Newsletter Oct 2024
By Kelvin Sin | Livefree.sg | 2 Nov 2024
1.1 Property Price Index
1.2 Supply & Demand
1.3 New Home Sales
1.4 Resale Volume
1.5 HDB Resale Volume
2. New Projects
3. Government Land Sales
4. Collective Sales (Enbloc)
1.1 Property Price Index
Prices of landed properties decreased by 3.4% in 3rd Quarter of 2024, reversing the 1.9% increase in the previous Quarter. Prices of non-landed properties decreased by 0.7% in 3rd Quarter 2024, reversing the 0.9% increase in the previous Quarter. HDB's Resale Price Index (RPI) for 2nd Quarter 2024 is 187.9, representing an increase of 2.3% over the 1st Quarter of 2024.
1.2 Supply & Demand
Developers launched 1284 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2024, compared with 634 units in the previous quarter. 5,372 Non-Landed Private residential units were sold in 3rd Quarter 2024, compared with 4,915 in the previous Quarter.
1.3 New Home Sales
Developers sold 1,160 Non-Landed private residential units (excluding ECs) in 3rd Quarter 2024, compared with the 725 units sold in the previous Quarter.
1.4 Resale Volume
There were 3,860 resale transactions & 352 sub-sale transactions in 3rd Quarter 2024, compared with the 3,802 units & 388 sub-sale transacted in the previous quarter. Resale transactions accounted for 71.9% of all sale transactions in 3rd Quarter 2024, compared with 77.4% in the previous Quarter.
1.5 HDB Resale Volume
Resale transactions for 3rd Quarter 2024 rose by 10.7%, from 7,352 cases in 2nd Quarter 2024 to 8,142 cases. Compared to 2nd Quarter 2024, resale transactions in 3rd Quarter 2024 were 2.7% higher compared to 2nd Quarter 2023.
2.1 Norwood Grand Sells 84% on Launch day
City Developments Ltd (CDL) recently launched Norwood Grand, a new condominium in Woodlands, Singapore. The development comprises 348 units and is located on Champions Way, near Woodlands Avenue 1. During its launch weekend on October 19, 2024, Norwood Grand achieved impressive sales, with 292 units (84%) sold at an average price of $2,067 per square foot (psf), setting a new benchmark for the Woodlands area. Norwood Grand is strategically situated within a five-minute walk of Woodlands South MRT Station on the Thomson-East Coast Line, enhancing its appeal to buyers seeking convenience and connectivity. The strong sales performance reflects the growing interest in the Woodlands area as it transforms into a vibrant economic hub. CDL’s Group CEO, Sherman Kwek, expressed confidence that Norwood Grand will attract buyers who value its strategic location and the area’s promising development prospects. Starting prices are as follows: •One-bedroom plus study (495 sq ft): Starting from $988,000 ($1,996 psf) •Two-bedroom (624 sq ft): Starting from $1.238 million ($1,984 psf) •Three-bedroom deluxe (883 sq ft): Starting from $1.698 million ($1,923 psf) •Four-bedroom deluxe plus study (1,173 sq ft): Starting from $2.238 million ($1,908 psf)
2.2 Meyer Blue Sold 50% on Launch day
On October 5, 2024, UOL Group and Singapore Land Group (SingLand) launched Meyer Blue, a luxury condominium on Meyer Road in District 15, East Coast. The development features 226 freehold units, ranging from two- to five-bedroom apartments and two penthouses. During the public launch, over 50% of the units were sold at an average price of $3,260 per square foot (psf). The breakdown of unit types and their starting prices is as follows: •Two-bedroom premium (667 sq ft): Starting from $2.014 million ($3,019 psf) •Three-bedroom (990 sq ft): Starting from $2.955 million ($2,985 psf) •Four-bedroom premium (1,518 sq ft): Starting from $4.478 million ($2,950 psf) •Five-bedroom suite (1,905 sq ft): Starting from $5.593 million ($2,936 psf) Additionally, two penthouses were sold: a 2,949 sqft unit for $10.08 million ($3,418 psf) and a 2,992 sq ft unit for $10.28 million ($3,436 psf). The majority of buyers were Singaporeans and Permanent Residents, with one foreign buyer who is a U.S. citizen. The development’s appeal is attributed to its prime location, freehold tenure, and well-designed luxury offerings. Meyer Blue is situated within walking distance of the Katong Park MRT Station on the Thomson-East Coast Line, providing residents with convenient access to the city. The project offers unblocked views of the sea, the landed housing estate of Meyer Road, and the Marina Bay area.
3.1 Four new Sites added into the 2H 2024 Government Land Sales Programme
The Singapore government has released four residential sites under the 2H2024 Government Land Sales (GLS) Programme. Two sites, Lentor Gardens and River Valley Green (Parcel B), have been launched for sale under the Confirmed List. The remaining two sites, Marina Gardens Lane and Woodlands Drive 17, are available for application under the Reserve List. Lentor Gardens site Spanning 222,161 sq ft, is the seventh plot in the developing Lentor Hills Estate and could yield approximately 500 units. River Valley Green (Parcel B) plot With a GFA of 126,325 sq ft, could accommodate about 475 residential units and will have direct access to the nearby Great World MRT Station along the Thomson-East Coast Line. The Woodlands Drive 17 site Designated for the development of a 420-unit executive condominium (EC). The Marina Gardens Lane site Spanning 64,663 sq ft, is zoned residential with commercial at the first storey and is close to the upcoming Marina South MRT station on the Thomson-East Coast Line.
3.2 Tampines Street 95: Breaks New Record with $768 psf ppr for Executive Condominiums
Sim Lian Group has submitted the highest bid of $465 million for a 241,982 sq ft Executive Condominium (EC) site at Tampines Street 95, translating to $768 per square foot per plot ratio (psf ppr). This bid sets a new record land rate for ECs, surpassing the previous high of $729 psf ppr set in August for a site at Jalan Loyang Besar. The tender, which closed on October 24, attracted five bids. The second-highest bid of $457.52 million ($756 psf ppr) came from a joint venture comprising Santarli Realty, Apex Asia, Kay Lim Holdings, and Heeton Holdings, just 1.6% below Sim Lian’s offer. The EC site at Tampines Street 95 has a gross plot ratio of 2.5 and is expected to yield about 560 units. It is located near Tampines West MRT station on the Downtown Line and is close to an upcoming mixed-use project at Tampines Street 94. Sim Lian is familiar with the Tampines area, having developed the 2,203-unit private condo Treasure at Tampines and the 670-unit The Tampines Trilliant EC. They also have an upcoming EC, the 760-unit Aurelle of Tampines at Tampines Street 62, scheduled for launch next year. The new EC project at Tampines Street 95 is expected to benefit from its proximity to reputable schools such as Red Swastika School and St Hilda’s Primary School, making it attractive to families with school-going children.
3.3 Media Cirlce: Third Land Bid Rejected by URA
(3) Media Circle In October 2024, URA rejected a $120.09 million bid from a consortium led by Frasers Property for a 62,046 sq ft site at Media Circle. This site was designated for long-stay serviced apartments with a 60-year lease. The sole bid, amounting to $461 per square foot per plot ratio (psf ppr), was deemed insufficient. This marks the third land bid rejected by URA, demonstrating its commitment to ensuring land sales reflect fair market value, even if it means withholding awards when bids do not meet expectations. (2) Jurong Lake District In September 2024, a consortium’s bid for a 6.5-hectare white site in Jurong Lake District was also rejected. The bid of $640 psf ppr was considered too low for the site, which was intended to be developed into Singapore’s second Central Business District. (1) Marina Gardens Crescent Earlier, in February 2024, URA declined a $770.5 million bid ($984 psf ppr) from a consortium led by GuocoLand for a 99-year leasehold plot at Marina Gardens Crescent. The bid was the only one received and was assessed to be too low. These instances highlight URA’s firm stance on maintaining the integrity of land values, ensuring that awarded sites uphold fair market standards and contribute to Singapore’s long-term urban planning goals.
3.4 Tampines St 94: Hoi Hup & Sunway Tops Bid at $1,004 psf ppr
A joint venture between Hoi Hup Realty and Sunway Developments has secured a government land sale (GLS) site at Tampines Street 94 for $668.28 million. This 99-year leasehold plot spans approximately 253,068 square feet and is designated for a mixed-use development. The winning bid translates to a land rate of $1,004 per square foot per plot ratio (psf ppr), narrowly surpassing the second-highest bid of $985 psf ppr from Sing Holdings Residential. The developers plan to construct a 596-unit residential project atop a one-storey commercial podium encompassing about 120,000 square feet of retail space. The development will also feature an early childhood development facility, a community plaza, and a direct underground link to the Tampines West MRT station on the Downtown Line. Wong Swee Chun, chairman of Hoi Hup Realty, anticipates that the future mixed-use development will serve a new HDB neighborhood of more than 5,000 homes. He notes that the new residential units will appeal to those seeking a home in a mature estate. The site is conveniently located near SAFRA Tampines, Our Tampines Hub, Bedok Reservoir Park, and Temasek Polytechnic. It is also within walking distance of Junyuan Primary School, enhancing its attractiveness to families.
4.1 Thomson View Condominium Enbloc: Biggest Deal in 2024
UOL Group and CapitaLand Development (CLD) have entered into a put-and-call option agreement to purchase Thomson View Condominium for $810 million, marking the largest en bloc deal in Singapore for 2024. Thomson View is a 255-unit private condominium located on Bright Hill Drive. Completed in 1987, it occupies a 504,314 sq ft site with a 99-year lease starting from April 7, 1975, and has a plot ratio of 2.1. The Thomson View site is an elevated, sprawling 5-hectare site that enjoys spectacular unblocked views. It has strong locational attributes, with Upper Thomson MRT Station at its doorstep, popular schools such as Ai Tong School within a 1km radius, nearby amenities including Thomson Plaza, and close proximity to parks and nature reserves. Thomson View was relaunched for tender in February 2024 at $918 million, with Edmund Tie as the marketing agent. A second tender in July closed on September 6 with no bids. The reserve price remained at $918 million under the collective sale agreement. However, owners had commenced signing a supplemental agreement to lower the reserve price to $808 million. Over two weeks, about 65% of the owners agreed to the revised reserve price, which would take effect only after 80% of the owners by strata area and share value signed the supplemental agreement. The $810 million price is 11.8% below the original reserve price of $918 million. This translates to $1,178 per square foot per plot ratio (psf ppr) after factoring in land betterment charges and a lease upgrading premium for a fresh 99-year lease. The option to purchase is subject to 80% of the strata-titled owners agreeing to the price. This acquisition underscores the strategic importance of the Thomson View site, given its prime location and potential for redevelopment. The collaboration between UOL and CapitaLand Development reflects their confidence in the site’s value and future prospects.