Paya Levar Central
According to sources, nearly 50% out of the 731 units of The Poiz Residences, MCC Land’s newest private condo project, have been released for its recent sales launch that took place on the 28th of November. It was also shared that the pricing for the initial units has been fixed by MCC Land at an average $1,380 per square foot.
This new project is situated on Meyappa Chettiar Road with its show-flat recently being open to preview by the public. The project, which forms part of a development that is mixed use, includes the retail element known as The Poiz Centre, which links to the adjacent Potong Pasir MRT station.
Tan Zhiyong, the managing director for Singapore based MCC Land, shared that the pricing for The Poiz Residences is attractive when compared to some of the recent launches, with its break even price being close to $1,200 per square foot. MCC has also brought onboard ERA Realty to be one of the residential project’s joint marketing agents.
In a recent interview with The Business Times, he shared that the group felt hopeful that 40% of the units would sell during their recent weekend launch. Mr. Tan further said the, regardless of the the concerns in the housing market regarding the potential of an oversupply, as well as a vacancy rate that has been rising, there are still some buyers who are taking on an approach of “wait and see”. However, the pace of land sales has been moderated by the Government since 2013, with the demand for private housing remaining high.
Mr. Tan further added that the affiliates of MCC Land, China Jingye’s Engineering Corp and Construction Engineering Private Ltd taking on the projects construction aspects gives improved control to the projects quality and costs. Both China Jingye and MCC Land are extensions of Metallurgy Corp. of China, which is state owned and whose headquarters are situated in Beijing.
These shophouse properties are situated inside the Joo Chiat Conservation Area, having a land area of roughly 4,992 square foot with a gross floor area of (GFA) of some 14,820 square feet. Currently the buildings have a 3.0 plot ratio (that is the ratio of maximum GFA in relation to land area) earmarked to the commercial zoned site is almost fully in use. Yet there is still capacity for extra work to gain a higher share of usable land at Clementi Ave 1 Condo. That would mean the buildings could generate even more revenue.
These particular shophouses are being sold by a local hardware firm that presently uses the buildings for its business. It is assumed that the Clementi Condo near NUS buyer is a Singapore based firm, which is believed to be a family office for three Hong Kong based Chinese nationals. It is also thought that this particular firm already owns other shophouses in Singapore. It is understood that the sellers remain on the premises as they decided to lease them back from the buyers.
Realistic Prices for UOL Singland Homes Condo
Meanwhile a corner shophouse within the Tanjong Pagar Conservation Area on Craig Road sold last month for Singland Homes Clementi Ave 1 Condo. It changed hands at the price of S$12.5 million, that equates to S$2,445 per square foot on a total built up area of 5,113 square feet. It is a three story property that has around 72 years left on the lease. The property was sold by a firm with shareholders that include Clifton Partners. The buyer of this shophouse is a firm controlled by the Spanish property tycoon Ricardo Portabella Peralta. Last year he also acquired two shophouses in the district of Duxton for the sum of S$13.7 million as well as buying a pair of shophouses on Telok Ayer Street for a further S$18.2 million.
Another pair of UOL Singland Homes Condo shophouses that are next to each other on the Haji Lane were also sold during last month for S$3.425 a piece. Haji Lane itself lies inside the Kampong Glam Conservation Area. There are signs that more investors are starting to consider investing in such properties. The units are in locations that are known to do well in the right conditions for local firms.
Further more according to local property Singland Homes Condo experts, the buyer to seller gap has got narrower due to sellers accepting more realistic prices. They have come to the conclusion that any kind of profit is better than not selling their shophouses at all.
Clementi Site UOL Condo near NUS
One property expert at UOL Clementi Ave 1 Condo contends that the conservation shophouse market has gained sales and popularity due to the SG50 fervour affecting some property investors. Basically for certain investors the SG50 celebrations are increasing their interest in buying Singapore’s heritage properties such as shophouses. Besides with the year 2019 marking the 200th anniversary of Singapore’s foundation the heritage fervour may continue for a few years longer.
A majority of high net worth clients prefer to put their money into the commercial property segment as the residential property market is currently depressed in terms of no growth and low sales performances. A further attraction for buying Clementi Condo near NUS shophouses is that they are already on fully zoned commercial sites, which are open to having foreign owners, and without them having to pay the buyer’s stamp duty.
Singland Homes Clementi Ave 1 Condo
A shophouse may be something of an emotional buy as well, people having an attachment to such buildings. Whilst such properties are only producing a yield of 2 to 3% are expecting capital appreciation, which is currently less likely to be gained by buying residential properties.
Local experts are expecting the trends relating to shophouses to stay the same for quite some time into the future.