News round up for 28 Feb 2018

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Property residential foreigners

Windy Heights in Eunos launched for collective sale at S$806.2m

THE owners of Windy Heights in Eunos have put their property up for collective sale, billing it as one of the largest freehold residential redevelopment sites to come on the market in the area.

The property along Jalan Daud comprises four blocks of 192 apartment units, eight penthouses and two commercial units. Under the Government’s 2014 Master Plan, the 23,291 square metres (250,702 square feet) site is zoned “Residential” with a Gross plot ratio (GPR) of 2.1.

It can be redeveloped to accommodate 581 apartments of 100 sq m per unit, based on the current built-up gross floor area (GFA) of 58,150.74 sq m, said Knight Frank Singapore, the property’s marketing agent.

EC supply crunch powers Punggol site to record price

THE under-supply in the executive condominium (EC) market is so acute that all 17 bidders at a state tender for a site in Punggol have placed bids that are higher than the record for EC land set in July 2013, at the previous peak of the residential market.

The top bid for the Sumang Walk site at Tuesday’s tender closing, from a joint venture between wholly-owned subsidiaries of City Developments Ltd (CDL) and TID, was S$583 per square foot per plot ratio (psf ppr).

This was 64 per cent higher than the top bid of S$355 psf ppr for the Anchorvale Lane site in August 2016, during the last EC tender.

JLL national director Ong Teck described this as “stunning” and “way above market expectations”.

Tulip Garden, Windy Heights join en bloc wagon

DEVELOPERS can add another two more freehold plots to the long list of en bloc projects being pitched to them, with Tulip Garden in Farrer Road and Windy Heights in Eunos launching collective sale tenders.

With seemingly no let up in the number of estates hopping onto the collective sale bandwagon, analysts expect the success rate of such deals to slow with developers getting more choosy as their landbanks fill up.

Residential en bloc sales in the first two months of this year have already topped S$3.1 billion, almost twice the S$1.66 billion seen in the last such market frenzy in 2007, according to Nomura analyst Sai Min Chow.

Sold in 12 minutes: House found with skeletal remains went for S$2.23m

THE Sembawang Hills Estate terrace house where two sets of skeletal remains were found has a new owner.

It was sold on Tuesday for S$2.23 million to a local contractor in a frenzied auction that lasted just 12 minutes.

The auction held by real estate agency Knight Frank was made on behalf of the Public Trustee’s Office, which comes under the Ministry of Law.

Cuscaden Road site up for tender under govt land sales programme

A SITE within the prime Orchard Road district has been launched for sale by public tender on Tuesday under the Urban Redevelopment Authority’s (URA’s) Confirmed List of the first half 2018 Government Land Sales (GLS) programme.

The 5,722.5 square metre 99-year leasehold site is zoned for residential use under URA’s 2014 Master Plan and has a gross floor area of 16,023 sq m with a maximum building height of 100 m.

The site, which the URA said could potentially yield about 170 residential units, faces Regent Singapore along Cuscaden Road, and is a stone’s throw from Tanglin Mall and Camden Medical Centre.