Archive for category: Misc

Rewritten: Miltonia Close offers an excellent transportation appeal, with the added advantage of being in close proximity to prominent lifestyle destinations such as Seletar Aerospace Park and the newly revitalised Seletar Country Club area. These attractions can be easily reached in less than 10 minutes by car, making Miltonia Close an extremely convenient location for residents. Furthermore, with the upcoming development of the North Coast Innovation Corridor (NCIC), which aims to establish the northern coast as a hub for new industries and job opportunities, the significance of well-connected areas like Miltonia Close will only increase. As professionals in this growth area will find Miltonia EC perfectly situated for both work and leisure, it only adds to the appeal of this EC development. Interested individuals can find out more about Miltonia EC by visiting https://www.miltoniacloseec.com.sg.

at $29.5 milHibiscus Mansion in Sembawang up for en bloc sale Tech Tusks Ltd (TTL), founded by Jane Lam (previously of JBE Holdings), has made the highest bid of $198 million, which is equivalent to $692 per square foot per plot ratio (psf ppr) for the EC site located at Sembawang Road. Lam has prior experience developing the nearby condominium, The Commodore, which comprises of 219 units.The second-highest bid was placed by TID, a joint venture between the Hong Leong Group and Mitsui Fudosan, at $190 million ($665 psf ppr). The bidding price between the top two bids had a 4% difference. However, the bid price difference between the top and fourth bid, which was placed at $381 psf ppr by Sim Lian Group, was significantly large at 81%. According to Wong Siew Ying, the head of research and content at PropNex, the results of the tender could indicate that developers are not as optimistic about the demand for private housing in Sembawang.Exploring extensive data on all available executive condos including the average profits after 5 and 10 years, Wong also pointed out that if TTL is awarded the site, the top bid of $692 psf ppr would be the first time that the land rate for an EC via the Government Land Sales (GLS) program falls below $700 psf ppr since September 2022 when the Bukit Batok West Lumina Grand EC site was awarded for $626 psf ppr.Source: PropNex ResearchThe most recent EC land sale in Sembawang occurred in October 2019 when the 413-unit Provence Residence on Canberra Link was awarded for $566 psf ppr. The project was launched in May 2021 and 53% of its units were sold during the first weekend. According to Wong from PropNex, the project has since been fully sold. If the top bid of $692 psf ppr is considered, Wong estimates that the potential average selling price for the upcoming EC project along Sembawang Road could be over $1,700 psf. According to Mark Yip, the CEO of Huttons Asia, the number of Built-to-Order (BTO) flat owners in Sembawang who have completed their 5-year minimum occupation period since 2023 has exceeded 4,000. These owners may potentially upgrade to an EC, Yip adds. In recent EC launches, up to 90% of the units have been sold during the launch weekend. This suggests that eligible buyers see ECs as an attractive upgrade option, Yip explains.The 99-year leasehold Sembawang Road site, which spans across 204,170 square feet, has a plot ratio of 1.4, which results in a gross floor area of between 257,257 and 285,846 square feet. The upcoming low-rise development is expected to comprise around 265 units. In close proximity to landed housing, this project is all set to become Singapore’s first low-rise EC. It is also the only EC site that is along a waterway and within a short walking distance of 500m to the Canberra MRT station. This is an exclusive feature as there are only a few ECs, less than 10 in fact, that are located within 500m of an MRT station, according to Yip from Huttons.When the 15-month wait-out period is included, the new EC project could be launched as early as 2027, predicts Eugene Lim, the key executive officer of ERA Singapore. Furthermore, there might be two EC launches in the North Region in 2027, which would increase the supply by approximately 685 units. The buyers will have easy access to amenities such as Bukit Canberra, Canberra Plaza, Sembawang Shopping Centre, and Chong Pang City. Moreover, the site is located less than 1km from Ahmad Ibrahim and Yishun Primary Schools and potentially Xishan Primary School, as pointed out by Lim. The future EC project will also benefit from the transformation of the former Sembawang Shipyard, which is expected to take place in the 2030s, according to Yip from Huttons.