The upcoming residence by GuocoLand

News, Places, Property

Martin Modern is brought to you by the reputable developer, Guocoland. They have the most exclusive projects made namely; Leedon Residences, Sims Urban Oasis, and GoodWood Residences. They also have obtained a lot of awards from these previous projects of theirs that makes this new residence worth waiting for. Investors and Buyers can expect a top quality residence from its excellent quality of furnishings, designs and great service.

There will be a large unit types ranging from 2 to 4-bedroom units. All of these units will be equipped with luxurious designer appliances for occupants’ great comfort. It will also contain a full condominium features which will include a 24-hour security. Future residents will also get to enjoy the 50m-lap pool, indoor gym, children’s playground, Rooftop Gardens, and BBQ Pits.

Future occupants will get an easy access all around the city from this residence since it is well connected with major expressways such as the Central Expressway. There will be also some public transportation only a short walk away from the residence such as the Somerset MRT Station and the upcoming Great World MRT Station. This future MRT Station will be a part of the Thomson-East Coast Line that will take the residents directly to the famous Orchard Road and to Marina Bay.

With its perfect location at Martin Place, most units will get a spectacular view of the city including the Orchard Road and the Marina Bay. Go and set your future with us by visiting the Martin Modern Singapore website and also to provide you more details.

New residence next to Victoria School at Siglap Road and Link

Property

Last November 26, 2015, a tender was triggered for a Government Land Sale (GLS) site at Siglap Road next to Victoria School and opposite to Mandarin Gardens. This Siglap Road land parcel was part of the GLS in 2nd half of 2015.

The 99-year leasehold private residential land parcel of 207,848 square feet in size can produce an estimated 800 residential units. It has a 3.5 gross plot ratio and a maximum permissible gross floor area of 727,467 square feet.

Analysts expect that the competition will be good considering the attractive location of the site. The site is just a short stroll to the upcoming Siglap MRT station at the Thomson-East Coast Line. It is not just next to Victoria School but Victoria Junior College, CHIJ Katong Convent, Global Indian International School, Ngee Ann Primary School, Tao Nan Primary School, Rosemount International School / Kindergarten, and Sekolah Indonesia Singapura are also within the vicinity.

The regional head of Southeast Asia research, Dr. Lee Nai Jia, has estimated that at least 6 to 8 bids will be received and the top bid may range from $574 million to $654 million, or S$790 to S$850 psf ppr.

On the other hand, Mr. Nicholas Mak, an executive director at SLP International Property Consultants has calculated that this land parcel could attract about 7 to 15 bids given the site’s attractive attributes and that it fronting the East Coast Sea.

He said that the top bid could be in the range of $600 million to $635 million, or S$825 to S$873 psf ppr. He also added that as the site area is large, the bids would likely come from big property developers.

The tender was closed last 14th of January, 2016. The said site has won by the Frasers Centrepoint Homes and the site will be called the Seaside Residences. It is now expected to launch this April 2017.

Martin Place Residences units resold at a lower price

Property

The demand for condominiums in prime areas continues to rise as resale prices continue to soften. Only in district 9, there were 22 transactions starting from June 12 to 21 this year. Besides to the new OUE Twin Peaks, Martin Place Residences that was completed last 2011 also saw a heightened activity.

This residence is situated at Martin Place in the River Valley Road. The last series of resale did not come as a surprise from some real estate agents marketing units of this project. They ascribed it to the site just beside the residence which the URA had launched for sale last April. According to an anonymous agent, some of the owners of this residence will not be satisfied living next door to a construction site for the next three to five years.

The tender of that site has closed last June 28 and has attracted 13 bids. The highest bid came from the GuocoLand which submitted 595.1 million dollars; the highest psf ppr price for a residential site since 2009, an executive director of SLP International said.

There weren’t also new launches within the vicinity. The only condominium within the vicinity is the Martin Place Residences that was fully sold five years ago today. 2 out of 3 units that has changed hands were recently purchased in sub sales; one was a 1,722 sq ft 3-bedroom with a study room that was sold for 3.42 million dollars according to a caveat lodged last June 20. The property last changed hands in a sub sale for 3.44 million in June 2012.

The second unit was a 1,421 sq ft 3-bedroom unit at the same tower sold at 2.92 million dollars according to a caveat lodged last June 17. The previous owner of this unit purchased it at a price of 3 million dollars.

The third unit was a 1,421 sq ft 3-bedroom unit. It was sold for 2.925 million dollars. It was purchased before for 2.11 million dollars when the project was first launched. This translates into a capital upside of 38.4% for over the past 7 years.

First resale at DUO in Bugis was sold at a loss

Property

A URA’s caveat data were released on 7th of April in the year 2015, it is said that a 1,432 square feet at DUO Residences was sold in March at a loss of 534,050 dollars in a secondary market.  It was the first resale transaction that was recorded for this project.

The unit was first bought on 10th of December in the year 2013 of its previous owner from the developer at almost 3 million dollars ($2,049 psf) and was resold slightly over a year last 18th of March in the year 2015 at 2.4 million dollars ($1,676 psf).  It was subjected to an additional $288,000 SSD to bear by the seller.

This is the first project that will expectedly be completed on 2017 by the M+S Pte Ltd. It is a joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings. Its initial launch was a success for the developers as it sold for about 87% of its released units.

According to the developer sales figure reported for the month of February last year, it has already sold 94% of its total units including all of its 1-bedroom and studio apartments.

More “flash sales” or “fire sales” will be expected from home owners whose insufficient fund with rising interest rates. Larger apartment units are more likely to be affected with the tightening of loan policies as seen from abortive transaction as the absolute amount of property price were limited.

86.6% of the 11,325 transactions that were recorded in 2014 were 1.5 million dollars and below.

Paya Lebar Central will soon rise in District 14

Places, Property

ADIA and Lendlease are developing PLC (Paya Lebar Central), their first ever 70:30 joint venture. It is a mixed development with a land area of 422,275 sq ft. These developers submitted the highest bid at $943 psf ppr, with a total of $1.67 billion for this 99-year leasehold site.

They were successfully awarded for this second land parcel at Paya Lebar Central last April 1, 2015. The first parcel was awarded last 27th of April 2011 to Siong Feng Development Pte Ltd, Guthrie Pte Ltd, and Sun Venture Commercial Pte Ltd and the current Paya Lebar Square that consists of 556 office units and almost 160 units for retails.

It was expected to be completed in the year 2018 and will boast of 3 grade A office buildings with a total area of 874,717 sq ft, shopping mall with almost 500,000 sq ft of retail space, and 429 units of residential that will be called as the Park Place Residences. The apartments will be housed in 3 towers. This whole development is directly linked to Paya Lebar MRT, an interchange for Circle Line and East-West Line MRT stations.

This mixed development is arguably an eye-catcher as it is the pioneer international development in Paya Lebar Central. PLC is the first mixed-use project with private new launch homes that is linked to Paya Lebar MRT Interchange. Investors and buyers will certainly be attracted to this new development.

No other residential projects come close in PLC in terms of convenience as of now. There are also some of the projects that alike this one such as Katong Regency that is above the One KM shopping mall that was purchased by UOL Group for $313 million last Jan 2011. Units at Katong Regency sold at an average price of $1,600 psf and some 1-bedroom units at $2,009 psf. One KM Mall provides a variety of F&B and retail shops together with few enrichment centers and was completed last December 2014. It is a full-fledged mall with 210,000 sq ft that consists of 150 shops.

The government is putting up space area to sell around Sims Avenue and Tanjong Katong to develop the area with office, hotel, and retail establishments creating a huge transformation to PLC turning it in to a bustling sub-regional centre. This type of action will lessen congestion in the CBD area to bring jobs closer to homes.

Adjacent areas such as Aljunied and Geylang Road are also in renovation as part of remaking of Paya Lebar.

PLC will definitely stand out as a premium commercial project. It will stand out with some office owners with its strategic location that isn’t far from CBD.

In the expected presence of PLC In 2018, it will bring a whole Paya Lebar into an exciting commercial hub as it will create a buzz within the vicinity.