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Recent blog posts

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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

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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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Posted by on in Residential

Developers pondering what might lure buyers back to the market this year already seem to have the answer - reasonably priced homes in good locations.

They only have to look at the turnout at the launches held last year.

Three projects defied the cooling measures to perform exceptionally well at their launch, largely due to pricing and location.

North Park Residences in Yishun sold 486 units at a median price of $1,374 per sq ft (psf) while High Park Residences in Sengkang sold 1,169 units at a median price of $989 psf in their launch months.

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Posted by on in Residential

After nine months of decline, public housing resale prices in Singapore rose 0.2 per cent in the fourth quarter of 2015 over the third quarter, although it remains to be seen if this uptick is sustainable.

The latest data was according to flash estimates released by the Housing & Development Board (HDB) on Monday. It brings the decline in resale flat prices for the whole of 2015 to 1.5 per cent.

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Posted by on in Residential

The property market is poised for further slides this year, with weak economic growth and rising interest rates likely to drag prices south.

Remarks by National Development (MND) Minister Lawrence Wong on Wednesday that it is too early to talk about unwinding cooling measures suggest these steps will continue to dampen demand.

As at the third quarter of last year, private home prices had fallen about 8 per cent from their peak in the third quarter of 2013.

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Posted by on in Residential

Good Class Bungalows, the creme de la creme of the landed housing market, have turned out to be somewhat of a bright spot in 2015.

At least 34 transactions totalling S$730 million in Good Class Bungalow (GCB) Areas were sealed in 2015 - up from 28 deals adding up to S$626 million in 2014.

The latest tally is also the best showing since 2012, when 54 properties in GCB Areas changed hands for S$1.17 billion. The increase in sales last year was against the backdrop of softer prices.

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The Housing & Development Board (HDB) has launched for sale an Executive Condominium (EC) site on Yio Chu Kang Road, with analysts saying the tender is likely to attract conservative bids from developers amid a large unsold inventory.

The 99-year leasehold site, released from the Confirmed List of the second half of the 2015 Government Land Sales programme, sits on a 198,302 sqf area and may yield 520 homes, said the HDB yesterday. It also released for application under the Reserve List yesterday an EC site at Sumang Walk in Punggol. This parcel has a land area of about 291,233 sqf and may yield 820 units.

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After another year of subdued home buying activity, property analysts warned that the Republic’s private residential property market may be in for tougher times in 2016 as the lacklustre economic environment is likely to depress sentiment further.

Adding to the woes is the United States Federal Reserve’s decision to start normalising interest rates, which is expected to keep prospective buyers on the sidelines as they adjust to the new reality. That, coupled with existing property curbs, could cause prices to fall by up to 8 per cent in the next 12 months, analysts told TODAY.

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JACK CHUA

Chief executive of ERA Singapore

Q: What were the best and worst things that happened to you (financially) this year?

A: ERA moved its office to Mountbatten Square early this year. It was a big move as we operated out of almost 60,000 sq ft of office space.

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