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Boon Keng DBSS unit sold for over $1 million

Posted by Singapore Property Launch on 6th April 2016 in Blog

Boon Keng DBSS unit sold for over 1 million

City View @ Boon Keng, which offers views of the Kallang River, saw a five-room unit sold for over $1 million. (Photo: Sengkang~commonswiki, Wikimedia Commons)

Eight units at City View @ Boon Keng changed hands in Q1 2016 for between $833,300 and $1,004,888, according to Shin Min Daily News, citing data from HDB’s website. The priciest unit was a five-roomer with an area of 119 sq m, located on the highest level of Block 8.

In March, a buyer offered to pay S$1,028,000 for a five-room unit on the top floor of one of the three 40-storey blocks in the 99-year leasehold development. However, the deal has not yet been closed.

City View was unveiled in 2008, with each unit originally priced from $349,000 to $727,000. It is the second Design, Build and Sell Scheme (DBSS) development, after The Premiere @ Tampines.

Situated close to the Boon Keng and Bendemeer MRT stations, the development comes with condominium-style features like large bay windows, and lift lobbies with card access systems. Residents also get to enjoy scenic views of Kallang River.

credits: proeprtyguru

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Luxury condo prices buck trend, up in Q1

Posted by Singapore Property Launch on 2nd April 2016 in Blog

Luxury condo prices buck trend, up in Q1

Prices of private residential properties in Singapore dipped by 0.7 percent in Q1 2016 from the previous quarter, according to flash estimates released on Friday (1 April) by the Urban Redevelopment Authority (URA).

This is the 10th straight quarter of price decline, and higher than the 0.5 percent fall seen in Q4 2015.

Specifically, landed homes across the island recorded the largest price drop during the period and in Q4 last year. But the rate of decline slowed to 1.5 percent, from 1.8 percent previously.

Nonetheless, Ong Teck Hui, National Director, Research & Consultancy at JLL, feels that the price drop is still quite significant, as it is higher than last year’s average quarterly decline of one percent.

“Landed homes are big-ticket items frequently requiring significant loan amounts, and with the Total Debt Servicing Ratio (TDSR) constraining buyers, the demand pool has shrunk, resulting in heftier price declines.”


Property Price Index of non-landed private residential property

Source: URA


As for non-landed homes, prices in the Outside Central Region (OCR) fell by 0.9 percent in the quarter, after holding firm in the previous three-month period.

In the Rest of Central Region (RCR), prices of non-landed properties slid by 0.4 percent, the same rate of change as in Q4 2015. However, Desmond Sim, Head, CBRE Research, Singapore and South East Asia, pointed out that “the RCR registered a double-digit decline of 10.2 percent from the peak in Q2 2013”.

Bucking the trend, prices of non-landed properties in the Core Central Region (CCR) rose by 0.4 percent, following a 3.0 percent decline in the previous quarter.

“The success of Cairnhill Nine was probably the reason behind the slight increase of 0.4 percent in the CCR this quarter,” said Sim.

Ong revealed that transaction prices at Cairnhill Nine averaged around $2,400 psf, and accounted for about a third of the non-landed caveats lodged in the CCR in Q1.

“The robust sales take-up for Cairnhill Nine attests to the underlying pent-up demand which surfaces when buyers perceive an attractive investment opportunity.”

The flash estimates only cover caveats received by the URA until mid-March, and the agency will release the complete statistics four weeks later.

Meanwhile, PropertyGuru’s latest Property Outlook Report revealed that transaction volume in the private housing market is expected to pick up in 2016, as buyers are likely to be lured by better affordability. Prices are expected to fall by two to four percent this year, said the report.

In addition, experts told PropertyGuru that sales of resale homes will increase as the number of new launches remain stagnant.

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Resale condo prices on upward trend

Posted by Singapore Property Launch on 29th March 2016 in Blog

Prices of completed non-landed private homes rose by 0.4 percent in February 2016, according to latest flash estimates of the NUS Singapore Residential Price Index (SRPI).

This is slightly higher than the 0.2 percent increase seen in the month before, revised data showed.

Excluding small units, prices in the central region climbed by 0.5 percent last month, compared to the 0.6 percent drop in January. Prices in the non-central region moved up by 0.3 percent, after posting a 0.9 percent increase previously.

On the other hand, prices of small units measuring 506 sq ft or below fell by 1.1 percent in February, after registering a previous hike of 0.2 percent.


NUS Singapore Residential Price Index (Feb 2016)

Source: NUS Institute of Real Estate Studies.

credits: properyguru

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Work starts on Canberra MRT station

Posted by Singapore Property Launch on 27th March 2016 in Blog

Work starts on Canberra MRT station

Construction work on the new Canberra MRT station along the North-South Line has commenced, said the Land Transport Authority (LTA) on Saturday (26 March).

Located along Canberra Link and between the Sembawang and Yishun stations, the Canberra station will serve commuters living in nearby estates such as Sembawang Springs, as well as upcoming residential developments in the vicinity.

China State Construction Engineering Corporation Limited (Singapore) was awarded the $90 million contract for the station in mid-2015.

“When the new station opens in 2019, commuters travelling towards the city centre or Jurong East will save up to 10 minutes of travelling time,” the LTA said in a statement.

To better facilitate commuter movement and enhance accessibility, Canberra station is designed with five entrances, with one connected to the new housing estates across Canberra Link. The new station will also have covered linkways to bus stops and bicycle parks.

This is the second time an MRT station is being built on an operational MRT line, noted the LTA. The first was Dover MRT station, between Clementi and Buona Vista stations on the East-West Line, which was completed in 2001.

credits: propertyguru

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Developers confident of disposing units before ABSD deadline

Posted by Singapore Property Launch on 22nd March 2016 in Blog

Developers confident of disposing units before ABSD deadline

Alex Residences in Redhill has 173 unsold units.

Some developers in Singapore are optimistic they can sell all the remaining units in their private residential projects before the stipulated deadline, even if they don’t offer huge discounts, reported The Business Times.

Under the Additional Buyer’s Stamp Duty (ABSD) rules introduced in December 2011, these companies need to build, complete and sell all units within five years of purchasing the land. If there are any unsold units after that period, they need to pay a 10 percent levy, which was subsequently raised to 15 percent for land parcels purchased as of 12 January 2013.

According to SingLand’s General Manager Michael Ng, they are confident of clearing all units before the deadline, and they don’t intend to slash prices.

Last month, its luxury projects Mon Jervois and Pollen & Bleu in District 10 reported 61 and 94 unsold units respectively, while Alex Residences in Redhill had 173 unsold units. These developments will be penalised with an ABSD of 10 percent if there are any leftover units by February, June and December 2017, respectively.

“For boutique projects, our priority is to hit temporary occupation permit (TOP) quickly, as many interested parties for luxury homes want to see the completed units. For Alex Residences, we will clear all units before TOP,” he said.

Similarly, City Developments Limited (CDL) is bullish that they can offload all unsold units at Jewel@Buangkok and two joint venture projects, Bartley Ridge and The Venue Residences, before their respective ABSD deadlines in 2017. This is because the developments are located in established neighbourhoods, and the number of unsold units is low.

“There are no significant ABSD issues for the three projects which have been selling steadily,” said a CDL spokesperson. As of February 2016, there were three, 31 and 160 unsold units at these three developments respectively.

As of last month, the projects with the most unsold units are Malaysian developer IOI Properties’ The Trilinq (524 units), The Crest (365 units) by a Wing Tai-led consortium, and The Glades (331 units), jointly developed by Keppel Land and China Vanke.

Furthermore, SingLand or CDL could be hit with the heftiest ABSD penalty of approximately $70 million, based on their stakes in projects with leftover units, assuming there are still leftover units after the deadline.

credits: propertyguru

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Top property agents earn 66% more than average Singaporean

Posted by Singapore Property Launch on 18th March 2016 in Blog

Top property agents earn 66percent more than average Singaporean

The median gross monthly commission earned by the top 300 property agents at ERA Realty Network hit $11,686 in 2015, according to latest statistics released by the property agency.

This is 66 percent more than the median gross monthly income of full-time employees in Singapore, which averaged $3,949 last year, based on data from the Ministry of Manpower.

These 300 agents are aged 23 to 65, with four of them above 60 years old, earning more than $133,876 annually despite being of retirement age, noted ERA.

At just 28, property agent Kavin Kuah, who joined ERA in 2012, has earned a median monthly gross commission of $119,873.

“Real estate is a good career path if you are someone who looks forward to no-ceiling income. There are always opportunities around; it’s all about commitment, passion and perseverance,” he said.

Jack Chua, ERA’s CEO, said the company remains resilient, despite the current market downturn and changes in real estate regulations.

“Media channels are reporting that many property agents quit the industry in 2015. However, statistics prove that the performance of (the) property sector is positive.

“Many individuals are lured by factors such as high salaries and work-life balance. However, selling properties has never been a simple sales job. It is a long-term, viable career that requires constant upgrading,” added Chua.

ERA remains the biggest agency in Singapore, even after its agent pool dropped by 6.6 percent to 5,947 agents in the October-to-December licence renewal period.

To further help its agents, ERA has rolled out a series of initiatives and policies, such as more professional development and market-focus programmes, as well as welfare and benefit schemes to encourage greater work motivation.

credits: propertyguru

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