Redhill GLS – Litmus Test to Singapore Market

The Singapore Government has cut short of supply to their Government Land Sales with the announcement of 7 new sites for next year in H1 2014. Of the 7, 4,630 private apartments can be carved to the supply and it’s one of the lowest supply introduced since 2010.

Right next to Wingtai’s “The Crest” (960 psfppr in September 13) would be the only GLS plot (2.37ha) which is at City fringe for H1 2014 and can potentially yield 655 homes would be the highlight of the exercise.

This would be a good indicator of Singapore developers sentiments for the market on whether are they still positive on topping and developing their land bank for the consumers.

With limited residential supplies coming online, the Government is watching very closely on the supplies as well to prepare a soft landing should the market do some corrections.

this is an interesting plot

ps. What’s interesting to me would be the commercial plot which is right next to City Plaza. The area has a good vibe going on with UOL’s Katong Regency coming online.

Large Freehold Condo Site Off Sims Avenue Sold at $158 Million

It may even be the largest freehold residential site sold since two years ago.

Credo has successfully brokered a piece of land size of 207,000sqft through private treaty off Sims Avenue (towards the end of Jalan Senang and Lengkong Tujuh) to Hoi Hup & Sunway Group of Malaysia at $158 Million dollars.

That works out to be $445 per square feet per plot ratio (psf ppr) of potential gross floor area and development charge payable to the Government.

This will be upcoming an upcoming condominium site comprising of 400 to 500 units of apartments, of mostly 2 and 2+study bedroom type, a spokesman from Hoi Hup mentioned.

The site has a plot ratio of 2.1 and a maximum of 12-storey height according to MP2008.

According to Mr. Kramjit Singh, Managing Director of Credo, the break even price would be 800-psf, and they would be expecting to sell at 900-psf on average.