27 March 2014
Kampong Glam shophouse block up for sale Source: Business Times
19 January 2014
Four shophouses up for auction in Kampong Glam Source: The Straits Times
23 November 2014
Looking ahead to the Civic and Cultural District by the Bay Source: Business Times
23 November 2014
Bugis shines as Duo Residences sales soar Source: The Straits Times
16 November 2013
Bumper sales at launch of Duo Residences Source: The Straits Times
15 November 2013
'Overwhelming turnout' at Duo project preview Source: Business Times
9 November 2013
Alex Residences latest to cut prices Source: The Straits Times
Kampong Glam shophouse block up for sales - Business Times, 27 March 2014
A detached shophouse block at Kampong Glam and three adjoining plots of prime good class bungalow land were put up for sale yesterday by expression of interest.
The freehold shophouse block - comprising three shophouse units of part one-storey and two-storey shophouses at 32, 34 and 34A Sultan Gate - is currently leased to a tenant in the food and beverage industry. The tenant's lease ends in September 2015.
The indicative price for the property, which is zoned for commercial use, is in the region of $28 million.
Located along Sultan Gate off Beach Road, the property sits on a land area of about 7,401 sq ft and is flanked by a public car park and a side lane. It is designated for conservation under the Kampong Glam conservation area.
The expression of interest for the subject property will close at 3pm on April 23.
Three adjoining plots of Good Class Bungalow (GCB) land located along Holland Rise and East Sussex Lane were also put up for sale. The three plots are vacant and sit on a regular-shaped land totalling 52,992 sq ft. Plot 1 is 17,422 sq ft;
Plot 2 is 18,176 sq ft and Plot 3 is 17,393 sq ft. The indicative price for the plots, which can be sold together or separately, is about $1,500 per square foot (psf).
They are accessible via two cul-de-sacs at Holland Rise and East Sussex Lane. The site is within walking distance of Holland Village and Holland Village MRT Station.
Since the start of the year, sales activities in the GCB market have recorded transactions ranging from $1,401 psf over a land area of 20,344 sq ft for a GCB at Old Holland Road and $1,976 psf over a land area of 15,177 sq ft at Cluny Hill, said Mr Poh.
The expression of interest for the property will close at 3pm on April 24.
City Gate News - Kampong Glam shophouse block up for sales
Four shophouses up for auction in Kampong Glam - The Straits Times, 19 January 2014
Four conservation shophouses in North Bridge Road will go under the hammer next week.
The shophouses, which are in a commercial zone within the historic Kampong Glam district, are among the few freehold commercial properties in the area.
The owners, a group of private investors, are selling the four shophouses as a single entity by auction on Wednesday.
This is because the four properties sit on two titles, making it difficult to sell separately.
He said: "The owners want to divest these properties to re-invest capital."
Sitting on a 5,765 sq ft site, the properties have a total floor area of about 9,600 sq ft and are surrounded by mixed-use developments like Bugis Junction, Bugis Plus and Key Point.
They are also near the upcoming Downtown Line and the site of the upcoming five-star hotel at the DUO project in Ophir Road.
The five-star hotel, which is expected to be completed in the second quarter of 2017, is being built by M+S, a 60-40 joint venture between Malaysia's Khazanah Nasional and Singapore's Temasek Holdings.
City Gate News - Four shophouses up for auction in Kampong Glam
Looking ahead to the Civic and Cultural District by the Bay - Business Times, 23 November 2013
The civic and cultural district, home to the former Supreme Court and City Hall Buildings, the Asian Civilisations Museum (ACM) and The Esplanade Theatres on the Bay, is envisioned as offering expansive spaces for pedestrians to linger under tree-lined boulevards, and opening up venues for outdoor performances.
Come 2015, various enhancements, including the conversion of existing roads into pedestrian paths and enhancements at Empress Place and Esplanade Park, can be expected.
Currently, the precinct is cut up by roads. To fulfil the vision of a walkable district, Parliament Lane and the small road at Empress Place (between ACM and Victoria Theatre) will be pedestrianised permanently. This will integrate the two spaces, creating a seamless park-like setting.
Part of Fullerton Road - in front of Victoria Theatre and, incidentally, part of the Formula 1 track - will also be realigned, allowing for a larger and more elegant lawn space in front of Victoria Theatre/Concert Hall and ACM.
In addition, Connaught Drive will be narrowed to one lane and limited to destination-bound traffic. Tourist coaches which currently park along Connaught Drive will be redirected to a new coach park at Marina Centre near the Marina Centre bus terminal. A new dedicated drop-off and pick-up point is planned.
Other landscaping efforts, such as the planting of more trees to provide shade, better way-finding signs and upgrading of street furniture are also planned at Empress Place and Esplanade Park.
In addition, the waterfront promenade along Esplanade Park will be opened up with stepped plazas and an urban beach, allowing people to get closer to the water.
Various spaces, including Raffles Landing, will soon be equipped to host outdoor events. To facilitate this, in-built infrastructure is planned, which will allow for easier setting-up of events, pop-up structures and mobile kiosks. Night lighting will also be provided to support night activities.
These plans are part of the Urban Redevelopment Authority's (URA) PubliCity initiative, which aims to engage the community in celebrating good public spaces and to enliven public spaces through good design and programmes.
In the longer term, URA is studying the possibility of closing Anderson Bridge, Fullerton Road, St Andrew's Road and Parliament Place to through traffic, leaving it open to destination-bound traffic, public buses and pedestrians only.
Other developments being studied include the temporary closure of Anderson Bridge, Fullerton Road, St Andrew's Road, and Parliament Place to traffic during weekends or evenings for events.
Elsewhere on the island, other upcoming enhancement projects include an environment improvement project at Bras Basah and Bugis, which will see the carriageways on a stretch along Queen Street narrowed and the sidewalks widened. More street furniture and trees are also planned, with works expected to be completed by mid-2014.
Punggol Town Square and Bedok Town Centre will introduce new public spaces in Punggol and Bedok, respectively.
In addition to creating new public spaces and rejuvenating existing ones, PubliCity wants to encourage ownership of these spaces. To this end, the public is being invited to re-imagine four public spaces.
Specifically, ideas are being sought to enliven the open space beside Gedung Kuning in Kampong Glam, which measures about 1,200 square metres (sq m), and The Lawn @ Marina Bay, which measures about 13,000 sq m, as gathering spaces for the community.
The third space comprises two plots along the Singapore River Promenade - a 2,600 sq m site beside High Street Centre and a 1,000 sq m site at Clarke Quay/River Valley Road on which part of G-Max and GX-5 are currently situated. It is intended for the latter site to be transformed into an attractive entry point to Clarke Quay. The 2,000 sq m Woodlands Civic Plaza, which is bounded by Causeway Point, Woodlands Civic Centre and two future developments, rounds up the list.
The vision for the existing plaza space is a vibrant key node. Proposals should give ideas on how it can become a better public space for a diverse range of users who use the plaza for rest and respite and as a meeting place.
The submission period is from Nov 22 to Feb 14. Up to 10 winners will each win $1,000 in cash.
Separately, URA intends to launch the Pick a Bench, Pick a Place project in February next year. The public will be invited to vote for their favourite bench designs and where they would like to see the benches installed.
The benches, which are made using seating planks from the former National Stadium, are the product of a design competition held in September last year.
City Gate News - Looking ahead of the Civic and Cultural District by the Bay
Bugis shines as Duo Residences sales soar - The Straits Times, 23 November 2013
Stellar sales last week at Duo Residences, near Kampong Glam, drew attention to the cultural precinct that has now become an eclectic neighbourhood.
Kampong Glam is part of Bugis, a long-time commercial and office district, with landmarks such as Bugis Street and the National Library Building in Victoria Street.
The latest data at property portal ST Property indicates Duo Residences garnered the highest number of page views by home buyers. The project's average asking price is $1,994 per sq ft (psf).
A total of 574 units at the 660-unit residential development had been sold as of Nov 17. It is part of the Duo project by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.
Set to be the largest mixed use project in the Bugis-City Hall area, Duo is expected to add to the area's bustle once it is completed in 2017.
Close to the Central Business District (CBD) and Orchard Road shopping belt, projects in the area can command premium prices.
On ST Property, Concourse Skyline came in at No.3 after Southbank, a mixed-use development in North Bridge Road.
City Gate News - Bugis shines as Duo Residences sales soar
Bumper sales at launch of Duo Residences - The Straits Times, 16 November 2013
DUO Residences, the first project to be launched by M+S, a joint venture between Temasek Holdings and Khazanah Nasional, has recorded bumper sales.
This could augur well for upcoming mixed developments similar to Duo, though some consultants warn it may shrink investment demand for the next few weeks.
The 660-unit project next to Kampong Glam had sold 468 units out of the 540 units released, as of 3pm yesterday, M+S said yesterday. This works out to a take-up rate of about 87 per cent within three days of concurrent sales in Singapore and Malaysia.
Property agents later told The Straits Times that, as of 10pm yesterday night, fewer than 100 units were left.
The average selling price was about $2,000 per sq ft (psf) and the highest price psf achieved was $2,600 psf for a studio apartment, M+S said in a statement.
"We've proven that it's the right price," said M+S chief operating officer Kemmy Tan yesterday.
Most of the buyers - 78 per cent - were Singaporeans. Of these, the bulk were investors.
Malaysians accounted for 16 per cent of buyers. The remaining 6 per cent were mostly Indonesians, Chinese and Americans.
Potential buyers who spoke to The Straits Times at the Duo showflat yesterday said they like the fact that Duo Residences is part of a mixed development.
"It's a mixture of things in one place. It is all together, yet the commercial (part) is separate, so there is privacy," said lawyer Yasmine Tyebally. She bought an 893 sq ft two-bedder for about $1.5 million yesterday.
Consultants said the success of Duo's launch indicates that competitively priced projects will do well as buyers are increasingly cost-conscious.
Apart from the 49-storey Duo Residences residential block, the integrated development also includes Duo Tower, a 39-storey commercial and hotel complex.
It will have a retail gallery at the ground podium, called Duo Galleria, which will come with a basement carpark.
City Gate News - Bumper sales at launch of Duo Residences
'Overwhelming turnout' at Duo project preview - Business Times, 15 November 2013
The public could have a lot fewer units to choose from when Duo Residences is launched today following a rush of sales at yesterday's preview.
Agents told The Straits Times that buyers had likely already snapped up over half of the 660 apartments at the 99-year leasehold project.
M+S chief operating officer Kemmy Tan told The Straits Times yesterday: "The turnout was overwhelming."
However, she said that she could not confirm any figures because sales were still being processed.
Sales were conducted by balloting that began yesterday afternoon with more due today.
Preview sales also began concurrently in Kuala Lumpur yesterday.
The project is part of the Duo integrated development by M+S, a joint venture between Temasek Holdings and Khazanah Nasional.
It will likely be the largest mixed development in the Bugis and City Hall area when it is completed in 2017.
Prices at Duo Residences yesterday ranged from around $1,500 per sq ft (psf) to slightly above $2,300 psf, but most units went for between $1,700 psf and $2,000 psf, according to agents who spoke to The Straits Times.
Market talk had it that more than 1,000 cheques had been submitted in the first phase of sales.
Consultants had expected the project near Kampong Glam to be priced above $2,000 psf on average, given its location and the fact that it is part of an integrated development.
Apart from the 49-storey Duo Residences residential block, the integrated development also includes Duo Tower - a 39-storey commercial and hotel complex.
It will have a retail gallery on the ground podium called Duo Galleria, which will come with a basement carpark.
The entire project, which has a gross floor area of 1.73 million square feet, has been designed by world-renowned architect Ole Scheeren, who also drew up The Interlace condominium.
The project will be managed by CapitaLand and UEM Land Holdings.
Construction is expected to start later this year.
City Gate News - 'Overwhelming tunout' at Duo project preview
Alex Residences latest to cut prices - The Straits Times, 9 November 2013
The Alex Residences condominium is the latest to cut prices as developers struggle to move units in a weak property market.
The 429-unit project near Redhill MRT station will launch at an average $1,650 per sq ft (psf) when sales begin next Saturday, SingLand said.
This is cheaper than the development's next-door neighbour Echelon, which launched last December and is fully sold. Units there went for an average $1,795psf, Urban Redevelopment Authority (URA) data shows.
"Under normal circumstances, Alex Residences should have been priced above Echelon," said Mr Michael Ng, group general manager of UIC, SingLand's parent company.
But a debt-to-income cap introduced in late June under a total debt servicing ratio framework has made it difficult for would-be buyers to get financing, noted Mr Ng, who was speaking at the project's showflat yesterday.
He said about 150 units at the 99-year leasehold development would be released in the first phase and nearly 90 per cent of them will cost less than $2 million each.
Prices start at $760,000 for a 474 sq ft one-bedder and go up to slightly above $2 million for a 1,044 sq ft three-bedroom unit. The project is expected to be completed in February 2019.
SingLand paid $970 psf per plot ratio (ppr) for the Redhill site last December, which translates to a breakeven price of about $1,450 psf ppr.
The land cost was much higher than the $754 psf ppr a City Developments consortium paid for the Echelon site in December 2011.
The price cut at Alex Residences follows a similar reduction in September at CapitaLand's 694-unit Sky Vue project in Bishan.
Sky Vue moved 410 units on its first day of sales at an average $1,500 psf - cheaper than the average $1,589 psf at the neighbouring Sky Habitat.
Prices could also be lowered slightly at the launch of the 660-unit Duo Residences in Bugis, though developer M+S is keeping mum.
Consultants had expected the 99-year leasehold project near Kampong Glam to be priced above $2,000 psf on average, given its location and the fact that it is part of an integrated development.
However, agents told The Straits Times yesterday that average launch prices could be in the region of $1,700 psf to $2,000 psf instead.
Priority sales will be on Thursday, with public balloting on Friday. M+S declined to comment.
Market watchers noted that it was difficult to assess launch prices in the Bugis area as there were few comparable projects nearby.
One of the nearest is the 360-unit Concourse Skyline in Beach Road, which was launched in September 2008 and is only around 67 per cent sold, according to URA data.
The average price of new sales at the 99-year leasehold Concourse Skyline since 2008 is $1,596 psf.
Buyer interest has been high at both Alex Residences and Duo Residences, though it remains to be seen whether that will translate into actual sales.
The Duo showflat was also packed when The Straits Times visited last Saturday.
City Gate News - Alex Residences latest to cut prices
District 07 - Other New Condo Launch near Beach Road
|DUO RESIDENCES - DISTRICT 07||STURDEE RESIDENCES|
|1 Fraser Street||10 Beatty Road|
|M+S Pte Ltd||Sustained Land|
|Private Condominium||99yr Condominium Development|
|660 Residential Units||305 Residential Units|
|*This table is purely for reference. Call City Gate Sales Team at 92771821.|