The luxury property market in Singapore is definitely looking bright, especially at the elite Sentosa Cove. Amid reports of million-dollar property losses building up and the apparent vacant units, it seems that sales at this exclusive site is picking up.
Author: My Exclusive Condo
Freeholder Property Owners Served with Eviction Notices in MacPherson
One of the advantages of freehold property as opposed to leasehold is that the building and the land is yours, there is no clock ticking meaning decisions will have to be made some time in the future, and the value is dependent almost purely on market forces, not the ever decreasing amount of time that remains on the lease. Or so we have always been led to believe. It is not quite that black and white however, just ask the residents of Merpati Road in MacPherson.
Forest City Faces Uncertain Future in Light of New Chinese Restrictions
China’s increasingly tough clampdown on money flowing out of its borders is having far reaching implications not just for its own citizens, but also for property developers across South East Asia, with Forest City in Johor being one prominent project starting to feel the effects.
Another HUDC put up for Collective Sales
Just few weeks back, two Singapore Condos (Privatised HUDC estate), Rio Casa and Eunosville were sold via collective sales. And now, another two new private HUDC estates are up in the market and determined to sell! The Tampines Court which comprises of 560 residential units is expected to be launched in the early July. On the other hand, there is the Florence Regency in Hougang with 336 units that is already in the initial sales process.
Top bid for SPH, Kajima for their Bidadari Site
Kajima development (SPH) which is linked to the Singaporean Press Holdings has put forward its highest bid ever recorded in a tender. The bid is for a 99 year-old lease that combines both residential and commercial sites in Bidadari.
The company came out to a bidding price of a whopping $1.132 billion which translates to about $1,181 for each square foot (per plot). This building can be located at the upper corner of serangoon road.
Property Market in Singapore
Singapore was facing a long downtrend in its property market for the past few years. However, recently Singapore’s housing market has been assembling its forces for a major comeback. Judging from the real estate activity, Singapore’s unenthusiastic property market is finally showing some signs of animation.
The Singapore government has made quite a few moves to ease the difficulties faced by the property market. Since the government has loosened its hold on the market, people now have more incentives to buy Singapore property.
HDB rents rose a notch in May; rental value of condos depreciates further.
Last month, the local residential leasing market had mixed fortunes because rents for public housing flats rose a bit higher while the rental value of condominiums continued their fall.
According to flash estimates released yesterday, the rental value of private condos lost 0.8% between April and May 2017, and their value decreased by 3.9% since May 2016.
Charles & Keith add another feather in their cap
Charles & Keith an established brand owner of Singapore for women’s footwear and accessories has made another private residential purchase in the Chatsworth area. The Chatsworth area is renowned for being a private GCB (Good Class Bungalow) enclave in Singapore. The family made the purchase of the same on 6th June 2017. Nearly 15 bungalows have been sold in these areas so far since January.
Fantasia Investment steals the show with a bid at S$75.80 million
The leading developer of China, Fantasia Holding Group, with subsidiary in the name of Fantasia Investment, Singapore, came out as the top bidder among the total of 11 groups of developers for a low rise private residential site at Lorong 1 Reality Park. Fantasia investment made the highest bid at S$75.8 million which turns out to be S$525.58 psf ppr (per square foot per plot ratio). The least bid came from Lots Property at a price of S$29.88 million. Lots Property was a part of Yuan Ching Development. The (Government Land Sales) GLS tender for this residential plot was closed on 1 June, at noon.
Retirement reality of Singapore Millennials
It has been revealed that 64% of the Singapore Millennials live with the belief that they can survive further and it is their duty to support themselves for survival. In the meantime, 8% of the Singapore people believe that the millennials have set a strong foundation for a future retirement.
In the first place, it would be ideal to recognize the plot of the population which falls under the “Millennial” category. Millennials are considered to be the people who were born between the years 1980 to 1997. This particular survey represents the views and opinions of 1007 Singaporeans.
TUAS West Extension(TWE) Project a Blessing for Workers
In order to help the people reach their destination quickly, the government has built some of the best means of transportation and TUAS West Extension project is one of them. It is going to be inaugurated on 18th June 2017. The TWE will be extended from the east-west line and starting from the already present Joo Koon station it will meet four other newly developed stations including:
- Tuas Crescent
- Gul Circle
- Tuas Link
- Tuas West Road
It has been expected that TUAS West Extension will improve the connectivity within the Tuas area and people will find it easy to reach their destination through the MRT station. It has been developed to meet the requirements of 100,000 of commuters.
Features
Some of the amazing features that you will come across in the TUAS West Extension are:
- Most of the passengers will get a chance to save their time and money because their journey will be about 25 to 30 minutes shortened.
- The station is only a short stroll away from the major areas of the East-West Line
- Most of the people will find it easy to travel through the new MRT station to their office and so they will be free from the company shuttle bus
- The 7.5 km rail segment will take you towards the industrial heart of the Tuas. So it is a blessing for many workings that were unable to afford others means of transportation.
- In order to expand connectivity two new bus services, 247 and 248 will be launched will link to TUAS West Extension.
Benefits
The construction of TUAS West Extension was started in 2012 and it was expected that the station would be opened for public at the end of 2016. Unfortunately, it was delayed because the latest signaling system required time to be tested. It is the most advanced system that is not available in any other MRT station.
Most of the workers had to travel through the bus service and it was mostly crowded. Most of them had to wait for the next bus that wasted their 30 to 45 minutes. Apart from that, there are many lorries on the road that were the cause of traffic jam. However, with the TUAS West Extension, the problem of traffic jam will be resolved.
The TUAS West Extension will be perfect for the working women. Now they can quickly pick their children from the daycare and reach their home on time for dinner. It is a nightmare for the private bus service providers because they have to change their route and most of them are going to end their service.
Now people will not have to worry about getting a taxi before 5 pm because after that their services are closed for Tuas area. They can easily enjoy the car-free ride. Soon pedestrian walkways will be constructed to enhance the easy access of people to the TUAS West Extension MRT station.
Now that Singapore is being so well connected by our public transport system, it is not hard to find Singapore condo that is within few hundred metres away from the MRT station. Below are some of the new launch condo that are within walking distance to the MRT station
- Highline Residences
- Sophia Hills
- Shunfu Road Condo
- Margaret Drive Condo
- Martin Modern
- Sol Acres EC
Upcoming new launch development in Singapore
A pilot project that will permit flexible utilizing of industrial spaces
In the past time, the demand for a more flexible utilization of industrial land made the authorities in charge with such regulations to think about making some changes. Thus, the Urban Redevelopment Authority or URA, together with JTC will make sure of a new set of guidelines for land use, with the occasion of a multi-tenant building development, managed by JTC. Located on the Woodlands North Coast, this new project may open the door for some welcome changes.
Besides the manufacturing operations, this pilot project will provide support in the case of various manufacturing companies that will provide a number of services, which include after-sale support and R&D. The project gives companies the opportunity to keep an eye on their off-shored activities, while keeping the activities with a higher important at the location. Also, the Business 1 component, which is also the zone rating of the pilot project, will acquire a broader range of utilizations, which also uses that are related with the industrial sector, in order to provide essential support in the area. As an example, activities on engineering and industrial design, which normally are not allowed in the case of an industrial development, will be permitted in the Woodlands North Coast.
The previously mentioned exceptions are the only ones accepted in this particular area, as the rest that are usually not allowed, like non-industrial and clean-cut commercial activities, will remain this way. To better understand the new changes, do note that various commercial uses of the space, such as property consultancy, accountancy, and insurance companies, and agencies for travel and maid services, will not receive any support in the Business 1 sector. But, in case uses like these are proposed, they will have to fit in the white component of the pilot project.
Having in mind that land use in Singapore faces a number of constraints, the Government utilized zoning when it came to land use, to protect industrial activities. But, as time passes by, structures built with business purposes need new regulations that are adapted to the way society evolved. Many manufacturing companies make significant changes in their business model, passing from production-led models to activities that are driven by services. Or they are developing new branches than span over the production chain, such as prototyping, after-sales services, and others. Thus, they provide more than just manufacturing services, striving to remain competitive on an ever-changing market.
Because of these aspects, the land policies concerning industrial uses were constantly updated by URA. Back in 1990s, the Business Park zone was added by URA, as a way to help manufacturing businesses that unrolled other types of activities to integrate better. A decade later, URA made even further adjustments, introducing media guidelines and e-business, which continued to be improved until 2014. These two were developed out of the need to serve business activities that were media related or were in the IT domain. Between 2001 and 2003, Business-White and Business Park-White were also introduced, which were meant to entwine industrial activities with commercial ones. Thus, the guidelines existent in present days allow companies to carry on a broader range of functions, which can include production, warehouse, technology uses, like autonomous robots and analytics, and so on.
This particular pilot project was triggered by the need to provide changes that will help the industry adapt to the new conditions. The way the market will receive this project and the produced feedback will be closely supervised by the government, which will also unroll studies to see where this project is applicable. Also, the policies for land use will continue to be revised, especially when it comes to industrial areas, in order to maintain their relevance. The revisions will have to take into consideration any existent trends in the manufacturing domain, the requirements coming from industrialist, and the trends that may emerge in other relevant sectors.
The links below from Straits Time and URA Website will provide more info on the above if you would like to learn more.
http://www.straitstimes.com/business/firms-welcome-easing-of-land-use-rules
https://www.ura.gov.sg/uol/media-room/news/
There will be a few upcoming new launch condos that will be releasing for sale this year, they are
Existing New Launch
A Sunday free of traffic delights the inhabitants of three districts
What if there were no cars on the streets of your neighborhood, at least during Sunday, so you can enjoy a clean and calm atmosphere? In a world suffocated by traffic, such an idea sounded delightful for the people living in the Civic District, Bencoolen Street, and Telok Ayer. But, the inhabitants of these three districts of Central Area of Singapore will enjoy more than just a car-free Sunday, as the area will be packed with a wide diversity of fun activities for this May edition of the event.
If the other districts were used to this kind of manifestations, the Bencoolen Street will enjoy this kind of Sunday for the first time this year. The date of 28th of May does not represent just the celebration of the Car-Free Sunday, but also the completion of a number of improvements done to the street. So, for the people living here, the joy will be double. Everybody will be able to walk, jog, or ride a bike on a total distance of 6.7 kilometers, which is a rather generous area. If you visit the Civic district during this manifestation, be prepared to enjoy a broad range of activities specially picked for families to enjoy, all of them organized by the Families for Life Council. And, in the Telok Ayer Conservation Area, the public will be able to enjoy the Xinyao Breakfast Concert, which will take place between 10 a.m. and 12 p.m. and will feature a number of appreciated artists.
- Enjoy the Bencoolen Street in a brand new way
For the Car-Free Sunday SG edition this year, in May, the route on the Bencoolen Street was added, to make the celebration even more exciting. So, feel free to discover this street in a brand new manner, through cycling, walking, or jogging. The street was improved and made to look more presentable, not only for this particular event, but for the continuous enjoyment of the people living here. Besides the activities that were previously mentioned, if you visit the Bencoolen Street during the event you will have the chance to taste a variety of delicious snacks, try your creativity in various crafts, and take home the handmade products that capture your attention.
- Families will have a blast in the Civic District
The Families for Life Council brings into the attention of the public the Families for Life Celebrations 2017, which means a significant number of fun activities chosen for the enjoyment of the entire family. The main mission of this celebration is also to make families spend more quality time together, with the help of exceptional activities. There is something to do here for every type of family. Starting with the possibility to enjoy a delicious picnic with organic produces, to art and culture activities, outdoor activities and sports, and displays of decorative arts, furniture, and fashion, there isn’t any chance to get bored during this special Sunday in this district.
- Sing and enjoy great music in the Telok Ayer Conservation Area
Do you enjoy Chinese folk-pop music? Then you’d better head to the Telok Ayer Conservation Area in the morning of the Car-Free Sunday SG and enjoy the concert, plus the flea market and F&B stalls that are organized in the same area. Also, all the cafes here will be open starting with 8 a.m., just in case yoy are in the mood for a great cup of coffee.
To avoid traffic jams and wasted time, it is highly recommended to use public transportation to the areas of the event. Besides the 28th of May, the inhabitants of Singapore will be able to enjoy other Car-Free Sundays on the 30th of July and 29th of October. You will be able to find all the details concerning the activities of the coming events in a timely manner.
All 3 districts are located in the city. If you are looking at new launch condos nearby these areas, you can consider our list of new launches below,
New Condo Launches that are slightly away from the city
Coming Soon
Hougang – A Short History
The name Hougang comes from the Pinyin version of the Hokkien and Teochew name for “the end of the river”, located as it is, at the start of Sungei Serangoon. This is no coincidence, and the name reflects the Chinese heritage of the region that was historically inhabited by Chinese Teochew residents. Though it was mainly forested land, with the occasional pig farm, there were several villages, one of the biggest being Tua Jia Ka (Teochew for “foot of the big well”) or Somapah Serangoon Village. This village had a reputation for being one of the most popular places to go for street food, Chinese opera, and storytelling as well as traditional Chinese medicine on the island.
A new station outside Tai Seng for a fast access to commercial hub at Paya Lebar
If you pass the retail center located in Tai Seng, you will notice a construction site that took control of a good part of the area. What is going on over here? Well, if you haven’t heard about it just yet, the project is to build an underpass that will allow people to access Paya Lebar faster, easier, and safer.
Although things are evolving rather fast on this construction site, the finished station is expected to be ready on in the H2 of the year. The project is unrolled by Mapletree, a private developer, and it is going to link the MRT Station at Tai Seng with the busy commercial hub at Paya Lebar through a walkway that is in the underground. Thus, people will be able to safely reach the MRT station, without have to face the traffic in the busy area.
The truth is that the Tai Seng station is the only MRT station, at least on the eastern part of the Circle Line that cannot offer an underground walkway to the people that use the station. The people that have to reach their work offices in the area, or choose to dine at Paya Lebar, have two options to reach their destination. They’ll have to walk approximately 500 m to reach a nearby junction, which is signalized and made appropriate for pedestrians or to get over to the other side by walking on the overhead bridge. When you have a busy schedule, walking so much means minutes lost, just trying to reach a safe way that will enable you to get through the traffic.
When developer, Mapletree was awarded the tender, JTC Corporation formulated a land sale requirement that included the development of the underground pass, placed next to the new 18 Tai Seng station. Practically, the new underground link will link the MRT station which is at the second basement, to the retail center of 18 Tai Seng at the first basement. The connection will be made through a micro-tunneling process, also known as a pipe-jacking technique, knowing down a wall of the station to make the final connection. A representative of Mapletree stated that the mission of the company is to provide a much-improved retail experience and better connectivity for pedestrians, regardless of weather. The communities from Paya Lebar and MacPherson will both beneficiate from this project, as the people will enjoy a brand new escalator and lift in the new future. How much all of this cost? The developing company did not want to make the numbers public.
The work on this new improvement to the Tai Seng station started in March 2015, so they are going on for a while. At the moment, we can say that the constructions are on their last 100 meters from being finished. Many people that work in the area are extremely pleased by the news that the underground walkway will soon be finished. They have been hoping for quite a while for this to happen, being disappointed in several occasions by rumors stating that such a project will start in the area. Soon, they won’t have to walk such a long distance anymore, enjoying a faster and safer access to the location where they work, eat, and unroll various daily activities.