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19 Jun

Prime properties in the Prime districts

Although new suburban homes have been all the rage of late, prime district properties are not going to willingly take a back seat. Despite having suffered a slight setback when the cooling measures were implemented, some choice residential developments in the area are still owning the charts, if not in sales, then in rent.

UP @ Robertson Quay - a serviced apartment managed by HIP Hotel.

UP @ Robertson Quay – a serviced apartment managed by HIP Hotel.

Homes in the prime district 9 have always fetched premium prices, especially with the proximity to town. Cairnhill, Killiney, Leonie Hill, Orchard and Oxley are all within or near the prime shopping district. Up@Roberston Quay has proven quite the head-turner for buyers and renters. So their price tag shows. Units are going for an average of $2,437 psf. And it is only a 99-year leasehold property.

If it’s freehold you’re looking for, then there’s the Rivergate nearby. Two and three-bedder units here are going for $2,255 psf. Other equally popular properties nearby include Watermark Robertson Quay, Sophia Residence and Residences @ Killiney.

The Trizon condominium in Holland Village.

The Trizon condominium in Holland Village.

Further away from town, in the 10th district of Bukit Timah, Grange Road, River Valley, Tanglin Road and Holland Road, the D’ Leedon private condominium continues to take top spot on the leaderboard. It’s proximity to Farrer Road MRT station could have taken it up a notch. Hot on the heels are The Tessarina, The Legend and The Trizon. But if it’s smaller two and three-bedroom units you are looking for, the 248-unit Parvis has the highest asking price at $2, 062 psf.

Are more higher-end luxury properties truly seeing a slack in buyers’ interest or is it merely a slight hiccup?

18 Jun

Property up North not so cold

Especially not those near the number of good schools. Young families who are looking to start their school-going children out at a choice school are targeting properties in these districts up north, including Ang Mo Kio, Toa Payoh, Bishan, Yishun and Woodlands.

Meadows @ Pierce along Upper Thomson Road.

Meadows @ Pierce along Upper Thomson Road.

Rosyth School in Ang Mo Kio, has been well-known and popular with parents for decades. Besides landed properties, the nearest condominiums would be Fontaine Parry, Regentville and Kensington Park. Prices of units at Regentville are tagged at $774 psf for a two-bedder and $858 psf for a three-bedder. St. Nicholas Girls’ School is also situated in Ang Mo Kio and nearby cluster housing include Horizon Gardens and Meadows @ Pierce. The nearby Sembawang Hills Estate and Teachers’ Estate hold a good number of landed homes.

Bishan is the mecca of schools. At the primary level, there is Ai Tong Primary School and Catholic High Primary. At the secondary and junior college levels, the scope extends to include Raffles Institution and Raffles Junior College. Condominiums nearby come in both resale and new sizes. Bishan Point and The Gardens At Bishan are both within walking distance of Ai Tong Primary. Flame Tree Park is also just a few bus-stops away. Nearer Bishan MRT station, there is Bishan 8, and the planned Sky Habitat condominium will soon rise up within the estate.

Sky Habitat condominium in Bishan.

Sky Habitat condominium in Bishan.

A little further up North, private condo apartments near Jiemin Primary School have the option of choosing between Euphony Gardens or Northwoods. All within the 1km radius (which incidentally helps get you that little bit closer to registering your child in the school you have set your eyes one), these two properties, the former a 99-year leasehold and the latter a freehold, are commanding average prices of $770 psf.

TreVistaToa Payoh is yet another Northern territory estate popular with home buyers. Put CHIJ Toa Payoh and Kheng Cheng School in the mix, and you have a recipe for big, juicy home prices. Nearby condominiums include Trellis Towers, Oleander Towers and Trevista. The first is the only freehold property amongst the three, and is situated near Toa Payoh MRT Station. Oleander Towers and Trevista are located near Braddell MRT station. Most of the units for sale are two and three-bedders at an average of $982 to $1,158 psf.

17 Jun

Iskandar Double Happiness

If you were one of the early uptakers at the Iskandar development in Malaysia, you may be laughing all the way to the bank now. Residential properties, in particular condominium units, at the major up-and-coming development across the Straits have doubled in price since it began selling early 2012. Compared to condominiums which were launched and completed even further back, prices now have nearly tripled. But older completed projects are usually situated in less sophisticated or desired locations.

Most of the homes which sold earlier on were landed residential properties, but now the high-rise lifestyle have been calling the shots. Compared to projects launched early last year, prices new apartment developments have almost doubled. Property developers have all jumped on the bandwagon and are ramping up the supply and quality of condominiums. Up to 13, 500 more condominium and serviced apartment units are expected to be built within the next 3 to 4 years. Previously, only 8, 000 homes were built within 6 years, from 2006 to 2012.

Taken at the iProperty.com Expo: International Collection, Marina Bay Sands Expo Centre, Oct 2010

Taken at the iProperty.com Expo: International Collection, Marina Bay Sands Expo Centre, Oct 2010

Afiniti Residence in Medini, in the Iskandar Nusajaya zone, launchd last weekend with units ranging from RM850 ($340) psf to RM1,000 psf. Units at the nearby iMedini which launched in January 2012 were sold then at RM450 psf. Puteri Harbour is another area within Iskandar Malaysia which have proven popular with buyers. It is considered the equivalent to Singapore’s Keppel Bay area. Freehold condominium, Pinetree Residences, launched earlier this year in March, at RM1, 210 to RM 1,616 psf. Serviced apartments Somerset Puteri Harbour Iskandar was also launched at the same time for RM800 psf.

Iskandar ResidencesHowever, buying activity is the busiest around the RM400 psf range, though developers have been pushing for the sales of high-end luxury condos. Besides Singaporeans, who make up a big sector of the property-buying pie at Iskandar, a Japanese firm has also bought an entire 285-unit tower at Iskandar Residences in Medini.

With the rate things are going, it takes a real savvy investor to make his buck go the longest way. It helps that there are many property investment seminars and experienced property agents out there who are sharing their views and advice.

13 Jun

Jurong East New Condominium Launch

Jurong East started out as one of the first regional hubs around the country. It has been looking a little tired as years passed, but it seems it is hitting a revival of late, especially with the upcoming MCL Land‘s launch of J Gateway. Average home prices at this new residential establishment are targeted for $1,1650 psf for a 474-sqft one-bedder to $1,450 psf for a 1,163 sq ft four-bedder.

J Gateway

As one of the few new properties in the area, much less one situate near the Jurong East MRT station, J Gateway has already been garnering strong interest from home seekers. Previous launches in the area have been further away from the MRT station, for example Lakefront Residences and Parc Oasis. The latter is nearer Chinese Garden MRT station.

Just like Punggol, Jurong East is part of the Government’s Master Plan 2008. The 70 hectare Jurong Gateway will include the Jurong East MRT station, malls such as J Cube, Jem, Westgate and Big Box, the Ng Teng Fong hospital, amongst other amenities. Given many of Singapore’s universities are situated in the West, Nanyang Technological University, National University of Singapore and the Singapore University of Technology and Design, popularity of housing in this sector is not surprising at all.

Lakefront ResidencesWhether buyers are accepting these considerably high suburban home prices will be a possible indication of corresponding rise in prices of resale units and rental prices of surrounding properties. Current prices at The Lakefront Residences are $1,434 psf for a 495-sq ft unit. Property analysts are expecting that to inch up with this mega launch. Happy tales for all?

12 Jun

Singapore’s new Waterfront enclave?

If you have your own means of getting to places, do not particularly need to be near MRT stations and fancy having an unobscured view of the sea, you might want to look towards Jalan Loyang Besar.

Yet mainly uncluttered, precisely because it is not near any MRT station , nor an upcoming one, the Jalan Loyang Besar area has been transformed to include several new private condominiums. Some of the residential projects are just a walk away from the beach and Pasir Ris Park.

Ocean Front Suites

The most recent launch, in March this year, is the 58-unit Ocean Front Suites by Regal Realty. 10 units have been sold thus far, for between $1,4999 to $1,574 psf. Shoebox apartment units are available as well, starting from 406 sq ft at $600, 000 to $650,000. At these prices, they are highly affordable to buyers looking to invest in a worthwhile property. It is a 946-leasehold property dated from 1937.

Other properties in the vicinity are mainly 99-year leasehold condominium units such as Sea Esta, Ripple bay, Seastrand and Watercolours executive condominium (EC). The 376-unit Sea Esta is already completely sold following its launch in June 2012. Far East Organization’s Ripple Bay and Seastrand are also almost 90 per cent sold.

Watercolours ECIf you’re looking to quickly move into a completed home, then there is the 71-unit Bluwaters 2. Other projects include Coastal View Residences and Celadon View. Apartment rentals are considerable, mostly coming from expatriates working in the Tampines area. Rents at the Lighthouse condominium currently stand at $2, 500 to $3,100 per month for a two-bedder.

Chris International director Chris Koh is expecting prices in this are to rise as other developments sprout in the years ahead.

11 Jun

Singapore’s West side Story

And so the story begins. For the life of a young family, often with the all important Primary One registration. Many parents would have planned way before their child is ready for primary school, some even moving to situate themselves nearer the school of their choice.

The West districts used to be lacking in good schools, but as the years passed and new schools (new then) set up gain reputation, more parents are looking to send their children to a few of choice schools in areas such as Jurong West, Choa Chu Kang, Clementi, Bukit Timah and Bukit Panjang.

So it would not be too early to consider housing options near West side schools.

Botannia apartments in West Coast.

Botannia apartments in West Coast.

In Clementi, condominiums near Nan Hua Primary, which is only a few bus stops away from Clementi MRT station, include Botannia, Carabelle and The Infiniti. Botannia is also near West Coast Park, and units at this 999-year leasehold property are going for an average of $1,361 psf for a three-bedder. There are also apartments available for rent at the development.

Choa Chu Kang condos such as Northvale, The Warren and Yew Tee Residences are also seeing renewed interest, especially since the De La Salle School has moved from Kampong Bahru to Choa Chu Kang. Units in these three residential developments average between $812 psf and $1,033 psf, with the more expensive units for sale coming from Yew Tee Residences.

Levelz condominium on Farrer Road.

Levelz condominium on Farrer Road.

And along Bukit Timah, the infamous stretch of name schools, stands Nanyang Primary. Although mostly surrounded by landed homes, a few select condominiums have units for sale or rent. To name a few, Dukes Residence on Duchess Road, Charming Garden on King’s road and The Levelz at Farrer Road.

Further West, there is Rulang Primary School, near Lakeside MRT station. Surrounding apartment blocks are Parc Vista and The Lakeshore. Midway between Bukit Timah and Jurong, there is Bukit Panjang Primary School on Cashew road near Pending LRT staiton. Nearby condominiums are Hazel Park, Maysprings and The Linear. Most of these are leasehold 99-year or 999-year properties. What will differentiate prices between properties within the same radius of a school?

10 Jun

Only 14% of resale private non-landed homes dipped in prices

From October 2012 to April 2013, only 4 districts out of Singapore’s 28 districts saw a dip in resale non-landed home prices. And most of them were in the city centre. Suburban homes outside of the Central Region all rose, whether slightly or by leaps and bounds.

The Interlace private condo apartments on Depot Road.

The Interlace private condo apartments on Depot Road.

The area where prices fell the most was District 8, where Little India stands. Resale home prices there dropped 12.2 per cent from $1,320 psf to $1,159 psf, according the the Urban Redevelopment Authority’s data. Most of the units which saw a decreasing psf pricing were those at the 44-unit Jalan Besar Plaza. The other district which registered a big dip in resale home prices was district 12, which includes Balestier, Toa Payoh and Serangoon. In districts 7, 10 an 26, prices dipped as well, but only very slightly.

Sales of new residential non-landed homes were the main reasons behind the drop of resale home prices. Buyers now have more to choose from within the same area and are attracted by all things ‘bright and beautiful’. In Balestier for example, a 154-unit condominium, Prestige Heights, sold their shoebox units at $2,119 psf in March, the highest so far for the development, bringing the median price up.

H20 Residences

H20 Residences

Over at district 28, Seletar’s media prices fell 18.3 per cent from $1,179 psf to $963 psf. Again, new launches in the area could have directed attention away from resale homes.  Units at the newly launched H20 Residences sold at $908 to $1, 006 psf. Seletar Park Residence, launched October last year, registered an average price of $1,191 psf the same month.

Other properties which may have lowered their selling prices are newly launched units at The Interlace and Harbour View Towers in district 4. The former sold at a 24.5% lower median price of $913 psf and the latter at $838 psf in April, a drop of 34%.

But the question remains: Are the drop in home prices are a true reflection of the effectiveness of the cooling measures from 2012 and 2013? And are further measures are required.

6 Jun

2 Doors, 2 keys, 2 rental opportunities

Shoebox units and dual-key apartments have both been taking the real estate market by storm of late. Rental opportunities are often the reasons behind these property purchases. But which will earn you the most in rental income?

Urban Vista at Tanah Merah.

Urban Vista at Tanah Merah.

The answer is obvious. A dual-key apartment will easily earn you twice the rental income with only one property. But with a shoebox apartment, it’s only one set of rent. Unless of course you have 2 properties to rent. But that would cost you the additional buyers’ stamp duty (ABSD).

Developers are quick to catch on as well, and have been increasingly rolling out a higher number of dual-key apartments in their new projects. The Fragrance Group and World Class Land for example, have launched 700 sq ft dual-key units in their Urban Vista project in Tanah Merah. The new Liv on Sophia also has such units, albeit a limited number as there were not many to begin with. The development only has 64 units in total.

Dual-key apartments first hit the market in 2009, when Frasers Centrepoint brought it to the limelight. The main purpose was to cater for large family units who wish to live together under the same roof. Dual-key units are unique in that they have 2 separate entrances with their own keys and are big enough to accommodate large, extended families.Increasingly, these units now appeal to property investors who are looking to rent out both units in order to reap more profits and more quickly. And now for the ultimate plus point: If you purchase a single dual-key apartment, you can avoid the expensive ABSD since you are only essentially buying one unit.

Liv on Sophia.

Liv on Sophia.

In January, new rulings made the second and subsequent property taxable for Singaporeans and first purchases already taxable for Permanent Residents. Singaporeans have to fork out a 7 per cent ABSD for their second property and 10 per cent for their third and subsequent properties.

For smalls families or singles who are able to afford a dual-key unit, it might be the best way to reap profits through rental of the other unit. For now, the Central region is the only area without a restriction on the unit size, thus smaller dual-key apartments are available here and the costs might be considerably more affordable even for smaller families, couples or singles. Liv on Sophia’s dual-key apartments feature a small additional room or “suite” which features a small kitchenette and sufficient space for a washing machine. As a freehold property, units are going at $2, 450 to $2,500 psf.

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