Month: September 2022

In China, creditors are knocking on the doors of legal offices to demand payments from embattled Chinese property firms. This is highlighting a major turmoil in the property sector. The developers are now rushing to set up plans to resolve the debt issues and the impact can be seen in the real estate industry.

Some of the most recent cases in court were filed against Jiayuan International Group and Sunac China Holdings. Note that these are the two big names among at least six builders that have received plenty of winding-up petitions within the past few months in the Cayman Islands and Hong Kong. Moreover, China Evergrande Group, Jiayuan, and Sunac have also scheduled their hearings for November month.

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More than 70% of all Sky Eden@Bedok condominiums got sold on the launch day itself with an average price per dquare feet of of $2,100. This mixed development at Bedok Town Center is the first residential project in the last 10 years; it has a total of 158 units out of which 118 units were sold recently on Wednesday. The developers in a recent interview revealed that all 2-bedroom units at this site were completed sold.

The acting COO (chief operating officer), Ms. Lorraine Shiow at Fraser Property recently said that this development is close to the mature estate and this is the main reason why it is drawing maximum attention from buyers. The home buyers at this location will be able to access several thriving economic hubs nearby this location; it includes Paya Lebar and Changi. These sites are expected to undergo a major renovation in the coming years; as a result, this Singapore East site will become more popular for buyers in the future.

This leasehold property which comprises of a 99 years lease is made up of 2 to 4-bedroom units with dimensions starting from a 657 sq ft all the way to 1302 sq ft. The development is also planned to have the construction of 12 shops on the ground floor. Note that the units at this site are being sold at a $1937 psf price which leads to a pricing of S$1.31 million for two bedroom unit. Lee Sze Teck, Senior Director of Huttons Asia recently said that most of the buyers at this site belong to Singapore.

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The restrained demand for private Singapore condos in suburban regions improved in the month of July recently. The overall sales lifted median prices at new mass market residential units to a considerable level, mainly at city fringe and prime locations.

This is mainly useful for the AMO Residence sales in Ang Mo Kio Avenue 1, which is the only major residential launch in the previous month in the suburban regions. It is expected to lead to a bulk sale of 485 units or 58.2% of the new homes in the region. Residential spaces in main districts led to 22.2% sales, including 185 units; however, the city fringe on the other side experienced a rise of 19.7% with the sale of 165 units.

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The freehold residential site near Bukit Batok Nature Park is available for sale via a public tender with a guide price of US $42 million. There is a single-story car workshop which is designed with a 3-story annex building at this site. The building is currently provided on lease to Autobacs Singapore which is a famous automobile service and retail company from Japan.

Experts reveal that the parcel is held by one private investment corporation with owners specializing in retail and auto leasing services. Note that a 37575 sq ft site is recently zoned for the residential purpose at 30 Bukit Batok East Avenue 6 Site. This announcement was made as per the 2019 Master Plan with a permitted plot ratio of 1.4. Furthermore, the maximum allowed gross floor area inclusive of the bonus balcony at this site is 56,287 sq ft.
The guide price works well with the land rate of $1,127 per sq ft per plot ratio. This price range is inclusive of the bonus balcony as mentioned and development charges are payable. As per the approval from the respective authorities, the site at Beauty World MRT Stations and Bukit Batok can result in a total of 57 new units for residential needs.

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