Over 320 new private homes sold in a week as rates hit rock bottom

SINGAPORE: New private home sales continued their strong run, with at least 325 homes snapped up over the past week as rock-bottom interest rates and new project launches kept propping up the market.

A report by UBS Investment Research said that more than 200 units at 99-year leasehold Eight Riversuites in Whampoa East were sold during a private preview over the weekend.

The average selling price was S$1,400 per sq ft, after buyers were given a 5% early-bird discount. This is higher than Allgreen's 999-year leasehold Riviera 38, previewed in October last year, which is priced at about S$1,100 per sq ft on average. Allgreen's project, however, is farther from Boon Keng MRT station.

Eight Riversuites' one-bedroom units of about 450 sq ft were priced at about S$600,000 while the two-bedroom units of about 700 sq ft cost about S$900,000.

They made up about 60% of the 862-unit project and were the most popular among buyers, the report added.

“Agents were keen to make comparisons with freehold City Square Residences, which is integrated with a retail mall and located one MRT station closer to the city, where small-format units are enjoying strong rental demand and a heftier price tag of S$1,600 to S$1,700 per sq ft,” it said.

Far East Organization sold another 67 units at 338-unit Seahill in West Coast Link, bringing total sales to 185 units since the 99-year leasehold project previewed at the end of last month. The average price of the units sold was S$1,329 per sq ft.

The developer also sold 34 more units in its other projects like Hillsta in Choa Chu Kang, euHabitat in Eunos and Silversea along the East Coast.

Over at 679-unit Ripple Bay in Pasir Ris, MCL Land said that it sold another 27 homes, bringing total sales to 532 units at an average of S$870 per sq ft.

Buyers have snapped up new private homes at such a blistering pace that the 6,682 homes sold in the first three months of the year set a new quarterly record. Many of these are tiny shoebox apartments of 500 sq ft and less.

PropNex chief executive officer Mohamed Ismail said the sustained sales momentum showed the appetite for new projects in good locations that were priced reasonably remained strong.

He expects demand to remain healthy for the next one to two quarters. - The Straits Times/Asian News Network

Six months free condo living in Lion City

SINGAPORE: A property developer is offering a family the chance to live for free for six months in a fully furnished condominium unit in Kovan.

But it is not really a marketing gimmick to whip up interest in Fiorenza, launched last year, as all but two of its 28 units have been sold.

Rather, it is a test bed of sorts for Koh Brothers, which hopes to gather useful feedback on “lifestyle living”, as opposed to just selling an unfurnished unit.

Touted as a “concept home”, the two-bedder has space-saving, tech-savvy furniture suitable for smaller homes.

Smart features in the fifth-floor unit include a dining table that converts into a coffee table, a foldable bed which can double as a study table, motorised sun shades and multi-room surround sound.

The successful family who will not be obliged to purchase the unit should be a family of three, including a child, and be able to give fair feedback and comments about their experience.

To apply, they will also have to submit a 100-word essay on why they deserve the “best experience in life”.

Utility bills will be paid by the developer but the family will have to bear costs such as cleaning the apartment.

The flat, fitted with everything from a washing machine to cutlery, measures 1,367 sq ft, of which nearly 500 sq ft make up the rooftop garden, leaving about 872 sq ft of indoor living space.

Units at Fiorenza have been sold at an average price of S$1,000 to S$1,100 per sq ft. The “concept home”, with all its furnishings, will cost some S$1.6mil; the unit alone costs about S$1.4mil.

Koh Brothers managing director and group chief executive Francis Kohsaid the idea for the “concept home” was conceived nine months ago.

“It's a passion for us, to improve the living conditions for the dweller ... so that they can experience what is ambience, nice avant-garde furniture, at the same time optimise the space,” he added.

He said the feedback he gathered would be used as tips for future developments. - The Straits Times/Asia News Network

More villas up for preview

MTT Properties and Deve- lopment Sdn Bhd has opened the fourth residential phase of its sprawling self-sustainable garden development BOTANICA.CT in Balik Pulau for preview.

According to the company’s mar- keting manager Michelle Goh, future residents of BOTANICA 4 can look forward to living in harmony with mother nature in a tranquil enclave.

The phases comprise 29 three-storey Tropical Hillside Villas, with each villa having an average built-up area of 6,000sq ft.

The villas will sit on cascading hillslope plots ranging between 9,000sq ft and 16,000sq ft.

“There are seven designs to choose from, each engineered to complement the plots’ natural terrain and layout,” Goh pointed out.

She said that each five-bedroom villa was equipped with an elevator, a swimming pool, water features, pool deck, Jacuzzi, cabana, separate wet and dry kitchens, private lanai and a large porch area that can accommodate at least three vehicles.

Dream house: An artist's impression of a Tropical Hillside Villa for BOTANICA 4.

The current phase is one out of a total of 11, set over 300 acres, to be completed over an estimated period of ten years.

“There’s a well-balanced mix of around 2,000 homes including freehold luxury bungalows, orchard villas, terrace and semi-detached homes, as well as affordable apartments,” she said of the entire project.

The township’s key features include wide, shady boulevards, scenic drives and gently meandering streams, designed to create an idyllic setting.

The entire garden township lies 25km from George Town and 23km from the Penang International Airport.

Within reach are the Bayan Lepas Free Industrial Zone, Bayan Baru township, Second Link bridge, medical facilities, shopping centres, banking and food and beverage centres.

It is also home to the Prince of Wales Island International School, which offers British-style day and boarding education.

Accommodating some 800 students, it is equipped with nine science laboratories, art studios, a design technology center, a full-scale library and sports facilities.

“Also in the pipeline are BOTANICA 5 which comprises terrace, semi-detached and three and four-storey apartments, as well as the Com-mercial Village component of the development,” Goh added.

Currently, there are limited units of two-storey semi-detached houses (Carlina) and three-storey link homes (Carissa).

The Carline will have a built-up areas of 3,339sq ft and the Carissa is 2,682sq ft.

For more information, call 04-8662399 or 04-2589999. - The Star

Our condo buyers are not speculators, says developer

MOST Malaysian purchasers of the RM180mil The Latitude condominium project in Penang bought the units to live in.

Ivory Properties Group Berhad executive director and chief operating officer M. Murly said the company sold 70% of the 218 units in the project.

The Latitude comprises two 45-storey towers with 109 units each.

He said 90% of the buyers were Malaysians while the rest were Canadians, Chinese nationals, Dutch, Indonesians, Japanese and Thais.

“Most of the Malaysians are not speculators. According to our feedback, they are looking to live in the units they bought,” Murly said.

Showing interest: Roadshow visitors viewing a model of The Latitude project.

The company held a four-day roadshow in Gurney Plaza, Penang, recently to sell the project which is located on a 0.84ha site in Mount Erskine.

Murly said the roadshow was originally meant only for Tower A sales but due to the overwhelming response, the company decided to also launch Tower B at the event.

He said the Tower B launching was originally scheduled for November this year.

He said a selling point of the project was its location at 153m above sea level.

“The Latitude can therefore provide a fresh mountaintop experience with breezy bay views that encapsulate the best that nature brings,” Murly said.

He said The Latitude’s proximity to prime commercial and residential areas such as Gurney Drive, Pulau Tikus and Fettes Park, all within a 5km radius, is also another selling point.

“The easy access to nearby shopping malls like Gurney Plaza, Straits Quay and Island Plaza all make retail therapy an achievable activity while the shops in Tanjung Tokong and Fettes Park have excellent street food and dining options,” he said.

Murly said there was also a wet market, schools and hospitals nearby.

He said the units, which will have built-up areas of 1,500sq ft or more, were currently priced between RM785,800 and RM3.56mil.

He said two parking lots would be provided for each unit. - The Star

Heritage hotels in the heart of Penang

TWO well-known Penang-based companies — Public Packages Holdings Bhd (PPH) and Gan Chai Leng Sdn Bhd — are undertaking the development of three heritage hotel projects with an approximate development cost of around RM75mil at George Town’s central banking district, which will further boost the reputation of inner George Town’s World Heritage Site (WHS) status.

The plans for the three hotels have been submitted to the local authorities for approval.

PPH is undertaking the RM50mil development of the two hotel projects located at Church Street Ghaut, off Beach Street, which is popularly known as the central banking district.

Building blocks: The site of the two hotel projects that PPH plans to undertake at Church Street Ghaut.

The third hotel, a RM25mil heritage hotel project by Gan Chai Leng Sdn Bhd, is located at Victoria Street, off Beach Street.

PPH hotel project manager Tony Koay says the advantage of carrying out infill development work for heritage hotel projects was that one could maximise the interior of the buildings to suit the needs of modern business usage.

“A problem with restoring a heritage building for hotel usage is that the interior of such heritage buildings restricts the utilisation of space.

“We are doing two five-storey boutique hotels, of which one has a total built-up area of 9,451 sq metre (128,000sq ft), 120 rooms, a business centre, and meeting rooms, and 47 car park bays, while the other has a total built-up area of 2,517sq m (26,900sq ft) and 39 rooms,

“The architectural style for both hotels follows the design of late 19th and early 20th century port offices and warehouse buildings in George Town.

Restoration work: An artist’s impression of the PPH hotel project at Church Street Ghaut.

“We are targeting the upmarket tourists,” Tony says.

The cost per sq ft to develop a heritage hotel from scratch is about RM1,000 per sq ft, which is inclusive of finishings, says Tony.

The cost to restore a heritage building is around RM300 to RM400 per sq ft, depending on the quality of finishing use.

Both hotels, scheduled for operations in 2016, are located on a 0.6ha (1.5acre) land, which were previously occupied by godowns in the 19th and early 20th century.

The architectural style for both hotels follows the design of late 19th and early 20th century port offices and warehouse buildings in George Town. We are targeting the upmarket tourists. - TONY KOAY

PPH director Tommy Koay says the group invested in the projects because it saw the potential of heritage hotels in the central banking district after George Town received the WHS in 2008.

“We bought the 0.6ha land 15 years ago and have been waiting for the opportunity to start the right business.

“Last year we spent about RM97,000 to restore a 2,000sq ft heritage building located on the 0.6ha site for use as a vegetarian restaurant, which is now operating as Quay Cafe.

“As the business has received overwhelming response, we decided to proceed with the plan to develop two heritage hotels,” he says.

PPH is a main-board listed company specialising in manufacturing packaging products.

Meanwhile, Arkitek ZAA Sdn Bhd managing director Teoh Min Khean said the five-storey heritage hotel by Gan Chai Leng Sdn Bhd was an infill development project, which would be designed after late 19th and early 20th century colonial institutional buildings.

“The five-storey hotel, which has a built-up area of 4,300sq metre, will have 80 rooms and 148 car park bays.

“The project was in line with Unesco’s heritage guidelines.

“The architectural theme of both projects complements the other heritage buildings in inner George Town.

Inviting: The exterior view of Yeng Keng Hotel at Chulia Street.

“Both projects should help revitalise the tourism belt of inner George Town,” Teoh says.

Gan Chai Leng is one of Penang’s pioneering developers who developed the famous Chai Leng Park in Seberang Prai in the 1950s.

Another heritage boutique hotel-cum-commercial development project at the central banking district that is scheduled for opening in 2013 is the RM285mil Rice Miller Hotel & Residences, now undergoing development at Weld Quay, the heart of the banking district.

The project, a partial infill development and restoration project, comprises a 48-suite hotel, retail space with 17,000 sq ft of lettable area, two five-storey office blocks, and 99 units of city residences.

One of the well-known heritage hotels in George Town that inspired other heritage hotel restoration projects is the Yeng Keng Hotel at Chulia Street, owned by Datuk Ong Gim Huat of Hoo Kim Properties Sdn Bhd.

Splish splash: The pool view of Yeng Keng Hotel at Chulia Street.

Ong spent about RM5mil to restore the 150-year old heritage building into a 20-room heritage boutique hotel in 2009.

The hotel, which started operations in 2010, enjoyed an occupancy rate of about 70% in 2011.

“The renovation of the Penang International Airport, scheduled for completion in September 2012, should help to boost tourist arrivals in Penang and our hotel occupancy rate for this year,” Ong says.

One of the latest restoration heritage hotel projects that opened for business late last year is the Chong Tian Hotel at Rope Walk Road off the famous Campbell Street in inner George Town.

Local entrepreneur Seah Kok Heng says he spent RM3mil in 2008 to acquire three derelict, triple-storey shophouses located at Rope Walk Road.

“I invested about RM10mil to restore the heritage properties and furnish them with antique furniture and porcelains from Tang and Qing dynasties.

“At today’s market value, the hotel with the antiques should be worth around RM20mil.

“Since opening, our monthly occupancy rate is around 50% to 60%. Most of our customers come from Europe, China and Singapore,” he says. - The Star

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Bayan Mutiara land sold not according to evaluation by department

GEORGE TOWN (May 2): Chief Minister Lim Guan Eng on Wednesday conceded that the sale of the land in Bayan Mutiara was not according to the valuation stipulated by the Valuation and Property Services Department.

He said the 102.56-acre land was sold to Ivory Properties Group Bhd (IPGB) on an open tender basis using the "request for proposal" method for mixed development.

"I admit that the state government did not follow the valuation set by the Valuation Department... whereas the state government had fixed a reserve price of RM200 per sq ft.

"When we sold through open tender in a competitive manner, it was sold at a higher price which was RM240 per sq ft," he said when replying to a question from Datuk Jasmin Mohamed (BN-Sungai Dua) at the State Assembly sitting here.

Jasmin wanted to know in detail the sale of the Bayan Mutiara land pertaining to the method of the sale and for what purpose the land was sold. — Bernama