Cities: inclusive by chance or choice?

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We chanced upon this article written by NBBJ, world renowned architects famous for their works on iconic university campuses and government buildings. We were excited to find early on that it was one of the designers behind Gramercy Park. It comes as no surprise that this luxurious development has been praised for its architecture. We expect no less from world-class architects!

This article they wrote related to our views of property development in Singapore. They play a big role in shaping the identify of the city we’re living in. Therefore, we hope that our readers will better be able to understand the influence that they have over the “feel” of Singapore moving forward. We’ll also be better able to understand why Singapore’s city identity is what it is today. Share the joy of knowing by reading http://meanstheworld.co/community/soft-edged-cities

A brand new Deferred Payment Scheme to accompany a new TOP

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Prospective Gramercy Park buyers can now have access a new deferred payment scheme. This luxurious property located at 57 Grange Road inherits the status of being in District 10. Not to anyone’s surprise, it has become the top-selling freehold luxury residence in 2016. This new scheme allows buyers to obtain vacant ownership of their new unit under 30 days.

These are the important details to note:

  1. Vacant ownership of unit in 14 days from option expiry date.
  2. Payment of 1 percent of purchase price in purchase option.
  3. 80 percent to be paid two years after option purchase date.
  4. Payment of 19 percent to exercise option to purchase in 2 weeks.

If you’re thinking of taking a greater look at Gramercy Park, contact us and we’ll be able to help you hereon.

Competitive pricing in luxury market as property market warms up

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More action is in the air in the prime private market after an ascent in deal numbers amidst aggressive financing options and flexible payment plans giving purchasers more choice.

CapitaLand is seeking to validate the quality of the upmarket segment buyers with Victoria Park Villas, at the intersection of Coronation and Victoria Park Roads, which is available for exclusive visits from today.

The 99-year leasehold property comprises of 106 semi-disconnected houses and three standalone houses. Floor territories for the previous are from 4,155 square feet while costs are from $4.3m.

CapitaLand won the parcel of land from the Government with a bold offer of $908 per sq ft (psf) ashore in June 2013, or around 17 premium from the most noteworthy bidder.

Commentators mentioned that CapitaLand is most likely evaluating near cost. In a superior market, such houses could offer from about $6 million.

While respectable deals have been scored up at extravagant flats, it is questionablewhether purchasers can stomach all that is required in purchasing landed properties.

A sum of 131 extravagant condos worth $5 million or more were sold from Jan to Jun of 2016 said a CBRE report released yesterday. This is around 76 for each penny of the 166 units sold in the entire of a year ago.

As at June 30, the general normal cost of luxury lofts were $2,950 per square foot, up from $2,700 per square foot toward the end of a year ago. This was because of more prime properties being sold as of late, for example, at Ardmore Three, where 34 units were sold at $3,200 per square foot in former part of this current year.

Another venture, OUE Twin Peaks, is propelling units in Tower 1 available to be purchased toward the end of this current month. OUE has only 10 units left to offer in the other tower at the 99-year leasehold extend in Leonie Hill, where costs are from about $2,400 per square foot.

It is presenting a fourth financing option, notwithstanding three plans it offered already – the standard installment plot, conceded installment plan and one with a more drawn out choice practice period. The fourth is a blend of the second and third.

Gramercy Park by City Developments Limited (CDL) has increased some footing too. The freehold segments has not been formally released but rather has sold 30 units at a normal of about $2,600 per square foot.

Two-room units with a review and three-room units were particularly generally welcomed, a CDL representative said. Most purchases were made by Singaporeans.

“Most purchasers of premium properties are still Singaporeans, in spite of the fact that we have been seeing… more Malaysians, Indonesians and Chinese in the last quarter or something like that,” said Mr Dominic Lee, a PropNex Realty branch locale executive. These remote purchasers purchase for capital conservation and are unflinching by negative outside trade rates, he included.

In the most recent five years, these rose 20 to 25 percentage points while those in Singapore fell about a fifth.

Comparison of Gramercy Park to other developments

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A 1,884 sq ft unit on the 4th storey of Gramercy Park was sold for $4.71m ($2,499 per square foot), following a proviso held up on May 14. This is the second unit sold at the development. Furthermore, a 1,981 sq ft unit on the sixteenth floor brought $5.33m ($2,689 per square foot), in view of a proviso stopped on May 9.

Gramercy Park is a 174-unit freehold premium development on Grange Road. It is created by City Developments (CDL) and booked to get its Temporary Occupation Permit (TOP) in the second quarter of 2016. Under the guidelines of the Qualifying Certificate, CDL has an additional two years to offer every one of the units before paying further charges arising from extension.

JLL and Savills have conveyed the venture to Jakarta and Surabaya in Indonesia, while Singapore Christie’s International Real Estate had showcased it in Hong Kong in May.

Gramercy Park has gotten unmistakable admiration from foreign purchasers taking after the abroad roadshows in China (Shenzhen), Hong Kong and Indonesia (Jakarta and Surabaya), as indicated by a CDL representative. Three units measured from 1,250 to 1,980 sq ft were sold at nett costs amongst $2,500 and $2,700 psf. “These alluring selling prices are offered before the official dispatch and have included extra costs, for example, the extra purchaser’s stamp obligation.” The PR representative included in his reply that more units are likely to be sold off. This is likely to be attributed to the pending exchanges of deposits and the distribution of options. More information about the property can be found at the Gramercy Park Official Site.

The apartment suite has a blend of two-to four-room units with sizes going from 1,184 to 3,122 sq ft. There are additionally five-room penthouses with sizes of 5,534 to 7,287 sq ft. Thus far, costs are said to be in the scope of $2,600 per square foot. This implies the beginning cost of a 2-room apartment is about $3m.

A 3,757 square foot unit on the seventeenth floor was sold for $8.35 million ($2,223 psf) at St Regis Residences, as per an agreement held up on May 12. The unit last was sold for $8.74 million ($2,328 psf) in June ’06. Subsequently, the dealer suffered a loss $393,950 (4.5%) in the wake of holding the property for approximately 10 years. St Regis Residences, a 999-year leasehold property situated behind St Regis Hotel on Tanglin Road is a 173-unit townhouse was mutually created by Hong Leong Holdings, CDL and TID (a joint wander between Hong Leong and Mitsui Fudosan).

In the meantime, Wheelock Properties sold 5 units at Ardmore Park. The units are situated on the eleventh to twenty-first stories of Ardmore Three and estimated from 1,744 to 1,787 sq ft. They were sold at costs running from $5.32m ($3,048 per square foot) to $6.08m ($3,422 per square foot), in light of provisos held up on May 12 and 13. The designer is said to offer a 15% markdown and an ABSD help bundle, prompting to a pickup in interest.

Also, the 99-year leasehold OUE Twin Peaks additionally observed energetic deals got from offering delayed installment plans to purchasers. Of the 11 provisos held up from May 10 to 17, nine units estimated at 549 sq ft were sold at a normal cost of $2,606 per square foot.

Analysis of Gramercy Park Price

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  • Core Central Region Land (CCR) supply has been decreasing

The availability of CCR is correlated to the future supply of properties developed in Singapore’s central region:

The circled parts show a decline of CCR post-2007, meaning that there will be fewer private developments in the coming years. This will likely cause greater demand for CCR properties, resulting in upward trends for Gramercy Park Prices.

  • Core Central Region property prices have not recovered fully

The existing CCR property prices is indicative of potential for growth. A reliable measure is to compare today’s prices with its peak back in 2007:

Compared to the other regions, CCR prices remain below peak prices of 2007 while the other regions have stabilized at a price higher than their 2007-highs. If there is a time to look into Gramercy Park prices it would be now, where the market has seen to be stabilized at a fairly valued price.