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Singapore still world’s most expensive city: survey

Posted by Singapore Property Launch on 3rd March 2015 in Blog

Singapore still world most expensive city survey

Singapore remains the world’s most expensive city according to findings of the latest Worldwide Cost of Living Survey 2015published by the Economist Intelligence Unit (EIU), which tracked 133 global cities.

The city-state made headlines last year after overtaking Tokyo for top spot (Singapore named world’s most expensive city: Economist Intelligence Unit). Interestingly, there were no changes among the top five cities in 2015, with Paris in second place followed by Oslo, Zurich and Sydney.

The EIU report noted that it is extremely rare to have identical rankings for the top five cities, which happened as a result of currency shifts with a stronger US dollar and weaker euro.

But the report did not factor the recent unpegging of the Swiss franc from the euro, which would mean that at today’s exchange rates Zurich and Geneva would be the world’s most expensive cities.

Meanwhile, Singapore was rated expensive for a number of reasons.

“It is the joint most expensive place in the world alongside Seoul to buy clothes, with the malls of Orchard Road offering a price premium that is over 50% higher than in New York.

“Most significantly, Singapore’s complex Certificate of Entitlement (COE) fee system makes car prices excessive, and transport costs in Singapore are almost three times higher than in New York,” the report stated.

But Singapore does offer relative value in other categories, especially compared to regional cities. For instance, basic groceries here are 11 percent more expensive than New York, but is 49 percent more in Seoul, 43 percent in Tokyo and 31 percent in Hong Kong.


credits: propertyguru


Auction properties sold at subdued prices

Posted by Singapore Property Launch on 3rd March 2015 in Blog

Auction properties sold at subdued prices

Only two residential units found buyers out of a total of nine properties at a JLL auction held at Amara Hotel last Thursday. Both freehold apartments comprise four bedrooms and were sold with vacant possession.

JLL revealed the properties sold went for below their asking prices.

One of them is located at The Grange in District 10. Measuring 2,303 sq ft, it changed hands for $4.15 million despite having an asking price of $4.3 million.

Another 1,776 sq ft unit at Twin Regency in Kim Tian Road had a $2.45 million price tag, but was picked up for $2.3 million.

The most expensive listing submitted for sale was a two-storey intermediate terrace house at Goldhill Avenue, valued at $4.95 million.

Although most of the properties on the auction block were residential, there was one factory unit and a shop space submitted for sale but saw no takers.

Six of the properties were put up for mortgagee sales while the rest were owners’ sales.

The next JLL auction will be held on 26 March 2015.

credits: propertyguru


Qingjian partners with Samsung to build ‘smart homes’

Posted by Singapore Property Launch on 26th February 2015 in Blog

Qingjian partners with Samsung to build smart homes

Property developer Qingjian Realty has partnered Samsung Asia to integrate smart living technology into its future developments as these innovations become commercially-available.

Valued at up to $4 million, the deal will see Samsung providing smart appliances like built-in kitchen appliances, air conditioners, washing machines and refrigerators to homeowners.

For instance, the technology will allow them to operate their washing machines remotely, at the touch of a smart device.

Qingjian is believed to be the first developer in Singapore to embark on such features, and plans for these to be offered in an upcoming executive condominium (EC) in Sembawang to be launched in 2016.

As part of the agreement, owners of Qingjian developments that are expected to obtain TOP from 2015 will also be able to purchase Samsung appliances at preferred rates.

“What we aim to do is to start anticipating and building today the smart Qingjian home that you will be receiving the keys to in three to five years. One that already has the latest technology and infrastructure to integrate with your smart lifestyle at that point in time,” said Li Jun, General Manager, Qingjian.

In anticipation of rapid technological improvements, Qingjian hopes to ‘future-proof’ its new launches by incorporating the necessary infrastructure to support smart homes as they are constructed. This would ensure that buyers are able to plug into the smart home immediately.

Going forward, the partners hope to take this technology further, and will leverage on the Internet of Things (IoT) to enable homeowners to better integrate their technology with personal smart devices.

To date, China-based Qingjian has launched more than 5,000 residential units in Singapore.

Last year, the developer unveiled two EC projects – Bellewoods at Woodlands and Bellewaters in Sengkang.

Both projects will yield over 1,200 apartments and include CoSpace Flexi units that is trademark to Qingjian. The optional layout allows buyers to reconfigure and customise their living spaces to suit different lifestyle needs.

credits: propertyguru


Wheelock Properties posts $43 million profit for FY 2014

Posted by Singapore Property Launch on 26th February 2015 in Blog
The Panorama Condo Feature Image

image: The Panorama


Luxury property developer Wheelock Properties (Singapore) posted a revenue of $26.9 million for the fourth quarter ended 31 December 2014, down 7.2 percent from $28.98 million.

Net loss widened from $91.3 million to $103.1 million.

For the full year, the group saw its revenue drop 15.4 percent to $99 million while net profit climbed 7.7 percent to $43 million.

It also saw its total assets increase from $3.8 billion as at 31 December 2013 to $3.9 billion as at 31 December 2014. Shareholder equity was also higher at $3.1 billion compared to $3 billion previously.

“In 2014, the property development business was difficult, faced with headwinds from stringent government policies in the markets where the group operates as well as tightened mortgage lending practices. These have impacted our sales and margins,” said Wheelock Properties Senior Executive Director Tan Bee Kim.

“Local market conditions in 2015 are expected to remain subdued and macro-economic conditions fragile. With prudent financial management and a strong cash position, we are poised to capitalise on any opportunities or seek new projects locally or overseas,” she added.

Wheelock Properties’ latest development projects include Scotts Square, The Panorama and Ardmore Three.

credits: propertyguru


Kingsford launches waterfront condo

Posted by Singapore Property Launch on 23rd February 2015 in Blog

Kingsford Waterbay Condo perspective 1


Kingsford Waterbay, a condominium project located at Upper Serangoon View, saw over 1,000 visitors during its launch on 21 February, reported the media.

The 1,165-unit project features one to five-room apartments, and smaller units account for around 50 percent of those on offer. Unit prices are expected to start from above $500,000 for a one-room apartment.

To lure younger homebuyers, Kingsford Waterbay includes a childcare centre that will be run entirely by the condo’s management corporation. Children of condo residents will be given priority to enrol in the childcare centre.

Meanwhile, fees collected from the childcare centre can also be used to pay for the maintenance of the condominium, said its developer.

“The property cooling measures are taking effect, but with land price costs and the shortage of land in Singapore, we think it’s a good time to enter the market,” said Kingsford Development board chairman Cui Zheng Feng.

Kingsford Development also secured the plot of land next to where Kingsford Waterbay will stand, which will also be used to build another residential project.

credits: propertyguru


Queenstown BTO flats nearly ready

Posted by Singapore Property Launch on 23rd February 2015 in Blog
Queenstown BTO flats nearly ready

image: HDB

Two new HDB projects in Queenstown’s Dawson Estate are nearing completion and the first batch of residents are expected to obtain their keys at the end of February, according to media reports.

Known as SkyVille@Dawson (pictured) and SkyTerrace@Dawson, these two developments will offer a total of 1,718 premium flats, including 105 studio apartments, 202 five-roomers, 270 three-room units and 1,141 four-room flats.

Notably, some of the four and five-room flats at both projects are paired with studio apartments for the elderly, allowing multi-generational families to live together. Designed as two separate apartments, these units have inter-connecting doors so that families can live close together while maintaining privacy.

Overall, there are 65 paired units at SkyTerrace, accounting for fewer than 10 percent of the total units available.

Designed with the elderly in mind, these studio apartments are equipped with grab bars, alarm systems, bigger switches and ramps for wheelchair users.

The 43-storey SkyTerrace also offers a mix of three- to five-room apartments including loft units with floor-to-ceiling windows facing Keppel Harbour.

Under HDB’s Remaking Our Heartland initiative, Dawson will get five additional housing projects by 2020. The authorities are also planning new commercial facilities there, such as childcare centres, markets and hawker centres.

credits: propertyguru