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THEREALDEALS Ins&OutsofSingaporeRealEstate
Mix and match for added appeal
Since the Confirmed List of the Government Land Sales (GLS) programme was reinstated last year, four mixed-use sites integrated with transport nodes have been sold. All received keen interest from developers with each tender attracting at least six bids. The latest in the lineup was a site at Bukit Panjang that has a maximum allowable GFA of more than 612,000 sq ft, of which at least 35% must be allocated for commercial use. Sim Lian Group submitted the top bid of $805 psf ppr, which was 11% above the second-highest offer from Keppel Land. Previous tenders for integrated sites at Bedok and Punggol saw top bids of $841 psf ppr and $753 psf ppr, respectively. Of the four sites (including the latest that has yet to be officially awarded), the first to launch is Bedok Residences by CapitaLand. The project offers 583 residential units, of which over 80% were sold in less than a week at an ASP of $1,350 psf. It is integrated with a retail mall of about 375,000 sq ft (roughly the size of Junction 8 at Bishan), the Bedok bus interchange and the Bedok MRT station. Next to launch will be the site at Punggol called Watertown. We expect units there to fetch between $1,000 psf and $1,200 psf. In the following pages, we highlight two existing integrated projects the 536-unit Compass Heights at Sengkang and the 610-unit The Centris at Boon Lay and note that the gross rental yield exceeds 4% in both cases.
Latest mixed-use site integrated with transport node at Bukit Panjang
1 December 2011
Source: URA
Tender results for integrated sites GFA (sq ft) 938,165 1,697,892 1,356,232 612,084 Tender price ($m) 788.9 1,708.1 1,021.0 492.9 Tender price ($psf ppr) 840.9 1,006.0 752.8 805.3
Location New Upper Changi Road Peck Seah St / Choon Guan St Punggol Central Jelebu Road / Petir Road
Compass Heights
The Luxurie
Source: onemap.sg
Rental yield for Compass Heights Median rental Median price Quarter ($psf pm) ($psf) 3Q11 $3.15 883
Source: URA
Number of transactions 12
Resale prices for the nine-year-old project have tracked a healthy uptrend in recent years, doubling to nearly $883 psf in 3Q11 from $485 psf when the project was first launched in 2001. Even so, the units are still at a 16% discount when compared to nearby The Luxurie, which was recently launched by Keppel Land at a median price of $1,050 psf. The median rental for Compass Heights was $3.15 psf pm in 3Q11, a yield of 4.28%.
1 December 2011 Page 2 of 8
The Centris
Source: onemap.sg
Rental yield for The Centris Median rental Quarter ($psf pm) 3Q2011 $3.66
Source: URA
Number of transactions 12
Located right in the heart of Jurong, The Centrist consists of 12 blocks with a total of 610 units built above Jurong Point 2, the extension of Jurong Point Shopping Centre. The project was launched in 2006 at an ASP of $500 psf but recent transactions have been above the $1,000 psf mark. The median price and median rental in 3Q11 stood at $1,046 psf and $3.66 psf pm, respectively. Rental yield is also attractive at 4.2%.
1 December 2011
Page 3 of 8
MARKET SNAPSHOT
Upcoming VVIP Launches The Hillier (District 23)
A development nestled in Hilllview Avenue, a private residential enclave overlooking Bukit Timah Hill and the Bukit Timah Nature Reserve. Features SOHO-concept residences sited above a retail podium.
*Shhh... if you have not yet been invited, you are probably not a VVIP. Wait for the public launch.
1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com
Recent transactions
Project The Centris The Centris Compass Heights Compass Heights Compass Heights Compass Heights The Centris The Centris The Centris The Centris The Centris Compass Heights Compass Heights The Centris Compass Heights The Centris The Centris The Centris The Centris Compass Heights The Centris The Centris Compass Heights The Centris Compass Heights Compass Heights
Source: URA
Size (sq m) 85 196 222 115 144 123 104 121 89 168 99 103 99 162 116 162 114 99 99 124 117 126 99 148 99 120
Price ($psf) 1,202 810 606 774 787 971 1,090 1,060 1,180 823 1,107 936 880 853 823 773 1,091 1,145 1,127 903 953 1,010 891 816 891 840
Contract date Nov-11 Nov-11 Nov-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Sep-11 Sep-11 Sep-11 Sep-11 Sep-11 Sep-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Jul-11 Jul-11
Property Stocks
Name Price CapitaLand 2.58 CityDev 10.16 Ho Bee 1.19 HPL 1.76 KepLand 2.54 SC Global 1.15 SingLand 5.70 UOL 4.21 Wheelock 1.59 Wing Tai 1.08 N.A. = No Coverage Disc/ Prem to RNAV RNAV NTA/share* 3.92 -34% 3.18 13 -22% 7.31 2.69 -56% 2.22 4.39 -60% 2.7 5.08 -50% 2.78 4.74 -76% 1.6 9.82 -42% 10.74 N.A. N.A. 6.43 N.A. N.A. 2.35 2.85 -62% 2.49 *As at latest reported Disc/ Prem to NTA/share -19% 39% -46% -35% -9% -28% -47% -35% -32% -57%
1 December 2011
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MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) Units sold (Oct) 35 9 9 10 128 90 61 39 17 11 10 15 149 41 9 144 103 49 36 33 26 26 20 20 13 11 37 11 121 21 19 17 11 Median ($psf) 1,461 1,739 2,010 1,577 1,321 1,161 1,207 1,462 1,119 1,154 1,096 1,055 729 952 892 840 914 914 947 705 1,383 1,059 665 1,214 1,343 890 697 1079 614 1,517 1,030 855 676
1 December 2011
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com
Secondary Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf Sep11 1,439 1,713 1,225 989 1,054 786 924 756 727 $psf Oct11 1,432 1,757 1,179 1,040 1,031 782 910 748 742 MoM % Change -0.5 2.6 -3.8 5.1 -2.2 -0.6 -1.6 -1.1 2.1
City & Southwest (1-8) Rangoon 88 48 35 72.9 Reflections at Keppel Bay 1,129 831 73.6 Skyline Residences 283 186 65.7 Orchard/ Tanglin/ Holland (9-10) D'Leedon 1715 451 26.3 Balestier / MacPherson / Geylang (12-14) Regent Residences 180 128 71.1 Rezi 26 106 90 84.9 EuHabitat 748 612 81.8 The Seawind 222 39 17.6 Vacanza @ East 473 378 79.9 Riviera 38 102 11 10.8 Suites 28 74 35 47.3 East Coast (15-16) Waterfront Isle 561 503 89.7 Changi / Pasir Ris (17-18) ARC at Tampines 574 378 65.9 Seastrand 473 333 70.4 Waterview 696 572 82.2 Serangoon / Thomson (19-20) Parc Vera 452 190 42.0 A Treasure Trove 882 777 88.1 The Minton 1,145 774 67.6 Boathouse Residences 493 309 62.7 Austville Residences 540 372 68.9 Bliss@Kovan 140 56 40.0 The Luxurie 622 236 37.9 Riverparc Residences 504 500 99.2 Thomson Grand 361 159 44.0 Suites @ Paya Lebar 99 40 40.4 Terrasse 414 318 76.8 West (22-24) Blossom Residences 602 446 74.1 The Lakefront Residences 629 619 98.4 North (25-28) Este Villa 121 121 100.0 Luxus Hills 288 217 75.3 Woodhaven 337 238 70.6 The Miltonia Residences 410 319 77.8 The Canopy 406 385 94.8 Source: URA
Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Sept11 5.3 4.4 3.3 3.1 3.1 2.8 2.7 2.9 2.5 Yield $psf pm Yield % Oct11 % 4.3 5.6 4.7 3.1 4.5 3.1 3.2 3.5 3.4 3.8 3.1 3.8 3.6 3.2 3.7 4.3 2.7 4.2 3.5 2.9 3.8 4.6 3.0 4.7 4.1 2.6 4.3
1 December 2011
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DEVELOPERS LANDBANK
Developer District 06 09 10 10 11 17 18 18 18 18 19 19 23 23 Sentosa 01 02 04 04 04 04 19 22 03 09 10 10 15 16 20 26 Sentosa Sentosa 02 16 02 05 09 12 12 21 09 10
1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com
CityDev
KepLand
CapitaLand
Landbank SouthBeach(BeachRoad) Futura(LeonieRoad) BoulevardHotel(CuscadenRoad) LuckyTower(GrangeRoad) BuckleyClassique(BuckleyRoad) HedgesPark(FloraRoad) NVResidences(PasirRis) PasirRisGrove,parcel3+stateland(PasirRis) PasirRisDrive8,parcels4+5(PasirRis) Tampines/UppChangiRdNorth H2OResidences(SengkangWestAve) BartleyRoadGLS(BartleyRoad) ChoaChukangGLS(EC)(ChoaChuKangDrive) SegarRoadGLS(EC)(SegarRoad) ResidencesatW(SentosaCove) TotalUnsoldUnits MarinaBaySuites(MarinaBay) Keppel&GETowerssite(TanjongPagar) ReflectionsatKeppelBay(KeppelBay) KeppelBayPlot3(KeppelBay) KeppelBayPlot4(KeppelBay) KeppelBayPlot5(KeppelBay) SengkangGLSsite(SengkangSquare) TheLakesideResidences(LakesideDrive) TotalUnsoldUnits TheInterlace(GillmanHeights) UrbanResort(CairnhillRd) Dleedon(FarrerRd) TheNassim(NassimRd) MarinePoint(MarineParade) BedokTownCentreSite(BedokCentral) BishanGLSsite(BishanStreet14) YioChuKangsite(YioChuKangRd) TotalUnsoldUnits SeascapeatSentosaCove(SentosaCove) PinnacleatSentosaCove(SentosaCove) TotalUnsoldUnits SpottiswoodeResidences(SpottiswoodePark) BedokReservoir(BedokReservoirRd) TotalUnsoldUnits Skysuites@Anson(EnggorStreet) ProjectatWestCoastRd(WestCoastRoad) RVResidences(RiverValley) RiverBay(MarThomaRd) Riviera38(MarThomaRd) TheCascadia(BukitTimahRoad) TotalUnsoldUnits ScottsSquare(ScottsRoad) Ardmore3(ArdmorePark) TotalUnsoldUnits
Tenure 99yr Freehold Freehold Freehold Freehold 99yr 99yr 99yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr Freehold 99yr Freehold Freehold 99yr 99yr Freehold 99yr 99yr Freehold 99yr 99yr Freehold 999yr 999yr 999yr Freehold Freehold Freehold
UnsoldUnits 119 122 203 178 22 181 36 752 1,517 605 153 560 490 237 207 5,381 77 620 313 307 234 94 471 24 2,140 351 40 1,280 55 150 469 650 140 3,135 112 357 469 35 640 675 194 80 248 147 102 25 796 91 84 175
1 December 2011
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DEVELOPERS LANDBANK
Developer Guocoland BtSembawang District 02 10 26 09 09 09 09 15 16 16 18 18 19 19 19 27 03 09 09 10 10 11 23 10 15 17 19 9 9 9 10 Sentosa
(CONTD)
1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com
FrasersCentrepoint
WingTai
MCLLand
SCGlobal
Source:HDB,URA
Landbank TanjongPagarGLSwhitesite(PeckSeah/ChoonGuan) LeedonResidence(LeedonHeights) TheWaterline(YioChuKangRd) TotalUnsoldUnits TheVermontonCairnhill(CairnhillRd) PatersonSuites(PatersonRd) StThomasWalk(StThomasWalk) TotalUnsoldUnits StarHubCentre FlamingoValley(SiglapRd) WaterfrontGold(BedokReservoirRd) WaterfrontIsle(BedokReservoirRd) Seastrand(PasirRisDrive3) PasirRisGLSsite(FloraDrive) BoathouseResidences(UpperSerangoonRoad) EsparinaResidences(Sengkang) PunggolGLSmixedsite(PunggolCentral) EightCourtyards(YishunAve2) TotalUnsoldUnits AscentiaSky(Redhill) HELIOSResidence(CairnhillCircle) BelleVueResidences(OxleyWalk) LeNouvelArdmore(ArdmorePark) Anderson18(ArdmorePark) L'VIV(NewtonRd) ForesqueResidences(PetirRoad) TotalUnsoldUnits NOBHill(EweBoonRd) CasaNassau(EastCoastRd) PasirRisGLSsite(JalanLoyangBesar) Terrasse(HougangAve2) TotalUnsoldUnits TheMarq(PatersonHill) Hilltops(CairnhillCircle) MartinNo.38(MartinRd) TheArdmore(ArdmoreRoad) SevenPalms(SentosaCove) TotalUnsoldUnits GrandTotal
99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr
UnsoldUnits 500 424 40 964 66 24 221 311 240 220 4 81 215 380 291 1 685 141 2,258 47 64 38 42 157 40 299 687 70 65 580 122 837 37 208 23 50 31 349 18,177
1 December 2011
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