Kingsford Waterbay News reported at Channel News Asia

Kingsford Waterbay at Upper Serangoon View was opened for showflat preview on 21 February 2015 and has received overwhelming responses from potential buyers. Channel News Asia covered the launch on the first day of its preview. News as reported by Channel News Asia on 21 February 2015 below:

Kingsford Waterbay condo development launched at Serangoon

Kingsford Waterbay at Upper Serangoon View launches sale of one to five-room condominiums, with prices expected to start at above S$500,000 for a one-room unit.

SINGAPORE: More than 1,000 people visited the Kingsford Waterbay showflat on Saturday (Feb 21). Located at Upper Serangoon View, the project has 1,165 units on offer.
These range from one to five-room apartments – though smaller units make up about half of those on offer. Prices are expected to start at above S$500,000 for a one-room unit.
The development is the first to stand on two plots of adjacent land which had their tender closed at the same time.
It was an attempt by authorities to control the bidding prices of developers, though eventually both plots were won in 2013 by the same developer at S$520 per square foot.
Some property analysts said with property cooling measures affecting market sentiments, developers may be faced with challenges.
To attract younger buyers, the project includes a childcare centre, run entirely by the condominium’s management corporation. Children of those who live in the condominium will be given priority to enrol and the developer said fees collected can also be used to pay for the condominium’s maintenance.
Cui Zheng Feng, board chairman of Kingsford Development, said: “People are feeling festive. It’s also Saturday, so people are resting and can come with their families. The property cooling measures are taking effect, but with land price costs and the shortage of land in Singapore, we think it’s a good time to enter the market.”
Executive director of research and consultancy at SLP International Property Consultants, Nicholas Mak, said: “One of the challenges facing developers of very large projects is that they will firstly require a much longer period of time – perhaps more than two years to sell out their entire project.
“During this period, the developers may need to adjust prices, sometimes adjusting them downwards and this could make the earlier buyers who paid a higher price rather unhappy.”

Gov’t to amend rules on underground space

This is interesting. In line with the scarce of land in Singapore government has amended the rule for underground space.

As reported in Property Guru, 13 February 2015

The government plans to revise the State Lands Act and the Land Acquisition Act in order to facilitate its long-term plans for the usage and development subterranean space in Singapore, where land is scarce.
In particular, it wants to amend the State Lands Act so that land owners of commercial and residential properties would only be allowed to develop their underground space up to a depth of 30 metres under the Singapore Height Datum.
The Height Datum is a fixed level from which height measurements are based in the city-state.
At present, the law does not specifically set a boundary for subterranean ownership. It only says that land owners own the underground space, to a depth reasonably necessary for the use and enjoyment of the property.
The proposed changes seeks to address this ambiguity, but the Ministry of Law clarified it will not impact how land owners make use of their underground space. For instance, the drilling for foundation works will still be permitted to the required depth.
In general, subterranean construction works can be extended to a depth of about 15 metres. For example, ION Orchard’s underground basement has depth of 10 metres, while the development beneath Fusionopolis is 15 metres deep so that the One-North MRT line can be built.
Additionally, the government plans to revise the Land Acquisition Act so the government can purchase a specific portion of underground space or airspace should it be necessary for the construction of a public project. This will also lessen inconveniences, especially for landed property owners.

7 recently completed residential projects

News from Property Guru, 13 Feb 2015

There were 6,304 private housing units completed in the fourth quarter of 2014, increasing the number of homes that are ready-to-occupy in the year to 19,444 units, revealed a Savills report.
The report stated that the total number of available private homes across Singapore now stands at 308,814 units.
Special mention was given to d’Leedon at Leedon Heights, which was completed in Q4 and comprises a whopping 1,715 units.
Meanwhile, the slew of new completions is expected to put more downward pressure on rents. According to Savills, as at end-2014, private rents fell 3.0 percent from a year ago, and this is expected to soften further.
But the consultancy noted that rents are not expected to collapse.
“The abundant supply situation does not mean rents will cave in as employment remains high and interest rates are still low relative to the norm,” said Alan Cheong, Research Head of Savills Singapore.
Here’s a look at some newly completed projects that will add to the supply of homes available for rent.
 1. d’Leedon (CCR)
Developer: CapitaLand
Tenure: 99-year leasehold
Location: Leedon Heights (D10)
Nearest MRT station: Farrer Road
No. of units completed: 1,715
 2. Seastrand (OCR)
Developer: Far East Organization and Frasers Centrepoint
Tenure: 99-year leasehold
Location: Pasir Ris Link (D18)
Nearest MRT station: Pasir Ris
No. of units completed: 473
 3. Parc Vera (OCR)
Developer: Sim Lian Group
Tenure: 99-year leasehold
Location: Hougang Street 32 (D19)
Nearest MRT station: Hougang
No. of units completed: 452
 4. Terrasse (OCR)
Developer: MCL Land
Tenure: 99-year leasehold
Location: Terrasse Lane (D19)
Nearest MRT station: Kovan
No. of units completed: 414
 5. The Miltonia Residences (OCR)
Developer: Hoi Hup Sunway
Tenure: 99-year leasehold
Location: Miltonia Close (D27)
Nearest MRT station: Khatib
No. of units completed: 410
 6. SkySuites @ Anson (CCR)
Developer: Allgreen Properties
Tenure: 99-year leasehold
Location: Enggor Street (D02)
Nearest MRT station: Tanjong Pagar
No. of units completed: 360
 7. The Tennery (OCR)
Developer: Far East Organization
Tenure: 99-year leasehold
Location: Woodlands Road (D23)
Nearest MRT station: Bukit Panjang (future)
No. of units completed: 338

New Release of Government Land Sales Site at Farrer Park

We sure expect new exciting development in Farrer Park. The area which is within city fringe has been popular for its close proximity to one of the vibrant area in Singapore, i.e. commercial area in Little India.

Quoted from Property Guru, Feb 10, 2015

The Urban Redevelopment Authority (URA) has released a residential site at Sturdee Road for sale today under the Confirmed List of H1 2015 Government Land Sales (GLS) programme.
Measuring 6,111.5 sq m, the site has a Maximum Gross Floor Area (GFA) of 21,391 sq m and is estimated to yield 265 housing units.
The nearest MRT station to the 99-year leasehold site currently is Farrer Park, and it is close to the upcoming Bendeemer station on the Downtown line.
The site is a short drive to Orchard Road, with close proximity to the Central Business District (CDB).
Desmond Sim, Head of CBRE Research in South East Asia said, “This is the first of a limited pool of six sites that are being offered for sale under the GLS for the first half of the year. The relatively small plot will translate to a palatable quantum of between $160 million to $180 million, on the basis of $700 per plot ratio.”
CBRE expects healthy interest in the site from at least 10 developers.
The tender for the land parcel (pictured) will close on 24 March 2015.
Site Picture Below:


Get ready for a new excitement this CNY holiday: Former Tanjong Pagar Railway Station to be open to public

In the news today, the former Tanjong Pagar Railway Station is to be opened to public. This addition to Singapore recreation spots will no doubt attract local and tourists given its historical background. A number of places of attraction in Singapore are built in a sophisticated and modern design and concept such as those at Garden by the Bay, Sentosa, etc. I hope this one will maintain its charm as old time Singapore. I remember having lunch at the building years before. It was a contrast to the Singapore of today. It brought back memories when I was little in a town in Indonesia. The building, although much cleaner, looks very much the same. Will it bring back your memories of the old Singapore? Or will it be again decorated with modern design? Let’s find out. Head down on the opening day on the second day of Chinese New Year, 20 February, it will be opened from 9am to 6pm.
The Straits Times report mentioned that given its rich history and heritage value, the former station has been a popular venue for private events, ranging from carnivals, pop-up restaurants to high-end fashion shows and product launches. High-end fashion show? Anyway, The Singapore Land Authority (SLA) said that the national monument will be opened to the public “to allow more Singaporeans to enjoy” the station. They hope that more people will use the opportunity to visit the historical monument for strolls, take photos or to partake in its history. This sounds like a promising recreation spot.
The former Tanjong Pagar Railway Station, built between 1929 and 1931, was gazetted as a national monument in 2013.