Optimistic Projection for new Executive Condo Bids

SINGAPORE — The only confirmed executive condo (EC) site from the Government Land Sales programme for the first half of this year was released for tender yesterday, but analysts expect bids to be subdued because of its location.

The 99-year leasehold parcel on Choa Chu Kang Avenue 5 has a site area of around 176,378 sq ft, said the Housing and Development Board (HDB) yesterday. The HDB is the Government’s land sales agent. The site has a maximum gross floor area of 529,135 sq ft and can yield an estimated 490 units.

Property analysts have predicted the tender to receive up to half a dozen bids when it closes on June 30. The site has limited pull factors as there are no nearby Light Rail Transit or MRT stations, they said.

“The subject site is almost 2km away from the nearest MRT station, which is Choa Chu Kang Station. There is also a lack of attractive scenery around it,” said Mr Nicholas Mak, executive director of SLP International Property Consultants. He expects the top bid to come in at between S$250 per square foot per plot ratio (psf ppr) and S$285 psf ppr.

But Mr Wong Xian Yang, research and consultancy manager at OrangeTee, had a more optimistic projection of S$290 psf ppr to S$330 psf ppr, noting that there is a lack of EC projects in the area. In recent years, there was only one new launch: The Rainforest in 2012 , which sold at a median price of S$754 psf.

Mr Wong added: “But developers should note that there are two projects in the pipeline, namely Sol Acres by MCL Land and a site by Sim Lian Group, which together should yield about 1,862 units. Sol Acres is expected to launch in the second half of this year, and would be a litmus test for EC demand in the area.” Another executive condo that is expected to launch in mid this year is The Brownstone EC.

Demand for ECs has waned in recent months after the implementation of property curbs such as mortgage servicing ratio caps and the resale levy. Developers are also allowed to launch units for sale only 15 months after securing land or completing physical foundation works.

An EC site on Woodlands Avenue 12, whose tender closed in February, drew the lowest bid for such sites in nearly four years. Local developer Hao Yuan Investment won the tender for S$103.8 million, or about S$278 psfppr, against a field of seven bidders.

 

The Brownstone Executive Condo Developer Sets Green Standards

CDL, developer for upcoming executive condo, The Brownstone EC and The Criterion EC has set a goal of achieving BCA green mark gold plus standards for all its new development, above the mandatory requirements of basic certification.

All new CDL projects set aside 2 to 5 per cent of the total construction cost for green features and sustainable constructions. Such features include green walls, which act as natural heat insulation and a filter for air pollution.

CDL Tree House condo, which won this year’s construction productivity award (platinum), construction excellence award, and design and engineering safety excellence award, in addition to receiving the green mark platinum award in 2010, is home to the world largest vertical garden at height of 24 storey

Tapping sustainable every resources to reduce pollution is another way to go green. CDL residential property development, Haus @ Serangoon Garden, a green mark platinum project, is the country first landed housing development with its own solar energy system.

Moving forward, CDL will launch a large scale PPVC method in the construction of The Brownstone EC executive condominium at Canberra Link.

The Brownstone Executive Condo Developer Partners Up

The Green Mark Pearl award recognises the joint commitment of developers, building owners, landlords and tenants of the same project or building working together to achieve greater environment sustainability for their building.

Since September last year, CDL, developer for executive condo, The Brownstone EC and The Criterion EC has progressively implemented the CDL green lease partnership programme to engage the tenants in managing and reducing their energy consumption and carbon footprint.

Its team of green lease ambassadors advise tenants on hot to fit out their units environmentally friendly materials, fitting, equipment and lightings to achieve greater energy efficiency.

This programme has a been popular with CDL commercial tenants, with 80 percent joining the programme as of April this years, to pledge their commitment to monitor, manage and reduce energy consumption.

CDL has also partnered with tuas power to develop an automated meter-reading portal providing half hourly updates of tenants energy consumption, which can be accessed through mobile phones, allowing tenants to closely monitor their electricity usage.

Recycling is also an important green initiative. Recycling of lamp tubes at cdl properties as successfully diverted more than 6700kg from being dumped in land fills

CDL will next introduce the PPVC technology in the Canberra Link executive condominium The Brownstone EC.

The Brownstone Executive Condo Developer CDL Clinches 36 Awards

Key property player City Developments Limited, developer for the upcoming executive condo, The Brownstone EC and The Criterion EC has outdone itself. The company clinched 36 accolades at this year Building and Construction Authority (BCA) awards, six more than the 20 it bagged last year, making it Singapore most awarded developer at the annual awards.

CDL is a Singapore listed international property and hotel conglomerate involved in real estate development and investment, hotel ownership and management, facilities management and provision of hospitality solutions.

Mr Kwek Leng Joo, CDL deputy chairman say: ”As a developer, we are in a position of influence to the drive the demand for sustainable construction.”

“We maintain steadfast in our commitment to push the boundaries of innovative and sustainable building technologies and methods, complementing Singapore vision to become a smart and sustainable nation with high productivity.”

Indeed, the company is the only developer to receive the quality excellence award – quality champion (platinum) for three consecutive years in recognition of its firm commitment and leadership in delivering quality homes.

CDL also leads as an environmental champion, emerging as the sole winner of the inaugural BCA green mark pearl prestige award for city house.

CDL would be launching the executive condominium The Brownstone EC at Canberra Link in July 2015.

CDL: Property Investment such as Executive Condo The Brownstone EC can help narrow income gap

PROPERTY investment such as executive condo can help fight income inequality as it gives people a viable asset that they can add to their portfolios, said City Developments (CDL), developer for The Criterion EC, yesterday.

The firm also said it hoped the Government would tweak some of the property cooling measures that have “stamped out speculation” in the market. It believes one way to help narrow the income gap “is to enable people to invest in different classes of assets so that they can diversify their investment portfolio – and property should be part of the basket of assets”, it said in remarks as part of its first-quarter results.

CDL noted that it has seen “the majority of property buyers follow the ‘herd instinct'”. When prices fall, they tend to “wait and see”, but when there is increased activity and prices start rising, more people are eager to buy. “Quite often, this psychology of property buyers and other factors outweigh the fundamentals of supply and demand projections.”

But while statistics provide part of the overall market assessment, “investors must realise that the property market is cyclical in nature”, it added. “History has shown that real estate assets in a safe and stable environment like Singapore remain a good investment when viewed with a medium- to long-term perspective.”

CDL announced a rise in first-quarter net profit to $123.03 million, a 2.8 per cent increase on a year earlier, thanks to contributions from property development and hotel operations.

Revenue for the three months to March 31 was up 11 per cent to $814.94 million. Turnover from development, including projects such as Coco Palms, D’Nest and Jewel @ Buangkok, rose 16 per cent to $298.57 million.

Despite headwinds in the local residential market, the firm noted, quality projects in good locations will still attract discerning buyers. It will launch two new projects in the second half of this year – The Brownstone EC, a 638-unit executive condominiums in Sembawang, and Gramercy Park, a 174-unit freehold condo in Grange Road.

Lower Indicative Price at New Executive Condo

SINGAPORE – Westwood Residences, the second executive condo (EC) in Jurong to launch in 18 years, has unveiled an indicative price of $800 psf, at the lower end of its earlier target price range.

The lower indicative price comes as EC sales have generally weakened since measures such as stricter mortgage loan rules were introduced to cool the sector in Dec 2013.

Westwood Residences, developed by Koh Brothers and Heeton Holdings, will be the first EC project where buyers who have already bought an HDB flat or EC will be subjected to a resale levy.

The developers paid $382 psf per plot ratio for the land last January. Construction and development are expected to cost between $360 to $400 psf.

Last October, Evia Real Estate’s highly-subscribed Lake Life EC in the Jurong lake district went for sale at an average of $857 psf, and was a near sell-out.

Westwood’s developers have worked out that the new levy costs resale buyers about $40 psf to $50 psf.

The 480-unit 99-year leasehold project is located within the private Westwood estate and is four bus stops away from Boon Lay MRT.

Westwood Residences is also Singapore’s first-ever bike-themed development.

Upwards of $1.5 million has been spent on sports-themed lifestyle offerings, including an outdoor mini velodrome and a bicycle garage that can house 500 bicycles, secured by a biometrics system.

Koh Brothers managing director and group chief executive Francis Koh said: “There is a lot of attention on Jurong now, and the bicycle theme differentiates us from other condos and executive condominiums.”

ECs are a public-private housing hybrid where buyer eligibility is restricted to Singaporeans, with a minimum five year occupation period before the unit may be sold in the open market.

Westwood Residences show flats will be open for viewing on May 15 and bookings for the units begin on May 30.

Source: Straits Times

Competitive Pricing at the Latest Executive Condo

E-applications open on Friday (May 15) for Westwood Residences – a new executive condo (EC) project in Jurong West which will be officially open for bookings on May 30.

The 480-unit development at Westwood Avenue is the first EC to be affected by changes to resale levy rules. The resale levy now applies to EC buyers who had previously bought HDB flats or ECs. The other EC that would be affected by the resale levy includes The Brownstone EC and The Vales EC.

Westwood has an indicative pricing of S$800 per square foot (psf). That is about six per cent lower than what another executive condominium (EC) project in the area – Lake Life EC – went for, S$850psf, when it was launched in November last year.

Said Mr Francis Koh, group CEO of one of the EC’s developers, Koh Brothers Group “We have to consider the market. When compared to the nearby executive condo, what will buyers think of our condo? So we have to price it very competitively.”

Westwood Residences is hoping to attract homebuyers by going big on cyclist-friendly features. It will house some 500 parking lots for bicycles – with a bicycle maintenance area – and an outdoor mini velodrome.

One analyst said it may be too early to say if the new EC project will benefit from the upcoming makeover for Jurong Lake District.

“This project is closer to NTU (Nanyang Technological University), and the Cleantech Park,” said Mr Sing Tien Foo, Deputy Head at the Department of Real Estate in the National University of Singapore. “For the Jurong Lake District area, the project may be located at the fringe of the Jurong Lake District. Although over time, when the area develops, we will probably see the spillover effect. Probably, this will take a while.”

 

Source: Channel News Asia

The Brownstone EC (Executive Condo) Pre-fab Video

CDL will be the first developer in Asia to introduce the prefabricated prefinished volumetric construction PPVC method in a large-scale residential development, The Brownstone EC (executive condo) project at Canberra Drive. The EC will be constructed using some 3,300 roomsized units – likely the largest application of PPVC in the world. Other executive condo in the vicinity include Signature At Yishun EC,  at Yishun St 11 and Skypark Residences , Parc Life at Sembawang Crescent.

The Brownstone executive condominiums comprises eight 10-to-12-storey blocks with an estimated 636 units. This development was an ideal candidate for the use of PPVC because of the condominium’s modular nature, CDL said.

Check out how Pre-Fab works in the video below!

The use of PPVC for the EC is expected to increase construction productivity by more than 40 per cent and will save some 55,000 man days, compared to if CDL, developer for The Criterion EC, were to use the conventional construction method, it said. As a result, the EC is expected to be completed four months ahead of schedule.

“Adopting PPVC also enhances worksite safety as prefabrication of the building modules in factories means fewer workers on site which in turn leads to fewer accidents and less down time,” CDL said.

On top of that, quality control in factories result in uniformity of prefabricated components, which in turn leads to a reduction in the wastage of materials.

 

 

 

Bicycle Themed Executive Condo offers more than the usual facilities

Edutainment at your doorsteps

With fun and educational venues such as Singapore discovery centre, snow city, omni theatre and the Singapore science centre relocation next to Chinese garden MRT station in 2020, this executive condo residence will have plenty to do during the next school holiday.

 

Getting to school and work

Getting the kids settled in is easier when there are many schools to choose from, from Nanyang Technological University (NTU), River Valley high school to Rulang primary school.

Job opportunities are also just across the road from Westwood executive condominiums. The clean tech park – Singapore’s first eco business park – is located next to NTU and will have green buildings

 

Pedal and explore

Westwood executive condo is located near cycling paths that connect you to Jurong West, Bukit Batok, Taman Jurong and Teban Gardens using park connectors built under the government national cycling plan. By 2020, you can expect 90 km of cycling routes to be added to the current 100km of intra town cycling paths for both recreational and short commuting purposes.

 

Enjoy green spaces

The jewel of jurong lake district is the 90ha jurong lake park. Filled with gardens that boast nature themed play equipment for children and boardwalks that skirt the wetland, it promises reprieve for urban dwellers. And that’s not forgetting the workout you can get form the upgraded water sports facilities around the lake.

 

Play tourist without leaving the country

With Genting Hotel Jurong, the first major hotel in the western Singapore, your next staycation will be a stone’s throwaway. It will see its grand opening on may 27. The 557 room, eco friendly hotel within a garden features rooftop garden and sky terrace, where you can get a bird’s eye view of jurong lake district.

 

J walk everywhere

Shop till you drop at J walk, an elevated second storey pedestrian network linking you to four shopping malls – Jem , Westgate, Big Box and IMM – and Jurong East MRT station. It also takes you to the Ng Teng Fong General Hospital which is opening on June 30 and the Jurong community Hospital.

Singapore’s First Bicycle Theme Executive Condo

Imagine heading out of your executive condo on your bicycle to explore Singapore’s next hot spot that has been earmarked to bring the city closer to where you live.

Where are you? Westwood Residences, an executive condominium set in the Westwood landed estate that offers views unobstructed by HDB blocks. Located near jurong lake district, which has been identified as Singapore next exciting development, Westwood brings a diverse mix of offices, shops, hotels, F&B, sports, recreation and medical facilities, parks and community space to your doorsteps.

As Singapore’s first bicycle themed development, Westwood executive condominiums has some interesting offers of its own too. For starters, is has Singapore’s first mini outdoor velodrome and kids traffic garden. Westwood executive condo is also the first residential development to have a covered bike garage with biometric view scanner access and cctv monitoring.

Bicycle storage is no issue at Westwood where there are close to 500 bicycle parking lots and lockers. There is also a maintenance are where you can wash, air dry and pump you bicycle tires.