Recent reports in the media have suggested that property developers in Malaysia who have tried to venture into Singapore Symphony Suites Yishun have been feeling the ill effects of Singapore’s slow moving property market, along with the strict curbs placed by its government.
Some of the developers who have strayed into the housing market of the republic include IOI Properties, YTL, SP Setia, Selangor Dredging Properties Bhd and Sunway. However, aid experts point out that those developers who have not been successful in selling more than 50% of their residential units have been affected the most severely.
Symphony Suites Yishun by EL Development
As revealed by Lina Othman, Head of Communications and Corporate Affairs of SDB, they have 5 projects for Symphony Suites in total in Singapore. The GDV (Gross Development Value) of these is around $700 million. Of these 5 properties, Gilstead Two and Jia have both completely sold. However, units in The Village, Okio and Hijauan on Cavanagh have only had 95% to 99% of their units bought.
At Upper Seranggon, SP Setia has the Eco Sanctuary and 18 Woodsville. Eco Sanctuary and Symphony Suites has been able to shift 80% of their last 3 blocks, but 18 Woodsville only has 5 units open for selling.
David Neubronner, the Executive Director of SLP International, has pointed out that YTL’s Kasara, which has 13 units, and Sandy Island on Sentosa Cove with its 18 units were able to draw buyers for Symphony Suites Condo at Yishun just a few years ago. The company, however chose to postpone a 2015 launch of their Orchard Boulevard project, feeling it would be difficult to move these units at a decent price. The site that will house this future development was purchased in 2007 at a price of $435 million, which equates to $2,498 psf ppr. The development has a planned 78 luxury condominiums.
EL Developement Yishun Condo
IOI Properties has been frozen with low uptake numbers for two of their projects and this include Symphony Suites Condo as well. The Triling in Jalan Lempeng, whose subsidiary is Clementi Development, has seen under 30% of their 755 units being moved with price ranges of $1,190 to $1,850 per square foot.
One source has said that the project’s site was bought in January of 2012 at a price of $408 million and offers 262,828 square feet. This comes to a cost of $554.4 per square foot per price ratio. The estimated break even cost is set between $854 to $974 psf ppr. The development is expected to be completed by 2017.
New Symphony Suites @ Yishun
IOI Properties have also joined Singapore’s Ho Bee Investments on an exclusive joint project called Yishun Symphony Suites. The development will offer lovely views over the South China Sea and have 151 units. Together these two groups purchased the site for $459 million, which equates to $1,360 psf ppr, in March of 2007. While the project was finished in 2010, only a third of their 151 units were moved at a median price of $2,600 psf, after its release in 2011.