Latest news with #IsmailGafoor
Business Times
5 hours ago
- Business
- Business Times
Arina East Residences sells 10 out of 107 units at average price of S$3,000 psf as booking opens
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot (psf). According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former La Ville, a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
Business Times
10 hours ago
- Business
- Business Times
Arina East Residences sells 10 out of 107 units at average price S$3,000 psf as booking opens
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot. According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former La Ville, a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
Business Times
11 hours ago
- Business
- Business Times
Arina East Residences sells 10 out of 107 units as booking opens
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot. According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former 'La Ville', a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
Business Times
11 hours ago
- Business
- Business Times
Arina East Residences sells 10 out of 107 units as booking opened
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot. According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former 'La Ville', a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
Yahoo
06-03-2025
- Business
- Yahoo
Developers given extension on ABSD remission timelines for large en bloc sites and complex projects
Projects where the extension would apply include en bloc redevelopments yielding at least 700 units upon completion; and if the redevelopment has at least 1.5 times the number of homes of the existing development (Photo: Samuel Isaac Chua/EdgeProp Singapore) The Ministry of National Development (MND) announced revisions to the Additional Buyer's Stamp Duty (ABSD) regime for licensed housing developers, which will take effect on March 6. Developers will be given an extension of six to 12 months on the ABSD remission timeline for large en bloc sites and complex projects. Projects where the extension would apply include en bloc redevelopments yielding at least 700 units upon completion and if the redevelopment has at least 1.5 times the number of homes of the existing development. Other projects include those with complex technical or instructional requirements, such as projects integrated with major public transport facilities. Read also: OPINION: Can the market absorb the supply from this year's GLS sites? Two other categories included are projects approved under the Strategic Development Incentive (SDI) scheme and projects aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies or practices. Projects that fall under any of the four categories are set to receive a six-month extension, while projects that meet the criteria of more than one category will be granted a one-year extension. These changes are expected to apply to all residential land acquired on or after March 6. Licensed housing developers purchasing residential redevelopment sites are currently subjected to 5% ABSD upfront, which is non-remittable, and another 35% ABSD, which is remittable when the developer completes and sells all the units in the project within the five-year timeframe. The latest revisions come on the back of changes announced in February last year, which offered a lower clawback rate for residential developments with at least 90% of units sold. "Such extensions will give developers more flexibility and may help to mitigate development risks to some extent, as they have a bit more time to sell units, particularly for mega projects," says PropNex Realty CEO Ismail Gafoor. Lee Sze Teck, senior director of data analytics at Huttons Asia, says the ABSD revisions will "give a much-needed boost to the en bloc market, in particular, bigger en bloc projects." Read also: US buyers to lead foreign demand in Singapore for third straight year While the proposed policy change will likely be appreciated, Christine Sun, chief researcher and strategist at OrangeTee Group, adds: "Developers may still face challenges despite the deadline extension as there are other considerations. For example, the success rate of en bloc sales will depend on the willingness of buyers and sellers to negotiate prices." Tay Liam Hiap, managing director of capital markets and investment sales at ERA, says that it could be "an opportune time" for older projects, such as Braddell View and Pine Grove, which are projects with expansive land areas, to explore en bloc opportunities. These projects may yield some 2,000 new homes, which could take more time to sell. "In such cases, the extension of six to 12 months may not be sufficient for developers to sell out their projects," adds Tay. Meanwhile, Gafoor adds that the policy change may not "spark a revival in the en bloc market" and expects developers to continue to be cautious due to the "high cost of redevelopment, ample oncoming private housing supply, and potential policy risk". Looking ahead, the Real Estate Developers' Association of Singapore (Redas) believes another adjustment authorities can consider is a waiver of ABSD for developers who have sold at least 95% of units, instead of 100%. The remaining 5% are typically larger units that have a longer sale period, they add, due to a limited buyer pool since the introduction of 60% ABSD on foreign buyers. 'We hope that the government can continue fine-tuning measures that differentiate among the varying idiosyncratic challenges posed by developments of different scale, composition, typology and buyer profile, to ensure continued sustainable and dynamic urban redevelopment,' concludes Redas. Read also: HDB pilots new open concept 'white flats' in October BTO exercise See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) OPINION: Can the market absorb the supply from this year's GLS sites? US buyers to lead foreign demand in Singapore for third straight year HDB pilots new open concept 'white flats' in October BTO exercise En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
