Latest news with #LyndenWoods
Mint
7 days ago
- Business
- Mint
Singapore Luxury Condos' Early Struggle Shows Boom's Limits
(Bloomberg) -- A large-scale luxury development in Singapore sold only a tiny fraction of units when it started accepting bookings, reflecting the struggles of the priciest segment in the city-state's otherwise stratospheric property market. The W Residences Marina View condominium began pre-sales last Saturday, and buyers booked only two of its 683 units over the weekend, according to people familiar with the matter who asked not to be identified sharing private information. The complex is located in the heart of the country's central business district, a short walk from skyscrapers that house global financial institutions and multinational companies. The units' preview prices started from about S$3,200 ($2,491) per square foot, which means the cheapest one-bedroom units were advertised for S$1.8 million. Five-bedroom units were priced at S$11.6 million and up, according to marketing materials seen by Bloomberg News. The project's weak debut shows how property developers face an uphill challenge trying to attract wealthy home-buyers to luxury towers in Singapore's iconic business district, which lines its downtown waterfront. The government in 2023 doubled already hefty taxes on foreigners' property purchases, while locals have gravitated to suburban private homes that are closer to schools and other amenities. Last weekend, LyndenWoods, a mass-market condominium project about 9 kilometers (5.6 miles) from the downtown luxury residence, sold over 94% of its 343 units in a single day, despite new curbs that were added in early July. Average pricing was about S$2,450 per square foot. Overall private home prices in Singapore have climbed roughly 40% over the past five years. However, apartment prices within the so-called core central region — which covers the CBD and other high-end neighborhoods — have lagged behind, with a smaller increase of about 19%. The W Residences Marina View is being built by IOI Properties Group Bhd, a Malaysian developer that paid S$1.5 billion in 2021 for the site. The project will be managed by Marriott International. A spokesperson for the developer said there was 'strong interest' from individuals who were invited to its private previews, and 'it's natural that buyers are taking a measured approach amid a wave of new launches' in the area. The 99-year leasehold development has yet to be built, and buyers could pull out in the early stages of a sale if they pay a fee. 'Developers are likely to be more cautious and recalibrate their land acquisition plans following the poor demand' for properties in the prime city center, said Nicholas Mak, chief research officer at property portal 'They will avoid a price war at all costs.' A nearby high-end residential project called Skywaters Residences, which is part of a broader development backed by Alibaba Group Holding Ltd. and local developer Perennial Holdings Pte, has sold just two of its 190 units since it launched more than a year ago. One 7,761-square-foot apartment sold for S$47.3 million, while the other smaller unit went for S$30.9 million. Such prices are comparable with mansions in land-scarce Singapore. Local property giant City Developments Ltd., which is building another 'ultra-luxury development' in the business district, hasn't set a launch date for its Newport Residences project, which will feature serviced apartments and 246 residential units. Developers have largely refrained from offering major discounts, betting that they can still attract wealthy locals and foreigners who have residency in Singapore, granting them lower property levies. --With assistance from Gabrielle Ng. (Updates with analyst comment in ninth paragraph.) More stories like this are available on
Business Times
15-07-2025
- Business
- Business Times
New private home sales more than double year on year in H1 2025 to 4,634 units
[SINGAPORE] Developers in Singapore sold around 4,634 private homes in the first six months of 2025 – more than double the 1,889 units moved in the same period last year. The half-year tally is also 37 per cent higher than the 3,383 units sold in H1 2023, and nearly 10 per cent more than 4,222 units sold in H1 2022. Figures from the Urban Redevelopment Authority (URA) on Tuesday (Jul 15) showed that the strong showing came despite a 12.8 per cent month-on-month decline in the number of units sold in June amid the school holiday lull. Monthly sales were also muted in May, with just 312 new private homes sold, as new launches in the second quarter of 2025 were few and far between. Analysts said sales are expected to pick up in the coming months as a wave of new projects hit the market. ERA chief executive officer Marcus Chu pointed out that, in Q3 alone, an estimated 4,154 new units will be launched for sale across Singapore. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The prime Core Central Region (CCR), in particular, will see four new launches, including the 301-unit Upperhouse at Orchard Boulevard and the 348-unit The Robertson Opus. Both are slated to be marketed this weekend. Some of these new launches will be in prime areas that have had limited new supply in the past couple of years, said Knight Frank research head Leonard Tay. CapitaLand's 343-unit LyndenWoods condominium – the first residential project in the Singapore Science Park – launched over the weekend, with a take-up rate of over 94 per cent at an average price of S$2,450 per square feet (psf). This shows that buyers were not concerned about the increase in holding period for seller's stamp duty, as strong household balance sheets continue to support investments in long-term assets, said Huttons Asia senior director of data analytics Lee Sze Teck. Wong Siew Ying, PropNex head of research and content, said LyndenWoods' strong performance 'could help to generate some buzz in the new home sales market over the next few weeks as more launches come up'. She added that the slower growth in private home prices – up 0.5 per cent in Q2, according to URA flash estimates – as well as a more benign interest rate environment and better economy could lift buying sentiment further. Lee said developers also appear to be more confident in the market, going by participation and bids for state land tenders in recent months. Last week, a private housing site in Chuan Grove drew seven bids, with the top bid of S$703.6 million or S$1,376 psf from a Sing Holdings-Sunway Developments joint venture. 'The competition for buyers among upcoming launches and the need to sell out before the (five-year) additional buyer's stamp duty deadline will create an urgency to launch as soon as possible,' Lee pointed out. 'Developers are competing for the first mover to launch and sell ahead.' In June alone, developers sold 272 private homes as 187 new units came to market. Just two projects were launched for sale in the month – the freehold Amber House with 105 units in the Amber Park area, and the 107-unit freehold Arina East Residences in Tanjong Rhu. Wong noted that the median unit price of new non-landed homes rose across the board, with the Rest of Central Region (RCR) seeing the biggest jump of 3.1 per cent month on month to S$2,732 psf. The price increase was just 0.5 per cent to S$3,270 psf in the CCR, and 1.1 per cent to S$2,274 psf in the suburban Outside Central Region (OCR). The price gap between the CCR and RCR also narrowed to 19.7 per cent in June – the tightest it has been in the last few years, said Wong. Realion Group chief research and strategist Christine Sun pointed to continued interest in ultra-luxury condominiums, with four units sold for over S$10 million apiece – more than the three such transactions in May. The priciest non-landed transaction was a 5,285 sq ft unit on the 55th floor of the 99-year leasehold Skywater Residences, at S$30.9 million or S$5,841 psf on Jun 19. Another 11 new condos were sold for between S$5 million and S$10 million in June, higher than the eight units moved in May, Sun noted. These were units at the 99-year leasehold Irwell Hill Residences and Canninghill Piers, both in River Valley; the 99-year leasehold Union Square Residences along Havelock Road; and the freehold Watten House in Bukit Timah. 'Some of these buyers are turning to real estate as a form of value preservation, especially during periods of broader economic and market uncertainty,' said SRI head of research and data analytics Mohan Sandrasegeran. 'Well-located homes in Singapore are viewed not only as luxury residences, but also as stable financial assets that offer long-term capital security.'
The Star
13-07-2025
- Business
- The Star
Singapore's first home launch since new curbs sells over 90%
Singapore (Bloomberg): Singapore's first mass-market private residential project launched since new curbs were introduced saw the development almost all taken as homes were sold at lower-than-usual prices. The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94% of the 343 units to be built at a business park in the city's south. The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before. CapitaLand Development - part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings Pte. - said LyndenWoods homes were sold at an average price of S$2,450 ($1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential. That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year. The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets. More than two blank checks were submitted for each unit at LyndenWoods - a step typically taken by interested buyers to ballot for units - and its sales show that "buyers are not concerned' about the extension of the sellers' tax, Mark Yip, chief executive officer of real estate agency Huttons Asia Pte., said in a statement. Private home prices grew for a third straight quarter in the three months ended June, although the pace slowed to 0.5%, preliminary data show. Not all projects have outperformed. High-end homes in the central business district have struggled since seperate curbs in 2023 raised levies on foreigner purchases, and the projects have been less popular among local buyers due to relatively higher pricing and a lack of amenities. One such luxury project boasting over 680 units, W Residences Marina View, was also slated to accept bookings on Saturday. IOI Properties Group Bhd., its Malaysian developer, has not publicly released data on its performance. More projects are lined up for sale in coming weeks, and may give further clues of how buyers are digesting the measures. The opening sales weekend for private projects usually sees the bulk of transactions, and is closely watched for an indication of market sentiment. -- ©2025 Bloomberg L.P.
Malaysian Reserve
13-07-2025
- Business
- Malaysian Reserve
Singapore's first home launch since new curbs sells over 90%
SINGAPORE'S first mass-market private residential project launched since new curbs were introduced saw the development almost all taken as homes were sold at lower-than-usual prices. The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94% of the 343 units to be built at a business park in the city's south. The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before. CapitaLand Development — part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings Pte. — said LyndenWoods homes were sold at an average price of S$2,450 ($1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential. That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year. The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets. More than two blank checks were submitted for each unit at LyndenWoods — a step typically taken by interested buyers to ballot for units — and its sales show that 'buyers are not concerned' about the extension of the sellers' tax, Mark Yip, chief executive officer of real estate agency Huttons Asia Pte., said in a statement. Private home prices grew for a third straight quarter in the three months ended June, although the pace slowed to 0.5%, preliminary data show. Not all projects have outperformed. High-end homes in the central business district have struggled since seperate curbs in 2023 raised levies on foreigner purchases, and the projects have been less popular among local buyers due to relatively higher pricing and a lack of amenities. One such luxury project boasting over 680 units, W Residences Marina View, was also slated to accept bookings on Saturday. IOI Properties Group Bhd., its Malaysian developer, has not publicly released data on its performance. More projects are lined up for sale in coming weeks, and may give further clues of how buyers are digesting the measures. The opening sales weekend for private projects usually sees the bulk of transactions, and is closely watched for an indication of market sentiment. –BLOOMBERG
Business Times
13-07-2025
- Business
- Business Times
Singapore's first home launch since new curbs sells over 90%
[SINGAPORE] Singapore's first mass-market private residential project launched since new curbs were introduced saw the development almost sold out as homes were sold at lower-than-usual prices. The LyndenWoods development sold 324 units on Saturday (Jul 12), the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94 per cent of the 343 units to be built at a business park in the city's south. The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before. CapitaLand Development – part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings – said LyndenWoods homes were sold at an average price of S$2,450 per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential. That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year. The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Private home prices grew for a third straight quarter in the three months ended June, although the pace slowed to 0.5 per cent, preliminary data show. Not all projects have outperformed. High-end homes in the central business district have struggled since seperate curbs in 2023 raised levies on foreigner purchases, and the projects have been less popular among local buyers due to relatively higher pricing and a lack of amenities. One such luxury project boasting over 680 units, W Residences Marina View, was also slated to accept bookings on Saturday. IOI Properties Group, its Malaysian developer, has not publicly released data on its performance. More projects are lined up for sale in coming weeks, and may give further clues of how buyers are digesting the measures. The opening sales weekend for private projects usually sees the bulk of transactions, and is closely watched for an indication of market sentiment. BLOOMBERG
