{"id":134503,"date":"2023-02-13T08:40:13","date_gmt":"2023-02-13T01:40:13","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/terra-hill-preview-prices-start-at-1-5-million-acs-primary-moves-to-tengah-and-more\/"},"modified":"2023-02-13T17:28:31","modified_gmt":"2023-02-13T10:28:31","slug":"terra-hill-preview-prices-start-at-1-5-million-acs-primary-moves-to-tengah-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/terra-hill-preview-prices-start-at-1-5-million-acs-primary-moves-to-tengah-and-more\/","title":{"rendered":"Terra Hill Preview Prices Start at $1.5 Million, ACS (Primary) Moves to Tengah, and More"},"content":{"rendered":"


\nTerra Hill Preview Prices Start at $1.5 Million, ACS (Primary) Moves to Tengah, and More7th February to 13th February 2023
\nLuxury development Terra Hill opened for preview on 10 February 2023, with a 2-bedroom unit priced from $1.5 million. Meanwhile, property analysts expect the relocation of Anglo-Chinese School (Primary) from Barker Road in Newton to Tengah in 2030 to boost home prices within the new school location.
\n\u00a0
\n1. Terra Hill condo opens for preview, prices start at $1.5 million
\nSource: Terra Hill
\nTerra Hill, a freehold luxury development in Pasir Panjang, opened for preview on 10 February 2023, with a 2-bedroom unit priced from $1.5 million, reported The Business Times.
\nSizes for the 2-bedroom units range from 624 sq ft to 807 sq ft.
\n2-bedroom apartments, measuring between 904 sq ft and 1,335 sq ft, are offered from $2.3 million, while 4-bedders ranging from 1,302 sq ft to 1,862 sq ft are priced from $3.4 million.
\nMeanwhile, prices for the development\u2019s 1,894 sq ft 4-bedders, which come with private lifts, start from $5 million.
\nLocated near Pasir Panjang MRT station, right next to the Greater Southern Waterfront, Terra Hills is being jointly developed by Sunway Developments and Hoi Hup Realty as a low-density project, featuring 270 condo units spread across nine five-storey blocks.
\n\u00a0
\n2. ACS (Primary) relocation may push Tengah property prices up by 10% to 15%
\nProperty analysts expect the relocation of ACS (Primary) from Barker Road in Newton to Tengah in 2030 to boost home prices within the new school location, reported CNA.
\nSome even predicted that the\u00a0prices of homes within 1km of the school in Tengah will fetch 10% to 15% more than the district average price.
\nHowever, not everyone is in agreement of when the impact on property prices may be immediately felt, since Tengah is still under development.
\nNonetheless, Lee Sze Teck, Senior Director of Research at Huttons, said the relocation may also boost the application rates of flats in Tengah in the upcoming 2023 Feb BTO season.
\n\u00a0
\n3. JCube to be redeveloped into 40-storey residential development<\/p>\n

JCube mall in Jurong East will cease operations from 7 August 2023 to make way for a new residential development, which will also feature commercial space on the first and second levels.
\nIn a release, CapitaLand Development (CLD) revealed that it has obtained provisional permission from the Urban Redevelopment Authority (URA) to redevelop the JCube site into a 40-storey apartment block. The company expects the development to be launched for sale in 2H 2023.
\nCLD noted that the new development, which is targeted for completion in 2027, will \u201ccomplement the Government\u2019s plans to bring new homes \u2013 alongside new businesses, recreational facilities and amenities \u2013 to the Jurong Lake District (JLD)\u201d.
\nWith this, CLD is providing JCube tenants with necessary support to help with the transition.
\n\u00a0
\n4. Braddell Heights bungalow sold for $19 million
\nA single-storey bungalow in Clifton Vale within the Braddell Heights estate has been sold for $19 million to ABN Holding Pte Ltd.
\nThe purchase price works out to around $1,210 per square foot (PSF) on the land area of about 15,705 sq ft.
\nThe\u00a0freehold site is zoned for residential use and is within an area designated for 2-storey bungalow landed housing.
\nThe freehold property was put up for sale in December 2022, carrying a guide price of $23 million. The tender closed on 18 January 2023.
\nFuture developments built on the elevated land will potentially come with good views.
\n\u00a0
\n5. Lakeside Towers goes en bloc again at $350 million
\nLakeside Towers, a 144 unit condominium at Yuan Ching Road on the fringe of the Jurong Lake District (JLD), has once again been put up for en bloc sale, with a reserve price of $350 million \u2013 which is higher than its $305 million asking price in 2018, reported The Business Times.
\nThe collective sale tender comes after CLD\u2019s announcement that it will redevelop JCube into a 40-storey residential property and the sale of neighbouring condos at a premium.
\nComprising two 16-storey blocks, Lakeside Towers occupy a 14,236.1 sqm site with a gross plot ratio (GPR) of 2.1. However, JLL noted that its as-built gross floor area (GFA) is equivalent to a GPR of 2.35953.
\nWith this, its $350 million reserve price works out to a land rate of around $1,244 PSF ppr, after considering an estimated lease top-up premium with no land betterment charge.
\nThe land rate will go down to about $1,196 PSF ppr, after factoring in the 10% bonus GFA and including a land betterment charge and a lease top-up premium.
\nThe tender for Lakeside Towers closes on 12 April 2023.
\n\u00a0
\n6. Singaporeans need not worry of affordable homes, says PM Lee
\nPrime Minister Lee Hsien Loong has assured Singaporeans of the Government\u2019s commitment to provide affordable homes, reported Singapore Business Review.
\n\u201cRest assured that Singaporeans, now or in generations to come, will not have to worry about having an affordable home to call their own,\u201d wrote Lee on Facebook.
\nHis assurance comes after the Parliament debated two motions on affordable housing.
\nIn his post, Lee noted that Singapore\u2019s public housing system works, with over eight in 10 Singaporeans owning the HDB flats they live in.
\nMore families are also becoming flat owners as more than 20,000 new flats are completed each year, he said.
\nHe added that the Government is also working hard to cool the resale market, increase the supply of flats and keep HDB flats accessible and affordable for Singaporeans, reported The Straits Times.
\n\u201cWe are working hard at the problem, and are confident we will solve it,\u201d said Lee.
\n\u00a0
\n7. \u2018Generosity\u2019 of Voluntary En Bloc Redevelopment Scheme (VERS) helps address lease expiry concerns
\nIn addressing concerns raised by opposition members regarding the expiry of HDB flat leases, Senior Minister of State for National Development Sim Ann pointed to the \u201cgenerosity\u201d of the VERS, reported\u00a0CNA.
\nIn her response, she thanked Assoc Prof Jamus Lim (WP\u00a0\u2013 Sengkang) for making the point for her that HDB flats are very difficult to sell once they reach the tail end of their lease, at around 20 or 30 years left.
\n\u201cThat is the generosity of the VERS scheme \u2013 that the Government comes in as the purchaser of last resort when no one else would actually purchase and give the flat owner the remaining value of the lease,\u201d said Sim.
\nUnder VERS, the Government takes back HDB flats once they reach around 70 years of age and compensate the owners and help them secure another flat to live in.
\n\u00a0
\n8. More developers becoming conservative in pricing residential projects
\nA quarterly survey showed that developers are becoming more conservative in pricing residential projects, with 71% of developers polled in Q4 2022 expecting new launch prices to hold firm over the next six months.
\nThis is a significant increase by 38 percentage pojnts from the previous quarter, reported The Business Times. Meanwhile, 29% of respondents anticipates new launch prices to moderately increase.
\nConducted by the National University of Singapore\u2019s (NUS) Institute of Real Estate and Urban Studies (IREUS), the survey found that 47% of developers expect a moderate or substantial increase in the number of units to be launched over the next six months.
\nDevelopers unanimously cited rising inflation or interest rates as the top potential risk factor that could adversely affect sentiment in the next six months.
\nIn Q4 2022, the composite Real Estate Sentiment Index \u2013 which comprises Current Sentiment Index and Future Sentiment Index \u2013 held firm at 5.1%.
\nThe Current Sentiment Index, which tracks sentiment in the last six months, fell to 5.3% in Q4 2022 from 5.4% in Q3 2022. Meanwhile, the Future Sentiment Index, which measures sentiment for the next six months, climbed to 4.9% in Q4 2022 from 4.8% previously.
\n\u00a0
\n9. More Singapore properties may be auctioned in 2023<\/p>\n

Knight Frank expects more homes to go under the hammer this year, given the rise in bankruptcy petitions, reported CNA.
\nThis comes amid rising interest rates, reduction of pandemic support measures and\u00a0higher costs of living, said the real estate consultancy.
\nBased on Ministry of Law data, 3,648 people filed for bankruptcy in 2022, up 15% from 2021\u2019s 3,160 applications.
\nWith this, Knight Frank expects the 420 auction listings, including repeat listings, in 2H2023 to grow by 40% to 50% to around 600 this year.
\nAside from homes, more commercial and industrial properties are also expected to be auctioned as the number of small- and medium-size enterprises (SMEs) exiting their business increase amid a bleak economic outlook.
\nEdmund Tie, on the other hand, also foresees an increase in auction listings but only towards the 2H2023, noting that banks take several months to repossess the properties.
\n\u00a0
\n10. Parliament rejects PSP\u2019s motion for \u201creset\u201d of public housing policy
\nParliament has rejected a motion filed by Progress Singapore Party (PSP) members, which calls for a \u201creset\u201d of public housing policy \u2013 with 82 Members of Parliament (MPs) voting against it, while 11 were in favour, reported CNA.
\nMeanwhile, Desmond Lee, Minister for National Development, motioned to affirm the Government\u2019s commitment to accessible and affordable public housing was passed. 82 MPs voted in its favour, while 11 voted it down.
\nParliament also rejected an amendment filed by Opposition Leader Pritam Singh calling for the intensification of the Government\u2019s efforts on \u201ckeeping public housing affordable and accessible while protecting the interests of current and future generations of Singaporeans\u201d.
\nIn his closing speech, Lee described PSP\u2019s claim that the system is \u201cfundamentally broken\u201d as unacceptable.
\n\u201cBy no means are we saying through this motion that all is well and good, and that nothing needs fixing, it is a perfect system,\u201d said the minister.
\n\u201cOur system is far from perfect but it has achieved through the generations the outcomes that we have laid on the table today,\u201d he added.
\nWith this, Lee revealed plans aimed at improving affordability and accessibility of HDB flats, which include the launch of more flats with shorter waiting times from 2024, said CNA.
\nHe added that his ministry is also looking at measures to lower the high rejection rate for BTO applications, ensuring that \u201cthose with genuine and urgent housing needs\u201d are prioritised.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Terra Hill Preview Prices Start at .5 Million, ACS (Primary) Moves to Tengah, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Terra Hill Preview Prices Start at $1.5 Million, ACS (Primary) Moves to Tengah, and More7th...<\/p>\n","protected":false},"author":1,"featured_media":134504,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-134503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/02\/terra-hill-preview-2023.jpg?fit=810%2C420&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yZp","jetpack-related-posts":[{"id":123029,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/canninghill-piers-opens-for-preview-units-priced-from-1-16mil\/","url_meta":{"origin":134503,"position":0},"title":"CanningHill Piers opens for preview, units priced from $1.16mil","date":"November 5, 2021","format":false,"excerpt":"\r CanningHill Piers is a\u00a0696-unit project located between\u00a0the Singapore River and Fort Canning Hill.\u00a0The sales gallery opens today (5 November), and bookings begin on 20 November. 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