Projects to look out for in 2H2017
By Lin Zhiqin
/ The Edge Property |
Developers could launch eight new projects, including one executive condominium (EC), in the second half of this year. About 2,200 private non-landed homes and 531 EC units will be available for sale.
Hundred Palms Residences EC by Hoi Hup Realty, Le Quest by Qingjian Realty and Martin Modern by GuocoLand are said to be gearing up for a July launch.
District 9
Three of the potential new launches are located in prime District 9, in the vicinity of the upcoming Great World MRT station — one stop from the Orchard MRT station — which will be an interchange for the Thomson-East Coast Line and North-South Line.
The 450-unit Martin Modern is located at the intersection of Martin Place and River Valley Close. In June 2016, GuocoLand set the market abuzz when it submitted the top bid of $595.1 million for the 171,535 sq ft site. The government land sale (GLS) site attracted a total of 13 bids, with GuocoLand’s bid edging out the second-highest by just 1.2%. There has been no new launch in the Martin Road-Martin Place area since Starlight Suites in 2010.
Artist’s impression of the arrival court at Martin Modern, one of the three potential new launches in prime District 9 in 2H2017
Also in the area, a 250-unit project on St Thomas Walk could be launched by Bukit Sembawang later this year. Bukit Sembawang bought the 63,260 sq ft site through the $202 million collective sale of the former Airview Towers in 2007.
The 124-unit New Futura by City Developments is also located in the vicinity. The tower on Leonie Hill Road is a redevelopment of the former Futura project. City Developments paid $287 million for the 87,034 sq ft site in 2006.
City-fringe and suburbs
Developer TEE Land has a 24-unit project called 24 One Residences, which sits on a 12,930 sq ft freehold site at 241 Pasir Panjang Road. TEE Land acquired the site when it bought Ley Choon Development, a subsidiary of construction firm Ley Choon Group Holdings, for $11.5 million last year. Ley Choon Development paid $13 million for the site in December 2012.
At Bukit Batok West Avenue 6 is Qingjian Realty’s 516-unit Le Quest. In May 2016, Qingjian submitted the top bid of $301.2 million for the 158,194 sq ft mixed commercial and residential site. Under the conditions of tender for the GLS site, URA stipulated a maximum gross floor area of 64,582 sq ft for the commercial component, which must include a supermarket of at least 10,764 sq ft and a food court of at least 5,382 sq ft. The developer must also build a childcare centre of at least 5,382 sq ft, which will form part of the development’s common area.
Kandis Residence by Tuan Sing Holdings is a 130-unit project on Jalan Kandis. Tuan Sing bought the 75,838 sq ft GLS site near Sembawang Park for $51.1 million in April 2016. Watercove, an 80-unit strata-landed project by Bukit Sembawang, is also near Sembawang Park. It was the only new launch this year, in May, and 16 out of the 20 units released were sold at a median price of $744 psf.
Tuan Sing’s Kandis Residence and Bukit Sembawang’s Watercove are near Sembawang Park
In September 2016, Sing Development and Wee Hur Development submitted the top bid of $287.1 million for a 185,095 sq ft site on Fernvale Road, less than 100m from the Thanggam LRT station. The top bid was $13,399 higher than the second-highest bid in the GLS tender, which drew keen interest from developers. The site is being developed into a 700-unit condo.
Hundred Palms Residences is an upcoming 531-unit EC by Hoi Hup Realty. It sits on a 198,302 sq ft site on Yio Chu Kang Road, in an established residential estate in Hougang. Hoi Hup submitted the top bid of $183.8 million for the land sale site in February 2016.
This article appeared in The Edge Property Pullout, Issue 785 (Jun 26, 2017) of The Edge Singapore
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