New Condo Project @ D15 - LENOX

LENOX is a 2 block of 76 residential apartments with 3 commercial shop development situated at 396/398 Changi Road. By foot, future residents or tenants can reach Kembangan MRT in less than 5 mins by stroll. Lenox is also one of the few rare developments in which is Freehold development situated at a stone throw distance from MRT stations in Singapore.

Average Maintenance fee is S$ 200 - S$ 250 per monthly based on the unit type and size. The below are the Unit type and Number for your references:

Expected TOP Date is 3rd Quarter 2013. The Launch Price Per Square Feet should be tentatively from S$ 1000 to S$ 1200 psf.


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Strong developer interest for Chestnet venue Site

According to The Business Times, Chestnet Avenue in Bukit Panjang,a 99-year leasehold site in the state's reserve list which was triggered for launch last month received impressive 13 bids for its residential site reflecting the renewed interest and the growing positive outlook among developers for mass market residential projects. The top bid of S$143.7m or S$280 psf ppr put in by two companies in the Hong Leong Group was much higher than analyst expectation of bid levels of S$200 psf ppr. Far East Organization made the next highest bid of S$129.1 million, or S$252 psf ppr.

We estimate a breakeven price of around S$550 psf. Assuming a 10%-15% margin, the selling prices are expected to be around S$600-S$640 psf. Although the bid is above expectations, we believe that the expected selling prices are achievable. The strong interest from developers for chestnut avenue site is supportive of the favourable demand supply dynamics in the mass market segment and we expect strong response for the other sites triggered from the state's reserved list. The current trend is reflective of the growing developer confidence in the sustainability of the recovery in the property market as they seek for means to replenish their mass and mid market inventory.

----+--------------------------------------------------------+------------+------------
Sno Name of Tenderer                                        Tender PriceTender Price
                                                                                 
----+--------------------------------------------------------+------------+------------
                                                             (S$m)      (S$psf ppr)
----+--------------------------------------------------------+------------+------------
   1Sunny Vista Developments Pte. Ltd. And Hong Realty             143.7         280
    (Private) Limited                                                            
----+--------------------------------------------------------+------------+------------
   2Far East Square Pte. Ltd.                                      129.1         252
----+--------------------------------------------------------+------------+------------
   3Sim Lian Land Pte Ltd                                          113.0         220
----+--------------------------------------------------------+------------+------------
   4First Changi Development Pte Ltd                                93.4         182
----+--------------------------------------------------------+------------+------------
   5Centurion Re Pte Ltd                                            91.9         179
----+--------------------------------------------------------+------------+------------
   6UIC Commodities Pte Ltd And Chappelis Pte Ltd                   90.0         175
----+--------------------------------------------------------+------------+------------
   7Ho Bee Developments Pte Ltd                                     87.8         171
----+--------------------------------------------------------+------------+------------
   8Teambuild Properties Pte Ltd                                    87.1         170
----+--------------------------------------------------------+------------+------------
   9Allgreen Properties Limited                                     87.0         170
----+--------------------------------------------------------+------------+------------
  10Hoi Hup Realty Pte Ltd And Sunway Developments Pte Ltd          86.6         169
----+--------------------------------------------------------+------------+------------
  11Boon Keng Development Pte Ltd                                   81.2         158
----+--------------------------------------------------------+------------+------------
  12JBE Development Pte Ltd                                         78.5         153
----+--------------------------------------------------------+------------+------------
  13Frasers Centrepoint Limited                                     77.0         150
----+--------------------------------------------------------+------------+------------

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Tax treatment unchanged, property stocks to resume ascent

Tax treatment unchanged, property stocks to resume ascent, reiterate OVERWEIGHT. The government’s retention of the current income tax framework pertaining to property sellers should bury fears of any near-term anti-speculative measures. We expect there are increasingly a higher proportion of buyers who are foreigners and reside in private addresses. These signs are amid prime-luxury prices remaining 20 – 30% off their 4Q07 peak.

Status quo on tax treatment for property sellers. The government will retain the current income tax framework pertaining to property sellers, which means it will consider the facts and circumstances (including reason of sale, holding period of property and frequency of property sales) of each individual disposal to determine if the disposal gains would be taxed. The earlier proposed change had stipulated that profit from a property sale (on or after 1 Jan 10) would be exempted from tax if the seller has sold only one property within a four-year period.

Supply-oriented measures becoming more likely. This reaffirms our view that a supply-oriented measure now appears more likely than a demand-oriented one, which should only be implemented when speculation is excessive and not when the economy and property sector have just started to recover. The figure above shows some of the expected launching projects.

While this should put to rest fears of any near-term anti-speculative measures, we believe the government is continuing its tight watch over the current property market buoyancy, with excessive speculation and mass projects’ affordability as their top concerns.

Although we admit that speculation may have surfaced in some cases within the mass-mid segment space, the fact that profile of buyers here continues to be dominated by locals and relatively more price-sensitive HDB upgraders (implying genuine owner-occupiers) suggests that any speculation is not over-the-top. As for affordability concerns, we hold the view that continued strong demand for mass projects, as well as recent intense bidding for the Chestnut Avenue GLS site, expected similar response for two other ongoing bids and more triggers could increase current asking prices projects within the mass segment. As such, this could induce the government to either reinstate the Confirmed List at earlier-than-expected dates or tweak public housing application criteria.


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TREVISTA - a 39-storey landmark in condominium at Toa Payoh

Benefiting from panoramic views of MacRitchie Reservoir and the city, TREVISTA - a 39-storey landmark in condominium living in the heart of Toa Payoh, provides all the exclusivity of a luxurious condominium lifestyle and the supreme convenience of being just next door to Braddell MRT station with Orchard Road and CBD just minutes away.

Offering a wide selection of studio,2,3,4-bedroom apartments, comprehensive recreational facilities and a magnificent Sky Terrace that one can enjoy, Trevista represents a superb opportunity for the homeowner or astute investor.

What's more, developped by NTUC Home Choice, NTUC members enjoy special benefits when you purchase a unit in Trevista.

Date: 28 August 2009
Time: 3pm – 8pm
Venue: TREVISTA Sales Gallery, Lor 3 Toa Payoh

For more information, please call our appointed marketing agents at
CBRE: 8125-6313 or ERA: 8332-2000

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Singapore Property Reality bytes: State of affairs

Come across this a few weeks old report on Singapore Property market, pretty well written and informative, so share with you on part of it.

Our checks across the property market segments suggest that primary home take-up rates continue to be strong, even as launch prices at some new projects are close to last cycle’s peak prices. Availability of low short term mortgage rate is keeping investor interest high in this market. Interestingly, we noted that valuation mismatches and weak rental yield seem to be already stalling the momentum in secondary home sales. Banks are now offering valuations that are 10-12% lower than the asking prices of home owners, restricting funding for completed homes.

Primary market: Good take-up rate continues

􀂉 Take-up rate at new launches this weekend were healthy, but slightly lower WoW.
􀂉 High priced “Volari” sold 55-60% of total units, and mid-market “Waterfront Key” sold 60% of launched units. High-end “360 Skyline” sold only 8% of all units.
􀂉 Better demand was for smaller units, with buyer profile being local. Investment interest has risen, given price momentum and lower mortgage rate availability.
􀂉 Prices at some newer launches are closer to/higher than previous cycle peak prices e.g. “Ascentia Sky”, “SilverSea”, “The Gale”, “Volari”, and “Waterfront Key”.

Our visits to a number of new projects launched this weekend (17-19th July) suggest that take-up rates still look healthy, although slightly weaker than last weekend. The surprise was the good demand seen for CDL’s newly launched high-end condo project, Volari, were 43 units (50% of total) were sold by Sunday noon, despite a rather large ticket size (S$2.6m, for a regular two bedroom unit). Buyers at all these projects are largely local. Investment related interests have risen significantly, helped by the rather low mortgage rate currently available, and the improvement in economic activity expected with the start of the Integrated Resorts in 1Q10.

Interestingly, we note that some of the new projects that have been launched in the last two weekends are at prices that are close to previous peak transaction prices (from similar condominium in their location). Projects that have crossed previous peaks include “Ascentia Sky”, “SilverSea”, “The Gale”, “Volari”, and “Waterfront Key”.

Secondary market: Expectation mis-match, momentum slowing

􀂉 Checks on secondary market suggest that seller expectations have risen significantly – Asking prices are ~20-25% higher than last transaction prices.
􀂉 Bank valuations are now 10-12% lower than seller’s asking prices
􀂉 Activity was brisk, but property brokers mentioned that volumes are lowering.

Furthermore, to assess the state of the secondary market we did home viewing at a few condominiums across Singapore, this week. These included, Citylights, The Sail@ Marina, The Metropolitan, Park Infinia, The View at Meyer, Pebble Bay, and Costa Rhu. The asking prices are now 15-25% above the last reported transactions prices in these condominiums. Some asking prices are even very close to previous cycle’s peak transaction levels in the said condominium. This, we understand from brokers, is now deterring buyers, and that the expectation mis-match has increased in the last two weeks.

More interestingly, we also checked with the valuations being offered by the various banks for the same units. Based on our checks, we note that bank valuations are now 10-12% below the asking prices of some of the home owners. Foreign banks, we understand, have become very stringent in the valuations being offered, while the local banks are still ready to negotiate on the valuations and adjust where differentials between original valuation provided and the proposed transaction price is less than 5%.

Rental market: Yields in the 3.0-3.5% range

􀂉 Checks on the rental market suggest that asking rental yields are in the 3-3.5%.
􀂉 This is still higher than the short tenure floating mortgage rates being offered by banks, but more in line with the longer tenure (1-3 year) fixed rates.
􀂉 Bulk of the home financing is happening at the shorter end of the curve, suggesting risk, if short-end SIBOR/SOR move upwards.


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Riding the Property Boom - Making your Millions

Most millionaires became millionaires because of real estate investments and professionals in this industry are some of the top income earners in Singapore.

In this seminar, you will learn practical techniques to profit from the real estate market. You will learn how to look for ‘good buys’, increase your selling price, and maximize your returns on investment. There will be real-life war stories on how to succeed at any point in the property cycle.

How to Make Million$ in Property Investments
CUNY Baruch Alumni Event
Exclusive Session for All Alumni and Invited Guests
17th August 2009 7:15pm to 8.45pm
100 Orchard Road Concorde Hotel Level 4 Singapore 238840

3 Easy Ways to Register!
1. Tel: 6720 3333
2. E-mail: info@aventis.edu.sg
3. SMS: 93873582
Admission is FREE. Seats are strictly by reservations


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The progress on the project opposite Great World City

Quite a few of the projects launched during 2006 and 2007 property boom will be TOP soon within next 1 or 2 years. In addition with the recent rush, we will see plenty of supply on the coming years until 2014. Can the market really take in all these new houses? Well, not too sure, let see one of the project opposite Great Wall City, see how is the progress.

Pretty fast. We shall see if the IR can really help Singapore boost its economic to the next level.


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Property Sector : Back With A Bang with these 4 reasons

There got 4 explaination on the hot property market in Singapore:

Back with a bang. The private residential segment is on a recovery track, with the developer sales volume of 4,714 units in 2Q09 alone exceeding the 4,370 units sold for the whole of 2008. Price levels rebounded by 5-8% qoq in 2Q09 after a 30-40% fall from end-07 peak levels. With the resurgence of homebuyer sentiment, we expect price levels to firm up by another 8-10% during 2H09. Thereafter, prices are likely to rise in tandem with economic growth.

Structural transformation lends high degree of sustainability to the current recovery. Interest rates are drastically low in comparison to that during the Asian financial crisis. Net household wealth is double that in 1997 and household debt-to-asset ratios are at a 10-year low. Corporate balance sheets are also a lot stronger. Furthermore, favourable migratory patterns to Asia and Singapore's appeal as a top global city, as evidenced by the higher level of foreign participation, help support a sustainable recovery.

Supply glut has been overstated. The tight supply in the public housing segment, which accounts for 78% of the total housing stock, and the segment's narrow price differential with the private mass market segment support the overall private residential market. Moreover, the demand and supply dynamics are favourable to the private mass market and mid-tier segments that constitute nearly 80% of the private housing market. Also, the strong holding power of developers this time round lends them greater flexibility in releasing their high-end inventories.

Integrated resorts to spearhead re-rating. The two integrated resorts (IR) are expected to create 50,000 to 60,000 jobs and directly contribute S$5.4b to the Singapore economy, or 2.6% of GDP, by 2015. The IRs were the major catalysts of the last property boom by creating buzz for Singapore's transformation into a top global city in which to live, work and play. With their launches coming up in 1Q10, the IR theme should make a strong comeback towards the end of this year in the run-up to the IR openings.


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Another successful weekend property launch - Viva @ Novena and Madison Residences

We visited the show flats of the two newly launched Viva and Madison Residences over the weekend. The sales momentum continues to remain strong with newly lauched Viva selling over 85% of the units launched at an ASP of S$1500 psf. Singaporeans were the majority of the buyers with around 30% foreign buyers mostly Indonesians and Malaysians. There was a good turnout at the soft launch of Madison Residences as well where 6 units of the 24 units previewed were sold out at around S$1,650 psf.

----------------+-------------------+------------------------
                Viva               Madison Residences
----------------+-------------------+------------------------
Developer       All Green          Keppel land Realty Pvt
                Properties Ltd     Ltd.           
----------------+-------------------+------------------------
Location        District 11  Near  District 10, 335, Bukit
                Novena Mrt         Timah Road     
----------------+-------------------+------------------------
Region          Central Core       Central Core Region(CCR)
                Region(CCR).                      
----------------+-------------------+------------------------
Tenure          Freehold           Freehold       
----------------+-------------------+------------------------
Type            Condominium        Condominium    
----------------+-------------------+------------------------
Estimated TOP   2013               2013           
date                                              
----------------+-------------------+------------------------
Total Units     235 units          18 storey residential
                                   with 56 units  
----------------+-------------------+------------------------
Launch date     Aug 8th            Aug 7th ?preview
----------------+-------------------+------------------------
Takeup          85% of launched    25% of previewed units
                units                             
----------------+-------------------+------------------------
Avg Price       S$1500 psf         S$1650 psf     
(S$psf)                                           
----------------+-------------------+------------------------
Expected yield  3 - 3.5%           3 - 3.5%       
----------------+-------------------+------------------------

Viva @ Novena

Allgreen Properties launched their much awaited high end VIVA project near Novena MRT this weekend. The response was really good with around 85% of the units launched sold at and ASP of S$1,500 psf. The absoulte price levels for 2Br, 3Br and 4Br were around SGD 1.88m, 2.1mn and 2.8m. Singaporeans were the majority of the buyers with around 30% foreign buyers mostly Indonesians and Malaysians. The espected rental yield is around 3-3.5% with rental levels around SGD 7000 pm. Payment schemes - Cash payment (10% discount on payment price) ,Interest Absorption Scheme (8% discount), Fully deferred payment scheme (7% discount) with 20% being the initial payment and rest to be paid at TOP.

Madison Residences

Madison Residences had a soft launch (preview) of their 24 units at District 10 this weekend and managed to sell around 25% of the units launched. The mean price levels were around 2.4 million for their 3BR flats which works out to an ASP of S$1,650 psf. The rental yields were around 3 - 3.5% with rentals around S$7500 pm for a 3BR apartment in the locality. We understand that Indonesians were the majority of the foreign buyers. Payment schemes - Normal cash payment scheme and Interest Absorption Scheme with 2% higher price levels.


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LINCOLN SUITES @ Novena launching soon

Lincoln Suites is just behind VIVA located along Khiang Guan Avenue, directly opposite Goldhill Plaza and United Square shopping mall. Novena Square and Novena MRT Station is situated opposite the road.

Freehold
Developer : Koh Brothers
Site Area: Approx 60,000 sqft
Total: 175 units

Studio – 474/484 sq.ft. ( 44 units )
2 Bedroom – 1033/1044/1976 sq ft ( 42 units )
2 + Study – 1098/1109/1119 sq. ft (24 units)
3 bedroom – 1561 sq ft (14 units)
3 + Study – 1615 sq ft ( 4 units )
4 bedroom – 1798 sq ft ( 14 units )
4 + Study - 1851 sq ft ( 4 units )
Duplex - 2669/3089 sq ft ( 4 units )
Penthouses – 3692/4822/5554 sq ft ( 3 units )

NEAREST MRT STATIONS

Novena MRT Station (NS20) 0.39 km
Newton MRT Station (NS21) 0.76 km

NEAREST SHOPPING CENTRES

United Square/Goldhill Plaza 0.10 km
NOVENA SQUARE 0.34km
SQUARE 2 0.43km

Nearest School to Lincoln Suites

ETONHOUSE INTERNATIONAL SCHOOL NEWTON
Blk 39 Newton Road Singapore 307966
Distance : 192.13 m

ALLIANCE FRANCAISE DE SINGAPOUR
Blk 1 Sarkies Road Singapore 258130
Distance : 694.44 m

ANGLO-CHINESE PRIMARY SCHOOL (ACSP BARKER ROAD)
Blk 50 Barker Road Singapore 309918
Distance : 785.38 m

RAFFLES GIRLS' SECONDARY SCHOOL
Blk 20 Anderson Road Singapore 259978
Distance : 1.62 km


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Optima and Centro bring their adjacent projects Casa Merah and Grandeur 8 shot up their price

Optima @ Tanah Merah

There were 297 units launched at Optima @ Tanah merah over the weekend comprising of 1,2,2+study, 3, 3+study and 4 bedroom with estimated TOP of 2014. Due to the overwhelming response and people forming long queues, a balloting system was used in the initial two days. The project nearly sold out in the first two days at ASP around S$800 - S$900 psf. With the sale of the few remaining units yesterday, the entire project is fully sold in just three days. The rentals yields are around 4%. The buyer profile were mostly Singaporeans with a small percentage of foreigners mainly Chinese PR's and Malaysians. Asking Prices at Casa Merah, adjacent to Optima, have shot up from the range of S$700 psf to S$ 830 psf with in a span of month.

Centro Residences

The developer Far East Organization, launched around 40% or 120 units out of a total of 329 units in the first phase launch of Centro Residences. The units comprise of 2/3/4 Bedrooms + Penthouses with floor Size range from 775 - 1025 sqft. The was a huge rush and we had to wait for 10 mins before our turn. More than 80% of the launched units were already taken up a ASPs around S$1100-1200 psf after a special discount of 12%. The expected yields are arounf 3.5-4.0%. Asking prices at nearby Grandeur 8 have jumped from 750 psf to around 850 psf. The price level of S$1100 - 1200 psf is a new price benchmark for that area.


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Record home sales - how long can it lasts?

Record home sales in June 09. The Urban Redevelopment Authority (URA) data showed that private residential home sales rose to a record high of 1,825 units in June 2009. This surpassed the previous record of 1,723 units in August 2007. In fact, the recovery has started in February and continued for five straight months. We expect sales to remain strong for the rest of 2009.

After the recent sales momentum, developers have lowered discounts for private residential homes. Nevertheless, buyers continued to be attracted by the lower discounts and the Interest Absorption Scheme (IAS) offered by developers. The rally in the stock market and the recovery of the Singapore economy in 2Q09 has also led to the robust property sales.

The majority of the homes sold were in the mass market and mid-end segments. Moreover, most of the buyers continued to be HDB upgraders. 8 @ Woodleigh, a condominium project by Frasers Centrepoint Homes, stood out as the best selling property. All 330 units were sold in June 09 at a median price of S$804 per square foot (psf).

These suggest that primary home take-up rates remain strong, even with launch prices close to last cycle’s peak prices. The availability of low mortgage rates is keeping investor interest high. Interestingly, valuation mismatches and weak rental yields seem to be stalling secondary market momentum, while banks are now offering valuations that are 10-12% lower than asking prices. We remain of the view that Singapore home-price momentum will stall.

Primary market: Good take-up rate continues. Take-up rates at new launches this weekend were healthy, but slightly lower WoW. High-priced Volari sold 55-60% of total units and mid-market Waterfront Key sold 60% of launched units while high-end 360 Skyline sold only 8% of total units. Better demand was seen for smaller units, with buyer profile largely local. Investment interest has risen, given price momentum and lower mortgage rate availability. Prices at some newer launches are closer to/higher than previous cycle peak prices, eg Ascentia Sky, SilverSea, The Gale, Volari and Waterfront Key.

Secondary market: Expectation mismatch, deceleration. Checks on the secondary market suggest that seller expectations have risen significantly - asking prices are c. 20-25% higher than last transaction prices, while bank valuations are now 10-12% lower than seller’s asking prices. Activity was also brisk, however property brokers mentioned that volumes are falling.

Rental market: Yields in the 3.0-3.5% range. Checks on the rental market suggest that asking rental yields are in the 3-3.5%. This is still higher than the short tenure floating mortgage rates boffered by banks, but more in line with the longer tenure (one-to-three year) fixed rates. Bulk of the home financing is happening at the shorter end of the curve, suggesting risk, if short-end Sibor/Sor move upwards.


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Lush @ Holland Hill

New Launch Property at Holland Hill Area: Lush @ Holland.

Consist of Spacious 2, 3, 4 Bedroom Apartments and Penthouses:

2-Bedroom type - 1281 sq ft
3-Bedroom type - 1475 - 1561 sq ft
4-Bedroom type - 1851 sq ft
Penthouses - 2756 - 5145 sq ft


* Located in Prime District 10, Excellent Balmoral Location
* North-South Facing Single Loading Design (rare in modern condos)
* Within 1 km to many top schools and international institutes
* 5 mins drive to Orchard Shopping Belt
* Outstanding Paranomic View of Holland lush Greenery
* 8 mins drive to future Marina IR, Singapore Flyer and CBD
* Easy access to Major Expressway
* High End Quality Finishes and Branded Appliances with every unit
* Interest Absorption Scheme by Developer


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New Launch Property at Bukit Timah Area - Ferrell Residences

Ferrell Residences is 28 Storey 34 units in the highly sought after Bukit Timah Road. It has very outstanding appearance. It consists of Spacious 3+Study, 4 Bedroom Apartments and Penthouses.

* Located in Prime District 10, Excellent Bukit Timah Location
* Unique, one of a kind Iconic Architectural design
* North-South Facing Single Loading Design (rare in modern condos)
* Only 2 units per storey with private lift access
* Ample carpark lots for every unit
* Outstanding Unblock Paranomic View of Bukit Timah Greenery


* Within 1 km to many top schools and international institutes
* Near Future Art Entertainment, Esplanade and City Hall
* Near SMU and many international institutions
* 3 mins drive to Orchard Shopping Belt
* 8 mins drive to future Marina IR, Singapore Flyer and CBD
* High End Quality Finishes and Branded Appliances with every unit


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New condo: D'ilxoras @ Minbu Road

D'ilxoras @ Minbu Road
Address : 23 Minbu Road
District : 11
Developer : Singlap Company Pte Ltd
Description : 1 Block of 14 Storey consisting of 22 units of 2 bedroom and 3 bedroom units
Site Area : 8504 sq ft
Tenure : Freehold
Expected TOP : Early 2013

2-Bedroom type - 840 sq ft
3-Bedroom type - 980 sq ft

Located in Prime Novena District
Mins Walk to Novena MRT
5 mins drive to Orchard Shopping Belt
12 mins drive to future Marina IR, Singapore Flyer and CBD
Near many Prestigious School
Interest absorb by developer
Est PSF: +/- 1100psf to 1300psf
Interest absorb by developer


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