"With Two New & Strong-Demand Projects Up-and-Coming (All Piling Work Done) - RiverGate & WaterMark, Expect Solid Run-up In Price 2H Of 2007."

Robertson 100 will offer 186-unit of quality homes with resort style facilities in the exclusive location along historic Robertson Quay. With a home in one of the most sought-after and vibrant locales along the Singapore River, Robertson 100's owners can expect their quality of life to improve tremendously with their immersion in exciting inner-city living.

BRIEF PROJECT SUMMARY

• TOP in 2003
• Freehold
• 186 units in total
• Developed by MCL Land a brand name 

UNIT FOR SALE

• 3 Bedroom + 1 Maid's room, 1313 sqft
• 01 with a nice patio area (about 200 sqft)
• Asking $1.9m or psf $1450

KEY SELLING POINT(S)

1. River Valley area (including Robertson Quay) prices are set to rise.  With latest enbloc of Pacific Mansions with reserved price at psf $2400 (see article below), developer will need to price the new project in 2008 at above psf $3000 just to break even.  This will bring up the prices of current projects under construction from psf $1800 to $2200 level and resale projects from the current psf $1400 to $1700.  In 3 months' time, adjust your paradigm for a new level of pricing in Dist 9 when Orchard Road properties are trading at psf $3500 level!
   
2. Patio unit has a strong appeal for a certain segment due to the "extra" space for gardening, chilling out, kids playground, etc.  From experience this group of buyers will be willing to pay a premium as there are not many such patio units around to choose from.  You will always be a winner when you look at demand and supply for patio units.
   
3. The location is superb with 2 very strong projects on either side.  Both Rivergate and Watermark attracts strong foreign buyers (Watermark reported 70% foreign buyers) and when TOP the area will become entrenched as an expatriates enclave .. along with its river promenade living lifestyle & hip trendy pubs and restaurants.  This will translate both into higher value for the area and higher rental yields! 

------------------------------------------ Read Recent Article -------------------------------

Business Times - 19 Jun 2007

Pacific Mansions put on the market for $1.18b

At $2,400 psf ppr, asking price tops transacted price of The Ardmore

By ARTHUR SIM

MORE billion-dollar property deals could be on the way if developers continue to see upside in the collective sales market.

With $1.5 billion already asked for Farrer Court in the Holland area, Pacific Mansions in River Valley is now on offer for $1.18 billion or about $2,400 per square foot per plot ratio (psf ppr).

The 45-year old residential development is on a site of 128,306 sq ft. Savills, which is brokering the collective sale, says approval has been granted by the Urban Redevelopment Authority for a redevelopment up to a permissible gross floor area (GFA) of 493,223 sq ft.

This exceeds the permissible plot ratio of 2.8 as indicated in the 2003 Master Plan. Therefore, no development charges are payable.

At $2,400 psf ppr, Pacific Mansions will cost more than The Ardmore which was transacted at $2,338 psf ppr on Sunday.

Savills Singapore director of investment sales Steven Ming says the price of Pacific Mansions reflects a potential 130-unit 'super luxury' development with units of 3,800 sq ft each.

Based on a 130-unit luxury development with a breakeven cost of $3,200 psf, the eventual launch price could be around $3,600 psf, adds Mr Ming.

Earlier this month, Soilbuild sold eight mid and upper-floor apartments at Leonie Parc View for $3,000-$3,400 psf, and Mr Ming believes the nearby River Valley area will benefit from this. 'River Valley is undervalued, given its proximity to Leonie Hill,' he said.

Whether the Pacific Mansions site can support these prices will be known when the tender closes on July 26. Savills will also be marketing the site through its offices in Hong Kong, China, Japan, Europe and the UK.

The owners of Pacific Mansions could each make $2,200 psf of strata area - an estimated premium of 140 per cent to the average current transaction price (since January) of about $900 psf.

The tender for Farrer Court closes soon. It is being marketed by Credo Real Estate, whose managing director Karamjit Singh says a deal could be announced as early as next week.

Meanwhile, Credo has said it is marketing a landed residential redevelopment site in Sixth Avenue with an indicative price of $72 million to $74 million.

Called Dynasty Garden Court 1, the development comprises 18 units of walk-up apartments housed in two three-storey blocks. The land area is 69,017 sq ft.

Mr Singh says that according to a study by an architect Credo commissioned, the developer could possibly configure 20 pairs of three-storey strata semi-detached houses on the site at an estimated selling price of $3.5 million each.

Commentaries :

Though there are skeptics but in my opinion, with a 10-year drought for property developers since 98 this is the time to come back with a vengeance.  With its prime location in River Valley, large land size of 130,000 sqft, and freehold status the price tag is still economically-viable and i am betting that the enbloc will go through as developer just need to price launch at psf $3200 to break even (without paying development charge).  From developer's viewpoint, we are only in the 2nd year of the property up cycle which starts end 2005.  There is still a lot of room to grow!!  

 
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TO YOUR REAL ESTATE SUCCESS!

Darren Goh
ERA
Your Real Estate Partner
(65) 9106 - 5661

Disclaimer :
This article represents solely my personal view and care should be exercised by you in your property purchase which should be based strictly on your own due diligence and judgment.  I do not represent that you will certainly make money on any part of my advice and I cannot be held liable for any losses, damage or failure in your property transaction now or in the future.  When figures are quoted, the sources will be credit-mention based on best of knowledge.