Singapore Property News (Mar 2017) & Value Deal

Kallang River transformation may offer 100,000 new homes

There is potential to develop another 100,000 residential units along both sides of the Kallang River over the next 20 years, revealed the Urban Redevelopment Authority (URA).

The URA announced this following the launch of an exhibition on Wednesday (29 March), showcasing opportunities to rejuvenate the 10km-long river and surrounding areas.

In line with this, the government has outlined five broad key ideas to develop the Kallang River. One of them is to inject new waterfront housing developments in park-like settings and renew old industrial estates within the vicinity.

The other four ideas to rejuvenate Kallang River are:

– Activate the waterfront, and enhance Kallang Basin as a sports and recreational venue

– Enhance accessibility by providing a seamless active mobility route along Kallang River between Bishan and the city centre

– Enrich the biodiversity of Kallang River

– Celebrate and incorporate the river’s rich heritage

50% of Park Place Residences sold on launch day

Australia-based developer Lendlease sold 215 (50 percent) of the 429 available units at Park Place Residences in Paya Lebar Quarter (PLQ) during the first day of launch last Saturday (25 March).

This represented over 100 percent of the planned sales under the first phase. Lendlease had originally intended to release only 40 percent of the units last weekend, but due to overwhelming response from buyers who queued from early morning, an additional 10 percent of the condo units were launched for sale.

Prices of the units ranged from around $800,000 for a one-bedroom apartment to $2.1 million for a three-bedroom premium unit, which works out to $1,600 psf to over $2,000 psf.

Meanwhile, prices of the remaining units at Park Place Residences are expected to increase when details of other upcoming developments in the vicinity are announced, especially in the greater Paya Lebar Central area.

Jump in private home sales seen as sign of better market sentiment

Demand for new private homes recorded a third straight strong month in February as developers sold 977 units – a hefty jump from the 382 units sold in January.

Even more striking was the fact that last month’s sales were more than treble the 303 units sold in February last year.

The strong showing came despite only one new condo project being launched last month.

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