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Recent blog posts

The Ministry of National Development (MND) will look into how it can provide more help to those who wish to buy a resale flat to live near their parents, Minister for National Development Khaw Boon Wan said on Friday.

In an MND blog post, he noted that more Singaporeans now want flats near those of their extended families in mature estates, given the benefits of such arrangements.

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Posted by on in Residential

At any given moment in any given property market, there are homes that are overpriced and those that are underpriced. The trick is to know the difference.

In Singapore, it is easy to spot the difference with the right tools. SRX Property data showed that in this week alone, there are a total of 818 properties for sale or rent — HDB and private — that have asking prices below their X-Value.

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A residential site at West Coast Vale was put on the market yesterday with price expectations of up to about $370 million.

The 18,908 sq m plot, which is on the confirmed list of the Government Land Sales (GLS) programme, is located on the Sungei Pandan waterfront.

Its maximum gross floor area of 52,945 sq m could yield about 595 residential units.

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map of toa payoh site

The Evia Real Estate-led consortium's top bid for a 99-year private condo site in Toa Payoh at a state tender was just 1.1 per cent more than the closest competition.

The group plans to build a 590-unit project on the site, with half the units expected to comprise one and two-bedders to be priced below S$1 million to keep them affordable, said Evia Real Estate managing partner Vincent Ong.

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Posted by on in Residential
High Park Residences
Image: Artist’s impression of High Park Residences.

As part of plans to keep our readers better informed of what’s ‘hot’ in the property market, we provide an update of the most searched properties from the PropertyGuru website in the past week, as well as popular buying locations in Singapore.

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Buying sentiment for strata-titled commercial properties continues to cool amid tapering demand from both end-users and investors, sending transaction volumes to new lows since the global financial crisis.

Easing business activities have crimped demand from end-users, and individual investors are having their borrowing capacities capped by lending curbs.

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Posted by on in Commercial

Although Hong Kong, Singapore and Tokyo are already the leading Asian markets in the self-storage industry, all three have a shortfall in square footage, according to a commercial real estate study.

The study, conducted by a real estate investment managing group, concluded that the three cities have much to catch up to when compared with the United States - the leading country in the industry.

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Develoers' sales will probably be more subdued in June, when virtually no new project launches will take place, property consultants said.

Sales were already tepid in May: 638 private residential units were sold, 45 per cent fewer than the 1,167 in April. And 207 executive condominium (EC) units were sold, buoyed mainly by the launch of Westwood Residences in Jurong West, up from 126 in April.

That brought developers' total residential sales to 845 units - still a significant drop from the 1,293 in April.

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BUYERS with HDB addresses are opting for smaller apartments when they venture into the private housing market, according to research done by a property consultancy firm.

It found that 66 per cent of HDB home owners bought units of less than 100 sq m in the first quarter of this year, up from the 62 per cent in the final three months of last year. The median size of the purchased units fell 2.3 per cent to 85 sq m.

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Two-room flats and studio apartments will be unified into a single scheme by the next Build-to-Order (BTO) exercise in August, said National Development Minister Khaw Boon Wan.

The two Housing Board schemes are currently different as they serve different clientele, he told The Straits Times.

Studio apartments, meant for elderly home owners using a previous flat to fund their retirement, have a 30-year lease and are for those aged at least 55.

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A plum site at Central Boulevard, straddling the old Shenton Way financial district and the new Marina Bay downtown, has caught the market's attention more than any other site on the reserve list, with one developer already signalling potential interest.

Some consultants think it will be the most likely plot to be triggered for sale on the list, given its undisputedly prime location.

This is despite the hefty bid of about S$1.7 billion to S$2 billion (S$1,100 to S$1,300 per square foot per plot ratio) which would likely be required for the site because of its size.

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The Government has cut the supply of land for residential development under its biannual sales programme to the lowest since the global financial crisis — a move that analysts say signals an attempt to stabilise the market amid a rising supply glut in the pipeline.

Under the Government Land Sales (GLS) programme for the second half of the year, four sites that can yield 2,130 homes, including one executive condominium (EC) land parcel that can be developed into 520 units, will be made available under the Confirmed List, the Ministry of National Development (MND) said yesterday.

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Posted by on in Residential

A rare "landed public home" has just fetched $958,000 on the resale market.

The two-storey terraced house in Jalan Bahagia in Whampoa is one of just 285 such units here.

Located in Whampoa and Queenstown, these units come under Housing Board rules. They were built decades ago by the Singapore Improvement Trust, HDB's predecessor.

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More complicated to sell to foreigners

Last week, we looked at how to sell your property abroad, in countries such as Britain and Australia.

This week, we focus on how to sell your Malaysian property.

The process is complicated, with several parties involved, and can take up to six months from signing the sale and purchase agreement (SPA) to the official transfer of the property.

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Posted by on in Residential

Condo rents declined last month in the wake of new homes flooding the market but overall rents of Housing Board flats stayed unchanged.

Rents of private apartments slipped 0.6 per cent from April to May, according to SRX Property flash estimates. They are also down 6 per cent from May last year.

The cause is one of simple supply and demand, with many completed units coming on to the market, especially in the suburbs, said an analyst.

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A couple of large Good Class Bungalow transactions have been inked recently.

Seasoned property investor Thomas Chan is said to be selling a bungalow at Belmont Road for more than S$44 million. The price translates to S$1,413 per square foot on the land area of about 31,125 square feet.

On the freehold elevated site is a 15-year-old bungalow with about 9,000 sq ft of built-up area. The property is said to have five bedrooms and a pool.

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Resale prices of private apartments flatlined last month, but experts expect further falls.

May values barely moved from those in April after a decline of just 0.2 per cent from March to April.

Overall, they are down 2.8 per cent from a year ago, according to flash estimates out yesterday for the SRX Property's price index.

Prices have not varied much from about November... Any changes for the next six to 12 months are likely to be range-bound, said an analyst

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Asset management giant BlackRock has put up Asia Square Tower 1 for sale. The price tag is said to be about S$4 billion for the 43-storey tower, which would work out to around S$3,200 per square foot of net lettable area.

Tower 1 has 1.2 million square feet of offices and about 40,000 sq ft of retail space.

An expression of interest exercise is expected to be conducted, with a sale scheduled to be concluded by the year-end.

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Two key interest rates affecting business loans and mortgages have fallen from their 2015 peaks.

But experts say this is likely temporary relief as positive United States jobs data on Friday and a stronger greenback have reinforced expectations of an interest rate hike this year.

The three-month swap offer rate (SOR), commonly used to price commercial loans, fell 25 per cent to 0.84886 per cent on Friday from a year-high of 1.13207 per cent on March 24, while the six-month SOR fell nearly 22 per cent to 1.01130 per cent from a year-high of 1.29498 per cent on March 23.

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The recent stabilisation of resale prices for Housing Board flats has surprised some property analysts, who say this may point to an earlier-than-expected bottoming out of the market.

After months of declines, prices finally inched up 0.2 per cent between March and April, and stayed constant from April to last month, according to latest data from SRX Property.

Not only have prices stabilised, but more resale flats have also been sold this year.

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