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

Government still studying reverse mortgage scheme

Posted by Singapore Property Launch on 9th October 2014 in Blog

Government still studying reverse mortgage scheme

The Ministry of National Development (MND) is studying several countries that have established reverse mortgage plans, revealed National Development Minister Khaw Boon Wan and reported in the media.

He made the statement in Parliament in response to a query from Nee Soon GRC MP Lee Bee Wah.

“We are studying several countries with established reverse mortgage plans, and to learn from their experiences,” he said.

Notably, a reverse mortgage is a “loan taken up by a property owner using his property as collateral. However, unlike a traditional mortgage, the borrower need not make cash repayment during the loan tenure. He only needs to repay the loan with accumulated interest upon termination or death, typically from the sales proceeds”, said Mr Khaw.

This allows the property owner to unlock some equity, while still retaining the financial upside from any appreciation in property value, he added.

But the Minister noted that the reverse mortgage scheme also has its risks since it does not require periodic cash payments such that the loan grows with interest, and the owner has to bear property risks.

“If the market value of the property becomes less than the outstanding loan, the owner may have to sell the property to repay the loan.”

He also pointed out the NTUC Income offered reverse mortgages for HDB flats in 2006, but decided to stop offering the product due to low take-up (only 24 households signed up).

In fact, the countries being studied also posted low take-up rates for the product.

“As the reverse mortgage is a complex financial product, we need to study it carefully, consult our people, before we decide whether to introduce it as an additional option for our seniors.”

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Serangoon Garden bungalow up for auction

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

Serangoon Garden bungalow up for auction

A freehold bungalow at 13 Brighton Crescent in theSerangoon Garden area will go under the hammer at a Colliers International auction later this month.

The property is understood to have been put up for sale by the estate of the late Raffles Girls’ School principal Noel Evelyn Norris, who died earlier this year.

The indicative price for the rectangular site is S$7.7 million or around S$890 per square foot (psf) on the land area of 8,666 square feet.

“This is a reasonably attractive price in the current market, given the site’s redevelopment potential,” said Colliers deputy managing director Grace Ng.

On site is a single-storey detached house. Under Master Plan 2014, the site is zoned for “two-storey mixed landed” use.

The site can be subdivided to accommodate either two bungalows of about 4,333 sq ft each or three terrace houses of some 2,000-3,000 sq ft each.

“Both configurations would appeal to owner occupiers seeking a huge space for multi-generation households and/or immediate relatives to live next to one another and yet enjoy privacy,” said Ms Ng.

Moreover, the freehold tenure of the property would boost its appeal to developers, she added.

The auction will be held on Sept 24 at The Amara Hotel in Tanjong Pagar.

Another property that will go under the hammer at the same auction will be a two-bedder of 1,109 sq ft on the 12th floor of One Shenton. It is being offered for sale by its owner, with an indicative price of S$2.03 million or S$1,830 psf. One Shenton is on a site with about 90 years’ balance lease. The project received Temporary Occupation Permit (TOP) about two years ago.

Colliers found buyers for four properties – three residential properties and an industrial unit – at its auction last month. The 1,614-sq-ft factory unit, on the fourth level of The Spire in Bukit Batok Crescent, fetched S$650,000, or S$403 psf. The unit was put up for sale at the auction by its owner, as was a two-bedroomapartment with private enclosed space at the first level of UE Square in the River Valley area. It sold at nearly S$1.57 million, or S$1,400 psf. The property has 929-year leasehold tenure from Jan 1, 1953.

The other two properties that transacted at that auction were put up for sale by mortgagees (or lenders).

A two-level apartment at orchard Scotts on Anthony Road was sold for S$3.3 million. This translates to S$1,565 psf based on its strata area of 2,109 sq ft. Located on the ninth floor, the unit has three bedrooms plus a study room. The project is on a site with a balance lease term of 86 years.

The other mortgagee sale property that found a new owner at Colliers’ Aug 27 auction was a freehold, three-storey corner terrace house at Eng Kong Drive in the Toh Tuck area. It changed hands at S$3 million. The property is on 2,827 sq ft of land area and has five bedrooms and a maid’s room.

Mortgagee sales have gained momentum since the second quarter of this year.

Agents expect the number of properties put up for auction by mortgagees or lenders to rise because of difficulty that financially stretched borrowers face in securing buyers for their properties since the implementation of the total debt servicing ratio(TDSR) framework in June last year. As a result, financial institutions have had to repossess more properties and put them up for auction.

credits: stproperty

Nearby New launches around Farrer Park:

1) Sky Vue
2) Sky Habitat
3) The Panorama
4) Belgravia Villas

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Exciting plans to be carried out at a measured pace

Posted by Singapore Property Launch on 31st August 2014 in Blog

Exciting plans to be carried out at a measured pace

Although Singapore is expecting a slew of upcoming projects and developments, they are likely to be rolled out at a measured pace due to labour constraints, according to a recent report by DBS Vickers Securities.

“With more contracts available, the onus is on construction companies to add to their order books. But competition has been keen and low tender prices are not helping margins in a high labour, material and subcontracting cost environment. More contracts to be won, but timing of contract award and commencement is key,” it said.

With lower project activity, competition will be keener as players have enough capacity to take on additional jobs. However if project activity is high, opportunities will open up for smaller players since more construction companies will be busy with ongoing projects.

“This will also mean higher tender prices and better profitability for both foreign and local contractors. Given labour constraints, we feel that the government will roll out the projects at a measured pace.”
For example, smaller projects like the Jurong Lake Gardens will be completed in phases, starting from 2017.

The report also highlighted the possibility the relocation of the Science Centre will make way for Singapore-Kuala Lumpur (KL) High Speed Rail (HSR) station.

“The Prime Minister, in his National Day Rally speech on Sunday, announced upcoming developments for Jurong Lake District, including plans to merge the Japanese Garden, Chinese Garden and Jurong Lake Park into one attraction and relocating the Science Centre to the Gardens. We believe this could possibly free up the Science Centre’s current site for the Singapore-KL High Speed Rail development,” the report stated.

However, DBS Vickers Securities acknowledge these information forms the preliminary outline for the Singapore-KL HSR development and more concrete development is still subject to negotiations with Malaysia.

Initial listing by Building and Construction Authority (BCA) has the Singapore-KL HSR link’s construction cost reportedly estimated to be at $15.6bn and scheduled for completion by 2019 or 2020.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Malaysia property still luring Singaporeans

Posted by Singapore Property Launch on 31st August 2014 in Blog

Malaysia property still luring Singaporeans

Investing in Malaysian property remains a popular trend among Singapore-based buyers with the city-state accounting for more than half of the foreign property purchases across the causeway last year.

Malaysia is attractive to buyers and investors in Singapore because of the minimal foreign ownership restrictions, high capital appreciation potential of up to 15 percent, high return of investment potential and the favourable currency exchange rate.

Banking on that strong interest, Asia’s leading real estate portal PropertyGuru will be hosting another Malaysia Property Show at Marina Bay Sands next month.

Now in its 10th instalment, MPS will showcase more than 20 residential and commercial developments from major hotspots such as Klang Valley, Penang, Malacca and Iskandar Malaysia (Johor), with at least 14 top developers from Malaysia including Hatten Group, IJM Land, Mah Sing Group, Tropicana and UEM Sunrise taking part in the event.

The show will also feature an investor forum called “Unlocking the Top Investment Areas:  Developed Urban Areas in Malaysia”, as well as a range of informational seminars and presentations from leading market experts.

Among the featured speakers are Michael Geh, Senior Partner at Raine & Horne, who will talk about  Malaysian valuation and property management standards; and Liew Ooi Hann, Chief Executive Officer at SaveMoney.my, who will discuss “How “Cool” is  Malaysia vs Singapore and Cost impact to Buyers”. A seminar about Iskandar and its commercial property opportunities will also be conducted by En Muaazam Mahmud, Senior Vice President for Stategic Marketing at Medini Iskandar Malaysia Sdn Bhd.

The two-day event will take place on Saturday, September 13, and Sunday, September 14, from 10am until 7pm daily at Marina Bay Sands Convention Centre, Jasmine Ballroom, Level 3.

Pre-registration for the show is recommended, and interested parties can do so at: bit.ly/XXbmIK

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

What constitutes a “good location” buy?

Posted by Singapore Property Launch on 31st August 2014 in Blog

What constitutes a good location buy

Someone asked us what we consider as “good locations” when buying property in Singapore. Below is our list of the top eight factors that make a good location.

1.    Districts 9, 10 and possibly 11 – Although prices and rental yields are somewhat stagnant currently given the poor market sentiment, properties in these districts tend to maintain their values better especially during the down cycle.

2.    Within 1 km of popular primary schools – This is a tried and tested formula, especially for those who do not have any affiliation to allow your child to register within Phases 1 to 2B of the annual primary school admission exercise. Although this is no guarantee of admission, your child will at least stand a chance to ballot for any vacancies left after the initial phases. For those buying for investment purposes, properties within 1 km of popular primary schools tend to be an easier let (and possibly at higher rentals too). And yes, we will put “proximity to International Schools” under this category as well, in view of the better rental potential.

3.    Next to MRT stations – Whether you are talking about Newton or Woodlands, properties within close proximity of MRT stations are generally more sought-after, even from buyers who actually own cars! However, we need to differentiate between “next to MRT stations” (very good) and “next to MRT tracks” (not so good).

4.    Proximity to amenities – We are talking about food, supermarkets and even enrichment centres. Being the food nation that we are, imagine having a selection of food choices within your doorstep every time you are hungry but don’t feel like cooking (think Upper Thomson Road area or along Balestier Road). Or imagine all your children’s enrichment needs are available within walking distance from your home, which means your domestic helper can possibly walk them to class rather than you having to drive them all over the place (think Novena area near to United Square).

5.    Near to main roads – Although one may not necessarily wish to stay next to a busy road, having to walk a fair distance just to get to the main road may be less than ideal. The wife and I used to stay at Clementi Park for a while and while we loved the space of our apartment and greenery around the estate, we found it a bit far from the main road. Yes we both drive and there is a shuttle bus service for those who do not, but it is still quite a hassle especially if you have to depend on the shuttle bus. And should you decide to walk the distance out to the main road, you will probably be drenched (either with sweat or rain) by the time you get there.

6.    Near to reservoirs and parks – Waterfront living has always been the hype. Since not everyone can afford the luxury of living by the sea, getting a “reservoir view” is probably the next best thing (think Waterfront Collections at Bedok Reservoir). The same goes with parks. If you have been to Bishan Park recently, you will be amazed by the host of activities that you can enjoy other than jogging and cycling. There are restaurants, a spa and even every kid’s heaven – McDonalds! Homeowners at Clover by the Park, for example, have certainly seen the values of their apartments appreciate significantly just because they live right next to Bishan Park.

7.    Next to upcoming new developments – Living next to an upcoming development with all the dust and noise, are you crazy? Well, if you can survive the temporary “pain” and stay the course, you may end up with that pot of gold at the end of the “construction” rainbow. A good example is Chuan Park, where owners saw prices in their nearly 30 year old estate increase substantially right around 2010. This is in tandem with prices at The Scala, a brand new residential development built next door.

8.    Near a sizeable plot of government land – Think GLS (Government Land Sales). It is relatively easy to find out what that piece of empty land is zoned for in the URA Master Plan (go to www.ura.gov.sg/maps). If it says residential or commercial development, what this typically means is that some new residential projects or commercial malls are slated to be built on that land parcel once the government decides to put it up for sale to the highest bidder. When that happens, the prices of neighbouring homes will likely be given a boost. The only catch is that the Master Plan does not differentiate between public and private residential land uses, so you may still end up with HDB flats (albeit new) next to your condo unit.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Author

Developers consult residents on upcoming projects

Posted by Singapore Property Launch on 28th August 2014 in Blog

Developers consult residents on upcoming projects

Property players that have successfully acquired Government Land Sales (GLS) sites in predominantly residential areas are required to inform residents within a 100m radius about their upcoming project, based on new Urban Redevelopment Authority (URA) rules introduced in October 2013.

But instead of just disseminating information, some developers are putting more effort into it by soliciting for residents’ feedback.

For instance, GuocoLand organised a discussion and feedback session with residents living near its 2.3 hectare residential plot in Sims Drive which was bought in April 2014.

“Given the URA requirements, we decided to take the opportunity to ensure that when we do the project, it is something that people would like,” said a company spokesperson.

Although the project’s details were not tackled in the session, it was used to “gather feedback, ideas and suggestions for consideration in our product development.”

GuocoLand has already conducted such sessions before, such as for its Goodwood Residence project in Bukit Timah Road, but this was the first time it had undertaken a public consultation on a larger scale.

“(This) helps us develop our product to better fit into the landscape of the existing location… (It) also allows us to engage the local communities such as schools and community clubs and support our corporate social responsibility efforts,” explained the spokesperson.

In particular, residents may advise developers on the timing of school sessions in the area so that the company can control the vehicles moving in and out of construction sites during rush hours, said Century 21’s CEO Ku Swee Yong.

“But, of course, given the state of the market, a developer needs to do even more public outreach — to get to know a neighbourhood and tell them to watch out for a new development.”

“It might be something (the residents) could be interested in,” he added.

credits: propertyguru

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...