Double Bay Residences, Simei St4 (D18, 99LH, 646units, UOL/Kheng Leong)

[AK47]

Seem like this project is tracking the footsteps of Caspian sales.

80+ unit in first day preview. Should easily clock 200+ unit this weekend.

[kgchong]

Seem like this project is tracking the footsteps of Caspian sales.

80+ unit in first day preview. Should easily clock 200+ unit this weekend.

drove by the showroom... pack with ppl...

[shespawn]

they have different promotional discount at 3% for first 120 units, thereafter, it's 2% for dunno how many units.. then after that, no discount. long term wise, it's a good investment, as many banks are shifting their whole operations over to Chang Business park, so probably can get a lot of expatriates to rent.

[kgchong]

they have different promotional discount at 3% for first 120 units, thereafter, it's 2% for dunno how many units.. then after that, no discount. long term wise, it's a good investment, as many banks are shifting their whole operations over to Chang Business park, so probably can get a lot of expatriates to rent.

went there just now... selling 650psf....

10 floor costing 886k.... 3 bdrm.... 1367sqft...

[spyro]

doesn't seem positive for developers with reports like this...
it means prices will still go low, looks like Double Bay really have to sell below 600psf.

Developers need to launch properties to avoid holding costs
By Ng Baoying, Channel NewsAsia | Posted: 02 March 2009 1935 hrs
Photos 1 of 1 ">



SINGAPORE: Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices.

Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land.

Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers.

Units there were sold at about S$600 per square foot, or S$50 per square foot less than earlier planned.

Analysts said developers have little choice but to cut prices to move sales as the the cost of holding onto a piece of land can be expensive as well. A typical plot of land for mass market homes could chalk up more than S$500,000 of interest annually including other costs.

Interest on land cost is typically about four to six per cent. Developers normally take a 60 per cent loan on land.

This means a mid to mass market plot of land bought for S$20 million will accrue more than S$500,000 of interest in a year. There are other costs too.

Cheang Kok Kheong, COO, Development & Property, Frasers Centrepoint, said: “It's very good price for the present economic situation and it really meets the kind of needs and budgets our customers have right now. We have committed our construction costs. We have gone ahead and developed it and we are looking at our cashflow to ensure that we can build the project on time with little financial difficulties."

Frasers also wants cash for possible land acquisitions in the near term.

Other developers which have turned to cutting prices include City Developments.

It recently launched a new phase of its Livia project in Pasir Ris at about S$620 per square foot, down from S$650 per square foot.

And GuocoLand relaunched its development near Buangkok MRT, the Quartz, at an average price of S$595 per square foot, more than eight per cent lower than the initial launch in 2007.

Another developer, MCL Land recently made provisions to value its land near current market prices.

Analysts said this is normally a prelude to a relaunch at lower prices.

But they note that developers will not keep prices low for too long.

Donald Han, managing director, Cushman & Wakefield, said: "Some obvious strategy would be to go out there, launch as much as you can depending on where the quota is. Then once you hit a certain sales quota you stop and then you relaunch it when the project can be launched at a better market sentiment and hopefully at a higher price as well."

Most analysts believe the market will start to pick up in mid-2010. - CNA/vm

I really dun understand some singaporeans..whenever there's a new launch, all rush in like mad even though u know that u r taken for a sucker to buy at developers price!

Developer paid $296 psf per plot ratio and they r launching at $620!!! Go calculate how much profits they r raking in. When u rush in to buy, u r basically sending the wrong signal, thus, the price will only go up. All the buyers have bitten the bait too easily.

With the economy shrinking maybe -10(MM's prediction if second quarter slides further), dun u think its better to wait a few more months? well, just my 2 .. have a gd day everyone

[Alan Tam]

I really dun understand some singaporeans..whenever there's a new launch, all rush in like mad even though u know that u r taken for a sucker to buy at developers price!

Developer paid $296 psf per plot ratio and they r launching at $620!!! Go calculate how much profits they r raking in. When u rush in to buy, u r basically sending the wrong signal, thus, the price will only go up. All the buyers have bitten the bait too easily.

With the economy shrinking maybe -10(MM's prediction if second quarter slides further), dun u think its better to wait a few more months? well, just my 2 .. have a gd day everyone

It's just a prediction, anything can happen tomorrow, than the story will not be the same, prices may go up again.

[HP65]

It's just a prediction, anything can happen tomorrow, than the story will not be the same, prices may go up again.

Every recession is the same. This is the final breath. After this round of mass market buyers, property prices will slide down for the next 5 years at least. It happened in 1999 as well.

At that time, many investors were burnt in the 1997 crisis except for those homestayers. Developers launched semi-govt EC and most were sold out quickly like Florida, summersdale. Most of us know that these EC units later exchanged hands at deep discounts after the 5 yr occupational period.

Likewise, it will hit these buyers of Caspian, Double bay, Livia. Later on, prices of more central locations will just be close to what they paid for these out-skirt projects.

In a way its good. There will be less competition later.

[kgchong]

Every recession is the same. This is the final breath. After this round of mass market buyers, property prices will slide down for the next 5 years at least. It happened in 1999 as well.

At that time, many investors were burnt in the 1997 crisis except for those homestayers. Developers launched semi-govt EC and most were sold out quickly like Florida, summersdale. Most of us know that these EC units later exchanged hands at deep discounts after the 5 yr occupational period.

Likewise, it will hit these buyers of Caspian, Double bay, Livia. Later on, prices of more central locations will just be close to what they paid for these out-skirt projects.

In a way its good. There will be less competition later.

have the same thinking, last recession... last till Dec 2006... now... not sure will repeat itself or not.. or sooner as all government is involve...

[shespawn]

I really dun understand some singaporeans..whenever there's a new launch, all rush in like mad even though u know that u r taken for a sucker to buy at developers price!

Developer paid $296 psf per plot ratio and they r launching at $620!!! Go calculate how much profits they r raking in. When u rush in to buy, u r basically sending the wrong signal, thus, the price will only go up. All the buyers have bitten the bait too easily.

With the economy shrinking maybe -10(MM's prediction if second quarter slides further), dun u think its better to wait a few more months? well, just my 2 .. have a gd day everyone

hmm, they paid $296 psf per plot ratio, but you must also factor in the construction cost also. it's about $250-300 psf, so their breakeven is probably around 600psf. so nothing wrong to price at this price. with the market going down, there are always homebuyers waiting for a affordable price to buy their dream house.
Take into consideration the forward pricing too. Although pple who are buying this property now, are probably suckers to pay at this kind of price, but 5 years down the road, you see the value.

[fourth]

If this is for your own stay, why not? Simei has always been a popular place. Their resale HDB mostly never sell below valuation even during the bad times. Easy access to all expressway. Enough amenities without the massive crowd.

Simei has not got a new condo within walking distance of the MRT for many years liao, natural this launch will draw interests.

Sure I think this condo has its weakness like multi-storey carpark, small rooms... but it also has its plus points like large area, beautiful landscape, facilities, etc. Unless they knock down some HDB or enbloc Modena or TS, there is no more land to build another closer to the MRT in the future.

[isaaclim]

hmm, they paid $296 psf per plot ratio, but you must also factor in the construction cost also. it's about $250-300 psf, so their breakeven is probably around 600psf. so nothing wrong to price at this price. with the market going down, there are always homebuyers waiting for a affordable price to buy their dream house.
Take into consideration the forward pricing too. Although pple who are buying this property now, are probably suckers to pay at this kind of price, but 5 years down the road, you see the value.

DBR is not a high rise developer. Plus the current material costs is 40% discounted from 2007 price. So, they don't need S$250psf to break even.

But in general, it is a nice project. 1 & 2 bedrooms are good for investment. But the balcony + planter is just a killer.

[DW]

they have different promotional discount at 3% for first 120 units, thereafter, it's 2% for dunno how many units.. then after that, no discount. long term wise, it's a good investment, as many banks are shifting their whole operations over to Chang Business park, so probably can get a lot of expatriates to rent.

My humble opinion is that, gone are the days where banks are flooded with expatriates. The fact of the matter is that most of these foreigners are actually here in Singapore on local terms. Expatriates whom are on real expat terms, would typically be staying in D9,10 or 11 anyway.

In respect of the Changi Business parks and banks, as far as I know, its mainly the back office operations and perhaps certain elements of middle office are shifted there. Most of the front office staff remains in Raffles Place and Shenton Way (only a few banks in Shenton Way actually, and they are all housed in Capital Tower or DBS Building). Expats in Changi Business Park, if any, will be limited to those holding positions in back office or middle office, which will be few.

My 2 cents worth.

[cwchan]

did anyone ask about the monthly maintenance? Will it be skyhigh due to the waterfall?

[kgchong]

did anyone ask about the monthly maintenance? Will it be skyhigh due to the waterfall?

for 3 bedder, around 300/mth

[shespawn]

2+1 bedroom is $250 per mth for maintenance.

[spyro]

Unless they knock down some HDB or enbloc Modena or TS, there is no more land to build another closer to the MRT in the future.[/quote]

If i remembered correctly, one big piece of land directly across the road from the MRT, next to Modena.

Shespawn : no offence to u, but if u r buying for investment, y not Casa Merah? Thought u initially wanted Casa merah?? For the price u r paying for DBR (shld be more than 650K?), u could hv gotten a 2 plus 1 as well?
Casa Merah gona TOP soon, could generate some passive income.. Thou Casa not so close to MRT n there's no mall.

Well, i m waiting to see how the situation pans out and waiting for the new launch infront of Casa merah, hehe.. Anyway, congrats on ur new home. Peace to all..

[isaaclim]

I was being advised not to buy property at Tanah Merah. It is either not a "good" place or it trend to give an wrong impression that it is a very good place which is end up not true.

I won't want to mention the project name. But you definitely can check history data. There is a project in this area where the selling price is lower than initial launching price. This project + another project in bishan is famous because in 2007 their still cannot reach their peak.

If the land in front of Casa Merah is going to launch this year, same similar result will happen.

So, unless you manage to get good bargain, otherwise...

[shespawn]

Unless they knock down some HDB or enbloc Modena or TS, there is no more land to build another closer to the MRT in the future.

If i remembered correctly, one big piece of land directly across the road from the MRT, next to Modena.

Shespawn : no offence to u, but if u r buying for investment, y not Casa Merah? Thought u initially wanted Casa merah?? For the price u r paying for DBR (shld be more than 650K?), u could hv gotten a 2 plus 1 as well?
Casa Merah gona TOP soon, could generate some passive income.. Thou Casa not so close to MRT n there's no mall.

Well, i m waiting to see how the situation pans out and waiting for the new launch infront of Casa merah, hehe.. Anyway, congrats on ur new home. Peace to all..[/quote]

im actually buying casa merah for my home stay, but prices wasn't going down to my expectations, and looking at double bay's facilities and location, i decided to wait again. Casa merah didn't gave me a nice view and either it's facing the main road, or getting the west sun. DB cost me 650k but i get a lap pool view and no afternoon sun and it's 2+1. Moreover, im renting my hdb to pay for the mortages, and right now, rental market has gone down. So in 4 years when DB TOP, i probably getting a better rental for my HDB, so waiting is not a big issue.

[mr funny]

http://www.businesstimes.com.sg/sub/...55940,00.html?

Published March 7, 2009

80 units of Simei condo sold

UOL upbeat on project's future take-up, given 'terrific' response on 1st day of preview

By UMA SHANKARI


UOL Group and Kheng Leong yesterday sold more than 80 units of their new Simei condominium Double Bay Residences on the first day of its preview, the companies said.


LUSH LIVING
Two-thirds of Double Bay Residences are taken up by four swimming pools and landscape features such as a five-storey high waterfall, an elevated jacuzzi and a sports deck

Units at the 646-unit, 99-year leasehold project went for $600-650 per square foot (psf), UOL group chief operating officer Liam Wee Sin told BT.

UOL and Kheng Leong paid some $296 psf per plot ratio for the site in Jan 2008.

Mr Liam is upbeat about future take-up for the project as well. 'The response to the preview has been terrific and if the same momentum is sustained, we expect to sell at least 200 units by this weekend,' he said.

UOL released 250 units during yesterday's soft launch. The project will be officially launched on March 14.

Yesterday's transaction prices were slightly lower than the indicative prices that agents were giving out last week - which were in the range of $650-680 psf.

Mr Liam said that the $600-$650 selling price will be maintained: 'We are happy with the pricing and we have no intention of raising prices.'

One-bedroom apartments were priced at $420,000 to $480,000; two-bedders went for $570,000 to $620,000; three-bedders for $740,000 to $850,000; and four-bedroom units sold for $930,000 to $1.02 million.

Like with other recent launches, UOL is offering an interest absorption scheme to buyers, but this costs about 2 per cent more.

The project is expected to receive its temporary occupation permit in 2013.

Peter Ow, executive director for residential marketing at Knight Frank (which is marketing the project), said that most of the buyers were HDB upgraders. Units on higher floors were also proving to be more popular, he said.

Mr Liam pointed out that the last condo project in Simei was launched a decade ago.

'So we believe there's pent-up interest for condo living in the area,' he said, noting that there is latent demand from owners of HDB five-room and executive flats in Bedok, Pasir Ris, Punggol, Sengkang and Tampines.

UOL and Kheng Leong also said that apartments will be fitted with 'elegant finishings comparable to district 10 condos', which they expect will be a selling point.

Two-thirds of Double Bay Residences are taken up by four swimming pools and landscape features such as a five-storey high waterfall, an elevated jacuzzi and a sports deck.

UOL Group and Kheng Leong also sold six shop units within the project at $1,150 psf to a single buyer.

[mr funny]

http://www.straitstimes.com/Money/St...ry_347025.html

March 7, 2009 Saturday

Fairly brisk sales for new condos

Attractive prices draw buyers to entry-level and mid-priced projects

By Fiona Chan, Property Reporter


THE show-flat crowd - that rarest of species these days - has been lured back into the market by two new developments that held soft launches this week.

Hundreds of people turned up at the Double Bay Residences showroom in Simei when its doors opened for a private preview yesterday.

Developer UOL Group said more than 80 units have been sold so far, at an average price of $600 per sq ft (psf) to $650 psf. The development's six retail units have all been sold as well.

Chief operating officer Liam Wee Sin noted that the response was strong ahead of the 99-year leasehold condominium's official launch next weekend.

UOL has so far released 250 of the 646 units in Double Bay for sale. One-bedroom units in the Simei Street 4 project start from $420,000, while four-bedders cost at least $930,000.

The crowds were also out for The Mercury in Shanghai Road, which was said to be more than 60 per cent sold since it started previews on Thursday.

The 67-unit freehold project is priced from about $1,040 psf. One-bedroom units at the River Valley estate start from $740,000, while two-bedders are going for about $1.1 million.

The fairly brisk sales for these projects come on the heels of a few successful launches recently, which appear to have boosted sentiment in the badly battered property market.

Last month, Frasers Centrepoint said it sold over 300 units in three days at its Caspian condominium in Jurong. To date, over 500 of the 712 units have been sold.

Caspian's success was mirrored at The Alexis in Alexandra Road, which sold out within a few days of its preview.

Property consultants say the main draw for these projects is their attractive prices, which, at well under $1 million, are affordable for HDB upgraders. Even mid-tier projects such as The Alexis and The Mercury feature smaller units to offset their higher per square foot prices.

'These days, it looks like the total quantum of price is more important than the price per square foot,' said Knight Frank director of research and consultancy Nicholas Mak. 'In some areas, prices have come down 20 per cent to 30 per cent from the peak, and there are probably people who see these buys as good bargains.'

Still, most of the sales activity are confined to the entry-level and mid-priced market. High-end projects are still facing a very challenging time, consultants say.

And while transactions are being steadily chalked up, there remain clear signs that not everything is fine and dandy in this economic recession.

At The Mercury, for instance, agents marketing the project said they had expected it to be fully sold within one day.

In Toh Tuck Road, off Upper Bukit Timah, boutique developer Hiap Hoe was said to have sold only a handful of units in The Beverly condominium, although news reports said more than 300 people turned up for its launch last weekend.

Hiap Hoe released 31 of the 118 units at an average price of $750 psf. The apartments are a bit bigger than average, starting from 1,120 sq ft for the smallest two-

bedroom units, which translates into somewhat higher prices per unit.

The developer is also not offering the interest absorption scheme for The Beverly, which was on offer for the Caspian and The Alexis and is available for Double Bay and The Mercury.

Under the scheme, buyers who take out a loan immediately on purchase pay only a down payment and defer remaining instalments until the project is finished.

Mr Liam of UOL, however, said more of Double Bay's buyers opted for the normal payment schemes rather than taking up interest absorption.

The buyers so far have been a mixed bag - HDB upgraders, private home owners and owner-occupiers, and investors.

On the whole, the smaller units have proven more popular, he said, underscoring the importance of affordability. But he said an 'encouraging' sign was that buyers were also going for units on higher floors, which are more expensive.

'We are seeing a flight to quality,' he told The Straits Times. 'If the price is within their budget, they will gun for the better units and the higher floors.'

[email protected]

[fourth]

If i remembered correctly, one big piece of land directly across the road from the MRT, next to Modena.

Yes there is one but it is quite small. Thanks for the correction. I am not sure what the land planned for, but think the plot is smaller and narrower than Modena/TS. Surely the plot is not big enough to develop a landscape even close to that of DB.

[gohsoonk]

Like most of the new launch nowadays, this project is a rip off. Large balcony and planter really decrease the livable space. In fact, the balcony n planter is larger than the common bedrm. The bedrm r tiny, enough only for single bed. Muti-storey carpark sucks. So disappointed with UOL

I agree with some of your points (below are some negatives in my opinion):

(1) The furnishing is so-so (other than the dry kitchen). Was expecting more.

(2) The shape of the balcony is a little queer. I like the space though.

(3) The bedroom (other the master bedroom) is small.

(4) Multi storey carpark give the HDB feel. Although they try to lessen the effect with water feature and greens on the facade.

(5) The plot seems to be small for the number of units.

(6) For car transport, there is only one entrance/exit.

(7) The development is too near the MRT.

Below are the positives (in my opinion):

(1) This development has some unique facilities (library - aka study corner, band room, piano room and table tennis table).

(2) The gym quite possibly has a nice view as it overlooks a waterfall.

(3) The substation is neatly tucked away at the multi storey car park.

(4) The furnishing for the dry kitchen is quite good.

[noblebaby]

Visited this project today... hmnnn... very bad siteplaning... interior has no standard... don't understand why some ppl rush in to buy at high price.

[isaaclim]

Visited this project today... hmnnn... very bad siteplaning... interior has no standard... don't understand why some ppl rush in to buy at high price.

Bad site planing? Beside the multi-level carpark which make it look cheap, the rest is pretty well designed.

Interior no standard - Maybe your expectation is too high for mass market project. The materials used for show flat is consider not bad.

In fact, i was very surprised that UOL did not attach material specification in their booklet. Fishy fishy?!! Hopefully UOL will not do the this fishy fishy things, show you this and use another materials.

[mr funny]

http://www.businesstimes.com.sg/sub/...23391,00.html?

Published March 13, 2009

UOL sells 70 more units in Double Bay over weekend

By UMA SHANKARI


UOL Group and Kheng Leong sold about 70 units of their new Simei condominium Double Bay Residences over the past weekend - fewer than what it was aiming for, sources said.

UOL said last Friday after it sold over 80 units on the first day of the project's soft launch that it expected to sell at least 200 units in all by the end of the weekend.

But so far, the developers have sold about 150 apartments in the 646-unit project.

Sources also said that prices are higher than what the developers had previously quoted.

The companies said last Friday that units in the 99-year leasehold development will be sold for $600-650 per square foot (psf). However, BT understands that most of the units sold so far are either smaller apartments, and/or apartments on the higher floors - which means that they were sold for higher than average prices. For example, a one-bedroom apartment in the development sold for more than $800 psf, BT understands.

UOL and Kheng Leong released 250 units during the soft launch over the weekend, and hundreds of people turned up at the showroom in Simei. The project will be officially launched on Saturday.

One market observer said that the two developers could be pricing units higher to ensure a respectable profit margin. UOL and Kheng Leong paid some $296 psf per plot ratio for the site in January 2008.

Elsewhere, boutique developer Hiap Hoe Group has sold just a few units of its 118-unit The Beverly at Toh Tuck Road since the project was soft-launched at the end of February.

The units sold for an average price of $730-$740 psf, BT understands. Hiap Hoe released just 31 units in the project, and is aiming to sell enough homes to start construction.

[etml]

How come so quiet here? This project not popular?

[peterng8]

Congrats to those buying DB, i went to take a look at the show room with my family, and we were facsinated by facilities :the 5 storey waterfall, elevated jacuzzi overlooking the pool, jungle pool, 50m lap pool, main pool, children pool, library, function and gym overlooking the watefall, karoake, piano, band room, and many many more beautiful and attractive features....it is just like a high class resort...

it does not only has full facilities but it is with an additional additional full faciltiites.....congrats to those who bought it as the business park is now under dvelopment...it is good investment..

[UserName]

So did you pick up a unit?

[mr funny]

http://www.businesstimes.com.sg/sub/...51940,00.html?

Published March 21, 2009

UOL sells unit to CEO's niece

By UMA SHANKARI


UOL Group said yesterday it sold a unit in its new project Double Bay Residences to Anna Gwee Lay Peng, niece of UOL director and chief executive Gwee Lian Kheng, for $878,820.

Except for a 3 per cent 'early bird' discount also available to public purchasers, Ms Gwee received no other discount, UOL said. Ms Gwee's 1,927 sq ft second-floor apartment cost her $456 per sq ft.

UOL and partner Kheng Leong launched the 646-unit, 99-year leasehold Simei condominium Double Bay Residences early this month. On Monday, they had sold more than 210 units, out of 250 released so far. UOL said the apartments were sold at an average of $600-650 psf. The project is expected to receive its temporary occupation permit in 2013.

UOL said yesterday its audit committee reviewed and approved the sale of the unit to Ms Gwee and is satisfied the sale terms are fair and reasonable. The audit committee and the board of directors, with Mr Gwee abstaining, are also satisfied that the terms of the sale are not prejudicial to the interests of the company or its minority shareholders, UOL's statement added.

UOL shares lost one cent to close at $1.69 yesterday.

[focus]

Eh.. how does that work out...

the avg selling price is $600-650..
but the neice got it at $456... and it is stated with only 3% early bird discount and no further discount given.