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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?

17 Apr

The case of the shrinking condominiums

Unit size, that is. It used to be that a one-bedder in 2008 measured an average of 678 to 947 sq ft. From 2010, they measured 538 to 678 sq ft. When the minimum becomes the maximum, it may be the sign of times.

 

One of the latest new properties offered - Natura condominium at Hillview Terrace.

Natura condominium at Hillview Terrace.

Property developers have been shrinking condominium sizes to make them fit into the pockets of buyers. And these are not restricted by area, across the board, homes are getting smaller. Shoebox apartments have been the focus these past couple of years, but now, it’s not only the studio apartments which are put under the microscope. Two and three-bedroom units have also been getting the slice. For example, a three-bedder in Natura at Hillview Terrace measures 635 sq ft, that’s even smaller than the smallest one-bedder unit launched in 2008. And before 2008, the same would have gotten you 1,500 sq ft.

As Singapore’s population rises, the challenge to contain all in livable conditions fall not only in the hands of the Government, but also on private developers. High land costs, labour costs, material costs have all contributed to the situation. It’s either higher prices or smaller spaces. Or both. But does this mean buyers now pay less? As competition increase, property developers find themselves fighting for the same crowd of buyers, and trying to put out products which fit into their price points.

Midtown Condominium at Hougang.

Midtown Condominium at Hougang.

Most buyers are willing to fork out $1.5 million for their first or second home, especially since loan limits have been tightened in the most recent round of property curbs. But experts are less concerned about the small size of shoebox apartments than two and three-bedders. They have voiced their concern that while it is reasonable for one person to live in a 500 sq ft studio space, it may not be so for small families to live within 600 to 700 sq ft. And these not only apply to private condos, but also to ECs (executive condominiums).

The trend looks set to continue, but is there any more space left to shrink? What quantifies “livable” space and are Singaporeans getting the quality of life they need?

4 Apr

Executive Condominiums back in the fray

As the price gap between ECs and private condominiums continue to widen, more buyers are choosing the former. Why? It may not be because they are unable to afford a private condominium, but for the same price, they get more space in an executive condo. If you have $800,000 to spare, you can either get a 780 sq ft private condominium unit, or a 1, 100 sq ft EC unit almost the size of a 5-room HDB flat.

Heron Bay Executive Condominium in Upper Serangoon View.

Heron Bay Executive Condominium in Upper Serangoon View.

Current prices for private condominiums are above $1,000 psf. For ECs, they hover around $538 to $809 psf. At The Topiary in Fernvale, 185 EC units were sold for between $600 and $809 psf. Waterbay in Punggol went for slightly less at $538 and $73 psf. Heron Bay sold between $612 and $809 psf.

And what you get in an executive condominium may not necessarily be lesser than a private apartment. Ground-floot units, for example, at Heron Bay EC in Upper Serangoon have private pools with Jacuzzis. Sky terraces and many other fancy facilities are increasing the potential value and attractiveness of these public-private housing hybrids.

Topiary Executive Condominium in Fernvale.

Topiary Executive Condominium in Fernvale.

And not forgetting that ECs can be sold in the private property market after their Minimum Occupation Period of 5 years, why wouldn’t the competition in this sector be tough?The Government has already placed some  restrictions earlier this year, capping the size of EC units to 1, 722 sq ft and limiting the sale of Dual-key apartments (units with separate entrances) to multi-generational families. But will this be enough? Is this market something to watch for and will control be necessary? Will this trend result in an eventual increase the prices of executive condominiums or will it decrease the price of private condos?

3 Apr

Fringe growth for City fringe homes

In terms of speed, the property cooling measures have certainly put the brakes on the growth of city fringe private apartments. Investors are not coming to the buffet table of apartments in areas such as Balestier, Thomson, Outram and Rochor, despite the substantial number of choice units for the picking.

Echelon condominium.

Echelon condominium.

The Urban Redevelopment Authority data indicated zero growth in the non-landed home prices for city fringe areas. City centre apartments on the other hand has increased by a slight 0.4 per cent. The higher stamp duty and tighter home loan limits have detracted many a property investor. In fact, growth in this sector in particular has be flattening since April 2012.

Spottiswoode SuitesSLP International’s head of research, Mr Nicholas Mak, thinks that part of the reason for the flat-lining sales could be that recent launches have been targeted at investors. These include Echelon near Redhill MRT station, Seasuites in Pasir Panjang and Spottiswoode Suites near Outram Park MRT station. Projects such as these has a significant number of one and two-bedders, which have been the hot favourites of real estate investors for sometime.

Have residential home prices in this area reached a saturation point and what will it take to get the buyers back into the market? Will there be spillover interest from the suburban private home market which is doing exceedingly well for the moment?

25 Mar

4000 spanking new HDB Flats. 470 in Punggol

Once it was a merely place with large open spaces where grass grew long and was a prime spot for wedding photos, and really nothing much else, but now Punggol is living up to its name as one of the top waterfront living areas in Singapore.

Watertown condominium.

Watertown condominium.

Besides all the parks, waterways, malls, transportation updates and new condominiums, HDB dwellers will be joining this fleet of new residents. At least 470 or them, but definitely more. HDB has announced last Friday that up to 4000 HDB flats will be rolled out in the latest BTO flat sales launch, with almost one-fifth of them in Punggol alone. This is one of the first time since July 2012 that new HDB flats have been offered in Punggol. The pent-up demand may now be unleashed with abandon. As one of new towns with the fastest rising median HDB flat prices, a 3.7 per cent rise within the last 6 months is certainly nothing to scoff at.

Other units will be launched in Sengkang and Bukit Batok. But experts are expecting most of the interest to be focused on Punggol. It’s not difficult guessing why, what with the Government lauding this area as an up-and-coming buzzing new town, the premium model for waterfront living within mainland Singapore. Four and five-room flats ranging from $294,000 to $363,000 are expected to fly off the shelves the quickest.
Matilda Portico HDB BTO Flat in PunggolThis is the last launch before the new initiative making 15 to 30 per cent more flats available to second-timers is set in stone in May. This applies mainly to the two and three-room flats but it may also mean more competition for these HDB flats, especially since singles may also be allowed to purchase new HDB flats in July this year. Not forgetting that the National Development Minister Khaw Boon Wan has make a promise to lower the prices of new HDB flats in future, will some buyers be willing to wait it out and see if they can catch a fresh crop of cheaper, newer flats?

19 Mar

February’s amazing new home sales

Amazingly low, that is. With figures not seen for more than a year, it looks like the Chinese New Year general pausa and January’s cooling measures have hit the private property market hard. For now. http://blog.iproperty.com.sg/wp-admin/post-new.php

February saw a 65 per cent fall in the number of home sales. 2, 016 home were sold in January while only 708 were sold in February. Some of the condominiums which fared well were D’Leedon at a median price of $1, 540 psf and Q Bay Residences in Tampines at $1, 041 psf.

How will Singapore's private property market react to the recent housing policy changes?

But the developers are back with more offers, and dangling attractive discounts and partial absorption of stamp duty to bait buyers back into the market. With the way response was over last weekend’s new property launches, March’s numbers could very well bounce back double.

Buyers seem to be ditching their wait-and-see attitude and as long as there are no further property curbs, they will be back before you can say “uncle”. Head of research at SLP International Mr Nicholas Mak, is expecting private home sales to run between 3, 000 to 5, 000 units a quarter. That is 12, 000 to 20, 000 private homes in 2013.

Though new launches in March and HDB’s regulation overhauls might effect a U-turn and drag numbers up once more, it may be months before results show.

18 Mar

Busy weekend for New Properties

Property showrooms were abuzz last weekend. With buyers looking to buy following the January cooling measures. Developers are hoping to tap into the pent-up demand which has been on hold since early this year. As the dust settles in the HDB market following its series of announcements after the Budget talks last week, the private property market is taking the chance to capture as much interest as they can now.

D'nest condominium.

D’nest condominium.

Hoping to catch some fishes are D’Nest near Pasir Ris MRT station, Sennett Residence and The Trilinq. Residential properties in the CBD areas may also need to watch for the launch of Far East Organization’s mixed use commercial property SBF Centre. When complete, the influx of 196 office units and 48 medical suites may bring business to other residential properties in the vicinity.

Units at D’Nest were going for an average of $999 psf but there is an early bird price of $920 psf, but that is after the 7 per cent direct discount to temper the sting of the additional buyers’ stamp duty. Launch prices are set at $498,000 for a small 484 sq ft one-bedder to $1.15 million for a 1, 270 sq ft four-bedder. This Pasir ris condominium is set to receive its Temporary Occupation Permit  (TOP) in 2017. Prices of surrounding condominiums might benefit from its overflow and one should take note that its developer, CDL, still have space left for further development in the same area. Might we expect new residential projects nearby soon?

In Potong Pasir, Sennet Residence which as has already sold 70 per cent of its 332 units, sold 175 last Wednesday alone. Units there are priced at $1, 450 psf and the area which is largely yet untapped by new HDB launches, have drawn interest from private property buyers in the past. If new properties enter the market later this year, this might be a spot to watch.

7 Mar

Holland and Bukit Timah properties Big Hit with Expatriates

Despite January’s cooling measures, rental and sale prices of residential properties in the Holland and Bukit Timah areas remain high. A district commonly popular with expatriates, they are getting increasing interest as expatriates move away from the prime areas around town in search of something not too far away, but provides privacy and exclusivity at the same time.

The Trizon condominium in Holland Village.

The Trizon condominium in Holland Village.

Rental alone saw a 4 to 7 per cent rise in comparison to 2012, according to ECG Property. Property agents are seeing a hike in enquiries and requests for short-term leases, usually of a one-year period instead of two.

Property agents have always been familiar with the popularity of homes in Districts 9, 10 and 11, and SLP International‘s research shows that sale prices have risen 8 per cent and new properties along the stretch have brought prices up even more.

New properties along the Holland and Bukit Timah stretch has brought rental and sale prices of units at neighbouring, older apartment blocks up with them as well.

New properties along the Holland and Bukit Timah stretch has brought rental and sale prices of units at neighbouring, older apartment blocks up with them as well.

For example, units at the Trizon command rental prices of $6,500 – $7000 for a three-bedder. Neighbouring Ridgewood Condominium, which is an older establishment, also commands $5000 for a 1, 615 sq ft apartment. The newer One Devonshire condominium along Holland Road has also pulled rental and home sales up along with it.

Property investors could have something to look forward to, with an upcoming residential project at the existing Henry Park Apartments site. It is situated directly across Henry Park Primary School and that could be a plus point for some families.

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