Author: My Exclusive Condo

The prices for smaller as well as four-room housing board resale flats are to be monitored by experts if any hike is observed after cooling measures. This is due to the fact that some aspiring analysts and home buyers have expressed major concern related to the curbs posed on the owner’s private properties may further moderate the demands for larger HDB resale flats & five-room apartments. These scenarios may increase demands and as a result, the prices for smaller resale flats and four-room apartments may also increase.

Right from September 30th, the owners of private properties need to wait for almost 15 months after the sale of their current home to buy a non-subsidized resale flat at the Housing Board. However, owners that have crossed the age gap of 55 and above may move from private accommodations to smaller resale flats or four-room flats. If we consider the wait-out period of 15 months, when there is a temporary measure with moderate demand, it is important to recognize that there are more seniors that need to look for retirement adequacy. With this, it is important to provide them avenues and options for the right size condos and four-room apartments or smaller HDB flats that may serve their needs better.

Mr. Lee, National Development Minister, also stated that a large number of owners from private properties are now looking forward to buying HDB resale flats and this count has doubled within the last two years. This scenario has a direct impact on the property cycle, especially when they try to sell private properties while moving to the HDB resale market as in this situation they can pay higher cash to close the deals fast.

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Right after the launch of some new condominiums in Singapore suburbs, there has been a strong demand for these residential units which further contributed to a considerable price hike. Reports reveal that the prices of private homes are rising high consistently up to this third quarter of the year.

In comparison to the previous months, there has been an estimated rise of 3.4% in the prices of private homes; however, it is slightly down from the 3.5% mark of the second quarter. This growth in the prices was mainly triggered by some non-landed segments in the area where prices went up to 4.1% in comparison to 3.6% in the previous quarter and this growth has been observed even after the rise in mortgage rates in banking institutions.

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Recent news updates reveal that the Singapore government will now restrict the maximum amount that new homeowners can borrow, so that the borrowers may find it easier to service these loans.

The market scenarios show a consistent rise in the interest rates after cooling measures and it is likely to increase further. Therefore, authorities are now taking several essential measures to ensure that home buyers can borrow within the limit and it will further help to moderate demand for new homes in the market.

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Lentor Modern, one of the most popular projects with an private residential integrated development from GuocoLand has experienced a great weekend after launch. Reports reveal that this property has a total of 605 apartments out of which 508 apartments were sold straight away on the first weekend, which makes up 84% of the total condos available.

This site is designed with an mixed-development that is integrated with that is to be designed on the Lentor Hills area with an estimated price of $1856 psf to $2538 psf. The initial launch prices for these units started somewhere from $1.07M for the one-bedroom apartment of 527 sq ft; however, the estimated price for four bedroom apartment with a 1528 sq ft dimension is presented at $3.33 million.

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The rates for land betterment charges (LBC) in Singapore have been considerably raised for commercial, residential, and industrial needs. Among all, the rates for non-landed residential properties are experiencing the highest rise due to robust property market conditions in Singapore. It is further influenced by healthy bids for collective sale sites and state-owned lands. The developers are paying LBC which further replaced the need for development charges and this scenario is improving the utilization of available sites while opening doors to create bigger projects on them.

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In China, creditors are knocking on the doors of legal offices to demand payments from embattled Chinese property firms. This is highlighting a major turmoil in the property sector. The developers are now rushing to set up plans to resolve the debt issues and the impact can be seen in the real estate industry.

Some of the most recent cases in court were filed against Jiayuan International Group and Sunac China Holdings. Note that these are the two big names among at least six builders that have received plenty of winding-up petitions within the past few months in the Cayman Islands and Hong Kong. Moreover, China Evergrande Group, Jiayuan, and Sunac have also scheduled their hearings for November month.

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More than 70% of all Sky Eden@Bedok condominiums got sold on the launch day itself with an average price per dquare feet of of $2,100. This mixed development at Bedok Town Center is the first residential project in the last 10 years; it has a total of 158 units out of which 118 units were sold recently on Wednesday. The developers in a recent interview revealed that all 2-bedroom units at this site were completed sold.

The acting COO (chief operating officer), Ms. Lorraine Shiow at Fraser Property recently said that this development is close to the mature estate and this is the main reason why it is drawing maximum attention from buyers. The home buyers at this location will be able to access several thriving economic hubs nearby this location; it includes Paya Lebar and Changi. These sites are expected to undergo a major renovation in the coming years; as a result, this Singapore East site will become more popular for buyers in the future.

This leasehold property which comprises of a 99 years lease is made up of 2 to 4-bedroom units with dimensions starting from a 657 sq ft all the way to 1302 sq ft. The development is also planned to have the construction of 12 shops on the ground floor. Note that the units at this site are being sold at a $1937 psf price which leads to a pricing of S$1.31 million for two bedroom unit. Lee Sze Teck, Senior Director of Huttons Asia recently said that most of the buyers at this site belong to Singapore.

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The restrained demand for private Singapore condos in suburban regions improved in the month of July recently. The overall sales lifted median prices at new mass market residential units to a considerable level, mainly at city fringe and prime locations.

This is mainly useful for the AMO Residence sales in Ang Mo Kio Avenue 1, which is the only major residential launch in the previous month in the suburban regions. It is expected to lead to a bulk sale of 485 units or 58.2% of the new homes in the region. Residential spaces in main districts led to 22.2% sales, including 185 units; however, the city fringe on the other side experienced a rise of 19.7% with the sale of 165 units.

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The freehold residential site near Bukit Batok Nature Park is available for sale via a public tender with a guide price of US $42 million. There is a single-story car workshop which is designed with a 3-story annex building at this site. The building is currently provided on lease to Autobacs Singapore which is a famous automobile service and retail company from Japan.

Experts reveal that the parcel is held by one private investment corporation with owners specializing in retail and auto leasing services. Note that a 37575 sq ft site is recently zoned for the residential purpose at 30 Bukit Batok East Avenue 6 Site. This announcement was made as per the 2019 Master Plan with a permitted plot ratio of 1.4. Furthermore, the maximum allowed gross floor area inclusive of the bonus balcony at this site is 56,287 sq ft.
The guide price works well with the land rate of $1,127 per sq ft per plot ratio. This price range is inclusive of the bonus balcony as mentioned and development charges are payable. As per the approval from the respective authorities, the site at Beauty World MRT Stations and Bukit Batok can result in a total of 57 new units for residential needs.

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As per the recent reports from Singapore commercial real estate market, the country is experiencing the best ever returns from recent quarter sales. Just within the previous three months, the deal volume increased by 74% while touching the maximum value of $7.72 billion. This is a great record for the single quarter when institutional investors made a grand entry into the market.

MSCU stated that the previous drop was caused by the sharp decay in individual property trades that turned out to be somewhere around the US $33.1 billion. Whereas the average for the year 2021 was reported to be the US $40 billion per quarter. They also revealed that Singapore turned out to be a star during second-quarter sales in the Asia Pacific region. The majority of sales happened in apartments, hotels, industrial, retail, office, and senior housing properties. The Singapore property demands were very high where Central Business District offices attracted the majority of investments; however, hotels and shopping centers performed really well.

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Rental prices of private apartments and housing board flats increased by a considerable level in the previous month. Property analysts state that the trend is expected to continue for a longer time ahead because completed housing projects are not enough to serve market demands.

HDB rents in the month of July climbed at a low pace of 1.5%; however, it was only 2.3% in the month of June. Presently, rents for both non-mature and mature real estate markets are rising. Condominium rents in the area rose by 1.7% in the previous month, which is 2.1% higher when compared to the previous month. This scenario reports straight growth of 19th month for condo rents with 25th concerning HDB rents, which appears longest ever streak for both these markets in Singapore.

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As the new launch condos were introduced into the market during the school holidays of June month, it is also leading to increased interest rates in the future. Around 488 residential units, without including executive condominiums, were sold during the month of June and this count is much less compared to 1355 units sold in the previous month. The reports state that it was the lowest sale record since May 2020 when showrooms were affected by a circuit breaker.

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A recent real estate market report from Singapore reveals that prices for resale flats in the HDB market increased continuously for the 24th month. However, fewer units were sold by June as the large proportion of flats in non-mature estates are being sold these days.

The prices of HDB resale flats increased by 1.2% in the previous month and it shows a quicker pace in comparison to 0.5% in May month. However, if we compare the data with June month of the previous year, the prices went up by almost 11.4%. Read more

As per the recent rules, HDB owners who bought their Sers (Selective En Bloc Redevelopment Scheme) flat will only be allowed to resell their houses after five years from the key collection date. This rule will be first implemented in the Sers flats that are found in the Ang Mo Kio Site.

If we talk about the previous regulations, homeowners were allowed to sell their units seven years counting from the day they selected their unit at a specific replacement site. Either way, they can also sell their houses five years counted from the key collection date. It clearly means that the owners who purchased SERS flat could sell their houses even before the completion of the five years duration. This is likely to provide them an edge over Sers owners that are investing in flats at some other sites by using Sers rehousing benefits with SBF (Sale of Balance Flats), BTO (Built to Order) schemes, or via open booking, which they are allowed to sell their flats after completion of the five years span.

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Two major new launches in Singapore including Liv@MB and Piccadilly Grand brought the private home sales prices up by a considerable amount as buyers started taking the latest round over property cooling measures amid tighter home supply.

As per the Singapore property market reports, buyers invested in 1356 units in the month of May which is almost double the 660 units sold in April. Moreover, it is 51.5% higher in comparison to the units sold in the previous year.

But the total sales without including executive condominiums for the year till date is observed to be 32% down with only 3841 units in comparison to the previous year. However, if we include executive condominiums, the new home sales increased to 1376 units with a 62.6% rise in the month of May in comparison to 846 units sold in April.

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