Shui On Group, the Hong Kong-listed property company headed by billionaire Vincent Lo, has announced its subsidiary Shanghai Ruilou Enterprise Management has formed a joint venture with state-owned enterprise Shanghai Pucheng to carry out a redevelopment project at Pujiang Town in Minhang district of Shanghai, China. Located next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, the area is flanked by two subway lines.

The project is for the redevelopment of Zhaojia Lou Ancient Town – a popular tourist spot known for its canals and ancient water towns. Attracting more than 500,000 visitors each year due to its AAAA status from Chinese authorities, the area is set for an urban renewal.

The joint venture between Shui-On Land and Shanghai Pucheng will redevelop the land parcels located in Pujiang Town stretching from Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The development will include residential, commercial and ancillary facilities and will preserve the unique history and culture of the town while transforming it into a “new landmark of Shanghai”.

Jessica Wang, CEO of Shui On Land, is optimistic about the success of the project, citing success with a similar urban-village renovation project on Panlong Tiandi.

“Over the past 30 years, Shui On Land has developed a strong foothold in Shanghai and participated in urban renewal projects with proven capabilities in master planning, cultural preservation, community operation and urban regeneration,” says Wang.

“Our success in the Panlong Tiandi project is a strong testament to the group’s capabilities in the urban-village renovation, giving us confidence in the future prospects of the Zhaojia Lou project,” she adds.…

A unit at Parc Stevens in prime District 10 has recorded the most profitable resale transaction in the week of April 4 to 11. The 3,466 sq ft, five-bedroom unit sold for $7.86 million ($2,265 psf) on April 10, a staggering profit of $2.65 million (51%) for the seller. After buying the unit for $5.2 million ($1,500 psf) in April 2007, the successful sale marks 16 years of holding the unit.

This was the highest psf-price recorded at Parc Stevens, and the second most profitable transaction ever recorded at the development. Spanning four storeys, the 48-unit freehold condo consists of a mix of three- to five-bedders, ranging in size from 1,722 to 3,466 sq ft. It is conveniently located within a five-minute walk of the Stevens MRT Station.

The second most profitable transaction during the week in review occurred at Yong An Park, conveniently located within a five-minute walk of the Great World MRT Station. A four-bedroom unit measuring 3,434 sq ft sold for $8.1 million (2,359 psf) on April 6, a 35% gain in 11 years for the seller, who had bought the unit for $6.02 million ($1,753 psf).

The most unprofitable transaction of the week was the sale of a four-bedroom unit at Marina Bay Suites, a 99-year leasehold residential tower with 66 storeys. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had bought the unit from the developer for $6.39 million ($2,383 psf) in December 2009, resulting in a loss of $1.14 million (18%).

This was not an isolated case as, since January 2021, 23 out of 24 resale transactions at Marina Bay Suites have occurred at a loss below the purchase price. The respective sellers saw losses ranging from between $7,000 and $3.25 million.

Overall, four- and five-bedroom units at Parc Stevens, Yong An Park and Marina Bay Suites all saw resale transactions in the past week in which the seller made sizable gains or losses. The respective profits or losses, along with their respective holding periods, demonstrate the value of carefully researching the real estate market before purchasing an asset.…

and Greater Southern Waterfront.Since the opening of the Blossoms By The Park sales gallery on April 14, a total of 4000 people have stopped by to check out the project. Managing director of EL Development, Lim Yew Soon revealed that most of them appeared to be locals. Located in one-north, the condo features a mix of 1 to 4 bedroom premium units. Its official launch is expected to take place on April 29, with prices starting from $1.291 million ($2,352 psf) for a 1 bedroom plus study unit, $1.499 million ($2,211 psf) for a 2 bedroom unit, $1.585 million ($2,198 psf) for a 2 bedroom plus study unit, $2.082 million ($2,276 psf) for a 3 bedroom dual-key unit, $2.279 million ($2,183 psf) for a 3 bedroom unit and $2.921 million ($2,243 psf) for a 4 bedroom unit. 4 bedroom premium units are priced from $3.335 million ($2,213 psf).

Ken Low, managing partner of SRI estimates that the average selling price will range from $2,350 to $2,400 per square foot. He believes that investors will be attracted to the project given its excellent location – it is just a three minute walk to Buona Vista MRT Interchange Station, a five minute walk to The Star Vista mall and a mere one kilometer away from Fairfield Methodist School, in addition to the five minute walk to Greater Southern Waterfront.

The appealing attributes of the Blossoms By The Park condo are sure to draw in interested buyers. Certainly its proximity to amenities will be taken into account.

The pre-launch interest in Blossoms By The Park have been high and it is highly likely that the project will be successful. With its attractive location, it is definitely worth considering for investment.

If you are looking for nearby properties, it is worth taking a look at what is available near Blossoms by the Park, including the nearby Slim Barracks Rise, One-North, Buona Vista MRT Interchange Station, Fairfield Methodist School and Greater Southern Waterfront.…