Property highlights from May 28 to June 1:
1) HSR demise could hit Jurong property prices, say reports
The scrapping of the Kuala Lumpur-Singapore high-speed rail (HSR) project is already causing some concerns in Singapore, more so in the Jurong area.
When the KL-Spore high-speed rail (HSR) was first mooted, Jurong was supposed to host a terminus for the line. Both the Raffles Country Club and Jurong Country Club were taken over by the authorities for the mega project, with the latter's location meant for the HSR terminus in Singapore.
Singapore's Urban Redevelopment Authority masterplan was supposed to make the Jurong Lake District the city state's second central business district. There were hopes that the HSR terminus and the Tuas mega-port would create 100,000 jobs in the maritime, infrastructure, and technology sectors.
All these developments would also have pushed up property prices in Jurong, but Malaysia’s decision to suddenly scrap the project means that homeowners in Jurong can no longer expect property prices to go up as quickly as they had hoped.
2) Three blocks in Macpherson Lane identified for Selective En Bloc Redevelopment Scheme
An impression of the new project at Circuit Road
Three 50-year old HDB blocks at 81 to 83 Macpherson Lane, comprising 313 flats, have been identified for the Selective En Bloc Redevelopment Scheme (SERS). The government will take back the sites and SERS residents will be given a package that includes compensation and rehousing benefits, as well as the opportunity to move to a new home on a fresh 99-year lease.
HDB will build replacement flats at a new site along Circuit Road. The project will comprise three 17- to 19-storey blocks and house 630 flats, ranging from two-room flexi to five-room flats. The project will include a new supermarket, two eating houses, shops, an elderly facility for senior care and active aging, and a childcare centre. It is expected to be completed by 2Q2023.
3) Government releases three residential sites for sale
The URA and HDB have released three 99-year leasehold, residential sites for sale at Dairy Farm Road, Sims Drive and Tampines Avenue 10. The site at Dairy Farm Road is expected to yield about 500 units, with another 680 units at Sims Drive and 700 units at Tampines Avenue. Together, the three sites could yield a total of 1,880 units.
The site at Dairy Farm Road is in the URA Confirmed List and is zoned for residential development with commercial use on the first level. Located adjacent to the German European School (Singapore) and directly opposite Dairy Farm Nature Park, the site at Dairy Farm Road has a land area of 211,486 sq ft and maximum gross floor area (GFA) of 444,123 sq ft.
The site at Sims Drive has a land area of 174,649 sq ft and maximum GFA of 523,948 sq ft. It is located in the city fringe, within walking distance of the Aljunied MRT station.
Meanwhile, the site at Tampines Avenue 10 is zoned for an executive condo (EC) development with a land area of 268,440 sq ft and GFA of 751,632 sq ft. The residential enclave at Tampines Avenue 10 is located just a few minutes’ drive from Tampines Central.
4) Roxy-Pacific associate buys prime residential sites on Moulmein Rise for $106 mil
The two adjacent freehold sites on Moulmein Rise were acquired for $106 million (Picture: Sakal Real Estate Partners)
RH Novena Pte Ltd, an indirect associated company of Singapore-listed property developer Roxy-Pacific, has acquired two adjacent freehold sites on Moulmein Rise for $106 million. The deal was handled by Sakal Real Estate Partners. The two sites in prime District 11 were put up for sale in March for $110 million ($1,525 psf per plot ratio).
Located on 27 Moulmein Rise, at the junction of Moulmein Rise and Sinaran Drive, the sites have a combined area of 22,198 sq ft. They can be redeveloped into a 20-storey residential development with a maximum gross floor area of 72,003 sq ft. They are adjacent to the upcoming Health City Novena, a 17-hectare integrated masterplan area comprising health services, research, education, commercial, leisure and public spaces. It is expected to be completed by 2030.