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Boulevard 88 sells 20 units during previews, mostly four-bedroom units

High-end freehold project Boulevard 88 in prime district 10 has sold 20 of the 25 units released so far, with most of the units sold being four bedroom apartments.

Sales for the 20 units totalled over S$160 million, while the average selling price worked out to S$3,550 per square foot.

City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments, started exclusive private previews of Boulevard 88 - which are by appointments only - on March 8.

The 154-unit Boulevard 88 is the luxury residential component of a project that will also include the first EDITION Hotel in Singapore. The Moshe Safdie-designed project, with dual frontages along Orchard Boulevard and Cuscaden Road, is expected to be completed in 2022 and will feature two towers of 28 storeys each. The towers will be linked at the top with a skypark that will have an infinity pool, lounges, gym and other facilities.

Prices start from S$4.4 million for a two-bedroom plus study, S$6 million for a three-bedroom, and S$9.6 million for a four-bedroom. The development also offers four penthouses (5,673 sq ft to 6,049 sq ft) priced at S$30 million to S$32 million. The other units start from 1,313 square feet (sq ft) for a two-bedroom plus study, while the three-bedroom units are 1,776 sq ft each and the four-bedroom units range from 2,756 sq ft to 2,799 sq ft.

Most of the units sold were four-bedroom apartments, which cost more than S$10 million each, and the rest comprised two-bedroom plus study and three-bedroom apartments. About 60 per cent of the buyers are Singaporeans while the rest are permanent residents, and foreigners mainly from Indonesia, China and the United States.

To be constructed on the site of the old Boulevard Hotel, the development is within walking distance of Orchard MRT Station as well as the future Orchard Boulevard Station on the Thomson-East Coast Line.

CDL group general manager, Chia Ngiang Hong, said: "For an ultra-luxury development, achieving a sales value of over S$160 million in less than two weeks of exclusive previews is commendable in the current market. New freehold projects like Boulevard 88 are indeed are hard to come by. Being at the nexus of the Tanglin and Orchard Road sub-precincts, the project is poised to benefit from the plans to rejuvenate and transform Orchard Road."

He added that buyers are drawn to "its attractive pricing".

Source: https://www.businesstimes.com.sg/real-estate/boulevard-88-sells-20-...

Adapted from: The Business Times, 21 March 2019

Choices after an en bloc windfall

The residential en bloc market cycle that we witnessed between May 2016 and August 2018 generated S$20.6 billion worth of deals, making it the second strongest cycle in en bloc history. Due to market interest in how en bloc beneficiaries have moved on with their windfall gains, JLL shares its observations based on its involvement in a significant number of successful en bloc deals and its interaction with the beneficiaries. The choices made by en bloc beneficiaries are indeed varied, so it is important to understand several key factors that shaped their decisions.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

Strategies to thrive in an uncertain property market

As the adage goes: when the going gets tough, the tough get going. Since the new property cooling measures were implemented in July 2018, the residential property market has become more muted. Developers - many with new launches waiting in the wings - probably had to rethink their plans and re-evaluate market dynamics. More than half a year since the measures hit the market, it appears developers have taken them in their stride.

In recent months, developers have rolled out new projects cautiously - taking care not to flood the market with new supply. To this end, several residential launches have done relatively well. Spacing out new launches will continue to be important this year, particularly with more developments in the launch pipeline.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

Things to look out for when buying a home

Buying a home is a multi-faceted decision. Not only does it satisfy the physical need of having a roof over your head, it is also often an emotional decision - and imagine adding the element of investment into the mix!

Most buyers long to get their hands on property that has potentially higher returns. But purchasing an expensive property may not guarantee a higher return. Data from the Urban Redevelopment Authority (URA) revealed that non-landed price movements for homes in the Core Central Region may not have higher price appreciation compared to prices in the Outside Central Region.

First, the capital appreciation of homes in suburban districts may be higher due to the introduction of cheaper and faster modes of transportation, such as good proximity to MRT stations. Second, prices of developments in the Rest of Central Region and Outside Central Region recorded higher appreciation, following the influx of government initiatives and plans to develop selected areas.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

Regional hubs - an alternative to city living

Today, Singapore boasts vibrant hubs in decentralised and fringe locations such as at Tampines, Jurong, Buona Vista and Newton, allowing residents to work, live, play and learn.

But this idea is not new, and dates back to 1971 with the first Concept Plan - a strategic land use plan that has guided Singapore's real estate development. The plan advocated the development of a ring structure of satellite towns around the Central Water Catchment, supported by the Central Area as the Central Business District (CBD). In the 1991 Concept Plan, a hierarchy of commercial centres in different parts of Singapore was proposed.

There were four regional centres, supported by sub-regional and fringe centres to bring jobs closer to homes to alleviate congestion in the city centre. Backed by a decentralisation policy in 1991, this was the genesis of Singapore's regional hubs.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

Emerging trends in HDB market

Demand for public housing may be gaining momentum after being in the doldrums for many years. The resale market ended on a more positive note last year as demand for resale flats soared to a six-year high with 23,099 transactions. According to data released by the Housing and Development Board (HDB), the HDB resale price index also declined at a more gradual pace of 0.9 per cent year-on-year in 2018 against 1.5 per cent in 2017.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

Executive condominiums still good value

Executive condominiums (ECs) were originally introduced to cater to the aspirations and needs of the so called "sandwiched" class - those whose household incomes exceed the ceiling for public housing, but are not yet able to comfortably afford a private condominium.

Currently, the monthly household income ceiling to qualify for an EC purchase is set at S$14,000, while it is S$12,000 for those purchasing the Housing and Development Board's (HDB) Build-to-Order (BTO) flats. Over the years, 66 ECs have been successfully launched. To date, 63 of them have been completed.

However, ECs have become somewhat of a rare commodity, driving up their prices in recent years. As of the end of the fourth quarter, there were just five unsold units in launched EC developments.

The next EC launch - in Sumang Walk - is expected to be later this year. Due to the low supply, EC prices have steadily increased. A unit at Northwave was sold in January for S$864 per square foot (psf), a 15 per cent increase from the project's median price of S$751 psf when it was launched back in July 2016.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

COMMERCIAL MARKET

Sim Lim Square ready to sell en bloc after asking price raised

Sim Lim Square, Singapore's gadget hub in Rochor Canal Road, is set to enter the collective sale market after more than 80 per cent of its owners consented to sell.

The figures, 80.82 per cent by share value and 81.43 per cent by strata area, were confirmed on Tuesday. This comes after the initial asking price of $1.1 billion was raised to $1.3 billion on Feb 1.

To read more: https://www.straitstimes.com/business/property/sim-lim-square-ready...

Adapted from: The Straits Times, 21 March 2019

Ongoing makeover adding value to Beach Road's commercial markets

A slew of exciting upcoming projects ranging from mixed-use development, commercial, residential to hotel will rapidly transform the Beach Road/Ophir- Rochor Corridor in the years ahead, stealing the limelight from Marina Bay and Tanjong Pagar's array of skyscrapers and iconic landmarks in recent years.

The area, encompassing properties along the stretch of Beach Road, Rochor Road and Ophir Road, is fast becoming a new hotspot for work-live-play, as the timely face-lift has helped to transform the relatively quieter area into a rare gem for the younger generation which is experience-focused and fun-oriented.

To read more: https://www.businesstimes.com.sg/hub-projects/property-2019-march-i...

Adapted from: The Business Times, 21 March 2019

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