Quality of life in quality homes

The number of private residential properties out there have blossomed, and with the options so far and wide, how do you narrow down your choices?

Location is often one of the first considerations for time-conscious buyers, but there should also be some leeway, depending on a balance of affordability and other factors such as age of the property, to consider quality of life and the lifestyle you’re in search of.

There are now a good many more properties offering waterfront living, or high-rise units with scenic views of the city of greenery than before. Take the 147-unit Riverbay apartments for example. Though not a massive development, its smaller size provides an exclusivity and quiet, especially with its view overlooking the Kallang River. Located at the fringe of the city, it also offers lush greenery and is close by the Kallang Park Connector. Other pros include the provision of a number of schools nearby including St. Andrew’s Junior and Secondary schools and Junior College, and the Stamford American Internationl School.

Suites@OrchardAnd if it’s stylish interiors and city-centre-living you’re looking for, then set your sight on properties in district 9 – Orchard and River Valley. Properties in this areas are pricier, but they do come with many pluses such as quality interiors, fittings and finishes; and are just a quick walk away from the Orchard shopping belt and MRT stations. Near the Dhoby Ghaut MRT station, in fact just next to the Plaza Singapura shopping mall, is Suites at Orchard – a 10-storey project with a range of units ranging from one-bedders to penthouses.

But if it’s resort-style living you are after, then looking East would not be such a bad idea. Take Palm Isles in Flora Drive for instance. It is situated close to Changi beach, though they already have resort living down pat right on their doorstep with dip pools, spa pools, lounge pools and lap pools all in its midst. The development also offers one of the few landed houses within a private property compound – 28 three-storey homes featuring 3,757 sq ft Garden Homes and 3,014 sq ft Garden Terraces.

Though choices are aplenty, and it is wise to shop around till you find a unit you like, narrowing down on the kind of lifestyle you want will help you be a step closer to your dream home.

The Criterion EC in Yishun

One of the latest executive condominium (EC) offerings certainly meets quite a lot of criteria for a good property. The Criterion EC in Yishun, jointly developed by City Development Limited and TID private limited, is set to yield 505 residential units by 2018.

TheCriterionThis new EC will feature units will range from two- to five-bedders and exclusive penthouses which offer scenic views of the golf course at Orchid Country Club or the Lower Seletar Reservoir. This new development will also offer flexi-units which allow buyers to select a room configuration that best suits their needs. Plus, a high percentage of the units will also have the optimal north-south facing orientation which most home owners look for to avoid the heat from the rising and setting sun and also allows for natural ventilation.

Its location also puts it in close proximity to the Yishun MRT station and bus interchange, the up-and-coming Northpoint City and a good number of schools, not to mention the Yishun Sports stadium and Sports Hall. Medical facilities in the vicinity include the Khoo Teck Puat Hospital and Yishun Community Hospital.

Buyers looking to book a unit can first view the show flat daily from 10am to 7pm, located near at the end of Miltonia Close. They will also be interested to know that The Criterion is the first EC to offer a microbubble spa from Japan aside from the range of more than 50 facilities promoting varied lifestyle activities such as yoga, cycling, swimming, starlight dining and community farming. How’s that for a modern living microcosm for you?

Private property market – The road ahead

The outlook for private properties seems a little vague for the moment. Though the market seems to be enjoying a respite, with prices maintaining its current level, and prices have risen slightly over the past two months, property experts are expecting an overall fall of 3 to 4 per cent in the Singapore Residential Price Index (SRPI) this year.

Buyers looking out for good deals are picking up units across both the central and non-central regions. Recent increases in the SRPI could be due to the rise in number of transactions especially in the central regions with 0.6 and 0.2 per cent increases in June and July respectively.

WoodhavenThe rental market, however, has remained weak, especially in the suburbs. And as rents begin to fall in the central regions, many tenants are making quick comparisons and opting to move into more centrally-located properties instead. For example, a private 2-bedroom condominium unit in Woodlands is being rented out for $2,000 a month, which is comparative to leasing a 3-room HDB flat.

But for buyers and investors who are considering purchasing private properties, investing in bigger resale or new properties may be preferable as smaller units will be facing fiercer rental competition once many of these units reach completion next year.

Choa Chu Kang’s Executive Condominium Future

With 11 bids for an EC (Executive condominium) site in Choa Chu Kang, it looks like the estate may be looking at 490 new homes in the next 5 years. The avid response could be due to the huge decrease in land supply this year and the possibility of the government further reducing the supply of land in the next year. In 2012, 6 EC sites were released in the second half alone; whereas this is the only EC site release by the government in the first half of  this year.

The BrownstoneCompared to last year’s EC site sales in Choa Chu Kang, the current site went for lower bids, and selling prices are expected to hover around $800 psf. The previous sites which were sold last March and September last year are however, closer to the Choa Chu Kang MRT Station.

Though there are 7 EC properties waiting in the wings for their big debut, and despite news that the EC vacancy rate was at 14.1 pre cent in Q2, developers are positive about the potential earnings from these public-private hybrid properties and are confident about the uptake. In Q2 alone, there were 2, 232 unsold EC units.

But if sales at last weekend’s launch of The Brownstone EC were anything to go by, the developers have little to worry about. 185 units were sold in the weekend alone, making it one of the most-sold EC launches this year.


Resale property prices slide further

The private property market seems to be going the way property analysts have predicted in the beginning of the year. Over the last 6 months, prices of completed private property have fallen 1.9%. The steepest fall was in the beginning of 2014, at 3.7%. Though the decline has continued, the fall has been lighter in the quarters following.

Maysprings condoSince the implementation of the Total Debt Servicing Ratio (TDSR) in June of 2013, property prices have fallen at varying speeds over the past 2 years. A total of 42,606 new homes are expected to be ready for occupation within these couple of years and up to 96 per cent of the land sold this year are expected for future non-landed homes. It may become a tussle for prices and buyers, between new and resale properties.

As rental demand also continues to dip, prospects for the property market seems to have dimmed slightly, though select properties will still hold potential. Property experts have explained that the dip in prices in the resale market may have been due to the ability of individual to be flexible with prices. New properties which are being sold by developers have the means to stick to their guns in terms of pricing. The scale for rental supply and demand is likely to continue leaning towards the former.

Weekend in the East – Pasir Ris

It’s almost the weekend. And when we think weekend, the mind often goes straight to the eastern districts with its breezy, relaxed atmosphere and sunny skies. Besides the popular East Coast and Marine Parade hot spots, there are also lots to see and do in the country’s edge of Pasir Ris.

The PaletteIn Malay, Pasir Ris translates to “White Sand” and this coastal town has long be lauded for its tranquility, almost like a secret tucked away in the quietest part of the island. But not to be mistaken for exclusion from the usual conveniences of city living, it is well-served by trains and buses and has a buzzing town centre and a few malls to boot. Add the revamped Lorong Halus Wetland, Sungei Tampines River and Sungei Api Api, Pasir Ris Park and it’s akin to having our own “The Hamptons” of our own. A countryside in an island city.

Private condominium apartments in this area include Seastrand, NV Residences, Coco Palms and The Palette. One of the latest executive condominium (EC) offerings, Sea Horizon, is also in its midst. With the infusion, of these private residential properties in the area, it is not surprising that HDB flats in the area and the surrounding district of Tampines are also gaining popularity with buyers.


EC’s potential attracts buyers

Most who qualify for an executive condominium (EC) are likely to apply for one when weighing the potential of an EC against a private condominium. And that perhaps fulfils the purpose of these public-private housing hybrids, which is to help citizens make a progressive step into the private property market. EC’s are public housing which become private housing after 10 years. This means buyers are able to enjoy the perks of a private residential apartment including the facilities and the eventual potential appreciation in value in the open market as a private property. There is an income cap however, at $12,000 in gross household income and the minimum occupation period (MOP) of 5 years still apply as they are essentially public housing provided by the Housing Board (HDB) on the onset.

The Vales

Their popularity has risen immensely, reflected in the often-sold-out launches. At the Forestville and Sea Horizon ECs by MCC Land and Hao Yuan Investments, up to 95 per cent of their units have been sold. Both properties are expected to receive their temporary occupation permits (TOP) by 2016.

The 653-unit Forestville executive condominium is situated in Woodlands, an upcoming regional business hub, and near the future Woodlands South MRT station. Schools in this area include the Singapore American School, Innova Junior College, Singapore Sports School and Republic Polytechnic. Across the island in Pasir Ris, just two bus stops away from Pasir Ris Central, the 495-unit Sea Horizon prides itself in being the only EC with a sea view.

It will be an exciting market to watch as there are quite a few new ECs being launched in this half of the year, including Westwood Residences, The Brownstone, Sol Acres and The Vales.

Move further away for better property deals

No longer are buyers limiting their sights to properties in familiar districts or estates. They are now willing to move from one end of the island to another if the draw of a property and its potential value in appreciation is strong enough.

This could be certainly be seen from the weekend turnout at the High Park Residences launch. Situated in Sengkang, a district only a few were willing to move to a decade ago, the Fernvale Road show suite of this latest mixed-use development in Sengkang was swarmed with interested buyers from all over Singapore; a sign that buyers are now more savvy about property investment and keen on purchasing properties with long-term goals in mind.

High Park 2Previously monopolised by public housing, Sengkang is slowly rising up as a popular new town with young couples and families. Private condominiums have also entered the district with gusto and buyers are snapping up units at resale and new private apartments in the area. Some of the properties in the area include Riverbank, La Fiesta and Rivertrees Residences.

High Park Residences will boast a mix of commercial, recreational and residential units. Out of their 1,390 units, 1,100 have been sold, with all the one-plus-study, bungalow and commercial units snapped up. With the Thanggam LRT station and Seletar Mall nearby, it’s no wonder this new kid on the block was popular with buyers.