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Thread: Orchard View (D9, Freehold, Wheelock Properties)

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    Default Orchard View (D9, Freehold, Wheelock Properties)

    This prime freehold site will soon be developed into a luxurious 36-storey residential development. Situated in the serene, tree-lined enclave of Angullia Park, Orchard View is only a five-minute walk from Singapore's vibrant Orchard Road shopping area and Orchard MRT station.

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    Default Re: Orchard View (D9, Freehold, Wheelock Properties)

    Wheelock may not launch Orchard View this year

    Business Times 23 Feb 08


    WHEELOCK Properties (Singapore) is likely to hold off launching Orchard View at Angullia Park for sale until next year, when the project is slated for completion. The company had earlier indicated that the development would be launched some time this year.

    The group, which yesterday posted a six-fold jump in group net profit for the quarter ended Dec 31, 2007, to $217.5 million, also said it expects to launch Ardmore 3 next year. Piling work for the project is in progress and the development is slated for completion in 2012.

    For Orchard View, the main construction work is already in progress and the development is scheduled for completion next year.

    For the quarter ended Dec 31, 2007, Wheelock’s revenue from continuing operations rose 43.8 per cent to $189.3 million. Wheelock’s strong topline and bottomline were mainly due to the start of revenue and profit recognition for units sold in Ardmore II condo. The bottomline also received a boost from a $200 million revaluation surplus on Wheelock Place, the group’s retail-and-office investment property on Orchard Road.

    Wheelock, which has changed its financial year-end from March 31 to Dec 31, said that for the current year it will book the remaining profits from The Sea View condo in the Amber Road area and The Cosmopolitan at the River Valley/Kim Seng Road corner, which are slated for completion in first-half 2008 and mid-2008 respectively.

    It will also continue to book profits from Ardmore II based on the progress of construction work and expects to book maiden profits on Scotts Square, a 338-unit apartment development which is already 67 per cent sold at an average price of $3,988 psf. ‘Sales of the remaining units are ongoing and we expect to sell progressively over the next two years,’ the group said.

    Wheelock Place is also expected to continue maintaining full occupancy in the current strong market conditions and ‘prospects for improved rental rates are good for both office and retail space’.

    ‘The group remains in a strong financial position to take advantage of opportunities which may arise,’ Wheelock said.

    As at Dec 31, 2007, the group had total liabilities of $749.5 million and total equity of $2.18 billion. It had cash and cash equivalents of $557.7 million as at the same date. Shareholders will receive a 6-cent per share (one-tier) first and final dividend for the period ended Dec 31, 2007.

    With the change in its financial year, the group reported net earnings of $273.5 million for the nine months ended Dec 31, 2007, against net profit of $297.9 million for the 12 months ended March 31, 2007.

    Wheelock’s net asset value per share stood at $1.82 as at Dec 31, up from $1.69 as at March 31, 2007.

    Earlier this month, the group boosted its investment in fellow upscale residential developer SC Global Developments from 12.01 per cent to 13.09 per cent.

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    The Parisian site at Angullia Park sold for S$283M
    Wong SiewYing
    Channel NewsAsia
    Thursday, 22 October 2009, 2047 hrs



    The freehold site at Angullia Park that The Parisian sits on has been sold for S$283 million.

    The buyer is China Sonangol Land, part of the China Sonangol international holding company headquartered in Hong Kong.

    According to real estate consultancy CB Richard Ellis which brokered the deal, this is the biggest private residential land sale in two years.

    The site, located near Orchard Road, can accommodate a 36-storey development comprising 52 three and four-bedroom units and two penthouses.

    The Parisian was bought by developer Overseas Union Enterprise in a collective sale for S$228.1 million in December 2006.

    In a filing with the Singapore Exchange, OUE said, the transaction presents the group with an opportunity to review its financing strategy for its property development business segment.

    By selling the Parisian, OUE said it can focus its resources on its other project The Grangeford.

    The sale will result in a profit for the Group of about S$19.1 million as at 30 June 2009.

    It will also result in a rise in net tangible assets per share from S$10.84 to S$10.94, based on OUE's group results for Financial Year 2008.

    And earnings per share will increase from S$0.21 to S$0.31 after the transaction.

    CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio, with breakeven price estimated at S$2,500 to $2,600 psf.

    It added that depending on the launch date the selling price could be around S$3,500 psf.

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    Quote Originally Posted by Reporter

    The Parisian site at Angullia Park sold for S$283M
    Wong SiewYing
    Channel NewsAsia
    Thursday, 22 October 2009, 2047 hrs


    The freehold site at Angullia Park that The Parisian sits on has been sold for S$283 million.

    The buyer is China Sonangol Land, part of the China Sonangol international holding company headquartered in Hong Kong.

    ...

    The Parisian was bought by developer Overseas Union Enterprise in a collective sale for S$228.1 million in December 2006.

    ...

    The sale will result in a profit for the Group of about S$19.1 million as at 30 June 2009.

    It will also result in a rise in net tangible assets per share from S$10.84 to S$10.94, based on OUE's group results for Financial Year 2008.

    And earnings per share will increase from S$0.21 to S$0.31 after the transaction.

    CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio, with breakeven price estimated at S$2,500 to $2,600 psf.

    It added that depending on the launch date the selling price could be around S$3,500 psf.
    OUE was thought to have been stuck with the Angullia Park site because they had overpaid for it at $1,730 psf ppr.

    Now it seems that these Hong Kong China Sonangol people think that the site is worth $2,058 psf ppr !!!

    Maybe it is cheap compared to the S$13,000 psf at 39 Conduit Road.

    Will China Sonangol bring over with them those rich mainland Chinese to buy up this whole place?

    I can feel the ground rumbling, like an earthquake is coming ...

    This type of situation is very stressful.

    One wrong move (or even no move) and you will end up on the wrong side of the wealth divide.

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    Very positive move. China Sonangol will definitely be able to bring their Chinese clients over here. There is likely to be spill-over effect as they see more under-valued properties nearby vs what they are brought here to see & what they can get in HK. Earths will move and new highs will be achieved.

    Quote Originally Posted by jlrx
    OUE was thought to have been stuck with the Angullia Park site because they had overpaid for it at $1,730 psf ppr.

    Now it seems that these Hong Kong China Sonangol people think that the site is worth $2,058 psf ppr !!!

    Maybe it is cheap compared to the S$13,000 psf at 39 Conduit Road.

    Will China Sonangol bring over with them those rich mainland Chinese to buy up this whole place?

    I can feel the ground rumbling, like an earthquake is coming ...

    This type of situation is very stressful.

    One wrong move (or even no move) and you will end up on the wrong side of the wealth divide.

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    Quote Originally Posted by Reporter

    The Parisian site at Angullia Park sold for S$283M
    Wong SiewYing
    Channel NewsAsia
    Thursday, 22 October 2009, 2047 hrs



    The freehold site at Angullia Park that The Parisian sits on has been sold for S$283 million.

    The buyer is China Sonangol Land, part of the China Sonangol international holding company headquartered in Hong Kong.

    According to real estate consultancy CB Richard Ellis which brokered the deal, this is the biggest private residential land sale in two years.

    The site, located near Orchard Road, can accommodate a 36-storey development comprising 52 three and four-bedroom units and two penthouses.

    The Parisian was bought by developer Overseas Union Enterprise in a collective sale for S$228.1 million in December 2006.

    In a filing with the Singapore Exchange, OUE said, the transaction presents the group with an opportunity to review its financing strategy for its property development business segment.

    By selling the Parisian, OUE said it can focus its resources on its other project The Grangeford.

    The sale will result in a profit for the Group of about S$19.1 million as at 30 June 2009.

    It will also result in a rise in net tangible assets per share from S$10.84 to S$10.94, based on OUE's group results for Financial Year 2008.

    And earnings per share will increase from S$0.21 to S$0.31 after the transaction.

    CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio, with breakeven price estimated at S$2,500 to $2,600 psf.

    It added that depending on the launch date the selling price could be around S$3,500 psf.
    I thought the owner's of Parisian entered an agreement to have 1 on 1 exchange for their units. Does that mean the new buyers will have to owner that deal?

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    I know Paterson Linc has its previous owners 1 for 1 exchange but not so sure about Parisian.

    Quote Originally Posted by andy
    I thought the owner's of Parisian entered an agreement to have 1 on 1 exchange for their units. Does that mean the new buyers will have to owner that deal?

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    Quote Originally Posted by andy
    I thought the owner's of Parisian entered an agreement to have 1 on 1 exchange for their units. Does that mean the new buyers will have to owner that deal?
    There was no such agreement with previous owners of Parisian.

    Also, I don't think OUE was ever stuck with the site. At $1.7k, coupled with a say $600 psf construction cost, they would break-even at $2.3k psf. Not a difficult price to sell, considering that the Parisian could possible and arguable be one of the best residential site in Singapore.

    It is probably more the Indonesian way of doing business. ie trading the land at a good price and pocket the gain first, rather than building and collecting slowly.

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    I can smell a bull coming.

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    Quote Originally Posted by Property_Owner
    I can smell a bull coming.
    Are you a cow then?

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    Quote Originally Posted by Property_Owner
    Originally Posted by Property_Owner
    I can smell a bull coming.
    Quote Originally Posted by andy
    Are you a cow then?
    I can see the bull in china shop raging......

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    Quote Originally Posted by andy
    Are you a cow then?
    Quote Originally Posted by andy
    I can see the bull in china shop raging......
    I think he is more like a big cash cow carrying a lot of cash cows with him and awaiting the dragon earthquake to happen.

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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of August 2009

    Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Orchard View ..... CCR ........ 3 ............................. 3 ................................ 3,181 ........... 3,155 ............. 3,057

    When is Wheelock launching this View?

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    Quote Originally Posted by Property_Owner
    I can smell a bull coming.
    I can also smell it coming, but I'm very scared.

    Bulls are very dangerous animals, can be trampled to death by it if not careful.

    There are 4 possible scenarios:

    1. Buy, and the market goes up. That would be the best!

    For example, buy a 1,600 sf at $2,500 psf for $4 million and if the market "cheong" to Hong Kong price of $13,000 psf ($20.8 million) that will be a profit of $16.8 million ... I can retire!!!

    2. Buy, but the market does down, e.g. another Lehman (maybe this time Goldman) and market plunges by 50%, end up losing $2 million. I'll have to leave condosingapore.com again (like what I did last year) and sulk ...

    3. Don't buy, but the market goes up. Losing the opportunity to make $16.8 million ... will have to hang myself ... or end up becoming a Straits Times forum writer, asking the Government to help bring down property prices again so that I can have a second chance to buy ...

    4. Don't buy, and market crashes ... "heng ah !!!".

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    think they are just selling to whoever 'qualifies', 1 unit for each floor i think? don't think they will do an official launch until 2010.

    Quote Originally Posted by Reporter
    [/i]
    When is Wheelock launching this View?

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    OUE sells 21 Angullia Park for $283m to China Sonangol
    Emilyn Yap
    The Business Times
    Friday, 23 October 2009



    Overseas Union Enterprise (OUE) has sold its freehold residential site at 21 Angullia Park for $283 million, which will result in a profit of about $19.1 million.

    The buyer is China Sonangol Land, a relatively unfamiliar name in the property market here. It is part of China Sonangol International, a Hong Kong- based group which also invests in oil, gas, minerals and reconstruction projects in Africa and Latin America.

    According to CB Richard Ellis (CBRE), who brokered the deal, this could be the largest private residential land transaction since the $435 million sale of Westwood Apartments in 2007.

    Formerly known as The Parisian, 21 Angullia Park has a site area of 49,113 square feet. The purchase price of $283 million works out to about $2,058 per sq ft per plot ratio (psf ppr).

    CBRE estimates that this could lead to a breakeven price of $2,500-$2,600 psf and a selling price of around $3,500 psf, depending on when the site is launched.

    OUE bought the site en bloc for $228.1 million in December 2006. According to CBRE investment properties executive director Jeremy Lake, the developer paid another $23 million as development charge and differential premium. It also incurred expenses for demolition and piling works, and in obtaining planning approval.

    Based on OUE’s June 30 financial report, the site was valued at $261.1 million. It has planning approval for a 36-storey project comprising 52 three- and four-bedroom units and two penthouses.

    With the deal, China Sonangol will take over OUE’s interest in its unit OUE (Angullia), which had a negative net tangible asset value of $24.4 million as at June 30.

    China Sonangol will also take over $123.8 million in loans from OUE to OUE (Angullia). In addition, it will pay Standard Chartered Bank $164.5 million for the full discharge of OUE (Angullia)’s liabilities and the release of related security.

    Assuming that the deal had been completed on Jan 1 last year, OUE’s earnings per share for FY2008 would have been 31 cents, up from 21 cents.

    'The transaction presents the group with an opportunity to review its financing strategy for its property development business segment by disposing of the Parisian and focusing its resources on the Grangeford, the larger of the two,' OUE said yesterday.

    OUE bought The Grangeford through a $625 million collective sale in 2007. It said it intends to launch the site ‘in due course’, and would require funds to plan this development.

    Meanwhile, the successful sale of The Parisian is a positive sign for the luxury property market here, CBRE’s Mr Lake said. He understands there was at least one other overseas developer strongly interested in the site, and this shows that there are foreign players keen to participate in the market’s pick-up.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak noted that another potential collective sale site, Laguna Park, also drew interest from a foreign- owned company.

    He reckoned these overseas firms could have profited from their markets and are looking for business opportunities elsewhere. With the launch of the integrated resorts (IRs) next year, these companies could be ‘positioning themselves for the potential rally in the luxury sector next year’.

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    Quote Originally Posted by jlrx
    I can also smell it coming, but I'm very scared.

    Bulls are very dangerous animals, can be trampled to death by it if not careful.

    There are 4 possible scenarios:

    1. Buy, and the market goes up. That would be the best!

    For example, buy a 1,600 sf at $2,500 psf for $4 million and if the market "cheong" to Hong Kong price of $13,000 psf ($20.8 million) that will be a profit of $16.8 million ... I can retire!!!

    2. Buy, but the market does down, e.g. another Lehman (maybe this time Goldman) and market plunges by 50%, end up losing $2 million. I'll have to leave condosingapore.com again (like what I did last year) and sulk ...

    3. Don't buy, but the market goes up. Losing the opportunity to make $16.8 million ... will have to hang myself ... or end up becoming a Straits Times forum writer, asking the Government to help bring down property prices again so that I can have a second chance to buy ...

    4. Don't buy, and market crashes ... "heng ah !!!".
    You can smell it?
    Wow! I like your nose.

    Did you smell anything related to QDII?
    Are you more scared now?

    Quote Originally Posted by Reuters

    China resumes quotas for overseas investment scheme
    Helen Ding and Kirby Chien
    Reuters
    Shanghai, China
    Saturday, 24 October 2009, 9:39pm CCT

    ® Overseas investment scheme quotas resumed after 17 months

    ® Worries over overseas markets ease, capital inflows rising

    ® EFund Management gets US$1 billion QDII quota


    China has resumed issuing quotas under its scheme to allow domestic investors to put money into overseas markets after a 17-month halt as global markets stabilise and it seeks ways to channel its mounting foreign exchange reserves.

    EFund Management Co has been issued a $1 billion quota by the State Administration of Foreign Exchange , China's foreign exchange regulator, under the country's Qualified Domestic Institutional Investor scheme, a company executive said.

    "China's foreign exchange reserves are growing very rapidly, so there should continue to be issuance of additional quotas," the executive said, speaking under condition of anonymity.

    China is expected to see rising capital inflows in the second half of this year as expectations mount for appreciation of its yuan currency, and authorities are keen to seek ways to channel funds abroad.

    The government started the QDII programme in 2006 to allow Chinese money to be invested abroad, but early investors suffered badly from the global financial crisis.

    China effectively halted the issuance of new QDII quotas following the last approval in May 2008, reflecting the worsening performance of QDII funds as global market conditions deteriorated.

    Investor confidence has picked up in recent months, however, as global stock markets rebounded on hopes that the worst of the financial crisis and economic downturn are over.

    The EFund executive said late on Friday that the company was aiming to sell funds focusing on equities in Asia excluding Japan, with a formal product launch expected in December.

    China had granted QDII licences to 27 fund management companies, but only nine issued QDII products after receiving a combined quota of $29.5 billion.

    SAFE had issued $55.95 billion in QDII quotas to 56 institutions, including other financial institutions as well as fund companies, as of the end of September, according to its website.

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    Quote Originally Posted by AP

    China overseas investment up
    Bonnie Cao
    Associated Press
    Beijing, China
    Tuesday, 27 October 2009, 8:24pm CCT

    China's investments overseas nearly tripled from a year earlier to $20.5 billion in the third quarter as companies snapped up mining and oil assets, government data showed Tuesday.

    Beijing is encouraging its companies to invest abroad to diversity an economy driven by exports and investment and to take advantage of sharp declines in asset prices due to the global economic crisis.

    Outward investment for the July-September quarter was up 190% from the same period of 2008 and 135.3% from the previous quarter, the Commerce Ministry said. Its figures do not include investment in bonds and other financial instruments.

    Chinese companies are flush with cash after the country's economic boom and have largely avoided the financial turmoil that has battered Western companies. Economic growth accelerated to 8.9% from a year earlier in the third quarter.

    In the first nine months of the year, 43.5% of outbound investment was purchases of stakes in existing foreign companies, many of them in mining and manufacturing, the Commerce Ministry said.

    Major investments included purchases of oil and mining assets, mainly by state companies that hope to profit from future demand.

    In July, Beijing's main sovereign wealth fund, China Investment Corp., paid $1.5 billion for a 17% stake in Canadian mining Teck Resources Ltd. Last month, the fund paid $949 million for 11% of JSC KazMunaiGas Exploration Production, a subsidiary of Kazakhstan's main state oil company.
    Our cousins from above (i.e. the north) are getting aggressive.

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    From a research report in June 2009

    􀁑 Whether you look at surging commodity prices or the near 60% ytd run-up in the Metals & Mining sector, one thing is clear; the markets believe wholeheartedly in the Chinese economic recovery. We have a long history of sticking our necks way out against the consensus. In 2001 we repeatedly wrote that the US growth miracle would be seen in retrospect as a sick joke, as it was based on Kilimanjaro-like mountains of debt. It has taken a while, but now most concur with that ‘extreme’ view. In a few years time, I believe we will look back on the Chinese economic miracle as the sickest joke yet played on investors.

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    Quote Originally Posted by Reporter
    You can smell it?
    Wow! I like your nose.

    Did you smell anything related to QDII?
    Are you more scared now?
    I am actually quite heavily invested in properties, yet I am more scared of the property bull than a lot of people. Isn't that ironic?

    How low can property prices go? At most to zero.

    How high can property prices go? There is no limit.

    If a $30 k bungalow in Holland Road can turn into $30 M in 2 generations, can you imagine the following postings:

    Reporter: ZaoBao reported that The Sail penthouse just sold to Chinese entrepreneur Mao Dong Dong for $20 billion, or $2 million psf.

    Property_Owner: I bought 5 units when they launched it at only $1,000 psf. I sold off 2 and still keep 3 for my grandchildren.

    bargain hunter: My agent told me it was not $2 million psf but only $1.9 million psf.

    proud owner: My kaki owns a penthouse unit at next door Marina Bay Residences and he is only able to rent it out for $10 million per month, less than 0.6 % rental yield.

    orange: I've just sold one of my D9 condo for $3 billion and bought 10,000 BMWs with the money. I now have to change one new car every hour, it's very exhausting.

    xebay11: My landed house is now worth $6 billion, unfortunately I'm still poorer than all my elite school classmates. Their bungalows are all worth at least $10 billion. Mine is the only one worth less than $10 billion.

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    Quote Originally Posted by jlrx
    How high can property prices go? There is no limit.
    Ardmore Park cost about 3M when launched. How much is it worth now?

    With 3M I could had bought, guess about 10 to 15 unit of HDB 5 rooms in Punggol. How much these flats are getting me now?

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    Quote Originally Posted by Property_Owner
    Ardmore Park cost about 3M when launched. How much is it worth now?

    With 3M I could had bought, guess about 10 to 15 unit of HDB 5 rooms in Punggol. How much these flats are getting me now?
    13 Oct 2009

    11 Ardmore Park #27-01 2,885 sf at $3,189 psf transacted $9,200,000.

    October 2009

    Punggol Edgefield Plains 1,200 sf at $333 psf transacted $400,000.
    15 units cost $6,000,000.

    So HDB flats also went up, but not as much as Orchard Road. Mah Bow Tan also knows how to squeeze them. I copied this from another website:

    "So now at 380K for a new (4 room) flat, so those who moved in in 1998-1999 won't feel so bad about paying for their expensive (5 room) flats. They paid in the region of 260-290K for a 5 room flat because of the original Punggol plan."

    Anyway, everyone who buys properties is a winner, whether Punggol or Orchard.

    But it's Orchard that I'm very worried about. My Orchard apartment is small and old. If those China buyers suddenly attack, I may be "kicked out" of Orchard Road ... forever.

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    Slowly, Foreign Buyers Drift Back Into Singapore
    Sonia Kolesinkov-Jessop
    The New York Times
    Singapore
    Thursday, 5 November 2009

    After 5 consecutive quarters of decline in Singapore’s property market, the luxury segment is starting to improve, partly helped by the slow reappearance of foreign buyers.

    According to statistics from the island-state’s Urban Redevelopment Authority, the overall residential property market has seen its shortest downturn in the past 18 years, with only four quarters of price declines before the official private home price index posted a spectacular 15.8% quarter-on-quarter jump in the third quarter this year.

    Singapore’s government, startled by the sharp uptick, worried that a property bubble was forming and, in September, they discontinued a system that allowed buyers to defer the bulk of payment on apartments until the properties were complete. It also announced that next year it would resume land sales for development.

    The sales rebound primarily has been driven by mass-market and mid-tier properties, but a few recent transactions indicate the high-end luxury sector also has started to pick up.

    “With the financial crisis, developers saw potential with affordability and launched more projects at that level, with smaller-size flats to keep prices low. As a result, the mass market has really been driving this market recovery in the last few quarters,” said Chua Yang Liang, head of research for Southeast Asia at the Jones Lang LaSalle real estate agency.

    “It’s only just recently with the improvements in regional economies that we’re seeing more developers releasing projects for the high end of the market.”

    According to an analysis by CB Richard Ellis real estate, the number of apartments priced at more than S$4 million, or US$2.86 million, that changed hands totaled 210 in the third quarter of 2009, 87 in the second quarter and just 15 in the first quarter.

    This compares with 280 in all of 2008 and 1,740 in 2007, at the peak of the market. A sales price record was achieved recently by SC Global Developments, which sold 6 homes at its 41-unit Seven Palms Sentosa Cove project for an average price of S$11 million, ranging from S$3,100 to S$3,400 psf for the 3- or 4-bedroom units.

    Previously, the highest median price for a condominium on Sentosa was S$2,734 psf in late 2007.

    The upscale Seven Palms project, the only beachfront residence of its kind in Singapore, is being built on Sentosa island, where a resort casino and Universal Studios theme park is scheduled to open early next year. The Seven Palms residences are being sold with 99-year leaseholds on the land, and are expected to be completed in December 2013.

    Singaporeans are said to have bought 2 of the units, with the other 4 going to foreigners who are permanent residents of the city-state.
    The Alba, another new upmarket development but in the more suburban central district, has sold 12 of the 18 available units, with prices averaging S$2,100 to S$2,500 psf for freehold units of 1,852 to 2,250 sqft, or 172 to 209 sqm.

    Luxury projects delayed in the wake of the global downturn include the Marina Bay Suites, near the Marina Bay Sands, the other casino resort due to open next year and the 228-unit Quayside Isle Collection, also on Sentosa.

    “Currently, we are seeing an increasing number of enquiries and interest in the luxury market as compared to three months ago,” said Tan Bee Kim, director of Wheelock Properties Singapore. The group is planning early next year to introduce Orchard View, a project in which each of the 30 4-bedroom condominiums will occupy an entire floor. Ms. Tan said the company has been receiving enquiries from locals and foreigners alike about the development.

    Ong Choon Fah, executive director of the property consultant DTZ Debenham Tie Leung, believes developers are not yet in a hurry to release new high-end condominiums — but she expects that will change next year when the two casinos under construction, referred to locally as IR, or Integrated Resorts, will open. “This should help boost property prices, especially in the high end,” said Ms. Ong, estimating that luxury prices could rise as much as 10%.

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    Quote Originally Posted by Reporter, 23 October 2009 10.14 pm
    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of August 2009

    Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Orchard View ... CCR ....... 3 ......................... 3 ........................... 3,181 ........... 3,155 ........... 3,057
    When is Wheelock launching this View?
    After suffering quietly for the past 5 months, these 3 buyers are about to enjoy their fruits.

  25. #25
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    Wheelock to launch Orchard View in Q1
    It receives more enquiries on luxury property market
    The Business Times
    Wednesday, 20 January 2010



    Wheelock Properties (Singapore) is planning to launch the freehold Orchard View at Angullia Park in the 1st quarter of the year.

    The news comes as CapitaLand rings in more sales from Urban Suites. It has sold 126 units – 90% of the 140 launched to date, and 76% of the 165 in the freehold project.

    According to Wheelock’s director Tan Bee Kim, the company has received an increasing number of enquiries on the luxury property market as compared with 3 months ago.

    ‘It is encouraging that we have been approached by several interested parties keen to purchase the units in Orchard View for their own occupation,’ she said.

    The 36-storey Orchard View stands on the site of the former Angullia View, which Wheelock bought in late 2004. The new project will comprise 30 4-bedroom units, each measuring 2,530 sqft and spanning an entire floor.

    The project will be receiving its temporary occupation permit soon. Wheelock held a private preview for it in August last year and sold 3 units, at an average price of close to $8 million each or about $3,131 psf.

    Over at Urban Suites, CapitaLand sold another 66 units in the 2nd phase of launch. These include homes sold in Jakarta last weekend.

    The units went for $2,500-2,800 psf. Prices rose by about 4% from the $2,400-2,700 psf range in the first phase of the launch.

    According to CapitaLand, all of the 2-bedders and many of the 3-bedders at Urban Suites have been sold. 2 of the 5 penthouses available were also picked up, one for around $8.6 million and the other over $9 million.

    On the whole, some 70% of the buyers were foreigners, from countries such as Indonesia, China, Australia and Canada. Indonesians alone made up 40% of buyers.

    ‘With the return of business and consumer confidence in Singapore and Asia, we expect buying interest for well-located homes in the high-end segment of the market to be sustained,’ said CapitaLand Residential Singapore CEO Patricia Chia.

    ‘We see prices for the mid to high-end segments of the market rising by between 5% and 10% this year.’

    Market watchers have centred their attention on the prime property market this year. Sales in the sector have gradually picked up as sentiments improve.

    For instance, City Developments’ Volari at Balmoral Road is almost fully-sold – just one penthouse remains of the 85-unit development launched last year.

    Developers are also said to be preparing more high-end sites for launch. Far East Organization’s Altez in the Tanjong Pagar area and CapitaLand’s Urban Resort Condominium are some which could be in the market soon.

    Urban Resort Condominium will have 64 units, which are generally larger than those in Urban Suites next door. CapitaLand plans to launch it after Urban Suites is fully sold.

  26. #26
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    Oh my god!
    Orchard View has a nëw hïgh of $3,243 psf!


    Private Residential Units Sold in the Month of January 2010
    Project Name . Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Orchard View ... CCR ........ 4 ......................... 1 ............................ 3,243 ............ 3,243 .......... 3,243

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