Shui On Land, a Hong Kong-listed property company, has announced that its subsidiary Shanghai Ruilou Enterprise Management has formed a joint venture with state-owned enterprise Shanghai Pucheng. The joint venture is for the purpose of executing a redevelopment project at Pujiang Town, in the Minhang district of Shanghai, China.The project will revamp the ancient Zhaojia Lou Town which is already recognised with a AAAA tourist attraction status by Chinese authorities. This is due to the area’s canals, water towns, and 500,000 annual tourists. Moreover, the area is accessible to two subway lines and flanked by the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road.The joint venture between Shui On Land and Shanghai Pucheng will handle the redevelopment of the land parcels located in Pujiang Town. The area stretches from Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west and Xiaoyan Lake to the north.The new development will contain residential, commercial and ancillary facilities. It is expected to protect the unique history and culture of Pujiang Town as well as to create a new landmark of Shanghai.This is not the only large-scale urban renovation project taken on by Shui On Land. Jessica Wang, CEO of Shui On Land mentioned that the group is also in the midst of executing a similar project in Shanghai at Panlong Tiandi. She believes that their success at the Panlong Tiandi project gives them confidence in the prospects of the Zhaojia Lou project.Shui On Land is the property development company of the Shui On Group, which is owned by Hong Kong billionaire Vincent Lo. With over 30 years of urban renewal experience, the group looks forward to developing Pujiang Town into a unique and successful landmark.…
Five-bedder at Parc Stevens sold for $2.65 mil profit
A lucrative transaction can be seen at Parc Stevens, a condo on Stevens Drive in District 10. A first-floor unit was sold at a whopping $7.86 million ($2,265 psf) on April 10, after originally being purchased in April 2007 for $5.2 million ($1,500 psf). This reaped a profit of $2.65 million (51%) after a 16-year holding period. It marked the highest psf-price ever recorded at the development and the first unit to change hands this year.
The second most profitable transaction of the week occurred at Yong An Park, a freehold condo in the River Valley area. The 4-bedroom unit of 3,434 sq ft on the 10th floor was sold for $8.1 million ($2,359 psf) on April 6, after having been bought for $6.02 million ($1,753 psf) 11 years prior. This brought a gain of $2.08 million (35%).
However, the most unprofitable deal was seen at Marina Bay Suites, a 99-year leasehold development. On April 10, a four-bedroom unit measuring 2,680 sq ft on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had originally bought it from the developer for $6.39 million ($2,383 psf). This led to a loss of $1.14 million (18%) over the 13-year period.
Marina Bay Suites is a 66-storey residential tower with 221 units, ranging from 1,572 to 2,691 sq ft. Since January 2021, 24 resale transactions have taken place here and 23 of them have occurred below the original purchase price. This has incurred losses ranging between $7,000 and $3.25 million.
Overall, the figures show that reselling of condo units can bring about huge profits for those who have held onto the property for a reasonable period of time. This can, however, be accompanied by risks of losses depending on the property and housing market conditions, which calls for careful consideration before making the move.…
EL Development draws 4,000 at three-day preview of Blossoms By The Park
and more — on EdgeProp.sgSince its sales gallery opened on April 14, Blossoms By The Park has seen 4,000 visitors over the three days. According to Lim Yew Soon, managing director of EL Development, most of them appear to be locals.Set to launch on April 29, the private condo offers a mix of one- to four-bedroom premium units. Prices range from $1.291 million ($2,352 psf) for a one-bedroom plus study, $1.499 million ($2,211 psf) for a two-bedroom, $1.585 million ($2,198 psf) for a two-bedroom plus study, $2.082 million ($2,276 psf) for a three-bedroom dual-key, $2.279 million ($2,183 psf) for a three-bedroom, $2.921 million ($2,243 psf) for a four-bedroom, and $3.335 million ($2,213 psf) for a four-bedroom premium. SRI’s managing partner Ken Low estimates that the average sale price of the condo will be in the range of $2,350 to $2,400 psf.
The private condo Blossoms By The Park is located in one-north’s Slim Barracks Rise, and is set to launch on April 29. Prospective purchasers are drawn to the property for its strategically located one-north setting. It is a three-minute walk to Buona Vista MRT Interchange Station, a five-minute walk to The Star Vista mall, and just 1km to Fairfield Methodist School.
The condos are comprised of one- to four-bedroom premium units, and prices start from $1.291 million ($2,352 psf). Prices range up to $3.335 million ($2,213 psf) for a four-bedroom premium unit. According to SRI’s managing partner Ken Low, the average sale price of the condo will be in the range of $2,350 to $2,400 psf.
Since its sales gallery opened on April 14, Blossoms By The Park has seen 4,000 visitors over the three days, most of whom appear to be locals. This goes to show how attractive the condo is.
It is an ideal choice for investors due to its proximity to a number of amenities and educational institutions. Its location within the one-north district gives the property an edge when it comes to both capital and rental demand. When it comes to family living, the property is only a short distance away from what the area has to offer.
To learn more about the available listings near Blossoms By The Park, Slim Barracks Rise, One-North, Buona Vista MRT Interchange Station, Fairfield Methodist School and more, visit EdgeProp.sg.…