Entities controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces for the $980 million purchase of a freehold site in Singapore’s upscale River Valley precinct.
Their acquisition of Pacific Mansion in District 9 marks the biggest collective sale in more than a decade and the second-highest on record, according to CBRE, which brokered the deal.
Singapore-listed GuocoLand, controlled by Mr Quek, announced yesterday that it has successfully tendered for the site with Intrepid Investments and Hong Realty.
Both Intrepid Investments and Hong Realty are majority-owned by Hong Leong Investment Holdings (HLIH), which is effectively controlled by Mr Kwek, though other family members also own stakes in these companies.
GuocoLand and Intrepid Investments each hold a 40 per cent stake in the project, while Hong Realty owns a 20 per cent interest.
The latest deal marks the largest transaction in the current collective sale cycle, exceeding Tampines Court’s $970 million and Amber Park’s $907 million, and is surpassed only by the sale of Farrer Court for $1.34 billion in 2007.
CBRE director of capital markets Galven Tan said that the tender for Pacific Mansion drew interest from a handful of local and foreign developers.
Consultants estimate that the land cost for the Pacific Mansion site may translate to a break-even price of $2,530 to $2,800 per sq ft (psf), and a potential selling price of $3,000 to $3,200 psf for the upcoming project.
In just the first three months of this year, 14 collective sales have clocked total proceeds of $5.6 billion, which is already 64 per cent of the total proceeds of $8.7 billion from 30 collective sale sites for the whole of last year.
As HLIH is deemed a substantial shareholder of GuocoLand, Intrepid Investments and Hong Realty are deemed interested persons of GuocoLand under Singapore Exchange’s listing rules.
Pacific Mansion comprises 288 apartments and two commercial units. Owners representing more than 80 per cent of the strata area and share value of the development have consented to the collective sale. Each residential unit owner will stand to receive a gross payout of $3.26 million to $3.48 million. The shop units will receive between $2.2 million and $4.5 million.
Retiree Peter Chia, 60, who has been living in Pacific Mansion for the past 10 years, welcomed the news of the collective sale.
“It is a good price,” he said, adding that he has not decided where he will live in the future.
He said a new development could help breathe new life into the area, noting that the ageing property was not well-maintained.
But not everyone is glad. A resident, who wanted to be known only as Mr Lim, said he bought a three-bedroom apartment in Pacific Mansion in 2016 and would incur a 12 per cent seller’s stamp duty (SSD).
He said he has failed to get an SSD waiver from the authorities even though he did not sign on the collective sales agreement. The SSD, estimated to be $384,000, would have to be paid even before he receives the sale proceeds. “This defeats the purpose of the SSD because I am not a speculator,” said Mr Lim, adding that he spent $40,000 to $50,000 on renovations.
Read more on The Avenir: https://theavenircondo.sg
The Sengkang Grand Residences is a residential condominium property in Sengkang Grand, which is comprised of apartments, retail shops, as well as community facilities, that include a chain of charming dining and on-the-go restaurants, a community club, and a day-care for children. All these facilities are exclusively available for Sengkang Grand Residences’ residents.
Sengkang Grand’s Residences are developed by a duo, which are two of Singapore’s best and most experienced real estate companies, it’s no doubt why this residential development will attract many people and most importantly, investors that seek the opportunity to invest in property development that is worthwhile.
The two real estate agencies include City Developments and CapitaLand Limited. Both agencies, share the goal to work together to transform and redesign the entire site, turning it into a unique architectural landmark development in Singapore. The project is designed with the purpose to combine a professional work element, along with an entertainment element.
The Sengkang Grand Residences Location
The condominium development is located in District 19, which is on the corner of Sengkang Central and Compass vale Bow and will be easily accessible from the closest stations in Buangkok (NE15), the Renjong Station, as well as the Ranggung LRT Station. It is additionally, also located right next to its closest MRT station, which will allow residents to have direct access to transportation amenities from the residential site.
With the project being currently under construction, a total of 682 units is expected to be erected.
The Buangkok station is also located on the North-East line, which leads to Serangoon, Clarke Quay, Doby Ghaut, Chinatown, Outram, as well as HarbourFront stations.
Apart from having a lifestyle center of its own, the property is located close to the NTUC Fairprice, and both the Giant compass vale Bow, along with the shopping mall. Other shopping malls located close to the property development include Compass Point Mall, Compass One Mall, Seletar Mall and Hougang Green Mall.
The Sengkang Grand Residences Unit Mix
With 682 units designed and constructed, these units range from one-bedroom to five-bedroom units, which listing prices may range from $1,450, 000 and its listing PSF, from $1,604,000.
Sizes are as follows:
- One-bedroom units – 424 – 474 square feet
- One + One-bedroom units – 517 square feet
- Two-bedroom units – 616 – 775 square feet
- Two + One-bedroom units – 775 – 861 square feet
- Three-bedroom units – 904 – 980 square feet
- Four-bedroom units – 1152 – 1173 square feet
- Five-bedroom units – 1302 square feet
Sengkang Grand Residences Closing
The Sengkang Grand Residences is regarded as a building extravaganza, which meets nature and all your daily perfect lifestyle needs, all located in one location. The developers themselves have also designed a specific payment arrangement plan, which includes deferred payment options, and even incorporates discounts to residents.
The Sengkang Grand Residences property development site’s individual, dual, and the entire residential development’s floor plans can be viewed on the website itself once released, for which a viewing can also be arranged once units are complete.
For more information, please refer to the original source at https://sengkanggrand-official.sg/
The Urban Redevelopment-Authority has made a recent declaration with regards to a tender for a sought-after commercial and residential site in a Singapore rising town of central Sengkang. The tender was awarded to CapitaLand & City Developments LTD (CDL), out of four short-listed tenders, for a 99-year leasehold site next to the Buangkok MRT Station.
Successful Tender Price
CapitaLand & City Developments Ltd (CDL)’s joint venture won at a price of $777,78 million compared to their competitors’ bids that ranged between $608 and $682 million. The winning bid works out to $923,59 per square foot per plot ratio.
The two companies bid as a joint venture is CapitaLand & City Developments Ltd (CDL). CapitaLand was found in 2000 and is presently one of the largest real estate companies in Asia. The company manages over 93 billion Singapore Dollars and operates in over 30 countries and 150 cities. CapitaLand’s portfolio consists of shopping malls, offices, homes, serviced residences, integrated developments, and real estate investment trusts (REITs) and funds.
City Developments Ltd (CDL) has a longstanding reputation for excellence and experience since they were first founded back in 1963. With its long run of over 50 years in the industry, the company is established in 20 countries in Asia, North America, Europe, and Australasia, and owns over 250 subsidiaries. Currently, the company is the second-biggest property developer in Southeast Asia, with a market capitalization of $5,8 billion (US dollars).
Details of Tender
The residential and commercial site that was the focus of the tender is one of the biggest plots awarded since 2015, with a land surface of over 400 000 square feet. The tenders for the concept and price revenue were announced for sale at the end of last year, 28 December 2017, and closed less than six months later on 21 June 2018. A final total of seven concept proposals were received to tender for the site.
The tender process consisted of each prospective company forwarding two envelopes with their concept proposal and tender prices kept separately. Four contenders where then chosen first based on their concept, and thereafter the tender was rewarded to the company with the largest bid.
Four companies were shortlisted:
1. City-Development Ltd & CapitaLand; bid of $777,8 million
2. Perennial Singapore & Qingjian Reality; bid of $682 million
3. Singapore Press-Holdings & Kajima Development; bid of $636,39 million
4. Wing Tai Holdings & Keppel Land; bid of $608,9 million
Winning Concept Proposal
The joint-venture companies, CapitaLand & City Development Ltd (CDL) expect to have completed the project by 2022. The planned amalgamated development will come with a combined community and transport hub on the first floor of the building, with direct access to Buangkok M.R.T Station and the impending bus interchange. The second floor will host a hawker centre, and the next three floors will span the community club. A civic plaza, childcare centre and other recreational facilities are also planned.
CapitaLand & City Development Ltd (CDL)’s objective of the site is to convert it to a popular and focal landmark for the Bangkok neighbourhood. There will also be a total of 700 apartments on the site.
The successful proposal proved that their structure designs and outlines will cater to the considerable figure of people proposed to visit the development. It also contained proposals that will make the development more pedestrian-friendly and aesthetically pleasing. The winning proposal also provided space where one can host events and gatherings.
History of Sengkang
Located in the North-East Region of Singapore, Sengkang is both a development and a residential area. Today, the city is experiencing increasing development to renovate the once fishing village into a mature housing estate. The town is split into four neighbourhoods, Rivervale, Anchorvale, Compassvale, and Fernvale. Sengkang’s history is split into marine history and sprawling plantations.
The first apartments constructed in Sengkang was in Rivervale back in 1997, and as of the end of March 2017, almost 66 000 Housing and Development Board (HBD) residences have been constructed. Various organisations have been approved in a mission to turn the once village into a more residential-friendly neighbourhood.
Latest surveys indicated that Sengkang has over 232 100 people for its 10,59 km2 surface, a 281% increase since 2010, meaning there is plenty of need to supply housing to its ever-growing population. The growing town is also fully equipped with solid transportation services consisting of the railway, public transport by means of taxi and bus, and private transport.
Park Colonial, a new condominium in the Bidadari enclave and next to Woodleigh MRT station, will keep its general public preview from this weekend with income to start off on July 14.
Jointly developed by CEL Development, Heeton Holdings and KSH Holdings, the estate on a land area of 19,547 sq m will comprise 6 towers with 805 residential models.
The 1-to 5-bedroom units model will be priced at an common of $1,700 for every sq ft one-bedders will begin at around $780,000, two-bedders are previously mentioned $900,000.
The 99-year leasehold venture, with a British colonial-inspired design and style, is scheduled to be completed in 2022.
It will property more than 50 amenities, such as a 10m-tall clubhouse, a 50m cantilevered lap pool and an al fresco dining terrace.
Close by facilities incorporate Nex purchasing centre, the Serangoon bus interchange, Paya Lebar Central and the forthcoming 10ha Bidadari Park.
The 60-20-20 joint enterprise among CEL, Heeton and KSH respectively clinched the website final July with a successful bid of $1,110 per sq. foot for each plot ratio.
The start of Park Colonial will arrive ahead of the start of Singapore Press Holdings’ joint enterprise undertaking with Japanese developer Kajima Improvement, The Woodleigh Residences, and The Woodleigh Mall, which is slated for later on this year. The Woodleigh Residences will attribute Singapore’s initial air-conditioned basement bus interchange.
For prices, see: https://parkcolonial-official.sg
Bidadari is shaping up as the new Bishan, consultants say.
M.r Raymond Chia, govt chairman and team main government of Chip Eng Seng Company, CEL’s owner, is self-assured that Park Colonial will garner “quite sturdy desire” when its demonstrate models open up for community preview on June 30.
He extra: “In real estate, it really is usually about the location. The growth is appropriate subsequent to Woodleigh MRT station, in close proximity to facilities, expressways and adjacent to the up-and-coming Bidadari city.
“With the en bloc fever demonstrating no indications of abating, we also count on that a large number of residential homeowners from the current en bloc projects will be hunting for new properties as well.”
Touted as “the subsequent Bishan” sense of its central area, Bidadari estate is developed as a component of Toa Payoh town, bounded by Bartley Highway, Sennett Estate, Higher Serangoon Road and Mount Vernon Road.
Far more than 11,000 household properties are in the pipeline. The initial batch of Build-To-Order flats in the neighborhood was rolled out in 2015 and has remained in large need each and every year. Three new roads – Bidadari Park Travel, Alkaff Crescent and Woodleigh Url – had been partially opened this calendar year to service the spot.
The Lion City is quickly coming under everyone’s radar as the city to look out for. Its pursuit to become the world’s first “smart” city is making its government and inhabitants embrace the digital age like no other. In many of its surrounding countries, a higher number of people live in rather poor conditions with unsophisticated housing. But here, the capacity in terms of public sector housing is quite vast. More than 80% of its residents, which amounts to a little over 3 million, live in affordable and decent houses. What’s more? Morgan Stanley predicted that the property prices in Singapore will double(!) by the year 2030. This makes it a really hot time for property investment in Singapore.
Things to Keep in Mind When Buying Property
Property investment isn’t child’s play. You invest a huge chunk of your money and time and as such, deserve the best that you can get. You should be careful and thorough in your research and then, only then hand over your money and sign the contract.
1. Invest in property which gives you maximum leverage
Many people prefer to borrow loans from the banks when they think of investing, usually paying 20% of the down payment, the rest being funded by the latter. How does this help? Imagine that your rental yield is low. Through OPM, this will still help you earn a high return on your investment. OPM is Financial Leverage in which you profit using somebody else’s money. A complete research is needed to take advantage of this.
2. Rent the property instead
Research found that Singapore’s Property-Price to Annual-Income ratio is 25.38, implying that residents have to at least work 25 years to pay off their mortgage. Hence, if you stay on your property then it’ll actually be a liability. This makes renting a better bet for you. When looking for properties, you should compare its yearly rental yields with the purchase price. Leasehold properties give more yield compared to freehold properties because of their purchase price. But, you do need the government’s approval if you’re a Permanent Resident looking to rent out their apartment.
3. Landlord Friendly
The real estate outlook in Singapore is landlord friendly, giving lot of room for contractual negotiations, in terms of deposits, rent, termination clause, etc. The government will hold the landlord accountable for his tenant’s legal residential status and as such, the latter should ask for proper documentation of his tenants.
4. Tax Payable
Property tax is payable in advance, on 31st January and is calculated by applying the tax rate to the yearly value of the property. Failure to do so would impose a 5% penalty.
Tips for the Right Investment
1. Knowing the right price. You should be aware of the correct valuation of the property that you are interested in. Check the age and condition of the property before finalizing the deal.
2. Spend time understanding the Singaporean market and its dynamics. This will help you make better decisions.
3. Pick the right mortgage plan that suits you. Find out whether medium-term or long-term investment work for you. Retain your ability to pay off your bank mortgage.
4. Keep a broad perspective. Try to see the actual potential of the property, use your vision.
5. Invest in good property consulting services. Most of us lack the experience and the expertise for property management especially in a foreign country.
A huge real estate investment awaits you in Singapore. However, it is important to proceed with caution. Ensure you acquaint yourself with all the relevant dynamics of this industry before taking the plunge.