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THREAD: THE MYST (D23, 99 YEARS LEASEHOLD, CITY DEVELOPMENTS LTD)
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1. 22-05-23, 09:38 #1
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Junior
Join Date Aug 2020 Posts 1,222
THE MYST (D23, 99 YEARS LEASEHOLD, CITY DEVELOPMENTS LTD)
> CDL to launch The Myst at Upp Bukit Timah in 2H2023; impact of cooling
> measures on residential portfolio 'manageable'
>
> May 19, 2023
>
>
> CDL to launch The Myst, a 408-unit project at Upper Bukit Timah Road, in
> 2H2023 (Picture: CDL)
>
> Singapore-listed property group City Developments Ltd (CDL) announced on
> May 19 that it would launch The Myst, a new 99-year leasehold, 408-unit
> project at Upper Bukit Timah Road sometime in 2H 2023. The private condo
> is within a five-minute walk of the Cashew MRT station on the Downtown
> Line.
>
> On the other hand, CDL has rescheduled the preview for Newport Residences,
> initially slated for April 29. The freehold, 246-unit Newport Residences
> is part of a mixed-use development that includes offices, serviced
> apartments and F&B and retail. It's a redevelopment of the former Fuji
> Xerox Towers commercial building on Anson Road in Tanjong Pagar in
> District 2 of the Core Central Region (CCR).
>
> CDL deferred the preview following the rollout of the latest round of
> property cooling measures that came into effect on April 27, 2003. The
> additional buyer's stamp duty (ABSD) for foreigners buying residential
> property doubled from 30% to 60%. The ABSD for Singapore citizens buying
> their second and third or subsequent residential property increased to 20%
> and 30%, respectively, while that of Singapore Permanent Residents (PRs)
> increased to 30% and 35%, respectively.
>
> "The Group will monitor the market conditions closely and launch the
> project [Newport Residences] at the appropriate time," says CDL.
>
> ‘Minimal impact’ on mass and mid-tier segments
>
> In the near term, CDL expects the latest property cooling measures to
> impact projects with a higher proportion of foreign demand, typically
> high-end/luxury properties in prime districts or CCR.
>
> The group expects "minimal impact" on the mass and mid-tier segments where
> most buyers are locals and PRs, as evidenced by the launch of EL
> Development's Blossoms By The Park at one-north, where 75% of 275 units
> sold on the first day of launch on April 29 at an average price of $2,423
> psf. The launch of the 816-unit, freehold The Continuum by Hoi Hup and
> Sunway Property the following weekend saw 211 units sold (26%) at an
> average price of $2,730 psf. Meanwhile, the 732-unit The Reserve
> Residences at Jalan Anak Bukit, by a joint venture between Far East
> Organization and Sino Group, will launch on May 27.
>
> Analyst at RHB, Vijay Natarajan, notes in his report on May 19 that the
> impact of the cooling measures on CDL's residential portfolio "is
> manageable", as the group has sold 88% of its launched inventory in
> Singapore as of April.
>
> Natarajan estimates the group could recognise about $5 billion in unbilled
> residential sales over the next three years. CDL has four projects with
> about 1,500 units ($2 billion in gross development value) in the launch
> pipeline. He says that 80% of the unsold units are in the mid-tier and
> mass-market segments, less impacted by the latest cooling measures aimed
> mainly at foreigners and investors.
>
> "While we expect a slight moderation in new launch prices post measures,
> margins are unlikely to see significant compressions and remain in an
> 8-20% range," says Natarajan in his report.
>
> The group has residential developments in Australia too. As of 1Q2023,
> construction of the 198-unit The Marker in West Melbourne has been
> completed. To date, it is 92% sold. The 60-unit apartment project, Fitzroy
> Fitzroy, in Melbourne, is 40% presold ahead of its completion in 1Q2024.
> In Brisbane, its 215-unit Brickworks Park is 49% presold. The 97-unit
> Treetops at Kenmore, a JV project in Brisbane, is also 49% presold.
>
> More at: https://www.edgeprop.sg/property-new...lio-manageable
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2. 10-07-23, 10:00 #2
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Junior
Join Date Aug 2020 Posts 1,222
RE: THE MYST (D23, 99 YEARS LEASEHOLD, CITY DEVELOPMENTS LTD)
> The Myst sells 27% of units on launch weekend at average of S$2,057 psf
>
> Jul 09, 2023
>
>
> The Myst is located at 800 and 802, Upper Bukit Timah Road, and comprises
> two 24-storey residential towers.
> PHOTO: CDL
>
> CITY Developments Limited (CDL) sold 110 units of The Myst in Upper Bukit
> Timah – or 27 per cent of the project’s total 408 units – at an average
> price of S$2,057 per square foot (psf) over its launch weekend, a
> statement from the developer on Sunday (Jul 9) indicated.
>
> Around 99 per cent of the buyers are Singaporeans, while permanent
> residents from China made up the remaining 1 per cent, CDL said. All unit
> types were “well-received”, with one and two-bedroom types being the most
> popular, it added.
>
> Apartments are priced from S$998,000 for a one-bedroom plus study (from
> 517 sq ft); S$1.33 million for a two-bedroom (from 678 sq ft); S$1.708
> million for a three-bedroom (from 850 sq ft); S$2.826 million for a
> four-bedroom (from 1,518 sq ft) and S$3.18 million for a five-bedroom
> (from 1,690 sq ft).
>
> The 99-year-leasehold condominium is located at 800 and 802 Upper Bukit
> Timah Road, and comprises two 24-storey residential towers. The land
> parcel was previously acquired by CDL in April 2022 from car company Tan
> Chong International for S$126.3 million.
>
> Nicholas Mak, chief research officer of property portal Mogul.sg, noted
> the comparatively lower take-up rate of units in The Myst against other
> recent launches. This includes Lentor Hills Residences, which sold half of
> its 598 units during the same launch weekend.
>
> One possible reason for this, he believes, is that the median transacted
> prices of the 999-year leasehold condominiums surrounding The Myst – such
> as Cashew Heights Condominium, Hazel Park Condominium and The Linear –
> “appear comparatively cheaper” than The Myst’s launch price.
>
> “This means that the nearby resale condominium with longer land tenure is
> cheaper than the average price of The Myst by 23 per cent or more,” he
> said.
>
> On the other hand, The Reserve Residences achieved strong sales during its
> recent launch at a higher median price of $2,474 psf, Mak noted.
>
> Though it had a similar 99-year leasehold land tenure as The Myst, it had
> “certain advantages” over the latter, such as being located next to the
> Beauty World MRT station with the project being part of the Beauty World
> integrated transport hub.
>
> But Mak believes this is just a “temporary setback” for The Myst, adding:
> “As it is a medium-size project with 408 units, the developer is very
> likely able to sell all the units within the five-year ABSD deadline.”
>
> ERA Singapore’s chief executive Marcus Chu noted that the homebuyers whom
> ERA served for The Myst were primarily Singaporeans buying for
> owner-occupation. Beyond the project’s popular one-bedroom plus study and
> two-bedroom plus study unit types, it saw “fairly good interest for the
> larger family-sized units”.
>
> “Most of the buyers live in and around the locale, and they are very
> familiar and comfortable with what the project and its attributes have to
> offer,” he said.
>
> “With several upcoming project launches in the west, homebuyers who may
> not be as familiar with The Myst’s location as those that live in and
> around there may prefer to compare the various offerings before they make
> the plunge.”
>
> Huttons chief executive Mark Yip said The Myst’s “attractive quantum” for
> its one-bedroom and two-bedroom units drew buyers, and also because of its
> “proximity to nature, good primary schools and Cashew MRT station”.
>
> The Myst’s sales were within the group’s expectations, given that major
> non-landed projects have had sales of at least 100 units on launch day, he
> added.
>
> “Take-up rate is dependent on the number of units in the project and the
> catchment area. It will vary from project to project, and thus should not
> be used to compare across projects in different parts of the island,” Yip
> said.
>
> Mak also added that some buyers “could be holding back their purchases and
> reserving their funds for future launches”, as the next six months could
> see as many as 12 residential projects with a total of about 3,700 housing
> units launched.
>
> “Faced with a myriad of new residential properties and to avoid paying the
> punitive Additional Buyer’s Stamp Duty, the local buyers are likely to
> choose their property acquisition carefully. As a result, they could also
> become more price sensitive,” he said.
>
> https://www.businesstimes.com.sg/pro...rage-s2057-psf
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