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Shui On Land, a Hong Kong-listed property company, has announced the formation of a joint venture with state-owned enterprise Shanghai Pucheng to undertake a redevelopment project in Pujiang Town, Minhang district of Shanghai, China. This project will see the redevelopment of Zhaojia Lou Ancient Town, an AAAA-rated tourist attraction.

The joint venture will be redeveloping land parcels located next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road and this development will include residential, commercial and ancillary facilities.

Jessica Wang, CEO of Shui On Land, highlighted that “over the past 30 years, Shui On Land has developed a strong foothold in Shanghai and participated in urban renewal projects with proven capabilities in master planning, cultural preservation, community operation and urban regeneration.”

The group has previously embarked on another large-scale urban renovation project in Shanghai at Panlong Tiandi, which has proven to be a success, giving them confidence in the future prospects of the Zhaojia Lou project.

Shui On Land is owned by the Shui On Group, a building-materials and construction firm founded by Hong Kong billionaire Vincent Lo.…

The sale of a first-floor unit at Parc Stevens, a 48-unit freehold condo located off Stevens Road in prime District 10, was the most profitable condo resale transaction recorded during the week of April 4 to 11 based on caveats lodged. The 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf) on April 10, netting a profit of $2.65 million (51%) after 16 years and marking the highest psf-price ever recorded at the development.

The most profitable transaction previously registered at Parc Stevens was last May after a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf). The seller had purchased the unit for $4.23 million ($1,059 psf) in July 2005 and made a gain of $2.73 million.

The second most profitable transaction during the week in review occurred at Yong An Park, a freehold condo in the River Valley area. On April 6, a four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf. The seller had bought the unit for $6.02 million ($1,753 psf) in March 2012, clocking a gain of $2.08 million (35%) over a 11-year holding period. Completed in 1986, Yong An Park consists of 288 residences comprising one- to four-bedders between 1,023 and 3,552 sq ft, penthouse units and townhouse units.

Meanwhile, the most unprofitable transaction recorded during the week in review was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, resulting in a loss of $1.14 million (18%) over a holding period of over 13 years. Marina Bay Suites is a 99-year leasehold development on Central Boulevard with 221 units, comprising three- and four-bedders between 1,572 and 2,691 sq ft. Since January 2021, 24 resale transactions have taken place at the development, with 23 of them occurring below the purchase price according to caveats lodged.

Overall, Singapore’s condo resale market has seen its fair share of lucrative deals, as well as underperforming transactions. These serve as a reminder to prospective buyers and sellers to consider their investments carefully and factor in long-term objectives when making these decisions.…

and Greater Southern Waterfront on EdgeProp.sg
Over the past three days, Blossoms By The Park sales gallery has been swamped with visitors. According to Lim Yew Soon, the managing director of EL Development, a whopping 4,000 people have dropped by the private condo since its opening on April 14th.

The people visiting have mainly been locals, with the 275-unit residential building situated in the one-north part of Singapore. It holds a mix of one to four bedroom premium units, and offers potential buyers a variety of price ranges. A one-bedroom-plus-study unit can be purchased for $1.291 million, which comes to about $2,352 psf. Meanwhile, a two-bedroom-plus-study unit is from $1.585 million and is equivalent to $2,198 psf.

Ken Low, the managing partner of SRI, proposes that the average sale price within the project would be around the range of $2,350 to $2,400 psf. It is unsurprising, due to the areas attractive points – being a three-minute walk away from Buona Vista MRT Interchange Station, a five-minute walk away from The Star Vista mall, 1km away from Fairfield Methodist School, and a mere five-minutes away from Greater Southern Waterfront.

The launch of the Blossoms By The Park is scheduled on April 29th, and will definitely be of interest to investors given its desirable aspects. To find out more about listings in the vicinity of the project, head over to EdgeProp.sg!…