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Recent blog posts

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SINGAPORE — Projecting the population here to hit 6.3 million to 6.5 million by 2030, a research report released by DBS on Wednesday (May 16) forecasts new private homes to cost between S$2,300 and S$2,900 per square foot (psf) on average by then – sharply higher than the current S$1,500 psf.

This means a compound annual growth rate of 1.5 per cent to 3.2 per cent over the next 12 years as growth in homeowners' incomes "keep pace" with the rise in private-property prices. The projection means an average unit of private property will cost from S$1.9 million to S$2.5 million by 2030.

The report, by property analysts Derek Tan and Rachel Tan, also projected the average size of new private units to shrink to 840 sq ft by 2030, 20 per cent smaller than the 1,083 sq ft average last year.

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NewPropertyDream Queenstown hdb flat sold for 1 08m more record breaking deals expected

A HDB resale executive apartment at Block 148 Mei Ling Street in Queenstown, which has a balance lease of about 76 years, was sold this month for an eye-popping $1.08 million, which works out to about $669 psf on the built-up area.

The 1,615 sq ft corner unit located on the 13th floor is close to Queenstown MRT station and Anchorpoint mall.

It is understood that the sellers have been staying there since 1995 and plan to upgrade to a nearby condominium.

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Is the growing divergence in prices of resale public housing flats and private homes snuffing out the Singaporean dream of owning a condominium?

190418113030 HDB images newpropertydream

While price data might underscore such fears, market watchers note that there are many mitigating factors to keep the upgrading momentum from owners of Housing & Development Board (HDB) flats going, who sell their flats to move to private housing.

First, the truth be told, price indices do not tell the whole story, said Edmund Tie & Company CEO Ong Choon Fah.

The HDB resale landscape has been uneven, with larger flats in mature and sought-after estates such as Toa Payoh, Bishan, Ang Mo Kio, Bukit Merah, Geylang and Queenstown holding up in prices or even registering an increase in Q4 2017 from Q4 2012, based on median resale prices published on the HDB website.

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Price recovery gathers momentum in 1Q2018 Q1 2018, rising by 3.1% over 4Q2017, according to URA flash estimates. This marked the third straight quarter of price growth since the index bottomed in 2Q2017. It is also the strongest quarterly increase since the 5.2% quarter-on-quarter (q-o-q) increase in 2Q2010, says Tricia Song, Colliers International head of research for Singapore.
 
With the latest price increase, the URA private property price index is up 4.6% year-on-year, adds Song. As at end 1Q2018, private residential prices are just 7.5% below the peak in 3Q2013.
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chancery court site

Privatised HUDC estate Chancery Court has been launched for sale by tender with an asking price of $390 million, announced OrangeTee Advisory, the sole marketing agent.

The asking price includes an estimated $180 million premium to top-up the lease on the 99-year leasehold site which has a balance tenure of 62 years, as well as the intensification of the site to its maximum gross plot ratio of 1.4. This translates into a land rate of $1,572 psf per plot ratio.

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sumang walk ec site

SINGAPORE: A land parcel at Sumang Walk attracted 17 bids at the close of its tender on Tuesday (Feb 27).

The Housing and Development Board (HDB) said the sale site, earmarked for executive condominium (EC) housing, received a joint top bid of S$509.37 million from CDL Constellation and TID Residential. This works out to about S$6,275 per square metre of the gross floor area (GFA).

Mr Ong Teck Hui, National Director for Research at JLL, said: “At $583 psf/pr, it is a stunning top bid for the subject parcel which is way above market expectations and also a record EC unit land price. 

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Pacific Mansion sold for S980m in biggest collective sale in a decade

SINGAPORE: Pacific Mansion has been sold for S$980 million, the largest collective sale in more than a decade, real estate agency CBRE announced on Monday (Mar 19). 

In a news release, CBRE said the public tender for the property was awarded to a tripartite joint venture formed by Guocoland (Singapore), Intrepid Investments and Hong Realty.

The sale is the largest since that of Farrer Court at S$1.34 billion in 2007, according to marketing agent CBRE. It is also the largest transaction in the current en bloc cycle, exceeding Tampines Court's S$970 million and Amber Park's S$907 million, the agency added. 

Pacific Mansion is a 290-unit development comprising 288 apartments and two commercial units at River Valley Close.

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newpropertydream Jiak Kim Street Aerial view 680x453

DEVELOPERS' appetite for choice sites has shown no signs of letting up despite warnings from the government on over-exuberance in the property market.

Two residential land parcels at Jiak Kim Street and Fourth Avenue under the government land sales (GLS) programme saw keen contest on Tuesday, with Frasers Centrepoint Limited (FCL) setting a new price benchmark for the Jiak Kim Street site.

The Singapore-listed developer topped 10 bidders with its S$955.41 million tender or S$1,733 per square foot per plot ratio (psf ppr) - the highest land rate achieved for a pure residential GLS site and residential with commercial on the first storey site.

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Posted by on in Residential

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SINGAPORE - Frasers Centrepoint Limited trumped nine other bidders with an offer of $955.4 million for a residential plot in Jiak Kim Street, the former site of popular nightspot Zouk.

Separately, Allgreen Holdings emerged top among seven bidders for a residential parcel in Fourth Avenue, lodging a tender of $552.96 million.

The two 99-year leasehold sites were originally on the Reserve List of the Government Land Sales (GLS) programme and were triggered for public tender after minimum acceptable bids were made.

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The land parcel at Holland Road is the first sale site to be launched as part of the Holland Village Extension plan. PHOTO: URBAN REDEVELOPMENT AUTHORITY

SINGAPORE - The Urban Redevelopment Authority (URA) launched on Thursday (Nov 30) the tender for a commercial and residential site in Holland Road under a dual-envelope concept and price tender that will close on March 20, 2018.

Located near Holland Village MRT Station, the site can have a maximum gross floor area of 59,715 square metres, of which up to 13,500 sq m can be for retail use. The URA has also set a cap of 570 residential units for the project.

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Posted by on in Residential

new property dream cs generic13June 03 0

Singapore’s property market has improved drastically in its investment prospect rankings, going from near the bottom of the table in 2017 to third place in 2018.

This follows a huge resurgence in investor sentiment this year, particularly in the office and residential sectors - two markets that are said to have bottomed out, although a survey of 600 real estate professionals reveals some sceptics who think the "bottoming" may be premature.

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Posted by on in Residential

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With a solid showing of private home sales last month, developers should close the year on a strong note, even as the government cautioned it could step in to temper overexuberance in the market.

Based on the latest data from the Urban Redevelopment Authority (URA) yesterday (Nov 16), developers sold some 969 new private residential homes and executive condominiums (ECs), an increase of 7 per cent from September.

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Posted by on in Residential

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Sellers reap windfalls from collective sales, govt coffers get a boost and property market gets a pick-me-up, but some face hefty taxes


The latest collective sale fever has turned several thousand home owners into instant millionaires - but some others have seen their pot of gold disappear because they sold their units too early.

The allure is there for many, as collective sales allow private home owners to exit ageing properties at a premium that is often much higher than what could be gained through the resale market.

Sellers, of course, are not the only ones standing to gain from the collective sale mania: Developers can be rewarded handsomely if new developments from en bloc sales fetch a good price when they come into the market.

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NEWPROPERTYDREAM ST 20171112 INSIGHT12


Collective sales are set to hit their third biggest year in value ever. What's driving the fever this time around, and is relentless regeneration all it is cracked up to be? Insight takes a look


After a quiet decade, since May this year, 16 private residential estates have been put up for sale en bloc, with many others in the pipeline.

In their wake are overnight millionaires, but also displaced communities arising from the changes.

In particular, 2017 spells the end of the road for many Housing and Urban Development Company (HUDC) flats, which have contributed the lion's share of the more than 2,700 private units sold this year.

Even as some celebrate windfalls, the "en bloc" phenomenon has led to worries about infrastructural strains, oversupply of new housing units and class divides, among other things.

But beyond such concerns are also broader questions about the relentless renewal of a city versus the sentimental nostalgia for communities of old.

Insight examines the issues.

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Posted by on in Residential

New Property Dream ST 20171107 XABJERVOIS

The redevelopment frenzy remains in high gear with freehold estate Jervois Green going up for sale today, just weeks after nearby Jervois Gardens found a buyer.

Jervois Green has an asking price of $48 million, which works out to $1,373 per sq ft (psf) per plot ratio, inclusive of the 10 per cent additional gross floor area for balconies. That closely matches the unit price Jervois Gardens - also a freehold project of low-rise homes - fetched.

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Posted by on in Residential

Resale prices of non-landed private homes shed 0.8 per cent in December 2015 over the previous month, based on SRX Property's flash estimates released on Tuesday.

This contrasts with a 0.6 per cent month-on-month gain in November.

For the whole of last year, the index slipped 2.1 per cent; this pace of decline was about half the 4 per cent slide seen in 2014.

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Amid persistent industry lobbying for the lifting of property cooling measures, the government has reiterated its view that it remains premature to do so. The Real Estate Developers’ Association of Singapore (Redas) has warned of a potential downward price spiral given the supply deluge and rising vacancy rates. But there have been mixed signals from property launches last year, with some projects seeing strong interest while others were met with a cold reception. Here, BT looks at what’s hot and what’s not in 2015.

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A new association called the Singapore Estate Agents Association (SEAA) is slated to be launched by the first quarter of this year, in an industry-led initiative to raise professionalism in real estate agency work and provide a unified voice for agencies and their salespersons.

BT learnt that SEAA has already been registered as a society with the "blessing" of the Council of Estate Agencies (CEA).

Though membership for SEAA is not mandatory, agents would be incentivised to join through the offering of common services such as training, dispute resolution and professional indemnity services. Other potential value-added services that may be offered include a platform to publish property listings and to register the transactions agents clock to create a common database.

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Posted by on in Residential

Housing Board resale prices stayed flat last month in confirmation of a stabilising market, with experts expecting sluggish conditions to continue into the year.

SRX Property flash figures released yesterday showed HDB resale prices staying unchanged from November to December, though fewer flats changed hands in the traditionally quiet year-end season. December's price changes were marginal across different flat types and estates. Prices rose 0.3 and 0.1 per cent respectively for three- and four-room flats, and fell 0.4 per cent for both five-roomers and executive flats.

Across mature estates, prices rose 0.2 per cent. In non-mature estates, they fell 0.2 per cent.

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Posted by on in Residential

The dust has barely settled on the New Year festivities, but at least one developer is anxious to get the land sales ball rolling.

The Urban Redevelopment Authority (URA) announced yesterday that a 2.44ha site on the reserve list has been triggered for sale.

Around 570 homes can be built on the plot at the junction of New Upper Changi Road and Bedok South Avenue 3.

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