$765m en bloc sale: Eunosville may make way for 1,399 new homes

Optimism amid recovering sentiment in private new homes saw the en bloc sale of Eunosville at second highest price in the collective sale market.

Eunosville is a privatised HUDC estate built in 1980 and is located across the street from Eunos MRT station, enjoying conveniences and amenities within walking distance.

Sold at a price well above expectations, it was noted by executive director of business solutions at OrangeTee that “The primary home sales market has also seen marked improvements, and developers are starting to make strategic acquisitions of land to position themselves for a recovery of the market”.

Together with extra government charges to top up the lease to 99 years, the sale works out to be an estimated $909 per sq ft per plot ratio.

A property expert is of the viewpoint that the new apartments will be marketed at an average of $1,700 to $1,750 psf.

The slowdown of land sales for private residential development in recent years has seen bullish bidding by developers in new land sales.

The next expected bullish bid is expected at the site at Woodleigh Lane in new Bidadari estate. It was open for tender in late May, and will close on 13 June 2017.

With the gradual reduced supply of new apartments as seen in statistics below extracted from URA website, we are seeing high take-up rate by home buyers in recent private residential condo new launches such as The Clement Canopy, The Grandeur Park, Seaside Residences, Park Place Residences, etc., as developers are still offering attractive pricing for their new apartments.

 Pipeline Supply
1st Quarter 2016 53,512
2nd Quarter 2016 47,250
3rd Quarter 2016 43,693
4th Quarter 2016 40,913
1st Quarter 2017 36,942

The executive condominium segment is already seeing a slowdown in supply.

Hundred Palms Residences by Hoi Hup Realty, is targeted to open for registration or e-application from 28 June to 10 July 2017, with booking day on 15 July 2017.

After the launch of Hundred Palms Residences EC, the next new EC for sales will happen most likely in end 2017 or early 2018, for Anchorvale Lane EC, also by developer Hoi Hup Realty.

Thereafter, no EC is expected to be launched as to-date, there’s been no new land sold for executive condo development. For a “Snapshot of New EC Launch for Home Buyers”, you can click here.

For the full ST article, please click here.