Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project

Shui On Land, a Hong Kong-listed property company, has announced that its subsidiary, Shanghai Ruilou Enterprise Management, has formed a joint venture with the Shanghai-based state-owned enterprise Shanghai Pucheng to carry out a redevelopment project in Pujiang Town, Minhang – a district of Shanghai, China. The newly formed joint venture is set to redevelop the Zhaojia Lou Ancient Town, an area identified by the Shanghai municipal government for urban renewal. An area known for its canals and ancient water towns, it is a popular tourist spot with an AAAA tourist rating – meaning it attracts over 500,000 visitors annually. Flanked by the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, with two subway lines in close proximity, the Zhaojia Lou Ancient Town, is perfectly located.

The Shui On Land and Shanghai Pucheng joint venture will be responsible for the redevelopment of land running from Jiageng Road in the east, to Yaojia Bang in the south, Huichi Road in the west and Xiaoyan Lake in the north. The new development will include residential and commercial facilities, along with ancillary ones too. According to Jessica Wang, CEO of Shui On Land, the joint venture is set to “preserve the unique history and culture” of the area, while transforming it into a “new landmark of Shanghai.”

Shui On Land has developed a strong presence in the area over the past 30 years and has taken part in several urban renewal projects. Wang notes that the group’s success in their Panlong Tiandi project is a strong display of their “master-planning, cultural preservation, community operation and urban regeneration capabilities” and gives them “confidence in the future prospects of the Zhaojia Lou project.” Shui On Land is the flagship property development arm of the Shui On Group, a firm founded by the billionaire Hong-Kong tycoon, Vincent Lo.…

Five-bedder at Parc Stevens sold for $2.65 mil profit

A unit at Parc Stevens in District 10 was recorded as the most profitable condo resale transaction during the week of April 4 to 11, based on filings. The 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf) on April 10, and the seller made a gain of $2.65 million (51%) after holding the unit for 16 years.

Located at Stevens Drive off Stevens Road, Parc Stevens is a 48-unit freehold condominium consisting of three low-rise blocks of four storeys each. The unit in question marks the highest psf-price recorded at the development, as well as the 2nd most profitable transaction ever. The most profitable occurred last May when a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf).

The second most profitable transaction came from the sale of a four-bedroom unit at Yong An Park, a freehold condo in the River Valley area. It fetched $8.1 million ($2,359 psf) on April 6 and the seller made a gain of $2.08 million (35%) across a holding period of 11 years.

Marina Bay Suites recorded the most unprofitable transaction of the week. A 2,680 sq ft, four-bedroom unit on the 25th floor was sold for $5.25 million ($1,959 psf) and the seller saw a loss of $1.14 million (18%) across a holding period of over 13 years.

Parc Stevens is a five-minute walk from Stevens MRT Station, which serves the Downtown and Thomson-East Coast Lines. As for Yong An Park, it is a five-minute walk to Great World MRT Station on the Thomson-East Coast Line.

Completed in 2013, Marina Bay Suites is a 99-year leasehold development on Central Boulevard. It has 221 residences comprising one- to four-bedders between 1,023 sq ft and 3,552 sq ft, as well as penthouse units and townhouse units. It has seen a growing number of resale transactions since 2021, with 23 out of 24 since January being below the purchase price. The respective sellers have seen losses ranging from $7,000 to $3.25 million.

The sale of the 5-bedroom unit at Parc Stevens marked the highest psf-price ever recorded at the development, as well as a gain of $2.65 million (51%) after 16 years. Meanwhile, the most unprofitable transaction was at Marina Bay Suites, where the seller saw a loss of $1.14 million (18%) after 13 years. In the River Valley area, the sale of a 4-bedroom unit at Yong An Park reaped a profit of $2.08 million (35%) for the seller.…

EL Development draws 4,000 at three-day preview of Blossoms By The Park

and the Greater Southern Waterfront on EdgeProp.sgOver the past three days, EL Development’s Blossoms By The Park sales gallery opened and attracted around 4,000 visitors. Lim Yew Soon, MD of EL Development, reported that most visitors appeared to be locals. The condo is situated at Slim Barracks Rise, one-north and offers buyers a range of premium units varying from one to four-bedrooms. It is scheduled to launch on the 29th of April.

The prices of Blossoms By The Park start from $1.291 million ($2,352 psf) for a one-bedroom-plus-study unit, from $1.499 million ($2,211 psf) for a two-bedroom, and from $1.585 million ($2,198 psf) for a two- bedroom-plus-study. Three-bedroom dual-key units start from $2.082 million ($2,276 psf), with three-bedroom units costing $2.279 million ($2,183 psf). Buyers can find four-bedroom units starting from $2.921 million ($2,243 psf) and four-bedroom premium units from $3.335 million ($2,213 psf).

Ken Low, managing partner of SRI, estimated the average sale price to be around $2,350 to $2,400 psf. He also sees potential investors as the main buyers due to the condo’s appealing location and features, such as its proximity to Buona Vista MRT Interchange Station, The Star Vista mall, Fairfield Methodist School, and the Greater Southern Waterfront.

As there is a plethora of properties close to Blossoms By The Park, Slim Barracks Rise, One-North, Buona Vista MRT Interchange Station, Fairfield Methodist School and the Greater Southern Waterfront, people looking to purchase a home in this area can easily explore the widest selection of great listings on EdgeProp.sg.

The launch of Blossoms By The Park may prove to be a great opportunity for buyers interested in this location. With an estimated average sale price of $2,350 to $2,400 psf, the 275-unit condo could be a great investment to make.…