NorthPark Residences

northpark

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

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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.

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!

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.

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.”

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.

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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

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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..

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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.
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An example of the transacted prices of a Condominium I am currently Marketing.

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A screenshot of the Masterplan 2014.
Find out more about it here.


4. SRX

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

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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.

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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

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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)

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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

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!
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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

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.

Are You One Of Them? /ST 07 April 15

HOME-BUYERS FLOCK TO 2 CONDO LAUNCHES

Cheryl Ong
Straits Times
07 April 15

Home-buyers flock to 2 condo launches

Fraser Centrepoint sold 313 of 430 units at its ‘soft launch’ for North Park Residence

NEW home sales this month got off to a roaring start as home-seekers turned up in force at two new condominium launches over the weekend.

North Park Residences, the residential component of Frasers Centrepoint’s upcoming Northpoint City mixed development, sold 313 of 430 units put up for sale at its “soft launch”, the developer said in a statement yesterday.

“Sales were evenly spread across the one- to five-bedroom apartments, with Singaporeans accounting for over 88 per cent of buyers,” it said.

After a discount of about 11 per cent, units at the 920-unit project in Yishun were sold at an average price of $1,300 per sq ft (psf), with prices for a 431 sq ft studio unit starting at $612,000 and 1,432 sq ft five-bedroom units at $1.89 million.

Shopping vouchers from Frasers Centrepoint Malls – the developer’s shopping mall unit – ranging from $2,000 to $4,000 were also offered to buyers, depending on the size of the unit.

The firm said 5,000 visitors had been to its show suite since it opened for a public preview three weeks ago.

“The healthy demand for North Park Residences indicates that buyers are savvy about the advantages of its Yishun location as well as being part of an integrated development,” said Mr Cheang Kok Kheong, chief executive of development and property at Frasers Centrepoint.

“For some time now, we have been hearing about the revitalisation and transformation of Yishun from that of a mature township to one with new facilities for medical, education, transport, recreational and other functional needs.”

“More than half” of the North Park Residences units have been set aside for its official launch on Saturday.

Northpoint City will also be linked to the Yishun Integrated Transport Hub, which houses an air-conditioned bus interchange and an underpass leading to Yishun MRT station.

UOL Group, which launched its 797-unit Botanique at Bartley condominium in Upper Paya Lebar Road on Saturday, has sold “more than 50 per cent” of the 300 units put up for sale at an average of $1,290 psf, said Mr Anthony Wong, general manager of marketing.

Mr Wong noted that one-bedroom units, which range from 495 to 689 sq ft each, as well as two-bedders spanning 657 sq ft to 958 sq ft, accounted for about 70 per cent of sales. Foreigners were drawn to the launch too, accounting for 20 per cent of sales.

Prices start at $598,000 for one-bedders, $798,000 for two-bedders and $1.16 million to $1.68 million for three-bedders. Some two- and three-bedders – termed “flexi” units – can be converted into dual-key apartments.

Mr Liam Wee Sin, UOL Group president of property, told a briefing before Sunday’s launch that over 70 per cent of its units were priced below $1 million.

The project is a three-minute walk from Bartley MRT station and is near Paya Lebar Methodist Girls’ School (Secondary), Maris Stella High School and the Australian International School.

Time To Consider New Launch? ST/06April15

Cheryl Ong          
Straits Times
06 April 15

POCKETS OF LIGHT IN GLOOMY HOME MARKET?

THERE has been much doom and gloom in the property market since cooling measures hammered buying sentiment but the pain seems largely restricted to a small segment of the market.

Private home prices have fallen 1.1 per cent from the fourth quarter, according to the Urban Redevelopment Authority’s (URA) property price index released on Wednesday.

The index is compiled from stamp duty data from the Inland Revenue Authority of Singapore.

But new figures from developers and caveats lodged with the Singapore Land Authority showed that not all projects have suffered steep price declines. In fact, some have even managed to eke out respectable gains.

Median prices of projects that racked up at least four transactions in the six months to March 31 were compared with the July to December 2013 period, which was the first six months after tougher mortgage requirements were imposed.

The units did not differ in size by more than 10 sq m. The findings showed that much of the red ink has been restricted to the luxury market, although the additional buyer’s stamp duty and mortgage restrictions have inflicted pain across the board.

“The property price index reflects broad price trends for the entire private housing market, rather than small pockets of the market,” said Mr Sin Lye Chong, URA group director for land sales and administration. “Prices of a few high-end projects may have dropped by about 20 per cent, as cited by industry players, but there are other projects in the city centre that have seen single-digit price falls,” he added.

At Helios Residences, a 140-unit freehold project in Cairnhill Circle, median prices fell 21.9 per cent, from $3,411 per sq ft (psf) in the six months to Dec 31, 2013, to $2,665 psf in the six months to March 31.

The Grange, a 95-unit freehold condo in River Valley, recorded a 21.4 per cent slip in prices to $1,934 psf over the same period.

The declines contrast sharply with the 0.7 per cent fall at RV Residences, also a city-centre condo in River Valley.

Mr Alan Cheong, research head at Savills, said a dip of 1 per cent, as noted by the URA, “is not significant”.

While the URA index does not reflect unsold units, Mr Cheong said the steep discounts offered were real enough to developers.

“They have lowered their prices by 20 per cent and, yet, there are still no takers,” he said. “There’s a disconnect between real prices and virtual prices.”

It was the same picture in the city-fringe areas. The largest dip of 14.4 per cent was recorded at the 510-unit Pebble Bay project in Tanjong Rhu, when prices in the six months to Dec 31, 2013, were compared with the six months to March 31.

However, prices at Cote d’Azur, a 612-unit condominium in Marine Parade, rose by 4.3 per cent.

In the suburbs, the 748-unit Eco in Bedok South registered a slip of 17.1 per cent in the same period but the 483-unit Eco Sanctuary in Chestnut Avenue gained 4.1 per cent.

One reason for the anomalies could be that developers typically release units with better attributes – and higher psf prices – for sale at a later date, pushing up the median prices in some quarters, said Mr Ong Teck Hui, national director of research and consultancy at JLL.

“It will never be the case that all properties in the same basket have dropped their prices.”

Best Time To Own A House? ST/02 April15

PRICES FOR PUBLIC AND PRIVATE SECTOR HOUSING FALL IN FIRST QUARTER

Rennie Whang
Straits Times
02 April 15

Prices for public and private housing fall in first quarter

Public and private home prices across Singapore kept falling in the first quarter of this year, with further declines expected.

Sales have thinned in both markets as well, market watchers say, though the biggest drop has been among private homes.

The market is now so moribund it could start hurting jobs in the real estate industry, they said.

Savills Singapore research head Alan Cheong noted overall private market transactions nearly halved last year. In the first quarter of this year, new sales slid 42.3 per cent year on year, and secondary market sales fell 8.2 per cent.

“Given transaction volumes have declined significantly since June 2013, the multiplier effects on those directly and indirectly employed in the residential property market (is a concern),” he said.

Prices of Housing Board resale flats fell 1 per cent quarter on quarter, slightly up from a 1.5 per cent dip in the fourth quarter, HDB flash estimates showed yesterday. It was the seventh straight quarter of decline for the segment, which has fallen about 9.2 per cent from its peak in the second quarter of 2013.

Prices of private homes fell 1.1 per cent from the fourth quarter according to Urban Redevelopment Authority (URA) flash estimates, roughly in line with the average drop of 1.03 per cent for each quarter last year.

The estimate of the private residential property price index was done using an improved method. The HDB had revised the computation for its resale price index from the fourth quarter of last year.

It was the sixth straight quarter of decline for private homes, for which prices have fallen about 6 per cent from their peak in the third quarter of 2013.

The slide in HDB resale prices has been more pronounced as cooling measures have been more effective in curbing demand, and developers are holding prices in the new sales market, said Mr Cheong.

A boost in Build-to-Order (BTO) flat supply has weighed on the HDB market as well. More than 90,000 BTO flats were launched between 2011 and last year. A further 16,900 BTO flats will be offered this year.

HDB said yesterday it will be offering 4,040 BTO flats in Clementi, Punggol North, Sembawang and Tampines next month with another 5,000 flats on offer in a sale of balance flats at the same time.

In all, 3,681 resale HDB flats were sold in the first quarter, down 20.5 per cent quarter on quarter and 2.6 per cent year on year, noted PropNex research. But transactions may increase with the draw of falling prices.

In the private market, prices in the central region fell an estimated 0.6 per cent quarter on quarter. While it was the lowest quarterly drop in six quarters, it cannot be read as a sign the sub-market is bottoming out given the low sales volume, said SLP International executive director Nicholas Mak. Sales in the sub-market fell 60 per cent quarter on quarter.

Private home prices on the city fringe fell 1.8 per cent, after a 1.6 per cent dip the previous quarter.

“Of the three market segments, the (city fringe) has registered the largest fall of 7.5 per cent in its index from its peak in the second quarter of 2013, more than the declines of 7.2 per cent for the central region and 4 per cent for (the suburbs),” said JLL national research director Ong Teck Hui.

Private home prices in the suburbs fell 1 per cent for the quarter, up from a 0.1 per cent drop the previous quarter.