5 to 11 March 2024
TID sold 50 units of Lentoria, or about 19% of the development’s 267 units, during its launch over the weekend. Meanwhile, Cuscaden Reserve, a 192-unit luxury condominium in District 10, has been relaunched with prices starting from $2,900 per sq ft (PSF).
1. TID sells 50 units of Lentoria over its launch weekend
TID sold 50 units of Lentoria, or about 19% of the development’s 267 units, during its launch over the weekend.
Prices started from $1,958 PSF.
TID revealed that 2-bedroom and 3-bedroom units, measuring 700 sq ft to 1,1119 sq ft, accounted for more than 70% of the 50 units sold. “Prospective buyers were particularly drawn to the fact that Lentoria will be looking to serve its notice of vacant possession by July 2027,” it added.
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group commented on the opening sales performance, “The exuberance witnessed from 2021 to 2022 has subsided, and the market has largely stabilised in its current equilibrium. Amid the uncertainty, the sales at Lentoria are encouraging despite the number of new launches in the Lentor area.
We anticipate demand in the area to remain stable, appealing to property seekers from the northeast and north regions of Singapore. With the upcoming completion of the RTS link, the homeowners will be five stops from Woodlands North and enjoy superb accessibility to Johor Bahru, where they could maximise their Singapore dollar earnings.”
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru added, “Perhaps this is the first time a developer sales launch coincided with a massively popular concert. Dubbing it the Taylor Swift effect, there could be property seekers who would rather put their purchase plans on hold than miss The Eras tour!”
Overall, the units achieved an average price of $2,120 PSF.
Situated in District 26, the 99-year leasehold development is the fourth new launch within the Lentor area, out of the six state sites sold. TID, a joint venture between Hong Leong Group and Mitsui Fudosan, acquired the 10,819 sq m site in September 2022 for $276.36 million, reported The Business Times.
2. Cuscaden Reserve relaunched at lower prices after getting an ABSD extension
Cuscaden Reserve, a 192-unit luxury condominium in District 10, has been relaunched with prices starting from $2,900 PSF, reported The Straits Times.
This is around 20% below the average price of $3,600 PSF achieved for the 12 units sold in September 2019.
The discount comes after the Additional Buyer’s Stamp Duty (ABSD) deadline to dispose of all units by 2023 was extended to 2024, shared a marketing agent for the project, who wanted to remain anonymous.
Cuscaden Reserve obtained its Temporary Occupation Permit (TOP) in August 2023 and has 180 unsold units, most of which are 1-bedders and 2-bedders.
Booking of units will start on 16 March 2024.
3. CDL sells 61 Lumina Grand units during the second balloting
Lumina Grand, City Developments Limited’s (CDL) 512-unit condominium project, sold 61 units during its second balloting, reported Singapore Business Review citing Huttons data.
This brings total sales at the project to almost 70% after one month of sales.
Of the 61 units shifted during the second balloting, 59 were 3-bedroom and 4-bedroom units.
Huttons shared that the majority of the buyers were from the Choa Chu Kang, Bukit Batok, and Bukit Panjang areas.
It added that almost all of the buyers opted for the deferred payment scheme.
“Opting for a deferred payment scheme allows buyers to have the best of both worlds,” said Huttons.
“They can still upgrade their lifestyle yet conserve their cash for a safety net,” it added.
4. Lentor Mansion opened for preview, prices start from $2,082 PSF
GuocoLand has opened Lentor Mansion – its third condominium launch within the Lentor Hills estate – for preview on 1 March 2024 with prices starting from $2,082 PSF.
Its first two were Lentor Modern and Lentor Hills Residences.
Occupying a 2.2ha site, Lentor Mansion will feature 533 condominium units spread across three 16-storey towers as well as three eight-storey blocks – “making it the largest site and lowest in density among all plots sold under the Government Land Sales Programme in Lentor to-date,” said GuocoLand.
2-bedroom units are offered from $1.149 million or $2,180 PSF, 3-bedders from $1.702 million, or $2,165 PSF, 4-bedders from $2.635 million, or $2,148 PSF, while 5-bedders are priced from $3.176 million, or $2,139 PSF, reported The Business Times.
Sizes of the units range from 527 sq ft to $1,507 sq ft.
GuocoLand acquired the Lentor Mansion site with Hong Leong Holdings for $486.8 million in April 2023.
Dr Tan Tee Khoon observed, “The fact that over 5000 property seekers visited the Lentor Mansion show flat over 1 to 3 March 2024 was astounding for the 533 unit project and the first new launch development which consists of 45 units of 5-bedders with sizes varying from 1,485 sq ft to 1,507 sq ft priced a tad above $3 million.
This is part of the ‘Mansion’ series of design concepts that GuocoLand is bringing to the Lentor area, with a black-and-white themed clubhouse which provides for social interaction and also a business centre that caters for remote working. The unique proposition that the developer is bringing demonstrates their intention to shape a new private residential enclave in the making. Lentor Mansion will appeal to the palette of exclusive property seekers looking to make their home in District 26.”
Sales booking for Lentor Mansion, which is expected to be completed by end-2027, will commence on 15 March 2024.
5. Nanshan Group launches Ardor Residence
Ardor Residence – a freehold condominium project of Nanshan Group at 181 Haig Road – has been launched for sale on 6 March 2024 offering 35 well-designed units spread across a five-storey block.
Buyers can choose from 2-bedroom plus study units to four-bedroom plus study apartments. The District 15 development also has penthouse units.
With sizes ranging from 861 sq ft to 1,776 sq ft, units come with distinctive finishes and luxury appliances from Bravat and Bosch.
Amenities at the development include a gymnasium, a swimming pool, BBQ pits and 24-hour security.
A seven-minute walk to Katong Shopping Centre, the development is also within one kilometre of various schools including Tanjong Katong Primary School, Tanjong Katong Secondary School, Haig Girls’ School and Chung Cheng High School.
Ardor Residence is set to receive its TOP in 2027.
6. 10,000 new homes to be built in Yishun, new housing area to rise at Gillman Barracks
To meet housing demand, Minister for National Development Desmond Lee revealed plans to launch new housing areas in Yishun and Gillman Barracks.
About 10,000 homes will be built in Yishun’s new housing area at Chencharu, located near Khatib MRT station.
Of these, at least 80% will be public housing. The first BTO project, which is set for launch in June 2024, will offer around 1,200 units of 2-room Flexi to 5-room flats. Other projects within the area will be progressively launched in the coming years.
Over the longer term, the government is also studying the possibility of developing a new residential neighbourhood at Gillman Barracks. The new neighbourhood will comprise a mix of private and public housing as well as public spaces and amenities.
Environmental and heritage studies will start in the second quarter of 2024, with completion expected around the first half of 2026.
Predominantly zoned “Reserve Site” under the 2019 URA Master Plan, Gillman Barracks is currently occupied by various interim uses such as creative lifestyle, arts, F&B and office uses, with tenancies progressively expiring by 2030.
7. Redevelopment of Gillman Barracks should balance heritage and environmental needs
With demand for Gillman Barracks homes expected to be robust, experts underscored the need to balance the potential development of the area with considerations for its heritage and environmental value, reported CNA.
Notably, new public housing at Gillman Barracks are expected to fall under the Prime or Plus classifications given the site’s central location and lack of new housing options within the area.
Located near the city centre, Gillman Barracks is within proximity to the Labrador MRT station, a business park in Pasir Panjang as well as the future Greater Southern Waterfront district.
Experts believe preservation of the area’s history is essential, with some suggesting a heritage impact assessment (HIA) to ensure the site “will remain meaningful for current and future generations”.
Meanwhile, the forested area in Gillman Barracks is ecologically valuable, not only serving as a habitat but also as a corridor for wildlife to move from the Southern Ridges to Bukit Timah and the Central and Western catchment areas.
“Remove the forested area of Gillman entirely and the ability of wildlife to move from north to south across the island, and then east and west along the southern shores, could be curtailed considerably,” said Dr Shawn Lum, Nanyang Technological University’s Senior Lecturer at Asian School of the Environment.
8. Island View relaunches en bloc sale, reserve price may be slashed to $532 million
Island View, a freehold development in Pasir Panjang, has been relaunched for collective sale at a current reserve price of $575 million.
This works out to a land rate of $1,634 PSF per plot ratio (ppr), including the latest land betterment charge (LBC) and the 7% bonus balcony space.
The development was previously put up for en bloc sale for $575 million in 2023. Its tender closed with no bids received.
The lower reserve price of $532 million translates to a land rate of $1,542 PSF ppr including the LBC and the 7% bonus balcony space.
Featuring 72 residential units, Island View occupies a 28,757.3 sq m (309,543 sq ft) site that is zoned for residential use under the 2019 URA Master Plan with a gross plot ratio of 1.4. As such, there is potential to redevelop it by up to five storeys high with 402 new units, based on an average unit size of 100 sq m.
The tender for Island View closes on 16 April 2024.
9. Pine Grove makes another en bloc attempt
Pine Grove, a condominium situated off Ulu Pandan Road, has been relaunched for collective sale with a reserve price of $1.95 billion, reported CNA.
This works out to a land rate of around $1,440 PSF ppr “after factoring in (an) additional 10% bonus gross floor area under the various incentive schemes and inclusive of an estimated land betterment charge of $1.02 billion for intensification and (a) lease upgrade for a fresh 99-year lease”, said ERA Singapore CEO Marcus Chu.
However, there is a possibility that the price may be lowered to $1.78 billion as owners started signing a supplemental agreement for a reduced price.
Chu shared that over 60% of owners have signed the supplemental agreement as of 3 March.
The former Housing and Urban Development Company (HUDC) estate comprises 660 units on an 82,982.8 sq m site that has 59 years left on its lease.
Under the 2019 URA Master Plan, the site is zoned for residential development with a gross plot ratio of 2.1. This means it could potentially yield up to 2,050 new units, subject to the authorities’ approval.
The tender for Pine Grove closes on 6 May 2024.
10 Proportion of resale flat buyers paying COV dropped since the increase in CPF Housing Grants
The proportion of resale flat buyers paying cash over valuation (COV) has declined by 50% since 2021 following the enhancements to the Central Provident Fund (CPF) Housing Grant in February 2023, reported TODAY.
Senior Minister of State for National Development Tan Kiat How said around 18% of resale flat buyers paid COV after the enhancements, a significant decline from about 29% in 2022 and 36% in 2021.
He was replying to MP Xie Yao Quan’s (Jurong Group Representation Constituency) question on the proportion of resale flat buyers paying COV since the adjustment in the CPF Housing Grant.
On whether the government would consider a “tiered system”, in which the CPF grant is pegged at different amounts of COV, Tan explained that implementing such a system can give rise to abuses given that COV is determined on a willing-buyer-willing-seller agreement.
“Because it’s a willing-buyer-willing-seller agreement, there’s a high chance of it being hard to enforce because buyers and sellers could collude to circumvent the restrictions,” said Tan.
11. Tengah’s first neighbourhood centre to open in Q2 2024
Tengah’s first neighbourhood centre, called Plantation Plaza, will open in the second quarter of this year, featuring 75 shops across five floors, reported CNA.
The shops will open progressively, beginning with a supermarket and a food court, said HDB.
Plantation Plaza will be integrated with a BTO project, Plantation Village that was completed in January 2024.
Its construction was timed to be completed at around the same time as the four nearby BTO precincts – namely, Plantation Acres, Plantation Grange, Plantation Village, and Plantation Grove.
“Similar to other neighbourhood centres, the upcoming Plantation Plaza will be completed after some critical mass of residents has built up, to ensure business viability for retailers,” said HDB.
To support businesses during their initial tenancy period, new shop tenants will be offered staggered rent discounts.
Meanwhile, a retail street will connect the neighbourhood centre to Block 127A to 126A of Plantation Village. This will provide residents with sheltered pedestrian access to the future MRT station on the Jurong Region Line.
HDB shared that a residents’ network centre as well as a preschool are also expected to be completed in Q2 2024.
12. New online platform to help individuals in need of emergency housing during national crises
An online crisis portal where homeowners can list their properties for emergency housing during a national crisis is being set up, reported CNA.
The first of its kind within Singapore, the initiative was announced by the Ministry of National Development (MND) and MOGUL.sg in a joint release.
“Individuals in need of emergency housing during national crises can access the portal to view the available properties and accompanying terms and conditions set by homeowners detailing the length of stay, suitability for families or pets, and other relevant conditions,” they said.
They noted that the portal will prove useful during crisis scenarios which create an urgent need for emergency housing.
The portal will be integrated into the platform of MOGUL.sg and will be activated only during a national crisis.
The portal’s operational costs will be absorbed by MOGUL.sg. Eligibility verification processes as well as a legal framework will be established to protect users.
13. Singaporean gets jail for helping foreigners buy over $6 million in restricted properties
A 57-year-old Singaporean man, Tan Hui Meng, has been sentenced to jail for assisting foreigners to purchase over $6 million worth of restricted properties, reported CNA.
Tan, who is an undischarged bankrupt, was sentenced to two years, three months and two weeks’ imprisonment as well as a fine of $3,000 after he was found guilty of eight charges under various Acts. These include the Oaths and Declarations Act, Land Titles Act, Residential Property Act and Housing and Development Act.
The charges arise from his involvement in buying or abetting the acquisition of three landed housing along East Coast Road for his business associate – Zhan Guotuan.
An experienced and wealthy businessman from China, Zhan plans to purchase all the houses along East Coast Road, where the three properties are situated, and develop them into a condominium. In fact, he had collaborated with Tan on previous development projects, such as Ceylong Residence and Tembeling Court.
The prosecutors noted that Tan persistently lied about the true identity of the buyer, insisting that he had bought the three properties at East Coast Road for himself.
“The accused knew that Zhan’s foreign speculation on the land in Singapore was highly profitable, and it was for this reason that the accused had gone out of his way to commit the offences,” they said.
Tan plans to appeal against his sentence and conviction.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
