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Ang Mo Kio condo site sets record September 15, 2007

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Far East’s $202.9m winning bid means suburban project may eventually launch at over $1,100 psf

(SINGAPORE) A plum condominium site in the heart of Ang Mo Kio has set a new record for suburban land prices, fetching some $601 per square foot per plot ratio (psf ppr).

And when the project is eventually launched, it could set a record for private home prices outside the central areas, analysts said.

Yesterday, HDB said that Far East Organization put in the top bid for the 0.6-ha mass market condo site at Ang Mo Kio Avenue 8. The developer beat 13 other bidders with its bullish offer of $202.9 million – which works out to $601 psf ppr .

‘The price is probably the highest paid for a suburban site in recent years,’ said Donald Han, managing director of property firm Cushman & Wakefield.

Analysts said that Far East’s bid for the 99-year leasehold site beat market predictions that the top bid would be around $500 psf ppr.

Far East’s break-even cost for the site is now estimated to be in the region of $900-$1,000 psf, which means that units in the project could eventually be launched at $1,100-$1,200 psf – a record for private home prices in the suburbs.

‘If Far East can achieve prices of around $1,200 psf for the project, then yes, it will be a record for the suburban areas,’ said Ku Swee Yong, Savills Singapore’s director of marketing and business development.

By comparison, units in other projects in the vicinity – albeit in less attractive locations – are mostly going for around $400-$600 psf.

Far East’s bid was 11.8 per cent higher than the next highest bid of $538 psf ppr put in by Chip Eng Seng.

The bid was 68.9 per cent higher than the lowest bid of $356 psf ppr bid jointly put in by Wing Tai Holdings and United Engineers.

Far East also beat out other big names such as CapitaLand, Hong Leong Group and Frasers Centrepoint.

Experts said that the high prices and large number of bids signalled that developers had confidence in the strengthening suburban residential market – notwithstanding the US sub-prime mortgage fears that rattled stock markets here.

The plot also drew strong interest due to its good location. It is situated right next to Ang Mo Kio MRT station, and is just 15 minutes away from Orchard by train.

‘With an increase of 4.2 per cent in overall HDB resale prices in the past six months, more HDB households would be poised to upgrade to this conveniently located private development,’ said Li Hiaw Ho, executive director at CB Richard Ellis’ research unit.

Units in the project could be sought-after by HDB upgraders in the Bishan and Toa Payoh estates – where HDB resale prices command a premium – as well as Ang Mo Kio itself, Mr Li said.

In addition, the project may also prove to be attractive to private homeowners in Serangoon and the Thomson / Upper Thomson Road areas, he added.

The site, which was on the government’s reserve list, was launched in July after an unnamed developer bid $102 million, or $302 psf ppr area for it.

 

Source: Business Times 12 Sept 07

HDB launches design, build and sell site at Ang Mo Kio September 15, 2007

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THE Housing and Development Board has launched a third Design, Build and Sell Scheme (DBSS) site for sale. The latest site, which is at Ang Mo Kio Street 52, is the second to be launched for sale this year.

The site area is 16,789.1 sq m (180,716 sq ft), with an allowable gross floor area of 58,761.85 sq m (632,506 sq ft). It is close to the Ang Mo Kio town centre with its MRT station, bus interchange and the AMK Hub.

Noting the attractive location of the new site, Savills Singapore director of marketing and business development Ku Swee Yong said that he believes the site could fetch between $110 million and $125 million or about $170 to $200 per square foot per plot ratio (psf ppr).

The development is targeted at HDB upgraders or en bloc sale downgraders, and Mr Ku said that he expects a good take-up because the stock of vacant HDB flats has fallen of late.

Mr Ku highlighted that recent suburban condominiums like The Parc condominium in the West Coast and The Soleil at Novena had sold well, ‘even though this is traditionally a quiet month for property sales’.

The successful developer will be required to build a minimum of 30 per cent of the flats with a floor area of 95 sq m or less – equivalent to flats of four rooms or smaller.

CBRE Research estimated that the site can yield more than 500 units. CBRE added: ‘Given the established residential environment in Ang Mo Kio, together with the known popularity of DBSS units, we expect a good response from mid-sized developers and joint venture of contractors and developers.’

Upon building completion, the successful developer will hand over the entire development site to the HDB for lease administration, and to the Town Council for maintenance of the common areas and car parks.

The tender will close at noon on Tuesday, Nov 27.

The second DBSS site, at Boon Keng Road, was awarded in June. It sold for $233.74 psf ppr – double the $113.64 psf ppr price for the first DBSS site in Tampines sold in Jan 2006.

 

Source: Business Times 12 Sept 07

Third site for condo-like public flats in Ang Mo Kio September 15, 2007

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A CHOICE site close to amenities in Ang Mo Kio has been earmarked for the third public housing project to be designed, built and sold by private developers.

The site, which analysts estimate can fit about 550 flats, and blocks that rise up to about 36 storeys, will be launched for tender by the HDB today. The tender closes on Nov 27.

Already, property analysts expect strong demand from developers, and later, by home-hunters. This comes after red-hot demand when the first public-private project went on sale in Tampines last year.

The 1.7ha plot in Ang Mo Kio Street 52 is a stone’s throw from Ang Mo Kio town centre and the recentlyopened commercial and transport complex Ang Mo Kio Hub.

Some of the flats will appeal to homebuyers on lower budgets. The developer that snags the Ang Mo Kio site will have to reserve at least 30 per cent of the project for four-room or smaller units.

Property analysts say the site is set to be a winner. It is near the leafy Ang Mo Kio Town Garden East, as well as Ang Mo Kio MRT station and a host of shops in the mature town.

Property agency Propnex’s chief executive, Mr Mohamed Ismail said: ‘This is a sure-sell location.’

Dennis Wee Properties director Chris Koh expects the land to fetch $125 million, while Savills Singapore’s director of marketing and business development Ku Swee Yong predicted a range of $100 million to $125 million.

Mr Mohamed expects the flats there to go for between $350,000 and $400,000 each.

The land parcel has a 103-year lease, and the developer will have to complete the project within four years of buying the land. The apartments will come with elderly-friendly features, as seen in new HDB flats now.

Under the hybrid scheme launched two years ago, developers design, build, price and sell flats built according to the broad rules of public housing. This means that common spaces have to be easy to maintain, that buyers have to meet ethnic quotas, and that only family units can buy the flats, for example.

Interest in these flats has been keen so far because they are located in mature estates and come with fittings more commonly found in private housing, such as bay windows.

The first batch of 616 Tampines units, being developed by Sim Lian Land, received close to 6,000 applications last year. Most were five-room units in blocks up to 17 storeys high, priced at between $308,000 and $450,000.

The second batch of about 700 flats in Boon Keng Road will be launched for sale later this year by a consortium led by Hoi Hup Realty. It will comprise three 40-storey blocks.

12sept07_st_3rdsite4condolikepublicflatsinamk2.pdf 

 

Source: The Straits Times 12 Sept 07

To Sell or Not to Sell / To Buy or Not to Buy (for HDB)? June 7, 2007

Posted by Admin in About Buying HDB, About Selling HDB.
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Many of my clients staying in HDB has asked me many times, considering the market situation now, when is exactly the right time to sell.

So, I asked them whether they have any intention to buy. Most of my clients then give me a thoughtful gaze, and say “Hmm…”

Does it sound familiar to you?

There is no such thing as a good time to sell or a good time to buy your HDB property. Basically, it depends very much on your needs, requirements, your earning power and the country’s economy and even the world’s economy.

During the upbeat market, it is natural for everyone so caught up about the price of selling their HDB property in the market that they forgot that they also need to consider their buying needs.  Never lose sight this fact: when you sell your HDB property at a high price, you will most probably buy it at a high price as well. The same occurs when you sell your HDB property at a low price, you will most probably buy your property at a low price! The thing is, selling your HDB property is just a one time affair. But when it comes to buying your next HDB property, it is no longer that simple. You will be staying in your next property for the next 5-10 years, isn’t it?

Before you start to sell your property, consider the following questions:
1. Do you have a place to stay?
2. Is this an upgrading or a downgrading for you?
3. What are your long-term plans?
4. Do you know where Singapore’s economy is heading towards?

Basically, the price of any property depends on the buyer’s willingness to pay for the property, and the availability of the properties in the market.

Case Study:
I recently helped a couple buy their EA HDB flat and sold their 4-room HDB flat. After having a long discussion with them, they’ve reached a conclusion: due to their own personal reasons, they needed to upgrade their flat because of a bigger family size. They know that the price of HDB properties in general has now increased. However, they foresee a price increase indefinitely. So instead of waiting for 5 or even 8-10 years for the price to drop, they would rather bit the bullet now: to them, it is more “worthwhile” to get the flat now. Also, they would rather buy the EA HDB flat now because they feel more confident of their ability to earn more money within the next 6-8 years and clear off their HDB loan rather than 8 years later.

So, in conclusion, it is actually more important to consider your needs and requirements, while taking into consideration the country’s economy to really decide whether it is more worthwhile to buy or sell your HDB property. There can be 1001 possible scenarios! So it is not possible for me to go in-depth into each and every case.

If you feel that you need a real discussion based on your needs and requirements, feel free to make an appointment with me so that we can discuss about it. Please do not hesistate to contact me @ (+65)98316938.

Latest!!! 5-Room Ang Mo Kio Units for Sale!Hurry!!! June 4, 2007

Posted by Admin in Latest Ang Mo Kio Properties For Sale!.
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5-Room Buyers,

Here are the latest units for sale! Pls note that because the property market is moving so fast, it might be sold tomorrow by the time you call me!

For the latest listings, kindly give me a call or fill up the form here! Hurry!

Here’s a summary of units for sale! 

1. 5I Blk 354 Ang Mo Kio St 32: #11-#17, All Races, Simple Unit

2. 5I Blk 311 Ang Mo Kio Ave 3: #5-#9, Chinese eligible, Design to own taste!

3. 5I Blk 401 Ang Mo Kio Ave 10: #2-#7, All All races, nicely done up.

4. 5I Blk 459 Ang Mo Kio Ave 10: #3-#9, Panoramic view, simple unit

5. 5I Blk 521 Ang Mo Kio Ave 5: #4-#15, Nicely done up, excellent location

For your information, some of these units are already undergoing negotiation! So hurry! Call me @ (+65)98316938 or fill up this form here!

Latest 4-Room Ang Mo Kio Units For Sale!!! Hurry!!! June 3, 2007

Posted by Admin in Latest Ang Mo Kio Properties For Sale!.
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4-Room Buyers,

Here are the latest units for sale! Pls note that because the property market is moving so fast, it might be sold tomorrow by the time you call me!

For the latest listings, kindly give me a call or fill up the form here! Hurry!

Here’s a summary of units for sale! 

1. 4NG Blk 204 Ang Mo Kio Ave 3: #3-#8, All Races, Simple Unit

2. 4NG Blk 304 Ang Mo Kio Ave 1: #5-#9, Chinese only, available immediately

3. 4NG Blk 335 Ang Mo Kio Ave 1: #4-#10, All races, Simple renovation

4. 4NG Blk 325 Ang Mo Kio Ave 3: #7-#10, Renovated unit, marble flooring

5. 4NG Blk 334 Ang Mo Kio Ave 3: #5-#9, Designer’s decor, view it or regret!

6. 4NG Blk 413 Ang Mo Kio Ave 10: #2-#5, Well-kept, simple move-in

7. 4A Blk 596C Ang Mo Kio St 52: #5 -#10, All races, Renovated

8. 4NG Blk 573 Ang Mo Kio Ave 3: #6-#12, Really rare unit! Design to own taste.

For your information, some of these units are already undergoing negotiation! So hurry! Call me @ (+65)98316938 or fill up this form here!

Latest 3-Room Ang Mo Kio HDB Flats for Sale! Check them out! June 3, 2007

Posted by Admin in Latest Ang Mo Kio Properties For Sale!.
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3-Room Buyers,

Here are the latest units for sale! Pls note that because the property market is moving so fast, it might be sold tomorrow by the time you call me!

For the latest listings, kindly give me a call or fill up the form here! Hurry!

Here’s a summary of units for sale! 

1. 3NG Blk 343 Ang Mo Kio Ave 3: #2-#6, Chinese only, Simple Unit

2. 3NG Blk 327 Ang Mo Kio Ave 3: #4-#8, All races, well-kept move-in

3. 3NG Blk 348 Ang Mo Kio Ave 3: #4-#8, Malays only, Well-renovated

4. 3NG Blk 333 Ang Mo Kio Ave 1: #3, Simple Renovation

5. 3.5Rm Blk 334 Ang Mo Kio Ave 1: #5-#9, Chinese only, Original unit

6. 3NG Blk 403 Ang Mo Kio Ave 10: #4-#9, All races, Well-kept, Move-in

7. 3NG Blk 441 Ang Mo Kio Ave 10: #4-#9, Malay only, Renovated

8. 3.5NG Blk 462 Ang Mo Kio Ave 10: #4-#9, All races, simple unit

9. 3NG Blk 511 Ang Mo Kio Ave 8: #3-#8, renovated move-in

10. 3NG Blk 571 Ang Mo Kio Ave 3: #3-#7, Original unit

11. 3NG Blk 587 Ang Mo Kio 3: #4-#9, next to corner

For your information, some of these units are already undergoing negotiation! So hurry! Call me @ (+65)98316938 or fill up this form here!

Latest and Counting! 5-Room / EA Ang Mo Kio Buyers Looking Urgently For These Ang Mo Kio Flats!!! June 3, 2007

Posted by Admin in Latest Ang Mo Kio Flats That Buyers are looking for!.
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Sellers, check it out!!! 34 Ang Mo Kio buyers for 5-Room and Executive (EA/ EM) HDB Sellers in Ang Mo Kio! That’s right! THIRTY-FOUR!!!

Call me @ (+65)98316938 ASAP before they changed their minds.

Basic Requirements:
1. #3 and above

2. All races

3. Renovation is not important.

4. Some buyers can wait up to 6 months.

Because there is a shortage of houses, and there are so few 5-room and executive flats in Ang Mo Kio, these buyers have opened up their choices (that is how serious they are!)

Here are the blocks my buyers are looking at:

1. Blk 3xx especially Blk 305 – 306 Ang Mo Kio Ave 1, 311 – 312 Ang Mo Kio Ave 3, 317 Ang Mo Kio Street 31 and Blk 35x Ang Mo Kio St 32

2. Blk 4xx especially Blk 430, 431, 437, 439 Ang Mo Kio Ave 10

3. Blk 5xx especially Blk 501 Ang Mo Kio Ave 5, 520 – 521 Ang Mo Kio Ave 5, 539 Ang Mo Kio Ave 10

4. Blk 613 – 616 for EA buyers!

Sellers, please don’t wait! My buyers are more than ready to place a deposit on the flat – that is how serious they are. Any delay may cause them to change their mind because they must have a flat!

Call me ASAP @ (+65)98316938 OR fill up this form here to contact me!

Latest! 4-Room Ang Mo Kio Buyers Are Looking for These Flats!!! June 3, 2007

Posted by Admin in Latest Ang Mo Kio Flats That Buyers are looking for!.
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Sellers, check it out!!! 43 Ang Mo Kio buyers for 4-Room HDB Sellers in Ang Mo Kio! That’s right! FORTY-THREE!!!

Call me ASAP before they changed their minds.

Basic Requirements:
1. #3 and above

2. All races

3. Renovation is not important.

4. Some buyers can wait up to 6 months.

Because there is a shortage of houses, these buyers have opened up their choices.

Here are the blocks my buyers are looking at:

1. Blk 3xx especially Blk 30x – 32x, and Blk 35x (especially corner flats)

2. Blk 4xx especially Blk 42x. Blk 41x are fine too (mainly Singaporean Buyers)

3. Blk 5xx especially Blk 57x – 58x

Sellers, please don’t wait! My buyers are more than ready to place a deposit on the flat – that is how serious they are. Any delay may cause them to change their mind because they must have a flat!

Call me ASAP @ (+65)98316938 OR fill up this form here to contact me!

Latest! 3-Room Ang Mo Kio Flats That Buyers are Looking For! June 3, 2007

Posted by Admin in Latest Ang Mo Kio Flats That Buyers are looking for!.
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Sellers, check it out! 54 3-Room Ang Mo Kio Flats Buyers! Yes, I’m not kidding. FIFTY-FOUR BUYERS!!!

Check if your HDB Property is in it!

1. Blk 3xx Ang Mo Kio especially those facing Bishan Park.

2. Blk 4xx Ang Mo Kio especially Blk 43x-44x

3. Blk 5xx Ang Mo Kio expecially Blk 50x – 51x, 57x- 58x

As for the race requirements, because I’ve so many buyers, the race is not an issue. Low floors are fine too!

Call me @ (+65)98316938 or fill up the form here!

P.S. Pls don’t wait… Most of my buyers are ready to put down their deposit. If you wait too long, they might be forced to look at other areas! Hurry!

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