A residential with first storey commercial site at Perumal Road in Litte India attracted strong interest from developers, with 11 bids submitted at the close of its own public tender on Tuesday (10 February), revealed the Urban Redevelopment Authority (URA).
Low Keng Huat (Singapore) submitted the top bid of $174.08 million for the 0.38ha site. The cost works out to about $1,000 psf on the gross floor space.
Started for sale on 29 the 99-year leasehold site could afford about 200 residential homes.
Desmond Sim, Head, CBRE Research, Singapore and South East Asia, said: “The shortage of residential land sites is being keenly felt by developers, going for the year by the bid results of the first GLS land bid. Programmers are clearly looking to replenish their depleting inventory along with the Perumal plot gives a reasonable quantum of $174 million and therefore the additional incentive of a size that is small. Nearby the city fringe areas like Tre Residences, Sturdee Residences are also driving good sales last month.
“The website benefits from its proximity to carry nodes – the Dhoby Ghaut Interchange is just two stops away. Other amenities nearby include Farrer Park Medical Hospital the relatively new One Farrer Hotel and City Square Mall.”
After the bids are appraised, a decision on the award of the tender will be made, said the URA.
Q4 auction sales accounted for over half of overall sales in 2016.
The amount is more than three times the $10.83 million sales worth filed in Q4 2015, and more than double the sales worth in Q3 this year.The sales of these properties reveals “there are sharp buyers in the marketplace on the watch for websites with such possible”.
Several other big quantum residential properties were also sold via auction during the time under review, including non-landed units at Seascape in Orchard and Sentosa Scotts, along with a landed unit at Daffodil Drive in District 20.
JLL noted the quarter found a great mixture of seller profiles and property types.
For the very first time, 10 were recorded of the 11 properties auctioned and sold within two to four weeks of entering the marketplace. This suggests that there are “ready buyers willing to give to great deals in now’s marketplace, despite needing to put down a 10 percent deposit on the spot”, said JLL.
“Being prepared was below what the previous owners had paid to the edge of some buyers, who managed to snag deals.”
With only two weeks left to the end of the year, overall auction sales stands at $92.2 million.Mok Sze Sze, Head of Auctions at JLL Singapore, emphasized a year-on-year rise in the amount of properties sold during auction since 2013, when the Entire Debt Servicing Ratio (TDSR) was introduced.
This indicates that buyers have, over time, come to terms with the measures that are cooling and are willing to invest, as opposed to adopting a wait-and-see approach. Additionally, more trades occurring during auctions additionally exemplifies the assembly of cost expectancy between sellers and buyers. Sales of new launches have been also on the on-the-fence approach where buyers are looking for value buys especially for those developer facing the ABSD pressure like the one at Highline Residences by Keppelland.
Looking forward, JLL anticipates mortgagee sales “to grow by 10 to 20 percent in 2017, considering that Singapore is going through a cyclical slowdown that is protracted, as well as the market is likely to remain next year” that is slow.
In Singapore’s Serangoon district, there exists a site by City Developments of new condominium and apartment houses under development, called Forest Woods. When complete, the development will supply 500 dwellings of various sizes, which will probably appeal to couples in addition to families of sizes around.
There’ll be many residents’ facilities including pool, a fitness center, tennis courts, parkland and other places. Forest Woods CDL has been carefully designed so that market stores, shopping centres and public transport, like the Serangoon Mass Rapid Transit station, giving the passenger simple journey to all Singapore ’s important business districts, and other necessary requisites are within walking distance.
There are several shopping places quite close to the development. Heartland Mall has many stores and conveniences and is little enough to walk round readily. The Cold Storage grocery store that is popular is one shop that is famous. There are popular eateries along with trend shops and restaurants in the Heartland Mall. The big Nex Shopping Centre has a sky garden with kids’s play region along with a vast variety of retail outlets for sports, trend, market and all manner and can also be near to the Forest Woods development. Other conveniences such as a medical centre and the Public Library will also be available at this popular and big shopping centre.
Great schools such as St Gabriel’s Secondary, the Nanyang Junior College, Paya Lebar Methodist Girls’ and Maris Stella High Schools will also be within easy reach. The Forest Woods website can also be close to the Nangyang Community College, Braddell Heights Community Club, Serangoon Stadium.
The Forest Woods is still in the early development stage but a visit to Bartley Homes, Bartley Ridge and two other City Developments will give some notion of what the finished Forest Woods Residences offer to interested parties.