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\n18th January to 24th January 2022
\nThe former Caldecott Broadcast Centre site is set to become the largest cluster of leasehold Good Class Bungalows (GCBs) in Caldecott Hill as Perennial Holdings proposed to redevelop the site into 15 leasehold GCBs. Meanwhile, Gloria Mansion was sold en bloc for $70.3 million, making it the first full residential collective sale since the latest property curbs.
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\n1) 15 leasehold GCBs to rise at former Caldecott Broadcast Centre site
\nPlans are afoot to redevelop the former Caldecott Broadcast Centre site into fifteen 99-year Good Class Bungalows (GCBs), potentially making it the largest cluster of leasehold GCBs to be launched within a predominantly freehold GCB area in Caldecott Hill, reported The Straits Times (ST).
\nIn an internal circular seen by ST, Perennial Holdings proposed redeveloping the 752,015 sq ft site in Andrew Road into 15 bungalows. Each bungalow has a plot area of between 1,400 sq m (15,070 sq ft) and 23,300 sq m (250,800 sq ft).
\nCiting The Business Times, ST noted that Perennial Chairman Kuok Khoon Hong is said to be taking the biggest plot \u2013 which could accommodate up to 11 GCBs \u2013 for his extended family.
\n2021 saw the demand for luxury property in Singapore pick up, and the same can be said of the GCB market. GCBs are seen as status symbols. In 2020, 46 GCBs were sold; in 2021, 90 GCBs were sold.
\nBrowse all Good Class Bungalows for sale on PropertyGuru.
\n2) Gloria Mansion sold for $70.3mil
\nSource: Google Maps
\nIn the first full residential en bloc sale since the latest property cooling measures in December 2021, Gloria Mansion at 292 Pasir Panjang Road has been sold for $70.3 million, reported The Business Times.
\nThe 12-storey residential development was sold to Fraxtor Capital and a group led by the family offices of property veteran siblings Daniel Teo and Teo Teck Weng.
\nFeaturing 31 apartments, Gloria Mansion occupies a 45,742 sq ft site with a plot ratio of 1.4. Its gross floor area without balcony stands at 64,039 sq ft.
\nPatrick Ee from the Legal Solutions \u2013 which is the collective sale\u2019s legal advisor \u2013 said the high interest for the site came as no surprise \u201cconsidering the opportunity it offered to developers seeking to create another standout residential development in Singapore\u201d.
\nThe en bloc fever was picking up steam in 2021, but it\u2019s anyone\u2019s guess what effect the announcement of the Dec 2021 property cooling measures will have on the market. Previously, due to the limited supply of land released through the Government Land Sales (GLS) Programme, developers had to look elsewhere to replenish their land banks. However, with the recent announcement to increase the supply from 2022 onwards, we may soon see a slowdown in the en bloc scene.
\n3) Tenders for Hillview residential sites withdrawn
\nTwo sale tenders for a total of 25 factories, which are all zoned for residential use, in Hillview have been withdrawn just before their scheduled closing date, reported The Business Times.
\nThe owners\u2019 decision to withdraw the tenders for the residential redevelopment sites, which spans over 132,000 sq ft, was not due to the Government\u2019s latest round of cooling measures, since the tenders have been getting a \u201cgood response\u201d, said Colliers International.
\nInstead, the Hillview Terrace sites \u201care currently being strategically repositioned for other development plans, and more information will be available in due course\u201d, the real estate services firm told BT.
\nColliers was marketing the 999-year leasehold sites at 32-38D Hillview Terrace for $106 million. It was also jointly marketing the freehold land plots at 31-35 and 50-64 Hillview Terrace with OrangeTee Advisory for $122 million.
\n4) Jalan Tembusu site attracts eight bids, Lentor Hills site gets four bids
\nThe Jalan Tembusu site. Source: URA
\nThe first two state tenders following the property cooling measures in December drew mixed results. The site at Jalan Tembusu and Lentor Hills Road (Parcel A) attracted eight and four bids, respectively, according to the Urban Redevelopment Authority (URA).
\nA unit of City Developments (CDL) emerged as the highest bidder for the 19,567.4 sq m site at Jalan Tembusu at $768 million or $1,302 per sq ft per plot ratio (psf ppr).
\nMeanwhile, a consortium comprising GuocoLand (Singapore), Intrepid Investments and TID Residential submitted the highest bid for the 17,136.9 sq m site at Lentor Hills Road at $586.6 million or $1,060 psf ppr.
\nHuttons Asia said developers are using the two tenders as a gauge for future bids. \u201cThe gap between the bidders for the two sites showed that developers are unsure,\u201d it added.
\nThe Dec 2021 property cooling measures saw Additional Buyer\u2019s Stamp Duty (ABSD) rates for housing developers raised to 40% (35% ABSD may be remitted upfront subject to conditions, with non-remittable 5% ABSD). The cooling measures may have contributed to why developers felt unsure about committing to bids.
\n5) CDL plans to build 240-unit project at Jalan Tembusu site
\nCity Developments (CDL) has revealed plans to build a residential project with 640 units spread across four blocks of 20- to 21-storey towers should it win the award for the Jalan Tembusu site, reported The Straits Times.
\nIts statement came after its unit emerged as the highest bidder for the Jalan Tembusu site during the state land sale at $768 million or $1,302 per sq ft per plot ratio (psf ppr).
\nCDL\u2019s bid surpassed the previous record land rate within the city fringe area at $1,129 psf ppr for a land parcel at Northumberland Road that was awarded in May 2021, said Wong Siew Ying, Head of Research and Content at PropNex Realty.
\nCDL shared that the project will offer sea views as well as unobstructed views of the Singapore Sports Hub and the CBD skyline.
\nMore than 31,000 HDB flats are set to fulfil their MOP in 2022, meaning there will be a significant number of HDB upgraders who may shop for private property in 2022 and beyond. The ongoing construction of the Thomson-East Coast line and the Jalan Tembusu site\u2019s city-fringe location will likely contribute to demand for the project.
\nRelated article:\u00a0New Launch Condos and ECs for 2022: 11 Upcoming Projects We Can Expect
\n6) Singapore new private home sales drop 58% in December
\nZyanya, a new launch condo located at 8 Lorong 25A Geylang.
\nSingapore saw new private home sales, excluding executive condominiums (ECs), decline 58% to 650 units in December 2021 from 1,547 in November, reported Channel News Asia, citing Urban Redevelopment Authority (URA) data. Including the 69 ECs shifted in December, sales dropped 55.4%.
\n\u201cThe market caught a chill after the Government imposed cooling measures on 16 December 2021. The year-end festivities, preparation for a new school term and overseas holidays via the VTLs played a role in the lower overall sales,\u201d said Lee Sze Teck, Senior Director for Research at Huttons Asia.
\nFor the whole of 2021, new home sales, excluding ECs, rose 31.4% to 13,118 units from the previous year. \u201cThis is the best performance in eight years,\u201d said Christine Sun, Senior Vice President of Research and Analytics at OrangeTee and Tie.
\nRelated article: 17 Freshly MOP-ed Resale Executive Condos in 2020-21
\nDecember is traditionally a lull period for transactions, so there is no surprise that new private home sales dipped. The slowdown was also an expected knee-jerk reaction to the property curbs.
\nStill, new private home sales saw explosive growth year-on-year, hitting an eight-year high. Once the market recovers from the \u2018shock\u2019 of the latest cooling measures, we will likely still see healthy demand for new private home sales in 2022, thanks to the influx of HDB upgraders expected in the market.
\n7) Demand for luxury homes unaffected by new curbs
\nSome ultra-high net worth individuals appear to be undeterred by the latest property cooling measures as Singapore continues to register transactions for luxury homes.
\nData extracted by OrangeTee and Tie from the Urban Redevelopment Authority\u2019s Realis showed that five non-landed homes priced at $10 million and above were transacted within the Core Central Region (CCR) during the two weeks following the December 2021 measures, reported The Business Times (BT).
\nThis is higher\u00a0than the three units sold between 1 December and 15 December 2021. Two more homes priced over $10 million were transacted from 1 January to 9 January 2022.
\nMeanwhile, 12 non-landed homes priced at $5 to $10 million were sold within the CCR between 16 December and 31 December 2021, and nine such units were shifted during the first nine days of January 2022, said BT
\n\u201cThe advantages of parking their monies here, including our safe-haven status and strong economic fundamentals, may outweigh the additional costs to these well-heeled buyers,\u201d said Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee as quoted by BT.
\nThroughout the pandemic, it has been seen that UHNW individuals have remained relatively unscathed. These trends are unsurprising, especially given how well Singapore has managed the COVID-19 pandemic and the fact that it has always been an attractive market for those looking to park their wealth in real estate. As vaccinated travel lanes (VTLs) and borders further reopen, it is expected more foreigners will return. Perhaps, demand for luxury homes may increase.<\/p>\n