This week in property: Ampas Apartment sold en bloc at 10% below asking price, Rivercove Residences EC E-applications to start, SPH and Kajima break ground on mixed-use project, prime office rents rise

By EdgeProp Singapore / EdgeProp | March 29, 2018 4:24 PM SGT
Property highlights of the week from March 26 to March 30:
Singapore Exchange-listed property developer Oxley Holdings has bought the 43-unit, freehold Ampas Apartment on Jalan Ampas, off Balestier Road. The 30,239 sq ft en bloc site was sold by private treaty for $95 million, 10% below the asking price of $105 million.
The land price translates into $1,073 psf ppr, based on a GFA of 84,669 sq ft, which includes a 10% bonus balcony area. Ampas Apartment has a 2.8 plot ratio under the 2014 Master Plan.
The 628-unit Rivercove Residences executive condo (EC) at Anchorvale Lane — the only new EC project expected to be launched this year — will be open for e-applications from April 1 to 11. Booking of units will commence on April 14.
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The EC comprises 10 blocks of 16 storeys each and is located within walking distance of Tongkang LRT station. Rivercove Residences is developed jointly by Singapore-based, privately-held property developer Hoi Hup Realty and Malaysian developer, Sunway Developments and is expected to be completed by Sept 2020.
The groundbreaking ceremony for the mixed-use project The Woodleigh Residences and The Woodleigh Mall was held on March 28. Located in Bidadari, the project comprises 680 residential units, a retail mall with 301,392 sq ft of gross floor area (GFA), a 64,584 sq ft community club and a 23,681 sq ft police centre.
Jointly developed by media organisation Singapore Press Holdings and Japanese property developer Kajima Development, the project marks the partners’ first joint venture. Slated for completion in 2H2022, it will have direct access to the Woodleigh MRT station and Singapore’s first underground, air-conditioned bus interchange.
Rents for CBD Grade-A offices rose 3% q-o-q to $9.51 psf in 1Q2018, in the fourth consecutive quarter of positive growth, based on preliminary estimates by JLL. If the trend continues, rents could reach the previous peak of $10.56 psf (as recorded in 1Q2015) within the next year, according to Tay Huey Ying, JLL head of research and consultancy.
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Prime office rents have recovered a total of 12.7% since the bottoming out of the market in 1Q2017, according to JLL. The last upcycle in the office rental market in 2013/14 lasted nine quarters, and prime office rents surged a cumulative 23.2% before declining in 2Q2015.
Marina Bay was the best-performing sub-market in 1Q2018; rents rose 3.3% q-o-q to $10.84 psf. The remaining CBD sub-markets at Raffles Place, Shenton Way/Tanjong Pagar and Marina Centre, saw 2.7 to 3.0% rent growth.