Archive for category: Real Estate

According to the exclusive market agent Edmund Tie & Co, the land value amounts to approximately $1,720 per square foot in relation to the plot’s ratio. This includes a development fee of around $78.2 million, taking into consideration seven% additional floor.

The Botany at Dairy Farm showflat is situated close to the city centre and a mere 10-minute walk to Hillview MRT station.

As per Edmund Tie, the development has gotten the required 80% of the owners’ approval to a collective sale. It is the first time that it has achieved this despite the fact that there have been multiple attempts at a collective sale before.

Meyer Park is a seafront condominium with 60 units which was built in the 1980s. It is situated on an totaling 96,672 sq feet and has an 88m frontage that faces the ocean. According to the URA Master Plan 2019 it’s designated for residential use and has an area ratio of 2.8. With the seven% extra floor space, the total allowable gross floor area amounts to approximately 289,628 sq feet.

The development is close to it. It is on the site that is Meyer Mansion, the freehold condominium with 200 units built developed by GuocoLand that went live in September of 2019. So far the time of writing, the development has sold 165 (83%) units have been sold at Meyer Mansion at an average cost of $2,673 per square foot according to data compiled from EdgeProp LandLens and EdgeProp Research tools.

The site is also in close the vicinity of Bukit Sembawang Estates’ Liv@MB that was officially launched in May. It was able to sell 75% of its 298 units being sold on the launch weekend, at an average price of $2,387 per square foot. There have been other launches in a one-kilometer radius over the last 3 years have included the 144 unit Coastline Residences and the 55-unit MeyerHouse The Nyon, which is 92 units Nyon as well as the One Meyer. One Meyer. There are at present 474 units of condominiums and apartments within a 1-km radius within Meyer Park.

Swee Shou Fern the head of the investment advisory department of Edmund Tie, says the new development on the site will be able to accommodate 251 new homes. “[The project] is expected to be able to enjoy stunning sea views to the south, and an unobstructed view of the two-storey bungalow enclave of Mountbatten in the north.” the executive adds.

Meyer Park is within walking distance from the new Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to be completed in 2024. Other facilities in the vicinity include malls like Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall as well as recreation facilities are offered in nearby East Coast Park.

The tender for the collective sale of Meyer Park will close on September 9 at 3pm.

Luxury residential sales that were not landed reached $1.1 billion during the first half of the year, falling in 43.7% from the second period of the year According to an Knight Frank report released today (July 12).

Amo Residences progress will enjoy access to good schools like Eunoia Junior College and Mayflower Pri & Sec Schools.

The first quarter of the year saw an eerily low in the range of 50.6% q-o-q in prime non-landed residential sales because of additional stamp duty increases for foreign buyers, which were introduced in December of last year. For the 2nd quarter the sales of prime non-landed residential homes improved in 29.4% q-o-q as business optimism increased and investors began to look towards Singapore as a secure haven amid the global uncertainty.

“Nevertheless there was a shortage of inventory that could be sold in the family-sized units continued hinder selling,” says Nicholas Keong the head of private office in Knight Frank. “Foreign buyers’ interests included the sale of 22 high-end apartment units located in Draycott Eight to an Indonesian family, with an estimated 168 million dollars.”

The top quantum sales continued to be a result of new projects such as Les Maisons, which was among the top three most lucrative transactions of value in 1H2022. The prices for units ranged from $4953 to $5,461 per square foot (or $34.6 million – $59.8 millions). The fourth most expensive transaction value in 1H2022 was an Resales property located at Nassim. Nassim that was sold at $20 million, which indicates “demand for large luxury units with impeccable ready-to-move-in state” Keong says. Keong.

Keong expects the demand for luxury non-landed residences, including furnished larger units that are ready for immediate occupancy. This will remain high in 2022 when international travel resumes at pre-pandemic rates.

Based on URA statistics, prices for land-based homes increased in the second quarter of 2.9%, bringing the increase up to 7.3% for 1H2022. The increase in half-yearly terms was more than 6.3% in 1H2021, regardless of the cooling measures that were implemented in December of last year.

“Transaction value for homes that were landed was $2.9 billion during 1H2022, which is a 46.9% decline from $5.4 billion during the 2H2021 period.” says the Knight Frank report.

The inconsistency between expectations of sellers and buyers and the rises in the cost of landed homes which led to slow sales in the 1H2022 period as explained by Keong. The average unit price increased to 14.5% over the past two years while the pandemic increased the demand for larger living areas.

The lackluster sales within the Good Class Bungalow (GCB) segment continued to decline from the previous year, dipping in 1H2022 by 55.3% in 1H2022 from 2H2021, due to lower economic conditions and the sellers’ resistance to price, who were unable to lower prices to meet expectations. However, top sites with appealing plot sizes were being purchased. Recently an GCB that had a land area of 34,216 sq feet located on 42 Chancery Lane was bought by the daughter-in-law of Filipino businessman Andrew Tan for $66.1 million according to Keong.

Keong anticipates that the pace of transactions will slow due to a weaker global outlook. Landed property prices rising 10% for 2022.