No change in land supply for private homes in first-half 2018

SINGAPORE – The Government has decided to keep the total supply of land for private residential development for the first half of next year at about the same level as that for the current second half 2017 slate, citing among other factors, sufficient supply from the redevelopment of collective sale sites being generated from the private sector.

The Ministry of National Development (MND) said on Wednesday (Dec 13) morning that under its first half 2018 Government Land Sales (GLS) Programme, it will be offering land that can potentially yield about 8,045 private homes (including executive condominium or EC units) and 63,960 sq m gross floor area (GFA) of commercial space.

This is compared with the 8,125 private residential units (including EC units) and 83,590 sq m GFA of commercial space on both confirmed and reserve lists in the current second half 2017 slate. Continue reading


Cairnhill Heights to launch collective sale bid

The Cairnhill area in prime District 9 is turning into a collective sale hot spot with a third site about to hit the market in a little over two months.

The latest candidate is Cairnhill Heights, a freehold private site in Cairnhill Rise that is a short drive from the Orchard Road shopping belt and Mount Elizabeth Hospital.

Cairnhill Mansions and an adjacent freehold site were launched for collective sale in October for a combined price tag of $477 million. Continue reading

Fierce bidding expected for EC site in Punggol

A fierce bidding war is expected for an executive condominium (EC) site in Punggol that was released for sale yesterday.

A dozen or more developers could enter the race for the 99-year leasehold plot in Sumang Walk, which was released for sale under the second-half 2017 Government Land Sales (GLS) programme.

The site could yield 820 homes, the Housing Board said. Continue reading

Oxley buys freehold Apartment 8 at Potong Pasir for S$21.53m

SINGAPORE – Property developer Oxley Holdings has exercised options to purchase all eight units of the Apartment 8 freehold development in the Potong Pasir neighbourhood for S$21.53 million in total.

The sellers of the development, located at 21 Meyappa Chettiar Road, have already been paid S$215,300 in aggregate upon the granting of the options, and a further S$861,200 upon the Oxley’s exercise of the options. The balance will be paid upon completion of the purchase, scheduled to be March 2018.

Oxley says it intends to redevelop the property, which sits on a 898.1 sq m site that is zoned for residential use.

The developer is funding the purchase through internal resources and bank borrowings, and says the purchase is not expected to have a material impact on the company’s financials.

Brookvale Park condo launched for collective sale

The Brookvale Park condominium in Clementi has been launched for sale by tender for a minimum price of $530 million.

The 160-unit condo in Sunset Way, built in 1983, could be redeveloped into an estate of 550 homes across 12 storeys, with an average apartment size of 1,100 sq ft.

A new development on the 999-year leasehold plot would have a total gross floor area of about 656,494 sq ft, including a 10 per cent bonus balcony area. Continue reading

Jervois Green sold for $52.9m to investors led by eatery owner

Jervois Green, a four-storey freehold development at 100A Jervois Road, has been sold for $52.9 million to investors led by Mr Mike Ho, a third-generation owner of Spring Court, one of Singapore’s oldest Chinese restaurants.

The price works out to a land rate of $1,601 per square foot per plot ratio, inclusive of an estimated $6.95 million development charge.

Colliers International, which brokered the deal, said the sale price was 10 per cent higher than the owner’s asking price of $48 million when the tender was launched on Nov 7. Continue reading

FCL makes $955.4m bid for ex-Zouk site

Frasers Centrepoint Limited (FCL) trumped nine other bidders with an offer of $955.4 million for a residential plot in Jiak Kim Street, the former site of popular nightspot Zouk.

And Allgreen Holdings emerged top among seven bidders for a residential parcel in Fourth Avenue, lodging a tender of $552.96 million.

The two 99-year leasehold sites were on the Reserve List of the Government Land Sales programme and were triggered for public tender after minimum acceptable bids were made. Continue reading