Singapore Property Weekly Issue 14

8/4/2019 Singapore Property Weekly Issue 14

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Issue 14 | www.Propwise.sg


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SINGAPORE PROPERTY WEEKLY Issue 14

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

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Contents

Singapore Property News This Week Pg 2Will the COV Go Up or Down Post theNew HDB Regulations? Pg 6Resale Property Transactions(August 6-12) Pg 9Singapore Property Classifieds #4 Pg 11

From the Editor

Welcome to the fourteenth edition of theSingapore Property Weekly. Weve added a

Tenure column to our property transactions in thisissue based on reader feedback. Hope it ishelpful!

Mr. Propwise
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Singapore Property This WeekResidential News

138-unit West Coast development up forcollective sale956-year leasehold Hong Leong GardenShopping Centre, which has an area of150,816 sq ft, has been put up for collectivesale. Marketing agent Credo Real Estate

mentioned that the site can be expanded up to164,298 sq ft, with a total GFA of around262,877 sq ft. With the inclusion of landpremium and DC, the current owners expectoffers to fall between $160 million and $170million ($752 to $794 psf ppr). The tenderends on September 19, 2.30pm.

Developers are pushing out more units atsmaller sizes: Savills SingaporeA study by Savills Singapore shows that somedevelopers have been launching more units

than initially planned in the past few years onplots bought at state land tenders. The totalnumber of private houses built on these plotswill surpass GLS Programmes estimation byapproximately 11%. Savills also noticed that anumber of the developing units are under 800sq ft, or even 500 sq ft. For example, 47% outof the 118 units at Allgreens Suites at HandyRoad are less than 800 sq ft. The tendency ofdeveloping smaller units is linked todevelopers need to keep lump sum home

prices affordable amid high land prices.

While on average developers are buildingsmaller, some are building larger unitsWhile some developers are building about

50% more units than the number stated underthe GLS Programme, some developers arebuilding fewer units than what the GLSProgramme had estimated.
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For instance, the 361-unit Thomson Granddoes not have any one-bedder units; instead,the project incorporated strata terrace houses

with area of 5,102 sq ft to 6,566 sq ft. Thenumber of units developed for Thomson Grandis about 10% below the 400-unit potentialsupply for the site as stated under the GLSProgramme.

Permai Court and Midlink Plaza up fortender saleFreehold residential Permai Court at KampongBahru Road was put up for tender sale with anasking price between $20.5 million and $21million. This price works out to about $982 psfppr to $1,003 psf ppr, with the inclusion ofapproximate DC and the payable $2.26 millionfor the adjacent state land. When combinedwith the adjacent state land, the site will have aland area of approximately 8,009 sq ft and atotal land size of approximately 10,033 sq ft.Over at the intersection between Middle Road

and Queen Street, a nine-storey commercialbuilding Midlink Plaza is put up for sale withexpected price between $120 million and $130

million (approximately $1,292 psf to $1,399psf). The building has a total GFA of 128,076sq ft and currently houses 79 strata-titled retailand office units.

HDB and URA launched two privatehousing sites and two EC plots that canyield up to 1,885 units in totalHDB and URA put four residential sitestwo99-year leasehold sites for private housing andtwo for EC development up for sale; the sitescan yield around 1,885 units in total. The twoprivate housing sites are located at the junctionof Jalan Loyang Besar and Pasir Ris, andFlora Drive respectively. The former is a 1.7 haplot that can house about 355 residential units,while the latter is a 3 ha site that can housearound 415 residential units.


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

The top bid for the site at the junction of JalanLoyang Besar and Pasir Ris is expected to fallbetween $350 psf ppr and $460 psf ppr, while

the site at Flora Drive might fetch around $300psf ppr to $350 psf ppr. One of the EC sitesreleased by HDB is located at the junction ofPasir Ris Drive 3 and Pasir Ris Rise and topbid for the site is expected to fall between $240psf ppr and $320 psf ppr. The other EC site isat the junction of Yishun Avenue 7 andCanberra Drive and top bid might fall between$240 psf ppr

Commercial News

Industrial site at Kaki Road 4 put up for saleby the URAURA has added an industrial site at Kaki Road4 to the confirmed list of the H2 2011 IndustrialGLS Programme and the site will be up forsale via a tender. The site, which is offered ona 30-year leasehold term, has an area ofapproximately 2.6 ha and a maximum

permissible gross plot ratio of 2.0. Zoned forBusiness 2 use, the site can be developed toaccommodate industries such as light industry

and telecommunications. Colliers Internationalpredicts that the tender for the site will receiveabout eight to 10 bids, with offers fallingbetween $39.1 million and $78.2 million(approximately $70 psf ppr to $140 psf ppr).

Centrepoint malls leasehold site may be upfor collective sale and may fetch about$1,700-$1,800 psf pprThe 44,700 sq ft L-shaped leasehold plot at therear of Centrepoint mall alongside several 66apartments might be put up for collective sale.The plot, which has remaining lease tenure of67 years and is zoned for commercial use, hasan existing GFA of approximately 190,100 sqft. Although it is too early for marketing agentCredo Real Estate to reveal the pricing details,some market analysts have predicted that theplot may fetch a price between $1,700 psf ppr


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and $1,800 psf ppr; the current owners willthen receive about $300 million and thebreakeven cost for a new shopping centre

project on the site will then be around $3,800psf to $3,900 psf.

Lend Lease Group put up 25% stake in313@Somerset for saleLend Lease Group has put 25% of its stake in313@Somerset, a shopping mall that is 98.5%occupied and has a NLA of 289,106 sq ft, upfor sale. Lend Lease is said to be expecting atleast $1.2 billion ($4,150 psf on NLA) from thesale of the stake. Although some existing mallowners or managers might be discouragedfrom bidding for the stake as Lend Lease mightrequest to remain as the asset manager for313@Somerset, potential buyers might still be

attracted to bid for the stake due to313@Somersets prime location.
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Will the COV Go Up or Down Post the New HDB Regulations?

By Mr. Propwise

Our article last week on What the Raised IncomeCeiling Means for the Property Market by Dennis Ngresulted in quite a few comments from our readers.Our readers correctly pointed out that there was noraising of income ceiling for the purchase of resaleflats, but only to qualify for the CPF grant when

buying resale flats.

To be clear, the HDB regulations announced onAugust 15 stipulate that:

1. The monthly income ceiling for households will beraised from $8,000 to $10,000 for:

a. Purchasing a new flat from HDB

b. Purchasing resale flats with the CPF HousingGrant
http://www.propwise.sg/http://www.propwise.sg/what-the-raised-income-ceiling-means-for-the-property-market/http://www.propwise.sg/what-the-raised-income-ceiling-means-for-the-property-market/http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/3F7F3B2BDD45CE64482578ED0009B240?OpenDocumenthttp://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/3F7F3B2BDD45CE64482578ED0009B240?OpenDocumenthttp://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/3F7F3B2BDD45CE64482578ED0009B240?OpenDocumenthttp://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/3F7F3B2BDD45CE64482578ED0009B240?OpenDocumenthttp://www.propwise.sg/what-the-raised-income-ceiling-means-for-the-property-market/http://www.propwise.sg/what-the-raised-income-ceiling-means-for-the-property-market/http://www.propwise.sg/


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c. Getting a HDB loan for the purchase of anew or resale flat

2. Raising the monthly income ceiling to

purchase new Executive Condominiums (ECs)from $10,000 to $12,000.

There was no change to the DBSS incomeceiling of $10,000.

So will the COV go up or down?

Our reader C.H. commented: It is interestingthat Dennis is predicting an increase in theCOVs for HDB resale flats despite theincreased income ceiling for HDB BTO flatsand ECs. I thought this would be likely tocause the COVs to be lowered in the nearfuture instead, as predicted by many industry

watchers, as many would go for new HDB flatsor ECs instead of looking for resale flats?

Reader E.T. further added: Those earning

$8,000 to $10,000 have always been able to

buy HDB resale properties and this analysis isflawed. In fact, those earning $8,000 to$10,000 can only buy HDB resale, ECs andcondos. The new measures allowed those

belonging to this category to consider BTOsdue to the increased income ceiling and hencethe demand on the resale market should dropwhich will potentially lead to a LOWER COVinstead of higher COV.

If the total demand for HDB flats were static,

then yes the raising of the income ceiling tobuy new flats (BTOs and ECs) shouldconceptually shift demand from resale flats tonew flats.

But the raising of the income ceiling to get theCPF Housing grant when buying resale flats

will also shift demand from buying massmarket private property to resale flats. So it isa question of whether demand from this sourcewill outweigh the shift in demand from resale tonew flats, thus pushing up COVs. It is hard to

SINGAPORE PROPERTY WEEKLY I 14


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estimate what the shift in demand from privateproperty to resale hdb flats will be.

If the total demand for HDB flats was static,

then yes the raising of the income ceiling tobuy new flats should conceptually shift demandfrom resale flats to new flats.

But there are also further negative factors tocomplicate matters. HDBs increase in flat

supply for first-time home buyers, launching

50,000 new flats over 2011 and 2012. Theraising of the income ceiling to buy ECs couldalso shift some upgrading demand away fromECs. We also have a volatile market,downgrading of economic growth, and worriesabout a developed world recession andEuropean crisis.

On the positive side, interest rates are likely tostay low for an extended period, and theSingapore dollar is seen as a safe haven by

many investors, who are increasing buyingproperties in Singapore and pushing up theprivate home prices, which will push somelocal demand back to resale HDBs.

Thus sorry to disappoint but it is not clear atthis point whether COVs will go up or down,although on balance my guess would be thatthey are likely to trend downwards due to theupcoming supply and current poor sentiment inthe property market.

As our reader E.T. says: Fundamentally, Iwould agree with you that whether the shiftingof buyers to BTO offset by the increase indemand of HDB resale will cause an increaseor decrease of COVs would be anyone'sguess. In fact, a total of 99,000+ householdsfell in the $8,000 to $10,000 category and their

real estate needs would be unpredictable.Well said!

SINGAPORE PROPERTY WEEKLY I 14


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Non-Landed Residential Resale Property Transactions for the Week of Aug 6-12

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE SAIL @ MARINA BAY 689 2,100,000 3,048 99

1 THE SAIL @ MARINA BAY 678 1,369,560 2,020 99

2 INTERNATIONAL PLAZA 1,496 1,590,000 1,063 99

3 MERAPRIME 1,313 1,800,000 1,371 99

3 RIVER PLACE 1,292 1,748,000 1,353 99

4 CARIBBEAN AT KEPPEL BAY 1,249 1,918,000 1 ,536 99

4 THE PEARL @ MOUNT FABER 1,389 1,765,000 1,271 99

5 SARHAD VILLE 1,206 1,230,000 1,020 FH

7 THE PLAZA 732 890,000 1,216 99

7 TEXTILE CENTRE 883 798,000 904 99

9 THE CLAYMORE 3,348 8,900,000 2,659 FH

9 PATERSON RESIDENCE 1,313 3,151,200 2,400 FH

9 VIDA 861 1,900,000 2,206 FH

9 ST THOMAS SUITES 2,013 4,398,000 2,185 FH

9 THE SUITES AT CENTRAL 1,572 3,350,000 2,132 FH

9 THE PROMONT 2,013 4,218,000 2,096 FH

9 SKYPARK 700 1,400,000 2,001 FH

9 THE COSMOPOLITAN 1,324 2,620,000 1,979 FH

9 THE TRILLIUM 1,399 2,750,000 1,965 FH

9 TRIBECA 1,033 1,770,000 1,713 FH

9 THONG SIA BUILDING 2,034 3,460,000 1,701 FH

9 TRIBECA 1,033 1,720,000 1,664 FH9 MIRAGE TOWER 1,227 2,000,000 1,630 FH

9 ASPEN HEIGHTS 1,582 2,400,000 1,517 999

9 ORCHARD COURT 1,453 1,600,000 1,101 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 PEACE CENTRE/MANSIONS 2,347 1,580,000 673 99

10 ARDMORE II 2,024 5,950,000 2,940 FH

10 ST REGIS RESIDENCES SINGAPORE 3,757 8,190,000 2,180 999

10 THREE THREE ROBIN 1,367 2,660,000 1,946 FH

10 MELROSE PARK 1,464 2,480,000 1,694 999

10 BELMOND GREEN 969 1,640,000 1,693 FH

10 SOMMERVILLE GRANDEUR 1,841 3,050,000 1,657 FH

10 THE LEGEND 2,164 3,430,000 1,585 FH

10 THE LEVELZ 797 1,225,000 1,538 FH

10 MONTVIEW 1,744 2,600,000 1,491 FH

10 HOLLAND PEAK 1,830 2,500,000 1,366 FH

10 HOLLAND PEAK 1,819 2,200,000 1,209 FH

10 MUTIARA CREST 4,036 3,770,000 934 FH

11 NEWTON SUITES 1,238 2,180,000 1,761 FH

11 MONTEBLEU 1,475 2,175,000 1,475 FH

11 THE SHELFORD 2,282 3,329,800 1,459 FH

12 AVA TOWERS 1,173 1,050,000 895 FH

12 TOPAZ MANSIONS 1,055 820,000 777 FH

13 BLOSSOMS @ WOODLEIGH 1,206 1,410,000 1,170 FH

13 THE SCENIC @ BRADDELL 840 810,000 965 FH

14 DENG FU VILLE 1,001 950,000 949 FH

14 SIMSVILLE 980 880,000 898 9914 SUNFLOWER REGENCY 1,152 800,000 695 FH

15 THE SEA VIEW 1,410 2,368,800 1,680 FH

15 AALTO 1,959 3,250,000 1,659 FH

NOTE: This data only covers non-landed residential resale property transactions with caveats lodged with theSingapore Land Authority. Typically, caveats are lodged at least 2-3 weeks after a purchaser signs an OTP, hence thelagged nature of the data.

SINGAPORE PROPERTY WEEKLY Iss e 14
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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 THE SEA VIEW 1,647 2,600,000 1,579 FH

15 THE WATERSIDE 2,411 3,170,000 1,315 FH

15 COSTA RHU 1,647 2,141,000 1,300 99

15 WATER PLACE 1,227 1,450,000 1,182 99

15 PALM OASIS 743 855,000 1,151 FH15 FORTUNE JADE 1,098 1,230,000 1,120 FH

15 PEBBLE BAY 2,788 3,027,000 1,086 99

15 THE AMERY 2,110 2,139,000 1,014 FH

15 HAIG ELEVEN 818 823,000 1,006 FH

15 DUNMAN VIEW 1,173 1,130,000 963 99

15 CHELSEA LODGE 958 878,888 917 FH

15 PARK COURT 947 860,000 908 FH

15 THE ESPIRA 1,798 1,460,000 812 FH

15 TELOK INDAH 1,711 1,026,000 599 99

16 COSTA DEL SOL 1,313 1,549,000 1,180 99

16 EAST COAST RESIDENCES 893 1,030,000 1,153 FH

16 CASA MERAH 1,356 1,490,000 1,099 99

16 BAYSHORE PARK 936 890,000 950 99

16 AQUARIUS BY THE PARK 893 835,000 935 99

16 BAYSHORE PARK 1,292 1,200,000 929 99

16 THE BAYSHORE 980 900,000 919 99

16 THE DAFFODIL 1,001 878,000 877 FH

16 LIMAU PARK 1,270 1,060,000 835 FH

16 CASAFINA 1,378 1,110,000 806 9916 THE CLEARWATER 2,303 1,780,000 773 99

16 TROPICANA CONDOMINIUM 1,636 1,200,000 733 999

16 THE TANAMERA 1,518 1,100,000 725 99

16 STRATFORD COURT 2,013 1,450,000 720 99

17 BLUWATERS 2,217 1,550,000 699 946

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

17 BALLOTA PARK CONDOMINIUM 1,464 878,000 600 FH

17 BALLOTA PARK CONDOMINIUM 1,862 1,088,000 584 FH

18 RIS GRANDEUR 1,539 1,350,000 877 FH

18 TROPICAL SPRING 1,335 1,125,000 843 99

18 SAVANNAH CONDOPARK 2,293 1,650,000 720 9919 PALM GROVE CONDOMINIUM 1,389 1,250,000 900 999

19 CHUAN PARK 1,528 1,220,000 798 99

19 RIVERVALE CREST 1,195 858,000 718 99

20 GOLDENHILL PARK CONDOMINIUM 1,335 1,622,000 1,215 FH

20 GRANDEUR 8 1,195 1,185,000 992 99

20 SEASONS VIEW 1,141 1,075,000 942 99

20 THE GARDENS AT BISHAN 883 830,000 940 99

20 THE GARDENS AT BISHAN 861 800,000 929 99

21 1 KING ALBERT PARK 1,281 1,380,000 1,077 FH

21 THE RAINTREE 1,270 1,340,000 1,055 99

21 SIGNATURE PARK 1,399 1,335,000 954 FH

21 THE RAINTREE 1,270 1,185,000 933 99

21 HIGH OAK CONDOMINIUM 1,281 1,150,000 898 99

21 BUKIT REGENCY 1,528 1,344,640 880 FH

22 THE MAYFAIR 635 580,000 913 99

22 PARC OASIS 1,507 1,200,000 796 99

22 IVORY HEIGHTS 1,701 1,290,000 759 946

23 CASHEW HEIGHTS CONDOMINIUM 1,658 1,520,000 917 999

23 THE JADE 1,475 1,350,000 915 9923 HILLVIEW REGENCY 904 800,000 885 99

23 REGENT HEIGHTS 1,023 848,000 829 99

23 HILLTOP GROVE 1,238 906,000 732 99

23 NORTHVALE 1,087 753,000 693 99

26 CASTLE GREEN 1,410 1,088,000 772 99

26 SEASONS PARK 1,292 980,000 759 99

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For Sale

Soho@Central, 9F Soho 1BR loft, 635sf,tenanted till Jan 12@$5000. Mgt fee$975/quarter. Asking $2280psf+GST. Call S.Ganesh @ 91732881 now!

Office space@Central, 19F 883sf, ask $2950neg. Spectacular view of Marina Bay Sands,

vacant, $1800/quarter. Call S. Ganesh @91732881 now!

For Rent

3-storey bungalow @ Woodgrove. Walk toAmerican School. 4 bdrms+family+maid's. Call

Chris/DW 8299 7323 for viewing.

Luma, New 8F 1153sf 3br w/ balcony. Low rent$5,000 (neg). Partial furnished. Call S. Ganesh@ 91732881 for viewing!

Singapore Property Classifieds #4

Attention Agents & Owners

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Singapore Property Weekly Issue 14

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