Strong interest in latest BTO projects in Sengkang & Sembawang(http://www.channelnewsasia.com/imagegallery/store/phpIMMmSt.jpg)SINGAPORE: The two latest Build-To-Order (BTO) projects in Sengkang and Sembawang are receiving strong interest. The bigger flats offered under the two projects are more popular than the smaller units. Some 1,260 applications have been received so far for the 5-room units in the Fernvale Ridge BTO in Sengkang, 10 times the number of such units on offer. They are being sold at between S$281,000 and S$352,000. The 4-room units offered under the Sembawang RiverLodge BTO project is also seeing strong demand. The number of applicants exceeded the number of units offered by more than five times. The units are being offered at between S$212,000 and S$268,000. The two projects received 4,732 applications in total for the 828 units offered. Ninety-five per cent of these flats will be set aside for first-time owners. Applications close at midnight. Next month, HDB will launch another 1,200 BTO flats in Punggol. - CNA/yb
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Published April 9, 2010High-end home auctions hit $13m in Q1This exceeds any quarter of 2009, says Colliers Int'lBy KALPANA RASHIWALA(SINGAPORE) More high-end homes surfaced at auctions in the first quarter of this year, mostly involving owner sales, the latest figures from Colliers International show.About $13.4 million of such properties changed hands at auctions in Q1, higher than any quarter of last year.The total value of all properties sold at auctions in the first three months of this year, meanwhile, surged to $45.3 million. This is an increase of about 16 per cent from the preceding quarter and 2.5 times the $17.94 million in Q1 last year.Upmarket homes have been drawing bids not just from Singaporeans but also foreigners such as Malaysians and Indonesians, says Grace Ng, deputy managing director (agency and business services) and auctioneer at Colliers.She defines high-end residential properties as prestigious and good-quality developments in prime locations. Ms Ng also said high-end homes located near the integrated resorts and apartments in the central business district (CBD) and around Tanjong Pagar were well sought after in Q1.'The strong market response seen for new projects such as 76 Shenton has spilled over to other residential developments in the vicinity such as Icon, One Shenton, as well as apartments in older developments like International Plaza,' Ms Ng reckons.Residential properties made up 51 per cent of auction sales in the first three months of the year.Jones Lang LaSalle head of auctions Mok Sze Sze has also observed an increase in demand for both commercial and industrial properties at her firm's auctions in Q1. She attributes this to office rents starting to stabilise and people looking to take advantage of higher rental returns attributed to commercial property.Owner sales continued to dominate auctions. Colliers figures show that nearly 83 per cent of the total 160 properties put on the auction block in Q1 2010 were offered by their owners. The number of mortgagee properties put up for auction remained low in view of continued economic recovery and improvement in the job market.Ms Ng says that compared with the same period last year, auctions in Q1 this year were marked by more positive market sentiment and a stronger appetite for property investment, with healthy participation on the auction floor and interest even from foreign bidders for high-end properties.'In Q1 2009, when the property market was still reeling from the effects of the financial crisis, auction rooms were packed but buyers were looking for bargains. So bidding levels and activity were low and there was a big price gap between sellers and buyers,' she recalls.The total value of properties sold at auction rose from about $15.8 million in January and $9.1 million in February this year to nearly $20.4 million in March.'There is general interest from Singaporeans to park their money in properties due to high liquidity and paltry returns on bank deposits,' says Ms Ng.Owner sales will continue to dominate auctions, say auctioneers.However, owners are jacking up prices following the price increases achieved by developers. 'In some cases, owners are asking around 20 per cent above valuation,' according to Ms Ng.Shaun Poh, DTZ senior director of auction & investment advisory services, says the buyer-seller price gap for auction properties has widened from about 5-10 per cent in Q3 last year to 10-15 per cent currently. 'This is the single biggest challenge for the auction market.'Enquiries for residential properties put up for auction have quietened down significantly in the past few weeks as buyers have been drawn to property launches.'Financing packages are also more attractive for new properties at launches than for completed ones, so it's easier on the wallet to buy a home from a developer than through an auction,' Mr Poh notes.
http://www.nytimes.com/2010/04/09/greathomesanddestinations/09iht-repore.htmlWary of a Bubble at Home, Chinese Diversify by Buying in SingaporeBy SONIA KOLESNIKOV-JESSOPPublished: April 8, 2010SINGAPORE — For some time now, China’s property market has looked like a bubble about to pop. As a result, many Chinese have been putting their wealth into real estate markets further afield, notably in Singapore.The Chinese ranked No. 3 among foreign buyers here in 2009, making 15 percent of all foreign purchases, according to Chua Chor Hoon, head of Southeast Asia research at the property consultancy DTZ Debenham Tie Leung.That share of foreign purchases, which totaled only 8 percent as recently as 2005, put the Chinese just behind Indonesian buyers, who held the No. 2 spot. Malaysians led the rankings.And China’s rising impact on the market looks set to continue this year.Tay Huey Ying, director of research at the local Colliers International agency, estimates that Chinese buyers accounted for almost 16 percent of the foreign sales in the first two months of this year.Ong Choon Fah, DTZ executive director, says Singapore is attracting the Chinese because its prices have not recovered “to the extent seen in gateway Chinese cities and Hong Kong.” According to DTZ, Singapore luxury condominium prices averaged 1,456 Singapore dollars, or $1,140, per square foot for prime units in the first quarter of this year, while luxury unit prices in Hong Kong in January averaged 11,863 Hong Kong dollars, or $1,527, per square foot.While the Lion City’s market began to recover from the global downturn during the third quarter, 2009 prices were up only 1.9 percent year on year, according to the Urban Redevelopment Authority. The property consultancy Savills said the high-end residential sector outperformed expectations last year, with prices rising 3.9 percent year on year.But data show the majority of Chinese buyers actually are buying from Singapore’s mass market sector rather than the luxury end.“Compared to other foreign buyers, Chinese buyers generally have a lower preferred price band of 500,000 Singapore dollars to 1 million dollars, and in terms of unit price, they are also more conservative,” said Chua Yang Liang, head of research for South East Asia at the Jones Lang LaSalle real estate agency.As an example, he said some of the projects that might interest this group included The Vision at West Coast, a new 255-unit development, and the 765-unit Waterfront Gold.According to detailed data by Savills, more than half the homes bought by Chinese in 2009 ranged from 500,000 dollars to 1 million dollars, while about 20 percent were 1 million to 1.5 million, and less than 20 percent were 1.5 million to 5 million.Brokers say the Chinese are buying properties to live in while they seek employment. “Singapore is an easy place to settle in, in terms of culture and distance from China,” said Mrs. Ong of DTZ. “Many are also buying for their children who are, or will be, studying here before they head west for further studies.”And while mainland Chinese buyers remain rare at the top end of the market, meaning properties valued at more than 5 million dollars, some have bought prime properties like the bungalows in Sentosa Cove, the only location where foreigners who are not permanent residents are allowed to buy property with land.
THE sizzling property market is prompting even the developers themselves to snap up units in their new projects, especially high-end properties.Singapore Exchange filings show that at least four listed developers have sold units in their residential developments to relatives or 'interested parties'.An interested party can be a director, a chief executive, a controlling shareholder or one of their associates.Madam Cecilia Kok, wife of City Developments (CDL) executive chairman Kwek Leng Beng, has bought a third-floor unit in the 228-unit Residences at W Singapore Sentosa Cove for $4.6 million after a 22 per cent discount.At the time the option to purchase was granted, members of the public were being offered a 20 per cent discount.An additional 2 per cent discount was offered to the company's directors, including their spouses and children, under its preferential discount scheme for buying units in its developments, said CDL in its statutory filing.
Private home prices up 5.6% Apr 23, 2010 By Joyce Teo (http://www.straitstimes.com/STI/STIMEDIA/image/20100415/front-itprivate.st.jpg)The data shows that investors remain bullish on residential property despite recent government measures to cool the market. -- ST PHOTO: ALPHONSUS CHERNPRICES of private homes rose by 5.6 per cent in the first quarter of the year, compared with a 7.4 per cent climb in the fourth quarter of last year. Data from the Urban Redevelopment Authority (URA), released on Friday, also showed that landed home prices have continued to rise at 8.3 per cent, the same rate as the previous quarter. Meanwhile, prices of non-landed private homes increased by 4.9 per cent in the same period, compared with a 7.2 per cent in the previous quarter. Rents of private homes rose by 4.7 per cent in the first quarter, said the URA.The data shows that investors remain bullish on residential property despite recent government measures to cool the market. During the quarter, prices of office, shop and industiral properties also rose by 1.8 per cent, 1.8 per cent and 1.5 per cent respectively.URA said there were 63,581 private residential units in the pipeline in the first three months. Of these, 34,233 units were still unsold. This number is equivalent to about three years of supply based on the average take-up rate of about 11,300 units over the last three years.The URA data showed that prices of private apartments rose by 3.6 per cent while that for condominiums went up by 5.7 per cent. Prices of non-landed properties in Core Central Region climbed by 4.4 per cent in Q1, while those in Rest of Central Region and Outside Central Region surged by by 7.9 per cent and 4.3 per cent respectively.
Proposed changes to en bloc rules tabled at ParliamentBy Wong Siew Ying | Posted: 26 April 2010 1508 hrs SINGAPORE: The government has proposed several changes to provide more clarity to the en bloc sales process. An amendment bill to the Land Titles (Strata) Act was tabled in Parliament on Monday. It seeks to address the role of the Strata Titles Board, balance the interest of property owners and streamline the collective sale process. The changes are expected to take effect in June. A key revision that's been tabled will make it more difficult to restart an en bloc sale process after a failed attempt. A two-year restriction period will be imposed starting from the date when the collective sale fell through. Owners who want to restart the sale process during the restriction period will have to abide by stricter rules. The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners. For second or subsequent re-tries during the two-year period, 80 per cent will be needed. Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners. The objective is to discourage numerous attempts at en bloc sales when there is insufficient interest from the owners. It could also prevent the draw down of management committee funds where EOGMs are convened incessantly. Another proposed amendment - the Strata Titles Board will be empowered to issue a "stop order" to cease mediation, once it becomes clear that the affected owners want adjudication to be done in Court. Currently, the Strata Titles Board both mediates and adjudicates on objections filed by minority owners in en bloc sales. The change could help to reduce the costs and time taken to resolve more contentious en bloc applications. To prevent undue delays, the maximum time period spent on mediation will be set at 60 days. Presently, no time limit has been set. Some of the changes will apply to the en bloc sale committees. Among them, requiring those standing for election to the sale committee to declare the extent of ownership that they or their immediate family have in the development. The additional disclosure also includes the date of purchase of the relevant strata units. To ensure that the sales process is not dragged out, the sale committee will have one year to obtain the first signature for the Collective Sale Agreement or it will be automatically dissolved. The one-year time frame will start from the date the sale committee is formed. Another proposed change is to allow a non-consenting sale committee member to be voted out by other committee members by a simple majority, when an application for sale has been made to the Strata Titles Board. The Land Titles (Strata) Act was last amended in 2007. - CNA/vm
Sitting on a pot of ‘collective’ goldPosted by luxuryasiahome on May 2, 2010While the market mulls over the impact that rule changes will have on collective sales, the spotlight has fallen on developers sitting on prime sites acquired during the previous en bloc boom in 2006-2007.Click here to find out more!If the proposed changes make it tougher for prime freehold residential sites to make their way to the market, that will be good news to developers who are already holding such sites acquired earlier.A compilation by property consultant CB Richard Ellis shows that developers currently have 26 sites in prime districts 9, 10 and 11 snapped up in collective sales in 2006 and 2007 where new projects are still to be launched.These sites are planned for redevelopment into nearly 4,300 new homes. Outside the prime districts, developers could build a further 4,700 homes on 16 sites purchased through collective sales in 2006-2007CapitaLand, City Developments Ltd (CDL), Wing Tai, GuocoLand and Overseas Union Enterprise are among the developers who bought prime district en bloc sale plots earlier. For instance, CapitaLand, together with its partners, acquired the Farrer Court plot and is planning a 1,715-unit redevelopment project. Hong Leong Group (including CDL) has exposure to six sites slated for development into over 600 units in locations like Leonie Hill, Anderson and Thomson roads.These sites and projects will become more precious to developers and they will want to time their launch more judiciously if it gets tougher to replenish landbank in this segment through en bloc sales, say industry observers.CB Richard Ellis executive director Jeremy Lake says: ‘The proposed amendments are unlikely to facilitate the en bloc process significantly and as such, the number of collective sales coming to the market is likely to remain relatively limited.‘From a developer’s point of view, it will be more difficult to replace landbank in prime areas so those who have such sites may think more carefully about the timing of launch of new projects on these sites as it will not be easy to find replacement land.’Giving a more pessimistic take, a developer said: ‘I don’t think anyone would be too far wrong to say that en bloc sales are just about the only source of supply for prime district freehold sites. The proposed amendments to the Land Titles (Strata) Act will put the ‘last nail in the coffin’ for en bloc sales in the near future, and the market will be completely dried up for freehold District 9, 10, 11 land supply.’This will create upward pressure on land prices, he added.Putting things in perspective, DTZ senior director (investment sales) Shaun Poh says: ‘En bloc sales in many developments have already been activated and these are unlikely to be affected by the proposed amendments. The supply from this source should be enough for the market for the time being.‘However, the future pipeline of en bloc sales will be affected.’On Monday, the Ministry of Law released proposed amendments that will among other things make it harder to restart a collective sale within two years of a failed attempt. Any attempts to convene EGMs to appoint a sales committee during this period will require higher requisition levels from owners – 50 per cent by share value or total number of owners for the first re-try and 80 per cent for any subsequent attempts.‘Already it’s not easy to secure requisitions for EGMs based on existing thresholds of 20 per cent by share value or 25 per cent of number of owners,’ says DTZ’s Mr Poh.‘Now that they’re proposing to raise the threshold for restarting previously failed en bloc attempts, it’s going to be more difficult for those who want to have another shot when, say, the market suddenly turns hot.’On a more positive note, Credo Real Estate managing director Karamjit Singh notes that the instances of failed attempts that will be affected by the two-year restriction do not cover cases where owners’ 80 or 90 per cent majority consent was secured but the Collective Sales Agreement (CSA) expired because a buyer could not be found in time.‘The projects that may be affected are likely to be those that had attempted an en bloc sale when they should not have, either owing to the project not being fundamentally ‘enblocable’ or the market was not on their side to an extent that the majority owners rejected the proposal,’ he said.Give Mum A Taste of Luxury and WIN Prizes Worth Over $16,000!MinLaw hopes its proposal will discourage repeated attempts at en bloc sales where there isn’t enough support from owners.Industry players lauded MinLaw’s proposal to streamline the number of EGMs, which should speed up the process. ‘We expect to see further en-bloc activity this year,’ said Chris Fossick, managing director Singapore and South East Asia for Jones Lang LaSalle.Others, however, complain that the the ministry is not doing anything to mitigate bottlenecks caused by the need to have lawyers witness signing of the CSA.This has also jacked up legal costs. Some have suggested doing away with this requirement since those who sign are given a five-day cooling-off period.Source : AsiaOne – 1 May 2010
Jun 15, 2010Private home sales fallBy Joyce TeoThe top seller in May was the 1,145-unit The Minton in Hougang St 11.DEVELOPERS sold 1,078 units of new, private homes in May, down considerably from 2,208 units in April and 1,761 units in March.They launched 1,134 units last month, down from 2,085 units in April, according to data released by the Urban Redevelopment Authority on Tuesday.The top seller in May was the 1,145-unit The Minton in Hougang St 11. The new launch sold 204 units at a median price of $849 per sq ft.Another project, The Cascadia in Bukit Timah Road, sold 72 units at a median price of $1,464 psf.Home sales are now at a more sustainable level, experts say.
(http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/CORPORATE_PR_22062010_Tampines%20PH2_Location%20Plan/$file/Tampines+PH2_Location+Plan.jpg)who ish considering to hoot 1 unit when ish up for sale?more on here http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/A634B54992410B304825774A00125F8F?OpenDocument
Flash estimates from the National University of Singapore released in late May showed that its price index for non-landed private homes rose 2.5 per cent in April over the previous month. -- ST PHOTO: NG SOR LUANPrices of luxury property are set to rise 5 to 8 per cent in the coming months, given Singapore's solid economic fundamentals, strong cash holdings by Singaporeans and low interest rates, said a strategist at Swiss bank UBS on Wednesday.Mr Kelvin Tay, chief investment strategist at UBS Wealth Management Singapore, said that while prices of mid-range and lower-end real estate could hold at current levels for at least the next 12 months, prices of high-end homes could yet see more upsides.'Luxury properties such as those at Sentosa, Nassim Road and Ardmore Park, where condominiums go for above $3,000 per sq ft (psf), could see further upsides. From now till the end of the year, a 5 to 8 per cent price appreciation is not difficult,' he said.Mr Tay added: 'The lower luxury segment, at districts 9, 10 and 11, might see some positive flows because of the luxury end moving up but I think that will be muted.'The luxury-end is 'not a sector that the Government is keen to control', said Mr Tay, adding that the rest of the market is likely to be flat.Flash estimates from the National University of Singapore released in late May showed that its price index for non-landed private homes rose 2.5 per cent in April over the previous month, reflecting an increase of about 6 per cent since the end of last year.
Despite the gristly events that occurred at this Sentosa Cove bungalow, some 20 people attended its open house last weekend.The Straits Times reported that the house where 24-year-old Chinese national Li Hong Yan was found dead floating in its pool is being put up for sale or rental.A small A4-sized advertisement was placed on one of the front windows of the house by an agent from HSR.What is your ambition? Aspiring towards a career in Comms & Media? The asking rental price is $28,000 per month, while the owner is willing to let the 8,000 sq ft property go for below its valuation of $17 million at $15.8 million.Owner Mr Adrian Chua Boon Chye, 39, chief executive and founder of Roundhill Capital is currently based in Tokyo.Ms Li Hong Yan's death after spending the night at the bungalow remains unexplained.
Jul 15, 201032,000 sublet HDB roomsBy Carmen WooThe new rule applies to all new and existing cases of rooms sublets:*For new cases of subletting from 1 Feb 2010, owners are required to register with HDB within 7 days from the start date of the subletting; and*For subletting tenancies that commenced before Feb 1 2010, owners are given a six-month grace period to register their subletting of rooms with HDB. The grace period will expire on July 31 .The HDB on Thursday reminded flat owners with ongoing subletting tenancies before Feb 1 but have not registered to do so before July 31. -- ST PHOTO: FRANCIS ONGABOUT 32,000 flat owners have registered with the Housing Board that they were subletting rooms in their units.The HDB on Thursday reminded flat owners with ongoing subletting tenancies before Feb 1 but have not registered to do so before July 31.Flat owners who sublet rooms in their flats will have to register with HDB within seven days of doing so. They are also required to notify HDB when they renew or terminate their subletting contracts, and when there are changes to their subtenants' particulars.This requirement supports Ministry of Home Affairs (MHA)'s ongoing efforts to eradicate loansharking activities, and to better protect HDB residents.Currently, some people use their old addresses to borrow from loansharks while they rent a room in another HDB flat. As they have moved without updating their addresses, innocent new flat occupants ended up being harassed by the loansharks while the borrowers are untraceable.The new rule will allow HDB to capture particulars of those who rent rooms in the HDB flats. With information on the addresses of owners and subtenants, MHA will be able to trace the movement of borrowers.Flat owners are advised to register early to avoid a last minute rush. Registration can be done online at www.hdb.gov.sg or at the HDB Branch Offices, where HDB staff will be on hand to guide residents on the process.HDB may impose a penalty on those who flout the rule. The penalty is a fine of up to $3,000 or for recalcitrant cases, compulsory acquisition of their flats.For further information or enquiries, the public can call HDB's toll-free Subletting of Flat & Rooms Enquiry Line at 1800-5556370.
HDB resale market hits a new highFri, Jul 23, 2010AsiaOnePrices of HDB resale flats have hit a new high in the second quarter of this year.According to the latest statistics released by the Housing Development Board (HDB), the resale price index in the second quarter this year rose 4.1 per cent over the previous quarter, compared to the increase of 2.8% in the first quarter of this year.The median Cash-Over-Valuation (COV) amount amongst all resale transactions also increased to $30,000, with the proportion of resale cases transacting above valuation increasing to 96%.Units in the Bishan area garnered the highest median COV amount as compared to other towns, with flats going for $40,000 above valuation on average in Q2.However, Singaporeans seem undeterred by the jump in prices, as resale transactions rose by about 7% this quarter, from 8,484 cases.Increase in supply of flats to meet demandHDB says it is ramping up its new flat supply this year to meet the demand from first-timer households. More Design, Build and Sell Scheme (DBSS) flats and Executive Condominiums (EC) units will also be launched.It will hopefully provide more choices for first-timer households, and divert some demand from the HDB resale market, said the HDB.The Built-to-Order (BTO) projects in the second half of the year will located in towns such as Woodlands, Yishun, Punggol and Sengkang, for a "good geographical spread".For this month, flat buyers can look forward to about 1,000 BTO flats in Jurong West and Bukit Panjang.To provide more choices for higher-income earners, 4,700 upcoming units are to be launched under the Design, Build and Sell Scheme (DBSS) and Executive Condominium (EC) Housing Scheme:
They are: * The Yishun DBSS site awarded in May 2010 has an estimated yield of 700 units; * Another DBSS site at Tampines PH2, launched on 23 Jun 2010 for sale by public tender, has an estimated yield of 580 units; * Two new DBSS sites in Bedok Reservoir and Upper Serangoon, to be launched later this year, will yield another 1,000 flats; * Four EC sites in Sengkang, Yishun and Punggol yielding an estimate of 1,985 units had been awarded in 1H2010; and * One EC site in Jurong with an estimated yield of 460 units was launched on 2 Jul 2010 with tender closing on 12 Aug 2010.There are also four sites in the pipeline for EC supply located in Punggol, Pasir Ris, Bukit Panjang and Tampines, expected to yield another 1,900 units.HDB says it is prepared to launch more sites for DBSS development if there is sustained demand.HDB rental marketSubletting transactions increased by about 15% from 6,606 cases in the first quarter of 2010 to 7,595 cases in the second quarter of this year. The median rental price for a five-room flat is about $2,000, with median rent on executive units at $2,100. The median rental price for a 2-room, 3-room and 4-room unit is $1,200, $1,500 and $1,800 respectively.The total number of HDB flats approved for subletting rose to about 30,500 units in Q2, compared to about 27,300 units in Q1 2010.
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Topic: [Focus] Singapore housing market (Read 37117 times)
