singapore property weekly issue 197

8/9/2019 Singapore Property Weekly Issue 197

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Issue 197Copyright © 2011-2014 www.Propwise.sg. All Rights Reserved.

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CONTENTS

p2 So You Want to Get Rich Fast in Property?

p6 Singapore Property News This Week

p11 Resale Property Transactions

(February 9 – February 17 )

Welcome to the 197th edition of the

Singapore Property Weekly .

Hope you like it!

Mr. Propwise

FROM THE

EDITOR

mailto:[email protected]://www.propwise.sg/advertise/http://www.propwise.sg/advertise/mailto:[email protected]


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SINGAPORE PROPERTY WEEKLY Issue 197

Page | 2Back to Contents

By Gerald Tay (guest contributor)

People want to get things fast – the faster, the

better. There is no time to wait. Give it to me

yesterday, please.

There are a lot of programs that promise fast

or even instant results. They cater to the

subconscious mind of the individual which

has been programmed to want everything as

quickly as possible.

Ironically, this is why we never accomplish

anything. We want things now so bad that wedon’t stick with the plan long enough to make

a difference. Even when you’re on the right

track you have to wait for the train to arrive to

take you to where you’re headed.

So You Want to Get Rich Fast in Property?


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The more valuable something is, the

higher the effort required to achieve it

Since building wealth is of high value, it takes

time – those how-to-get-rich quickly inproperty (or any asset) programs don’t work

and never will. It’s all cheap garbage

orientated towards the masses.

Why are people paying so much money so

that someone can tell them how to get rich?

The pros are just feeding the fans withunrealistic expectations and want the

amateurs to believe that they are actually

revealing the real secret to wealth. Well, my

friends, the info is garbage and gets you

nowhere.

How to get rich fast

I will tell you how to get rich fast. Get ready.

The secret to get rich fast is to not try to get

rich fast. Not trying to get rich fast is

surprisingly the best and the fastest way to

get rich. Not to get rich fast means if it takes

decades to build real wealth then so be it.

By refusing to fall for the cheap tricks youwon’t be wasting your time doing nonsense

that gets you nowhere, and those quick

solutions are just that: nonsense. If something

looks too easy and too good to be true, it

doesn’t work and will only distract you from

your real path as a wealth constructor. Whenyou are aware of this fact, you will progress

as fast as possible. In this case the real

shortcut is to not take shortcuts at all.

People with money but without character

are little better than animals

Achieving a goal is great, but what’s more

important is how you get there. I would gladly

make less money doing something that helps

me improve as a human being,


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than make tons of cash slaving away. Goals

are merely something to aim at. The journey

is what builds character. This is where the

real reward is. This may be a stupid cliché,

but it’s true.

Don’t be afraid of being a beginner. Don’t be

afraid of going on a new journey. It’s hard, but

harder things tend to produce more valuable

results.

When you first get onto the wealth buildingpath, there will be a lot of people that will look

at you and think: “What an amateur. You’ll

fail!” Don’t worry. It’s part of the game. What

matters is that you’re doing something you

love. Who cares whether you live in a HDB

flat or an Orchard Road penthouse?

Do something that takes you one step closer

to your goal, and brings moments of joy into

your life.

Sometimes sacrificing your Queen is what

has to be done to win a game

I can tell you with certainty that if you have no

love for what you’re doing, you won’t be anyhappier when you achieve higher levels of

mastery. That’s why so many people who

have reached the top in a certain field often

quit. It looks weird on the outside, but it

makes perfect sense inside.

The older you get, the faster life goes by. Toyounger people six months appears to be a

lot of time, but what are you rushing for? It

makes no difference whether you achieve

your goal today or 15 years later. There’s

always something to be done. It never ends.

The loop keeps on repeating. We might just

as well enjoy the process before meeting our

Maker.


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Soon the day will come when money won’t

matter

The real measure of your wealth is how much

you’d be worth if you lost all your money. If

you strip away all of your assets (your house,

your car, your clothes) what are you left with?

If all you have left is enemies, then you

weren’t really wealthy in the first place. If

you’re still surrounded by family and friends,

then you have true wealth.Remember: You can’t take your wealth

with you when you’re dead.

Forget about fast results and focus on effort

and the gains will come quickly. People are

often surprised how far you can go when you

don’t fall for gimmicks. True rewards can

never be achieved by cheating. This universe

has laws.

In the end, it’s better to stick to the classics.

There are new millionaires today but after 20

years nobody will remember them – for most

will be broke. They will fade away.

Remember: if you want to get rich fast

through property, don’t try. The promise of

fast and easy money is for suckers.

By guest contributor Gerald Tay, who is the

founder and coach at CREI Academy Group

Pte Ltd , an organization dedicated to

empowering retail property investors with

smarter investing philosophy and strategies.

He is a full-time investor with over 13 years of

solid experience in building his wealth

through Property Investment and is financially

wealthy today.

http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/


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Singapore Property This Week


Residential

Si m s Ur ban Oas is s ell in g f or $1,295-

$1,595 ps f

More than 100 units at Sims Urban Oasis

condominium have been sold since the start

of its sales. Out of the 1,024 units available,

about 200 units were launched for sale.

These units range from one to five bedroom

units. The units are priced between $1,295

and $1,595 psf. Located at Aljunied, the

condominium project has a 99 year lease.

According to Cheng Hsing Yao from

GuocoLand Singapore, about 90 percent of

the buyers are Singaporeans and half of the

buyers are owner-occupiers. Cheng believes

that the convenient location of the

condominium project will increase its appeal.

The condominium is within walking distance

to Aljunied MRT station and is a stone’s throw

away from the Paya Lebar Commerical Hub.

Not only so, the condominium project will

consist of a 300 square metre childcare

centre, which willappeal to younger buyers,

said market experts. Despite its realistic

pricing, Ong Kah Seng from R’ST Research

believes that sales of Sims Urban Oasis may

slow down. Ong added that the developer

may have to provide a five percent discount

to further entice buyers.

(Source: Business Times)

SINGAPORE PROPERTY WEEKLY I 197


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R e d a s : p r o p e r t y p r i c e s m a y f a l l f u r t h e r i

c o o l i n g m e a s u r e s a r e n o t l i f t e d

Augustine Tan from the Real Estate

Developers’ Association of Singapore (Redas)

said that there is a need to monitor the effects

of the government’s cooling measures. This is

to ensure that property prices will not fall

further than intended. Tan added that there

may be an oversupply of residential

properties as more private homes werecompleted in the last few years. According to

Tan, a total of 75,000 new private residential

units will be completed from 2015 to 2019.

This supply in residential property may create

a downward pressure on property prices and

home rentals. Nonetheless, other developersbelieve that only certain markets would be

negatively affected by the cooling measures.

One such market would be the luxury homes

market. This may be due to the

implementation of tighter loan restrictions that

may affect buyers’ ability to finance more

expensive homes. Nonetheless, developers

believe that this fall in property prices may be

less substantial in the overall market.


Q C r u l es s t i ll a p p ly t o r es i d en t i al p r o j ec t s

t hat are convert ed t o serviced apart ment s

According to the Singapore Land Authority,

land that has been purchased under a

qualifying certificate (QC) is bounded by the

QC conditions even when a developer has

sought approval to convert the development

into serviced apartments. This means that to

avoid paying extension charges, developers

will have to sell the entire project within two

years of its completion. According to the

Business Times, developers may be inclined

to convert private residential projects to

SINGAPORE PROPERTY WEEKLY I 197


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service apartments as demand in the

residential market shrinks. However, a

spokesperson from the Singapore Land

Authority says that the developer will still

have to sell the entire development evenwhen a development is converted into

serviced apartments, because service

apartments need to be under a single

ownership. Thus, QC conditions will still apply

to residential developments that are

converted to serviced apartments.


Commercial

GSH Plaza to be sold for between $2,900

psf and $3,600 psf

GSH Plaza, which was previously known as

Equity Plaza, will be sold for between $2,900

psf and $3,600 psf. Located next to Republic

Plaza, GSH Plaza is 28 storeys high and

consists of strata office units that range from

440 square feet to 1,600 square feet. Due to

the small size of the units, market experts

believe that most of the strata office unitswould cost around $3 million per unit.

According to the Business Times, 259 strata

office units will be on sale. All of these units

are located on Levels 3 to 28. The building

has a balance lease of 73 years, and will be

vacated next month as it undergoes

renovation works. Renovation is expected to

last up to two years.

(Source: The Straits Times)

C us h m an : s to c k o f s ec o n dar y s p ac e i n

2015 and 2016 wil l total 1.13m sq ft

Market experts predict that the stock of

secondary space will increase due to an

increase in newly completed office projects.



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Experts believe tenants with expiring leases

may relocate to these new offices, thus

increasing the stock of secondary space.

Estimates by Cushman & Wakefield show

that the stock of secondary space in 2015and 2016 will total to about 1.13 million

square feet. Christine Li from Cushman &

Wakefield said that this amount will be the

highest that is recorded in Singapore.

Typically, there will be a stock of about

300,000 to 500,000 square feet of secondary

space every year. About 680,000 square feet

of secondary space will be available this year

while another 450,000 square feet of

secondary office space will be available in

2016. Despite the increase in secondary

space, Li believes that this increase in supply

will be matched by the increase in demand. In

fact, demand for office space has been rising

since 2012, said Li. Desmond Sim from

CBRE added that the absorption rate of

secondary office space has been healthy. He

believes that an increase in supply of office

spaces will not result in higher vacancy rates.


D C r at e s f al l b y 3 % f o r n o n - la n d e d u s e b u t

i n c r e as e s b y 2 % f o r c o m m e r c i a l u s e

According to the Business Times,

development charge (DC) rates have been

cut by 3 percent on average for non-landed

residential use. This is the second

consecutive drop in its yearly revision

according to analysis by JLL. A fall between 2

percent and 13 percent was observed in 73

out of the 118 sectors that were surveyed by

the Ministry of National Development and the

Chief Valuer. However, for commercial use,

DC rates have increased by an average of 2

percent.



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Sectors that saw the largest rise in DC rates

include Maxwell Road, Telok Ayer Street, Hoe

Chiang Road and Keppel Road. These

sectors experienced an increase of 9 percent

in their DC rates. Market experts believe thatthe increase in DC rates is due to increase in

prices for office spaces and shophouses in

the CBD. On the other hand, DC rates have

not changed for landed residential use and

industrial use. The DC rates for hotel sites

and hospitals have also remained constant.The new rates will be implemented for sites

that are enhanced between March 1 and

August 31.



http://www.moneymatters.sg/


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Non-Landed Residential Resale Property Transactions for the Week of Feb 9 – Feb 17

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 CAIRNHILL PLAZA 2,293 3,980,000 1,736 FH9 ASPEN HEIGHTS 1,324 1,952,900 1,475 999

9 PARC CENTENNIAL 1,550 2,250,000 1,452 FH

9 LEONIE GARDENS 3,261 4,400,000 1,349 99

10 BEAUFORT ON NASSIM 1,367 4,250,000 3,109 FH

10 FOUR SEASONS PARK 3,821 9,500,000 2,486 FH

10 ST REGIS RESIDENCES SINGAPORE 2,153 4,900,000 2,276 999

10 BEVERLY HILL 3,778 6,960,000 1,842 FH

10 TANGLIN PARK 1,033 1,800,000 1,742 FH

10 THE MARBELLA 1,582 2,318,000 1,465 FH10 LEIGHWOODS 2,217 2,600,000 1,173 FH

10 ONE TREE HILL MANSIONS 1,615 1,630,000 1,010 99

11 SKY@ELEVEN 2,820 5,275,000 1,870 FH

11 NEWTON ONE 2,411 4,500,000 1,866 FH

11 CUBE 8 893 1,400,000 1,567 FH

11 TREVOSE PARK 1,249 1,790,000 1,434 FH

11 NOVENA COURT 850 1,050,000 1,235 FH

13 EURO-ASIA PARK 1,528 1,450,000 949 FH

14 DAKOTA RESIDENCES 1,830 2,550,000 1,394 9914 MERA EAST 753 878,000 1,165 FH

14 N.A. 1,076 1,000,000 929 FH

15 MEIER SUITES 2,228 3,250,000 1,459 FH

15 THE ESTA 1,378 2,000,000 1,452 FH

15 D'ECOSIA 506 718,000 1,419 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 MARINA BAY RESIDENCES 2,368 8,169,600 3,450 991 MARINA BAY RESIDENCES 2,368 7,459,200 3,150 99

1 FOOK HAI BUILDING 1,744 1,450,000 832 99

2 THE BEACON 969 1,420,000 1,466 99

3 THE ANCHORAGE 1,830 1,800,000 984 FH

4 REFLECTIONS AT KEPPEL BAY 840 1,590,000 1,894 99

4 CARIBBEAN AT KEPPEL BAY 1,227 1,880,000 1,532 99

4 HARBOUR VIEW TOWERS 797 1,130,000 1,419 99

4 THE INTERLACE 2,056 2,777,100 1,351 99

4 THE INTERLACE 1,076 1,300,000 1,208 994 THE INTERLACE 1,044 1,200,000 1,149 99

5 MONTEREY PARK CONDOMINIUM 1,625 1,750,000 1,077 999

5 DOVER PARKVIEW 1,249 1,300,000 1,041 99

5 PASIR PANJANG COURT 1,259 1,232,000 978 FH

5 FABER CREST 1,238 1,050,000 848 99

5 FABER CREST 1,744 1,458,000 836 99

7 TEXTILE CENTRE 883 639,900 725 99

8 KERRISDALE 1,281 1,350,000 1,054 99

8 KERRISDALE 1,259 1,270,000 1,008 999 URBAN RESORT CONDOMINIUM 2,120 5,000,000 2,358 FH

9 PARC EMILY 549 1,040,000 1,894 FH

9 THE BOTANIC ON LLOYD 1,593 3,000,000 1,883 FH

9 CAIRNHILL CREST 1,970 3,650,000 1,853 FH

9 LUCKY PLAZA 872 1,600,000 1,835 FH



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NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore Land Authority.

Typically, caveats are lodged at least 2-3 weeks after a purchasersigns an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 COTE D'AZUR 1,109 1,438,000 1,297 99

15 THE AMBROSIA 1,528 1,950,000 1,276 FH

15 PEBBLE BAY 1,302 1,650,000 1,267 99

15 EASTERN LAGOON 721 900,000 1,248 FH15 COSTA RHU 1,012 1,258,000 1,243 99

15 COTE D'AZUR 1,109 1,360,000 1,227 99

15 TESSA LODGE 1,184 1,330,000 1,123 FH

15 LE MERRITT 947 1,038,000 1,096 FH

15 MANDARIN GARDEN CONDOMINIUM 1,001 975,000 974 99

15 MANDARIN GARDEN CONDOMINIUM 1,572 1,315,000 837 99

16 COSTA DEL SOL 1,313 1,660,000 1,264 99

16 WATERFRONT KEY 829 990,000 1,194 99

16 COSTA DEL SOL 1,475 1,600,000 1,085 9916 PARBURY HILL CONDOMINIUM 1,453 1,500,000 1,032 FH

16 EASTWOOD GREEN 1,012 855,000 845 9 9

17 COASTAL BREEZE RESIDENCES 1,152 1,050,000 912 99

17 EDELWEISS PARK CONDOMINIUM 3,197 2,350,000 735 FH

19 THE SCALA 829 1,230,000 1,484 99

19 THE SPRINGBLOOM 1,302 1,325,000 1,017 99

19 THE SPRINGBLOOM 1,302 1,310,000 1,006 99

19 CHUAN PARK 1,173 1,090,000 929 99

19 CHILTERN PARK 1,550 1,200,000 774 9919 CHUAN PARK 1,528 1,088,800 712 99

20 CENTRO RESIDENCES 818 1,200,000 1,467 99

20 THE GARDENS AT BISHAN 1,152 1,200,000 1,042 99

20 FAR HORIZON GARDENS 2,002 1,300,000 649 99

21 MAPLEWOODS 1,335 1,869,000 1,400 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

21 CAVENDISH PARK 926 1,065,000 1,150 99

21 SIGNATURE PARK 1,033 1,130,000 1,094 FH

21 CLEMENTI PARK 1,873 2,040,000 1,089 FH

21 SUMMERHILL 1,001 1,000,000 999 FH21 ENG KONG GREEN 1,044 1,040,000 996 FH

21 PARC PALAIS 1,485 1,468,000 988 FH

21 PARC PALAIS 969 875,000 903 FH

22 CASPIAN 1,389 1,300,000 936 99

22 PARC VISTA 1,055 982,888 932 99

23 HILLINGTON GREEN 1,755 1,738,000 991 999

23 THE PETALS 1,356 1,220,000 900 FH

23 MERA WOODS 1,055 940,000 891 999

23 THE MADEIRA 1,356 1,150,000 848 9923 HILLVIEW REGENCY 969 800,000 826 99

23 REGENT GROVE 1,195 885,000 741 99

26 CASTLE GREEN 947 830,000 876 99

27 THE ESTUARY 1,528 1,400,000 916 99

28 GRANDE VISTA 1,238 1,160,000 937 999



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singapore property weekly issue 197

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