{"id":139222,"date":"2023-09-18T07:57:11","date_gmt":"2023-09-18T00:57:11","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/altura-ec-sold-88-of-its-units-after-second-timer-balloting-new-private-home-sales-plunge-72-1-in-august-2023-and-more\/"},"modified":"2023-09-18T16:09:06","modified_gmt":"2023-09-18T09:09:06","slug":"altura-ec-sold-88-of-its-units-after-second-timer-balloting-new-private-home-sales-plunge-72-1-in-august-2023-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/altura-ec-sold-88-of-its-units-after-second-timer-balloting-new-private-home-sales-plunge-72-1-in-august-2023-and-more\/","title":{"rendered":"Altura EC Sold 88% of its Units After Second-timer Balloting, New Private Home Sales Plunge 72.1% in August 2023, and More"},"content":{"rendered":"


\nAltura EC Sold 88% of its Units After Second-timer Balloting, New Private Home Sales Plunge 72.1% in August 2023, and More12 to 18 September 2023
\nAltura, an executive condominium (EC), saw 95 units snapped up during its second-timer balloting event on 16 September 2023, bringing its overall take-up rate to 88%. Meanwhile, new private home sales, excluding ECs, fell 72.1% to 394 units month-on-month (MoM) in August 2023, following a \u201cblistering month\u201d of July 2023 when an almost two-year high of 1,412 units were shifted.
\n\u00a0
\n1. Altura executive condominium now 88% sold after second-timer balloting
\nAltura saw 95 units snapped up during its second-timer balloting event on 16 September 2023, bringing the overall take-up rate to 88%, revealed the project\u2019s joint developers Qingjian Realty and Santarli Realty.
\nFeaturing a total of 360 units, the development only has 45 remaining units, which are primarily four- and five-bedroom plus flexi configurations.
\nIn fact, last month\u2019s new private home sales were driven by Altura as 225 units were sold at its August 2023 launch, reported CNA.
\nThe first EC to be launched in Bukit Batok since 2001, Altura also stands as the only EC launch for this year, making it highly sought-after.
\nOn the appeal of ECs among Singaporeans, Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru commented that they \u201ccontinue to be the darling asset class in this current market climate of increased Additional Buyer\u2019s Stamp Duty (ABSD), rising interest rates, and economic headwinds.
\nBesides more affordable prices compared to private properties, buyers of ECs are likely to be least affected even by ABSD as they get remission upfront and can take their time to sell their existing residential property before the EC\u2019s completion.\u00a0Also, EC buyers can use CPF Housing Grants and\u00a0Staggered Downpayment\u00a0Scheme which are not available to private residential home buyers.\u201d
\nSpecifically on Altura\u2019s performance in spite of the Hungry Ghost Festival 2023 period, Dr Tan said, \u201cThe less superstitious home buyers will not let the hungry ghosts deter them from buying their choice EC units as the demand is strong.\u201d
\n\u00a0
\n2. New private home sales plunged 72.1% in August 2023
\nNew private home sales, excluding ECs, fell 72.1% to 394 units MoM in August 2023, following a \u201cblistering month\u201d of July 2023 when an almost two-year high of 1,412 units were shifted.
\nOn an annual basis, new home sales dropped 10% from the 438 units transacted over the same period in 2022.
\nAnalysts attributed the drop in sales to buyer fatigue given the slew of project launches in recent months and to the start of the lunar seventh month in mid-August 2023.
\nMeanwhile, the EC market saw sales surge by over four times to 255 units in August 2023, driven mainly by the Altura\u2019s launch. Located at Bukit Batok, the development accounted for the bulk of EC sales, selling 225 units last month.
\nLooking ahead, Wong Siew Ying, Head of Research and Content at PropNex Realty, expects new private home sales to remain muted in September 2023, before picking up in October 2023 and November 2023.
\n\u00a0
\n3. Hoi Hup-Sunway JV bags Tengah EC site for $348.5 million
\nA joint venture between Hoi Hup Realty and Sunway Development has clinched the EC site located at Tengah Plantation Close for $348.5 million.
\nThe JV won the tender \u201cusing an alternative bid that utilises a hybrid of technologies assessed by BCA to be able to yield substantial productivity improvements\u201d, said Hoi Hup and Sunway in a release.
\nLaunched for tender on 23 December 2022, the 99-year leasehold site has an area of 16,441.2 sq m and a maximum permissible gross floor area (GFA) of 46,036 sq m. It is expected to yield 495 housing units, said the HDB.
\nThe tender for the site closed in June 2023 with nine bids received.
\n\u201cWe are very pleased to be awarded this EC site that will allow us to demonstrate our capability to build a new generation of beautiful EC that is sustainable yet practical and liveable,\u201d said Hoi Hup Realty Chairman Wong Swee Chun.
\n\u00a0
\n4. Champion Way site receives six bids, Lentor Central site gets two
\nThe tender for two private residential sites closed on 12 September 2023, with the Champions Way site receiving six bids while the Lentor Central site gets two bids, revealed\u00a0Urban Redevelopment Authority (URA).
\nCDL submitted the top bid of $295 million for the Champions Way site, which was 8.3% higher than the second-highest bid.\u00a0
\n\u00a0
\nMeanwhile, a joint venture between GuocoLand, Hong Leong Holdings\u2019 Intrepid Investments and CSC Land Group submitted the top bid of $435 million for the Lentor Central site. The other bid was put forward by Frasers at $410 million.
\n\u00a0
\n5. Pine Grove makes another en bloc attempt, guide price at $1.95 billion
\nPine Grove, a 660-unit condominium in Ulu Pandan, has once again been put up for en bloc sale with a guide price of $1.95 billion, reported CNA.
\nThis works out to a land rate of $1,434 per sq ft per plot ratio (PSF ppr), after factoring in an estimated Land Betterment Charge (LBC)\u00a0of more than $1 billion for land use intensification and lease upgrade to a fresh 99-year. It also takes into account the 10% bonus GFA area under various government incentive schemes.
\nERA Realty Network said this is the development\u2019s fourth collective sale attempt since 2008, and the third time it has achieved the requisite consensus.
\nPine Grove had a reserve price of $1.86 billion and $1.7 billion during its two most recent collective sale attempts in 2019 and 2011, respectively.
\nCompleted in 1984, the development occupies a massive 82,982.8 sq m site that is zoned for residential use with a gross plot ratio of 2.1. ERA shared that it could yield up to 2,050 new housing units, subject to the approval of authorities.
\nThe tender for Pine Grove closes on 29 November 2023.
\n\u00a0
\n6. More than 3,500 new private homes to be launched in Q4 2023
\nOver 10 private home projects are set for launch in the Q4 2023, offering a total of more than 3,500 housing units, reported The Business Times.
\nUpcoming projects include 474-unit Hillock Green and freehold condo Watten House as well as mixed-use developments Marina View Residences, J\u2019Den condo, and Skywaters Residences.
\nDespite declining homebuyer interest, analysts expect prices for these homes to remain stable due to high financing and land costs.
\nNotably, new launches for this year fetched PSF prices of above $2,100.
\nEugene Lim, Key Executive Officer at ERA, anticipates prices for the\u00a0Outside Central Region (OCR) projects such as Lentoria, J\u2019Den, and Sora to range between $2,000 and $2,500 PSF.
\nSing Tien Foo, provost\u2019s chair professor of real estate at the National University of Singapore, said developers keep their launch prices high so that they would still have some room to lower prices in the future.
\n\u201cWith geopolitical uncertainties\u2026 costs could potentially climb, necessitating developers to account for such unpredictabilities,\u201d said Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group.
\n\u201cGiven these dynamics, a significant increase in new launch prices seems unlikely. We foresee a more stable pricing landscape in the near future,\u201d he added.
\n\u00a0
\n7. Singapore\u2019s super-prime home sales down in Q2 2023
\nThe number of super-prime homes, or those worth US$10 million ($13.6 million) above, sold in Singapore fell to only 30 units in the second quarter of 2023 from 37 units in the previous quarter, reported Singapore Business Review citing Knight Frank data.
\nThe total sales value also dropped to US$477 million ($650 million) in Q2 2023 from US$603 million ($822 million) in Q1 2023.
\nNotably, average selling prices for Singapore super-prime homes dipped to US$15.9 million ($21.7 million) in Q2 2023 from US$16.3 million ($22.2 million) in Q1 2023.
\nAccording to Knight Frank, the figures indicate that Asian buyers are looking for alternatives to Singapore after the city-state rolled out higher stamp duty rates.
\n\u201cSingapore\u2019s super-prime market is experiencing a squeeze in sales volumes due to high purchase taxes, reaching up to 60% for foreign buyers in some cases,\u201d it said.
\n\u201cAlthough the city has been successful in attracting wealth management and family office investments, this interest has not translated into increased sales activity, as the market is adapting to rely more on domestic purchasers,\u201d added the real estate expert.
\nRelated article:\u00a0Property Cooling Measures 2023: How are Singaporean Investors Handling the Latest ABSD Hikes?
\n\u00a0
\n8. Bukit Merah to get a facelift with refreshed town centre, enhanced connectivity to green nodes
\nClose to 130,500 residents of Bukit Merah can look forward to a revitalised town centre and community spaces as well as enhanced connectivity to green nodes like the Rail Corridor and Southern Ridges.
\nTo be implemented in the next five to 10 years, these improvements are part of HDB\u2019s Remaking Our Heartland (ROH) programme, which is aimed at bringing city living close to nature.
\nHDB shared that \u201ca key focus of the renewal plans for Bukit Merah is to make the homes and neighbourhoods more senior-friendly\u201d, given that over one-third of the town\u2019s residents are aged 60 and above.
\nAs such, the common spaces within the town centre, neighbourhood centres and housing estates will be fitted with sheltered walkways, non-slip flooring, ramps and more seating areas.
\nNotably, Bukit Merah comprises several estates \u2013 namely, Tiong Bahru, Redhill, Mount Faber, Telok Blangah and a portion of Tanjong Pagar.
\n\u00a0
\n9. New cycling paths to be built in Bukit Batok, Clementi, Queenstown, and Jurong West
\nNew cycling paths will be built progressively from 2024 in Bukit Batok, Clementi, Queenstown and Jurong West under the Islandwide Cycling Network (ICN) programme of the Land Transport Authority (LTA), reported CNA.
\n\u201cConstruction of cycling paths will commence in phases, as soon as the relevant feasibility studies are completed, to allow residents to enjoy the benefits sooner,\u201d said LTA.
\nNotably, it has called a tender to build the new cycling paths on 11 September 2023.
\nLTA noted that the new paths will improve cycling connectivity to key amenities like shopping malls, transport nodes and neighbourhood centres in areas including Nanyang, Boon Lay, West Coast, Dover and Pioneer.
\n\u00a0
\n10. A new 2.2km section of Pasir Panjang Park opened on 16 September 2023
\nA new 2.2km section of Pasir Panjang Park, which connects to Labrador Nature Park and West Coast Park, has opened on 16 September 2023, reported CNA.
\nStretching from Pasir Panjang MRT station to the Jalan Pelepah housing estate, the new section allows the public to \u201cenjoy a more pleasant 17km walking and cycling experience from Labrador Nature Park to West Coast Park through Pasir Panjang Park, all the way to Jurong Lake Gardens and Jurong Central Park\u201d, stated the National Parks Board (NParks).
\nIt noted that the new section pays tribute to the history of Pasir Panjang as one of the major port terminals in Singapore.
\nThree shipping containers, donated by PSA Singapore, have been repurposed as shelters. Of these, two feature maritime artefacts such as a ship anchor and a ship telegraph.
\nNParks also unveiled plans to enhance 13 parks within Singapore\u2019s southern region and connect them up via curated theme trails.
\nIt also plans to further enhance three of the parks \u2013 Labrador Nature Park, West Coast Park and HortPark \u2013 into destination parks.
\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…Altura EC Sold 88% of its Units After Second-timer Balloting, New Private Home Sales Plunge 72.1% in August 2023, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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(Photo: Qingjian Realty) Chinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April). The 651-unit project comprises three- to five-bedroom units with sizes ranging from 926\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114323,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parc-canberra-sold-316-units-over-launch-weekend\/","url_meta":{"origin":139222,"position":1},"title":"Parc Canberra sold 316 units over launch weekend","date":"February 17, 2020","format":false,"excerpt":"\r The Hoi Hup Sunway project sold 64% of its total available units.\u00a0 Executive condominium Parc Canberra received robust interest during its sales launch over the weekend, with 64% or 316 out of its 496 total units sold. In a statement, Hoi Hup Sunway Canberra revealed that it has launched\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51749,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/divorcing-couples-cause-heartbreak-for-ec-developers\/","url_meta":{"origin":139222,"position":2},"title":"Divorcing couples cause heartbreak for EC developers","date":"April 13, 2017","format":false,"excerpt":"\r Crowds at the Bellewaters showflat for the re-balloting exercise. (Photo: Qingjian Realty) Chinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April). 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