate, the property’s marketing agent.

Located at the edge of Kent Ridge Park, the sea-facing site is set in lush greenery – making it a good prospect for a “nature and wellness” themed residential project.

Spanning 319,250 sq ft, the 209-unit Vista Park has 61 years left on its lease. It has a plot ratio of 1.4 as well as an allowable height of up to five stories, which translates to a potential GFA of around 446,951 sq ft.

This could yield around 530 housing units of around 800 sq ft each, subject to the authority’s approval.

“For its unique hill location, land size and reasonable land rate expectation, we can expect very strong developers’ interest for the rare site,” said Sieow.

The tender for Vista Park will close on 13 December.

Two other condominium projects set to launch their en bloc tenders – are Kismis View and Brookvale Park – both of which are marketed by JLL. The asking prices for such projects are not yet available.

 

This article was edited by Keshia Faculin.

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Tai Wah Building sold en bloc for $84.9mil

Tai Wah Building, a four-storey building along Killiney Road, has been sold to private equity investment firm Lucrum Capital Pte Ltd for $ 84.9 million, revealed marketing agent Edmund Tie & Co.

This works out to around $ 2,209 psf per plot ratio.

Completed in the mid-1980s, the freehold building comprises two shops and six apartment units.

The site, which was zoned “residential with commercial at first storey”, has a land area of around 1,221.5 sq m (13,148 sq ft).

Edmund Tie & Co noted that Lucrum Capital plans to redevelop the site into a serviced apartment with commercial use on the first storey.

In fact, it has already submitted an application for such use which has received in-principle approval from the authorities.

As such, Lucrum Capital can redevelop the site up to its existing gross floor area of 3,568.81 sq m (about 38,414 sq ft), exceeding the permissible plot ratio of 2.8 as indicated in the 2014 Master Plan, but subject to authorities’ approval, it said.

“This is a unique and rare acquisition that allows us to plan and execute imminent and exciting real estate trends, and yet the new asset will complement existing bustling business activities in the immediate vicinity,” said Lucrum Capital.

Notably, Tai Wah Building is strategically situated in the heart of the Orchard Road shopping belt, near Somerset MRT Station.

 

This article was edited by Keshia Faculin.

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This app is changing the way we live and work

Franklin Tang, founder of Habitap.

Smart home apps in Singapore are slowly evolving from the confines of individual buildings to multiple distinct communities.

For instance, developer M+S, a 60:40 joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, recently launched the first mobile app here that connects businesses, residents and visitors across its two integrated projects – Marina One in Marina Bay and DUO in Bugis.

“What M+S has effectively done is to build a single community across two spaces,” said Franklin Tang, founder of Habitap, which developed the app called MySphere.

It is the first smartphone tool in Singapore that enables employees to pass through the turnstiles at the office lobbies of Marina One and DUO Tower and use the lifts with a tap of their mobile devices.

The app, which took six months to complete, not only authenticates the user, but is also secure thanks to encryption technology by HID and commercial-grade firewalls.

With MySphere, residents and office occupants can enjoy the amenities at both properties. These include their respective event spaces and auditorium facilities, as well as hotel rooms, function rooms and ballrooms at DUO’s Andaz Singapore hotel.

Moreover, the app will provide the first seamless, completely automated visitor management system at both developments. There are also features for booking residential facilities, calling handyman services, problem reporting, and alerting people in case of emergency.

Aside from borrowing an umbrella, mobile charger or wheelchair, MySphere can also be used by residents, office workers and visitors to utilise concierge services, call a taxi and make restaurant reservations.

Users can enjoy conveniences and perks with M+S’s partners like mobile commerce platform PageAdvisor and from transport services oBike and Telepod. In addition, they can make use of retail promos and an M+S loyalty rewards programme.

Among the users of the app is Nick Freeman, general manager of PizzaExpress, one of DUO’s F&B tenants.

“MySphere helps us to communicate directly with the residents and office occupants at DUO and Marina One so we can offer them the opportunity to connect with us and learn about our latest products and offers,” he said.

“This type of channel is invaluable in creating loyal customers as it gives us a platform to reach out to those people who are most likely to visit us daily.”

Notably, developers like Singapore-based Keppel Land and Chinese firm Qingjian Realty set the trend for smart home apps in Singapore.

An app developed by Habitap is currently being used at Keppel Land’s Corals at Keppel Bay and The Glades condominiums. It is also set to be introduced at Highline Residences in Tiong Bahru, which is expected to be ready by 2018.

Ng Ooi Hooi, Keppel Land’s president of regional investments, previously revealed that residents love the convenience brought about by smart home apps.

Meanwhile, Qingjian Realty intends to implement its hiLife app in all its existing and upcoming developments such as the Le Quest mixed-use project that’s slated for completion by end-2021.

According to Tang, there was never the idea of pairing apps with a building two years ago due to issues such as educating contractors and architects on the technology.

But he noted that more developers are now looking to leverage on such technology. Previously, cost was an issue, but demand for such apps has become market driven, he said. In fact, Habitap’s 25-strong tech team is growing quickly as demand for such apps is outpacing supply.

Still, there is more room for growth, noted Tang, citing the example of only two in 10 homes here having digital door locks, compared to seven in 10 in Korea.

Over the next three years, he expects to see more apps in the market, with next-generation software capable of carrying out more functions. There’s even the possibility of app users in Singapore accessing facilities and services in overseas developments.

In fact, Habitap has been appointed to develop a smart app for two overseas projects, and expects to secure another two commercial developments by year-end.

“We already have several projects lined up for 2018 and 2019,” noted Tang.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Four condos up for en bloc sale

Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL)

Four residential developments, including the iconic Pearlbank Apartments in Outram, have been put up in separate tenders for en bloc sale. The others are Parkway Mansion in Katong, Riviera Point along River Valley Road and Derby Court near Novena.

With a 99-year leasehold tenure that started in June 1970, Pearlbank Apartments has 288 units, which includes eight commercial units.

The horseshoe-shaped development carries a reserve price of $ 728 million, which works out to a land cost of around $ 1,505 per sq ft per plot ratio (psf ppr), after factoring in an upgrading premium of about $ 195 million for the lease top-up. No development charge is payable for the site.

Apartment owners, whose unit sizes range between 123 sq m and 371 sq m, “stand to receive minimum gross prices of between $ 1.8 million and $ 4.9 million”, while commercial unit owners, with sizes ranging from 65 sq m to 523 sq m, could receive $ 1.2 million to $ 6.9 million, said marketing agent Colliers International, which is also the agent for Parkway Mansion.

The 32-unit Parkway Mansion has an indicative price of $ 138 million, which excludes an estimated development charge of about $ 21 million “payable to the state for the intensification of land use”.

But when taken together, the combined amount translates to a land rate of $ 1,454 psf ppr. “This compares favourably against the land rate of $ 1,515 psf ppr for Amber Park,” noted Colliers.

With this, each owner could receive $ 4.2 million to $ 4.4 million in gross proceeds from the sale, depending on the size of their unit.

Colliers revealed that the two developments have undergone various en bloc attempts, with Pearlbank now at its fourth bid and third for Parkway Mansion.

“We expect the two tenders to attract keen interest among both local and foreign developers amid the strong demand for development sites via the Government Land Sales programme and the collective sale market,” said Colliers managing director Tang Wei Leng.

Meanwhile, Riviera Point has a reserve price of $ 75 million, while 20-unit Derby Court has set a reserve price of $ 62 million.

Derby Court’s reserve price translates to a land rate of about $ 1,168 psf ppr, based on the development’s “as-built” gross plot ratio of about 2.869.

“Factoring in the 10 percent bonus balcony plot ratio, the effective land rate is only $ 1,062 psf ppr. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 percent balcony GFA,” said Tan Hong Boon, regional director at JLL, which is the property’s marketing agent.

The tenders for all developments will close in December.

 

This article was edited by Keshia Faculin.

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Developer sales up 15% in October despite no major launches

Sophia Hills in Mount Sophia was the top-selling private residential project last month.

UPDATED: Sales of new private homes excluding executive condominiums (ECs) rose 15.4 percent to 758 units in October from 657 in the previous month, according to data from the Urban Redevelopment Authority on Wednesday (15 November).

However, developer sales fell 39.5 percent from the 1,253 units sold in October 2016 when Forest Woods and The Alps Residences were launched. 

Despite the lack of new major launches last month, analysts noted that the residential market remains buoyant.

“There is a stronger sense of urgency amongst buyers as they are sensing that developers are likely to increase prices of existing projects in tandem to new project launches in 2018,” said Mohamed Ismail, CEO of PropNex Realty.

Tricia Song, research head at Colliers International Singapore, noted that some buyers returned to the market following the end of the Ghost Month in September.    

The two most popular condominiums last month – Sophia Hills at Mount Sophia and Martin Modern in Robertson Quay – are both located in the Core Central Region (CCR). 

Sophia Hills sold 62 units at a median price of $ 2,029 psf while Martin Modern moved 47 units at a median price of $ 2,343 psf.

Top-selling private condos Oct 2017

PropNex revealed that the CCR remains a sought-after location for home buyers.

“Today’s CCR property prices, averaging between $ 2,000 psf to $ 2,300 psf, are deemed very attractive because 2018 new launches in the Rest of Central Region (RCR) are predicted to hit well above $ 1,700 psf, thus narrowing the price gap in these two regions,” said Ismail.

“Many home investors are seeing the CCR value entry prices now, hence these properties are going to continue to pick up in the next few months.”

Song expects the momentum in November to rise due to good sales seen at the recent launch of Parc Botannia. The project in Sengkang sold about 230 units at an average price of $ 1,270 psf.

She thinks that new private home sales could hit 11,000 units for the whole of 2017, up 38 percent from 7,972 units last year.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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