Row of apartments along Phoenix Road to be put up for collective sale for S$42m

The Business Times - Nov 29
A row of apartments with commercial shops in Phoenix Road, Bukit Panjang, will be put up for collective sale via public tender on Thursday for S$42 million, marking the first time that the owners are embarking on an en bloc sale.

This translates to a land rate of S$617 per square foot per plot ratio (psf ppr), and S$566 psf ppr after factoring in the 7 per cent bonus balcony gross floor area. No development charge is payable.

The property sits on a 5,853.1 square metre (sq m) site and comprises a row of 36 units, with 24 apartments and 12 commercial shops spread over two three-storey blocks. The site has a 99-year leasehold tenure with effect from Jan 1, 1969.

Steven Tan, Director of Capital Markets & Investment Services:
The interesting location of this residential site near the verdant rainforest of the Bukit Timah Nature Reserve and the green Rail Corridor would offer the successful tenderer an opportunity to create a cosy retreat with unblocked views of the lush greenery. It could be an urban oasis that is one with nature, yet providing the very best of modern living. In addition, the future development should generate keen interest as there have not been many new launches in the area. It will likely appeal to diverse groups of buyers – including nature lovers - who value the site’s proximity to key transport nodes, lifestyle amenities, and numerous schools. Click here for the news release.


Keen developer interest expected for Bugis GLS sites

The Business Times - Dec 01
Bugis' rejuvenation will deepen with two rare residential Government Land Sales (GLS) sites there launched for sale on Friday, and analysts believe the area's potential will draw keen developer interest.

The location of these two plots within the Central Area also makes them unencumbered from the recently revised development control guidelines, which pare down the maximum number of units allowable for the two other GLS sites launched on Friday at Geylang and Dairy Farm.

One of the Bugis sites is on Middle Road and has been launched under the Confirmed List. Spanning about 80,300 sq ft, the site which is zoned residential with commercial at the first storey can yield an estimated 375 homes (see amendment note). There are two zones: the low-rise zone which can go up to six storeys, and a high-rise zone which can go up to 20 storeys.

Tricia Song, Head of Reserch: 
The four sites – Sims Drive, Middle Road, Dairy Farm Walk, and Tan Quee Lan Street - that are made available under the H2 2018 Government Land Sales programme on November 30 will continue to ensure there are ample supply of development land for developers. Having a decent slate of public land on the market may also go some way to help moderate potential bids for the site tenders.

It is unsurprisingly that the URA has decided to place Sims Drive and Middle Road sites for sale under the Confirmed List, and concurrently made the Dairy Farm Walk and Tan Queen Lan Street plots available for application under the Reserve List. We believe the move aligns with the Government’s plans to transform precincts such as Kampong Glam and Paya Lebar as well as further develop the Bukit Panjang neighbourhood. Click here for our analysis.


YTL Land to launch freehold condo along Orchard Boulevard on Dec 1

The Business Times - Nov 29
Malaysia-based property developer YTL Land & Development (YTL Land) is set to launch a 77-unit freehold condominium along Orchard Boulevard, with 53 apartments released for sale this Saturday, Dec 1.

Located at 3 Orchard Boulevard, 3 Orchard By-The-Park is a short walk to the Singapore Botanic Gardens, and within the enclave of the Orchard Road shopping belt and amenities such as the Camden Medical Centre. The condominium is also situated next to the upcoming Orchard Boulevard MRT station.

For the launch, 30 apartments from the "Wood" Tower and 23 apartments from the "Wilderness" Tower will be released for sale. This comprises a mixture of 14 two-bedroom, 22 three-bedroom, 15 four-bedroom, one double-storey garden suite with four bedrooms, as well as one five-bedroom penthouse on the top floor.

Tricia Song, Head of Research:
At SGD3,400 psf, 3 Orchard By-The-Park is priced attractively, compared to the recent land sales of the sites next to it – freehold Park House was sold at a land rate of SGD2,910 psf ppr in a collective sale in June 2018, while the Government land sales of the Cuscaden Road site adjacent to 3 Orchard By-the Park fetched SGD2,377 psf. We believe this luxury and differentiated product – “villas in the sky”, with exclusive designer fittings could appeal to high net worth individuals and foreigners. As the project has been completed in 2017 and has since been delicensed, the developer also has the flexibility to offer deferred payment scheme or other schemes.