Glass tower condominium project in KL

eatonresidencesgshThe glass ceiling may not be such a bad thing in the case of this 52-storey private residential project in Kuala Lumpur. The massive development will feature an all-glass facade and an infinity sky pool – the highest in KL.

Developed by Singapore’s GSH Corporation, it is the developer’s first condominium launch in KL though they already have a slice of the real estate pie with their involvement in the Sutera Harbour Resort in Kota Kinabalu and also the Coral Bay@Sutera residential development just next to The Magellan Sutera Resort .

eatonresidences2Photo credit: GSH Corporation

Overlooking the Petronas Twin Towers and Royal Selangor Gold Course, the 52-storey Eaton Residences will have views that may be well worth the RM1.14 million (S$375,000) to RM4.92 million (S$1.62 million) price tags. The 99-year development is slated for a completion date of 2020 and will consist of 632 units, each with a unique view of either the Petronas Twin Towers or the golf course due to the specially-designed tilt of the building. It will have a good range of 635 sq ft one-bedders to 2,874 sq ft four-bedders as well as penthouses sized between 2,200 to 3,000 sq ft priced at RM$4.19 (S$1.38 million).

GSH has released 200 units in its initial launch where 150 units have already been booked through private previews.

Executive condominiums top August property sales

August was a good month for the executive condominium (EC) market, with all 3 top sellers coming from this particular property sector, namely – Treasure Crest in Sengkang, Sol Acres in Choa Chu Kang and Bellewoods in Woodlands.

Bellewoods ECUnderstandably, there were not many major property launches in August with only 590 units launched in the month at Victoria Park Villas in District 10. A total of 805 units were sold, less than half of the 1,921 sold in July, with 41 per cent of the month’s sales coming from ECs. But demand for these rare hybrid public and private properties seems to be rising.

The price gap between ECs and private properties may be closing in as resale private property prices continue to dip though there is still a considerable distance between these 2 property types. The median selling prices of all 3 top EC developments below $800 psf whereas average prices for private apartments are mostly above the $1,000 psf range.

Sol Acres Besides comparison with ECs, new developer launches have also been fighting market competition from completed resale units, providing discounts and other incentive schemes to entice buyers. As a hybrid between public and private housing, EC buyers can tap on HDB grants and subsidies in the initial purchase and after 10 years, are able to leverage on the private property status of their property, harnessing the full capacity of a private resale condominium.

 

Indian Diaspora form new group of property buyers

Diaspora has always been one of the many lucrative ways of boosting a country’s economy, one of the most obvious ways being through the media industry, and the next being the real estate sector. Diasporas’ high disposable incomes may also translate to higher investment demand and capabilities. And when provided with ample and clear opportunities, they are more likely than not to bite.

godrejthetreesmumbaiPhoto credit: Godrej Properties

The Chinese and Indian diasporas are especially strong globally, and now the Indian diaspora in Singapore is being seen as a worthy target audience group for one of India’s largest real estate developer, Godrej Properties (GPL).

GPL has already been actively working with clients all over the globe, namely in the UK, USA, Africa, Australia, Dubai, Hong Kong and Singapore but now with major luxury development projects happening in over 10 Indian cities such as Mumbai, New Delhi, Kolkata, Hyderabad, Ahmedabad, Gurgaon, Noida, Chandigarh, Pune, Nagpur, Bengaluru and Manglore, they are strengthening their marketing efforts to their global diaspora as these new properties are likely to be of interest and are highly affordable to these overseas individuals and entities.

godrejeternitybengaluruPhoto credit: Godrej Properties

GPL first established themselves internationally in 2014 in Dubai, and now their Singapore office will also serve an international clientele, with a focus on providing residential property investment opportunities to Indians in Singapore, Malaysia, Indonesia and Hong Kong.  Their office will be situated in One Fullerton Road. Foreign nationals or companies also invest in properties in India though they will have to fulfil more specific requirements set by the Reserve Bank of India.

 

Consumer awareness crucial for property industry

The local property industry landscape has been changing quite a bit over the past few years, in particular for the consumer. The authorities have been working on transparency and consumers now have more information at their finger tips, and perhaps even more as net prices of de-licensed projects’ will soon be available as well.

singapore-property-authoritiesCurrently, the Housing Development Board (HDB) and Urban Redevelopment Authority (URA) both provide property statistics and data on their websites. The Singapore Residential Price Index (SRPI) by the National University of Singapore (NUS) Institute of Real Estate also provides month-on-month transaction-based information for private non-landed residential properties.

ardmorethreeThere are however some caveats to take into consideration. URA’s quarterly price index for example, does not include the discounts and incentives which developers sometimes provide. Only the net-price will be recorded, thus consumers will do well to take this into consideration when viewing statistics and median monthly transaction prices. The change will take effect this month, which means the price index may have some downward pressure put on it as current figures may be inflated. De-licensed projects which have obtained their Certificate of Statutory Completion and thus do not come under the Housing Developers Rules, such as OUE Twin Peaks and Ardmore Three, are known to provide incentive schemes to their buyers such as 15% discounts and Additional Buyer’s Stamp Duty (ABSD) rebate.

A recent case of a property agent who handled and misappropriated cash handed to him by his client also brings to light that consumers may not be entirely aware of what they are entitled to or what their agents are allowed and disallowed to do. In brief, it is against the law for property agents to handle any cash on behalf of their clients.

Keppel Land develops mixed-use project in Yangon

Photo credit: Keppel Land

Photo credit: Keppel Land

1993 – the year Keppel Land first dipped their toes into the Myanmar property market by breaking ground for the Sedona Hotel Yangon. Now almost a decade and a half into the 21st Century, they are building an even stronger presence in Myanmar as they tie up with Myanmar conglomerate Shwe Taung Group to develope serviced residences and Grade A offices in the heart of Yangon.

More developers are making headwinds in Asean countries such as Vietnam, Laos, Cambodia and Myanmar. The potential for growth in these countries is immense as they rapidly open up to the international business and investment world. As the pool of young, educated professionals grow, so does the interest in these South-east Asian countries.

At Junction City in Yangon, Keppel Land is already in the second phase of developing this massive mixed-use project which will eventually house the 260-unit Sedona Suites and 50,000 square metres of office space in addition to the Pan Pacific Hotel, an entertainment centre and retail spaces.

sedonahotelyangon

Photo credit: Sedona Hotel Yangon

International investment monies have been pouring into the city and country in the past few years, and there are no signs of slowing down as yet. Property developers and real estate companies are capitalising on this population and commercial business boom by providing quality accommodation and business spaces – and rapidly too. The second phase of Junction City is scheduled for construction beginning in 2018 and 33, 400 square metres of Grade A office spaces will be ready as soon as the early part of 2017.

Home loan refinancing may become easier

Property cooling measures putting a kink in your investment or financial planning? There may be some relief in that arena soon.

money-imageDespite emphasis that the property cooling measures are here to stay, the Monetary Authority of Singapore (MAS) is fine-tuning part of the regulations to help owner-occupiers take a quicker step towards purchasing their own home. The current total debt servicing ration (TDSR) framework is strict and keeps a huge number of borrowers from refinancing their loans by taking advantage of the low interest rates; only properties purchase before the implementation of the TDSR framework in June 2013 can be exempted. Soon, all owner-occupiers will be able to apply for exemption from the TDSR rule and more home buyers will be able to refinance their loans more easily.

For buyers purchasing properties for investment purposes, current regulations stipulates that these loans can only be refinanced above the 60 per cent TDSR threshold if application is done before June 2017 and the borrower commits to a debt reduction plan. But now,the borrower only has to commit to replay at least 3 per cent of the loan’s total outstanding balance over 3 years.

Treasure CrestThese moves will help those who might have been affected by the oil and gas industry lapses and weakening global economy and who may need help with their existing home loans. The TDSR will still apply for new loans and industry experts continue to expect a certain amount of foreclosures on property owners who may have overstretched themselves financially or have been hit hard by unexpected income adjustments.

New homes in District 10 – Victoria Park Villas

Soon to nest in the midst of District 10 will be 106 semi-detached houses and 3 bungalows totalling 403,000 sq ft.

VictoriaParkVillas

Victoria Park Villas is a new development by CapitaLand situated in the junction of Coronation and Victoria Park Roads. Prime area indeed as it is only a 10-mins walk away from Farrer Road and Tan Kah Kee MRT station, not to mention having the selection of many choice schools down Bukit Timah road.

Launching tomorrow, 3 Sept, these 109 homes making up Victoria Park Villas are 99-year lease properties projected to sell at around $2,000 psf. Though on the high side, consumers will have to realise that having your own land even for awhile, will cost. The property sizes will range between 2,153 to 3,835 sq ft for semi-detached houses and 10,904 sq ft to 11, 539 sq ft in floor area for the 3 bungalows. Prices are expected to reach $12 million for the latter. Other similar properties in the King’s Drive, Hillcrest road and Greenwood Avenue have sold for between $906 to $1,351 psf last year.

Ventura HeightsNew cluster landed properties are not a dime a dozen, thus the property size, exclusivity and location Victoria Park Villas offer may very well be worth its calling price. CapitaLand has previously offer deferred payment schemes for their other properties such as d’Leedon, The Interlace and perhaps soon, Sky Habitat and Marine Blue as well. Will they be likely to extend the scheme to their upcoming projects once they are completed?

 

Vietnam real estate market – Young and Dynamic

In many ways and in most sectors, Vietnam could be said to be one of the most dynamic countries in South-east Asia. Its current growth and potential for future growth is becoming clearer to investors and the real estate sector is simultaneously being well-ploughed and sufficiently fertilised.

Riviera-CovePhoto credit: Keppel Land

Keppel Land and Centurion Group are just a couple of major industry players setting their sights and putting in good investment money into Vietnamese real estate. One of the main pull factors are the Vietnamese government being actively pro-business and opening their industries up to foreign investments. They are not simply making essential changes to the law that allows foreign companies the ease of starting up businesses in Vietnam, but also consistently building up infrastructure. With a young and dynamic population growing, the demand for office, commercial and residential properties is set to intensify in the next decade or two.

THe Dalat 1200Photo credit: The Dalat at 1200

Keppel Land alone has 19 licensed projects totalling $2billion in the major cities of Hanoi, Ho Chi Minh City, Dong Nai and Vung Tau with plans to build up to 25,000 new homes in developments such as Rivera Cove. Rivera Point and The Estella Heights and Estella Heights, all in Ho Chi Minh City. The Centurion Group is developing a prestigious country club and private estate situated 1200 metres above sea level and a 40-minute flight away from Ho Chi Minh City – The Dalat at 1200. It is the world’s first country club and private estate to be accredited as an Asian Tour Destination and boasts an 18-hole golf course and expansive stand-alone villas and resort apartments surrounded by nature.

Vietnam will no doubt be one of the Asean economies to watch and with the dynamism it now exudes, growth seems inevitable.