Latest news with #HuttonsAsia
Business Times
7 days ago
- Business
- Business Times
HDB launches Sembawang executive condo site, Hougang mixed-use plot for tender; to yield over 1,000 homes
[SINGAPORE] The government released two plots for housing in Sembawang and Hougang for tender on Thursday (May 29), to yield a total of some 1,100 new homes. The Sembawang Road site for an executive condominium (EC) development spans 18,968 sq m (sq m), with a maximum gross floor area of 26,556 sq m for 265 homes. In Hougang Central, a 46,898 sq m mixed-use parcel with maximum gross floor area of 117,245 sq m is expected to provide 835 condo units and 40,000 sq m of commercial space. Market watchers expect strong demand for the new EC project, given the lack of supply of EC units in the north and high take-up rate of new launches. Mark Yip, chief executive of Huttons Asia, noted that recent EC project launches have seen 'very strong demand', pointing to Aurelle of Tampines which sold out in a month. It sold 682 of its 760 units on the first day of its launch in March, at an average selling price of S$1,766 per square foot. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Yip reckons the Sembawang site will attract up to eight bidders and a top bid between S$600 and S$700 per square foot per plot ratio (psf ppr). Demand for the project on the Sembawang EC site will likely come from Housing and Development Board (HDB) upgraders in Yishun, Sembawang and Woodlands, which have seen a shortage of EC developments in recent years, said ERA Singapore key executive officer Eugene Lim. He expects about 3,500 HDB flats in Yishun and Sembawang to fulfil their minimum occupancy period between 2026 and 2029. 'This should create a healthy supply of potential upgraders for the launch of the future project.' ECs have consistently been popular among upgraders due to more accessible pricing, even as its prices have climbed to new benchmarks. In 2024, new homes ranging from 900 to 1,000 square feet (sq ft) in the Outside Central Region (OCR) recorded a 42 per cent difference in median prices between ECs (S$1.48 million) and private condos (S$2.1 million). 'This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of S$16,000. Hence buyers, particularly HDB upgraders, see value in ECs,' said Lim. He noted that North Gaia, the most recent EC development in the north, sold out all of its units earlier this year. 'For the rest of the EC market, stock remains low, with only a few available units at Novo Place up for grabs,' he said. However, Lim expects developers' interest may be diluted, with other OCR sites also on the table. Two sites were offered earlier in Woodlands and Bukit Panjang. 'These two sites share similar attributes to the Sembawang EC site, being located in burgeoning estates in the OCR.' Moreover, the tender for the Sembawang site closes on Sep 11, the same date as another government land sale (GLS) tender closing for a large mixed-use site in Chencharu Close, also in the Yishun/Sembawang area. 'This batch closing could moderate developers' interest, as both are extremely attractive potential developments within a similar location in the north region,' said Lim. The Hougang Central site marks the first GLS site offered for bidding in this area since the sale of an Upper Serangoon Road site in 2014. It is Hougang's first new launch since 2019, said Marcus Chu, ERA Singapore's chief executive. Given the lack of new launches in Hougang for nearly five years, Chu expects the project to count on demand from HDB upgraders, as well as from residents living in nearby landed enclaves looking to rightsize. The site is directly above Hougang MRT station and will yield about 40,000 sq m of commercial space – nearly double Hougang Mall's gross floor area of around 21,000 sq m, said Chu. He added that the Urban Redevelopment Authority's master plan points to more housing in Hougang, with two nearby plots zoned for residential use, which can support future retail demand. Huttons' Yip also noted that the mixed-use development will be the first major mall to serve the Hougang estate, and such projects sell well on launch weekends. For instance, Parktown Residence in Tampines sold like hotcakes during its launch in February, with buyers snapping up more than 87 per cent of its 1,193 units. Both Yip and Chu expect joint ventures from developers to bid for this site, given its large gross floor area of more than one million sq ft. Yip reckons the top bid could come in at S$800 and S$900 psf ppr. The tender for the Hougang site closes on Dec 16. HDB said three facilities in Hougang will close in phases to make way for the development of the Hougang mixed-use site. They are the HDB Hougang Branch, which closes on Sep 1; the adjacent sheltered atrium, which closes end-September; and the surface car park at Hougang Avenue 10 that will close end-March 2026. A new round-the-clock e-Lobby will open from Sep 1, after the closure of HDB's Hougang branch. The e-Lobby is equipped with self-help machines, such as HDB e-service kiosks and an AXS machine for residents to complete transactions. The two parcels in Sembawang and Hougang, both 99-year-leasehold sites tendered by HDB, are on the confirmed list under the GLS programme for the first half of 2025.
Business Times
7 days ago
- Business
- Business Times
Sembawang EC site, mixed-use site in Hougang launched for tender
[SINGAPORE] The government released two plots for housing in Sembawang and Hougang for tender on Thursday (May 29), to yield a total of some 1,100 new homes. The Sembawang Road site for an executive condominium (EC) development spans 18,968 square metres (sq m), with a maximum gross floor area of 26,556 sq m for 265 homes. In Hougang Central, a 46,898 sq m mixed-use parcel with maximum gross floor area of 117,245 sq m is expected to provide 835 condo units and 40,000 sq m of commercial space. Market watchers expect strong demand for the new EC project, given the lack of supply of EC units in the north and high take-up rate of new launches. Mark Yip, chief executive of Huttons Asia, noted that recent EC project launches have seen 'very strong demand', pointing to Aurelle of Tampines which sold out in a month. It sold 682 of its 760 units on the first day of its launch in March, at an average selling price of S$1,766 per square foot. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Yip reckons the Sembawang site will attract up to eight bidders and a top bid between S$600 and S$700 per square foot per plot ratio (psf ppr). Demand for the project on the Sembawang EC site will likely come from Housing and Development Board (HDB) upgraders in Yishun, Sembawang and Woodlands, which have seen a shortage of EC developments in recent years, said ERA Singapore key executive officer Eugene Lim. He expects about 3,500 HDB flats in Yishun and Sembawang to fulfil their minimum occupancy period between 2026 and 2029. 'This should create a healthy supply of potential upgraders for the launch of the future project.' ECs have consistently been popular among upgraders due to more accessible pricing, even as its prices have climbed to new benchmarks. In 2024, new homes ranging from 900 to 1,000 square feet (sq ft) in the Outside Central Region (OCR) recorded a 42 per cent difference in median prices between ECs (S$1.48 million) and private condos (S$2.1 million). 'This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of S$16,000. Hence buyers, particularly HDB upgraders, see value in ECs,' said Lim. He noted that North Gaia, the most recent EC development in the north, sold out all of its units earlier this year. 'For the rest of the EC market, stock remains low, with only a few available units at Novo Place up for grabs,' he said. However, Lim expects developers' interest may be diluted, with other OCR sites also on the table. Two sites were offered earlier in Woodlands and Bukit Panjang. 'These two sites share similar attributes to the Sembawang EC site, being located in burgeoning estates in the OCR.' Moreover, the tender for the Sembawang site closes on Sep 11, the same date as another government land sale (GLS) tender closing for a large mixed-use site in Chencharu Close, also in the Yishun/Sembawang area. 'This batch closing could moderate developers' interest, as both are extremely attractive potential developments within a similar location in the north region,' said Lim. The Hougang Central site marks the first GLS site offered for bidding in this area since the sale of an Upper Serangoon Road site in 2014. It is Hougang's first new launch since 2019, said Marcus Chu, ERA Singapore's chief executive. Given the lack of new launches in Hougang for nearly five years, Chu expects the project to count on demand from HDB upgraders, as well as from residents living in nearby landed enclaves looking to rightsize. The site is directly above Hougang MRT station and will yield about 40,000 sq m of commercial space – nearly double Hougang Mall's gross floor area of around 21,000 sq m, said Chu. He added that the Urban Redevelopment Authority's master plan points to more housing in Hougang, with two nearby plots zoned for residential use, which can support future retail demand. Huttons' Yip also noted that the mixed-use development will be the first major mall to serve the Hougang estate, and such projects sell well on launch weekends. For instance, Parktown Residence in Tampines sold like hotcakes during its launch in February, with buyers snapping up more than 87 per cent of its 1,193 units. Both Yip and Chu expect joint ventures from developers to bid for this site, given its large gross floor area of more than one million sq ft. Yip reckons the top bid could come in at S$800 and S$900 psf ppr. The tender for the Hougang site closes on Dec 16. HDB said three facilities in Hougang will close in phases to make way for the development of the Hougang mixed-use site. They are the HDB Hougang Branch, which closes on Sep 1; the adjacent sheltered atrium, which closes end-September; and the surface car park at Hougang Avenue 10 that will close end-March 2026. A new round-the-clock e-Lobby will open from Sep 1, after the closure of HDB's Hougang branch. The e-Lobby is equipped with self-help machines, such as HDB e-service kiosks and an AXS machine for residents to complete transactions. The two parcels in Sembawang and Hougang, both 99-year-leasehold sites tendered by HDB, are on the confirmed list under the GLS programme for the first half of 2025.
Independent Singapore
14-05-2025
- Business
- Independent Singapore
72 luxury condos sold for S$611.4 million in Q1 2025, more projects to launch in the coming months
Photo: Freepik/wirestock (for illustration purposes only) SINGAPORE: A total of 72 luxury condos worth S$611.4 million in total were sold in the first quarter of 2025 (Q1 2025), up 63.6% compared to the previous quarter and 35.8% higher year-on-year (YoY), EdgeProp Singapore reported, citing Huttons Asia's report. Of the 72 units sold, 64 were resale deals and eight were new units from developers. Seventeen of these were sold for S$10 million or more, a level similar to Q1 2023, before cooling measures kicked in April. Among high-transaction deals, 12 were purchased by foreigners and permanent residents (PRs). The most expensive unit was a 5,899-square-foot (sq ft) home at Park Nova, which was sold for S$38.9 million. The report also noted a rise in the rental market for luxury non-landed homes. Rents went up by 6.6% QoQ to an average of S$14,672 per month. Huttons attributed the growth to foreign tenants waiting for their permanent residency approval in Singapore. The luxury condo market picked up in Q1 2025 but has eased since, partly due to US tariffs announced in April, according to Huttons. Huttons said it expects more new luxury non-landed projects to launch in the coming months, likely aimed at ultra-high-net-worth individuals (UHNWIs) who remain confident in the city-state as a safe haven. /TISG Read also: Singapore's HDB resale flat price growth continues to slow at 1.6% in Q1 2025
Business Times
09-05-2025
- Business
- Business Times
Some 12,000 new homes to come up on sites rezoned for housing across 11 areas
[SINGAPORE] A slew of land parcels in 11 areas across the island are set to be rezoned for housing, in a move that will give a major boost to supply in popular residential areas. These include plots of land in established regional centres such as Toa Payoh and Tampines, where previous government land sales saw strong interest from developers and where new projects were recently launched at fresh benchmark prices. Sites are also being lined up for rezoning or higher-density development in other in-demand housing areas such as Bedok and Pasir Ris, upcoming neighbourhoods such as Tengah, and fresh supply on the former Keppel Golf Course land. The planning changes, proposed in amendments to the Master Plan 2019 gazetted by the Urban Redevelopment Authority on Wednesday (May 7), could produce some 12,000 new housing units in both private and public projects in the near term. A parcel carved out of the former Keppel Golf Course site, along Telok Blangah Road, has been earmarked with a high-intensity gross plot ratio of 4.3, which analysts estimate could yield up to 1,000 public housing flats. These would add to the first 740 new homes from the Keppel site, to be built on a plot being sold in this year's Government Land Sales (GLS) programme. Lee Sze Teck, senior director of data analytics at Huttons Asia, reckons the Housing and Development Board (HDB) project will be a Prime category Build-to-Order (BTO) one. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'The response to this Prime BTO is likely to be overwhelming,' he said. The last BTO project in the area, Telok Blangah Beacon, attracted more than 30 first-timers for each four-room flat in 2021, he noted. BTO prices of the four-room flats ranged from S$602,000 to S$710,000, while three-room flats were priced from S$419,000 to S$504,000. The project is expected to be completed in 2027. In the city fringe area, Toa Payoh and Bishan may soon see new residential projects. Both locales are popular with homebuyers for their proximity to elite schools and central location. The most recent new condo launch in the area, The Orie at Toa Payoh Lorong 1, sold 86 per cent of its 777 units at S$2,704 psf on average over its launch weekend. Plots bounded by Toa Payoh Link and Toa Payoh Rise may be rezoned to residential with commercial use on the first storey. A high gross plot ratio of 4.7 has been proposed for the area, which is next to Caldecott MRT station and could yield a total of 4,000 to 5,000 dwelling units, according to Lee. Lee said the sites could turn out a mix of public and private homes. 'Toa Payoh is a very popular area among buyers, and almost all the four-room and five-room flats that fulfilled their minimum occupancy period in 2024/2025 achieved a selling price of S$1 million and above.' Another parcel along Lorong 4 Toa Payoh with a proposed gross plot ratio of 3.4 could yield some 300 to 350 condo units or 200 to 250 HDB Plus flats, estimated OrangeTee's chief researcher and strategist Christine Sun. In the Sin Ming area, a plot at Lorong Puntong spanning slightly more than 4,000 sq m is expected to be used for condo development and could see about 130 to 150 units, said chief research officer Nicholas Mak. Land plots along Upper Thomson Road are also expected to be turned into residential use, and could yield around 2,200 to 2,300 condo units, or 1,500 to 1,600 HDB flats, said Sun. In the east, a residential site with a health and medical zone is being proposed for Tampines Street 11. With a land area of about 14,433 square metres (sq m) and gross plot ratio of 2, Sun expects the site to yield 200 to 250 HDB flats. The site is near a GLS site also on Tampines Street 11, which was awarded in 2023 to UOL, Singapore Land and CapitaLand Development at S$1.21 billion, or S$885 per square foot per plot ratio. The project, Parktown Residence, was launched in February 2025 and posted strong sales. About 87 per cent of the 1,193 units in the large mixed-use development were sold within the first two days, at an average of S$2,360 per square foot (psf). In the neighbouring planning area of Pasir Ris, a parcel bound by Pasir Ris Drive 3 and Pasir Ris Drive 10 has been proposed to be rezoned as residential with a gross plot ratio of 3.2. The site is likely to be sold under the GLS programme, said Mak, and could potentially yield 1,100 to 1,180 condominium units. Pasir Ris has not seen a GLS site for private condo development since 2012, and demand in the east is strong, said Mak, pointing to the robust take-up rate of Parktown Residence. The last GLS site sold in Pasir Ris was developed into Vue 8 Residences. Also in the east, Bedok South Road will see more new homes being built. Land that housed schools is expected to be rezoned to residential use, while an adjacent parcel will have its plot ratio raised. OrangeTee's Sun said the earmarked area can yield about 1,000 to 1,100 condo units or 700 to 800 HDB Standard flats. Up in the north at Yishun, a site located near Chencharu Park is being set aside for residential use. An estimated 1,000 or more BTO Standard flats may be built on the site, said Huttons' Lee. The government had earlier announced plans to grow a new estate in Chencharu, where it sees potential for 10,000 homes. The first GLS site to be put up for sale in Chencharu is coming up for tender on May 22, with a 3-hectare parcel on offer for 875 condo units and 13,000 sq m of commercial space. Land parcels at Sunbird Avenue, Simei Road and Upper Changi Road may also be redeveloped into residential projects. The proposed amendments will inject more homes and amenities into the Upper Changi Road area and facilitate infrastructural works to serve future developments, noted URA. Lee said: 'If there are flats with shorter waiting time at Chencharu, Bedok South Road, Tampines Street 11, Sunbird Avenue/Simei Road and Pasir Ris Drive 3, they may potentially pull demand away from the resale market and help to stabilise prices.' HDB resale prices were up 1.6 per cent in the first quarter of 2025, lower than the 2.6 per cent price increase seen in the previous quarter. In the west, plans are in the pipeline to redevelop several parcels within Brickland District in Tengah Town into housing sites, parks, places of worship, health and medical care facilities, educational institution and civic and community institutions. The three parcels could yield around 1,400 flats, said OrangeTee's Sun. Apart from housing, the URA on May 9 earmarked land parcels along Eunos Avenue 5 and Dover Road to be redeveloped into health and medical care zones. A new nursing home is likely to be built in Dover to meet the anticipated demand for such services in the area, said the authority.
Independent Singapore
08-05-2025
- Business
- Independent Singapore
5-room Sengkang HDB flat sells for $1.058 million
SINGAPORE: A five-room HDB unit joined the million-dollar flat club in April after it fetched a price of $1.058 million, which means it sold for $878 per square foot (psf). Located at 279B Sengkang East Avenue, the 1,206-sq-ft unit is on the 13th to 15th floors of the block and has a remaining lease of almost 90 years. The first time an HDB resale flat was sold in Sengkang for one million dollars was exactly a year ago, when an executive maisonette located on the seventh to ninth floors of Block 205B, Compassvale Lane, changed hands. At the time of its sale, the 1,539 sq ft unit still had 74 years remaining on its lease. Since then, four other units have reached or even breached the million-dollar sale price, with the 279B Sengkang East Avenue sale being the most recent. In early 2015, the unit, which is part of the 14-block Compassvale Ancilla estate, attained its Temporary Occupancy Permit. More million-dollar transactions at Sengkang may be expected, although EdgeProp quotes Lee Sze Teck, director of data analytics at Huttons Asia, as saying that less than 10 per cent of these pricey sales in Singapore so far in 2025 have taken place in non-mature estates. Around 348 HDB units have been resold so far in the first quarter of this year. The vast majority of transactions have been at mature estates, including Toa Payoh (28 per cent), Queenstown (25.9 per cent) and the Central Area (24.4 per cent). EdgeProp pointed out that million-dollar transactions at Sengkang are still very much the exception, 'as the average price for five-room HDB flats in Sengkang, aged 10 years or younger, is below that for similar flats across the island'. The flat at 279B Sengkang East Avenue has, nevertheless, many factors in its favour, including its proximity to the Buangkok MRT Station along the North East Line as well as the Renjong and Ranggung LRT Stations on the Sengkang LRT network. It is also close to Sengkang Grand Mall, Compass One, Kopitiam Square, Rivervale Plaza , Rivervale Market and Food Centre, and Hougang Green Shopping Mall. As many young families in Singapore call Sengkang home, it's unsurprising that the unit is also close to a number of primary schools, including Nan Chiau Primary School, Anchor Green Primary School, Compassvale Primary School, North Vista Primary School, Palm View Primary School, Seng Kang Primary School, and Springdale Primary School. /TISG Read also: Yet another HDB unit resold for million dollars, this time in Sengkang
