Author: My Exclusive Condo

The land bid prices of the first two state tenders after recent cooling measures announced on Tuesday shows that although lands are in demand among developers, they are taking more careful steps.

Reports reveal that eight bidders fought for a plot of land with 99-year lease at Jalan Tembusu which is near East Coast. Developers’ keen interests in this property have created a very high land rates GLS that are situated in the city fringe. The other residential plot at Lentor Hills near Yio Chu Kang area, had only manage to attract four bidders. 

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The recent stats from Singapore’s economy wrap-up show the fastest growth in the entire decade, even after the worse recession posed by the Covid-19 pandemic. As compared to the reports from the year 2010, the economy grew by almost 7.2% in the previous year; which is much higher than the estimates provided by the field experts, said Ministry of Trade and Industry (MTI), Singapore.

As per the predictions made by MTI in the month of November, it was expected that gross domestic product (GDP) in 2021 may grow by 7%, considering the top end of the prior estimates limited to 6%. The economy contracted by almost 5.4% in the year 2020 due to pandemic related crisis.

While addressing the public on New Year’s Eve recently, Lee Hsien Loong, Prime Minister, stated that the economy may grow by 3 to 5% in the year 2022 while reiterating the maiden forecasts made by MTI in the month of November 2021.

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The private home prices in Singapore accelerated during the final quarter of the year 2021, with a considerable jump of 5% in comparison to the past three months, even after the recently implemented property cooling measures.

For the entire year, the prices of property surged to 10.6% and it is the highest annual growth reported after the year 2010 when prices climbed by 17.6%. Note that in the year 2020, prices improved only by 2.2%.

The estimates from Urban Redevelopment Authority (URA) reveal that the fourth quarter presented robust performance while extending gains for the 7^th straight quarter. It happened after prices increased by 1.1% during the third quarter of the year 2021, 0.8% during the second quarter, and almost 3.3% during the first quarter.

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As per the recent reports, Shun Tak Holdings which is a listed company in Hongkong has withdrawn its enbloc deal with a leasehold private property named High Point just within one month after announcing its acquisition. The news updates show that Shun Tak has fortified the $1million tender deposit by now and it is probably the first company to suffer such a loss due to collective sales in the real estate market after the implication of the latest cooling measures from the government.

It is important to mention that Shun Tak, on December 9, announced about becoming a fully owned subsidiary with the new name – Shun Tak High Point, after successfully winning their bid on the High Point condominium with the estimated price range of $556.7 million.

This was the fifth successful property acquisition of the group within the past five years in Singapore. High Point is situated at the Prime District 9 and is situated along 30 Mount Elizabeth. The overall site area for this Singapore condominium is approximately 4,422.7 square metres with a maximum gross floor area of 21, 071.8 square metres.
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Although the Covid-19 pandemic has kept us in a state of uncertainty for the past several months, the Government has finally decided to implement modified cooling measures in the Singapore real estate market. The main goal of the agencies is to reduce the rising threat of the self-reinforcing price cycle that increases more often for housing board and private resale markets. As this price cycle leaves a considerable impact on the affordability of houses, Desmond Lee, Minister for National Development, has finally taken this decision.

If we look at the recent reports, the market shows clear upward momentum in the transaction volumes and prices, irrespective of the rising cases of the new Omnicron variant. Prices are running high, even beyond the economic fundamentals. This situation is likely to increase the chances of destabilizing correction and it may hurt several households.

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Mount Pleasant Area, the old Police Academy Site has been recently identified for new public Housing with almost 5000 flats and this build-to-order residential project is expected to get launched in the coming five years.

The residential blocks in this property will be designed with roof and sky gardens and the residents will be able to enjoy pedestrian routes, lush greenery and all essential amenities for a better lifestyle.

Although the estate is currently in the conceptual stage, its design inspiration will come from the nature and heritage of the area. The Old Police Academy at this site had four existing buildings along with some portion of the parade square. The new proposal states that these existing buildings will be retained and customized to create new community spaces for the upcoming homeowners.

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]A group of Singapore listed companies have recently made an offer of $650 million for Peace Mansion under a private treaty deal. This offer is enclosed under the collective sale tender that was launched during the early months of this year, the companies announced it recently on Friday, December 3.

The companies that grabbed this deal include Ultra Infinity, Chip Eng Seng and a ShingHaiyi joint venture. Note that Sing-Haiyi Crystal, the SingHaiyi joint venture is 50-50 owned by SingHaiyi joint venture and a company controlled by Celine and Gordon Tang, a billionaire couple of Singapore. This couple is currently controlling shareholders of Chip Eng Seng and SingHaiyi.

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Property developer CDL sold private homes worth $2.5 billion during the first nine months of the year 2021, and it is much higher than the amount received during the year 2020. The property group and its famous JV associates sold approximately 414 units approaching the total sales volume of $784.4 million during the third quarter. The operational update reveals that the sales performance of the development ended up at $2.5 billion, with the sale of 1382 units during nine months.

The year-to-date performance shows that a rise of 30% in the units sold with an almost 76% rise in the total sales value in comparison to the states of the previous year. Note that in the year 2020, they were able to sell 1318 units with an estimated price of $1.8 billion.

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Almost 5401 Built to Order HDB flats were launched recently for sale along with 960 Rochor units which is the first most project at a prime location under Public Housing Model. This recent announcement came with the 6% clawback on subsidy for resale prices.

These units are available in nine housing projects that are spread in the six different estates, and it may take almost 4.4 years at an average for the completion of these flats. Other than this, another 1798 flats are available for sale under the second as well as a final scheme for Sale of Balance Flats.

Total 6299 new flats were launched on Wednesday recently. It also includes the highly anticipated and widely recognized PLH projects with River Peaks I and II located in Rochor; note that they are available with strict selling and buying conditions.

Reports reveal that there are 960 three-room as well as four-room flats spread across six different 47-story blocks. One block in the list is expected to include 40-two rooms available for rental. Other than this, the project is mainly associated with two plots of land that are located on Kelantan Road and Welt Road; these properties are in close vicinity of Jalan Besar MRT Station.

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Thomson View Condominium has recently launched a public tender for collective sale at a preset cost of $950 million. This decision was taken after the company secured an 80% mandate from owners within just six months, even after the ongoing Covid-19 related disruptions.

This is possibly the largest collective sale for residential apartments this year, where the asking price comes out to be the land rate per plot ratio of $1293/sq ft. Note that the land rate for the famous Thomson View Condominium includes an additional seven percent gross floor area specifically for private outdoor spaces. It leads to a differential premium of an estimated $296 million targeted for intensification with an upgrading premium of around $324 million that is available with a 99-year lease policy.

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After a huge loss in the economy due to the covid-19 pandemic, the business sector is now recovering with the effective vaccination drive. Several countries have now started easing lockdown measures, and border movements have also started. As people have started settling into new normal, the rental market for private apartments and Housing Board apartments in Singapore are experiencing great attention from buyers.

As per the flash data received from the Singapore real estate market, the rents, as well as leasing volumes for condominium units and HDB flats, increased by a considerable level in the month of October as compared to September. On the other side, the monthly rents for Singapore condos also increased by 1.3 percent in the previous month as it was 0.7% higher than September.

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The majority of Singaporeans support the removal of Housing Board (HDB) priority schemes over flats available in prime locations. At the same time, they expect limiting buyers in the open market to ensure affordability and accessibility to public housing.

As per the report released by the Ministry of National Development, most Singaporeans feel that homeowners must be restricted to renting out the entire HDB flat after completion of a five-year minimum occupation period (MOP).

Almost 7500 Singaporeans were accessed to receive feedback on how to maintain prime location HDB flats, such as Greater Southern Waterfront and City Center, inclusive. The public engagement on gathering suggestions and feedback on the situation ended in the previous month.

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The recent reports from the Singapore housing market reveal that future Housing Board (HDB) flats, build in some prime and central locations, will be now subjected to a minimum occupation period (MOP) of 10 years. At the same time, the government is planning to claw back the additional subsidies on these flats on resale.

Desmond Lee, National Development Minister, in a recent interview announced that MOP and subsidies are the main contributing factor for new central location housing models. If they are managed well, they can keep HDB flats inclusive and affordable as well.

The first most Built-to-Order project listed under this project will be situated in Rochor and it is expected to be launched in the coming month.
The resale conditions of these flats will be much restricted while allowing a purchase to people who earn less than $14,000 per month. Moreover, at least one applicant among a pool of resale buyers must be a citizen of Singapore.

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The Urban Redevelopment Authority (URA) of Singapore are expecting to get a good number of bids from the developers for the tender they have launched on Thursday, October 21^st, for the residential site in Dairy Farm Walk.

The Dairy Firm Walk is located near the junction of Upper Bukit Timah Road and Dairy Farm Road, a 10-minute walk from Hillview MRT station and next to German European School. It is also closed to Beauty World, Hillview Avenue, Bukit Panjang Shopping Mall and Bukit Tomah Shopping Centres. It’s a quiet enclave close to nature with complete condominium facilities. Dairy Farm Estate is a 20-minute drive to the Central Business District. It is having a area of 15,633 sq m, a gross floor area of 32,893 sq m which can accommodate around 385 units.

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Planning to buy a private home in Singapore? Check for the prices as it is on rise since quarter three as much as by 1.1%. Though the pandemic situation brought economic crisis all over the world, but that is not really affecting the real estate business in Singapore. The prices of landed properties, private homes are on rise since the last quarter. According to Urban Redevelopment Authority (URA) there was 0.8 per cent rise in second quarter and now in third quarter it is 1.1 per cent, which is definitely on the higher side. Normally in a year the rise is about 7.5 per cent but in this year the rise has already reached 5.3 per cent.

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