Over 100,000 Private Residential Homes Coming Up

RESIDENTIAL MARKET

Coming up: Over 100,000 housing units

The number of new private properties in the pipeline has ballooned to more than 100,000 units at the end of the third quarter, said the Urban Redevelopment Authority (URA) yesterday.

The news may bring cheer to buyers concerned about the persistent uptick in prices but dismay to those who had bought for investment or leasing purposes.

The upcoming private home supply comprises 83,975 private residential units, 9,824 executive condominiums and 10,070 units from land sites that the Government has sold, or that are slated for sale. This is the highest-ever total recorded since data was collected in 2001.

The URA said many of the units will be completed in the next three or four years. More than 35,000 units will be ready next year and in 2014, with the rest completed after that.

More than 36,000 private residential units or about 44 per cent of the upcoming supply remain unsold. Developers have some leeway to hold back units, but not much. A cooling measure last year requires that they build and sell residential units within five years or face a 10 per cent stamp duty.

In addition, the Housing Board (HDB) announced yesterday it will roll out another 6,400 Build-To-Order flats next month in Bedok, Choa Chu Kang, Queenstown, Sengkang and Toa Payoh, bringing its crop of new flats this year to the promised 27,000 - also a record high.

The hefty numbers, combined with the Government's move to slow the influx of foreign labour, will likely hit the rental market the hardest in the coming years, said analysts.

The vacancy rate of completed private residential units has increased slightly to 6.1 per cent in the third quarter from 5.9 per cent the quarter before, said the URA.

Low interest rates will sustain buying momentum but "if interest rates shoot up, there will be a glut everywhere", said ERA Realty key executive officer Eugene Lim.

For now, buyers seem undeterred and willing to pay. Private home prices rose 0.6 per cent in the third quarter, up from 0.4 per cent in the second quarter. The HDB's resale price index climbed 2 per cent, up from 1.3 per cent in the second quarter.

Developers sold more private units in the third quarter - 5,916, up from 5,402 in the second quarter - despite launching 20 per cent fewer properties.

As has been the case since cooling measures brought the number of foreign buyers down, demand in the third quarter was driven by mass-market homes in the suburbs. About 74 per cent of the units sold by developers were in the outside central region, which saw prices rise 1 per cent, compared to the 0.1 per cent uptick in the core central region.

Shoebox units accounted for 16 per cent of all sales in the quarter, less than the 19 per cent in the previous quarter, said the URA.

In the HDB resale market, analysts said a bottleneck in the supply of flats is sustaining price inflation. Resale transactions fell by 6 per cent to 6,560 cases in the third quarter.

More HDB upgraders are holding on to their flats when they buy a private home, preferring to lease them out rather than release them into the resale market, they said, in the belief that they can make money from rental yield, and sell for a higher price later.

According to the HDB, the number of flats approved for sub-letting grew to 42,920 in the third quarter. They form about 4.5 per cent of the total stock of flats.

Source: The Straits Times – 30 October 2012

More Property Measures? Possible?

RESIDENTIAL MARKET

Room for more property cooling measures?

The local residential property market seems to have defied six rounds of cooling measures over the past three years.

The latest measure, introduced earlier this month to stop home buyers from over-extending themselves, has had little discernible effect on developers' home sales so far.

Some smug property investors may see this as another instance of King Canute trying to hold back the tide - the tide being the assumption that demand for property in economically strong and politically stable Singapore will always remain high.

But, in fact, the tide in this case is coming in from far beyond Singapore's shores. And there's a rip current in it that can endanger the naive investor who wants to surf the waves.

It isn't just Singapore that is taking measures to cool overheating property markets. There are no easy ways to stem the strong flow of cheap money from abroad, afforded by the ultra loose monetary policy that is being pursued by the central banks in the United States, Britain, the euro zone and Japan.

In Singapore, the latest government measure sought to restrict all home loans to a more reasonable timeframe, of up to 35 years.

Home buyers who take a loan that lasts more than 30 years, or extends past their retirement age of 65, will now have to fork out significantly more in cash.

Where previously a buyer may borrow up to 80 per cent of the property's value for his first mortgage, he can now do so for up to 60 per cent if he busts the 30-year loan or 65-year-old age limit. Under a similar scenario, the borrowing ceiling shrinks to just 40 per cent for his second and subsequent mortgages.

The new rules are a further refinement of a previous measure to tighten the loan-to-value ratios.

Other measures included creating new stamp duties; up to 16 per cent on the seller and an additional buyer's stamp duty that goes as high as 10 per cent for foreigners.

Taken together, Singapore is said to have put in some of the harshest property cooling measures in the freewheeling capitalist world.

Is the Government running out of ammunition under its calibrated approach to cool the market?

Not by a long shot, judging by the range of measures that other regional economies have pursued to combat their rising domestic home prices.

Malaysia, for instance, has imposed a real property gains tax (RPGT) - similar to a capital gains tax - of up to 10 per cent for properties disposed of within two years.

Hong Kong, meanwhile, has introduced rules limiting the maximum loan tenor of new mortgages to 30 years and lowering the debt servicing ratio limit - a borrower's total monthly debt payments divided by his net income - to 40 per cent for certain purchases.

Many of their measures are similar to Singapore's. The most common are: lowering the loan-to-valuation ratio for certain home purchases, imposing a penalty for those who flip properties in a short span of time and raising the barrier of entry for foreign home buyers.

In 2010, Malaysia raised the minimum price of residential property that foreigners can purchase to RM500,000 (S$200,800) from RM250,000 previously. There is speculation that this might be further raised to RM1 million.

When these measures did not have the desired effect, the Malaysian government rolled out another round of measures that will include a hike in the RPGT from Jan1 next year.

Hong Kong last week announced fresh measures that impose a stamp duty of 15 per cent on home purchases by foreigners, as well as raise the resale tax on property by about 5 percentage points and extend the period during which it will apply from two years to three.

It is also slated to start banning foreigners from buying new homes in the city, with a pilot scheme on two sites restricting sales to permanent residents of Hong Kong.

The city's sizzling real estate market has seen prices skyrocket about 85 per cent over the past 21/2 years, buoyed by demand from mainland Chinese buyers.

But the most draconian measures can be found in China, where the authorities have restricted the number of properties that a household can own in bustling cities such as Beijing and Shanghai.

Being an open city, however, Singapore is unlikely to implement such socialist measures outside the realm of public housing.

Here, it bears mentioning that the Government is most concerned with Housing Board flat prices.

This is not surprising, given that 80 per cent of Singaporeans live in HDB flats. The Government cannot allow prices - at least those of new flats - to climb beyond the affordability of most first-time buyers.

As the HDB market has a symbiotic relationship with private housing - except at the very high end - cooling the private housing market is also a way of cooling the HDB resale market.

As a result, the latest cooling measure is unlikely to be the last if demand for housing shows no sign of abating and prices continue to head north.

The good news is that private home prices have risen by just 1 per cent in the first nine months of the year. However, resale HDB prices have climbed by 3.9 per cent over the same period.

Until both the public and private housing markets show clear signs of stabilising or softening, the next stick may not be too far away.

Taking its cue from cooling measures implemented by other countries, one additional measure the Government can consider is curbs to restrict the number of homes that foreign buyers can purchase - or subjecting them to a hefty multiple ownership tax.

Alternatively, simply tightening the screw on existing measures may also be effective. For instance, the period where the seller's stamp duty is applied now can be lengthened from its current four years, or tax rates can be hiked further.

But whether or not to unleash more draconian measures will be a key decision for policymakers down the road, considering Singapore's reputation as an open and free economy.

The property market is a key plank of the economy and its health is closely intertwined with the wealth of Singaporeans.

Regional countries have introduced outright bans on foreign ownership, capital gains tax on property and even restrictions on the number of properties citizens can own. These are levers Singapore has not contemplated - at least publicly.

But whichever levers it pulls, the Government must continue with its calibrated approach: keep Singapore's economy generally free and open to foreign investment, while keeping the property market on an even keel. That calls for more smart manoeuvring.

Source: The Straits Times – 30 October 2012

Q3 Housing and Development Board Resale Prices Rise 2%

RESIDENTIAL MARKET

HDB resale prices in Q3 ratchet up another 2%

Prices of resale flats stayed at a record high in the third quarter, after having grown at the fastest pace of the year.

But while analysts expect the upward trend to continue, they do not forecast runaway prices.

The Resale Price Index (RPI) for Q3 stood at 197.9, an increase of 2 per cent over the previous quarter, data from the Housing and Development Board (HDB) showed yesterday. This was in line with earlier official estimates.

Resale prices had grown at a 1.3 per cent clip in the second quarter, and 0.6 per cent in the first quarter.

For the first nine months of the year, prices have gone up 3.9 per cent, the HDB said.

The number of resale transactions fell 6 per cent to 6,560 from Q2, after surging 19 per cent in the previous quarter, the HDB said.

On the demand side, analysts cited buyers who cannot or prefer not to wait for a new flat, second-time home buyers and those ineligible for Built To Order (BTO) units, such as permanent residents and singles, for driving up prices.

As the cost of resale flats have headed north, so too has the premium that buyers have to pay out of pocket. The median cash-over- valuation (COV) in Q3 rose between 15 and 20 per cent from the previous quarter to $30,000 overall, data from analysts showed.

HDB figures bear this out. For instance, the median COV for a five-room flat in Bishan in Q3 was $66,500, and that for a four-room flat in Queenstown, $55,000. In the previous quarter, the figure was $46,500 for such Bishan flats and $43,000 for Queenstown ones.

Eugene Lim, key executive officer at ERA Realty, agreed broadly with that reading, citing a low unemployment rate here and a growing economy.

Prices could also face pressure from the recent cap on home loan tenures, as homeowners may simply drop their plans to move, he said.

"That adds to the supply crunch of HDB resale flats."

That said, analysts do not expect growth for resale flat prices to reach the rates of the previous two years. They forecast overall increases of 5 to 7 per cent this year, compared to the 10.7 per cent last year and 14.1 per cent the year before.

The record 27,000 BTO units that the HDB is offering this year will help offset any sharp hikes, said Mr Lim

Source: Business Times – 30 October 2012

Much Anticipated South Beach Project Set To Go!

RESIDENTIAL MARKET 

South Beach developer set to market project

The much-anticipated South Beach project is gathering pace with the developer preparing to market the homes, offices and shop space.

The City Developments (CDL) and IOI Corporation consortium is "at the stage of preparing to market or pre-lease" the development, but has not finalised the launch date and pricing, a CDL spokesman said.

The mixed-use project - located between Raffles Hotel and Suntec City, and next to the Esplanade MRT station - will feature 190 homes, 651 hotel rooms, 49,000 sq m of office space and 7,900 sqm of retail space. A 2,700 sq m area will also be set aside for a private club.

Some agents gathering interest for the high-end complex told The Straits Times that flats could be sold at about $4,000 per sq ft (psf) on average.

They added that some regulatory approvals are still needed before flats can be sold, but the development - which had been hit by delays due to the global financial crisis - is finally in motion.

The landmark site was acquired for nearly $1.69 billion from the Urban Redevelopment Authority in 2007, at a price that worked out to $1,069 psf of potential gross floor area.

Originally, Dubai World unit Istithmar, United States-based Elad Group and CDL each held a one-third stake in the South Beach Consortium.

The original plan would have seen the development completed by this year at a total cost, including land, estimated at $2.5billion.

But during the financial crisis in November 2008, CDL announced a deferment until building costs eased.

A series of sales and restructuring also marked the exit of two of the original investors - Elad and Istithmar - and led to the entry of Malaysian heavyweight IOI last year.

The project is now scheduled for completion in 2015.

CDL declined to give the revised total development cost, but added that "there have been no changes or enhancements made to the original plans for the site with IOI's participation to the shareholder structure".

Source: The Straits Times – 6 October 2012

Residential Property Supply to see Record Surge

RESIDENTIAL MARKET 

Residential home supply to see record surge

Bedok and nearby areas will be at the epicentre of a record breaking surge in private home completions over the next two years, new analysis shows.

This burst of construction is, in part, the fruit of recent government efforts to cool the red-hot property market with a bumper release of residential sites.

More than 35,000 private non-landed homes are set to be completed in 2013 and 2014 alone, the National Development Ministry said in Parliament recently.

ABSD Shrinks Foreigners' Share of Private Homes Purchased in Singapore

RESIDENTIAL MARKET 

ABSD reins in foreigners' foray into private homes

The introduction of the additional buyer's stamp duty (ABSD) last December has had its intended effect of shrinking non-permanent resident foreigners' share of total private-home purchases in the first three quarters of this year.

Conversely, Singaporeans have seen a 10.6-percentage point jump in their share of the home-buying pie. PRs' share has risen slightly.

Foreigners who were not Singapore PRs accounted for just 6.2 per cent of the 23,312 caveats lodged for private homes excluding executive condos in the first nine months - down from their 17.5 per cent share in full-year 2011. In 2010, they accounted for 11.9 per cent of home purchases.

New HDB Package for BTO Buyers

RESIDENTIAL MARKET 

New package deal for BTO flat buyers

The Housing & Development Board has introduced a doors-and-sanitary fittings package for Build-To-Order (BTO) flats launched from September.

The package costs between $3,190 and $4,330, depending on the flat type.

Home owners say this scheme goes some way to address concerns about the cost of the HDB's doors-only package, which costs about $3,000 on average for four- and five-room flats.

Punggol Waterfront Masterplan - An Exhibition in HDB Hub

Wonderful developments in Punggol Waterfront

URA Launches Tender for Alexander Residential Site

RESIDENTIAL MARKET

URA to launch tender for Alexandra residential site

Another choice residential site is on the market, thanks to the keen interest of developers, still anxious to secure well-located sites close to MRT stations.

The 99-year leasehold reserve list site at Alexandra View, which went on the reserve list less than a month ago, will be put up for tender in two weeks.

It has been triggered for sale after a developer committed to bid at least $222.9 million - or $650 per sq ft (psf) per plot ratio (ppr) - for the 0.65 ha land plot, the Urban Redevelopment Authority said yesterday.

More Rental Flats to Ramp Up Supply in 2013

RESIDENTIAL MARKET

2,000 rental flats to be built next year

Some 2,000 rental flats are being built to meet the housing needs of lower-income families.

These units will be located in Punggol, Sembawang, Yishun, Bukit Batok and Sengkang, and are part of the Government's promise last year to have a total of 57,000 rental flats by 2015.

A Housing Development Board spokesman yesterday said construction of the 2,000 units will begin by next year.

"These flats are expected to be ready for occupation progressively from 2014," she said.

Public rental flats, meant to be the final housing safety net, cost tenants $26 to $275 monthly, depending on income, and come in one-room and two-room options.

Office Rents Stable Despite Added Supply

COMMERCIAL MARKET

Office rents hold steady despite new space

Office rents stagnated, overall, in the third quarter, as the effects of recent new space rippled across the market, but some clusters held up better than others.

Rents in the Central Business District (CBD) tended to record small falls, while CBD fringe and suburban areas mostly held firm.

Areas such as Raffles Place, Suntec/Marina Centre and Orchard Road saw a marginal dip in rents of less than 1 per cent from those of the quarter before, owing to the surge in space as existing tenants relocated to newer buildings.

Yishun Executive Condominium Sold For Record Price!

RESIDENTIAL MARKET

Yishun executive condo sold for a record $1.61m

A double-storey penthouse at One Canberra in Yishun was sold for $1.61 million, setting a record for new executive condominiums (EC) and prompting one property consultancy to warn about the affordability of high-priced units.

More than half of the 343 new units that fetched more than $1 million since the Executive Condominium scheme was relaunched in late 2010 were sold this year.

A growing number of young and affluent buyers are going for bigger and more high-end units that offer perks, such as spacious balconies and unobstructed views.

What Happens to Prices of Limited Edition Executive Maisonettes

RESIDENTIAL MARKET

Price boost for 'limited edition' exec maisonettes

The Government's reiteration that it will not build new executive maisonettes will further boost the prices of such "limited edition" units, said analysts.

These large, two-storey flats have become highly sought-after in the last few years due to a growing price gap between Housing Board flats and private property, and a wave of collective sales that have thrown up cash-rich buyers looking for big spaces.

Some flats in neighbourhoods like Bishan have made headlines for fetching record prices. This year, four of the eight units that broke the $900,000 threshold were executive maisonettes.

Hike in Property Prices As Residential Homes Near Completion

RESIDENTIAL MARKET

Price rises likely as homes near completion

Property buyers love to see their new home or investment near completion. But what does it mean for prices?

Experts say that buyer interest in some residential projects slated to be completed within the next year has surged. Prices have risen in tandem, they add. But they warn not all projects enjoy this lift as owner-occupation nears.

Various factors such as the quality of the project, or the nearby amenities, can play a part in just how much upside is likely.

Waterbay Executive Condominium at Punggol Selling Hot!

RESIDENTIAL MARKET

206 Waterbay units sold on first day

Some 206 of the 383 units available at Chinese developer Qingjian Realty (South Pacific)'s executive condominium (EC) project, Waterbay EC, were sold by 5pm yesterday, the first day bookings opened. Property consultants had earlier expected it to garner healthy interest from buyers because of its location.

The development, which sits at the junction of Punggol Central and Edgedale Plains, is a seven-minute walk to the Punggol MRT station, Punggol bus interchange and future shopping mall Waterway Point.

Decline in Q3 Private Home Sales Due to Lunar Seventh Month

RESIDENTIAL MARKET

Fall in Q3 private home sales 'due to lunar seventh month'

The lunar seventh month is being blamed for a huge drop in the number of private home sales in the third quarter, compared with the previous three months.

5,934 deals were closed in the quarter, sharply down on the 10,780 transactions recorded in the three months to June 30.

Superstitious home seekers are said to avoid buying homes during the inauspicious lunar seventh month period, which cuts across half of August and September.

New home sales were down more than 50 per cent - from 6,007 in the second quarter to 2,659 in the following three months.

However, some new residential projects managed to buck the trend.

Units at One Dusun Residences in Jalan Dusun were almost sold out within two weeks despite launching towards the end of August.

Several projects were also well received after launching late last month - after the lunar seventh month.

Kovan Regency in Kovan Road has sold more than 90 per cent of its 393 units, while Riversails in Upper Serangoon Crescent moved more than 200 flats last month.

Sales involving permanent residents (PRs) were less badly affected in the quarter than other buyer groups such as Singaporeans and foreigners.

Transactions involving PRs fell about 37 per cent compared with the previous quarter, while other groups registered declines of more than 45 per cent.

Sales of new executive condominiums (EC) slowed in the third quarter, possibly because of the increased number of Build-to-Order flats and EC launches.

About 27,000 flats are expected to be launched this year.

As dual ownership of new EC units and Housing Board flats is not allowed, buyers and HDB upgraders might choose to buy a private residential unit instead.

Private property owners cannot own an HDB flat at the same time. This removes ECs, a hybrid between private and public housing, as an option for private property owners.

Source: The Straits Times – 19 October 2012

Singapore Property HDB Aims To Increase Construction Productivity

RESIDENTIAL MARKET

HDB eyes 25% productivity boost by 2020

The Housing & Development Board (HDB) is looking to boost construction productivity by up to 25 per cent by 2020 amid concerns over a labour crunch.

It has launched a new HDB Construction Productivity Framework aimed at encouraging the use of innovative construction methods and optimising current processes and systems.

As the government moderates foreign worker growth, the adoption of unconventional ways to sustain the construction industry's growth is mandatory as it faces strong projected demand in the foreseeable years, said Senior Minister of State for Trade and Industry and National Development Lee Yi Shyan.

Mr Lee said around 30,000 workers are hired for HDB projects, out of the 271,209 foreign construction workers in the construction industry (not limited to the housing sector).

"The fact that SMEs are facing a severe manpower crunch is real and painful, but the policy of moderating foreign worker growth is also a reality," he said.

In its bid to implement innovative construction methods, HDB is exploring technologies that facilitate mechanisation and automation to reduce on-site construction time, labour, noise and dust pollution.

HDB is also looking at improving productivity in precast plants through automation, given that many existing prefab plants here are still very labour-intensive, said Mr Lee.

On the process optimisation front, HDB is promoting the use of building information modelling (BIM), which eliminates the need for manual 2D drawings, facilitates better teamwork and reduces abortive work.

Project submissions to HDB will be required to be in BIM format from 2015.

Mr Lee was speaking at the launch of the inaugural HDB Professional Engagement and Knowledge-sharing Forum (PEAK Forum), which represents HDB's focused engagement with professionals in the building and construction industry.

An exhibition showcase on the next phase of development of Punggol was also launched for public consultation. It ends on Oct 28.

Source: Business Times – 18 October 2012

High Bid For Residential Site Next to Tanah Merah MRT

RESIDENTIAL MARKET

High bid for site next to Tanah Merah MRT

A 99-year leasehold residential site along New Upper Changi Road has drawn a higher-than-expected top bid, pointing to a still-bullish sentiment among property developers here.

The land parcel sitting next to Tanah Merah MRT received 11 bids in all, the Urban Redevelopment Authority (URA) said. The highest offer came from Keppel Land unit Sherwood Development, which bid $434.6 million or $791.42 per square foot per plot ratio (psf ppr).

Singapore Property Cooling Measures Are Effective says Khaw Boon Wan

RESIDENTIAL MARKET

Property cooling measures proving successful: Khaw

We DID it!

Five sites yielding some 2,880 homes have been released for sale, even as the government has pledged that it remains ready to cool the housing market if necessary.

Minister for National Development Khaw Boon Wan, asked by Members of Parliament yesterday what the government is doing to ensure housing remains affordable, said the cooling measures put in place thus far - including the curb on housing loan tenures - have met with some success. He said: "Both the private property and HDB resale market have shown signs of stabilising."

Punggol Phase 2 Plan Unveiled! Great News for Punggol Buyers!

RESIDENTIAL MARKET

Punggol development: Phase 2 plan unveiled

Punggol Phase 2 Plan

The Housing & Development Board (HDB) yesterday unveiled plans for the next phase of Punggol's development, including a new Northshore District that will be carved out for more seafront public housing.

Northshore District will be one of seven distinct waterfront housing areas, of which Waterway East and Waterway West Districts are already under development.

Not only will Northshore District be home to Punggol's tallest residential buildings, at 29 storeys, they will also boast fully underground car parks in a bid to provide a greener and more spacious environment at the ground level.

Resale Prices of Industrial Space On The Rise

INDUSTRIAL MARKET

Resale prices of industrial space on the rise

There are signs of speculation developing in areas of the industrial property sector, analysts say, but they are divided over whether there is overheating and if the government should step in.

Resale prices for industrial space continued to rise in the third quarter, while industrial rents held firm.

Resale industrial prices for first-storey conventional industrial space rose 4 per cent in Q3, to $600 per square foot (psf), compared with the previous quarter. This was at the same rate as the previous quarter.

For upper-storey industrial space, prices grew 3.5 per cent to $445 psf from the previous quarter, slowing from 4.9 per cent growth in Q2.

Rents for first-storey conventional industrial space were at an average of $2.15 psf per month, while upper-storey rentals averaged $1.75 psf per month, the same levels as Q2. Hi-tech industrial rents edged up 0.07 per cent from the second quarter, to $3 psf per month.

Source: Business Times – 10 October 2012

Mountbatten Condominium Up For Enbloc Sales

Mountbatten Condominium up for collective sale

A 30-year-old condominium in Mountbatten has been put up for collective sale.

The project, Katong Park Towers, sits on 99-year leasehold land with a site area of about 13,077 sq m. The 118-unit condo is still occupied.

But soon, the site could be sold for between $330 million and $340 million, or $1,145 to $1,178 per sq ft per plot ratio (psf ppr), including 10 per cent of balcony space.

Woodlands Executive Condominium Site Draws Top Bid of $150.2m

RESIDENTIAL MARKET

Woodlands Executive Condominium site draws top bid of $150.2m

Demand for Executive Condominium (EC) sites in Woodlands remains strong, with a top bid of $150.18 million, or $302 per square foot per plot ratio (psf ppr), submitted for a 99-year leasehold site there.

That bid came from a joint venture between Fraser Centrepoint's unit Opal Star and Lum Chang's unit Binjai Holdings, which have a 70-30 per cent stake in the venture.

The site is on Woodlands Avenue 6 and Woodlands Drive 16, next to another EC development, La Casa.

The tender, which closed at noon yesterday, attracted five bidders - comparable to a site on Woodlands Avenue 5 sold in May which also pulled in five bidders and was sold at $318 psf ppr.

* Take a look at the New Launch Woodlands Executive Condominium Details *

Making Resale HDB More Affordable in Singapore

Pricey Housing Development Board (HDB) resale flats seem to be a hot topic among Singaporeans these days. Recent news that some HDB flats were sold for more than one million dollars is further fuelling unease for first time HDB buyers as well as upgraders, as their dream apartment appear to be moving further and further from their reach.

In our line of work, we often look at property trends and propose solutions. Our clientele typically consists of homebuyers looking for value-for-money properties. However, using our understanding of the Singapore property market, we thought that it would be interesting to share our views on how we think public housing (HDB flats) can be made more affordable.

Most Developers Unlikely To Give Discounts

Most developers unlikely to give discounts: Experts

AT LEAST one property developer here is offering an effective discount on homes in the wake of the latest cooling measures. But property experts do not expect all developers to follow suit. Far East Organization's immediate response was to give a 2 per cent furniture voucher for units at its newest launch, eCO, to mitigate the effects of the new home loan rules.

Q3 HDB Prices Hit Record Again!

RESIDENTIAL MARKET 

Q3 HDB resale prices up again to hit record

Price gains in the public housing resale market are picking up momentum again. A 2 per cent quarter-on-quarter hike in Housing & Development Board's resale flat price index lifted it to a fresh record in Q3.

This is the biggest Q-on-Q increase since the 3.8 per cent gain in Q3 last year.

Outlook For Private Homes Next Year

RESIDENTIAL MARKET

Jury is out on outlook for private homes

The jury is out on just how private home prices will fare next year, after the Urban Redevelopment Authority's third-quarter flash estimate shows a return to firmness in private home prices, with much of the gain coming from the suburban condo market.

New Roads to Cope With New HDB Flats Built

RESIDENTIAL MARKET 

Towns to get new roads to cope with BTO boom

The Housing Development Board HDB has promised that by the time a bumper crop of Build-to-Order (BTO) projects are completed in the next two years, roads around them will be able to cope with the boom in the number of residents.

Anticipating possible congestion, it said it has started constructing new roads within towns, and widening existing ones.

Singapore's Growing Hot Spot For Investors

RESIDENTIAL MARKET 

Geylang a growing hot spot for investors

Mention Geylang and an unappetising image of shabby shophouses, street girls and sleazy budget hotels springs to mind.

But the much-maligned area is a growing hot spot for savvy property investors chasing high capital gains and rental yields.

There are at least 40 projects, comprising 2,190 units, that will be launched or completed in the next five years or so.

Who Says There's No Cheap Private Property?

RESIDENTIAL MARKET

Private apartments under $1m

News that a HDB flat sold for $1 million sent a chill through many home seekers but cheaper homes can still be bought without paying a king's ransom - just don't expect too much for your money.

Buyers willing to compromise on facilities, location, appearance and other features can land a private apartment for under the $619 per sq ft (psf) price paid for that 1,615 sq ft HDB home in Queenstown this month.

Cool Down On Cooling Measures

RESIDENTIAL MARKET

Redas: Cool down on cooling measures

The property sector does not need another round of cooling measures, at least not before a thorough review of the earlier measures put in place has been conducted.

This was the main message put forth by Wong Heang Fine, president of the Real Estate Developers' Association of Singapore (Redas), at the organisation's Mid-Autumn Festival yesterday.