Singapore Property Watch

UMLand's New launch at Medini Iskandar offers Attractive Leaseback Scheme

noreply@blogger.com (sgpropertyhunter) — Mon, 28 May 2018 16:27:00 +0000

Looking for a Worry-Free property investment? UMLand latest launch, Viridea Medini Lakeside's Signature SOHO, presents appealing leaseback with rental earnings of 36% over 8 years.

Situated at Medini, It is situated in Medini, the new CBD of Iskandar Malaysia, it is merely 15 mins drive from Singapore and 3 minutes from Legoland, Gleneagles hospital, Mall of Medini and Educity.

Comprising of 120 SOHO suites in a 25 storied tower, Viridea Signature SOHO is part of a bigger integrated development Viridea @ Medini Lakeside with shophouses, hotel and service residences and it is situated in a lush landscape with a beautiful lake fronting it. Without doubt a recognizable address for a company or residence.

Don't miss this new launch offer with secured rental return available for limited period only. visit http://www.singaporepropertyhunt.com/viridea-medini-lakeside.html now!

The Suasana a hidden gem of JB City Center Iskandar

noreply@blogger.com (sgpropertyhunter) — Sat, 22 Oct 2016 15:59:00 +0000

Since the rolling out of the cooling measures in October 2013 and the concern of oversupply issues, buying sentiment of Iskandar developments has been dampened. Iskandar sales of condominiums and apartments for the first three-quarters of last year fell 23 percent year on year to 1,368 units, according to most recent figures from the National Property Information Centre (Napic) as reported in The Straits Time on Feb 10th 2016.

Despite these issues, there are some Singaporeans still purchasing new homes in Iskandar over the past couple of years. Many are buying for the long-term prospect and using it as their second home.

With the weaken Malaysian ringgit and several key catalyst projects in the pipeline at JBCC set to take off, it is perhaps an opportune time to revisit Iskandar for investment opportunities as there are gems worth considering. The key is to buy at a location with good accessibility and conveniences and near major catalyst projects.

One of the gems worth considering is the Suasana Iskandar. It is a mixed development by UM Land that was first launched in October 2013, just before the cooling measures was unveiled, which was an inopportune time. Despite this, the Susana Iskandar sold over 60% of the development.

What makes the Suasana Iskandar an attractive investment opportunity now is that it is sited at the heart of the Johor Bahru City Center which, on Nov 22, 2015, the Sultan of Johor had set the target to transform it into the second biggest city in Malaysia after Kuala Lumpur. The RM20 billion (S$6.7 billion) transformation plan to redevelop it into an international business district, will be called the Ibrahim International Business District (IIBD), named after Johor Sultan Ibrahim Ismail, who celebrated his 57th birthday on that day when he launched the project.

It is evident that the Sultan of Johor is determined the southern city was poised to make the grade when he further officiated the launch of an RM3 billion 2.6-ha complex called Coronation Square to commemorate the coronation of Sultan Ibrahim in March this year. This will be the jewel of the upcoming IIBD which will come up on the site of the old bus and taxi terminal, at Jalan Trus. This is just in adjacent of the Suasana Iskandar site.

Located between Jalan Wong Ah Fook and Jalan Trus, the Suasana Iskandar is a tri-development consisting of an international hotel to be operated by Amari, an entertainment and retail complex with a 335 residential tower above it.

When completed by third quarter next year, Suasana Iskandar will immediately benefit from the conveniences at the newly completed Komtar shopping mall just opposite which also connects to the City Square JBCC shopping mall It is also just 5 to 10 minutes walk from the Johor CIQ Complex and near the upcoming Johor Baru-Singapore Rapid Transit System (RTS Link).

Officials are also looking to link the malls and major buildings in the area with overhead pedestrian bridges, which some have dubbed Skywalks, similar to the popular pedestrian walkways in Bangkok.

While things seem to slow down at Johor but the truth is that the transformation of Iskandar is swift. This is apparent from the changing JB City Center skyline over the past 3 years. At Nusajaya, the key catalyst projects such as Legoland, EduCity and Pinewood Studios and Iskandar industrial parks are completing on schedule. While upcoming the key upcoming catalytic projects such as the Ibrahim International Business District (IIBD), the High-Speed Rail (HSR), the Johor Baru-Singapore Rapid Transit System (RTS Link) and Coronation Square, which would push JB for the second city status, are already set in motion.

The Suasana Iskandar is poised to take advantage on these catalyst projects. Be sure not to miss this gem. Huttons International will soon be marketing the Suasana Iskandar for sale in Singapore at the end of Oct to November. Click here to for information on securing your choice unit.

The Colony KL by Infinitum, KL new condo launch by Singapore developers proven a draw with local young professional and Singapore investors

noreply@blogger.com (sgpropertyhunter) — Tue, 11 Oct 2016 16:07:00 +0000

Along with superb view, superb facilities and excellent pricing, The Colony by Infinitum is just about every single professional’s goal. Envision living and doing work in a peaceful haven without needing to compromise accessibilities and the active urban way of life.

Set to grace the Kuala Lumpur landscape is a joint venture development involving Singapore’s pioneering property builders Macly Group and Roxy-Pacific Holdings Ltd known as The Infinitum. The project which is situated directly beside Quill City Mall within the exclusive Jalan Dewan Sultan Sulaiman is a sleek and stylish dual-key mixed development project that consists of two distinctly unique tower blocks, The Colony (Block A) and The Luxe (Block B).

The 723-unit The Infinitum will be developed in a couple of phases, beginning with The Colony by Infinitum that was sales previewed in October last year, and soon to be followed by its more luxurious sister, The Luxe, this October 2016. With the collaboration of Roxy-Pacific Holdings Ltd’s longstanding reputation as a developer of condo properties targeted at middle to upper middle-income sectors and Macly Group’s expertise in building compact and inexpensive “shoebox” flats, Infinitum has more than just uniqueness to render.

The Colony by Infinitum, which is the lower-rise tower block, is made up 423 units spread over 33 storeys with built-ups between 705sq ft to 1, 155sq ft that are available in a variety of floor plans.

Every unit is fitted with built-in kitchen cabinets along with electrical appliances, sink and tap while the bathroom goes along with the standard outfits and other extra goodies such as water heater along with air conditioning. All of the recreational facilities are located at the the tower's roof top Club Floor for the residents of both The Colony and The Luxe to enjoy on its completion. Among these facilities are a business lounge, indoor dining, resident’s lounge, swimming pool, Jacuzzi, sauna, bbq section, a children’s playground and a gym among others.

Beyond the floor to ceiling glass pane of the club floor is a breathtaking view of the KL City’s skyline and of the Petronas Twin Towers which will be presented upon the residents while they go about taking pleasure in these amenities. Below it lies a three levels shopping mall that provides a total of 31 retail outlets with all the conveniences at the doorsteps for the residents of The Infinitum.

The Colony by Infinitum is predicted to draw in those who are working either a start-up, working from home or even those who goes KL for business. The dual-key layout makes it simple to run a business in half of the unit while living in another half and removes the necessity to stay in a hotel.

The Colony by Infinitum is selling out quick so don't pass up on the chance to own an affordable condo in the excellent location at the City Centre of KL with just SGD15k downpayment. Click here to discover more on how to acquire your choice unit today.

Getting crush under a giant door doesn't stop a Chinese home buyer from getting his dream home

noreply@blogger.com (sgpropertyhunter) — Wed, 28 Sep 2016 01:08:00 +0000

Bloomberg - Homebuyers Stampede to Snap Up Real Estate in China http://bloom.bg/2cYrZ0e

Old Paya Lebar Police station building making way for new condo Forest Woods

noreply@blogger.com (sgpropertyhunter) — Sun, 07 Aug 2016 15:59:00 +0000

If you have passed by the old Paya Lebar police station you will notice that the old colonial building is slowly disappearing. Hoardings are being erected around the site and the shop house at the corner of Lorong Liew Lian with billboards plastered on it.

The now defunct Paya Lebar police station has a long history that dates back to the early 20th Century which began operation in a wooden hut. It was only in the 1930s that the colonial building was erected to replace it by the former British government as part of the island-wide police stations upgrading program during that time.

Since then it has stood as a prominent landmark at the junction of Upper Paya Lebar and Upper Serangoon Road.

During the late 80's, the Singapore police stations underwent another rationalization. The police operations began moving to new modern premises giving up the old colonial buildings. By 1988 the Singapore Civil Defence Force (SCDF) took over the old Paya Lebar Police station for its 3rd Division HQ before abandoning it for a new building in Yishun. The SLA then took over and lease it out in 2006 to a master lessee who then leased out to various foreign education institutions conducting their courses here.

Today we are about to witness another transformation. The URA sold the site by tender November last year and awarded it to the highest bidder, a consortium of established developers - CDL, Hong Leong and TID.

The old colonial building will soon make way for a new condominium development, Forest Woods which according to the billboard, with be a paradise of homes, up to 600 of them, according to URA plans .

Because of its strong location attributes, being just 5 minutes walk away from Serangoon MRT station and NEX shopping mall, this project will likely draw strong interest if priced attractively to sell.

For more information about this upcoming condo development at Lorong Lew Lian, visit http://forestwoodshomes.com

Forest woods condo replacing the old Paya Lebar Police station building

noreply@blogger.com (sgpropertyhunter) — Sun, 07 Aug 2016 15:59:00 +0000

If you have passed by the old Paya Lebar police station you will notice that the old colonial building is slowly disappearing. A new condo Forest Woods will be coming up in its place soon,

Hoardings are being erected around the site and the shop house at the corner of Lorong Liew Lian with billboards plastered on it.

The Peak @ Cambodia with Branded Luxury Hotel Shangri-la to launch its apartment for sale soon

noreply@blogger.com (sgpropertyhunter) — Thu, 06 Aug 2015 16:01:00 +0000

Following the success of The Bridge @ Cambodia, main board listed Singapore based developer will embark on another ambitious luxurious development with Worldbridge to jointly develop The Peak @ Cambodia.

As the name of the development suggest it will be a premium luxury development. Soaring to the sky towering at 55 storeys, The Peak will be a stunning addition to Phnom Penh City fast changing skyline with a dynamic architecture wrap in glamorous bronze facade overlooking Diamond Island and the Mekong River.

Elevating the development to an Elite class is the Worldwide Luxury Hotel Brand Shangri-la which will be sharing the same prestigious address with the 2 condo towers, offices and shopping malls, all integrated into one luxurious mix-used project.

For investors who have missed out on The Bridge, this upcoming opportunity certainly add cheers to another opportunity to capitalize on emerging Cambodia property market.

For the latest updates and a chance to be invited for a preview talk do visit the official marketing site of The Peak @ Cambodia

Crown Robinson, Rare freehold strata titled offices in Singapre CBD for sale soon.

noreply@blogger.com (sgpropertyhunter) — Sun, 26 Oct 2014 07:34:00 +0000

Crown at Robinson, rare freehold Singapore commercial property in CBD with strata titled offices for sale soon. Express your interest for priority booking
http://www.crownrobinson.net

Crown Robinson Rare Freehold Offices for Sales Soon

noreply@blogger.com (sgpropertyhunter) — Sat, 25 Oct 2014 14:05:00 +0000

Crown Robinson at 140 Robinson Rd by WyWy, Rare freehold strata titled offices in Heart of CDB. For sale soon.
http://www.singaporepropertyhunt.com/crown-robinson.html

Rare Freehold Commercial offices and shops, Crown Robinson, in the Heart of Singapore CBD to getting ready for sale

noreply@blogger.com (sgpropertyhunter) — Mon, 13 Oct 2014 06:49:00 +0000

Crown Robinson a commercial property development by WyWy Group is finally going to be launch for sale soon.

Located at 140 Robinson Road, the former site of Chow House, the new commercial development will be turned into a commercial tower comprising of around 86 offices units and 6 shops. Facilities will be introduced into the development to cater for the 'play'element which is important in today's work environment.

In today's commercial office rentals are climbing steadily as vacancy rates are at technically zero, it is one sector that is most attractive for investor. Crown Robinson therefore offers investors a rare opportunity to own a strata office in Singapore Central Business District where office buildings are predominantly own by a single owner. Moreover it is sitting on a freehold land which is rare in the heart of the CBD.

Click here to register your interest for more updates

R&F Princess Cove launches its luxurious apartment for sale

noreply@blogger.com (sgpropertyhunter) — Mon, 21 Jul 2014 14:17:00 +0000

R&F Princess Cove JB launch its phase one luxurious apartment for sale. Don't miss investing in this landmark development and gateway to Johor Bahru with upcoming it its 1st RTS train station near it.
http://www.singaporepropertyhunt.com/princess-cove-johor-bahru.html

Free Seminar "Why Puteri Harbour is Iskandar Most Sought after Waterfront Location"

noreply@blogger.com (sgpropertyhunter) — Fri, 18 Oct 2013 15:40:00 +0000

Don't Miss the opportunity to uncover "Why Puteri Harbour is Iskandar Most Sought after Waterfront Location" this weekend Sat and Sun, 19th & 20th Oct 2013, 1:00pm & 3:00pm at Huttons International Show Gallery.

So don't miss out this a rare opportunity to own an Affordable Luxury Waterfront Living at this prestigious location - Puteri Cove Residences.

As seats are limited please register for talk by
SMS to 90608436 <Your Name> <PCove> <Day> <Time>

For more information on Puteri Cove Residences please click here to read on...

Puteri Harbour New Project - Puteri Cove Residences

noreply@blogger.com (sgpropertyhunter) — Fri, 11 Oct 2013 15:35:00 +0000

Puteri Harbour public marina in front of Traders Hotel

The Jewel of Nusajaya, Puteri Harbour, beckons me and I am back here drawn by it's idyllic charm to explore the site for an upcoming launch of a luxury waterfront mixed use development, Puteri Cove Residences.

It has one of the best location in Puteri Harbour which is what I consider the front row seat of the private marina. Puteri Cove Residences will have three distinctive 33 storey towers housing 1 to 4 bedrooms spacious units, whilst another 4 block of low-rise towers comprise of SOHOs with high ceiling. There's also a 2 level of commercial retail podium fronting the private marina providing a plethora of fine waterfront lifestyle entertainment, eateries and shopping.

View of the Strait of Johor shot from a coach at location at approximately the level of
Tower 1 facility deck of Puteri Cove Residences

View of Strait of Johor close to breakwater

View from the front entrance facing Tuas 2nd link

It is jointly developed by Singapore-based Pacific Star and DB2 promising only the best in luxury developments and Puteri Cove Residences comes complete with 5 star resort style facilities. In such an idyllic waterfront setting it is only befitting to have sky gardens at mid level of the development for residents to enjoy the uninterrupted aerial view of the marina and sea view of the Straits of Johor.

To provide a preview of how beautiful the waterfront view will look like when the development is completed, the picture above is Puteri Harbour public marina shot in front of Traders Hotel and below a rather hazy shot of the marina while it was raining cats and dogs when I took it from top of Traders Hotel.

Public marina view from top of Traders Hotel

So don't missed out on the preview launch that will likely to be at the end of October or early November.

More information and reference on Puteri Cove Residences click here

Iskandar Putri Shop House to launch for Sale in Singapore

noreply@blogger.com (Stang) — Fri, 20 Sep 2013 09:13:00 +0000

Iskandar Putri shop houses to launch in Singapore for Sale tomorrow 21st Sept 2013.

Iskandar Putri is a mixed commercial development comprising of shop lots, offices with a proposed hotel or service apartment located at Taman Nusantara, Bandar Nusajaya. It is just at across the street from SiLC, next to upcoming Gelang Patah Bus Terminal, GP Sentral which due to complete end of this year, and with 4 surrounding residential township of catchment population.

Launching for sale are Intermediate and End Lot shop houses.

Intermediate Unit sizes- 5014sqft and 5074sqft
End Unit Sizes: 5014sqft and 7084sqft

Price from S$6xxk for 5,014sqft
12% Rental Guaranteed
Free legal Fees for SPA and Loan

Read more about Iskandar Putri Shop house launch details..

KL Properties looking more attractive

noreply@blogger.com (Stang) — Thu, 21 Mar 2013 13:57:00 +0000

Since the announcement of the proposed high-speed rail link between KL and Singapore, property developers in Malaysia are already counting on the multiplier effects. Of late more and more new launched KL projects are heading to our shores to compete with projects in Iskandar-Johor projects hogging the limelight since 2012.

So are properties in Kuala Lumpur worth looking at with the advent of the high speed rail due to complete in 7 years from now?

Properties in KLCC is now looking rather attractive considering the fact that new launched properties in Iskandar-Johor already bridge the high RM1,400 psf and narrowing the gap in prices of KL properties.

FACE @ KLCC is one such property. Located in the heart of KLCC's 5 star hotels' enclave with 2 landmarks - the Petronas Twin Towers and KL Tower - flanking its landscape, in the center of KL CBD with 2 train station within 5mins walking distance, this mix-development certainly looks very attractive.

Sitting on a freehold land, FACE @ KLCC is developed by Platinum Victory comprising of 3 towers. Phase I is a SoHo styled condominium tower known as Platinum Suites while the rest of the 2 phases to be launched are a serviced residence tower and a hotel/ office tower.

Having almost completely sold its lower floors of Platinum Suites, it is currently planning to launch for sale in Singapore it's mid to high floor this coming Good Friday.

Asking price is from S$650 thousand or more for an average 1000sqft SoHo styled condominium unit. Each unit is complete with luxurious fittings as well as furnishing. Upon completion in 2015, a proud owner can simply move in with their suitecase! At this price it is certainly looking very attractive and worth checking out.

Click to read more about FACE @ KLCC.

noreply@blogger.com (Stang) — Mon, 15 Oct 2012 10:56:00 +0000

Will the latest cooling measure send more Singaporeans to invest in Nusajaya?

Last Sunday many property investors planning for their 2nd or 3rd property purchase woke up to a rude awakening of another around of cooling measure.

Hot on the heels of a record high HDB resale flat price of over $1 million transacted recently and red hot property launches that are seeing breeze sales, MAS introduced a cap on loans tenure to 35 years and tighter limits for home loans longer than 30 years or which extend beyond age 65. In addition borrower with existing home loans can only borrow up to 40% down from 60%.

Some already pull up the handbrake but is it game over for these group of investors?

Nusajaya Properties looking up

My guess this group of property buyers will start to look for overseas opportunities. One destination that is gaining attention is Iskandar Development Region properties. One area that has been in the Singapore media of late is the Nusajaya township just 10 mins from the 2nd link.

Even before the recent cooling measures were introduced, many more gung-ho Singaporeans and expats in Singapore, who were priced out of Singapore home market, had already ventured into Nusajaya home market as early as 2009.

As security is a major concern for most Singaporeans and expats alike, developers offer gated communities for most their developments in Nusajaya providing tighter security for the safety of their residents.

Better connectivity is another factor that is drawing more Singaporeans across. The new toll free Coastal Highway is ready now and this highway allows commuters to zip through and fro between the 1st link and 2nd link in 20 mins and most amenities such as Legoland, Educity, Medical Centers, Bukit Indah shopping centers, Puteri Harbour marina resorts are all within 10mins drive.

Many of these attractions and amenities have opened this year. Nusajaya township is fast developing and no longer just a pipe dream. Confidence of Singapore property investors have since raised markedly.

Puteri Harbour Developments

For condominium lovers, some Singaporeans are looking to Puteri Harbour properties of late. Of the whole Nusajaya township, Puteri Harbour is the gem in the master plan The vision is to turn this into a cosmopolitan metropolis with luxurious waterfront living.

Early this year Somerset Puteri Harbour Service Residence launch saw breeze sales with Singaporean buyers making up the majority and some were reportedly made multiple purchases.

It is developed by Nusajaya Consolidated Sdn. Bhd., a joint-venture company with UEM Land, is set to be managed by the Ascott Limited, an internationally distinguished service apartment operator and member of CapitaLand under a pre-arranged 10-year leaseback agreement.

More developments in Puteri Harbour are set to launch this last quarter and early 2013. One development that is geared to launch soon coming end Oct-early November is Encorp Marina. This development is also service-on-demand apartment but with more luxurious facilities in offering and is a taller development, standing 30 storeys high, as compared with Somerset which is a low-rise five and six-storey development, offering stunning marina views.

As Puteri Harbour is only just taking shape, there will be plenty of offerings in the coming year. This, I am sure will be music to Singapore property investors' ears who are affected by the latest cooling measure. Time to release the handbrake and move to a greener pasture?

35-year limit set on home loans

noreply@blogger.com (Stang) — Sat, 06 Oct 2012 10:58:00 +0000

Curbs on long mortgages to prevent buyers from over-extending
By Rachel Chang

IN A move that took the market by surprise, the Government introduced new measures yesterday designed to cool the property market and stop home buyers from over-extending themselves.

From today, the Monetary Authority of Singapore (MAS) will restrict all home loans to a maximum of 35 years.

Home buyers who take a loan that lasts more than 30 years, or extends past their retirement age of 65, will now have to fork out significantly more in cash.

Such long loans can now only be up to 60 per cent of the property's value if this is the buyer's first mortgage. That means that he must pay 40 per cent of the price upfront, in cash.

If this is his second or more property loan, the loan limit shrinks to just 40 per cent of the property's value.

The new loan limits and rules also apply to home owners who refinance their loans.

Analysts said the moves will affect a broad swathe of property buyers and leave only young buyers under the age of 30 untouched.

In a statement last night, MAS explained that it is acting to curb upward pressure on property prices from the current low interest rates worldwide, and the rapid credit growth driven by the US' latest round of quantitative easing (QE3).

"Monetary conditions worldwide are far from normal," said MAS chairman Tharman Shanmugaratnam, who is also deputy prime minister.

But the current climate of easy credit and low rates will eventually change, he cautioned.

MAS said that this is why it is acting now to prevent prices from spiking beyond sustainable levels, so that the eventual correction "which will hurt borrowers and destabilise our financial system" can be softened, if not avoided.

The central bank also revealed the impact of easy credit on home loans over the last three years.

The average tenure for new home loans has risen from 25 to 29 years and currently, more than 45 per cent of new home loans have tenures exceeding 30 years.

In August, a 50-year home loan offered by the United Overseas Bank (UOB) drew the ire of National Development Minister Khaw Boon Wan, who described it as a "gimmick".

Long-tenure loans, said MAS, cause buyers to over-estimate their financial wherewithal.

A rising property market also gives buyers and lenders "false confidence" that the property can always be sold off for a profit if the loan becomes difficult to service.

Analysts interviewed yesterday do not expect property prices to fall drastically in reaction, but they predicted some buyers will exit the market, transaction volumes will cool and price rises will moderate.

In the third quarter of this year, both Housing Board resale prices and private property prices accelerated their climb.

The board's resale price index grew 2 per cent, outstripping the 1.3 per cent growth in the second quarter, while the private property market rose 0.5 per cent, up from 0.4 per cent in the preceding quarter.

The new changes, said observers, would land hardest on older buyers, especially those with more than one property. Young buyers should get away with just paying a shade more every month.

For example, a 40-year-old buyer can now take a loan of only 25 years if he wants to continue to be able to pay the usual 20 per cent down payment.

But if he were to take out the shorter 25-year loan of $800,000 for a $1 million property, this would now mean monthly payments of $3,051, at current interest rates of 1.1 per cent. This is $400 more than if he had a 30-year loan.

But for a buyer like investor Jack Liang, 49, who is on the hunt for his third property, the new rules mean "game over", he said.

If he finds a $1 million property that he wants, he can take only a 16-year loan, up to the retirement age of 65 years old. His monthly repayments will be $4,546, likely more than its rental yield.

Or, he can take a longer loan, but for only 40 per cent of the property's value, as it is not his only housing loan. He must then have $600,000 cash in hand to purchase the property.

"It's time to pull up the handbrake," he lamented.

Spring Mansion and Spring court en bloc to become a mixed development

noreply@blogger.com (Stang) — Wed, 01 Aug 2012 14:16:00 +0000

Spring Mansion and Spring Court which were sold under an en bloc sale April 2011 last year will be soon be transformed into a 29 storey mixed development called One Dusun Residences.

The two properties have a combined land area of 32,593 sq ft plot and were sold to a consortium comprising 2E Capital, Nobel Design Holdings and Lian Huat Group.

Under Master Plan 2008 these 2 freehold properties have different zonings, Spring Mansion is zoned for both commercial and residential use while Spring Court residential only.

The upcoming new development will be therefore become a mixed development with retail shops and residential units. News is going around that the developer for One Dusun Residences is gearing up for launch this month.

WORK BEGINS ON CAPITAGREEN

noreply@blogger.com (Stang) — Tue, 07 Feb 2012 04:41:00 +0000

The ground-breaking ceremony for CapitaGreen, the new Grade A office tower slated for the former Market Street Car Park, took place yesterday and the project is on track to be completed by the fourth quarter of 2014, its joint developers said.

CapitaLand, CapitaCommercial Trust (CCT) and Mitsubishi Estate Asia said the building at 138 Market Street will have a net lettable area of about 700,000 sq ft and the floor plate will range from 20,000 sq ft to 25,000 sq ft.
The 40-storey office building is expected to cost about S$1.4 billion to develop.

The developers aim to achieve the Green Mark Platinum award for the environmentally friendly building when it is completed.
Takenaka Corp has bagged the design-and-build contract for the project, which the developers hope will be completed in 32 months, instead of the usual 39 to 40 months.

The demolition of the car park was completed in December last year.
Rents at CapitaGreen are likely to range between S$12 and S$14 per sq ft, said Ms Lynette Leong, CEO of CapitaCommercial Trust Management.

Source: Today - 7 February 2012

HDB RESALE PRICES MODERATE IN Q4

noreply@blogger.com (Stang) — Wed, 04 Jan 2012 18:44:00 +0000

The tide could be turning in favour of buyers, with home prices in Singapore showing signs of moderating.

Prices of resale Housing and Development Board (HDB) flats grew 1.7 per cent in the last quarter of last year, compared to the 3.8 per cent growth seen in the third quarter.

This brings the HDB Resale Price Index - which provides information on the general price movements in the public residential market - to 190.4.

The figures confirmed what the market had been expecting - a moderation in home prices following a year of policy tweaks by the Government to cool the red-hot property market, while home buyers are becoming more cautious in light of the uncertain economic outlook.

Market watchers also pointed out that cash-over-valuation - the cash premium paid upfront for resale flats - is showing signs of softening, dropping between S$5,000 and S$8,000 in the last quarter of last year, and could bottom out at around S$20,000 to S$30,000.

Mr Mohd Ismail, CEO of PropNex, said buyers could have more bargaining power in areas where prices are very high, where houses are on low floors, or affected by ethnic ratios.

"And when such houses are put on the market, you don't even get a buyer at zero cash-over-valuation. Therefore, if you say are there possibilities of picking houses today without paying any cash ... yes there are. But they may not have the best of the panoramic view and so on," he said.

Some expect HDB resale prices to correct by up to 3 per cent this year, with the ramped-up supply of Build-To-Order (BTO) flats expected to continue to draw first-time home buyers away from the resale market.

Said Mr Eugene Lim, executive officer of ERA Realty: "The success rate is higher now. It is a lot better. In fact, any first-timer who applies for a flat is almost certain of getting one. So, this improved success ratio ... translates into lower demand in the resale market."
Last year, the HDB offered about 28,000 flats - 25,000 under the BTO system and about 3,000 units under the Sale of Balance Flats exercise.

This year, buyers can look forward to 25,000 BTO flats coming on the market.

The HDB said "these projects will have a good geographical spread in the various towns".

It will offer nearly 3,900 BTO flats in Choa Chu Kang, Punggol, Sengkang and Tampines this month.

Source: Today - 4 January 2012

PRIVATE PROPERTY PRICES CONTINUE TO MODERATE

noreply@blogger.com (Stang) — Wed, 04 Jan 2012 18:41:00 +0000

Despite the property market still not feeling the full impact of the latest cooling measure, flash estimates showed prices of private homes were almost flat - rising by just 0.2 per cent - between October and December last year.

In a press release yesterday, the Urban Redevelopment Authority noted: "The rate of increase in private residential property prices has continued to moderate for the ninth consecutive quarter". The 0.2-per-cent increase in the fourth quarter was in contrast to a 1.3-per-cent rise in the previous quarter.

With buyers adopting a wait-and-see attitude, property analysts Today spoke to pointed out that the estimates do not reflect the impact of the recent cooling measure, which has been described as the harshest yet.

Which is why some of them felt that prices of private homes could fall - for the first time since 2009 - in the coming months.

An increased supply of private homes, coupled with the impact of the cooling measure, could see private home prices fall by about 3 per cent in the year ahead, said Propnex CEO Mohamed Ismail.

However, Orange Tee director of research and consultancy Tan Kok Keong told Today that he expects prices to fall by between 1 and 2 per cent at most between January and March.

On Dec 7, the Government announced additional buyer's stamp duties (ABSD) which will be imposed in addition to the existing tax. Foreigners and corporations will be hardest hit, with a 10-per-cent ABSD imposed on any private homes they buy.

While the indications are that private home prices are stabilising, analysts noted that the fourth quarter is the traditional lull period for the property market.

According to the URA, its flash estimates are compiled "based on transaction prices given in caveats lodged during the first 10 weeks of the quarter supplemented by information on the number of new units sold by developers".

The statistics will be updated next month, when more data on the caveats lodged and the take-up of new projects are captured.

The URA said: "Past data has shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution."

SLP International research head Nicholas Mak said the revised figure would likely vary by between 0.1 and 0.2 per cent.
He said: "But if the final figures are low, it's hard to tell if it is a direct impact from the ABSD. There are other factors such as the euro zone crisis and the Singapore economy."

He added: "The ABSD alone will not cause prices to drop, as it does not eliminate demand. Singaporeans and permanent residents, who are not so affected by the new measure, will sustain demand and hence prices."

Concurring, Chesterton Suntec International research and consultancy head Colin Tan said buyers should not hold their breath for prices to drop.

He said: "So long as we have slow growth or at least positive growth, so long as employment holds up, I think we do not expect prices to correct anytime soon."

Source: Today - 4 January 2012

Demand for mass market homes 'to be stable'

noreply@blogger.com (Stang) — Wed, 21 Dec 2011 10:12:00 +0000

BUYERS may be reeling from the tough property measures announced earlier this month but analysts do not expect this to last long.

They say in a report that demand for mass market homes will be unaffected although prices could fall 5per cent to 10 per cent.
The report stressed that the measures are largely targeted at foreign buyers, a group that is not prominent in the mass market property segment.

Data from the Urban Redevelopment Authority shows that locals dominate the private home purchases in the suburbs where mass market homes are located.

Singaporeans accounted for 69.9 per cent of caveats lodged for homes outside the central region, while foreigners took up a 14.4 per cent share.

Foreigners were more active in the city centre and city fringe districts, accounting for 28.7 per cent and 20.2 per cent of the caveats lodged in those areas.

The report also suggested that the various property measures introduced since September 2009 have failed to dampen new home sales. It added that the market has been supported by mass market and upgrader-type homes.
The measures were introduced to counter the excessive inflows of foreign liquidity.

The new measures are unlikely to be permanent due to the nature of Singapore's open economy. Still, foreigners who had been thinking of buying a home here are probably having second thoughts in the light of the added stamp duty.

Under the new measures, foreign buyers will have to pay an extra 10 per cent on top of the existing buyer's stamp duty of about 3 per cent.

The impact would be felt the most in prime and luxury residential properties with prices expected to fall between 10per cent and 15 per cent next year. Mass market homes could fall by 5 to 10 per cent. Separately, landed home prices will likely see a smaller correction of less than 5 per cent, since foreigners are generally not allowed to buy and supply is limited.

Some developers of properties in the prime districts are already trying to woo buyers back to the market by offering discounts.
Agents marketing the Verv at River Valley said the developer is shaving 10 per cent off the prices of its remaining apartments. A 1,010 sq ft apartment now costs $2.25 million.

At Loft at Nathan, another River Valley project, a 1,980 sq ft penthouse that would previously cost about $1.8 million now costs about $1.7 million.

Both projects are not new launches. The Straits Times understands that the two offers were made in response to the recent measures.

Developers are definitely watching the market now. They will probably re-assess the sector again towards the end of January, and perhaps we might see more offers then.

Source: The Straits Times – 19 December 2011

MUCH ADO ABOUT NOTHING

noreply@blogger.com (Stang) — Fri, 16 Dec 2011 16:38:00 +0000

The dive in property stock prices following the Dec 7 announcement of additional cooling measures is an admission by the market that it believes that the bulk of home buying in recent quarters - if not years - were investment purchases and not driven by owner-occupiers or upgraders as many had claimed for so long.
How else can we interpret the strong reaction and thinly-disguised anger and bitterness in some of the comments in news reports over the recent days? I was actually more taken aback by these comments than the actual measures themselves. However, the party which should be the most aggrieved - the developers - appears to have taken the latest measures far better than others.

The day after the announcement of the additional buyers' stamp duties of between 3 and 10 per cent on certain transactions, the developers came out in droves - 22 in all - to bid for a landed housing site in Chestnut Ave in Upper Bukit Timah. There is no doubt that the buyers of landed homes are less affected by the cooling measures, but the number of bids and the prices were above expectations. Only one developer was successful, which means 21 others had spare cash to spend. Is this a sign of vulnerability?

If indeed the majority of home purchases this year had been underpinned by strong demand fundamentals - shrinking household sizes and rapid population growth that had resulted in severe undersupply as suggested by some analysts four to five months ago - why is there a panic reaction now?

We have been overwhelmed by numerous negative comments, with almost all analysts predicting at least a 10-per-cent drop in home prices in the next year, with some forecasting a plunge as much as 30 per cent. This translates to an average loss of 2.5 per cent per month or 7.5 per cent per quarter.

Such a steep drop in such a short period - if it occurs - indicates a severe loss of market confidence. Maybe we are thinking about the last decline during the global credit crisis that followed the collapse of Lehman Brothers. However, we should not forget that Singapore experienced its deepest post-independence recession then. Are we expecting a recession of the same magnitude next year? The latest economists' forecast is that the Singapore economy will grow 3 per cent next year.

If you had read the report in question, the 30-per-cent drop was predicated on slower population growth and unprecedented home supply, not on slower economic growth or a recession. Some analysts have also drawn comparisons to the 1996 price decline which was precipitated by the introduction of anti-speculation measures in May that year. It is not a fair comparison as the problem then was rampant speculation and it was nipped in the bud. There was no low-interest rate environment.

From the statements accompanying the announcement of the latest measures, it is clear that the authorities see potential destabilising investment flows as the problem. Clearly, they are saying that it is a money issue first before it is a real estate problem. However, most of our market analyses thus far have largely ignored this aspect or dwelt on it only in passing.

Many continue to treat it as a real estate problem, ignore the economic aspect of it and then still expect buyers to be rational in their buying. It will be by pure chance if their calls turn out to be right. I am not saying these analysts are wrong but if you truly understand the complexity of the real problem, it is premature to call a drop in prices at this point in time.

I would also not be unduly worried by some analysts' comments that the heavier stamp duties are making a dent in Singapore's standing as a major property investment destination while giving rivals such as Hong Kong a boost. These comments do not give due recognition to what many respected economists are warning about - the destabilising investment flows into our part of the world.

To continue with a non-interventionist approach in the face of such hot money would be foolhardy - it would be courting disaster. In fact, I would say the current measures have enhanced Singapore's standing as a safe haven and an extremely attractive property investment destination.

Colin Tan is head of research and consultancy at Chesterton Suntec International.
Source: Today - 16 December 2011

COOLING MEASURES BITE MARKET SEGMENTS DIFFERENTLY16

noreply@blogger.com (Stang) — Fri, 16 Dec 2011 15:16:00 +0000

The year is ending on a sombre note for the private residential market, with severe cooling measures announced earlier this month imposing an additional buyers' stamp duty (ABSD) of 10 per cent on purchases by foreigners.

While prospective buyers, including locals who may be affected by the 3 per cent ABSD, are expected to remain on the sidelines in the next few months, not all private homes will suffer the same impact from the measures.

Landed homes seen resilient

Landed homes will likely be the most unscathed, while speculative products, such as shoebox apartments, will likely experience weakened buying interest. The difference is underpinned by product heterogeneity, foreigners' participation and also the financing capabilities of the buyers' for each product type.
Landed homes are expected to enjoy resilient buying interest next year, as the buyers are predominantly locals who are the least affected by the cooling measures while the supply of such homes is limited. However, non-landed residential properties in the prime districts, which are fairly exclusive, may be more affected as foreigners account for a large share of buyers.

Shoeboxes to be worst hit

Shoebox apartments, particularly those smaller than 500 sq ft each, have gained popularity from 2009 but the success is set to come to a halt next year. There is less motivation to consider buying smaller-sized apartments, particularly when average prices moderate. The typical buyer who finds the shoebox unit acceptable during the price run-up from 2009 to this year may no longer prefer such a home or investment if there are better and larger offerings.

Even before the latest cooling measures were imposed, various developments with shoebox units had been scheduled for completion next year, meaning there will be increased competition between sellers. Although owners will generally hold shoebox units, especially those who had purchased this year and want to avoid paying the hefty sellers' stamp duty, there are some who bought in 2009 and last year who have enjoyed capital appreciation and are considering selling.
Moreover, if a Singaporean can at most hold two private residential properties to avoid paying ABSD for his new purchase, there is less incentive to purchase a smaller-sized apartment. The buyer will likely wish to exercise his limited option on buying a larger or standard-sized unit. There may also be some shoebox home owners who hope to relinquish their units in order to go for more attractive larger sized apartments if prices ease next year.

Suburban condo interest not excessively weakened

The suburban condominium market, with fairly homogenous offerings, will likely see moderated buying interest due to economic challenges. However, as the buyers are mostly HDB upgraders or those owning fewer than two private properties, interest is unlikely to be excessively weakened by the ABSD.
Although the economic slowdown will severely affect job stability, there are still home seekers working in the "evergreen" or fairly recession-proof industries, such as oil and gas, education or statutory boards. They may have continued confidence in financing their homes and appropriately-priced suburban condominiums can appeal to this profile of buyers.

This year has been intense for the private residential market as prices jumped notwithstanding the cooling measures implemented in January that included sellers' stamp duties of as high as 16 per cent. While there is less justification for this month's cooling measures given that economic conditions had moderated late in the year, the latest measures are likely to achieve the best effect in reining optimism in market sentiment.

The dichotomy in the market means that owners of properties which are expected to see weaker buying interest should strive to hold on and emerge from the uncertainty. Property owners can also take a longer-term view by consenting to competitive rental rates, as ultimately there may be opportunities to renew leases at higher rents or even resell at better prices, should the economic and intrinsic property market fundamentals eventually improve.

Source: Today-December 2011
Ong Kah Seng is a director at R'ST Research, an independent property market research firm in Singapore.

HDB resale prices to hold up, say experts

noreply@blogger.com (Stang) — Mon, 12 Dec 2011 05:26:00 +0000

PRICES of Housing Board (HDB) resale flats are expected to hold up as supply is tight but sales volumes could soften as buyers assess their options in the light of new cooling measures.

Experts say a stand-off between buyers and sellers is likely over the coming weeks as the stamp duty rules sink in. They believe most buyers will take a wait-and-see attitude, with some holding off purchasing a resale flat in anticipation of private home prices falling.

HDB resale prices rose 3.8 per cent to a record in the three months to September and are now 35 per cent higher than in the fourth quarter of 2009 - the last time prices fell. Resale prices then dipped just 0.8 per cent before rebounding and heading north again.

But while HDB resale prices are correlated to how values move in the private mass market, they are likely to be more insulated from the stamp duty measures as many buyers, unlike in the private market, are first-timers and owner-occupiers rather than investors or foreigners.

Analysts do not expect the public market to be overly affected unless private home prices fall 'significantly'.
But even if private home values drop by 15 to 20 per cent next year, HDB resale prices might dip by a more moderate 5 to 10 per cent instead.

There is enough demand for such homes... Even though HDB housing supply has been ramped up, these flats have not entered the market yet as they are either still being built or serving out their minimum occupation period.

Mass-market home prices to ease by between 5 and 10 per cent next year, which could lead to HDB resale prices dipping 3 to 5 per cent in tandem. Even during the global financial crisis, the HDB market was still manageable with sales activity remaining healthy.

While HDB resale volumes might come off slightly, prices are expected to remain stable or dip slightly... But I would expect the HDB resale price index and cash-over-valuations paid to start coming down by the first quarter of next year.

Any dip in prices is likely to occur only in the second or third quarter of next year.

If sales of new private homes slow to below 1,000 units a month for a period, developers might have to reduce prices and this might have a knock-on effect on the HDB resale market.

Experts say developers will also have to rethink pricing for executive condominiums (ECs) if mass-market home prices fall sharply.

There has to be a comfortable price gap between ECs - a public-private housing hybrid - and mass-market private homes.

If mass-market home prices fall, EC prices will have to drop accordingly. If EC buyers think that mass-market home prices are going to decline, they may wait for EC prices to follow suit. Or if some of them think that they may be able to afford private homes when prices correct, they may opt to buy private.

ECs are usually about 20 per cent cheaper than private mass-market condos, experts note.

The new measures are the toughest on foreign buyers and corporate entities. They will now be hit with an additional buyer's stamp duty of 10 per cent. This is on top of the existing stamp duty of about 3 per cent.
Permanent residents buying their second and subsequent homes and Singaporeans buying their third and subsequent homes will have to fork out an additional buyer's stamp duty of 3 per cent.

The proportion of foreigners in the mass-market segment has been increasing over the past few years.
Foreigners accounted for 15 per cent of all suburban home purchases in the three months to September. This is up from 5 per cent in 2009 and 7 per cent last year.

Source: The Straits Times – 10 December 2011