Cavenagh Gardens, Flynn Park, Rosalia Park join bandwagon.
THE collective sale fever continues, as JLL launched five freehold residential sites with a total value of over S$1.2 billion.
The five sites are Cavenagh Gardens off Orchard Road; Flynn Park in Pasir Panjang; Rosalia Park near Serangoon Central; La Ville at Tanjong Rhu Road; as well as the joint sale of three single-storey detached houses at Lorong H Telok Kurau. The three houses at Telok Kurau are owned by three families and do not require approval from the Strata Titles Board.
Cavenagh Gardens - at a minimum price of S$480 million - has the biggest price tag of the five sites, which translates to a price per square foot (psf) of S$1,640. The property is in District 9 and close to Orchard Road.
Low-rise Flynn Park at Yew Siang Road, which is going at a minimum price of S$363.8 million, can be developed to offer views of the sea, JLL highlighted.
Rosalia Park at Lorong Ong Lye has a minimum price of S$175 million, and a new development could attract "potential upgraders" from the surrounding area of HDBs.
The high-rise La Ville in the Tanjong Rhu area has a minimum price of S$152 million or S$1,540 psf. It is close to the Singapore Sports Hub, Gardens by the Bay, the East Coast Park as well as the Singapore Indoor Stadium.
The total minimum asking price for the three houses at Telok Kurau is S$36-38 million.
Tan Hong Boon, regional director at JLL, expects "keen interest" for the sites from both local and foreign developers and investors. He said: "There is still strong demand for residential land given that the prices of private residential properties have reached the lowest point . . . They look set for further upswing over the medium term. Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts."
He also highlighted that 26 sites amounting to S$8.33 billion have sold over the past four-and-a-half months, close to the S$8.79 billion sold for the whole of 2017.
Adapted from The Business Time, May 17, 2018.