Category Archives: Landed Property

Katong/St Patrick Semi Detached house @$5k+ only

Beautiful katong semi detached house for rent. Near Katong eateries, malls, schools ( Tao Nan, Ngee Ann, CHIJ, St Patrick’s, Victoria School and Junior College). Partially furnished with garden. 4 bedrooms with guest room at level 1. 3800/2800sqft. Available now. Call David at 94772121 for viewing.

http://www.sgbayhomes.com/19593941

Mountbatten-Katong Bungalow for rent

Stay at Katong area — Mountbatten Katong Bungalow for rent. All rooms with ensuite. With pool. Available now! With pool. 5300/3700sqft.  Avail now at $8K or view to offer! Call King @94772121 for viewing details.

http://www.sgbayhomes.com/19081534

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Q4 private home prices have the lowest dip in the past 2 years

The private residential prices in the island registered the lowest quarterly decline in more than 2 years for the last quarter of 2015. The drop of 0.5% in the URA’s flash estimates coincides with the full year drop of 3.7% in private home prices over the past year. In 214 the price drop is at 4%. After 9 consecutive quarters of price decline, the island’s private home prices dropped 8.4% from the peak of 3rd quarter of 2013.

HDB prices however registered a 0.2% rise over the last quarter. This leads to a contraction of prices for the whole year to be 1.5%. If this stabilisation trend continues for the HDB resale prices, the HDB upgraders will be more confident to move to private suburban market, thus possibly even lead a slight recovery in the sector.

Some property consultants has indicated that this is a sign for further soft landing of prices and thus justify the cooling measures implemented so far. Others feel that the market has found a new equilibrium and thus the cooling measures may take a longer time before they are being lifted.

Based on the URA/HDB flash estimates the Q4 price/year-on-year movements are as follows:

Prices of non landed private homes
1. Core Central Region (CCR) -0.4%/ -2.6%
2. Rest of Central Region (RCR) -1.6% / -3.9%
3. Outside Central Region (OCR) -1.6% / -3.7%

Segments
1. All residential -0.5% / -3.7%
2. Landed property -2.1% / -4.4%

For HDB the statistics are as below
Price movement +0.2% / -1.5%

Will 2016 see a recovery for private residential market?

In the midst of rising vacancies, rising interest rates and slowing economy, it is almost a foregone reality for a downward movement for residential prices. However there are some who believe the transactions may see a recovery of prices in the the second half of 2016. In Business Times this Tue, it was reported that some experts see a rebound in prices for high end market and secondary sales. It is viewed that the market has long priced in the oversupply situation in 2016. The rents and vacancy rates has not reflect the looming oversupply, with vacancy rates exceeded 10% in 2016. It may take up to mid 2017 for the vacancy levels to improve.

The reason for the uptick in residential prices may be attributed to pending economic stimulus from the government and mature markets overseas such as Australia and London to turn bullish. The resale market may also provide some positive surprises to the buyers, since the residential market has been dominated by primary sales by developers for the past few years.

 

3 shophouse units in Tg Pagar, Geylang Up for sale

Three 99-year leasehold conservation shophouse units in Geylang and Tanjong Pagar have been put up for sale.

The first property, at 157, 159 and 161 Geylang Road, has a land area of 2,988 sq ft, and an estimated floor area of 8,331 sq ft, its marketing agent Savills said yesterday.

The guide price for the two-storey corner shophouse, with a four-storey rear extension, is $10.8 million. This translates to about $1,296.40 per sq ft (psf) on the floor area.

Located near Kallang MRT station, the shophouse enjoys “prominent double frontage” along Geylang Road and Lorong 3 Geylang, Savills said. The current tenant is G7 Sin Ma Live Seafood Group.

The property, with 76 years left on its lease, is zoned for commercial use, with a plot ratio of 3.0, and an allowable building height of up to five storeys for new rear extensions under Master Plan 2014.

A pair of adjoining conservation shophouses at 84 and 86 Tanjong Pagar Road, in the Chinatown Historic District, is also up for sale.

The two units are held under separate titles but will be sold as a single property, Savills said. The three-storey shophouses have a total land area of 1,653 sq ft, and an estimated floor area of 4,564 sq ft.

With 71 years remaining on its tenure, the indicative pricing for the property is $9.5 million. This works out to $2081.50 psf on the floor area.

The guide price for the two-storey corner shophouse in Geylang is $10.8 million. PHOTO: SAVILLS (SINGAPORE)

Savills said the shophouses are 200m from the upcoming Maxwell MRT station on the Thomson-East Coast Line, amid new developments in the neighbourhood, including Tanjong Pagar Centre, which is set to be Singapore’s tallest building when it is completed next year.

The adjoining units now have multiple tenants – with Gold’s Gym on the ground floor, an office on the second floor and tenancy being negotiated for the space on the third floor.

The two Tanjong Pagar shophouses are also zoned for commercial use under the current master plan. As such, there is no restriction on foreign ownership for the properties, and no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty will be imposed on the purchase of the shophouses.

“The rare availability of these properties with excellent attributes presents an exceptional and exciting opportunity for investors and end users seeking prime commercial shophouses,” said Mr Derrick Tan, associate director of investment sales at Savills.

Savills is inviting offers for expressions of interest to buy the properties, in an exercise closing on Nov 12.

http://www.straitstimes.com/business/property/up-for-sale-3-shophouse-units-in-tg-pagar-geylang

Competition for land still strong despite tepid market

DEVELOPERS may be bidding more cautiously now, factoring the difficulty of selling their units into their bidding prices, but the competition for land remains healthy, BNP Paribas said in a recent report.

It may come as a surprise but tender exercises are seeing more bids per site as local players rush to replenish their land bank, foreign players look to invest in Singapore and construction players are bent on diversifying from the difficult construction market.

Like-for-like comparisons on plots sold this year compared to earlier sites in the vicinity show that bidding prices have come off quite a bit. But demand remains intense, with an average of nine bids per site from January to September 2015, up from 7.3 in 2014.

Part of the reason could be because developers are anxious to restock following recent land supply cuts in the Government Land Sales (GLS) programme, said BNP Paribas analyst Chong Kang Ho, who spliced data from 185 winning GLS sites from 2007 to September 2015 to come up with his findings.

Studying the margin buffers, he found that developers’ bidding behaviour has become more cautious, with margin buffers generally above the mean of 12.1 per cent. But they are still not “outright pessimistic”, since the margin buffers are below the one standard deviation of 17.7 per cent.

The margin buffer of a winning bid refers to the difference between the prevailing price of launches taking place near the land tender site and the development project cost of that land.

The greater the margin buffer, the more cautious the developer is in its bid to protect against the risk of falling home prices. Conversely, the smaller the margin buffer, the more aggressive the developer is in its bid.

In the second quarter of 2008, for example, developers’ margin buffers widened to a peak of 25 per cent, reflecting heightened caution as developers braced themselves for home prices falling when the world entered the global financial crisis.

Mr Chong also tracked the gap premium between winning bid values versus their median bid values, and found them to be widening again in 2015 – an indication that bidders have differing views on the housing market outlook, possibly due to rising uncertainty in the global economy.

A widening gap usually occurs during volatile times, such as a global crisis or after new policy measures are introduced, he said.

“One reason could be that developers may have differing views on policy impact, which lead to greater discrepancies in bid value for a period of time,” he said

Developers are suffering, meanwhile. Mr Chong said the slower decline in land cost compared to steadily falling home prices (down another 1.3 per cent in the third quarter of 2015, according to official flash estimates) could hurt Singapore developers’ margins, especially if selling prices keep falling in the primary sales market.

“Based on our analysis, net margins of developers’ new projects fell to 11.8 per cent in 2014. This is down from 12.6 per cent in 2013, and down from 22-25 per cent in 2010-2012.” (See chart)

Mr Chong also noted that the still intense competition for land and the increased participation from non-traditional developers are making it difficult for traditional Singapore developers to restock their depleting land bank.

He considers non-traditional players to be foreign developers, boutique local developers and construction-related firms, all of which are eager to expand their market share here to enjoy more economies of scale.

So far this year, traditional developers such as City Developments, Frasers Centrepoint, UOL, CapitaLand, Keppel Land and Far East Organization have not won any site. Even when they took part, they were outbid by new players.

There were, on average, 1.8 foreign developers that bid for every site this year, compared with 1.4 in 2012, he said.

Increasingly, more developers are also forming consortiums to submit their bids, which is probably to share risks in this precarious market.

http://www.businesstimes.com.sg/real-estate/competition-for-land-still-strong-despite-tepid-market

Record price at Auction this year

A house in Tanjong Katong was sold at auction yesterday for $16.3 million – the highest price fetched at auction this year. It was an estate sale. The single-storey bungalow at 25 Branksome Road went to a Singaporean buyer.

It sits on freehold land of about 13,844 sq ft, which works out to a pricing of about $1,177 per sq ft – below the median price of detached houses in District 15, which was about $1,246 per sq ft of land area in the second quarter.

The plot is zoned for residential use within a two-storey semi-detached landed housing area.

Indicative pricing for the property was $15 million to $17 million. Prior to yesterday’s sale, the most expensive property sold at auction this year was thought to be an owner’s sale of a row of five shophouses at Teck Chye Terrace in Upper Serangoon for $14.63 million.

Another property sold at auction yesterday by Colliers International was a 2,454 sq ft single level penthouse with roof terrace at Rio Vista in Upper Serangoon View. The mortgagee sale property went for $1.72 million.

Landed properties featured prominently at the auctions. “We saw quite a bit of interest for these, mainly from end users… as there has been some adjustment to landed property prices since the cooling measures and people see value,” said Colliers International deputy managing director Grace Ng.

Also up for auction in an estate sale was a two-storey semi-detached house at 7 Lengkok Merak, near Grange Road. A top bid of $8.3 million was made for the property, which sits on a 4,630 sq ft freehold site. Negotiations are underway.

A mortgagee sale property at 21 Toh Avenue was on offer as well. Negotiations are taking place for the three-storey semi-detached house on a 3,050 sq ft freehold site, which drew a $2.5 million top bid.

Colliers is handling another estate sale of a good class bungalow at 2 Queen Astrid Park by tender. The owner is asking $49 million to $51 million for the 35,011 sq ft freehold site, occupied by a single-storey detached house. The tender closes on Nov 12.

http://www.straitstimes.com/business/163m-house-sold-price-is-highest-at-auction-this-year

Top Selling Landed Localities in District 15 by Street 2013-2015

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District 15, commonly known as Katong/East Coast/Siglap area is an upcoming hot location for property buyers. It has a good balance between location, density and culture. While the location is considered quite central at a city-fringe area, it is not too overwhelmed by high rises and commercial offices. Rather it has a good balance of more affordable high and low-rise condos, modern shopping complex, landed residential properties and not to forget the beautiful conservative buildings to give a lovely cultural and vintage touch to the whole neighbourhood.

Here are the top 5 best-selling landed localities by streets between 2013-2015

  1. Onan Road: 6 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
1/12/2015 $2,920,000 3,798 $768.92 Free Hold
3/9/2015 $2,180,000 1,905 $1,144.22 Free Hold
25/05/2014 $3,500,000 3,000 $1,166.70 Free Hold
30/04/2015 $2,550,000 1,981 $1,287.50 Free Hold
21/04/2014 $3,758,000 1,962 $1,915.12 Free Hold
20/04/2014 $2,000,000 1,688 $1,184.98 Free Hold
  1. Crescent Road: 5 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
25/02/2015 $9,400,000           5,948 $1,580.31 Free Hold
20/03/2015 $3,880,000           4,639 $836.00 Free Hold
7/2/2015 $3,780,000           4,639 $815.00 Free Hold
16/05/2014 $10,180,000           5,948 $1,711.45 Free Hold
10/3/2014 $3,800,000 4,327  $878.00 Free Hold
  1. Duku Road: 4 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
25/06/2015 $2,200,000           2,320 $948.42 Free Hold
1/9/2015 $1,800,000           1,986 $906.36 Free Hold
5/11/2014 $2,400,000           1,733 $1,384.88 Free Hold
14/06/2014 $2,148,000           1,706 $1,259.02 Free Hold

 

 

  1. Figaro Street: 4 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
7/8/2015 $1,500,000           7,229 $207.49 Free Hold
22/08/2014 $2,800,000           1,437 $1,948.51 Free Hold
25/07/2014 $3,150,000           2,774 $1,135.59 Free Hold
11/6/2014 $3,250,000           3,029 $1,072.97 Free Hold

 

 

  1. Marshall Road: 4 Transactions
Cont Date Transacted Value $ Land/Floor SqFt Land/Floor $PSF Tenure
30/12/2014 $5,000,000           4,587 $1,090.15 Free Hold
22/08/2014 $2,100,000           5,398 $389.02 Free Hold
23/07/2014 $5,341,800           5,407 $987.99 Free Hold
23/07/2014 $5,341,800           5,407 $987.99 Free Hold