Based on analysis of Government Land Sales data, nine private non-landed residential developments and two executive condominiums (EC) could be launched by developers for sale in 2H2016 if the current buying momentum continues. Three developments are in the city fringe, with the remainder in the Outside Central Region. Prospective buyers might wish to look out for some projects, as the developers paid a lower price for their sites than nearby projects, which may translate into a competitive selling price.
EL Development is expected to launch Parc Riviera in West Coast Vale in August. The developer paid $551 psf per plot ratio for the site, which was 20% lower than the $687 psf ppr paid by World Class Land for its Waterfront@Faber site. Waterfront@ Faber was sold at a median price of $1,488 psf during its launch in May 2013 and is now fully sold.
Another upcoming launch will be Tang Group’s development at Alexandra View beside the Redhill MRT station. The site was 12% cheaper than that of Alex Residences next door. Although it was 3% pricier than the Principal Garden site, it includes a commercial component with a gross floor area of at least 19,375 sq ft. At least 10,764 sq ft must be set aside for a supermarket. As such, it could be one of the most competitively priced projects in the Bukit Merah and Queenstown areas.
Over in Tampines, MCC Land could potentially launch The Alps Residences this year. The developer paid $482 psf ppr for the site, which was about 14% lower than the $562 psf ppr it paid for The Santorini site next door. However, as both projects are under the same developer, the lower land price may not materialise into a smaller price tag.
Separately, two ECs — Treasure Crest in Sengkang and Northwave in Woodlands — could be launched at attractive prices. Both sites were sold for less than $300 psf ppr in 2015, the lowest EC land prices seen since July 2011.
In July, MCL Land is expected to launch Lake Grande, located near the Lakeside MRT station. The developer paid $338 million, or $630 psf ppr, for the site — slightly lower than the $651 psf ppr it paid for the adjacent Lakeville site. Lakeville was launched at a median price of $1,318 psf in April 2014. About 90% of the units have found buyers.
One of the highly anticipated new launches would be the Siglap Road site by the Frasers Centrepoint consortium. The site is a stone’s throw from the future Siglap MRT station and offers a view of the sea and East Coast Park.
Other projects near MRT stations
A consortium comprising Lend Lease and Abu Dhabi Investment Authority could launch the residential component of its mixed-use development at Paya Lebar Central this year. It is expected to comprise 429 residential units, in addition to 983,176 sq ft of office space and 470,813 sq ft of retail space. As part of the government’s decentralisation plans that aim to reduce congestion and commuting time to the city centre, Paya Lebar Central is poised to become a major commercial centre in the city fringe.
Next to the Queenstown MRT station, HY Realty could potentially launch its Dundee Road project this year. The developer paid $438 million, or $871 psf ppr, for the site — just a tad lower than the $883 psf ppr paid for the neighbouring Commonwealth Towers site. The latter was launched at a median price of $1,626 psf in May 2014.
Some 400m from the Serangoon MRT station and Nex, City Developments and Hong Leong Holdings could launch their Lorong Lew Lian site this year. The joint venture paid $710 psf ppr for the site, which could translate into a selling price of between $1,300 and $1,350 psf.
This article appeared in the The Edge Property pullout of Issue 734 (June 27) of The Edge Singapore.
For a non-obligation discussion on Real Estate matters, I can be reached at 98469648. Irene Tan