Robertson Quay Properties

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May 23, 2009

Ferrell puts 80 RiverGate units back on market

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FERRELL Asset Management, which counts Indonesia’s Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale, BT understands.

According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation.

The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 – $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf.

According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 – $1,470 psf.

The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units.

Previous reports did not mention the per-square-foot price of the fund’s units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006.

Ferrell Premier Real Estate Investment Fund’s website states that the fund invests in the ‘high-yielding sector’ of Singapore’s property market.

‘The objective of this sub-fund is to achieve returns of 10 – 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.’

BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.

Source : Business Times – 23 May 2009

 

May 18, 2009

CapitaLand sells 80% of Wharf Residence

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HOMEBUYER sentiment continued to hold up over the weekend, with units of CapitaLand’s The Wharf Residence selling fast.

The property giant launched 100 units last Friday, of which 85 were snapped up that same day.

The Wharf Residence is a 999-year leasehold condominium, located off the hip Mohamed Sultan Road, comprising four residential towers and 13 conservation shophouses.

Over the weekend, CapitaLand released more units and sold another 24. During its launch last year, 25 units were sold. The weekend sales bring the total number of units sold to 134, as of 4pm yesterday.

With 173 apartments in the development, CapitaLand has chalked up a respectable tally of nearly 80 per cent sold.

In a press statement yesterday, CapitaLand said that it sold the units at an average price of between $1,300 and $1,600 per sq ft (psf). Prices are down, lower than the range of $1,429 psf to $1,708 psf seen in the third quarter of last year.

Another selling point could have been the stamp duty absorption and interest absorption scheme.

Ms Patricia Chia, chief executive of CapitaLand Residential Singapore, said that four out of five of the homebuyers were locals. The rest of the buyers hailed from Indonesia, Malaysia, China, Japan, Canada and Vietnam.

She added that the heritage homes will be launched for sale soon.

The sales of The Wharf Residence suggest that the healthy performance of the property market, as seen by the strong showing in new private home sales last month, is set to continue.

Source : Straits Times – 18 May 2009

 

May 18, 2009

CapitaLand sells 24 more The Wharf Residence units

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CAPITALAND has sold another 24 apartments over the weekend at The Wharf Residence at Tong Watt Road, off Mohamed Sultan Road, the listed property group said in a release yesterday.

This comes after the sale of 85 apartments on Friday following a relaunch of the 999-year-leasehold project.

The apartments are priced at between $1,300 and $1,600 per square foot (psf) inclusive of a package comprising stamp duty absorption and an interest absorption scheme.

Buyers who do not opt for this package will enjoy an 8 per cent discount.

Last year, CapitaLand priced apartments in the development at $1,500 to $1,900 psf, again inclusive of the stamp duty/interest absorption package.

However, buyers were not given the choice of not opting for this package.

With the latest sales achieved up to 4pm yesterday, CapitaLand has sold 134 of the total 173 apartments in the project.

About 80 per cent of buyers for the 134 units sold to date are Singaporeans.

The rest are from Indonesia, Malaysia, China, Japan, Canada and Vietnam, said CapitaLand Residential Singapore CEO Patricia Chia.

The apartments comprise two to four-bedroom units ranging from 1,012 to 2,196 square feet, as well as five penthouses (2,745 to 5,565 sq ft).

The development also includes 13 conserved shophouses, dubbed the Vintage Collection houses, ranging from 4,478 to 4,930 sq ft in strata area.

Ms Chia said CapitaLand has received queries for the conserved houses and will launch them for sale soon.

Source : Business Times – 18 May 2009

 

May 18, 2009

CapitaLand says 110 units at The Wharf Residence sold

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CapitaLand said yesterday it had released 100 units for sale at The Wharf Residence and sold 85 units. The average price is between $1,300 to $1,600 psf. This brings the total number of units sold to-date at the development to 110. Buyers will also enjoy stamp duty absorption and an interest absorption scheme.

The Wharf Residence is a 999-year leasehold condominium located at Tong Watt Road, off Mohamed Sultan Road.

The development sits on a 76,956-square feet site and comprises four contemporary residential towers with 173 apartments and 13 conserved shophouses.

Buyers have a choice of two- to four-bedroom apartment types, with sizes ranging from 1,012 sq ft to 2,196 sq ft. There are also five penthouses ranging from 2,745 sq ft to 5,565 sq ft in size. The 13 conserved Vintage Collection houses range from 4,478 sq ft to 4,930 sq ft in size.

Temporary Occupation Permit for The Wharf Residence is expected to be obtained in 2013.

Source : The Edge – 16 May 2009

 

May 8, 2009

Payment collected for 98% of sold RiverGate units

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PAYMENT has been collected for 98 per cent of the 542 condo units sold at CapitaLand’s RiverGate project since Temporary Occupation Permit (TOP) was obtained in March, the developer said yesterday.

Payment collection for the remaining 2 per cent, or 11 sold units, is ongoing, and the buyers have been served notice to pay up. The 11 units were ‘all sold separately to individual buyers under the deferred payment scheme (DPS)’, a CapitaLand spokeswoman said.

More than 90 per cent of the 542 RiverGate units sold were under DPS, she added. CapitaLand developed the 545-unit freehold condo in the Robertson Quay area through a 50:50 joint venture with Hwa Hong Corporation.

Asked what CapitaLand will do regarding the 11 buyers that have not paid up, the spokeswoman said: ‘For genuine homebuyers who may face difficulties meeting the payment obligations, we will address these on a case-by-case basis. We will see how we can lend our assistance within the constraints of the obligations under the securitisation structure.’

The progress payments and deferred payment receivables for sold units were securitised through special purpose vehicle Okeanos Investment Corporation, which in January 2007 issued US$477 million ($731 million) of floating rate notes due 2011.

With the proceeds collected for RiverGate so far, the US$477 million of notes are expected to be fully redeemed by the expected maturity date in June 2009, CapitaLand said in a statement yesterday.

RiverGate buyers who opted for DPS paid 20 per cent of the apartments’ price when booking them. Upon obtaining TOP, a further 65 per cent of the price is payable, with the balance of 15 per cent to be paid once the development obtains a Certificate of Statutory Completion and legal completion status from the authorities.

The 43-storey freehold project was launched in phases, with the initial phase in 2005 priced at $1,080 per square foot on average, and the final phase in 2006 priced at $1,600 psf on average. Units in the project have recently changed hands at about $1,200-1,380 psf.

Among those who bought RiverGate units from the developers is property fund manager Ferrell, which acquired 100 units in two tranches – 80 around Chinese New Year in 2005 and 20 later that year.

RiverGate is the first residential project in Singapore to be accorded landmark status by the Urban Redevelopment Authority in recognition of its strategic location and cutting-edge architectural design, CapitaLand pointed out yesterday.

‘At 43 storeys, the development towers above the predominantly 10-storey buildings in the vicinity,’ it said. ‘Against this urban landscape, the majority of RiverGate’s apartments enjoy views of the river and the business district city-scape.’

Source : Business Times – 8 May 2009

 

January 3, 2009

Vivace

Posted by robertsonquayhomes under Developer Sales, For Sale, General, Robertson Quay Properties | Tags: , , , , , , |
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vivaceVivace , a haven for contemporary living , offers a selection of trendy apartments with a choice of 1-bedroom/studio, 2-bedroom and penthouse units. The development sits on beautifully landscaped grounds lined with soothing water features and spa pools.

To reflect the urban lifestyle, the building adopts the concept of Vivace – a movement of a lively mood in music. The facade and running patterns are orchestrated into a lively rhythmic composition. Sprinkles of fine material finishes add a touch of accent to the plush interiors. Units are strategically designed to have panoramic views along maximum flexibility in layout to suit the individuality .

The development with its strategic location and sleek modern finishes offers an ultra chic lifestyle pad with the proximity of the city and other playgrounds for the young urbanite.

Location: Tong Watt Road
Tenure: 999-years leasehold
District: 09
Expected Completion: 2013
Total Units: 85

Unit Types:
• 1 bedroom ~ 388 – 452 sqft (56 units)
• 2 bedroom ~ 570 – 850 sqft (20 units)
• 2+study Penthouse ~ 667 – 1227 sqft (9 units)

Facilities:
• Swimming pool
• Outdoor spa pool
• Steam room
• Landscape garden
• Water feature
• Gym

Email info@robertsonquayhomes.com or call +65 9631 8037 for more information.

 

October 14, 2008

For rent: River Place 4 bedroom, showflat unit

Posted by robertsonquayhomes under For Rent, General, River Place | Tags: , , |
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RIVER PLACE

Designer ID worth $150K

4 bedrooms (4th bedroom converted into formal dining area), balconies, Big Family area for watching TV and playing, Spacious Study area with built in table, rack and furniture

Fully furnished with furniture, designer wardrobes, fixtures, new aircon, fridge, washer, and dryer

Overlooking Clarke Quay… right opposite Robertson Quay… walking distance to Boat Quay and Muhammad Sultan

Available Dec 2008… Enquire Now!!

Email robertsonquayhomes@gmail.com or call +65 9631 8037 for more information.

 

September 9, 2008

30 units sold at Martin No. 38

Posted by robertsonquayhomes under General, In The News, Martin No. 38, Robertson Quay Properties | Tags: , , , , , , , |
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DEVELOPERS will take heart from news that all 30 private preview units at SC Global’s New York-style loft apartments in Martin Road have been sold at better-than-expected prices in the past fortnight.

The company had said it was expecting around $2,000 per square foot for the project but sales came in at $1,881 psf to $2,494 psf, or an average of $2,130 psf.

That would make the flats around $2 million to $3.8 million, depending on the size and location in the 15-storey freehold development called Martin No. 38.

The firm announced yesterday that it defied expectations by selling about a third of the 91 units, with about 60 per cent of the buyers coming from overseas.

An investment bank had recently forecast a take-up rate of slightly over half of the preview units.

SC Global chairman and chief executive Simon Cheong told The Straits Times that the prices he achieved were clearly the highest in the area on a psf basis at this time. The prices also buck the trend, with sentiment in the property market still weak, particularly in the high-end sector.

‘These are 30 fellows buying in the midst of a storm. They must have seen a lot of value,’ said Mr Cheong. ‘To sell 30 units without an official launch, that has to do a lot with our branding.’

A market watcher who declined to be named said there has been little change in prices of some other developments in the area, with a few even falling.

Deals in the Robertson Quay area have been done at $1,130 to $1,840 psf this year although some Rivergate units sold for over $2,000 psf last year.

‘It’s like a salmon swimming against the tide,’ said Knight Frank director of research and consultancy Nicholas Mak, of the rarity of projects selling at 30 to 40 per cent above market like Martin No. 38, given today’s gloomy sentiment.

A market watcher noted that high pricing works in a bullish market but in the weak market prevailing now, sales are likely to slow after the first 20 or 30 per cent is sold.

The developer says there is no need for an official launch as it has sold out its preview units. It has yet to decide on the launch of the second phase

‘In good and bad times, if your product is strong, you can still sell,’ said Mr Cheong. ‘We could have launched next year but as far as a public company is concerned, we try to phase our launches.

‘In good times, a lot of people can claim a lot of wonderful things… This is a time when you ‘differentiate yourself’.’

Martin No. 38 will feature high ceilings and seamless interior spaces, like the warehouse lofts in Lower Manhattan.

It has mostly small units of 969 sq ft to 1,130 sq ft with a limited number of larger ones of 1,335 to 1,485 sq ft. There will also be four penthouses with pools.

SC Global bought the site in 1999. It has said that it deferred development partly to wait for the surrounding environment to be ready.

‘Although we are a developer, we don’t rush,’ said Mr Cheong. ‘The planning process took two to three years.’

It also has a site in the Ardmore Park area and another leasehold site in Sentosa Cove. Both are in the design stage, said Mr Cheong.

Source : Straits Times – 9 Sep 2008

 

September 9, 2008

Martin No 38? In demand

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SC Global Developments has received a strong response to its private views for its latest high-end residential project, Martin No 38.

All 30 units released in the first phase of marketing have been sold at an average price of $2,130 per square foot (psf), above the expected average price of $2,000 psf.

“We are naturally very pleased with the response and how well-received the project has been by the buyers,” said Mr Simon Cheong, SC Global’s chairman. “We have always held the view that there is demand for the right
product.”

SC Global had previously planned to debut this project in late September.

“Therefore this take up and response has exceeded our expectations,” said Mr Cheong.

There are a total of 91 units in this freehold development in Martin Road, near Mohammed Sultan Road and Clarke Quay.

Its units comprise mainly one-plus-one bedroom and two-bedroom apartments ranging from 969 to 1,130 square feet.

Source : Today – 9 Sep 2008

 

August 16, 2008

The Wharf Residence

Posted by robertsonquayhomes under Developer Sales, General, Robertson Quay Properties | Tags: , , , , , , , , , , , |
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Location: Tong Watt Road, off Mohd Sultan Road
Tenure: 999 years leasehold
Expected Completion: March 2013
Site Area: 76, 956 sq ft
Plot Ratio: 3.8
Description: 4 tower blocks of 10/14/15/23 storey and 13 retrofitted houses
Total Units: 186

Unit Types:

2 bedroom ~ 1012 to 1130 sqft, 110 units
3 bedroom ~ 1313 to 1733 sqft, 54 units
4 bedroom ~ 2196 sqft, 4 units
Penthouse ~ 2745 to 5565 sqft, 5 units
Houses ~ 4478 to 4930 sqft, 13 units

Special Features: Situated on high ground, there are 13 Vintage Houses conserved in their entirety, providing a pleasant contrast to the contemporary structure of the apartment blocks sitting behind. Apartments are furnished with branded kitchen & appliances

Facilities: sky terrace on the 24th floor, with outdoor cooking pavilion, overlooking the breathtaking city skyline.

Email info@robertsonquayhomes.com or call +65 9631 8037 for more information.

 

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