Positive start for sales of three private residences 

The Business Times - Nov 05
Buyers snapped up a good number of the units released for three private residential developments - Arena Residences, Belgravia Green and Whistler Grand - over the weekend.
 
City Developments Limited (CDL) yesterday sold about 160 units out of 240 units released for the Whistler Grand condominium as at 5pm.
 
Another real estate developer, Roxy Pacific, also kicked off a soft launch of its freehold development, the 98-unit Arena Residences on Friday. At the end of Saturday, 40 units were sold, out of 70 units released. The units were sold at prices averaging between $1,750 and $1,850 psf.
 
Tricia Song, Head of Research:
In our view, the three projects appeal to different audiences across west, city-fringe and the north of Singapore. Despite the large new supply in the west coast vicinity within a short period of time, Whistler Grand has done well, reflecting the high demand for homes in the west coast as well as an astute pricing strategy. Whistler Grand’s launch price is similar to the average price achieved at its neighboring project, Twin Vew which was launched in May 2018, of SGD1,382 psf. The buyer statistics for Whistler Grand where 91% of the buyers are Singaporeans, of which 71% are first-time home buyers also point to genuine demand little affected by the cooling measures. 
 
City-fringe Arena Residences featured efficiently-sized units priced from SGD900,000, and its proximity to town and to some popular schools could be appealing to investors as well as owner-occupiers. Belgravia Green, a higher price-quantum landed project in the north, would attract multi-generational families or affluent families who want more space.         
 
 

Govt Land Sales programme releases sites in Kampong Java and Tampines for sale

The Business Times - Nov 01
Two residential sites - one in Kampong Java and the other in Tampines - have been released for sale under the Government Land Sales (GLS) programme for the second half of the year.
 
Together with the Marina View "white site" released on Wednesday, the three sites make up the first GLS sites released since it was announced last month that from early 2019, the minimum average unit size will be raised, and the maximum number of units allowed in new private flat and condominium developments outside the central area would be lowered.
 
The revised rules will apply to new development applications for projects submitted on or after Jan 17 next year - and will likely apply to these three sites.
 
Tricia Song, Head of Research:
Developers have generally been more circumspect about land acquisition following the roll out of new cooling measures in July this year. The government land tenders which had closed in September saw more subdued bidding - with the exception of the Canberra Link Executive Condo (EC) site. We expect developers to continue to adopt a cautious stance in evaluating this latest slate of sites that have been launched.
 
Given the dearth of unsold ECs in the market and their continued popularity among the “sandwiched class”, we would expect the Tampines Avenue 10 EC site to attract keen interest from developers. Meanwhile, response to the Kampong Java site could provide an indication of developers’ confidence in the high-end home market after a spate of collective sales in the area and the recent announcement on revised unit size guidelines. The Marina View white site which has been launched for application on the Reserve List is eye-catching owing to its attractive location within the Downtown Core. Read our analysis here.
 
 

Analysts expect Marina View site to create buzz

The Business Times - Nov 01
Cooling measures or not, the Marina View white site made available for application under the Government Land Sales (GLS) reserve list will be keenly deliberated on by developers, thanks to its central location and its potential to yield several hundred hotel rooms amid the easing supply of future hotel rooms.
 
The site could fetch top bids of between S$1,380 and S$1,650 per square foot per plot ratio (psf ppr); this translates to S$1.5 billion to S$1.8 billion if it were to go on the market now, consultants told The Business Times. If triggered for sale, the site could attract anywhere from four to eight bids, some reckon.
 
Located in Marina Bay, the white site is envisaged as a mixed-use development which could yield about 905 residential units and 540 hotel rooms, supported by retail and food-and-beverage use. The 99-year parcel comprises two plots - a 7,817.6 sq m land parcel, and an underground space 18 sq m in size. In all, the site has a maximum gross floor area (GFA) of 101,629 sq m.
 
Tricia Song, Head of Research:
The White site at Marina View is envisaged to be a mixed-use development with about 540 hotel rooms and 905 housing units, complemented by supporting retail and food and beverage uses. Sitting next to the future Shenton Way MRT station and flanking the Marina Bay and a rejuvenating Shenton Way, we expect this site to offer an attractive proposition to developers with hotel interests or developers with varying interests can form a Joint Venture.  The whole development excluding the GFA for residential use, shall be held under a single strata lot. Read our analysis here.