New condominium projects attracts buying interest

Over the past weekends in March 2017, new condominium launches have been the talk of the town. The last few weekends saw active interest from the market with new developments such as Grandeur Park Residences, The Santorini and Highline Residences were actively in the thoughts of the market.

Besides, there was also Park Place Residences with ignited the market with its integration of the shopping mall, business hub and residences. This project is the gem of Lendlease, featuring 429 residential units that is located within the Payar Lebar Quarter. It open for the preview in Mid March, was attracted a good crowded indicating active interests in the market. Property agency, Knight Frank noted that the size of the crowded indicated good buying interests.

The Santorini at Tampines
The Santorini at Tampines

Earlier in February, local big boy, UOL Group, had a great start to the year with their gemstone project – The Clement Canopy at Clementi. According to the listed big boy, they saw a substantial size of crowd during the preview weekend at its showflat along Clementi Avenue 1. They noted that the recent adjustment made in the Budget 2017 had been a purposeful re-calibration that has positively impacted the market sentiment. One of their spokesperson said – “Our sales momentum has remained constant; we did not see a sharp increase.” So far, the 99-year leasehold The Clement Canopy has sold 244 units out of the 350 released, at prices ranging from $1,330 to $1,360 psf.

Buying interest was a brisk in the Eastern part of Singapore too! With Grandeur Park Residences topping the charts and spurring sales in the nearby housing projects such as Coco Palms, The Glades and the Santorini. There is also more upcoming action with Seaside Residences at Siglap too!

Meanwhile, CEL Development, the property arm of listed construction company Chip Eng Seng Corp, launched the 720-unit Grandeur Park Residences, located next to the Tanah Merah MRT station, in early March. As at March 14, 464 units (64.4%) in the 99-year leasehold condo had been sold at an average price of $1,350 psf. “The easing in the cooling measures didn’t result in a greater turnout at showflats,” says Chng Chee Beow, executive director of CEL Development. “In fact, it had very minimal impact.”

Will see we better property sales in 2017?

As we approach the end of 1st quarter in 2017, let us reflect and take a look on the property market in the upcoming months.

2016 wasn’t a year for where you can say the property market was good, in fact the private residential property sentiments was merely lukewarm. However, we want to highlight that it was also a year where we saw an increased amount of property buyers from overseas. This led us to think – Could see more of these foreign property buyers coming back to Singapore?

By the year of 2015, we saw most foreign buyers leaving the property market in Singapore. The total number of foreign buyers who bought non-landed private homes in 2012, but since then, the nos. steadily declined to only 894 in 2015.

buysingapore

Why are we seeing such buying interests coming back?

Lets not talk about the the better sales volume we are seeing since 2015, it can be said that the buying habits of foreign property buyers has also changed over this period of time. Based on what we observed, it is no longer just about purchasing the best – i.e the most luxurious or high-end properties in the market. We see an increased interest shifting towards value for money purchases with the example of Cairnhill Nine & Sturdee Residences and also developments with upcoming MRT like The Line @ Tanjong Rhu (Katong Park MRT).

Foreigner property buyers increased from 894 in 2015, to 1,067 private residential purchases in 2016 for these non-landed residential property purchases not to the mention the hefty Additional Buyers’ Stamp Duty (ABSD) they needed to fork out – the reason for the decline since 2012. For the Singaporean Permanent Residents, their numbers declined drastically ever since the introduction of cooling measures in 2013. Overall, the number Singaporean Permanent Residents (SPR) buyers is also seeing an increase – reflecting continued confidences for the private residential market in Singapore.

Typically, most Singaporean Permanent Residents (SPR) purchases are in suburbans or lower-cost choices compared with foreign buyers – less impact by the Additional Buyers’ Stamp Duty (ABSD). Recently, there is a growing trend on these buyers looking into further locations (suburbs) or choosing relative smaller sized private residential developments.

Better buying confidence in 2017.

It widely expected that private residential property prices will remain stable in 2017. They are also expected to stabilise and we probably can expect foreign buyer interest to continue like 2016. It is also unlikely that foreign buyers will probably rush in the market because our cooling measures like the Additional Buyers’ Stamp Duty (ABSD) are set to stay. On the other hand, buying interests of most Singaporean Permanent Residents (SPR) will continue to be resilient moving from 2017 coupled by developments such as the future completion of the High Speed Rail (HSR) line, which will boost connectivity and accessibility for Malaysia and Singapore.

Residential vacancy rate in Singapore – Is there a problem now?

Many vacant units at The Shore Residences.

Something is brewing. There are reports saying that the overall vacancy rate in private residential properties are high now. What is the cause of this? Let us do some digging.
It is understood that the supply of new private homes in pipeline are coming up in bulk with interests continuing to be muted.

Reports

Straits Times reported that the vacancy rate of private condominiums and residential apartments are high because of a few different reasons – the main cause being that a substantial amount of new completions are due in the next few months of 2017. From the data acquired from Urban Redevelopment Authority (URA), we can see that there were 348,080 private homes available in Singapore and 29,197 were unoccupied in the last quarter of 2016. That would translate to a vacancy rate of 8.4 percent. Is that really high?

Apparantly, this 8.4 percent is still lower that the 8.9 percent recorded in the 2nd quarter of 2016 – which was all time high in 16 years. But R’ST Research Director Ong Kah Seng, who remains worried about the elevated vacancy level says that it still exceeded the 7.8 percent and 8.1 percent seen in the final quarters of 2014 and 2015.

What’s the cause?

The main cause of this situation is largely due to the enormous supply of new private residences with 20,000 built in 2016 versus 13,150 units in 2014 and 18,971 in 2015.

“High vacancy rates in 2016 are overall propelled by a combination of factors – substantial new private residential completions, and continued muted leasing interest amid crimped or no housing allowances by many foreign professionals,” noted Ong.

There is also another underlying reason behind this – Home owners are not willing to reduce their rental prices. But how true is this? Colin Tan, Director of Research and Consultancy at Suntec Real Estate Consultants is saying that the fact that there are many unoccupied units means that the majority of owners of units that have been completed over the past few years were either speculators or investors.

The Shore Residences

One might have heard that many apartments at The Shore have been vacant for substantial duration. This is in fact verified by tenants putting up at The Shore Residences. Jose Trinidad, a Filipino expatriate staying in the 408-unit residential project completed in 2013 – “Many units at The Shore Residences in the East Coast have been left vacant for long periods of time.”
“Most of the people living here are renting and the competition for tenants is very high nowadays. Many units are empty because the landlord just cannot find tenants,” noted the 38-year-old auditor.

An online check revealed that there are currently 55 units for lease at the project and 90 up for sale, but it is unknown how many of them are unoccupied.

New condo at Redhill MRT

Alex Residences is a masterpiece development of 99 year leasehold situated at the convenient location of Redhill MRT and Alexandra View. This luxury condominium block is right in the heart of Redhill and directly next to the Redhill MRT. Here you can take full advantage of the many amenities available in the near to the city and Orchard.

Alex Residences Redhill MRT
As well as our convenient location we offer our residents a luxury lifestyle community that is the perfect place for residents to enjoy time with their families and friends right in the heart of the city.

Here at the Alex Residences a wonder and unique lifestyle awaits you.

alex

The Alex Residences is one of the most conveniently located condominium buildings in Singapore. Right next to the Redhill MRT station, we are close to many other points of interest, from academic institutions, to retail shops, and more.

Alex Residences – Alexandra View
Living at the Alex Residences is like living at a highly-priced motel proper in the heart of Singapore.

A lot of our units overlook the prosperous Redhill and Orchard areas of Singapore, so that you may anticipate some robust views of town. The great a part of Alex Residences is that you may have all of the convenience of metropolis residing, whilst having fun with a serene, resort expertise in the comfort of your possess residence.

We’ve got a form of floorplans to swimsuit the desires of many distinctive households. As we are still within the approach of progress, these may alternate rather, but please do keep in touch, and investigate this site customarily to learn of any alterations from the developer, or discover more a few certain unit.

Alex Singland development
Our items are available in three, 4, or five bedroom choices, and look out over both higher Redhill MRT road or Redhill upward push. At the same time all of our models offer a peaceable and steeply-priced home atmosphere, these on the sixth ground and above present unblocked views for you to benefit from the city, and much more privateness.

If you need to study extra about any of those options, or see a full copy of the optional floorplans please contact us with any queries. Please actually have a look at our disclaimer for utilization of the Alex Residences floorplan.

Site at Perumal Road draws in over $174m of bids

A private with first story business site at Perumal Road in Litte India pulled in solid enthusiasm from designers, with 11 offers submitted at the end of its open delicate on Tuesday (10 February), uncovered the Urban Redevelopment Authority (URA).

pr

Low Keng Huat (Singapore) presented the top offer of $174.08 million for the 0.38ha site. The value works out to about $1,000 psf on the gross floor territory. The second-most noteworthy offer of $166.7 million originated from China Construction (South Pacific) Development, while Hotel Grand Central offered the least offer of $90.89 million.

Propelled available to be purchased on 29 November 2016, the 99-year leasehold site could yield around 200 homes. Visit Sophia Hills at Mount Sophia

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, stated: “The lack of private land locales is in effect acutely felt by engineers, passing by the delicate aftereffects of the primary GLS arrive delicate for the year. Designers are unmistakably hoping to recharge their draining stock and the Perumal plot offers the special reward of a little size and thusly a reasonable quantum of $174 million.

“The site profits by its closeness to transport hubs – the Dhoby Ghaut Interchange is just two stops away. Different luxuries close-by incorporate the moderately new One Farrer Hotel, Farrer Park Medical Hospital and City Square Mall.” See earlier launch at Sturdee Road – Sturdee Residences

A choice on the honor of the delicate will be made after the offers have been assessed, said the URA.

Lee Hsien Loong to sign of KL-Singapore HSR agreement

Head administrator Lee Hsien Loong on Tuesday (13 December) will witness the consenting to of the two-sided arrangement for the Kuala Lumpur-Singapore High Speed Rail (HSR) extend at the seventh Malaysia-Singapore Leaders’ Retreat in Putrajaya, Malaysia.

In an announcement, the Prime Minister’s Office (PMO) uncovered that the understanding will be marked by Coordinating Minister for Infrastructure and Minister for Transport Khaw Boon Wan and Malaysian Minister in the Prime Minister’s Department Dato’ Abdul Rahman Dahlan.

It noticed that the consenting to of the arrangement is a “zenith of serious reciprocal examinations since the 2013 Leaders’ Retreat, and facilitates the great advance made by both sides since the marking of the Memorandum of Understanding in July 2016”.

It additionally shows the dedication of the two governments to the venture, which is relied upon to support availability, reinforce financial binds and improve individuals to-individuals linkages once finished.

Beside Mr Khaw, PM Lee will likewise be joined by other bureau clergymen including Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean, Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for National Development and Second Minister for Finance Lawrence Wong, Minister for Culture, Community and Youth Grace Fu, and Minister for the Environment and Water Resources Masagos Zulkifli.

Additionally part of the assignment are Minister for Education (Schools) and Second Minister for Transport Ng Chee Meng, Senior Minister of State for Home Affairs and National Development Desmond Lee, Minister of State for Health Lam Pin Min and Senior Minister of State for Finance and Law Indranee Rajah.

Other property measures might be facilitated after TDSR changed: Report

The choice by the Monetary Authority of Singapore (MAS) to overhaul the renegotiating rules under the Total Debt Servicing Ratio (TDSR) structure is seen as an ideal move by Credit Suisse, and a conceivable antecedent to further amendments of other property cooling measures.

In a report, the money related establishment said “the expectation of the modification is to help borrowers renegotiate their current property advances at lower loan fees and better deal with their obligation commitments”.

“We decipher this emphatically, as the administration will tweak measures to suit advertise requirements and borrower input. The MAS assessed that 73 percent of exceptional lodging credits are for proprietor occupation as of Q3 2015, and five to 10 percent of families have obligation overhauling proportions above 60 percent.”

Check out Forest Woods – www.forestwoodsresidence.sg – New Launch by City Developments

The report included this is an indication that the administration is interested in unwinding different controls, despite the fact that the MAS expressed that the new guidelines don’t speak to a facilitating of the cooling measures.

“Semantics aside, we trust the changes bolster our perspective that with the debilitating large scale standpoint, further acclimations to property cooling measures would be one of the scopes of arrangements the administration can use to battle a log jam,” said Credit Suisse.

It noticed that the Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) are not a vital piece of government assessment receipts, containing only two percent of aggregate expense incomes. TOP projects are selling well despite all of this. See Royal Square at Novena – royalsquare.sg

“The administration will probably need to save the component of astonishment preceding any activity, yet we trust the business sector could begin to cost in an expanding likelihood of (their) expulsion advancing,” noted Credit Suisse.

Under the new principles which produced results yesterday, borrowers who bought houses for their own utilization after the usage of the TDSR on 28 June 2013 will never again be liable to the TDSR edge of 60 percent or Mortgage Servicing Ratio (MSR) point of confinement of 30 percent when they renegotiate their home loans.

Beforehand, just proprietor possessed properties purchased before the execution of the TDSR were exempted from the TDSR system.

Besides, borrowers are presently allowed to renegotiate their venture property credits over the TDSR edge paying little heed to when they were obtained. In any case, they should focus on an obligation diminishment arrangement with their particular banks to reimburse no less than three percent of the remarkable equalization inside three years, and satisfy the money related foundation’s credit evaluation.

Singaporean Lawyer Mortgage Fiasco

55-year-old Kanthosamy Rajendran, a legal advisor, was requested by the locale court on Tuesday (26 July) to pay a fine of $6,000 for erroneously guaranteeing that he had seen the execution of a home loan for a home, reported The Straits Times.

Confessing to two charges under the Land Titles Act, he was fined $3,000 for each check.

The court heard that Kanthosamy and his firm, Relianze Law Corporation, was reached by United Overseas Bank (UOB) on 27 March 2013 to go about as their specialists in the home loan of a Sunshine Residence unit in Lorong K Telok Kurau.

The bank gave more than two letters — one expressed that the bank offered Wan Yi Yang a $584,000 lodging advance for the property, while the other expressed that Wan had supposedly acknowledged a lodging advance and was asking for the law office to represent him.

On the bank’s directions, Kanthosamy represented both the implied mortgagor, Wan, and the mortgagee, UOB, in the conveyancing exchange that was finished on 20 May 2013.

Be that as it may, Wan made a police report on 1 July 2013 expressing that the Inland Tax Revenue Authority sent him a property charge warning illuminating him of the exchange of the Sunshine Residence home to his name on 21 May; he asserted that he had not purchased the property.

Examinations demonstrated that Kanthosamy marked a structure on 20 May 2013 guaranteeing the accuracy of the Mortgage Instrument, a consent to subsidize the buy of a house, despite the fact that he didn’t witness Wan marking it.

In another structure, he additionally confirmed the rightness of the Transfer Instrument, a record that is likewise identified with the exchange of the property. Kanthosamy had never met Wan nor did he get in touch with him to inquire as to whether he acknowledged the said exchange.

With this, Deputy Public Prosecutor (DPP) Charis Low requested that the court force a fine of between $3,000 to $4,000 for every charge.

Apply your home loan for The Rise @ Oxley

“There is without a doubt a solid component of open enthusiasm for stopping such lead by specialists, not just with regards to a break of expert obligations, however in light of the more extensive need to shield the conveyancing administration in Singapore,” said DPP Low.

“The whole arrangement of conveyancing is introduced on formal documentation and appropriate procedures. In a run of the mill conveyancing exchange, the specialist is included at numerous phases of the procedure – directing a title seek, executing the deal and buy understanding, holding up an admonition, and inevitably executing the exchange,” she said.

DPP Low noticed that the part of the conveyancing specialist is particularly key as he or she seems to be “endowed with the basic obligation of securing the shopper’s advantages by guaranteeing that the correct methods are watched all through the lawful conveyancing process”.

Just completed and ready for sales, Singa Hills at Jalan Singa

In that capacity, dishonestly guaranteeing to the accuracy of instruments is a reasonable break of statutory obligation, she said, including that the demonstration “opens up the likelihood of misrepresentation, and it extremely bargains the uprightness of the statutory procedure that has been concocted to render secure such conveyancing exchanges”.

Kanthosamy, who could have been fined $5,000 for every charge, is the principal individual to be arraigned for dishonestly confirming the rightness of a record under the Land Titles Act. In 2014, the most extreme punishment for this offense was raised to a fine of $25,000.

BREXIT may encourage S’poreans to invest in UK homes

A win by the Remain camp in Britain’s European Union submission may goad UK private property venture among Singaporeans, reported The Straits Times.

This comes the same number of potential purchasers here have been taking a sit back and watch approach throughout the most recent couple of months. Outstandingly, Central London saw prime property deals drop by more than 50 percent. Market specialists, be that as it may, trust volumes could rapidly recoup ought to Britain stay in the EU.

slider1

Administration advisor Jimson Cheng uncovered that while he is not offering his Central London townhouse, he has selected not to make any further speculations. “I’ve companions with more than 10 London properties who have chosen to sell a couple of because of the instability, and as costs are higher at this point.”

With lodging request in London far surpassing supply, the exhortation a great many people have given him “is to hold tight to your unit”, he said. See Sophia Hills – New Property at Mount Sophia

Territorial Director of London firm Strawberry Star Group, Doris Tan, ascribed the slower deals enrolled subsequent to the begin of 2016 to a limited extent to the submission. The keep a watch out methodology saw property deals fall by around a third, said Knight Frank senior accomplice and Group Chairman Alistair Elliot.

In spite of the fact that the best deals have had a tendency to be outside Central London (Zone 1) amid the most recent couple of months, Central London is still prominent amongst Hong Kongers and Singaporeans, yet just at costs of up to £1,200 (S$2,360) psf, said Richard Levene, Director for International Properties at Colliers International. See the new singapore property – goodwood-grand.sg

Elliot said the best fleeting effect of a Leave vote would be a keep running on the sterling, which could thusly urge outsiders to buy more property.

Low interest costs imperil retirement security, says DPM Tharman

Over-dependence on money related approach has had drawbacks, he said.

The test of social orders getting more seasoned and living for more has been bothered by a domain of low loan fees, opines Singapore delegate executive Tharman Shanmugaratnam.

In a discourse at the International Insurance Society Global Insurance Forum last 13 June, Tharman said the issues emerging from the worldwide money related emergency has had drawbacks for long haul account, especially annuity assets and protection stores.

“The expenses and advantages of low or insignificant loan fees are being discussed, however there is most likely about the expanding load they posture for benefits and protection stores,” he said.

In any case, the issue does not lie in financial arrangements and are not repetitive, Tharman said, and surrendered that low genuine loan fees are digging in for the long haul.

“It will represent a test for retirement security, and particularly for benefits assets and protection reserves. As you most likely are aware, it hits you on both your benefits and your liabilities,” Tharman clarified.

He included that it is not an interim test, but rather a test for the long haul.

“In this manner, we require key changes. We can’t alter the issue through venture systems, absolutely can’t settle it by financial approaches. It needs major changes,” he said.

“We need to empower individuals to work for long than they used to, in for all intents and purposes each general public that is getting more seasoned, and make it alluring for more established individuals to work. Luckily, each new era of individuals entering their senior years is likewise more advantageous. In any case, in a circumstance where we are going to have any longer lives, it is important that we be able to gain a living and to spare cash over more years, in order to give security and affirmation through our retirement years,” he included.