Property highlights of the week from Aug 27 to Aug 31:
1) Pasir Ris Central white site up for sale under GLS programme
A 3.8-hectare, 99-year leasehold white site at Pasir Ris Central was launched for sale by public tender on Aug 27. The sale is a dual-envelope exercise under the confirmed list of the government land sales (GLS) programme for the second half of 2018.
The site is the fourth to be launched for sale this year under the concept and price revenue tender system, similar to that of the Sengkang Central GLS site which the CapitaLand-City Developments Ltd joint venture won for $777.78 million ($924 psf ppr) in August; the Hillview Rise GLS site which Hong Leong Group bagged for $460 million ($1,067 psf ppr) in July; and the Holland Road GLS site won by a Far East Organization-led consortium with a bid of $1.213 billion ($1,888 psf ppr) in May.
The mixed-use development will comprise a commercial and residential development integrated with a bus interchange, a polyclinic and a town plaza. It can potentially yield a maximum of 600 private residential units. The development comes under the “Remaking Our Heartland” (ROH) plan for Pasir Ris Town, which was unveiled in April 2017.
2) OneKM mall in Katong rebrands to KINEX
Singapore-listed property developer UOL Group has rebranded its OneKM mall in Katong to KINEX. The rebranded mall will offer community-centric features, as well as activities that promote social interaction through experiential offerings. KINEX is located on Tanjong Katong Road, and is the retail component of the Katong Regency integrated development by UOL.
The mall will feature an indoor retail theme park that will be operated by Invade Industry (Invade), the company behind co-making space MOX. The park is expected to open by 1Q2019, and will comprise a range of independent lifestyle brands, trendy workshops and events, and a café. There will also be a 300-m running track around the mall.
The mall will also have a permanent pop-up retail concept, and offerings will include environmentally and socially conscious products and workshops by The Green Collective, Singapore’s first green lifestyle concept store and social space. The store is expected to open in Nov. The mall will also have a revamped food hall, and new F&B outlets like casual burger chain Fatburger, who will open in September.
3) Flat buyers can now retain up to $20,000 in CPF when taking HDB loan
Starting August 28, flat buyers taking out a loan from the Housing and Development Board (HDB) will have the option of retaining up to $20,000 each in their CPF Ordinary Account (OA).
Previously, flat buyers had to fully utilise the balances in their CPF OA to pay for their flat purchase, before taking up a HDB housing loan.
The option to retain some balance in their CPF OA with the new move will provide flat buyers with “greater flexibility in using their CPF funds” said HDB in the press release.
It added that the funds can be used for their monthly mortgage instalments in times of need and will improve retirement adequacy if left unutilised. However, flat buyers who wish to use all their CPF OA balances for their flat purchase may continue to do so.