Laguna Park’s en bloc tender results are unsuccessful, according to Channel News Asia.
Laguna Park, East Coast
There were two interested party in the exercise bid, namely a local company which comprises of shareholders from Indonesia and a prominent local developer.
Credo, the appointed agency for Laguna’s en bloc project gave a brief breakdown of the two parties. The local company offering bid of 1.7 billion, far exceeding the reserved price of 1.2 billion, but pulled out its offer citing difficulties with the bankers to remit the funds to process in Singapore.
The second party, prominent local developer has expressed interest to settle on a bid price after negotiations with majority owners. The majority owners have about a month to enter into any private treaty deal before the collective sale agreement expires in December.
About Laguna Park
An ex-HUDC which was privatised in 2007, the 528-unit leasehold Laguna Park has a sprawling land size of about 677,493 sqft with a plot ratio of 2.8 (under the current Master Plan 2008) can build up to 36 storeys, subject to relevant approval from the URA.
With immediate effect, Minister for National Development (MND) Mr. Mah Bow Tan has announced 3 main measures to cool the current speculative property market:-
Removal of the Interest Absorption Scheme (IAS) and Interest Only Housing Loans (IOL) with effect immediately (14th September 2009)
Reinstatement of Confirmed List for 1st Half 2010 Government Land Sales (GLS) Programme
Non-extension of the January 2009 Budget assistance measures when it expires.
What is IAS?
Interest Absorption Scheme. Details can be found here.
What it means for the property market?
Speculative property buyers will not be able to opt for IAS with immediate effect, bringing them to service their mortgage as soon as the construction of the new project begins according to the stage it is built (Normal Payment Scheme – NPS).
This will stop a huge number in terms of speculation; though it shouldn’t stop genuine buyers who is looking to buy a place of their own stay.
The reintroduction of GLS also means that the Government is preparing to insert fresh supply of land to curb the excessive speculation in this current market.
Simple equation – More supply, less demand.
What happens to new project launches after today?
Official quote:
The Monetary Authority of Singapore will disallow the IAS and IOL with immediate effect from today, i.e. 14 Sep 2009. This measure will apply to all private residential projects. The only exception will be uncompleted private residential projects where the units had already been offered for sale under the IAS before 14 Sep 2009. The IOL will be disallowed with immediate effect.
So projects that has offered IAS before 14th September is still eligible.
Where can I get the official source?
Download a copy of the official press release jointly from Ministry of National Development (MND), Ministry of Finance (MOF), Ministry of Law (MOL) and Monetary Authority of Singapore (MAS) and Question and Answer on how these changes will work in detail.
Grand Duchess at St Patrick's Development Photo - From St Patrick's RoadGrand Duchess Development from St Patrick's GardenGrand Duchess in Development - Angle photo from St Patrick's Garden DirectionGrand Duchess in development - Taken from St Patrick's Garden angleGrand Duchess Development Photo taken from St Patrick's Road - Almost ReadyGrand Ducchess Development - Stack 8, 7, 1 and 4 respectively from St Patrick's Road
Judging from the progress of the construction, it’s very unlikely owners can get their keys by December. Q1 2010 it is.
Capitaland and Hotel Properties Ltd will be launching the former Gillman Heights condominium site with a $1.4 billion design by Ole Scheeren of OMA. The Interlace with a sprawling 81,000 sqm (871,560 sqft) land and a GFA of 170,000 sqm (1,829,200 sqft) will be configured into a 1,040-unit development next month.
Ole Scheeren is the man behind the design of China Central Television (CCTV) Headquarters in Beijing. His previous work includes the Prada Epicenters in New York City and Los Angeles. Just look at the breathtaking and bold architecture design here.
Imagine this. A 31 apartment blocks of six storey each, stacked hexagon ways. On top of which, sky gardens and roof terraces are key features with the surrounding Telok Blangah greenery. A mixture of townhouses (which could double up as home offices), 2-bedrooms, 3-bedrooms, 4-bedrooms and penthouses will be available as part of its offering in this 99-year leasehold project.
I like the description used by The Inhabitat for The Interlace, Jenga-Like apartments.
The Interlace by Capitaland. Image credit to Inhabitat
The project will be ready by 2014, is own by Capitaland, Hotel Properties Ltd (HPL) and National University of Singapore (NUS). The architect is local RSP Architects Planners & Engineers (ION Orchard, Wheelock Place, St Regis Hotel & Residences) and the landscape architect is award-winning ICN Design International
To find out more about The Interlace as the latest news releases, feel free to register with me or contact me at +65 91253045.
Or the most well-sought after, crème de la crème condominium projects in Singapore as listed by experts from Property Report
Singapore Cityscape. Credits to Pennypoon1104, Flickr
St Regis Residences (District 10)
The Sail (District 1)
Orchard Residences (District 9)
Hamilton Scotts (District 9)
Nassim Park Residences (District 10)
Beaufort on Nassim (District 10)
The Ritz Carlton Residences (District 9)
The Edge on Cairnhill (District 9)
Grange Infinite (District 10)
Sentosa Cove’s villas (District 4)
The Demand Has Always Been There
It’s good to know the luxury market is moving, and with the two brand new Integrated Resorts, Resorts World at Sentosa (Genting) and The Marina Bay Sands (Las Vegas Sands), both getting ready, the growth of Singapore’s economy will be tremendous over the next short few years. Foreigners could recognize Singapore’s real estate as potential and safe as government credentials here are sound.
With luxury end condominium, foreigners would not also have to worry about the volatility as the location of these projects are always in good demand, no matter good or bad times. No doubt there’s always a difference in tide and times of real estate economy, these projects are considered limited with the land scarce Singapore.
The official launch of Viva at Novena was on last Friday, where many units were already sold during the preview. Today, Viva is officially 87% sold, with 204 out of 235 snapped up by buyers.
Buyers recognizes the value of the project attributed mostly to its prime locality just right next to United Square. It’s also less congested among the other projects found in the vicinity. There are 3 main selling factors to the project:-
Punggol has started its ground breaking ceremony today to start work on its 4.9km long promenade that will start from Punggol Point.
Today, the town has a population of 53,600 and this is projected to grow to 70,000 by 2011.
I have recently sold a 5-room Design and Built in Punggol Central, this has been one of the most discussed selling point on the transformation of Punggol. “This is coming, the second generation of Punggol residents will enjoy what has been a bare land transformed” as quoted by my owner.
Price has also steadily raised for Punggol HDB apartments with its promised plans from the Government to transform the whole estate into a beautiful waterfront town. As we can see, the estate is slowly maturing.
As with other new launch projects from Knight Frank, I thought it would be nice for a last minute (very unfortunately) would be asked questions about the upcoming Viva relaunch
What’s the discount I’m expecting if I’m buying?
The discounts from the list price is as follow depending on the schema that you take for the purchase:-
By Normal Progressive Scheme, you get a 10% off the listed price
By Interest Absorption Rate, you get a 8% off the listed price
By Deferred Payment Scheme, you get a 7% off the listed price
Finishing? Is it good?
Great! I’ve seen the things that they are throwing in. You’d love the Miele kitchen if you’re a kitchen person (washer and dryer not included though). The fridges are integrated and makes the whole seemed blending.
White marble for your flooring gives a very clean and elegant look; in fact it brightens up the whole apartment.
Very functional layouts too.
When is the Temporary Occupancy Permit going to be issued?
Estimated in June 2013.
What’s the status of the construction?
They’re currently laying the foundation, so be expect for your mortgage to start kicking in at the 10% level as the foundation should be finishing soon.
When is the actual launch?
The actual launch will be on the 8th of August 2009. Co-broke agents are welcomed to liaise with us.
How many units were actually sold?
As of some latest news update, a total of 58 units were snapped up.
What are units sold? And what will be released for tomorrow?
Refer to the elevation chart here (might not be the latest, but keep looking as I’ll try my best to give you the latest). All stacks are released from level 05 to 09, level 14 to 16 and both level 24 and 25.
Is there going to be a side gate? Where is it going to be?
There will be one side gate that opens up directly for you to walk to United Square.
What road will the main entrance be facing?
Your main entrance will be from Suffolk Walk. Thomson Road is a busy road. Besides, it’s a cul-de-sac (no through road), giving some exclusivity to developments along Suffolk Walk.
What is the price going to be like?
We’re expecting a median range of at least $1,500 per square foot for most units.
I’m interested in the Penthouse or the Sky-suites, how come I cannot find the layouts from your brochure?
Amidst the strong market, Allgreen has given the green light to move Viva, one of its most prime locality project right after the good take-up rate of its One Devonshire project.
We’re expecting the relaunch by next week.
Project Details of Viva (District 11)
Viva Relaunches - Artiste Impression
Location: 2, 6 and 8 Suffolk Walk
– Full Condominium Facilities
– Good Land Size of 128,105 sqft
– Tenure is Freehold
– Developer is Allgreen Properties
– Expected key collection (TOP) will be 30th June 2013
– Total units in Viva is 235 (3-blocks of 30-storey)
– Basement Carpark (274)
– Type of units available
2-bedroom 957 sqft (25 units)
2-bedroom + study 1044 sqft (25 units)
3-bedroom 1323sqft – 1345 sqft (69 units)
3-bedroom + study 1517 sqft – 1528 sqft (39 units)
I’ve visited the showflat today and can affirm the finishings are as good if not better than One Devonshire’s. Quality white marble, full Miele Kitchen accessories, Hansgrohe sanitary finishings.
Actual Finishings of Viva
Layouts are good, no odd shapes apart from the balcony which forms its structure shape from the outside, yet not affecting its living functionality.
Knight Frank is the sole marketing agent for Viva. Contact your favorite Knight Frank agent for priority booking or details today! Alternatively, you can get me by text at +65 9125 3045 (if you’re shy, else call, I won’t bite!) or using this no-frill form.
The wait is finally over. Meadows @ Peirce is launching this coming Friday on the 24th of July.
No no, you don’t have to get a blank cheque to enter the showroom, but it would be best to register your interest with any of the Knight Frank agents (or myself) to visit the showroom to avoid disappointment.
Tomorrow, the preview will be available to staffs of UOL, ex-Meadow Green and business associates to book.
Phase I units have already been noted. To register your interest to view the showroom, contact me (+65 91253045)
