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Thread: Blossoms By The Park (D5, 99 years leasehold, EL Development)

  1. #1
    Join Date
    Aug 2020

    Default Blossoms By The Park (D5, 99 years leasehold, EL Development)

    EL Development to launch Blossoms By The Park in S$2,200-S$2,400 psf range

    Apr 12, 2023

    Located at 9 Slim Barracks Rise in District 5, Blossoms By The Park will house 275 residential units with one-bedroom to four-bedroom configurations in a single 27-storey block.

    EL DEVELOPMENT will start previews for its one-north area project, Blossoms By The Park, this Friday (Apr 14), pricing the condominium to be completed there between S$2,200 and S$2,400 per square foot (psf).

    Located at 9 Slim Barracks Rise in District 5, the development will house 275 residential units with one-bedroom to four-bedroom sizes in a single 27-storey block. The 99-year leasehold development will also have three floors of commercial lots, which have been approved for food-and-beverage outlets, and other types of retail.

    The project, which sits on 85,648 square feet (sq ft) of land, was sold to EL Development for S$320.1 million or S$1,245 psf per plot ratio. The developer was the first among 10 bidders in a state land sale in November 2021. Bids for the site were higher than expected; analysts attributed this to the plot’s proximity to the one-north business hub.

    The site has a maximum permissible gross floor area of 256,956 sq ft, with the highest plot ratio of 3.0 in its residential cluster.

    One-bedroom units with a study, sized at either 549 sq ft or 689 sq ft, start at about S$1.3 million, or S$2,352 psf.

    Two-bedroom units of 678 sq ft or 829 sq ft start at about S$1.5 million or S$2,211 psf; such units with a study, at 721 sq ft or 872 sq ft, will go from about S$1.6 million or S$2,198 psf.

    The three-bedroom units, ranging between 1,044 sq ft and 1,259 sq ft, start at about S$2.3 million or S$2,183 psf, while the three-bedroom dual-key units of 915 sq ft or 1,033 sq ft will cost about S$2.1 million or S$2,276 psf.

    Four-bedroom units, at 1,302 sq ft and 1,539 sq ft, start at about S$2.9 million or S$2,243 psf; the four-bedroom premium units, at 1,507 sq ft or 1,884 sq ft, will cost about S$3.3 million or S$2,213 psf.

    Sales bookings are expected to start on Apr 29. The project is expected to achieve its temporary occupation permit on Dec 31, 2026.

    EL Development’s managing director Lim Yew Soon said: “We expect demand for housing in the one-north precinct to remain strong, and interest in Blossoms By The Park is high. We are targeting investors and upgraders with our full suite of one-study to four-bedroom units.”

    One-north Eden, the last project in one-north launched two years ago, was “very well-received”, said Lim. It is now fully sold. The project sold 85 per cent of its 165 units at launch weekend, with a selling price of about S$1,800 to S$2,250 psf. The most recent transaction there was for a four-bedroom premium unit of 1,399 sq ft, which sold for S$2.8 million or S$2,019 psf in March 2022.

    Most recently in District 5, Hoi Hup Realty and Sunway Development launched Terra Hill, a freehold development in Pasir Panjang. The project moved 102 units at an average price of S$2,650 psf on its launch weekend in February 2023, or roughly 38 per cent of the total 270 units.

    Normanton Park, launched in January 2021, sold about a third of its 1,862 units at an average price of S$1,750 psf on the first day of sales. The most recent transaction was for a three-bedroom premium unit of 1,087 sq ft, which sold for S$2 million or S$1,845 psf in July 2022.

    An 893-sq-ft unit at Parc Clematis, also in District 5, was sold for S$1.86 million or S$2,082 psf in March. The bulk of resale transactions were in the S$1,300-to-S$1,800 psf range from January to April this year, according to caveats data.

  2. #2
    Join Date
    Aug 2020

    Default Re: Blossoms By The Park (D5, 99 years leasehold, EL Development)

    Blossoms By The Park: China buyers pick up 4 units despite doubling in foreigner ABSD rate to 60%

    Another four apartments were sold to US citizens, who enjoy same stamp duty treatment as Singaporeans under the Singapore-US FTA

    Apr 30, 2023

    EIGHT of the 198 apartments that EL Development sold at the launch of its 275-unit Blossoms By The Park project on Saturday (Apr 29) were bought by foreigners.

    Buyers from China picked up four apartments – either two-bedroom units or two-bedroom-with-study units; they will have to pay the 60 per cent additional buyer’s stamp duty (ABSD) rate that kicked in on Apr 27 for foreign buyers of any residential property here.

    The other four units were bought by American citizens.

    US nationals are accorded the same stamp duty treatment as Singapore citizens under the free trade agreement between the US and Singapore.

    The 198 units in the 99-year leasehold project near Buona Vista MRT station were sold at an average price of S$2,423 per square foot (psf). Some 85 per cent of the buyers were Singaporeans, 11 per cent were Singapore permanent residents (PRs) and the balance 4 per cent, foreigners.

    The above average price is net of a 12 per cent early-bird discount.

    The public launch for Blossoms By The Park began on Saturday morning, and sales closed at 6 pm the same day. Following that, prices of the balance units were raised by 2 per cent for sales from Sunday onwards. As at 5 pm on Sunday, another seven apartments were sold, said Lim Yew Soon, managing director of EL Development.

    “On the launch day itself on Saturday, we maintained our prices throughout the day,” he added.

    The 72 per cent take-up rate on the project’s launch day is similar to what he had expected, before cooling measures were announced late at night on Apr 26. “After the measures were announced, I thought we should proceed with our launch plans and sell as much as we can; I was expecting to move maybe 40 per cent to 50 per cent of the 275 residential units on the launch day,” he added.

    745 cheques collected before e-balloting

    EL Development’s four appointed marketing agents for this project had collected 745 expressions of interest accompanied with cheques from potential buyers between Apr 14 (when the preview began) and Apr 25. Electronic balloting – to determine the priority of buyers in selection of units – was conducted on Apr 27 after the cooling measures had been announced.

    PropNex, ERA, Huttons and SRI are EL Development’s marketing agents for Blossoms By The Park.

    F&B/retail strata lot to be priced about S$13m

    Besides the 275 residential units, the project will include four food and beverage/retail units to be sold under a single strata lot of 5,145 sq ft (inclusive of five car parking spaces). This commercial strata lot, which has yet to be released for sale, will be priced at about S$13 million, said Lim.

    The 198 units for which options were granted on Saturday include all 25 one-bedroom-with-study apartments and 97 of the 100 units of two-bedroom and two-bedroom-with-study apartments. The remaining units that were sold on Saturday comprise three- and four-bedders.

    Prices started from nearly S$1.3 million for a 549 sq ft one-bedroom-with-study unit; this works out to S$2,352 psf.

    The 60 per cent ABSD that foreigners pay for any residential property purchase from Apr 27 is double the 30 per cent rate previously.

    The ABSD rates for Singapore citizens and PRs buying their first residential property remain unchanged at 0 per cent and 5 per cent, respectively. ABSD for Singaporeans on their second residential property purchase has gone up from 17 per cent previously to 20 per cent. On third and subsequent residential properties, the rate has been raised by five percentage points to 30 per cent. ABSD for PRs on their second property has gone up from 25 per cent to 30 per cent; on the third and subsequent properties, the rate has increased from 30 per cent to 35 per cent.

    Kingsford’s neighbouring project slated for launch in H2

    Blossoms By The Park is coming up on a site that EL Development clinched at an Urban Redevelopment Authority tender that closed in September 2021. Its winning bid of S$320.1 million worked out to S$1,246 per square foot per plot ratio (psf ppr).

    At the same tender exercise, Kingsford Group clinched a nearby plot for S$162.4 million or S$1,210 psf ppr.

    Kingsford’s 142-unit project, The Hill@One-North, likely to be launched in the second half of this year.

  3. #3
    Join Date
    Aug 2020

    Default Re: Blossoms By The Park (D5, 99 years leasehold, EL Development)

    Three-quarters of Blossoms by the Park in Buona Vista snapped up despite cooling measures

    Apr 30, 2023

    TWO days after new property curbs kicked in to raise additional stamp duties for some home buyers, a development in Buona Vista sold more than 200 of its 275 units at its launch on Saturday.

    Among the new launches in 2023, Blossoms by the Park in Slim Barracks Rise achieved the highest take-up rate of about 75 per cent, at an average price of $2,423 per square foot (psf).

    Several buyers said they were not affected by the new cooling measures, which do not apply to Singaporeans buying their first home.

    Developer EL Development on Saturday said all one- and two-bedroom units, except for the two-bedroom penthouses, were fully sold.

    It added that 96 per cent of the buyers were Singaporean and Singapore permanent residents (PRs), with foreign buyers making up only 4 per cent.

    Tracy Ong, associate group director of Huttons Asia, said the frenzy for bookings began almost from the moment the development was launched.

    Huttons Asia is one of the marketing agents for the development.

    “The smaller units were snapped up really fast. Almost every few minutes, I would hear a ping alert in our booking system, alerting us that a unit has been taken up,” added Ms Ong.

    “My client’s queue number was 674 and he wasn’t too hopeful of getting a unit. By lunchtime, two-bedders were almost sold out and the three- and four-bedders were also being snapped up really fast. But there were also a lot of buyers who decided to drop out of the queue. Maybe the units that they wanted had already been sold. Thankfully, my client managed to secure a three-bedder.”

    Serene Tan, 42, a housewife, was among the first 50 buyers to pick her unit, a two-bedroom apartment with a study for $1.6 million.

    She and her husband moved to a rental apartment, paying $3,800 a month, after selling their Housing Board flat in Clementi earlier in 2023. They bought the condo unit as an investment.

    “If the price is right, we may sell it a few years later,” she added

    “We are aware of the speculation that prices might drop following the stamp duty announcement. However, we have confidence in the project, which is why we are going ahead with the purchase.”

    Industry experts said they expected the strong sales despite the latest hikes on the additional buyer’s stamp duty (ABSD) for Singapore citizens and permanent residents buying their second and subsequent properties.

    While foreigners will bear the brunt of the ABSD increases if they purchase any residential property here, most buyers of Blossoms by the Park are Singaporean, they noted.

    Property portal chief research officer Nicholas Mak said foreigners made up fewer than 5 per cent of condo buyers in District 5 between January 2022 and now.

    “Foreign buyers are not the main demand driver of private residential property any more, especially outside of the central region,” said Mak.

    Earlier in April, Tembusu Grand in Katong sold 53 per cent of its 638 units, or 340, during its launch weekend at an average price of $2,465 psf.

    Terra Hill in Pasir Panjang sold 102 units, or 38 per cent, of its 270 units at an average price of $2,650 psf in February.

    The strong sales performance at Blossoms by the Park affirms the view of a resilient market, underpinned by a healthy and stable demand for private housing among local buyers, said PropNex chief executive Ismail Gafoor.

    He added: “From our observations, many buyers at new launches do not pay ABSD as they are purchasing their first residential property, and hence are not affected by the new measures.”

    He said the PropNex sales team sold more than 100 units of Blossoms by the Park and most of the buyers were Singaporean and Singapore PR, with only three being foreigners.

    Marcus Chu, chief executive of ERA Realty Network, said the development’s proximity to the one-north research and development hub and its pricing were a draw for investors.

    Meanwhile, hundreds of interested viewers turned up on Saturday at the show flat for The Continuum in Thiam Siew Avenue in the east. The project by Hoi Hup and Sunway is expected to be launched in May.

    Some potential buyers told ST that they were not affected by the ABSD hike as it would be their first residential property purchase.

    Rebecca Lim, a resident of Sengkang, is happy with the Government’s intervention, which she feels would help to deter people buying properties for investment, leaving first-time home buyers with more choice. Lim is planning to sell her HDB flat and upgrade to a condominium.

    Since the ABSD hike was announced, some property agents have had calls from foreign clients asking to cancel viewings that had been arranged for this weekend.

    Stuart Chng, managing partner of Navis, a network of 1,300 agents under Huttons Asia, said some foreign clients have now opted to rent, instead of buying a property.

    City Developments, which had originally slated a preview of luxury development Newport Residences in Anson Road in Tanjong Pagar, decided to reschedule the preview this weekend.

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