Week in Review – 25 September 2014

iProperty H2 2014 Survey: Sellers Up, Buyers Down, CapitaLand introduces fully furnished units at The Interlace, New sites made available for private residential homes, Seventy Saint Patrick’s sees over 80 per cent take-up, New sites made available for private residential homes 
iProperty H2 2014 Survey: Sellers Up, Buyers Down
The latest iProperty Asia Property Market Sentiment Report H2 2014, Asia’s largest consumer property sentiment survey, shows a significant shift in Singapore sentiment, with more wanting to sell (from one per cent to 16 per cent) and fewer wanting to buy now (from 22 per cent to ten per cent) as prices head lower. More respondents also expect new and resale private condominium prices will continue to decline (up from 34 per cent to 53 per cent), but are more confident about HDB values.
CapitaLand introduces fully furnished units at The Interlace
CapitaLand has recently launched its “Designer Series” at the Interlace, offering 30 fully furnished units priced from $100,000 to $180,000. Although the idea of interior design packages are not new, Mr Donald Han, Managing Director of Chesterton Singapore said in an interview with The Edge, “CapitaLand has the luxury and wherewithal of extending a furnishing package to new buyers on a massive scale, which other developers may not have the financial muscle or ability to do so”. CapitaLand seeks to differentiate itself from other projects in the market through creating value and being innovative in the property market.
Mr Eugene Lim, Head of Residential Project Marketing at Knight Frank, commented to The Edge that he expects The Interlace to attract investors as they would be able to save time and money on furnishing the unit themselves. Investors would be able to lease units out immediately, and earn rental premiums of up to 25 per cent. On the other hand, home buyers wanting to replicate the interior design on their own would take up to five to six months and incur a cost of approximately $500,000. Hence, these furnished units might be more appealing to home occupiers instead of investors seeking to rent the units out.
Seventy Saint Patrick’s sees over 80 per cent take-up
UOL Group Ltd launched its 186-unit freehold condominium on 22nd September 2014, located at the District 15 area. The price range for units is $1,600 to $1,700 per square foot (psf), and two-to-three bedroom apartments are between 700 square feet (sq ft) and 1,302 sq ft, while dual key units and penthouses are between 1,410 sq ft to 1,442 sq ft and 1,033 sq ft to 1,647 sq ft respectively. Mr Anthony Wong, Deputy General Manager of Marketing revealed to Singapore Business Review that about 100 units that included 10 penthouses were taken up out of the 120 units that were released at launch. The remaining units were to be released the following day. The property is located on a freehold site and nearby the upcoming Marine Terrace MRT station. Residents will be able to access a wide range of facilities in the neighbourhood, such as shopping malls – Parkway Parade and 112 Katong, Marine Parade Library, dining options and Parkway East Hospital. Seventy Saint Patrick’s is also situated in close vicinity to reputable schools such as Tao Nan School, Victoria School, Tanjong Katong Girls’ School and Victoria Junior College. It was awarded the top accolade in the Residential Developments, Singapore category at the International Property Awards (Asia Pacific) 2014.
New sites made available for private residential homes 
The Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) will be releasing two sites with residential components for sale this month. Under the 2nd half 2014 (2H2014) Government Land Sales (GLS) Programme, the residential with 1st storey commercial site at Upper Serangoon Road will be launched for sale under the Confirmed List, while the residential site at Dundee Road will be available for sale on the Reserve List. The sites can yield about 1,000 residential units in total. The tender for the site at Upper Serangoon Road will close at 12 noon on 13 November 2014. More details on the land parcels are available on the respective URA and HDB websites:
Upper Serangoon Road
Dundee Road