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Subscribe to this list via RSS Blog posts tagged in Cluny Park Residences

Singapore no home for luxury developers as cooling measures bite

Posted by Property Launch Invest on Sunday, 11 May 2014 in Property News

Luxury property developers in Singapore are facing their worst sales outlook in six years as a raft of government measures to cool one of the world's most expensive real estate markets bite.

Sales of private homes, which account for just under one-fifth of the total property market, fell to their lowest in more than four years in January to March, official data showed this week. If the decline continues at the same pace for the rest of this year, analysts expect sales to halve from the 15,000 units sold in 2013.

Wanted: Ultra-rich property buyers

Posted by Property Launch Invest on Sunday, 11 May 2014 in Property News

Singapore ranks fourth among cities wooing the upper crust to invest in real estate, having attracted US$217b

SINGAPORE, long seen as a real-estate haven for the ultra-rich, has joined the league of top five cities in wooing the rich into putting their money into brick and mortar.

The biggest magnet is Hong Kong, which has attracted US$798 billion in real estate holdings from ultra high net worth individuals (UHNWI). London is second with US$676 billion, followed by Moscow (US$263 billion), Singapore (US$217 billion) and New York (US$164 billion).

13 new launches planned in coming months

Posted by Property Launch Invest on Saturday, 10 May 2014 in Property News

Only 480 new private housing units were sold in March, compared to 739 units in February and 572 in January, pushing the total sales volume for Q1 2014 to 1,791 units, or the lowest quarterly level since late-2009, revealed a Savills report.

The low number of transactions is due to sluggish sales at new project launches, except for The Hillford which sold all of its 281 units, Riverbank @ Fernvale (84 percent of 211 units sold), RiverTrees Residences (73 percent or 218 units sold) and The Panorama (48 percent of 58 units sold). The 52-unit Cluny Park Residence also saw healthy interest prior to its official launch.

"In the secondary market, Savills analysis of caveats show that 1,010 private residential properties changed hands in the first three months of the year, representing a quarter-on-quarter fall of 26.8 percent." On an annual basis, sales volumes slumped 57.9 percent from 2,397 units in Q1 2013.

Despite the lacklustre sales, 13 residential projects are expected to be released in the next six months, including Pollen & Bleu on Farrer Drive, New Futura on Leonie Hill Road, Gramercy Park on Grange Road and Robin Residences on Robin Road.

Condos latch on to Cluny Park address

Posted by Property Launch Invest on Thursday, 27 March 2014 in Property News

The exclusive pocket of Bukit Timah that lies west of the Botanic Gardens has been quiet in recent years but that could change with the arrival of new homes.

Dotted with pricey low-rise housing and with the delights of the gardens on their doorstep, the Cluny Park estate has long been the preserve of old money and very wealthy professionals.

Consultants said that although investment yields may be lower, well heeled investors would likely still be keen on the area.

The spotlight is back on the area, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district.

The 52-unit freehold project will officially launch today, though it already began sales in August last year.

Its developer Tuan Sing said earlier this week that it had received "commitments" for 20 units so far and the price range at its official launch would hover close to $3,000 per sq ft (psf).

The project sold 12 units in August last year at prices ranging from $2,594 to $3,422 psf, according to Urban Redevelopment Authority (URA) data. The median price that month was $3,121 psf.

There are 70 bungalows including good class bungalows and six semi-detached houses with a "Cluny" address, including Cluny Road, Cluny Hill and Cluny Park.

Projects close to Cluny Park Road include The Siena, 10 Shelford and Dukes Residence. The Siena and 10 Shelford are being built while Dukes Residence was completed in 2011.

The Siena, a 54-unit leasehold development by Far East Organization in Tan Kim Cheng Road, is on a 99-year lease. The most recent sale was $2,335 psf for a new 850 sq ft unit in October last year, according to URA data.

At the freehold 10 Shelford, on Shelford Road north of Dunearn Road, the most recent transaction was $1,874 for a new 431 sq ft shoebox unit in August 2011. The 69-unit project is expected to be completed this year.

The 42-unit Dukes Residence is freehold and prices were $1,576 psf on average over the past six months. The most recent resale transaction there was $1,576 psf for a 1,701 sq ft unit last October.

Consultants said one downside is that the weakness in the high- end market has weighed down rentals in the area.

Source: Straits Times 8th March 2014

Buy pledges bagged for 40% of Cluny Park ResidenceCluny Park

Posted by Property Launch Invest on Wednesday, 26 March 2014 in Property News

Close to 40% of the 52 units upmarket freehold condominium Cluny Park Residences have received purchase commitments ahead of its official launch tomorrow.

These commitments - by mainly professionals and businessmen - were made at private previews since its soft launch last August. Of the buyers, 70 per cent are Singaporeans, William Liem, chief executive officer of the developer Tuan Sing Holdings, told reporters at a media preview yesterday.

The strong interest comes amid an uncertain residential property market still reeling from cooling measures implemented last year.

Mr Liem attributed this to the development's excellent location and long-term investment potential, thanks to its freehold status at a prime location.

The District 10 condominium, nestled in an enclave of good class bungalows in Bukit Timah, overlooks the Singapore Botanic Gardens and is next to the French Embassy.

Incidentally, this brought about several development and design constraints as the embassy was "very strict" about the facing of its units.

As a result, a "really painful" compromise was made to do away with balconies for certain units overlooking the embassy, Mr Liem said.

Cluny Park Residence is also within close proximity to popular schools such as Nanyang Primary School, Raffles Girls' Primary School, Singapore Chinese Girls' School and Hwa Chong Institution.

The development sits on a 49,000 square foot plot of freehold land and houses two to four-bedroom units, including eight penthouses.

Each unit comes with a private entrance foyer, and every ground floor unit also has a private pool.

Units are priced from $2.3 million for an 800 sq ft two-bedder to $4.5 million for a 1,400 sq ft four-bedder. Penthouse units come in compact (about 1,200 sq ft) and large (about 2,800 sq ft) sizes, costing about $5 million and $8 million, respectively.

All these work out to a price range of about $2,860 to $4,170 per square foot.

Mr Liem, who lives in a ground floor unit of Botanika, a Holland Road condominium also developed by Tuan Sing, revealed that he has also bought "one of the bigger" units at Cluny Park Residence.

"I like to stay at our own condos to experience and see what we can do to improve. Certainly, I will stay here (at Cluny Park Residence) when it is completed.

Chief financial officer Chong Chou Yuen said: "We want to sell and design our property to the extent that we ourselves feel comfortable (in them). We will not sell a property that is not comfortable, too restrictive or too cramped."

The project is expected to receive its temporary occupation permit in the third quarter of 2016.

Source: Business Times 7th March 2014