Property highlights from April 30 to May 4:
1) Seller at Four Seasons Park rakes in $3.3 mil profit
The seller of a four-bedroom unit at Four Seasons Park in prime District 10 raked in a $3.3 million profit (150%) on April 16. It was the most profitable sale recorded in the week of April 10 to 17. The 2,260 sq ft unit is on the fourth floor of one of the condo’s three 26-storey blocks. The seller bought it for $2.2 million ($973 psf) in 1999 and sold it for $5.5 million ($2,433 psf). This translates into an annualised profit of 5% over an 18-year holding period.
Prices at the freehold condo have reached levels last seen during the previous property boom in 2010 to 2013, when the average psf price was about $2,700. Six units have changed hands at the 202-unit condo over the past two years at prices ranging from $2,102 to $2,957 psf.
Completed in 1994, Four Seasons Park comprises a mix of three- and four-bedroom units of 2,260 to 2,857 sq ft, six-bedroom units of 3,821 sq ft and penthouses of 6,017 sq ft. It was developed by listed property group Hotel Properties, which is controlled by tycoon Ong Beng Seng. The developer also owns the Four Seasons Hotel across the road.
2) Close to 200 new homes sold in Pasir Panjang in April
Since the beginning of April, the Pasir Panjang area has been a hotspot for new project launches, bringing new home sales close to 200 units so far.
On April 1 was the launch of Harbour View Gardens by Roxy-Pacific Holdings. As at April 24, more than 84% of the units — 48 out of a total of 57 — were sold. The average price of units sold at the freehold condominium at 221 Pasir Panjang Road was $1,753 psf.
Next door is Oxley Holdings’ 170-unit The Verandah Residences, which was previewed over the Good Friday weekend of March 30 to April 1. More than 2,500 visitors thronged the sales gallery.
Given the strong response, Oxley Holdings brought forward the launch to April 7 instead of the originally scheduled launch date of April 14. A total of 129 units were sold by ballot on April 7. So far, 142 units, or 83.5% of the project, have been sold, at an average price of $1,810 psf.
Also read: The most affordable new condominiums in 2018
3) Co-working operator IWG to open flagship space at TripleOne Somerset
Global co-working operator IWG has leased over 35,000 sq ft of space at Perennial Real Estate’s TripleOne Somerset to operate its Spaces co-working concept. IWG owns and operates co-working brands like Regus, Spaces, No18, Basepoint, Open Office, and Signature. It operates about 3,300 locations in over 110 countries.
Spaces is a lifestyle co-working concept from Amsterdam. The site will be Spaces’ flagship facility and it’s largest when it commences operation in mid-2019. It will occupy two floors, Level 3 and 13, and will comprise co-working spaces, meeting rooms, private offices, conferencing facilities, and event spaces. It will also have a Business Club which will be accessible to its three million Spaces’ members.
TripleOne Somerset is currently undergoing a $120 million enhancement program to augment its retail offerings and incorporate about 32,000 sq ft of new medical suites.
4) Champion team builder, thanks to PropTech
Lester Tan is a real estate agent who builds software. His training and experience as a computer programmer have given him an edge over others in the industry and prepared him to face technological disruptors.
For the past eight years, Tan has been turning technology to his firm Orange Tee & Tie’s (OTT) advantage, There, he has developed a suite of mobile applications that has eased property agents’ tasks and enabled him to grow his team, which now boasts 1,200 agents compared with just three agents, six years ago.
The very first mobile app he developed was a reposting tool that made it easier to repost his listings on various listing portals. Over time, he added other software such as vTourCreator, which enables agents to create a 360-degree walk-through of a home, as well as extend support for commercial, industrial and landed property segments. His latest upgrade, InstantPro v5, includes a new Targeted Mailer Pro feature that allows agents to send addressed mailers to any property with just a few clicks.
The daily utilisation rate for Tan’s mobile app is between 70% and 80% and about 900 agents log on every day. His tools help agents engage sellers and buyers, helping them get a good price for a property. Their team also keeps a close watch on prospective en bloc sites and using the new targeted mailing feature to advertise their services.
Tan and his team aim to continue growing the team and sales by tapping their mobile app edge, and are targeting younger, tech-savvy agents as well as experienced senior agents who are not used to technology. He reckons the number of agents in the property industry will fall to about 15,000 in the next few years, from about 28,000 this year. “Technology is the only way that will allow agents to remain relevant,” he asserts. Read the full story here.