Tag Archives: Prices

Landed property sees bigger slide in prices by 5.1%

LANDED homes are taking more of a hit than apartments in the lacklustre property market, with prices falling and demand drying up.

The price index for landed property has fallen 5.1 per cent over the past four quarters, well in excess of the 3.3 per cent slide in the non-landed index, according to the Urban Redevelopment Authority (URA).

“It was previously thought that the landed segment, which has so little new supply and strong demand, might be more resilient than other segments,” said Mr Ong Teck Hui, JLL national research director.

“The effect of the Total Debt Servicing Ratio (TDSR) on the landed segment has turned out to be worse than anticipated… now, with severely constrained borrowing, there are probably much fewer potential buyers of landed homes. Or if they are still in the market, their budgets would have been substantially cut.”

The transaction volume for landed properties in the five quarters after TDSR was imposed at end-June last year is 65 per cent lower than that of the five quarters before TDSR, Mr Ong added. Non-landed property recorded a 57 per cent decline in sales volume over the same period.

Buyers’ preferences are also changing, moving towards smaller, more modern-looking living spaces found in the private apartment market, said Mr Ong Kah Seng, director of R’ST Research.

“Savvy property buyers feel there is less value in buying a landed home in Singapore where costs are high and designs tend to be older,” he added, noting also that buyers are looking to the Johor housing market for more affordable landed property.

Mr Ong said suburban areas, especially in the northern and western regions, have seen more of a pile-up in completed and unsold landed homes due to their outlying locations, which “would not reflect much prestige or exclusivity in owning a private property”.

In Sembawang and Canberra, demand from HDB upgraders would have been substantially absorbed by some non-landed projects as well, including the One Canberra executive condominium, SkyPark Residences, Canberra Residences and The Nautical, said Mr Ong of R’ST Research.

Another factor is that it has become harder to get approvals for Singapore Permanent Residents (PRs) to buy landed homes, said Mr Nicholas Mak, SLP International executive director.

Buying landed homes is limited to Singaporeans and PRs, but PRs can buy only one landed home for their own occupation, with the purchase subject to government approval.

The Singapore Land Authority (SLA) further tightened eligibility criteria over the past two years. The number of approvals a year fell from 145 in 2010 to 117 in 2011, and 31 in 2012 – the first full year after tightening – and 11 last year. Nine approvals were granted in the first three quarters of this year, and eight in the same period last year, an SLA spokesman said.

Developers of landed projects with slow sales say they are concerned about how the measures are biting.

“Our agents are also suffering. We have taken steps to offer some discounts and, hopefully, buyers will see the value. Where (else) can you get a new landed house with a park or sea view?” said Mr Sam Chong, senior manager at Sunway, which developed Avant Parc in Sembawang. The completed project is selling at an average of $570 to $590 per sq ft (psf) of built-up area, with quantums from $2.488 million for a terrace home.

Mr Victor Ow, chairman and chief executive officer of Clydesbuilt Group, said the company is prepared to hold on to unsold homes at its completed Eleven @ Holland just as it held on to Lornie 18 residences during the 2009 recession.

It has started renting out Eleven @ Holland homes, with tenants for about eight homes already moving in. By the third quarter of next year, Mr Ow expects at least 75 per cent of homes to be taken up. Pricing at the project is an average of $1,050 psf, unchanged from its launch in June 2011.

“Despite cooling measures, good-quality projects in prime locations won’t be affected in the long term,” said Mr Ow.

At Belgravia Villas on Ang Mo Kio Avenue 5, which was launched a year ago with completion due in 2018, 31 of 118 landed homes have been sold at prices from $800 to $850 psf.

“Given recent government rules for strata-landed homes, future supply will be limited. We are confident our project will do well,” said Mr Darren Lim, assistant marketing manager at Tong Eng Brothers. Tong Eng’s unit Fairview Developments is building the project.

Consultants say the investment outlook for landed property remains encouraging. The vacancy rate for such homes was 3.5 per cent as at the third quarter while that for apartments was 8.2 per cent.

The average upcoming supply of 710 landed properties per year from 2015 to 2018 could be “easily taken up during a buoyant market”, said Mr Mak.

Mr Ong of R’ST Research expects resale prices for landed homes in the central region to be flat or fall up to 5 per cent next year while prices at suburban locations will continue to dip, falling up to 7 per cent next year.

Those in city fringe locations are likely to see flat pricing next year as those areas have become established as the “best of both worlds” with convenience and reasonable pricing.

“Investment yields are generally lower than for private condominiums, with gross yields of 2.5 to 3.5 per cent… Landed homes are better products to buy for long-term capital appreciation,” he said.

8 Nov 2014 Straits Times

Transactions of Top Selling Projects in District 15 (from Jan to Jul 2014) Part 2

Part II
1. Water Place
waterplace

 

waterplace2

 

 

 

 

 

 

waterplacecondo

 

Project Name Street Name Tenure Price Area (sqft) Floor Level $psf Resale Date
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,850,000 1,561 06 to 10 1,185 Jul
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,480,000 1,216 01 to 05 1,217 Jul
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,600,000 1,281 06 to 10 1,249 Jul
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,600,800 1,227 11 to 15 1,305 Jun
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,660,000 1,356 06 to 10 1,224 Jun
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $2,080,000 1,561 11 to 15 1,333 Apr
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,530,000 1,227 11 to 15 1,247 Apr
WATER PLACE TANJONG RHU ROAD 99 yrs lease commencing from 1998 $1,790,000 1,453 06 to 10 1,232 Mar

 

2. Mandarin Gardens
Mandarin gardens

 

mandaringardens

 

 

 

 

 

Project Name Street Name Tenure Price Area (sqft) Floor Level $psf Resale Date
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $930,000 829 11 to 15 1,122 Jul
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $750,000 732 21 to 25 1,025 Jul
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $770,000 732 01 to 05 1,052 Jul
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $838,000 732 16 to 20 1,145 Jun
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $1,780,000 2,024 01 to 05 880 May
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $1,600,000 1,528 16 to 20 1,047 Apr
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $1,400,000 1,528 06 to 10 916 Apr
MANDARIN GARDEN CONDOMINIUM SIGLAP ROAD 99 yrs lease commencing from 1982 $2,188,888 2,034 21 to 25 1,076 Mar

3. One Amber
OneAmberblg

Oneamber

Project Name Street Name Tenure Price Area (sqft) Floor Level $psf Resale Date
ONE AMBER AMBER GARDENS Freehold $1,800,000 1,302 16 to 20 1,382 Jul
ONE AMBER AMBER GARDENS Freehold $1,865,000 1,302 11 to 15 1,432 May
ONE AMBER AMBER GARDENS Freehold $3,588,188 3,046 21 to 25 1,178 May
ONE AMBER AMBER GARDENS Freehold $1,780,000 1,259 06 to 10 1,413 Mar
ONE AMBER AMBER GARDENS Freehold $1,785,000 1,259 16 to 20 1,417 Feb
ONE AMBER AMBER GARDENS Freehold $1,890,000 1,335 06 to 10 1,416 Feb
ONE AMBER AMBER GARDENS Freehold $2,000,000 1,378 11 to 15 1,452 Jan
ONE AMBER AMBER GARDENS Freehold $1,580,000 958 06 to 10 1,649 Jan

Semi-Ds hit all-time high prices

Wareham sight

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

URA report on 68% fall of private homes sold

The number of units sold in June fell by 68 per cent from the previous month to 482 units, according to data by the Urban Redevelopment Authority.

Sales of private homes by developers in Singapore fell by about two-thirds in June from May, hurt by ongoing Government measures to cool the housing market.

Data compiled by the Urban Redevelopment Authority (URA) on Tuesday (July 15) showed developers sold 482 units in June, down 68 per cent from May when sales of 1,488 units were booked.

The bulk of the sales involved homes located outside the central region, with 269 units changing hands. Another 46 sales were made in the central region, while the rest of central region accounted for 167 units, the URA data revealed.

http://www.channelnewsasia.com/news/business/singapore/singapore-private-home/1264624.html DSC06973

Terraced Houses recent sales.

Here are some recent Transactions for Terraced Houses in District 15. Looks like prices are still holding strong here.

 

Terrace House
Source: URA
Date District  Project Name  Address Property Tenure Area Type Price Price
Type (sq ft) of Area ($psf) ($)
8-May-14 15 FRANKEL ESTATE XX Siglap Walk Terrace Freehold 1,991 Land 1,237 2,469,000
8-May-14 15 N.A. XX Tembeling Road Terrace Freehold 1,270 Land 2,524 3,200,000
2-May-14 15 N.A. XX Joo Chiat Place Terrace Freehold 1,593 Land 2,285 3,650,000
2-May-14 15 N.A. XX Onan Road Terrace Freehold 1,690 Land 1,185 2,000,000
25-Apr-14 15 OPERA ESTATE XX Swan Lake Avenue Terrace Freehold 2,637 Land 1,577 4,150,000
22-Apr-14 15 N.A. XX Joo Chiat Terrace Terrace Freehold 1,152 Land 1,656 1,900,000
22-Apr-14 15 OPERA ESTATE XX Jalan Bintang Tiga Terrace Freehold 1,744 Land 1,264 2,200,000
21-Apr-14 15 OPERA ESTATE XX Jalan Bintang Tiga Terrace Freehold 2,508 Land 1,138 2,850,000
21-Apr-14 15 N.A. XX Onan Road Terrace Freehold 1,959 Land 1,915 3,758,000
21-Apr-14 15 FRANKEL ESTATE XX Jedburgh Gardens Terrace Freehold 2,605 Land 1,725 4,500,000
17-Apr-14 15 N.A. XX Palm Drive Terrace Freehold 1,991 Land 1,453 2,890,000
15-Apr-14 15 OPERA ESTATE XX Norma Terrace Terrace Freehold 1,604 Land 1,257 2,010,000
14-Apr-14 15 N.A. XX Carpmael Road Terrace Freehold 1,938 Land 1,447 2,800,000
14-Apr-14 15 N.A. XX Onan Road Terrace Freehold 1,184 Land 1,922 2,280,000
10-Apr-14 15 FRANKEL ESTATE XX Siglap Walk Terrace Freehold 1,862 Land 1,616 3,000,000
10-Apr-14 15 N.A. XX Joo Chiat Terrace Terrace Freehold 1,636 Land 1,745 2,850,000
3-Apr-14 15 N.A. XX Koon Seng Road Terrace Freehold 1,711 Land 1,183 2,020,000
3-Apr-14 15 N.A. XX Ceylon Road Terrace Freehold 1,905 Land 1,234 2,350,000
24-Feb-14 15 N.A. XX East Coast Road Terrace Freehold 2,669 Land 1,833 4,900,000
10-Feb-14 15 N.A. XX Lorong 102 Changi Terrace Freehold 2,766 Land 1,083 3,000,000

Landed Transactions for SemiDs

Here are the recent transactions for Semi-Detached Houses in District 15.

Semi-Detached House
Recent transactions in District 15
Source: URA
Date District  Project Name  Address Property Tenure Area Type Price Price
Type (sq ft) of Area ($psf) ($)
20-May-14 15 N.A. XX Tanjong Katong Road Semi-Detached Freehold 3,821 Land 1,283 4,900,000
29-Apr-14 15 FRANKEL ESTATE XX La Salle Street Semi-Detached Freehold 4,661 Land 1,073 5,000,000
17-Apr-14 15 N.A. XX Jalan Baiduri Semi-Detached Freehold 2,626 Land 1,408 3,700,000
4-Apr-14 15 FRANKEL ESTATE XX Frankel Avenue Semi-Detached Freehold 4,510 Land 1,153 5,200,000
14-Mar-14 15 OPERA ESTATE XX Carmen Street Semi-Detached Freehold 3,003 Land 1,393 4,180,000
11-Feb-14 15 OPERA ESTATE XX Aida Street Semi-Detached Freehold 3,003 Land 1,432 4,300,000
6-Feb-14 15 FRANKEL ESTATE XX Yarrow Gardens Semi-Detached Freehold 2,896 Land 1,207 3,500,000
4-Feb-14 15 SEA VIEW PARK XX Jalan Seaview Semi-Detached Freehold 3,401 Land 1,381 4,700,000
8-Jan-14 15 FRANKEL ESTATE XX Frankel Avenue Semi-Detached Freehold 3,961 Land 1,173 4,650,000
3-Dec-13 15 N.A. XX East Coast Road Semi-Detached Freehold 4,090 Land 1,387 5,680,000
2-Dec-13 15 FRANKEL ESTATE XX Roseburn Avenue Semi-Detached Freehold 2,594 Land 2,199 5,700,000
27-Nov-13 15 FRANKEL ESTATE XX Frankel Avenue Semi-Detached Freehold 3,283 Land 1,082 3,550,000
19-Nov-13 15 N.A. XX Still Road Semi-Detached Freehold 2,777 Land 1,280 3,550,000
19-Nov-13 15 N.A. XX Jalan Tanah Puteh Semi-Detached Freehold 2,562 Land 1,794 4,600,000
7-Oct-13 15 N.A. XX Pulasan Road Semi-Detached Freehold 3,046 Land 1,205 3,668,000
25-Sep-13 15 FRANKEL ESTATE XX Siglap Road Semi-Detached Freehold 2,260 Land 1,579 3,560,000
12-Sep-13 15 FRANKEL ESTATE XX Siglap Drive Semi-Detached Freehold 3,606 Land 971 3,500,000
19-Aug-13 15 SEA VIEW PARK XX Jalan Sedap Semi-Detached Freehold 3,401 Land 1,427 4,850,000
7-Aug-13 15 SEA VIEW PARK XX Jalan Seaview Semi-Detached Freehold 3,832 Land 1,289 4,940,000
5-Aug-13 15 N.A. XX Ceylon Road Semi-Detached Freehold 3,294 Land 1,244 4,100,000