Eight new projects are set to shake the property market for the second half of 2017.
Developers are set to launch eight brand new projects including an executive condominium. In addition to this, 2,200 private homes (non-landed) and 530 executive condominium units will be made available in the market.
For July, the real property market expects the launch of Le Quest (Qingjian Realty), Hundred Palms Residences (Hoi Hup Realty) and Martin Modern (GuocoLand).
Three Launches in District 9
Out of the eight new projects, three are located in District 9. This is within the vicinity of the Great World MRT station, which is just one stop from the Orchard MRT. This area is set to be an interchange for the North-South Line and the Thomson-East Coast line.
Martin Modern’s 450-unit is within the intersection of the River Valley Close and Martin Place. GuocoLand sent the property market into a frenzy last June 2016 when it gave the top bid ($595.1 million) for the 171,535 sqft site.
The government land sale (GLS) gathered 13 bids with the second highest bidder losing by a mere 1.2%. To date, there has been no new property launches along Martin Place, the last one having been the Starlight Suites in 2010.
Bukit Sembawang is set to launch its 250-unit project on St. Thomas Walk. The 63,260 sqft property was acquired through the collective sale of the Airview Towers in 2007 for $202 million.
On the other hand, the 124-unit strong, New Futura by City Developments is also within the area. Leonie Hill Road is home to the tower and is a revamping effort of the former Futura development. City Developments shelled out $287 million to build on the 87,034 sqft property in 2006.
The Surrounding Community
24 One Residences, a 24-unit project by TEE Land occupies a 12,930 sqft freehold site located at 241 Pasir Panjang Road. This site was acquired when TEE Land purchased the property from Ley Choon Development (a subsidiary of Ley Choon Group Holdings, a construction firm). The transaction cost $11.5 million in 2016. Ley Choon Development paid $13 million in December of 2012.
Le Quest, a 516-unit property by Qingjian Realty is located at Bukit Batok West Avenue 6. Last May of 2016, Qingjian hit the top bid at $301.2 million. The area covered was 158,194 sqft and is a mix of both commercial and residential units. Stipulated in the tender of the GLS is for a maximum gross floor area of 64,582 sqft for commercial units. This should include a 10,764 sqft supermarket and a 5,382 sqft foodcourt. The developer is also obligated to provide a childcare centre with an area of 5,382 sqft.
Kandis Residence, a 130-unit project on Jalan Kandis by Tuan Sing Holdings, is located on a 75,838 sqft GLS site. This property is near Sembawang Park and was sold to Tuan Sing for $51.1 million last April 2016.
Watercove by Bukit Sembawang, an 80-unit project is the only new launch in May 2017. Out of the 20 units released, 16 were sold at a price of $744 psf.
Wee Hur Development and Sing Development submitted a joint winning bid of $287.1 million last September 2016 for a 185,095 sqft area along Fernvale Road. It is set to be developed into a 700-unit condominium. This is less than 100 meters from the Thanggam LRT. The top bid is a mere $13,399 higher from the second highest bid.
An upcoming 531-unit executive condominium by Hoi Hup Realty is the Hundred Palms Residences. This property is nestled on a 198,302 sqft site along Yio Chu Kang Road. Hoi Hup emerged as the highest bidder at $183.8 million for the land sale held in February 2016.