Author: My Exclusive Condo

2019 is most likely to be a year for unexpected turns in the residential property market of Singapore. Property prices which had escalated by almost 7 percent in the first six months this year have only risen by 3 percent since then. This may stay the same or dip lower in the coming year spelling good news for homeowners looking to make an investment in the new year.

2018 saw a whopping 10% rise in home prices and the Government had to add in restrictive measures by July to bring stability to the soaring numbers. Several aggressive land bids from developers for new and old areas in the early half of the year had caused the sudden inflation in market rates.

Read more

The Housing Development Board (HDB) of Singapore recently announced that it will be releasing lesser HDB flats in 2019. HDB had previously launched 17,584 flats in 2017 and projected the launch of an estimated 17,000 flats in 2018. However, only about 15,800 flats were up for sale this year. The number will go further down to around 15,000 in 2019.

Read more

After former sale closers, URA (Urban Redevelopment Authority) of Singapore recently released two more residential properties along with two other plots that can be used for residential as well as commercial purpose.  All four plots have a 99 years lease and the overall yield from these properties is expected to be somewhere around 1915 homes.

These sites are launched under the land sales programme of government in the H2 of 2019. Two properties under this programme will fall under theconfirmed list; they are located at Middle Road and Sims Drive area.

The Middle Road site is somewhere around 7463 square metres,andit is intended for dwelling purpose; however, the first story can be usedfor commercial needs. In the high-rise zone, these buildings can have 20 stories; whereas, the low-rise zones are limited to six stories only. The government has authorized builders to design 375 apartments at this site, but it is not recommendedfor development of houses (Strata landed), serviced apartments and private condominiums.

Read more

Do you remember the old cinema and bowling venue that once entertained people in Queenstown? Well, whether you do remember or not, you should know that the entire site that has more than just these two is finally put out for sale. The area already received the approval to be transformed into a new and modern commercial building, with a total number of six storeys and underground parking spaces. Thus, the residents of the neighborhood can expect new stores and restaurant to appear in the new future, even a top-notch cineplex at the 250 Commonwealth Avenue address.

Read more

The Monetary Authority of Singapore (MAS) released its annual Financial Stability Review on November 23, 2018. The review reveals a recurrent 3 percent rise in household debt every third quarter of the year. MAS attributes this spike in debts to a 3.4 percent rise in housing loans noticed in the third quarter of every year in the recent past.

Given the consistency of this trend of increase in household debts, MAS advices prospective real estate buyers to be cautious of the market rates of interest on housing loans when attempting to fund their purchases. MAS adds that the rise in household debt is consistent with the growth in income rates and is indicative of healthy balance sheets of Singapore’s household market supply.

Read more

A new road extension to the Punggol Central road was opened for public use on November 25, 2018. The road opening ceremony was conducted in the presence of several persons of eminence. MPs for Pasir Ris-Punggol GRC, including Deputy Prime Minister Teo Chee Hean were among those attending the road opening. The extension was declared open in front of a large gathering. Nearly 400 enthusiastic Punggol residents graced the event.

The extension road is a part of a much bigger expansion project undertaken by the Land Transport Authority (LTA).  Estimated at $185 million, the project aims at lowering the traffic gridlocks and hold-ups that have become commonplace on the KPE-TPE intersection. The primary objective of the project is to improve the overall traveling experience on the roads leading outwards from the north-eastern town of Punggol.

Read more

Recently, there was an event at The Ritz-Carlton Millenia, where Mr Lawrence Wong, Minister for National Development of SIngapore explained why the Government adopted the measures that became active in July, concerning the property market of Singapore. As Mr. Wong said, these cooling measures have the purpose to avoid bubbles on the market and keeping the prices stable at the same time. The property market should evolve according to the trend outlining income increases and follow certain economic fundamentals, this is why the Government will not accept a hands-off attitude when it comes to the real estate sector of Singapore.

The previously mentioned event took place with the occasion of the 59th anniversary of the Real Estate Developers’ Association of Singapore, celebrated with a festive dinner. It was also a very good opportunity for the participants to catch up with the latest news and consolidate their relationships. Of course, Mr. Wong, who represented the Singaporean Government at the event, wanted to let everybody know that the Government will continue to intervene in the property market of the country when and if needed, in order to maintain stability in the property cycle. Thus, no one should be caught by surprise if the authorities will launch measures or decide to make certain adjustments.

Read more

In one word no, you do not need a property agent to sell your HDB property, but whether or not you should use one is a completely different matter. The answer to that depends mainly on your own situation, your experience, how comfortable you are in doing the work that would otherwise be carried out by an property agent, and how eager you are for a quick sale. Here we look what you need to consider before attempting to sell your HDB flat yourself.

Read more

New condo development, Parc Esta was recently having its balloting preview on 17th November 2018, last Saturday. Its developer, MCL land released a total of 450 residential units for sales at the event. And out of the 450 units, 329 units were sold on that day.

Read more

People that are connected to the real estate world will be happy to know that a fully digitized sales booking platform has been launched recently. It is designed with a motive to save unlimited sheets of paper that are otherwise wasted by property agents and developers to finalize the deal.

Showsuite is an advanced system that works by combing few latest technologies; the list includes 3D technology virtual reality and many other innovations as well. It can help to digitalize all the information related to unsold units, new projects so that buyers and agents can get an instantupdate about any property they find interesting around.

Read more

Last Saturday, on the 10th of November 2018, Oxley Holdings sold 110 units for their latest new launch condo development along South Buona Vista Road. This development, named Kent Ridge Hill Residences is a low-rise private development located within 10 minutes walk from the Pasir Panjang MRT station. Comprising 498 apartments which are 5 storeys high and 50 strata houses, this Kent Ridge Hill condo comprises units ranging from 1-bedroom to 5-bedroom.

Read more

Compared with selling a flat, it is much easier, more straightforward and a lot less stressful buying your HDB flat on your own without the assistance of an agent. Like with everything, especially if you are doing it for the first time, it is essential that you go into the process fully prepared, and with as much information as possible.

Read more

The fact that the government developed rehabilitation programs for older flats is no secret. Many people live in apartments that are already a few decades old, which were offered in leases for a period of 99 years. Once the lease period expires, the flats will return to the property of the government while their former owners move to new locations or are supported by the government to find new places. But, as it is known, the authorities in Singapore desire to modernize and update all of these old flats, with the help of the Voluntary Early Redevelopment Scheme. The scheme means that once a person ends up living in a flat that is 70 years old or older, it is possible to choose the Voluntary Early Redevelopment Scheme and tap into the modernization opportunities offered by the government.

As you may have noticed, this program is called a “Voluntary Scheme”. This is due to the fact that, according to the officials, the financial support offered in case someone opts for the scheme is not that generous. In other words, the authorities will help old HDB flats find other places to live until their flats are modernized, but the support probably won’t be as great as some would desire. Thus, the scheme is voluntary and only those that consider the conditions acceptable can unroll. So, if one chooses to find another place to live instead of opting for the modernization of an old flat, he or she has all the freedom and right to do so.

Read more