Office rents set for recovery: CCT

Office rents in Singapore are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, according to the biggest office property trust in Asia outside of Japan.

Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT).

Supply for the next three years will be about 0.8 million square feet a year, down from 1.3 million sq ft over the past two decades, she said.

MAS on Asia govts' moves to cool property markets

Targeted interventions by governments to cool heated property markets across emerging Asia have achieved some degree of success, said Monetary Authority of Singapore (MAS) managing director Ravi Menon yesterday.

They allowed policymakers some freedom to experiment without relying too much on possibly counterproductive interest rate or exchange rate policies.

But these interventions - such as tightening loan-to-value ratios and stamp duties - need to be put in a more structured context, he said at Citibank's 10th annual Asia-Pacific Investor Conference.

Buyers' rights in building defect disputes

Knowing a buyers' rights is crucial, while recourse is available for homeowners following the purchase of a new home or a renovation stint, this is not to say that any and all defects can be claimed against the developer and/or renovation contractor.

Being able to differentiate between what is contractually binding and what is mere marketing speak is of great importance.

"Marketing speak should generally not be trusted or relied on to impose any legal obligations on the developer. The developer's legal obligations to the purchasers are contained in the sale-and-purchase agreement," said Rodyk & Davidson partner Ling Tien Wah.

Central Region condos saw biggest price fall in December

Prices of completed private apartments and condos generally fared worse in December over November, according to latest figures from the National University of Singapore.

The university's December flash estimate for the Singapore Residential Price Index (SRPI) series showed that the most marked price deterioration was in Central Region, which is defined as Districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11. The sub-index for Central Region (excluding small units) fell 1.3 per cent month-on-month in December, reversing a 2.2 per cent gain in November.

Mixed-use developments draw homebuyers

Mixed-use developments integrating residential and retail components have become an attractive proposition for homebuyers, notably couples and young professionals, according to Far East Organization.

Chia Boon Kuah, chief operating officer for property sales, said this after a recent offering, the 99-year-leasehold The Hillier, sold its last residential units last weekend.

The homes at the 528-unit SOHO development at Hillview Avenue 2 commanded an average price of $1,474 per square foot and should be ready by 2016, after launching for sale in January last year.

Rentals keep up with rise in home prices

Rentals have kept pace with the rise in private home prices, but not across the board.

"Rental yields remain at 3.7 per cent islandwide," Maybank Kim Eng said in a report that compared 2011 and 2012 rentals at projects with more than 10 rental contracts. The minimal change in the figure indicates condominium rental rates have generally kept up with the increase in prices last year.

However, not all districts fared equally. The worst showings were in Newton and Sentosa, with yields compressing to just 2.2 per cent last year.

URA Q4 stats show signs of speculative buys

The Urban Redevelopment Authority's (URA) fourth-quarter real estate statistics show evidence of the investment and speculative activity that drove various segments of the Singapore property market last year and led to the latest cooling measures.

Home buyers in the private housing market, for instance, picked up far more homes from developers last year (22,197 units) than in the previous year (15,904 units). However, fewer homes changed hands in the resale market, which covers secondary market deals involving completed properties, last year (12,811 units) than in 2011 (14,046 units).

Cooling measures not a concern, says foreign developer of luxury condo

The latest property cooling measures may be targeting foreign buyers, but at least one property firm believes that the steps will not curb foreign appetite for Singapore properties.

China Sonangol Land plans to continue expanding in Singapore and is not too bothered by the latest cooling measures.

Mr Alain Fanaie, chief executive officer of the developer's parent company, China Sonangol Group, said he was "not really concerned" about the impact of the recent cooling measures.

He expects buying activity to return in about six months' time. The latest cooling measures rolled out on 12 Jan include raising the additional buyer's stamp duty (ABSD) for foreigners from 10 per cent to 15 per cent.

HDB resale prices seen remaining stable

Even as prices of resale flats hit new peaks in the fourth quarter of 2012, consultants say that prices should remain stable in the coming year, following the seventh round of cooling measures.

The Housing & Development Board's (HDB) Resale Price Index rose 2.5 per cent over the previous quarter to breach the 200-point price-index mark to hit 202.9 in the fourth quarter, resulting in a 6.6 per cent increase in resale flat prices for the whole of 2012.

According to HDB's data, Bukit Merah had the highest median resale price for a five-room flat at $765,000; Queenstown fetched the highest median price for a four-room flat at $710,000.

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Suburban (OCR) completed condos fared better

In the private residential segment, the prices of completed, non-landed private homes in the Outside Central Region (OCR) led fourth-quarter gains, rising 5.6 per cent quarter-on-quarter in the fourth quarter last year.

In the price indices compiled by the Urban Redevelopment Authority (URA), the index for uncompleted homes in the OCR inched up at less than half the pace: 2.4 per cent.

The OCR covers suburbs such as Punggol, Woodlands and Jurong, where mass-market condominiums are located.

Residential property buys via SPV may not escape ABSD

Corporate entities seeking to avoid paying the additional buyers' stamp duty (ABSD) by buying shares in special purpose vehicles that own properties could come under the scrutiny of the tax authorities.

The Inland Revenue Authority of Singapore (IRAS), in a letter responding to a Business Times article on such deals, said: "When the company buys a residential property, it will be subject to ABSD, and at the highest ABSD rate of 15 per cent. Under the Stamp Duties Act, the Commissioner of Stamp Duties may disregard or vary any arrangement to counteract any reduction in or avoidance of duty payable by that person.

Government casts a cold eye on commercial sector - shops, office space

The sudden burst of activity in the commercial property sector has caught the government's eye, and indications are that it may extend cooling measures to this sector if transactions rise above what it deems to be the comfort level.

The Urban Redevelopment Authority (URA), responding to queries from The Business Times, said: "We are monitoring the various segments of the property market closely, including the commercial sector. We will introduce measures, if required, to moderate investment demand and prevent overheating in the property market."

Chip Eng Seng offers top bid of $794 psf ppr for Yishun site

A unit of Chip Eng Seng Corporation has placed the top bid for a mixed commercial and residential development site at the corner of Yishun Ring Road and Yishun Avenue 9.

The property and construction group's bid of $212.1 million, translating to $794.44 per square foot per plot ratio (psf ppr), was the highest of 13 bids received at the state tender yesterday.

This was 9.5 per cent more than the second highest offer of $193.777 million, or $725.81 psf ppr, from a joint venture between Far East Organization and its listed vehicle, Far East Orchard Limited.

21 Anderson put up for sale for $250-260m

21 Anderson, Royal Oak Residence, a freehold residential property within the Ardmore Park vicinity is up for sale, with an indicative pricing of $250-260 million.

The 10-storey freehold residential development comprises 34 units with a strata area of 85,552 sq ft and land area of 49,048 sq ft. Currently, close to 100 per cent of the units are leased out.

"While the vendor is selling the asset, potential investors may also consider acquiring shares in the company that owns the property, thereby realising Additional Buyers' Stamp Duty (ABSD) savings.

ABSD hike may see more investing in property SPVs

The significant jump in the additional buyers' stamp duty (ABSD) for corporate entities has made it more compelling for them to buy shares in special purpose vehicles (SPVs) that own properties, rather than purchase apartments directly.

At least two such potential deals have been advertised in the last two days. On Tuesday, there was an advertisement in The Business Times for the sale of 36 units at Goodwood Residence, through an SPV that owns the apartments.

No U-turn as clock ticks for developers

The authorities are standing firm on the rule that all units in projects with any foreign ownership must be sold within two years of the project receiving its temporary occupation permit (TOP), even as developers lobby the government to extend the timeframe.

Last year, the Real Estate Developers' Association of Singapore (Redas) submitted a proposal to extend this two-year period.

According to the Ministry of Law, however, "the disposal period remains as two years after the developer has achieved the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) for the project, whichever is earlier".

Ho Bee gets ready to reap fruits of Metropolis project

Property developer Ho Bee Investment's efforts to build a strong base of recurring income will start to bear fruit later this year, with the completion of The Metropolis, its one million sq ft Grade A-specification office project directly linked to Buona Vista MRT Station on the Circle Line.

The development's 23-storey Tower 1 is expected to receive Temporary Occupation Permit around July, to be followed a couple of months later by the 21-storey Tower 2.

Foreign firm to buy CityLife EC stake

The buzz in the executive condominium (EC) market here has attracted another foreign player to dip its toes into Singapore's property market.

Pan-Asian real estate investment company Everview Capital Partners will acquire a 5.5 per cent stake in EC project CityLife in Tampines for $4 million, said one of the EC's developers SingXpress Land in a statement yesterday.

Foreigners' share of private home buys seen shrinking in first half

Foreigners' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.

Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011.

The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011.

Govt unveils $2b package to reverse low birth rate

Being a parent in Singapore has never looked so attractive.

Married couples, with children under the age of 16, buying HDB flats for the first time will get priority allocation of new flats. Meanwhile, fathers will get paid paternity leave of one week in addition to the one-week leave they can co-share with their spouses.

These were some of the measures announced by the government yesterday as part of a bumper $2 billion Marriage and Parenthood package that it hopes will reverse the low birth rate here. As a side-effect, some see it helping to moderate prices in the HDB resale market and stabilising the HDB rental market.

Chinatown grows in commercial appeal

Parkroyal on Pickering hotel opened
on Wednesday. Next door is the recently
opened and revamped Chinatown Point

There is a buzz in Chinatown and not just because it is the festive season.

Property has become the new talk of the town in the past few months, particularly commercial real estate.

The heritage-filled district has just received a major boost with the opening on Wednesday of the 16-storey Parkroyal on Pickering hotel and launch of the revamped Chinatown Point mall.

Bungalow plot at Chee Hoon Ave up for sale

A bungalow plot in District 11 has been put on the market for auction sale next month, and is expected to fetch more than $23 million.

The 15,184 square foot site - 8 Chee Hoon Avenue - is easily accessible and has a 37-metre frontage.

The property was put up for sale by the estate of the late Molly Ong Nee Chan, wife of the late Dr Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.

200,000 new homes in the works

The large supply of units that will be coming on stream in the coming years, coupled with an inevitable end to the current low interest rate environment, are factors which those contemplating buying a property need to take into account.

This was the reminder from National Development Minister Khaw Boon Wan in his blog yesterday as he acknowledged that the market was temporarily not in balance because of under-building in the past and high investment demand today.

"But we have been ramping up supply and in 2, 3, and 4 years' time, supply will have caught up with pent-up demand," stressed Mr Khaw.

More projects offer discounts to offset ABSD

Property developers intensified their discounts and incentives to entice buyers to pull out their cheque books after the government took new steps on Jan 11 to cool the private property market.

After 99-year leasehold Q Bay Residences in Tampines offered a 5-7 per cent discount last week to offset the effect of additional buyer's stamp duty (ABSD), other property developers have joined the discount bandwagon.

Far East Organisation yesterday took out an advertisement in The Sunday Times offering additional discounts of up to 4 per cent on selected properties such as The Seawind at Telok Kurau, SeaHill at West Coast Link and euHabitat at Jalan Eunos, on top of discounts already in place.

Industrial property prices tipped to slide

Industrial firms planning to expand will benefit most from the property cooling measures imposed last week, according to market experts.

They predict that prices of industrial property will slide in the wake of the new seller's stamp duty, which is expected to curb speculation.

That in turn will help lower business expenses as occupancy costs decrease, alleviating some of the impact from the slowing economy.

Two more MRT lines by 2030

Two new rail lines will be built and three existing lines extended to improve the coverage of Singapore's rail network.

The rail network will be doubled by 2030, from the current 178 km to about 360 km, placing 8 out of 10 households within a ten-minute walk of a train station. The improvements will support Singapore's long-term development and ensure the network will have more than the capacity needed to meet the expected increase in public transport ridership in the next two decades.

Year's first condo comes with 7% price cut

The average price for units at Q Bay Residences - the first private condominium launch for 2013 - has dipped 7 per cent in response to the new property cooling measures introduced last Friday.

From an originally planned price of $1,050 per square foot per plot ratio (psf ppr), the developers, a consortium of Frasers Centrepoint, Far East Organization, and Sekisui House, launched the 630-unit residential project at an average of $985 psf ppr at its preview sale yesterday.

This translates to about $525,000 for the smallest 527 sq ft one-bedroom unit and $1.7 million for the largest 1,981 sq ft five-bedroom unit.

Office space likely to draw investor interest: Report

Office space is likely to attract interest from investors in an uncertain year for property here, a new report said.

The overall outlook is cautious given the uncertain global economy and last week's tough new property cooling measures.

It said investors may look to office space given the "compelling low interest rate environment" and high policy risks in the residential sector.

21% stake in Orchard Towers up for sale

A 21 PER CENT strata interest in Orchard Towers comprising prime freehold retail and office space is up for grabs by tender, with an asking price of about $190 million.

Selling the stake is a subsidiary of Sinarmas Land Ltd (previously known as Asia Food & Properties) called Golden Bay Realty, which is looking to part with the stake as a whole, or split it into three components: the retail space, offices in the front tower, and offices in the rear tower.

Why new rules will tame developers' bids

Last Friday's property cooling measures will have serious implications on how much developers will be prepared to pay for residential land, as well as the continued survival of popular lifestyle concepts like private roof terraces with swimming pools or jacuzzis.

First, the various measures to curb investment demand for residential properties - such as higher additional buyer's stamp duty (ABSD) rates, lower loan-to-value (LTV) limits and bigger cash downpayment - will reduce the pool of buyers for developers to sell units in their housing projects to.

4 North Bridge Rd shophouses to be auctioned

Four freehold shophouses along North Bridge Road have been launched for sale by public auction.

The shophouses, bounded by Kandahar Street and Aliwal Street and within the Kampong Glam conservation area, will be sold together; they have been tagged with an indicative asking price of $15.5 million.

The units, at 762, 764, 766 and 768 North Bridge Road, will be sold with existing tenancies, which expire between March this year and July next year.

Property Market braces for the chills

Numbers just in show that the property market made history in 2012, with developers selling a record 22,290 private homes, excluding executive condos. The tally, which shattered the previous record of 16,292 units in 2010, was boosted by brisk sales in December when developers offloaded 1,410 units.

But history is unlikely to repeat itself in the wake of last Friday's cooling measures which target investment demand, even by Singaporeans, in addition to foreign buying.

A telling find from the Urban Redevelopment Authority's December numbers is the relatively small contribution from Outside Central Region (OCR)-home to mass-market condos - to both developers' launches and sales last month.

9 in 10 first-timers opt for new HDB flats

Almost all first-time buyers of public housing are now opting for a brand new Housing Board flat instead of a resale unit.

The HDB said yesterday that while 55 per cent of first-timers had gone for new flats in 2009, this figure had shot up to 92 per cent last year. The rest had bought a resale flat with a housing grant.

Property analysts attribute this to the ramped-up supply of new Build-to-Order (BTO) flats - including in mature estates popular with buyers - and a higher monthly income ceiling of $10,000 for applicants.

Khaw lauds EC scheme but will stay vigilant to prevent abuses

The executive condominium (EC) scheme is a "wonderful" one and should continue, as the government addresses prior abuses, Minister for National Development Khaw Boon Wan said yesterday.

Responding to queries from Members of Parliament (MPs), he said ECs are relevant, protecting middle-income Singaporeans from competition and ensuring them a market- friendly way to buy condominiums at affordable prices.

"And if I may give an analogy, it's like offering you a Lexus at a Corolla price," he told Parliament.

"But only Singaporeans have this privilege of doing so and they know that in due course the price will go up to Lexus and above Lexus levels."

However, he said the scheme had been taken advantage of by some developers and buyers, which prompted new measures targeted at this segment of the residential market.

Developers had taken to building super-sized ECs, Mr Khaw said, and in some instances had exploited planning rules.

A 4,349-square-foot (sq ft) penthouse at Citylife@ Tampines that included a 1,600 sq ft roof terrace sold for $2.05 million in December.

Previously, development charges need not be paid on the roof terrace, and there were no restrictions on the size of the unit.

Two new measures that came into effect on Saturday: limiting each new EC unit to 160 square metres (1,722 sq ft); and counting private enclosed spaces and roof terraces as gross floor area, sought to address this.

Mr Khaw also explained the move to restrict new dual-key ECs to multi-generational families.

He said some buyers had taken advantage of the concept, meant to offer privacy, to instead rent units out for immediate yield.

Overall, the abuses had led to families that can afford private properties entering the EC market.

"They were very much encouraged by these large units, huge units," Mr Khaw said.

"So now that we have fixed this rule, I will continue to be vigilant and see, and if indeed the abuse continues on, we may have to think of other ways of fixing this problem," he added.

MPs raised some suggestions of their own. Mountbatten MP Lim Biow Chuan asked if a price cap to prevent buyers from overstretching their finances would be considered, to which Mr Khaw responded: "The selling price of ECs were very much dependent on the size of the EC, so by capping the size of the EC, I think automatically the price will become more sober."

Nee Soon Group Representation Constituency MP Lee Bee Wah asked if it was possible to reintroduce new multi-generational flats. She said some of her residents had appealed for such housing units as they could not afford an EC.

Mr Khaw said he will "take a look" but noted that the popularity of the dual- key EC units was down to demand from buyers who were not multi-generational families.

Source: Business Times –15 January 2013

Private home rentals seen remaining stable

Private property rentals are likely to remain stable as the latest property cooling measures take effect, analysts have said.

The pool of potential buyers may be shrunken by measures such as a greater minimum upfront cash required from second-time and subsequent home buyers, a higher additional buyer's stamp duty and tighter loan-to-value (LTV) limits on individuals with one or more outstanding housing loans.

New curbs could benefit office, retail space

 The commercial property sector could benefit from the latest cooling measures, analysts believe, as investors look for alternative places to park their money.

The residential market bore the brunt of the latest moves by the Government to curb buoyant prices and demand, with measures that affect all residential properties as well as those specific to public housing and the hybrid executive condominium (EC) market that mostly took effect from Saturday.

Home sales will fall, even prices may slide

In what could be the first rumblings of a long-raging storm, property counters fell while analysts predicted that private home sales would drop and even prices may dip.

Some expect property stocks to fall by up to 15 per cent in the wake of the most comprehensive round of cooling measures to hit the sector.

The more dire estimates expect property prices, which have climbed despite previous cooling measures, to fall by up to 10 per cent and for transaction volumes to crash by up to 50 per cent.

Analysts have also warned that more measures could be in the works.

Property sector's new buzzword: Penthouse

Move over, shoebox apartments. Penthouse units have claimed the spotlight ever since the launch of a 4,349 sq ft penthouse suite at an executive condominium (EC) in Tampines last month.

The unit, including a 1,600 sq ft roof terrace, was sold for $2.05 million - the most expensive EC penthouse ever sold.

But just what is a penthouse unit? The definition is fuzzy, apart from the apartment being rather swanky and on the top floor. No fixed criteria apply and the term is mainly used as a marketing tool.

Penthouses generally have a large floor area compared with the other units in a project.

Commercial hub shaping up in Jurong Gateway

Jurong Gateway, the area around Jurong East MRT station, is well on the way to becoming a major commercial hub in the western part of Singapore.

Upcoming launches of more shopping malls, a hospital, a hotel and office space will add buzz to the district, which used to be hilly jungle land dotted with prawn ponds and crocodile- infested rivers.

But analysts note that the area has few private residential projects, with most condominiums being nearer to the Lakeside district, west of Jurong Gateway. The only private condo homes are the 280-unit Westmere, an executive condominium launched in 1996, and Ivory Heights, a former HUDC project.

New curbs may delay January launches

A slew of new residential projects that were expected to be launched this month may be delayed as a result of new curbs announced by the Government yesterday.

Experts say the string of new launches this month caters to various budgets with both suburban and higher-end launches coming onto the market.

But one project is going ahead. EL Development's 810-unit project La Fiesta, next to Sengkang MRT station, was launched yesterday.

Q4 resale prices of private homes up 6.6%

Resale prices of non-landed private residences grew at a faster pace last year despite a fall in transaction volumes from the year before.

Buyers paid an average of $1,233 per square foot (psf) in the fourth quarter of 2012, the Singapore Real Estate Exchange (SRX) said yesterday. That was 6.6 per cent higher than the third quarter's $1,157 psf.

That means prices rose 13.4 per cent last year compared with the previous year, and outpaced the 10.4 per cent growth in 2011.

Govt brings out Big Chiller to freeze property prices

The government announced last Friday its seventh and most sweeping package of property cooling measures in over three years.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam described the package as the "most significant to date" and stronger than those introduced in previous rounds. Some measures will be temporary and will be reviewed later, once prices soften, while others are likely to stay for the long term.

"We're not intending to engineer a market crash," he added.

Effective today, residential property buyers are being slapped with steeper additional buyer's stamp duty (ABSD) rates to tighten property investment as well as foreign buying, while loan-to-value limits are being lowered and minimum cash downpayment raised on housing loans to discourage excessive borrowing.

Private home prices set to rise further

Private home prices may keep inching up this year after the cost of suburban land rose an average of 22 per cent last year from 2011, a new report said.
Developers jostled to replenish their landbanks and were prepared to bid aggressively to secure sites on offer.
This sharp rise in land prices may translate to some upward pressure on selling prices for future projects in the primary market, the report said.

Villa Des Flores up for collective sale again

Villa Des Flores, a freehold development on Whitley Road has been put up for collective sale again, after two previously unsuccessful attempts last year.

The indicative price range remains unchanged at $160 million to $165 million or $1,533 to $1,581 per sq ft (psf).

20 projects could benefit from new extension rule

About 20 residential properties could enjoy an extended project completion period under new rules announced by the Singapore Land Authority (SLA).

Usually, developers with any foreign shareholder have up to seven years to sell all the units in a new project - or they could face hefty charges for an extension.

But the rules are being relaxed as the developers concerned had responded to a government call in 2008 to defer the redevelopment of collective sale sites.

Draycott site sets new unit land price

A new benchmark unit land price - higher by a whisker - is believed to have been set for residential land here.

Based on caveats evidence, Hong Kong's Swire Properties is thought to have bought all 12 units in the four-storey Hampton Court for $155 million. This is understood to work out to $2,526 per square foot per plot ratio (psf ppr), which is inclusive of an estimated development charge of $22.3 million.

This unit land price would pip the standing record by just $1 psf ppr set in November 2007, when Westwood Apartments in Orchard Boulevard was bought by YTL for $2,525 psf ppr.

Brisk start to property market for 2013

Sales were brisk at showflats for both private projects and executive condominiums (ECs) over the first weekend of the year.

Analysts said this reflected pent-up demand from buyers after a lull in launches late last year, as well as expectations that prices will keep going up.

URA to review guidelines on private enclosed space

THE Urban Redevelopment Authority (URA) has been directed to review and fix guidelines on private roof terraces and private enclosed space on ground floors that allow developers to profit off bonus floor area that is given to them for free.

National Development Minister Khaw Boon Wan said in a blog post yesterday that super-sized executive condominiums (ECs) units were offered and snapped up by buyers at some recent launches who did not appear to be from the sandwiched class.

"Understandably, there was public indignation at such deviations (both by some developers and some buyers) from what we had intended ECs to serve," he wrote.

Alexandra becoming hot spot for new homes

Better known for its industrial and office buildings, the sleepy neighbourhood of Alexandra has slowly been gaining favour among home buyers in recent years.

More private property projects - such as the Metropolitan, Alexis and Echelon - have been or will be built on sites previously occupied by public housing.

Flanked by neighbouring towns Tanglin and Queenstown, Alexandra is on the fringes of the District 10 prime residential area.

Roxy-Pac buys $24.5m Wilkie Terrace site

A unit of listed property developer Roxy-Pacific Holdings has purchased a freehold residential site off Dhoby Ghaut/Selegie Road for $24.5 million.

This is Roxy-Pacific's third purchase in the vicinity in six months; the other two are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace, which adjoins the newly bought land parcel.

The latest site at 13/15 Wilkie Terrace has an estimated total land area of 9,324 square feet and an existing gross plot ratio of 2.1.

Investment funds big sellers of property

Investment funds were big sellers of property here last year; with the value of sales more than double that of purchases amid weaker economic conditions.

The funds mainly sold off office buildings and industrial properties and invested in hotels and retail malls.

Analysts estimate that funds sold properties here worth a total of up to $3.36 billion last year.

This was well above the value of purchases, of between $1.17 billion and $1.31 billion.

Keen interest in Pasir Panjang freehold units

A new residential project in Pasir Panjang by boutique developer Link (THM) has received strong interest from buyers even before its formal launch.

About 100 cheques have been collected for the freehold 52-unit development, SeaSuites, which will be launched this Saturday.

Average prices are expected to be about $1,650 per sq ft. Most of the units are one- and two-bedders ranging from 517 sq ft to 1,410 sq ft. The three-bedroom units are 1,066 sq ft to 1,615 sq ft.

Kismis Lodge up for en bloc sale again

Kismis Lodge is being put up for collective sale for the second time.

Located off Toh Tuck Road, Kismis Lodge occupies a land area of 70,283 square feet (sq ft). The plot, comprising 64 walk-up apartments, was first put up for tender on July 16 last year.

In the July 2012 tender, the owners asked for between $90 million and $95 million, which translates to about $1,281 to $1,352 per square foot (psf).

Big incentive to build large Executive Condominium units

Large executive condominium (EC) units have been making headlines recently with their record high prices.

The move by developers to build these spacious, often lavishly appointed units has proved controversial, especially given the public policy objectives of increasingly popular ECs.

ECs - a public-private housing hybrid - come with government subsidies and are intended to help households with a monthly income ceiling of $12,000 move into private housing.

Why, some ask, should the Government be subsidising large, swanky homes?

Forestville developer upbeat on reopening

The showroom for the Forestville Executive Condominium (EC) will be closed until further notice for maintenance, but the developer for the project said this is not linked to it being stopped from selling the units by the Urban Redevelopment Authority (URA).

A spokesman for Hao Yuan Investment said yesterday that once the showroom reopens, interested homeowners can still view the units but they will be unable to purchase them.

The showroom has been closed since Friday.

Q4 private home prices up the most in 6 quarters

Despite the curbs on housing loan tenure introduced in October, the Urban Redevelopment Authority's private-home price index flash estimate in Q4 2012 galloped at its fastest clip in six quarters, driven by rising prices of mass-market condos.

The latter were, in turn, buoyed by strong public housing resale flat prices.

URA's overall private-home price index in Q4 rose 1.8 per cent from the previous quarter, after a 0.6 per cent gain in Q3. This is the biggest increase since the 2 per cent rise in the index in Q2 2011. For the whole of 2012, the index climbed 2.8 per cent, about half the 5.9 per cent rise recorded in 2011.

HDB resale flat prices climb to historical high in 2012

Resale flat prices grew at their strongest pace in five quarters to reach a historical high, as the Government plans even more Built-to-Order (BTO) flats this year.

The latest flash estimate of the Resale Price Index (RPI) from the Housing and Development Board (HDB) yesterday showed that prices rose 2.5 per cent to 202.9 in the fourth quarter of 2012 from the previous quarter.

This was the fastest rate since a 3.8 per cent increase in Q3 of 2011.

For 2012 on a whole, prices for resale homes were 6.6 per cent higher than the year before. This was down from 10.7 per cent in 2011 and 14.1 per cent in 2010.

HDB Resale Price Index Increases 2.5% over 3rd Quarter

Date issued : 02 Jan 2013

 HDB’s flash estimate of the 4th Quarter 2012 Resale Price Index (RPI) is 202.9, a 2.5% increase over 3rd Quarter 2012 (see Annexes A-1 (PDF 8KB) and A-2  (PDF 19KB)).

2The RPI provides information on the general price movements in the public residential market. Transacted prices of individual flats (by block and flat type) can be found on HDB’s website and detailed online enquiries can be made at http://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp

3The RPI for the full quarter and more detailed public housing data for 4th Quarter 2012 will be released on 25 January 2013.

Developer keen on more EC penthouses

The developer of Citylife @ Tampines, an executive condominium (EC) that sparked controversy over a huge $2.05 million penthouse, is keen on building penthouses in future EC projects.

"Based on the good response for the penthouses... we will attempt to do it better for our future projects, if that avenue is still available to developers," Amara Holdings chief executive Albert Teo told The Straits Times yesterday in an e-mail message.

"We will be open to developing other EC projects as long as there are any such viable opportunities."

When asked to elaborate on what "do it better" meant, Mr Teo said he was referring to "better designs and ability to meet the needs of home buyers".