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Singapore Primary home sales soar 82%

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The recent government figures on private home sales signal a turnaround in the market. Figures showed that, in the primary market, developers sold 1,780 new private homes last month, the strongest showing since the 1,806 units moved in June 2013. This was when sales were still buoyant just before the rollout of the Total Debt Servicing Ratio (TDSR) framework.

The March 2017 sales volume is up nearly 82 per cent from February’s 979 units, and a 111 per cent jump from the 843 units sold in March 2016.

Two well-received new launches (Grandeur Park Residences and Park Place Residences at PLQ) have great sales, while continuing sales in earlier projects (such as Parc Riviera, The Santorini and The Clement Canopy), attributed to the confidence-booster from the government’s maiden tweaks to the cooling measures announced on March 10. The best-selling private-housing project in March was Chip Eng Seng’s Grandeur Park Residences next to Tanah Merah MRT Station, with 484 units sold at a median price of S$1,406 psf; this was followed by Park Place Residences at PLQ, where 217 units were transacted at a median price of S$1,805 psf.

The jubilant home-buying mood was reflected not only in the data from the Urban Redevelopment Authority (URA), based on its survey of licensed developers, but also in the secondary market.

Resale transactions of private homes rose to 942 units in March, translating to increases of more than 50 per cent month on month and year on year. The URA’s definition of resales includes developers’ sales in delicensed projects.

Based on the latest data released by the URA, the preliminary Q1 2017 figure for new sales of private homes stands at 3,141 – up from 2,316 units in Q4 2016 and 1,419 units in Q1 2016; the Q1 2017 figure was also the strongest showing since Q2 2013’s 4,538 units.

Developers also sold 578 executive condominium (EC) units last month, higher than the 329 units moved in February, and the 485 moved in March last year. The preliminary Q1 2017 new EC sales by developers is 1,091 units, surpassing the 734 units in the previous quarter and the 762 units in Q1 2016.

Among ECs, Qingjian Realty’s iNz Residence in Choa Chu Kang was the top seller; it sold 187 units at a median price of S$774 psf.The developers’ new private home sales at the new two major new launches – Seaside Residences in Siglap Road and Artra next to Redhill MRT Station were well received as well. Seaside Residences moved almost 400 units while Artra moved 130 units a few days ago.

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Former HUDC projects back in En-bloc sale

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The 330-unit Eunosville former HUDC estate is up for collective sale. Eunosville, less than 100m from Eunos MRT station, comprises of 10 residential blocks of maisonettes and four walk-up apartment blocks, translating to 255 maisonettes and 75 apartments. It has a remaining lease of about 70 years. The estate sits on a rectangular-shaped site with a land area of about 376,713 sq ft and wide frontage — along Changi Road and Sims Avenue.

Rio Casa, another privatised HUDC estate in Hougang, was put up for sale two days earlier. Rio Casa’s riverfront location will draw interest from developers. It is understood that the former HUDC estate Rio Casa collective sale is seeking a sale price of $451m.

The current sentiment in the property market may result in residential en bloc sales picking up this year, given the limited supply of private housing sites due for sale by the Government and revived demand for land shown by developers.

At least 20 more residential projects may go en bloc this year including Amber Park condominium, Lakeside Tower and The Balmoral condominiums.

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PLQ to incorporate co-working spaces

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Australian developer Lendlease is jumping on the co-working bandwagon and taking its employees along with it. Co-working spaces are working environments shared by people employed by different companies. One hundred of its five-hundred-and-fifty staff here will be moving into a co-working space at OUE Downtown in the Central Business District, partially in preparation for similar zones at its own upcoming office towers at the Paya Lebar Quarter (PLQ).

Lendlease chief executive Tony Lombardo said the company’s PLQ development would “definitely” have a co-working element. The PLQ project is expected to have about one million sq ft of Grade A office space across three 13- to 14-storey blocks and accomodate around 10,000 workers. Lendlease said it is in talks with multinational corporations over the leasing of space there.

The developer will be hoping to replicate the success it has enjoyed at its A$6 billion (S$6.4 billion) development in Barangaroo South, Sydney. Lendlease built three skyscrapers there of 2.8 million sq ft, to the entire Sydney Central Business District.The three towers has committed leases for almost full occupancy. The floor plates of the PLQ offices will be large, similar to those of the Sydney towers, ranging from 2,200 sq m to 3,000 sq m.

PLQ would be a “new place in Singapore in terms of connectivity and quality of the environment” according to Lendlease. The company is keen on expanding its urban regeneration portfolio and wants to win at least two to four urban regeneration projects in the next five years in Asia. Naturally, it has its eyes set on Singapore’s master developer projects.

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Seaside Residences the first project to adopt new design requirements along ECP corridor.

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Urban design guidelines, which play a key role in creating attractive and liveable areas, vary from site to site and over time in tandem with planning needs. Appropriate additional design guidelines will be imposed on new development sites along the East Coast Parkway (ECP) to ensure the integration of the new buildings with the surroundings. The move comes as the ECP corridor becomes more developed with higher-density developments as described by the Urban Redevelopment Authority (URA).

The guidelines may feature well-integrated and lushly planted sky terraces to contribute to the sense of pervasive greenery along this major gateway corridor. The Siglap Road plot of the upcoming Seaside Residences is the first government land sales site along the ECP to face these additional design guidelines.

Seaside Residences developer Frasers Centrepoint Singapore announced that the additional design requirements included an “urban window” of at least 45m, meaning there should be a 45m-wide no-build zone through the middle portion of the site.

Another guideline called for greenery and landscaping offered at the development to be equivalent in area to 65 per cent of the site area. These can include sky terraces and roof gardens.

The developer said each pair of residential towers will be spaced 45m apart, thereby meeting the urban window requirement. It has also reduced the number of units to be built at Seaside Residences by about 10 per cent to 843.

 

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Important Things to do When Planning to Sell Your Home

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The following  steps will prepare your home for a quicker sale and maybe help with the price.

1. Fix and Repair

If you have been dragging your feet to make all those repairs, now is the time to fix all of those nagging things that you just lived with. Inside the house, look for things like stained ceilings, missing tile, broken windows and doors, heavily scratched floors and other signs of neglect. If you have a deck, check for cracks in floor boards and loose railings. Make a list of everything you see and then decide which things you’re going to tackle. Acompetent  real estate agent can be very helpful in determining what needs to be done and what doesn’t.

2. Increase Home Appeal

It’s important that your home makes a good first impression. To make sure buyers want to see the inside of your home, make sure the outside is well-kept, tidy and inviting. It’s important to touch-up or completely repaint trim, keep the grass cut, edge along sidewalks and paths, maintain flowers and shrubs and keep the yard tidy. You never know when curious buyers will pass by.

3. Declutter

Resist the urge to roll your eyes at this one. It is imperative that your home looks livable. Potential buyers may not be able to see past your clutter. Think of it this way—don’t move things you no longer want or need. Make decisions now and your house will sell faster and your move will be easier.It’s no secret that getting started is the hardest part of decluttering. Take one room, or even part of one room, at a time and dive in. Recycle or shred paper. Donate books, toys, clothing and duplicate household items. If you’re getting frustrated and you can’t deal with one more stack of papers or shoebox of old photos, put them in a plastic tub, label the box and stack it somewhere out of the way. A stack of boxes doesn’t look like clutter.

4. Neutrals attracts

If you decide to do some interior painting, stick to neutral colors. Neutrals don’t distract and they allow potential buyers to imagine their things in your home.

5. Clean up the place.

This may be the most important step you take toward getting your home ready to sell. For a home to live up to the “move-in condition” description, it has to be clean.If you already keep a clean house, simply keep up the good work, checking to make sure you don’t overlook little-used closets and other nooks and crannies that aren’t part of your weekly routine. This needs to be a deep cleaning.

6. Rearrange Your Furniture

Your furniture is arranged the way it best suits you and your family. When you’re staging your home to sell, you’ll need to use your furniture as marketing tools to help create inviting vignettes.Avoid having furniture lined up along the walls. Pull the sofa away from the wall and pull chairs close to create a conversation area. Also, you may need to remove some furniture so it’s easy for people to walk around in the rooms.

7. Fresh Flowers and Plants

If the weather allows, plant flowers in pots, window boxes or right in the ground to add color and pump up the curb appeal. Pay close attention to the plants, keeping them watered and trimmed.Inside the house, fresh flowers in vases add color, life and the feeling that you, as the home seller, are putting your best foot forward. It may not matter to some buyers but others will appreciate this detail and take it as a sign that your home has been well cared for.

8. Upgrade Lighting

If your lamps and other light fixtures are outdated, consider replacing them with modern ones. Buyers don’t want to feel like they’re taking a step back in time with outdated fixtures. This is an easy fix that will help sell your home.

These are simple stuff that won’t cost you a bomb but will definitely increase the appeal of your home.

Credit: Familyhandyman.com

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Kallang River to be rejuvenated

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The Urban Redevelopment Authority (URA) launched the “A River Runs Through It” exhibition this morning, which showcases opportunities to revitalise areas along Kallang River. Minister for National Development and Second Minister for Finance Lawrence Wong officiated at the launch.

The exhibition is a call for public feedback and ideas on a preliminary conceptual plan to rejuvenate the Kallang River, and revitalise the areas around the river.

Kallang River’s potential for rejuvenation

The Kallang River is Singapore’s longest natural river.  Originating from Lower Peirce Reservoir, the 10 km Kallang River passes through many housing and industrial areas such as Ang Mo Kio, Bishan, Toa Payoh, Bendemeer and Kallang Bahru, before merging into the Kallang Basin. There are now about 800,000 people living within 2 km of Kallang River. In the next 20 years, there is potential to inject around another 100,000 dwelling units in the area.

Waterfront rejuvenation started in the 1980s in Singapore, following the clean-up of both the Singapore River and Kallang Basin. In the past 30 years, the government has focused on the Singapore River, Marina Bay and the Kallang Basin. The time is ripe now to start a discourse to further rejuvenate the Kallang River in the future.

Many of the ideas exhibited at this stage are conceptual and aspirational in nature, and not developed in great detail. The intention is to invite public feedback, so that they can be developed further. The government has outlined five broad key ideas to rejuvenate Kallang River:

  1. Activate the waterfront, and enhance Kallang Basin as a sports and recreational venue. Active, Beautiful, Clean Waters (ABC Waters) projects will animate the waterfront. An idea that is being developed for implementation is an eventual stream, cascading waters and rain gardens between Bishan Road and Braddell Road. Meanwhile, more facilities are being studied at the area around the Sports Hub to strengthen its standing as an inclusive sports and recreational precinct. Sport Singapore, in collaboration with other agencies, will be transforming the area along Jalan Benaan Kapal into an inclusive community space that celebrates active living.
  2. Inject new waterfront housing developments in park-like settings and renew old industrial estates. Kampong Bugis and Kallang Distripark are primed for the development of quality green residential neighbourhoods. Home to smaller industrial estates, Kallang Industrial Estate has the potential to be renewed into a mixed-use precinct with new industrial developments. The Kampong Bugis project was announced by Minister Lawrence Wong in Parliament recently, and consultations with industry have already started.
  3. Enhance accessibility by providing a seamless active mobility route along Kallang River between Bishan and the city centre. A seamless promenade along the Kallang River will have a key catalytic effect to spur developments around it. The exhibition will present some aspirational ideas to overcome major obstacles along the river bank, such as new underpasses and a cycling bridge across the Pan Island Expressway.
  4. Enrich the biodiversity of Kallang River. Current habitats along the river can be complemented with the naturalisation of more stretches of the waterway, and wider green setbacks, to allow biodiversity to flourish even more.
  5. Celebrate and incorporate the river’s rich heritage. The public will be invited to help capture the memories and heritage associated with the river to enrich future development plans.

Please see Annex A [PDF, 36kb] for detailed proposals to revitalise the river.

Public feedback for exhibited proposals

URA is calling on members of public to share their feedback on the proposals to revitalise Kallang River and Kallang Basin. URA will also be inviting grassroots and residents living along Kallang River and other stakeholders to the exhibition for their views. Members of public are also welcome to give their feedback online at ura.sg/kallangriver.

The ideas and proposals will be exhibited at The URA Centre Atrium from 29 Mar to 2 May, 9am to 6pm, Mondays to Fridays. Admission is free.

https://www.ura.gov.sg/uol/media-room/news/2017/Mar/pr17-23

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Singpost Centre mall to be managed by Capitaland

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The mall in the new SingPost Centre – near Paya Lebar MRT station – spans five floors and has a net lettable area of about 175,000 sq ft. The SingPost Centre will house the new General Post Office and Philatelic Store and feature tenants, including supermart NTUC FairPrice, Golden Village cinemas and a Kopitiam foodcourt. SingPost said the 300 sq m General Post Office will feature traditional counter service and technology-enabled innovations such as POPStations and eSAM machines. There will also be a heritage corner where customers can learn about the postal service firm’s 150 years of history.

CapitaLand Mall Asia is the mall manager, signing its first third-party mall management contract in Singapore, boosting CapitaLand’s mall network here to 20. The long-term contract with Singapore Post will see CapitaLand managing the upcoming mall at the new SingPost Centre in Paya Lebar – slated to open in the second half of this year.

The SingPost Centre mall will augment its presence in eastern Singapore, where it currently owns and manages two malls – Tampines Mall and Bedok Mall.  It is also involved in a joint venture to develop the Jewel Changi Airport which is due to be ready in early 2019.

With CapitaLand as the retail mall manager, SingPost will be able to focus its attention on our core operations of postal services and e-commerce logistics. Under the property management agreement, CapitaLand will oversee the period leading up to the opening of the mall, its marketing and promotion as well as leasing and facilities management.

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Millenials favour property investments

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The Manulife Investor Sentiment Index (Manulife ISI) survey found that more than two-thirds (68 per cent) of Singapore millennials aim to purchase local property, with 40% intending to do so for investment purposes to generate rental income. The millennials, defined as those who are currently between the ages of 25 and 34 years, favour investing in property as a means to achieve financial security though their satisfaction with rental yield is the lowest in Asia.

58 % are satisfied with the rental yields compared to an average of 78 % in Asia. The highest satisfaction levels with regard to rental yields were in Indonesia (97%) and the Philippines (92%). A statement by Manulife said this suggests that Singapore millennials who bank on rental income may need to seek other alternatives.

The latest Manulife ISI survey was conducted in September and October 2016, and was based on 500 online interviews in markets including Hong Kong, China, Taiwan and Singapore. Respondents were middle-class to affluent investors aged 25 and above, who are the primary decision makers of financial matters in the household and currently have investment products.

The study found that Singapore millennials were more optimistic about their retirement prospects than older generations – eight out of 10 believe they will be able to maintain or improve on their current lifestyle when they retire. In contrast, older investors tended to lower their expectations as they drew closer to retirement – 44% above the age of 50 expect to scale back their lifestyle in retirement.

Millennials, however, do recognise that financial and health concerns may challenge their retirement aspirations. 74% plan to continue working in a full-time or part-time job after retirement, and expect their work income to contribute close to 20% of their retirement income.

But more than half feel their health condition may not allow them to continue working.

Millennials may also become the “sandwich” generation, expected to care for their children and ageing parents. More than a third (34%) believe they will need to support their children and their parents even after they retire, as opposed to 8% for those aged 50 and above.

44% do not expect to receive any financial assistance from their children. Half of millennials expect they will still be carrying debt or a mortgage in retirement.

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Changes to access to Nicoll Highway from Sims Way and KPE

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A new vehicular underpass connecting motorists seamlessly from the Kallang-Paya Lebar Expressway (KPE) to Nicoll Highway will open on April 2. This is expected to ease the traffic congestion experienced at the KPE’s Nicoll Highway exit, where motorists often find themselves caught at the Sims Way traffic lights soon after leaving the underground highway.

Those coming from Sims Way can also use the underpass to head to Nicoll Highway or Stadium Drive. From April 2, the right-turn from Sims Way to Nicoll Highway at the traffic junction will be removed. When the new underpass opens, the existing access along Nicoll Highway (city-bound) to Stadium Drive will be permanently closed.

Motorists travelling from Guillemard Road will use Stadium Boulevard via Mountbatten Road to access Stadium Drive and then to Singapore Sports Hub. Motorists can access the new road from 6am on April 2.

https://youtu.be/aDqny80iKIM
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Primary Sales in February picking up in momentum

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DEVELOPERS’ sales momentum had picked up this year, even before the recent easing of the property cooling measures; sales figures for February bear this out and March figures are projected to be even more sterling.

A total 977 new private homes and 329 executive condominiums (ECs) were sold by developers last month – respectively 2.6 times and 1.8 times more than the numbers sold in January.

Compared to a year ago, the number of private homes sold in February was nearly 3.2 times greater; that of ECs was 2.5 times higher.

The sales data were collated by the Urban Redevelopment Authority (URA) through a survey of developers. Many property observers said that the fact that some 79 per cent of the new private homes sold in February came from previously launched projects reflects a broad-based recovery in demand.

With highly anticipated projects such as Seaside Residences to headline sales in the coming months, sales momentum are expected to continue.

The top selling project in February was The Clement Canopy by UOL Group and Singapore Land. The 505-unit development in Clementi, the first project to be launched this year, moved 207 units at a median pricing of S$1,343 per square foot (psf). Its launch in February cast buyers’ attention on the Clementi/West Coast area, and this benefited EL Development’s Parc Riviera, which was priced lower on a per square foot basis. Parc Riviera, located in West Coast Road sold 200 units at a median S$1,281 psf. There was also strong pick-up in sales in the Sol Acres EC project by MCL Land, which sold 82 units in February at a median S$782 psf, and at The Santorini by MCC Land, which moved 51 units at a median pricing of S$1,041 psf in February.

CEL Development sold another 23 units at 720-unit Grandeur Park Residences in Tanah Merah last weekend, following the news on the cooling measures. This takes its total sales this month to 462. About 60 per cent of units in the project are one- and two-bedders.

Qingjian Realty also moved nearly 170 of the total 497 units in EC project iNz Residence on booking day this month. Three in every four private residential units sold were in the suburban region or Outside Central Region last month, in tandem with the higher proportion of new launches in the region, URA data shows.

Since the start of this year, developers have continued to move units in delicensed projects. These are completed projects that have received Certificate of Statutory Completion and individual strata titles issued to buyers, and are hence not included in the monthly compilation of licensed developers’ new home sales. PropNex data indicates that, in the first 71 days of this year, about 50 units at The Peak @ Cairnhill II and 30 units at OUE Twin Peaks were sold.

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