SkyPark Residences – Sembawang

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NO RESALE LEVY!

Skypark Residences: Taking EC Living to Sky Limits
Where sky-high aspirations are worth living up to. Live up to your home pursuits with the first executive condominium in Sembawang. Nine skyscraping towers ringed by shimmering water bodies. 506 covetable units crowned by a sprawling SkyPark in their midst. Welcome home to SkyPark Residences.

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Where a network of conveniences resides.
A highly developed estate in Singapore’s northern tip, Sembawang has an established network of transportation, educational and shopping amenities. Strategically straddling the upcoming Woodlands Regional Centre and Punggol eco- town, this is where the promise of future lives.

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Call 9277 4372 or email enquiries to kenseah@hsr.com.sg
Few Units Left, don’t wait anymore!

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NorthPark Residences

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Yishun enjoys the opportunities of two new exciting regional centers, Woodlands Regional Centre and Seletar Regional Centre. Both are located within the North Coast Innovation Corridor, which has been slated to become an innovative, economic corridor buzzing with ideas, creative design and new technologies.

Woodlands has been set to become a premier waterfront destination while Seletar Regional Centre has the potential to grow to two times that of Tampines Regional Centre. Located next to it is the impressive Seletar Aerospace Park, the region’s aviation hub with its wealth of endless opportunities in training, research and development. Stretching further is the Punggol Creative Cluster, a hotbed of ideas and new technologies.

The rejuvenation of the Yishun town centre can be easily summed with one integrated development – Northpoint City. Comprising an integrated transport hub that incorporates an air-conditioned bus interchange, a direct shopping underpass to Yishun MRT station, a retail city with 500 shops and the first community club based in a retail mall, a town plaza, a town garden and a residential development, integration is at best a lackluster word, as we can basically enjoy every modern convenience one can think of, all under one roof.

It will also be faster and easier travelling downtown or to other regions of Singapore with the new Springleaf MRT station along the upcoming Thomson East Coast Line and the building of new roads, from future Yishun Avenue 8 to improved Yishun Avenue 1, which connects to Seletar West Link as an alternative route to CTE, TPE and SLE. At the same time, the junction of Lentor Avenue and Yishun Avenue 1 will be improved to enable smoother traffic flow.

For Floorplan and more information:
please call 9277 4372/kenseah@hsr.com.sg

Symphony Suites

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The Symphony Suites is an upcoming condominium located in Yishun.

Apart from its dynamic architectural concept and the luxurious lifestyle it has to offer, The Symphony Suites is also situated within a 30 minutes drive to the Central Business District and Orchard Road, while being close by to amenities for your daily needs with Junction 9 just a stone throw away. For the sports enthusiast, SAFRA Yishun and various parks are located nearby.

Reputable schools such as Chongfu Primary School, Huamin Primary School, Naval Base Primary School, Chung Cheng High School, Northland Secondary School, Yishun Town Secondary School and Yishun Junior College are all in the vicinity for residences with children.

The Symphonic Suites – An arresting visage that shines from inside out, this landmark of luxury illuminates every life within. Welcome to a new abode that nourishes your mind and soul in every single way, in every gratifying moment.

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1) One Of The RARE Developments That Is very Efficient In Their Layout
—> No Balcony & No Household Shelters In The Units

2) 660 Units Are Not Enough For The Future
For 84,000 Yishun HDB Unit Owners to upgrade.
(HDB 2014 Key statistics)

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Superb Conveniences To Places Below!
3) Within 1km To Yishun MRT
4) Within 1km To Yishun Bus Interchange
5) Within 1km To Yishun Future Mega Shopping Mall
6) 10-15 minutes Walk To G.E.M.S International School @ 2 Yishun Street 42 Singapore 768039

7) Great Places For Golf Lovers:
Orchid Country Club
Sembawang Country Club
Seletar Country Club

8) Superb Young Family Friendly
ChildCare Right At Your Door Step

9) If You Are An Expat, Working for
Aerospace Industry & MNC like
Rolls Royce, 3Ms, ASM, Philip Lumileds, etc,
Where Would You Like To Rent?

10) Rain Or Shine, Have A Dedicated ‘Driver’ At Your Doorstep!
Free Shuttle Bus * First Year Upon TOP

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Developer’s Track Record

EL Development Pte Ltd is the property development sub-affiliate of its equally renowned forerunner, Evan Lim & Co Pte Ltd. The portfolio of the building and construction conglomerate includes residential, commercial, industrial, military, and institutional projects.

A strong dedication to high qualities of standard and the commitment to infuse functional innovation with efficient, workable, and livable spaces, the group earned several distinguished citations and awards, including, but not limited to, the Platinum Award of the BCA Construction Productivity in 2011, the Housing and Development Board Award of 2009, and the HDB Construction Safety Award of 2007.

EL Development, on the other hand, forayed on high-rise residential projects and comprehensive industrial developments like the Rhapsody on Mount Elizabeth, Rosewood Suites, the Nordix, Trivelis, and the SkySuites 17 among others.

Signature at Yishun

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SIGNATURE at Yishun, an executive condominium in line with SG50 festivities, celebrates the rich local heritage of Singapore. It pays tribute to familiar icons and stories of Singapore, reimagining and re-creating these elements in a contemporary homescape. Nestling close to the waterline of the Lower Seletar Reservoir and lush greenery of the Orchid Country Club, the 525-unit SIGNATURE at Yishun brings home the best of urban lifestyles and natural landscape in the heart of the rapidly evolving Yishun New Town. The 99-years leasehold executive condominium development is located at Yishun Street 51, and is just a stone’s throw away from Yishun Stadium. Future residents will be able to access the nearby eateries as well as Khatib MRT. Being a short drive away from Seletar Expressway makes commuting to the city as well as other parts of Singapore a breeze. Signature at Yishun is also near Khoo Teck Puat Hospital and is also a short drive away from Seletar Aerospace Park.

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The first SG50 luxury executive condominium inspired by Yishun’s rich cultural and natural heritage, Signature at Yishun will have an iconic clubhouse designed with a classic pineapple monogram (that pays tribute to Yishun of the past famed for its luxuriant pineapple plantations) as well as other luxury pampers such as Poolside Cabanas, Hydrotherapy Alcove, Spa Beds and 3G Fitness Cove. There will also be a host of heritage-inspired facilities such as “Chapteh” Terrace and “Five Stones” Water Pods which are modern interpretations of traditional icons. Signature at ishun will be the first SG50 executive condominium that will be launched with affordable prices and unique marketing fanfare. The interior finishes are designed by Peter Tay who won the Designer of the Year, President’s Design Award 2014. He is famed for designing the homes of celebrities such as, Zhang Ziyi, Stephanie Sun, David Gan, among others. A favourite among well known brands, he has designed interiors for SC Global, Richard Mille, Manolo Blahnik and Armani Casa.

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Selling price
The average selling price of Signature at Yishun was estimated at $750psf, the most affordably priced EC in 2015. Along the same road, The Estuary condo is selling at about $1000psf. From the latest update, the lowest priced unit at Signature at Yishun is going at $684psf!

2 Bedroom (764sqft) – from $538,400k ($705psf)
2 Bedroom (775sqft) – from $561,600 ($725psf)
3 Bedroom (947sqft) – from $666,600 ($704psf)
3 Premium (1098sqft) – from $771,700 ($703psf)
4 Bedroom (1184sqft) – from $859, 600 ($726psf)
4 Premium (1302sqft) – from $954,500 ($733psf)

Surrounding
The surrounding amenities speak for themselves – GEMS World Academy (international school), Orchid Country Club, Lower Seletar Reservoir, Yishun Stadium, and ORTO (exclusive place for dining and recreation). Plus points to the value of the property. Furthermore, Signature at Yishun is situated on higher ground of 4m. For the Fengshui conscious buyer, this is a bonus point!

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Self-indulgence
Indulge in the luxurious project design by President’s Award winner. Be pampered by the 50 heritage facilities Signature at Yishun has to offer – 50m lap pool (5 lanes), Signature Prosperity Clubhouse, heritage icons and features reminiscing our history and heritage. You will also be delighted by the quality fittings and finishings at Signature at Yishun.

Space
Check out the bigger living space of each and every unit at Signature at Yishun. It is important to examine the floor area of each unit type, and ascertain the PSF for each unit. Different developments offer different floor areas for the same unit type. Signature at Yishun offers you more living space, more efficient layout, and yet lower PSF. Finally, the U-shape layout of the entire development, plus the generous space in between the blocks maximise the air circulation and ventilation within the development.

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Forestville

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Enter a forest of wonders where picture-perfect moments await! Forestville is the new Executive Condominium where lush greenery comes together with all the conveniences and enjoyments of life! Graced with the most lavish facilities ever, life at Forestville will be filled with never-ending enchantment and discovery!

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FORESTVILLE 1-2-3 FESTIVE BONANZA!
NO RESALE LEVY

At Forestville, the benefits keep on coming! For a limited time only, you can enjoy the Forestville 1-2-3 Holiday Bonanza designed to give you more convenience, more entertainment, and more peace of mind!

1 Year FREE Maintenance Fee
2 Years FREE Air Conditioner Quarterly Servicing Package
3 Years FREE StarHub 100Mbps fibre broadband access
3 Years FREE Up to 37 Channels on StarHub TV
3 Years FREE Starhub home phone line
3 Years FREE Starhub WIFI in Common Areas
3 Years FREE Shuttle Bus to Causeway Point / Woodlands & Admiralty MRT Station

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  • Short walk to Admiralty and Woodlands South MRT stations (Future Thomson Line)
  • Woodlands Regional Bus Interchange, Seletar Expressway (SLE), Bukit Timah Expressway (BKE), future North-South Expressway
  • Causeway Point, Woodlands Regional Centre, Sun Plaza, Woodlands Civic Centre, Woodlands Waterfront and more
  • Singapore Sports School, Republic Polytechnic, Singapore American School
  • Vast array of luxury facilities and unique interiors for every lifestyle
  • 2-, 3-, 4-, 5-bedroom and dual-key units
  • Luxury penthouse
  • Select units with direct access to pool and Sky Garden
  • Free shuttle bus* to Woodlands and Admiralty MRT stations

Bellewoods

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NO RESALE LEVY
Bellewoods EC is the latest executive condominium located at Woodlands Avenue 5. Developed by renowned developer QingJian, Bellewoods EC offers 561 residential units, over a large 226,000sqft of land.

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Bellewoods EC is conveniently located near the upcoming Woodlands South MRT station (Thomson-East Coast Line), bringing connectivity to residents. For those who drive, Seletar Expressway (SLE) is just 2 minutes away. Causeway Point Shopping Mall at the Woodlands MRT and Bus Interchange can cater to every retail, dining and banking needs.

Woodlands is the center of a major transformation in the North of Singapore, becoming the future Metropolis of the North. There will be a 100ha Woodlands Regional Center, with a scenic waterfront, and a vibrant 30ha regional retail hub with community and leisure amenities. With the new integrated transport hub at Woodlands Central, residents of Bellewoods EC is at the forefront of the ultimate retail and leisure destination.

There is a wide selection of choices at Bellewoods, with 2 / 3 / 4 / 5 bedroom units, sizes ranging from (786 – 1,549sqft). There is a unit type and size to suit every family size and need. Prices are very attractive, from only $636,000.

First timers are eligible for up to $30k in CPF grant. Bellewoods EC is also one of the very last executive condominium which second timers need not pay resale levy.

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2 Bedroom Floorplan – Type B1 / 786sqft
2bdroom

3 Bedroom Floor Plan – Type C1A / 969sqft
5br cospace

3 Bedroom Premium – Type C3L / 1,066sqft
4br cospace

4 Bedroom Cospace – Type CS4p / 1,345sqft
3bdroom premium

5 Bedroom Cospace – Type CS5 / 1,528sqft
3bdrm

Upgrading From Your HDB (NORTH Launches)

Having grown up in the North, I am very excited and happy that finally, the North area has more upcoming developments – retail, shopping malls, parks, private residential.

Today I will share with you a few projects that may excite your parents/yourself to upgrade or to purchase your very first home.

Looking to upgrade from your HDB/buying another unit for your investment purposes?
With the increase of Income Ceiling for EC to $14,000, you may be looking to upgrade but have not found the “right house” yet.

Here are 8 new launches (Condo/EC) located in the NORTH which may interest you!
(I will update next week on the rest of launches in Singapore)
(click the picture for more information: Site plan, Location etc) 

CALL ME AT 9277 4372 to bring you to your next dream home!
You can also email me at kenseah@hsr.com.sg to register your interest.


 

1. Symphony Suites – Yishun <Condominium>

Expected TOP: mid 2018
Close Proximity to:
Reputable schools such as Chongfu Primary School, Huamin Primary School, Naval Base Primary School, Chung Cheng High School, Northland Secondary School, Yishun Town Secondary School and Yishun Junior College are all in the vicinity for residences with children.


2. Northpark Residences – Yishun <Condominium>

Expected TOP: 2018
Close Proximity:
– Yishun MRT and new air-conditioned Bus Interchange just at your doorstep
– Fully sheltered walkway to MRT
– Minutes drive to Khoo Teck Puat hospital
– Walk to Yishun Polyclinic


3. Skypark Residences – Sembawang <EC without Resale Levy>

Expected TOP: mid 2016 (few units left, hurry!)
Close Proximity:
– Minutes walk to Sembawang MRT
– Sembawang Primary School, Sembawang Secondary within walking distance
– Very Near Bai Mee Fen


4. Bellewoods – Woodlands <EC without Resale Levy>

Expected Top : May 2016 (few units left! Hurry!)

Close Proximity to:
Bellewoods EC is conveniently located near the upcoming Woodlands South MRT station (Thomson-East Coast Line), bringing connectivity to residents. For those who drive, Seletar Expressway (SLE) is just 2 minutes away. Causeway Point Shopping Mall at the Woodlands MRT and Bus Interchange can cater to every retail, dining and banking needs.


5. Forestville – Woodlands <EC>

Expected Top : May 2016 (few units left! Hurry!)

At Forestville, the benefits keep on coming! For a limited time only, you can enjoy the Forestville 1-2-3 Holiday Bonanza designed to give you more convenience, more entertainment, and more peace of mind!

1 Year FREE Maintenance Fee
2 Years FREE Air Conditioner Quarterly Servicing Package
3 Years FREE StarHub 100Mbps fibre broadband access
3 Years FREE Up to 37 Channels on StarHub TV
3 Years FREE Starhub home phone line
3 Years FREE Starhub WIFI in Common Areas
3 Years FREE Shuttle Bus to Causeway Point / Woodlands & Admiralty MRT Station

*terms and conditions apply


6. Signature – Yishun <EC>

Expected TOP: May 2018

First SG50 Luxury EC
The interior finishes are designed by Peter Tay who won the Designer of the Year, President’s Design Award 2014. He is famed for designing the homes of celebrities such as, Zhang Ziyi, Stephanie Sun, David Gan, among others. A favourite among well known brands, he has designed interiors for SC Global, Richard Mille, Manolo Blahnik and Armani Casa.


7. Criterion – Yishun <EC>

Expected TOP: Dec 2018

Close Proximity to:
Khatib MRT Station
Enjoy spectacular views of reservoir and golf course


8. Brownstone – Sembawang <EC>

Expected TOP: 2019

Close Proximity To:
upcoming Canberra MRT Station (high potential appreciation..)
Sembawang MRT is also within walking distance
Near to SLE
Upcoming North-South Expressway

CALL ME NOW FOR MORE INFORMATION!

Singapore Industrial Rents and Prices Fall For Second Straight Quarter: JTC

SINGAPORE – Industrial property rents fell for a second straight quarter, according to JTC Corporation’s third quaplace1rter report on the sector released on Thursday (Oct 22).
Rents of all industrial space in the third quarter fell 0.8 quarter on quarter and fell 1.6 per cent from a year ago.

Rents of multiple-user factory space fell by 1.1 per cent from the second quarter and fell 1.9 per cent from a year back.

“The decrease in the rental indices contrasts with the average annual increases of around 3 per cent in the past four years,” JTC said.

Prices were also down, shedding 0.3 per cent compared with both the second quarter and a year back.

Prices of multiple-user factory space fell for a second straight quarter as well. They were down 0.4 per cent from the second quarter and 0.8 per cent from a year ago.

JTC said this contrasts with the average annual increase of 8 to 9 per cent over the past four years.

Occupancy rate of the overall industrial property market fell by 0.2 percentage points from the second quarter to 90.8 per cent.

“A 1.0 per cent increase in supply outstripped a 0.8 per cent increase in demand,” JTC noted.

Compared with a year back, occupancy rate was 0.1 percentage points lower.

Another roughly 3.8 million square metres of industrial space will be completed in the fourth quarter and next year, JTC noted. This includes about 810,000 sqm of multiple-user factory space.

“This is significantly higher than the average annual supply and demand of around 1.6 million sqm and 1.2 million sqm in the past three years, and is likely to exert further downward pressure on occupancy rates.”

Prices and rents have softened following the increase in supply of industrial land and space in recent years, it added.

“With a large supply coming on-stream over the next few years, there will be a wide range of options for industrialists planning to expand their operations,” said JTC.

Weakness in private condominium rents persists in September

OCT 15, 20155:50 AM

Singapore
Lynette Khoo

WEAK leasing conditions for private condominiums continued to weigh on rents in September but this failed to lift rental volumes from the preceding month.

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While this softness coincides with a seasonally weak second-half of the year for the rental market, it is also a result of intensifying competition among landlords amid more completions of new homes, consultants say.

According to SRX Property flash estimates, rents of private non-landed residential units declined 0.3 per cent in September from a month ago, dragged by the city fringe and suburban areas. Still, rental volume dipped 4.1 per cent. SRX Property estimated that there were 3,758 rental transactions in September, compared to 3,919 in August.

ERA Realty key executive officer Eugene Lim noted that the 17.7 per cent year-on-year rise in rental transactions is more likely due to existing tenants taking advantage of lower rents by signing shorter leases and moving around.

“This coincides with our empirical observations that tenants now prefer 12-month leases instead of 24 months,” he said. “Thus, as tenants are faced with an increasing number of choices, they will prefer properties with competitive rentals and attractive attributes.”

The Rest of Central Region (RCR) and Outside Central Region (OCR) experienced rental declines of 0.6 per cent and 1.3 per cent respectively, whereas the Core Central Region (CCR) saw a one per cent increase.

R’ST Research director Ong Kah Seng attributed the rental decline in the OCR to increased completions of suburban condominiums in recent times, presenting more choices for tenants.

Buyers who have bought small suburban condos, including shoebox units of less than 500 sq ft in size, may find the units insufficient for the whole family, Mr Ong observed, adding that more of such units will be put up for resale or rented out at lower rents next year.

Compared to a year ago, rents in September were down 5.6 per cent; they were 13 per cent below the peak in January 2013, according to SRX Property. There was no revision to its rental change estimate in August.

Mr Lim noted that the fall in rents for private non-landed units will persist into next year, given the record numbers of private residential units being completed in 2015 and 2016 at 21,563 and 21,043 units respectively. But for the whole of 2015, he expects rental volumes to remain resilient.

The dismal state of the private rental market will continue to dampen the HDB rental market too, as landlords of private homes lower their rentals further in a way that competes with HDB flats.

In the public housing market, HDB rents remained unchanged in September compared to August, SRX Property’s data shows. HDB three- room, five-room and executive flats posted rental declines of 0.1 per cent, 0.5 per cent and 2.8 per cent respectively, while four-room flats saw a 1.1 per cent increase in rents.

HDB rental transactions in September rose to an estimated 1,736, compared with 1,721 in August. This marked a 7 per cent increase year on year.

Mr Lim observed that some of the older three-bedroom private condos in suburban areas have been rented out at below S$3,000 a month. In face of this, HDB owners have no choice but to cut their asking rents in order to compete with these private units.

But Mr Lim projected that HDB rental transactions will likely remain robust in the coming months, given that HDB upgraders who received their keys to completed private homes are more likely to rent out their HDB flats that fetch higher rental yields than the private units.

Mr Ong noted that these larger HDB flats available for rent in suburban areas are tussling for tenants with the newly completed small condos, given their similar monthly rents.

RESALE VS BTO (GRANTS AVAILABLE AFTER NATIONAL DAY RALLY’15)

Have you gotten your BTO before the SEPT Launch?
Are you going to exercise your option for your resale flat?

What are the differences if you exercise your option after 24 AUG 15?
What are the differences if you decide to forfeit the current BTO, and await the SEPT Launch?

Let us try to understand what are the significant changes to the Grants available after the National Day Rally 15′ and see how it will affect you and I!


FIRST of all,

you have to understand the types of grants you are eligible for when you buy a
RESALE FLAT and when you buy a BTO FLAT.


FOR RESALE FLAT
:

you are eligible for CPF HOUSING GRANT + ADDITIONAL HOUSING GRANT 
+ PROXIMITY HOUSING GRANT (AFTER 24 AUG 15)

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RESALE FLATS —> CPF HOUSING GRANT + AHG + PHG (AFTER 24 AUG)


FOR A BTO FLAT:
you are eligible for SPECIAL HOUSING GRANT + ADDITIONAL HOUSING GRANT

BTO

BTO FLATS —-> SPECIAL HOUSING GRANT + AHG


AFTER knowing this, then it is applicable to know what are the NEW UPDATES to the grants.

1. CPF HOUSING GRANTS (FOR RESALE FLATS)

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CHANGES YOU NEED TO KNOW:

a. ADDITIONAL PROXIMITY HOUSING GRANT/
REMOVAL OF CPF HOUSING GRANT FOR FAMILY LIVING NEAR PARENTS

Before 24 Aug 15
,
a first-timer family is eligible for Housing Grant for Family at $30k assuming SC/SC Household + additional $10k if living nearing parents.

After 24 Aug 15,
the additional $10k is removed,
and added with the new PROXIMITY HOUSING GRANT (click here for more info), where a family is eligible is eligible for up to $20k worth of subsidies if they have never received PHG Grants before.


b. INCREASED INCOME CEILING

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INCREASE IN FAMILY INCOME CEILINGS TO ENHANCE ELIGIBILITY

FOR EC BUYERS, income ceiling has also increased from $12k-$14k!


2. SPECIAL HOUSING GRANTS (FOR BTO FLATS)

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CHANGES YOU NEED TO KNOW:

a. SEPT LAUNCHES WILL SEE AN INCREASE IN GRANTS FROM 20K TO 40K

From July 13 to May 15, the SHG Grants are capped at 20k.
However, from SEPT launches onwards, SHG Grants are increased to 40k.

With the Additional Housing Grants (unchanged), you are able to receive up to 80k worth of grants, from the SEPT Launches onwards, assuming you’re eligible.

b. INCREASED INCOME CEILING

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THESE ARE THE TWO CHANGES IN THE HOUSING GRANTS AVAILABLE.

Essential questions to ask yourself:

1. How can I benefit from the PHG, if I am a second-timer and I can apply again?
Does it mean that I can shift again?

2. Should I forfeit my current BTO and apply for during the SEPT Launch so I can apply for more SHG Grants?
Will it mean that more people are doing that and my chances are further diminished because a further 20k grant?
Furthermore, I will have less chances during my next ballot.

3. With an increase in Income Ceiling, I am eligible for more grants,
is it a good time to buy a property since property prices are lower?

4. With these grants, is a BTO or Resale Flat better now?


IF YOU HAVE ANY OF SUCH QUESTIONS OR WOULD LIKE MORE ASSISTANCE IN ANSWERING YOUR QUESTIONS, FEEL FREE TO CALL/WHATSAPP ME AT 9277 4372, OR EMAIL ME AT KENSEAH@HSR.COM.SG

COMMENT, SUBSCRIBE AND LIKE!
CHEERS

Singapore Condo Resale Prices Up 0.3% in July

Singapore condo resale prices up 0.3% in July: SRX Property

High-rise condominiums in the Scotts Road and Cairnhill area.
High-rise condominiums in the Scotts Road and Cairnhill area. ST PHOTO: ALPHONSUS CHERN

SINGAPORE – Resale prices of non-landed private residential properties edged up 0.3 per cent in July compared to June, according to flash estimates from SRX Property on Thursday.

Year on year, prices have dropped 0.9 per cent from July last year.

July’s prices were down 6.5 per cent from the recent peak in January 2014. The price change in June has been revised downwards from a 0.4 per cent increase to a 0.1 per cent increase.

Prices in the prime central areas, which is known as the Core Central Region, rose 1.7 per cent, while prices the suburbs – or Outside Central Region – rose by 1 per cent.

However prices in the city-fringe – or the Rest of Central Region – fell 2.2 per cent.

The number of resale transactions improved in June compared to a year ago.

An estimated 515 units were resold last month, 33.4 per cent or roughly one-third higher compared with the 386 units that changed hands in July 2014.

But resale volume was 10.4 per cent lower than in June, when 575 units changed hands.

Resale volume is down 74.9 per cent compared to its peak of 2,050 units resold in April 2010.

SRX Property’s July data also showed that buyers of resale units are generally paying the estimated market value of these apartments.

The overall median Transaction Over X-Value (T-O-X) remained at $0 in July. A $0 T-O-X means that an equal number of people paid above and below, or at the computer-generated market value for their properties.

The T-O-X is comparable to the previously used property market’s cash-over-valuation or COV.

For districts with more than 10 resale transactions in July, District 9 (Orchard, Cairnhill, River Valley) posted the highest median T-O-X of ositive $37,000.

Among relatively active districts, District 15 (Katong, Joo Chiat, Amber Road) and District 21 (Upper Bukit Timah, Ulu Pandan) posted the most negative T-O-X median of negative $35,000.

No quick recovery for Singapore property market: seminar

JUL 15, 2015
The Business Times

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AS Singapore faces a “new normal” of slower growth and even stagnation risks, the property market is unlikely to stage a major rebound even if some cooling measures are relaxed now, market watchers said at a property seminar on Tuesday.

Chua Hak Bin, head of emerging Asia economics at Bank of America Merrill Lynch, warned that Singapore may enter a period of stagnation over the next couple of years.

Recent alarm bells were sounded when employment growth contracted for the first time in the first quarter since the global financial crisis (GFC), loans growth contracted in May for the first time since the GFC, and Singapore’s inflation plunged to the lowest in five years, he said.

Some studies in the US have shown that macro-prudential measures such as housing loan-to-value ratios and stamp duties are more effective as tightening tools, but loosening these measures has less impact akin to “pushing on a string” in a downturn, Dr Chua said at the Real Estate Developers’ Association of Singapore (Redas) property market seminar.

Redas president Augustine Tan flagged that any recovery in the property market will not be brisk. “We have to brace ourselves for a different mode of operation as the real estate market enters a different period,” he told market practitioners at the seminar. “The build-up of the oversupply situation in the private residential market will not abate in the short term and recovery will not be a quick one.”

The private housing inventory from the last few years of government land sales supply, along with the plunge in demand and rising vacancy rate, remains a drag on the market, he said.

Private home prices marked their seventh straight quarter of decline – the longest downward streak in 13 years – based on the Urban Redevelopment Authority’s second-quarter flash index; over 89,000 new private residential units, including executive condominiums, are expected to be completed from 2015 to 2019.

Savills head of research Alan Cheong noted that prices alone do not provide a full picture. “It is more about market transactions collapsing that one should be concerned with,” he said. Using the average monthly sales from January to May, it will take 12 years to clear the stock of launched and unsold inventory in the core central region. In the mass to mid-tier private homes market, it will take over 11 years to clear the inventory assuming that the government continues to sell land at the 2015 pace.

It also seems that Singapore’s economy is becoming less supportive of the property market – going by lower GDP growth, slower population growth and a productivity drive that has fallen far below the growth target of 2-3 per cent per year. Labour productivity growth was negative in the last four years, while private investment contracted over the past two years.

But as the US starts raising interest rates, likely from September, the Sibor is expected to climb to 2 per cent by the end of next year, Dr Chua projected. Though past Federal rate hikes was accompanied by stronger US economic growth that in turn buoyed Asian economies and currencies, “we think that this time is different because of China”, he said. A sputtering Chinese economy is negating that lift from the US economy and changes in US consumption patterns have reduced demand for Asian exports.

Property consultants at the seminar on Tuesday noted that prevailing economic conditions are also hurting key non-residential property segments.

As manufacturing activities remain subdued and supply of multiple-user factory space continues to outpace demand, rentals are expected to remain under pressure, said DTZ head of research Lee Nai Jia. “Difficulty in leasing is also expected to widen the rental gap between new and older industrial developments.”

The relocation of tech companies like Google and Oracle from the CBD to modern high-tech business parks that are some 30-40 per cent cheaper in rents does not bode well for the office sector, property consultants noted.

According to Christine Li, research director at Cushman & Wakefield, new office leases as a proportion of total leases by floor area plunged to only 4 per cent in the first half of this year from 15 per cent in 2014. And among relocation contracts, as much as 88 per cent of the space is signed at cheaper buildings such as high-tech industrial buildings, business parks and suburban office buildings, up from 29 per cent in 2014. Office prices have shown to strongly correlate with economic growth in the past, except in an oversupply situation, Ms Li said.

In the retail space, rents and prices are also under pressure amid sliding occupancy rates. Knight Frank’s survey of retailers showed that 53.3 per cent of the respondents are mulling downsizing or moving retail outlets to cheaper locations.

“The existing trend of major retailers consolidating their operations could persist through H2 2015 with the challenging retail market outlook,” said Knight Frank’s head of research and consultancy Alice Tan. “An influx of new retail space of 1.7 million sq ft in 2015 and 2016 could exert downward pressure on prime retail rents island-wide by 1 to 2 per cent in 2015.”

Singapore Investors Turning To Cambodia/Property Guru/03 June15

Singapore Investors Turning To Cambodia/Property Guru/03 June15

The-Bridge

Singapore property investors are venturing into the Cambodian residential market, albeit in relatively small numbers, media reports said.

In March, a Singapore-based developer launched the first phase of the La Vie Residences in Phnom Penh.

According to Yuen Developments chief executive Darren Yap, 60 percent of the 180-unit project has been sold, with buyers mainly from Taiwan, Cambodia and Singapore.

Construction works for phase one of the 17-storey building will commence in October, and is expected to be ready in Q1 2018.

With a strong land bank repository on our backs, we are already looking to launching phases two and three in end-2015 and 2016 respectively, said Yap.

Meanwhile, Singapore investors have also bought units at The Skyline, a mixed-use development located in the heart of Phnom Penhs central business district.

Developed by SGPD Corporation, the project has moved 70 percent of its 792 residential units since its preview in March, revealed marketing agent Anthill Realtors.

The bulk of buyers were from Taiwan and Cambodia, while Singaporeans accounted for less than 20 percent.

Anthill Realtors chief executive Rhonda Wong noted that the project fared well among local buyers, which is a good sign for prospective foreign investors.

As a foreign investor, you want to buy a product that local people want to buy, because it is safer for a resale market, shared Wong.

Most of the buyers were entry-level investors who were drawn to the developer’s guarantee of six percent rental yield, she said.

Another draw is that buyers at some Cambodian projects like The Skyline only need to fork out half the purchase price before completion.

Despite this, Singapore investors remain a minority due to a lower risk appetite as well as a penchant for more established markets, Wong added.

The Skyline is set to complete in Q4 2018.

5 Must Know Websites For Every Property Purchaser

I had this conversation with one of my NS mates a few days ago:


“Wah Ken, thanks for the write up last week. 

Until I read your post, I didn’t know we had so many more things we need to pay for man!  (Click here)
Jialat leh, I think we (people in our age group) really have imperfect information sia.
We do not know where to find the relevant and important information for our property purchase.”

“What is relevant and important to you then?”

“Things like past transactions so we can compare? Things like what are the available properties on the market?

I interrupted.
“Things like Stamp Duties payable? Things like what will be the future development of your surroundings?

“YA YA YA!”

“How about you join me as an agent la? Then you will know everything mah! Hahaha, just kidding la. Ok, i know what to write this coming week already!”


Do you have similar worries as well?
That you are not well informed and have imperfect information?

In today’s A Little Property Class, we will touch on the 5 Must Know Websites For Every Property Purchaser!
It is presented in no particular order. These sites are of my humble opinion.

Of course there are definitely more sites to these, but these are 5 which I personally feel is a Must-Know.
If you have any other sites which you feel are important and should be shared with everyone, please kindly leave a comment or contact me to let me know! 🙂

Let’s Go!


1. Property Guru

“Where to are the available Properties for sale and rent on the market?”

PropertyGuru_sg

Established in 2007, PropertyGuru.com.sg was one of the first property portal in the market. Within a short space of 3 years, it became the #1 portal in Singapore in 2010. It currently has over 3.5 million visitors viewing more than 52 million page views monthly. It has the most comprehensive property listings, with a 6-month aggregate of more than 230,000.

Property Guru (and also Commercial Guru) is highest used property site by Real Estate Salespersons to post their listings (both residential and commercial) for sale and rent. They boast a total of more than 900,000 property listings regionally.

Screen Shot 2015-05-25 at 8.35.15 pm

Its effective search engine allows users to refine their search to meet their specific needs.

Specific Needs include:
-Type of property
-Location/District of Location
-Price/Budget Range
-Bedrooms
-Floor Size
-Tenure of land
and many more

Screen Shot 2015-05-25 at 8.46.39 pm
An screenshot of the search engine

Property Guru has evolved over the years. They have developed a mobile app that is more handy and ready to serve its users. You can download Property Guru app from your App Store and Google Play.


2. HDB Website

“What are the transacted prices?”
“What are the available Grants?”
“After I sell my house, what are my sale proceeds?”
“Am I eligible to buy/sell?”
“What are the things to do if I want to sell my house without an agent?”

These questions can be easily answered in the HDB Website.
You just have to play around with the page.
The HDB website can also help you check your Resale Appointment, ethnic quota etc.

This is one particular Function which I find very useful.

CENTRALISED MAP SERVICES

Screen Shot 2015-05-25 at 9.23.50 pm

It allows you to find out about the past transacted prices/past rental prices of your flat and neighbouring prices.
It also gives you important information such as:
– Lease Details
– Flat types & number of units per block
– Ethnic Group Eligibility
– Non-Citizen Quota for Subletting
– Subletting Rental Rates
– HDB upgrading program
– Distance Enquiry for CPF Housing Grants
and many more..

Screen Shot 2015-05-25 at 9.08.38 pmScreen Shot 2015-05-25 at 9.08.24 pm


Screenshots of useful information you can derive using Centralised Map Services.


3. URA Website (Private Property Price Index)

“How about Private Property transacted prices?”
“What will the government plans for my surrounding neighbourhood?

Similar to the HDB website, the URA website allows you to get hold of private housing transacted prices.
URA will publish these information on a quarterly basis.

It also publishes articles that talk about the recent market conditions.
Similarly, you can search the Master Plan and find out what the government is planning to do with the land that is near your house.
Screen Shot 2015-05-26 at 11.52.40 pm
An example of the transacted prices of a Condominium I am currently Marketing.

Screen Shot 2015-05-26 at 11.55.44 pm
A screenshot of the Masterplan 2014.
Find out more about it here.


4. SRX

“What is the agar-agar valuation of my property?”

Screen Shot 2015-05-26 at 11.58.24 pm

SRX is an information exchange formed by the leading real estate agencies in Singapore.
Its purpose is to disseminate market pricing information and facilitate property transactions.

Screen Shot 2015-05-27 at 12.01.52 am
Screenshot of leading Real Estate Companies In Singapore

Why is SRX useful?

SRX provides X Value – which is the agar valuation you can get without a valuator.

X-Value is a computer-generated market estimate of nearly every property unit in Singapore. It is the result of a 12-month project co-funded by the Singapore Government through the Infocomm Development Authority of Singapore (IDA). The project involved leading estate agencies, academic institutions, government agencies, peer review by certified appraisers, and StreetSine Technology Group, the technology provider for this project.

For more information, please read X-Value FAQ

Screen Shot 2015-05-27 at 12.18.06 am
A Screenshot of a randomly selected 5 room flat in Singapore

You are able to use this service effectively for the pricing of your unit for sale.
At the same time, it allows you to better decide whether it is a good time to sell your property.
Of course there will be a difference from the actual valuation done, but this serves as a pretty good gauge.

SRX is also a property portal that showcase exclusive listings for Sale and Rent, but it is significantly less than that of Property Guru, as Property Guru also feature open listings.


5. INLIS (Integrated Land Information Service)

Screen Shot 2015-05-27 at 12.29.52 am

How do I know whether the seller/landlord is the rightful and legal owner of the property I am buying/leasing?”

INLIS is a government website run by the Singapore Land Authority (SLA)

It allows you to purchase important information such as land title information, and many other services.
Prices are listed in the website.

It is especially important to ensure that you are buying/leasing from the rightful owner of the property because they have been cases where the sellers/landlords are bogus, fraudulent and cheated many victims of their hard earned money!

Indeed, you can argue that you can check income statements, official letters mailed to the mailbox, etc.
However, these are documents that may not be so easily acceptable as they are personal.
There can be so many scenarios in which things can happen, please be careful and do your due diligence!

This is especially important to friends who decide to go directly to a seller/landlord who happen to not engage an agent as well. You are thus responsible to ensure that you have confirmed your sellers/landlords are the owners so as not to infringe the law!


I hope that this article have further helped you in finding the crucial information that you need before you purchase your first property!

Do you have websites that I have missed out and you think is important to share with everyone?
Kindly comment, subscribe and like if my posts have benefited you!

Thank you my faithful readers, for being so kind and sending me words of encouragement and saying thank you to me. I hope that my articles will continue to help you!

Cheers!
Ken Seah


You may also be interested in:
Little Property Education!

1. 10 “ADDITIONAL” THINGS YOU ARE PAYING WHEN YOU BUY A HDB FLAT
2. Different Types Of Flooring
3. 5 Money Traps Couples Fall Into When Buying Their First Property
4. What To Bring For First Appointment?
5. Contra Facility
6. Financing Using Hdb Or Bank Loan
7. HDB Housing Grants

10 “ADDITIONAL” THINGS YOU ARE PAYING WHEN YOU BUY A HDB FLAT

Over the past week, some readers have texted me and asked me about the extra costs (hidden costs in their terms) to be paid when you purchase a HDB house. In today’s A Little Property Education, we will cover on The Costs Involved In Purchasing A Flat.

On top of the purchase price of the house, there are certain other costs involved. These are not exactly hidden costs, but should always be in your consideration when you purchase any property, be it HDB or a Private House.

This entry will be written in such a way that you have finally found your dream home and decided to purchase the property. We will be moving along a timeline in which the events are happening in order.

For simplicity sake, your dream home is a Resale 4 room-flat priced at $400,000.
This is going to be your first home and you will be taking HDB Loan, and will not be taking any Housing Grants.
(All values are approximate and may vary. Costs mentioned here are applicable for this particular case study only. It does not apply for any other property transaction)

Let’s Go!


1. OPTION FEE

cheque

After viewing some properties on the market, you and your partner have finally found your dream home and decide to purchase a certain property.

You will be required to pay the sellers an amount of $1 to a maximum of $1000 in exchange for the Option to Purchase (OTP), and you be will entitled to an Option Period before exercising the Option.
(Option Period: a maximum of 21 calendar days, including Saturdays and Sundays and it expires at 4pm of the 21st calendar day)

Option Fee: $1000 (assume you paid the maximum amount)
TOTAL “OTHER” COSTS INVOLVED: $1000


2. VALUATION REPORT

Screen Shot 2015-05-18 at 11.10.00 pm

After the sellers have granted you the Option To Purchase (OTP),  you are required to submit a Valuation Request by the next working day. All valuation reports must be submitted online.

You can submit the request via  e-Resale (Online Submission of Resale Application and Valuation Request) only after the sellers have granted you an Option to Purchase. The request MUST be submitted by the next working day.

Valuation Costs: $199.25 (Your dream home is a 4 room flat, remember?)
TOTAL “OTHER” COSTS INVOLVED= $1000+$199.25= $1199.25

Assume that the Valuation Report comes out at $380,000 after a few days.


3. Exercise Fee

Upon careful consideration, also knowing that you need to pay Cash Over Valuation (COV), you and your partner still decide to exercise the Option before the Option Expiry.
Remember that you must already have submitted your Buyer’s Resale Checklist at this Point!

After exercising the Option, you are required to pay a deposit to the sellers. This deposit (exercise fee), including the Option Fee, cannot exceed $5000.

Exercise Fee: $4000
TOTAL “OTHER” COSTS INVOLVED= $1199.25+$4000= $5199.25


4. Admin Fees

Screen Shot 2015-05-19 at 12.06.43 am

After you have exercised the Option, you will move on to book your First Appointment.
This is an Admin Fee to be paid to HDB. You will submit this booking online.

Admin Fee: $80 (4 room)
TOTAL “OTHER” COSTS INVOLVED= $5199.25+$80= $5279.25


5. Admin Fees For Extension Of Stay

The seller of your dream home mentioned that they need about 1 month of extension stay as they are still in the midst of finding their new dream home.

Being kind hearted people, you have agreed to allow the sellers the extension.

HDB will then charge you an administrative fee of $20.
This fee, however, is usually paid by the seller, as they are the party who needs the extension.

TOTAL “OTHER” COSTS INVOLVED= $5199.25+$80= $5279.25


6. Conveyancing Fees

converyancer

After your First Appointment with the HDB Officer, you are required to get your conveyancing done. You have taken a HDB Loan, and decided to engage HDB to do your conveyancing for you.

Conveyancing Fees: Approx $500
TOTAL “OTHER” COSTS INVOLVED= $5279.25+$500= $5779.25

Note: You are able to get your conveyancing completed by HDB/lawyer if you are using a HDB Loan.
If you are using Bank Loan, you have to seek a lawyer for conveyancing purposes.
A lawyer would charge from a range of approximately $1800-$4000 for conveyancing depending on which law firm you engage.

To get a rough estimate of your conveyancing fee, assuming you are getting HDB to act for you, you can click HERE.


7. Cash Over Valuation

You will be required to pay $20,000 worth of cash over Valuation shortly. (within 10 days of your First Appointment)

This is because:
Your purchase Price : $400,000
Valuation Report: $380,000

Note: COV varies differently. It is possible that a property is bought without any COV, thus, there is no need to pay COV upfront.

COV: $20,000
TOTAL “OTHER” COSTS INVOLVED= $5779.25+$20,000 = $25779.25


8. Stamp Duty

Screen Shot 2015-05-18 at 10.39.37 pm

Stamp Duties are to be paid the government upon purchase of a property.
For the Different Stamp Duties to be paid, please click here.

For your scenario, as it is your first house, you are required to pay only the Buyer Stamp Duty.

Screen Shot 2015-05-19 at 12.45.39 am
Using this table as a guide, your Buyer Stamp Duty applicable works out to be: $6600

Buyer Stamp Duty: $6600
TOTAL “OTHER” COSTS INVOLVED= $25779.25+$6600 = $32379.25

Note: Buyer Stamp Duties for HDB can be paid by CPF. For better clarifications, contact IRAS for more details.


9. Insurance

insurance-management

As you are taking a loan from HDB, you must buy a Fire Insurance from the Insurance Agent Appointed by the HDB.
You must produce a valid Certificate of Insurance issued by the HDB’s appointed insurer on the date you complete the purchase of the resale flat.

The appointed insurer is Etiqa Insurance Pte Ltd (ETIQA). For more details on the HDB Fire Insurance, you may:

1. Call the ETIQA’s enquiry line on 6331 9253 or
2. Visit ETIQA’s website

TOTAL “OTHER” COSTS INVOLVED= $25779.25+$6600 = $32379.25


10. Agent’s Commission

IMG_4230
Last but not least, as your friendly housing agent, I have been working tirelessly in assisting you to find your dream home, to assist you in the negotiation as well as to ensure that all documents and necessary paperwork are completed on time.

You have agreed to pay me 1% as commission.

Note: Commission varies and it is agreed by the agent and the buyers.

Commission: $4000
TOTAL “OTHER” COSTS INVOLVED= $32379.25+$4000 = $36379.25


Conclusion

Did the sum of money scare you?

In this small case study, we can see that the other costs can add up to quite a significant amount. To some, this amount actually mean a lot, and therefore, it is important to understand all these amounts before you commit into buying a property!
I hope that this case study gives you a better understanding and will help you make a more informed and better choice!

If you are still confused are still have other things that is bothering you, please feel free to contact me at 9277 4372.
Have a great week ahead!!!
Please comment, like and subscribe! 🙂

Best Regards,
Ken Seah

You may also be interested in:
Little Property Education!
1. Different Types Of Flooring
2. 5 Money Traps Couples Fall Into When Buying Their First Property
3. What To Bring For First Appointment?
4. Contra Facility
5. Financing Using Hdb Or Bank Loan
6. HDB Housing Grants

Different Types Of Flooring

Have you ever wondered how to identify the different types of flooring in your house?
I hope this will help you out!

In today’s A Little Property Education, we will cover something closely associated to your property, or the property you are going to purchase, the types of flooring. Well of course I am no interior designer, but these are generally the types of flooring that are most commonly found/used!
Screen Shot 2015-05-11 at 7.19.23 pm

Hopefully you are able to determine the different types of flooring when you go and view a house in the future! (:

Cheers! Have a magnificent week ahead!

You may also be interested in:
Little Property Education!
1. 5 Money Traps Couples Fall Into When Buying Their First Property
2. What To Bring For First Appointment?
3. Contra Facility
4. Financing Using Hdb Or Bank Loan
5. HDB Housing Grants

HDB Resale Prices Up Slightly In April SRX/07 May 15

A SMILE on your face in the midst of the slow market conditions
IMG_8656

SINGAPORE: The resale prices for Housing and Development Board (HDB) flats saw a slight uptick in April, rising 0.2 per cent month-on-month. Transactions for flats also hit a two-year high last month, according to SRX Property’s flash estimates released on Thursday (May 7).

HDB resale prices saw an improvement, driven by 3- and 4-Room flats of which prices rose 0.3 per cent and 0.9 per cent, respectively. However, price dips of 0.8 per cent and 2 per cent for 5-Room and Executive flats, respectively, dragged down the overall increase.

However, prices dropped 6 per cent year-on-year in April, and 11 per cent since the peak in April 2013, it added.

As for resale volume, 1,610 HDB flats were sold in April – a 19.3 per cent month-on-month increase from March’s 1,349 transacted units, SRX Property said.

The HDB resale volume last month was the highest in recent 24 months, it added.

The overall median Transaction Over X-Value (TOX), which measures whether buyers are overpaying or underpaying SRX Property’s estimated market value, remained negative at -S$2,000, up from –S$3,000 in February.

Among HDB towns which saw more than 10 resale transactions last month, the lowest median TOX was seen in Serangoon at -S$14,000, followed by Hougang and Pasir Ris at -S$9,000 and -S$7,000, respectively, the data showed.

5 Money Traps Couples Fall Into When Buying Their First Property

What are the common errors you may face when you purchase your first property?
In our competitive country and workforce, money does not come by easy. Therefore, how you spend your money on your first property is crucial — it has a huge impact for many years, for some, this decision will affect them for a lifetime.

In today’s Little Property Education, I found this article posted on Money Smart, pretty relevant and useful.
I hope you feel the same way too! If you have any housing needs, please feel free to contact me at 92774372!

Here we go!


Sharon Ang
MoneySmart
04 May 2015
First-Home-Buyer

The unspoken proposal in Singapore has long been balloting for a new HDB flat, especially in the past years where successfully being allocated one is akin to striking the lottery. An indeed uniquely Singaporean path to ‘happily ever after’.

Or is it?

As most couples considering a life together are also first time property buyers and have their full-time jobs and other major things like wedding planning to juggle all at once, herein lies the potential to make some major booboos which can potentially undermine your finances in marriage and even test the mettle of your love.

Property decisions are long-term, and what you decide at the very start can lock you in for a very long time.

It is therefore prudent to be aware of the traps that well-intentioned couples fall into at this significant juncture of their lives.

Here are 5 such traps and what you should be aware of:

1. Overextending your finances, making your love nest your prison

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Sure, starting a new life together as a couple is exciting, it speaks of new beginnings, new adventures, and perhaps even a new family down the road. With the best interests in mind, it is tempting to splash out on a bigger property than you can comfortably afford, assuming that:

– Your pay can only go up, since you are young and talented.

– Low interest rates will go on forever.

– You can sell your property for a huge profit later on.

Thanks to the government’s slew of cooling measures, among which are capping MSR at 30 per cent for HDB flats and TDSR at 60 per cent for all properties, you should find yourself unable to seriously overextend yourself even if you are tempted to.

Other factors you should consider, and be aware of in making the decision of how much to spend on your first property are:

– Will one of you stay at home to look after the children when they come along? This may potentially half your income, and no, your mortgage repayments will not be halved.

– Interest rates are at rock bottom currently but they will most definitely go up, it is just a matter of when.

– Property prices are not at fire sale prices, so forget about cashing in on huge profits and retiring to Timbuktu.

Make sure you are comfortable with the monthly repayments throughout the tenor of your loan, and think about when you’d want to retire.

This way, your home will always be the haven and sanctuary you envisioned it to be. And not the silent reason why you’re always stressed or staying late at work while your maid enjoys your property.

You also do not want to find yourself unable to leave a job which you hate because of your mortgage.


2. De-coupling home ownership even while you seal your couple-hood

Couple_disagreeing

What with the ABSD for 2nd properties and above, it is enticing to attempt to beat the system by buying private matrimonial properties in single names.

After all, your spouse can buy a 2nd property in future without having to pay ABSD.

Although you may feel empowered by this choice, especially if you are able to afford the property with your own income, do not ignore the perils of such a decision.

Do consider the following:

Is it wise to buy a matrimonial property in a single name? Will your spouse be willing to contribute financially when the property is not in his/her name? Will that be fair? If not, will you be expecting your spouse to pay for everything else? Like the renovations, daily necessities, a car etc?

Even if you do decide to proceed with this decision, it will do you good to discuss these expectations before you do, so that they do not become stumbling blocks to the harmony of your marriage later on. Decisions made with good intentions can become thorny issues later in the humdrum of daily life.

The ABSD will not last forever, but your property may (especially if it is freehold). One must remember they are one of a set of cooling measures to rein in property prices and keep them affordable for first-time property buyers.

However, if property prices were to start tanking significantly, it is likely that the current measures, including ABSD, will be relaxed layer by layer, like peeling an onion. After all, it is to no one’s benefit for the single largest asset owned by most of us to depreciate.

Thankfully, for HDB purchases, there is no such de-coupling option, and even the rules for how much to be returned to each spouse’s CPF upon its sale is clear-cut.

These protect the individual and it would be prudent to consider them even when buying private properties.


3. Taking a mortgage only considering the interest rates for the first few years

best-mortgage-interest-rates-01-300x225

Although interest rates still remain low at mid-1 per cent+ for mortgages, do not be swayed by mortgage bankers who sell you mortgages based on the interest rates for only the initial years and then count on refinancing later on.

Refinancing later on comes with many risks, including the interest rate environment then, your employment situation then, the state of the economy and property market then (affecting the valuation of your homes) and government/banking policies then (which affect whether legal subsidies can be given by banks).

There are simply too many unpredictable factors involved, and one is better off locking in the best possible housing loan package in totality right from the very start.

Even if the initial rates are 0.1 per cent higher than the other bank’s, what you’d want to ensure is that the rates after the initial years are competitive, in case you are unable to refinance to your advantage when the lock-in period is over.

After all, one does not want to end up in a penny-wise, pound-foolish situation. This is especially so for properties under development, for which the monthly repayments and hence potential savings in the first few years are insignificant.


4. Buying a shoe-box unit for a palatable total sum but an exorbitant psf price

Shoebox 1

With soaring property prices in recent years, it has become an increasing trend for developers to launch tiny units as a way to move sales and preserve their profits.

It may be tempting to buy a 500 or 600+ sq ft condominium unit at less than S$1million, especially for professionals or HDB dwellers looking to buy an investment unit.

Do keep in mind the thousands of units coming into the market over the next few years, which means that it may not be easy to rent out or sell your unit at a profitable price. This while it locks up your ‘quota’ for property ownership with ABSD and punitive financing quantums for subsequent property purchases.


5. Buying an old charming property expecting an enbloc sale (for private properties) or SERs (for HDB)

toa-payoh-lorong5-6-flats3

Gone are the heady days of enbloc sales and overnight millionaires. Buying a property hoping for an enbloc or SERs is as good as gambling. You would probably not want to live with such an uncertainty for the years and even decades ahead.

An old property on a 99-year lease is simply what it is, an old property with a shorter life span. One should always assume that the value of the property will be zero at the end of the lease and ask ourselves if we are comfortable paying the amount for the remaining lease.

Buying a property takes an afternoon or less, but can either be the source of joy or worry and stress for many years to come.

If you are contemplating marriage and buying your first property in the foreseeable future, it is good to use the above as a checklist to have the necessary discussions with your significant other before making the largest purchase of your life.


I hope this article has given you a clearer picture and a better insight on what you should look out for when you purchase your first property. Please comment, follow, and subscribe for more information of the Singapore property market.

Have a great week ahead!
Cheers!
Ken Seah
9277 4372

You may also be interested in:
Little Property Education!
1. What To Bring For First Appointment?
2. Contra Facility
3. Financing Using Hdb Or Bank Loan
4. HDB Housing Grants

Resale Prices Of Private Flats Inch Up ST/30 April 15

RESALE PRICES OF PRIVATE FLATS INCH UP

Rennie Whang
Straits Times
30 April 15

High-rise private apartment condominiums in the Scotts Road and Cairnhill area.

Prices of completed private non-landed homes rose by a slight 0.2 per cent last month over February, on average, the first increase since last October.

The uptick in the flash estimates of the Singapore Residential Price Index (SRPI) seems to indicate a slowdown in price declines, experts say.

It follows a revised 0.2 per cent drop in February and 0.9 per cent drop in January.

“There are too few data points to point conclusively to a trend, but there is some indication of a stagnant market,” said Century 21 chief executive Ku Swee Yong. There were 318 resales last month and 314 in February, according to caveats lodged.

According to estimates by the National University of Singapore’s Institute of Real Estate Studies, which compiles the index, overall resale prices have fallen 3.3 per cent from a year ago, and 9.1 per cent from their peak in July 2013.

The rise last month was boosted by non-central units, which saw a 0.3 per cent month-on-month gain. Resale prices of central units – those in districts 1 to 4 and 9 to 11 – were up 0.1 per cent. Resale prices of small units, defined as those with a floor area of 506 sq ft or less, slid 0.4 per cent month on month.

Year on year, central units have seen the largest slide in prices, down 4.4 per cent. Their prices are down 12 per cent from their peak in May 2013.

Resale prices of small units are down 2.8 per cent year on year, and 7.9 per cent from their peak in August 2013.

This segment’s slide so far has partly been caused by suburban shoebox units starting to come onstream last year, said R’ST Research director Ong Kah Seng. Prior to that, shoebox apartments were mainly in the central region.

Suburban shoebox units have “untested leasing demand” and the monthly price fall could be because many of these resale units were untenanted, lending buyers bargaining power, he added.

Resale prices of non-central units have held up the best, with only a 2.2 per cent year-on-year decline, and are 7.4 per cent down from their peak in April 2013.

This could have been due to resales of more recently completed units, which tend to be smaller in size and with a higher price per sq ft, said Mr Ong.

Yesterday’s estimates came after figures from the Urban Redevelopment Authority last Friday showed private home prices have fallen 5.9 per cent from their peak in the third quarter of 2013.

While different methodologies are used and a higher volume is typically seen for new sales, this could suggest that resale prices are falling faster than new sale prices, said Mr Ku.

The overall SRPI is expected to fall by 3 to 6 per cent year on year this year, said SLP International executive director Nicholas Mak.

What Do I Need To Bring For First Appointment?

A friend whatsapped me and requested me to write about what are the documents needed for First Appointment.

Therefore, in today’s A Little Property Education, we will cover on the list of items you need to bring for your First Appointment.


For all readers who do not know what is the First Appointment.
6

What is the purpose of First Appointment?

Screen Shot 2015-04-27 at 10.16.51 pm


List of Documents to Bring For First Appointment

Documents buyer needs to bring for First Appointment


Buyer will need to bring:

  • Original Identity Card of buyer(s) or Passport in absence of Identity card, along with 1 photocopy
  • HDB Loan Eligibility Letter/Letter of Offer from Bank
  • Income documents for assessment of income ceiling if taking the CPF Housing Grant
  • Income documents for assessment of income ceiling if taking the Additional CPF Housing Grant (AHG)
  • Latest Pay slips if taking an HDB loan
  • Power of Attorney, if applicable
  • Lasting Power of Attorney (LPA), if applicable
  • Marriage Certificate, if applicable
  • Child’s Birth Certificate, if applicable
  • Original Buyer’s Resale Checklist if you have used the hardcopy Resale Checklist and have submitted a scanned copy of it together with your resale application on or before 30 November 2013.


Additional documents needed, if buyer is a bankrupt


If the buyer is buying any of the following flat types, he/she needs a Letter of Consent from Official Assignee to consent to the purchase.

  • Executive Flat
  • Multi-Generation Flat
  • HUDC flat


Additional documents needed, if the buyer has inherited an interest in an HDB flat*


  • A Petition for Letter of Administration with the Estate Schedule


FOR YOUR EASE: I’ve made a flow chart for you to save into your phones to use as a checklist!

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I hope you have found this entry and the flowcharts useful! Please remember to share, like and subscribe!
Also, comment on what you would like to be shared next Monday!

You may also be interested in the other posts of A Little Property Education!
1. Contra Facility 
2. Financing Using Hdb Or Bank Loan
3. HDB Housing Grants

Have a victorious week ahead!
Ken Seah