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20 May

Variety of New Properties for the picking

After a brief respite in the property market, new property launches are back to make for a hot and heated summer.

Stratum in Pasir Ris.

Stratum in Pasir Ris.

Five new residential developments across the island are offering home buyers plenty of sweet ptions to pick from. Properties in the city centre include the 366-unit Corals at Keppel Bay near HarbourFront MRT station and Liv on Sophia near Dhoby Ghaut MRT station. The proximity of these developments to transport and amenities should mean they are popular with buyers and investors alike. Corals at Keppel Bay is situated beside the Caribbean condominium and previewed the weekend past. 100 more units will be launched this weekend. Prices range from $2, 000 psf for a one-bedroom unit of between 570 and 732 sq ft. Ferra condominium in Leonie Hill in the prime district 9 also released its remaining 22 units of its 104 units. A 732 sq ft unit is going for $3,160 psf.

Fancy being even nearer the city centre? Liv on Sophia on Adis Road offers 64 two-bedders starting from $2,500 psf. Buyers will have to wait a little longer for these though as they are launching only end of this month or early June. Also in the property launch pipelines is the mixed-use project King Albert Park Residences. With the Bukit Timah Shopping Centre and Bukit Timah Plaza nearby, King Albert Park Residences will add even more colour to the area with its 107 retail units and 142 residential units. It will also be flanked by the  upcoming King Albert Park and Beauty World MRT stations. Property agents are expecting prices to start at $2, 000 psf for the smallest 484 sq ft units.

King Albert Park Residences is a mixed-use development with retail and residential units.

King Albert Park Residences is a mixed-use development with retail and residential units.

And further in the East, Stratum in Pasir Ris launched last Saturday with a $900 psf median. The 99-year leasehold condominium will stand across Elias Mall and the new Singapore University of Technology and Design. Will this increase the potential investment value of the property? How will other older condominiums nearby fare?

Another new suburban launch to look out for is the Jewel at  Buangkok, just 2-minutes away from Buangkok MRT station. To be launched within the next few weeks, a small 463 sq ft apartment is expected to go for $1, 000 psf. In an area yet to be saturated with private high-rise properties, how will this new project fare? Will it bring more interest and development into the area?

8 Apr

No stamp duty relief for Singles

If you’re thinking of changing homes. And you may find yourself having to rent or find some other way to put a roof over your head for the time between disposing of your old home and getting the keys to your fully furnished new one. If you’re unable to maneuver around that, then get ready to foot the Addition Buyer’s Stamp Duty (ABSD).

The Ministry of Finance (MOF) made this ruling clear late last month, when questions came up regarding stamp duty relief for second and subsequent homes. Married couples get a refund of the additional buyers’ stamp duty (ABSD) if their first home is sold within 6 months of buying a resale one or the completion of a new home.

Photo by HDB.

Photo by HDB.

Singles however, will have no such benefit. Plus they have to first dispose of their first home before they can even put their name down on the dotted line for a new one. Which leaves them perhaps “homeless” for the interim period, however long that might be. 2 years or more if they are waiting for a new condo or HDB flat, and perhaps lesser if moving into a resale unit, provided no renovation is needed. At best, they may need to rent a place for a couple of weeks. But it could very well come up to years of not having a permanent address.

What singles could do during this interim period include:
1. Renting a place
2. Bunking in with a family member of friend
3. Secure an extension of stay with the buyer of their current home

The increased ABSD was implemented to cool the market, especially the investment sector. Thus, concessions are limited to only a narrow band of buyers, namely married couples who are Singaporean citizens. Some industry analysts have voiced their concern regarding this ruling, as singles have as much a part to play in the Singapore economy as married couples and should not be penalised as such, as long as they eventually only own 1 home.

MOF has said that if they extend the circle to include singles, the cooling measures will hardly make a ripple in the market. They are open to reviewing this in the future, but for now, these rulings will stay.

27 Mar

March Madness in the property market

Fears that the private property market may see a big dip in sales volume and prices could be temporarily set aside following news that 300 more new homes were sold in March, till date.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Over the weekend, four new property launches at D’Nest near Pasir Ris MRT station, Bartley Ridge in Mount Vernon, Urban Vista and Hillion Residences at Bukit Panjang. If things keep up, March new home sales could very well overtake January’s 2, 016 figure. February’s numbers are understandably lower due to a shorter month and the Chinese New Year.

Despite these positive numbers, some property analysts say things will not be like before, when a new condominium would sell out within 2 to 3 months. What may happen now is a situation where the preview sees heated response, where choicer units are snapped up, leaving the rest of the units to sell slowly throughout the year.

Kingsford Hillview Peak condominium in Upper Bukit Timah.

Kingsford Hillview Peak condominium in Upper Bukit Timah.

And of course, properties near MRT stations will go at a quicker pace, mostly targeting young couples. The D’Nest residential project is the prime example, with almost 600 units sold. Its proximity to the Pasir Ris MRT station is one of its main selling points. This Friday, Kingsford Hillview Peak in Upper Bukit Timah will be launched. Is this the one you have been waiting for? Are we expected to see more launches coming up soon and what will the response be then?

26 Mar

Suburban condominiums may be in for a downturn

The recent property measures seemed to have been forgotten, but its effect may just be taking root. Despite all the suburban homes which developers have been launching and selling this first quarter, it may be headed towards a limp finish.

Urban VistaOnly 1,544 resale homes were sold up till March 12, maybe hitting 2, 200 by the end of the month. But this is a far cry from the 3, 647 homes sold in the last quarter of 2012. In 2011, 3,761 homes were sold on a year-on-year comparison. Recent private residential apartment launches such as Sennett Residences, D’Nest and Urban Vista may pick things up by the scruff of the neck and pull numbers up after all. Since their launches, 1,400 new homes have been sold, including three other property launches.

So new homes seem to be doing well. But resale homes may be at the opposite end of the success spectrum. Most owners are keeping their current private home, what with the increased ABSD (Additional Buyers’ Stamp Duty) and tighter loan limits which were part of January’s property cooling measures. And it seems they are not so quick to lower their prices as well, unlike developers who have dangled discounts and other incentives to new home buyers.

What the ABSD has done is to increase the stakes for property owners who are looking to buy their second home. There will now be a 7 per cent stamp duty. And owners of completed homes may not see the urgency to offload their current property, perhaps only with the exception of those looking to downgrade. But until resale HBD flat prices drop, they may not act so quickly as well.

Activity will not wane in the private property market, but instead, it seems like it may be the battle between new and resale. Which will you go for?

4 Mar

Have HDB flat. Will buy Private Condominium

More are doing just that, it seems. A recent analysis of property market trends by DTZ Research has revealed telling signs of how many HDB upgraders out there are buying a second private property. In fact, out of the number of buyers who bought private homes last year, more than half currently live in HDB flats. 9, 380 private property units were purchased by buyers with HDB addresses whereas only 8, 239 units were purchased by those who are already in the private property market.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Industry players speculate that most of these buyers could be singles living with their parents in HDB flats or parents who were buying properties for their children (or under their childrens’ names). There could also be buyers who bought private properties to live in whilst renting out their HDB flats to help pay for the mortgage. Under the current HDB rulings, HDB flat owners who fulfill their Minimum Occupation Period (MOP) are allowed to purchase private properties.

With that in mind, one of the most sellable properties were none other than the shoebox apartment. Strong demand for new private homes fell mainly into this lucrative category as these small units were mostly under $1 million and were considered to have high rental yield. A record 1, 675 shoebox apartments were sold in 2012, 17 per cent more than 2011.

Rising resale HDB flat prices could be the reason for driving HDB upgraders into the private property market. And mainland Chinese took first place in Q4, taking up 20 per cent of all foreign property purchases. That is one in four units bought by overseas buyers.

What does this really tell? Are the property cooling measures targeted at the right folks or have they left the essential market unchecked?

24 Jan

Will the property cooling measures bite?

They might. According to DBS Group Holdings chief executive Piyush Gupta, the most recent cooling measures ‘have a lot of teeth and affect everyone’. Some of the biggest teeth include higher additional stamp duty and stricter loan limits. Thus is will somehow impact anyone buying a home, whether it is the first-time buyer or the seasoned real estate investor.

What do the recent residential property prices and sales figure indicate for Singapore?

What do the recent residential property prices and sales figures indicate for Singapore?

Mr. Gupta considers the measures a possible reflection of the Singapore Government’s dilemma balancing between ‘growth versus inflation, and growth versus social stability’. Not surprising since housing was one of the most hotly debated issues at the last elections.

There is speculation that home sales may dip by as much as 30%, in number, not in price. Property buyers may back off for a while but in the near-term, prices are expected to stay high as developers currently do have a strong balance sheet and some holding power. As time goes by, prices are expected to either plateau or dip 5 to 10 per cent, mainly in the prime segment.

As developers continue to buy up land from the Government Land Sales Programme (GLS), they will continue to build new homes at the current market high. And as population is expected to continue to rise, it might not be likely that prices will drop due to a demand-supply imbalance. Stable employment and interest rates will also keep the game going. The tipping point is not yet in sight.

According to a UOB report by Mr Francis Tan and Mr Jimmy Koh , even if home prices were to correct, first-time buyers may take the opportunity to buy thus softening the blow on the market.

Well, in short, whether or not you should play the waiting game, depends entirely on whether you have the time and money to wait, or not wait.

17 Jan

The rise of the Private Homes

Prices, that is. Private home prices look like they are on the way up. As suburban land prices steadily head upwards, a total of 22 per cent in 2012 alone, prices of new private properties may follow suit. 20, 879 private units were sold in January to November last year, boosted mainly by the regular supply of residential sites from the Government Land Sales (GLS) programme.

Cashew Crescent Terraces

And in 2013, as long as the supply of land sites continue, demand may be sustained at a respectable level. While the new private homes market is expected to do relatively well this year, they may stay just under last year’s numbers. The Government is keeping a close watch on the shoebox apartments sector and has implemented a cap on the number of non-landed private homes outside of the Central area. Property developers may find a drop in buyers due to subsiding rental demand.

However, landed property seem to top of the leader board with a 9.7 per cent increase, the largest rise in the private property sector. Is this because investors are expecting further rise in prices this year or at least within the next two years? Resale condominiums have also reflected a 3.4 per cent increase, though at a much slower pace compared to 2011′s 8.4 per cent.

Studio MarneForeign interest in the luxury segment is increasing, as more Chinese flock back to the market, especially as China’s economy improves. Reports reflect a hike in the numbers of Chinese buyers of properties above the $5 million mark.

If Singapore’s real estate market continues to walk the current path, it certainly puts big beams on property investors and sellers’ faces. In terms of the overall property and housing market however, uncertainty is masked. Are we heading towards the point of no return? Or is this merely healthy growth?

14 Dec

Fitting Old furniture into your New home

When moving from a small space into another small space, it’s often simply a matter of rearranging what you have to fit your new property. It’s a great chance to change what you didn’t like before into something you will love now! But before you bring out the big guns, sheath that credit card and see how you can work with what you have. Accents are often just what you need.

Accentuate Home WIndows

First step, layout. Think about how you can use the one space for a few purposes. For example, you can push that big table up next to the wall, tier it up with a simple shelf and use it for both a TV console, a workbench and also some space to hold those last minute items you may need when you leave the house for the day. One super easy way is to cut out sizes of newspaper that match the measurements of your furniture, lay it on the floor (if possible in your new home) and see if they fit. If not, you can always shift them around easily (no muscles or gym workouts needed there) before moving in the actual pieces. Don’t forget to take into consideration the height though, you don’t want to live with a perpetual bump on the head!

Now, before you buy anything or even start packing, you might want to get a sturdy tape measure. Just that 1 or 2 inches off may make an originally useful space obsolete, or cause more problems in future when you want to add another piece of furniture into the equation. It may take a day or two of back and forth of measurement, plus some hard thinking about where to place your existing items, but trust me, it’s worth it.

Accentuate Home Horizon Towers

And of course, when viewing your new home, don’t forget to take note of where the lighting sources are or you want to be. If there are no ceiling or wall light fixtures, you might have to allow some space for floor lamps or table lamps. Have a think about where the sunlight comes from in the day, and how you want your room to feel at night. And also take a look at where the power points are. If you don’t fancy tripping over wires or seeing these black or white skinny wires strewn all over the floor, then you might want to think about having some re-wiring down before you move in. Also, not forgetting how mirrors can help you reflect some light and reduce the number of light sources (and hence electricity bills!) in your home.

Accentuate HomeThis article is contributed by Accentuate Home, a bespoke home furnishing provider who brings eclectic furniture and sophisticated interior design to the table. Founded by Aisha, Accentuate Home is established as a brand that provides a unique flavour of interior style to each project she undertakes. Her success lies in constructing signature blends of space, furnishing and home accessories.

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