26 September to 2 October 2023
Altura, an executive condominium (EC) at Bukit Batok West Avenue 8, has sold a 980 sq ft unit for $1.55 million, which works out to a record price for an EC: $1,585 per sq ft (PSF). Meanwhile, HDB will launch around 1,900 BTO flats across two projects in Choa Chu Kang in the upcoming October 2023 BTO launch.
1. Altura EC unit sets new record price of $1,585 PSF
Altura, an EC development project at Bukit Batok West Avenue 8, has sold a 980 sq ft unit for $1.55 million, reported Singapore Business Review.
This works out to $1,585 PSF, setting a new high for an EC unit. It surpassed the previous record set by a Copen Grand unit, which was sold for $1,499 PSF.
A joint project of Qingjian Realty and Santarli Construction, the EC development also “topped the best-selling project list in August 2023, with a total of 225 units sold at a median price of $1,480 PSF,” said Singapore Realtors Incorporated (SRI).
To date, the development has sold 315 out of its 360 available units.
“This translates to an impressive take-up rate of 87.5%, signifying the appeal and the popularity that Altura has garnered amongst prospective home buyers,” noted SRI.
2. Around 1,900 BTO flats will be offered in the Choa Chu Kang October 2023 BTO project
HDB will launch around 1,900 BTO flats across two projects in Choa Chu Kang in the upcoming sales exercise in early October 2023, reported CNA.
With waiting times of three years and three months to four years, Rail Green I and II @ CCK comprises 12 residential blocks of 13- to 31-storeys. They will offer a vast selection of flat sizes, including 5-room and 3Gen flats.
Rail Green I @ CCK, which has over 870 units, will have one of the shortest waiting times among the projects set to be launched in this month’s sales exercise. Other projects to be offered are in Kallang/Whampoa, Tengah, and Queenstown.
The units will be oriented to offer panoramic views of Pang Sua Canal as well as a linear green area, allowing residents to enjoy green living as much as possible.
To celebrate the area’s heritage, the Rail Green precinct’s courtyard will have a train-themed playground for children, while the precinct’s walkways will feature floor designs resembling railway tracks.
3. Queenstown to get new parks and cycling paths
Queenstown residents can look forward to various enhancements and upgrades in their town within the next five to 10 years as part of the Remaking Our Heartland (ROH) programme, said the HDB.
The rejuvenation plans for Queenstown are focused on introducing new facilities and green spaces, improving connectivity, creating more senior-friendly neighbourhoods, and preserving the town’s heritage.
HDB and SportSG, for instance, will set up an ActiveSG Gym at Queensway Canopy to encourage residents to get active. It will be the first gym within a housing development.
New parks with themed facilities, nature play elements and sheltered seating will be introduced across the town, while existing neighbourhood parks and green spaces will be upgraded.
New cycling paths linking to neighbouring towns such as Clement and Bukit Merah will also be implemented to promote a green and active lifestyle among residents.
Meanwhile, six existing Neighbourhood Centres will be given an upgrade, with enhancements including wider centre dividers and barrier-free ramps to cater to seniors.
4. Private non-landed home prices grow at a slower pace in August 2023
The Singapore Residential Price Index (SRPI) saw prices for private non-landed homes rise at a slower pace of 0.7% in August 2023, compared to the 1.1% growth registered in July 2023.
The sub-index for the Central region, excluding small units, showed that prices climbed 0.8% in August, while the Non-Central region posted a 0.7% growth. This is slower than the 1.2% and 1.1% increases registered, respectively, in the previous month.
Prices for small units rose 0.3% in August 2023, down from July 2023’s 0.4% hike.
Huttons Asia CEO Mark Yip said the resale condominium market “benefited from the robust HDB market and lack of new project launches” in August 2023, reported Singapore Business Review.
“A record high of 54 HDB flats were sold for a million dollars or more which provides HDB upgraders the cash to buy a resale condo,” he added.
Looking ahead, he expects the robust HDB market to continue to support the resale condominium market. However, he believes the uncertain economic environment and high interest rates will temper price gains.
5. Some damage was seen at Hazel Park condominium following the bomb disposal operation
Residents of the Hazel Park condominium have reported some damage to their units, following the controlled detonation of a World War II bomb at an Upper Bukit Timah construction site.
The Hazel Park condominium is within a 200m radius of the bomb detonation site, with the residents among those required to vacate their homes during the operation by the explosive ordnance disposal unit of the Singapore Armed Forces.
Although most of the residents who evacuated found no damage to their condominium upon their return, some spotted damage in the condominium’s common areas.
Photos shared in a residential chat group showed cracked windows cordoned off with tape and pieces of fallen plaster.
“I saw cracks in this side glass panel of the door in Block 21’s main lobby. Block 21 is one of the two blocks facing the blast site,” a Hazel Park resident told CNA.
The Building and Construction Authority (BCA) stated that Hazel Park condominium as well as other buildings within 200m of where the bomb was discovered were found to be structurally safe by its engineers.
This comes as buildings within the city-state are structurally designed to withstand tremors, which include “effects of a blast from a distance”, it added.
6. Lack of new launches pushed up condo resale prices
The lack of new launches has forced prospective buyers to turn to the resale market, leading to a 1% year-on-year hike in prices in August 2023, reported Singapore Business Review.
Despite the launch of five new projects in August 2023, OrangeTee noted that all of the projects were small or mid-sized with not more than 500 units. The biggest project was Altura, an EC, which means most buyers may be ineligible to buy.
Aside from the lack of new launches, Huttons Asia also attributed the resale price hike to the robust HDB market.
Moving forward, the resale volume is not expected to increase significantly “as many homeowners may keep their units for occupation or rental income”, given that prices for new homes have remained elevated, said OrangeTee.
7. Bedok, Woodlands sites earmarked for residential development
Land plots in Woodlands and Bedok have been earmarked for future residential development, with the sites expected to yield up to 2,000 new housing units, reported The Business Times.
Proposed amendments to the 2019 Master Plan gazetted by the Urban Redevelopment Authority (URA) showed that a site at Chai Chee Lane in Bedok will have a plot ratio of 3.0 to support future residential development near a transport node.
Analysts expect the site to yield 1,200 to 1,800 new homes. However, they do not expect the homes to be designated as Plus flats, which refer to HDB BTO flats in desirable locations near the town centre or transport nodes.
Over in Woodlands, the site along Kranji Expressway and Woodlands Road will have a plot ratio of 1.6, with the roads rezoned for an upcoming park. The changes aim to support housing demand and leverage the proximity of amenities.
Related article: National Day Rally 2023 Summary: Standard, Plus, Prime Flat Categories, More Single Housing Options, and More
8. Far East Shopping Centre sold to Bright Ruby-linked unit for $910 million
The en bloc sale of Far East Shopping Centre has been awarded to a company connected to Chinese businessman Du Shuanghua and Bright Ruby Resources, reported The Business Times.
This comes after Glory Property Developments offered $910 million for the 999-year leasehold property, which is slightly lower than the $928 million guide price.
The tender award is subject to certain conditions, including URA’s approval for up to 20% more gross floor area (GFA) and Strata Titles Board approval since the en bloc sale had not secured the owners’ unanimous approval.
Zoned for commercial use, Far East Shopping Centre’s site measures 36,014 sq ft with an existing GFA of around 242,145 sq ft, which is equivalent to a plot ratio of 6.72.
Based on the Strategic Development Incentive (SDI) scheme, the GFA may be raised by up to 20% to around 290,574 sq ft or a plot ratio of 8.06.
A locally incorporated company, Bright Ruby Resources is controlled by Chinese billionaire Du Shuanghua. The company acquired 16 Collyer Quay for $1 billion in June 2022, and the former Grand Park Orchard Hotel for $1.15 billion in 2013.
9. Riverfront SoHo in Yishun is among the shortlisted proposals to reimagine Singapore’s industrial landscape
A proposal to transform a row of flatted factories along a river in Yishun into a riverfront small office/home office (SoHo) – or a place to work, live and play – is among the entries shortlisted by JTC Corporation in a competition to reimagine Singapore’s industrial landscape.
Planning and design firm Arup, which submitted the proposal, said this could be achieved by adding bridges, paths, boardwalks and a cycling track, reported The Straits Times.
Titled The Intersections, the proposal sees Yishun industrial estate being connected to its surrounding neighbourhoods via a network of greenery-lined paths.
Architectural firm Broadway Malyan, on the other hand, suggested introducing “transparent factories” at the Kallang-Kolam Ayer industrial estate.
Under this proposal, the ground-floor spaces of the factories will be made more open to the public. They will feature showrooms and product galleries, offering visitors an immersive experience in which they can interact with innovative production processes.
Architectural firm Woha also mooted the idea of having a network of rivers and canals within the Kallang-Kolam Ayer industrial estate. This would allow the use of water-based personal mobility devices as well as water ferries and taxis to navigate the entire estate.
Related article: Turf Club Closing, Kranji Redeveloping: 4 Biggest Changes to the North of Singapore By 2033
10. Far East Flora opens floral-themed mall in Clementi
Far East Flora has opened an 11-storey floral-themed shopping mall in Clementi, where it sells 1,000 types of flowers, over 500 plants, gardening products and home décor items, reported The Straits Times.
Far East Flora Centre also has a cold warehouse where it sells fresh flowers, vegetables and fruits at wholesale prices. It also features an 80-seater eatery, a gourmet grocery store, a studio for workshops and a rooftop garden for larger plants and edibles.
The building is specifically designed to be more energy- and water-efficient, using automated rainwater recycling and self-irrigation systems to water plants and flowers.
The centre will also serve as Far East Flora’s corporate headquarters, spanning three floors.
Far East Flora aims to transform the way people view the gardening sector by providing more than the usual selection of potted plants and offering guests a space to engage with nature.
Open daily between 8am and 9pm, the centre will offer special promotions and deals for flowers and plants until 31 October. 2023.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
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