Third year on, fourth to come?

Time really flies; another year has quickly come and gone.
 

2012 was a year characterized by private home prices that seem to defy gravity. This is despite the additional rounds of cooling measures implemented by the government to try and cool the market. The year has also seen renewed interests in Executive Condominiums (ECs), with record number of new launches. And speaking of ECs, developers have suddenly decided to build bigger and bigger “super-sized penthouses” and “presidential suites”. The mother of all such is a 4,349sqft penthouse at CityLife@Tampinesthat was sold for $2.05 million, an all-time high for an EC unit. How/Why the government would approve the construction and sale of such “luxury” units in housing projects that are supposedly meant for the so-called “sandwiched class” is quite the mystery (certainly the URA or whatever relevant department cannot claim ignorance on the unit sizes and designs for new ECs that developers want to build).  This is especially when the land cost for ECs is subsidized and many eligible families are given subsidies to purchase such class of semi-public housing.

2012 has also been somewhat of a watershed year for the wife and I. One of us had decided to change job and with it, our daily lives have become increasingly grinding. In addition, our Primary 2-going son needed closer supervision in his studies, which meant more time (and added pressure) on his parents. Given our busier schedules, something had to give and thus the reason for the less frequent blog posting and new project reviews last year. Matter of fact, we had totally forgotten about our third anniversary (December 7^th) until it suddenly dawned on us while we went on vacation last week.

There were several junctures in 2012 when the wife and I had contemplated closing shop on SG PropTalk, but we eventually decided to take it by the day and see what happens. And before long, SG PropTalk has “survived” another year. One of the reasons that kept us going was the support and encouraging words from our readers, which we are extremely grateful.

Going forward, the wife and I don't know how long more we will continue blogging, as it is becoming quite the chore rather than enjoyment. And we did say previously that we will stop blogging once it is no longer fun to do so. But we really hope that come December7^th  2013 (or thereabouts), we will be sitting somewhere penning our little anniversary note.

Happy New Year, everyone!

P/S:   The last paragraph was actually written on a piece of tissue paper while our flight was descending towards Changi Airport earlier.



 

Echelon: 80% of launched units sold on first day of preview!

A new private condominium project located in Alexandra View, called Echelon, has seen strong sales.

Its developer City Developments Limited (CDL) said 80% of the units launched have been snapped up on the first day preview of the project.

In a statement, CDL said that as at 4pm on Friday, 200 out of 250 launched units have been sold.

The 508-unit development is jointly developed by CDL, Hong Leong Holdings Limited and Hong Realty.

Located near the Redhill MRT Station, Echelon offers a range of one- to four-bedroom units, loft units and penthouses spread over two 43-storey towers.

CDL said the "early bird" prices for the units average $1,700psf.

It added that a one-bedroom unit costs about $800,000, while the two- and three-bedroom units are priced from $1.19 million and $1.34 million respectively.

Larger apartments such as a four-bedroom suite will cost at least $2.13 million, and a penthouse will come with a price tag of $7.15 million.

Source: Channel News Asia

The news article above caught our attention even while we are vacationing in Taiwan this week. And those who have bought into Ascentia Sky earlier must be rubbing their hands with glee after reading the report..

November private home prices up 1.9%!

Prices of completed private apartments and condominiums picked up pace in November, with those in the central region leading the gains.

According to the National University of Singapore (NUS) Singapore Residential Price Index (SRPI), prices of private non-landed homes climbed 1.9% in November.

This follows a 0.8 per cent increase in the previous month.

In particular, prices of private non-landed homes in the central area (excluding small units) advanced by 2.6% in November, compared with a 0.4% rise in October.

NUS' Institute of Real Estate Studies, which published the SRPI flash estimates, said the sharp rise in prices of private non-landed homes (excluding small units) in the central area was driven by strong resale activity. Units in the central region made up about 35% of the total volume of transactions in October and November compared to 25% in January .

Associate Professor Lum Sau Kim of the NUS Institute of Real Estate Studies added that the housing market is still enjoying "favourable demand conditions with low nominal interest rates and low unemployment".

Meanwhile, prices of resale private homes in the non-central regions (excluding small units) edged up 1.3%, compared to a 1.2% increase a month earlier.

Prices for small units with a floor area of 506sqft or below rose 1.7%.

HSR Property Consultants' special advisor, Donald Han, said: "Developers launched less units for sale but instead focused on sales of existing projects that have been completed.

"For example, Reflections at Keppel Bay saw sales of six units in the month of November. The lack of new projects also caused investors to turn to the secondary market."

He added that centrally-located projects have also been re-rated by investors, given that their price increases have lagged behind those in the suburban area.

Source: Channel News Asia

Pre-Christmas Folly

While trying to clean up some of the spam on our comments page, the wife and I (more "I" than the wife actually) have accidentally deleted some of the recent comments made by our readers and our responses over the past month.

So if your contribution has gone missing, please be reassured that it is not a case of we don't like  what you wrote (or you, for that matter).

And in the spirit of the season,

The Real Deals (20-12-2013)

In this latest issue, the good folks at Maybank-Kim Eng Research have provided us with their take on the private home market scene in 2013.

And for those who are sussing out the Tanah Merah and Farrer Road area, this is definitely one report for you!

Click on the link below to read the full report:
http://www.scribd.com/doc/117574224/The-Real-Deals-20-12-2012#fullscreen

Property Spotlight: District 4

Investors are turning their attention again to developments in District 4, especially the Telok Blangah and Keppel Bayneighborhoods. With the construction of the 1,040-unit The Interlace at an advanced stage, buying interest has also picked up. Developed by a CapitaLand-led consortium and designed by world-class architect Ole Scheeren, the project is a redevelopment of the former Gillman Heights, a privatized HUDC estate in Telok Blangah. The project is pitched at the mid- to upper-end of the condominium market, and contains a mix of two- to four-bedroom apartments and penthouses. The 99-year leasehold condo is scheduled for completion sometime next year.

Only mainly large units are left for sale at The Interlace, according to David Neubronner, head of residential project sales at Jones Lang LaSalle (JLL), and the developer is pricing them at an average of $1,500psf. As at end-October, 737 units or 70,9% of the units have been sold by the developer, with the latest median price achieved at $1,294psf.

Meanwhile, those who bought units when the project was launched in late-2009/early 2010 at prices from $900 to $1,000psf are offloading them on the secondary market as it approaches completion. Sub-sale prices achieved over the last two months have ranged from $1,096to $1,353psf, according to caveats lodged in October and November. For instance, a 1,464sqft, three-bedroom unit on the seventh floor was sold in a sub-sale for $1.98 million ($1,353psf). according to a caveat lodged with URA Realis in November. The original owner purchased it from the developer in April 2010 for $1.5 million ($1,024psf), thus realizing a capital appreciation of 32%.

Meanwhile, a 1,550sqft, three-bedroom unit on the eighth floor in another block recently changed hands in a sub-sale for $1.89 million ($1,218psf). The seller purchased it for just $1,003psf two years ago, thus enjoying a capital appreciation of 21.4%. Owners who bought their units two years ago are now putting them on the secondary market with price tags of $1,300 to $1,400psf, says Neubronner. At such prices, they still get a capital upside of 20% to 30%, he estimates.

However, for those who plan to hold on to their units at The Interlace, Neubronner reckons that, based on an estimated rental rate of $4psf per month, they are likely to achieve rental yields of about 5%, relative to the more recent buyers where the yields for their units will likely be 3% to 4%.

Meanwhile, at the 969-unit Caribbean at Keppel Bay, a handful of units have been sold in November at prices ranging from $1,561 to $1,735psf based on caveats lodged to date. The 99-year leasehold condo project was completed in 2004.

The most recent caveat registered with URA Realis was for the sale of an 893sqft, two-bedroom unit on the sixth floor of one of the blocks for $1.55 million ($1,735psf). The previous owner paid just $671,175 ($751psf) for the unit seven year ago, hence seeing its price increase by 2.3 times over that period.

Elsewhere at Caribbean at Keppel Bay, a 1,227sqft, three-bedroom unit on the eighth floor of another tower recently changed hands for $1.86 million ($1,516psf). Three years ago, the same unit was sold for $1.73 million ($1,410psf), according to a caveat lodged with URA Realis.

Caribbean at Keppel Bayis popular with expatriate tenants and investors, with rental rates hovering from $5 to $6psf per month, according to JLL's Neubronner. This means, based on today's selling prices, the gross rental yield is likely to be compressed to 3% to 3.5% per annum.

Meanwhile, also in the Telok Blangah neighborhood, Bukit Sembawang Estates has substantially sold its freehold Skyline Residences, which is still under construction. To date, around 80% of the 283 units at the high-end condo project have been sold at an average price of $2,000psf. The last recorded transaction captured by URA Realis was in August - a 1,346sqft, three-bedroom unit on the 22nd level was sold for $2.82 million, or $2,096psf. "Skyline Residences stands out for its freehold status and hence it commands a premium," says Neubronner.

 

 

Source: THEEDGE SINGAPORE

The wife and I first visited The Interlace's sales gallery around this time of the year back in 2009, when the average price for this project was around $1,000psf. We were not particularly impressed by the furnishing (homogenous-tile flooring for a supposedly upper-end project) and the fully-enclosed bathroom (no ventilation). But looking at the current median price of about $1,300psf, what a difference 3 years make!

Click on links below to read our review of The Interlace:
http://sgproptalk.blogspot.sg/2010/04/interlace-showflat-review.html
http://sgproptalk.blogspot.sg/2009/12/interlace-1st-preview_1348.html

Click on link below to read our previous review of Skyline Residences:
http://sgproptalk.blogspot.sg/2011/07/skyline-residences-review.html

 

Singapore Property Update (17-12-2012)

The latest report by Maybank-Kim Eng Research provides more insight into the November private home sales figures, and what to make of this going forward.

Click on the link below to read the report:
http://www.scribd.com/doc/117104106/Singapore-Property-Update-17-12-2012#fullscreen

November home sales drop 44%, school holidays to blame.

According to an online report, home buyers snapped up 1,087 new private homes last month. This is 44% down from the close to 2,000 homes sold in October as the school holiday period dampened sales momentum.

Including executive condominiums (ECs), 1,266 homes were sold. Last month, the figure was 2,624 units.

Top selling projects for November include Eco Sanctuary which moved 140 units at a median price of $1,050psf, d'Leedon which sold 133 units at $1,431psf and Bartley Residences where buyers picked up 43 units at $1,230psf.

The LOTUS LAKESIDE along new Molino Boulevard in Bacoor Cavite

Strategically located within the townscape of Masaito Drive along the new Molino Boulevard, Lotus Village brings you closer to the things which matters to you–business and leisure. With only a few minutes away from the main thoroughness of Bacoor and New Molino Blvd., providing a convenient access to Makati and the posh Alabang area.

 A 30 Minute Drive from Mall of Asia Complex and Alabang!

Price @ P1.8M

 Price @ P2.9M

Price @ P3.2M

From Alabang
(via Daang Hari):

Take the Daang Hari and turn right to Old-Molino Paliparan Road. Take a left going to New Molino Blvd then take another left at Masaito Drive. Driving straight along, you'll find Lotus Grand on your right and Lotus Lake on your left.

Vicinity Map

From Manila
(via New Molino Blvd):

From Coastal Road, head straight to Talaba-Aguinaldo Highway, then take New Molino Blvd. Turn right at Masaito Drive. Driving straight along, you'll find Lotus Grand on your right and Lotus Lake on your left. 

Lotus village is the Gateway from the chaos of city without sacrificing the ease of modern lifestyle.

 ESTIMATED PRICE: P1.8M to P3M+

 FREE HOUSE TRIPPING!

Moniq J. Festin

Licensed Real Estate Broker

Registration Number: 0003549

www.wowhouses.blogspot.com (click older posts)

Contact Numbers:
Direct Line: 02-9852137

02-4000165

0922-8885188

0920-9523450

The LOTUS GRAND along New Molino Boulevard in Bacoor Cavite

Featuring one of the most exclusive residential enclaves in Cavite, with only 270 home units spread across an 8-hectares of land, Lotus Village offers artisan-crafted, modern Asian home designs, nature-rich environment and a natural lake in the midst of the community. Here, every day living transcends the ordinary...    

  Location Map

 TEA GARDENS

 Amara@P7.3M

 

GROSS FLOOR AREA: 117 sq. m.
LOT AREA: 192 sq. m.

Features:
Single Detached Unit
Living
Dining
Kitchen
Master Bedroom
2 Bedrooms
2 Toilet and Bath
Powder Room
2 Car Garage
Upgrade Options for:
Kitchen Island
Separate Maid's
Room w/ T&B
and Service Area



Ellora Townhouse

 

GROSS FLOOR AREA: 119 sq. m.
LOT AREA: 117 sq. m.

Features:
Townhouse Unit
Living
Dining
Kitchen
Master Bedroom
2 Bedrooms
2 Toilet and Bath
2-Car Garage
Lanai
Balcony
Service Area 

Bella@P6.6M

 

GROSS FLOOR AREA: 119 sq. m.
LOT AREA: 171 sq. m.

Features:
Single Attached Unit
Living
Dining
Kitchen
3 Bedrooms
2 Toilet and Bath
Powder Room
2-Car Garage
Upgrade Options for:
Separate Maid's Room
w/ T&B and Service Area 


Chantal@P8.8M
 

GROSS FLOOR AREA: 132 sq. m.
LOT AREA: 251 sq. m.

Features:
Single Detached Unit
Living
Dining
Kitchen
Master Bedroom
2 Bedrooms
3 Toilet and Bath
2-Car Garage
Porch
Balcony
Service Area 

Demi@P5.4M

 

GROSS FLOOR AREA: 176 sq. m.
LOT AREA: 168 sq. m.

Features:
Bungalow
Single Attached Unit
Living
Dining
Kitchen
Master Bedroom
1 Bedroom
2 T & B
1-Car Garage
Roof Deck
Service Area
Optional Maid's Room 

 A 30 Minute Drive from Mall of Asia Complex and Alabang!

Moniq J. Festin

Licensed Real Estate Broker

Registration Number: 0003549

www.wowhouses.blogspot.com (click older posts)

Contact Numbers: Direct Line: 02-9852137

02-4000165

0922-8885188

0920-9523450

 

FREE HOUSE TRIPPING!

Laguna.Cavite.Silang.Tagaytay.Bulacan.Montalban.Condominiums in Metro Manila

New Project Info: The Whitley Residences

It was reported in our de facto business newspaper today that Hoi Hup have sold 19 freehold cluster homes at The Whitley Residences at about $5 million each during a preview on Sunday. The average price is about $850psf on strata area - after a 12% discount and absorption of the standard 3% buyer's stamp duty.

All  the buyers were Singaporeans. Non-Singapore citizens need permission from the Land Dealings (Approval) Unit to buy units in the development, as it is a form of landed housing.

The units sold comprise a corner terrace and 18 semi-detached houses. The semi-Ds fetched $4.9 million (for a unit with a strata area of 6,125sqft) to $5.12 million (for a 6,071sqft unit). The 6,620sqft corner terrace sold for $4.85 million.

Cluster housing developments are landed homes that have shared condo-like facilities. At The Whitley Residences, these will include a clubhouse, pool, gym, hot spa and playground.

The District 11 project is near the upcoming Mount Pleasant MRT Station under the Thomson Line. All 61 units in the development span four levels, including a basement and attic, and each has its own lift.

The project comprises 58 semi-Ds and three terrace homes - all with five bedrooms.

Strata areas of the semi-Ds are 5,156sqft to 7,190sft. Following the sale of a corner terrace unit, the remaining corner unit of 6,448sqft (priced at $4.8 million) and a 4,801sqft intermediate terrace house costing $4.3 million are available.

Strata area includes car parking area, private enclosed space lift, void areas and roof terrace.

For its preview, Hoi Hup released 27 semi-Ds and all three terrace units.

 

This is definitely one project that the wife and I are interested to go have a look-see. For the uninitiated, the site that The Whitley Residences sit on is supposedly the largest freehold land site in District 9, 10 and 11 since the 1950s, with grounds exceeding 130,000sqft. The project also has the honor of being the first ever landed housing estate in Singapore to achieve the top-tier Building and Construction Authority (BCA) Green Mark Platinum Award.

Here are more details about The Whitley Residences for those who are interested:

Name:            The Whitley Residences
Location:       141 Whitley Road
Developer:     Hoi Hup Realty Pte Ltd
Tenure:          Freehold
District:         11
Est. TOP:      31 Dec 2017
Total Units:   58 strata Semi-Detached & 3 Strata Terraces
Car Park:      Basement Parking (private & visitor parking lots)

MRT Stations & Schools: Trains 0.4 km: Mt Pleasant MRT Thomson Line (Due 2021) 0.87 km: Novena MRT 0.99 km: Bukit Brown MRT Circle Line U/C

Schools & Institutions 0.80 km: Anglo-Chinese School (Primary) 0.77 km: Balestier Hill Primary School 0.97 km: CHIJ Primary (Toa Payoh) 1.17 km: Singapore Chinese Girls' School (SCGS) 1.17 km: Singapore Chinese Girls' Primary School (SCGPS) 1.65 km: Marymount Convent School 1.74 km: Kheng Cheng School 1.85 km: Anglo-Chinese School (Junior)

Private home sales climb but rental is softening!

Resale home prices of both non-landed private residential units and HDB flats continued to climb to new highs in October and November against the third quarter 2012.

But according to data released by the Singapore Real Estate Exchange (SRX), the rental market for private homes is showing signs of softening.

As a result, overall gross rental yield dropped to a six-year historic low of 3.77% in the first two months of the fourth quarter.

Meanwhile, prices of private resale homes rose to $1,222 per square foot (psf) in the first two months of the fourth quarter, up 5.4% from the previous quarter's average of $1,159 psf.

The report found that resale prices of private homes rose across all regions, with non-landed homes in the suburban region seeing the sharpest increase at 4.5%, compared to the third quarter of 2012.

This is followed by a 3.3% increase in the city fringes and a 2.8% increase in the core central region.

Compared with the first two months of the third quarter this year, transaction volume rose by 6% to reach 2,483 resale transactions in the October to November period.

Meanwhile, the average unit monthly rent of private homes dropped by 1.0%, from $3.88 psf in the third quarter to $3.84 in the first two months of fourth quarter.

Leading the drop is non-landed homes in the city fringe where prices fell by 2.5% to $3.91 after rising for the first three consecutive quarters in this year.

The other regions remained relatively stable compared to the previous quarter.

Meanwhile, the report included for the first time data about the sales of small private apartments, commonly known as shoebox units in Singapore.

Year-to-date, just 198 shoebox units changed hands in the resale market.

But the report said there was strong demand for rentals of shoebox units, with 1,328 rental contracts signed this year. This represents 6.7 times more rentals than resales for shoebox units year-to-date. In contrast, the average is 2.4 times more rentals than resales for other types of units.

As a result, shoebox units continue to draw higher rental offers in the fourth quarter.

Source: Channel News Asia

 

 

So what's our public perception of property agents?

The first Public Perception Survey by the Council for Estate Agencies (CEA) has found that most consumers are satisfied with their property agents.

Eight out of 10 said they were satisfied with the conduct and services provided.

Seven out of 10 planned to recommend their agents to others. 

Top of the list was service excellence with agents being contactable, responsive to queries and courteous at all times.

Bottom of the list was knowledge and expertise about the real estate industry.

Consumers felt that the agents should improve their knowledge so that they can advise customers on property transactions.

These include financial matters and accurate and up-to-date information related to the property.

Most consumers, more than 70%, were also aware of key industry practices and regulations.

The awareness level among potential consumers came in lower, averaging about 60%.

The survey also looked at feedback from the industry.

Most were supportive of the initiatives implemented by CEA to enhance professionalism in the sector.

Eighty per cent indicated that the regulatory measures and enforcement of minimum eligibility criteria for agents has helped raise the professionalism of the industry.

More than 90% of agents found that the training that they received in the last 12 months, was effective in raising their professionalism.

The majority of them also indicated that they would require additional training on government rules and regulations and market information.

The survey was conducted between March and July this year.

Face-to-face interviews were conducted with more than 2,200 consumers and potential consumers.

An online survey was conducted with more than 1,700 property agents and key executive officers.

The findings will set the baseline for CEA to measure the progress of the industry in delivering professional service to consumers.

Source: Channel News Asia

The wife and I have lost count of the number of property agents we have met over the past few years. While most of these encounters were generally positive, we did come across several that "cannot quite make it".

Our pet peeves are those who are excessively pushy, who do not know the facts about the development that they are marketing and worse of all, pre-judge you on your "affordability" based on appearances.

So what's your best/worst experience with a property agent?

Private home market reaching equilibrium?

Another proponent of impending price easing in the private property market.

But the (two) million dollar questions remain: how soon and by how much?

----------------------------------------------------------------------------------------------------------------------
Author: Ong Kah Seng

It has been a pulsating year for Singapore's private housing sector, with homebuyers' aspirations remaining firm even as prices and volumes defy conventional market cycles to hit record highs, but there are signs that the market is now heading towards equilibrium.

In today's market, speculation no longer drives the property buyer following the implementation of sellers' stamp duty in January last year for sales that take place within four years of the home purchase. The purchase decision largely comes from a desire to seek out investment opportunities and fulfil ownership aspirations.

These behavioural drivers will have to be managed by the authorities if they want to ease the rate of increase of home prices. Indeed, the current measures may be more effective than previous ones as they target underlying economic, social and homebuying fundamentals.

By now, the lack of investment alternatives due to the persistent low interest rate environment has become the oft-heard explanation for the continued preference for property purchases. A private home will still be a more familiar and safer choice among many property investors, compared to strata offices, shops and factories. Notwithstanding the record high prices, private homes are still perceived to be a good long-term investment.

The easy access to loans with longer tenures often encourages buyers, even those with affordability issues, to satisfy their need for instant gratification. So the curbs introduced last month to cap mortgages at 35 years and reduce the loan-to-value ratio for those that exceed 30 years or extend beyond the borrower's retirement age of 65 years can help mitigate the risks of defaults and failures in property investments, especially if interest rates eventually rise.

Private home prices, especially those of suburban housing, ran up during the periods following the implementation of the United States Federal Reserve's first round of quantitative easing (QE1) in end-2008 and the second round (QE2) in end-2010, but the market contexts were materially different from the present situation.

In 2009, private home prices fell by an average of 15% in the first quarter, hit by the fallout of the Lehman Brothers collapse. The severe drop and the subsequent economic stabilisation and stock market recovery, partly driven by QE1, provided the platform for the strong rebound of 16% in 3Q 2009, as opportunistic investors, including speculators, resurfaced.

The market also jumped in the last quarter of 2010 following QE2 implementation, with prices largely shrugging off the cooling measures effected from September that year.

Against that backdrop, many buyers are now conditioned to believe that property prices will surely rise following the Fed's third round of quantitative easing (QE3). Indeed, in September, when the US central bank announced the measures, there was a strong showing here in both the developer and resale market.

Typically, these buyers believe the ample liquidity will raise home prices next year, and although the high sellers' stamp duty will restrict reselling in the first four years of purchase, paper gains are still psychologically uplifting for owners and investors.

The market has also become more innovative and vibrant, as developers come up with new offerings or incentives to woo homebuyers in the face of fresh tightening measures and new supply.

Still, with Singapore's subdued economic prospects and with Asia increasingly losing its resilience, homebuyers are now expected to be more restrained. This will translate into a more stable market amid more competitive pricing next year.

The private home market rose 0.6% in the third quarter to hit a new all-time high and this has also led to more buyer resistance, especially as new cooling measures target specific demand fundamentals.

The current price levels have also almost fully stretched buyers' affordability, with suburban developer sales averaging $1,000 to $1,300psf, compared against lukewarm demand for resale properties in city fringes going for $1,200 to $1,400psf.

Although resale property requires immediate financing and HDB upgraders often like to be in the same locality, an investment-savvy individual should choose the latter, unless it exceeds his or her affordability. The current pricing is thus the limit for suburban condominiums and any further increase, even driven by low interest rates and QE3, is likely to meet with buyer resistance.

While the lack of investment alternatives and low interest rates drive the housing market, what really underpins the property's potential is beyond the mere low cost of funds. These include the tenant demand base, the property's inherent characteristics, as well as long-term infrastructural improvements and enhancements.

Homeseekers who did not purchase during the 2010 to 2012 market frenzy are generally more risk averse and prudent, and are thus expected to critically evaluate their buying options in the context of ample choices next year. This will curtail further price increases and very likely, prices will ease as competition intensifies.

      Ong Kah Seng is Director of Research at R'ST, an independent property market research company in Singapore.

Source: TODAY Online

 

 

 

 



The Real Deals (22-11-2012)

This latest issue by Maybank-Kim Eng Research is all about the Bartley area. So for those who are eyeing the two new projects along Bartley Road (i.e. Bartley Residences and Gambir Ridge) or wish to know what else is slated to happen around the area, this one for you!

Click on the link below to read the full report:
http://www.scribd.com/doc/114132300/The-Real-Deals-22-11-2012#fullscreen

Q3 foreign purchases at 7%: Still blaming the high prices on foreigners?

Foreign buyers of Singapore properties accounted for 7% of the market in the third quarter this year.

The proportion had remained unchanged from the previous second quarter.

However, for the first three quarters of the year, foreign purchases averaged about 6%.

This is according to the latest report on demand for Singapore's residential properties in Q3 by property consultant DTZ.

The report also said that demand for luxury landed homes remained strong in the same quarter.

There were altogether 14 Good Class Bungalows (GCBs) transacted in Q3, compared to 12 GCBs in the previous quarter.

Interest in the landed segment was also strong in Sentosa Cove with 6 units sold in Q3 compared to 5 in Q2 and two units in Q1.

These are for purchases worth more than $10 million.

Notably, purchases by US nationals and Norwegians in Sentosa Cove have increased since the implementation of the Additional Buyer's Stamp Duty (ABSD).

The 10%  additional stamp duty does not apply to them.

Year-to-date, US nationals have bought a total of 126 private homes in Sentosa Cove, making them the top non-SIngaporean buyer group of private homes there.

This is a huge contrast to only 3 and 1 purchases by Americans in 2010 and 2011 respectively.

DTZ Research expects the market to continue to gain support from local buyers despite the cooling measures on loan tenure and loan-to-value limit implemented in October 2012.

It also expects limited impact on the high-end segment of above $5 million since the buyers have deeper pockets.

Meanwhile in other segments, it expects demand to shift to smaller and more affordable units as buyers with tight budgets may move one notch lower.

Source: Channel News Asia

The AMELIE Executive Townhomes near Alabang and Paranaque

A Few Minutes Away From Alabang Town Center, Daang Hari, SM SOUTHMALL and other Major Establishments such as Schools, Hospitals and Major Roads... 

 

 

 HOUSE MODELS

 

 VICINITY MAP

Live in Most Popular Village in

Las Piñas with the stars –

AMELIE EXECUTIVE TOWNHOMES

offers you a Deluxe Townhomes

in the Exclusive Village but in

Most Affordable price for you and your family.

Plus an easy access to major roads

 likes Alabang –Zapote and Daang Hari

BF Executive Townhomes w/ Parking for 4 Cars

Finished (3Bedrooms with 2Toilet and Bath)
Lot Area-125sqm. 
House Area-80sqm.

Sample Computation:

Estimated Price-P3,065,000
 20% Required Downpayment-P613,000
Reservation Fee-P50,000 (Deducted from Downpayment)
NET DOWNPAYMENT-P563,000 payable in 12 months @ ZERO Interest
First 12months (Partial Downpayment)-P46,917

Loanable Amount 80%-P2,452,000

Monthly Amortization thru Bank or Pag-Ibig Financing:
Estimated PAG-IBIG Amortization as LOW as P18k (30yrs)
Estimated BANK Amortization as LOW P22k (20yrs)

UNIT FEATURES

Two (2) StoreyTownhouse

3 Bedrooms

2 Toilets and Bath

1 Powder Room

Provision for 4 Car Garage

Provision for Lanai / Service Area / Garden

Class A Interior and Exterior Finishes

Moniq J. Festin

Licensed Real Estate Broker

Registration Number: 0003549

www.wowhouses.blogspot.com (click older posts)

Contact Numbers:  
Direct Line: 02-9852137

02-4000165

0922-8885188

0920-9523450

Property Spotlight: Tanah Merah vicinity (Part 2)

Soon is concerned that, based on the three new parcels sold this year (including eCO), there will be about 1,900 new homes coming up over the next few years in the neighborhood around the Tanah Merah MRT station. In addition, more supply is in the pipeline. For instance, next to eCO is another land parcel (Parcel B), located at the junction of New Upper Changi Road and Bedok South Avenue 3, that is earmarked for a 595-unit residential project sitting on the Reserve List of the government land sales programme. Adjacent to it, where the Tanah Merah MRT station is located, is a parcel designated for "future development".

Even though prices have been stable, and the take-up rate at new launches have been healthy, Soon is concerned that there could be an oversupply in the next few years when these new condos are completed.

David See, senior associate director of OrangeTee, who specializes in marketing units in District 16, is more sanguine. He reckons that, based on the bid prices by the developers, the new projects will be launched at higher prices.

For instance, the 343,171sqft Land Parcel A, located on New Upper Changi Road and Bedok Road, was put up for sale in August and won by Keppel Land last month with a bid of $434.55 million($791psf ppr). The price for the 99-year leasehold site paid by KeppelLand was just 7.1% higher than the second-highest bidder, a joint venture between Fragrance Group and World Class Land.

Incidentally, in August, Fragrance and World Class Land won the tender for a smaller parcel of around 150,700sqft across New Upper Changi Road, with a bid of $285.22 million ($676psf ppr). It is estimated that the new condo, called Urban Vista, will have 550 units, and it is expected to be launched in the coming months.
 

Keppel Land's bid price of $791psf ppr was a record price paid for a residential development land parcel in the suburbs, and is at a 48% premium to the price the Far East-Frasers Centrepoint-Seikisui House consortium paid for eCO's site in February.

Following the close of the tender for the site on New Upper Changi Roadon Oct 16, Joseph Tan, CBRE's executive director of residential services, commented: " The 11 bids garnered for the site and the quantum of the bids show that developers are confident that this residential project will be well received when launched."

Tan estimates Keppel Land's breakeven at $1,200psf, with the selling price of the new project pegged around $1,400psf, which is slightly higher than the average $1,300psf achieved at eCO so far. Keppel Landintends to develop a residential project with about 700 units on the site, with sizes ranging from 500 to 1,400sqft.

Source: THE EDGE SINGAPORE

October home sales fall 25.7%

Sales of new private homes in Singapore declined by about 25.7% to 1,948 units in October, from 2,621 units in September, according to data released by the Urban Redevelopment Authority (URA).

URA said October's sales were led by the mass market segment which sold a total of 1,482 units.

Meanwhile, 144 new homes in the core central region and 322 new units in the city fringe were sold.

The top three best-selling private condominium projects in October were Skies Miltonia which sold 309 units, followed by Riversails with 271 units sold and eCO with 149 units sold.

Including Executive Condominiums (EC), 2,624 units were sold in October - down from 2,771 units in the previous month.

The star performers in the EC segment included Heron Bay at Upper Serangoon with 354 units sold and Waterbay at Edgefield Plains which moved 221 units.

Developers launched a total of 2,410 units of private homes and ECs in October.

Source: Channel News Asia

The new private home sales for August was down 3.6% while September sales was up 84%. And now October sales showed a 25.7% decline. This makes the wife and I wonder if the "see-saw" pattern will persist or will November buck the trend?

 

Click on links below to read our previous posting on the August & September sales data:

http://www.sgproptalk.blogspot.sg/2012/10/september-private-home-sales-up-84.html

http://www.sgproptalk.blogspot.sg/2011/09/august-private-home-sales-drops-36.html





Property Spotlight: Tanah Merah vicinity (Part 1)

The District 16 neighbourhood in the vicinity of Tanah Merah MRT station has seen a surge in activity, owing partly to the sale of three government land parcels and the launch of eCOon Bedok South Avenue 3.

The developers of eCO are a consortium made up of Far East Organization, Frasers Centrepoint and Sekisui House, which won the 308,330sqft, 99-year leasehold site with a bid of $345.9 million ($534psf ppr) in February. The consortium launched eCO in late September and, as at Nov 6, 547 units of the 620 released in the project had been sold at an average price of $1,300psf. eCO comprises a mix of five residential types, with 244 condo units, 237 suites, 220 SOHOs, 17 lofts and 34 townhouses.

The take-up in eCO has been strong, and prices achieved have also set new benchmarks for the area. Based on caveats lodged between Oct 19 and 25, transaction prices had ranged from $1,172 to $1,491psf.

Most potential buyers of eCOhad initially compared the project with Optima @Tanah Merah, which was completed earlier this year and is adjacent to Fragrance and World Class Land's Urban Vista. The 297-unit Optima was launched for sale in 2009, and most of the units were snapped up within three days at an average of $810psf. The project is developed by TID, a joint venture between Mitsui Fudosan and Hong Leong Group. In recent sub-sales done in October, prices of units ranged from $1,027 to $1,350psf.

Most recently, on Oct 23, an 850sqft, two-bedroom apartment on the sixth floor changed hands for $1.1 million ($1,294psf). The previous owner had paid $748,000 ($880psf) for the unit at launch and had enjoyed a price gain of 47% over the last three years. A similar-sized unit on the 11th floor was sold for $1.02 million ($1,199psf), compared with the original purchase price of $804,800 ($946psf).

Meanwhile, two larger units at Optimawere also transacted recently in the secondary market. According to Dan Soon, associate branch manager of PropNex Realty, which brokered the sale of the units, sellers are pegging their asking price to those achieved at eCO. For instance, Soon had brokered the recent sale of a 1,259sqft three-bedroom unit on the sixth floor of one of the blocks at Optima for $1.7 million ($1,350psf). The original owner paid $1.04 million ($828psf) for the unit three years ago, thus seeing a capital appreciation of 63%. The other one sold was a slightly smaller three-bedroom unit of 1,195sqft located on the third floor of another block. It went for $1.5 million ($1,255psf). The previous owner purchased it for $955,200 ($799psf) in 2009, so his capital appreciation was 57%.

"Increasingly, more young couples are looking for small units below $1.2 million in the East,"  observes Soon. The area has also attracted more expatriates, as it is near Changi Business Park, where banks such as Citi, DBS, Standard Chartered and Credit Suisse have their global support and backroom services. The Singapore University of Technology and Design coming up near Changi Business Parkis also a draw. With amenities such as the upcoming Bedok Mall, the new Changi City Point mall and the proximity to MRT station, the area has become a more desirable neighbourhood to live in, adds Soon, with cheaper rents relative to the CBD.

Older condos in District 16 have also seen their prices being driven up by the new launches. PropNex's Soon observes, however, that there have been fewer transactions in these older developments, as many owners are reluctant to sell. "Once they sell their unit, it is difficult for them to find a replacement property in the same neighbourhood, as the newer units cost more and are generally more compact in size,"  he says. Besides, most of them are owner-occupiers, so there are also few units for rent in the older condos.

Most of these older condos are trading in the $1,000psf range or lower. For instance, at the eight-year-old Tanamera Crest, a 288-unit, 99-year leasehold condominium developed by CapitaLand, a 1,173sqft three-bedroom unit on the 10th floor changed hands at $1.09 million ($927psf) on Oct 19. It last changed hands in February 2010, for $735,000 ($626psf). Prior to that, it was sold for $460,000 ($392psf) in 2006. The original buyer paid $593,800 ($506psf) for the unit in late 2001.

At the 1,038-unit The Bayshore, developed by Far East Organization 13 years ago, a 1,184sqft three-bedroom unit on the 10th floor was sold for $1.16 million ($980psf). Also, a 1,012sqft two-bedroom unit on the 28th floor of another block was sold for $1.1 million ($1,087psf).

 

{To be continued...}

Source: THEEDGE SINGAPORE