The 3rd Quarter saw a drop from 11 deals in the 2nd Quarter worth $282 million for Good Class Bungalows, to 9 being transacted at a figure of $177 million. This 3rd Quarter figure was ahead however, of 2014’s 3rd Quarter that saw 7 deals transacted at a total of $167 million,
2015’s first 9 months record a sales total for Good Class Bungalows at 24 deals transacted at a total of $554 million, which was just ahead of figures from the same time last year that saw 22 deals transacted for a total of $511 million.
EL Development West Coast Vale Condo
Among these 3rd Quarter deals for 2015 that were entered was a Tanglin Hill freehold bungalow that sold for $25 million, which equates to $1,539 psf on a land area of 16,243 square feet.
A caveats search indicated that buying this West Coast Vale Condo property is Hiew Yoon Khong, who was this years winner of the Outstanding CEO of Year award for Singapore’s Business Awards ceremony and is the chief executive office for Mapletree Investments. The purchase is being made from property development firm that is low-profile.
Previously the property was transacted in 2006 for $10 million. Taking into consideration that the new owner of the property will probably opt to rebuild the home, the per square foot amount of $1,539 was considered to be quite reasonable for this EL Development West Coast Condo location.
West Coast Vale Condo
A property expert pointed out that, on the assumption that, to build a new home on the 10,000 square foot gross floor area will cost around $500 per square foot, there should be a break even cost that will come close to $2,000 per square foot of the land area. He further noted that Tanglin hill, due to its close proximity to Orchard Road, is quite a popular location for Good Class Bungalows.
According to recent data from West Coast Vale EL Development Urban Redevelopment Authority Realis, a general pick up has been seen in deals for landed property. The data further shows that the 3rd Quarter of 2015 saw a change of hands in 326 landed homes. This number is up from the 2nd Quarter’s 301 and 2014’s 3rd Quarter figure of 246 transactions.
The first 9 months of 2015 saw a rise in sold residential landed properties’ value at $3.54 billion, which is up from 2014’s first 9 months with a figure that reached $3.07 billion. This most recent figure however, is just under the $5 billion that we saw transacted for 2013’s first 9 months.
West Coast Vale Condo GCBs
Another analyst stated that this increase in West Coast Vale Condo demand for landed homes comes as buyers are finding current pricing more attractive. A majority of these buyers are purchasing these properties for owner occupation, for either a multi-generational family lifestyle or for their children. In addition, with the stock for landed properties being limited, these properties have become a more appealing asset for those investors looking for capital appreciation.
Its not just investors and owner occupiers drawn to these houses. EL Development West Coast Condo Developers have also been on the lookout for older homes that they can redevelop. Just last month saw Roxy-Pacific close a deal to purchase an older freehold bungalow site of 19,474 square feet that is situated along Sea Avenue, which is in close proximity to Marine Parade. Teo Hong Lim, executive chairman for Roxy, stated that the group is planning to redevelop the plot into an apartment project of 5 storeys and around 25 units. Under the 2014 Master Plan, the sit has a plot ratio of 1.54 and has residential zoning. The purchase price equates to $789 psf, ppr.
Mr. Teo stated that, these days, finding a West Coast Vale EL Development landed housing site that they can redevelop is quite difficult. This is due, in part, to the government raising the minimum size of plots for apartment development to 10,764 square feet (1,000 square metres). Furthermore, a majority of the larger bungalows that, under the Master Plan, are able to be redeveloped into flats have been redeveloped already.
West Coast Vale Condo Near GCBs
Owner expectation is still ahead of the market as well, adds Mr. Teo. Using the Telok Kukau area as an example, owners are are looking for land area that is around $1,000 per square foot, which equates to $700 + per square foot, per plot ratio. This would make the break-even price over $1,000 per square foot.
Earlier in the month saw Pinnacle Assets, a boutique property group, purchase a EL Development West Coast Vale Condo freehold older bungalow for $46.38 million at 3 East Coast Avenue. This equates to a land area of 45,249 square feet at $1,025 per square foot. The site itself has a zoning for mixed landed housing of 3 storeys. It is big enough to be redeveloped into potentially 14 to 18 landed conventional housing units that can be a blend of semi-detached and terraces homes.
Even though these West Coast Vale Condo large plots are rare for landed housing development, groups of smaller plots can be found with old houses on them, which have the potential to be redeveloped into 2 or 3 new houses.