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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?

22 Apr

Bought landed property. What did you really land?

With the rise of high-rise properties in Singapore, landed homes are becoming very much the rarity it is. But surprisingly, you can still buy a landed home for as little as $2 million, which is in the same range as a condominium unit in the suburbs. In Geylang and MacPherson, there are a number of landed properties tagged with that price.

Freehold or Leasehold? What other criteria would affect the price of landed property? Belgravia Villas in Ang Mo Kio.

Freehold or Leasehold? What other criteria would affect the price of landed property? Belgravia Villas in Ang Mo Kio.

According to URA’s real estate data, at least 10 freehold landed properties were sold for under $2 million last year. The cheapest was a 1, 841 sq ft property in Geylang which went for $792,000. That is $392 psf for you, less than half of some suburban condominiums. But these finds are few and far in between. Usually the plot size of these landed homes are smaller, such as a 893 sq ft terrace house in MacPherson which sold for $1,133,000. One of the rarest sales last year was a landed home in the prime district 10 on King’s road. The terrace was sold at $800,000.

But since sale of landed properties are limited to Singaporeans (foreigners are usually not allowed to buy landed homes), prices and demand are surprisingly lower than you think. Landed properties are valued mostly for the land alone. Thus size definitely matters.The condition, age and location of the property all come into play as well of course.

Jansen cluster terrace homes in District 19.

Jansen 8 cluster terrace homes in District 19.

Landed home prices rose 7.3 per cent in 2012; as compared to resale freehold condominium prices which rose 2.3 per cent. Leasehold suburban condominiums rose 3.4 per cent in the same period. Property agents and industry players have been seeing a rise in the number of landed home buyers within 35 and 40 years old. Previously most buyers are above 40 years old.

So if you find a good landed property deal, could it be too good to be true? Perhaps.

There are a number of hidden costs to punch into the calculator before you sign on the dotted line.

  • Land size
  • Age of the property
  • Condition of the property
  • Location
  • Parking spaces
  • Quality of the neighbourhood
  • Restoration and renovation costs

One should also take note of the number of years remaining on leasehold properties. Since demand in the resale market for properties with limited number of years left on the lease might lower the selling price quite substantially.

21 Mar

Rise in property prices at Iskandar Malaysia

As planning, building and construction continue at the Iskandar Malaysia project development site, property investors are catching on quickly and lapping the residential properties all up. The recent hike in property prices definitely seem to say it all. Property agents from both sides of the causeway have reported an astounding and sudden spike in foreign interest and sale prices of property in the area.

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

Is it mere hype or can this activity be sustained and for how long? Will there be a time where investors find themselves holding on to lesser than they had hoped for?

Property agents have been busy showing potential investors the show houses and apartments in the territory and even in Singapore,  Malaysian property launches and expos have been garnering renewed interest. The fervent buying could also be due to various countries in Asia tightening their foreign property investor policies, countries such as Hong Kong, China and Singapore. This could be driving investors to look elsewhere in Asia and even in Europe and the States.
Puteri Harbour

The Puteri Harbour scheme, featuring luxury waterfront villas, apartments, serviced residences, hotels and commercial developments, have been one of the top picks so far. The promise of good international schools such as Malborough College in the vicinity has also helped rakes in some interest from expatriates. Waterfront properties in Danga Bay and Permas Jaya have done equally well.

A faint indication of how  the prices have changed since 2006 when Iskandar was first launched can be seen in the prices of bungalows in Ledang Heights:

  • In 2006 – RM25 to RM30 psf
  • In June 2012 – RM60 to RM80 psf
  • In 2013 – RM100 to RM120 psf

Prices have risen more than five times the initial launch. Pure speculation or true reflection of what future the Iskandar development holds? Will you be looking to invest in Malaysian properties and do you know where to begin? Don’t forget to keep a lookout for useful tips and learn how to plan your finances for long term investment from industry analysts and experts at property events, seminars and launches.

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.

18 Dec

Marine Parade HDB flats – Highest COV

In the wake of news that resale HDB flats COV are rising and rising, and rising, data from the Singapore Real Estate Exchange (SRX) now shows that the estate with the highest COV prices is Marine Parade. No surprises there since it’s always been a hotspot for home buyers, being so close to town yet far enough to feel the sea breeze, with good schools nearby and so much good food and a shopping mall and town centre to boot. What’s not to love?

How much higher have prices of resale flats in areas such as Marine Parade gone?

How much higher have prices of resale flats in areas such as Marine Parade gone?

And loving it they certainly are. Property agents say that Marine Parade have always been a good spot for sales of properties, both private and HDB flats. Now with news that the Eastern MRT line will run through Marine parade, COV prices for resale HDB flats here have almost doubled, with a 47 per cent rise to $55, 000. That also pushes the sale prices up and it’s no wonder home prices only seem to go up. The lack of new BTO flats and the limited number of HDB flats in the area, 23, 000, also means that limited supply of resale flats here outweighs strong demand.

SLP International head of research, Nicholas Mak, has an interesting comment, “It’s a vicious circle. People ask for a high COV because they know that to buy their next flat, they have to pay a high COV as well.”  Across the board, the median COV is now $34, 000. In Punggol, which is at the forefront of the Waterfront Living lifestyle, COV prices have risen 27 per cent to $43, 000. 11 out of the 26 HDB estates in Singapore have seen a drop in COV prices however, notably in Bukit Panjang, Jurong West and Pasir Ris.

10 Dec

New properties for everyone this Christmas

Property agents and developers certainly will not be having their holidays this festive season, just by the number of new property launches they will be working on this year end.

Gifts for all? Thousands in fact. The property market is expected both non-landed and landed residential projects to be rolling out thousands of units into the laps of property buyers. These include The Whitley Residences in Whitley Road, Liberte in Sarkies Road, Kingsford @ Hillview Peak, Village @ Pasir Panjang, Echelon near Redhill MRT Station, Michaels’ Residences in Chestnut Avenue, Trilinq in Clementi and Spottiswoode Suites in Spottiswoodes Park Road. In the Executive Condominium (EC) market, CityLife @ Tampines, Forestville in Woodlands and The Topiary in Sengkang will also be launched this month.

Echeleon near Redhill MRT Station.

These new properties encompass a wide range of units and selling prices to suit buyers of all budgets and lifestyle preferences. Prices are expected to start at $850 psf at The Whitley and The Topiary has two-bedroom units going for $580,000. With a penthouse at Citylife going for more than a million, will buyers go for ECs instead of new private mass market homes?
Will the developers be singing their way home this year end with a bountiful harvest?
But if you’re thinking of waiting till after the holidays, a few properties are holding out till then as well and you can expect The Sennett Residence in Potong Pasir to launch in the brand new year.

30 Oct

$1 million HDB flats make sense

To some at least. These potential home buyers are usually young professionals and families whose combined income are too high for either Build-to-order HDB flats or executive condominiums, yet do not wish to fork out the same sum for a private condominium much smaller in size.

Redhill Lane HDB FlatHousing agents have been known to flock to HDB estates where these highly-priced HDB flats are in hot demand by their clients. In particular, Queenstown, Bukit Merah, Bishan, Marine Parade, Toa Payoh and Clementi have be rising in popularity, with Queenstown having the most number of HDB flats sold above $800, 000, at 32.

Home owners in these areas have been reported to have property agents calling at their flats asking if they are willing to sell. Even though HDB has been calling these million-dollar flats a rarity, will the market be seeing a rise in these units as private non-landed properties continue to be priced higher and higher and are built smaller and smaller? What of the studio apartments whose popularity had placed them at the top of property investors’ list not so long ago?

23 Oct

Punggol– Property to watch

The Singapore Real Estate Exchange (SRX) has crunched the numbers from the major Singapore property agencies here and an obvious result has surfaced. Median resale prices in Punggol have risen sharply in 2012 alone. Up 3.7 per cent, it is more than a whole point above the national average of 2.3 per cent.

Punggol HDBIn the span of a year, a four or five-bedroom Resale HDB flat in Punggol has risen approximately $30,000. One property agent who specialised in the area recently close a $650,000 deal with a $100,00 COV for a high-floor five-room unit with a view.

For a district which used to be populated by pig farms and considered backward, Punggol is now the HDB estate to watch. Lauded as the next eco-town and boasting a waterfront lifestyle, gone are the farms of old. Waterfront living used to be only available to private properties but now, HDB flat owners in this area will also be able to call their public housing HDB flats a ‘property with a view’.

It will definitely not be surprising if properties see a huge rise in prices within the next 10 years. Only until the next new HDB town comes up, of course.

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