singapore property weekly issue 72

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CONTENTS p2 Game Over? New Property Cooling

Measures Restrict Mortgages

p8 The Impact of the 6th Round of

Property Cooling Measures

p13 Singapore Property News This Week

p22 Resale Property Transactions

(September 19 – September 25)

Welcome to the 72th edition of the Singapore Property Weekly. Hope you like it! Mr. Propwise

FROM THE

EDITOR

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SINGAPORE PROPERTY WEEKLY Issue 72

Page | 2 Back to Contents

Game Over? New Property Cooling Measures Restrict Mortgages

By guest contributor Gerald Tay

On 5th October, Friday, the Monetary Authority

of Singapore (MAS) announced that it was

capping the length of a home loan at 35

years.

With effect from 6th October, 2012:

1. All residential property loans will be

subjected to a maximum of 35 years loan

tenure, including HDB mortgage loan

tenures.

2. Tighter rules will apply to borrowers taking

loans longer than 30 years, or who want

to have their loan periods extend beyond

the retirement age of 65.



3. If they already have an existing mortgage

and want to take another one that require

these tighter rules for another property,

the cash down payment is 60 per cent,

instead of the current 40 per cent.

4. Same rules apply for refinancing loans.

5. Non-individual borrowers now subject to

40% loan limit (down from 50%)

Reasons for Fresh Round of Property

Cooling Measures

1. To curb upward pressure on property

prices from the current low interest rate

worldwide, and the rapid credit growth

driven by the US’ latest round of

quantitative easing (QE3). “Monetary

conditions world-wide are far from

normal,” said MAS chairman Tharman

Shanmugaratnam.

2. To prevent prices from spiking beyond

sustainable levels, so that the eventual

correction “which will hurt borrowers and

destabilise our financial system” can be

softened, if not avoided.

3. To prevent “false confidence” from buyers

and lenders that the property can always

be sold off for a profit if the loan becomes

difficult to service.

4. A response to the 50-year home loan

offered by United Overseas Bank (UOB),

which drew the ire of National

Development Minister Khaw Boon Wan,

who described it as a “gimmick”.

Impact on Property Market

MAS is taking this step now to require more

prudent lending and to curb over-bullishness

in the property market. Singapore has

signalled clearly that it will not lag behind the

regulatory curve.



Hong Kong for example, moved to introduce

mortgage curbs immediately after QE3 was

announced. In its 5th round of property cooling

measures, the Hong Kong Monetary Authority

announced it would limit the maximum term of

all new mortgages to 30 years. In addition,

mortgage payments for investment properties

cannot be more than 40% of the buyer’s

monthly incomes, compared with 50%

previously.

There is a debate if this new round of cooling

measures will be effective in bringing property

prices down to a more sustainable level. As in

all previous cooling measures, the market

seems to only cool for a while before

continuing its upward climb. Official data

showed that HDB resale prices rose 2% in Q3

from Q2, while private home prices gained

0.5% over the same period. Resale home

prices of non-landed homes have risen 3.2%

in Q3.

The Straits Times reported showflats continue

to see good traffic on Saturday, the day the

mortgage-tightening measures were

implemented. Potential buyers were also

sniffing out if developers will offer special

perks or discounts to buyers to take the sting

out of the new restrictions. None did so far,

and probably won’t do so unless demand

drops to drastic levels over the next six

months or so. Therefore, it is still premature

for a knee-jerk reaction in the property

market.

Impact on Home-Buyers

Except for much younger buyers who are

able to take the full 35 year loan tenure, the

older ones especially those in their forties and

have been waiting for prices to fall to buy, will

be disappointed. A 40-year old will now be

only able to take up to 25-year loan tenure to

enjoy the usual 20% down payment.



But if he were to take out the shorter 25-year

loan of $800,000 for a $1 million property, this

would now mean monthly payments of

$3,051, at current interest rates of 1.1%. This

is $400 more than if he were to take a 30-year

loan. Older home buyers will take the hardest

blow while the younger buyers should get

away with just paying a shade more every

month.

Impact on Investors

For Investors like me, the new rules would

mean “Total Game Over” for the residential

property market.

For an investor who already have an existing

mortgage on hand, finds a $1 million property

that he wants, he would have to fork out a

$600,000 as down payment in cash if he

needed to take a loan exceeding 30 years or

if the loan period extended beyond 65 years

of age. This is down from 60% loan to value,

on top of a potential existing 3% Additional

Buyer’s Stamp Duty, plus a 4-year Seller

Stamp Duty. Putting such a hefty sum locked

in an illiquid asset with a minimum holding

period of more than four years (to avoid

seller’s stamp duty) plus having to pay taxes

just to own one, it sure does not justify any

savvy investor’s potential “Cost of

Opportunity” in other more sensible assets to

grow his net-worth by another zero.

For an investor who is already 50 years or

older, even if he does not have any existing

loan on hand, his monthly mortgage

payments with only a 15 –year loan will be

$4,823, likely more than his monthly rental

yield.

Overall Assessment of the Residential

Property Market

Unless much younger home buyers (30 years

or younger) with no existing home loans



represent the majority of the market (which is

not likely due to current affordability issues),

we will be looking at the peak and saturation

of the residential property market. Fewer

buyers would mean either a price stabilisation

or a fall in near future.

However, the steam from these latest

mortgage restrictions may dissolve in no time

like previous measures because:

1. According to the ‘Property Investor Profile

Survey’ conducted by Ascendant Assets,

the average age of a typical Singapore

property investor is 46. Even before the

new measures kick in, the buyer already

knows that most banks will offer him

maximum loan tenure of around 19 years

based on his retirement age.

2. A low interest rate environment where

ignorant investors still feel that putting

their money in property is still a better bet

than in the bank.

3. A euphoric atmosphere where buyers

continue their dreams of becoming rich

because they believe property prices will

always continue to go up.

4. The “Wealth illusion Effect” purported by

the governments through rising property

prices has already created a ‘Gangnam

Style’ society in Singapore. Younger

home buyers, who hope of living that

‘dream lifestyle’ will borrow to their max at

low interest rates to buy new launches,

hoping to stay in it or sell after 4 years

when it T.O.Ps. There will also be those

who cash out from their HDB, and use the

profits to upgrade to private housing.

The residential property market holds the

keys to wealth and credit in any country.

When people feel rich through their home

prices rising, everyone from consumers to



business owners borrow. Credit is created

and the ‘wealth effect’ leaks through the fabric

of the economy, generating economic growth

and investment for all countries.

Governments do not want a bubble bursting

in their own backyards. They only want

consumers to borrow and spend. When will

the bubble burst or prices fall? Only when the

credit which fuels borrowing and spending

comes to a complete halt because of fear and

a mass ‘exodus’ from the market, will we then

see “blood” on the streets.

Let the herd of “sheep” enjoy their grazing for

now, while the hungry wolves are already

waiting behind the bushes.

By guest contributor Gerald Tay, CEO and

Chief Trainer at CREi Academy Group.

http://www.crei-academy.com/





http://www.moneymatters.sg/



The Impact of the 6th Round of Property Cooling Measures

By Mr. Propwise

The MAS announcement on October 5, 2012

of the new restrictions on mortgages has

been well covered by the media. In this article

I will focus more on my thoughts on the

impact of these measures on the market, and

also present some concrete illustrations of

how these measures will impact different

groups of buyers in the market.

A quick recap of the measures

From October 6, 2012:

1. All residential property loans will be limited

to a maximum tenure of 35 years.

http://www.mas.gov.sg/en/News-and-Publications/Press-Releases/2012/MAS-Restricts-Loan-Tenure-for-Residential-Properties.aspx














2. The Loan-to-Valuation (LTV) for mortgages

will be lowered to 40% (for borrowers with

one or more mortgages) or 60% (for

borrowers with no outstanding mortgages) if

the loan tenure is greater than 30 years OR

the loan period extends beyond 65 years of

the borrower’s age.

3. LTV for mortgages to non-individual

borrowers will be lowered from 50% to 40%

The thinking behind the measures

The aim of the new rules is to “curb continued

upward pressure on residential property

prices, driven by low interest rates and rapid

credit growth.” The MAS believes that as the

current low interest rate environment will be a

medium to long term phenomenon, this could

cause property prices to increase beyond

“sustainable levels”, i.e. create a bubble.

Other than to stop the continued upward rise

of property prices, the MAS also aims to

reduce systemic risk to the banking system.

To create continued demand for property

loans amidst decreasing affordability, banks

have been stretching out the mortgage

tenures to lower the monthly repayments for

borrowers, thus making properties with a

higher total cost more affordable.

According to the MAS, over the past three

years, the average tenure for new mortgages

had increased from 25 to 29 years, and more

than 45% of new mortgages had tenures

exceeding 30 years. The longer tenures of

these loans increase the risk to the banks and

makes it harder for them to do their Asset-

Liability Management.

Case studies to illustrate the impact on

different groups of buyers

The new measures will impact all buyers who



were thinking of taking a mortgage loan with a

tenure greater than 30 years. For example,

for a 30-year old first time buyer looking at a

$1 million condo, previously he could take a

40-year mortgage at 80% LTV. Assuming a

1.5% interest rate, his monthly repayment

would be $2,217 per month. But now unless

he has another $200,000 to put into the

property, he will have to go with a 30-year

mortgage to qualify for the 80% LTV, and his

monthly mortgage repayment will go up to

$2,761, a 25% increase.

One group that is particularly hard hit are

older investors looking to buy a second or

greater property. For example previously, for

a $1 million condo, a 45 year old investor who

already owned a property could probably take

a 30-year loan at a 60% LTV. Assuming a

1.5% interest rate, his monthly repayment

would be $2,071 per month. Now unless he

has and wants to use up another $200,000 of

capital, to maintain a 60% LTV he can only

take a 20-year loan, which would result in a

monthly repayment of $2,895, a 40%

increase!

With these changes, buyers who were

previously counting on a longer tenure

mortgage loan to be able to afford property

will be priced out of the market. There will

also be fewer properties that can generate

“positive cashflow” from rental income as the

monthly outlay for many investors will have

increased. The impact of this policy is likely to

be broad – remember that more than 45% of

new mortgages over the past three years had

tenures exceeding 30 years.

Impact on the property market

Relative to Hong Kong, where the maximum

mortgage tenure has been capped at 30

years, the MAS rules are relatively less strict.

But thanks to the way the new rules are



structured, going forward most mortgages will

have a tenure of 30 years or less. The pool of

buyers thus shrinks further as affordability is

reduced, both for first time homebuyers and

investors. More investors will find the

residential property segment an unattractive

asset class due to the lower ROI. But as

interest rates and vacancy levels remain low,

prices are not likely to fall sharply.

Refinancing will become less attractive, as in

many cases it won’t make sense to refinance

mortgages with tenures more than 30 years

as the monthly repayments could end up

higher. This is bad news for mortgage

brokers.

But I do not think this latest tightening move

will kill the bullishness in the market. The

fundamental cause of the strong demand for

property, low interest rates and the resulting

positive yield spread, will not be going away

anytime soon. If the strong demand for

property is not curbed, then what may happen

as has happened in the previous rounds of

property control measures is for transaction

volumes to fall sharply for a month or two

before rebounding. Demand may once again

shift to new launches by developers, as the

payments during the construction period will

still be relatively low.

Also with each round of measures the market

becomes more and more desensitized to it,

and the impact may shrink. If this is the case,

the government may soon have to scratch its

head to figure out what the next round of

cooling measures will be.



http://www.buybyeproperty.com/


Singapore Property This Week


Residential

Q3 private home price index increased by

0.5%

The overall private home price index

increased by 0.5% in Q3, compared to the

0.4% increase in Q2. The Outside Central

Region, Rest of Central Region and Core

Central Region posted an increase of 1%,

0.7% and 0.2% increase in Q3. This brings

the year-to-date increase to 0.9% and the full-

year increase is expected to be 1.5-2%,

leading to record sales of 20,000 to 22,000

private homes (excluding executive condos)

by end 2012, compared to 2011’s 15,904

units and the previous record of 16,292 units

in 2010.

Some believe that URA's private home price

index could increase by 10% in 2013, since

GLS sites have been fetching higher winning

bids, with those in Pasir Ris, Bedok,

Farrer/Jervois Road and Alexandra Road

having increased by 15-27%. Since land price

takes up 60% of the total development cost,

and these costs may be passed on to the

selling prices, prices in these places may

increased by 9-16% in 2013. Others however

predict only a 2-4% increase, citing the 18.5%

estimated increase in supply in the next three

years, buyer resistance to the record prices

and the possible cooling measures in

responses to price increase.

(Source: Business Times)



HDB resale prices in Q3 increase, index

likely to be 5 or 6% higher than 2011

The prices in the public housing resale market

rose 2% in Q3, compared to 3.8% in Q3 2011,

0.6% and 1.3% in Q1 and Q2 respectively this

year. This increase brings the increase year-

to-date up by 3.9%, and the increase is likely

to hit 5-6% by end-2012. The prices are

unlikely to moderate, since there is an

imbalance in the market. The increase in

resale prices would also mean an increase in

overall median cash over valuation (COV),

which saw an increase from $26,000 in Q2 to

$30,000 in Q3 this year. The highest increase

in median COVs came from three-room flats

which saw an increase of 18.18%. The

median COV increased by 11.11% to $30,000,

14.66% to $33,250, and 9.14% for four-room

flats, five-room flats and executive flats

respectively.

Meanwhile, HDB will release 2,000 more BTO

units this year, bringing the total to 27,000 to

meet the housing needs of first-time buyers.

There are also 7,200 units available under

Sale of Balance Flats (SBF) exercises this

year, up from 2,800 units last year. However, it

will take time for this new measure to ease the

upward price pressure, when the BTO flats

and ECs launched now are complete since

buyers who currently own a HDB flat would

have to sell it then, increasing the supply of

resale flats. Furthermore, the increase in

resale prices is due more to downgraders

(from private property), HDB upgraders, and

singles who do not qualify for new flats as well

as PRs. While some expect the HDB resale

price index to climb by 4-5% next year, others

said that it is unpredictable since as it

depends on the increase in the proportion of

BTO flats allocated to second timers.




Freehold Villa Des Flores up for sale again

in the en bloc market

Freehold Villa Des Flores, previously asking

for $165m but failed to attract bids of this

price, is back on the collective sales market

again with the same asking price. The

104,370 sq ft site at Whitley Road is re-

launched with the confidence that the market

can support the $1,581 psf price with no

development charge following the successful

en bloc sales of Thomson View

Condominium, Chateau Eliza and Green

Lodge. It can be developed into 2-storey

mixed landed housing, either detached, semi-

detached, terrace housing or a combination of

such, based on conventional housing types or

as a cluster housing development. If

developed into a cluster landed project, the

site can potentially support 24 strata

bungalows, 48 strata semi-detached or 64

strata terrace houses. It is likely to be

popular, given its proximity to the proposed

Mount Pleasant Station on the new Thomson

Line and the lack of supply of mid- to large-

sized sites for landed housing developments

in District 11. The tender closes on October

23 at 3pm.


Freehold Amber Residences’ penthouses

sold at $1,100 psf

All of the six penthouses at the freehold

Amber Residences had been sold for $1,100

psf, below the May’s quotations of $1,600 psf

and its 2007 preview price of $1,900 psf. The

six penthouses (4,100 sq ft to 6,700 sq ft),

each spanning three levels, includes a roof

terrace with a swimming pool.




EC market may see a supply glut with the

increase in EC sites

With 25 EC sites (from both Confirmed and

Reserve list) released under the GLS

between H1 2010 and H2 2012, 11 sites on

the confirmed list in 2012, the EC market is

likely to see a supply glut. Of the 11 in 2012,

one at Upper Serangoon View/Upper

Serangoon Road has been launched, another

five sold and the remaining five either yet to

be launched or waiting for the tender to close.

The last 10 sites are expected to generate

5,600 units by 2013, resulting in an average

annual supply of 4,500 units, compared to

3,600 units in the past two years, with

average take-up of 3,300 units. Other

reasons for the supply glut could be

competition from existing unsold and

uncompleted mass-market condos and EC

developments in the vicinity, the 27,000 BTO

flats launched in 2012, as well as the

restrictions on potential EC buyers. EC

buyers must be a married Singaporean

couple with a combined household income of

no more than $12,000, and cannot own both

a HDB and an EC, thus limiting the pool of

buyers. However, some believe the demand

for ECs may remain strong despite

competition from BTO flats, as evident by

past sale results. Others believe that the

demand for ECs will moderate, with buyers

increasingly concerned about location and

design.


New round of cooling measures to be on

housing loan tenures

In the newest attempt the control the rising

housing prices, MAS is making changes to

both the tenures residential property loan and

the loan-to-value (LTV) ratios. The tenure of

all new residential property loans cannot



exceed 35 years while the combined tenure

of the refinancing facility and the number of

years since the first home loan for that

property was disbursed cannot exceed 35

years. The LTV ratio for new home loans to

individual borrowers will be lowered to from

80% to 60% for a borrower with no

outstanding residential property loan, and

from 60% to 40% for a borrower with one or

more outstanding home loans, if the tenure

exceeds 30 years, or the loan period extends

beyond the retirement age of 65 years. It will

also be lowered to 40% from 50% for non-

individual borrowers.

The earlier average tenure had increased

from 25 years to 29 years over the past three

years, with over 45% of new home loans

exceeding 30 years. A long tenure loan is

risky for both lenders and borrowers.

Borrowers may overestimate their ability to

service the loans and borrow much more than

they can afford, and a long tenure loan would

mean a heavier debt repayment burden for

the borrower since interest accumulates over

a longer period. They may eventually be

unable to repay the loans when interest rates

rise and banks may also end up holding bad

loans if the prices of properties fall.

While some believe that the new rules would

not have much impact on the residential

property market, citing the fact that only a

small proportion of buyers take long tenure

loans, others believe that there may be a

moderation in resale transactions since

buyers with existing loans will be affected by

the lower LTV ratio.




SRX: Resale prices of non-landed private

home climbed by 3.2% despite fall in

transaction volume

Resale prices of non-landed private homes

increased by 3.2% to $1,156 psf in Q3,

despite a 7.3% fall in transaction volume to

3,296 transactions compared to 3,555

transactions in Q2. The increase in resale

prices were driven mainly by the 7.1%

increase in the rest of central region (RCR) to

$1,199 psf. The outside of central region

(OCR) saw a 3% increase to $921 psf while

the core central region (CCR) registered a

0.75% to $1,738 psf. The fall in transaction

volumes, however, was the greatest in RCR,

with a 10.9% fall to 854 transactions. The

decline in transaction volumes in CCR and

OCR are 6.2 % to 662 transactions and 5.8%

to 1,780 transactions respectively.

The fall in transaction volumes for the primary

market was even greater at over 50% to 5,394

transactions, primarily because of the lack of

new launches in Q3, as well as buyers’

reluctance to purchase new homes in the

lunar seven month.

Rental volumes also saw a 5.2% decline to

7,723 transactions in Q3, driven by the 8.5%

fall to 2,777 transactions in OCR, and the

6.2% fall to 2,523 transactions in CCR. RCR,

however, registered a 0.25% increase to

2,423 deals. Rental yields remained at 4% in

Q3 though the overall rental prices climbed

2.9% to $3.87 psf in Q3.


Commercial

Freehold strata industrial units at Century

Warehouse up for sale

The 31 freehold strata industrial units in

Century Warehouse which comes up to

50,489 sq ft of strata area is asking for



$40 million or $800 psf. The successful buyer

will have 89.3% ownership of the eight-storey

building zoned "Business 1" with surface and

basement car park lots in addition to naming

rights to the building. It is likely to draw much

interest from both investors and industrialists

given the reduction of the maximum tenure

for industrial sites under land sales

programme to 30 years.

Also up for sale by private treaty is a 6,760 sq

ft freehold retail space at Katong Shopping

Centre. The rectangular retail space with two

access points is located at the north-eastern

part of the basement retail floor and can also

potentially be subdivided into smaller units.


Murray Terrace to be sold for $75 million

AEW is said to have given exclusivity to a

local investor for doing due diligence for a

potential acquisition of Murray Terrace, a row

of 14 conserved shophouses at 2 to 28

Murray Street just off Maxwell Road and

opposite the URA Centre. The investor may

convert the block zoned for commercial use

into a hotel. Murray Terrace, with its total NLA

of 50,000 sq ft and 17,000 sq ft per floor,

could potentially support around 100 hotel

rooms. Located within the Chinatown

(Tanjong Pagar) Conservation Area and near

Tanjong Pagar MRT Station, the property sits

on a 25,151 sq ft site with a remaining lease

of about 60.5 years.

AEW is also selling 2 Havelock Road (2HR)

at around $300 million. 2HR sits on a 54,560

sq ft site zoned for commercial use with a

remaining lease of around 70 years. The

seven-storey building comprises an attic and

96 carpark lots in two basement levels, and

175,300 sq ft of NLA, with 36,200 sq ft of



retail space and 139,100 sq ft of offices. It

could be redeveloped into a 12-storey hotel,

which will have 217,000 sq ft of GFA of which

at least 60% will be for hotel use and the

remaining 40% for commercial space. The

new development could potentially yield some

400 to 450 hotel rooms and 75,000 sq ft of

saleable commercial area, which could be

strata-titled for sale. Another alternative is to

retain the property as it is, since it is 97%

occupied with an average passing rental of $5

psf a month and would provide a 3% net yield

including carpark income based on the price

of $300 million or $1,711 psf on NLA. This is

likely to increase with lease renewals and

new leases since the current market rentals in

the location are thought to average around $7

psf. It could also be strata-titled sold

individually, subject to approval from the

authorities.


Anchor tenants NTUC and Shaw to take up

62,500 sq ft in Waterway Point

NTUC FairPrice Finest and Shaw

Organisation are the two anchor tenants

secured by four-storey Waterway Point, the

retail component of Watertown, an integrated

waterfront residential and retail development

linked to Punggol MRT station. NTUC

FairPrice Finest, a 24-hour branch, will

occupy 30,000 sq ft in the basement while

Shaw Organisation's theatres which will

include a 1,000-seating-capacity Imax hall,

will occupy another 32,500 sq ft. The tenant

mix of the rest of the mall (370,000 sq ft NLA)

will be 40% retail, 30% food and beverage,

with the rest for entertainment and other

service providers.



97% of the 992 units housed in the 11

residential towers of 13 and 14 storeys in the

residential component of Watertown have

been sold, with another 34 units overlooking

Punggol Waterway still available. These units

are mainly three- and four-bedroom units

ranging from 1,173 to 1,550 sq ft, with a

1,195 sq ft three-bedroom unit starting from

$1.68 million. New buyers will receive

FairPrice Finest vouchers ranging from

$8,000 to $10,000.


http://propertymarketinsights.com/



Non-Landed Residential Resale Property Transactions for the Week of Sep 19 – Sep 25

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE CLIFT 527 1,212,100 2,298 99

1 THE SAIL @ MARINA BAY 614 1,258,900 2,052 99

1 THE SAIL @ MARINA BAY 614 1,258,000 2,050 99

3 RIVER PLACE 818 1,200,000 1,467 99

3 REGENCY SUITES 1,421 1,970,000 1,386 FH

3 QUEENS 1,184 1,600,000 1,351 99

3 TANGLIN VIEW 1,152 1,550,000 1,346 99

3 THE METROPOLITAN CONDOMINIUM 1,399 1,850,000 1,322 99

4 MARINA COLLECTION 2,099 5,982,150 2,850 99

4 CARIBBEAN AT KEPPEL BAY 1,356 2,100,000 1,548 99



4 TERESA VILLE 1,927 2,300,000 1,194 FH

5 THE ESTIVA 1,130 1,500,000 1,327 FH

5 BOTANNIA 1,227 1,480,000 1,206 956

5 FLYNN PARK 2,013 2,360,000 1,172 FH

5 HERITAGE VIEW 1,195 1,350,000 1,130 99

7 BURLINGTON SQUARE 1,787 2,100,000 1,175 99

7 THE PLAZA 807 900,000 1,115 99

9 THE METZ 570 1,520,000 2,664 FH

9 ILLUMINAIRE ON DEVONSHIRE 441 1,058,000 2,397 FH

9 NOMU 603 1,300,000 2,157 FH

9 RIVERGATE 1,744 3,100,000 1,778 FH

9 TIARA 1,345 2,388,000 1,775 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 CAIRNHILL PLAZA 2,852 4,480,000 1,571 FH

9 ASPEN HEIGHTS 1,324 2,040,000 1,541 999

9 BELLE VUE RESIDENCES 3,972 6,000,000 1,511 FH

9 ASPEN HEIGHTS 1,410 2,110,000 1,496 999

9 ASPEN HEIGHTS 1,572 2,320,000 1,476 999

9 WATERFORD RESIDENCE 1,421 2,075,000 1,460 999

9 WATERFORD RESIDENCE 1,399 1,935,000 1,383 999

9 PACIFIC MANSION 1,356 1,860,000 1,371 FH

10 8 NAPIER 2,013 6,039,000 3,000 FH

10 NASSIM JADE 2,325 5,200,000 2,237 FH

10 STEVENS COURT 4,994 9,500,000 1,902 FH

10 THE SIXTH AVENUE RESIDENCES 969 1,750,000 1,806 FH

10 ONE JERVOIS 1,292 2,285,000 1,769 FH

10 BELLERIVE 1,539 2,665,000 1,731 FH

10 WATERFALL GARDENS 2,196 3,650,000 1,662 FH

10 FIFTH AVENUE CONDOMINIUM 1,582 2,490,000 1,574 FH

10 PALM SPRING 1,884 2,900,000 1,540 FH

10 MELROSE PARK 3,315 5,050,000 1,523 999

10 SOMMERVILLE PARK 1,302 1,950,000 1,497 FH

10 THE TESSARINA 1,324 1,830,000 1,382 FH

10 D' DALVEY 1,572 2,122,200 1,350 FH

10 HOLLAND HILL PARK 1,464 1,975,000 1,349 FH

11 RESIDENCES @ EVELYN 1,539 2,835,000 1,842 FH

11 PEAK COURT CONDOMINIUM 2,852 3,420,000 1,199 FH



Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

11 WATTEN ESTATE CONDOMINIUM 2,519 2,975,000 1,181 FH

11 MANDALE HEIGHTS 1,776 2,080,000 1,171 FH

12 TRELLIS TOWERS 840 1,220,000 1,453 FH

12 OLEANDER TOWERS 1,464 1,550,000 1,059 99

12 SUNVILLE 1,184 1,100,000 929 FH

12 THE ABERDEEN 1,302 1,198,000 920 FH

13 CASA MEYA 1,195 1,420,000 1,188 FH

13 AVON PARK 1,711 1,938,000 1,132 FH

14 DAKOTA RESIDENCES 1,292 1,800,000 1,394 99

14 LE CRESCENDO 1,539 1,600,000 1,039 FH

14 CASSIA VIEW 1,206 1,200,000 995 FH

14 WING FONG MANSIONS 700 598,000 855 FH

14 CRYSTAL MANSIONS 1,259 750,000 596 FH

15 THE BELVEDERE 1,378 2,320,000 1,684 FH

15 THE SEAFRONT ON MEYER 1,066 1,730,000 1,623 FH

15 THE COTZ 409 599,000 1,464 FH

15 THE MAKENA 1,636 2,215,000 1,354 FH

15 EAST VIEW 883 1,160,000 1,314 FH

15 HAWAII TOWER 2,239 2,820,000 1,260 FH

15 HAIG COURT 1,076 1,340,000 1,245 FH

15 HAIG COURT 1,550 1,880,000 1,213 FH

15 WATER PLACE 1,216 1,465,000 1,204 99

15 SPRING @ KATONG 1,550 1,780,000 1,148 FH

15 TIERRA VUE 2,056 2,320,000 1,128 FH

15 THE BALE 1,152 1,200,000 1,042 FH

15 CASUARINA COVE 1,593 1,650,000 1,036 99

15 GALLERY 8 1,163 1,199,888 1,032 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 HERITAGE RESIDENCES 1,173 1,210,000 1,031 FH

15 COSTA RHU 1,776 1,788,000 1,007 99

15 PARK EAST 1,755 1,730,000 986 FH

15 COSTA RHU 1,776 1,731,644 975 99

15 LAGOON VIEW 1,647 1,482,000 900 99

16 EASTWOOD REGENCY 388 570,000 1,471 FH

16 RIVIERA RESIDENCES 1,066 1,308,000 1,227 FH

16 COSTA DEL SOL 1,313 1,520,000 1,157 99

16 BLEU @ EAST COAST 1,173 1,320,000 1,125 FH

16 THE CLEARWATER 710 745,000 1,049 99

16 LAGUNA GREEN 1,184 1,208,000 1,020 99

16 THE TROPIC GARDENS 1,550 1,550,000 1,000 FH

16 AQUARIUS BY THE PARK 893 878,000 983 99

16 RICH EAST GARDEN 2,390 2,300,000 963 FH

16 CASAFINA 1,238 1,160,000 937 99

16 EAST MEADOWS 1,238 1,088,800 880 99

16 CASAFINA 1,378 1,200,000 871 99

16 EASTWOOD GREEN 1,012 870,000 860 99

16 CASAFINA 2,099 1,500,000 715 99

17 ESTELLA GARDENS 657 700,000 1,066 FH

17 ESTELLA GARDENS 936 848,000 906 FH

17 DAHLIA PARK CONDOMINIUM 1,281 1,100,000 859 FH

18 OASIS @ ELIAS 1,206 1,070,000 888 99

18 CHANGI RISE CONDOMINIUM 1,023 900,000 880 99

18 EASTPOINT GREEN 958 840,000 877 99

18 MELVILLE PARK 1,044 850,000 814 99

18 CHANGI RISE CONDOMINIUM 1,830 1,465,000 801 99



NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land

Authority. Typically, caveats are lodged at least 2-3 weeks after a

purchaser signs an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

18 EASTPOINT GREEN 1,184 935,000 790 99

18 CHANGI RISE CONDOMINIUM 1,658 1,300,000 784 99

18 TAMPINES COURT 1,690 1,000,000 592 101

19 KOVAN RESIDENCES 1,798 2,150,000 1,196 99

19 FONTAINE PARRY 1,076 1,118,000 1,039 999

19 CHILTERN PARK 947 910,000 961 99

19 CHUAN PARK 1,528 1,460,000 955 99

19 KENSINGTON PARK CONDOMINIUM 1,399 1,280,000 915 999

19 JANSEN 28 1,163 1,055,000 908 999

19 RIO VISTA 1,249 1,045,000 837 99

19 REGENTVILLE 1,076 858,000 797 99

19 REGENTVILLE 980 770,000 786 99

20 CLOVER BY THE PARK 1,765 2,240,000 1,269 99

20 BISHAN 8 1,173 1,420,000 1,210 99

20 RAFFLESIA CONDOMINIUM 1,195 1,250,000 1,046 99

20 SEASONS VIEW 969 1,007,000 1,039 99

21 MAPLEWOODS 1,787 2,600,000 1,455 FH

21 GARDENVISTA 1,109 1,430,000 1,290 99

21 MAYFAIR GARDENS 1,130 1,050,000 929 99

21 SHERWOOD TOWER 1,830 1,358,000 742 99

22 THE LAKESHORE 1,184 1,360,000 1,149 99

22 LAKEHOLMZ 1,507 1,385,000 919 99

22 IVORY HEIGHTS 1,668 1,288,000 772 100

23 THE DAIRY FARM 1,948 2,218,000 1,138 FH

23 GUILIN VIEW 840 820,000 977 99

23 THE LINEAR 1,206 1,130,000 937 999

23 HILLVIEW 128 1,044 910,000 872 999

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

23 REGENT HEIGHTS 1,023 805,000 787 99

23 PARKVIEW APARTMENTS 1,141 870,000 762 99

23 MAYSPRINGS 1,335 1,008,000 755 99

25 CASABLANCA 1,109 910,000 821 99

25 ROSEWOOD 1,625 1,150,000 708 99

26 SEASONS PARK 1,550 1,350,000 871 99

27 NORTHWOOD 1,313 1,230,000 937 FH

27 YISHUN SAPPHIRE 1,023 650,000 636 99

28 MIMOSA PARK 1,755 1,395,000 795 FH

singapore property weekly issue 72

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