Roxy Pacific’s latest River Valley condo expected to follow Martin Modern’s pricing strategy: Religare

Roxy Pacific’s latest River Valley condo expected to follow Martin Modern’s pricing strategy: Religare

By: 
PC Lee
08/08/17, 02:14 pm

SINGAPORE (Aug 8): Roxy Pacific’s pricing strategy for its latest planned River Valley freehold condo should follow Martin Modern, says Religare Capital Markets.

Only a 10-min walk away, Guocoland’s luxury project is now selling at $2,000-$2,500 psf and sold 15% out of 450 units when launched on July 22.

In a Monday night filing, Roxy Pacific announced it plans to redevelop a freehold plot in River Valley Road which it has acquired for $110 million, into an apartment block of at least 18 stories with more than 100 units.

The price paid for the 28,798 sqft site opposite the freehold Yong An Park Condo works out to about $1,582 psf ppr, inclusive of an estimated development charge of $17.6 million, says Religare.

“At a land price of $1,582 psf ppr, we estimate the breakeven price of this project could be as high as ~$2,200 psf ppr, and selling price could fetch circa $2,500v psf,” says analyst Tata Goeyardi.

As a comparison, Yong An Park Condo, a much older project with large unit sizes, is asking for $1,400-$1,900 psf in the resale market.

“We believe Roxy’s pricing strategy should follow Martin Modern, however, Guocoland only paid $1,239 psf ppr for Martin Modern’s land,” adds Goeyardi.

As at 2.08pm, shares in Roxy Pacific are up 0.5 cent at 50.5 cents.

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>

Singtel's Dash expands payment capabilities to international frontiers with Visa & Apple Pay

SINGAPORE (Dec 10): Singtel’s all-in-one mobile payments app, Dash, has expanded its payment capabilities to include international mobile payments via Apple Pay. This means Apple device users may also use Dash as a payment method on Apple Pay, making it the first non-bank mobile wallet in Singapore on Apple’s secure and private payments system. Main image, photo courtesy of Singtel: Using Dash for Visa Contactless Payments Further, Dash customers are now able to use their Visa Virtual Account on the Dash app at online retailers worldwide and merchant points that accept Visa conta....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 4): In the last few years, passive fund management has become increasingly popular am