Property highlights of the week from Dec 10 to Dec 14:
1. Lofty living at Southeast Asia’s tallest towers
The Astaka is considered the most luxurious development in Iskandar Malaysia, says Zamani. “Astaka” means “Royal Pavilion”, he adds. The development obtained its Certificate of Completion and Compliance earlier this year.
As The Astaka is the flagship development of One Bukit Senyum, the residences have high specifications. The façade is clad with double-glazed, low-e glass, which helps reduce heat, glare and noise.
Facilities include sky lounges, entertainment rooms, outdoor entertainment areas, cigar rooms, themed gardens and “live kitchens”, where residents can hire a chef for private dining.
2. Park View Mansions in second enbloc attempt this year
The owners of Park View Mansions are attempting a second en bloc bid this year, and more than 80% of the 160 owners have agreed to a lower reserve price, says marketing agent Huttons Asia. The development has been launched for sale for $250 million, or $969 psf ppr after factoring an estimated differential premium and lease upgrading premium of $140.8 million.
This is a 22% reduction to the reserve price when the 99-year leasehold development first launched a collective sale bid in March this year, at $320 million ($1,183 psf per plot ratio). A new development would have a breakeven price of about $1,450 psf, and owners are expected to receive $1.44 million to $1.6 million each from the sale.
3. Singapore ranks second among investment destinations in Asia
Singapore is the second best real estate investment market in Asia-Pacific as the city state continues to rebound from the cyclical lows of a couple years ago, according to “Emerging Trends in Real Estate — Asia Pacific 2019”, an annual real estate report. The city state moves up a rung from third place this year.
The report is jointly published by US-headquartered think tank Urban Land Institute (ULI) and accounting firm PwC, and 22 cities were covered in the study.
Sentiment on commercial property in Singapore continues to improve, despite fears of an impending cyclical reversal as liquidity in the market reaches an all-time high. Rents and yields for prime retail space have been firming across the city after years of poor performance, as landlords struggle to adapt to new models of retailing. The market was also supported by solid economic growth and high visitor numbers in 2018.
4. White site at Woodlands Central made available for tender
The government has made available for tender a white site within the Woodlands Regional Centre. The site is part of the 2H2018 GLS programme and is under the Reserve List. The 99-year leasehold, 296,071 sq ft site on Woodlands Avenue 2 has a maximum GFA of 1.2 million sq ft.
Part of the land parcel will be above the future Woodlands MRT station on the Thomson-East Coast Line, as well as the existing North-South Line. “This white site will become one of the key features of Woodlands Central, which is one of the two upcoming business precincts in the Woodlands Regional Centre,” says Nicholas Mak, executive director of ZACD Group.