Concourse Skyline and D7 have a new high of $2,482 psf?Originally Posted by URA
Is this a high for RCR too?
Concourse Skyline and D7 have a new high of $2,482 psf?Originally Posted by URA
Is this a high for RCR too?
isolated case.. that one is high floor unit but it is hard to believe anyone will pay for that price.. 26th floor @ $2482 compared to sail bayview units at high floor?Originally Posted by Reporter
Even during June this yr, the high floor units above 20 also not that high.. dunno who is the crazy buyer that bot it
. Btw where is stack 14 facing? 2482 psf? rather get MBR
no wonder hong fok shares are falling. thought they are so smart make one unit hit record price. now instead of enticing a mad rush, people just stay away from the whole project in horror.
8 in October gave CS a "thumb up"?Originally Posted by URA
Ageing malls going for en bloc sale
Golden Mile Complex is selling with a reserve price of $1,300 psf
Tan DawnWei
The Sunday Times
Sunday, 10 January 2010
Golden Mile Complex
It may be early days yet but en bloc fever could be making a comeback, and not just for home-owners.
At least two ageing malls are trying for collective sales now that the economic crisis looks to have blown over.
Katong Shopping Centre in East Coast Road has appointed a marketing agent, the Dennis Wee Group. Its collective sale committee has held at least four meetings with the agent in the past 3 months.
At Golden Mile Complex in Beach Road, unit owners said property agents from PropNex went around a few months ago to collect signatures from anyone interested in selling their shops, offices or residence.
Owners said the agency promised them a high reserve price of $1,300 psf, double what was being transacted then.
Mr Winston Low, chairman of Katong Shopping Centre’s collective sale committee, said the mall’s owners talked about selling as far back as 1996. But it was not until 2007 that they decided to take action.
‘The surrounding area was already developed, and we felt it was a good time to try,’ he said, referring to the many residential projects that have come up in the vicinity. You see a lot of successful stories but also lots of disputes. We were very careful,’ he said.
The committee received approval from more than 80% of the 410 owners. About 30% of the 36-year-old mall is owned by Singapura Developments, a subsidiary of City Developments.
Mr Jimmy Teng, investment sales director at Dennis Wee Group, believes the 90,000 sqft site might be prime for another mall – one that is less ‘overwhelming’ than the nearby Parkway Parade.
Mr Low said the committee is working out the apportionment details and has set a reserve price of $2,000 psf.
Apportionment is always the biggest challenge facing a collective sale for mixed developments with multiple owners.
For instance, shop units on the ground floor or those with frontage would likely demand a larger share of the pie compared to less visible units.
Relying on share values and strata areas is not enough, and professional valuations are often needed when doing the sums, said property experts.
‘The challenges may be overcome if the profit element is immense. Part of the solution to overcoming that is to incur more money to get valuers in,’ said Mr Karamjit Singh, managing director of Credo Real Estate.
Property consultant Steven Ming thinks there may be a few launches of mixed-development collective sales this year. ‘We will still need to hold our breath and see if a transaction will materialise as there generally is still a disconnect in price expectations between en bloc sellers and buyers,’ said Mr Ming, Savills’ director of investment sales and prestige homes.
Only a few commercial buildings, including Kim Seng Plaza, Kim Tian Plaza and Ming Arcade, have been sold en bloc in the past few years.
Others, like Paramount Hotel and Shopping Centre, Roxy Square and Parklane Shopping Mall, tried to jump on the bandwagon during the last property boom, but with no success – and, for now, are not trying to do so again.
Mr Ho Eng Joo, Colliers International’s executive director for investment sales, believes land values are not high enough yet for most owners of mixed developments to bite.
The old malls sit on prime land, and the owners are in no great hurry. Still, the price must be right to draw interest from developers.
‘If owners can get their act together, fulfil all the amended laws, get consensus, then developers will of course be keen to look at these developments,’ said Mr Ho.
Can't break September's new high of $2,482 psf.Originally Posted by URA
1300psf for golden mile? i think it'll remain a thai hub for quite a while longer. if developers are dumb enough to buy at that price, what are they going to eat on for profits.
Considering Golden Mile is a larger and rectangular site, more units will have better view to the marina and kallang basin. The better view units at concourse is already asking beyond $2000psf. Developers might go for it.Originally Posted by kane
Annex A
Summary of ESC Key Recommendations
Goal
High-skilled people, innovative economy, distinctive global city
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ESC Key Recommendations
We must achieve higher productivity growth of 2 to 3 percent per year, enabling our GDP to grow on average by 3 to 5 percent per year over the next decade.
Increased productivity is not achieved merely through increased efficiency, but restructuring our economy to provide more room for rapidly growing and innovative enterprises.
7 Key Strategies
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6. Enhance Land Productivity to Secure Future Growth
a. Plan ahead for a new, vibrant waterfront city, size comparable to Marina Bay by rejuvenating existing port land at Tanjong Pagar, after the expiry of the port lease in 2027.
b. To study, under the Concept Plan 2011, the feasibility of a consolidated port at Tuas in the long term. If feasible, it will increase port efficiency by allowing the port to achieve greater economies of scale in terms of land and operations, and free up existing port land to support new economic activities in the future.
c. Increase land productivity and inject greater land use flexibility – intensify land use to support new and higher value activities; progressively rejuvenate of mature industrial estates; and adopt greater flexibility in land zoning.
d. Enhance diversity of business locations to support a range of enterprise needs - introduce new locations for headquarter functions and new industries in Jurong Lake District and Kallang Riverside Precinct respectively.
e. Invest ahead to create new underground spaces – develop an underground master plan, and create basement spaces in conjunction with new underground infrastructural projects, especially around our transport nodes.
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http://www.straitstimes.com/Money/St...ry_502135.html
Mar 15, 2010
Developer offers to absorb stamp duty
Unusual move in a hot market; experts see it as bid to boost flagging sales
By Esther Teo
THE property market may still be sizzling, but at least one property developer here is offering a carrot which has not been seen in more than a year to entice buyers and boost sales.
The incentive - stamp duty absorption - is usually deployed by nervous developers during market downturns, but is now on offer at the 360-unit Concourse Skyline on Beach Road.
The deal, which can save homebuyers about 3per cent of the price, has been used extensively during market slumps.
However, industry experts say it has not been used since 2008, except on a one-off case-by-case basis.
They say the developer which has advertised the offer, Hong Fok Land, may be trying to ameliorate the effects of recent anti-speculative market-cooling measures unveiled by the Government.
However, some suggest the move may simply be a bid to counter slow sales at the project.
The offer at Concourse Skyline applies to selected units till April17. Hong Fok said the promotion was timed to coincide with the slated opening of the city leg of the Circle Line that same day. It draws attention to the development's accessibility and convenience, a spokesman said.
Stamp duty absorption is similar to the interest absorption scheme which was abolished by the Government last September as part of market-cooling moves.
Under the interest absorption scheme, buyers had to take out a bank loan at the time of purchase but the developer absorbed interest payments until the project's completion.
Property consultants The Straits Times spoke to were unaware of any similar offers being made openly - and said buyers should not hold their breath waiting for more to be touted.
Most said this was likely to be a unique case. The market is still hot, with sales and prices rising, so it is unlikely other developers will follow suit.
Buyers have needed no prodding, with sales of new private homes by developers rising to 1,476 units in January - three times as high as the previous month and the highest level since August last year.
Some property experts said, however, that this unusual move could be aimed at improving poor sales at Skyline.
They said the developer was 'too optimistic about its pricing' - which ranged from $1,500 to $1,800 psf - when it was first launched in September2008.
It was the same month that US investment bank Lehman Brothers collapsed, sparking the global financial crisis.
While 68 units were sold within the first month after the launch, sales have since tapered off to an average of about eight a month over the past 16 months.
A total of 170 units had been sold as of January this year, according to the Urban Redevelopment Authority's website.
Ms Tay Huey Ying, director of Colliers research and advisory, said absorbing stamp duty was a developer's way of enticing homebuyers.
In the past, developers had rolled out gimmicks such as renovation allowances and vouchers for electrical appliances in a bid to boost flagging sales.
Said Ngee Ann Polytechnic real estate lecturer Nicholas Mak: 'These measures (by the Government) are expected to shave off about 1,000 homes sold yearly...So offering absorption of stamp duty might be a way for developers to increase sales.'
Chesterton Suntec International research and consultancy director Colin Tan said that absorbing stamp duty would lower a buyer's costs without bringing down valuation prices, which is a key market indicator cited by developers.
The 'uncommon move', said Mr Steven Tan, executive director of
OrangeTee's residential division, might be to encourage homebuyers to revisit the showflat, since newer launches have served as stiff competition.
Colliers' Ms Tay added that the absorption scheme would cushion the expense of those who might be thinking of selling the property within a year of purchase.
Last month, a seller's stamp duty was introduced to deter short-term speculators. It requires sellers to pay a levy of about 3per cent if they offload a property within a year of purchase.
Hong Leong Holdings' Aalto in Jalan Kechil, near Meyer Road, which first started sales in August 2007, has also seen slower sales with only 118 of its 196 units sold as of January.
However, when contacted, Hong Leong said it would not be absorbing stamp duty for that project.
Concourse Skyline is a 99-year leasehold project consisting of one- to four-bedroom apartments and penthouses. It is expected to be completed in 2013.
[email protected]
Hi all,
I am thinking to buy a unit at CS for investment. Do u think I should get a mid floor city view at 1600psf or sea view at 1800psf? Please advise? What is the most impt things to look out for future rental?
You have to check the future development behind nicoll highway if you are going for seaview as it may be blocked.Originally Posted by shauntanzs
THE URA MASTERPLAN 2008 SHOWS A LARGE RESERVED SITE IN "YELLOW". THEY MAYBE LOOKING AT WATERFRONT HOUSING / HOTELS IN FUTURE. I DO NOT THINK THEY WILL LET IT GO TO WASTE GIVEN THE SINGAPORE MENTALITY.Originally Posted by sleek
The 2 pieces of land sits directly above underground MRT and cannot be develop into high rise building.
Advantages:
1) MRT just 3mins away
2) Potential upside from future south beach development by CDL
3) Strong rental potential since D7 only has Citylight and Southbank
4) Quality finishes - Considered high end finishes
5) Kallang Basin Development and near Marina IR
I really dun understand why this development is not sold out?
1800-2000psf is not really consider high. It squeezed nicely between
southbank and Sail recent price. All 3 are 99LH.
Any expert please advise?
Regards
One will never know if you look at the site. It has great potential for garment to maximize the plot ratio on the reserve site given that it is a distance from the nicoll highway stn. This will block the seaview of Concourse skyline.Originally Posted by shauntanzs
$2,335 psf?
Can't break September-2009's hïgh of $2,482 psf.
Private Residential Units Sold in the Month of March 2010
Project Name ..... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Concourse Skyline . RCR ....... 187 ....................... 16 .......................... 2,335 ........... 1,660 ........... 1,572
Hmm... At 2xxx psf .. might as well buy the units at adjacent ? The Plaza ?
Just bought a unit at cs. Personally, I think location n finishes is much better than waterbank.
congrats!Originally Posted by shauntanzs
#x? psf?
Originally Posted by shauntanzs
It has to be better as the price is easily 30-50% more than the unit at waterbank depending on facing and level.
Congratulations!Originally Posted by august, 17 April 2010 8.42 pm
CONGRATS!
Can you share with us why u mention that the 2 sites opp cannot be developed into high rise ?
Would consider this development if I can clear the same issue.
DKSG
Hi, I am not 100% sure. But I understand that after the nicoll highway collapse, that area cannot build anything which goes too deep. The cs linkway to the nicoll mrt originally suppose to be underground but now it has to be above ground. I took a unit at stack 8. Not facing seaview but at least I know i will not be block for view since the Malay village is opposite under conservation. I took a mid-low floor. At around 1700psf. It's really nice to have mrt 200m away and 2 stop to suntec city. Also walking distance to gateway building and bugis. I personally feel great potiential in this development since golden mile is at around 30yrs old n time for revamp. If southbank can fetch 1500psf, why not 2000psf for cs? Only setback is the carpark is not free, need to pay for it. The seaview mid-floor unit is around 1900psf.
One other thing I like about cs is the unit size. It's spacious enough. 800sf for a 1 bedder n 1100sf for a 2 bedder.
Last edited by shauntanzs; 18-04-10 at 18:52.
I like this development too but not suitable for school going children.Originally Posted by shauntanzs
How much is the car park fees?
Carpark is 120/m.
Actually I was considering between altez n cs. I admit altez location is better but the development is small n face alot of competition around such as 76 shenton, the clift, lumiere, sail, one shenton etc. For beach road, I feel the competition is not so strong in terms of rental. N no erp when going home. Hehe.. I dun need seaview n if you want to view fireworks, go to the sky terrace.
Competition will be from Citylights and Southbank with good facing like towards the sportshub, bay and sea. Your close rival will be the Plaza with good view and those units with bay view within CS. Next will be when Southbeach is TOP. Competition will always be there. Just hope for more foreign talents. It will not be an issue if you are staying there.Originally Posted by shauntanzs
May I know what is considered mid-low floor? Thank you for sharing and congratulations!Originally Posted by shauntanzs
I reckon 15-20 to be mid low and 20-25 as mid floor. 26-30 as mid high n above 30 as high floor.