Singapore Property Weekly Issue 10

8/6/2019 Singapore Property Weekly Issue 10

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Issue 10 | www.Propwise.sg


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SINGAPORE PROPERTY WEEKLY Issue 10

Copyright 2011 www.Propwise.sg. All Rights Reserved.

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Contents

Singapore Property This Week Pg 2Notes from the Property MillionaireProgram Preview Talk Pg 8How to Invest in Singapore REITs Pg 12Property Transactions for theWeek of July 9-15 Pg 18

From the Editor

Welcome to the tenth edition of the SingaporeProperty Weekly.

We hope theyve been interesting to you so far!

Mr. Propwise
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Singapore Property This WeekResidential News

HDB resale prices will take three to fiveyears to stabilize: Minister KhawMinister Khaw mentioned that HDB resaleprices will take around three to five yearsthetime needed for flats to be completedtostabilize. He believes that by introducing and

building more BTO flats, the disparity betweensupply and demand for flats will be improved.He advised young couples, who already havea place to stay, to apply for BTO flats insteadof buying flats from the resale markets; as forcurrent HDB residents who want to upgrade

their flats, he advised them to steer clear ofthe resale market in order to preventovercrowding.

Detached house with land size of 11,357 sqft up for sale with asking price of $10.5

million to $12 million; 999-year-leaseholden bloc site put up for tender with askingprice of $20 million to $22 millionCredo Real Estate has put up a detachedhouse at No. 10 Andrew Road up for sale. Thetwo-storey house, which is smaller than thestandard size of 15,070 sq ft required forGCBs, has a land size of 11,357 sq ft andcomes with a swimming pool. The asking pricefalls between $10.5 million to $12 million(approximately $1,000 psf). Over at HillsideDrive, a 21,533 sq ft en bloc site has been put

up for tender. The asking price for the site,which has a plot ratio of 1.4, falls around $20million to $22 million (approximately $800 psf).
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Ascott Residence Trust allowed to

redevelop Somerset Grand CairnhillSingapore siteURA has granted provisional permission to

Ascott Residence Trust to redevelop SomersetGrand Cairnhill Singapore into an integratedhotel-cum-residential project. Apart fromallowing the site to be rezoned from residentialto commercial-cum-residential use under theterms and conditions of the OPP, URA alsoallowed a maximum GFA of around 43,400 sq

ft for the development. Also, at least 40% ofthe site must be put to hotel and hotel-relatedpurposes, and the redevelopment mustpreserve the Al-Falah Mosque.

Singapore luxury home prices remainstable due to governments measures

The average capital value for luxury homesacross Asia increased 1.6% quarter-on-quarterin Q2, down from the 1.8% hike in Q1.Singapore luxury home prices remained stablein Q2 as compared to Q1 or previous year.

Buyers might have become more cautious withgovernments tightening measures. JLL

mentioned that prices for luxury homes inSingapore are likely to remain stable in H2

2011.

Market expects moderate response for site

at Upper SerangoonA 99-year lease site, which includes a 60-month construction period, will be put up forsale by the government via a tender. Market

watchers mentioned that the 2.46 hectares plotat Upper Serangoon, which has a maximumallowable GFA of approximately 927,500 sq ft,is likely to receive average response. CredoReal Estate believes that the plot, which canpotentially yield about 860 residential units, willonly attract around three to five bidders, and

obtain a top bid between $300 to $350 psf ppr.Similarly, Cushman & Wakefield also believesthat the site will attract around five bids andobtain a top bid between $380 to $450 psf ppr.


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Copyright 2011 www.Propwise.sg. All Rights Reserved. Page | 4

New housing loans in Q2 decreased 4.2%

as compared to Q1The governments cooling measures for

property prices seem to have taken effect

because the volume of new home loansapproved in Q2 decreased by 4.2% ascompared to Q1. $12.86 billion of housingloans was granted in Q2, a fall from the $13.42billion in Q1. New housing loans granted forowner-occupied property decreased 5.3% to$9.29 billion in Q2, down from the $9.81 billion

in Q1, while housing loans for investmentproperty decreased 1.3% to $3.57 billion in Q2,down from $3.61 billion in Q1.

GCB deals continue to slow with only one

caveat lodged for July so farFollowing the slowdown witnessed in H1 2011,

GCB deals continued to slow in July. Only onecaveat for a bungalow in a GCB area - aproperty at Andrew Road that was sold for$8.88 million ($780 sq ft on land area)- hasbeen lodged for the month of July so far.

However, market watchers mentioned that afew more caveats for deals clinched in July willbe recorded in the next few weeks; thisincludes a bungalow at Coronation Road West

which was sold at $12.6 million ($1,140 psf).The $770.3 million GCB deals clinched in H12011 is a 40% decrease from the $1.3 billionGCB deals clinched in H1 2010. However,CBRE noticed that the average price for GCBssold in H1 2011 increased 19.6% to $1,216psf, up from the $1,017 psf in H1 2010.

Weakened outlook by real estate players inQ2According to Redas and NUS, real estateplayers confidence about the property market

dampened in Q2, and this is especially evidentin the suburban residential sector. The Current

Sentiment Index decreased from 4.9 in Q1 to4.6 in Q2, while the Future Sentiment Indexdecreased from 5.1 in Q1 to 4.4 in Q2.


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Similarly, the Composite Sentiment Indexdecreased from 5 in Q1 to 4.5 in Q2. Thedifference between the number of people whothought the office sector would improve in the

next six months, and the number of peoplewho thought the office sector would do worsewas +42%. For the residential sector, the netbalance for the prime residential segment inQ2 was +11%, while the net balance for thesuburban sector was -37%.

Commercial News

FCT will be buying Bedok Point at a price of$127 million

FCT will be buying Bedok Point, a four-storeymall at Bedok town centre, from Frasers

Centrepoint Limited. The mall, which startedoperations in December 2010, has a NLA of80,985 sq ft and was 97.4% leased by June30. A successful acquisition will make the mallthe fifth mall in FCTs Singapore portfolio and

will increase the Reit asset size from $1.53billion to $1.66 billion. The price of $127 millionis derived from the average of two valuationsby two independent valuers.

Seven strata shops at The Adelphi sold for$1,900-$4,040 psf; Ho Bee sold three office

floors at Samsung HubIn the past few weeks, Guthrie GTS and SunVenture Property jointly sold seven strata shopunits at The Adelphi at prices between $1,900

psf to $4,040 psf. The sizes of the shop in the999-year-leasehold building fall between 398sq ft and 915 sq ft, marketing agent CBREmentioned. Over at Church Street, Ho Bee hassold three office floors at the 999-year-leasehold Samsung Hub. The 13th and 14th

floors is said to be sold at a total price of about

$66.9 million, or around 26,220 sq ft at $2,550psf. Also, the 12th floor is said to be sold to fourdifferent buyers at $2,600 psf (slight above $34million).


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URA decided to put Woodlands industrial

site up for sale via public tenderAfter an application from a developer, URA

decided to put up the industrial site atWoodlands Avenue 12 (Parcel 3) for salethrough public tender. The site, which has asite area of 202,361 sq ft, has a maximumgross plot ratio of 2.5 (maximum GFA of505,904 sq ft). With a 60-year lease period, thesite is zoned for Business 1 development andhas a maximum building height of 61 metresabove mean sea level. The developer is said tobe offering a bid of at least $56,150,000 ($111psf ppr) for the site in the tender.

77% of OUE Bayfront leased

OUE Bayfront, which received its temporaryoccupation permit just earlier this year, has

already secured committed leases for morethan 77% of its office NLA. New tenants for thebuilding include Hogan Lovells International

and Union Bancaire Privee (Singapore). OUEBayfront has a current total office NLA of

387,358 sq ft and consists of prime Grade Aoffice space.

Divided views for commercial site at PayaLebarProperty market watchers have divided viewsfor the second commercial site at Paya Lebarlaunched by URA. Some believe top bid for thesite will exceed the $872 psf ppr achieved bythe first Paya Lebar site in April, while somebelieve that upcoming office supply in thecentral area will make the Paya Lebar site lessattractive. Cushman & Wakefield predicts thattop bid for the site will be around $960 psf ppr($897.6 million), and Credo Real Estate

predicts top bid will be between $800 to $950psf ppr ($748.50 million to $888.80 million).


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16-storey 137 Market Street is around 35%

leasedWith monthly rent at approximately $8 psf onaverage, 137 Market Street is around 35%

occupied or up for rent to interested tenants.The building has a total NLA of around 43,000sq ft and a standard office floor-plate ofapproximately 2,800 sq ft. Having received itsTemporary Occupation Permit earlier thismonth, the building currently houses firms likeVoskampLawyers, Classic Fine Foods, and

Dimbullah Office. Appointed sole leasing agentJones Lang LaSalle mentioned that thebuildings proximity to Raffles Place MRT

station and its green credentials are theattractive features of the building.

SINGAPORE PROPERTY WEEKLY I 10
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9/19

Notes from the Property Millionaire Program Preview Talk

By Mr. Propwise

I recently attended Rayney Wongs PropertyMillionaire Program preview talk. Havingattended a couple of these by various differentgurus, I expected a fairly long sales pitch. Atypical preview talk usually begins with theguru impressing you with his/her long string of

successful investments, or about how manyproperties they own, although they neverbreak down how many are fully owned or justco-owned (perhaps just a 5% or 10%ownership?).

To digress a bit, I can also buy a bunch of

REITs and brag that I own dozens of differentcommercial properties I just might

conveniently leave out that I only own 0.01%of each!



SINGAPORE PROPERTY WEEKLY I 10


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Then they usually go into all the things you canlearn if you sign up for their seminar, and itends with a hard sell of how if you sign up byTODAY you can get a very special price.

Anyhow, to cut a long story short, I waspleasantly surprised by the information value ofRayneys talk. The majority of the talk was onhis views about the property market (fairlynegative on residential especially newlaunches, more positive on commercial andindustrial), what you must know before

buying real estate (property, seller, contract),and how he analyzes different deals.

Personally I picked up some interestingnuggets on commercial property, especially onHDB shophouses. Did you know that HDBshophouses are considered pure commercial

property, even though there might be aresidential component (e.g. a shop downstairsand flat upstairs)? So even foreigners can buythose without restriction! The rental yields canbe quite attractive as well.

Rayney also mentioned that if theres anupcoming correction then we should focus onhigh end residential properties as they are themost volatile (i.e. highest profit potential),

which I agree with. He also spent some timecomparing Singapores high end property with

that of a very famous US city, and I wassurprised to find out that the high endproperties there are trading at US$200-400psf, up to 60% below building cost! Im not abig fan of investing in overseas properties, but

have to admit that the potential opportunity isintriguing.

Of course, the whole point of all thesepreviews and free talks is to get you to sign upfor a paid seminar. At the end of it Rayneygoes through what you will learn in his 2 day

$1,888 seminar, and encourages you to signup if youd like to learn more and join his

property network.

SINGAPORE PROPERTY WEEKLY Iss e 10


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There is no hard sell. Rayney is bothpassionate and knowledgeable about property,and given his conveyancing background, isable to go into some of the technical

intricacies, such as how to use a company as aproperty investment vehicle.

Rayney has kindly sponsored 1 free ticket forPropwise.sg to giveaway in a lucky drawclick here if youre keen to enter it and win a

ticket to the seminar worth $1,888.

Rayney is holding one final preview talk onWed Aug 3 (7 to 10pm) before his PropertyMillionaire Program on August 27 and 28. Forthe budding property investor, I think thepreview talk is worth attending just for theeducational content, and of course if youre

keen to learn more you can always sign up forthe 2 day program.

About Rayney Wong

Chief Trainer, Rayney Wong is a lawyer,

property investor and author of the bestsellerSecrets of Property Millionaires. A lawyer byprofession, he has been practicingConveyancing and Real Estate Law for over 23

years. As his great passion has always beenproperty investment, he has over the yearsassiduously acquired a wealth of experienceand knowledge on the dos and donts of

buying and selling properties.

Details of the final preview talk

What youll learn:

Strategies to invest in a softening marketHow to do a thorough property analysis

Date/Time: Wed Aug 3 from 7pm to 10pm

Venue: Blk 190 Lorong 6 Toa Payoh #02-510,Singapore 310190 (Opposite HDB Hub; next toMulti-Storey Car Park)

Organiser: M Academy Pte Ltd

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How to register for the final preview talk

To register, please SMS name, contact numberand the date of the talk (Aug 3 2011) to 9668

1737 or 9632 9820, or email details [email protected].

Please dont forget to mention that you found

out about this via Propwise.sg we dont getpaid anything if you do so, but it will help usask for more freebies to give away to our

members in the future.

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13/19

How to Invest in Singapore REITs

It was recently reported that Far East

Organization, a leading Singapore real estatedeveloper, was planning to raise more thanS$500 million via a Real Estate InvestmentTrust (REIT) by listing some of its hotel andserviced apartment assets next year.

Indeed Singapores REIT market has been

growing with a number of new listings despitethe volatile market as investors are attracted tothe prospect of the stable yields that thesesecurities can provide. In this article well

examine what REITs are, the type of yields youcan get from them and their performance, andwhat to look out for when investing in them.

What are REITs?A REIT is a tax-advantaged corporate vehiclethat is used to provide a real estate investmentstructure





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that can accommodate a wide variety ofinvestors, similar to what mutual funds do withstocks. In this way even a retail investor canget exposure to real estate with just a small

outlay. REITs are usually required to pay outmore than 90% of their taxable investors as adistribution to investors.

There are currently around 27 REITs andBusiness Trusts with real estate exposurelisted in Singapore, with a market cap of

around S$40 billion. Singapore REITs (S-REITs) are a relatively recent phenomenonwith the first one (CapitaMall Trust) listed inJuly 2002.

What sort of yields can you get fromSingapore REITs (S-REITs)?

On average the S-REITs are trading at about6% yield, but they range from 4+% to 9+%. Atthe lower end of the yield range are the blue

chip names such as CapitaCommercial Trust

and CapitaMalls Trust, which tend to be large,liquid and have ownership of a large portfolioof quality assets. For example, CapitaMallTrusts assets include Plaza Singapura, IMM,

Bugis Junction and Tampines Mall. At thehigher end of the range are the smaller andriskier names such as AIMS and CambridgeIndustrial Trust.

In general office and retail REITs tend to tradeat lower yields than industrial and logistics

REITs as their rental income stream tends tobe more stable and less volatile, especiallyduring economic downturns.

From a capital gains perspective, so far thisyear the S-REITs as a whole have beenrelatively flat, with the retail names such as

Starhill Global and Frasers Centrepoint slightlyoutperforming, and the office names such asCapitacommercial Trust and and KREIT Asiaslightly underperforming.



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What should you take note of when

investing in REITs?

Before you start investing in REITs, there are

several issues you need to take note of:

1. Composition of REIT assetsREITs are typically classified according to thetype of assets they are comprised of: retail (i.e.shopping malls), office, industrial, diversified orspecialized such as hotel or healthcare REITs.

Each type of asset has its own characteristicsand have different drivers that will determinehow they perform. For example, how well ahotel REIT performs depends on the number oftourist arrivals.

2. Geographic diversification and currency risk

REITs are not just comprised of different typesof assets, but these assets could also belocated in different countries, such asSingapore, Hong Kong, Indonesia, China, and

Japan. If the REIT does not hedge thiscurrency exposure, then the investor could beexposed to currency risk, so a strongSingapore dollar could lead to translation

losses when the overseas incomes areconverted back to pay the dividend.

3. Growth of Dividend Per Unit (DPU)A good REIT will not only have a high andstable yield but one that is also growing overtime. The main source of a REITs income is

rental, and so you have to also consider howthat rental will grow over time. This will dependon factors including GDP growth, and alsowhat sort of rental increases are built into thelease contracts.

4. Spread over 10 year Government Bond yield

If REITs are trading at yields that are too closeto the Government Bond yield (which is riskfree), then the investor might not be beingcompensated sufficiently for that risk.



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The bigger the yield spread that REITs aretrading over Government Bonds, the morepotentially attractive they are.

5. GearingREITs are allowed to borrow up to 35% of theirtotal assets without a credit rating from a majorrating agency. If REITs are heavily geared(leveraged) this creates a risk that they mayrun into serious problems if financing becomesan issue, as we saw during the Great Financial

Crisis. Also any potential acquisitions that theydo have to be done through raising equity (e.g.through a rights issue) instead of justborrowing more to pay for it.

REITs are a good way to get exposure to adiversified portfolio of commercial propertiesand to enjoy an attractive dividend yield, but donot come without investment risks. Please doyour homework before investing!

By Mr. Propwise

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Non-Landed Residential Resale Property Transactions for the Week of July 9-15

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)

17 LOYANG GARDENS 1,485 1,100,000 741

15 HAIG COURT 1,464 1,505,000 1,028

15 COSTA RHU 2,217 3,200,000 1,443

15 THE ESTA 2,960 4,000,000 1,351

16 EAST MEADOWS 1,238 1,168,000 944

14 WINDY HEIGHTS 2,476 1,838,000 742

3 RIVER PLACE 1,582 2,200,000 1,390

10 DLV. 904 1,300,000 1,438

12 OLEANDER TOWERS 1,184 1,000,000 845

3 RIVER PLACE 797 1,135,000 1,425

18 MELVILLE PARK 1,345 895,000 665

16 CASA MERAH 1,216 1,276,888 1,05026 SEASONS PARK 1,292 980,000 759

3 QUEENS 1,410 1,700,000 1,206

10 ONE TREE HILL RESIDENCE 1,227 2,576,700 2,100

14 ATRIUM RESIDENCES 1,012 825,000 815

5 PARC IMPERIAL 398 660,680 1,659

12 REGAL COURT 1,173 1,000,000 852

9 PACIFIC MANSION 1,528 2,170,000 1,420

5 BOTANNIA 1,249 1,420,000 1,137

16 BAYSHORE PARK 936 841,000 898

9 HORIZON TOWER 2,379 2,850,000 1,198

16 COSTA DEL SOL 947 1,160,000 1,225

21 THE HILLSIDE 1,582 1,490,000 942

5 DOVER PARKVIEW 969 1,015,000 1,048

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

20 PEIRCE VIEW 753 740,000 982

20 SEASONS VIEW 1,141 1,100,000 964

23 PARKVIEW APARTMENTS 1,130 835,000 739

27 ORCHID PARK CONDOMINIUM 958 690,000 720

17 CARISSA PARK CONDOMINIUM 624 680,000 1,089

19 COMPASS HEIGHTS 1,550 1,350,000 871

19 SUNGLADE 1,238 1,240,000 1,002

12 CASA FORTUNA 926 1,180,000 1,275

11 WATTEN HILL 2,669 3,230,000 1,210

16 COSTA DEL SOL 1,475 2,020,000 1,370

5 WESTCOVE CONDOMINIUM 1,098 868,000 791

20 PEIRCE VIEW 797 680,000 8543 THE ANCHORAGE 1,163 1,340,000 1,153

27 YISHUN EMERALD 1,033 745,000 721

23 DAIRY FARM ESTATE 2,336 2,100,000 899

10 BALMORAL GATE 1,625 2,460,000 1,514

9 ASPEN HEIGHTS 1,324 1,955,800 1,477

10 THE DRAYCOTT 2,637 4,550,000 1,725

10 ONE JERVOIS 1,292 2,050,000 1,587

14 CITY PLAZA 1,615 1,400,000 867

17 EDELWEISS PARK CONDOMINIUM 1,281 1,168,800 912

20 BRADDELL VIEW 1,453 1,048,888 722

11 MANDALE HEIGHTS 1,389 1,570,000 1,131

23 REGENT GROVE 1,163 790,000 680

14 GUILIN COURT 1,249 830,000 665

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S G O O ssue 0


Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

18 TROPICAL SPRING 1,076 930,000 864

23 REGENT HEIGHTS 1,173 868,000 740

19 CASA ROSA 1,184 935,000 790

19 AMARANDA GARDENS 1,163 1,380,000 1,187

25 THE WOODGROVE 872 680,000 780

13 ONE LEICESTER 1,152 1,350,000 1,172

11 NEWTON SUITES 797 1,620,000 2,034

12 MOONSTONE VIEW 947 810,000 855

14 EVER LODGE 990 690,000 697

19 KOVAN MELODY 1,410 1,450,000 1,028

21 GARDENVISTA 1,173 1,370,000 1,168

12 TRELLIS TOWERS 1,485 1,630,000 1,097

16 THE BAYSHORE 1,432 1,285,000 898

27 NORTHWOOD 1,313 1,180,000 8999 RIVERGATE 1,539 3,125,000 2,030

10 JERVOIS REGENCY 1,216 1,775,000 1,459

16 COSTA DEL SOL 1,313 1,720,000 1,310

20 GRANDEUR 8 1,259 1,160,000 921

21 GARDENVISTA 926 1,018,600 1,100

19 FONTAINE PARRY 1,141 1,045,000 916

10 MILL POINT 926 1,480,000 1,599

10 DUCHESS CREST 1,711 2,100,000 1,227

15 PEBBLE BAY 1,894 2,386,000 1,259

16 BEDOK COURT 2,260 1,350,000 597

16 SUNHAVEN 1,066 980,000 920

14 THE TRUMPS 614 780,000 1,271

18 CHANGI RISE CONDOMINIUM 1,259 965,000 766

12 THE MARQUE @ IRRAWADDY 1,087 1,260,000 1,159

10 RIDGEWOOD 2,002 2,310,000 1,154

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

15 CALLIDORA VILLE 753 900,000 1,194

10 DUCHESS CREST 1,367 1,774,366 1,298

19 FONTAINE PARRY 915 1,000,000 1,093

9 RESIDENCES AT 338A 1,119 1,800,000 1,608

15 THE MONTAGE 1,798 1,580,000 879

20 THE GARDENS AT BISHAN 893 810,000 907

18 TROPICAL SPRING 1,528 1,368,800 896

16 CHANGI COURT 840 798,000 950

25 ROSEWOOD 1,475 1,000,000 678

15 ARTHUR MANSIONS 1,227 1,319,999 1,076

5 REGENT PARK 1,152 980,000 851

21 HUME PARK I 904 808,000 894

20 THE GARDENS AT BISHAN 1,399 955,000 682

15 CHAPEL COURT 1,119 1,238,000 1,10616 VILLAS LAGUNA 1,496 1,330,000 889

5 WEST-N 2,196 1,755,000 799

17 SANDY PALM 1,249 860,000 689

9 TRIBECA 1,033 1,850,000 1,790

10 BELMOND GREEN 958 1,500,000 1,566

11 AMARYLLIS VILLE 1,259 1,630,000 1,294

9 8 @ MOUNT SOPHIA 1,442 2,450,000 1,699

14 WING FONG COURT 1,055 735,000 697

12 GIFFARD MANSIONS 1,755 1,238,000 706

23 GLENDALE PARK 1,216 1,220,000 1,003

16 COSTA DEL SOL 1,313 1,668,000 1,270

18 RIS GRANDEUR 3,703 2,100,000 567

19 HILLSIDE MANSIONS 1,141 857,000 751

5 LANDRIDGE CONDOMINIUM 1,905 2,100,000 1,102

19 CHUAN PARK 1,528 1,370,000 896

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NOTE: This data only covers non-landed residential resaleproperty transactions with caveats lodged with the SingaporeLand Authority. Typically, caveats are lodged at least 2-3weeks after a purchaser signs an OTP, hence the laggednature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

12 KEMAMAN POINT 850 910,000 1,070

12 PAPILLON 861 820,000 952

15 THE AMARELLE 570 778,000 1,364

23 REGENT GROVE 1,173 825,000 703

16 THE BAYSHORE 926 850,000 918

15 JC RESIDENCE 721 720,000 998

5 ONE-NORTH RESIDENCES 1,335 1,850,000 1,386

15 HAIG COURT 1,442 1,588,888 1,102

20 CLOVER BY THE PARK 1,249 1,470,000 1,177

18 EASTPOINT GREEN 1,130 955,000 845

3 THE METROPOLITAN CONDOMINIUM 1,421 1,818,800 1,280

17 AVILA GARDENS 1,604 1,200,000 748

9 TIARA 1,345 2,163,600 1,608

11 PARK INFINIA AT WEE NAM 1,001 1,800,000 1,79812 PINNACLE 16 1,173 1,350,000 1,151
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