Property portal 99.co presents the following weekly property news roundup for the week of 1 to 7 August:
#1: GDP rebound on the cards: report
Singapore’s economy is due a strong recovery in 2021 after a deeper-than-expected slump in Gross Domestic Product (GDP) amid the coronavirus pandemic, according to a report by the Asean+3 Macroeconomic Research Office (Amro).
The report, released on 6 August, projects a GDP expansion of 7% in 2021 after shrinking 6% this year.
Amro’s chief economist Dr Hoe Ee Khor told The Straits Times that Singapore’s recovery will start to take shape in the second half of 2020, aided by the manufacturing and financial services sectors that have performed relatively better than other sectors.
However, he cautioned that services sectors such as tourism and hospitality will continue to suffer “until a vaccine is widely available”.
#2: HDB resale volume continues to rise
The number of HDB units that changed hands increased to 2,470 units sold in July–a 0.7% jump compared to 2,453 units in June. The July figure represents the highest monthly volume of transactions in two years.
Property analysts attributed this to the pent-up demand and backlog of transactions from the circuit breaker period, as well as home buyers looking for more affordable options during the current economic slowdown. They also expressed optimism about the recovery of the resale HDB market from the effects of the pandemic.
#3: Bus route changes in Bukit Panjang draws ire from residents, MPs
Residents of Bukit Panjang have expressed unhappiness about the announcement to withdraw and amend to several public bus routes that link Bukit Panjang town to the city.
The operator, SMRT, will withdraw bus services 700 and 700A–which connects Bukit Panjang to areas such as Orchard, Bras Basah and Shenton Way–from 16 Aug onwards, citing falling ridership.
Meanwhile, bus service 171, which links Yishun to Marina Centre and passes through Bukit Panjang, will be shortened. Service 972, which links Bukit Panjang to Orchard Road, will be rerouted to Newton MRT station instead in a shorter route.
The town is also linked to the city via the Downtown MRT line.
Bukit Panjang MP Liang Eng Hwa also expressed disappointment at SMRTs decisions, which he described as drastic.
#4: Seaside Residences developer appoints managing agent
The developer for under construction condominium Seaside Residences, a consortium of Frasers Centrepoint, Sekisui House, Ltd. and KH Capital Pte. Ltd, have officially appointed Simply Sakal as estate manager for the development.
Having only been up and running for two years, the 843-unit project is Simply Sakal’s biggest client so far. Their next biggest client is the 73-unit condo The Papillon.
Simply Sakai stood out from its competition through its emphasis on leveraging technology to handle estate-management issues more productively, according to the report by The Business Times.
Seaside Residences is expected to obtain its Temporary Occupation Permit (TOP) in 2021.
#5: Mixed-use development at River Valley put up for sale
A freehold, four-storey building at 286 and 288 River Valley Road has been put up for sale for a guide price of $24 million, with CBRE as the brokering agent.
Consisting of commercial and residential units, the property is within walking distance from Robertson Quay and Fort Canning MRT.
The 4,180 square foot site has a 12-metre frontage along River Valley Road and a total built-up area of around 11,660 sq ft, which includes six parking lots.
Zoned by the Urban Redevelopment Authority (URA) as “residential with commercial use at the first storey”, the building’s upper floors can be changed from private residences to serviced apartments or a student hostel, subject to URA approval.
The expression of interest exercise will end at 3pm on the 30th of September.
#6: Balestier mixed-use development tries for en bloc again
Held under a single title, Victory Point in Balestier has been relaunched for collective sale following a failed attempt in November 2019.
The current guide price, $13.5 million, is $1.2 million lower than the original $14.7 million figure.
Situated on the corner of Ava Road and Balestier Road, the freehold mixed-use development consists of a 2-storey conservation shophouse with attic, a 6-storey rear apartment block, and nine carpark lots within the building, according to brokering agent JLL.
The property is on sale via public tender, which closes at 3pm on the 14th of September.
#7: Forett @ Bukit Timah officially launches this weekend
Freehold District 21 condominium Forett @ Bukit Timah officially launches this weekend (8 August) following a preview on 25 July. The 633-unit project is jointly developed by Qingjian Realty (South Pacific) Group and Perennial Real Estate Holdings.
Expected to TOP by September 2024, the development consists of four nine-storey blocks and nine five-storey blocks. Unit types range from a 474 square foot (sq ft) one-bedroom plus study unit to a 1,884 sq ft five-bedder.
Prices start at $1,800 psf. Viewings at the showflat are by appointment only.
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About Kyle Leung
Content Marketing Manager @ 99.co
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