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20,000 people own 3 to 10 private homes in S’pore: Ministry

Posted by Singapore Property Launch on 7th February 2018 in Blog
20,000 people own 3 to 10 private homes in S’pore: Ministry

Only a few people own over 10 private homes in Singapore, revealed the Ministry of National Development.

Fewer than 200 people currently have more than 10 private residential properties in Singapore, according to a written answer from the Ministry of National Development released on Monday (5 February).

It stated this in response to a query from Gan Thiam Poh, MP for Ang Mo Kio GRC, who also asked about the current number of individuals who own a specific number of private units.

“About 381,000 Singapore citizens, permanent residents, and foreigners own one private residential property in Singapore.  About 59,000 own two (and) 20,000 own three to ten private residential properties,” replied the Ministry.

“Of these private residential property owners, 15 percent also own an HDB flat,” it said in response to another question from Gan, who worked as a Senior Vice-President at DBS Bank.

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Govt to unveil underground masterplan in 2019

Posted by Singapore Property Launch on 5th February 2018 in Blog
Underground city in Singapore resized

Artist’s impression of an underground city in Singapore. (Photo: JTC Corporation)

In a bid to provide a comprehensive look of what lies beneath, the government will unveil an underground masterplan mapping out the city-state’s underground spaces and their potential uses next year, reported the Straits Times.

Urban Redevelopment Authority (URA) chief planner Hwang Yu-Ning revealed that the underground masterplan will be released as part of the next masterplan guiding the city-state’s development in the medium term.

She noted that URA is working at having a more complete 3D map of the subterranean spaces and infrastructure.

This comes as the government has to “take stock and have a good database of information” of what is underground “so we have a good basis plan”, said National Development Minister Lawrence Wong.

The idea of a plan for Singapore’s underground development was first raised in a blog post by then National Development Minister Khaw Boon Wan in 2013.

Details of what lies underground are currently known to each relevant authority only – the power grids to the Energy Market Authority and the water pipes to PUB.

As such, a developer trying to build underground has a hard time figuring out whether there is scope to do anything as the information is spread out, noted Sing Tien Foo, director of the Institute of Real Estate Studies.

And while the URA aims to provide a complete map of the underground space, not everyone will be given free access to said information due to security concerns.

“If we share too much, we are concerned about the security threat of having unsavoury people use this information,” said Hwang.

“We are still thinking how precise and how much information we want to make available to the public.”

credits: propertyguru

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Resale condo prices up 0.6% in December

Posted by Singapore Property Launch on 31st January 2018 in Blog
Resale condo prices up 0.6% in December

Prices of completed non-landed private homes in Singapore continued to rise in December at 0.6 percent, following a revised 1.6 percent hike during the previous month, revealed flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, home prices in the central region rose 0.5 percent in December, down from the 1.8 percent increase registered in November.

Prices in the non-central region climbed 0.7 percent, also lower compared to the 1.4 percent growth seen during the previous month.

Meanwhile, prices of small units measuring 506 sq ft or below held flat in December, after it rose 1.1 percent in November.

The central region sub-basket comprises properties found in postal districts 1 to 4 as well as 9 to 11. Properties located in the other postal districts fall under the non-central region sub-basket.

credits: propertyguru

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Private home prices rise for 2 straight quarters

Posted by Singapore Property Launch on 29th January 2018 in Blog
Completed private homes

Overall private home prices in Singapore rose by 0.8 percent in Q4 2017, marking its second straight quarter of increase versus the 0.7 percent growth in Q3 2017, according to the latest data released by the Urban Redevelopment Authority (URA) on Friday (26 January).

According to Colliers International’s Research Head Tricia Song, the budding recovery reversed the weakness in the first half of last year. Consequently, prices of private residential properties edged up by 1.1 percent for the entirety of 2017 compared to a dip of 3.1 percent in the prior year.

Excluding executive condominiums (ECs), home builders launched a total of 6,020 uncompleted private houses last year versus 7,877 units in 2016. Despite the lower launches, they sold 10,566 private dwellings compared to 7,972 units in 2016.

“The twin effect of lower new launches and returning buying interest has kept prices of private homes trending upwards… With the indices of all segments (CCR, RCR and OCR) recording at least two consecutive quarters of growth, the price recovery appears to be on a firm footing,” said JLL’s National Director for Research & Consultancy Ong Teck Hui.

He noted that the number of units released last year was the lowest in 13 years, and developers are holding back their launches to leverage on rising home prices.

Meanwhile, Colliers’ Song expects developers to sell a total of 12,600 private homes, excluding ECs, for the whole of 2018. This would not only exceed last year’s 10,566 units, but also the highest since 14,948 units were taken up in 2013.

credits: proeprtyguru

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Private homes becoming more sought-after amid forecasted price hike

Posted by Singapore Property Launch on 28th January 2018 in Blog
Home prices crop

More people in Singapore are expecting home prices to increase over the next five years, according to PropertyGuru Group’s 2H 2017 Consumer Sentiment Survey that was published on Thursday (25 January).

For instance, 49 percent of those polled are anticipating price hikes, up from just 29 percent in 1H 2017. In particular, 67 percent are confident that condominium prices will increase in the next five years.

In descending order, the top three places to purchase or rent a residential property for respondents are District 15 (East Coast and Marine Parade), District 11 (Newton and Novena) and District 19 (Punggol, Sengkang and Hougang).

Aside from that, 58 percent of those polled consider the city-state’s property market as stable, but 51 percent believe there is a supply glut of private dwellings.

Nevertheless, more respondents intend to purchase private homes, both landed and non-landed, during the next five years. The buying sentiment for this type of houses may have improved amidst the ongoing collective sales fever, with total en bloc sales reaching over $6 billion last year.

PropertyGuru Group CEO Hari V. Krishnan underscored that residents of en bloc sites, which have been acquired by developers, will need new homes and might re-invest part of their proceeds in investment properties.

“With the market poised to bounce back over the course of 2018, consumers are also expressing greater optimism. Purchase intent for private properties is on the rise as consumers look to catch the next crest of the property cycle.”

However, he cautions potential buyers to adopt a prudent mindset this year. “Those looking at investment properties should continue to keep an eye on vacancy rates and be wary of overstretching on finances,” Krishnan added.

credits: propertyguru

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Private home prices expected to rise by 3-10% in 2018

Posted by Singapore Property Launch on 25th January 2018 in Blog
Completed private homes

Property prices in Singapore could rise at a median rate of 5.5 percent.

Analysts believe Singapore’s private housing market has indeed rebounded, with prices increasing for two straight quarters following a four-year slump.

In fact, a Bloomberg survey of 11 property experts revealed that private residential prices here are forecasted to rise at a median rate of 5.5 percent, or between three percent and 10 percent for the whole of 2018.

Moreover, the market recovery bodes well for the city-state’s home builders, which are set to report their financial statements next month. For instance, City Developments Limited (CDL) is expected to post an annual profit of $563.4 million, while UOL Group’s full-year net income is projected to rise by 9.4 percent.

“Despite the strong run last year, valuations are not yet stretched, particularly in comparison with past periods of a property upcycle,” said Janus Henderson Investors investment analyst Low Xin Yan, adding that the strong performance of property stocks will continue.

Meanwhile, Maybank Kim Eng Securities analyst Derrick Heng reckons that it is “far too early to be worried” over a potential supply glut due to ongoing en bloc sale frenzy, as the homes to be built on such sites won’t enter the market until 2020 at the earliest.

credits: propertyguru