Singapore Property Weekly Issue 211

8/8/2019 Singapore Property Weekly Issue 211

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Issue 211Copyright © 2011-2014 www.Propwise.sg. All Rights Reserved.

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CONTENTS

p2 New Rules for a More Transparent Property

Market – Enforcement is Key

p6 Singapore Property News This Week

p11 Resale Property Transactions

(May 20 – May 26 )

Welcome to the 211th edition of the

Singapore Property Weekly .

Hope you like it!

Mr. Propwise

FROM THE

EDITOR

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SINGAPORE PROPERTY WEEKLY Issue 211

Page | 2Back to Contents

By Property Soul (guest contributor)

Since my letter to The Straits Times Forum in

December 2014 regarding the accuracy

issues of private property transaction data,

the URA has improved the property market

data by releasing the nett prices of individualunits sold by developers by the first half of

2015.

In URA’s 1 April 2015 press release, there

were six major changes in the revision of the

URA Property Price Index that promised

higher representation of transactions and

more meaningful comparisons among

projects.

On May 18, URA finally put together the last

New Rules for a More Transparent PropertyMarket – Enforcement is Key

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missing piece by enforcing the publishing of

actual transacted prices of uncompleted

private properties sold directly by developers.

There are also new rules that were

amendments to the Housing Developers(Control and Licensing) Act passed in April

2013.

New rules announced by URA on May 18

Below is a summary of the URA’s press

release on 'Fostering a more transparentproperty market'.

The first two rules are somewhat expected

since they have been mentioned by the URA

earlier.

The long-awaited transparent property

transaction prices are now available with the

compulsory submission of actual selling

prices of units bought directly from

developers, less all the stamp duty

absorption, legal subsidy, cash rebate, rental

guarantee, purchase incentive, etc. offered by

the developer.

Developer tricks deployed in show units

A more interesting rule that comes into effect

on July 20 is the requirement of accurate

depiction of the show units.

As I pointed out in my book No B.S. Guide toProperty Investment , there are countless

tricks used by developers in showflats to

make the units look spacious:

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1. Replace a brick wall with a glass panel

separating the living room and an adjacent

bedroom;

2. Remove the wall separating two bedrooms

to join together for a bigger room in order to

hide a tiny bedroom;

3. Remove the wall and door of the kitchen,

or show an open kitchen which is ‘an ID

concept for display only’;

4. Extend the living room all the way to the

balcony;

5. Build a ceiling higher than the actual unit;

6. Remove the doors for all bedrooms and

bathrooms;

7. Hide any pillar, beam or air-con ledge that

exists in the original flat;

8. Minimize the width of walls and depth of

wardrobes for a more spacious bedroom;

9. Show rooms, furniture and appliances not

built to scale; and

10. Place full length wall mirrors, install see-

through wardrobes or use transparent

furniture.

Enforcement is key

Back in April 2013, Parliament had already

approved amendments to the Housing

Developers (Control and Licensing) Act to

improve safeguards for buyers of

uncompleted private residential properties.

Besides providing the public with better

information on the private residential property

market, the Housing Developers (Show Unit)

Rules also required developers’ showflats tofollow the same dimensions of structural walls

and ceiling height as approved in the building

plan.

http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=4411&category=Parliamentary+Speech&year=2013&RA1&RA2&RA3


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The amended act also empowered the

Controller of Housing to investigate cases of

non-compliance. For non-compliance, the

maximum fine imposed on developers was

raised from $20,000 to $100,000, while also

imposing an imprisonment term of up to 3

years.

But the questions are: Did we notice any

difference in developer showflats at all in the

new project launches? Have we heard aboutany incidence of non-compliance and fine

being imposed since passing of the act?

While we appreciate the government’s efforts

in introducing new rules to protect the

interests of home buyers, it is also critical to

see how the authority implements themeffectively.

In a nutshell, while a truly transparent

property market can enable prospective home

buyers to make better-informed purchasing

decisions, the rights of the consumers can

only be protected through strict enforcement

of the laws by the relevant authority,

especially when people are buying off plans in

uncompleted residential projects.

By guest contributor Property Soul, a

successful property investor, blogger , and author of the No B.S. Guide to Property

Investment. Posted courtesy of

www.Propwise.sg , a Singapore property blog

dedicated to helping you understand the real

estate market and make better decisions.

Click here to get your free Property Beginner’s and Buyer’s Guide

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Singapore Property This Week


Residential

MOF: A B SD w il l b e r em ov ed w h en

n e ce ssa r y

According to the Ministry of Finance, cooling

measures such as the additional buyer’s

stamp duty (ABSD) may be removed whenappropriate. Market experts believe that the

measure should be lifted either fully or in part

for Singaporean citizens as the market

stabilises. The removal of such cooling

measures may increase the affordability of

homes, thus encouraging citizens to purchaseanother property, said The Business Times.

While some experts anticipate the removal of

the ABSD, others like Alex Toh from Withers

KhattarWong believe that there would not be

a total removal of the cooling measure. LeeLiat Yeang from Rodyk & Davidson Real

Estate Practice Group added that it is still too

early to lift the stamp duties completely.

(Source: Business Times)

L ux ur y c on do s in Sin gap or e p op ular a m o n g f o r e ig n e r s

Luxury condos that are priced from $10

million are popular among foreign buyers this

year, according to the Business Times. Sun

Tongyu, Alibaba’s co-founder bought a

penthouse in April this year for $51 million. In

the same month, a Hong Kong businessman

had paid $22.5 million, or $3,271 psf, for a

penthouse at Nassim Park Residences.

SINGAPORE PROPERTY WEEKLY I 211


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Other noteworthy foreign buyers include a

regional executive who works at Facebook

who purchased a 4,700 sq ft penthouse for

$11.3 million this year. Not only so, luxury

condos have also been quickly snapped upby well-heeled Singaporeans, said the

Business Times. Andy Chua, the owner of

Yun Nam Hair Care had purchased a $12.2

million penthouse at St Regis Residences in

February this year. Alan Cheong from Savills

Singapore believes that the competitive

prices of high-end condos in Singapore

compared to countries like Hong Kong have

appealed to buyers.


A u t h o r i ti es e x p ec t ed t o m a i n t ai n p r i v at e

r e sid e n t ia l la n d su p p ly in H 2 t h is ye a r

According to the Business Times, market

experts believe that authorities will maintain

private residential land supply in the second

half of this year. Market experts believe that

supply would be kept constant as a

substantial number of new homesare being

developed. Not only so, authorities may beencouraged to maintain supply as developers’

appetite for land at state tenders has been

healthy. Nonetheless, other experts predict

that supply may be cut slightly to avoid the

problem of having an oversupply of

residential properties. As demand for public-

private housing hybrid is low, market experts

believe that there is no need to release any

executive condo sites on the confirmed list in

the H2 2015 Government Land Sales

programme. According to the Business

Times, land supply for private homes on the

confirmed list has fallen from 8,100 units in

H2 2010 to around 7,000 units in H1 2012.

More recently, the number of private homes

SINGAPORE PROPERTY WEEKLY I 211


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supplied fell from 4,630 in H1 2014 to 3,335

units in H2 2014 and finally 3,020 units in H1

2015. Ong Teck Hui from JLL predicts that

this trend will be maintained in the second

half of the year as MND will take intoconsideration the problem of oversupply.


H D B r e sa le vo lu m e s in c r e ase s 1 9 .3 % ye a r -

o n - ye a r in Ma y

Data from SRX Property showed that HDB

resale volumes have increased by 19.3%

year-on-year in May this year compared to

May 2014. Nonetheless, resale HDB flat

transaction volumes have fallen by 2.2%

month-on-month from 1,610 in April to 1,575

in May. Wong Xian Yang from OrangeTee

added that year-on-year increases in volumes

have been observed in the first five months of

this year, except in March. This indicates that

the resale market is stabilising, said Wong.

However, Wong said that cooling measures

such as the mortgage servicing ratio cap and

rising interest rates may still affect the

demand for HDB flats. Not only so theincrease in supply of build-to-order flats and

executive condos will negatively affect

demand for HDB resale flat units. According

to the Business Times, resale prices of HDB

three and four-room flats have fallen by 0.2%

and 0.9% respectively in May from April this

year. In mature estates, prices have fallen by

3.9% year-on-year while prices in non-mature

estates have fallen by 6% in the same period,

added the Business times.

(Source: Business Times)S o ph i a R o ad d ev el o p m en t l au n c h ed f o r

co l le ct ive sa le

A 15-unit residential development at Sophia



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Road has been launched for collective sale

by public tender. This follows two other en

bloc sales tender at Amber Park Condo and

at Thong Sia Building, which is a residential-

cum-commercial building. Market expertsbelieve that collective sales will not flourish as

owners’ high expectations may not be met by

the market’s demand. The owners of the

development at Sophia Road are seeking

offers of more than $45 million, or $1,169 psf

ppr. The development has a land area of

about 16,600 sq ft and has been zoned for

residential use. It has a gross plot ratio of 2.1.

To capitalise on the site, Yong Choon Fah

from JLL said that buyers of the development

may consider building small apartments that

are between 40 and 50 sqm. The tender for

the Sophia Road site will close on July 1.


Ex pert s : s ale o f lan ded p ro per t ies

i n c r e as i n g d u e t o p e n t -u p d e m a n d

According to William Wong from RealStar

Premier Group, the sale of landed properties

has picked up due to pent-up demand, and

also due to the anticipation that cooling

measures will be lifted. Following the

implementation of the total debt servicing

ratio and other cooling measures, transaction

volumes for landed properties fell up to 50

percent by the end of 2013, said Wong.

Nonetheless, Wong believes that sales has

picked up in the recent months as the number

of enquiries from potential customers have

risen. Not only so, RealStar Premier Group

has moved $400 million in transaction salessince the start of the year, added Wong.

Noteworthy transactions this year include two

Good Class Bungalows at Bishopsgate and



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Swettenham Road, which were sold for $33

million and $23.52 million respectively, said

Wong. Wong believes that if the cooling

measures are lifted, the affordability of homes

will increase and this would encouragedemand.


Commercial

ERA Realty an d Pr o pNex r ep or t ed

s u b s ta nt ial p r o fi ts d u e t o ec o n o m i es o f

sca le

ERA Realty and PropNex have recorded a

10.6% and 3.8% increase in profits after tax

respectively, as the organisations were able

to reap the benefitsof economies of scale. According to the Business Times, larger

agencies such as ERA Realty and PropNex

are able to provide value-added services that

are difficult to be replicated by smaller firms.

Despite a 9.9% fall in revenue in 2014, ERA’s

profits were propped up by higher-margin

investment sales and commercial

transactions. On the other hand, PropNexhad reaped a $7.9 million profit due to a cut in

headcount as it streamlined its processes.

Yet, OrangeTee suffered a net loss of

$690,000 for FY 2014. The agency has said it

will improve on branding, training, project

marketing and research to boost revenues. According to the Business Times, over 50

agencies and 4,000 real estate agents had

exited the market in the last year as the

market shrank. However, as of January 1st

this year, there are 1,369 licensed agencies

and 30,830 registered salespersons with the

Council of Estate Agencies.




12/14



Non-Landed Residential Resale Property Transactions for the Week of May 20 – May 26

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE CLIFT 527 1,050,000 1,991 99

2 ICON 560 1,030,000 1,840 99

3 THE METROPOLITAN CONDOMINIUM 1,356 1,515,000 1,117 99

5 THE MAYLEA 1,012 1,190,000 1,176 FH

5 CLEMENTIWOODS CONDOMINIUM 1,055 1,230,000 1,166 99

5 MONTEREY PARK CONDOMINIUM 1,367 1,500,000 1,097 999

5 BUONA LODGE 1,647 1,696,410 1,030 FH

5 THE PARC CONDOMINIUM 2,648 2,550,000 963 FH

7 CONCOURSE SKYLINE 829 1,480,000 1,786 99

8 CAVAN SUITES 377 610,000 1,619 FH

8 MERA SPRINGS 1,550 2,050,000 1,323 FH

8 TYRWHITT 139 947 1,050,000 1,108 FH

9 SCOTTS SQUARE 624 2,250,893 3,605 FH

9 SCOTTS SQUARE 635 2,084,832 3,283 FH

9 PARC EMILY 549 1,045,000 1,904 FH

9 NEWTON EDGE 797 1,352,000 1,697 FH

9 WATERMARK ROBERTSON QUAY 1,302 2,118,000 1,626 FH

9 8 @ MOUNT SOPHIA 861 1,390,000 1,614 103

9 8 @ MOUNT SOPHIA 1,378 2,150,000 1,560 103

9 ASPEN HEIGHTS 1,324 1,970,000 1,488 999

10 TOMLINSON HEIGHTS 2,745 7,655,000 2,789 FH

10 GRANGE RESIDENCES 2,852 7,300,000 2,559 FH

10 GOODWOOD RESIDENCE 2,680 6,600,000 2,462 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure



10 ASTRID MEADOWS 2,045 3,400,000 1,662 FH

10 SHANGHAI ONE 883 1,440,000 1,631 FH

10 BALMORAL 8 1,905 3,100,000 1,627 FH

10 THE BALMORAL SPRING 1,076 1,680,000 1,561 FH

10 PINEWOOD GARDENS 2,024 3,050,000 1,507 FH

10 PALM SPRING 947 1,400,000 1,478 FH

10 THE TESSARINA 1,012 1,480,000 1,463 FH

10 CRYSTAL TOWER 8,740 8,500,000 972 FH

11 PARK INFINIA AT WEE NAM 1,001 1,884,000 1,882 FH

11 PARK INFINIA AT WEE NAM 1,130 1,890,000 1,672 FH

11 368 THOMSON 689 1,150,000 1,669 FH

11 L'VIV 2,530 4,200,000 1,660 FH

11 THE LINC 947 1,480,000 1,562 FH

12 SKYSUITES17 366 650,000 1,776 FH

12 TRELLIS TOWERS 710 1,015,000 1,429 FH

12 RIO GARDENS 1,195 1,315,000 1,101 FH

14 WATERBANK AT DAKOTA 1,130 1,660,000 1,469 99

14 VACANZA @ EAST 484 690,000 1,425 FH

14 ATRIUM RESIDENCES 947 946,000 999 FH

14 ASTON MANSIONS 1,302 1,050,000 806 99

15 THE WATERSIDE 2,400 3,435,000 1,431 FH



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NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore Land Authority.Typically, caveats are lodged at least 2-3 weeks after a purchasersigns an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 11 AMBER ROAD 1,507 1,900,000 1,261 FH

15 THE TREELINE 797 1,000,000 1,255 FH

15 KING'S MANSION 1,808 2,158,000 1,193 FH

15 RESIDENCE 118 840 915,000 1,090 FH

15 PARK EAST 1,970 2,128,000 1,080 FH

16 CASA MERAH 990 1,215,000 1,227 99

16 BAYSHORE PARK 936 870,000 929 99

16 THE BAYSHORE 1,012 940,000 929 99

17 DAHLIA PARK CONDOMINIUM 1,281 1,075,000 839 FH

17 EDELWEISS PARK CONDOMINIUM 1,281 980,000 765 FH

18 DOUBLE BAY RESIDENCES 1,561 1,580,000 1,012 99

18 LIVIA 915 905,000 989 99

19 KOVAN MELODY 1,292 1,400,000 1,084 99

19 PARC VERA 1,141 1,155,000 1,012 99

19 NOUVELLE PARK 1,195 1,150,000 963 FH

19 CHILTERN PARK 1,518 1,385,000 913 99

19 REGENTVILLE 1,152 925,000 803 99

19 EVERGREEN PARK 1,044 780,000 747 99

20 GOLDENHILL PARK CONDOMINIUM 1,335 1,790,000 1,341 FH

21 CASA ESPERANZA 2,024 2,900,000 1,433 FH

21 MAPLEWOODS 980 1,250,000 1,276 FH21 1 KING ALBERT PARK 1,421 1,650,000 1,161 FH

21 SYMPHONY HEIGHTS 969 978,000 1,010 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

21 HILLVIEW GREEN 1,615 1,500,000 929 999

22 PARK VIEW MANSION 1,119 730,000 652 99

23 HAZEL PARK CONDOMINIUM 1,528 1,520,000 994 99923 HAZEL PARK CONDOMINIUM 1,389 1,295,000 933 999

26 MEADOWS @ PEIRCE 1,195 1,320,000 1,105 FH

28 MIMOSA PARK 1,894 1,585,000 837 FH



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Singapore Property Weekly Issue 211

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