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7/31/2019 Singapore Property Weekly Issue 52
1/17
Issue 52Copyright 2011-2012 www.Propwise.sg. All Rights Reserved.
http://www.propwise.sg/http://www.propwise.sg/7/31/2019 Singapore Property Weekly Issue 52
2/17
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CONTENTS
p2 Singapore Property News This Week
p8 Profile of the Typical Singapore
Property Investor
p14 Resale Property Transactions
(May 2 May 8)
Welcome to the 52th edition
of the Singapore Property
Weekly.
Hope you like it!
Mr. Propwise
FROM THE
EDITOR
mailto:[email protected]://www.propwise.sg/advertise/http://www.propwise.sg/advertise/mailto:[email protected]7/31/2019 Singapore Property Weekly Issue 52
3/17
SINGAPORE PROPERTY WEEKLY Issue 52
Singapore Property This Week
Page | 2Back to Contents
Residential
Indications of cooling property market
After five rounds of cooling measures to
discourage speculative demand and the
increase in housing supply as part of the
measures to cool the property market, resultscan be seen in the slight decrease in private
home prices in Q1 2012, the fall in the
proportion of sub-sales (an indicator of
speculative demand) to 4%, as well as the fall
in the proportion of private residential
property bought by foreigners and companies
to 7%. The resale prices for HDB flats have
also slowed down, increasing by a mere
0.6% in Q1 2012.
However, the increasing number of shoebox
units and rising mass market prices remained
problematic. As of end-Q1 2012, the 2,500
completed shoe-box units made up 1.2% of
the 210,000 non-landed private housing units
and the figure is expected to hit 9,700 by
2015. 80% of these completed units are
located centrally, but many new units are
located in suburban areas where the demand
for such units is unknown. Mass market
property prices outside the Central Regionhave also sustained their rising trend despite
the moderation of prices in the central region.
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Increased private home sales the current
trend
Judging from the sales figures from the past
few months, increased sales figures may bethe current trend in the market. There were
doubts that strong sale figures in February
and March could be sustained, but the strong
sales in April proved otherwise, with a total of
2,487 private homes excluding ECs sold in
April, a 4% increase from March, and a slightincrease from the 2,417 units sold in
February. It was also 38% higher than the
figure in April 2011. The demand for private
homes excluding ECs exceeded the supply in
April since the total number of units launched
is only 2,386. EC sales, however lookedmore dismal with no new launches, leading to
a sale figure of only 173 units in April,
compared to 639 units the previous month.
This results in the 12% decrease in the total
private sales volume (including ECs) to 2,660
units.
The core central region (CCR) showed the
highest increase in demand, with the 106units sold in the region in April almost twice
that of March. The median prices of new
sales in the outside central region (OCR)
have been increasing faster than that of
CCR, resulting in a smaller gap of 1.8 times
between the two compared to the 2.5 timesgap in June 2007 and prompting more buyers
to purchase homes in the CCR. Number of
units sold in the rest of central region (RCR)
has also increased by 70% from March to
April to 867 units while the sale figures for
mass market homes in the OCR fell by 17%to 1,514 in the same period.
The demand for private homes is likely to
continue to rise, driven by bumper supply,
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and these may eventually lead to a record-
high sale figure of over 16,800 units for the
year of 2012.
5 residential sites released; 1 confirmed, 4reserve
The government is releasing a total of five
99-year leasehold private residential sites
under the GLS programme, out of which one
is on the confirmed list and the remaining on
the reserve list. The sites could potentially
yield a total of 2,100 units. On the confirmed
list is a parcel located at Pheng Geck Avenue
near Potong Pasir MRT Station. It is expected
to achieve a top bid in the range of $550-810
psf ppr out of 10-15 bids, with an expectedaverage selling price for the development at
around $1,450 psf. The tender closes on
June 28.
Located near the confirmed list site is a
reserve list plot at Tai Thong Crescent, which
is zoned for residential use with commercial
use on the ground floor. It is expected to
achieve a high psf ppr price since the project
developed on the site can be a mixed-use
development, meaning that the commercial
component can achieve a higher price than
the residential units, which can already fetch
higher prices if they are part of a mixeddevelopment. The top bid for the site is
predicted to be around $550-800 psf ppr from
10-15 bids, if the site is triggered in the
present market.
Also on the reserve list are the sites at Kim
Tian Road located near Tiong Bahru MRT
Station and Tiong Bahru Plaza, at Prince
Charles Crescent which is 400-500 metres
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from Redhill MRT Station and at Sengkang
West Way near the H2O Residences condo
project.
The site at Kim Tian Road is expected to bethe most popular among the four reserve list
plots, given its central location and its
surroundings consisting of eateries, shops
and conservation apartments. If triggered
now, the site could possibly achieve a top bid
of $580-870 psf ppr.
Meanwhile, the site at Prince Charles
Crescent is expected to fetch a top bid of
$650-900 psf ppr while the site at Sengkang
West Way plot is expected to achieve a top
bid of $336-440 psf ppr. While the latter is notlocated near transport amenities such as an
MRT or LRT station, being located in a
growth area means it may see demand from
upgraders.
99-year leasehold Tampines site attracts
$252.78 m top bid
The 99-year leasehold residential site located
at Tampines Avenue 10 attracted a total of 3bids with the top bid at $252.78 million or
$417.86 psf ppr, within analysts expectations
of $350-465 psf ppr. The lukewarm
participation in the tender reflects the less-
than-ideal location of the plot, since it is not
located near the MRT station or the TampinesRegional Centre, though it is near Bedok
Reservoir Park and Temasek Polytechnic.
The possibility of the adjacent reserve-list site
being triggered would also have affected the
tender participation. The top bid was won
jointly by Far East, Frasers Centrepoint and
Sekisui House, which will develop the site
into a 670-unit condominium with eight 15-
storey blocks.
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The expected breakeven price and average
selling price ranges from $800-850 psf and
$900-1,000 psf respectively.
Commercial
Far East plans two new hotels in Far East
Square
As part of the collaborative effort with Frasers
Commercial Trust (FCOT) and Great Eastern
to revitalise the China Square area, Far EastOrganisation plans to develop a 37-room
designer boutique hotel from some offices on
the upper floors of the conservation
shophouses and a 28-storey 292-room hotel
on an empty part on the site. The
collaborative The China Square PrecinctMaster Plan also includes the development of
a $14 million covered linkway that will
connect the three properties together and to
the upcoming Telok Ayer MRT station. In
addition, there will be new building markers,
directional and circulation signs, and mural
artwork added to the region and activities,
events and promotions planned to rejuvenate
the area. There will also be a HeritageTrail
that showcases heritage sculptures.
Singapores office rents remains 3rd
highest in Asia Pacific
Singapores prime office rents in Q1 2012
remained the third highest among 28 cities in
the Asia-Pacific region at US$81.59 psf
despite the 1% fall in annual gross rent from
Q4 2011. CBD Grade A office spaces
average monthly gross rents dropped by4.3% from January to March this year
compared to the 1.6% fall from October to
December 2011, probably a result of the
uncertain economic outlook.
SINGAPORE PROPERTY WEEKLY I 52
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The fall in rents is predicted not to exceed
15% and may reach US$70 psf in 2013.
Meanwhile, supply of office space in 2012
and 2013 is expected to hit 745,246 sq ft and
141,759 sq ft respectively. This, together with
the likely increase in sub-leased shadow
space, is the reason for the decreasing rents.
The average vacancy rate is also likely to
remain around 8.5%.
Gemshine Investments bought Compass
Point at $519m or $1,925 psf
Compass Point mall located in Sengkang
was sold to Gemshine Investments (a joint
venture between Prudential's Asia Property
Fund (APF) and Frasers Centrepoint) at aprice of $519 million or $1,925 psf based on
the 269,546 sq ft net lettable area and a
5.6% net yield based on the estimated net
operating income of $29 million. The mall
which is five-storey high and located next to
Sengkang MRT Station is almost fully
occupied.
Separately, freehold 29-storey Tower 15 at
Cantonment Road was sold to Fragrance
Group at $360 million or $1,420 psf of GFA
based on its 253,455 sq ft GFA. No
development charge would be payable for a
new project on the 39,336.67 sq ft site if it
does not exceed this GFA. Klapsons The
Boutique Hotel occupies the second to fourth
levels while the offices occupies the fifth to
the 29th level.
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Very often, the difference between a
profitable deal and a non-profitable deal is
determined by an investors ability to hold on
to the investment, regardless the market
condition.
To better help my seminar participants, my
company, Ascendant Assets Pte Ltd, has
developed a proprietary Property Investor
Profile Survey (PIPS) to help our clients
better understand their individual investment
profile. After doing the survey, we will score
them based on a scoring system that ranges
between 1 and 50. Investors who score close
to 1 tend to be more most risk adverse while
those who score closer to 50 are generallymore aggressive. Based on out PIPS, we
were able to draw many interesting
conclusions on the typical Singapore property
investor.
Profile of the typical Singapore property
investor
The typical Singapore property investor has
an average score of 27.9. This would put
them in the Balanced Category. Investors
belonging to this profile are typically long
terms investors who are prepared to hold on
to their investments for more than 10 years.
The typical property investor has been
working for quite a while and has
accumulated some cash for his/her propertyinvestments.
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The average age is 46 and 82% of the
respondent are married.
The typical Singaporean property investor is
fairly cash rich. Almost 42% are holding on to
between S$100,000 S$400,000 of cash on
hand. The breakdown of the amount of cash
they have is shown in Figure 1 below.
Source: Ascendant Assets Pte Ltd
Risk Appetite
In terms of risk appetite, typical Singapore
property investor is generally quite risk
averse. This can be inferred as more than
half (56%) feel that protecting against losses
was more important that earning high returns
(See Figure 2).
Source: Ascendant Assets Pte Ltd
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The conservative nature of property investors
is reinforced as 69% of respondents
disagreed to the following PIP survey
statement, I am comfortable with large
declines in value if there is a potential for
higher returns (See Figure 3). This indicates
that most investors are unwilling to accept
large declines in value even if it means the
potential for higher returns and property
investors are generally not the speculative
type.
Source: Ascendant Assets Pte Ltd
Our findings are congruent to the fact that
unlike the more liquid assets (i.e. stocks,
commodities, Forex), property investors are
looking for a secure mechanism to grow their
wealth. For those of you who would like to
know what your investment profile is, please
drop us an email at
[email protected]. Wed gladly
provide you with a complimentary analysis so
that you will be able to make a more informed
decision for your next purchase.
To conclude, let me share a quotation from
Sun Tze, the military strategist and author of
the Art of War wrote, If you know your
enemies and know yourself, you will not be
imperiled in a hundred battles.
SINGAPORE PROPERTY WEEKLY Issue 52
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Similarly, apart from knowing the property
market, if you know yourself well, you would
be able to avoid peril in a hundred
investments.
By Getty Goh, Director ofAscendant Assets,
a real estate research and investment
consultancy firm.
SINGAPORE PROPERTY WEEKLY Issue 52
http://www.ascendantassets.com/http://www.moneymatters.sg/http://www.ascendantassets.com/http://www.ascendantassets.com/http://www.ascendantassets.com/7/31/2019 Singapore Property Weekly Issue 52
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SINGAPORE PROPERTY WEEKLY Issue 52
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Non-Landed Residential Resale Property Transactions for the Week of May 2 May 8
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
3 RIVER PLACE 786 965,000 1,228 99
4 CARIBBEAN AT KEPPEL BAY 893 1,495,000 1,673 995 PARC IMPERIAL 495 850,000 1,717 FH
5 BOTANNIA 1,259 1,378,000 1,094 956
5 THE PARC CONDOMINIUM 980 1,070,000 1,092 FH
5 ISLAND VIEW 3,498 3,630,000 1,038 FH
5 WEST BAY CONDOMINIUM 850 850,000 1,000 99
8 CITY SQUARE RESIDENCES 861 1,330,000 1,545 FH
8 OXFORD SUITES 893 1,200,000 1,343 FH
8 MERA SPRINGS 1,227 1,570,560 1,280 FH
8 KERRISDALE 990 1,100,000 1,111 999 PATERSON SUITES 1,679 4,750,000 2,829 FH
9 PATERSON SUITES 1,755 4,387,500 2,501 FH
9 PATERSON SUITES 2,164 5,410,000 2,501 FH
9 PATERSON SUITES 2,164 5,410,000 2,501 FH
9 PATERSON SUITES 1,755 4,387,500 2,501 FH
9 PATERSON SUITES 1,722 4,305,000 2,500 FH
9 PATERSON SUITES 1,776 4,440,000 2,500 FH
9 PATERSON SUITES 1,776 4,440,000 2,500 FH
9 PATERSON SUITES 1,679 4,197,500 2,500 FH
9 PATERSON SUITES 1,776 4,440,000 2,500 FH
9 PATERSON SUITES 1,776 4,440,000 2,500 FH
9 PATERSON SUITES 2,228 5,570,000 2,500 FH
9 PATERSON SUITES 1,765 4,412,500 2,500 FH
9 PATERSON SUITES 1,733 4,332,500 2,500 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
9 PATERSON SUITES 1,776 4,440,000 2,500 FH
9 RICHMOND PARK 1,259 3,000,000 2,382 FH9 RHAPSODY ON MOUNT ELIZABETH 1,044 2,240,000 2,145 FH
9 LUCKY PLAZA 829 1,702,000 2,054 FH
9 RIVERGATE 1,485 2,970,000 1,999 FH
9 CAIRNHILL CREST 1,733 3,250,000 1,875 FH
9 CAIRNHILL PLAZA 3,305 5,500,000 1,664 FH
9 WILKIE STUDIO 1,884 2,495,000 1,325 FH
9 OLEANAS RESIDENCE 1,227 1,550,000 1,263 FH
9 PEACE CENTRE/MANSIONS 2,347 1,558,000 664 99
10 8 NAPIER 2,013 6,450,000 3,204 FH10 THE ORANGE GROVE 2,153 4,955,580 2,302 FH
10 LATITUDE 2,659 5,756,200 2,165 FH
10 MILL POINT 527 983,000 1,864 999
10 ONE CHATSWORTH 3,401 6,300,000 1,852 FH
10 SPRING GROVE 1,389 2,280,000 1,642 99
10 THE MARBELLA 1,755 2,800,000 1,596 FH
10 DALVEY COURT 2,185 3,280,000 1,501 FH
10 PINEWOOD GARDENS 2,088 3,000,000 1,437 FH
10 THE HORIZON 1,561 2,200,000 1,410 FH
10 BEAVERTON COURT 3,229 4,150,000 1,285 FH
10 TANGLIN REGENCY 1,292 1,660,000 1,285 99
10 HOLLANDSWOOD COURT 2,131 1,930,000 906 99
11 NEWTON EURO-ASIA 1,066 1,690,000 1,586 FH
11 BIRMINGHAM MANSIONS 1,066 1,480,000 1,389 FH
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Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
11 THE AXIS 1,141 1,500,000 1,315 FH
11 MEDGE 861 1,100,000 1,277 FH
11 1 MOULMEIN RISE 3,886 4,800,000 1,235 FH
11 HILLCREST ARCADIA 1,798 1,850,000 1,029 99
12 CASA FORTUNA 926 1,130,000 1,221 FH
12 TRELLIS TOWERS 1,647 1,988,888 1,208 FH
12 CASA FORTUNA 926 1,100,500 1,189 FH
12 TRELLIS TOWERS 1,485 1,680,000 1,131 FH
12 CALARASI 1,152 1,040,000 903 FH
13 EURO-ASIA PARK 926 993,800 1,074 FH
14 D' PALMA 1,001 1,050,000 1,049 FH
14 THE SUNNY SPRING 1,109 1,000,000 902 FH
14 STARVILLE 1,238 1,080,000 872 FH
14 WINDY HEIGHTS 2,476 2,118,000 856 FH
14 SKT MANSIONS 1,119 918,800 821 FH
14 THE SUNNY SPRING 1,184 970,000 819 FH
14 SINGA COURT 1,668 1,298,000 778 FH
14 SIMS RESIDENCES 1,679 1,150,000 685 99
15 MEYER RESIDENCE 1,152 1,760,000 1,528 FH
15 WATER PLACE 2,228 3,280,000 1,472 99
15 THE BELVEDERE 1,238 1,795,100 1,450 FH
15 COSTA RHU 2,239 3,200,000 1,429 99
15 GRAND DUCHESS AT ST PATRICK'S 1,410 1,998,800 1,418 FH
15 SANCTUARY GREEN 850 1,100,000 1,294 99
15 COSTA RHU 5,253 6,660,000 1,268 99
15 WATER PLACE 732 911,000 1,245 99
15 EMPRADO SUITES 581 700,000 1,204 FH
15 COTE D'AZUR 1,539 1,800,000 1,169 99
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
15 SANCTUARY GREEN 1,399 1,580,000 1,129 99
15 COSTA RHU 2,056 2,300,000 1,119 99
15 TESSA LODGE 1,227 1,280,000 1,043 FH
15 MANDARIN GARDEN CONDOMINIUM 1,001 955,000 954 99
15 EASTERN RESIDENCE 1,173 1,050,000 895 FH
15 CRESCENDO PARK 1,711 1,490,000 871 FH
16 COSTA DEL SOL 1,313 1,650,000 1,256 99
16 PARBURY HILL CONDOMINIUM 1,453 1,480,000 1,018 FH
16 BAYSHORE PARK 1,173 1,120,000 955 99
16 TANAMERA CREST 1,604 1,120,000 698 99
16 KEW GREEN 3,843 2,500,000 651 99
17 FERRARIA PARK CONDOMINIUM 1,066 1,010,000 948 FH
17 FERRARIA PARK CONDOMINIUM 1,356 1,260,000 929 FH
17 FERRARIA PARK CONDOMINIUM 1,249 1,148,000 919 FH
17 LIGHTHOUSE 3,078 1,480,000 481 99
18 RIS GRANDEUR 1,066 980,000 920 FH
19 KOVAN MELODY 1,173 1,200,000 1,023 99
19 CASA ROSA 1,173 950,000 810 99
19 REGENTVILLE 1,076 815,000 757 99
20 SEASONS VIEW 969 950,000 981 99
20 THE GARDENS AT BISHAN 1,227 1,150,000 937 99
21 THE CASCADIA 570 1,032,000 1,809 FH
21 THE CASCADIA 1,249 2,095,000 1,678 FH
21 THE CASCADIA 883 1,423,000 1,612 FH
21 MAPLEWOODS 850 1,150,000 1,352 FH
21 GARDENVISTA 1,130 1,368,000 1,210 99
21 GARDENVISTA 1,109 1,300,000 1,173 99
21 SUMMERHILL 947 998,000 1,054 FH
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NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
21 SYMPHONY HEIGHTS 926 968,000 1,046 FH
21 ASTOR GREEN 1,528 1,500,000 981 99
21 HIGH OAK CONDOMINIUM 980 945,000 965 99
21 SPRINGDALE CONDOMINIUM 1,152 1,100,000 955 999
21 SIGNATURE PARK 1,410 1,338,000 949 FH
21 HILLVIEW GREEN 1,507 1,350,000 896 999
22 THE LAKESHORE 1,109 1,150,000 1,037 99
22 THE CENTRIS 1,259 1,275,000 1,012 99
22 IVORY HEIGHTS 1,668 1,200,000 719 100
22 IVORY HEIGHTS 1,701 1,208,000 710 100
22 LAKESIDE APARTMENTS 1,518 850,000 560 99
23 HILLVISTA 1,152 1,400,000 1,216 FH
23 CASHEW PARK CONDOMINIUM 1,367 1,180,000 863 999
23 CENTURY MANSIONS 936 800,000 854 FH
23 ESPA 1,206 980,000 813 999
23 REGENT HEIGHTS 1,023 805,000 787 99
23 THE AMSTON 1,313 993,000 756 999
25 CASABLANCA 936 780,000 833 99
25 THE WOODGROVE 1,033 715,000 692 99
25 WOODGROVE CONDOMINIUM 2,433 1,550,000 637 99
26 CASTLE GREEN 947 785,000 829 99
27 ORCHID PARK CONDOMINIUM 1,249 880,000 705 99
28 MIMOSA PARK 2,153 1,700,000 790 FH
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