Monday, August 2, 2010

THE SCALA (Teaser)


The wife and I were at the sales gallery of THE SCALA yesterday.

Here is a sample of the photos that we have taken at the showflats. We will post our review tomorrow (fingers crossed).

But just so you know, the 1-bedder, 1+1, 2- and 4-bedroom units are all sold out.

Art1
Location Map2
MRT station
showflat
A1-Bedroom
C.Bath (2Brm)
M.Bedroom (2Brm)
M.Bath (2Brm)
The-Scala-Pool-View
The-Scala-BBQ-Pavillion
The-Scala-Salad-Pavillion
The-Scala-Pizza-Oven
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Friday, July 30, 2010

Three HUDC estates in Hougang and Potong Pasir designated for privatisation


Channel News Asia today reported that the government has identified three HUDC estates for privatisation.

The estates are located at Hougang North Neighbourhood 3, Hougang North Neighbourhood 7 and Potong Pasir.

The Ministry of National Development (MND) said the three estates comprise a total of 797 of apartments and maisonettes.

Real estate agents said the news could affect prices of these properties, which may rise 5 to 7 per cent.

"With privatisation, everyone will be happy (because) the price will be higher if we intend to sell,’ said Steven Tan. The HUDC estate at Hougang Avenue 7 which he’s been living in has been put up for privatisation.

Property agents said prices could inch up overnight.

Recently transacted prices in the three estates range from S$620,000 to S$735,000.

"I won’t be surprise some will say if I were to sell you the unit, then I am giving up my opportunity to cash in more if this development go en bloc. We’ve heard of developments where once it is privatised, the prices there sometimes rocket by S$100,000" said Chris Koh, director of Dennis Wee Group.

Industry players said the en bloc potential for these HUDC estates is good because they are located in mature estates with more developed infrastructure and amenities.

The privatisation process could take up to two and a half years.

But it will need support from three quarters of the residents.

Helen Lee, Protem Committee Member of Hougang Avenue 7 HUDC estate said: "The last time we did a survey in early 2009, more than 80 per cent of the residents were actually in favour of the privatisation. I think it shouldn’t be a problem getting the 75 per cent vote."

The residents of each estate will have to form a protem committee comprising resident representatives to act on their behalf.

One stumbling block could be the privatisation cost, which include legal and survey cost, as well as cost of land transfer.

The Ministry of National Development (MND) will cap the cost of privatisation at $30,000 per flat for the three newly—designated estates at Hougang and Potong Pasir.

The MND said this is a concession to enable HUDC lessees to fulfil their aspirations to enhance their assets.

The concession will also apply to the Serangoon North HUDC estate, which is in the process of obtaining support for privatisation.

The capping of privatisation cost at $30,000 is only valid for three years, starting from 2 August 2010.

Thereafter, MND said the cost of privatisation will be adjusted to take into consideration the prevailing redevelopment potential of the land.

Observers said privatisation means flat owners will no longer be bound by some public housing rules like sub—letting and they can sell or rent their homes to anyone.

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Thursday, July 29, 2010

THE SCALA: More than 75% sold after first day of launch!


The ST today reported that more than 75% of the total units at THE SCALA, a leasehold project developed by Hong Leong Holdings, were sold on the first day of its public launch yesterday.
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Demand for this 99-year leasehold project near Lorong Chuan MRT station was so strong that balloting was needed to sort out who get to enter the showflat first. By late morning yesterday, more than 800 property agents and potential buyers who had submitted blank cheques had packed the balloting tent at the condo site in Serangoon Avenue 3. This is the biggest turnout at a mass market public launch since Trevista in Toa Payoh and Hundred Trees in the West Coast area were launched late last year.
Location Map2

A private preview was held on Tuesday for Hong Leong staff and buyers who had registered their interests with the developer. About 150 units were sold then.

This means more than 350 of the 468 units in the project were already sold, of which about 200 went yesterday.

Units at THE SCALA, in five residential towers, are between 474 and 2,142sqft each and range from one- to four-bedroom apartments. They were sold at an average of $1,150psf.

In terms of total price, the smallest units were priced from $600,000 while the four-bedders were from $1.5million.

Hong Leong said the buyers, mainly locals, comprised a good mix of HDB flat upgraders and investors.

Most buyers listed as key selling points the projects close proximity to the newly opened Lorong Chuan MRT station and the range of amenities such as the NEX mega mall due to be completed next year. Some buyers also cited nearby schools such as the Australian International School and the Stamford American International School. They said this could mean high rental yields.

THE SCALA is expected to be completed in the first quarter of 2014.

$1,150psf for a 99-year project in District 19? The wife and I really hope that the Government is right, i.e. there is no property bubble yet...

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Wednesday, July 28, 2010

Second Quarter 2010 Real Estate Statistics

The Urban Redevelopment Authority (URA) has released the real estate statistics for the 2nd Quarter of 2010 on 23rd July.

Below is an excerpt of the statistics for private residential properties.

URA 2Q2010 Statistics

Tuesday, July 27, 2010

SUITES DE LAUREL (Review)

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Art1
District:  21
Location:  Jalan Anak Bukit
Developer:  Sustained Land Pte Ltd
Tenure:  999-years Leasehold (from 10 June 1884)
Estimated site area:  33,300sqft
Expected TOP:  01 June 2014
Description:  1 blocks of 5-storey each
Total number of units:  72
Total number of carpark lots:  72 (ground level)

The wife and I decided to visit the sales gallery of SUITES DE LAUREL last Sunday morning. This is an “Apartment Status” project developed by Sustained Land Pte Ltd, a boutique developer that is responsible for projects like Coastal View Residences (Changi), Coastal Breeze Residences (Changi) and 833 MB Residences (Mountbatten).

The sales gallery is located at the actual site along Jalan Anak Bukit, next to Garden Vista Condo. We understand that SUITES DE LAUREL has started its VVIP Preview since end-May but it is still not officially launched yet.
Location Map
Show Flat
The actual site looks rather small – understandable given that it is only about 33,000sqft. The wife and I were told by the marketing agent that more than half of the total units in SUITES DE LAUREL will enjoy unblocked view, with some units getting a full view of the Bukit Timah Nature Reserves. The development is also about 5 minutes walk to the future Beauty World MRT Station.

Those seeking big units at SUITES DE LAUREL will be solely disappointed – the project consists of mainly 1, 1+1 and 2-bedders of no larger than 721sqft, while the 15 penthouses range from a mere 937sqft to 1593sqft.
  • 1-Bedroom (18 units):             484 – 527sqft
  • 1+1 Bedroom (21 units):         571 – 624sqft
  • 2-Bedroom (15 units):             646 – 721sqft
  • 3-Bedroom (3 units):               915sqft
  • 2/2+1/3-Bedroom Penthouses (15 units):        937 – 1593sqft

Given the “Apartment Status” and the small plot area, the facility offering at SUITES DE LAUREL is very basic – you get a swimming pool, BBQ pit at the pool deck, gym… and that is basically it. However, one aspect that we find rather interesting is the rectangular shaped swimming pool acts like a rooftop connector between the 2 “wings” of the block. And since the pool is only supported at both ends with nothing underneath, you get a “floating pool” effect.
Site Plan
Carpark lots are found on the ground level. Most of these are uncovered, unless you are fortunate enough to be assigned a lot that is directly beneath the block.

The only showflat on display is a 721sqft, 2-bedroom unit (Type J).
Type J

The home shelter is next to the main door as you enter the unit. The living/dining area is a small rectangular area that will probably accommodate a small sofa, coffee table and a 2-seater dining table (Ok, 4-seater maybe, if you can find a small enough rectangular table). It comes with 60cm x 60cm marble floors and a standard ceiling height of 3.15m, which is quite impressive. The balcony is a narrow rectangular strip that will probably offer standing space only.
LivingRoom
The unit comes with an “open concept” kitchen – we were told that most of the unit layouts in SUITES DE LAUREL are fitted with such kitchen. The wife is not particularly thrilled about open concept kitchen as this is usually fully enclosed, i.e. with no windows for ventilation. So you cannot really do serious cooking without having the whole house smelling like what you are having for dinner. The kitchen is fitted with “Tekka” induction hob/hood and faucet, which are all the appliances that come with the unit. A small space for your washer/dryer is available at the end of the kitchen, but there is no yard area in this unit. We find the quality of the kitchen worktop and cabinets average at best. One thing that we must warn you about is that the kitchen layout in the showflat (as shown in the photo below) is NOT an exact replica of what you actually get for this unit type. You should refer to the floor plan to have a better feel of the actual kitchen layout.
Master bath - Kitchen
The common bedroom is small but regular shaped and comes with bay windows. So you probably have to go with a single (super-single max.) bed in here. The room does come with decent looking timber-strip floors but a rather small wardrobe.

The common bathroom has ceramic-tile walls and floors and come with a standing shower stall with standard wall-mounted shower.

The master bedroom is longish rectangular in shape and comes with similar timber-strip floors. The outer walls are surrounded by bay windows. Our first impression of the master bedroom is that it is actually quite spacious for a 700+ sqft unit. But this is largely due to the fact that the rather small dressing table and round-shaped bed are custom fitted onto the bay window ledges.
Master Bedroom
The master bathroom is good size and even comes with rain-shower in the standing shower stall (no bath-tub, sorry). However, the wife and I were not impressed by the ceramic-tile walls/floors – perhaps we are overly spoilt by the fact that nearly all the new projects we have seen lately come with marble walls/floors in the master bathroom. Again we have to warn you about the master bathroom layout – we were told that the actual unit will have a slightly different layout compared to what is shown in the showflat. However, the furnishing you get should be similar.

What we like:
  • Location – SUITES DE LAUREL is right across from Bukit Timah Plaza, diagonally across from Beauty World Plaza and short walking distances to the various eateries nearby. So amenities are aplenty. 

  • The project is approximately 5 minutes’ walk to the upcoming Beauty World MRT Station – ideal for owners/tenants without cars.

  • Primary school wise, you have a choice of Pei Hwa and Methodist Girls’ Primary that is within 1-km of SUITES DE LAUREL.
What we dislike:

  • Location – The stretch of road along Jalan Anak Bukit where SUITES DE LAUREL is sited is busy almost whole day round. So units facing the road may find it a tad noisy.

  • Unit size – 3-bedroom units of 915sqft and “penthouses” of 937sqft are waaaay too small for our liking.

  • The unit layouts are less than ideal – home shelter located in the living area, enclosed kitchen, lots of bay window etc. However, we were told that there is one unit type (Type N: 721sqft, 2-Bedroom) where there is no interior bay windows (i.e. the bay windows are outside of the unit and do not constitute as part of the unit’s total floor area) and another unit type (Type M: 915sqft, 3-Bedroom) where there is actually a small yard area and the home shelter is located in the yard.
Pricing wise, here is a sample for the different unit types

  • #05-08, 484sqft 1-bedroom unit (Type H): $791,520  or  $1635psf     (* This is supposedly the best 1-bedder unit in the whole project – highest floor and with full view of the Bukit Timah Nature Reserves *)
  • #04-04, 624sqft 1+1-bedroom unit (Type D): $863,940  or  $1385psf     (* This unit is located diagonally from the main entrance *)
  • #02-13, 721sqft 2-bedroom unit (Type N): $967,980  or  $1343psf     (* This is the unit with no interior bay windows – only unit left in this stack *)
Site Plan2

As of last Sunday morning, about 25 of the 72 units in SUITES DE LAUREL are already sold. All the 3-bedroom units and 3-bedroom penthouses have also been taken up.

The marketing agent claimed that there will be good demand for such smaller units at SUITES DE LAUREL, as they are popular as rental investments and with DINKs or working singles. This is especially when the other new projects in District 21 by bigger developers does not have similar unit sizes. We were told that the 1-bedder can expect to fetch a monthly rental income of $2.5k. However, the wife and I are less than convinced by the claims – most buyers and especially tenants will prefer a full-facility condo. A “Condominium Status” development will also generally command better rental and resale values than one with “Apartment Status”.

Click on below link to view full set of floor plans
http://www.flickr.com/photos/47881767@N05/sets/72157624467427719/
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