LOCAL and foreign developers continue to offer properties in Singapore as market sentiment stays up and the June school holidays come around.

BT understands that projects such as Residences @ Killiney and One Devonshire may enter the market soon. And marketing events for beachside housing in Vietnam and Australia are coming to town this week.

One Devonshire: It has 152 units, consisting of two to four-bedders, sky suites and penthouses

Agents are now checking out interest in the 68-unit Residences @ Killiney by Hoi Hup Realty. The freehold project, near Somerset MRT station, comprises two to four-bedders and penthouses, and prices may start from $1,700 psf.

Preparations to launch another freehold project in the vicinity also appear to be under way. The 36-storey One Devonshire by Allgreen Properties has 152 units, consisting of two to four-bedders, sky suites and penthouses.

Research houses are divided on the outlook for the residential property market here. Considering that demand has been selective and more supply will be coming up, Nomura Singapore remains bearish on the sector.

'While a pick-up in pre-sale activity has buoyed the optimists, we believe such demand has been prompted by price discounting and IAS (interest absorption schemes),' its analysts said in a report yesterday.

In contrast, DMG & Partners Securities upgraded its call on the property sector to 'overweight' yesterday. Physical property prices may have bottomed in the first quarter of this year and more foreign buyers may enter the market in the next six to nine months, according to its report.

In the meantime, some foreign developers are counting on buyers from Singapore taking up their properties. In town today, Indochina Land is marketing apartments at the Hyatt Regency Danang Resort and Spa in Vietnam. Prices range from US$207 psf to US$326 psf, and a three-bedroom penthouse can cost up to US$895,000.

Sales representatives for Hilton Surfers Paradise Hotel and Residences on Australia's Gold Coast will be in Singapore this weekend to launch units which are priced from A$720,000 (S$833,800). Construction of the property was halted as the financial crisis hit the original developer last year, but it has resumed with the help of ANZ and Brookfield Multiplex.

Bids Galore For Hotel Site On Short St

Source : The Business Times, June 11, 2009

A government tender for a small hotel site on Short Street closed yesterday with a whopping 14 valid bids received - which analysts said reflects market interest in development sites with good attributes.

The highest bid came from Fragrance Group. It offered $15.5 million - or $353 per square foot per plot ratio (psf ppr) - some 76 per cent higher than the trigger price of $8.8 million, or $201 psf ppr.

The top bid was also 74 per cent higher than the lowest valid bid of $8.9 million, or $203 psf ppr, submitted by SCM (Overseas).

Various other companies also bid for the 99-year leasehold site - including property groups such as Sim Lian Land, Orchard Parade Holdings, Heeton Holdings, Wah Khiaw Developments and Regal Land, the company behind the Hotel 81 chain, as well as the Harry's chain of pubs.

Analysts said the small size of the site is one of its main selling points. The number of bids - 15 in all, including one bid judged invalid because it was below the minimum bid price - is one of the highest received for a Government Land Sales (GLS) tender.

'As the site area is relatively small and construction costs are expected to decline this year, the overall investment should not be very costly, making this an attractive opportunity for developers and hoteliers,' said Leonard Tay, director of CBRE Research.

The strong response to the tender also signals that hoteliers still believe in the fundamentals of Singapore as a tourist destination and its long-term ability to attract visitors, he added.

The site has a maximum gross floor area of 43,885 sq ft. Given its location near the upcoming Rochor MRT station and the Bugis area, a boutique hotel would be most likely, analysts said.

The site was launched for public tender on April 15. It was originally on the Reserve List of the GLS programme.

Last week, the Ministry of National Development said it would continue its suspension of the Confirmed List for the July-December period. It also made little increase to the reserve list.