![](\"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/05\/singapore-river-merlion-cbd.jpg?fit=820%2C410&ssl=1\")
\nAnalysts see strong demand for Farrer Park flats, Golden Mile Complex gets green light for collective sale at $700mil and more19th April to 2nd May\u00a02022
\nAnalysts expect the upcoming 1,600 Build-to-Order (BTO) flats in Farrer Park to receive strong demand, given the new estate\u2019s desirable location and amenities. Meanwhile, the owners of Golden Mile Complex have agreed to a collective sale of the iconic development at $700 million.
\n\u00a0
\n1) Analysts see strong demand for Farrer Park flats
\nSource: HDB
\nThe upcoming 1,600\u00a0BTO flats in Farrer Park are expected to receive strong demand, given the new estate\u2019s desirable location and amenities, reported Channel News Asia.
\nNotably, the Government has unveiled conceptual plans to redevelop a 10ha site in Farrer Park into a new housing estate with about 1,600 new flats.
\nSet for launch in the next three years, the new flats \u201cwill support the strong demand for public housing\u201d, said HDB, Urban Redevelopment Authority (URA), and Sport Singapore (SportSG) in a joint release.
\nOrangeTee & Tie\u2019s Senior Vice-president of Research and Analytics Christine Sun noted that it is the first BTO project to feature a sports theme in recent years. She added that developments with a\u00a0 specific theme usually have a stronger appeal to buyers.
\nLee Sze Teck, Senior Director of Research at Huttons Asia, forecasts a subscription rate of over 10 for the upcoming development, while Sun also projects a subscription rate of more than 10 if the units are launched as Prime Location Public Housing (PLH) flats and over eight if offered as BTO flats.
\nBTO application rates for BTO projects in mature estates vs that of non-mature estates\u00a0are typically higher and more competitive. Those who intend to ballot for the Farrer Park BTO project can expect tough competition due to the site\u2019s desirable city fringe location, excellent connectivity to public transport networks, and proximity to various lifestyle amenities and F&B options.
\nRelated article:\u00a0BTO Application Rates in 2021 Are High: Here\u2019s How to Improve Your HDB BTO Application Ballot Chances
\n\u00a0
\n2) Golden Mile Complex gets green light for collective sale at $700mil
\nSource: ET&Co
\nThe owners of Golden Mile Complex have agreed to a collective sale of the iconic development at $700 million, which is lower than its $800 million reserve price, reported Channel News Asia.
\nIn a letter to owners, Edmund Tie & Company, the development\u2019s marketing agent, shared that more than 80% of the owners \u2013 in terms of both share value and strata area \u2013 had given their consent for the sale.
\n\u201cUnder the conditional agreement, the collective sale committee has up till 9 May 2022 to exercise the option,\u201d it said.
\n\u201cOnce the conditional agreement has been exercised, we will hold an Owners\u2019 Meeting as soon as is practicable to share with you the indicative sale timeline and the steps forward.\u201d
\nWhile the letter did not mention the buyer\u2019s name, it was previously reported that a consortium led by Far East Organization and Perennial Holdings had offered to acquire the development for $700 million.
\nThe iconic building was gazetted as a conserved building in October 2021. To incentivise and make the site more attractive to buyers,measures including allowing the site boundary to be extended, the ability to build a 30-storey high tower block next to the primary building, tax incentives, and the possibility of a lease renewal to a fresh 99-year lease, were offered.
\n\u00a0
\n3) North Gaia sells nearly 27% of units at average price of $1,301.93 psf
\nSource: Sing Holdings
\nNorth Gaia, the first executive condominium (EC) project to be launched this year, sold nearly 27% or 164 of its 616 units over its launch weekend, reported The Business Times.
\nWith 62% of the units sold opting for the deferred payment scheme, the development achieved an average sales price of $1,301.93 per sq ft (psf) and a total sales value of $232.528 million, said project developer Sing Holdings.
\nOf the units sold, 84.1% were three-bedroom units, 10.4% were four-bedders and 5.5% were five-bedders.
\nDescribing the sales performance as respectable, SRI\u2019s Managing Partner Ken Low revealed that second-timers accounted for around 70% of the buyers.
\nRelated article:\u00a0Executive Condo Singapore (2022): 4 Upcoming ECs We Can Expect
\nThere is strong demand for ECs, as indicated by the unsold housing stock currently being at an all-time low. Prior to the release of North Gaia, there were only 16 new EC units from projects launched in 2021.\u00a0Aside from North Gaia, we can expect three more EC launches this year:\u00a0Tengah Garden Residences, the Tampines Street 62 EC and the Bukit Batok West Ave 8 EC.
\n\u00a0
\n4) Freehold site at Killiney Road on sale for $76mil
\nA prime freehold site at 118 Killiney Road has been put up for sale with an asking price of $76 million, revealed sole marketing agent Edmund Tie.
\nWith an area of about 7,688 sq ft, the site is zoned for \u201cResidential with Commercial at First Storey\u201d use under the 2019 Master Plan. It currently houses a six-storey building which features a restaurant on its first storey, 30 residential units on its upper floors as well as a basement carpark.
\nEdmund Tie noted that investors can redevelop the property for hotel use or retrofit the existing development into serviced apartments, which would allow investors \u201cto be cost-efficient with reduced carbon impact\u201d.
\nIt added that no development charge is payable to convert the property into either hotel or serviced apartment use.
\nThe tender for the site closes on 1 June.
\n\u00a0
\n5) Lee Hsien Yang selling Caldecott Hill bungalow to Luxasia Group scion<\/p>\n