This street is near Dakota MRT Station and is close to good schools and eateries in Katong Area. Minutes to Tanjong Katong Road, Old Airport Amenities and next to Geylang River, this street consists of semi-detached houses and bungalows and is a serene neighbourhood. Accessibility via public transport includes MRT and buses.
One in four private home owners will pay less property tax next year after the taxman marked down the annual values of about 73,300 homes. This comes on the heels of property tax relief for many owners of Housing Board flats, who saw their annual values cut by about 3 per cent earlier this week (annual values: property values every year using a mass appraisal system that bases the annual value on rents paid for similar homes nearby).
The slowing rental market has led it to reduce the annual values for 25.7 per cent of private homes, in contrast to the 2014 levy when only 2 per cent of private homes had their annual values reduced.
Some home owners said their annual values were skewed higher by neighbours who renovated their properties, raising the annual values for the rest of the street. Property taxes are also a sore point for some private home owners at the higher end of the rental market. This group says it has been paying higher levies since the Government introduced a more progressive property tax schedule at the start of this year.
Higher annual values should be a result of higher annual rents, but such properties are also more difficult to rent out in the soft real estate market. There are about 70,000 landed residential properties and 215,000 private high-rise flats here.
In the 12 months to March 31, property tax contributed $4.2 billion – 10 per cent of total tax revenue. Of that, taxes on private residences contributed $720 million, and Housing Board flats contributed $150 million.
Luxury Cluster Bungalow. Aston Residence for Sale. 5 bedrooms. Near the Sea.
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A curious bright spot has emerged among the dying embers of the once red-hot private home market – landed property.
Prices of semi-detached homes hit an all-time high in the second quarter this year, according to official data yesterday, although consultants say it is too early to tell whether the uptick was a blip or a sign of a longer-term rise.
Semi-detached home prices jumped 4.2 per cent from the previous three months, in stark contrast to every other segment of the private residential market, all of which posted either stagnant prices or declines.
This increase has brought the semi-detached price index almost on par with that of bungalows in the quarter – the first time that has happened since the depths of the financial crisis in 2009.
The index, computed by the Urban Redevelopment Authority, is based on prices per sq ft (psf) for transactions posted in the quarter, but it does not indicate actual psf prices.
The median price of a semi-detached was $853 psf in the three months to June 30, higher than the $784 psf for a bungalow, according to URA figures.
Overall, landed home prices fell 1.7 per cent in the second quarter from the previous three months, significantly sharper than the 0.7 per cent slide in the preceding quarter. Bungalow prices fell 3.1 per cent and terrace house prices dropped 4 per cent.
Consultants said yesterday that semi-detached prices may have moved up in the second quarter as people change their buying targets.
More people who may have wanted to buy bungalows still find these too expensive and go for semi-detached homes instead, they said.
“Those people looking to sell bigger houses such as bungalows are still holding their prices, since they have higher holding power,” said market expert.
It is noted that even if the average psf prices of semi-detached homes approach those of bungalows, the total price of a bungalow would still be a lot higher due to its larger size.
“We haven’t seen firesales in bigger units so far. For those with the capacity to upgrade to landed, the next best would be semi-Ds.”
There was a limited supply of semi-detached homes due to a dearth of new landed homes being built, which could have contributed to the segment’s price rise. However, he said it still remains to be seen whether the price rise was a one-off.
One market analyst agreed, noting that the semi-detached price index has been quite volatile over the past few years. The small number of transactions could skew price statistics.
There were only five semi-detached homes sold in the second quarter, and only one bungalow, according to URA data.
Given that, the price increase was more likely to be a blip than a sign people are “abandoning other landed housing types and rushing to buy semi-Ds… I won’t be surprised if it drops next quarter”.
Straits Times Jul 26 2014
These are some records of recent transactions for Detached Houses (aka bungalows) in District 15. Will you be keen to get one or cash out in the current market?
|Recent transactions in District 15|
|Type||(sq ft)||of Area||($psf)||($)|
|21-Apr-14||15||FRANKEL ESTATE||XX Frankel Street||Detached||Freehold||7,772||Land||1,050||8,160,000|
|2-Apr-14||15||FRANKEL ESTATE||XX Siglap Plain||Detached||Freehold||6,006||Land||1,283||7,700,000|
|1-Apr-14||15||N.A.||XX Arthur Road||Detached||Freehold||8,600||Land||1,395||12,000,000|
|28-Mar-14||15||N.A.||XX Haig Avenue||Detached||Freehold||8,181||Land||1,222||10,000,000|
|6-Feb-14||15||FRANKEL ESTATE||XX Jedburgh Gardens||Detached||Freehold||4,306||Land||1,186||5,100,000|
|24-Jan-14||15||YI XING JU TEMPLE||XX Parkstone Road||Detached||Freehold||9,741||Land||1,150||11,200,000|
|22-Jan-14||15||FRANKEL ESTATE||XX Siglap Hill||Detached||Freehold||4,994||Land||1,202||6,000,000|
|10-Jan-14||15||SEVEN CRESCENT||XX Crescent Road||Detached||Freehold||4,327||Strata||992||4,293,000|
|18-Dec-13||15||FRANKEL ESTATE||XX Siglap Drive||Detached||Freehold||7,922||Land||1,219||9,666,000|
|9-Dec-13||15||SEVEN CRESCENT||XX Crescent Road||Detached||Freehold||4,639||Strata||980||4,546,000|
|25-Nov-13||15||FRANKEL ESTATE||XX Siglap Bank||Detached||Freehold||5,005||Land||1,300||6,500,000|
|11-Nov-13||15||OPERA ESTATE||XX Carmen Street||Detached||Freehold||5,996||Land||1,413||8,480,000|
|23-Sep-13||15||N.A.||XX Ramsgate Road||Detached||Freehold||6,114||Land||1,522||9,300,000|
|16-Jul-13||15||N.A.||XX Seraya Lane||Detached||Freehold||13,627||Land||1,247||17,000,000|
|26-Jun-13||15||N.A.||XX Lorong H Telok Kurau||Detached||Freehold||7,955||Land||1,000||7,954,000|
|17-Jun-13||15||N.A.||XX Crescent Road||Detached||Freehold||4,994||Land||1,553||7,750,000|
|17-Jun-13||15||CHATEAU LA SALLE||XX La Salle Street||Detached||Freehold||4,876||Strata||738||3,600,000|
|14-Jun-13||15||SIGLAP PARK||XX Woo Mon Chew Road||Detached||Freehold||7,976||Land||878||7,000,000|
|29-May-13||15||OPERA ESTATE||XX Aida Street||Detached||Freehold||4,499||Land||1,318||5,930,000|
|20-May-13||15||N.A.||XX Avon Road||Detached||Freehold||5,673||Land||1,668||9,470,000|
For those who are considering to lease a property in Singapore, you may want to know the following (continued from a previous post)
The landed properties in Singapore classified into three types: detached (or commonly known as bungalows), semi detached (semi-ds) and terrace houses. The first is further sub-classified into detached houses and good-class bungalows (GCBs). This class consists of what are among the most expensive residential properties in Singapore, whether to buy or to lease.
Whether for stay or for investment, land is always the best choice for the well-heeled. Landed houses in Singapore, due to its scarcity and versatility, are in rage these days. Despite the headwinds of global and local economy, landed homes present resilience against price drops, and when economy picks up, they are among the best performing.