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Cascadale relaunches en bloc sale tender with reserve price of $270m

by • October 2, 2019 • EnblocComments (0)130

Cascadale is a freehold district 16 development strategically positioned within Changi City, Singapore’s upcoming aviation development hub

Cascadale, a 134-unit freehold residential development located near the Singapore University of Technology & Design (SUTD) and the Singapore Expo, is making its second attempt at a collective sale, announced marketing agent JLL.

The 167,528 sqft site is zoned ‘Residential’ under the 2014 Master Plan. With a gross plot ratio (GPR) of 1.6, the site has an allowable building height of up to 12 storeys or 45 metres Above Mean Sea Level (AMSL), subject to approval from the relevant authorities.

Located a short 350-metre walk to Upper Changi MRT station, Cascadale is only minutes’ from SUTD, Changi City Point, Changi Business Park, the Singapore Expo, Changi Airport and the Jewel.

According to Mr Karamjit Singh, Senior Consultant at JLL, “Major development plans are underway for Changi Airport and its surrounding locations. The iconic Jewel at Changi Airport continues to receive significant global attention amongst locals and tourists, with much anticipation over the future mega Terminal 5, which is set to cater to the doubling of tourist arrivals in Singapore.”

The recent unveiling of the draft 2019 Master Plan highlighted plans to transform the Changi East area into an innovative lifestyle and economic cluster, centred on aviation-related businesses and industries. Eventually, the area is poised to form a complete ecosystem where residents can work, live, play and learn.

In conjunction with these massive expansions and the introduction of the Cross Island MRT line, just last month the Land Transport Authority announced major plans to enhance connectivity in the area on all fronts. Plans include expanding and realigning existing roads and expressways leading to Terminal 5 and the building of a new 3.5 km cycling path along Xilin Avenue and the Tanah Merah Coast Road complementing existing park connectors.

“From a private housing supply perspective, there is no new yet-to-be-launched condominium project in District 16 in the pipeline. With the estimated 30,000 professionals working in Changi Business Park and as the plans for the Changi City take form, the demand and values for homes there are expected to rise by 10% to 20% over the next three to five years,” added Mr Singh.

Cascadale may be redeveloped into a condominium project comprising up to 292 units with an average size of 85 sqm per apartment, subject to approval and payment of development charges. The site’s proximity to the airport and an established business park also makes it attractive for redevelopment into serviced residences, subject to approval from the authorities.

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The owners’ reserve price of $270 million translates to a land rate of approximately $1,065 psf ppr, after factoring an estimated development charge of about $15.5 million and before any bonus gross floor area.

Mr Singh continued, “Relatively strong sales achieved by new suburban projects in the second and third quarters of this year point to a resilient market for affordable homes. Some projects have been consistently selling between 50 and 100 units every month, well past their initial launch. The new project on Cascadale’s site fits such a profile nicely, where demand is expected to remain strong.”

The tender for Cascadale closes on Wednesday, 6 November 2019 at 2.30 pm.

The vibrant en bloc sale market was checked with the introduction of the property cooling measures introduced by the Government in July last year. The Government said the property cooling measures were necessary to check sharp increase in prices, which could run ahead of economic fundamentals and raise the risk of a destabilising correction later, especially with rising interest rates and the strong pipeline of housing supply.

Some observers said that the en bloc sales market will be dampened by the cooling measures. As developers become wary of end-demand and are hurt by the 5 per cent non-remittable Additional Buyers’ Stamp Duty (ABSD) on land purchase, it is expected to have an impact on their offer prices.

Before the introduction of the property cooling measures, overall private property prices rose across most market segments, with the largest price surge seen in the Core Central Region (5.5%) and Outside of Central Region (5.6%).

As developers’ existing stock continues to diminish and supply of completed homes remain low, many projects especially those in the CCR have raised prices of their unsold units, some by even double-digits this year. Private residential market continued to gain traction with individual re-sellers have also seized the opportunity of increasing their asking prices in light of the more positive market sentiment fueled by the recent collective sales frenzy.

The higher launch prices at some new projects have however slowed the buying momentum in the primary market and sales volume has dipped considerably quarter-on-quarter. While overall sales had slipped quarter-on-quarter, it rose marginally on a year-on-year basis.

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