Property highlights of the week from July 9 to July 13:
1) Some developers postpone, others proceed with previews
In the wake of the recent property cooling measures by the government, some developers who had planned previews in the coming weekends have chosen to defer them.
Word on the street is that City Developments Ltd (CDL), which was expected to preview its luxury project South Beach Residences on July 13, has chosen to postpone the event. The 190-unit, 99-year leasehold luxury development sits on top of the JW Marriott Singapore and is part of the South Beach integrated development.
However, CDL has held firm to prices at the 124-unit New Futura at Leonie Hill Road in prime District 9. The freehold project was launched in January and is substantially sold, with many of the recent units sold at prices above $3,500 psf
In contrast, YTL Singapore has previewed its luxury project 3 Orchard By-the-Park. The 77-unit luxury condo on Orchard Boulevard is priced from $3,490 psf.
M+S has also proceeded with the launch of the new Garden Tower at Marina One Residences. The project was launched on July 5, the same evening the property cooling measures were announced.
2) Haig Road Flats launched for collective sale at $51 mil
The 999-year leasehold Haig Road Flats, located in a private residential estate in District 15, is up for collective sale at an indicative market price of between $51 million and $52 million ($1,323 to $1,361 psf per plot ratio (ppr)). According to marketing agent Century 21, individual owners can stand to pocket between $2 million and $2.1 million.
The 27,389 sq ft development at 173-183 Haig Road holds a four-storey residential block with 24 units, each ranging from 1,189 to 1,259 sq ft. The site has dual frontage to Seraya Lane and Haig Road.
The site is near schools such as Tanjong Katong Primary School, Kong Hwa School, Haig Girls’ School and Canadian International School.
The tender will close on Aug 7.
3) Malaysian govt looking into hiking minimum property prices for foreigners
Putrajaya is studying the possibility of increasing minimum property prices for foreign buyers.
Housing and Local Government Ministry secretary general Datuk Mohammad Mentek told a local business publication that “a new threshold will be set based on the condition of the local currency”.
“The move to review the floor price would give local potential buyers a wider opportunity to own a property in Malaysia.
“Also, due to our foreign currency exchange rate, the threshold is actually quite low if we consider the current economic condition. To make a comparison, RM1 million is currently at around US$250,000,” Mohammad told The Malaysian Reserve at the 2018 National Waste Management Conference on July 10.
He did not reveal the timeline for the government to introduce the new increase.