Singapore

AS the first developer to launch its private residential project this year, Bukit Sembawang Estates is releasing 30 out of 47 units in Phase 1 of its landed development, Nim Collection, with an average price of S$2.8 million to S$3 million.

The launch of the project on Saturday follows a recovery in landed home prices, marked by two quarterly price upticks in the second half of last year.

Located in Nim Road off Ang Mo Kio Ave 5, this project is one of the first to adopt the new "envelope" control guidelines, which offer greater flexibility in the design and configuration of interior space.

The guidelines do away with some of the current "micro controls" such as the attic profile, floor-to-floor height and basement protrusions, and instead control the "envelope" or the overall bulk of the house.

Ng Chee Seng, executive director and CEO of Bukit Sembawang Estates, noted that the development offers landed homes that break the mould of conventional design.

"This includes a unique blend of high spatial heights, volume, luxury of space and layout," he said.

The project is designed in partnership with Mok Wei Wei of W Architects, and jointly marketed by CBRE, Edmund Tie & Company and Huttons Asia.

Phase 1 of the project comprises 37 inter-terraces, eight corner terraces and two semi-detached houses. The first two phases of the project have planning permission for 98 units.

Bukit Sembawang Estates' land bank in the area is said to be able to house some 300 landed homes in total, which will be rolled out in phases.

For Phase 1, the developer is selling the inter-terraces spanning 1,916 sq ft of land, with 4,478 sq ft of built-up area for around S$2.75 million, sources say.

CBRE executive director for residential Joseph Tan said: "Landed terrace homes are very limited in supply. Bukit Sembawang Estates Limited has chosen a very opportune time to put the houses in the market, at a time when the sentiments around Singapore's residential market has improved."

Signalling a recovery in landed home prices, the official index for landed homes rose 1.2 per cent in the third quarter and 0.5 per cent in the fourth.

This brought the full-year price change for landed homes to a 0.5 per cent decline, after three years of price slump.

Prices fell 4.5 per cent in 2016, 4.1 per cent in 2015 and 5.4 per cent in 2014, going by data from the Urban Redevelopment Authority.

The previous major landed project launch was Kismis Residences by Low Keng Huat (Singapore) in May last year; as at January, 11 of the 31 units had been sold for S$4.1 million on average. The sold units span an average land area of 1,624 sq ft.

Bukit Sembawang Estates' last landed project launch was freehold Luxus Hills Phase 7, where 32 units were fully sold.