New condo sales continued its downward spiral in Singapore as prices continued to be out of reach. However, two real estate developers are still trying new schemes to sell off their properties. Mingtiandi reported that the city-state-based developers have their eyes set on a new method--selling off properties in a 'block' instead of per unit.
One complex of the developers, actually, is trying to sell the units as a whole block for the fifth time. So far, no buyers have made any offers. However, others seem to have set their eyes on emulating the Singapore developer's model, with representatives of the Beijing government trying to make their own selling ideas work in the territory of Hong Kong.
In reality, there are two properties that are picking up in sales. Straits Times revealed that collective-sale activity is starting to pick up, and two properties--including Pine Grove--is raring to jump into the action. The 660-unit development in the Holland Road cluster is about to be launched, with a reserve price set at $1.6 billion.
The price, when set against the land rate, rounds off to about $1,307 per square foot per plot ration (psf ppr). This included the differential in lease upgrade premiums as well as other additional fees, according to real estate agency C&H Group. This, however, isn't the first time that the real estate developer tried to sell off units in collections.
The property can be redeveloped to house residential units with 24 storeys and 2,050 units included. The average size comes to about 85 sqm. The build-up, however, requires more planning as well as approval of the authorities.
The other attempt came from the Peace Center/Mansion, a mixed-development site housed at 1 Sophia Road. The reserve price comes to about $688 million. The development is located on a 76,717 sq ft site, which has a gross floor area (GFA) of a little over 600,000 sq ft.
Meanwhile, as for the Hong Kong government's vision, the liaison office in the region has managed to include 280 flats to its portfolio. It had previously acquired a total of 20 apartment units in the neighborhood of Kwun Tong.
The selling of the units remains governed by buyers' guarded enthusiasm in the Asian region. Spiking prices, as well as the economy falling on hard times, had made it hard for new homeowners to buy units.
