Latest news with #SpringleafResidence
Business Times
17 hours ago
- Business
- Business Times
GuocoLand bucks overall market slide on Springleaf sales as shares rise 1.1%
[SINGAPORE] Shares of GuocoLand rose by over 1.1 per cent in early trade on Monday (Aug 18) after its Upper Thomson area project, Springleaf Residence, recorded a 92 per cent take-up rate on its launch weekend, as it sold 870 out of 941 units at an average of S$2,175 per square foot (psf) . As at 9.01 am, the counter reached its intraday high of S$1.81, before easing to S$1.80 at 9.05 am and S$1.79 by 9.36 am. GuocoLand's shares were trading at S$1.78, still up slightly above 1.1 per cent or S$0.02 after around 403,000 securities changed hands. Springleaf Residence is the seventh project to be launched in Upper Thomson's District 26, The Business Times reported. The prices at the development start at S$1,995 psf, with one-bedroom units of 388 square feet starting at S$878,000 or S$2,263 psf. The site is able to yield around 595 residential units and 2,000 square metres of commercial space, with direct connectivity to Springleaf MRT station on the Thomson-East Coast Line. This is the second time the plot has been offered for tender, as it was unable to attract bids during its first tender in June 2024 upon its offer with a mandatory serviced apartment component. GuocoLand and Hong Leong as joint developers secured the plot for S$779.6 million in April 2024, or S$905 psf per plot ratio, in a state land tender. Within the Lentor Hills neighbourhood, six other condominiums have been brought to market from 2022, since the government started selling land in the area in 2021.
Business Times
a day ago
- Business
- Business Times
GuocoLand, Hong Leong sell 870 units or 92% of Springleaf Residence at average S$2,175 psf
[SINGAPORE] GuocoLand and Hong Leong Holdings' Upper Thomson area project, Springleaf Residence, racked up a 92 per cent take-up rate over its launch weekend, selling 870 out of 941 units at an average of S$2,175 per square foot (psf). With prices starting from S$878,000 for one-bedroom units and most units falling below the S$2.5 million mark, the project was 'priced sensitively' at levels accessible to many buyers in today's market, said Kelvin Fong, chief executive officer of PropNex. The average price of S$2,175 psf was also 'quite compelling' compared against recent transacted prices of new homes in the mass market segment, he said. Based on caveats lodged, the average unit price of new non-landed private homes sold in the suburban Outside Central Region was nearly S$2,320 psf in the year to Aug 10, Fong noted. Huttons CEO Mark Yip observed that Springleaf Residence also appeared attractive next to new executive condo (EC) projects where prices now average S$1,750 psf. GuocoLand and Hong Leong secured the plot in April 2024 for S$779.6 million, or S$905 psf per plot ratio (ppr), in a state land tender. The marketing of SpringLeaf Residence came at the tail end of a busy launch season in the current quarter. Eight new condo projects have been put on the market since July. 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 Springleaf Residence, jointly developed by GuocoLand and Hong Leong, is also the seventh project to be launched in Upper Thomson's District 26. Six other condos in the Lentor Hills neighbourhood have been brought to market from 2022, since the government started selling land in the area in 2021. Prices for Springleaf Residence started from S$1,995 psf, with one-bedroom units of 388 sq ft going from S$878,000 or S$2,263 psf. 'With rising costs of construction, buyers will be hard put to find a new home below $1 million in years to come,' said Hutton's Yip. Two-bedders at Springleaf Residence – spanning 527 to 646 sq ft and accounting for 35.3 per cent of units – are priced from S$1.08 million or S$2,046 psf. Three-bedroom apartments – spanning 786 to 1,076 sq ft and making up 39.1 per cent of units – start at S$1.62 million or S$2,058 psf. Four-bedders spanning 1,227 sq ft start at around S$2.45 million (S$1,995 psf), and five-bedders sized 1,453 to 1,475 sq ft are priced from S$3.02 million (S$2,077 psf). 'Enthusiastic response' The project 'received an enthusiastic response during its launch weekend', which 'reflects market confidence in the Springleaf area's growth potential', GuocoLand said on Sunday (Aug 17). The strong sales also seal the developers' stronghold in the area. Dora Chng, residential director at GuocoLand, said this marks the start of Springleaf's transformation into one of Singapore's most sought-after private residential enclaves, building on the success achieved at Lentor Hills estate. Three of six projects at Lentor Hills – Lentor Mansion, Lentor Central Residences and Lentor Hills Residences – are developed by GuocoLand and partners including Hong Leong. A fourth, Lentor Modern, is developed solely by GuocoLand. The 99-year leasehold Springleaf Residence is close to Springleaf MRT station on the Thomson-East Coast Line. It comprises 909 units of two- to five-bedroom apartments across five 25-storey blocks, along with 32 one- to three-bedroom units housed in a four-storey conserved building. Singaporeans and permanent residents accounted for nearly all buyers at Springleaf Residence, representing a mix of singles, young couples, families, and multi-generational households. Marcus Chu, CEO of ERA, noted that Springleaf Residence provided an attractive entry point for an OCR project. The project would draw interest both from HDB upgraders and potential buyers from ageing condos in neighbouring precincts, he said, noting that between 2022 and 2025, some 4,800 flats in nearby HDB estates reached their minimum occupation period. Yip highlighted that Springleaf Residence is the second best-selling project in 2025 in terms of units sold, after Parktown Residence in Tampines moved 1,041 units or 87 per cent of the project at an average of S$2,360 psf. Chu noted that the Lentor Hills precinct, which has seen close to 3,000 units launched across its six projects, now has fewer than 100 unsold units remaining. 'Prospective buyers who had missed out, particularly those seeking larger layouts or a different neighbourhood character, have turned their attention to Springleaf Residence, ' he added. Following the strong response to Springleaf Residence, Fong expects developers to be encouraged to participate in the upcoming state tender for the adjacent Upper Thomson Road Parcel A site, which closes in October. The site can yield around 595 residential units and 2,000 sq m of commercial space, with direct connectivity to Springleaf MRT station on the Thomson-East Coast Line. This marks the second time the plot has been offered for tender, after failing to attract bids during its first tender in June 2024 when it was offered with a mandatory serviced apartment component.
Business Times
3 days ago
- Business
- Business Times
Developers' new home sales set to cross 1,500 units in August after July surge on wave of new launches
[SINGAPORE] New project launches in July chalked up strong sales in a fresh wave of homebuying demand, which could take developer sales for August to their highest in nine months. Excluding executive condominiums (ECs), new home sales rang in at 940 units for July, up about 250 per cent from the month before and also 63 per cent higher year-on-year, indicated data released by the Urban Redevelopment Authority on Friday (Aug 15). Analysts reckon homebuying activity will stay robust this month. More than 900 units have already been sold in three new condominium projects launched in the first two weeks of August. With the 941-unit Springleaf Residence to start booking sales this weekend, August numbers could top 1,500 units, the highest since a bumper 2,560 units were transacted in November 2024. Christine Sun, chief researcher and strategist at Realion Group, said: 'The increased marketing activity and buying confidence of affluent investors will create a positive ripple effect in the broader market, motivating hesitant buyers or those waiting on the sidelines to invest.' Earlier in August, River Green moved 88 per cent of its 524 units at an average price of S$3,130 per square foot (psf); Promenade Peak sold 54 per cent of its 596 units at average price of S$2,894 to S$3,343 psf, and Canberra Crescent moved 40 per cent of its 376 units at average S$1,974 psf. 'The good sales is an indication that there is still ample interest for well-priced projects with attractive attributes, given lower interest rates and resilient economic growth,' said CBRE's head of research of South-east Asia Tricia Song. 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 With two more projects – Springleaf Residence and Artisan 8 – launching in August, analysts expect the developers to sell between 1,000 and 2,000 units, before the Ghost Month lull begins in September. Including ECs, 1,311 units were sold in July with 2,275 units launched, versus the 613 units sold and 616 units launched in the same month in 2024. Analysts said the surge in transactions came as new condo launches flooded the market after the seasonal lull in June. Some also noted that buyers were unfazed by the recent upward revision of seller's stamp duty rates and the extension of the holding period to a fourth year. Wong Siew Ying, PropNex Realty's head of research and content, said: 'July marked a bright start to the second half of 2025 for developers' sales and in particular, may signal a broader recovery in the Core Central Region (CCR) sub-market.' Some 5,527 new units, excluding ECs, have changed hands in the first seven months of 2025 – making up 85 per cent of the full-year sales in 2024, Wong pointed out. New launches in the prime CCR – The Robertson Opus and Upperhouse at Orchard Boulevard – led to a 'dramatic recovery' in the sub-market, which saw 357 transactions, said Wong. This represents the highest monthly sale in the segment in more than four years, since 443 units changed hands in April 2021, she added. The Robertson Opus moved 43 per cent of its 348 units in the recorded month at a median price of S$3,359 psf, while Upperhouse sold 59 per cent of its 301 units at a median price of S$3,259 psf. Both projects sold 'extremely well', highlighting the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market, said Huttons Asia's senior director of data analytics Lee Sze Teck. He added: 'Buyers saw exceptional value in CCR homes as the gap between the median psf of new homes in the CCR and Rest of Central Region (RCR) narrowed from a high of 56.5 per cent in 2018 to a mere 1.9 per cent in H1 2025.' Leonard Tay, Knight Frank Singapore's head of research, said sales at the new CCR launches reflect a shift in buyer sentiment – from previously muted interest to a growing willingness to pay a reasonable premium for new developments. Well-priced new launches Analysts pointed to competitive pricing strategies by developers for July's new launches. The proportion of sales priced above S$2.5 million was 44.3 per cent last month, compared with 50.7 per cent in June 2025, Lee noted. 'Developers had priced their projects below the sweet spot price which helped to lift sales of CCR projects.' In the RCR, 73 per cent of Lyndenwoods' sold units were priced below S$2.5 million, indicating that a sizable number of units in the project is well within the budget range of many homebuyers today, said Wong. Lyndenwoods, CapitaLand Development's first residential project at the Singapore Science Park, was the overall best-selling project in July. It sold 97 per cent, or 331 of its 343 units last month, at a median price of S$2,463 psf. Among the three segments, the RCR led in condo and private apartment sales, accounting for 54.6 per cent of sales. The OCR made up 7.4 per cent of new sales last month. While Wong expects developers to continue using quantum pricing to target 'the pricing sweet-spot' of S$2.5 million or below to generate sales momentum, rising land prices and sustained high construction costs may limit their ability to price future projects competitively. Singaporeans made up 85.7 per cent of buyers in July, while permanent residents (PRs) accounted for 12.4 per cent, said Lee. ERA Singapore's chief executive officer Marcus Chu noted that the luxury segment recorded its highest monthly take-up since November 2024. In July, 28 deals for homes priced at least S$5 million were sold to largely locals and PRs. A five-bedder duplex penthouse with a roof terrace at 21 Anderson was sold for about S$52.3 million, while a four-bedder at the same project fetched S$21 million. 'These deals underscore the appeal of expansive floor plates and prestigious addresses among high-net-worth PR buyers,' said Chu.
Business Times
04-08-2025
- Business
- Business Times
Avoid buying a 400 sq ft new condo home - it's too small
[SINGAPORE] Springleaf Residence, which is jointly developed by GuocoLand and Hong Leong, speaks to my heart. The condo project with 941 units is tucked away in greenery – bordering Springleaf Forest and the Central Catchment Nature Reserve – yet less than a two-minute sheltered walk from the Springleaf MRT station on the Thomson-East Coast Line. Imagine enjoying all the nature nearby and saving money by doing away with owning a car. Add to that Springleaf Residence's many facilities such as four different pools, a tennis court, a recreational half-basketball court, multiple pavilions designed to look like cocoons, 10 sky terraces, function rooms, dining pavilions, a grand lawn, a gym, a study room, as well as an arts and crafts room. Amid today's lofty new private home prices, one can snare a unit at 99-year leasehold Springleaf Residence starting from a relatively modest indicative price of S$878,000 – far below prices of numerous Housing and Development Board (HDB) resale flats. Small-sized homes However, there is a catch. For S$878,000, one will possibly get a rather tiny new home – a 388 square foot one-bedroom unit. This price translates to S$2,263 per square foot (psf). In perspective, the above one-bedder is smaller than some high-end hotel rooms here. Typically, hotel rooms cater to short stays of a possibly a few days and do not provide for kitchen areas or washing machines. 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 Meanwhile, smaller configurations of HDB two-room flexi flats in the latest Build-To-Order exercise are sized at about 431 square feet (sq ft) each, and Community Care Apartments, which cater to seniors who are 65 years or older, have open layouts of around 377 sq ft each. Springleaf Residence is not alone among new condo projects in offering small-sized units. Wing Tai 's 99-year leasehold River Green, located in the River Valley enclave, has 420 sq ft one-bedroom units. A one-bedder at River Green comes with a balcony, while Springleaf Residence's one-bedder does not have a balcony. The one-bedder unit at 99-year leasehold Canberra Crescent Residences in District 27 is 409 sq ft and has no balcony. Certainly, many developers have been shrinking unit sizes across various configurations. New condos may have three-bedders, which are popular with families, of about 800 sq ft each – less than that of around 960 sq ft or more of new HDB four-room flats. Given escalating psf prices of new condos, developers understandably build compact homes to keep absolute prices affordable. Take the indicative starting prices of S$1.618 million for a 786 sq ft three-bedder and S$2.448 million for a 1,227 sq ft four-bedder at Springleaf Residence. The monthly household employment income including employer CPF contribution of the 80th percentile of resident employed households in 2024 was S$21,488. The above three-bedder and four-bedder prices work out to about 6.3 times and 9.5 times of the annualised income of the 80th percentile of resident employed households. While Singapore has high-quality HDB homes, many locals aspire to condo living for lifestyle reasons. However, is buying a new condo unit of about 400 sq ft or less a compelling proposition? For sure, the number of one-person households in the Republic has grown. Between 2014 and 2024, the number of one-person resident households rose by 75 per cent from 134,800 to 236,200. Among resident households, the proportion of one-person households climbed from 11.2 per cent in 2014 to 16.1 per cent in 2024. Drawbacks of small units Can a one-bedder 400 sq ft condo unit that is well-designed and has magic done to it by a skilled interior designer adequately meet a discerning high-earning single's needs? Possibly not. Maybe the individual needs more space to store collectibles or pursue hobbies. Perhaps he or she wants to entertain family or friends in the privacy of their own home, notwithstanding the outstanding common facilities in the condo development. Certainly, some condos boast facilities galore that a small unit's occupant can utilise. For example, any condo resident can use the development's function room to host a large gathering. Still, some common facilities may be crowded or hard to book. And nothing beats one's home for privacy. Also, a small home might feel claustrophobic when a person is confined to largely staying at home over an extended period for whatever reason. What about space to house an elderly parent temporarily? Over time, a single person might find a partner. While it's cosy for two persons to share a 400 sq ft condo unit, each party may lack adequate personal space. Crucially, while buying a small one-bedder condo home is good from an affordability view point, purchasing a small home for owner-occupation could mean that one may need to trade up to a larger place fairly soon. Transacting homes incurs costs such as buyer's stamp duty, which ranges from 1 to 6 per cent of the purchase price or market value of a home. A local homeowner also has to time the sale of the existing home and the purchase of a new one right in order to avoid being caught with paying additional buyer's stamp duty (ABSD). Sure, a small new one-bedder condo unit may offer a good entry point for a local who can buy an investment home without incurring ABSD. However, while small one-bedder condos located in the Central Business District (CBD) might draw tenants who work long hours in CBD offices and travel extensively, perhaps small one-bedder condo units outside the CBD have weaker appeal. Think too of how selling a small one-bedder condo home in the resale market could be challenging, especially if the end-product of what one bought off-plan ahead of a unit's completion turns out to look and feel smaller than what one envisaged. The Urban Redevelopment Authority has guidelines for non-landed residential developments governing the maximum number of dwelling units for a development and the required mix of home sizes. For example, condo developments outside the Central Area should have a maximum of 20 per cent of homes with nett internal area of 50 square metres (538 sq ft) or less. Should there be a minimum size for a condo unit to ensure better liveability? Perhaps not. Instead, potential homebuyers need to mind the downsides of buying small condo units. Spurn units that are around 400 sq ft or less each and developers will stop building increasingly smaller condo homes.
Business Times
27-06-2025
- Business
- Business Times
GuocoLand's Dora Chng on condo buyer preferences.
[SINGAPORE] As customers' needs evolve, having a flexible layout can be a big draw for discerning condo buyers here, according to Dora Chng, residential director of GuocoLand . A flexible layout allows a family with young children that requires three bedrooms in their home today to remove a bedroom easily and create a larger living/dining area in future when the children grow up and move out of the home, noted Chng. Speaking to me on a recent episode of the PropertyBT podcast, Chng highlighted how GuocoLand designs condo homes where the bedroom that is closest to the living room can be easily removed. For example, the flooring of the living room extends into the bedroom so when the wall between the living room and bedroom is removed, an owner seamlessly gets a larger living room. She also highlighted that more new condos are catering for people to hold gatherings in dining rooms provided in the development's clubhouse. Condo owners may want to invite family and friends to their home, 'but they may be worried that there isn't enough space for accommodating everybody in the home,' she said. However, with dining rooms that can be amalgamated, condo owners can hold parties of up to 50 people, noted Chng. 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 Springleaf Residence A recent area of focus for Chng is biodiversity. GuocoLand's next condo launch, Springleaf Residence in Upper Thompson Road, is nestled beside a 30-hectare forest and has unobstructed views of the central catchment nature reserve. According to her, 99-year leasehold Springleaf Residence is the first private residential development here to adopt the biodiversity sensitive design and development approach. She emphasised the need for Spingleaf Residence to strike a balance between being next to the forest and 'living with our neighbours who are in the forest'. For example, the development will use less reflective glass for the windows to minimise bird strike issues. The developer is also looking at bringing the native forest species into the development 'so that we feel and look like part of our neighbouring nature reserve', said Chng. Other features at Springleaf Residence include a literal forest corridor to act as a buffer to the actual forest. The development is located close to Springleaf MRT station on the Thomson-East Coast line, which is one stop away from the Lentor MRT station that serves several of GuocoLand's new condo projects. Chng is pleased with the take-up rates at GuocoLand's Lentor area condo projects, where buyers are predominantly Singaporeans. Among them are young families who are drawn to three-bedders, as well as downsizers and first-timers who like two-bedders. Love for new condos In the Singapore condo market, many buyers like new projects, which can command hefty pricing premium on a per square foot basis versus comparable older condos nearby. Chng said an appeal of new condo homes is that they are typically in move-in condition. 'You hardly need to renovate it at all because it's partially furnished with the necessary appliances. And there are even wardrobes and kitchen cabinets that are fitted already,' she added. Other pluses with new condo homes Chng highlighted include a fresh land lease, modern facilities, efficient layouts and the use of the progressive payment scheme to pay for new homes that are bought off-plan. When it comes to marketing new condo homes, many developers put great effort into building swanky show galleries and show flats. All this despite the growing power of virtual reality tools. Chng does not expect virtual reality to replace physical show flats over the next few years. As the purchase of a home is usually the largest purchase in a person's life, people 'like to see and feel how the development looks', she said. Potential buyers may want to know how the solid surface top feels like or feel the actual space of a unit, she elaborated. Asked whether, with prevailing economic uncertainties, if now is a good time to buy a private home, Chng argues 'when there is a need, I think anytime is the best time'. She added that buyers just need to buy within their means and affordability. One thing that developers need not worry over is a move from the younger generation here away from homeownership. Chng notes currently the younger generation continues to show a strong affinity for homeownership.
