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Roxy-Pacific to launch six sites for sale in 2018

Roxy-Pacific bought Harbour View Gardens for $ 33.25 million in 2016. (Photo: Colliers International)

Roxy-Pacific Holdings reported a revenue of $ 43.3 million during the fourth quarter of 2017, down 53 percent from $ 93.1 million over the same period in 2016. Net profit also fell 39 percent to $ 7.3 million from $ 11.9 million in Q4 2016.

For the full-year 2017, revenue fell 36 percent to $ 246.8 million, while net profit dropped 41 percent to $ 29.4 million.

The property development segment remained the key revenue driver of the group, accounting for 78 percent of total group revenue in FY2017.

Roxy-Pacific noted that the segment’s comparatively lower revenue in FY2017 of $ 191.8 million from 2016’s $ 326.6 million was “mainly due to the absence of revenue recognised in FY2016 on projects that had completed in 2016 and early 2017”.

Meanwhile, Roxy-Pacific revealed that it currently counts 10 development sites in Singapore as its land bank. Of these, it plans to launch six development sites for sale this year, including The Navian and development sites at Grange Road, Upper Bukit Timah Road, Guillemard Lane as well as Harbour View Gardens at Pasir Panjang and River Valley.

Comprising a total of 440 units, these projects are expected to positively contribute to the earnings of the group progressively from the first quarter of 2019.

“Over the last couple of years, we’ve progressively accumulated predominantly freehold sites at attractive prices amidst the property downturn,” said Roxy-Pacific executive chairman and CEO Teo Hong Lim.

“Now that prices and sales volumes are picking up, we are well positioned to ride on this turnaround with six property launches planned for this year. We’ll continue to prudently strengthen our land bank while focusing on execution to ensure sustainable long-term growth.”

 

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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Residential land sales could reach $16b in 2018

Developers are bidding more aggressively for land amid estimations that they are sitting on a $ 22.9 billion war chest. (Photo: Nikki De Guzman)

Property consultancy Cushman & Wakefield thinks that land purchases in Singapore by real estate developers could hit $ 16 billion this year, with more record land deals emerging, reported Bloomberg.

This is because Cushman’s research director Christine Li believes that developers have accumulated plenty of cash since the housing market was previously weak.

Now that the sector is recovering, they are bidding more aggressively for land, she explained, estimating that home builders are sitting on a $ 22.9 billion war chest from selling homes and as loans from banks.

“Against this backdrop, land deals could continue to set record prices in 2018, especially for sites with little competition in the vicinity,” she said.

Last December, Frasers Property bought a residential site in Jiak Kim Street near the Singapore River for $ 955.4 million ($ 1,733 psf), the highest in terms of psf.

Furthermore, if the $ 16 billion overall tally is achieved for 2018, it will exceed the $ 12.8 billion worth of residential investment sales involving en bloc and public land deals in 2017 as revealed by Colliers International.

“With the residential market on the cusp of a sustained recovery, developers are likely to continue replenishing their land banks, via public land tenders and private collective sales,” noted Tricia Song, Colliers International’s director and research head for Singapore.

 

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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Home prices could increase by 10% this year, says CapitaLand CEO

Rising sales and prices indicate an end to the four-year slump for Singapore’s housing market.

CapitaLand CEO Lim Ming Yan expects home prices in Singapore to increase by as much as 10 percent this year – a view which is in line with other forecasts, reported Bloomberg.

Analysts at Credit Suisse Group AG expect home prices to rise by up to 10 percent this year, while OCBC Investment Research and Morgan Stanley expect an increase of up to eight percent.

SEE ALSO: Pearlbank Apartments sold to CapitaLand for $ 728m

“Transaction volume has gone up and usually that’s a precursor to some price increase,” Lim said in an interview. “A five to 10 percent increase is possible this year barring any unforeseen major volatility in the capital markets.”

Rising home sales and prices reinforces signs of an end to a four-year housing slump. The market rebound saw developers aggressively bid for land.

While CapitaLand has kept a safe distance from the bidding war, it acquired the iconic Pearlbank Apartments for $ 728 million, with plans to redevelop it into an 800-unit residential complex.

“We continue to look for opportunities in Singapore but we feel the kind of bidding, the price, is too aggressive for us,” noted Lim. “We bid in a very disciplined manner.”

The property developer’s net income dropped 38 percent to $ 267.7 million during the last quarter of 2017 after completing fewer homes to sell in China.

Despite this, CapitaLand shares rose two percent to $ 3.54 in Singapore, the biggest increase since 5 October, after the company increased its full-year dividend by 20 percent.

 

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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Cairnhill Mansions, Riviera Point sold en bloc

Aerial view of Cairnhill Mansions at Cairnhill Road. (Photo: CBRE)

Singapore’s collective sales market continues to sizzle with the sale of Cairnhill Mansions and Riviera Point for $ 362 million and $ 72 million respectively, revealed marketing agent CBRE.

Nestled on a 43,103 sq ft site, Cairnhill Mansions was sold to Low Keng Huat (Singapore), which intends to redevelop the site into a 200-unit high-rise condominium.

“Cairnhill Mansions is the first residential development site to be sold in one of the most prime districts in Singapore during the current en bloc cycle. The transaction is testament to the superior locational attributes of the site and confidence in the luxury residential market,” said CBRE capital markets director Galven Tan.

Strategically located at 69 Cairnhill Road, the freehold site “enjoys the rarity of privacy and tranquility within one of the most prestigious districts in Singapore and yet is a stone’s throw on foot to the bustling Orchard Road”. Cairnhilll Mansions is also near Newton MRT station.

Riviera Point was sold to Macly Riveria, a fully-owned subsidiary of Macly Group, following three failed attempts at an en bloc sale in 2007, 2011 and 2013.

With an area of around 14,579 sq ft, the site is zoned for residential use under the 2014 Master Plan with a plot ratio of 2.8 and a height limit of 36 storeys. The verified existing gross floor area, however, is around 49,265 sq ft, which works out to a plot ratio of 3.379.

The site is less than 600m away from Great World MRT station (TE15) and a 10-minute walk to Somerset MRT station.

“Riviera Point, situated on an elevated plot and within a neighbourhood with abundant amenities, presents an excellent opportunity for the buyer to develop a high quality boutique development catered for young urbanites wanting to live within the cosmopolitan neighbourhood of River Valley and Robertson Quay,” said Tan.

CBRE noted that the high floor units of the proposed development will enjoy unblocked views towards Orchard and the Singapore skyline, while the lower floor units will overlook the Oxley area.

 

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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New private home sales up 37% from a year ago

Symphony Suites sold 65 units in the month of January, making it the most popular project. 

Property developers sold 522 new private homes excluding executive condominiums (ECs) in January 2018, up 21 percent from 431 units in the month before, according to data published by the Urban Redevelopment Authority (URA) on Wednesday (14 February).

Year-on-year, there was a 37 percent increase from the 382 units sold in January 2017.

According to property agency PropNex Realty, last month’s sales tally is the highest for the month of January since 2015. However, it is still lower than the average monthly figure as most developers only plan to launch their projects after Chinese New Year.

“Usually the months of December and January are the slower months with lesser property activities,” said PropNex CEO Ismail Gafoor.

“However, a closer look at the figures comparing with the past few years, it seems to depict that January 2018 is gaining momentum with home buyers and upgraders making their move to purchase existing stocks of private homes available which are rightly priced, before prices are predicted to go up in the later part of this year.”  

The top-selling project in the month was the previously launched Symphony Suites in Yishun, which sold 65 units at a median price of $ 1,085 psf. This was followed by Gem Residences in Toa Payoh, which moved 44 units at a median price of $ 1,508 psf. Parc Botannia in Sengkang was next with 43 units sold at a median price of $ 1,265 psf. 

Ismail expects to see more transactions after Chinese New Year as developers gear up to launch several new projects including The Tapestry at Tampines Avenue 10, The Enclave @ Holland and possibly Rivercove Residences EC in Sengkang.

“Activities in the market will pick up from March onwards with transactions along the lines of 1,000 units,” he noted.

Ismail predicts that some 12,000 units (excluding ECs) will be sold in 2018, similar to 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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