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Sims Urban Oasis well-positioned for growth
THE recent bullish land bids by developers are boosting sentiment in the residential market. Higher land prices translate into higher sale prices and the price gap represents capital growth upside for the surrounding projects that are priced more competitively, particularly those that are also new developments.
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Catalyst for transformation of Aljunied
Construction is well underway at Sims Urban Oasis, a 1,024-unit condominium development by GuocoLand. Bordered by Sims Drive and Aljunied Road, the project will be the largest private condo in the Aljunied area when it is completed in 1Q2019. “When completed, Sims Urban Oasis could just be the catalyst needed to revitalise the area, which is largely made up of ageing HDB blocks,” says Alice Tan, head of research at Frank Singapore. GuocoLand had purchased the site in a government land tender for $530.9 million (about $688 psf per plot ratio) in April 2014. Launched in February 2015, Sims Urban Oasis is about 59% sold to date.
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Good value for city-fringe living
Under URA’s latest master plan, the city centre is expected to grow further, with more than 11 million sq ft of prime office space to be added in the Marina Bay precinct, on top of the existing 70 million sq ft in the central area. Recent completions of prime office space in the CBD include the 890,000 sqft Guoco Tower. Standing at 290m, Tanjong Pagar Centre is the tallest landmark in Singapore and it's completion will be a catalyst for the transformation in the city-centre.
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Condos in the $1 mil-to-$1.5 mil price range
Private homes priced between $1 million and $1.5 million were the most sought-after among the respondents polled in a home ownership aspiration survey conducted jointly by Knight Frank and The Edge Property recently. An analysis of URA caveats for private non-landed homes also confirms the trend. Condominium units and apartments priced between $1 million and <$1.5 million accounted for 37% of the caveats lodged so far this year, followed by those in the $500,000 to <$1 million price range.
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Condos near MRT stations in mature towns help capital preservation
Based on URA’s flash estimates for 3Q2016, prices for private homes in Singapore have fallen 11% from the recent peak in 3Q2013 to 3Q2016. The pace of decline has accelerated in 3Q2016 as evidenced by the 1.5% fall in prices compared with the 0.4% dip in 2Q2016. All three market segments saw price declines in 3Q2016, with a 1.8% fall in Core Central Region (CCR) versus a 0.3% increase in 2Q2016; a 1.3% fall in Rest of Central Region (RCR) versus a 0.2% uptick in the previous quarter; and a 1.2% decline in Outside Central Region (OCR) versus a 0.5% dip in 2Q2016.
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New condos with best transport connectivity
In our last article ‘9 condos you buy for convenience’, we identified new launches surrounded by amenities that satisfy residents’ entertainment, educational and other needs. Apart from convenience, transport connectivity is of utmost importance when it comes to choosing a property for investment or to live in. Using a similar algorithm as that used to identify the most convenient condos, we account for the marginal returns for 3 variables - MRT, LRT and bus stop within 500m of respective developments.
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Paya Lebar push
The area around the Paya Lebar MRT interchange station is undergoing a massive transformation. Hoardings have been put up around two plots totalling 422,275 sq ft that will be developed into Paya Lebar Central (PLC), a massive mixed-use scheme by a 70:30 joint venture (JV) between Abu Dhabi Investment Authority (ADIA) and Australian property group Lendlease.
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