A conveyancing lawyer has been fined $10,000 over her failure to notify the authorities of a suspicious property transaction in Sentosa Cove despite her suspicion that the money for the purchase was linked to a multi-billion dollar Ponzi scheme, reported Channel NewsAsia.

Sterling Law Corporation managing director Kang Bee Leng pleaded guilty to the charge on Tuesday (17 Apr).

More: Sale Of Sentosa Villa Scrapped After China Buyer Arrested

Chinese tycoon Zhang Min, who served as president and CEO of Yucheng International Holdings Group, was referred to Kang by property agent Tan Yen in October 2015.

For her $23.8 million purchase of 38 Lakeshore View in Sentosa, Zhang provided Kang with her identification documents, income tax records and payslips through email.

Zhang paid over $5.4 million towards the acquisition between October and November 2015, including $4.279 million in stamp duties to the Inland Revenue Authority of Singapore, $1.19 million for the Option to Purchase and $12,581 in conveyance fees to Kang’s law firm.

On 12 January 2016, a day before the scheduled completion of the property acquisition, Kang tried to contact Zhang but received no response. Tan, the property agent who referred Zhang, told Kang that her client had been detained in China.

A few months later, Kang read that Ezubao, the peer-to-peer lending platform of Zhang’s Yucheng Group, was a Ponzi scheme worth $10.8 billion. Reports revealed that Zhang was also the girlfriend of Yucheng Group chairman Ding Ning, who showered her with lavish gifts including a US$20 million property in Singapore.

While Kang suspected that the money paid for the property acquisition represented criminal proceeds from the alleged Ponzi scheme, she did not file a Suspicious Transaction Report.

For her failure to flag the suspicious property transaction, Kang could have been fined up to $20,000.

Meanwhile, Tan was also charged and is set to appear in court later in the month.

Source : Property Guru 18 Apr 2018

Channel NewsAsia discovered this when it tried to rent units from two different accommodation providers.

Responding to this reporter’s request for a three-week stay, a staff member of the first company said it was “not a problem”, as long as the termination form is signed when the tenant ends his or her stay.

The company even provided an early termination notice form.

The company’s agent also stated in an email that “as per Singapore rules and regulations, the minimum lease duration in residential developments in Singapore is three months but it could be terminated earlier with no penalty if a notice of termination is sent 30 days before the departure date”.

Another agency Channel NewsAsia approached also obliged its request for a short-term stay.

Lawyer Amolat Singh noted that these companies are skirting the regulations by inserting an exit clause. “So I could enter into such an agreement and say: ‘Sorry, after one week I want to quit,’ and that will be acceptable to them,” he said.

On Dec 5, 2017, two men were charged for providing short-term stays to tenants via Airbnb.

The Urban Redevelopment Authority said that companies providing accommodation services are subject to enforcement actions if they are found to have breached the regulations.

It added that owners are primarily responsible in the event of such breaches, while tenants may also be subject to investigation.

URA said about 600 properties were investigated from January to September last year.

Source – ChanelNewsAsia 6 Jan 2018

As at 1 January 2018, there were 1,269 licensed property agencies and 28,571 registered property agents.

The number of licensed property agencies and registered property agents as at 1 January over the last three years is shown below:

The Council for Estate Agencies (CEA) issued 66 new property agency licences and 1,344 new property agent registrations throughout 2017. A total of 44 property agency licences and 2,028 property agent registrations lapsed after 31 December 2017.

Source : CEA

Some owners of penthouse units at condominium Bedok Residences have avoided using the barbecue pits and jacuzzis on their private roof terraces when they saw that the lightning rods connect to the metal rails and facades of the units (above). However, while it seems counter-intuitive, checks reveal that the roof terrace and accompanying balustrades are safe

Talks are under way to revise a building code that regulates lightning protection to address safety in the growing number of roof terraces in housing developments.

Residents in at least one condominium development have avoided using their own private roof terraces since July last year over such concerns.

The lightning protection system at mixed-use development Bedok Residences has the lightning rods connected to the metal rails and facades of the rooftop units.

“I don’t even want my domestic helper to clean the area since lightning can strike at any time,” said resident Dennis Lim, who is in his 50s.

As a result, he and other residents have avoided using their barbecue pits and jacuzzis on their terraces.

Another resident, Ms Tay Min Li, in her 20s, said: “If I touch the metal rail and the lightning strikes elsewhere, won’t I be electrocuted?”

While it may seem counter-intuitive, checks have revealed that the roof terraces and accompanying balustrades are in fact safe.

Experts explained that the lighting protection system reduces the risk of injury thanks to the concept of “equipotential bonding”, in which metal parts on the roof are earthed if they are connected to the ground.

When lightning strikes, its electrical current will follow the path of least resistance to the ground through the metal instead of the human body, said Mr Ken Jung, vice-president of the Singapore Electrical Contractors and Licensed Electrical Workers Association.

Both the Building and Construction Authority (BCA) and developer CapitaLand Singapore confirmed that Bedok Residences’ lightning protection system was certified by a professional electrical engineer for its temporary occupation permit.

Professor Liew Ah Choy, who chairs the technical committee of the current lightning protection code, however, noted that given the increasing trend towards having accessible or private roof areas, the lighting protection code for roof terraces is being reviewed.

In its current state, the lightning protection code – Singapore Standards 555 (SS 555), which was introduced in 2010 – does not refer specifically to roof terraces, noted the National University of Singapore adjunct professor.

Similar systems can be seen at developments with publicly accessible roofs, such as Marina Bay Sands and the Pinnacle @ Dawson.

The Straits Times understands that one of the ideas mooted in the new lightning protection code involves parapet capping, where the entire edge of the roof is encased in metal.

Another possibility is a trellis, which functions as an enlarged lightning rod.

However, these fully metallic structures may actually look more alarming to some residents, said Mr Jung.

“Most people have a limited understanding as to how lightning works, so it is important to educate people on how a building’s lightning protection works,” he said.

The BCA spokesman said that as a precaution, residents who own units with roof terraces should stay indoors during inclement weather.

Most people have a limited understanding as to how lightning works, so it is important to educate people on how a building’s lightning protection works.

MR KEN JUNG, vice-president of the Singapore Electrical Contractors and Licensed Electrical Workers Association

Source : ST Singapore

The Disciplinary Committee also imposed a condition to DWR’s licence that it is not to market or transact in any foreign property for 12 months with effect from 24 November 2017.

This is the largest fine meted out so far to a property agency for failing to abide by regulations related to estate agency work involving foreign properties. This is also the second case in which an agency has been prosecuted for failing to provide a written advisory message to investors to draw their attention to the risks involved in purchasing foreign properties.

View media release

Source : CEA – 7 Dec 2017

34-year old Yao Song Liang and 35-year old Terence Tan En Wei each faced four charges under the Planning Act, which prohibits converting the use of a property for short-term stay without URA’s approval.

The duo, who are expected to plead guilty to the charges next month, are accused of renting out the units located in three different blocks at D’leedon Condominium along Farrer Road.

Court documents stated that the premises “were occupied by the same person(s) for a period of less than six consecutive months in return for the payment of rent,” in violation of regulations.

Since the case is the first of its kind here, URA prosecutor Douglas Neo requested a six-week adjournment to file submissions.

URA has investigated over 1,000 private homes between 2014 and 2016 for violation of the minimum stay duration or an average of around 330 properties per year.

For the first nine months of the year, however, URA investigated around 600 properties or almost twice the number investigated for each of the last few years.

First-time offenders face a fine of up to $200,000. In case of a continuing offence, the offender may be further fined by up to $10,000 for each day or part of a day that the offence continued the following conviction.

Commenting on the prosecution of the duo, Airbnb noted that Singapore’s current framework for home sharing “doesn’t reflect how Singaporeans travel or use their homes today” while standing in contrast with the country’s commitment to innovation.

Nonetheless, it remains “strongly committed” to collaborate with the authorities in finding ways to allow home sharing within the city-state.

“We have collaborated with authorities around the world, developing clear and sensible frameworks that allow home sharing to thrive, while addressing each city’s unique challenges and concerns. We remain strongly committed to doing the same here in Singapore, working alongside the government to find a way forward for home sharing, both to Singapore’s immediate and long-term benefit,” it said.

Airbnb revealed that it helped drive $324 million of economic activity in Singapore last year. The platform helped Singaporeans earn extra income, with the average host earning $4,700 a year.

Attributing the increase partly to “heightened public awareness of the regulations in place”, a URA spokesperson revealed that majority of the offences took place in condominiums.

To protect the “living environment of neighbouring residents”, URA has set the minimum rental period for private residential properties in Singapore to three months, which means typical short-term letting on platforms such as Airbnb is prohibited.

According to the spokesperson, URA is informed of potential violations either through feedback received from affected neighbours or a condominium’s managing agent or management corporation.

“All feedback will be investigated and URA works closely with the managing agents and management corporations on the investigations.”

URA, however, noted that most of the offenders have complied upon being served with enforcement notices, eliminating the need for further action.

“In considering the appropriate enforcement action to be taken, URA will take into account the specific circumstances of each case,” said the spokesperson.

“If the offenders are recalcitrant or fail to comply with our requirements following enforcement actions, they are liable to be charged in court.”

Notably, it is an offence to convert a residential property’s use for short-term accommodation without the approval of the URA under the Planning Act. Persons found to be violating the rules may be imprisoned for up to 12 months and/or fined up to $200,000.

Source – PropertyGuru

Do I need to seek permission from any government bodies before I rent out my property?

No. Unlike subletting a HDB flat, which requires approval from the HDB, private-property owners are free to lease out their spare rooms or entire units. However, you’ll have to follow some strict guidelines from the Urban Redevelopment Authority (URA). The most important one states that for short-term rentals – classified as lease periods of less than six months on a daily, weekly or monthly basis – are not allowed. You may lease out the whole unit or sublet rooms for residential purposes only for long-term stays of six months or more, provided you meet certain conditions. For example, there should be only one single tenancy agreement or master tenant per residential unit to cover the number of occupants if you are renting out your entire unit. You can, however, choose to lease out rooms to individual tenants. You cannot put in internal partitions to alter the layout of the property so as to create more rooms, as overcrowding will create safety hazards. Each occupant must have at least 106sqf (10sqm) of space. However, the maximum number of occupants you can squeeze into a residential unit is eight, no matter how big your property is. If you are living within the premises, you will be included in this headcount. This means that even if your family is willing to live with a dozen strangers so as to maximise your rental income, you will be flouting the URA’s guidelines and could be investigated. The good news is that if you are renting out the whole unit to one family, and it’s not sublet to anyone else, this rule will not apply to them.

Is it legal to put up my room or home for short-term rental on home-sharing websites such as Airbnb?

Technically, you will be flouting the regulations, even though a quick check on Airbnb’s Singapore website showed over a thousand local listings. If caught, homeowners can be jailed for up to a year and fined up to $200,000. Since 2013, over 570 complaints were lodged with the URA about the alleged rental of individual strata-titled private residential properties for under six months. The URA’s main concern (and reason behind the current short-term stay guidelines) is to “safeguard the amenity and living environment” of a residential development, and to ensure that residents are not adversely affected by the frequent turnover of transient occupiers. However, there is no denying the growing popularity of such services.

In a separate study commissioned by Airbnb and conducted by David Binder Research, published in February this year, nearly three-quarters of the 600 Singaporeans surveyed were supportive of allowing short-term rentals to be legalised. Over half of them are convinced that short-term rentals contribute to extra income that “pays their bills (so that they can) afford to live in Singapore”. Another 63% feel that “Airbnb brings tourism money into local communities that wouldn’t otherwise see it”. Despite the enthusiastic feedback, the verdict is still out for thousands of Airbnb listers hoping for good news from the URA that will allow them to legally tap into the global trend of house-sharing.

What documents do I need to check from my tenants when I rent out my property?

If you’ve hired an agent, she should ensure that all necessary documents such as your tenants’ passport and work permit or employment pass are valid, with photocopies duly submitted to you. However, as the landlord, you will also need to practise your due diligence. Should you be found harbouring illegal immigrants or over stayers, you risk facing a $6,000 fine or imprisonment of up to 24 months. Check the foreign tenants’ original pass or permit, ensure that the particulars in the passport are the same as those in the pass or permit, and verify that the pass is still valid by checking with the issuing department. If you have tenants who are on Long Term passes or Students’ passes, visit the Immigration and Checkpoints Authority (ICA)’s website (www.tinyurl.com/EnquiryICA) to check their passes’ validity and authenticity. If they are on Work passes or Dependant’s passes, you can log on to www.tinyurl.com/CheckWorkPass to check.

Are my tenants allowed to sublet my property?

No. Your lease contract should clearly state the names and details of each of your tenants, and your master tenant is not allowed to add to that original list without your permission. Some landlords can unknowingly flout the law when their tenants secretly sublet a room – or in some cases, even just a bed-and-cupboard space – to others. In 2009, a homeowner leased her 3,000sqf maisonette at Elizabeth Towers to a master tenant who illegally put up partitions and sublet the apartment to 11 other people; the master tenant did not live on-site. Upon investigation, the URA ordered the partitions to be torn down. It’s not just small-time master tenants who do that; some real-estate rental companies are also flouting the rules. In 2013, a reporter from The Sunday Times answered an advertisement by Bergen Associates Group, which offered short-term leasing for several units at The Sail @ Marina Bay. Posing as a potential tenant interested in renting a one-bedroom apartment for a month, the undercover reporter was offered a lease contract for six months, but with a clause to terminate early after a month. This clever trick is an attempt to get around the “minimum six-month lease” guideline by the URA. One homeowner at The Sail, who hired Bergen Associates Group to lease out his apartment, terminated his leasing agreement after he discovered that the company, which leased his unit for $4,500 per month, had sublet it to another company for $8,500. In three months, three different tenants had stayed in his unit. So, private-property owners, be warned – you should always do your own checks and keep all copies of your tenants’ papers, lest you fall prey to such practices.

Who pays for the condo’s maintenance fees – the landlord or the tenant?

As the property is in your name, you will be responsible for paying the maintenance fees charged by your condominium. This can range from $200 per month for a condo or apartment with limited facilities, to $800 for a high-end condo. Here’s the burning question: if you rented out your apartment, can you still pop by to use the condo’s facilities? For example, can you park your car there every night? Technically, once you sign the lease, the right to use the facilities now belongs to the tenant. It is also incorrect to assume that since you own a unit in the condo, you also “own” a parking space that you can use if your tenant does not own a car. In some condos, especially those near MRT stations where parking spaces in the estate are very limited, car owners – those who stay in the condo, be they owners or tenants – may have to ballot for a spot. As you don’t live there, you don’t qualify. What about popping by to use the swimming pool or the barbecue pit? As a non-resident, you can enjoy the facilities – but only if you are an invited guest. Check these by-laws with your Management Corporation Strata Title (MCST), the company hired to manage the condominium. Of course, how strictly these rules are enforced really depends on the MCST and the management committee – meaning, your neighbours. While some landlords reason that because they pay the maintenance fees, they should be able to use them, resist the temptation to pop by regularly to use the “free” facilities. Overcrowding the pool or quarrelling with your neighbours over a parking space will only create ill feelings and, in some situations, garner you warning letters from the MCST!

Private residential properties or the rooms within their premises should not be rented out on a short-term basis for less than six months on a daily/weekly/monthly basis.

Renting out the whole unit or individual rooms for residential purposes is only allowed for long-term stays of six months or more if these conditions are met:

• no internal partitioning works that alter the layout of the property to create more rooms. Such overcrowding can pose safety concerns
• in the case of master tenancies or en-bloc leasing-out, there should only be one single tenancy agreement per residential unit to cover the number of occupants for the unit. This does not apply to a single property or individual owner who rents out rooms within his unit to different tenants
• each occupant should have at least 10 sqm of space. The maximum number of occupants in a residential unit is eight, no matter how big the unit is
  • includes the owner if he is living within the premises
  • does not apply if the unit is occupied by a family who is not renting out the premise in any way

Source from URA

“CEA and URA have been investigating the cases cited by The Business Times,” Chua Geck Siang, CEA’s Acting Deputy Director (Licensing), told the newspaper.

Under the URA’s guidelines, the leasing of an entire flat or rooms to residential tenants is only permitted for six months and above. Anything below that is only allowed for hotels and serviced apartments.

However, a BT report earlier this month revealed that some accommodation service providers have been offering short-term stays in private residential properties. They were able to skirt the agency’s rules due to the clever wording of the tenancy agreements.

For example, tenancy agreements issued by Uncharted Homes, on behalf of BS Shenton Pte Ltd, stipulate a tenancy period of at least six months, but come with a diplomatic clause permitting the tenant to rescind the contract without penalty.

Another accommodation service provider, LMB Housing Services, uses an open-ended agreement that lays down a minimum lease of six months without specifying the last date of stay. It also gives tenants the right to end the lease without incurring a penalty if they submit a termination letter 30 days before departing.

Despite these legal machinations, the URA pointed out that the rules were still broken if the units were rented out for less than six months.

Among the many service providers that offer short-term stays, the only other ones named in the BT report were International Service Apartments and Atas Residence, previously known as Overseas Students Placement Centre (OSPC).

Moreover, as the function of these accommodation service providers overlaps with the line of work of property agents, the operations of these firms raises the question of why they are not under the purview of the CEA.

Under the Estate Agents Act, entities and individuals doing estate agency work in Singapore must be licensed and registered with the CEA.

As the financial centre of Asia, and as a small and open economy, Singapore is affected by the slowdown of Asia’s economies, led by the volatility in the Chinese market and current global uncertainty. As a result, the Monetary Authority of Singapore (MAS) has eased its monetary policy for the third time in 15 months, setting the Singapore dollar’s nominal effective exchange rate at zero percent, in turn stabilising the expected appreciation of the Singapore dollar.

It isn’t clear if a financial crisis is on the cards, but when faced with such a possibility, governments are not alone in taking preventive measures. Seasoned investors also take precautions by seeking refuge in lower risk assets. This phenomenon, known as the flight to quality or flight to safety, is where investors move their capital to safer investments, such as US Treasury bonds, gold, or tangible assets in strong currencies. 2016 is turning out to be a year marked by instability, and this has increased the appetite for such assets.

Real estate investments in prime markets are one of the most attractive alternatives right now. This was the general consensus of expert investors in an annual survey conducted by the Association of Foreign Investors in Real Estate (AFIRE), in which over 60 percent of its members said they saw 2016 as a year to increase investment in these types of US projects (Read more on Bloomberg). The survey also ranked New York as the most sought-after location, as it was the city that generated the highest returns in 2015, and prices are expected to appreciate the most over the next few years.

Investing in prime real estate in a city like New York has always been synonymous with investments that could only be made by millionaires or financial institutions. However, thanks to crowdfunding, global investors can now access such opportunities. Through this innovative model and with the benefits of technology, the small investments of thousands of people are pooled together in order to attain the amount required to acquire these assets, which range from US$100 million to US$250 million.

The company that is currently making this possible is Prodigy Network. Headquartered in New York, the city where it develops all the projects it crowd-funds, this innovative company has raised more than US$150 million in equity from small investors in 23 countries over the past three years. Together with traditional financing, the capital has financed the development of a portfolio of four projects in New York, valued at approximately US$650 million.

The company, which is the leading real estate crowdfunding platform in the USA, will hold a seminar on 4 May at the Four Seasons Hotel in Singapore on Real Estate Crowdfunding in New York. Industry pioneer and CEO of Prodigy Network, Rodrigo Niño, will share the benefits of this model to investors in Singapore who wish to access New York’s real estate market.

Reserve your spot here.

Prodigy Network’s effectiveness has already been verified by hundreds of investors who have participated in its AKA United Nations project, a building comprising 95 luxury apartments. Located in Manhattan, one block away from the headquarters of the United Nations, this project was liquidated last January, generating pre-tax annual returns of 31 percent.

Currently, Prodigy Network is running a crowdfunding campaign for its latest project, The Assemblage / 25th Street. Located in the neighbourhood of Nomad, this will soon become a 12-story building containing co-working spaces, which have been growing more than 80 percent annually since 2011. Investors from around the world can still participate in the last funding stages of this project, and earn double digit returns.

If you are interested in learning more about the benefits of real estate crowdfunding and how to access NYC’s prime commercial real estate market, do attend Prodigy Network’s seminar on 4 May.

• Event: Seminar on Real Estate Crowdfunding in New York
• Speakers:
  • Rodrigo Niño – CEO and Founder of Prodigy Network.
  • Leonard Chinchay – VP Investor Relations, Prodigy Network
• When: 4 May 2016
• Place: Four Seasons Singapore Hotel
• Time: 6:30pm

Evergrande is reportedly the most indebted China-listed property firm.

China’s second-largest developer, Evergrande Real Estate Group, claims it can meet debt obligations despite Standard & Poor’s assessment that the company is now vulnerable to non-payment, after debt doubled in the past 12 months, reported Bloomberg.

According to data compiled by Bloomberg, the developer is now the most indebted of the 198 listed real estate firms in China.

Jimmy Fong, investor relations official at Evergrande, said the group will meet its near-term obligations after a property market pick up had improved liquidity.

However, there is still a 6.2 percent probability that Evergrande will miss payments in the next year, according to Bloomberg’s Default Risk model. The model tracks metrics including share performance, liabilities and cash flow.

“Default risk has risen as Evergrande leverages up aggressively to speed up construction and land acquisition, as well as expansion into non-property related businesses,” said Tony Chen, credit analyst at Nomura Holdings. “Refinancing needs are very heavy.”

There was a massive 90 percent jump in total debt at Evergrande in 2015, and Bloomberg reported that this total was 15 times what the company earned before interest, taxes, depreciation and amortisation. This figure happens to be more than double the industry median of 6.6 times.

Data also revealed that the Chinese developer has CNY159 billion of obligations due before the end of 2016, and CNY54.8 billion in the following year.

That led to Standard & Poor’s cutting Evergrande’s unsecured bond rating to CCC+ in April. This rating means it is vulnerable to non-payment and dependent on favourable business conditions.

Moody’s Investors Service also has concerns about the company, detailing in a report that the debt-fuelled expansion has weakened the developers’ credit quality despite the improved liquidity.

“We have CYN164 billion of cash on hand at the end of 2015 and we achieved CNY67 billion of contracted sales in the first quarter this year, which will reduce leverage,” Fong said. “Most of the debt due this year can be easily be rolled over.”

This article was first published on DDproperty.com, Thailand’s leading property site.

Last weekend, two new developments reported healthy demand following the start of sales.

Qingjian Realty’s The Visionaire executive condominium (EC) in Canberra Link found buyers for 158 of the 632 units at an average price of $811 psf.

Sturdee Residences by Sustained Land at Jalan Besar moved 122 of the 305 units at an average price of $1,550 psf during its preview, before its official launch this Saturday (30 April). Most of the units transacted were one- to two-bedroom units, while three out of the eight penthouses were sold. Of the latter, two units measuring 1,830 sq ft each were sold for $3.2 million apiece.

“Buyers have all along been very interested in property despite the measures, but they are very selective,” said Eugene Lim, ERA Realty’s Key Executive Officer. “Project attributes and pricing are important, and developers are likely to price attractively,” he added.

Given the strong interest in these launches, more developers are following suit.

This weekend, Frasers Centrepoint Limited and Keong Hong Holdings will jointly launch Parc Life EC, which received more than 700 e-applications after the application period closed on Sunday (24 April). Situated in Sembawang Crescent, the project contains 628 units priced from $770 psf to $800 psf.

The sales gallery for Gem Residences in Toa Payoh is also set to open this weekend, with bookings commencing in end-May. Developed by Evia Real Estate, Gamuda and Maxdin, the average price of the 578-unit project is around $1,480 psf.

Moreover, Cheung Kong Property is anticipated to begin pre-sales for Stars of Kovan next month. The mixed-use project along Tampines Road features five strata terraces, 46 shops and 390 condo units, which cost around $1,550 psf to $1,600 psf.

In October 2015, the owners of the luxury property granted an option to purchase to Zhang Min, President of China’s Yucheng Group, the parent company of Ezubao.

She exercised the option that same month and subsequently lodged a caveat in November to register her intention to purchase the bungalow.

However, the sellers weren’t able to contact her during the purchase deadline, and Zhang cancelled the caveat in February, shortly after it was reported that she was one of the executives of Yucheng Group and Ezubao who were arrested in China for swindling investors.

Ezubao was one of China’s largest online peer-to-peer (P2P) lenders that was recently closed by authorities after it amassed 50 billion yuan (S$10.8 billion) from around 900,000 investors. The company reportedly enticed victims to invest by promising them high interest rates of between nine percent and 14.6 percent, but most of the businesses and projects they were investing in turned out to be non-existent.

Experts estimate that Zhang would have forked out a five percent deposit of the property’s purchase price (about $1.19 million), which would have gone to the sellers after she failed to complete the deal.

If the transaction had gone through, the Sentosa villa would have fetched $23.8 million ($2,775 psf), based on its land area of 8,576 sq ft.

The property fronts the Serapong Golf Course and overlooks the sea. It sits on a site with a remaining lease term of 89 years (as of October 2015).

Since the deal didn’t materialise, the bungalow’s owners are once again looking for buyers. It is owned by three siblings from Hong Kong, one of whom is a Singapore citizen, while the other two are UK citizens.

“Owners who bought GCBs several years ago have found it profitable to sell at today’s prices rather than later, in view of the uncertainties in the economic outlook,” said Douglas Wong, Head of Luxury Homes at CBRE Realty Associates.

Based on CBRE data, there were nine transactions collectively valued at $209 million in Q1 2016. In the previous quarter, the number of deals was the same, but it only reached $161 million, while there were only four sales in Q1 2015 with a combined value of $95 million.

However, prices of these exclusive landed homes are estimated to have declined by nearly 15 percent from their peak in 2013, said Realstar Premier Group Managing Director William Wong, adding that prices could also see another marginal drop of two to five percent as a few GCBs were recently sold at below market valuations.

CBRE’s Wong also expects prices to fall slightly for the rest of 2016, given a build-up in pent-up demand and the strong holding power of most owners.

“When owners lower their price expectations, buyers who have identified a property they fancy will start biting, in the fear that someone else may beat them to it and they’ll miss the (chance) to buy their dream home. When buyers jump into the market in this fashion, owners will start to hold prices,” he explained.

Looking ahead, CBRE expects a total of 30 to 35 GCB transactions for the whole of 2016 versus last year’s 33 deals, with an overall value of $715 million.

On the other hand, Realstar predicts a 20 to 30 percent growth in volume, while total sales value may rise by just 20 percent due to the lower prices of some GCBs sold earlier this year.

Newsman Realty Managing Director KH Tan, who has noticed an increase in GCB viewings recently, forecasts that prices could increase by five percent for the entire year.

“We’re receiving more serious offers, unlike in Q4 last year, when many potential buyers were still throwing low-ball numbers at owners.”

For instance, Kingsford Development held a ‘Property Tycoon Challenge’ for buyers of Kingsford Hillview Peak in Upper Bukit Timah over the weekend.

Styled after Singapore’s Mandarin version of ‘Who Wants to be a Millionaire’, the top prize at stake is a $250,000 cash rebate. But every contestant will be leaving with at least $5,000 in cash rebates, which will increase if they give the correct answers to the questions in the game. Buyers also have a chance to win an electric scooter and two hoverboards in a separate contest.

Meanwhile, Guangzhou-based Country Garden has teamed up with travel agencies to host Singapore tours for Chinese tourists, in the hope they will purchase units in Forest City, a mega project sited on man-made islands near the Tuas Second Link.

According to its spokesperson, the three-day trip, which includes a drive into Johor Bahru, is mainly for shopping and sightseeing, with expenses to be borne by the visitors.

The developer is also dangling discounts of up to 20 percent for those who purchase early, and pay in cash. “Promotions vary by property type, payment formality and time period,” said the spokesman.

In addition, some developers are launching their new projects in emerging economies to woo affluent buyers there.

For instance, City Developments Limited (CDL) held a property showcase in Jakarta over the weekend for its Gramercy Park project, to be followed next weekend in Surabaya, wherein one tower with 87 units is being offered in the range of $2,800 psf.

The 174-unit project will be unveiled in Singapore soon, and there are also plans to hold similar events in Hong Kong and mainland China, noted a company spokeswoman.

CDL’s move follows CapitaLand’s successful launch of Cairnhill Nine in Indonesia. It rolled out the development in Jakarta in late February before launching it here last month.

The project has found buyers for 193 of its 268 units, with foreign buyers, mostly Indonesians, contributing 50 percent of the sales, added a CapitaLand spokesman.

About 44 percent of the survey’s 933 respondents reported being dissatisfied with the market. The main cause of unhappiness remains the sky-high property prices.

However, the majority of those polled believe home prices will stabilise or fall further in the next six months.

Meanwhile, 28 percent of respondents said they are satisfied with the local market, up from 26 percent during the same period in 2014.

Close to half of the respondents (48 percent) said they intend to purchase residential property in the next six months, up five percent from 2014. Their optimism is largely due to the good long-term prospects for capital appreciation.

At the same time, 42 percent of respondents feel the government is doing enough to make housing affordable, up nine percent from two years ago. About 68 percent support the government’s property cooling measures.

“(The) results show that although pricing concerns remain, the overall mood is more positive, with almost half of respondents saying they intend to buy this year,” said Steve Melhuish, CEO and co-founder of PropertyGuru Group.

“We know that finding your ideal property can be daunting, and without transparency or relevant information, the property-buying process can be frustrating and confusing. Through our regular surveys, research insights, tools and media-rich content, we aim to help millions of consumers make more informed and confident decisions every month,” he added.

Carried out in December 2015, the survey offers insights into the current mood and attitudes of property seekers here, and has been conducted regularly since 2009.

Read the full report here.

by Cheryl Marie Tay

1. Cool off on cooling down

Amid the unbearable heat and humidity in Singapore, the air-conditioner is the messiah of appliances. But over-reliance on it can result in a hefty utilities bill. To ensure more controlled usage, you can set a timer on your air-conditioning unit whenever you use it.

If you sleep in an air-conditioned room, for instance, switch it on before you head to bed, and time it to switch off as your daily alarm goes off. Besides lowering your monthly utilities bill, the combination of the alarm and your warmer room is bound to get you out of bed.

2. Moneyed laundering

Laundry is a water-intensive chore, but modern technology has provided “smart” washers that can minimise your usage. Even with older machines, one simple way to conserve energy is to wash your clothes on a cold cycle, as more energy is required to heat the water for a warm cycle.

The energy rating on any appliance is important, and a high rating on a washer means it is water-efficient, which translates into cost savings as well. Washing a full load of laundry instead of a few smaller loads also helps to lower your energy and water usage.

3. Making light of things

Energy-saving when it comes to lighting is not just a simple matter of switching the lights off before you leave the room. Energy-efficient bulbs play a part as well, and the type of lighting you choose does make a difference.

The wattage of a bulb has to be within the capacity of the lighting fixture you intend to use it for, as too high a wattage not only consumes more energy, but presents a fire hazard. It also helps to do your research on the different kinds of commercially available light bulbs before you buy them. For example, halogen and LED bulbs tend to use less energy and therefore, save you more money.

4. Be green while you get clean

It’s common knowledge that shutting off the shower faucet while you shampoo your hair and lather yourself up saves a lot of water and drastically lowers your utilities bill. But what else can you do while showering to reduce your water usage?

For one, you do not always need to have the faucet at maximum strength. While a strong jet can get you clean more quickly, it tends to result in water wastage. If you are not conscientious enough to take note of such details, invest in a shower timer that lowers the jet strength towards the end of your shower.

5. Spend to save

It may seem prudent to buy cheaper appliances for your home in order to maximise your savings, but in the long run, it could cost you more. While energy-efficient products tend to be more expensive, they also lead to significantly lower utilities bills.

Think of your appliances as long-term investments. If you can afford it, the energy-efficient option is always superior. And since many electrical and appliance stores allow buyers to pay via monthly instalments, affordability may not be such a big issue after all.

6. Dishing out savings

Whether you own a dishwasher or wash your dishes the old-fashioned way, careful usage is imperative to lowering your utilities bill.

Like a washing machine, a dishwasher is more energy-efficient when using cold water for full loads. You don’t have to pre-rinse your dishes, and you can let them air-dry instead of using the dishwasher’s electric heat or fan. If you hand wash your dishes, be sure to apply dishwashing liquid to all the dishes before washing them. This saves not just water but also time.

• Furnish: This app superimposes images of furniture pieces of your choice onto the area on which your phone’s camera is focused, allowing you to see what your home would look like when furnished. Previously called IKEA Now as it exclusively featured furniture from the Swedish brand, Furnish now also includes furniture from Target, Crate & Barrel, Pottery Barn, West Elm, Herman Miller and Knoll.The app has a gallery from which you can draw inspiration on how to furnish your home, and new furniture and retailers are added on a monthly basis. It is available on the iPhone App Store and Google Play for free (thefurnishapp.com).

• BrightNest: The eight-person team behind BrightNest promises “tips and tools” to “shape up your home and simplify your life”, and aim to deliver with informative articles on organising, cleaning, decorating and maintaining your home. Whether you live alone or with children, the elderly, pets or a spouse / roommate, there are tips for different homeowners and different housing types.Examples include pieces entitled The Ultimate Spring Cleaning Checklist, 29 Uses for Salt, and 10 Fabulous Color Theory Tips. The BrightNest app is available for free on Google Play and the iPhone App Store (brightnest.com).

• Salient Eye: Users of Salient Eye can monitor their home security via a primary mobile phone, as well as a connected mobile phone at home. As soon as the app detects any motion in the house, it will send a text message and an email to the user’s primary phone, with images of whoever is responsible for the movement. This lets homeowners know if there are intruders in their home.Salient Eye’s advanced software and technology helps homeowners save on traditional alarm systems; the app is available for free on Google Play, while an iOS version is in the works. iPhone users can register on the app’s website (salient-eye.com) to receive updates on the app’s availability for their phones.