JLL launches five freehold residential sites worth S$1.2 billion
SINGAPORE, 16 May 2018 – Sole marketing agent, JLL, has launched five freehold residential sites with a total value exceeding S$1.2 billion. The five sites comprise the collective sale sites of Cavenagh Gardens off Orchard Road, Flynn Park in the Pasir Panjang, Rosalia Park near Serangoon Central, La Ville at Tanjong Rhu Road, as well as the joint sale of three single storey detached houses at Lorong H Telok Kurau by three families, which do not require a Strata Titles Board approval.
Mr. Tan Hong Boon, Regional Director at JLL, said he is expecting keen interest for the sites from local and foreign developers and investors, from small to large ones, given the varying locations, their own distinctive characteristics and the respective investment quanta.
"2018 has been a phenomenal year for the Singapore residential collective sale market with 26 sites amounting to S$8.33 billion sold over the past four and half months, already close to the S$8.79 billion done for the entire 2017. While many developers and investors have successfully acquired sites over the past year, there is still strong demand for residential lands given that the prices of private residential properties have reached the lowest point and they look set for further upswing over the medium term. Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts. We believe that these sites are timely and of interest to them given the unique selling points and compelling redevelopment potential."
The close to half a billion dollar Cavenagh Gardens provides astute developers an opportunity to develop a District 9 luxury product close to Orchard Road, a location familiar to locals and expatriates alike.
The low-rise Flynn Park amidst the parks and greenary along the Southern Ridge offers an elevated terrain that the new development may be blended into the nature and exploit the views to the sea. It is a sanctuary at the fringe of the city.
Rosalia Park at Serangoon Central enjoys a quiet location yet close to a host of amenities. The new development may capitalise on the vast HDB hinterland for a large pool of potential upgraders.
The high-rise La Ville site in the Tanjong Rhu area is popular with families and young couples who treasure both the convenience and an active lifestyle with the Singapore Sports Hub, Singapore Indoor Stadium, Gardens by The Bay East, the East Coast Park and the many offerings around Kallang Basin and Marina Bay.
Sets in the tranquil Telok Kurau estate, the three combined bungalow sites at Lorong H is a conventional favourite location in the East with well-heeled locals and families enjoying the abundant of amenities and conveniences.
Brief details of the five sites are as follows:
Minimum Price (psf/pr)*
at Cavenagh Road
at Yew Siang Road
at Lorong Ong Lye
at Tanjong Rhu Road
Nos. 75, 77 & 79
Lorong H Telok Kurau
|Asking Price: $36 - $38|
* Price psf/pr is inclusive of development charge where applicable.
** Estimated "as-built" plot ratio, subject to verification with the relevant authorities.
*** In-principle approval granted for amalgamation.
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Note to editors:
- For more information on the developments, please click here.
- For high-resolution photos of the developments, please click here.
JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com