singapore property weekly issue 15

8/4/2019 Singapore Property Weekly Issue 15

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Issue 15 | www.Propwise.sg


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SINGAPORE PROPERTY WEEKLY Issue 15

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

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Contents

Singapore Property News This Week Pg 2Is it Time to Look at Investing inOverseas Properties? Pg 6Resale Property Transactions(August 12-18) Pg 12Singapore Property Classifieds #5 Pg 15

From the Editor

Welcome to the fifteenth edition of the SingaporeProperty Weekly. Weve added a Tenure column

to our property transactions in this issue based onreader feedback. Hope it is helpful!

Mr. Propwise
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Singapore Property This WeekResidential News

34 properties were put up for auction andonly one was sold during Hungry GhostFestivalAccording to Colliers International, 34properties were put up for auction during thelunar seventh month in 2011 and only oneproperty was sold. The property, which wassold for $1.66 million, was a terrace house atDa Silva Lane at Serangoon. So far, the totalsale value achieved at auctions for 2011 is$80.4 million, and Colliers Internationalexpected the total sale value for 2011 tosurpass $110 million.

SRPI revealed a gloomy market situationwhere prices for non-landed housesincrease by a mere 0.2% in JulySRPI showed that the overall price index for

non-landed houses increased by only 0.2%month-on-month in July, lower than the 0.7%month-on-month hike in June. Excluding smallunits and several houses in districts one tofour, and nine to 11, the sub-index for theCentral region showed a larger month-on-month decline from -0.1% in June to -1.3% inJuly. The SRPI for the Non-Central region,which similarly excludes small units, stayed at+1.2% for July. Knight Frank believes thatsituation will improve after the Chineseseventh month and more projects are alreadyplanned to launch in September.

Gradual price increase expected forupgrader private housing

Wing Tais chairman Cheng Wai Keungmentioned that the upgrader section of privatehousing market is expected to see a gradualincrease in price as the up cycle for the
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upgrader segment has reached a maturestage. Also, high-end market is likely to seeprice growth as policies have more impact on

public housing. Other factors that contribute tothe price growth, as mentioned by Mr. Cheng,are generation of wealth, liquidity, and limitedsupply. Wing Tai will be more cautious when itcomes to bidding for sites as some top bids formass-market private housing plots at statetenders are just too high for developers to earna profit, Mr. Cheng noted.

14,580 sq ft Riviera Point up for sale viatenderSituated along River Valley Road, freehold14,580 sq ft Riviera Point was launched forsale via a tender. The site can potentially yielda GFA of 49,303 sq ft and a gross plot ratio of3.38. The estimated sale price is $70 million($1,420 psf ppr). Judging from the potentialGFA of approximately 54,233 sq ft, the landprice could be reduced to $1,353 psf ppr dueto a 10% balcony area. The tender ends on

Sept 29, 3 pm.

Sale price of $2,081 psf for No. 6

Chatsworth bungalow set a new record forGCB salesThe sale of No. 6 Chatsworth Road at $2,081psf ($22 million) set a high record price forGCB sales, surpassing the previous record of$2,038 psf set by the sale of 16 Cluny Road inFebruary 2011. No. 6 Chatsworth Road, whichis a bungalow standing on a land area ofapproximately 10,571 sq ft, is much smallerthan the usual minimum GCB land size of1,400 sq metres (15,069.46 sq ft). Theproperty was purchased by Cheong Sim Lan,who is also involved in the Robinson Suitesand Cecil Suites developments in CBD.

Whitley Heights sold for $159 million incollective saleAt Thomson Road, a District 11 freehold condodevelopment Whitley Heights was sold to Hoi


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

Hup Realty for $159 million ($1,222 psf of landarea). Based on the price, the owners canreceive a gross sale price that ranges between

$3.3 million and $3.8 million. The 130,165 sq ftsite, which consists of 45 units of walk-upapartments in three three-storey blocks, iszoned for two-storey mixed landed housesupon redevelopment. Credo Real Estatementioned that Hoi Hup can build up to 80strata terrace houses or about 60 strata semi-detached houses on the land parcel.

Condo plot at Punggol Field Walk fetchedtop bid of $169.9 million in a state tenderAt Punggol Field Walk, a 99-year leaseholdcondo housing site attracted a total of eightbids at a state tender, higher than marketwatchers expectations. Despite the good

responses, the bids reveal developers caution.

The top bid of $323 psf ppr ($169.6 million),which was submitted by Capital Development

and ZACD Investments, was lower than the$420 psf ppr predicted by analysts. Collierspredicted that the breakeven cost for units at

the new site could fall between $660 psf to$680 psf.

Commercial News

Rents for space on Orchard Road expectedto stabilize in 2011A report by Savills revealed that rents onOrchard Road are likely to stabilize despite thelimited supply and continuous demand. Also,suburban rents are expected to stabilizedespite the introduction of new supply. URAnoted that the vacancy rate decreased from6.1% in Q1 to 5.8% in Q2, and the URA rentalindex for central areas showed a 0.7% hike inQ2, with average base rents for Q2 remainingat $34.4 psf pm for Orchard Road first-ratespace.


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JTC Corporation launched 2.86 haindustrial site for saleJTC Corporation put up a 2.86 ha industrial

site, which is located at the junction ofLavender Street and Kallang Avenue, for salevia a public tender. Zoned for Business 1-White use, the 60-year lease site can contain acombination of shops and offices. With amaximum permissible gross plot ratio of 3.0,Colliers International expects the site to fetch aprice that falls in the range of $343 psf ppr. Thetender for the site ends on October 27.

DC expected to increase in SeptemberJudging from the increase in land values overthe past six months, DCs are predicted to risefrom September onwards. However, the rate ofincrease may be slower than the past six-

monthly review due to the current economicuncertainties. JLL and DTZ both estimated thatthe rise in average DC rate for commercial usewill be around 5% to 10%, while Savills

predicted an increase of approximately 8.5%.JLL estimated that the average DC rate forindustrial use will increase by 10%, and DTZ

predicted a rise of 5% to 10%. DTZ alsomentioned that areas with newly introduced orcompleted projects, such as Ubi, will see ahigher increase in DC.

Property shares trading at discount up to48% off their RNAVsProperty stocks are now trading at a price ofup to 48% lower than their RNAVs andanalysts believed that this number will becomelarger as share prices may decline further inthe next few weeks. CIMB Research noticedthat eight largest developers in Singapore weretrading at prices that were 15% to 48% lowerthan their RNAVs. Capitaland was trading 48%

lower than its RNAV, Singapore Land at 47%,and Keppel Land at 45%, were the top threedevelopers who were trading at the largestreduction to their RNAVs.


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Is it Time to Look at Investing in Overseas Properties?By Getty Goh

Some time back, I was invited to participate in a

panel discussion at the SMART Property Exhibitionin March 2010. There was a fellow panellist who wasvery experienced in overseas investments and hadquite a number of property investments abroad.Back then, I was of the view that overseas propertieswere not as attractive as Singapore properties. Oneyear on, I now hold the opposite view and believe

that certain overseas destinations and developmentsmay present interesting opportunities.

Why the change in sentiment?

There are five key factors that have led to mychange in thinking.

Factor 1: High Property Prices in Singapore

Presently, property prices in Singapore are at an alltime high.


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Based on Figure 1, the URA Private PropertyPrice Index (PPPI) for 2011Q2 is at 203. Thisexceeded the last peak of 181.4 set in1996Q2. Based on this trend, investors who

buy Singapore properties now could be payinga premium and are not getting value for moneydeals.

Figure 2-1: URA PPPI trend from 1975Q1 to2011Q2

Source: URA Realis

Factor 2: Low rental yield

As a result of the high property prices, therental yields for residential properties in

Singapore have correspondingly been low.Based on Figure 2, the rental yields forresidential properties purchased after 2010have generally been less than 3.50%. As at2011Q2, the rental yield for Core CentralRegion (comprising of District 9, District 10,Marina Bay District and Sentosa region) was

as low as 3.15%. Once again, this implies thatinvestors would likely be overpaying for thepotential rental income.

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Factor 3: Restrictive selling conditionsSellers Stamp Duty (SSD)

In February 2010, the Government imposed a

sellers stamp duty (SSD) for property ownerswho buy residential properties on or after 20Feb 10 and sell them within one year ofpurchase. The amount of SSD then wascomputed based on the same rates as thebuyer's stamp duty.

On 30 Aug 10, the Government introducedfurther measures that increased the holdingperiod from 1 to 3 years. On 13 Jan 11, theGovernment announced another round ofmeasures by extending the holding period from3 to 4 years and introduced a new set of SSDrates. The SSD rates that currently affect

properties are as follows:

Holding period of 1 year: 16% of price ormarket value, whichever is higher.Holding period of 2 years: 12% of price or

market value, whichever is higher.Holding period of 3 years: 8% of price ormarket value, whichever is higher.Holding period of 4 years: 4% of price or

market value, whichever is higher.

With such conditions in place, properties inSingapore have stopped being attractive shortterm investments as buyers have to wait for alonger period of time before they can sell torealise their profits. Hence those who are

looking to generate quick returns would likelybe better off investing elsewhere.

Factor 4: Diversifying localised risk

You may have heard the saying do not put all

your eggs in one basket. This saying is also

applicable when it comes to property investing.Property markets in various countries behavedifferently due to the different demand andsupply situation. For example, due to thedifferent demand and supply situation.

SINGAPORE PROPERTY WEEKLY I 15


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For example, due to Singapores open

economy, the demand for real estate is moresusceptible to global economic conditions aswell as the ebb and flow of international

liquidity.

On the other hand, countries that have a largedomestic sector would likely see less volatilityin the real estate market as demand is moreaffected by internal consumption.

In view of this, it is reasonable to expect that,at any point in time, some property markets willbe growing while others will be on a decline.Hence, a feasible diversification strategy wouldbe for investors to purchase properties indifferent countries so that they are not exposedto the unsystematic risks that each country

faces.

Factor 5: High Cost of Living in Singapore

Singapores annual average inflation rate since

1980 has been about 2.1%. While it does notseem that high when viewed in isolation, dueto the effects of compounding, the change inConsumer Price Index from 1980 to 2010

works out to be about 43.6%.

From Figure 3, it can be seen that CPI hasbeen on an upward trend. This means that thestandard of living will likely keep increasing andmake Singapore an expensive place to retire.To stretch their retirement funds, retirees could

consider settling down in some of theneighbouring countries instead.

Figure 2-3: Singapore Consumer PriceIndex Trend 1960s to 20101 (2009 = 100)

Source: Singapore Department of Statistics

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At this juncture, I must qualify that this articlebriefly covers a very complex topic overseasproperty investments. Although I have listedsome reasons why overseas properties make

worthwhile investments, I must highlight thatthere are inherent risks as well.

However, before I conclude, let me leave youwith a quote from Andr Malraux, an award-winning author and French statesman, Oftenthe difference between a successful person

and a failure is not that one has better abilitiesor ideas, but the courage that one has to beton one's ideas, to take a calculated risk andto act.

As long as due diligence and thoroughresearch is done, I believe that most risks foroverseas property investment can bemitigated, avoided and prevented. If astutely

invested, the returns from some of theseoverseas investments would definitely be worthyour while.

By Getty Goh, Director ofAscendant Assets, areal estate research and investmentconsultancy firm. Getty has a MSc (Real

Estate) and BSc (Building) from the NationalUniversity of Singapore.

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Non-Landed Residential Resale Property Transactions for the Week of Aug 12 to 18

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE SAIL @ MARINA BAY 614 1,212,888 1,977 99

1 EMERALD GARDEN 980 1,580,000 1,613 999

2 CRAIG PLACE 667 1,025,000 1,536 99

3 CENTRAL GREEN CONDOMINIUM 926 1,250,000 1,350 99

3 TANGLIN VIEW 1,152 1,500,000 1,302 99

3 QUEENS 1,195 1,380,000 1,155 99

3 LANDMARK TOWERS 1,033 1,020,000 987 99

3 QUEENSWAY TOWER 1,658 1,330,000 802 FH

4 CARIBBEAN AT KEPPEL BAY 1,270 1,760,000 1,386 99

4 HARBOURLIGHTS 829 1,128,888 1,362 FH

5 THE PARC CONDOMINIUM 1,518 1 ,780,000 1,173 FH

5 VARSITY PARK CONDOMINIUM 1,464 1,560,000 1,066 995 REGENT PARK 958 938,888 980 99

5 THE PARC CONDOMINIUM 2,077 1,960,000 943 FH

5 THE INFINITI 1,270 1,135,000 894 FH

7 SOUTHBANK 592 1,000,000 1,689 99

8 CITY SQUARE RESIDENCES 570 970,000 1,700 FH

8 CITYLIGHTS 560 890,000 1,590 99

8 CITY SQUARE RESIDENCES 1,518 2,277,000 1,500 FH

8 MERA SPRINGS 1,044 1,320,000 1,264 FH

8 PRISTINE HEIGHTS 850 1,050,000 1,235 FH

8 VANADIUM 1,098 1,300,000 1,184 FH

8 KERRISDALE 1,259 1,300,000 1,032 99

9 THE PIER AT ROBERTSON 1,055 2,350,000 2,228 FH

9 ST THOMAS SUITES 1,819 3,638,000 2,000 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 ROBERTSON EDGE 398 770,000 1,933 999

9 VISIONCREST 915 1,738,000 1,900 FH

9 WATERMARK ROBERTSON QUAY 1,076 1,975,000 1,835 FH

9 ROBERTSON 100 883 1,435,000 1,626 FH

9 ASPEN HEIGHTS 1,044 1,600,000 1,532 999

9 WATERFORD RESIDENCE 1,023 1,420,000 1,389 999

9 GAMBIER COURT 1,163 1,475,000 1,269 99

9 HORIZON TOWER 2,486 2,950,000 1,186 99

9 PEACE CENTRE/MANSIONS 2,605 1,850,000 710 99

10 THE DRAYCOTT 2,637 5,550,000 2,105 FH

10 CUSCADEN RESIDENCES 1,238 2,476,000 2,000 FH

10 VALLEY PARK 861 1,350,000 1,568 99910 MONTVIEW 1,744 2,600,000 1,491 FH

10 HOLLAND PEAK 2,594 3,600,000 1,388 FH

10 KASTURINA LODGE 840 1,080,000 1,286 FH

10 GLENTREES 2,691 3,200,000 1,189 999

11 PARK INFINIA AT WEE NAM 1,001 1,951,950 1,950 FH

11 MONTEBLEU 570 905,000 1,586 FH

11 AMARYLLIS VILLE 657 990,000 1,508 99

12 CITY REGENCY 517 707,000 1,368 FH

12 THE CITRINE 958 1,120,000 1,169 FH

12 TRELLIS TOWERS 1,647 1,750,000 1,063 FH

12 OLEANDER TOWERS 893 875,000 979 99

12 KEMAMAN POINT 1,292 1,180,000 914 FH

12 SUNVILLE 1,130 980,888 868 FH

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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

17 BLUWATERS 797 780,000 979 946

17 FERRARIA PARK CONDOMINIUM 1,023 948,000 927 FH

17 EDELWEISS PARK CONDOMINIUM 947 868,000 916 FH

17 BLUWATERS 1,119 905,000 808 946

17 AZALEA PARK CONDOMINIUM 1,679 1,260,000 750 999

18 MELVILLE PARK 936 738,000 788 99

18 CHANGI RISE CONDOMINIUM 1,259 960,000 762 99

18 MODENA 1,410 1,068,000 757 99

18 ELIAS GREEN 1,528 1,070,000 700 99

18 MELVILLE PARK 1,475 925,000 627 99

19 KOVAN MELODY 1,421 1,460,000 1,028 99

19 SUNGLADE 1,044 1,050,000 1,006 99

19 CHUAN PARK 1,851 1,680,000 907 99

19 SUN ROSIER 1,593 1,350,000 847 FH19 CHERRYHILL 1,432 1,200,000 838 FH

19 KENSINGTON PARK CONDOMINIUM 1,485 1,180,000 794 999

19 EVERGREEN PARK 1,023 795,000 777 99

19 RIO VISTA 1,249 960,000 769 99

19 EVERGREEN PARK 1,173 870,000 742 99

20 GOLDENHILL PARK CONDOMINIUM 1,539 1,845,600 1,199 FH

21 GARDENVISTA 926 1,130,000 1,221 99

21 GARDENVISTA 1,173 1,380,000 1,176 99

21 SYMPHONY HEIGHTS 915 930,000 1,016 FH

21 PARC PALAIS 1,604 1,600,000 998 FH

21 CLEMENTI PARK 807 802,600 994 FH

21 PARC PALAIS 1,249 1,239,300 993 FH

21 THE RAINTREE 1,292 1,230,000 952 99

22 PARC OASIS 1,227 973,000 793 99

22 PARK VIEW MANSION 1,335 880,000 659 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

13 THE SCENIC @ BRADDELL 452 565,000 1,250 FH

13 EURO-ASIA PARK 1,001 875,000 874 FH

14 THE TRUMPS 700 865,000 1,236 99

14 COSMO 710 820,000 1,154 FH

14 THE WATERINA 1,130 1,290,000 1,141 FH

14 THE WATERINA 1,087 1,150,000 1,058 FH

14 THE TRUMPS 1,421 1,360,000 957 99

14 THE SUNNY SPRING 1,195 960,000 803 FH

14 SIMSVILLE 1,528 1,200,000 785 99

14 BLOSSOM VIEW 1,033 800,000 774 FH

14 SIMS GREEN 1,238 950,000 767 99

14 THE SUNNY SPRING 1,109 820,000 740 FH

14 CENTRO MANSIONS 1,195 870,000 728 FH

14 GUILLEMARD VIEW 1,313 885,000 674 FH15 ONE AMBER 958 1,450,000 1,514 FH

15 THE AMARELLE 506 740,000 1,463 FH

15 SERAYA 9 560 790,000 1,411 FH

15 AXIS @ SIGLAP 883 1,110,000 1,258 FH

15 TIERRA VUE 947 1,175,000 1,240 FH

15 ONE FORT 1,227 1,500,000 1,222 FH

15 FORTUNE JADE 1,098 1,188,000 1,082 FH

15 SPRING @ KATONG 1,195 1,260,000 1,055 FH

15 COSTA ESTE 1,270 1,180,000 929 FH

15 TG MANSION 1,227 1,020,000 831 FH

16 COSTA DEL SOL 1,313 1,570,000 1,196 99

16 THE BAYSHORE 1,238 1,238,888 1,001 99

16 THE BAYSHORE 1,001 940,000 939 99

16 THE SUMMIT 1,507 1,365,000 906 FH

16 BEDOK COURT 2,271 1,450,000 638 99

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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

22 PARK VIEW MANSION 1,119 675,000 603 99

22 IVORY HEIGHTS 1,948 1,150,000 590 99

23 THE DAIRY FARM 1,948 2,165,000 1,111 FH

23 HILLBROOKS 700 740,000 1,058 FH

23 HAZEL PARK CONDOMINIUM 1,518 1,368,000 901 999

23 YEWTEE RESIDENCES 1,227 1,070,000 872 99

23 REGENT HEIGHTS 1,023 838,000 819 99

23 THE WARREN 1,238 1,000,000 808 99

23 THE WARREN 1,044 840,000 805 99

23 THE WARREN 1,206 930,000 771 99

23 PARKVIEW APARTMENTS 980 741,000 756 99

23 MAYSPRINGS 1,270 945,000 744 99

23 PHOENIX HEIGHTS 980 680,000 694 99

23 NORTHVALE 1,292 871,000 674 9923 PALM GARDENS 1,345 878,000 653 99

26 CASTLE GREEN 947 810,000 855 99

26 THOMSON GROVE 1,539 1,275,000 828 FH

26 CASTLE GREEN 1,152 900,000 781 99

27 SELETARIS 1,636 1,270,000 776 FH

27 EUPHONY GARDENS 1,830 1,068,000 584 99

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.

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For Sale

Nice Resort Style Corner Semi-D (Lor Gambir),3691 sf Land/3885 sf,7 BR/4 Baths. Mins Walkto Nex Mall/Serangoon/Bartley MRT. Mrs Ho96882777

Bliss Residences@Kembangan. FH 1500+sf

3+1BR Penthouse. Only $1000psf. 1 min toMRT, 15 min to CBD. Rooftop pool and BBQ.TK Tan 98206228.

Singapore Property Classifieds #5
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