The Urban Redevelopment-Authority has made a recent declaration with regards to a tender for a sought-after commercial and residential site in a Singapore rising town of central Sengkang. The tender was awarded to CapitaLand & City Developments LTD (CDL), out of four short-listed tenders, for a 99-year leasehold site next to the Buangkok MRT Station.
Successful Tender Price
CapitaLand & City Developments Ltd (CDL)’s joint venture won at a price of $777,78 million compared to their competitors’ bids that ranged between $608 and $682 million. The winning bid works out to $923,59 per square foot per plot ratio.
The two companies bid as a joint venture is CapitaLand & City Developments Ltd (CDL). CapitaLand was found in 2000 and is presently one of the largest real estate companies in Asia. The company manages over 93 billion Singapore Dollars and operates in over 30 countries and 150 cities. CapitaLand’s portfolio consists of shopping malls, offices, homes, serviced residences, integrated developments, and real estate investment trusts (REITs) and funds.
City Developments Ltd (CDL) has a longstanding reputation for excellence and experience since they were first founded back in 1963. With its long run of over 50 years in the industry, the company is established in 20 countries in Asia, North America, Europe, and Australasia, and owns over 250 subsidiaries. Currently, the company is the second-biggest property developer in Southeast Asia, with a market capitalization of $5,8 billion (US dollars).
Details of Tender
The residential and commercial site that was the focus of the tender is one of the biggest plots awarded since 2015, with a land surface of over 400 000 square feet. The tenders for the concept and price revenue were announced for sale at the end of last year, 28 December 2017, and closed less than six months later on 21 June 2018. A final total of seven concept proposals were received to tender for the site.
The tender process consisted of each prospective company forwarding two envelopes with their concept proposal and tender prices kept separately. Four contenders where then chosen first based on their concept, and thereafter the tender was rewarded to the company with the largest bid.
Four companies were shortlisted:
1. City-Development Ltd & CapitaLand; bid of $777,8 million
2. Perennial Singapore & Qingjian Reality; bid of $682 million
3. Singapore Press-Holdings & Kajima Development; bid of $636,39 million
4. Wing Tai Holdings & Keppel Land; bid of $608,9 million
Winning Concept Proposal
The joint-venture companies, CapitaLand & City Development Ltd (CDL) expect to have completed the project by 2022. The planned amalgamated development will come with a combined community and transport hub on the first floor of the building, with direct access to Buangkok M.R.T Station and the impending bus interchange. The second floor will host a hawker centre, and the next three floors will span the community club. A civic plaza, childcare centre and other recreational facilities are also planned.
CapitaLand & City Development Ltd (CDL)’s objective of the site is to convert it to a popular and focal landmark for the Bangkok neighbourhood. There will also be a total of 700 apartments on the site.
The successful proposal proved that their structure designs and outlines will cater to the considerable figure of people proposed to visit the development. It also contained proposals that will make the development more pedestrian-friendly and aesthetically pleasing. The winning proposal also provided space where one can host events and gatherings.
History of Sengkang
Located in the North-East Region of Singapore, Sengkang is both a development and a residential area. Today, the city is experiencing increasing development to renovate the once fishing village into a mature housing estate. The town is split into four neighbourhoods, Rivervale, Anchorvale, Compassvale, and Fernvale. Sengkang’s history is split into marine history and sprawling plantations.
The first apartments constructed in Sengkang was in Rivervale back in 1997, and as of the end of March 2017, almost 66 000 Housing and Development Board (HBD) residences have been constructed. Various organisations have been approved in a mission to turn the once village into a more residential-friendly neighbourhood.
Latest surveys indicated that Sengkang has over 232 100 people for its 10,59 km2 surface, a 281% increase since 2010, meaning there is plenty of need to supply housing to its ever-growing population. The growing town is also fully equipped with solid transportation services consisting of the railway, public transport by means of taxi and bus, and private transport.
Back in 2016 when South Beach Residences TOP and launched its preview, the hyped up Luxury Condominium halted sales and preferred a vacant period to selling off to the hype. Citing reasons, “Sometime in 2014, CDL, South Beach Residences’ developer, turned down an offer of $26 million for one of its penthouses citing imperfect timing to launch the project. It did not wish to sell any unit until market conditions were suitable.”
This quarter of 2018, CDL reannounced plans to put South Beach Residences back to the market, suggesting that the market is right and primed for real estate. This could potentially mean the property outlook is strong for the next few years and while prices are rising, it is a great opportunity to spring into the first wave of purchases before prices skyrocket due to market speculation.
What is South Beach Residences all about?
South Beach is the epitome of the definition of an integrated development. Situated right in the heart of the most happening and busiest district of Singapore, the development will consist of 5 Star Hotel, upscale Grade A Offices, Luxury Retail, Ballrooms, Business Centres and restaurants. South Beach Residences gives the opportunity to own an ultra-luxury residential unit in this mega-development. Jointly developed by City Developments Limited and IOI Group, South Beach is located next to the Esplanade MRT and City Hall MRT and within Downtown.
The Condo itself includes about 500,000 sq feet of office space, 190 apartments, a 654-room hotel, about 37,000 sq ft of retail space and a 29,000 sq ft private club. You can guess why it attracted an excited crowd especially investors from around the region. Everyone wants to get a foot into this prime condominium since its becoming of an integrated resort-like development like the previously acclaimed Marina Bay Sands.
Property boom in 2018
Previously mentioned, we expect the real estate market to go nuts in 2018. This is in line with what we observe thus far: More and more new condo launches with up to 6,000 residential units up for grabs in Singapore. “This year, 18 private residential projects with an estimated 6,000 units were launched for sale, says Ong Teck Hui, JLL national director of research. He foresees about 20 projects being launched next year, yielding 8,000 to 9,000 units. Ong’s forecast for new home sales in 2018 is 11,000 to 12,000 units.” Up from 11,000 projected sales in 2017, this is roughly an 8.3% increase in projected sales. In fact, there has been a 38% increase in sales as we moved from April to May. No wonder South Beach Residences has always been ready for this moment – they wanted prospect buyers who are able to an ultra-luxury development like this!
What makes South Beach Residences so attractive?
Being an all-integrated mega development (the 29,000 sqft private club makes it crazy alone!), here are the main reasons why South Beach Residences is so attractive:
- Iconic Architecture
- Surrounded by Iconic Buildings and Monuments
- Ultimate Convenience – Dining, Retails, Drinking, Clubbing under 1 Development
- Access 3 MRT Lines via underground walkways
- Spectacular Views
- Destination in its own right
- Truly the “One-In-A-Million” Development, made for the wealthy
To quote from the developer:
“Fine craftsmanship. Thoughtful finishing. South Beach Residences caters to the most discerning. Each unit is furnished with quality appliances and fittings from leading international brands such as Miele, Duravit and Keuco, infusing every unit with a sense of modernity and timelessness. Exquisitely designed, these homes set the benchmark for urban luxury.”
Since South Beach Residences is developed beside the CBD, the site itself is fantastic. Get views of the sea, Singapore CBD skyline and the Marina Bay reservoir area all under 1 roof with a good bird’s eye view of the city landscape. Furthermore, the condo is rich in heritage too – The south-west face will open onto the War Memorial Park which houses the Civilian War Memorial monument. This is one of Singapore’s most famous heritage landmarks (completed and unveiled in 1967). It is highly unlikely this site will ever be redeveloped anywhere in the near future. Beyond that is the Padang and Esplanade Park which are open greenery space. This will probably be where the prime stacks will be facing as this frontage offers the best-unbridled view of the CBD skyline and the Marina Bay area.
A Luxury Development alongside Positive Real Estate Outlook
In Mathematics, you learn that two positives create a greater output. And here’s the situation developing for South Beach Residences. On one hand, a highly reputable development with incredible amenities, prime location, and one of the best views in the city. On the other hand, a property outlook that looks like it’s ready to charge into a bullish movement anytime. Which is why we think that South Beach Residences is set to boom for 2018.
In case you were wondering, the unit sizes are atypical of Singapore housing – they are fairly huge (Of course with a greater price to pay):
- 88, 2-bedrooms (968 – 1647 sqft)
- 61, 3-bedrooms (1,733 – 2,260 sqft)
- 35, 4-bedrooms (2,282 – 2,627 sqft)
- 3, 3-bedroom penthouse (3,581 – 5,048 sqft)
- 2, 4-bedroom penthouse (4,127 – 5,629 sqft)
- 1, 5-bedroom penthouse (5,768 sqft)
The current prices psf are not officially released yet, and we advise interested buyers to contact us to get an early preview during the relaunch, together with any E-brochures disbursement.
How the surrounding area – South Beach Avenue – makes the development even better
Enough about the Condo, let us take a quick dive into what makes the area so special.
South Beach Residences is located right at 38 Beach Road, surrounding South Beach Avenue. South Beach Avenue spans 32,000 sqft located within the basement, street level and conservation heritage buildings, South Beach Avenue has attracted many crowds from the Civic District. With direct connections to Esplanade MRT station and City Hall MRT interchange, many can now seamlessly enjoy convenient access to dining establishments and drinking experiences in South Beach Avenues’ expansive and generous spaces and exquisite.
For the foodie, South Beach Singapore is home to 16 dining and lifestyle concepts, including more than 10 restaurants, cafes and drinking places. You’ll never get to miss a day without a drink or two (Or a good night out!)
So be ready to enjoy your lifestyle when you finally decide to be a resident of South Beach Residences!
Finally, how to find out more about South Beach Residences?
Learn more about the project details and the Condo itself when you visit our main page at https://southbeachresidences-official.sg. For those who want to get a more personalized touch and an experienced consultant to understand and help you plan for the best suitable units for your purchase, then simply drop us an enquiry email at here.
Affinity @ Serangoon @ Serangoon North Estate and Serangoon Gardens (Formerly Serangoon Ville, Enbloc)
Affinity @ Serangoon, an upcoming residential area at Serangoon North, located in the northeastern part of Singapore was successfully acquired by Oxley Holdings for S$499 million. (See: Former HUDC estate Serangoon Ville sold en bloc for $499 million) The old Serangoon Ville enbloc is a 244 unit development features three blocks of 13-storey and four blocks of four-storey walk-up apartments.
The Oxley-led CONSORTIUM includes Oxley that takes up a 40 percent stake in the consortium; the balance is equally split among Lian Beng Group, Unique Invesco Pte Ltd and Apricot Capital. Unique Invesco is a 37.5 percent indirect associate of KSH Holdings; Apricot is the private investment firm of Super Group’s Teo family. The consortium also has to pay $195 million in estimated charges to top up the lease to 99 years and intensify the land use.
Each unit is expected to receive between S$2 million from the sale, higher than the previously estimated S$1.6 million to S$1.7 million, ERA said. The estate had 69 years left on its lease.
Information on Enbloc of Serangoon Ville that will transform into Affinity @ Serangoon.
In July 25th, 2017, the tender was closed and a total of 5 competitive bids were received with prices well above the owners’ asking price. More than 80 percent of the owners agreed for an en bloc sale, which resulted in the property to put up for sale. After the sale is completed successfully, and conditions met, each owner will receive about S$2 million for their property. As usual, before the project launch announcement, it has to undergo some pending government paperwork and clearance from the authorities for a full go-ahead. As of now, Oxley Holdings has officially announced the name to be Affinity @ Serangoon. This new Condo launch in Singapore is expected to build great hype and excitement since it is located in a premium matured estate.
Since the CONSORTIUM leading this project is a major player in the industry, there is hardly an occasion when an obstacle has stopped or delayed a project as massive as this. Affinity @ Serangoon will be built with the family in mind and will consist of approximately 1052 units, with strata landed and 5 commercial shops. Featuring units with a variety of 1br to family-sized units, most of the units will be north-south facing and enjoy convenience and amenities in Serangoon North mature estate.
According to sources, this new development of the Affinity @ Serangoon condo is calculated to feature a land rate of $835 per sq ft per plot ratio. Oxley has been famous for developing luxurious condos and units for residential purposes and it is highly likely that this project will also be fully developed for a luxurious unit, resembling most of Oxley’s significant projects.
Short History of Serangoon North Estate where Affinity @ Serangoon is located.
Serangoon Gardens was formerly a residential estate for the British (and some Australian and New Zealand) soldiers and airmen, where some of them were based in the nearby RAF (Royal Air Force) Chia Keng Camp, until the early seventies.
The name Serangoon is likely to be derived from burong ranggoon, referring to a species of black and white stork that lives around Sungei Serangoon (formerly called Rangoon River). Satu, or one in Malay, was added to the name, thus becoming Saranggoon. This name was used for a long period of time before it eventually evolved to Serangoon. During the Japanese Occupation, large plots of flower farms were cultivated in this region, leading to the naming of the estate as Serangoon Gardens.
URA Masterplan For Developing Serangoon Where Affinity @ Serangoon is
The site is within URA’s Serangoon Planning area. Comparative developments in the area include Kensington Park, Affinity @ Serangoon by Oxley Holdings. Slightly further to the East will be Terrasse. There has been a drought for new condominium launches in the estate and so Affinity @ Serangoon will together with Keppel and Wingtai The Garden Residences will rejuvenate and revitalise the entire area and neighbourhood, the value of the estate will be raised and tremendous amounts of activities and vitality will be injected into the estate.
Important Breakdown and Preview of Affinity @ Serangoon
Let’s look at the compelling reasons to select Affinity @ Serangoon as your investment property and choice. Our developer team has a breakdown and you may refer to Affinity @ Serangoon Prices here.
- Good Roads and Transport Connectivity
- Nearby Good Local and International School
- Centralized Location and Minutes to Town, Harbourfront, Central Business District and also South Marina Bay
- Near to Amenities such as NEX and Food Haunts such as Chomp Chomp Food Centre.
- Strong Tenant Base with expected expatriate demand from Lycee Francais de Singapour
- Strong Tenant Base from Surrounding Business Parks such as Amk Industrial Park and Serangoon North Industrial Estate
- Great for Families looking for a home near good schools and strong amenities
- Luxurious Living and Fittings
Hype and Launch of Affinity @ Serangoon: What’s Next?
Since the official launch of Development name, Affinity @ Serangoon was just announced on 15th May 2018, we expect a hype build up as we continue to provide the latest news and updates. More importantly, the E-brochures, floor plans, and site plan will be crucial to determining the value of this Condominium at Serangoon North.
It is important to note that former HUDC estates, which tend to be huge under-built swathes of land, have featured strongly in this year’s list of awarded collective sales, with successful developers hoping to intensify the number of units by three to five times the existing capacity. This includes estates like Affinity @ Serangoon, and Riverfront Residence (formerly Rio Casa Enbloc).
If you would like to follow up on the updates of Affinity @ Serangoon, we highly recommend that you refer to the official site source here: https://affinityatserangoonville.sg. Early preview usually means you get access to early information that can help with decision making on the purchase of Condominiums in Singapore. Subsequently, you should base your decision on the floor plan layout and sizes – PSFs are important but the layout is equally important, so be sure to make informed decisions and do your due diligence before any purchase!
The rate at which ministry budgets can expand is to be further reined in, in a move to emphasise the need to be prudent with spending.
From April 1 next year, ministries’ “block” budgets can grow only at 0.3 times gross domestic product (GDP) growth, down from the current rate of 0.4, Finance Minister Heng Swee Keat said yesterday.
Last year, a permanent 2 per cent downward adjustment was announced to the budget caps of ministries and organs of state.
The latest measure comes as Singapore faces higher healthcare and infrastructure costs in the years ahead. Infrastructure spending will double from $8.5 billion in FY2011 to hit an estimated $20 billion in the upcoming financial year, while healthcare spending is set to have expanded from $3.9 billion to an estimated $10.2 billion over the same period.
Mr Heng said that Singapore has been able to get good value for its money, delivering good outcomes in areas like healthcare and education, which are highly ranked internationally.
But Singapore must continue to carefully manage expenditure growth, and “get the best value for every dollar we spend”, he added.
Agencies are already taking steps to become more efficient and effective, said Mr Heng. For example, the Land Transport Authority’s East Coast Integrated Depot – a four-in-one rail and bus depot – has achieved significant cost and land savings. The project, targeted for completion in 2024, will contain three train depots and one bus depot within a 36ha site, freeing up 44ha of land, an area the size of 60 football fields.
Emerging technologies can also be tapped, he added. In 2016, for instance, Nanyang Technological University and JTC Corporation developed a robot which can inspect buildings for defects, reducing manpower and time needed by 50 per cent.
Singapore University of Social Sciences economist Walter Theseira said that ministries can better manage their spending by evaluating programmes for cost-effectiveness.
For instance, the SkillsFuture credit scheme, which gives $500 in credits to Singaporeans aged 25 and older to pay for training courses, can be reviewed to see if the subsidies provided are meeting national needs.
“Some people who take up the subsidies do not end up working in the industries that they take courses for, or have the wrong idea of what the training can achieve, which may not be the best use of public money.”
Read more: http://www.skillsfuture.sg/
DEVELOPER TAKE ON THE PROSPECTS OF SENGKANG / FERNVALE.
With Parc Botannia and her surrounding development, Sengkang will have tangible investment appreciation by 2025. Being the newest neighborhood in Sengkang, Fernvale will be part of Sengkang’s seven sub-zones to be completed by the Housing and Development Board (HDB Singapore). This zone is expected to stretch from Punggol River to Jalan Kayu, and will be rewarded with an abundance of housing amenities. Needless to say, Jalan Kayu will be the main food street for delicacies and future prime area for coffeehouses and cafes.
DEVELOPER BIDS AND DEVELOPMENT
As Parc Botannia is situated at an ideal and convenient location, this intricate condominium was tendered by a total of 14 proposals. The highest bid was brought forward by Sing Holdings and Wee Hur Development of a total bid value of S$287.1 billion. The runner up was China’s Constructions proposal at S$287.98 billion. All in all, Sing Holdings and Wee Hur Development has a renowned name in Singapore and we can expect the development to have a positive
Other bidders included China Construction (South Pacific) Development, Allgreen Properties, MCL Land (Regency), and Treasure View. This joint development will create positive hype and excitement for the residents of Sengkang. Interested buyers can take note on the latest updates of dates so you can plan your viewing. (See Above for Important Dates and Events).
PARC BOTANNIA CONDO: TRUSTED DEVELOPERS HISTORY AND BACKGROUND
The Urban Redevelopment Authority (URA) launched Parc Botannia for tender at Fernvale Road on September 27th.
Wee Hur Holdings is one of the developers working on the Parc Botannia. They have been creating housing residences in Singapore since their establishment in 1980. After 28 years, the company was listed on Singapore’s Exchange Mainboard on January 2008.
Sing Development is the other joint project development company that won the public tender for this project. They have been around since 1964. With over 50 years of experience, they are well-rounded, dedicated, and trusted to successfully complete this project. Recent developments by Sing Development include residential projects such as the BelleRive in Bukit Timah area or Waterwoods project in Punggol.
Parc Botannia: More Information and All You Need To Know
Parc Botannia condo has not been fully constructed and will TOP in Dec 2020. At the Parc Botannia show flat location, prospects will be able to view a three-dimensional replica of the building, get answers to any questions, and get up-to-date information and prices for
Parc Botannia @ Fernvale road will hold around 735 residential units, 17,196.4m2, a maximum gross floor area of 51,590m2 and a period of 99 years leasehold. Parc Botannia floor plan will range from 1 bedroom for small spaces living, to a deluxe 5 bedroom for a bigger family. Learn more: https://parcbotannia-condo.com.sg