There has been a lot of exciting property highlights that happened this week from May 14-18, 2018. Developments, privatized estate, private homes and new units have been sold in as fast as four days.
Property Highlights this May: 1. En Bloc Sales From May 14 to 17, eight property developments were offered for en bloc sales and most are located in the Prime Districts 9, 10 and 11. These developments include: · Trendale Tower – located in District 9, Cairnhill Road. This 18-unit, 20 storey development is on collective sale via tender for $163.5 million or $2, 250 psf ppr. · Fernhill Court –located in Prime District 10. This 18-unit freehold is offered for collective sale through public tender for $125 million or $1, 885 psf ppr. · Goldhill Shopping Centre – located in District 11, this development is on sale via tender for $425 million or $2, 597psf ppr. · Flynn Park – this freehold in District 5 is on sale for a reserve price of $363.8 million or $1, 281 psf ppr with a 10%bonus Gross Floor Area) · Rosalia Park – located in District 19, this 88-unit development is on sale for $175 million or $1, 198 psf ppr. This includes a 10% bonus GFA.
Property Highlights for Real Estate in Singapore
2. Chancey Court
This privatized HUDC estate located in District 11, Dunearn Road was sold en bloc for a sale price of $401.777 million. This was 6% above the reserve price of $390 million. The sale was brokered by the marketing agent OrangeTee Advisory.
The success of this sale is due to the fact that it is located just across the Anglo Chinese School, making it a sought-after property by parents who wants to enter their children in the said school.
Once the collective sale has been successfully concluded, proceeds of $1.8 million to $3.5 million are expected for the residential unit owners. On the other hand, strata commercial unit owners can expect $934,000 to $4.7 million, depending on the size of their unit.
Private Home Sales Encouraging for New Projects
3. Private Home Sales
In April alone, there were 729 new private homes that were sold. For 12 consecutive months, sales have exceeded launches.
The Harbour View Gardens and The Verandah Residences were both launched in April. The Verandah Residences sold more than 82% while Harbour View Gardens sold 91% of their units.
With this momentum, sales in private homes are seen to have an average take-up rate of 70%. For the rest of 2018, about 800-1500 units are expected to be launched for sale every month.
New Developments Take Up Rate Fast
4. New Futura In just four days after the preview opened, seventy percent of New Futura’s Phase 2 units were sold. The average sale price for the units is $3, 500 psf which is higher than the #3350 psf price achieved in the first phase.
It is located in Prime District 9, Leonie Hill Road. The luxurious 36-storey New Futura tower is the project of City Developments Limited (CDL).
Buyers are mostly foreigners, comprising 72% of the buyers. Majority of the buyers are from China, South Korea, Malaysia and Indonesia.
There have been great property highlights within this month and developers are positive this trend will continue until the end of 2018