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Subscribe to this list via RSS Blog posts tagged in 2016

Posted by on in New Launches

b2ap3_thumbnail_Bishan-2--Overall_dus-Perspectie.jpg

Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark the completion of Sky Vue in Bishan Central. The event was jointly hosted by the project’s developers CapitaLand and Mitsubishi Estate Asia.

The 99-year leasehold condominium located close to Bishan MRT station obtained its TOP on 21 July.

Around 97 percent, or 672 of the 694 units have been sold as at end-August, said CapitaLand.

The remaining 22 units are mostly two-bedroom configurations measuring 678 sq ft to 829 sq ft, with prices starting from $1.16 million. Also available are a 484 sq ft one-bedroom unit and two penthouses of 2,045 sq ft each.

“We are confident of selling the remaining 22 units, especially with its completion,” said Wen Khai Meng, CEO of CapitaLand Singapore. “This is the fourth completion party we have organised for our home buyers, following those held at The Interlace, d’Leedon and Sky Habitat.”

In an update on its deferred payment scheme, called the stay-then-pay scheme, Wen revealed that 59 options were exercised for d’Leedon, and 42 for The Interlace between 20 June and 30 August. “This scheme is very well-received,” he said.

Under the standard payment scheme, 13 units were sold at d’Leedon and nine at The Interlace during this period.

CapitaLand will also be introducing a marketing scheme to move units at Sky Habitat. Meanwhile, Marine Blue will be completed in the coming months before being officially launched.

 

Credits: Propertyguru

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In the first of a two-part series, Bernard Tong from The Edge Property look at ways to determine if a particular home is a good buy, especially when discounts are offered. 

SINGAPORE: We can all fondly recall that one euphoric moment when we discovered a great bargain and took advantage of it, whether it was for a 50-inch TV at a promo price of S$399 or that pair of sneakers you always wanted at half the original amount.

But when it comes to buying properties, how easy is it to assess what is a good bargain? Recently, CapitaLand rolled out a stay-then-pay scheme coupled with a 15 per cent discount for two of its projects, d’Leedon and The Interlace. Not to be left out, Bukit Sembawang offered a 10 per cent to 13 per cent discount for its Skyline Residences development. Earlier this year, Wheelock Properties introduced an ABSD Assistance Package, which provided buyers a 15 per cent discount and a 15 per cent ABSD rebate for selected units at Ardmore Three. OUE Twin Peaks is probably the most notable project, being the first developer to have brought back the deferred payment scheme.  The scheme has been a huge success as 116 units have been sold since. 

While these are a handful of popular developments which have been widely cited, we put the numbers to the test to uncover some other deals. And to find the "real deals", we looked at:

1.       New condos that are substantially discounted from the original launch price, and

2.       New condos that are selling at close to their cost-price.

In our analysis on projects with heavy discounting, we looked at the average per square foot (psf) of transacted new units in the last three months versus those in the first three months of launch. We took into account developments with at least three recent transactions and excluded those with no remaining units (you can't buy what’s not for sale). Even though it is impossible to account for every single nuance of the transacted properties in this exercise, we ensured there must at least be comparable transactions in terms of size, level and stack in the two different time periods.  

Condominiums that are substantially discounted:

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Although we only included projects with an average discount of 5 per cent or more, we were surprised at how short the list is. Beyond the prominent projects that were mentioned earlier, there are not that many discounted projects despite a softening market. Developers’ large holding power from the boon years and compressed margins are possible reasons.

Nonetheless, the projects presented above are being transacted at notable discounts.  If you are looking for property deals, this list could be a good start as a general guide. For example, at Floraville, a 50-unit apartment at Ang Mo Kio, a 635 sq ft unit on the second level was transacted at S$1,316 psf in May 2016 verus S$1,470 psf for a same size and stack transaction on the third level in August 2013. This translates to a 10 per cent discount, although the unit was located only one floor lower. Based on the analysis by The Edge Property, a typical discount/premium for each level is in the range of 0.3 per cent to 0.5 per cent.

Sophia Hills and The Trilinq are two projects with more than 400 remaining units. Last month, a 463 sq ft unit at Sophia Hills was transacted at 7 per cent discount compared to a same size and stack unit in December 2014, despite it being one floor higher. The Trilinq, which has been frequently cited as the first project likely to incur developer’s ABSD remission charge, is also cutting prices. Transactions lodged indicated an average discount of 5 per cent to 10 per cent.

Mon Jervois, a 109-unit condo at Tanglin, has sold seven units since the beginning of the year, some at a considerable discount. For example, a 1,905 sq ft unit on the third floor was transacted at S$1,975 psf in May 2016 versus S$2,037 psf in October 2013 for a same size and stack unit located one floor lower. If you are not the superstitious sort, you can find even greater deals. At this same development, a #04-04 unit was recently transacted at S$1,850 psf, a significant 20 per cent discount compared to a #02-04 unit which was transacted at S$2,318 psf in August 2013. (The number 4 is considered unlucky by many in the Chinese culture).

At The Crest, a prestigious development located at Bukit Merah, sales have also picked up in recent months. Wing Tai Holdings, the developer, is understood to have offered 6 per cent commission to salespersons in April and May. A             discount of 15 per cent is also applied to selected units. 

The level of discounting is just one of the ways for property buyers to identify bargains. Understanding cost and margins allow buyers to make better informed decisions. In the second article in this series, we will continue to identify the "real deals" by looking at condos that are selling near costs. 

Source: Channel News Asia

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Property developer Sim Lian Group has reported a 71 percent year-on-year slump in net profit to $68.8 million for the financial year ended 30 June 2016.

The group’s revenue during the period also fell by 52 percent to $570.9 million, from $1.193 billion previously.

Its property development division accounted for $86.6 million of total revenue for FY2016, down by 91 percent from the $914.3 million reported in FY2015. The group attributed the decline to lower contributions from its development property that was completed in February last year.

However, contributions from Sim Lian’s construction division soared by 88 percent to $430 million, due to an increase in percentage of work done in FY2016.

Contract costs incurred by the group declined by 52 percent to $434 million from $906.1 million previously. The drop in contract costs was in tandem with the revenue fall.

During the period under review, the group posted a foreign exchange loss of $8.2 million, due primarily to the revaluation of intercompany balances that are not denominated in the functional currency of the respective subsidiaries.

With this, Sim Lian has proposed a first and final dividend of 1.5 Singapore cents, down from the 7.28 Singapore cents it declared last year.

“With the property cooling and loan restriction measures still in effect since June 2013, and the expected global slow growth, the group expects the operating environment for the property market to continue to be challenging,” said the group in an SGX filing.

Credits: Propertyguru

 

(Check out condominium developments by Sim Lian Group: Wandervale EC Choa Chu Kang Homepage & Treasure Crest EC Sengkang Homepage)

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Posted by on in New Launches

An executive condominium (EC) site along Anchorvale Lane in Sengkang has attracted strong interest from developers, with 16 bids submitted at the end of the tender exercise on Tuesday (23 August), said the Housing and Development Board (HDB).

Hoi Hup Realty and Sunway Developments jointly submitted the top bid of $241 million for the land parcel, or $355 psf per plot ratio (psf ppr), followed by a $235 million offer from Wee Hur Development, or $346 psf ppr.

“The race to acquire land has become more intense given that this is the last EC site that will come on the market for the rest of the year,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

“The EC sales market has seen some traction in the last few months. Despite an unprecedented number of unsold stock, the number of unsold EC units has steadily reduced for the last six months since the first quarter of 2016. The stock has dropped to 5,471 unsold units at the end of June, from 6,520 units in Q1 2016. Developers’ interest was also fanned by the recent sales performance of Treasure Crest.

“The 15-month time bar for ECs from award to launch gives developers another reason to remain confident that the unsold stock will reduce further by the time the development is ready for launch,” added Sim.

Launched for sale on 29 June under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, the 99-year leasehold site is expected to yield up to 635 units.

Located beside Punggol Reservoir, it is within proximity to the Tongkang LRT station and schools.

A decision on the award of the tender will be made after the bids have been evaluated, said the HDB.

 

Credits: Propertyguru

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Newly-launched Gem Residences accounted for most of the new private homes sold last weekend, while other previously-launched projects recorded slow but steady sales.

Developers Gamuda, Evia Real Estate and Maxdin sold 315 units or 55 per cent of their Toa Payoh project at an average price of $1,426 per sq ft (psf) over the period. About 300 of these units were sold at its VIP sales booking day on Friday.

Under current market conditions, a sales rate of over 50 per cent of a project's units in the first month is considered very good, experts said.

When any project is launched, most of the sales are typically in the first two to three weeks, said Mr Joseph Tan, CBRE executive director of residential services.

"Post-cooling measures, the demand has been muted due to loan curbs and the Additional Buyer's Stamp Duty. But demand is also project-specific - if a project is in a good location, there will be demand."

Smaller units were sought after at Gem Residences. About 60 per cent of the 471 units that are smaller than 1,000 sq ft each were sold, while about 20 per cent of the other 107 units larger than 1,000 sq ft were sold.

"We have kept prices fair, and we believe this has played a huge part in drawing in buyers," Mr Chow Chee Wah, managing director of Gamuda Land, said of its maiden project in Singapore.

Gem Residences has also been notable for its various concepts, including tri-key units or trios. These are 980 sq ft and the developers are believed to have sold about five of 37 available trios at the project.

The project has a 24-hour concierge service able to fulfil "more challenging requests, including helping residents get a table at Michelin-starred restaurants overseas or that limited edition Hermes bag", the developers said. This is provided by local company Djenee and the London-headquartered Ten Group. It is on-demand and service fees are involved.

Separately, about 10 units were sold at the public launch of Stars of Kovan over the past weekend. Developer Cheung Kong Property had sold about 60 units at an average price of $1,408 psf at its VIP pre-sale the prior weekend.

A handful of sales were recorded as well at The Trilinq, Sturdee Residences, The Poiz Residences, Principal Garden, Botanique at Bartley and Symphony Suites.

Among executive condominiums, The Terrace, Sol Acres, The Amore and Bellewaters also registered sales.

"While the market may not have the horsepower to accelerate, there is still underlying torque, or a steady state of demand," said Mr Alan Cheong, Savills Singapore research head.

"The initial launch is where you see a spurt in sales, but this will peter out later as there are other factors impacting sales - expectations about the economy and job security, which may leave potential buyers more circumspect."

Credits: StProperty

 

 

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Posted by on in New Launches

Sales of new private homes, excluding executive condominiums (ECs), more than doubled to 1,091 units in July, up from 536 units sold in the month before, according to data published on Monday (15 August) by the Urban Redevelopment Authority (URA).

Property analysts said the spike in transactions was due to the higher number of units launched, following a lull in June when buyers held off on purchases and developers delayed their launches to avoid the school holidays.

There were 624 private condo units launched last month, compared to 234 in June.

The bulk of home sales took place in the suburbs, with 825 units sold (76 percent). This was followed by the city fringe, which sold 213 units (19 percent), and the city centre with 53 units sold (five percent).

The top-selling private condominium in the month was Lake Grande in Jurong, which sold 464 units at a median price of $1,368 psf.

Meanwhile, developers sold 830 EC units in July, up significantly from the 232 units sold in the previous month.

The most popular EC project was Treasure Crest in Sengkang, which moved 398 units at a median price of $751 psf.

Despite the improved sales result, Mohamed Ismail, CEO of PropNex Realty, cautioned that there are still issues plaguing the housing market.

“The mounting supply of homes amid the on-going implementation of stringent measures and strict loan curbs continue to weigh on buying sentiments,” he said.

He added that many buyers are choosing to remain on the sidelines as they anticipate further price declines.

“With the odds stacked against developers, they will continue to act with caution – taking a slow and deliberate approach in launching their projects, as well as having a competitive pricing strategy to further entice buyers to commit.”

Ismail expects sales for the rest of the year to hover at around 500 to 700 units per month. For the whole of 2016, PropNex forecasts the sales volume to reach between 7,000 and 8,000 units.

 

Credits: Propertyguru

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Special Advertising Feature

Step inside these condominiums that offer luxurious interiors and quality finishings, and are close to good amenities, all at reasonable prices.

Singaporeans work hard to afford the things they desire, but they also need their money to work hard for them. Luckily for aspiring homeowners, there has never been a better time than now to own a luxurious home at a great price.

City Developments Limited (CDL), the established developer behind some of Singapore’s most iconic landmarks, has launched three condominiums that offer unparalleled value for money.

Coco Palms and Jewel @ Buangkok offer luxury at attractive prices, while The Venue Residences and Shoppes provides a premium experience that’s a cut above the rest.

Coco Palms

Being pampered at a tropical island resort is an everyday experience at Coco Palms. The development is inspired by some of the world’s best and most exclusive resorts, and contains six retail shops on the ground floor. Situated in Pasir Ris Grove, it is just a five-minute walk from Pasir Ris MRT station.

Sun-lovers will love the gorgeous landscaping featuring five pools (each with its own theme) and the three-storey clubhouse.

The invigorating Grand Lagoon glistens in the afternoon sun and brings to mind blissful tropical beach vacations. It forms the centrepiece of the condominium’s grounds, and selected units enjoy tranquil views of the crystal clear waters. A Cascading Waterlace, Lagoon Jets, Sunken Lounges and the beach-inspired Palm Island are just some of the features of the magnificent pool.

In the Zen-like Onsen Garden, residents can soak their cares away in the Salt Water Pool and Onsen-style Hot Bath, before attaining inner piece on the Meditation Deck or enjoying a brew at the Tea Pavilion.

A relaxing Hydrotherapy Pool awaits in the Hydro Garden, where residents can enjoy hydro foot and neck massages.

Sporty residents will appreciate the 50m Lap Pool and Aqua Gym in the Fitness Garden, which is also equipped with tennis courts, fitness and play stations and a jogging track.

The Sun Play Garden, which promises to be a hit with families and kids, features a Play Pool for the little ones to splash around in.

The development’s unrivalled proximity to Pasir MRT station connects you to the city on the East-West Line. The future Cross Island line will also provide connectivity from Changi to Jurong. Amenities like Downtown East, IKEA, Giant and Courts are a short drive away, as are Changi Business Park, Singapore EXPO and Changi International Airport. The White Sands shopping mall is located just a five-minute walk away.

While units have seen brisk sales, there is still a choice of three-, four- and five-bedroom units available, as well as dual penthouse units with five-plus bedrooms. Three-bedroom units are priced from $960,660.

Lovingly designed interiors are equipped with a suite of premium appliances, including a kitchen hood, hob and oven by Teka and kitchen sink by Franke. Each kitchen is equipped with a built-in Hyflux Ultrafiltration System, which dispenses purified drinking water through a Hyflux tap.

The expected date of vacation possession for Coco Palms is June 2019.

Jewel @ Buangkok

Location is everything, and the residents of Jewel @ Buangkok know that better than anything.

The condominium is situated right opposite Buangkok MRT station, which is a three-minute walk away. Buangkok MRT station connects to the Circle Line via Serangoon MRT station, transporting residents to the city centre in just minutes. Access to other parts of the island is also quick and easy, thanks to the CTE, KPE and TPE.

Buangkok MRT station is home to a range of must-have amenities, including a 24-hour supermarket and medical centre. Compass One, Rivervale Mall and Hougang Mall are situated close by, as is Nex megamall, with its hundreds of premium shops and upmarket brands.

The surrounding area offers so much more than just convenience. Residents can take long walks at Punggol Park, enjoy the peace of Punggol Waterway, commune with nature at Sengkang Floating Wetland or dine by the waterfront at Punggol Waterway.

A healthy lifestyle is also not out of reach, with the nearby Sengkang Sports and Recreational Centre, with its various water sports facilities, as well as the upcoming Sports Hub at Buangkok Crescent. Punggol Ranch offers horse riding, while Punggol Point Park provides the perfect setting for picnics.

Jewel @ Buangkok’s connectivity is rivalled only by the quality of the design and finishings residents will enjoy.

Most of the condominium’s units are being built with a north-south orientation in order to reduce the glare of the sun’s rays. Certain units are also equipped with sun-shading screens in order to boost privacy and comfort.

The dual-level waterscape provides relaxation on Sun Decks surrounded by the sound of lapping water, while cabanas and palm alcoves provide an interlude in between a swim in the family pool, with its aqua gym and Jacuzzi.

What’s more, six thematic outdoor cabins allow residents to experience the great outdoors right at home.

The Spa Cabin with its hydrotherapy pool and rain spa enables residents to pamper themselves after a long day at work, and the Adventurers’ Cabin will enthrall children with its flying fox and rock climbing wall. Pet owners and their furry friends will adore the Pet-Lovers’ Cabin, which contains a grooming station and play area.

Units are equipped with the finest fittings and finishes, as well as deluxe appliances from Electroluxe. The plush bathrooms enjoy premium sanitary wares and fittings from Kohler and Crestial.

While the vast majority of units have been sold, there is a limited number of three- and four-bedroom units still available starting from $1,380,000. Penthouse units with five-plus bedrooms are also available.

The T.O.P is expected very soon, making Jewel @ Buangkok one of the most hotly anticipated developments in the coming year.

The Venue Residences and Shoppes

Singapore has blossomed into one of the most glamorous cities in the world. At The Venue Residences and Shoppes, residents will get to truly experience what it means to live the good life.

This luxury development located at the junction of Upper Serangoon Road and Macpherson Road is highly exclusive, with only 266 residential units. Nearby schools include St. Andrews Junior and Secondary School, which is within walking distance.

Selected units enjoy panoramic views of the city or the surrounding landed estate, and purchasers can choose between a mix of low-rise and high-rise blocks.

It goes without saying that the interiors and finishes are of the highest quality, with ultra-luxe marble flooring in the living and dining areas. A suite of premium appliances in the kitchen, courtesy of Fisher & Paykel and Teka, makes preparing meals a pleasure, while fittings from Duravit and Hansgrohe lend a touch of class to the luxurious bathrooms.

No effort has been spared in the design of the facilities, which include origami-inspired poolside cabanas, a heated spa and a rain shower. A gym equipped with steam rooms and sky terraces on various levels of the residential blocks makes city living every bit as glamorous as it looks in the movies.

The development is just a three-minute walk away from Potong Pasir MRT station, and also enjoys easy access to the CTE, PIE, KPE and major roads.

What is more, it is also home to The Venue Shoppes, which offer a sophisticated curation of retail and dining options. Residents can stroll through lush walkways fronting the retail area before heading up to their homes.

At present, a good choice of two-, three- and four-bedroom units are available from $1,082,250, $1,506,750 and $1,741,500 respectively. Three-bedroom dual key units are available from $1,779,750, while penthouse units are from $2,475,000.

The T.O.P for The Venue Residences and Shoppes is expected in 2017, offering investors the promise of an immediate return on investment via rent, as well as immediate occupation.

Credits: Propertyguru

 

 

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Property developer CapitaLand has announced that two of its projects – d’Leedon and Jewel Changi Airport – were honoured at the International Architecture Awards 2016.

Now in its 13th year, the awards recognise real estate projects that display excellence in aspects such as design, construction, planning and sustainability.

Completed in 2014, d’Leedon was designed by the late British-Iraqi architect Zaha Hadid. The 1,715-unit condominium near Farrer Road MRT station is the largest residential development in Singapore.

According to Simon Yong, CapitaLand’s Chief Development Officer for Asia, the orientation and placement of the condo’s seven towers take environmental factors into account.

“d’Leedon’s petal-shaped floor plan allows for windows on three sides of every apartment and natural ventilation in all kitchens and bathrooms,” said Yong.

Meanwhile, Jewel Changi Airport is scheduled to open in early 2019. Designed by Safdie Architects, its distinctive architecture includes a stunning glass and steel façade and lush greenery indoors.

One of Jewel’s attractions will be the Forest Valley, a five-storey garden filled with thousands of trees and other plants, said Yong.

He added that another centrepiece will be the 40-metre high Rain Vortex, expected to be the world’s tallest indoor waterfall.

A mixed-use development, Jewel Changi Airport will house retail stores, facilities for airport operations, hotel facilities and a car park.

Organised by the Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies, about 130 projects from 43 countries were selected as winners out of the final shortlist of 370 developments.

Credits: Propertyguru

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Property developers in Singapore sold 745 private homes, excluding executive condominiums (ECs) in April, compared to 843 units in March.

This represents an 11.6 percent month-on-month decline and a 36.2 percent decline from last year.

Mohamed Ismail, CEO of PropNex Realty, said: “The transaction volume in April is largely contributed by the sale of ECs, forming more than half of the total number of new homes sold in April.

“Sturdee Residences was the top-seller (other than The Visionaire EC) for April, at the median price of $1,620 psf for a Rest of Central Region (RCR) project.”

Here’s a look at the five top-selling projects in April, of which three of them are ECs: The Visionaire, Sturdee Residences, Botanique at Bartley, Parc Life and The Vales.

1. The Visionaire EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Sembawang (D27)
Nearest MRT station: Future Canberra MRT
Median price: $821 psf
Total no. of units: 632
Sales update: 154 units sold in April

 

2. Sturdee Residences (RCR)
Developer: Sustained Land
Tenure: 99-year leasehold
Location: Jalan Besar (D8)
Nearest MRT station: Future Bendemeer MRT
Median price: $1,620 psf
Total no. of units: 305
Sales update: 126 units sold in April

 

3. Botanique at Bartley (OCR)
Developer: UOL Group
Tenure: 99-year leasehold
Location: Upper Paya Lebar (D19)
Nearest MRT station: Bartley MRT
Median price: $1,297 psf
Total no. of units: 797
Sales update: 52 units sold in April

 

4. Parc Life EC (OCR)
Developers: Frasers Centrepoint Limited and Keong Hong Holdings
Tenure: 99-year leasehold
Location: Sembawang (D27)
Nearest MRT station: Sembawang MRT
Median price: $784 psf
Total no. of units: 628
Sales update: 51 units sold in April

 

5. The Vales EC (OCR)
Developers: SingHaiyi Group and Kay Lim Investment
Tenure: 99-year leasehold
Location: Sengkang (D19)
Nearest MRT station: Sengkang MRT
Median price: $791 psf
Total no. of units: 517
Sales update: 51 units sold in April

Credits: Propertyguru

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Posted by on in New Launches

UPDATED: A residential site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) was launched for sale by public tender today, revealed the Urban Redevelopment Authority (URA).

The 2.4ha site which could yield about 570 housing units was made available for sale on the reserve list of the second half 2015 Government Land Sales (GLS) Programme.

On 7 January 2016, the URA announced that it had received an application from a developer for the site to be put up for public tender. The developer had committed to a minimum bid price of $320 million in the tender for the site.

“The bid that triggered the launch of the site is slightly conservative, as the developer may have presumed a 15 percent decrease in sales price from December 2015 to October 2016. Assuming that prices will dip by about five percent, we anticipate the winning bid to be around $380 million ($690 psf) to $400 million ($725 psf),” said Dr Lee Nai Jia, Regional Head of Southeast Asia Research, DTZ.

“Given the location, we expect the number of bids to be around 10,” he added.

The 99-year leasehold site is close to Tanah Merah MRT station, Changi Business Park and the Singapore University of Technology and Design.

“Rental yield in the area is about three percent to 3.5 percent, which is pretty attractive for residential developments,” noted Lee.

The tender exercise will close on 23 February 2016, said the URA, adding that any tender below $320 million will not be considered.

Meanwhile, The Glades, a 726-unit condominium located at the corner of Bedok and New Upper Changi roads, is set to be completed in 2017. The 3.2ha site was sold to Keppel Land for $434.6 million in October 2012.

According to Lee, The Glades has sold 371 of the 400 units launched, while nearly all units in Eco, another nearby development, have been transacted. The prices for the Glades as at December 2015 ranged from $1,274 psf to $1,540 psf.

Credits: Propertyguru

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Posted by on in New Launches

New HDB flats have remained affordable over the past few years, said the Housing and Development Board (HDB) and reported Channel NewsAsia.

In fact, first-time home buyers used an average of less than 25 percent of their monthly income to pay for their housing loans in 2014, which is below the international benchmarks of 30 to 35 percent.

Moreover, around 80 percent of first-timers used their CPF savings to service their monthly instalments, with no cash outlay required.

As of November 2015, HDB has offered $1.6 billion in Additional CPF Housing Grants (AHG) since 2006 to almost 83,000 households, and $297.61 million in Special CPF Housing Grants (SHG) to nearly 20,000 households since 2011.

In an update, HDB revealed that eligible first-timers now enjoy up to $80,000 in housing grants – comprising up to $40,000 in SHG and up to $40,000 in AHG.

Enhancements to the SHG unveiled at the National Day Rally last year took effect from the Build-To-Order (BTO) and Sale of Balance Flats exercises held in November. This saw the SHG being extended to around 6,500 households earning up to $8,500 – an increase from the previous ceiling of $6,500 – to purchase new flats in non-mature estates.

HDB noted that all eligible families received a higher SHG amount that reached up to $20,000 and above in some cases. The income ceiling for singles and the maximum SHG amount received by them were half of that of households.

Meanwhile, those who benefitted from the AHG rose above 13,000 in 2011 and peaked in 2012 at 13,325. It then dwindled to 8,098 between January and November 2015.

“For 2011, HDB had launched the largest number of BTOs – up to 28,000 units. And in 2012, they launched about 25,000 units. With the large number of BTO launches and with the pent-up demand, obviously there are more people who will be applying and obviously the number of people applying for the grant would be highest,” explained PropNex Key Executive Officer Lim Yong Hock.

The easing of demand over the years, particularly during the past two years, resulted in fewer applicants for the grant and BTO flats, he added.

Credits: Propertyguru

Tagged in: 2016 BTO hdb
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The Housing and Development Board (HDB) on Tuesday, 29 December, launched an executive condominium (EC) site at Yio Chu Kang Road for sale under the confirmed list of the second half 2015 Government Land Sales (GLS) Programme.

Another EC site at Sumang Walk in Punggol was also released for application under the reserve list. According to the HDB, both sites could yield about 1,300 homes.

The 99-year leasehold Yio Chu Kang Road site has a land area of 18,422.9 sqm and a maximum gross floor area of 51,584.12 sqm, with a gross plot ratio of 2.8. The area is served by the Hougang, Buangkok and Kovan MRT stations, while nearby amenities include the Hougang 1 shopping mall, Hougang Sports Centre and Nanyang Polytechnic.

Meanwhile, the 27,056.4 sqm site at Sumang Walk has a maximum gross floor area of 81,169.2 sqm and a gross plot ratio of 3.0. Offered on a 99-year lease, the land parcel is within proximity to the Punggol MRT and LRT station, My Waterway@Punggol and the Waterway Point Shopping Centre. Many primary and secondary schools are also located in the vicinity.

The tender for the site at Yio Chu Kang Road will close on 18 February 2016.

Credits: Propertyguru

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The Straits Times

There will not be a major correction next year but factors from oversupply to lending curbs will keep prices of private homes and executive condominiums (EC) depressed, say analysts. They also warn that any let up on cooling measures seems unlikely in the near term as the price falls have not affected most owners.

Mr Desmond Sim, CBRE research head for South-east Asia, told The Straits Times yesterday: "Most developers are still propped up by holding power as well as land prices, which continued to be quite high over the past year.

"Unless developers are willing to take a big cut in profits, new sale prices should be quite stubborn."

Prices of new homes could fall 3 to 5 per cent next year although projects with many unsold units may cut even more, according to Ms Alice Tan, head of research at Knight Frank Singapore.

The prospects are no better for ECs, with average prices coming down from a high of over $800 per sq ft (psf) in the first half of this year to $780 psf in this half, said R'ST Research director Ong Kah Seng. Average EC pricing next year should be lower, at $750 to $780 psf, he added.

Unsold stock is a key issue bedevilling the private market, with around 24,000 new units languishing in the market. Apart from the amount of unsold units, developers will be under increasing pressure to sell due to Qualifying Certificate penalties and the Additional Buyers' Stamp Duty (ABSD), he added.

Developers have been trimming prices all year as market realities began to bite. Median prices at The Panorama, for example, fell from $1,343 psf at initial launch in January last year to $1,226 psf in October, noted Mr Wong Xian Yang, OrangeTee research manager.

Sims Urban Oasis prices were down from $1,397 psf at the February launch to $1,285 psf in October.

It is clear that buyers - governed by both the Total Debt Servicing Ratio (TDSR) and ABSD - are being more selective.

Mr Elson Poo, general manager of marketing and sales at Frasers Centrepoint Homes, said they are focusing on projects that offer attractive pricing as well as other value propositions such as lifestyle concepts or prime locations.

Frasers Centrepoint has sold around 760 units so far this year, largely thanks to the popular North Park Residences.

Developer MCC Land has also chalked up a tidy number of sales this year, up 55 per cent from last year to 354 units. If MCC Land includes development projects that it manages for Hao Yuan Investment, its total sales would be 487, similar to 470 units sold last year.

While slightly fewer new private home sales took place this year - the tally of 6,619 units in the first 10 months was 4 per cent lower than last year's - the unsold stock of private homes has been falling. There were 24,149 units unsold in the third quarter, an 18 per cent fall from the same time last year and 25 per cent down compared with two years ago, noted Ms Tan of Knight Frank. "The adjustment of prices, albeit at a moderate level from about 2 to 3 per cent discount, coupled with pent-up demand, especially from local homebuyers, has helped improve take-up rates in the last two quarters," she added.

In the resale market, prices at the top five projects this year have fallen between 6 and 11 per cent from 2013, according to OrangeTee, although prices rose at one of the developments.

Resale volumes may have increased but rents are still expected to remain soft due to the many completions expected next year and limited growth in foreign labour numbers, said Mr Wong of OrangeTee.

EC developers could get more desperate to sell where there are more than 300 unsold units at a project, such as Sol Acres, The Criterion and The Terrace, said Mr Ku Swee Yong, Century 21 chief executive officer.

"The raised income ceiling of $14,000 (earlier this year) does not seem to have brought in many buyers," he said.

Overall, private home prices are down about 8 per cent from their last peak in the third quarter of 2013.

Credits: StProperty

Sims Urban Oasis

 

(View Sims Urban Oasis Homepage (Left) and The Poiz Residences Homepage (Right): Price, Location, Floor Plan)

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Posted by on in New Launches

This email address is being protected from spambots. You need JavaScript enabled to view it.">Kingsford Waterbay Artist Impression

Singapore saw residential sales volume increase 4.4 percent quarter-on-quarter to 4,153 units in Q3 2015 compared to the 29.9 percent quarter-on-quarter decline seen over the same period last year, revealed a DTZ report.

“This was the highest recorded volume in the year, most of which was buoyed by the primary market,” said the report.

Primary sales transacted climbed 13.9 percent quarter-on-quarter to 2,410 units. The growth in take-up rate is due to the narrowing gap between buyers’ and developers’ price expectations.

Notably, Singaporeans accounted for 78 percent of the residential property buyers in Q3 2015.

“The last time the proportion of Singaporean home purchases reached 78 percent was in Q2 2013, prior to the announcement of the TDSR,” said DTZ.

In absolute terms, the number of Singaporean private home purchases rose 4.1 percent quarter-on-quarter to 3,023 units.

Meanwhile, non-Singaporeans acquired 1,050 units in Q3 2015, or 19 home purchases more than that in Q2 2015, as buyers remain confident of the city-state’s economic and political stability.

Despite their weakening exchange rates to Singapore dollar, Malaysian and Mainland Chinese home buyers remained the top two nationalities among non-Singaporean buyers. Malaysian buyers snapped up 275 homes in Q3 2015, while Mainland Chinese bought 255 private homes.

The report noted that buying activity from these nationalities were highest in the prime districts, as well as districts 19 and 28.

Despite the increase in overall sales, purchasers with HDB addresses fell 12 percent quarter-on-quarter to 1,509 units in Q3 2015.

On a yearly basis, however, the number of buyers with HDB addresses jumped 20.5 percent, of which almost 50 percent were investors.

According to DTZ, buyers with HDB addresses were also drawn to attractively priced private developments such as High Park Residences, This email address is being protected from spambots. You need JavaScript enabled to view it.">Kingsford Waterbay and Botanique at Bartley.

Looking ahead, DTZ expects demand to be mixed in Q4 2015 as buyers continue to seek projects in choice locations. “More launches are expected in October to November, but sales activity may be subdued with the December festivities,” it said.

 

In 2016, DTZ expects demand “to be weighed down by the likely marginal increase in the Federal interest rates in December, and weakened sentiments of the market.”

Credits: Propertyguru

 

 

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Homebuyers are getting more price sensitive.

According to Colliers International, given homebuyers' persistent price sensitivity and the reduction in their purchase budget under the strict financing rules of the TDSR, prices of mid- to high-end homes in the Rest of Central Region (RCR) and Core Central Region (CCR) showed marked declines amid thinning market activity.

Prices of non-landed homes in the RCR buckled 2.8% QoQ, reversing the 0.4% growth in 4Q 2013, while prices of non-landed homes in the CCR fell for the fourth consecutive quarter by 1.3% QoQ.

Here's more from Colliers International:

Prices of non-landed homes in the Outside Central Region (OCR) slipped by a marginal 0.3% QoQ following 4Q 2013's 1.0% decline, as homebuyers continued to be drawn to the relatively more affordable mass-market homes, thereby providing some level of support for prices.

URA's flash estimate for 1Q 2014 shows that prices of private homes in Singapore are firmly on the downtrend. The price index fell by a faster 1.3% quarter-on-quarter (QoQ) in 1Q 2014, after a decline of 0.9% QoQ in the preceding quarter.

The decline in private home prices for two successive quarters is in line with the slower transaction activities in the primary and secondary sales markets and is an evident sign that the multiple dosages of the government's cooling measures and particularly the Total Debt Servicing Ratio have been effective in arresting price growth and steering the private residential market towards stability.

With affordability being the main concern of homebuyers, developers were seen dangling various sweeteners to attract buyers. These include early-bird discounts, partial absorption of stamp duty, furniture vouchers and direct price discounts. With developers pricing their new projects attractively to generate sales amid waning demand, price declines were registered.

Credits: Singapore Business Review

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