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5-room Pinnacle flat sold for nearly SGD1.07m

Posted by Singapore Property Launch on 15th February 2016 in Blog

5-room Pinnacle flat sold for nearly SGD1.07m

A 1,162 sq ft flat at Pinnacle @ Duxton (pictured) was sold in January 2016 for $1,068,888, reported AsiaOne.

Data from the Housing Board revealed that the five-room unit is situated on one of the levels from the 28th to the 30th storeys of Block 1B.

Located along Cantonment Road, Pinnacle @ Duxton is a public housing project comprising 1,848 units in seven tower blocks that are linked with sky gardens on the 26th and 50th floors. The development is within walking distance to the Tanjong Pagar MRT station.

The Edge Singapore reported that this transaction represents Singapore’s second most expensive sale of a five-room flat.

Data shows that another unit was sold for $1.02 million in January. Over the past year, five-room units at the development have been snapped up for between $868,000 and $1.088 million.

The five-room flats were priced from $345,100 to $439,400 during the project’s launch. Flat owners began selling their units at the end of 2014 after fulfilling the five-year minimum occupation period.

credits: propertyguru

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Profits galore for Boon Keng flat owners

Posted by Singapore Property Launch on 12th February 2016 in Blog
Profits galore for Boon Keng flat owners

Public housing in Singapore. (Photo: Lionel Leo/Wikimedia Commons)

Despite the bleak property market, City View @ Boon Keng saw at least 14 flats sold even though it only entered the resale market this year, according to a recent Straits Times report.

In fact, flat owners at the premium public housing project have been reaping big profits.

Housing Board data shows that three- to five-room flats there were sold from $560,000 to $900,000, far exceeding the project’s launch prices of between $349,000 and $727,000, as well as HDB prices within the vicinity.

Century 21 Chief Executive Ku Swee Yong attributed the high prices to the project’s design and recent completion in 2011.

“It’s the newest in the neighbourhood. As a Design, Build and Sell Scheme (DBSS) project, it also has high-quality design and fittings.”

The second DBSS project after The Premiere @ Tampines, the 714-unit City View @ Boon Keng comprises three 40-storey blocks and was developed by Hoi Hup Sunway.

Although owners at City View are only allowed to sell their units from this year, following the end of their five-year minimum occupation period, 10 units were sold earlier.

This came after the HDB granted the said owners special approval. Property agents who helped sell the properties revealed that some of the reasons included emigration and divorce.

ERA agent Brandon Zheng, for instance, handled the $820,000 sale of an eighth floor five-room unit, whose owners moved to Australia.

Looking ahead, Ku expects the units at City View to go for more, given the project’s proximity to the city.

“I wouldn’t be surprised if the top-floor units exceed $1 million,” he said.

credits: propertyguru

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Balestier Point may go en bloc

Posted by Singapore Property Launch on 10th February 2016 in Blog

Balestier Point may go en bloc

Balestier Point (pictured), a mixed-use freehold development, may be put up for collective sale for approximately $250 million to $350 million, or around $1,337 to $1,872 per sq ft per plot ratio (psf ppr), reported The Straits Times.

The property’s owners appointed an eight-member collective sale committee in October 2015 and ERA Realty as the marketing agent in January this year. However, they have yet to set the date for an extraordinary general meeting to obtain the owners’ approval.

Completed in 1968, the 62,315 sq ft property comprises an 18-storey residential block and a two-storey retail podium with basement. The site is zoned commercial and residential under the 2014 Master Plan, with a building height limit of 30 to 36 storeys and a plot ratio of 3.0.

Owners may be motivated to sell considering the above-market premium for the said property. Last month, a 1,119 sq ft apartment located on the ninth floor was sold for around $1 million or $900 psf.

They are also banking on the fact that the Balestier area has been undergoing rejuvenation, with the completion of the integrated hotel-park complex comprising Zhongsan Park, Zhongsan Mall and the Days and Ramada hotels in 2014.

“It is within the Novena medical hub area and we are exploring the possibility of applying for change of use, subject to approval by the authorities,” said ERA Realty agent Stanley Koo.

Property consultancy CBRE noted that the most recent collective sale within the area was Skysuites 17, formerly Diamond Tower, for around $49.6 million or $582 psf ppr in April 2010.

“Due to the cutback on residential land offered through the Government Land Sales programme, developers may want to look at collective sales as an alternative source of land. At the end of the day, the most important thing is to bridge sellers’ and buyers’ expectations,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.

credits: propertyguru

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Home buyers must set realistic aspirations – Shanmugam

Posted by Singapore Property Launch on 8th February 2016 in Blog
Singapore Condominiums

Condominiums on Singapore’s East Coast

While the government will continue to help Singaporeans own homes and have put measures in place to protect first-time buyers from a hot housing market, “they must have a realistic pathway to achieving their aspirations”, said Home Affairs and Law Minister K. Shanmugam.

During a dialogue session with over 2,000 property agents from ERA Realty on Wednesday (3 Jan), the minister recalled how a 28-year-old President’s Scholar had lamented to him about not being able to afford a private property in Katong, despite his many achievements.

“These are unrealistic aspirations for someone who’s only in his 20s,” said the minister. He noted that Singaporeans can afford to purchase property based on income levels, and have the option of buying private property, “but they need to start somewhere”, he said in reference to those eager to move up the property ladder.

Properties in Tanjong Katong are generally more expensive compared to other areas in the East, due to their prime location and accessibility to good amenities.

One of the more recent project launches in the neighbourhood is Amber Skye, a 109-unit condominium which was relaunched in March 2015 at an indicative price range of $1,680 psf to $2,500 psf.

Owning a condominium in Singapore is seen as a dream among many Singaporeans, as it is one of the 5Cs, with the other aspirations being a car, country club membership, cash and credit cards.

Despite this, Eugene Lim, Key Executive Officer at ERA Realty, has observed that fewer HDB dwellers are now jumping straight into buying private property.

Instead, he is now seeing a trend of a “fair amount of buyers upgrading to larger flat types since the second half of last year”. For instance, there are more four-room HDB flat owners shifting to five-room flats and executive flats.

“The trend of moving to larger private properties is constrained by the Total Debt Servicing Ratio (TDSR),” he said.

Introduced in June 2013, the TDSR limits the amount of a borrower’s gross monthly income that can be spent on debt repayments to 60 percent.

This has severely impacted private property sales in recent years, with transactions down to about 14,000 units in 2015 compared to around 38,000 in 2012 before the measure was introduced, revealed statistics from the Urban Redevelopment Authority (URA).

credits: propertyguru

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Govt won’t let property market crash – Shanmugam

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

The government has a “rough idea” on when to revise the property cooling measures, “but that doesn’t mean that we announce it”, said Home Affairs and Law Minister K. Shanmugam.

Speaking to over 2,000 property agents at an ERA Realty conference on Wednesday (3 Feb), the minister said such a decision would be made by the National Development and Finance ministers when they assess the risks to be “less or manageable”.

He was responding to questions on when the Additional Buyer’s Stamp Duty (ABSD) would be removed.

He explained that the measures were put in place by the government to protect Singaporeans, and they have managed to avert the disaster of an overheated property market.

He noted that while some people are worried that the property market could go the other way, the government will ensure this doesn’t happen.

“We cannot have a healthy economy if the property market has crashed. So it’s not in anybody’s interest to see it crash.”

First introduced in December 2011, the ABSD was revised upwards in January 2013 to rein in Singapore’s escalating residential property prices.

Singaporeans are required to pay an ABSD of seven percent for a second property, and 10 percent for a third and subsequent property. However, foreigners are required to pay an ABSD of 15 percent for their first and subsequent property purchases.

Eugene Lim, Key Executive Officer at ERA Realty, believes that the government is watching the market closely and will tweak the property measures in due time.

“The question is when, and many analysts have tried to set a target of how much prices will come down before the government removes the measures, but I do not think that is the case. The government is concerned about Singaporeans over-leveraging themselves as there are many potential buyers waiting on the sidelines.

“Right now, we’re not sure how quickly prices will rebound if one of the measures is removed, and I think that is the litmus test for the government. They don’t want to remove something and cause prices to rebound, derailing the measures.

“They are looking at market stability rather than a target price. When the time comes, they will make the decision to reverse the measures, which will be a quick and easy process.”

credits: propertyguru

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Majority successful in BTO flat applications – Wong

Posted by Singapore Property Launch on 30th January 2016 in Blog

Majority successful in BTO flat applications - Wong

National Development Minister Lawrence Wong revealed that around nine in 10 first-timer families and seven in 10 second-timer families had successfully applied for Build-To-Order (BTO) flats in non-mature estates from 2013 to 2015, reportedChannel NewsAsia.

Responding to a parliamentary query from MP Alex Yam, Wong said that most flat applicants who were unsuccessful in their multiple applications had applied for flats that are in high demand but are limited in supply, like those located in mature estates and balance flats.

He stated that the Housing Board had tapered the BTO supply to 15,100 flats in 2015 from 22,400 in 2014 after the demand-supply balance was restored.

In 2016, the HDB is looking to release around 18,000 BTO units in order to meet the new demand arising from recent policy changes such as the enhanced Special CPF Housing Grant and higher income ceilings, the Minister said.

“We will continue to monitor the market closely and adjust the supply when necessary, in line with our broader plan to keep supply at a sustainable level over the long-term,” added Wong.

credits: propertyguru