The Arcady and Hillhaven Sell 51 and 59 of their Units Over Launch Weekend, Fewer HDB Resale Flat Buyers Paid COV in 2023, Respectively, and More
16 to 22 January 2024
Hillhaven and The Arcady at Boon Keng sold over 50 units during their launch over the weekend. Meanwhile, fewer buyers of resale HDB flats paid cash over valuation (COV) last year, at only 15% over the last three months of 2023.
1. Hillhaven sells 59 units over its weekend launch
Hillhaven, Far East Organization and Sekisui House’s joint residential development project in District 23 sold 33% or 59 of the 179 units released during its Phase 1 sales launch on 20 January 2024, reported The Business Times.
Prices for the units start from $1,903 per sq ft (PSF).
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group commented, “New sales tend to be slower in December and January, as property seekers usually only start their search after they return to work in the second week of January. Property seekers are also more cautious and discerning amid the uncertain economic environment.
“Due to seasonal and macroeconomic influences, the market activity is expected to experience some volatility. That said, given Hillhaven’s appealing attributes, being near to the nature reserve and MRT station, we expect the project will see steady demand over time.”
Meanwhile, Far East shared that Singapore Citizens and Singapore Permanent Residents (PRs) accounted for all 59 buyers, of which 70% are between 31 and 50 years old.
It added that 2-bedroom and 3-bedroom units comprised most of the units sold.
Occupying a 10,400 sq m site, Hillhaven features 341 units spread across two residential blocks of 27- and 28-storeys.
2. The Arcady sells 51 units over its weekend launch
The Arcady at Boon Keng, KSH Holdings, SLB Development and H10 Holdings joint development project in District 12, sold 51 of its 172 units, or just under 30%, as of 4pm of 20 January 2024, reported The Business Times.
The freehold condominium project saw all 11 1-bedroom-and-study units snapped up by buyers, while 25 of the 38 2-bedroom units were also sold.
Nestled on a 56,476 sq ft site, the development consists of one 24-storey tower and is just a six-minute walk to the Boon Keng MRT station on the North East Line (NEL). It is also within 1 km of various schools, including St Andrews Junior School, Bendemeer Primary School, and Hong Wen School.
3. Fewer resale HDB flat buyers paid COV in 2023
Fewer buyers of resale HDB flats paid COV last year, at only 15% over the last three months of 2023, reported The Straits Times.
Comparatively, almost 30% of such buyers forked out COV for their units over the same period in 2022, said National Development Minister Desmond Lee during his speech at the Built Environment and Property Prospects seminar.
COV, which can only be paid by the buyer in cash, is the difference between the flat’s sale price and its actual HDB valuation.
Flash data from HDB showed that 6,440 units of resale flats were transacted over the last three months of 2023, down from the 6,597 sold over the same period in 2022.
Lee pointed out that the median COV remained relatively stable at around $30,000, while overall property price hikes have moderated.
HDB resale prices rose 4.8% in 2023, slowing from the 10.4% jump registered in 2022. Private property prices, on the other hand, climbed 6.7% in 2023, down from the 8.6% growth seen in 2022.
With this, he urged buyers to be prudent, underscoring that home prices are “unlikely to sustain the momentum they have seen in the past three years”.
4. Former Kebun Baru Primary site to make way for high-rise housing
The former Kebun Baru Primary School site in Ang Mo Kio has been earmarked for high-rise housing development under a proposed amendment to the Urban Redevelopment Authority’s (URA) Master Plan.
The site, which spans 1.82ha, is 1km away from Mayflower MRT station on the Thomson-East Coast Line (TEL), reported The Straits Times.
The proposed changes – which include re-zoning the open space and educational institution site for road and residential use – are aimed at facilitating future “high-density residential developments” within the area.
Kebun Baru Primary, established in 1985, occupied the site until it was merged with Ang Mo Kio Primary in 2002. In May 2002, the merged school relocated to 20 Ang Mo Kio Avenue 3.
Property analysts expect residential developments on the site to be attractive to home buyers considering its proximity to the Mayflower MRT station and various schools.
Related article: Thomson-East Coast Line (TEL) in Singapore: When Does It Fully Complete? (2024)
5. New homes and a park to be built near Kembangan MRT station
URA seeks to re-zone a plot of land next to Kembangan MRT station from residential with shops on the first storey with a plot ratio of 2.5, to residential use only but with a higher plot ratio of 3.2, reported The Straits Times.
This means the new development can have over 36 storeys.
Spanning nearly 2ha, the site currently houses a football field with a basketball court and a running track.
An adjacent plot housing the Kampong Kembangan Community Club will also be re-zoned as a park.
The proposed changes are aimed at addressing housing demand and leveraging the site’s proximity to transport nodes and amenities.
Manpower Minister Tan See Leng said plans to rejuvenate the Kembangan area, which includes Kampong Kembangan Community Club’s redevelopment, are underway.
With some existing facilities expected to be affected, the MP for Marine Parade GRC assured that he and his team will work with relevant agencies to “ensure a smooth transition” as well as minimise inconvenience to residents.
6. Kranji Primary School to relocate to Tengah, Outram Secondary School to Sengkang
The Ministry of Education (MOE) has unveiled plans to relocate Kranji Primary School and MK@Kranji from their current location in Choa Chu Kang to Tengah in 2028 as well as Outram Secondary School from York Hill to Sengkang in 2026.
The move, which is in line with the ministry’s announcement in February 2023, is aimed at addressing the changing demands for schools and preschools in Singapore.
The ministry also revealed the opening of two MOE kindergartens – in Bukit Batok and Tampines North – and a new primary school in Tampines North as more families move to the area with the completion of BTO projects there.
To facilitate the relocation, Kranji Primary School and MK@Kranji will no longer accept Primary 1 and Kindergarten 1 students from 2025 and remain in operation until all existing students have graduated.
Since Kranji Primary School will stop accepting Primary 1 students in 2025, siblings of existing students will not be able to register for such primary school.
Outram Secondary School will also stop accepting new Secondary 1 students from 2025 but will start admitting new Secondary 1 students at its new campus in Sengkang from 2026.
It will “operate two campuses until 2027 when the last batch of Secondary 4 students at the York Hill campus graduates,” said MOE.
Related article: MOE P1 Registration 2023: Will Parents Move For Their Children’s Primary Schools?
7. EV fast chargers deployed at HDB Hub in Toa Payoh, Oasis Terraces in Punggol
Drivers of electric vehicles (EVs) can now top up their batteries faster with the launch of the first batch of fast charging points at Oasis Terraces in Punggol and the HDB Hub in Toah Payoh Central, reported CNA.
This is in line with the government’s plan to deploy fast chargers at more convenient locations, including HDB neighbourhoods, town centres as well as JTC industrial estates.
“Thirty minutes to an hour can provide their EVs with an extra 100km to 200km mileage,” said Senior Minister of State for Sustainability and Environment Amy Khor.
Dr Khor, who also serves as Senior Minister of State for Transport, shared that more than 2,400 EV charging points were installed at over 700 HDB car parks.
This means that the interim target of installing EV chargers at one in three HDB car parks by 2023 has been achieved.
However, these chargers are mainly slow chargers, ideal for private EVs parked overnight for around six to eight hours per day. This provides drivers with an average of around 300km.
“While slow charges will meet the needs of most drivers, we also recognise that fast chargers are needed as a supplement, particularly for high mileage vehicles like taxis, private hire cars and commercial fleets,” stated Dr Khor.
Related article: Budget 2023 Singapore: Increased BSD Rates, More CPF Housing Grants, and More
8. Media Circle site receives three bids, Marina Gardens Crescent site gets one
The tender for the residential development sites at Media Circle and Marina Gardens Crescent closed on 18 January 2024, with the Media Circle site getting three bids, revealed URA.
Qingjian Realty and Forsea Residence submitted the highest bid of $395 million for the Media Circle site, followed by Intrepid Investments and Garden Estates with a bid of $385 million.
Zoned residential with commercial at first-storey, the 99-year leasehold site has a land area of 10,632.1 sq m and a maximum permissible gross floor area (GFA) of 30,834 sq m. It is expected to yield 355 residential units.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru commented, “This bid is 4.4% lower than the $1,246 PSF ppr that EL Development paid for a nearby site at Slim Barracks where Blossoms By The Park was launched in 2023. It is also 1.6% lower than the $1,210 PSF ppr that Kingsford Development paid for its upcoming The Hill @ One North.”
Meanwhile, the site at Marina Gardens Crescent drew just one bid at $770 million, submitted by a consortium comprising GuocoLand, Intrepid Investments, and TID Residential.
With an area of 17,319.2 sq m, the white site has a maximum permissible GFA of 72,741 sq m and is expected to yield 775 residential units.
On top of being the sole bidder, Dr Tan notes, “The land rate of $984 PSF ppr was about 30% lower than the $1,402 PSF ppr that Kingsford Group paid for Marina Gardens Lane in June 2023. There is a possibility that the government may not award the Marina Gardens Crescent site given there is only one bid received for the latest ‘white’ site and the reserve price of 85% of the estimated market value as assessed by the Chief Valuer might not have been met.
9. Pine Grove owners seeking to relaunch en bloc sale at lower price
Pine Grove condominium’s collective sale committee is seeking an 80% mandate from owners to relaunch the collective sale at a lowered reserve price of $1.78 billion, reported The Straits Times.
This comes after the tender for the former HUDC estate closed in November 2023 without any bids received. Pine Grove, which has 59 years left on its 99-year lease, made its fourth collective sales attempt in September 2023 carrying a price tag of $1.95 billion.
An extraordinary general meeting (EOGM) as well as a signing session was held on 21 January 2024 to gauge owners’ interest in the relaunch at the new reserve price.
“Several developers have informally indicated interest in the Pine Grove collective sale at the specified valuation price. This has prompted the ongoing effort to secure the necessary 80% consensus before the upcoming tender deadline… in mid to late March 2024,” said Pine Grove’s marketing agent ERA Realty.
ERA Key Executive Officer Eugene Lim noted that the $1.78 billion price works out to a land rate of $1,335 PSF ppr, after factoring in the 10% bonus gross floor area, the $974.4 million estimated land betterment charge (LBC) and lease upgrade to a fresh 99-year lease.
10. Marina Bay Sands to inject another $1,005,000,000 in the second phase of the reinvestment programme
Marina Bay Sands is set to invest another $1,005,000,000 in the second phase of its reinvestment programme, which is focused on enhancing its third hotel tower, the Sands Skypark rooftop and the hotel lobby, reported The Business Times.
This follows the initial commitment of $1.3 billion for the first phase, currently in its final stages and which saw the complete renovation of the other two hotel towers.
The second phase will see the third tower featuring 550 rooms, including 380 suites as well as a renewed focus on guests’ wellness experiences.
Completion of the works will be in phases, extending through 2025.
Paul Town, Chief Operating Officer of MBS, expects the next stage of the integrated resort’s development to strengthen the appeal of Singapore as a leading tourism destination.
“This second phase of reinvestment will be critical, as it propels the property to new heights and places us in a strong position to capture future growth opportunities,” said Town.
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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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