Deferred payment plans at more condos

Developers of completed condominiums are again offering sweeteners to home hunters that proved successful in shifting unsold apartments last year.

Real estate agents told The Straits Times that one of the latest projects to offer a deferred payment scheme – an attractive proposition to many buyers – is TG Development’s The Peak@Cairnhill II.

Two other projects that have been on the market for some time – CapitaLand’s Sky Habitat and Ardmore Three by Wheelock Properties – also rolled out such a scheme recently to woo buyers. Continue reading

Developers to keep playing quantum price game this year

DEVELOPERS sold 8,136 private homes last year, up 9.4 per cent from the 7,440 units they moved in the previous year – and the best showing in three years. The pick-up is a reflection of improved sentiment and demand, say analysts.

The executive condo (EC) market posted even more spectacular sales growth. Preliminary government numbers show that developers found buyers for 4,018 EC units last year – up 57.6 per cent from the 2,550 units in 2015 and a four-year high. Realistic pricing by developers has been cited as a key factor for the improved primary-market sales of ECs, which are a public-private housing hybrid.

The 2016 sales figures are preliminary, based on the December developer housing sales data released on Monday by the Urban Redevelopment Authority. The numbers will be finalised on Thursday next week when the URA releases its full Q4 2016 private housing statistics. Continue reading

Banker Wee Cho Yaw buys all 45 unsold units at The Nassim for $411.6m

One of Singapore’s richest men, veteran banker Wee Cho Yaw, has bought all 45 unsold units at upmarket condominium, The Nassim, for $411.6 million.

The bulk sale gets developer CapitaLand off the hook over penalties that apply to unsold properties after a stipulated period. The penalties could have run to millions of dollars.

Mr Wee, chairman emeritus of United Overseas Bank, bought the properties through his family’s private real estate arm, Kheng Leong. Continue reading

Bullish bids in Perumal Road land tender

The bullish bids lodged for a plot in Perumal Road are a clear sign developers remain hungry for sites.

The land attracted 11 bids with an offer of $174.08 million from Low Keng Huat leading the pack, the Urban Redevelopment Authority said yesterday.

Its bid was about 4.4 per cent higher than the $166.7 million tabled by China Construction (South Pacific) Development. Continue reading

High Court approves Shunfu Ville collective sale

Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.

The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers.

No written judgment was issued, but the objecting owners have 30 days to file an appeal. Continue reading

Govt defers launch of Bidadari commercial and residential site to first quarter of 2017

SINGAPORE – The Government will defer the launch of a mixed commercial and residential land parcel at the upcoming Bidadari housing estate, which was scheduled for this month, to the first quarter of next year to allow the site requirements for comprehensive development to be finalised.

The site was on the Confirmed List of the 2nd Half 2016 Government Land Sales (GLS) Programme. It is next to Woodleigh MRT Station and is the first sale site at Bidadari.

The Housing Development Board (HDB), as the government’s land sales agent, will make an announcement when the site is finalised for sale, it said in a release on Thursday (Dec 29). Continue reading