singapore property weekly issue 109
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7/28/2019 Singapore Property Weekly Issue 109
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Issue 109Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.
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7/28/2019 Singapore Property Weekly Issue 109
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CONTENTS
p2 My Experience with Property Agents in a Haze
p7 Property Selling Tip #2: Increase the Value
of your Property
p8 Singapore Property News This Week
p14 Resale Property Transactions (June 5 June 12)
Welcome to the 109th edition of the
Singapore Property Weekly.
Hope you like it!
Mr. Propwise
FROM THE
EDITOR
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By Property Soul (guest contributor)
With no better suggestion from the
government, the only way Singaporeans can
deal with the haze from Indonesia is to stay
at home, with all the doors and window
closed. Despite poor visibility, through the
glass window we could still see a property
agent showing the house of our neighbor
living opposite us. And there he was, walking
his clients to the house in the midst of a
smog, with the PSI reaching 170 and the
worst haze hitting Singapore since 1997.
The potential buyers probably couldnt see
much of the houses exterior. But the smell of
smoke might help them better visualize
holding barbecue parties at the house
My Experience with Property Agents in a Haze
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during weekends. I could imagine our
neighbor shutting all the doors and windows
like us, while turning on the air conditioning in
full blast.
Property agents in a haze
The scene reminded me of a similar incident
that happened months ago. Well, it was not
exactly a haze the property agents were so
confused that they behaved as if they were in
a haze.
A friend was interested to see some houses
in my estate. Being a first time buyer, the
couple came to me for advice and I promised
to join them for house viewing. One fine
Sunday I rushed home after lunch for a jointviewing just a few houses away from mine.
When I arrived, they were already half-way
through the viewing. Up on the third storey, I
overheard the couple asking about some
cracklines on the walls and the ceiling.
The property agent was touching the lines on
the wall, trying to figure out what they were.
The owner mentioned that they were the firstowner of the house, with a look on his face
that said we have been staying here for 10
years so what do you expect. The couple, on
the other hand, had the usual worried buyer
look on their face.
Dont know the difference between a crack
and a hairline
I immediately told them that I had seen these
fine lines appearing in my apartment before.
They were the result of prolonged exposure
to direct sunlight. That explained why thelines were only found on the highest floor
because it was the hottest under the sun. The
quality of the paint chosen by the developer
also contributed to it.
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I also explained the differences between a
crack and a hairline. For the latter, you could
cover it by putting a fresh coat of paint over it
after you took over the house. I added that I
ust stayed a few houses away. We didnt
have those lines in the house because we
repainted the whole house with good quality
paint when we moved in five years ago.
My friend was relieved after my explanation.
The property agent was also relieved that shewas able to move on to show other parts of
the house.
But the rest of the house was dark, stuffy and
gloomy. The place looked like it was waiting
for its weekly house-keeping. The curtains at
the windows were not drawn up and the air-
conditioning was not on, except for a small
fan in one of the bedrooms. That made us all
sweating like hell in a fiercely hot afternoon!
Dont know anything about the property
The next house was a co-broke case. The
agent murmured the address and looked at a
loss. Then she turned to me and said, Sinceyou are staying here, can you show us the
shortest way to this house?
It didnt help that the property agent on the
other side was also in a haze. He was not
familiar with the layout of the corner terrace.
For most of the time, we were walking aroundthe house free and easy.
When my friend couldnt get the size of the
land and the floor area from the two agents, I
had to whisper to them the exact numbers. It
might be more than five years back, but I had
those numbers hammered in my mind after
viewing at least twelve houses in the same
estate.
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Before we left, my friend asked for a layout
plan of the house. Both agents said that they
didnt have one. What about the floor plan of
the whole development? Sorry, we dont have
that either. I had to whisper again behind the
agents back. Yes, I keep those at my place
and please drop by for a copy after this.
This is the first house viewing experience of
the couple. They probably think that it is
normal not getting any answer or anythingyou need from a property agent. This is one
of countless times doing a house viewing for
me. I just have one question in mind: If you
are selling a two million dollar house, will you
risk showing it in a haze?
By Property Soul, a successful property
investor and enthusiast who shares her
experiences and knowledge on her blog.
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Besides benefitting from the impact of
hedging against inflation, you can increase
the value of your property via some cost
effectivemethods.
One of them is to do some simple renovation
such as patching up cracks, re-painting,
epoxy-coating, and re-lamination,instead of
major renovation,to give the property a new
look.
You can also re-install fittings such as lights
and curtains to make the place morepleasant and saleable.
If your unit has a large un-used space, you
can partition it to have an additional room to
increase the value of your private
property.Note that his can be done with
private property only.For HDB flats, do check
the HDB Home Renovation Guidelines andobtain a renovation work permit to ensure
compliance.
By Eileen Tan and Ui Wei Teck, property
investors and authors of Enjoying Mid-Life
Without Crisis. This tip and dozens more are
from theirbook.
Property Selling Tip #2: Increase the Value of your Property
SINGAPORE PROPERTY WEEKLY I 109
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Singapore Property This Week
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Residential
Rising interest in ci ty- f ringe hom es cause
May sales of priv ate hom es to increase
With the rising interest in city-fringe homes,
the sales of new private homes for May
increased by 5.4 percent with a total of 1,455
units sold, compared to the 50 percent drop
of the previous month. 41.4 percent of the
sales were taken by the Rest of Central
Region (RCR). In fact, transactions within
RCR have been on the rise since Q3 of 2012.
In addition, RCR projects such as Corals at
Keppel Bay, KAP Residences, and Bartley
Ridge accounted for the top five sellers by
volume for May. It was reported that the rise
in sales of RCR was caused by the high
selling price of mass-market homes in the
Outside Central Region and the narrowing
price gap between RCR and OCR homes. On
the other end, the high-end market was bleak
with only 125 out of 144 units launched, the
lowest monthly sales recorded for the region
in 2013.
(Source: Business Times)
Government to release land parcels for
houses and comm ercial use
The government will release five sites that
can yield 3,600 private and executive
condominium (EC) housing units as well as
commercial development.
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Four of the five sites have been confirmed
under the Government Land Sales
programme list. They consist of two EC sites
and Punggol Drive and Yuan Ching Road, a
residential plot at Mount Sophia and a mixed-use commercial and residential plot at Yishun
Central 1. All four sites have been or will be
launched for sale within next week. The fifth
site, a mixed-use site at Meyappa Chettiar
Road in Potong Pasir, will be on the reserve
list next week.
(Source: Business Times)
Resident ial site on Faber Walk draws 18
bids at tender close
A 99-year leasehold 162,808 sq ft residential
site at Faber Walk drew 18 bids at the close
of its tender. The top bid was $156.7 million
from Aspial Corps World Class Land, or
$687.42 per square foot per plot ratio (psf
ppr) for the site. This was closely followed by
Keng Hoe Developments bid of $155 million
and Greatview Development with $153.8
million. Consultants said that the price
difference between the top bid and secondand third highest bidders is a mere 1.1 per
cent and 1.8 per cent showed confidence of
developers. Other factors could be the sites
exclusive location and a possible limited
supply of vacant land parcels within the area
for development in the future.
(Source: Business Times)
Forestvi l le EC is to be launc hed
The Forestville executive condominium (EC)
project will finally launch for sale this week,
six months from its intended date, due to
delay in contravening regulations. Hao Yuan
Investment is the developer for the project.
Hao Yuan had launched the 653-unit project
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in Woodlands for balloting on Dec 28, 2012
without having obtained the necessary
approvals for adjustments made to private
enclosed spaces (PES) in some units.
Following this, Controller of Housing (COH)had instructed Hao Yuan to stop selling the
units, hence potential buyers could only make
an expression of interest instead. COH is now
satisfied that necessary approvals for the
project have been given. Public sales will be
open next Friday.
(Source: Business Times)
CapitaLand bids $366m for Coronat ion
Road site, topping 11 others
Capitaland's Athens Residential Development
bid higher than 11 others at the close of
tender for the 99-year leasehold site at
Coronation Road. CapitaLand bid $366
million or $908.17 per square foot of land,
compared to the closet rivals bid by Far East
Organization unit Astor Properties at $313.3
million, or $777.49 psf of land. CapitaLand
Singapore claimed that it plans to develop a
prestigious landed development comprisingsemi-detached houses and bungalows on the
site, which will be ready for launch around Q2
of 2014. The top bid was 17 per cent higher
than the second highest bid was reported to
illustrate CapitaLand's confidence in this
market.
(Source: Business Times)
Roxy-Pac buys f reehold apartment block
for $136mil
Roxy-Pacific Holdings was reported to have
acquired the freehold Yi Mei Garden in
Tampines Road through a collective sale for
$136 million, hence $856 per square foot per
plot ratio (psf ppr) including a development
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charge of $4 million-plus. In a statutory filing
with Singapore Exchange, Roxy-Pacific said
the acquisition is subject to approval of the
collective sale by the Strate Titles Board
(STB) or the High Court. Yi Mei Garden is a
14-storey residential block of 44 apartments
and four penthouses and is located 600
meters from Kovan MRT Station. Roxy-
Pacific plans to redevelop the site into a
condominium project with 200 units.
(Source: Business Times)
Eunosv i l le up for col lect ive sale at reserve
price of $688mil
Located opposite Eunos MRT Station,
Eunosville has a land area of 376,712 sq ftand is planned for residential use under
Master Plan 2008. Eunosville is now up for
collective sale at a reserve price of $688
million. If the sale is successful, it will boost
up this years tally of en bloc sales and works
out to $799 per square foot of potential gross
floor area including an estimated sum of $155
million payable to the state regarding the
sites lease from a balance term of around
74.5 to 99 years and intensifying the sites
use. The reserve price for Eunosville is
expected to help Eunosville set the record to
become the second largest ex-HUDC
(Housing and Urban Development Company)
estate sold collectively in absolute price terms
as well as the largest en bloc sale in 6 years.
Jones Lang LaSalle consulting group is
marketing Eunosvilles collective sale through
a tender exercise until July 24.
(Source: Business Times)
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Commercial
Yomas acquis i t ion o f Yangon si te delayed
due to bureaucrat ic discuss ions
Bureaucratic discussions have delayed YomaStrategic Holdings 80 percent acquision of a
10-acre plot of land in Yangon. The land
acquisition was reported to be US$81.28
million and it would now be extended until
Dec 31 this year. Serge Pun & Associates,
vendor of the site, was still discussing withauthorities regarding the new leasehold title
of the land before the land deal could
proceed. Yoma announced that it would
develop the former site of the Yangon railway
headquarters into a landmark hotel,
condominium and commercial developmentcosting between US$330 million and US$350
million. On top of that, Yoma had also signed
a non-legally binding agreement with
Hongkong and Shanghai Hotels to jointly
redevelop the former Burma Railway
Company building into a Peninsula Hotel.
(Source: Business Time)
22 industr ia l plots to be released in
secon d half of 2013
The Ministry of Trade and Industry launched
the Industrial Government Land Sales (IGLS)
programme for the latter six months of the
year. Under this programme, the government
will make 22 plots of industrial land available
to moderate land prices and provide space for
industrial end-users. 19 sites will be on
confirmed list and three will be on reserve list.
The 22 sites have a total area of 22.84
hectares. 14 confirmed plots are in Tuas, 4
other confirmed plots in Woodlands and one
at Tai Seng Street. The three reserve list sites
are at Woodlands Avenue 12, Tuas Bay Close
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and Gambas Crescent.
(Source: Business Times)
Q2 property investment sales dro p b y 10%
Investment sales of property continued todrop this quarter with the tally for the second
quarter is around $4.5 billion and the final
number expected to be $4.9-5 billion. This is
10 percent lower than that of Q1s $5.6 billion,
which was a big drop from $8.3 billion and
$9.4 billion in Q4 and Q3 last yearrespectively. Q3 and Q4 of last year witness
huge transactions such as the flotation of Far
East Hospitality Trust worth $2.1 billion, the
$825 million sale of a half-stake in Nex mall in
Serangoon and DBS $1.035 billion purchase
of 30 percent stake in Marina Bay Financial
Centre Tower 3. On the other hand,
investment sales for this year is pretty active
but relatively smaller.
(Source: Business Times)
Red House to become commercia l -
resident ial project in 2016
Red House and its five adjacent shophouses
in Katong, collectively known as the Red
House, are to be reborn as an integratedcommercial and residential project in 2016
and managed by Muis investment arm,
Warees Investments. Red House will include
a new five-storey residential block with 42
units of between 441 and 1,206 sq ft, priced
from $1,499 psf. The commercial componentof the new development will be the ground
floor units at the six conserved shophouses.
One of the units will be used as a bakery to
reserve its heritage as the place of the former
Katong Bakery and Confectionary. Warees
was reported to spend much time and effortto improve returns from the properties
because time has taken its toll on the six
shophouses.
(Source: Business Times)
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Non-Landed Residential Resale Property Transactions for the Week of Jun 5 Jun 12
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
1 MARINA BAY RESIDENCES 2,379 9,040,200 3,800 99
1 THE RIVERSIDE PIAZZA 1,012 1,280,000 1,265 99
3 QUEENS 1,195 1,640,000 1,373 99
4 CARIBBEAN AT KEPPEL BAY 1,485 2,450,000 1,649 99
4 TERESA VILLE 1,959 2,400,000 1,225 FH
5 BOTANNIA 1,572 2,150,000 1,368 956
5 VARSITY PARK CONDOMINIUM 1,012 1,300,000 1,285 99
5 C LEMENTIWOODS CONDOMINIUM 1,679 1,980,000 1,179 99
5 THE INFINITI 2,497 2,467,036 988 FH
8 R66 APARTMENTS 538 740,000 1,375 FH
9 THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL 2,831 10,800,000 3,815 FH
9 HILLTOPS 1,335 4,071,750 3,051 FH
9 RHAPSODY ON MOUNT ELIZABETH 1,044 2,500,000 2,394 FH
9 GRANGE INFINITE 2,573 5,917,900 2,300 FH
9 LUMA 904 1,928,000 2,132 FH
9 ESTILO 581 1,000,000 1,720 FH
9 ORCHARD TOWERS 1,970 3,000,000 1,523 FH
9 TOWNHOUSE APARTMENTS 2,368 2,450,000 1,035 99
10 THE BOULEVARD RESIDENCE 2,034 5,000,000 2,458 FH10 VOLARI 1,324 3,250,000 2,455 FH
10 ONE JERVOIS 1,701 3,080,000 1,811 FH
10 ASTRID MEADOWS 3,800 6,830,000 1,798 FH
10 VENTUNO BALMORAL 1,313 2,250,000 1,713 FH
10 THE SIXTH AVENUE RESIDENCES 1,356 2,300,000 1,696 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
10 CASA JERVOIS 1,593 2,300,000 1,444 FH
10 SPANISH VILLAGE 2,056 2,638,000 1,283 FH
10 RIDGEWOOD 1,744 2,230,000 1,279 999
12 THE ARTE 1,625 2,030,000 1,249 FH
12 ST FRANCIS COURT 1,270 1,053,000 829 99
14 THE ALCOVE 2,336 1,550,000 664 99
15 THE SEAFRONT ON MEYER 2,088 3,600,000 1,724 FH
15 PARADISE PALMS 1,141 1,650,000 1,446 FH
15 THE WATERSIDE 2,400 3,450,000 1,437 FH
15 THE MAKENA 1,152 1,600,000 1,389 FH
15 THE MAKENA 1,636 2,220,000 1,357 FH
15 CELESTIA 1,389 1,410,000 1,015 FH
16 CHANGI COURT 872 1,118,000 1,282 FH
16 TANAMERA CREST 861 938,000 1,089 99
17 FERRARIA PARK CONDOMINIUM 1,195 1,280,000 1,071 FH
18 OASIS @ ELIAS 1,249 1,200,000 961 99
18 MELVILLE PARK 1,302 968,000 743 99
19 KOVAN RESIDENCES 1,442 1,820,000 1,262 99
19 KOVANA 1,163 1,300,000 1,118 FH19 RIO VISTA 1,249 1,120,000 897 99
19 CHUAN PARK 2,045 1,750,000 856 99
20 GRANDEUR 8 1,421 1,490,000 1,049 99
22 THE CENTRIS 1,238 1,380,000 1,115 99
22 THE MAYFAIR 753 780,000 1,035 99
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NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
23 HILLINGTON GREEN 1,356 1,548,888 1,142 999
23 MONTROSA 1,184 1,330,000 1,123 999
23 HILLINGTON GREEN 1,356 1,418,000 1,046 999
23 MI CASA 1,324 1,320,000 997 99
23 THE AMSTON 1,313 1,200,000 914 999
23 HILLTOP GROVE 861 780,000 906 99
23 REGENT HEIGHTS 1,163 1,046,700 900 99
23 REGENT HEIGHTS 1,023 908,000 888 99
23 REGENT HEIGHTS 1,163 1,020,000 877 99
27 YISHUN SAPPHIRE 1,206 915,000 759 99
28 SERENITY PARK 1,313 1 ,260,000 959 FH
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