Blog

Singapore New Launch And Condo

Come and find out about new launch and condo news in Singapore! Subscribe to our blog now for more latest property information.

Author

Private home prices down almost 5% in 2014

Posted by Singapore Property Launch on 15th December 2014 in Blog

Waterfront at Faber Perspective 5

image: Waterfront @ Faber

Prices of private properties in Singapore fell by 4.79 percent during the first nine months of 2014, compared to an annual increase of 2.1 percent in the same period last year, revealed a report from Global Property Guide.

On a quarterly basis, prices of private units dipped by 0.38 percent in Q3 from the previous three months.

At the same time, residential demand in the city-state is dropping. The report stated that sales of housing units plunged 38.6 percent to 1,465 units in the third quarter from last year, according to data from the Urban Redevelopment Authority (URA).

Singapore’s economy is also slowing, with forecasts of 2.96 percent growth this year, down from 3.9 percent in 2013, according to the International Monetary Fund (IMF).

Of the 10 Asian markets tracked in the report, only Singapore and China saw house prices decline during the year.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
Author

81% of Popular’s Balestier condo unsold

Posted by Singapore Property Launch on 12th December 2014 in Blog

Ei8ht Raja

For the three months ended 31 October 2014, Popular Holdings’ turnover dropped by eight percent from $136.5 million to $125.5 million.

This was largely due to less revenue achieved in its Property and Retail & Distribution Divisions.

Only one unit of its freehold condominium in Balestier, Ei8ht Raja (pictured) was sold for $2.5 million in the said quarter, compared to two units of 18 Shelford for a total consideration of $8.8 million in the previous corresponding quarter.

18 Shelford is Popular’s freehold condominium in District 11.

In a statement, the group said there are still 21 unsold units in Ei8ht Raja as at 31 October 2014, and only five units were sold since obtaining the Temporary Occupation Permit in May 2013.

According to media reports, its Permai Residences project in District 4 is slated be completed by end of next year.

Popular’s core business lies in retail and book publishing, but the group ventured into the property market in 2006 to shore up the capital needed for retail and publishing expansion.

Credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
Author

Hiap hoe sells upscale condo to controlling shareholder

Posted by Singapore Property Launch on 11th December 2014 in Blog
Hiap hoe sells upscale condo to controlling shareholder

Image: Hiap hoe

Hiap Hoe Group is selling its high-end condominium, Treasure on Balmoral, to its controlling shareholder, Hiap Hoe Holdings, to dodge hefty extension fees under the qualifying certificate (QC) rules, reported the media.

In a statement, the company revealed Hiap Hoe Holdings, which owns 69.85 percent of Hiap Hoe, is buying all 48 units in the upscale condominium development in District 10 for $72.83 million after accounting for shareholder loans and other liabilities. The purchase price is based on a market value of $185 million or $1,789 psf for the 103,439 sq ft project.

Treasure on Balmoral (pictured) was first launched in September 2012 at an initial launch price of between $2,044 and $2,375 psf.

The project’s last expression of interest (EOI) in July failed to attract satisfactory offers, with the highest at $1,750 psf, which is below the guide price of $1,850 psf.

Since the project received Temporary Occupation Permit (TOP) in November 2012, Hiap Hoe has to pay extension fees for unsold units from this period. Notably, Hiap Hoe paid around $5.52 million of fees for a further six months from 2 November.

Credits:propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
Author

25.7% of private Home to get tax cut

Posted by Singapore Property Launch on 11th December 2014 in Blog

25.7% of private Home to get tax cut

Amidst rising vacancies and a sluggish residential market, the Inland Revenue Authority of Singapore (IRAS) will reduce the property tax for next year of about 73,300 private houses, according to media reports.

This translates to 25.7 percent out of 285,000 private homes in Singapore. Of these, 70,000 are landed and 215,000 are high-rise units. Last year, only two percent saw a reduction in taxes due to a dip in their annual values.

Basically, the property tax of private houses depends on their annual value, which is reviewed each year by the government based on the rents of similar homes in the area.

However, some believe the tax collector’s yearly review does not completely and accurately gauge the annual values of properties. Nonetheless, IRAS pointed out that Hong Kong holds an annual review, while some countries have longer review periods of three to five years.

Home owners can also raise objections if they feel there is a mistake in the assessment of their properties’ annual values, but some are held back from doing so due to an absence of reliable rental data.

“It’s not that the process is not transparent, but both IRAS and home owners are handicapped,” said Leung Yew Kwong, Principal Tax Consultant at KPMG Singapore. “It’s impossible for IRAS to go into every house to assess its condition, and rental information is difficult for individuals to get.”

In the 12 months to 31 March 2014, IRAS collected $720 million property taxes from private homes.

Credits: property guru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
Author

HDB resale price index revised to cover all towns, flat models

Posted by Singapore Property Launch on 10th December 2014 in Blog

HDB resale price index revised to cover all towns, flat models

The HDB resale price index (RPI) will be updated to make it more representative of the variety of flats on the resale market, such as proximity to amenities, age, and floor level, according to the housing board.

The revised index will also make better use of data and provides superior quality control.

In a statement, HDB said the index, which shows the general price trend of resale flats, was last revised in 2002.

Currently, the RPI is computed using the stratification method, with a representative basket of towns and flat models. Resale prices are grouped into segments based on flat types, models and regions. The average prices for each segment are then aggregated using 12-quarter moving average weights to derive the index.

Starting from Q4 2014, HDB will switch to the stratified hedonic regression method to compute the RPI. This method will control for variations in flat attributes, such as proximity to amenities, age and floor level, to derive the general price movements in each segment. These are then aggregated using five-quarter capital value fixed weights to derive the aggregate price change. To better reflect prevailing market structure, the weights will be updated once every three years.

At the same time, the base period will be changed from Q4 1998 to Q1 2009. This means that the RPI for Q1 2009 will be at 100. The current RPI series from Q1 1990 to Q3 2014 will be re-scaled to the new base period of Q1 2009. This adjustment will only impact the absolute levels of the index, and the quarterly percentage changes will remain unchanged.

Commenting, Mohamed Ismail, CEO of PropNex Realty, said the introduction of the revised index is timely as it covers all towns and flat models.

“We are expecting the revised resale price index to show a greater dip in the coming quarters as the inclusion of these highly transacted new estates may pull down the overall prices as demand in these estates are comparatively weaker.”

In a blog post last week, National Development Minister Khaw Boon Wan shared that the HDB resale market has seen significant changes in recent years, and the current RPI may not reflect this.

“It is therefore timely to review the RPI methodology to better capture price changes over time, and control for the variations in attributes of the resale flats transacted. This will allow the index to continue serving its purpose of providing timely and reliable information on the resale market movements,” he said.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
Author

Hong Leong Group is Singapore’s top seller

Posted by Singapore Property Launch on 10th December 2014 in Blog

City Developments Limited (CDL) and its parent Hong Leong Group emerged as Singapore’s top seller of residential units, selling 1,370 new homes so far this year, reported the media.

Far East Organization, which has often occupied the top spot, came in second.

The units sold – which came mostly from developments like the Jewel @ Buangkok (pictured), Coco Palms, and The Venue Shoppes & Residences – brought in over $1.4 billion, revealed Hong Leong Group.

A spokesperson for the group noted while “the Singapore residential property market has slowed because of the series of property cooling measures” the group’s properties sold well due to their good location.

In fact, the group’s total unit sales doubled that sold by Far East Organization, which moved 517 new homes with a sales value of over $628 million.

Its sales primarily came from projects such as the RiverTrees Residences as well as the Q Bay Residences.

R’ST Research director Ong Kah Seng noted this year’s developer sales have been discouraging.

Notably, the Urban Redevelopment Authority monthly developer sales data for non-landed and landed units during the first 10 months of 2014 showed that developers moved 6,705 private residential units.

Ong expects property developers to sell less than 8,000 units for the whole of 2014, significantly down from the 14,948 and 22,197 units sold in 2013 and 2012, respectively.

“With savvy investors continuing to hold a strategic and cautious outlook for private residential properties in Singapore, we can expect developers to continually cut prices going into the first half of 2015,” he said.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...