{"id":140288,"date":"2023-11-14T06:37:41","date_gmt":"2023-11-13T23:37:41","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jden-sells-88-of-units-over-launch-weekend-most-expensive-hdb-flat-emerges-in-toa-payoh-and-more\/"},"modified":"2023-11-14T14:45:43","modified_gmt":"2023-11-14T07:45:43","slug":"jden-sells-88-of-units-over-launch-weekend-most-expensive-hdb-flat-emerges-in-toa-payoh-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jden-sells-88-of-units-over-launch-weekend-most-expensive-hdb-flat-emerges-in-toa-payoh-and-more\/","title":{"rendered":"J'den Sells 88% of Units Over Launch Weekend, Most Expensive HDB Flat Emerges in Toa Payoh, and More"},"content":{"rendered":"


\nJ’den Sells 88% of Units Over Launch Weekend, Most Expensive HDB Flat Emerges in Toa Payoh, and More7 to 14 November 2023
\nJ\u2019den, CapitaLand Development\u2019s (CLD) mixed-use project in Jurong East, sold 88% of its 368 residential units during its launch at an average price of $2,451 per sq ft (PSF). Meanwhile, a 5-room Design, Build and Sell Scheme (DBSS) flat in Toa Payoh has been sold for $1.56 million recently, making it the most expensive HDB resale flat in Singapore.
\n\u00a0
\n1. J\u2019den sells 88% of units over its launch weekend<\/p>\n

J\u2019den, CLD\u2019s mixed-use project in Jurong East, sold 88% of its 368 residential units during its launch at an average price of $2,451 PSF, reported The Business Times.
\nCLD revealed that 1-bedroom and 2-bedroom units emerged as the most popular, with all 148 1-bedroom, 1-bedroom with study, and 2-bedroom units sold out.
\nThe development\u2019s 3-bedders and 4-bedders also witnessed \u201cstrong\u201d take-up, the developer added.
\nSizes of the units ranged from 527 sq ft for the 1-bedders to 1,485 sq ft for the 4-bedders.
\nSingapore Citizens and Singapore Permanent Residents (PRs) accounted for more than 99% of the homebuyers, with about 60% aged 40 or below. CLD also noted that around 62% of the buyers presently live within Singapore\u2019s western region.
\nDr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru said, \u201cJ\u2019den has all the attributes of a new launch that would perform well, namely, an integrated development.\u00a0Coupled with the Jurong Lake District (JLD) narrative, the enthralling 88% sales achievement over one weekend is in tandem with market expectations.
\nHowever, apart from 1-bedders and 2-bedders, the larger units continue to take more time for property seekers as they could be pulling financial resources together through the sale of their existing properties and\/or considering multi-generational family purchases.\u201d
\nWith a leasehold tenure of 99 years, J\u2019den comprises a 38-storey residential tower sitting atop a two-storey commercial podium. It is nestled on JCube shopping mall\u2019s former site, which was acquired by CLD in January 2022 for $340 million.
\nJ\u2019den drew over 7,000 visitors during its first weekend of public preview \u2013 making it one of the biggest preview crowds over the first weekend this year.
\nRelated article:\u00a0Jurong Region Line (JRL): What the Upcoming JRL Means for Singaporeans (2023)
\n\u00a0
\n2. A 5-room DBSS flat in Toa Payoh sold for a record $1.56 million
\nA 5-room HDB flat in Toa Payoh has been sold for $1.56 million recently, making it the most expensive HDB resale flat in Singapore, reported AsiaOne. The last time we reported on the most expensive HDB flat transacted was in June 2023, when a 1,894 sq ft 4-room jumbo HDB flat in Moh Guan Terrace, Tiong Bahru, sold for $1.5 million.
\nERA revealed that the unit is situated at The Peak, a DBSS development at Lorong 1A Toa Payoh, with the sellers being a self-employed middle-aged couple who want to upgrade to a private home.
\nThe buyers, on the other hand, are transitioning from a 4-room HDB flat.
\nDr Tan Tee Khoon noted, \u201cThat this 5-room DBSS unit of more than 1200 sq ft on the top floor in Toa Payoh fetched $1.56m, is really not out of sync with expectations. Toa Payoh is a sought-after HDB precinct and DBSS flats are no longer built.
\nAs these flats were designed by private developers, this would be the closest one can get to a private residential development whose equivalent size may cost close to $3m depending on the location.
\nLooking ahead, Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group, expects\u00a0that \u201cWe should continue to witness such transactions over the next few years, barring any economic shock. Equity-constrained property seekers for private homes will likely be priced out of private homes amid the high-interest rate environment and pivot to premium units in the HDB resale market.
\nThat said, such transactions remain a minority, and those first-time buyers will have more options when the Government rolls out the launches under the new classification.\u201d
\nRelated article:\u00a0National Day Rally 2023 Summary: Standard, Plus, Prime Flat Categories, More Single Housing Options, and More
\n\u00a0
\n3. 27.6% of Hillock Green units sold over its launch weekend at an average price of $2,108 PSF<\/p>\n

Hillock Green, a 99-year leasehold private condominium at Lentor Central, sold 131 units or 27.6% of its 474 units during its launch over the weekend.
\nThe units achieved an average selling price of $2,108 PSF.
\nBuyers comprised \u201ca healthy balance\u201d of first-time homebuyers, upgraders and investors from across Singapore. Notably, a significant number of buyers live within the Ang Mo Kio Planning area as well as the northeast region.
\nThere was also a good balance of units sold across all unit types. Interestingly, more investors bought larger units instead of the usual one- and two-bedders.
\nThe third project to be launched within the Lentor Hills estate, project is being developed by a joint venture comprising Soilbuild Group Holdings, Forsea Holdings and United Engineers Ltd.
\nDr Lee Nai Jia said, \u201cLentor is fast becoming a real estate hotspot in the Outside Central Region, with Hillock Green at its core drawing attention from both upgraders and newcomers from the Ang Mo Kio locale. Offering an appealing average price of $2,108 PSF, Hillock Green stands out for its affordability amidst a market that often sees new launch prices hitting $2,400 and beyond.
\nThe area is poised for further growth and transformation with the anticipated completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link, which is expected to inject dynamism into the North Coast Innovation Corridor. This strategic development could herald a new era of connectivity and urban development for Lentor.\u201d
\n\u00a0
\nHillock Green attracted over 1,600 visitors during the first weekend of its preview.
\n\u00a0
\n4. SP Group waives cooling system usage fees till end-2023, reduces rate from 1 January 2024
\nNational grid operator SP Group announced that it will waive the centralised cooling system usage charges for Tengah residents until end-2023 as well as reduce the usage rate from 1 January, reported CNA.
\nThe move comes after residents complained of excessive charges, misleading information, lack of transparency, poor communication, and cancellation policy issues.
\nIn a \u201cfurther gesture of goodwill\u201d, SP Group said it will also reduce the cancellation fees by 50% for homeowners who opt to cancel the system\u2019s installation.
\nResidents have raised issues with the centralised cooling system, which was touted as a sustainable alternative to air conditioning in the new Tengah housing estate, since before they started collecting their keys at the end of August 2023.
\nThese include concerns about costs, leakages, aesthetics, and the temperatures not being cold enough.
\nResidents also expressed disappointment over the discrepancy between the promised savings and the actual costs.
\nSP Group acknowledged the concerns, laid out the reasons for the increase and committed to adjust the rates from 1 January 2024.
\nIt also shared that it had rectified 88% of the reported defects, adding that it will rectify the remaining cases as soon as possible.
\nHDB said it will monitor the feedback and support SP Group in ensuring a smooth rollout of the centralised cooling system in Tengah.
\n\u00a0
\n5. Better aesthetics at HDB rental flats could help families achieve upward social mobility faster
\nCarrie Tan, Member of Parliament (MP) for Nee Soon GRC, has urged the government to improve the design of public housing rental flats by incorporating more pleasing aesthetics, lighting and colour to boost the mental well-being of families staying there as well as their potential for upward mobility, reported TODAY.
\nMP Tan\u00a0also pointed to overcrowding as a key issue facing HDB rental flat families and rejected the notion that providing a comfortable and pleasing environment would only demotivate such families into working hard to have their own place.
\nShe noted that overcrowding due to smaller flat sizes could lead to poor health, which could in turn lead to more frequent school absences as well as poor employment retention.
\n\u201cHome becomes a place just to survive but not to thrive in. We underestimate the amount of energy it takes to overcome challenges inherent in the current rental housing premises, leaving less energy for constructive actions such as focusing on job performance, or school performance,\u201d said Tan.
\nMinister of State for National Development Muhammad Faishal Ibrahim stated that his ministry empathises with the point raised by Tan while sharing the \u201cprogressive improvements\u201d made to enhance the public rental flats\u2019 design and living environment.
\n\u00a0
\n6. Urban Redevelopment Authority (URA) closes tender for Clementi, Pine Grove, Lorong 1 Toa Payoh sites
\nThe tenders for three sites located at Clementi Avenue 1, Pine Grove and Lorong 1 Toa Payoh have closed, with one site receiving six bids, announced the URA.
\nWith an area of 13,451.1 sq m, the site at Clementi Avenue 1 attracted six bids, with CSC Land Group (Singapore) and Caspian Residential 3 putting forth the top bid of $633.448 million.
\nMeanwhile, the Pine Grove (Parcel B) and Lorong 1 Toa Payoh sites both attracted three bids.
\nGolden Ray Edge 3 submitted the top bid of $692.388 million for the Pine Grove site, while a consortium comprising CDL Constellation, Frasers Property Phoenix, and Sekisui House submitted the highest bid of $968 million for the Lorong 1 Toa Payoh site.
\n\u201cThis is not an announcement of the tender award,\u201d said URA, adding that a decision on the award of the tender will be made following an evaluation of bids.
\n\u00a0
\n7. More buyers looking for HDB flats without resale restrictions
\nWith the implementation of the new housing categories just around the corner, more buyers are now seeking HDB resale flats without resale restrictions, especially in the Central region, reported Singapore Business Review.
\nThis comes as only Prime and Plus BTO flats will be sold within the area from\u00a0H2 2024, said Huttons.
\nIt noted that buyers are also willing to fork out a little bit more for such flats.
\nHuttons said the preference for HDB flats without resale restrictions may have supported HDB resale prices as well as the number of million-dollar flats last month.
\n\u201cThis is the first time that no million dollar flat was sold in non-mature estates,\u201d noted Huttons.
\nPropNex shared that October\u2019s 41 million-dollar HDB flats were in mature towns, particularly in Bishan and Bukit Merah (seven units each), Queenstown (six units), Clementi and Kallang Whampoa (five units each), Ang Mo Kio (four units) as well as Central Area and Toa Payoh (two units each). Moreover, Serangoon, Geylang, and Bukit Timah each registered one transaction.
\nHowever, Huttons believe the effect of buyers\u2019 preference for centrally located flats will likely be \u201cone-off\u201d.
\n\u00a0
\n8. Singapore may see a first rental slump in four years
\nAfter climbing by up to 15% this year, housing rents in Singapore are expected to drop by as much as 10% in 2024 amid the rising completion of homes, revealed a Bloomberg report.
\nBloomberg Intelligence analyst Ken Foong believes the drop in rents may be even greater if a crisis emerges or the macro-economy worsens.
\n\u201cTenants are likely to push back on sky-high rents due to higher vacancy, with more units to choose from, macro uncertainties and the rising cost of living,\u201d said Foong.
\nThe Singapore government\u2019s index for private housing rents inched up by only 0.8% in Q3 2023, its slowest growth since rents began climbing at end-2020.
\nMeanwhile, the number of vacant homes has increased to 34,341 units in Q3 2023, surpassing the 27,000 average set from 2014 to 2017, when rents dropped for four consecutive years.
\nDespite the expected decline in overall rents, some landlords may still raise prices on expiring leases which were entered into two or three years ago, albeit at a lower rate, said Foong.
\n\u00a0
\n9. First EV chargers at open-air HDB carpark now operational
\nThe first charging points for electric vehicles (EVs) at a surface-level or open-air HDB carpark are now operational, reported The Straits Times.
\nLocated at Block 209 Jurong East Street 21, the six chargers are the latest to be rolled out under a tender awarded in November 2022.
\nThe carpark spaces for EV charging are situated in a row, right next to one another. There is also a motorcycle parking just around the corner, which means electric motorcycles can make use of the charging service since the area is still within the reach of charging cables.
\n\u201cFrom our experience operating chargers in HDB carparks, the presence of EV chargers will provide confidence and peace of mind to HDB residents to make the switch to EVs,\u201d said Goh Chee Kiong, CEO of Charge+, the EV charging operator at Jurong East Street 21.
\nEV-Electric (EVe) Charging, Land Transport Authority\u2019s subsidiary overseeing the deployment of public EV chargers, shared that 30 surface-level HDB carparks will be equipped with EV chargers by end-2023.
\n\u00a0
\n10. Shophouse transaction volume, value down in Q3 2023
\nSingapore saw transaction volume for shophouses decline 21.3% quarter-on-quarter to 37 in the third quarter of 2023, following the money laundering probe in August, reported The Business Times citing Huttons Asia.
\nTransaction value also dropped 26.6% to $317.1 million in Q3 2023 from $432.3 million in Q2 2023.
\nBoth the transaction volume and value for shophouse deals in Q3 2023 were a far cry from their recent peak in 2021 when 73 units were sold in Q2 2021 and $606 million worth of shophouse sales were registered in Q4 2021, showed a PropNex report.
\nIn September 2023, only eight shophouse deals were posted, down from the\u00a019 transactions in August 2023.
\nMarket watchers believe the heightened customer due-diligence checks after 10 foreign nationals were investigated in August for money laundering cases, have affected demand from legitimate buyers.
\nDr Lee Nai Jia, however, said there could be various factors that may have led to the drop in shophouse transactions.
\n\u201cHigh property prices, in combination with an uncertain economic forecast and a climate of rising interest rates, may be making potential buyers hesitant to engage in such significant investments at this time,\u201d he said.
\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\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…J’den Sells 88% of Units Over Launch Weekend, Most Expensive HDB Flat Emerges in Toa Payoh, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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