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Vendors at Braddell View, Singapore’s biggest residential site, are turning their focus to programmers from Hong Kong or mainland China.
Spanning 1.14 million sq feet, the growth above MacRitchie Reservoir Park was set up available in March for $2.08 billion or 1,159 per sq feet per plot ratio (psf ppr) — but failed to obtain any bids. It’s currently back on the current market, carrying exactly the exact same price.
“In advertising Braddell View inside this tender relaunch, we’ll continue to participate a great number of programmers from various markets, such as those in Singapore, China and Hong Kong,” said Tang Wei Leng, managing director at Colliers International Singapore, that will be managing the tender.
“Braddell View is an exciting proposal for programmers, offering a large canvas on which to create a touch home development which can redefine urban living and fulfill the growing needs of homebuyers.”
She noticed Chinese and Hong Kong programmers, such as CK Asset Holdings’ Home Enterprises Development (Singapore), have established residential jobs in the city-state, such as ones close to the Braddell View site, reported South China Morning Post.
Tang added they will reach out to programmers, such as those from Hong Kong and China, in advertising the property.
And although it’s still too early to know who will redevelop the sprawling home site, it’s anticipated that the upcoming job is likely to be popular among buyers from Hong Kong or even mainlan China.
This includes as info from URA revealed that Hong Kong buyers accounted to the sixth-laegest foreign purchaser set in Singapore this past year. Mainland Chinese, on the other hand, are the biggest group of overseas buyers across all market segments, obtaining 1,058 private homes inside the city-state out of 2017 around July this year.
That is despite the government’s attempt to curtail foreign property purchasing as a result of extravagant property prices.
“Chinese and overseas (unspecified) nationals are raising their purchases of luxury properties quarter since the third quarter of 2018,” said Alan Cheong, head of consultancy and research in Savills Singapore. “And that is even though the greater added purchaser’s stamp duty they will need to cover.”