In many occasions, the neighbors you have in the building where you live are almost like a second family, as you share your stories and experiences with them for so many years. So, when the times come to part, you feel the need to do it in a way that will make everybody remember the time spent together. This is what happened in the case of a group of people that owned apartments in Block 317, Shunfu Ville, a property that was recently put out for a collective sale and bought. But, before moving out, the residents of this bloc that lived on the 6th floor, decided to throw a farewell party, on the corridor of their floor.
This building has 358 units and all the residents of these units will have to move out very soon, as demolitions are scheduled to begin at this location next month. Qingjian Realty is the company that won the bid for the collective sale and acquired the estate in Bishan for $638 million. This means that each owner got somewhere around $1.78 million. The property was built in 1985 and now it is going to be demolished, making way for lander and high-rise residences. This collective sale was special right from the start, when it appeared in the newspapers, front page, in 2016, due to the fact that 82% of the owners expressed their agreement for the selling of the property. At that point, the sale of this property was the biggest since 2007, when Farrer Court got sold.
SingHaiyi, a leading developer in Singapore, has won their third bid for a residential site in Clementi during an active sales frenzy. The residential site, Park West, is ideally located on Jalan Lempeng and nearby Clementi MRT Station.
This joint venture is SingHaiyi Land and Haiyi Wealth which are both subsidiaries companies of SingHaiyi.
Marketing agent Huttons Asia stated that the success of the transaction is the third attempt for a collective sale by the owners. Huttons Asia said the site could possibly yield 1.33 million square feet of space, once redeveloped.
Park West is a 99-year-old estate sitting on land that is approximately 633,644 square feet with a ratio of 2.1. With an additional $290.6 million differential premium and the lease upgrading premium, it is estimated to reach approximately $850 per square foot per plot ratio.
In spite of the fact that quite a few apartment buildings were put up for a collective sale during the year that passed, plus the developers that launched themselves in bidding in a rather courageous manner, making everybody believe that the collective sale phenomenon will go through the roof, things are beginning to calm down. For 3 years in a row, the prices of properties were in a continuous drop, until this year started. Apparently, 2018 will bring the much-needed turnaround point in the property market of Singapore, as signs of improved traction are beginning to appear. Even so, we shouldn’t get ahead of ourselves with too much optimism because the change is far from being too significant at the moment.
In April 2017, URA released a piece of land (Parcel C) in Tampines 10 for Government Land Sales (GLS). City Development Limited has placed a bid for a large condominium site in Tampines. Tampines is a residential area located in the Eastern region of Singapore. There were a total of 9 bids placed for the property which is much lower than was expected.
It’s been a very good year for those who live in the HDB flats of the West Region of Singapore. Currently, as of March 2017, the government has spent 1.93 billion on Jurong West, a public housing development and residential town. The developmental town was made after the dissolution of Jurong Town and is the second largest town in terms of population within Singapore. The 1.93 billion was spent on the Home Improvement Program (HIP), with another 40 million spent on the “Enhancement for Active Seniors” (EASE) program.
The Home Improvement Plan was put in place in 2007, as a way to address maintenance problems that would crop up due to the age of the flats within the town. Issues like pipe sockets, laundry drying racks, and even broken concrete were the main concerns covered by the government as necessary essentials. Since the creation of the Home Improvement Plan, over “101,000 flats” have been either upgraded, maintained or had maintenance done to them, with another 139,400 homes still eligible. Once the program has run its course, it is estimated that over 300,000 flats will have been a part of the program.
In Singapore, purchasing a public housing flat requires one to login to the HDB portal and submit their purchases online. Through the HDB portal, purchasers and sellers are then being allocated the first and second appointments at the HDB to complete the buying and selling procedure. Recently, HDB launched its new technology of transformation that has revolutionized the marketing procedures.
The owners of City Towers, a freehold condo that is located on the Bukit Timah Road, had to face three unsuccessful collective sales for their property so far. But, they are perseverant, continuing to pursue their goal, by launching another collective sale for this particular property, the fourth of this kind. If anyone is interested in the City Towers, then this person must know that the owners set a reserve price that reaches $355 million. How will this sale go? Well, we will just have to wait and see.
The construction for this development ended in the 60s, currently providing a total of 77 relatively spacious units, consisting of maisonettes and apartments alike, plus a penthouse and a unit designated for a shop. The Colliers International Group Inc., which is the company that is in charge with the marketing of this property, promoting it for the collective sale, stated that the reserve price actually contains a charge for development as well, of $3.505 million, so that the future owner of the property will be able to take the most of out the land’s use. According to the managing director of the company, Mr. Tang Wei Leng, City Towers is a property that has a great potential while coming at a great price, considering that property prices have dropped with approximately 20% since 2013 and are about to go up in the years that follow. Thus, if anyone would like to invest in District 10, now it’s the best time to do it.
Australia is one of those countries where the home prices were on the rise for a very long time. Apparently that’s not the case anymore. In fact, it seems that home buyers have a delight, as the national property prices fell with around 0.3% in the entire country during the month of December. This does signal that there are some challenges to overcome on the market, but it’s safe to say that more and more people are afraid of this situation.
Sidney and Darwin in particular had a major problem, as both cities had a 0.9% decline when compared to the previous month. Sidney in particular ended up having prices 2.4% smaller when compared to the last quarter, so there are some issues there.
Economist announced that Singapore’s economic growth rose approximately 3.1% over the last three months of 2017. Then, thanks to the growth in manufacturing, it rose slightly more though overall growth has been quite slow. This slight growth was higher than anticipated but lower than the quarter before at 5%. The growth rate was in accordance with findings by the MTI (Ministry of Trade & Industry).
The Prime Minister stated that Singapore’s 3.5% was double what was originally forecasted due to the increase in global growth. Although both manufacturing and construction have moved to a crawl, it is estimated that Singapore’s growth is through the service sector which is expected to continue in 2018. The external service sectors are growing faster than domestic services such as business growth.
A new residential plot will soon be released for tender by the Urban Redevelopment Authority (URA). The plot is located along West Coast Valve and is just adjacent to the previous new launch condo, Parc Riviera.
Located along West Coast Valve, this land parcel is standing within a high-rise private residential enclave, Other than the upcoming Parc Riveria, it is also surrounded by private condominiums such as The Clement Canopy (new launch condo), Botannia, Infinity and etc.
Recently the Singapore Government has released 2 land plots for bidding, so the private developers can start working on them. These include the SengKang Central (Next to Buangkok MRT station) and the Hillview Rise one. The two sites are brought in the confirmed list for the second half of 2017.
The land parcel at Hillview Rise has a site area of 14296 sq m, so it’s quite large and definitely among some of the best out there. The residential gross floor area is around 40030 sq m. The project is set to add around 535 housing units in total, so it really is a large project.
Urban Redevelopment Authority (URA) is now offering excellent opportunities for development in Buangkok. This northeastern area of Singapore offers convenient access to many recreational sites and exceptional room for future growth.
URA has a great vision for this area, turning it into a one-stop locale that will be readily connected to major hubs including the Seletar Aerospace Park and the Punggol Digital District. Both of these facilities are presently in the works. The plan also proposes a future child care center, community club, and the Hawker Center. The entire designing process is focusing on easy accessibility for private residents and public enterprises.
Located at the intersection of Sengkang Central and Compassvale Bow, the planning area is conveniently next door to the Buangkok MRT Stations and bus service.
Community Gatherings & Events:
With the combination of so many amenities and retail outlets, this location will be a prototype for the larger Buangkok neighbourhood The blueprints will provide public areas that are easily accessed by the bus service and offer people an excellent area for gathering and having social events.
The redevelopment of this area will be designed to meet the requirements of its residents while emphasizing the plans for the larger Buangkok area. The larger Buangkok area presently offers both private and public residences including Compassvale Helm, Esparina Residences, Atrina, Jewel @ Buangkok, and Aspella to name a few.
Public & Residential Friendly:
The completed project will offer streets designed for pedestrians to create a comfortable and exciting street-life environment, cycling, walking, and excellent transportation to and fro. The private residential units will be nearby the MRT Station and Bus Interchange for residences to easily travel to other areas of Singapore.
Architecture Takes On The Tropics:
Singapore is a tropical environment and the developers believe this should be incorporated into the design throughout the community and transportation. This project will emphasize Singapore’s rich background of its natural tropical climate.
How Proposals Are Awarded To The Highest Bidder:
Under the Concept and Price Revenue system, contractors must submit their proposals and pricing separately in different envelopes. Their proposals must layout the contractor’s development plans and will then be evaluated on the following requirements:
• The Overall Quality of Their Designs • The Overall Quality of the Public Area • The Contractor’s Track Record
Further information regarding the details of the concept and price revenue can be found under Part VII of the Technical Conditions of Tender.
The committee for the proposals will evaluate the plans against the criteria. Proposals that satisfy the committee and are accepted will be posted by the CEC (Concept Evaluation Committee). The process will then began again through their second phase.
The second phase covers the price proposals for acceptable plans are then taken into consideration. Once these two phases are completed, the site will then be awarded to the highest bidder.
URA is presently offering an exceptional opportunity for developers to embark on a brand new concept for residential and public facilities. Buangkok could be a flagship for other communities in the very near future.
When Prime Minister Lee Hsien Loong announced in his 2013 National Day Rally speech the government’s plans to relocate Paya Lebar Air Base, few could have foreseen the impact – both good and bad – it would have on so many Singaporeans, from the east of the island to the west. We look at the history of the airbase, and what effects the proposals will have to the different parts, and communities of Singapore.
Paya Lebar Airbase (PLAB) Building work, on what was originally known as Singapore International Airport, began in 1952 with its official opening being on 20 August 1955. As well as being a hub for Malayan Airways and the birthplace of Singapore Airlines, the airport was most notable for its being a destination for Concord between 1979 and 1980, when British Airways flew there from London Heathrow.
The airport’s location – it was hemmed in by established housing estates, meant that it was always going to struggle to compete in a rapidly expanding air industry. By 1975 the number of passengers going through the airport had risen to 4 million, more than twice the number of just 5 years before, but a new airport was beginning to be built not far away in Changi. When that opened in 1981, Paya Lebar was closed for civil aviation and became a purely military airbase, a transformation that had begun several years earlier.
The closing of the airbase – scheduled to take place from 2030 – will be the final chapter in its short but colourful history.
What the Move Means for Paya Lebar… First and foremost, the move will free up a massive swathe of land – up to 800 hectares. To put it into context, that is larger than Ang Mo Kio or Bishan. In an island the size of Singapore, that is very significant, coming in the way that it has, and in the area it sits. The prime minister promised that that land would be used to build new homes, offices, factories, parks, living environments and communities.
Another consequence of PLAB’s closure is that the current height restrictions that cover large sections of that part of Eastern Singapore will be relaxed. This will pave the way for the possibility of current low-rise buildings being redeveloped.
…and for Tengah Airbase and its Surroundings Two existing airbases will take up the slack from the closure of PLAB. Changi Airbase East will have a new base built on its grounds, as well as a fourth runway. It is at Tengah Airbase in the West of Singapore where most disruption will occur however.
The government will acquire 106 hectares of land – approximately the size of the Marina centre – which includes several private lots. These include three fish farms, a nursery, an egg farm and an orchid farm. Nearby Choa Chu Kang Cemetery will see a third of its land taken, meaning that 45,500 Chinese and 35,000 Muslim graves will have to be exhumed.
The expansion of Tengah Airbase, will also mean a section of Lim Chu Kang Road will need to be moved, including almost 2 kilometres of its heritage road section.
Singaporeans are in for a new surprise starting with the month of February 2018, when a new policy concerning vehicles will start being effective. The government will try to cut down the number of vehicles available in the market to ensure a 0% vehicle growth rate for vehicle. The policy has as main purpose a significant diminish in the number of cars, which already shrunk considerably in the past years.