This week in property: Highlights from June 18 to June 22

By EdgeProp Singapore
/ EdgeProp |
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Property highlights of the week from June 18 to June 22:
In May, developers sold 1,121 new private homes, a 7.9% y-o-y increase, or a jump of 53.1% over 732 units sold in April, according to URA data. The sales in May marked the highest since August 2017, when 1,246 units were sold.
Altogether, there were five new projects launched in May, which contributed to the strength of new home sales. Twin Vew was the top performer with 87% of units sold, or 454 out of 520 of units, at an average price of $1,385 psf. Amber 45 saw 86% or 86 out of 100 units released sold at an average price of $2,378 psf. Sixteen35 Residences saw 45 units sold out of 60 units launched, at an average price of $1,511 psf.
Meanwhile, 120 Grange saw 37 out of 56 units in the development sold at an average of $3,141 psf. Sea Pavilion Residences along Upper East Coast Road saw 14 out of 24 units taken up, at an average price of $1,852 psf.
The tender for Sengkang Central government land (GLS) site closed on June 21 with seven bids. The tender was for the residential and commercial site was launched under the concept and price tender conditions almost similar to that of the Hillview Rise GLS site that closed on May 3, and the Holland Road GLS site – won by a Far East Organization-led consortium with a bid of $1.21 billion in May.
The site at Sengkang Central is located next to the Buangkok MRT station. It has a land area of 37,254.9 sqm (401,008 sq ft) and a plot ratio of 2.1, which means it can yield a maximum gross floor area (GFA) of 78,236 sqm (842,125 sq ft).
Zoned for a mixed residential-cum-commercial development and envisioned to be an integrated community hub to meet the needs of the residents in Buangkok. Amenities could include a hawker centre, community hub, childcare centre, retail shops, as well as public rail and bus transport facilities.
Out of the seven bids, six were joint venture parties. The only one who went solo and submitted two bids with two different concepts was Far East Organization.
Soilbuild Group has purchased the freehold, 89-unit Kemaman Point en bloc for $143.88 million. The sale price for the apartment block located off Balestier Road translates to a land rate of $1,173 psf per plot ratio (ppr).
The existing Kemaman Point is made up of a block of 89 apartments. Each owner will therefore stand to receive $1.4 million to $2.32 million.
Based on the plot ratio of 2.8, the site of 43,825 sq ft can be redeveloped into a new development with a maximum gross floor area of 122,711 sq ft. This translates to a new condominium tower of 162 units, assuming an average unit size of 753 sq ft (70 sq m).
The new high-rise development will enjoy unobstructed views towards Jalan Kemaman, over low-rise landed houses.
Owners of Gloria Mansion have put up the 31-unit apartment block on Pasir Panjang Road for collective sale. The reserve price of $79 million reflects a land rate of $1,234 psf per plot ratio (ppr).
There is no development charge as the current baseline exceeds the plot ratio of 1.4, as outlined in URA’s Master Plan 2014. The 45,742 sq ft site can be redeveloped into a new 84-unit development, assuming an average unit size of 753 sq ft each, says marketing agent Huttons Asia.
Gloria Mansion was completed in 1995 and is located within a five-minute walk of Haw Par MRT station. The tender for the site will close on 26 July.

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