21st March – 27th March 2023
City Developments Limited (CDL) and MCL Land opened Tembusu Grand for preview on 24 March 2023, with a one-bedroom plus study unit priced from $1.248 million. Meanwhile, the tender for a private assisted living site at Parry Avenue closed on 21 March with four bids received.
1. Tembusu Grand at Katong opens for preview, prices start from $1.248 million
City Developments Limited (CDL) and MCL Land have opened Tembusu Grand for preview on 24 March, with sales bookings set to begin on 8 April 2023.
Located within the Tanjong Katong and East Coast enclaves, the 638-unit development comprises four blocks of 20- and 21-storey residential towers.
It features various unit types ranging from 527 sq ft one-bedroom plus study apartments to 1,711 sq ft five-bedders. The development also offers two penthouse units measuring 2,691 sq ft.
Prices for the one-bedroom plus study unit start from $1.248 million, $1.548 million for a two-bedder, $2.278 million for a three-bedder, $3.288 million for a four-bedder and $4.028 million for a five-bedder.
Tembusu Grand is within an eight-minute walk to the upcoming Tanjong Katong MRT station and a short drive to Marina Bay Financial District, the CBD and Changi Airport through major expressways.
2. Private assisted living site at Parry Avenue draws four bids
The tender for a private assisted living site at Parry Avenue closed on 21 March with four bids received, revealed the Urban Redevelopment Authority and the Ministry of Health (MOH).
One of the tenderers – PRE 20, which is a subsidiary of Perennial Holdings – submitted two bids.
Lam Chern Woon, Edmund Tie’s Head of Research and Consulting, attributed the relatively muted response to the development’s care component, in which at least 20% should be set aside for health and medical care use.
“Given the prohibition on land or strata subdivision, the tender presents the scope for the successful tenderer to operate a residential care business rather than a more traditional development model of selling off sub-titles to residents and providing ancillary care services,” he said.
Launched via a Concept and Price Revenue tender, the 12,912.1 sq m site will be awarded based on the evaluation of the proposals by a MOH-chaired concept evaluation committee, followed by the highest bid from the shortlisted proposals.
3. Every HDB flat will be highly liveable, says PM Lee
Prime Minister Lee Hsien Loong assured Singaporeans that all towns will be well-planned, well-appointed and well-maintained, reported CNA.
And while some towns may be more popular than others, the Government strives hard to make each HDB town highly liveable, with up-to-date amenities to meet the residents’ modern living needs.
He noted that every town will have “amenities, schools, clinics, hawker centres, kopitiams, sports facilities, good transport connectivity, not just within the town with shuttle bus services, but expressways, MRT lines to the rest of Singapore”.
“And it will be a good place to live in, and your property values will reflect that,” said Mr Lee during the groundbreaking ceremony for Chong Pang estate, a new integrated development in Yishun.
Singaporeans know that the country’s public housing system works, he said.
“With your support, we will continue to keep this system running well, and we will deliver on our promise to Singaporeans for many more years to come,” he added.
4. Senja Ridges residents suffered a second water supply disruption in three months
Residents at Senja Ridges, a Build-to-Order (BTO) project located in Bukit Panjang, experienced a three-hour water outage on 19 March, their second water supply disruption since moving in around a year ago, reported TODAY.
The town council explained that the water outage was due to an electrical fault that was caused by a ruptured sanitary gasket at the control valve.
Most of the residents interviewed by TODAY felt frustrated or inconvenienced by the water outage.
“It’s a new estate,” said a resident who only wanted to be identified as Ms Lim. “I’m quite frustrated that this is happening.”
“In particular, if the water is entering electrical circuits, isn’t there also a safety concern? Sure, having no water is frustrating, but thinking about safety hazards is even more concerning,” she added.
Meanwhile, Mr Edward Chia, Member of Parliament for Holland-Bukit Timah Group Representation Constituency’s Zhenghua ward said the incident was “unacceptable” and that they are “pursuing the matter with HDB and the contractors involved”.
5. Freehold semi-detached house at Goodman Road for sale for $9.2 million
A freehold semi-detached house located at 30 Goodman Road in District 15 has been put up for sale via private treaty with a guide price of $9.2 million, revealed exclusive marketing agent Savills Singapore.
To be sold on vacant possession, the house occupies a 4,271 sq ft site, which means the price works out to $2,150 PSF. It is in move-in condition, allowing the incoming buyer to do a full redevelopment or addition and alteration works to suit their needs, said Savills.
It noted that the site – which is zoned for “Residential, two-storey semi-detached” use under the 2019 Master Plan – enjoys a 9.6m-frontage along Goodman Road and a depth of 42m.
“This is a rare opportunity for a buyer to acquire a sizeable freehold residential plot within an affluent district at a palatable quantum. Given the limited supply of these landed plots and the rarity of them coming up for sale, we expect strong demand from owners residing within the enclave,” said Yap Hui Yee, Savills Singapore’s Executive Director of Investment Sales and Capital Markets.
6. Some expats mull leaving Singapore amid skyrocketing rents
Some expats in Singapore are considering leaving the country due to skyrocketing rental costs and rising costs of living.
In fact, three out of five surveyed by TODAY said they are planning to leave the city-state, as landlords ask for rental hikes of up to 70%.
“With inflation on top of 70% rent increase — anyone who can leave is leaving Singapore,” said French expat Paul.
A United Kingdom citizen, who has lived in Singapore for 12 years and wanted to be known only as John S, said “the expat contracts of 20 years ago don’t exist anymore”. “Most of us are here on local contracts, paying our own rents, healthcare, schooling for kids, flights and so on,” he said.
While Singapore remains attractive to global companies and talents, a continuous increase in rental prices may gradually affect this attractiveness considering the heightened international competition.
7. Resale condo projects post strong gains, with OCR projects dominating the top 10 list
The resale condo market remained relatively strong in February, with eight of the top 10 most profitable projects located within the Outside Central Region (OCR).
PropNex Research noted that the average profit for the projects ranged from $245,000 to $570,000.
The Bayshore, for instance, registered average resale gains of over $420,000.
Meanwhile, Core Central Region (CCR) condominiums dominate the list for top individual gainers, with the top 10 transactions posting profits of between $2 million and $6.5 million.
“The units were mostly sizeable large format condos that are more than 1,400 sq ft in size, and from older projects built in the 1980s to more recently built projects in the 2010s,” said PropNex, adding that the holding period was mostly beyond 10 years.
A 2nd-floor unit at Nassim Park Residences holds the record for the most profitable transaction in February, with a gross profit of $6.5 million.
PropNex noted that while the profits for the top 10 transactions may be attractive, they are specific to the particular unit and may not be true for all the units within the development.
Related article: Singapore District Map: Defining the CCR, RCR and OCR by the 28 Districts
8. 305 people lost $1.7 million to rental scams since January 2023
At least 305 people have been scammed into believing that they were dealing with a legitimate real estate agent from January, losing a total of $1.7 million in the process, reported TODAY.
The scammers often pressure their victims into paying a certain amount of money to secure a rental property before viewing it.
Meanwhile, some social media users have also been tricked into helping scammers, who offer to pay a fee in exchange for posting a fake listing, said The Straits Times.
To appear legitimate, the scammers use the photos and credentials of real estate agents they were impersonating.
Eugene Lim, Key Executive Officer at ERA Singapore, advises agents to lodge a police report if they are impersonated.
He revealed that 23 of the firm’s agents have been impersonated over the past year. ERA has around 8,300 agents as of 1 January 2023.
“Consumers should reach out to ERA to verify if the listing posted by an ERA agent is legitimate. We have uncovered quite a few scammers in this way,” he said.
9. Desmond Lee cautions against overcorrecting the property market
National Development Minister Desmond Lee has cautioned against overcorrecting the property market in view of the current global economic volatility, reported The Straits Times.
He noted that Singapore’s property market is currently on an uptrend – thanks in part to macroprudential measures and cooling measures put in place to prevent bubbles from forming – while other major markets across the world are falling.
In fact, there are early signs of a slowing down in the resale and rental markets, the minister told The Straits Times.
Significant progress has also been made in clearing the pandemic-induced BTO backlog with 55 projects completed and about 17,000 sets of keys handed to buyers.
With this, Mr Lee said his ministry will monitor the market closely to ensure that they do not overcorrect it.
Related article: New Property Cooling Measures (2022): Higher Interest Rate Floors, HDB LTV Lowered to 80%, and New 15-Month Wait-out Period for Downgraders
10. Six-storey shophouse in Boat Quay yields $16 million profit for seller
Despite the sluggish activity in the shophouse market, a six-storey shophouse at 52 Boat Quay has been sold for $37 million, which works out to a $16 million profit for the seller – Wah Loon Engineering Founder Alan Chong reported The Business Times.
Chong acquired the 999-year leasehold property for $21.35 million in 2018.
The tallest conservation shophouse along the Singapore River, the property occupies a 1,119 site and has a total built-up area of about 6,446 sq ft.
Its top two levels are occupied by Michelin-starred Italian restaurant Braci, while the second to fourth levels are occupied by corporate tenants.
Savills Singapore confirmed that it brokered the sale, although the agency declined to comment on pricing as well as other details.
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Farhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.
