This week in property: ECs to breach $1,000 psf, $1.18 bil en bloc launched for Faber Gardens, Airbnb-rentals possible soon for condos

By EdgeProp Singapore / EdgeProp | April 20, 2018 5:55 PM SGT
Property highlights of the week from April 16 to April 20.
Transaction volume in the executive condominium (EC) segment is expected to get a boost from the launch of Rivercove Residences on Anchorvale Lane in Sengkang, the only EC project to be launched so far in 2018.
The EC saw nearly 80 per cent of its 628 units sold at an average price of $965 psf for its first ballot and booking exercise over the past weekend. This is in spite of its higher average selling price, which is almost 15% higher than that of $842 psf achieved at Hundred Palms Residences when it was launched in July 2017.
The previous record price for an EC was set by the 546-unit Lake Life in Jurong Lake District. It was launched and fully sold at an average price of $870 psf in November 2014.
While it was not a surprise that Rivercove Residences did well, owing to the lack of new EC supply, the sharp increase in prices also reflects a strong rerating for EC and private home prices in the Sengkang/Punggol area.
Owners of Faber Garden along Upper Thomson Road have launched a collective sale of their 34-year-old freehold residence at a reserve price of $1.18 billion. The freehold site, which comprises a mix of three shop units and 233 apartments consisting of mansionettes, penthouses and townhouses, is located next to the Bright Hill MRT station, slated for opening in 2021.
The collective sale, if successful, will be the largest en bloc sale this year. The record for the highest en bloc sale price in Singapore is held by Farrer Court, which sold for $1.34 billion in 2007.
The Singapore government is seeking public feedback on a new policy that will allow Airbnb-type rentals only if 80% of all residents in the development agree to it. The proposal covers private apartments and condominiums but excludes public HDB flats.
The URA has proposed a 90-day cap and a limit of six persons per rental apartment. Approved hosts will also have to submit a full guest list to URA, and all registrations are compulsory prior to listing their homes as short-term rentals. Approved homeowners are also required to equip their homes with safety fire equipment like alarm devices and fire extinguishers.
The consent for unit or units within a private apartment or condominium development to be leased on a short-term basis is valid for only two years, after which it will be subject to a residents’ vote again. If fewer than 80% of the owners give their consent, short-term rentals will not be allowed within the development.