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Two new en-blocs to hit the Singapore market

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Kembangan plaza

Propnex revealed on their Facebook page that they won the mandate to work on an en-bloc for Kembangan Plaza at 18 Jalan Masjid and Elias Green.

Kembangan Plaza is a freehold mixed development made up of residential and commercial units within walking distance of Kembangan MRT.

PropNex is proud to be awarded with our second en-bloc project, freehold mixed development, Kembangan Plaza at 18 Jalan…

Posted by PropNex Singapore on Thursday, 5 April 2018

Completed in 1993, the development is near various schools such as Victoria Junior College, St Patrick’s School, CHIJ Katong Convent and Tao Nan Primary School.

It is rare for mixed development complexes to be up for sale. However, the sentiment that is accompanying the wave of en-blocs across many parts of Singapore appears to be spilling over to the mixed development sector.

Also read: How to spot condos with en-bloc potential

As of 7 April, there was one residential unit for sale at Kembangan Plaza at S$1.315m.

In Commercialguru, there were 6 commercial units for sale at the development with prices ranging from S$2.2m to S$5m.

Elias Green is a condominium of 419 units, located just off Tampines Expressway (TPE) and is nestled amidst more than 12 acres of lush, soothing tropical landscape.

PropNex is proud to be awarded with our first en-bloc project, Elias Green Condominium at Elias Green Road. PropNex has…

Posted by PropNex Singapore on Tuesday, 3 April 2018

Built by Elias Development Pte Ltd, the 99 year leasehold condo was completed in 1994 and has 7 floors.

Located in Pasir Ris, the travel time to Orchard is 20 to 25 mins, but less than 10 mins to Changi Airport and the Tanah Merah Ferry Terminals.

Also read: All about DC rates and en bloc deals

Facilities in the condo include gym, sauna room, billards and table tennis rooms, bbq areas and children’s playground.


Comparison of Twin Vew condo at West Coast Vale with surrounding projects

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Twin Vew Developer impression (1)

With the Twin Vew condo at West Coast Vale slated for launch in a few weeks time, buyers and investors would be doing their homework to see if this condo is worth investing in.

One way of looking at Twin Vew would be to compare the project with surrounding condominiums.




This post will compare the characteristics of Twin Vew with the surrounding projects.

The comparison projects will be Parc Riviera, Botannia, Monterey Park, The Infiniti, Carablle, Newest, Hundred Trees, Trilinq, The Clement Canopy and J Gateway.

All information is taken from either 99.co or Squarefoot research.

Twin Vew Parc Riviera Botannia Monterey Park The Infiniti Carabelle Newest Hundred Trees Trilinq Clement Canopy J Gateway
Tenure 99 99 956 999 FH 956 956 956 99 99 99
No. of units 520 752 493 280 315 338 136 396 755 505 738
Past 12 months selling price NA 1,230 1,150 1,090 1,005 1,165 865 1,230 1,300 1,430 1,680
Rental yield (%) NA NA 3.2 2.6 2.8 2.8 2.1 3.0 3.1 NA 3.2
TOP 2020 2020 2009 2006 2008 2009 2017 2013 2017 2020 2017

What can be seen from the table above is that the estimated selling prices of Twin Vew from S$1,350 to S$1,400 is around the range of newer condominiums, with the exception of Newest.

Parc Riviera’s past 12 months selling price averaged S$1,230, while Clement Canopy averaged S$1,431 and J Gateway averaged S$1,680.

Twin Vew’s estimated launch price is marginally higher than Parc Riviera (because Parc Riviera’s land price is lower than that of Twin Vew) but much lower than J Gateway.

One thing going for Twin Vew is the fact that it is at the doorstep of Jurong Lake District.

In addition, there may be an interchange between the Cross Island Line and Jurong Region Line near Twin Vew.

With the exception of Parc Riviera, all the condos in the west coast area (Botannia, Montery Park, The Infiniti, Carabelle, Newest and Hundred Trees) are freehold in nature.

Their past 12 months average selling price is lower, which is to be expected since they were launched for sale in the past.




An investor would be thinking wishfully if he/she would like to buy a new condo at these resale prices and Parc Riviera is sold out.

So for any potential buyer or investor, the only option left to enter the condo market with decent pricing at this point of time via Twin Vew.

High Speed Rail

With the expected completion of the High Speed Rail terminus at Jurong Country Club in 2026, there is likely to be a lot of benefits for properties in the Jurong Lake District and surrounding areas.

Twin Vew, with its strategic location at the South-Eastern tip of Jurong Lake District, stands to gain substantially when an increased flow of ideas, people and business happen between Jurong and Kuala Lumpur.

Buy a freehold property instead?

A potential investor or buyer may look at the upcoming Twin Vew condo launch and wonder why he or she would buy a 99 year condo at a higher price than any of the surrounding freehold project.

One advantage Twin Vew has over the surrounding freehold projects is the lower absolute quantum of the units.

Twin Vew’s 3 bedroom units range from S$1.2 to S$1.5 million, and 4 bedroom units range from S$1.7 to S$2.05m.

A few 3 bedroom units at Hundred Tree transacted for approximately S$1.6 to S$1.7m in the first 3 months of 2018, higher than Twin Vew’s 3 bedroom units.

In Carabelle, some 3 bedroom units went for S$1.4 to S$1.6m in the second half of 2017 to 3M2018.

So on a quantum basis, Twin Vew actually has fairly affordable units.


Riverfront Residences (former Rio Casa) at Hougang/Serangoon by Oxley-Lian Beng Consortium

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Rio casa

Riverfront Residences condo, formerly known as Rio Casa, at Hougang/Serangoon is an upcoming development slated to be launched by the buyers, an Oxley-Lian Beng venture.

This post will give you a review of Riverfront Residences, pricing, floor plans, site plan, showflat location and information you need to make an informed investment decision.

Use the following quick navigation content page or contact us immediately to register your interest in Riverfront Residences, the new condo on the site of the former Rio Casa.

Quick Navigation

  1. Condominium summary
  2. Key selling points
  3. Condominium location
  4. Unit mix
  5. Floor plans
  6. Pricing
  7. Showflat location
  8. Site plan
  9. Gallery and views
  10. Condominium facilities
  11. Surrounding amenities i.e. Transport, education, healthcare, shopping/entertainment and outdoor/fitness amenities
  12. Micro-market environment: Demand; supply; rents and yields; prices; land prices
  13. Interest rates
  14. Site background
  15. Contact us/register interest
  16. Other project information

Condominium summary

Project name Riverfront Residences (formerly Rio Casa)
Address Hougang Ave 7
District 19
Tenure 99 years
Total units 1,400 residential apartments
Developer Oxley-Lian Beng Venture
Site area 396,230 sqft
Gross floor area 1,100,000 sqft
Estimated launch June 2018

Riverfront Residences (former Rio Casa HUDC) at Serangoon/Hougang Video (<2min)

Key attractions

The Riverfront Residences is a historic property as it is one of Singapore’s few HUDC estates that were privatized and en-bloc’d for a historic high price in 2017.

  • Fantastic view of serangoon river
  • Walking distance to Hougang MRT and bus interchange
  • Quiet part of Hougang near the river

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Condominium location

Riverfront Residences which used to be Rio Casa is located along Hougang Ave 7, just off Upper Serangoon Road.

The project fronts Sungei Serangoon (Serangoon River) and is a short walk from Hougang MRT and the bus interchange.

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Unit mix

Given the large size of Riverfront Residences, there is expected to be about 1,400 units built on the former Rio Casa site.

Exact information on Riverfront Residences will be released shortly.

Given the strategic location and having a wide frontage of the river, many of the units will have great views of the river.

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Floor plans

Riverfront Residences is likely to feature a mix of 1-5 bedroom units on the 396,000 sqft site.

Many of the units will be functionally built, be in a North South facing direction and have views of the river.

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Pricing

Estimated pricing for Riverfront Residences will be about S$1,000 – S$1,100 psf. Contact us for the latest developer discounts!

Type Size Price starting from
1BR 463sf S$587K
1+study 517sf S$661K
2BR 603sf S$766K
2BR Premium 721sf S$899K
3BR 872sf S$1.081M
3BR Premium 1,066sf S$1.273M
4BR 1,410sf S$1.697M
4BR Premium 1,485sf S$1.808M
5BR Premium 1,679sf S$1.99M

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Showflat location

The showflat location of Riverfront Residences will very likely be on the site itself given the large land area.

Stay tuned and contact us to be updated once the showflat address is released.

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Site plan

Stay tuned!

Quick links: 1) Quick navigation 2) Contact us to register your interest in Riverfront Residences condo

Gallery and views

Stay tuned!

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Condominium facilities

Drawing a reference from D’Leedon which has 1,715 units and Interlace with 1,000 units Riverfront Residences’ facilities are expected to be comprehensive and varied.

There is likely to be multiple swimming pools, play areas for kids, gym, reading and study room, retail amenities, possibly childcare facilities, green areas and rest zones.

Stay tuned for confirmed information by Oxley-Lian Beng on Riverfront Residences’ condo facilities.

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Surrounding amenities

The following will give you an idea of the transport, education, healthcare, shopping/entertainment and fitness/outdoor amenities around Riverfront Residences.

Transport

Directly facing Hougang Ave 7, there are two bus stops outside Riverfront Residences.

Both bus stops have service 112.

Upper Serangoon Road is a major road, and bus services there include, 74, 102, 112, 113, 136, 147, 324, 571, 574 and 672.

This bus stop is a short 3 min walk from this project by Oxley-Lian Beng.

The Hougang MRT station is reachable by crossing Upper Serangoon Road, passing by Holy Innocents’ High School and a set of HDB block.

The Hougang Bus Interchange is also co-located beside the MRT station.

With the Cross Island Line expected to complete in 2030, some train enthusiasts have taken it upon themselves to figure out where the possible stations might be.

Based on JustRunLah, there is speculation that there could be a train station across the river from Riverfront Residences.

The area is presently a forest but based on URA’s masterplan, the area is zoned “Business”.

With commerce and business being conducted there, it may be feasible for a train station to be built.

This will benefit those at Riverfront Residences, the former Rio Casa HUDC.

The nearest expressway is the Kallang Paya Lebar Expressway (KPE) which is reachable by passing along Upper Serangoon Road and Buangkok East Drive.

Alternatively, motorists can drive further north via Punggol Road to Tampines Expressway (TPE).

Quick links: 1) Quick navigation 2) Contact us to register your interest in Riverfront Residences and enjoy living in a quiet and exclusive part of Hougang beside the river

Education

According to OneMap, there are the following primary schools within a 2km radius of Riverfront Residences.

Within 1km

  • CHIJ Our Lady of The nativity
  • Holy Innocents’ Primary School
  • Punggol Primary School

Within 2km

  • Montfort Junior School
  • North Spring Primary School
  • North Vista Primary School
  • Palm View Primary School
  • Seng Kang Primary School
  • Xinghua Primary School
  • Xinmin Primary School
  • Yio Chu kang Primary School

Other secondary schools, institutes of higher education/learning, private and international schools include (not necessarily within 2 km)

Secondary schools:

  • Serangoon Secondary School
  • Montfort Secondary School
  • Xinmin Secondary School
  • Hougang Secondary School
  • Seng Kang Secondary School

Higher education:

  • Serangoon Junior College

Private and international schools:

  • Global Indian International School (Punggol Campus)
  • Dimensions International College near Kovan MRT

Quick links: 1) Quick navigation 2) Contact us to register your interest in Riverfront Residences and make plans to send your children to good local and international schools in the area

Healthcare

Sengkang general hospital, specialist clinic and community hospital is a short 5-10 min drive north of the former Rio Casa site.

Shopping, entertainment, food, drinks etc.

There is no lack of shopping and entertainment amenities around Riverfront Residences.

Some of the amenities include the following

Shopping malls

  • Hougang Mall
  • Heartland Mall at Kovan
  • Compass One at Sengkang
  • Travelling further to Pasir Ris will bring one to Ikea, Giant Hypermart and White Sands

With the number of shopping malls that provide daily necessities and provide for discretionary shopping, residents are likely to find most if not all of their shopping needs met in the area.

The nearby Kovan area is a haven for foodies, with many eateries that open early in the day till late in the evening.

Breakfast, lunch, dinner and supper needs can all be met here.

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Outdoor/fitness amenities

For fitness enthusiasts, the Hougang Stadium, swimming complex and sports hall is near Riverfront Residences.

Actually, most residents will find their basic exercise needs met without having to go to Hougang stadium.

With Hougang Avenue 5 park, the Serangoon Park conenctor and Serangoon River right at the doorstep of Riverfront Residences, there is ample opportunity for residents to keep fit.

The Serangoon Park connector will lead joggers up north to Punggol Promenads Riverside Walk and My Waterway @ Punggol.

Going south, the park connector will lead people staying at Riverfront Residences to the Hougang Aver 3 park connector. Those adventurous enough will find themselves at Kallang Riverside near the MRT and a short distance from the Singapore sports hub.

There is certainly no lack of connectivity for those at this project.

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Micro-market environment

The following sections will provide a snapshot of the micro-market health where the Riverfront Residences is situated.

Surrounding projects

Projects in a 500m radius include Evergreen Park, Rio Vista, The Florida and Kingsford Waterbay.

Kingsford Waterbay is the newest project in the area and is still under construction as of writing of this review.

Evergreen Park, Rio Vista and The Florida TOP’d in 1999, 2004 and 2000 respectively.

West of Riverfront Residences and in between Hougang and Ang Mo Kio MRT are two new condominiums, namely Parkwood Residences (by Oxley) and The Garden Residences (by Keppel Land and Wing Tai).

Other nearby projects that are between 500m-1km include Boathouse Residences, Heron Bay, Midtown Residences, Naung Residence and Parc Vera.

Projects in the area are generally commanding yields of between 3% to 3.7%.

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Prices

Prices for new sale condominiums in D19 have been on an uptrend in the last 10 years, reaching approx S$1,375 psf as of Mar 2018, from S$830 psf 10 years ago.

riverfront residences d19 price

The newest project besides Riverfront Residences is Kingsford Waterbay.

The developer, Kingsford Property Development, has been selling units at a psf price of between S$1,300 to S$1,500 psf between Jan and Mar 2018.

Riverfront Residences is closer to Hougang MRT, and would therefore be commanding some pricing premium over Kingsford Waterbay.

Based on Squarefoot data, average prices for surrounding projects are as follows.

Project TOP Average price S$psf
Evergreen Park 1999 683
Rio Vista 2004 772
The Florida 2000 684
Midtown Residences 2016 1,307
Kingsford Waterbay U/C 1,400
Boathouse Residences 2015 1,024
Naung Residence 2015 1,202
Parc Vera 2014 960
Riversails 2016 1,002

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Interest rates

SIBOR rates have been relatively constant over the last 1 year.

1 month rates as of writing this review is 1.307% while 3 month rates are at 1.435%.

SIBOR the garden residences

Do check out the quick reference page we have on SIBOR and SOR rate

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Site background

SINGAPORE – Rio Casa, a privatised HUDC estate, has been sold for S$575 million to a joint venture company Oxley-Lian Beng Venture.

The JV partners are KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital. KSH Holdings said on Thursday (May 25, 2017) that the JV firm intends to apply for the grant of a fresh 99-year lease for the property and to redevelop the site.

“An estimated differential premium of S$208 million is payable to the State for the top-up of the lease and for the development of the site to a gross plot ratio of 2.8,” it noted in a stock exchange filing.

Rio Casa in Hougang Avenue 7 comprises seven blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres. Under the Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 2.8.

This works out to a maximum permissible gross floor area of about 1.1 million square feet. KSH Holdings, which has a 35 per cent stake in the JV, said it will fund its portion of the cost of the purchase by internal resources and bank borrowings.

Oxley Holdings holds a 35 per cent interest, Lian Beng Group at 20 per cent and Apricot Capital at 10 per cent.

Source: Straits Times

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Here’s a bunch of other condos launching/launched in 2018 if you don’t know where to start

Other project information

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Feature image from Straits Times


Garden Residences condo by Wing Tai and Keppel at Serangoon

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garden residences singapore

Garden Residences at Serangoon is an upcoming condominium slated to be launched by Keppel Land and Wing Tai.

This post will give you a review of The Garden Residences, pricing, floor plans, site plan, showflat location and information you need to make an informed investment decision.

Use the following quick navigation content page or contact us immediately to register your interest in Garden Residences.

Quick Navigation

    1. Condominium summary
    2. Key selling points
    3. Condominium location
    4. Unit mix
    5. Floor plans
    6. Pricing
    7. Showflat location
    8. Site plan
    9. Gallery and views
    10. Condominium facilities
    11. Surrounding amenities i.e. Transport, education, healthcare, shopping/entertainment and outdoor/fitness amenities
    12. Government masterplan
    13. Micro-market environment: Demand; supply; rents and yields; prices
    14. Interest rates
    15. Site background
    16. Developer background
    17. Contact us/register interest
    18. Other project information

For brochures, documents, PDF files and more information, visit this link.

Condominium summary

Project name The Garden Residences
Address 15 Serangoon North Ave 1 S555888
District 19
Developer Keppel Land and Wing Tai
Site area 184,954 sqft
Gross floor are 462,389 sqft
No of blocks/towers 1, 3, 5, 7, 9 for a total of 5 towers
44 blocks
No of storeys To be advised
No of units 613
Unit types 1 BR – 452 sqft
1 BR + Study – 517 sqft
2 BR – 614 sqft
2 BR + Study – 689 sqft
3 BR – 786 to 807 sqft
3 BR + study 904 sqft
4 BR + Study – 1,119 sqft
4 BR Deluxe (with private lift) – 1,195 sqft
5 BR – 1,539 sqft
PES/Double volume units – TBA
Tenure 99 years from Oct 2017
TOP Aug 2021
District 19

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Key selling points

  • Rare chance for those who missed out on Hundred Palms EC to now get a private condo
  • In the area of a likely Cross Island Line MRT
  • Reputable developers Keppel Land and Wing Tai
  • All units are north south facing
  • Some units have unblocked views of landed cluster housing
  • Located in the heart of a landed area
  • Smart home technology
  • 1 km from Rosyth School
  • Near schools such as Raffles Institution and Nanyang JC
  • Near international schools such as Australia International School
  • Potential rental demand arising from future Cross Island Line
  • Near food enclaves such as Chomp Chomp and Kovan area
  • Near exit to Central Expressway (CTE)

Garden residences key amenities

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Condominium location

The Garden Residences is located along Serangoon North Ave 1 S555888, beside Kensington Park and West of HDB blocks 122 to 127.

Unit mix

The unit type with the most number of units is the 2 Bedroom types with 158 units. This is followed by the 3 bedroom types with 146 units, 1 bedrooms with 131 units, 4 bedrooms with 72 units and 5 bedrooms with 24 units.

There are some units with Private Enclosed Spaces (PES) and double volume ceilings at a total of 82 of them.

Bedroom type Size No of units % proportion
1 BR 452 72 12
1 BR+S 517 59 9
2 BR 614 86 14
2 BR+S 689 72 12
3 BR 786 to 807 109 18
3 BR+S 904 37 6
4 BR+S 1,119 48 8
4 BR deluxe 1,195 24 4
5 BR 1,539 24 4
PES / Double volume units TBA 82 13

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Floor plans

Garden Residence 1 Bedroom v2 floorplan Garden Residence 1 Bedroom floorplan Garden Residence 1 Bedroom study floorplan Garden Residence 2 Bedroom v2 floorplan Garden Residence 2 Bedroom floorplan Garden Residence 2 Bedroom study floorplan Garden Residence 3 Bedroom v3 floorplan Garden Residence 3 Bedroom v2 floorplan Garden Residence 3 Bedroom floorplan Garden Residence 3 Bedroom study v2 floorplan Garden Residence 3 Bedroom study floorplan Garden Residence 4 Bedroom study floorplan Garden Residence 4 Bedroom deluxe v2 floorplan Garden Residence 4 Bedroom deluxe floorplan Garden Residence 5 Bedroom floorplan

 

 

Pricing

Garden Residences prices are as follows. Contact us for the latest developer discounts!

Type Size Price starting from
1BR 452sf S$718,600
1+study 517sf S$807,700
2BR 614sf S$1,004,200
2+study 689sf S$1,068,600
3BR 786sf S$1,220,900
3+Study 904sf S$1,464,600
4+Study 1,119sf S$1,811,400
4BR Deluxe 1195sf S$1,979,200
5BR 1539sf S$2,374,100

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Showflat location

The Garden Residences’ showflat is situated along the main Yio Chu Kang arterial road, at the intersection of Serangoon North Ave 1.

Garden reisdences showflat location

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Site plan

The Garden residences includes facilities such as 75m swimming pool, jacuzzi, kids pool, splash pad, aqua gym, garden grill, toddler’s playground, reflexology garden, tennis court, swim-up spa, reflective pool, boardwalk, reading pavilion, zen pavilion, water cascade, tree hammock, eco pond among many others.

Garden residences site plan

Gallery and views

Unblocked views of Serangoon’s landed enclave

Garden residences impression 7Pick up and drop off pointGarden residences impression 675m swimming pool and 2 storey clubhouseGarden residences impression 5Zen pavilion and reading pavilionGarden residences impression 4Panoramic view from the Sky GardenGarden residences impression 3South facing units over landed estateGarden residences impression 2Artist impressionGarden residences impression 1

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Condominium facilities

The Garden Residences is a mid to large size condo and will likely have typical condominium facilities such as swimming pools, kids play areas, gymnasium, reading rooms, sky gardens, rooftop dining and bbq areas etc.

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Surrounding amenities

The following will give you an idea of the transport, education, healthcare, shopping/entertainment and fitness/outdoor amenities around the development.

Transport

Located a short walk along Serangoon North Avenue 1 from where The Garden Residences is located is a bus stop that has service 315.

More services can be found along Ang Mo Kio Ave 3 which is a 3 min walk north of The Garden Residences.

This bus stop has services 25, 55, 73, 74, 76, 132, 165, 581, 660 and 723.

The two nearest existing train stations are either Ang Mo Kio or Kovan MRT.

When the cross island line is constructed in 2030, there is likely to be an MRT station in the vicinity of The Gardens Residences.

As of writing of this review, the government has not yet released confirmed locations for MRT stations for the Cross Island Line.

Once the Cross Island Line is up, residents in this area and the Garden Residences will experience a big jump in transport convenience, being able to go from west to east relatively quickly.

The Garden Residences is also located near exit 12A of the Central Expressway (CTE).

The exit is only a short 3 min drive away. From here, the travel time to town is about 15 to 20 mins.

Travel time may be longer during peak hours.

Nevertheless, the Garden Residences enjoys relatively good transport connectivity, both present and in future, with all forms of public transport.

Quick links: 1) Quick navigation 2) Contact us to register your interest in The Garden Residences condo and live in an area near landed residential properties

Education

According to OneMap, there are the following primary schools within a 2km radius of The Garden Residences.

One very attractive feature of the project is its proximity to Rosyth School, arguably one of the most popular primary schools in Singapore.

Within 1km

  • Rosyth School
  • Zhonghua Primary School

Within 2km

  • CHIJ Our Lady of Good Counsel
  • Hougang Primary School
  • Xinmin Primary School
  • Yangzheng Primary School
  • Yio Chu Kang Primary School

Other nearby primary schools

  • Montfort Junior School

Other secondary schools, institutes of higher education/learning, private and international schools include (not necessarily within 2 km)

Secondary schools:

  • Serangoon Garden Secondary School
  • Xinmin Secondary School
  • Montfort Secondary School
  • Chong Boon Secondary School

Higher education:

  • ITE College Central

Private and international schools:

  • Dimensions International College
  • Australia International School

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Healthcare

Sengkang General Hospital is one of the nearest hospitals to The Garden Residences.

Given the proximity to town centres such as Kovan, Hougang and Ang Mo Kio, there will be no lack of healthcare amenities.

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Shopping, entertainment, food, drinks etc.

There is no lack of shopping and entertainment amenities around The Garden Residences.

Nearby shopping malls include heartland mall, NEX at Serangoon, Ang Mo Kio Hub, Hougang Mall and Junction 8 at Bishan.

The famous Chomp Chomp food centre at Serangoon Garden Way is a short walk away from the project.

Even though the Chomp Chomp is a hawker centre, it is very popular with residents, yound and old, near and far.

Chomp Chomp

The Jumbo Serangoon seafood restaurant is also located a short walk from Chomp Chomp and The Garden Residences.

For those who want to venture further, the Kovan area has many eateries such as Bee Kee Wanton Noodle, Lau Wang Claypot delights, Punggol Noodles and Heng Leong Teochew Porridge among many others.

Residents of The Garden Residences won’t have any worry in getting food for breakfast or supper, and daily necesities with the number of malls nearby.

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Outdoor/fitness amenities

Those who are more fitness minded will be pleased to know that Hougang Stadium, swimming complex and sports hall is not far from the development.

The Bishan area also has sport halls and the Bishan Ang Mo Kio River Plains which is across the CTE.

There are small parks nearby such as the Tavistock Avenue Park nestled among the landed properties and an amphitheatre near Hougang St 42.

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Government masterplan

Two major infrastructure plans that will impact the Gardens Residences are

  • Cross Island Line
  • Punggol Digital District

Cross Island Line

The Cross Island Line will arguably have a greater impact because of its proximity to The Garden Residences.

The Cross Island Line will span Singapore and be about 50km in length.

It is targeted to be completed around 2030.

The line will start from Changi, pass through Loyang, Pasir Ris, Hougang, Ang Mo Kio, Bukit Timah and end up eventually at Jurong.

Importantly for The Garden Residences is that the line will pass through Hougang and Ang Mo Kio which is the area that the project is located.

Cross island line

As to where exactly the station(s) between Ang Mo Kio and Hougang will be, is uncertain as of now.

What is known for sure is that in the vicinity of The Garden Residences is a train station that will benefit residents.

Cross island line between AMK and HG

The benefit commuters will get with the Cross Island Line is that it will provide a faster commute between East and West.

For instance, a commuter travelling from Ang Mo Kio can reach almost any part of Singapore using public transport within less than one hour, saving up to 30 to 40 minutes of travel time. Residents in Punggol will be able to travel directly to Pasir Ris – a popular travel route – in only 10 to 15 minutes, as compared to a 40-minute bus journey today.

The Punggol Digital District

The Punggol Digital District is located at the Eastern end of the North Coast Innovation Corridor.

Housing technology firms involved in key growth fields such as cyber-securty, the district will foster industry-academia collaboration.

Spillover effects for The Garden Residences from the Punggol Digital District is an increased traffic and human flow to and from the area.

Given the relatively central location of The Garden Residences between town and the Northern part of Singapore, it is likely that renters working in the Punggol Digital District may consider the area a likely dwelling area.

Punggol digital and the garden residences

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Micro-market environment

The following sections will provide a snapshot of the micro-market health where The Garden Residences is situated.

Demand

For investors, there is likely to be demand for a project in this area given that the project is in a relatively central part of Northern Singapore.

Not as far north as Punggol, and yet not as busy and hectic nearer the city, this area is quiet, exclusive and offers a good quality of life.

Unlike Kovan, Serangoon, Hougang or Ang Mo Kio, this part of Serangoon is near a landed residential enclave.

Even though there are HDB blocks opposite the development, there aren’t as many as compared to places like Hougang or Ang Mo Kio.

This makes for relatively exclusive and quiet living.

Some demand for renters may come from those working at the Australian International School, the industrial estates just North of the project and possibly even those working at Sengkang General Hospital and the Punggol Digital District.

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Supply

For those keeping an eye on future supply in the area that may impact prices and rents, there aren’t any land slated for sale by the government.

As a landlord, one should take note that the nearest project is the 310 unit Kensington Park Condominium.

This project is much older since it was completed in 1990. Potential renters who are considering to stay in the area would likely desire a newer project, for which The Garden Residences will be.

In the same vein, The Garden Residences will also be able to command a rental premium.

For buyers who would like to consider other new projects in the area, Parkwood Residences at Yio Chu Kang Road may be of interest.

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Rents and yields

There are a few projects in the immediate vicinity of The Garden Residences.

They are

Based on Squarefoot data, these projects are generating rental yields of between 2.7% and 4.2%, which is relatively attractive given their location.

It can be expected that The Garden Residences will be able to command rental yields in the mid 3% range.

All the projects in the vicinity also registered capital gains based on last 3 years of transaction data, according to Squarefoot.

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Prices

Based on Squarefoot data, non-landed prices (new, sub and resale) rose to a S$1,148 psf in Mar 2018 compared to S$721 psf 10 years ago.

district 19 prices garden residences

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Land Prices

According to the Straits Times, the consortium of Keppel Land and Wing Tai Holdings bidded S$446.28m for the site, which translates into S$964.8 psf ppr.

This price is marginally higher than the land rate of S$835 psf ppr paid for the Serangoon Ville en bloc.

Oxley Holdings, Lian Beng, Apricot Capital and entities of KSH Holdings and Heeton Holdings bidded for Serangoon Ville.

Even though the land price is higher for The Garden Residences, the quality and brand name of developers arguably gives it an edge over the buyers of Serangoon Ville.

In this regard, the product quality, design and finishings will likely be superior.

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Interest rates

According to iCompareLoan, the 1 and 3 SIBOR rates have been relatively stable over the last 1 year.

1 month rates are at 1.307% as of writing, while 3 month rates are at 1.434%.

SIBOR the garden residences

Do check out the quick reference page we have on SIBOR and SOR rate

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Site background

From the Straits Times

The public tender for a private residential site in Serangoon North Avenue 1 attracted 16 bids.

Corson and Wingjoy Investment – units of Keppel Land and Wing Tai Holdings – jointly placed the top bid of $446.28 million, the Urban Redevelopment Authority (URA) said on Thursday (July 27, 2017).

The price works out to about $964.8 per sq ft per plot ratio for the 99-year leasehold plot, which could yield 505 private homes.

The top bid was about 6.6 per cent higher than the second of $418.7 million tabled by FCL Residences.

Singland Homes and UOL Venture Investments jointly submitted the third highest bid at $417.2 million.

The site has a land area of 17,189.1 sq m and permissible gross floor area of 42,973 sq m.

It was put up for sale under the confirmed list of the Government Land Sales programme for the first half of the year.

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Developer background

Keppel Land

Keppel Land, a subsidiary of Keppel Corporation, is recognised for its sterling portfolio of award-winning residential developments and investment-grade commercial properties, as well as high standards of corporate governance and transparency.

The Company is geographically diversified in Asia, with Singapore and China as its core markets, as well as Vietnam and Indonesia as its growth markets.

Keppel Land is Asia’s premier home developer, with a pipeline of more than 60,000 homes in Singapore and overseas.

The Company is also a leading prime office developer in Singapore, contributing to enhancing the city’s skyline with landmark developments such as Marina Bay Financial Centre, Ocean Financial Centre and One Raffles Quay.

Keppel Land is committed to grow its commercial portfolio in key Asian cities such as Shanghai, Beijing and Tianjin in China, Ho Chi Minh City in Vietnam, Jakarta in Indonesia, Yangon in Myanmar and Manila in the Philippines.

Wing Tai Holdings Limited

About Wing Tai Holdings Limited Wing Tai Holdings Limited is Singapore’s leading property developer and lifestyle company reputed for quality and design.

The principal activity of the company is that of an investment holding company, focused on key markets in Asia.

The Wing Tai Asia network of companies including Wing Tai Holdings Limited (Singapore), Wing Tai Malaysia Berhad (Malaysia), Wing Tai Properties Limited (Hong Kong), Wing Tai China Pte Ltd and their subsidiaries, have core businesses in property investment and development, fund management, lifestyle retail and hospitality management.

Source: Keppel Land press relese

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Greater Southern Waterfront and Marina South property investment potential

1
TP terminal cleared

The Great Southern Waterfront, together with the Marina South District, are key areas in URA’s plan for the Central Area.

These two districts are key focus of the Master Plan 2014, and are areas envisaged to contribute to a dynamic city centre where there are plenty of job and business opportunities.




The Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast.

Development will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years

Marina South is the area presently to the South and West of Marina Bay Sands and Gardens By The Bay. It is also the area served by the Downtown MRT station, Marina Bay station and Shenton Way station.

Marina south

The Great Southern Waterfront is an area to the South of the Marina South district, starting from the Tanjong Pagar terminal, stretching westward to Keppel terminal, Vivocity and to Pasir Panjang.

Great southern waterfront straits times

Over the next 10, 20 years and possibly even longer, the Central Area will be revitalized a with a mix of residential, retail, office, commercial and hotel uses.

Marina South

According to URA, the Marina South area will be a high-density residential district, with options for city living with 9,000 new homes.

marina south 9000 homes

This was confirmed by The Straits Times which added the homes will be on a 21.5 ha piece of land.

marina south 9000 homes st

Going by present day prices of S$2,500 psf in the Marina area and assuming each new home is approx 1,000 sqft, 9,000 new homes in today’s value will be equal to S$22,500,000,000 (S$22.5b).

However, prices will most likely not be S$2,500 at the point of time the units are sold.

If the homes were sold in 10 years, and assuming prices grow at 7% per year, S$2,500 today would become approx S$4,900 psf!

That kind of per square foot pricing is quite unimaginable if compared to today! However, if one believes in the growth of Singapore, that pricing could well be possible.

One could argue about the 7% growth is a little too high and if 4% were instead used, prices would become S$3,700 psf.

At prices of S$4,900 psf, 9,000 new homes of 1,000 sqft each would be worth about S$44b.

At prices of S$3,700, 9,000 new homes of 1,00 sqft each would be worth about S$33b.

As a ballpark estimate, 7% and 4% assumptions would be proxies of Singapore’s GDP growth + inflation.

If the assumption of each home being 1,000 sqft were reduced to 800 sqft, the value of homes we are talking about would still be in the billions.

This is only for the residential portion of the plan.

If you add retail, office and hotel uses, where the per square foot or per key rates are higher than residential units, the value of property would probably be in the… hundreds of billions?




We could actually hazard a guess.

Conservatively speaking, if there were 4 spanking new office buildings in the likes of Marina Bay Financial Towers and each were about S$2b each, that would amount to S$8b of property value.

If there were 2 new malls at about S$2b each, that would be S$4b of property value.

If there were 2 new hotels at about S$2b each, that would add S$4b of property value.

The total of office, retail and hotel value would be S$16b of value.

But going by the size of the entire Marina South area, there could actually be way more commercial buildings.

With regards to the planning of the Marina South area, URA has four guiding principles in their design.

  • Mixed use streets
  • A stroll and cycle
  • Convival comunities
  • A green space

Overhead view of Marina South

overhead view marina south

The 2014 Masterplan does not have many details on how the Marina South area will turn out, but there are clues as to what some parcels of land will be used for.

Residential units are already earmarked for the area South East of Gardens by the Bay.

The other areas are either marked as White sites (can be used for office, retail, residential or a mix of them) or Reserve sites, where the planners are still deliberating on the land use.

Marina south masterplan

Connectivity in the Marina South region is going to improve once the Thomson East Coast Line (TEL) is operational in stages from 2019 and be completed in 2024.

thomson east coast line

The construction stages are as follows

2019: Woodlands North to Woodlands South
2020: Springleaf to Caldecott
2021: Mount Pleasant to Gardens by the Bay
2022: Tanjong Rhu to Bayshore
2024: Bedok South and Sungei Bedok

The 4 stations along the TEL that are in the Marina South area are Gardens by the Bay, Marina South, Marina Bay and Shenton Way.

These are the central stations along the TEL linking Sungei Bedok in the East to Woodlands in the North.




Shenton Way

Shenton way thomson east coast line
Shenton way artist impression
Shenton way artist impression 1

Marina Bay

marina bay thomson east coast line
marina bay artist impression
Marina bay artist impression 1

Marina South Pier

Marina south pier thomson east coast line
marina south pier artist impression 1
marina south pier artist impression

Gardens by the Bay

gardens by bay thomson east coast line
gardens by bay artist impression
gardens by bay artist impression 1

Once these stations are up, there is going to be a lot of convenience for residents staying in the area.

This is because the TEL can bring them to Outram station to take the East West Line and be connected to other parts of the island, or take the TEL down to the Eastern end of Singapore.

Properties that are presently in the Marina South area include Marina One residences and Marina Bay residences.

Just at the cusp of Marina South and the traditional Raffles Place and Shenton Way CBD is The Sail, Marina Bay Suites, One Shenton and V on Shenton.

Prices for these projects are mostly above S$2,000 psf, with Marina Bay Residences reaching S$3,000 psf.

Marina One: S$2,500 psf
Marina Bay Residences: S$2,000 – S$3,000 psf
The Sail: S$,1800 to S$2,200 psf
Marina Bay Suites: S$2,000 psf
One Shenton: S$1,500 to S$2,200 psf
V on Shenton: S$2,000 to S$2,500 psf




Marina Bay Cruise Centre

Add the Marina Bay Cruise Centre, and the Marina South district becomes a hive of bustling activity.

Marina bay cruise centre

Great Southern Waterfront

The Great Southern Waterfront is another of URA’s grand plans to transform the Southern part of Singapore.

The plans involve the consolidation of operations at the City Terminals (Tanjong Pagar, Keppel) and Pasir Panjang port terminals to Tuas, the transformation of the area currently used by Keppel Golf Links and possibly Harbourfront Centre and some parts of the Pasir Panjang neighbourhood.

Great southern waterfront straits times

Overhead view of City and Pasir Panjang Terminals

Overhead view of city and pasir panjang terminals

With the freed up space, the government has a blank slate to design and execute their plans for the Great Southern Waterfront.

The Great Southern Waterfront is arguably larger and wider than the Marina South Area since it spans the area just adjacent of the Marina South Area, all the way westwards to the Pasir Panjang terminal area.

The planned relocation of the City Terminals and Pasir Panjang Terminals will free up 325 and 600 ha of waterfront land respectively.

The total of 925 ha is about three times larger than Marina Bay.




From City and Pasir Panjang terminal to Tuas

From the Tanjong Pagar, Keppel and Pasir Panjang terminals to…

city and pasir panjang terminals
southern waterfront city

To Great Southern Waterfront

There are 6 themes that URA is exploring in their design and planning of the Great Southern Waterfront area.

  1. New opportunities to live, work and play
  2. Extend the city to Greater Southern Waterfront
  3. Expand the network of public spaces
  4. Capitalize on our Blue Assets
  5. Create a continuous waterfront
  6. Connect green and open spaces

These 6 ideas were drawn from 2 consultancy firms. 1) Greater Southern Waterfront Design Consultancy by Urban Strategies Inc. 2) Sustainable Development Framework Planning and Design for Marina Bay and Greater Southern Waterfront by AECOM Singapore Pte. Ltd.

AECOM and URA’s plan on the Marina Bay and Greater Southern Waterfront development framework

City (Tanjong Pagar) port terminal shifted ahead of schedule

Late in 2017, Straits Times reported that the Tanjong Pagar terminal had been cleared ahead of schedule.

The relocation is therefore moving ahead and may be completed well ahead of the port’s lease expiry in 2027.




With the relocation of 500 staff from the older Tanjong Pagar Terminal to the newer Pasir Panjang Terminal, URA can start making measurements and drawing up plans for this part of the Greater Southern Waterfront.

TP terminal cleared

Great Southern Waterfront Masterplan

Based on URA’s masterplan, all of the space presently used by Keppel and Tanjong Pagar Terminal is yellow in color, indicating that it is a reserve site.

This means these are areas the specific use of which has yet to be determined.

great southern waterfront keppel tp terminal

Further south, the land presently used by Keppel Bay Tower, HarbourFront Tower 1 and 2, the Cable Car station and Bank of America Merrill Lynch Harbourfront is zoned Commercial, but “Subject to detailed planning”.

This indicates that URA may be doing studies on what to do with the space.

This area is older compared to the two neighbouring buildings i.e. Corals at Keppel Bay and Vivocity.

In addition, the Keppel Golf Links is zoned residential but “Subject to detailed planning”.

Will the authorities be thinking of siting residential units in this area?

If so, this will be very prime residential units and even closer to the sea than the Telok Blangah Heights HDB flats that are presently closest.

great southern waterfront vivo area

The 2 screenshots of the Great Southern Waterfront area do not yet show the Pasir Panjang Terminal area, which is much larger than the area of Keppel, Tanjong Pagar Terminal, Harbourfront Centre, Keppel Golf Links combined.

With the shifting of Tanjong Pagar terminal ahead of schedule, the area is certainly shaping up to be a very exciting part of Singapore’s future.




Time to market

However, the devil’s advocate in me would look at the Marina South and Greater Southern Waterfront projects and say that it is very ambitious and would require a lot of manpower, money and time to execute.

The Marina Bay area took about 20 years to conceptualize and be partially executed (and as of 2018, is not yet fully complete), so I think the two combined projects will take that amount of time at least, and more to be complete.

Nevertheless, the projects herald a very exciting time of Singapore’s development.


Property news round up 1 Apr 2018

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Singapore office market grade A

Amber Park, Royalville en bloc sales pushing up prices in vicinity

RESALE prices of existing condos and private apartments in District 15, which includes the Katong and Amber Road areas, as well as District 10 have risen significantly following news of the Amber Park and Royalville collective sales last year.

Edmund Tie & Co’s caveats analysis of URA Realis data also showed that in some instances, prices of larger units in the resale market have seen a bigger price hike compared with smaller units.

Analysts say resale prices of existing homes are being driven up by strong demand for replacement homes by cash-flush individuals and families who have sold their homes through collective sales in the nearby areas, among other factors.




Singapore property auction sales in Q1 up 31%

THE number of properties sold in auction sales rose to 11 units in the first quarter of 2018, from eight in the corresponding quarter a year ago.

This was despite the number of new properties put up for sale staying unchanged year-on-year at 63 units in both periods.

The total value of properties sold via auction in Q1 2018 was S$19.97 million, 31.2 per cent higher from S$15.23 million a year ago, and S$9.62 million two years ago, reflecting the positive sentiments and strong demand in the market, Edmund Tie & Company (ET&Co) said in a release on Thursday.

The figures do not include private treaty sales and units transacted before or after the auction.

Need for tie-ups to sew up Holland Rd tender

A KEY talking point about the recent dual-envelope tender for the commercial and residential site near Holland Village MRT Station was the alliances that surfaced.

All 15 entries came from 10 consortiums, with some placing multiple bids. One alliance was between City Developments (CDL) and RB Capital, the first tie-up between the two (more on this later).

Another point of interest was the recently separated partners in the Capitol project – Perennial Real Estate Holdings and (an affiliate of) Pontiac Land – each embracing other parties for the tender.

Pontiac teamed up for the first time with Australia’s Lendlease, while Perennial partnered Qingjian Realty.

Also read: List of new launch projects in Singapore in 2018

Total tab for Mandarin Gardens could hit S$4b

IF the Mandarin Gardens condominium ends in a successful en bloc sale, the buyer could end up with an overall price tag of S$4 billion.

Marketing agent C&H Properties told owners this at a second extraordinary general meeting on Sunday afternoon, where they approved the asking price of S$2.48 billion as well as the method of apportionment.

The owners also approved the collective sales agreement at the meeting held at Touch Centre at Marine Parade Central, according to Nelson Lim, C&H Properties’ key executive officer.




HBL to invest 40m euros in Credit Suisse fund

PROPERTY developer Ho Bee Land (HBL) on Monday said it has agreed to invest up to 40 million euros (S$64.8 million) in Credit Suisse (Lux) European Property Fund II.

It has also committed to co-invest up to an additional 50 million euros by acquiring notes issued by a securitisation company called Clouse SA, Compartment 29.

The fund invests in real estate and investment structures in key cities in Europe. As for Clouse SA, it is a public limited liability company set up in Luxembourg.

The notes are issued through private placement, and the proceeds will be invested in a commercial building complex of about 45,000 sqm next to the main railway station in Munich, Germany.

8M buys shophouses, commercial building for S$82.5m

HOMEGROWN investment property company 8M Real Estate has bagged a portfolio of nine conservation shophouses and a commercial building in District 1 near the Singapore River for a total of S$82.5 million.

The properties are in two clusters – one in Boat Quay/Circular Road and the other along New Bridge Road.

The properties are being sold by Lee Brothers (Wee Kee), which is held by the family of the late Lee Wee Nam, a well-known Teochew businessman, community leader and and philanthropist who set up the Four Seas Bank, which was later sold to OCBC Bank.

He was also a founding member of Boys’ Town as well as the Singapore Chinese Chamber of Commerce and Industry.

Also read: Viva industrial trust analysis

Lian Beng unit heads for Catalist listing

LIAN Beng Group has restructured its businesses and will be spinning off its property development unit, SLB Development, to be listed on the Catalist Board of the Singapore Exchange (SGX).

SLB’s preliminary offer document, out on the SGX on Tuesday, did not as yet contain details on the number and issue price of shares that will be offered.

But Lian Beng’s announcement, out the same day, said that SLB would be the holding company for the companies in the group that are engaged in the property development business in connection with Catalist listing. This gives it a presence both in Singapore as well as China.




Sasseur Reit IPO is more than 3.7 times subscribed

THE initial public offering (IPO) of Sasseur Real Estate Investment Trust (Reit) attracted applications that represented more than 3.7 times the number of available units in the public tranche, ballot results on Tuesday showed.

The offering, which is priced at S$0.80 per unit, comprises 252.8 million placement units and a public tranche of 13.8 million units.

For the public tranche, there were 2,832 valid applications for 51.4 million units that represented some S$41.1 million worth of valid applications.

The company said the placement tranche was oversubscribed by institutional investors.

Sasseur Reit, as Singapore’s first Reit IPO this year, would raise S$396 million in gross proceeds through this listing this month.

This makes it the largest IPO in Singapore to date this year.

SPH, Kajima break ground on landmark Bidadari project

THE first private residential-cum-retail project in the new Bidadari estate will offer some 680 residential units and close to 28,000 sq m of retail gross floor area.

The development – a maiden tie-up between Singapore Press Holdings (SPH) and Japanese developer Kajima Development – will be connected to Singapore’s first air-conditioned basement bus interchange and will also boast a police post and community club.

OrangeTee & Tie and Savills Singapore are the appointed marketing agents for the two to four-bedroom condos in The Woodleigh Residences, while the developers will retain The Woodleigh Mall for recurring income.

Also read: Stay in a mixed development and right beside an MRT at Woodleigh Residences near Bidadari

Kajima hopes to double S’pore revenue contribution

JAPAN-LISTED Kajima Corporation is looking to double revenue contribution from Singapore within three years, mainly driven by construction and engineering contracts.

It is also keen to take part in more joint development projects with Singapore Press Holdings (SPH) here, particularly mixed-use developments

Singapore contributed about 10 per cent of Kajima Corporation’s overseas revenue, which in turn accounted for 24 per cent of total group revenue of 1.33 trillion yen (S$16.5 billion) for the three quarters ended Dec 31, 2017.




Sasseur Reit debuts on SGX mainboard at S$0.805

CHINA outlet mall operator Sasseur Real Estate Investment Trust on Wednesday made its first appearance on the Singapore bourse – opening at S$0.805 per unit, marginally above its initial public offering (IPO) price of S$0.80.

In a filing to the Singapore Exchange (SGX), Sasseur Asset Management, the manager of Sasseur Reit, announced that 1.18 billion units in the trust currently in issue and held by Sasseur Cayman Holding II (Cayman Holdco) were listed on SGX’s mainboard.

BT earlier reported that Sasseur Reit’s IPO attracted applications representing more than 3.7 times the number of available units in the public tranche, according to ballot results on Tuesday.

The offering comprised 252.8 million placement units to investors, and a public tranche of 13.8 million units. An aggregate of 228.4 million units were also issued to cornerstone investors.

Mapletree Greater China Commercial Trust to buy 6 Japan office properties

MAPLETREE Greater China Commercial Trust (MGCCT) Management on Wednesday announced that it has entered into various conditional agreements to acquire a 98.5 per cent stake in a portfolio of six freehold commercial properties in Greater Tokyo, for 60.9 billion yen (S$753 million).

Subject to and upon completion of the proposed acquisition, MGCCT will be renamed Mapletree North Asia Commercial Trust.

DBS Trustee Limited served as the trustee of MGCCT in this deal with vendor MJOF, a private real estate closed-end fund managed by Mapletree Investments Japan Kabushiki Kaisha (MIJ), with Mapletree Real Estate Advisors (MREAL) as the investment adviser.

Also read: Plenty of potential at Jurong Lake District

Singapore prime office rents up 3% in Q1; demand to stay strong: JLL

PRIME office rents in Singapore climbed for a fourth consecutive quarter, rising 3 per cent in the first quarter of this year from the previous three months as leasing stayed active, said JLL in a report on Wednesday.

The increase brings average rents for Grade A office space in the Central Business District to S$9.51 per sq ft (psf) per month, according to JLL’s preliminary estimates.

Rent growth was broad-based across all sectors, with the Marina Bay sub-market continuing to enjoy a competitive edge, it said.

The average monthly gross rent of Grade A office space in Marina Bay rose 3.3 per cent to S$10.84 psf from S$10.49 psf three months ago.




Cushman & Wakefield interviewing advisers for IPO

TPG-BACKED Cushman & Wakefield is interviewing advisers to help take the company public, according to people familiar with the matter.

The century-old real estate brokerage giant could have an initial public offering (IPO) as soon as this year, said one of the people, who asked not to be identified because the matter is private.

The company began holding informal meetings with banks last year about a listing, with any decision on moving ahead to be based both on the company’s performance and market conditions.

Since Bloomberg first reported the talks, Cushman & Wakefield’s closest publicly traded peers, CBRE Group and Jones Lang LaSalle, have climbed 57 per cent and 76 per cent respectively.

Amber Park, Royalville en bloc sales pushing up prices in vicinity

RESALE prices of existing condos and private apartments in District 15, which includes the Katong and Amber Road areas, as well as District 10 have risen significantly following news of the Amber Park and Royalville collective sales last year.

Edmund Tie & Co’s caveats analysis of URA Realis data also showed that in some instances, prices of larger units in the resale market have seen a bigger price hike compared with smaller units.

Analysts say resale prices of existing homes are being driven up by strong demand for replacement homes by cash-flush individuals and families who have sold their homes through collective sales in the nearby areas, among other factors.

Also read: Decline in distribution per unit for Keppel REIT

Singapore property auction sales in Q1 up 31%

THE number of properties sold in auction sales rose to 11 units in the first quarter of 2018, from eight in the corresponding quarter a year ago.

This was despite the number of new properties put up for sale staying unchanged year-on-year at 63 units in both periods.

The total value of properties sold via auction in Q1 2018 was S$19.97 million, 31.2 per cent higher from S$15.23 million a year ago, and S$9.62 million two years ago, reflecting the positive sentiments and strong demand in the market, Edmund Tie & Company (ET&Co) said in a release on Thursday.

Warehouses now worth more than offices, thanks to e-commerce

WHILE China slams the brakes on buying trophy properties and the retail apocalypse draws nigh, something less sexy but striking is going on in real estate.

Warehouses are now worth more than office buildings. Giant, high-tech warehouses, to be precise.

These “big box” affairs are defined as having at least 18,600 square metres and 8.5-m ceilings, in a report by Colliers International Group that calls out the surge in their value.

Colliers looked at 14 North American markets – all but one, Toronto, in the US – and found that such warehouses sold last year at an average capitalisation rate of 5.8 per cent.

That’s comfortably lower than the 6.7 per cent cap rate for US office space, including suburban and rural properties, and neck and neck with offices in central business districts, at 5.7 per cent. Cap rates, which measure yield, fall as asset values rise.




Developers send Q1 property investment sales to new high

A FLURRY of land-banking activities by developers propelled Singapore’s property investment sales market to its strongest quarter in the first three months this year.

Preliminary estimates by property consultancy JLL show that some S$10.84 billion worth of investment deals were sewn up in the first quarter as of March 28 – the highest first-quarter sales on record since JLL started tracking such deals in 1994.

This surpassed the preceding quarter’s high of S$8.34 billion. The residential sector was the star performer in the first quarter with S$8.93 billion, accounting for more than four-fifths of the quarter’s total investment sales value.

record investment salesAre Reits worth considering when rates rise?

WITH interest rates on the way up, an argument can be made for avoiding Real Estate Investment Trusts or Reits.

After all, why opt for a distribution that is not certain, when it is possible to get a guaranteed return from money in the bank.

Right now, it is possible to earn around 1 per cent on US dollar deposits.

And if market estimates are right, another six interest rate hikes by the end of 2019 could lift deposit rates to 2.5 per cent.

However, that enticing interest rate would still be less attractive than the average yields on Singapore and Malaysian Reits of about 6 per cent, even though the payouts could be risker.

The question is whether the juice is worth the squeeze.

Put another way, is the premium worth the risk? Before we address that question, it is worth considering something that is quite salient to Reits.

They must pay out 90 per cent of their income to investors, regardless. The distribution is not discretionary.

If the Reit makes money, then it must pay out most of it to unitholders, if it wants to enjoy a favourable tax status.

Secondly, Reits have often been viewed as a proxy for bonds. But they aren’t the same as those fixed-interest instrument. Unlike bond prices, the share price of Reits doesn’t necessarily fall when interest rates rise. They might even rise.

So, we shouldn’t assume that all Reits could be adversely affected by rising interest rates.

In fact, a Reit’s performance is influenced by two factors, namely, the prevailing credit conditions and the state of the economy.

If either the economy is doing well, or credit is readily available, then Reits should perform well too.

So, unitholders could continue to receive uninterrupted distributions.

But it is important to choose the right Reits – not just the one with the highest yield.

One way to evaluate Reits is to look at how much we are paying for every dollar of profit they make.

With shares, the price-to-earnings can be helpful. But with Reits, the P/E ratio can, at best, be misleading and, at worst, almost useless.

Cash is probably more relevant than earnings, which tend to be complicated by accounting rules that require Reits to depreciate their properties.

Property values tend to rise over time, rather than depreciate.

But general accounting rules require properties to be depreciated over their lifetime.

So, the reported profit number could underestimate the “true” profit. Reits also tend to hang on to their properties for ages.

These assets are carefully chosen to generate long-term income.

In fact, we should probably be a little concerned if a Reit buys and sells its buildings too frequently.

Consequently, Funds from Operation (FFO) can be a better gauge of profit.

It adjusts for depreciation, amortisation, and any gains or losses from property disposals.

Currently, the median Price-to-FFO for Singapore and Malaysian Reits is a high, but not-too-demanding 17. It means that we are paying around S$17 for every dollar of cash generated.

A common problem with comparing different Reits is that it can be a bit like pitting almonds against pistachios.

That’s just nuts.

How do we compare, say, a Reit with prime properties in the Central Business District with another that owns a portfolio of suburban malls?

One useful way is to look at their capitalisation rates.

It is a measure of the annual rental income that Reits generate from their properties.

Currently, the median capitalisation rate for Singapore and Malaysian Reits is around 5.3 per cent.

This means that they could generate roughly S$5.30 of rental income from every S$100 of property assets. It is important to bear in mind that a high capitalisation rate is not necessarily better.

It could mean that a landlord is charging too much rent, which might not be sustainable over the long haul.

Finally, we should never lose sight that Reits are property assets. So, it is important to think of them as such.

We should consider carefully how much we are paying for every dollar of their net assets. One way is to look at their book values.

Since the properties held by Reits are appraised regularly, the book value should provide a reasonable gauge.

Currently, Singapore and Malaysian Reits are, on average, trading at slightly below their book values, though some are trading at quite a hefty premium.

Singapore is the second-largest Reit market in Asia. When combined with the Reits that are available in Malaysia, there are more than 50 that we can choose from. That can be both a blessing and a curse.

Choice is never a bad thing.

Some Reits can be quite outstanding, some are mediocre, while some could disappoint. Focusing on yields may provide instant gratification.

But for long-term investors, considering the sustainability of distributions can be more satisfying over the long haul.

Highest yielding REITS

BT REIT Yields 31 Mar 2018Also read: Jewel of the West and at the doorstep of Jurong Lake District – Twin Vew condo


Analysis on Viva Industrial REIT

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Viva industrial trust

Viva Industrial Trust (VIT) is a Singapore-focused Business Park and industrial real estate investment trust.

The REIT has the principal investment strategy of investing in a diversified portfolio of income-producing real estate that is predominantly for business parks and other industrial purposes in Singapore and elsewhere in the Asia Pacific region.




VIT’s current property portfolio covers an aggregate gross floor area of 3.9 million sq ft and is strategically located in key business parks and established industrial clusters with an aggregate valuation of close to S$1.3 billion.

Its nine properties serve over 149 tenants with 39.5% of them in information technology, e-business or data centre operations.

This post will go through their fourth quarter 2017 results to see what stands out and highlight things that investors would want to take note of.

None of this constitutes investment advice, so please do your own due diligence!

Gross revenue

Their gross revenue of S$28.3m in 4Q2017 is higher than S$25.6m the same period last year, which to me is a good sign.

Further back in time, gross revenue has been continually increasing, from S$16.6m in 4Q2014 and S$19.7m in 4Q2015.

Between 4Q2014 and 4Q2017, growth in gross revenue came in at 44%.

Net property income

What’s more important than the top line (gross revenue) is the Net Property Income line.

This has also shown growth over the last few years, from S$11.0m in 4Q2014 to S$20.6m in 4Q2017, which is an 87% increase.

The higher growth rate in NPI than gross revenue is a good sign to me because it shows that the manager has been able to cap growth in property expenses.

Distribution amounts

Most importantly however is the distributable amount per share, because this is the amount that ultimately goes into a shareholder’s pocket.

In 4Q2014, the distributable income per share was 1.701 SG cents.

In 4Q2017, the amount rose to 1.857 SG cents, or a 9.2% increase.

Since IPO in 2013, distribution yield has fluctuated between 7.9% to 9.3%.

The distribution yield of 7.9% in 4Q2017 is therefore on the lower end of the historical range.




Financial position

VIT has managed to grow their dollar amount of investment properties through the years, from S$852m in 4Q2014 to S$1.3b in 4Q2017.

I think this is to be expected because if a REIT is not growing, it means that something may be wrong!

A deeper look however shows that this growth may not entirely be of quality.

Why do I say that?

Let’s look at the Net Asset Value (NAV) per share.

As a recap, NAV per share is calculated as Net Assets / No of Stapled Securities Issued and Issuable (aka number of outstanding shares).

It was S$0.758 as of 4Q2014, S$0.813 as of 4Q2015, S$0.791 as of 4Q2016 and S$0.765 as of 4Q2017.

It rose between 4Q2014 and 4Q2015, but started to fall thereafter.

Why did it fall?

The reason is because the number of stapled securities (issued and issuable) started from a higher base, and growth was faster than net assets.

In 4Q2014, the number of outstanding shares was 622m. In 4Q2017, it was 976m.

This is a 57% increase (of a higher base than net assets).

In 4Q2014, the net assets was S$472m. In 4Q2017, net assets was S$747m.

This is a 58% increase. Marginally higher than the growth in outstanding shares.

Bear in mind that the growth in outstanding shares is from a higher base.

In an absolute amount basis, net assets grew by S$275m, while number of outstanding shares grew by 354m.

This explains why NAV per share has been declining.

Very interestingly however, I noticed that the share price has been in an overall uptrend (starting point is lower than ending point).

Prices have corrected slightly since the beginning of 2018 however.viva industrial trust

At current share price of S$0.88, it is higher than 4Q2017’s NAV of S$0.765.

Is the premium warranted?

Personally, I think that the transformation of Viva Business Park instilled a lot of confidence in investors such that the shares traded at a premium.

As to whether the premium is warranted or may persist, I think it may soften, especially with the income support the REIT is taking on.

Also read: Viva Industrial REIT’s income support

Nevertheless, the REIT appears to be well managed, and the manager has shown it can undertake large scale asset enhancement initiatives with the Viva Business Park transformation.




Gearing ratio and borrowing costs

One thing that investors would need to look out for is the high gearing ratio.

At 39.8% as of 4Q2017, it is higher than the average of most REITs.

Nevertheless, the gearing has fallen from 44.3% as of 4Q2014.

Since IPO, the gearing ratio has fluctuated between 37.2% to 44.3%. 4Q2017’s gearing of 39.8% is therefore at the middle/lower end of the range.

Borrowing costs have stayed within a tight range of 3.79% to 4.0%.

As of 4Q2017, borrowing costs of 3.9% is at the higher end of the historical range.

It is usually rare for borrowing costs to fluctuate widely, and for a short 3-4 year period of time, but any increase in interest rates need to be watched closely by investors.

The largest amount of S$213m of loans will mature in 2020 which is 2 years away, so that gives the manager some time to engage banks in handling any refinancing.

My personal view is that interest rates may rise in future, so a 2020 refinancing window may not actually be beneficial for VIT as rates may be higher at that point than now.

Whatever the case may be, VIT has fixed 84.4% of their interest rate exposure as of 4Q2017 so that will provide much needed visibility and latitude of control for the manager.

Portfolio details

Moving from the financial side of things to the property level, the portfolio has shown improvement in some areas.

Occupancy and reversion

As of 4Q2017, occupancy stood at 90.6%.

There has been improvement every year since IPO, with occupancy at the different years being 4Q2014:76.9%, 4Q2015:87%, 4Q201689.8%.

Rental reversion has also been positive. In the climate where industrial properties are not doing so well, this is a positive sign.

For the whole of 2017, rental reversion was 2.6% over a total of 410,000 sqft of new and renewal leases.

This is a decline from 5.2% for the whole of 2016.

Generally, I think that the positive reversion is good for investors, but the declining trend may need to be watched carefully.

Valuation

Valuation of VIT’s assets concern me a little because between 31 Dec 2016 and 31 Dec 2017, there were more assets being valued at a lower rate than higher.

Assets that were valued lower include

  • Viva Business Park
  • Jackson Square
  • 11 Ubi Road 1

The only asset that was valued higher was UE BizHub East – Business Park component.

The total downward valuation amounted to 3.5m for Viva Business Park + 6.8m for Jackson Square + 2m for 11 Ubi Road 1 = 12.3m.

The total upward valuation for the UE BizHub East – Business Park component was 3m, far short of the downward valuation.

Viva industrial trust valuationThe decline in valuations might portend further falls in NAV per share.

Hopefully the manager will be able to raise rents or occupancy in the assets which will in turn raise valuations to mitigate the NAV decline.

The UE BizHub East – Business Park component can provide some relief, but I don’t think it will be able to stem the decline.

Tenant concentration

One good point that stands out for VIT is the decreasing reliance of rental to the portfolio’s top 10 tenants.

At 4Q2014, the top 10 tenants contributed 48.1% of monthly rental income.

At 4Q2017, the top 10 tenants contributed 43% of monthly rental income.

Some of the names that were present in both the 4Q2014 and 4Q2017 top 10 list include Cisco, 1-Net Singapore, NTUC Fairprice and Johnson Controls.

Tenants that were present in 4Q2014 but not in 4Q2017 include McDermott Asia Pacific, BT Singapore, CSC Technology, Jackson Global, DFS Venture and Mauser Singapore.

Also read: Condo hunting around Jurong Lake District

Lease expiry

Moving forward, FY2019 will be a year to watch as 32% of leases by underlying gross rental income will be expiring.

This is the highest over the next 5 years (the next highest year where leases are expiring is FY2022 & Beyond when 31% of leases are expiring).

Should the industrial market not pick up in FY2019, the manager will have to do a lot of active management to ensure that tenants are retained, rents can be raised and occupancy maintained/lifted.




Well-run REIT

Overall, VIT appears to be a well run REIT, with occupancy and total assets being increased every year, together with positive rental reversions.

However, I personally think that the declining NAV per share is a cause for concern.

The large amount of loan maturities in 2020 and leases expiring in 2019 would also be something that would keep the manager on their toes in the short term.

At a dividend yield of 7.9%, it definitely is higher than most other REITs. On the yield basis alone, I would not mind picking up a few shares.

However, the income support and declining NAV per share would be something I would want to be very careful about.

Also read: Singapore’s new property launches in 2018



Woodleigh residences at Woodleigh and Bidadari by SPH

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The Woodleigh Residences artist impression
The Woodleigh Residences artist impression

Woodleigh Residences at the Woodleigh and Bidadari area is an upcoming condominium slated to be launched by SPH and Kajima.

It is a proposed mixed commercial and residential development integrated wth a community club, neighbourhood police centre, the Woodleigh MRT station and an underground bus interchange.

This post will give you a review of Woodleigh Residences condominium, pricing, floor plans, site plan, showflat location and information you need to make an informed investment decision.

Use the following quick navigation list to get around or contact us immediately to register your interest in Woodleigh Residences at Bidadari.

Quick Navigation

  1. Condominium summary
  2. Condominium location
  3. Unit mix
  4. Floor plans
  5. Pricing
  6. Showflat location
  7. Site plan
  8. Gallery and views
  9. Condominium facilities
  10. Surrounding amenities i.e. Transport, education, healthcare, shopping/entertainment and outdoor/fitness amenities
  11. Government masterplan
  12. Micro-market environment: Demand; supply; rents and yields; prices
  13. Potential capital gains and investment returns
  14. Interest rates
  15. Other purchase details
  16. Site background
  17. Developer background
  18. Contact us/register interest
  19. Other project information

Condominium summary

Project name Woodleigh Residences
Address Bidadari Park Drive
Developer SPH and Kajima Development
Tenure 99 years
District 13
Number of units 680
Retail space 28,000 sqm of retail
TOP 2022
Unit mix 2 to 4 bedrooms

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences condo by renowned developer Kajima and homegrown company, SPH.

Condominium location

Woodleigh Residences is located at Upper Serangoon and Upper Aljunied Road.

The following illustration from Straits Times shows the location of Woodleigh Residences, near Bidadari Park, Woodleigh Station and in close proximity to the city centre via Central Expressway.

Woodleigh residences

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences, conveniently located near the city and atop a 28,000 sqm retail mall

Unit mix

The Woodleigh Residences unit mix
The Woodleigh Residences unit mix

There will be 667 units in Woodleigh Residences spanning 2 to 4 bedrooms, together with 28,000 sqm of retail space.

The first 3 malls would be the Woodleigh Mall. Residences start from 4th floor onwards.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences

Floor plans

2br 570sqft floorplan (Woodleigh Residences)
2br 570sqft floorplan (Woodleigh Residences)

2br 667sqft floorplan (Woodleigh Residences)
2br 667sqft floorplan (Woodleigh Residences)

2br flexi 721sqft floorplan (Woodleigh Residences)
2br flexi 721sqft floorplan (Woodleigh Residences)

3br 958sqft floorplan (Woodleigh Residences)
3br 958sqft floorplan (Woodleigh Residences)

3br 1076sqft floorplan (Woodleigh Residences)
3br 1076sqft floorplan (Woodleigh Residences)

4br 1259sqft floorplan (Woodleigh Residences)
4br 1259sqft floorplan (Woodleigh Residences)

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and to receive VVIP passes for entry to the showflat before it is opened to the public

Pricing

According to the Straits Times, the Woodleigh Residences will be priced from S$2,000 psf.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and if you’re one of the early ones to book a unit, stand to receive developer discounts.

Showflat location

The showflat for Woodleigh Residences will likely be at the open field next to NEX, at Serangoon MRT. Contact us to register your interest in Woodleigh Residences and skip the queue.

Site plan

The Woodleigh Residences siteplan
The Woodleigh Residences siteplan

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences, and be one of the rare few people to stay in a mixed use development managed by home grown brand name companies.

Gallery and views

Located strategically beside Alkaff Lake, the following picture shows an artist impression of Woodleigh Residences that offers views of the lake.

The Woodleigh Residences - unblocked views of Bidadari lake
The Woodleigh Residences – unblocked views of Bidadari lake

The Woodleigh Residences - live above a mall
The Woodleigh Residences – live above a mall

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and enjoy views of Alkaff Lake, Bidadari Park and ride on the wave of development in the area.

Condominium facilities

Woodleigh Residences, being a mid sized condominium of 667 units, will have fairly extensive and popular facilities such as swimming pools, sky decks, green areas, tennis courts, gym and reading rooms.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences to enjoy full condo facilities and amenities developed by brand name developers and companies.

Surrounding amenities

The following will give you an idea of the transport, education, healthcare, shopping/entertainment and fitness/outdoor amenities around the development.

Transport

Immediately outside Woodleigh Residences, along Upper Serangoon Road is a bus stop connected to the MRT station.

The bus stop has services 13, 100, 107, 133, 135, 147, 155 and 853 that leads to many parts of the island.

Serangoon bus interchange is also one MRT stop north of Woodleigh, offering even more convenience for residents in the area.

As mentioned, Woodleigh Residences is situated right beside Woodleigh MRT.

The project is 4 MRT stops from Little India interchange, 5 stops from Dhoby Ghaut, 6 stops from City Hall and 7 stops from Orchard and Raffles Place (CBD).

For those who drive, Exit 10 of the Central Expressway and Exit 13 of the Pan Island Expressway is a 3-5 min drive away.

Being right at the doorstep of the city, with connectivity by MRT and expressway to the other parts of the island, Woodleigh Residences offers unparalleled convenience to residents.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and be able to live at the doorstep of the city.

Education

There are no lack of good primary, secondary, JC and international schools in the surrounding area given the fairly central location of Woodleigh Residences.

For parents who desire to send their children to an international school, the Stamford American International School is located just across the road from Woodleigh Residences.

Top schools and junior colleges such as Raffles Institution and St Andrew’s are also located nearby.

According to OneMap, there are the following primary schools within a 2km radius of Woodleigh Residences.

Within 1km

  • Cedar Primary
  • Maris Stella High School
  • St Andrew’s Junior School

Within 2km

  • Bendemeer Primary School
  • Canossa Convent Primary School
  • First Toa Payoh Primary
  • Kuo Chuan Presbyterian School
  • Paya Lebar Methodist Girls’ School
  • Pei Chun Public School
  • St Gabriel’s Primary School
  • Yangzheng Primary School

Other secondary schools, institutes of higher education/learning, private and international schools include (not necessarily within 2 km)

Secondary schools:

  • St Gabriel’s Secondary
  • Cedar Girls’ Secondary
  • St Andrew’s Secondary
  • Paya Lebar Methodist Girls’ Secondary
  • Peicai Secondary School
  • Beatty Secondary School
  • Guangyang Secondary School
  • Raffles Institution (Secondary)

Higher education:

  • St Andrews JC
  • Nanyang JC
  • Raffles Institution (Junior College)

Private and international schools:

  • Stamford American International School

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and get priority in sending your child to many top schools in the city fringe area.

Healthcare

Woodleigh MRT is only 6 MRT stations from Sengkang where the Sengkang Community Hospital, general hospital and specialist clinic is located.

The Hougang and Toa Payoh Polyclinic is also located not far from Woodleigh Residences.

The Serangoon town centre will have many amenities that caters for those who need healthcare, be they young or elderly.

Shopping, entertainment, food, drinks etc.

There is no lack of shopping and entertainment amenities around Woodleigh Residences such as the following.

  • Nex Shopping Mall (Woodleigh Residences is located on top of this mall
  • Nex (at Serangoon)
  • Heartland mall at Kovan
  • Junction 8 at Bishan
  • Paya Lebar Quarter at Paya Lebar
  • Connexion at Farrer Park

These shopping malls and entertainment areas provide convenience and meet the daily needs of residents at Woodleigh.

With most of these shopping malls being of a large size, one can find most of their daily needs in these areas without having to travel to a larger town centre such as Bedok, Woodland, Yishun or even town.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences to get the best of city fringe living coupled with the convenience of many shopping malls in the vicinity.

Outdoor/fitness amenities

For those who are active and regularly exercise, there are various parks, stadiums and gyms in the area.

The Bidadari Park will be the newest green area in the location and situated beside Alkaff Lake.

The Kallang Park Connector will also link residents in the area to the Sports Hub and Marina Barrage in the south. The Park Connector is about 10 min walk or 5 min cycle from Woodleigh Residences.

Toa Payoh Town Park is also a short distance to the West of Woodleigh Residences. Housed together with Toa Payoh Swimming Complex, Toa Payoh Sports Hall, Singapore Table Tennis Association and Toa Payoh Stadium, there is no lack of fitness and exercise amenities for those who are looking for it.

Further North is Hougang which has the Swimming Complex, Stadium and Sports Hall.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences to enjoy the many fitness amenities and facilities in the surrounding area.

Government masterplan

If you’ve stayed in Singapore the last year or so, you would possibly have of the big plans the government has for the Bidadari and Woodleigh area.

Envisioned as “A community in a garden”, Bidadari estate will feature the centrally located 10ha Bidadari Park, which will connect to a central green spine.

bidadari map from HDB

One innovative method that planners have used to mitigate flooding in the area is the sprucing up of the former Alkaff Gardens which has a retention pond.

The existing Bidadari memorial garden will also be integrated within Bidadari park.

MKPL architects together with Urban Strategists Inc as the planning consultant were initially selected by HDB to provide master planning and architectural design consultancy services.

Their work has resulted in the present day Bidadari and Woodleigh area that is set to be a jewel in the Central North Eastern part of Singapore.

artist impression bidadari from hdb

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences which is one of the more popular mixed developments in the Bidadari and Woodleigh district.

Micro-market environment

The following sections will provide a snapshot of the micro-market health where the Woodleigh Residences condo is situated.

Demand

For investors thinking of renting out Woodleigh Residences, demand will come from a few key areas.

The Tai Seng industrial area has a number of factories and light industrial buildings that employ a number of white and blue collar professionals. This will be one source of renters.

Another source of demand would be those in working in the Novena area since the area is separated only by the Central Expressway and linked also by MRT which is 5 stations away.

Generally, Woodleigh Residences is likely to be well received by those working in the city.

The project is not right in the middle of the city where rents are likely to be much higher, neither is it too far off in the suburbs that a long time will be required travelling.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and take advantage of the government’s plan to develop the Bidadari and Woodleigh area into a hive of activity.

Supply

There is only one upcoming private condominium project which is Park Colonial located across Upper Serangoon Road.

For private investors, there is likely to be no difficulty in renting out units due to its location at Woodleigh MRT and little competition.

The surrounding BTO flats will not be a competitor for investors renting out a unit at Woodleigh Residences because the BTO flats need to be occupied by buyers in the first 5 years after purchase.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and own a private condominium at the doorstep of the city.

Rents and yields

According to Squarefoot and using projects surrounding Woodleigh Residences, rental yields using transactions over the last 12 months are in the range of 2.3% to 3.3%.

The developments in the immediate area include the following

Project name Rental yield
Avon Park 2.3%
8 @ Woodleigh 3.3%
Blossoms @ Woodleigh 2.6%
Euro-Asia Park 2.6%
Parc Mondrian 2.6%

Squarefoot also provides the average rental per square feet per month which is approximately $3.

This means that a 1,000 sqft unit which is very likely a 3 bedroom unit, can fetch rents at approximately S$3,000 per month.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences which offers great investment potential if you’re renting it out, or a high quality of life if you’re staying in it.

Prices

Prices (new, resale and subsale) in district 13 have been on an uptrend, rising from approximately S$800 psf in mid 2010 to S$1,220 psf in early 2018.

This represents an increase of about 50% over the last 8 years.

Woodleigh residences district 13 prices

Given the government’s focus on the Bidadari area which is where Woodleigh Residences is, there is likely to be capital appreciation potential for new projects as the area gradually becomes developed.

While prices have been stable over the least 4 to 5 years, the rising land prices suggest a resurgence in final selling prices to consumers. Therefore, the opportunity to buy Woodleigh Residences, a mixed development, at a price which is competitive is a very good opportunity to ride on the government’s plans.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and take advantage of the government’s focus on developing the area over the next 3 to 5 years.

Potential capital gains and investment returns

Assuming prices increase by 7% per annum which is the historical long term rate for property as an asset class, the returns for a potential investor who takes on leverage and rents out a unit would be in the mid teens to low 20% range.

Considering how bond yields are so low right now and the stock market continuing to make historical peaks, the inflation hedge characteristic of property does present compelling opportunities for investors.

Interest rates

1 month SIBOR rates are approximately at the 1.3% range and has been fairly stable over the last 2 years.

Given the spread on top of SIBOR, borrowing rates are presently in the range of 1.7 to 2.0%.

Do check out the quick reference page we have on SIBOR and SOR rate

SIBOR woodleigh residences

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences and take the chance to make an astute investment and purchase decision while interest rates are still low.

Other purchase details

Prevailing restrictions imposed by the government such as minimum downpayment, total debt servicing ratios, buyer and additional buyer stamp duty and seller stamp duties all apply.

Quick links: 1) Quick navigation 2) Contact us to register your interest in Woodleigh Residences. We can help you structure your investment to ensure you get the most out of your savings and investment.

Site background

Consortium partners Singapore Press Holdings (SPH) and Kajima Development plan to develop over 600 residential units with a retail/commercial component of roughly 310,000 sf gross floor area at the Bidadari site they recently won.

The 50:50 joint venture submitted the highest bid of $1.132 billion for the 99-year leasehold land located next to Woodleigh MRT Station.

Based on the site’s maximum gross floor area (GFA) of 958,450 sf, the bid translates into $1,181 ppr. As stated in the tender conditions, the successful bidder will also have to build a 6,000 sqm Community Club (CC), a 2,190 sqm Neighbourhood Police Centre (NPC), a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.

The consortium believes that the residents in the vicinity and the students from the schools nearby will provide a ready catchment for the upcoming retail/commercial development.

The consortium will also bring in new ideas from Japan for this development.

The mixed commercial and residential site comes with an air space for a commercial bridge across Bidadari Park Drive towards Bidadari Park and a subterranean space for an underpass to the bus interchange in Woodleigh Village BTO.

The Bidadari estate will also encompass a green environment with a garden setting and the site overlooks the Alkaff Lake, Bidadari Park and Bidadari Heritage Walk.

Alan Chan, CEO of SPH, says: “SPH developed an upmarket residential condominium, [email protected], at Thomson Road, as well as 3 malls – Paragon, The Clementi Mall and The Seletar Mall.

This strategic move shows our commitment in expanding and enhancing our property portfolio.”

Source: The Edge Singapore

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Developer background

Singapore Press Holdings

Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms.

Source: SPH

Kajima

Kajima Corporation has built a history of almost 180 years since it first commenced operations in 1840.

Over that long history, our management philosophy has always been: “As a group of individuals working together as one, we pursue creative progress and development founded on both rational, scientific principles and a humanitarian outlook, through which we strive to continually advance our business operations and contribute to society.”

At Kajima, it is our “enterprising spirit” that drives us to take on the big challenges.

We have worked on pioneering projects across the generations, including the country’s first skyscraper and many different national development projects in areas such as infrastructure and railways. We are proud of the contributions we have made to the industrial and economic development of Japan.

Outside Japan, Kajima has been working together with its group companies to expand operations in major countries and regions of the world.

This includes the United States, where we have a strong track record stretching back more than half a century, as well as Europe and the Asia-Pacific region.

As a network of companies that offers services globally, the Kajima Group will aim for further growth by diversifying its project portfolio and leveraging its special strengths in construction projects and development projects.

Source: Kajima

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Property news round up 25 Mar 2018

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Rivercove residences punggol digital district

CBRE plans ‘living lab’ for new tech at Paya Lebar showcase

CBRE is relocating its main Singapore office to Paya Lebar Quarter (PLQ) in the middle of next year, and hopes to turn the new office into a “living lab” or a showcase for new proprietary technologies.

The new office spanning over 30,000 square feet at PLQ will bring together its operations currently at three different locations, including a prime CBD address at 6 Battery Road.

But CBRE will still retain a core CBD office to serve clients in the area, said Pauline Goh, chief executive officer of CBRE Singapore and South-east Asia.




Keppel Land consolidates ownership of Saigon Sports City

KEPPEL Corp on Sunday said that it has through Keppel Land’s wholly-owned subsidiary, Oil (Asia) Pte Ltd, acquired the remaining 10 per cent stake in Jencity Limited, which holds Saigon Sports City, for about US$11.4 million.

It bought the stake from Jenclub Limited. Following the acquisition, Keppel Land will hold a 100 per cent interest in Saigon Sports City, thus consolidating its full ownership of the township.

Saigon Sports City is a 64-hectare township that Keppel Land is developing in the prime District 2 in Ho Chi Minh City, Vietnam, in collaboration with Keppel Urban Solutions.

Also read: New condominiums in Singapore for 2018

Victor Li finally completes decades-long apprenticeship

IT’S NOT easy being the son of a superhuman action hero.

Victor Li, 53, heir to Hong Kong’s biggest family fortune, has spent his career in the shadow of his father and billionaire property tycoon Li Ka-shing, known as “Superman” in the local press for his deal-making savvy.

On Friday, the elder Li, 89, announced his retirement as chairman of CK Hutchison Holdings Ltd and CK Asset Holdings Ltd – his two biggest companies – in a move that shifts control of the telecom, retail and infrastructure business empire to Victor, a Stanford University-educated engineer who’s preferred to stay out of the media glare.

Li is expected to focus on building profitability by cutting costs and finding synergies inside the global conglomerate that also owns utility companies and mobile-phone networks.

His father will remain as a senior adviser and will continue to work closely together.

Kwek and Quek entities secure Pacific Mansion for S$980m

ENTITIES controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces to acquire a freehold site for S$980 million in Singapore’s prime district 9.

The acquisition of Pacific Mansion marks the biggest collective sale in a more than a decade and the second-highest on record, according to CBRE, which brokered the deal.

Singapore-listed GuocoLand, controlled by Mr Quek, announced on Monday that it has successfully tendered for the Pacific Mansion site with Intrepid Investments and Hong Realty.

Peak Court up for en bloc sale with asking price of S$106m

THE freehold Peak Court at Thomson Road has launched a tender for collective sale with an asking price of S$106 million.

Marketing agent Edmund Tie & Company said in a statement that the District 11 condominium with 20 maisonette units can be redeveloped into “an upscale resort-like boutique condominium project with about 106 units.”

If authorities approve, the site could also be developed into a five-storey serviced apartment project or a healthcare development.

The 57,350 sq ft site is located near Novena MRT station and schools like Anglo-Chinese School (Primary) and CHIJ Primary (Toa Payoh) as well as the Pan Island Expressway (PIE).




Far East-led consortium places 3 of total 15 bids for Holland site

PROPERTY giant Far East Organization – which has been lagging its rivals in a land shopping binge in the past year or so – is leading a consortium that has placed three bids for a prime commercial and residential site in Holland Road.

The Urban Redevelopment Authority’s first dual-envelope tender in eight years drew a strong turnout on Tuesday.

In all, 15 bids were received from 10 consortiums for the 99-year leasehold site near Holland Village MRT Station.

Four of the groups placed multiple bids to raise their chances of clinching the site. “The huge capital outlay with a land price possibly exceeding S$1 billion and the necessary experience in developing and managing the non-residential component would have led to the tie-ups,” said JLL national director Ong Teck Hui.

Also read: Decline in distribution per unit for Keppel REIT

CapitaLand unit to manage mall in Oxley’s The Peak in Phnom Penh

DEVELOPER CapitaLand, through its wholly owned shopping mall business CapitaLand Retail, has signed an agreement to manage a mall in Cambodia’s capital, Phnom Penh.

The mall is the retail component of The Peak, an upcoming high-end integrated development majority owned by Singapore-based developer Oxley and Cambodian company Worldbridge Land.

The Peak, located the Chamkarmon district in central Phnom Penh, is a 55-storey freehold integrated development which houses an office tower, the country’s first Shangri-La Hotel, two luxury residential towers with 1,014 apartment units and the mall, which will open in 2020.

Technology advances can help secure formal land rights

NEW technology has unleashed a wave of opportunities to secure formal land rights for hundreds of millions of people, but it is not a solve-all solution in countries with weak institutions, said a senior World Bank economist.

Satellite imagery, drones, cloud computing and blockchain are among technologies with the potential to help many of the world’s more than one billion people estimated to lack secure property rights, said the World Bank’s Klaus Deininger.

“With new technologies, we have a lot of opportunities to change the picture quite dramatically,” he said in an interview ahead of the World Bank’s annual conference on land and poverty, which opened in Washington on Monday.




Country Garden’s annual core profit doubles to record

COUNTRY Garden Holdings Co Ltd, one of China’s most aggressive property developers, said on Tuesday annual core profit doubled to a record on robust sales and higher margins.

Despite Beijing’s efforts to cool a heated market, many of China’s major property developers are expected to book their annual best-ever profits for 2017, benefiting as they speed up the pace of developments and from their bigger size as M&A activity makes the market less fragmented.

Country Garden’s core profit, which excludes non-recurring income and revaluation gains, grew to 24.7 billion yuan (S$5.1 billion).

Sasseur Reit offers public tranche of 13.8m units at S$0.80 apiece

SASSEUR Reit is offering 266.6 million units at 80 Singapore cents each in the first initial public offering (IPO) of a real estate investment trust (Reit) this year in Singapore.

This comprises 252.8 million placement shares and a public tranche of 13.8 million, according to its registered prospectus filed March 21.

When it begins trading here on March 28, Sasseur Reit will also offer investors here a new asset class, exposure to Chinese outlet malls, and will be the first outlet mall Reit to be listed in Asia.

The Reit is forecasting a distribution yield of 7.5 per cent between March 1 and end-2018, and 7.8 per cent in 2019.

Also read: Best performing condos in Feb 2018

More commercial sites hop onto collective sale train

MORE commercial developments are jumping onto the collective sale bandwagon even as the success rate for such deals pale in comparison to residential developments.

Among them is Singapore Shopping Centre at Clemenceau Avenue, which has only 29 years left on its tenure and where the secretariat of Real Estate Developers’ Association of Singapore (Redas) is located.

Redas, which owns 5,264 sq ft of space at the top floor of Singapore Shopping Centre (including 2,390 sq ft of roof terrace) since 1987 under a trust, is not part of the collective sale committee (CSC).

Freehold Olina Lodge launched for collective sale at S$220m

OWNERS of Olina Lodge, a freehold project at 15 Holland Hill in prime district 10, hope that third time’s the charm in their collective sale attempt.

They have launched their properties collectively this time with a reserve price of S$220 million.

This translates to a land rate of S$1,631 per square foot per plot ratio (psf ppr), said sole marketing agent Singapore Realtors Inc (SRI).




Good Class Bungalow deals start to rev up

A FEW big ticket deals in Good Class Bungalow (GCB) Areas were sealed recently.

These include a bungalow in Dalvey Road near the Israeli Embassy that went for S$35.4 million – or S$1,757 per square foot on the freehold land area of 20,143 sq ft.

Located within the White House Park GCB Area, the property spans two storeys and a basement.

One Raffles Place Shopping Mall gets facelift

OUE Commercial Reit announced on Wednesday that its portfolio property, One Raffles Place Shopping Mall, will undergo asset enhancement initiatives in mid-2018 as part of efforts to revitalise the mall with a “more diverse and dynamic tenant mix”.

The enhancements include improving the circulation areas of the mall, as well as creating more inviting and open retail space with better visibility.

These upgrades will help provide a better shopping experience while simultaneously driving the per square foot productivity of the mall, said OUE C-Reit in a filing to the bourse.

It also announced the opening of a co-working space on an area of more than 35,000 sq ft across a few levels at the mall.

More private spaces for hotel

IN AN industry challenged by Airbnb and other home-sharing competitors, hotels are happy to attract locals with laptops and the cocktail crowds to their lobbies.

But popularity risks frustrating guests, who may be forced to retreat to their rooms, which has led to an expansion of guest-only areas like meeting spaces, libraries, quiet rooms and bars.

For hotel operators, these private spaces are similar to the concierge-floor perks, where guests pay a premium for access to a lounge with business facilities and food.

Also read: Why pre-paying your home loan could be awesome

OrangeTee & Tie teams up with Carousell on property listings

ORANGETEE & Tie, Singapore’s third-largest property agency by sales force, has tied up with homegrown Carousell to add the property listings and reviews of its more than 4,000 agents to the online marketplace.

The collaboration comes on the heels of the launch of SoReal Prop last week, an online platform initiative led by top agencies PropNex Realty, ERA Realty and Huttons Asia.

OrangeTee & Tie, which has not joined SoReal Prop yet, said its tie-up with Carousell allows over 20,000 listings and more than 9,000 agent reviews from OrangeTee & Tie to be added to the Carousell platform within the next three months for free.




Mortgage rates recommence their upward trajectory

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average inched up to 4.45 per cent with an average 0.5 point.

(Points are fees paid to a lender equal to 1 per cent of the loan amount.)

It was 4.44 per cent a week ago and 4.23 per cent a year ago. The 15-year fixed-rate average ticked up to 3.91 per cent with an average 0.5 point.

It was 3.90 per cent a week ago and 3.44 per cent a year ago.

The five-year adjustable rate average edged up to 3.68 per cent with an average 0.4 point.

It was 3.67 per cent a week ago and 3.24 per cent a year ago.

As expected, the Federal Reserve increased its benchmark rate on Wednesday, raising it to 1.75 per cent, the highest level in a decade.

The central bank doesn’t set mortgage rates, but its decisions influence them.

Highest yielding REITs

Highest yielding reits


120 Grange Condo at Grange Road and Orchard by Roxy Pacific Holdings

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Orchard road 120 grange road 3

Latest pricing update for 120 Grange!

1 bedroom – fully sold

Five units left of 2 bedroom units each at 570 sqft from S$1,792,000

10 units left of 2 bedroom dual key units each at 678 sqft from S$2,193,000

For more information, developer discounts, deferred payment schemes and project information, do contact us using the contact form at the end of this page.

120 Grange Road Condo at Grange Road is an upcoming condominium slated to be launched by Roxy Pacific Holdings.

This post will give you a review of 120 Grange Road condominium.

Use the following quick navigation content page or contact us immediately to register your interest in 120 Grange Road.

Quick Navigation

  1. Condominium summary
  2. Condominium location
  3. Unit mix
  4. Floor plans
  5. Pricing
  6. Showflat location
  7. Site plan
  8. Gallery
  9. Condominium facilities
  10. Surrounding amenities i.e. Transport, education, healthcare, shopping/entertainment and outdoor/fitness amenities
  11. Government masterplan
  12. Macro-environment: Global and Singapore house prices; supply; vacancy
  13. Micro-market environment: Demand; supply; rents and yields; prices
  14. Potential capital gains and investment returns
  15. Interest rates
  16. Other purchase details
  17. Site background
  18. Developer background
  19. Contact us/register interest
  20. Other project information

Condominium summary

Project name 120 Grange Road
Developer Roxy-Pacific Holdings
Plot ratio 2.1
Land size 15,780 sqft
Total units 56
Number of towers 1
Unit types 1 bedroom, 2 bedrooms, 2 dual key
Number of floors 17

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Condominium location

120 Grange Road new condominium is located along Grange Road, and is closely located near Orchard Boulevard (along the Thomson East Coast Line) and Orchard MRT station.

120 grange road location and showflat

Click here for a Google maps link to 120 Grange Road.

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Unit mix

120 Grange consists of a mix of 1 bedroom, 2 bedroom and 2 bedroom dual key units.

Finalized details will be launched shortly by the developer in April.

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Floor plans

Detailed information on the floor plans of 120 Grange Road will be released by Roxy Pacific Holdings in mid April.

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Pricing

Pricing for 120 Grange Road will be released by Roxy Pacific in mid-April.

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Showflat location

The showflat location for 120 Grange Road will be released in mid-April.

The showflat will be likely very near the actual condominium or may be in a nearby shopping centre along Orchard Road.

A Google Maps link will be provided once the information is released.

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Site plan

120 Grange Road has  very functional, squarish site plan and is located behind Paterson Court, One Tree Hill Mansions and beside Cliveden @ Grange and One Tree Hill Residence.

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Gallery and views

120 Grange Road is located within walking distance of Orchard Road, various international schools, the Tanglin area and Botanic Gardens.

Orchard road 120 grange road 3 Orchard road 120 grange road 2 Orchard road 120 grange road

120 Grange Road North View120 grange north view120 Grange Road South View120 grange south view120 Grange Road West View120 grange west view

Detailed artist impressions and drawings will be provided in mid-April.

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Condominium facilities

Being a mid sized condo, 120 Grange Road will offer basic and sufficient amenities for residents.

Such amenities will include a swimming pool and gym.

Confirmed information on amenities for 120 Grange Road will be released in mid-April.

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Surrounding amenities

Being in the heart of Orchard Road, there is no lack of amenities and transport options for residents of 120 Grange Road.

The following will give you an idea of the transport, education, healthcare, shopping/entertainment and fitness/outdoor amenities around the development.

Transport

Immediately outside 120 Grange Road condominium is a bus stop with service 75.

This service will bring residents from Marina Promenade to Choa Chu Kang.

The nearest expressway exit will be exit 4 of the Central Expressway which is approximately 10 min away by car.

Holland Road is also easily accessible from 120 Grange Road and is about 3 min drive away.

The upcoming Thomson East Coast line will be open in stages from 2019 to 2024.

Both Orchard Boulevard and Orchard MRT stations will be about 3 to 7 min walk from 120 Grange Road.

120 grange road thomson east coast line

Specifically, the Orchard Boulevard MRT station will be open by 2021.

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Education

According to OneMap, there are the following primary schools within a 2km radius of 120 Grange Road new condominium.

Within 1km

  • Alexandra Primary School

Within 2km

  • Gan Eng Seng Primary School
  • Queenstown Primary School
  • River Valley Primary School
  • Zhangde Primary School

Other secondary schools, institutes of higher education/learning, private and international schools include

Secondary schools:

  • Crescent Girl’s school
  • Singapore Chinese Girls’ School
  • Anglo Chinese School (Barker Road)

Private and international schools:

  • International School Singapore (ISS) Elementary/Middle School
  • Amity Global Business School
  • Institute for adult learning
  • Avondale Grammar School
  • Phoenix Park office campus

Libraries:

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Healthcare

Mount Elizabeth Hospital, Mount Elizabeth medical centre and Paragon Medical Centre are within walking distance of 120 Grange Road.

These medical buildings, centres and hospitals offer services to international medical tourists and have a very high quality of patient care.

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Shopping, entertainment, food, drinks etc.

There is no lack of shopping and entertainment amenities around 120 Grange Road since it is located in the heart of Orchard.

Some of the amenities include the following

Shopping malls and entertainment areas

  • Ion Orchard
  • Wisma Atria
  • Tang Plaza
  • Shaw House
  • Lucky Plaza
  • Paragon
  • Ngee Ann City
  • Takashimaya Shopping Centre
  • The Heeren
  • Mandarin Gallery
  • Cathay Cineleisure Orchard
  • 313 @ Somerset

Watering holes

  • Cuppage Plaza
  • The Centrepoint
  • Emerald Hill Conservation Area
  • Robertson Quay

Embassies

Being in the heart of Orchard Road means there are many embassies in the area.

This supports property prices and values, and gives the 120 Grange area an aura of prestige and exclusivity.

Some of the country embassies include

  • Embassy of Republic of Indonesia
  • Embassy of the Russian Federation
  • British High Commission
  • Embassy of the United States of America
  • Embassy of the People’s Republic of China
  • Interpol Global Complex

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Outdoor/fitness amenities

For fitness and outdoor buffs, the Botanic Gardens is a stone’s throw from 120 Grange Road.

For those who like to play golf, the Tanglin public golf course is approximately 3-5 mins drive away.

The Singapore river is about 10 min walk or 3-5min drive from 120 grange Road, and leads directly to Robertson Quay, Clarke Quay and the CBD.

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Government masterplan

The Orchard Road Business Association is the main governing body charged with enlivening the Orchard Road area.

Some of their recent activities include Best dressed building contests, Christmas on a great street 2018, Fiesta on a great street 2017 among many others.

More recently at the end of 2017, a Shibuya-style crossing was implemented at the intersection of Cairnhill Road and Orchard Road.

The initiative was well received and is set to enliven the entire road by encouraging freer flow of pedestrian traffic to both sides of Orchard Road.

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Macro-environment

The following sections will provide a snapshot on the global and islandwide property market health.

Global house prices

Compared to surrounding countries such as Hong Kong, Singapore property prices are actually much lower, having gone through a mini correction since 2013.

Compared to countries such as New Zealand, Australia, Britain, Canada and Spain, Singapore property offers very good value.

120 grange road house prices

 

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Singapore house prices

Since mid 2017, Singapore’s property prices as measured by the URA’s property price index have shown a mild recovery.

This reverses 15 quarters of decline that has occurred since 2013.

120 grange island wide property price index

In addition to the organic rise in property prices across the island, the increasing number of en-bloc deals will foreshadow an injection of a large amount of cash into the property market over the next 1-2 years.

This is likely to happen on the back of cash-rich buyers being active in the market and searching for a new place to stay.

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Islandwide supply

Based on URA’s statistics, future supply of private residential units (private condo and executive condominiums) are expected to peak in 2018 and taper off over the years.

For homebuyers and investors, this will be beneficial as fewer supply for a constant level of demand will mean upward pressure on prices.

The market will also gradually turn landlord favourable.

Pipeline supply of private residential units and executive condominiums

120 grange road future residential supply

 

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Islandwide vacancy

According to the URA, the vacancy rate for the Core Central Region stands at 11.2%.

This is off the highs of 11.9% in 4Q2014.

For potential investors in 120 Grange Road condominium, this is a compelling opportunity to be the owner of a coveted District 9 address.

120 grange road vacancy islandwide

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Micro-market environment

The following sections will provide a snapshot of the micro-market health where 120 Grange Road condominium is situated.

Demand

For investors who are thinking of renting out 120 Grange Road, there is a large pool of tenants, both Westerners and Easterners, who may possibly be looking to rent.

Many of the potential tenants will likely be office workers and white collar professionals working in the CBD.

For white collar professionals who do not wish to rent in the CBD where they work, some would choose the Orchard area given it’s choice location and a wider range of amenities and entertainment options.

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Supply

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Rents and yields

Rents for properties in the district 9 are definitely on the lower end compared to other parts of Singapore because of the exclusive nature of the district.

Buyers and investors interested in this area are usually not here for the property yield but the aspiration to own a property in the heart of town, near Orchard Road.

120 Grange Road can meet this aspiration and provide buyers with a comfortable and luxurious environment to stay in.

Investors will also have no trouble finding tenants to rent a unit in this mid-sized apartment because of its proximity to Orchard Road and future MRT stations.

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Prices

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Potential capital gains and investment returns

Orchard Road is expected to maintain its prime position as the shopping belt in Singapore, attracting tourists and shoppers from all around the world.

As a result, 120 Grange Road condominium is likely to benefit from the continued growth and popularity of the surrounding area and shopping blet.

In addition, the government’s policy to keep Singapore open to skilled talent mean that 120 Grange Road can be easily rented out to white collar professionals.

Given the long term returns of 7% for the Singapore property market, as measured by the URA property price index, it is not impossible to imagine that homeowners and investors can get more than 7% after rental, leverage and capital appreciation is accounted for.

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Interest rates

SIBOR rates have stayed relatively stable for the last 2 years, with latest SIBOR rates at about 1.25%.

The main factor that affects SIBOR rates is the monetary policy of the Federal reserve in the US.

The Fed is expecting 3-4 rate hikes this year, but whether they pan out will depend on the health of the economy, inflation and unemployment figures.

It may be wise to lock in a fixed rate of borrowing if you wish to purchase 120 Grange Road.

120 grange road sibor rates

For a graphical history of SIBOR rates, please see this page.

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Other purchase details

For foreigners who wish to purchase 120 Grange Road, there is a flat 15% of Additional Buyer Stamp Duty (ABSD) applied to the purchase price.

For Singapore citizens, there is no ABSD payable if this is your first property purchase but a 7% and 10% ABSD respectively for the second and third/more property being purchased.

For permanent residents, there is a 5% ABSD payable on the first property purchase, rising to 10% and 15% for the second and third/more private property being purchased.

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Site background

SINGAPORE-LISTED Roxy-Pacific Holdings said on Thursday its wholly owned subsidiary RPV Assets Pte Ltd would acquire the development at 120 Grange Road for S$48.5 million.

The freehold residential site has an estimated total land area of 15,780 square feet and an existing plot ratio of 2.1 for residential apartment development, the group said in a filing to the local bourse.

The acquisition will be financed by internal funds and bank borrowings and 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 Dec 31, 2016.

Subsequent to the above acquisition, RPV Assets will change its name to RH Orchard Pte Ltd.

Source: Business Times

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Developer background

Listed on the SGX Mainboard on 12 March 2008, Roxy Pacific is principally engaged in the development and sale of residential and commercial properties (“Property Development”).

The Group’s recurring income streams are strengthened through its flagship hotel in the heart of historical Katong, Grand Mercure Singapore Roxy, self-managed upscale boutique hotel, Noku Kyoto, in Kyoto, Japan, and other investment properties in Asia-Pacific (“Hotel Ownership and Property Investment”).

In Property Development, Roxy-Pacific is an established brand name for small to medium size residential developments such as apartments and condominiums targeted at middle to upper middle income segments.

Between 2004 and 2016, the Group developed and launched 43 small-to-medium sized developments comprising a total of more than 4,000 residential and commercial units in Singapore, Malaysia and Australia.

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Contact us/register interest

120 Grange Road is your ticket to living in the heart of the city and close by to Orchard Road.

Experience how it is like living in luxury and style, contact us today so that you can get a VVIP preview to the showflat when it opens and first hand information when it is released by the developer.

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Quick links: 1) Quick navigation 2) Contact us to register your interest in 120 Grange Road condo by Roxy Pacific Holdings and to receive VVIP passes for entry to the showflat before opening to the public

Other project information

E-Brochures, attachments and documents will be uploaded when they are released by Roxy Pacific Holdings.

Quick links: 1) Quick navigation 2) Contact us to register your interest in 120 Grange Road condo by Roxy Pacific Holdings and to receive VVIP passes for entry to the showflat before opening to the public


Singapore property and new launch updates

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FiveNine @ Lor K Telok Kurau 2

There has been a spate of en-blocs and government land sales that has happened over the last 1 year.

Launches of new condominiums are sprouting up here and there as developers try to take advantage of the positive sentiment in the market and capture buyers.

The present property environment suggests that developer, investor and buyer sentiment is on a mend, reflected in an uptick in the URA’s property price index since mid 2017.

Are you looking to enter the market to get your first, second, or possibly tenth property?

In this post, I compile a list of new condominium launches that are slated to enter the market in 2018.

List of new condominiums launching in 2018

  1. The Tapestry
  2. Verandah Residences
  3. 8 Hullet
  4. Amber 45
  5. Grange 120
  6. The Enclave Holland
  7. Parksuites at Holland Grove
  8. Margaret Ville
  9. Twin Vew
  10. Harbour View Gardens
  11. Parkwood Residences
  12. Sea Pavilion Residences
  13. Sixteen 35 Residences
  14. 1 Draycott Park
  15. Jui Residences
  16. Park 1 Suites
  17. 120 Grange
  18. Woodleigh Residences
  19. Riverfront Residences
  20. The Garden Residences

If you’re interested in any of these projects, WhatsApp us to find out more details.

The Tapestry (end March)

The tapestry

  • Address: Tampines St 86 / Ave 10
  • District 18
  • Developer: City Developments Limited (CDL)
  • Tenure: 99 years
  • Facilities: More than 50 including 50m pool, 100m lap pool, childcare centre
  • Total units: 861 units over 7 blocks
  • Unit mix: 1 to 5 bedroom dual key
  • Unit size: 484 to 1,797 sqft
  • Price: Approx S$1,100 to S$1,300 psf
  • Attraction: Quiet and nice neighbourhood, surrounded by private condominiums. Close proximity to Bedok Reservoir and Tampines Town Centre.

WhatsApp us to find out more about The Tapestry.

Verandah Residences (End March to early April)

Verandah residences

  • Address: 231 Pasir Panjang Road
  • District 5
  • Developer: Oxley Holdings
  • Tenure: Freehold
  • Facilities: To be confirmed
  • Total units: 170
  • Unit mix: 1 to 4 bedrooms, townhouses
  • Unit sizes: To be confirmed
  • Theme: Black and white concept
  • Price: Approx S$1,800 psf
  • Attraction: Freehold living at West Coast Park

WhatsApp us to find out more about Verandah Residences.

8 Hullet (Luxury condo! End March to Early April)

8 hullet road

  • Address: 8 Hullet Road
  • District 9 (Prime location)
  • Developer: Lian Huat Group
  • Tenure: Freehold
  • Facilities: To be confirmed
  • Total units: 44
  • Unit mix: 1+study, 2 bedroom
  • Unit size: To be confirmed
  • Prices: Approx S$3,200 to S$3,500 psf
  • Attraction: Walking distance to Somerset MRT, Orchard shopping district
  • Perfect for high net worth individuals and those desiring to stay in the heart of Orchard

WhatsApp us to find out more about 8 Hullet.

Amber 45 (Early to mid April)

Amber 45

  • Address: 45 Amber Road
  • District 15
  • Developer: UOL
  • Tenure: Freehold
  • Facilities: 50m lap pool, amber lawn, lounge, party pool, clubhouse
  • Total units: 190 units
  • Unit mix: 2 to 4 bedroom
  • Unit size: 700 to 1,346 sqft
  • Price: Approx S$2,500 psf
  • Attraction: Freehold condo near East Coast Park, East Coast enclave, proximity to future Thomson East Coast Line MRT station

WhatsApp us to find out more about Amber 45.

Grange 120 (early to mid April)

Grange 120

  • Address: 120 Grange road
  • District 10
  • Developer: Roxy Holdings
  • Tenure: Freehold
  • Facilities: To be confirmed
  • Total units: 56
  • Unit mix: 1 to 2 dual key
  • Unit size: To be confirmed
  • Prices: S$3,000 to S$3,200 psf
  • Attraction: Luxury living just off orchard road; Proximity to Orchard Boulevard station on the Thomson East Coast line

WhatsApp us to find out more about Grange 120.

The Enclave Holland (early April)

the enclave holland

  • Address: 131 / 133 Holland Road
  • District 10
  • Developer: Three Sixty-Nine Development
  • Tenure: Freehold
  • Unit mix
  • 1 bedroom from 409 to 431 sqft; 6 units
  • 1 bedroom loft from 506 to 581 sqft; 3 units
  • 2 bedroom from 657 to 721 sqft; 11 units
  • 2 bedroom loft from 506 to 581 sqft; 2 units
  • 3 bedroom duplex at 1,389 sqft; 1 unit
  • 4 bedroom duplex at 1,507 sqft; 1 unit
  • 4 bedroom duplex penthouse from 1,356 to 1,410 sqft; 3 units
  • Attraction: Low density private residential area; near Holland MRT station on the Circle line; city fringe living

WhatsApp us to find out more about The Enclave Holland.

Parksuites at Holland Grove (early Apr)

Parksuites holland grove far east

  • Address: Holland Grove Road
  • District 10
  • Developer: Far East
  • Tenure: Freehold
  • Unit mix and price
  • 1 bedroom from S$1.3m
  • 1 bedroom + study from S$1.44m
  • 2 bedroom from S$1.56m
  • 2 bedroom + study from S$1.73m
  • 2 bedroom dual key from S$2.54m
  • 3 bedroom dual key from S$3.25m
  • 4 bedroom triple – please enquire
  • Attraction: 1km walk to Henry Park Primary School

WhatsApp us to find out more about Parksuites at Holland Grove.

Margaret Ville (early to mid April)

margaret ville

  • Address: 34 Margaret Drive near Jalan Pejara
  • Project name: Margaret Ville
  • District 3
  • Developer: MCL Land
  • Tenure: 99 years
  • No of units: Est 275 units
  • TOP: 2020
  • Est selling price: S$1,600 to S$1,800 psf
  • Attraction: Easy access to Farrer Road, AYE, and MRT stations

WhatsApp us to find out more about Margaret Ville.

Twin Vew (late Apr)

Twin vew

  • Address: West Coast vale
  • Project name: Twin Vew
  • District 5
  • Developer: China Construction Development
  • Tenure: 99 year leasehold
  • Est. selling price: S$1,350 to S$1,400 psf
  • 1 bedroom: 484 sqft, 34 units
  • 1 bedroom + study: 570 sqft, 35 units
  • 2 bedroom: 710-743 sqft, 137 units
  • 2 bedroom + study: 818 sqft, 34 units
  • 3 bedroom executive: 904 sqft, 34 units
  • 3 bedroom deluxe: 1,055 – 1,066 sqft, 69 units
  • 3 bedroom + study: 1,141 – 1,184 sqft, 68 units
  • 4 bedroom executive: 1,238 – 1,249 sqft, 35 units
  • 4 bedroom + study: 1,378 sqft, 34 units
  • 4 bedroom deluxe: 1,518 sqft, 34 units
  • Penthouse: 1,442 – 2,088 sqft, 6 units
  • Shops: 549 and 560 sqft, 2 units
  • TOP: 4Q2020
  • Facilities: Childcare centre, shops, swimming pool
  • Attraction: Near Jurong Lake District and views of Pandan reservoir

WhatsApp us to find out more about Twin Vew.

Harbour View Gardens (early to mid Apr)

Harbour view gardens

  • Address: 211 Pasir Panjang Road
  • Developer: Roxy Pacific Pte Ltd
  • Tenure: Freehold
  • District 5
  • Unit mix
  • 2 Bedroom Compact (560 Sqft) – 4 Units
  • 2 Bedroom Typical (603 Sqft – 678 Sqft) – 27 Units
  • 2 Bedroom + Study (689 Sqft) – 5 Units
  • 3 Bedroom Typical (818 Sqft – 840 Sqft) – 8 Units
  • 3 Bedroom Study/Guest (904 Sqft – 1,001 Sqft) – 13 Units
  • Total Units: 57 Exclusive Units
  • Expected TOP Date: 2022

WhatsApp us to find out more about Harbour View Gardens.

Parkwood Residences (early to mid Apr)

Parkwood Residences

  • Project name: Parkwood Residences
  • Developer: Oxley Holdings
  • Tenure: Freehold
  • Address: 208 Yio Chu Kang Road
  • District 19
  • Unit mix
  • 3 bedroom, 4 bedroom, 4 bedroom penthouse, 5 bedroom penthouse
  • Total number of units: 18
  • No of levels 4
  • Car park lots 18 (1 for each unit)
  • TOP TBA
  • Site area 14,136 sqft

WhatsApp us to find out more about Parkwood Residences.

Sea Pavilion Residences

sea pavilion residences

  • Project Name: Sea Pavilion Residences
  • Developer: Oxley Holdings
  • Tenure: Freehold (Estate in Perpetuity)
  • Address: 494 Upper East Coast Road, Singapore 466522
  • District 16
  • Unit Mix: 1 Bedroom, 2 Bedroom, 3 Bedroom, 4 Bedroom
  • Total Units: 24 Exclusive Units

WhatsApp us to find out more about Sea Pavilion Residences.

Sixteen 35 Residences (early Apr)

  • Address: 16 Geylang Lor 35
  • Project name: Sixteen 35 Residences
  • District: 14
  • Developer: Oxley Holdings
  • Tenure: 99 years leasehold
  • Facilities: TBC
  • Total units: 60
  • Unit mix: 1 to 3 bedrooms
  • Unit size: TBC
  • Price ~ $1600psf on average

WhatsApp us to find out more about Sixteen 35 Residences.

1 Draycott Park (end Apr to early May)

1 draycott park

  • Address: 1 Draycott Park
  • District: 10
  • Developer: Selangor Dredging Berhad (SDB)
  • Tenure: Freehold
  • Facilities: TBC
  • Total units: 64
  • Unit mix: 2 bedrooms
  • Unit size: TBC
  • Prices ~ $3,200 to $3,500 psf

WhatsApp us to find out more about 1 Draycott Park.

Jui Residences (early to mid Apr)

Jui residences

  • Address: 1177 Serangoon Rd
  • District: 12
  • Project: Jui Residences
  • Developer: Selangor Dredging Berhad (SDB)
  • Tenure: Freehold
  • Facilities: TBC
  • Total units: 117
  • Unit mix: TBC
  • Unit size: TBC
  • Prices ~ $1700 to $1800 psf

WhatsApp us to find out more about Jui Residences.

Park 1 Suites (early May)

park 1 suites

  • Property Name: Park 1 Suites
  • Property Type: Apartment
  • Built: 2017
  • Developer:Park 1 Suites Pte. Ltd.
  • Tenure: Freehold
  • No. of Units: 26
  • Unit mix
  • 1 bedroom 419 sqft – 441 sqft
  • 1+1 bedroom 559 sqft – 645 sqft
  • 2+1 bedroom 818 sqft – 818 sqft
  • Penthouse 559 sqft – 1399 sqft

WhatsApp us to find out more about Park 1 Suites.

120 Grange (mid-Apr)

120 grange road location and showflat

  • Property name: 120 Grange
  • Address: 120 Grange Road
  • Property type: Apartment
  • Developer: Roxy Pacific
  • Tenure: Freehold
  • Unit mix: 1 bedroom, 2 bedrooms, 2 bedroom dual key
  • Selling points: Near Orchard Boulevard and Orchard MRT, near various country embassies

WhatsApp us to find out more about 120 Grange.

Woodleigh Residences (2H2018)Woodleigh residences

    • Project name: Woodleigh Residences
    • Developer: SPH and Kajima
    • Number of units: 680 with 28,000 sqm of retail space
    • Selling points: Located in Bidadari which is a district earmarked by the government for development
    • Tenure: 99 year
    • Unit mix: 2 to 4 bedroom types

Riverfront Residences

Riverfront residences location

  • Project name: Riverfront Residences (former Rio Casa HUDB)
  • Developer: Oxley and Lian Beng JV
  • Tenure: 99 years
  • Unit mix: To be determined
  • Selling points: Wide river frontage, walking distance to Hougang MRT, connectivity to Punggol via the riverside, large piece of land

The Garden Residences

Garden residences location

  • Project name: The Garden Residences
  • Developer: Keppel Land and Wing Tai
  • Tenure: 99 years
  • Unit mix: To be determined
  • Selling points: 1km to Rosyth School, in the area of possible Cross Island Line station, chance for those who missed out on Hundred Palms EC to get a private condo



Decline in distribution per unit for Keppel REIT

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Keppel reit

Keppel REIT’s 4Q2017 results showed a growth in property income and net property income, but due to a rising number of units and decline in distribution to unitholders, distribution per unit fell from 1.48 SG cents to 1.43 SG cents.




Looking into the financial statements and comparing 4Q2016 against 4Q2017:

  • Property income rose from S$40m to S$44.4m. This is good. The increase is due primarily to an improvement in other income.
  • Property expenses fell from S$8.6m to S$8.1m. This is marginal but good.
  • Other income fell from S$41.9m to S$32.1m. This is not good. The decline is primarily due to lower rental support (In note 2: Keppel REIT mention that the rental support drawn down for Ocean Financial Centre and Marina Bay Financial Tower 3 for FY2017 are S$2.525m and S$10.3m compared to S$3.946m and S$12.8m for FY2016), negative impact of foreign exchange differences and negative impact of net change in fair value of derivatives.

Also read: Best performing REITs year to date

There was also a negative net tax and other adjustment primarily due to a negative change in “net change in fair value of investment properties”.

Property performance

In terms of individual property performance, all properties showed an increase in property income with the exception of 275 George Street.

For directly held properties, the property income performance between 4Q2016 and 4Q2017 as follows

  • Bugis Junction Towers – S$4.9m to S$5.1m
  • Ocean Financial Center – S$26.5m to S$30.2m
  • 275 George Street – S$4.7m to S$4.6m
  • 8 Exhibition Street – S$4.0m to S$4.4m

For non directly held properties, the performance as follows

  • One-third interest in One Raffles Quay – Interest income rose from S$0.47m to S$0.51m while dividend income fell from S$6.1m to S$6.0m
  • One-third interest in the entities that hold Marina Bay Financial Centre Towers 1, 2 and 3 and Marina Bay Link Mall – Rental support fell from S$3.2m to S$2.6m, interest income rose from S$4.1m to S$4.6m and dividend and distribution income rose from S$14.5m to S$16.0m
  • 50% interest in M8CT, the entity which holds 8 Chifley Square – distribution income rose from S$3.1m to S$3.4m
  • 50% interest in MOTT, the entity which holds David Malcolm Justice Centre – distribution income rose from S$3.1m to S$3.3m



Rental reversion

For leases signed the whole of FY17, there was a negative rental reversion of 4%.

This reverses the negative 9% reversion seen in FY16, but is a far cry from the 13% positive reversion seen in FY15 and 17% in FY14.

Keppel REIT has not been spared from the effects of the general slowdown in the office market over the last few years.

Also read: Capitaland’s sale of 20 China malls

Looking forward, CBRE expects the outlook for the market to be positive, driven by improved economic prospects and a lower quantum of new supply in the mid-term.

Singapore’s core CBD office occupancy rates in 4Q2017 improved from 92.5% to 93.8% compared to a quarter before.

Average grade A rents also increased to S$9.4 psf pm in 4Q2017 from S$9.1 the previous quarter.

Rental support

Not easily seen in the statements is the rental support that Keppel REIT has taken over the years.

In the following I extract out the amounts of rental support received by Keppel REIT for the various buildings.

For FY 2017

  • Ocean Financial Centre – S$2.52m
  • Marina Bay Financial Centre Tower 3 – S$10.3m

For FY 2016

  • Ocean Financial Centre – S$3.946m
  • Marina Bay Financial Centre Tower 3 – S$12.8m

For FY 2015

  • Ocean Financial Centre – S$5.577m
  • Marina Bay Financial Centre Tower 3 – S$14.8m

One good sign is that the amount of rental support has been falling, indicating that rental income from both properties is beginning to pick up, reducing the need for rental support.

For Ocean Financial Centre, total net property income for FY17 has risen to S$89.1m from S$84.9m one year ago.

Also read: 8 Hullet luxury condo at Somerset priced very affordably

For Marina Bay Financial Centre Tower 1, 2 and 3 and Marina Bay Link Mall (Keppel REIT does not provide a breakdown by individual tower), dividend and distribution income has risen to S$70m in FY17 from S$59.3m one year ago.




Occupancy

Occupancy for Keppel REIT’s portfolio stands at 99.7% across all properties, with Singapore showing an average of 99.6% and Australia 99.8%.

This is an improvement from one year ago when overall REIT occupancy was 99.2%, Singapore was 99.1% and Australia was 99.4%.

Tenant mix

Keppel REIT still has a portfolio mainly filled with banking, insurance and financial services tenants at 43.5% based on portfolio committed NLA.

However, this has fallen compared to previous years when the proportion of such tenants were 45% (in 2016 and 2015), 47% (in 2014) and 49% (in 2013).

Some of the share has been distributed to real estate & property services where the proportion stands at 7.5% in 2017, compared to 5.3% in 2014.

The reduction in concentration to banking, insurance and financial services tenants is positive for Keppel REIT.

REIT leverage

One other positive development for Keppel REIT is the reduction in aggregate leverage over the past few years.

As of 31 Dec 2017, aggregate leverage stands at 38.7%, and this has shown a gradual decline over the last few years as shown below.

  • FY 2016 – 38.5%
  • FY 2015 – 39.3%
  • FY 2014 – 43.3%
  • FY 2013 – 42.1%

Despite the downtrend in leverage, the level is still higher than other commercial REITs such as Capitacommercial Trust’s 37.3%, Mapletree Commercial Trust’s 36.3%, Frasers Commercial Trust’s 34.8% and Suntec REIT’s 36.4%.

On this basis alone, Keppel may find it more difficult to make future acquisitions unless the acquisition is funded heavily by an equity issuance.


Condo Hunting around Jurong

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jurong lake district

The Jurong area is beginning to be developed under the Government’s Jurong Lake District masterplan, and there are many exciting opportunities for property investors to take advantage of.

How can one get started? By first understanding the area, the surrounding, the infrastructure developments, buildings in the pipeline, present state of the market and more.




This post will seek to shed some light on how the area is developing, and shortlist a few developments that may be worth considering as a play on the development of the area.

What is the Jurong Lake District?

The Jurong Lake District is a 360 ha area set to become the largest commercial and regional centre outside Singapore’s city centre.

Also read: Best performing condos in Feb 2018

Spanning the areas of Taman Jurong, Jurong Lake, Chinese Garden MRT station, Yuhua, Jurong East MRT station, International Business Park and 2 future MRT stations, the Jurong Lake District is set to become a vibrant hub of activity and entertainment.

Jurong lake district singapore property investment west sideVision for Jurong Lake District

The vision for Jurong Lake District according to URA is structured around four key strategies.

  • Hub for the future economy – A vibrant mixed use business district with flexible and adaptive spaces for the future economy
  • New paradigm for mobility – A district with a comprehensive public transit network and more spaces dedicated to pedestrians and cyclists
  • District of gardens and water – A distinctive lakeside setting with pervasive greenery, public spaces and leisure activities for people to enjoy
  • Smart & sustainable district for the future – A model district to demonstrate how technology can enable a liveable and sustainable urban environment

A new gateway for Singapore

Jurong Lake District is located near high-value industries, such as the future Tuas Port, two world class research universities (Nanyang Technological University and National University of Singapore).

Jurong Lake District also provides convenient connections to the city and Malaysia via the Tuas link and the future High Speed Rail.




With the opening of the High Speed Rail, there will be an easy and constant flow of traffic, goods and people between Kuala Lumpur and Singapore.

These 2 regions will be set to see an increase of activity, business, knowledge and entrepreneurial activity.

Jurong Lake District’s precincts

Jurong Lake District has two main precincts – Lakeside and Jurong Gateway.

Jurong lake district precinctLakeside

Lakeside consists of Lakeside MRT, the new science centre, Chinese Garden MRT, Jurong Lake Gardens, Genting Hotel Jurong and Jurong Town Hall.

Jurong Gateway

Jurong Gateway is a 57 ha area that consists of the future integrated transport hub, JCube, J Gateway, Jurong East MRT, Westgate, JEM, Ng Teng Fong Hosptial and Jurong Community Hospital, Big Box and Vision Exchange.

Also read: Spotting condos with en-bloc potential

Potential condominiums to invest

For property investors seeking to ride on the development of Jurong Lake District, here are a few new condominiums to consider adding into your portfolio.

Parc Riviera

Parc Riviera was won by EL Development in a government land sale tender in 2015. With 36 storeys and 752 units, Parc Riviera will be completing in Aug 2020.

Parc Riviera consists of 1 to 4 bedroom unit types, with almost all units being in a North-South facing direction and not being affected by afternoon sun.

According to 99.co, prices for Parc Riveria averaged S$1,253 psf in Feb 2018 with 5 units sold in the month.

The remaining units left for sale include a 3 bedroom unit at S$1.287m, another 3 bedroom unit at S$1.488m with a high ceiling, and a 4 bedroom unit priced at S$1.581m.




Twin Vew

Twin Vew is a new condominium that will be launching for sale in April and is built and constructed by China Construction Company.

With 520 units to choose from, buyers can take their pick from 1 to 4 bedroom units.

1 bedroom units range from 484 to 570 sqft, 2 bedroom units range from 710 to 818 sqft, 3 bedroom units range from 904 to 1,184 sqft and 4 bedroom units range from 1,238 to 1,518 sqft.

There are 6 penthouses for sale with sizes ranging from 1,442 to 2,088 sqft.

Also read: Twin Vew condominium review

Those seeking amenities within the condominium will be pleased to know there is a childcare and 2 retail shops in Twin Vew.

Pricing is expected to range between S$1,350 to S$1,400 psf.

J Gateway

J Gateway consist of 1 to 4 bedroom units across two concepts, SOHO and Condo concept.

The SOHO concept consists of 1 tower block of 20 storeys, comprising 240 units, while the more traditional condo concept consists of 498 units across 3 tower blocks.

True to its name, SOHO concept units offer higher ceiling heights of 3.4 to 3.8m compared to ceiling heights of 2.95m for the condo concept.

J Gateway amenities include sky gardens, swimming pools, club house, sky gymnasium, tennis court, chill-out lounger among others.

Also read: Life Sukhumvit condo from S$135,000

Within few minutes walk to popular shopping malls such as J-Cube, Westgate and JEM, J Gateway offers unparalled convenience for residents.

There is no other condominium development that is nearer the Jurong East MRT than J Gateway.


Capitaland Commercial Trust DPU up 6.1% in 4Q2017

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capitacommercial reit

Capitaland Commercial Trust’s distribution per unit was up 6.1% for 4Q2017 to 2.08 SG cents from 1.96 SG cents.

In 2017 on a full year basis, distribution per unit was up 5.0% to 8.66 SG cents compared to 8.25 SG cents in 2016.




The increase in distribution per unit is despite a fall of 3.8% and 4.0% in gross revenue and net property income respectively between 4Q2017 and 4Q2016.

Revenue and net property income

The decrease in gross revenue was due to divestments of One George Street (50% interest) in June 2017, Golden Shoe Car Park in July 2017 and Wilkie Edge in Sept 2017.

The decline was mitigated by higher gross revenue from CapitaGreen and contribution of newly acquired Asia Square Tower 2 (AST2).

Also read: 7 things to know about Viva Industrial Trust’s income support

Because of the decrease in gross revenue, net property income also declined by 4.0% in 4Q2017 compared to the same period last year.

Portfolio diversification

Capitaland Commercial Trust’s portfolio remains diversified among 9 properties, by 4Q2017’s net property income, namely

  • Raffles City Singapore (60% interest) – 27%
  • CapitaGreen – 18%
  • Capital Tower – 14%
  • Six Battery Road – 13%
  • Asia Square Tower 2 – 13%
  • HSBC Building – 5%
  • One George Street (50% interest) – 5%
  • Twenty Anson – 3%
  • Bugis Village – 2%

Raffles City Singapore is the biggest contributor to Capitaland Commercial Trust’s net property income in 4Q2017, followed by CapitaGreen.

The contribution is not largely different to that of 1Q2017’s net property income, in that Raffles City Singapore and CapitaGreen are the 2 largest contributors.

Also read: Improving property market sentiment according to PropertyGuru’s survey

The difference is the addition of Asia Square Tower 2 and the removal of Wilkie Edge and Golden Shoe Car Park, each of which contributed 3% and 2% to 1Q2017’s net property income respectively.

Portfolio valuation

All of Capitaland Commercial Trust’s property saw a valuation uplift with the exception of Bugis Village.

Valuations as at 31 Dec 2017 compared to 31 Dec 2016 are as follows

  • Capital Tower – Increase of 2.9% from S$1,325m to S$1,363m
  • Six Battery Toad – Increase of 2.3% from S$1,371m to S$1,402m
  • CapitaGreen – Increase of 0.8% from S$1,603m to S$1,616m
  • HSBC Building – Increase of 0.2% from S$455m to S$456m
  • Twenty Anson – Increase of 0.2% from S$432m to S$433m
  • Bugis Village – Decrease of 9.3% from S$48.5m to S$44m. The reason provided by Capitaland Commercial Trust for the decrease is “The valuation of Bugis Village takes into account the right of the President of the Republic of Singapore, as Lessor under the State Lease, to terminate the said Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued interest”. In 4Q2016’s financial presentation, the same description can be found in the footnote. Between 31 Dec 2015 and 31 Dec 2016, valuation for Bugis Village fell from S$53.7m to S$48.5m. Between 31 Dec 2014 and 31 Dec 2015, valuation fell from S$55.4m to S$53.7m.
  • Asia Square Tower 2 is a new addition to the portfolio and is valued at S$2,094m
  • Raffles City’s valuation on a 100% basis rose 2.9% from S$3,169m to S$3,260m
  • One George Street’s valuation on a 100% basis rose 10.1% from S$1,014m to S$1,116m. The main driver for One George Street’s increase in valuation is a lower capitalization (3.85% in Dec 2016 to 3.7% in Dec 2017) and discount rate (7.25% in Dec 2016 to 7.0% in Dec 2017) used.

Also read: Analyst reports on Capitaland Commercial Trust

Financial position

Capitaland Commercial Trust’s financial position remains healthy, with credit rating at BBB+ by S&P, outlook stable as of 31 Dec 2017.

This is one notch lower than 31 Dec 2016’s and 31 Dec 2015’s rating of A- by S&P.

Net asset value per unit is up very slightly to S$1.78 from S$1.77 (for 31 Dec 2016 and 31 Dec 2015).




Total gross debt has been up on a yearly basis, reaching S$4,009m in 4Q2017 compared to S$3,312m in 4Q2016 and S$2,280m in 4Q2015.

The increase is due mainly to an increase in CapitaGreen’s stake in May 2016 and acquisition of Asia Square Tower 2 in Sep 2017.

Aggregate leverage of 37.3% in 4Q2017 is largely unchanged from 37.8% a year ago.

Average cost of debt at 2.6% as of 4Q2017 has been stable over the last 2 years. It was 2.6% as of 4Q2016 and 2.5% as of 4Q2015.

Rental reversion pressure

Capitaland Commercial Trust still faces pressure to achieve positive rental reversion but is finding it difficult to do so because expiring rents are substantially higher than market rents.

For example, Six Battery Road’s average expired rents were S$12.77 psf pm compared to committed rents of between S$10.69 to S$13.50 psf pm for leases signed in 4Q2017.

For One George Street, average expired rents are S$9.62 psf pm compared to committed rents of between S$9.0 to S$10.6 psf pm for leases signed in 4Q2017.

The estimation of market rents by various consultants are as follows.

For Six Battery Road’s submarket:

  • Cushman & Wakefield – S$9.37 psf pm
  • Knight Frank – S$9.1 to S$9.6 psf pm

For One George Street’s submarket:

  • Cushman & Wakefield – S$9.37 psf pm
  • Knight Frank – S$8.0 to S$8.5 psf pm

Despite the negative rental reversions, monthly average office rents for Capitaland Commercial Trust’s portfolio is up 5.9% year on year.

The main reason is the inclusion of Asia Square Tower 2 into the portfolio.




Increase in market rents

Various property consultants are noting that Grade A office market rents are on a mend, with rents up 3.3% on both a quarterly and yearly basis.

Market rents in 4Q2017 as estimated by CBRE is S$9.4 psf pm, compared to S$9.1 both in 3Q2017 and 4Q2016.

Capitaland Commercial Trust says that the rise in market rents will reduce pressure on reversions for leases expiring in 2018.

Ultimately, the higher signing rate for leases will be beneficial to the portfolio’s income and to the distribution to shareholders.

Well run REIT

On the whole, Capitaland Commercial REIT remains well run, with sound management, strong sponsor and a diverse portfolio of assets.

At a share price of S$1.82, Capitaland Commerical REIT is marginally above net asset value but not overtly overvalued.


Jurong Lake District property potential

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Jurong lake district propertyinvestsg

The government has spared no expense in planning for the development of the Jurong Lake District.

From the upcoming high speed rail terminus to the taking back of the Jurong Country Club, the area is set to be a very popular work-play-live district.




Presently, some of the the well-known retail malls include Westgate, JEM, JCube, Big Box and IMM. Office buildings include those around the International Business Park such as The Strategy, The Synergy and Icon @ IBP.

Family friendly amenities include Singapore Science Centre, Jurong Regional Library, Omni Theatre and Snow City.

The Jurong District is also set to be a medical hub. Presently, there is the Ng Teng Fong General Hospital and Jurong Community Hospital.

Read more: Updates from LTA on the Jurong Region Line

Popular residential condominiums include J Gateway and Ivory Heights Condominium in the immediate vicinity.

To the South Eastern part of the Jurong Lake District and across the Sungei Pandan River is a cluster of residential housing including condominiums such as Parc Riviera, Twin Vew, Botannia, Monterey Park Condominium, The Infiniti, Carablle, Newest, Hundred Trees, Waterfront @ Faber, Faber Crest, Park West, Regent Park and The Trilinq.

Cross Island Line

The cross island line spans Singapore and will be about 50km in length.

Targeting to be completed in 2030, the cross island line will start from Changi, pass through Loyang, Pasir Ris, Hougang, Ang Mo Kio, Bukit Timah, Clementi, West Coast and Jurong.

There is expected to be a daily ridership of at least 600,000 commuters and place the line higher in terms of capacity and usage.

Cross island line

Jurong Region Line

The Jurong Region Line is a 20km line that will connect the existing rail network for faster travel to the rest of the island.

The Jurong Region Line is expected to be completed by around 2025.




Mainly serving residents of Choa Chu Kang, Boon Lay and future developments in the Tengah area, the Jurong Region Line will connect to main activity nodes in Jurong West such as Nanyang Technological University, Jurong Industrial Estate and the Jurong Gateway.

Jurong region lineHigh speed rail terminus

The High Speed Rail is a strategic project between the Governments of Malaysia and Singapore that aims to facilitate seamless travel between the two capital cities.

High speed rail singapore jurongWhen complete in 2026, the High Speed Rail will shorten the time taken to travel between Kuala Lumpur to Singapore to 90 mins.

Spanning 350 km, there will be 8 stops between Singapore and Malaysia.

These 8 stops are Kuala Lumpur Bandar Malaysia Terminus, Sepang-Putrajaya, Seremban, Melaka, Muar, Batu Pahat, Iskandar Puteri and the Singapore Jurong East Terminus.

En blocs around Jurong

With the amount of infrastructure spending initiated by the government, it isn’t a surprise that private developers have descended on the area hunting for land.

In that regard, the en-bloc activity in the area has picked up.

Also read: Condo hunting around Jurong

Park West condo

Some en-blocs that have happened include Park West Condo that was sold in Jan 2018 for a price of S$840.89m according to Business Times.

Bought by Sing-Haiyi Gold, a 50-50 joint venture between SingHaiyi’s wholly owned subsidiary SingHaiyi Land and Haiyi Wealth, an entity controlled by Gordon Tang and Celine Tang, Park West Condo is at Jalan Lempeng.

The price includes an estimated S$290.6 million differential premium and lease upgrading premium, and works out to a land cost of S$850 per sq ft per plot ratio.




Ivory heights

Ivory heights is also preparing for a collective sale, with owners eyeing a reserve price of S$1.34 billion for the 825,502 sq ft site, according to the Straits Times.

According to SLP’s marketing website on Ivory Height’s en-bloc progress, the latest milestone achieved was the holding of the mass signing at the project’s function room.

At S$1.34 billion, the price equates to S$979 psf per plot ratio based on the existing built up area and plot ratio of 1.86.

The price includes an estimated differential premium of S$160 million to top up the lease to 99 years.

Twin vew

For investors looking to get a play on the rejuvenation of the Jurong district, the most immediate new condominium that will be hitting the market is Twin Vew.

Located beside Parc Riviera, Twin Vew will consist of 520 units in 2 storeys of 36 floors each.

None of the units will be West facing, meaning no exposure to the sweltering West sun.

At prices of S$1,350 to S$1,400 psf, the pricing for Twin Vew will be very attractive compared to the pricing that developers release for future units on surrounding plots of land.

For example, the ‘pizza’ shaped plot of land to the East of Twin Vew was won by CDL at a price of S$472.4 million of S$800 psf per plot ratio in Jan 2018.

Expected selling price for units on this plot of land could likely be in the range of S$1,400 to S$1,500 psf, according to Business Times.

Therefore, for buyers of Twin Vew, if prices re-rate upwards to that sold on this plot of land, owners could be sitting on a profit of S$50 to 150 on a psf basis, or S$50,000 or S$150,000 for a 1,000 sqft unit.