singapore property weekly issue 78

7/30/2019 Singapore Property Weekly Issue 78

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Issue 78Copyright 2011-2012 www.Propwise.sg. All Rights Reserved.
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CONTENTS

p2 5 Bestselling New Property Launches of October

p9 How and Why Property Market Busts Happen

p13 Singapore Property News This Week

p18 Resale Property Transactions

(October 31 November 6)

Welcome to the 78th 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 78

Page | 2Back to Contents

What are the top selling projects by

developers this month? In this article, based

on analysis done at

PropertyMarketInsights.com, we will share

with you the five bestselling non-landed

projects launched by developers in October

2012 ranked by the number of units sold,

based on URA data. This list is a quick way

for you to identify new projects that are selling

well. Looking at the location, number of units

sold and prices, you can get a sense of where

the hot areas and projects are, and potentially

spot interesting opportunities in projects that

are nearby that could be selling at a

significant discount.

5 Bestselling New Property Launches of October
http://propertymarketinsights.com/http://propertymarketinsights.com/http://propertymarketinsights.com/http://propertymarketinsights.com/


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4. Waterbay, 221 Units Sold

With 221 units sold in October, Waterbay is at

fourth place. The 99 year leasehold executive

condominium is expected to be completed by2016 with 383 units. Some of Waterbay's

more unique features include a sun lounge,

cascading waterfall, reading pavilion, chill-out

pavilion, hydro gym and rain shower.

Waterbay is located at 45 Edgefield Plains,

within Punggol Central. It is near Punggol

MRT and Sengkang MRT. Nearby schools

include Punggol Secondary School and

Edgefield Primary School. Residents can visit

nearby Cold Storage or NTUC Fairprice

supermarkets for daily amenities.


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3. Riversails, 271 Units Sold

With 271 units sold in October, Riversails

takes third place. The 99 year leasehold

condominium is expected to be completed by2017 with 928 units. River Sails offers an

interesting array of facilities like jungle gym,

mini theatre, stage of tales, island swirl spa,

green trellis, camping lawn, paddle boats and

yoga pool. Riversails is located at 20, Upper

Serangoon Crescent, near Hougang MRT

and Buangkok MRT. Nearby schools include

Pei Hwa Secondary School and Fernvale

Primary School. Residents can go to

Compass Point and Rivervale Plaza for daily

amenities.


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2. Skies Miltonia, 309 Units Sold

With 309 units sold in October, Skies Miltonia

takes second place. The 99 year leasehold

condominium is expected to be completed by2016 with 420 units. Some of Skies Miltonia's

more outstanding features include a shuttle

bus service, rain canopy, sky gym, meditation

garden, celebration lawn, water spa alcoves.

Skies Miltonia is located at 45 Miltonia Close

near Khatib MRT and Yishun MRT. Nearby

schools include Northbrooks Secondary

School and Naval Base Primary School.

Residents can visit nearby Cold Storage,

NTUC Fairprice supermarkets or Northpoint

Shopping Centre for daily amenities.

SINGAPORE PROPERTY WEEKLY I 78


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1. Heron Bay, 354 Units Sold

Heron Bay tops the list with 354 units sold in

October. The 99 year leasehold condominium

is expected to be completed by 2016 with 394units. Some of Heron Bay's feature highlights

include a discovery trail, water edge viewing

deck, aqua adventure corner, eco trellis,

rainforest skylight, hydro spa pool and

sensory trail. Heron Bay is located at Upper

Serangoon View near Hougang MRT andKhatib MRT. Nearby schools include

Serangoon Secondary School and Rivervale

Primary School. Residents can visit Sheng

Siong, Cold Storage, NTUC Fairprice

supermarkets or Hougang Plaza, Hougang

Mall and Compass Point for daily amenities.

SINGAPORE PROPERTY WEEKLY I 78


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Now that you know what new properties are

selling well, use this knowledge to your

advantage. Identify market trends and choose

the right time to make your move. Till next

month!

Want a longer list of the bestselling new sale

projects? Or a list of the cheapest ones? You

can get this and much more at

PropertyMarketInsights.com, a site that helps

investors spot opportunities and time theirSingapore property purchases. Click here to

get your FREE report on Understanding the

Property Market Cycle to invest profitably

now.

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By guest contributor Gerald Tay

There are many investors who invest in

properties solely for capital gains. They are

not concerned with making a rental profit, and

are sometimes even happy to make a rental

loss! Understanding why property prices riseand fall is very important if we want to make

money.

In Singapores highly volatile property market,

you should never count your chickens before

they hatch. Inexperienced, amateur and

speculative investors only know how to countchickens. Successful and smart investors

count the eggs and understand why and how

they hatch.

How and Why Property Market Busts Happen



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It is property prices that drive yield, not the

other way round. Property prices are volatile,

rents are stable. We call the rise and fall of

property prices the boom-bust cycle.

The Chain of Events in a Crash

Something has to cause the crash. Crashes

do not happen overnight but they do happen

a lot quicker than a boom. Think of a roller-

coaster. When you reach the top of a slope,

you think the cart will rest at the top but it justtips over the edge and accelerates

downwards. At the top of the slope the

following will happen at a greater pace than

during the climb:

Interest rates rise to curb inflation. Borrowing

becomes more expensive and many

investments no longer look attractive. The

property market slows down.

If speculation is done using private money,

then this is not much of a problem. However,

recent reports concluded the majority of

Singaporean buyers who bought at the

current high bought these properties with

bank loans. Its the pulling of the plug by thebanks that causes the rapid decline in

property investment.

Let me show you a clear chain of events:

When a crisis erupts due to an unforeseen

event happening, e.g. Asian financial crisis,Lehman Brothers collapse or even a possible

financial crisis in Europe, depositors would

rush to the banks to withdraw money, thus

causing a tremendous outflow of money

supply from the banks. The banks would then

have to restrict lending as much as possibleto prevent a liquidity crisis.

Coupled with increased interest rates which

have killed both investment growth and yield,



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banks would view lending money as a very

risky business and thus stop lending. This

would then lead to a severe shortfall of

money supply in the markets, which will

eventually lead to global economicdownturns. When banks restrict lending

because they are scared, it means fewer

people are able to buy. Due to fewer people

being able to buy land and property because

of the restriction by the banks, land and

property prices have to fall.

People who have bought at the peak are now

facing negative equity. Their debt is greater

than the value of their home. The credit boom

cools. Lenders now know that the consumers

property value has fallen; hence there is no

security to lend.

Due to higher than expected interest rate

rises, some borrowers start to default. The

banks try to access the security by issuing

repossession orders but due to property

prices falling below the security, the banks

start to lose money. Consumption falls as

banks are also not providing credit to fuel

consumption.

New property launches now look unprofitable

due to the lack of buyers, which is the result

of banks not lending. Even renting these

properties looks unprofitable due to the higher

than anticipated interest rates. Projects are

aborted. Property developers know that if

they carry on they will certainly lose money.

The mass exit from the property market,

heavy bank losses and depressed consumer

spending causes unemployment. The feel

good factor is non-existent! Borrowing andspending both decline. The demand for goods

fall as consumption falls. Speculation on the

property market looks silly. People think its

better to save than spend.



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As property prices fall, potential buyers will

wait till the market bottoms out hoping to get a

bargain. Property prices rapidly decline until

the professional investor cushions the fall and

becomes interested again. (This is where

smart investors like me would enter with glee!)

Demand and Supply of Money Is the Real

Cause

As you can see, it is not principally the

demand and supply of units in the property

market that determines property prices to riseor fall, which many self-interest groups and

even the government have led people to

believe in. Rather, it is the actual demand and

supply of money in the markets that will

strongly determine if your property or any

other investments go up or down in value.

With the European crisis on the brink of global

economic catastrophe, coupled with a

slowdown in China, I strongly urge investors

to avoid buying both local and overseas new

property developments being marketed today

on hopes of future capital gains.

The above chain of reactions is not a matter

of IF but WHEN. Major financial crisis eventshave existed as early as the 14th century. As

my late multi-millionaire grandfather advised,

Inexperienced, amateur and ignorant

investors only know how to make money on

future capital gains. Smart and successful

investors make money on todays cash flow.

Today, the still buoyant Singapore property

market is potentially headed for a sharp

downfall once global credit markets starts to

freeze. Dont forget, Asian credit markets are

primarily financed by large European banks,

which are already facing huge liquiditychallenges caused by the Euro Crisis.

By guest contributor Gerald Tay, CEO and

Chief Trainer at CREi Academy Group.

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

Transaction volumes down for apartments

worth $10m and more

Only 33 luxury condos and apartments worth

$10 million and above were sold in the first 10

months of 2012, compared to 57 units in the

same period a year ago. The 33 units are

worth a total of $449.6 million, 44% down

from the $797.5 million in the same period

last year. This is likely due to the introduction

of the ABSD in December last year. The

ABSD is likely the cause for the fall in the

proportion of foreign buyers of properties

worth $5 million or more from 38.8% in 2011

to 26.6% in the first 10 months of 2012. The

proportion ofcompanies share also fell from

15.8% to 4.3% in the same period. The

proportion of Singaporean buyers and PR

buyers, however, increased from 23% and

22.3% to 36.9% and 32.3% respectively.

While foreign buyers are likely to return to the

market, there may not be as many since

there more cooling measures might be

introduced.

(Source: Business Times)

HDB resale market stabilising

The annual Resale Price Index (RPI) growth

had fallen from 14.1% in 2010 to 10.7% in

2011 and this trend is likely to continue since

it is 3.9% in Q1 to Q3 of 2012. This reflects

stabilisation in the HDB resale market.



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While the quarterly RPI growth in Q3 is 2%,

much of the impact of the large supply of BTO

flats can only be felt in the next 2-3 years

when they are completed.

Separately, only 2% of the 178,000

applications for HDB loans were rejected in

the first three quarters of the year. This was

because the applicants had taken two or

more HDB loans prior to their current

applications. Nevertheless, the success rate

for appeals for HDB loans was at a healthy

36%.


Transaction volumes down in October

after cooling measures

1,948 private homes excluding ECs were sold

in the primary market (76% from the Outside

Central Region) in October, a 25.7% fall from

the figure in September, possibly as a result

of the new restrictions on housing loans.

However, this is not a cause for worry since it

still exceeded the 1,633 units launched in

October. 19,792 units have been sold in

primary market in the first 10 months of 2012but sales are likely to slow to 1,300-1,500

units each in the next two months, though the

full-year tally is likely to hit a record high of

22,000 to 24,000 units. Only 659 units of the

1,633 units launched in October were from

new projects, suggesting that the developerswere cautious about the effect of the cooling

measures.

Meanwhile, 676 ECs were sold in October,

4.5 times the 150 units sold the month before.

There were 777 units launched in October,

the first month to see EC launches since

June. The sales in October brought the total

sold in the first 10 months to 3,493 ECs,

compared to the 2,883 units sold in 2011 and



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S G O O ssue 8


the 1,052 in 2010.

Including ECs, 2,624 units were sold in

October, a 5.3% from the 2,771 units in

September, but a 59.7% increase from

October 2011.


Four 99-year sites released in suburban

areas to yield 2,045 private homes

The first is a 198,890.2 sq ft confirmed-list

site located at Ang Mo Kio Avenue 2, which is

expected to yield 680 units with its 696,123.6

sq ft maximum GFA. Bidding for the site is

likely to be competitive since it is well located

in an established estate surrounded by

terraced houses with no recent launches,

near the upcoming Mayflower MRT station,

and the CHIJ St Nicholas Girls' School. The

site is expected to draw seven to 15 bidders

with a top bid of $$390-452.5 million or $560-

$650 psf ppr.

The second is another confirmed-list site, a

240,661.7-sq-ft site located at Jurong West

Street 41 opposite the Jurong Lake District,

near Lakeside MRT Station. It can potentially

generate 660 units with its 673,853.1 sq ft

maximum GFA. It is expected to attract five to

13 bidders, with a top bid of $364-391 million

or $540-580 psf ppr.

The bidding results for this site would alsolikely determine future bid prices for the

adjacent reserved-list plot which has been

launched together. The reserved-list plot is

expected to yield 545 units and attract five to

seven bidders with a top bid of $370.6-404.3

million or $550-600 psf ppr.

The last is a 95,346.7-sq-ft mixed residential

and commercial site at Yishun Ring Road

released under the confirmed list.



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It can support 160 units with its 266,970.8-sq-

ft GFA. The site is expected to do relatively

well with three to five bids given its proximity

to the Yishun town centre, its mixed use

status and the lack of private housing in theregion.


Bukit Timah multiple-lease residential

sites attracts $73.8 m top bid

The 1.02-hectare site located at Jalan JurongKechil in Upper Bukit Timah with 60-year, 45-

year and 30-year lease tenure options

attracted a total of 23 bids 22 for the 60-

year tenure, and one for the 45-year tenure,

with the top bid of bid $73.8 million or

$481.51 psf ppr from World Class

Developments (North), a subsidiary of Aspial

Corporation. The large number of bidders

was unexpected since demand for properties

with shorter leasehold properties is uncertain.

The large number of bids suggests that

developers are confident of demand,

particularly from buyers who are retired. The

high price and the number of bids could alsobe due to the attractive location of the site,

being in an established residential estate near

the nature reserve. The estimated breakeven

cost and selling cost are $700 psf and $900

psf to $1,100 psf respectively.


Commercial

M+S release details for Bugis project

The second development project by M+S is

DUO, a 99-year mixed development project

with two towers of residential, retail, hotel and

Grade A office space in Bugis. The project

which will be directly connected to the Bugis

MRT station will have a 1.8 million sq-ft GFA,



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of which 45% or 810,000 sq ft will be

allocated to the 50-storey residential tower

boasting 660 units. 15% of the GFA or

270,000 sq ft will be allocated to a 300-room,

five-star hotel with the remaining 40% or720,000 sq ft allocated to offices and shops

(mainly offices). These will be found in the 39-

storey tower. M+S plans to complete the

project by Q2 2017, and launch the

residential units in early 2013. It is expected

to enjoy high demand for both the residentialand office components.


MBFCs Tower 3 secure new leases

The overall commitment level at Tower 3 of

Marina Bay Financial Centre (MBFC) has hit76% or almost 960,000 sq ft with new leases

from Lego Singapore and the international

legal firm Milbank, Tweed, Hadley & McCloy

LLP. Tenants who have already been secured

prior to this includes DBS Bank, Ashurst LLP,

Clifford Chance, Wong Partnership, Mead

Johnson and McGraw-Hill. The 46-storey

tower offers 1.3 million sq ft of prime Grade Aoffice space. The retail component of MBFC,

the 179,000-sq-ft Marina Bay Link Mall is

100% leased.

The net increase in demand for islandwide

office space in Q3 was 764,237 sq ft, bringing

the total figure for Q1 to Q3 to 1.69 million sq

ft, compared to 2.3 million sq ft. There is an

estimated 1.4 million sq ft of office space that

would be built in 2012, compared to three

million sq ft last year. 2.6 million sq ft of

upcoming office space in 2013 will be from

the Asia Square Tower 2 in the CBD, Jem

next to Jurong East MRT station and The

Metropolis in Buona Vista.




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Non-Landed Residential Resale Property Transactions for the Week of Oct 30 Nov 6

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

2 THE BEACON 969 1,380,000 1,425 99

3 RIVER PLACE 786 1,160,000 1,476 993 THE REGENCY AT TIONG BAHRU 1,636 2,308,888 1,411 FH

3 RIVER PLACE 1,033 1,450,000 1,403 99

4 MARINA COLLECTION 2,185 4,370,000 2,000 99

4 CARIBBEAN AT KEPPEL BAY 893 1,488,000 1,666 99

4 CARIBBEAN AT KEPPEL BAY 883 1,460,000 1,654 99

4 TELOK BLANGAH HOUSE 3,810 4,572,000 1 ,200 FH

5 GOLD COAST CONDOMINIUM 1,475 1,530,000 1,038 FH

5 PALM GREEN 1,130 1,168,000 1,033 FH

5 PARC REGENCY 1,367 1,360,000 995 FH

5 WESTCOVE CONDOMINIUM 1,163 950,000 817 99

8 CITYLIGHTS 678 1,150,000 1,696 99

8 CITYLIGHTS 1,356 2,020,000 1,489 99

8 SUITES 123 495 730,000 1,474 FH

8 MERA SPRINGS 1,550 2,090,000 1,348 FH

8 CITY SQUARE RESIDENCES 1,518 1 ,800,000 1,186 FH

8 KENTISH GREEN 1,098 980,000 893 99

9 THE METZ 581 1,532,000 2,636 FH9 RIVERGATE 1,507 3,345,540 2,220 FH

9 LUMA 743 1,500,000 2,020 FH

9 RIVERGATE 1,550 3,080,000 1,987 FH

9 THE IMPERIAL 1,410 2,650,000 1,879 FH

9 PARC SOPHIA 614 1,020,000 1,662 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 UE SQUARE 1,561 2,350,000 1,506 929

9 PARC MACKENZIE 1,098 1,550,000 1,412 FH10 8 NAPIER 2,777 9,500,000 3,421 FH

10 ST REGIS RESIDENCES SINGAPORE 2,756 7,425,000 2,695 999

10 LATITUDE 2,766 5,969,700 2,158 FH

10 LATITUDE 2,766 5,959,200 2,154 FH

10 BELMOND GREEN 1,302 2,320,000 1,781 FH

10 ASTRID MEADOWS 1,356 2,415,000 1,781 FH

10 WATERFALL GARDENS 3,380 6,000,000 1,775 FH

10 HOLLAND PEAK 915 1,450,000 1,585 FH

10 PROXIMO 1,475 2,200,000 1,492 FH10 CLIFTEN 1,184 1,748,000 1,476 FH

10 WILLYN VILLE 1,755 2,170,000 1,237 FH

10 HOLLANDSWOOD COURT 2,131 1,968,000 923 99

11 SOLEIL @ SINARAN 581 1,230,000 2,116 99

11 PARK INFINIA AT WEE NAM 1,464 2,930,000 2,001 FH

11 BUCKLEY RESIDENCE 517 960,000 1,858 FH

11 PARK INFINIA AT WEE NAM 1,442 2,600,000 1,803 FH

11 THE SHELFORD 1,453 2,440,000 1,679 FH

11 AMANINDA 1,249 1,850,000 1,482 FH

11 HILLCREST ARCADIA 1,798 1,698,000 945 99

12 THE ARTE 1,528 1,950,000 1,276 FH

12 CALARASI 1,184 1,320,000 1,115 FH

12 THE CALLISTA 883 950,000 1,076 999

14 LE REVE 1,076 1,250,000 1,161 FH



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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

14 CASSIA VIEW 1,206 1,310,000 1,087 FH

14 ASTORIA PARK 1,195 1,200,000 1,004 99

14 WANG LODGE 1,012 850,000 840 FH

14 WING FONG COURT 1,055 838,000 794 FH

14 EUNOSVILLE 1,701 1,230,000 723 102

14 FUYUEN COURT 1,690 1,100,000 651 FH

15 THE SOVEREIGN 2,637 4,360,000 1,653 FH

15 THE SEAFRONT ON MEYER 1,604 2,600,000 1,621 FH

15 PEBBLE BAY 2,174 3,100,000 1,426 99

15 GRAND DUCHESS AT ST PATRICK'S 1,356 1,910,000 1,408 FH

15 GRAND DUCHESS AT ST PATRICK'S 1,916 2,630,000 1,373 FH

15 TANJONG RIA CONDOMINIUM 1,206 1,417,000 1,175 99

15 COSTA RHU 1,345 1,560,000 1,159 99

15 VILLA MARTIA 1,249 1,438,000 1,152 FH

15 THE GRANDIFLORA 1,076 1,080,000 1,003 FH

15 EURO-ASIA LODGE 1,324 1,225,000 925 FH

16 BAYSHORE PARK 936 1,085,000 1,159 99

16 THE CLEARWATER 657 730,000 1,112 99

16 EASTWOOD REGENCY 1,195 1,300,000 1,088 FH

16 BAYWATER 1,292 1,300,000 1,006 99

16 AQUARIUS BY THE PARK 893 898,000 1,005 99

16 THE CLEARWATER 1,302 1,225,000 941 99

17 FERRARIA PARK CONDOMINIUM 1,324 1,220,000 921 FH17 DAHLIA PARK CONDOMINIUM 1,292 1,100,000 852 FH

17 CASA PASIR RIS 1,141 868,000 761 946

17 THE EDGEWATER 2,336 1 ,580,000 676 FH

18 LIVIA 1,539 1,555,000 1,010 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

18 TAMPINES COURT 1,722 1,180,000 685 101

19 THE QUARTZ 1,421 1,591,000 1,120 99

19 KOVAN MELODY 1,453 1,500,000 1,032 99

19 RIVERVALE CREST 926 828,000 894 99

19 RIVERVALE CREST 936 800,000 854 99

20 RAFFLESIA CONDOMINIUM 1,195 1,320,000 1 ,105 99

20 CLOVER BY THE PARK 2,174 2,172,000 999 99

20 THE GARDENS AT BISHAN 1,206 1,200,000 995 99

20 GRANDEUR 8 1,421 1,268,000 892 99

20 FAR HORIZON GARDENS 1,238 975,000 788 99

21 THE CASCADIA 1,098 1,699,000 1,547 FH

21 GARDENVISTA 1,173 1,460,000 1,244 99

21 GRAND REGENCY 1,119 1,272,000 1,136 FH

21 SYMPHONY HEIGHTS 1,033 1,150,000 1,113 FH

21 HUME PARK II 1,023 1,100,000 1,076 FH

21 SIGNATURE PARK 1,690 1,750,000 1,036 FH

21 HUME PARK I 1,270 1,208,000 951 FH

21 PANDAN VALLEY 2,024 1,920,000 949 FH

21 HUME PARK I 1,345 1,205,000 896 FH

22 THE CENTRIS 1,292 1,550,000 1,200 99

22 THE MAYFAIR 1,184 1,080,000 912 99

23 NORTHVALE 689 720,000 1,045 99

23 HILLVIEW HEIGHTS 1,679 1,625,000 968 FH23 CHESTNUT VILLE 2,077 1,820,000 876 999

23 NORTHVALE 1,324 1,050,000 793 99

23 MAYSPRINGS 1,292 990,000 766 99

23 PHOENIX HEIGHTS 1,335 750,000 562 99



21/21


NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

25 CASABLANCA 1,109 980,000 884 99

26 SEASONS PARK 1,292 1,090,000 844 99

26 FOREST HILLS CONDOMINIUM 1,163 908,000 781 9927 EUPHONY GARDENS 1,109 830,000 749 99

28 SERENITY PARK 1,324 1,280,000 967 FH
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