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Work starts on 5 MRT stations

Posted by Singapore Property Launch on 28th April 2015 in Blog

Work starts on 5 MRT stations

Construction work for the last five MRT stations on the Thomson-East Coast Line’s (TEL) northern stretch has started, with a groundbreaking ceremony held on Sunday for the Shenton Way, Maxwell, Marina South, Marina Bay and Gardens by the Bay stations, media reports said.

Dr Lily Neo, Adviser to Tanjong Pagar GRC Grassroots Organisations was the guest of honour at the ceremony. She noted that residents, including the elderly, will benefit from better connectivity once the stations are ready.

“It will only take one MRT station, from Maxwell or Havelock, to Outram MRT Station to visit Singapore General Hospital — so definitely for medical purposes, it will be very convenient as well,” she said.

Works for the other 17 stations along TEL’s northern stretch have been going on since last year and will be completed in phases starting from 2019. The entire northern stretch will be ready in 2021.

Image: Map of the Thomson-East Coast Line. (Source: LTA)

credits: propertyguru


HDB resale prices fall 1.0%

Posted by Singapore Property Launch on 25th April 2015 in Blog

HDB resale prices fall 1.0

Prices of HDB resale flats fell 1.0 percent in Q1 2015 from the previous quarter, according to latest data from the housing board.

The data showed that HDB resale prices decreased for the fifth straight quarter, but at a slower pace. Prices slid 1.5 percent in Q4 2014 and 6.2 percent for the whole of last year.

Resale transactions in Q1 declined 10.8 percent to 4,135 cases from 4,635 cases in the previous three-month period.

But the number of applications approved to sublet a flat increased 0.2 percent to 10,385 cases from the previous quarter. In Q1, the total number of HDB flats being sublet rose 0.5 percent to 48,338 units.

In May, HDB will launch about 4,040 Build-to-Order (BTO) flats in Clementi, Punggol, Sembawang and Tampines. An additional 5,000 flats will be offered in a concurrent Sale of Balance Flats exercise.

credits: propertyguru


Prices of private homes down 1.0%

Posted by Singapore Property Launch on 24th April 2015 in Blog

Symphony Suites Perspective 5

Image: Symphony Suites

Private property prices fell 1.0 percent in the first quarter of 2015 from the previous three-month period, according to more complete data published by the Urban Redevelopment Authority (URA). Flash estimates at the start of April revealed a slightly bigger drop of 1.1 percent.

Still, this represents the sixth straight quarter of price decline for the private residential market which has been severely impacted by several rounds of cooling measures.

In Q4 2014, prices of private units fell 1.1 percent. For the whole of 2014, prices dropped 4.0 percent.

Price declines were seen across all segments of the private residential market. Non-landed property prices in the city area (Core Central Region) slipped 0.4 percent, less than the 0.9 percent drop in the previous quarter.

The city fringe (Rest of Central Region) recorded a 1.7 percent price decline, more than the 1.3 percent fall in the previous quarter.

The suburbs (Outside Central Region) registered a decline of 1.1 percent, bigger than the 0.8 percent dip in the previous quarter.

Prices of landed properties fell 0.9 percent, less than the 1.3 percent decline in the quarter before.


Prices of private homes down 1percent


URA used a revised methodology to calculate the price index this time, adopting the stratified hedonic regression method which can better control for different property variations such as age and unit size; switching from 12-quarter moving average weights to 5-quarter fixed weights; and adopting a new base period of Q1 2009.

credits: propertyguru


ERA to hold open house in May

Posted by Singapore Property Launch on 24th April 2015 in Blog

ERA Logo

Singapore’s biggest real estate agency ERA Realty will hold an open house on Tuesday, 5 May for the public at its Mountbatten Square headquarters.

The full-day event from 10am to 8:30pm will target both aspiring and experienced agents to provide them with a better understanding of how ERA works.

Attendees will also be able to visit the agency’s 35,000 sq ft flagship office which includes a range of facilities from a lounge, cafe, training and meeting rooms, ten service counters, salespersons’ rooms and suites, to prayer rooms for Muslim colleagues.

Several talks will also be given by ERA’s top management around current market trends, up-and coming development projects and career advice.

ERA Singapore has been listed as the largest agency (by total number of registered real estate salespersons) by the Council for Estate Agencies, with close to 6,000 salespersons.

credits: propertyguru


Singapore, Malaysia may share HSR cost

Posted by Singapore Property Launch on 22nd April 2015 in Blog

Singapore, Malaysia may share HSR cost

The development cost for the high-speed rail (HSR) project linking Singapore and Kuala Lumpur may be shared between the two countries based on the geographical location of the project’s infrastructure.

Dividing the responsibility that way is considered the main way for Singapore and Malaysia to decide on how the massive investment required for the project will be split.

“Mobile infrastructure cost that will be mutually utilised by both sides of the border such as the rolling stock and system works could be equally shared between Malaysia and Singapore,” said Land Public Transport Commission (SPAD) chief executive officer Mohd Nur Kamal.

“Private sector participation is expected to be done via international tender bidding process that could possibly include local participation clause.”

Since the physical length of the railway system will be longer on the Malaysian side, Malaysia is expected to spend more than its counterpart, noted Mohd Nur.

And with the development cost relatively high against the long-term return on investment, the public-private partnership (PPP) scheme may depend more on government financial support, he revealed.

“For the PPP scheme, we are looking at a long-term concession. So far, this project has garnered a lot of local and international interest.”

Dubbed South-East Asia’s most ambitious infrastructure project, the HSR will significantly reduce travel time between the two neighbours from about four hours by car to just 90 minutes.

The region’s first HSR along a 340-km link, the project has attracted the interest of international players from Japan, China and South Korea.

Mohd Nur added that they are requesting several financial institutions to extend a credit line to help finance the project.

“We know that this project cannot be fully funded by private sector due to its huge upfront capex and long gestation period. Realistically, a substantial amount of government assistance is required in the form of either soft loans or grants.

“An integral criteria for the bidders are to show its ability in creating the optimal environment with the minimal amount of government assistance while not compromising on the project’s long-term socio-economic benefits to be developed along the line,” he stated.

Nonetheless, the overall plan on how the project would be developed is still at the drawing board where everything will be defined in the upcoming Malaysia-Singapore bilateral agreement that is set to be signed in the third quarter.

To date, the regulatory body is busy with the details of the bilateral agreement which will be the first step to kick-starting the project as well as clear any sovereign matters.

“Both governments are to be on the same page on all the technical, commercial and governance frameworks by the signing of the bilateral agreement, only then we can go into procurement stage,” explained Mohd Nur.

credits: propertyguru


Leasehold cluster home prices outperform market

Posted by Singapore Property Launch on 19th April 2015 in Blog

Belgravia Villas Perspective 6

Image: Belgravia Villa @ Ang Mo Kio

Prices of 99-year leasehold cluster homes increased the most between 2009 and 2013, outperforming three other landed housing types, revealed property firm SLP and reported in the media.

In a report, SLP stated that 99-year leasehold cluster home prices climbed 20.1 percent during the period, while freehold cluster homes rose 10.2 percent. Prices of 99-year leasehold and freehold landed homes with individual land titles appreciated by 15.1 percent and 18.7 percent respectively.

“For example, the median transacted price of Springhill, a 99-year leasehold cluster housing project, in the first half of 2009 was S$324 psf of strata area. In the second half of 2013, the median transacted price of houses in this development increased 83 percent to S$593 psf,” stated the report.

According to Nicholas Mak, executive director of research and consultancy at SLP, the capital gains of cluster homes were buoyed by new launches which transacted at higher prices. The higher gains can also be attributed to the lower base price of such homes, he said.

Homes with land tenures of 99 to 105 years were grouped by the report under the 99-year leasehold category, while the freehold group includes those with land tenures longer than 105 years and freehold.

But while they posted the highest capital gains during the period, 99-year leasehold cluster homes recorded the fewest transactions with 1,125 sales, while freehold cluster homes registered 1,492 sales. Freehold landed homes with individual land titles saw the highest number of transactions at 11,356 sales. Its 99-year leasehold counterpart recorded 2,051 sales.

Over the last two years, however, landed home prices have been hit by various cooling measures and loan curbs which has weakened demand, said Wong Xian Yang, research and consultancy manager at OrangeTee.

Prices of landed homes dropped 6.3 percent by end-2014 from its previous peak in Q3 2013, or faster than the 4.3 percent decline posted by non-landed private homes, according to quarterly data from the Urban Redevelopment Authority (URA).

“The landed segment would be out of reach for most HDB (Housing and Development Board) upgraders, which is currently the main demand driver in the market. According to 2014 caveat data, only 240 out of 964 landed purchasers came from HDBs,” shared Wong.

credits: propertyguru