Property highlights of the week from Aug 6 to Aug 10:
1) UOB ties up with agencies to roll out digital loan solutions
United Overseas Bank (UOB), together with its property partners, has developed a range of industry-first digital tools to support its property services ecosystem. UOB has teamed up with property agencies, ERA Realty, Huttons Asia, OrangeTee & Tie, and PropNex Realty, as well as online PropTech company, SoReal, to develop these tools.
The bank has launched Singapore’s first bank-backed digital instant valuation service, under its fully-digital home loan solution. More than 80% of homebuyers want a reliable online property valuation to calculate the loan quantum they need to purchase their desired property, says UOB. The valuation service is available through its partner property agencies’ mobile apps, and on UOB’s website. It will offer customers a reliable property valuation that will be used for their home loan application.
2) The Regalia attempts collective sale with $403 mil price tag
The Regalia in prime district 9 is attempting a collective sale with a guide price of $403 million, announced CBRE, the marketing agent. The freehold condominium sits on a 63,371 sq ft site, and the guide price reflects a land rate of about $1,892 psf per plot ratio (ppr). Including the 10% bonus balcony area, the land price will be about $1,814 psf ppr.
Located along River Valley Close, The Regalia comprises 112 apartments and four penthouses. The Regalia is beside the 290-unit Pacific Mansion, which was sold for $980 million ($1,806 psf ppr) to a joint venture between developers GuocoLand and Hong Leong Holdings.
The Regalia has attractive attributes such as its freehold tenure, prime River Valley address, as well as its proximity to Orchard Road and the CBD. The tender closes on Sept 25
3) CDL sees strong residential sales in 2Q2018, net profit up 48.9%
Singapore-listed property giant City Developments Limited (CDL) reported a strong performance for 2Q2018, with revenue up 59.2% y-o-y to $1.36 billion 47.6% to $2.42 billion for 1H2018. Net profit in 2Q2018 was up 48.9% to $235 million and for 1H2018, it was up 37.9% to $368.9 million.
Strong sales in 2Q2018 was led by three projects – New Futura and Gramercy Park in Singapore, as well as Hong Leong City Center (HLCC) in Suzhou, China. Profits were also recognized for CDL’s joint venture (JV) development Park Court Aoyama The Tower in Tokyo, Japan.
The Criterion Executive Condominium (EC) in Yishun is now fully sold. The EC project has obtained its Temporary Occupation Permit (TOP) in 1Q2018, and boosted revenue for 1H2018. The 174-unit Gramercy Park at Grange Road was Launched in March 2016, and is fully sold in August 2018.
According to CDL, its launched projects in Singapore performed well in 1H2018 before the new cooling measures were announced in July. The group sold 651 units including ECs, with total sales in 1H2018 ringing in at $1.29 billion. This compares with 691 units sold for a total of $1.15 billion in 1H2017.
4) PropNex appointed for 20 new projects, reports 48.6% increase in net profit for 1H2018
In its 2Q2018 results, PropNex reported revenue of $121.6 million, up 60.3% y-o-y. For 1H2018, revenue was up 67.4% y-o-y to $224.36 million. “The increase in revenue was largely driven by increased activity for the group’s agency services and project marketing services,” says PropNex.
Net profit was up 2% y-o-y to $4.73 million for 2Q2018, and 48.6% higher y-o-y to $11.73 million for 1H2018.
PropNex says it has been appointed for 20 upcoming new project launches representing 10,800 units for 2H2018/2019. The firm is expecting to launch 15 projects, totalling 5,462 units, in the next five months. In the first seven months of 2018, PropNex says it has led in the sales performance for 12 out of the 15 project launches it has represented, and closed more units compared to other joint marketing agencies.
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