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Easing of Some Property Cooling Measures - Sellers Duty and TDSR

 

The Government has just relaxed some of the cooling measures in place to reign in property prices in Singapore but ABSD or additonal buyer's stamp duty and the LTV or loan to valuation limits remain unchanged. Not so good news for buyers. For sellers, the SSD is cut from the 4-16% range depending on the holding period to 4-12%, a 4% cut for each holding year. The minimum holding period to escape SSD penalties was aslo reduced from 4 to 3 years.

The current TDSR restrictions state that your total loans cannot exceed a limit of 60% of your monthly gross income but now this limit will no longer apply hwen borrowers borrow against the values of their property to get cash provided the loan to value ratio is 50% or below.

Not what many investors are hoping for but its a start. To read more visit: Govt eases some property cooling measures report in the Straits Times.

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Short Term Rentals of Less than 6 Months are Illegal in Singapore

This has been illegal under URA rules for short term rentals less than 6 months in duration but is now legislated. Such homes are being listed on popular websites like Airbnb. Owners of private properties violating this law face a maximum fine of $200k and up to 1 year jail time. A major factor in this decision has to do with privacy and the sanctity valued by owners of private properties and complaints have gone up by 60% according to a CNA report. But the government is studying the option of creating a new category of homes that can be used for short term rental but for now its illegal.

To read more:

Channel News Asia Report: Short Term Rentals of Private Property Illegal but Govt Mulling

Straits Times Report: Parliament - Short Term Home Rentals Illegal Under New Law

New Paper Report: Short term home rentals like Airbnb now illegal, government looking at changes 

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New Launch Condos in 2016

 

Some upcoming new launch condominiums coming up in early 2016 and marketed by Huttons Asia Pte Ltd include:

  1. Centrium Square - Freehold Commercial Development with 231 retail, medical and office units located at 320 Serangoon Road near Farrer Park MRT
  2. 183 LongHaus - Freehold Mixed Development with 40 residential and 10 commercial units near Marymount MRT Station
  3. Stars of Kovan Mixed Development with 395 residential and 45 commercial leasehold units, near Kovan MRT Station
  4. Lake Grande Condo - Leasehold Condo with 550 units next to Lakeville Condo (U/C) a short walk from Lakeside MRT. In Jurong Lake District.
  5. Sturdee Residences - Leasehold Condo with 265 units near City Square Mall and Farrer Park MRT Station

All 5 new launch property developments located close to MRT stations with 1 freehold new launch commercial and 1 freehold mixed development and 3 leasehold properties.

 

Name of Property Land Tenure MRT Type Location Residential Commercial Pricing
Centrium Square Freehold Farrer Park Commercial 320 Serangoon Road NA 231 retail, medical, office Est 3000-5000 psf medical suites
183 Longhaus Freehold Marymount Mixed Development 183 Upper Thomson Road 40 10 retail and F&B Est 3000-4000 psf commercial
Stars of Kovan Leasehold Kovan Mixed Development Junction of UpperSerangoon and Tampines Roads 395 45 Est 1400-1600 psf
Lake Grande Leasehold Lakeside Condominium Jurong West Street 41 550 NA Est. $1300 psf
Sturdee Residences Leasehold  Farrer Park Condominium  Sturdee Road (Jln Besar area)  265  NA  TBD 
Parc Life EC Leasehold EC Sembawang Crescent 628 NA TBD

Parc-Life-EC-Property-Aerial-View

183-longhaus-mixed-development-front-view-1

centrium-square-commercial-property-front view 1

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183 Longhaus Mixed Development Near Marymount MRT Station

Like Stars of Kovan, 183 Longhaus is another mixed development near an MRT station, in this case Marymount MRT station. But what distinguishes the two is size and land tenure. Stars of Kovan is leasehold like North Park Residences and Northpoint City but 183 Longhaus is a rare freehold mixed development and on top of that, its near an MRT station. That's a rare combination. The other difference between 183 Longhaus and Stars of Kovan is the former is a much smaller development with only 40 residential (Vs 395) and 10 commercial (Vs 45) units. But the smaller number of in-house commercial units are not an issue since there is a long line of shophouses along Upper Thomson right at the door step and also several small shopping centres across the road. Go here for more on this new mixed development: 183 Longhouse Mixed Development near Marymount MRT.

 

183-longhaus-mixed-development-front-view-1

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Stars of Kovan - New Mixed Development near Kovan MRT

The Stars of Kovan is a mixed development of 395 residential units and 45 commercial units consisting of retail shops and F&B outlets. Residents get to enjoy the convenience of shops and food outlets in their building while owners of the commercial units have a customer base of perhaps 1000 people in the same building. Kovan MRT station and the Heartland Mall are just a short walk away. Recent developments in the neighbourhood include The Tembusu and Trilive, both condomniums and not mixed developments.

For more information on Stars of Kovan click this link: Stars of Kovan Mixed Development

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Lake Grande Condo at Jurong West Street 41

Lake Grande is the latest condominium in the Jurong Lake District by MCL Land. The great things about this development include a limited supply of private residential developments in the West, the development of the area by the URA into the CBD in the West, the great views of Jurong Lake and the close approximity to the Lakeside MRT and Chinese Gardens MRT stations on the EW line. There are no shortage of amenities in the area including several large shopping centres like JEM, JCube, BigBox and IMM and many leisure places such as the Japanese and Chinese Gardens and the Science Center as well as the best health care at the brand new Ng Teng Fong Hospital.

Learn more about Lake Grande here: Lake Grande Condo, lakeside and modern living near an MRT station.

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Sturdee Residences - New Launch Condo on Sturdee Road

Sturdee Residences is a new launch condo on Sturdee Road, across the road from City Square. This 265 unit, 30-storey property development located at the city fringe is convenient to the city, CBD, Marina Bay and offers a great choice for those who prefer urban living. Accessibility is excellent with the Farrer Park MRT (NE8) just a short walk away. Residents will enjoy access to a good choice of amenities nearby including the Jalan Besar Stadium and Swimming Complex.

Follow this link to discover more on Sturdee Residences.

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HDB in the News in May 2015

 

May 25, 2015: 2 Bedroom Flats at Ponggol Going for As Low as $28,000!

New smart homes in Punggol boasts new smart technologies both within units and in the common facilities. 

  • Enviromental modeling to create more comfortable living conditions
  • Smart carpark management frees up more visitors lots when residents are out
  • Smart fans and lighting in the common areas
  • Smart Pneumatic Waste Management

 

For more read: 

http://www.straitstimes.com/news/singapore/housing/story/first-smart-hdb-homes-punggol-go-low-28000-20150525

 

May 26, 2015: Stylish Dawson BTOs

In this article, two stylish BTOs in Dawson called SkyTerrace and Skyville push the standards for HDB living with innovative ideas and designs. For more read this article in the Sunday Times: In pictures: Stylish BTO projects at Dawson's SkyTerrace and SkyVille - See more at:

http://www.straitstimes.com/news/singapore/housing/story/pictures-stylish-bto-projects-dawsons-skyterrace-and-skyville-20150525#sthash.l8BXTwD0.dpuf


May 27, 2015: $1millon Resale Flats at Duxton after the Five Year MOP

Duxton has always garnered a lot of interest because of its location and  ground breaking design. After, the 5 year MOP ended, some owners decided to cash in and sell their flats. One flat even sold for over $1 million.

Astonishing? Read more: 

http://www.straitstimes.com/news/singapore/housing/story/brisk-sales-and-hefty-gains-pinnacleduxton-20150527

 

May 27, 2015: Record 9000 BTO and Sale of Balance Flats Launched

Some 9000 BTO and sale of balance flats have been launched. 4,044 are BTO flats and the other 5387 are Sale of Balance Flats. The BTO flats are in Clementi, Tampines, Punggol and Sembawang with the ones in Punggol being equipped with smart technologies in the common areas. The balance flats are located in Woodlands, Jurong, Bukit Merah and Queenstown. The BTO launched to date this year totals 8039 with another 4860 coming up in August including those in Bidadari.

See more at: http://www.straitstimes.com/news/singapore/housing/story/more-9000-new-hdb-flats-launched-around-the-island-queenstown-clementi-#sthash.hrIebO2F.dpuf

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Gramercy Park - Luxury Condo in District 10 Near Embassy Row

 

Gramercy Park at 57, Grange Road is the latest offering from CDL. This freehold, 174 unit development was designed by world renowned architectural firm, NBBJ and consists of 2 blocks angled to offer the best views of the Orchard and Chatsworth areas. Units are large and range from 1.2k for a 2 bedroom unit to 7.3k for some penthouse units.

The allure of Gramercy Park include its district 10 address, its location near Orchard Road and the prestigious Chatsworth area, home to several foreign embassies. Rental potential is gauged to be good given its location. Interior finishings are naturally branded and all units come with designer wardrobes. Property prices for the luxurious private condo market have dropped significantly.

The average psf of Gramercy Park is estimated to be 2.7k. Some 30 facilities including a 50m lap pool cater to residents' leisure needs. The 248 car park lots exceed the 174 units with some lots specially for wider vehicles. Everything needed by residents is within easy reach with most amenities within a 1-2km radius including shopping areas for the well-heeled and access to the Orchard MRT station on the NS line.

For more information on Gramercy Park, visit our page here: Gramery Park on Grange Road.

 

siteplan

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High Park Residences,  A New Condo Located Along Fernvale Road in Sengkang

High Park Residences (some people will just call it High Park Condo) will be built on two land parcels tendered out by the URA in August 2014. Some 1390, 99 year leasehold units will be available. This development stands out in the wide range of unit types available. Starting from studio units, buyers can choose 2-5 bedroom units, some of which include a study and both classic and deluxe sub-types. Some 5 bedroom units also boast a private lift lobby. 4-bedroom, dual key units facilitate living next to loved ones while preserving some privacy and are also great for rental income.

More details will be provided as they come in. For full details, click this link: High Park Residences.

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New Showflat for The Skywoods

The Skywoods show flat has been relocated from its previous location next to Foresque to the corner of Dairy Farm Road and Dairy Farm Crescent. With the shift, the unit on display has been changed to a 1012 sq ft, 3-bedroom unit. 179 units out of 420 have been sold. Star units available for sale with a significant discount include 1+study, 3 bedroom and 4 bedroom types. Call us at 97323160 to make an appointment to view/buy.

The Skywoods Show Flat

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Private Non-Landed Residential Property Prices in Singapore Fell 4% in 2014

Sectional Perspective 900

Cutout View of the Upcoming Northpark Residences and Northpoint City in Yishun

 

On Friday, Jan 23, 2015, it was reported in the media that private residential property prices fell just 4% in 2014. The decline was 1.5% just in the last quarter of 2014 and 0.7% in the quarter before that. This makes a total of 5 quarters of straight declines. The continued decline, the number of units in the pipeline and talk in the media about increases in interest rates going forward must surely be on the minds of would be investors.

Since 2008 or over a 6 year period, this is the first year of decline in prices. 2013 saw a modest 1.4% increase in prices. Declines were across all districts. for non-landed private residential property the changes can be summarized as follows:

Non Landed Non Landed Non-Landed
Area % change 4Q2014 % Change 3Q2014 % Change 2014
CCR or Core Central Region -0.9 -0.8 -4.1
RCR or Rest of Central Region -1.4 -0.4 -5.3 
OCR or Outside Central Region  -0.8 -0.3  -2.2 
Overall -4%

 For landed private residential properties, the numbers were also negative:

% change 4Q2014 % Change 3Q2014 % Change 2014
-1.3 -1.8 -5.3

How about rentals? Well, rentals have also declined significantly from 2013.

% change 4Q2014 % Change 3Q2014 % Change 2014 % Change 2013
-1 -0.8 -3 -0.9

With the decline in prices, the number of units sold declined especially when comparing the whole of 2014 with 2013. This can be interpreted as more people waiting at the sidelines for prices to drop further or that the cooling measures have deterred purchase of new properties.

Units Sold 4Q2014 Units Sold 3Q2014 Units Sold in 2014 Units Sold in 2013
1376 1531 7316 14948

The negativity is similar reinforced by the number of units launched in 2014 compared with the year before.

Launches in 2014 Launches in 2013
7693 15885

The big question in everyone's mind? Will 2015 see a turnaround?

Thanks for reading,

SGPropertySource Team

References:

Singapore private home prices fall 4 per cent in 2014 - AsiaOne Business

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Four Nature Parks To Be Developed Around The Central Catchment Area in Singapore

Four new nature parks are in the works and will be situated around the central catchment area. These are intended to be green buffer areas to protect the catchment area. The first of the four parks was officially opened by Minister of State for National Development, Mr Desmond Lim on Nov 1, 204. The Springleaf Nature Park covers an area of 6ha and offers a trails for trekkers, an observation deck for the increasing number of briders or birdwatches as well as a rest shelter, toilets, and a carpark. The park is relatively flat and is a nice place to walk and there are some 80 species of birds in the area according to National Parks.

The second of the four parks - Chestnut Nature Park - will be completed in 2016. This park will be much bigger, spreading over 80 ha and will have a 7-storey watch tower so that visitors can have enjoy the view of the park from a high vantage point. It will offer hiking and biking trails.

The last two nature parks in the works are the Thomson and Windsor Nature Parks but more details have not yet been released.

 

For more visit:

The New Straits Times Report on Springleaf Park

Propertyguru's Write-up on Springlead Nature Park

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Two Residential Sites Released for Tender - Lorong Puntong and Sembawang Road

As part of the 2nd half 2014 (2H2014) Government Land Sales Program (GLS), the URA and 

HDB have released two sites under the confirmed list for 99-year residential
development. These sites will yield 900 units adding to the existing pipeline of 90k
private residential and EC units.

Site 1: Lorong Puntong

  • Located at the junction of Sin Ming Ave and Lorong Puntong
  • Near Ai Tong School and Thomson Plaza
  • Near Bishan Park Secondary School and Pierce Secondary School
  • Near Lower Peirce Reservoir, Bishan-AMK Park, SICC
  • Close to Birght Hill and Thomson MRT stations on TEL
  • Site area of 10,508sqm
  • GFA of 22,056sqm
  • Private Residential
  • Max 4 storeys
  • 280 units

Site 2: Sembawang Road

  • Located at the junction of Sembawang Avenue and Canberra Link opposite a site reserved
  • for future sports and recreation
  • New Sembawang MRT and the future Canberra station
  • Short drive to Sembawang Shopping Centre, Sun Plaza, NOrhtpoint, Sembawang Park
  • Near Sembawang Primary, Wellington Primary, Sembawang Secondary and Canberra Secondary
  • Site area of 28745 sqm
  • GFA of 60,366 sqm
  • EC Development
  • 605 EC units

 


Highlights of the 2H2014 GLS Program Announced on Jun 10, 2014

9 confirmed list sites:

  • 3 private residential
  • 3 EC sites
  • 2 mixed (Holland Village extension) and
  • 1 commercial (near Payar Lebar MRT Station)
  • 2400 private residential and 1500 EC units
  • 159000 sqm GFA

 

14 reserve list sites:

  • 12 private residential
  • 1 EC site
  • 1 commercial and
  • 1 white site
  • 6300 private residential units
  • 195000 sqm GFA of commercial space.
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The New TEL (Thomson-East Coast) MRT Line

TEL alignment map

*LTA map

On August 15, 2014, the LTA announced that the southern end of the Thomson Line which serves the North South corridor will be extended eastwords to form the new TEL MRT line. In Singapore, the proximity to an MRT station helps to sell properties. The 13km East coast stretch will bring MRT travel to areas not currently served by the MRT system and increased connectivity to the East will be brought about by a 2.2km, 2-station extension of the Downtown Line (DTL) to join DTL To TEL. Here are some points about TEL:

  • Consists of the 22 station Thomson Line along the N-S corridor and the 9 station Eastern Region Line
  • Seamless connection from Woodlands in the North to the East Coast
  • Fully underground
  • Benefits of sscale, operational efficiency and common systems and trains
  • Total Length 43km
  • Total cost of S$24 billion, 6.8 billion for the Eastern Region Line
  • Total of 31 stations
  • Scale similar to N-S line and Downtown line
  • 7 private properties acquired
  • 7 interchanges 
  • Expected traffic - 500k passengers daily, increasing over time to 1mil daily
  • Alternative to E-W line for some commuters
  • Eastern end of the DL line to be linked up to TEL with the addition of 2 new stations
    • Downtown Line 3 extension (DTL3e) - 2.2km
    • Access to Changi Business Park and Expo areas
  • Travelling time saved (now served by MRT or MRT+Bus):
    • East coast to Orchard, 45mins instead of 75mins, saving 30mins
    • Woodlands to Marine parade, 1 hr, currently not possible by MRT, 80mins by bus
    • Marine parade to Shenton Way, 20mins instead of 40mins, 20mins saving
    • Marine parade to Jurong East, 50mins (via TEL, EWL) instead of 65mins, save 15mins
    • Upper East Coast to Ang Mo Kio, 45mins instead of 60min, save 15mins
  • New combined MRT and bus depot to be built next to the existing Changi Depot
    • Capacity for 220 trains from TEL, E-W and DTL lines and 550 buses
    • 36-hectares, multistorey
    • Combining and having several storeys saves 44 hectares
    • Existing depot to be demolished
  • East Region Line
    • 16km long
    • Serves new areas such as Siglap, Marine Parade, Upper East Coast and Bedok South
    • Construction of the Eastern Region Line to start in 2016.
    • First 7 stations - Tanjong Rhu to Bayshore - to be ready by 2023.
    • Last 2 stations of the Eastern Region Line - Bedok South and Sungei Bedok to Tanjong Rhu to be ready by 2024
    • Singapore's first underground bicycle parks
      • Marine Parade, Marine Terrace, Bayshore and Sungei Bedok Stations
      • More bicycle parts at all future stations

 Quick Milestones:

  • 2019 - 3 stations on the NEL line gets connected to the N-S Line at Woodlands MRT
  • 2020 - 6 new stations from Springleaf to Caldecott open
  • 2021 - 13 new stations from Mount Pleasant to Gardens by the Bay give direction access to the CBD, Marina Bay and Gardens By The Bay from the Woodlands
  • 2023 - 7 stations on the East Coast stretch open new access to the East Coast area currently not served by any MRT line
  • 2024 -  last 2 stations on the East Coast stretch connect to the DTL3e extenstion at Sungei Bedok and will relieve some pressure on the E-W line

To explore further:

  1. LTA Press Release: http://app.lta.gov.sg/apps/news/page.aspx?c=2&;id=3cc2e460-06ea-4245-a37f-df11b602ec7d
  2. For more graphics and maps, see asiaone's write-up - http://transport.asiaone.com/news/general/story/new-thomson-east-coast-line-run-through-estates-east-including-marine-parade
  3. For a list of stations on TEL, visit this website - http://sgwiki.com/wiki/Thomson-East_Coast_Line
  4. To download a pdf, go here: http://www.lta.gov.sg/content/dam/ltaweb/corp/PublicTransport/files/tsl-station-maps.pdf
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New Food and Commercial Hub Near Woodlands Sports Hall

In June 2012, HDB announced the relocation of some 147 flats under the SERS program. These flats were located in blocks 1A-6A along Woodlands Centre Road. Also affected by the move were some 197 rental shops/ eating houses/ offices and 78 cooked food stalls under NEA’s management.  The same annoucement mentioned a future hawker centre to replace the affected stalls. 

On Aug 5, 2017, the PropertyGuru website reported a new $31.1 million project to be built in the open space next to Woodlands Sports Hall and demarketed by Woodlands Street 12 and Woodlands Ave 3. Facilities in this hub include food stalls (80), commercial schools (5), retail shops (60) and parking for 200 cars. Road works will also be carried out to cater for the expected increase in traffic. This new hub will

ensure that there are sufficient food stalls in the area and will be the second NEA managed hawker centre in Woodlands.

 

Google Maps:

woodlands sports hall

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Resale Prices of Private Property Fall Further in June 2014

A tentative report by the Singapore Property Exchange showed that resale prices of private property dropped another 1.4% in June. Prices are at the lowest over the last 1 1/2 years since Dec 2012. Starting at the Core Central Region (CCR) and moving outwards through the Rest of Central Region (RCR) and Outside of Central Region (OCR), the prices fell 1.7, 3.2 and 0.3% respectively. The OCR prices dropped the least because the properties here have lower prices. The CCR and RCR properties have to deal with unsold units and curbs on resale such as ABSD. Encouragingly, the number of resale units that exchanged hands has increased 7.9% to about 452 units. 

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Sales of New Launch Private Homes Fell in June 2014

Sales of new launch private homes which almost doubled from April to May 2014 has decline 68% in June. Only 482 units were sold compared to the 1488 units in May 2014.  This partly due to the fewer units (418 units) launched compared to the previous month (1819 units).

 

Month No of Units Comments
Dec 2013 259 15k homes sold in 2013 
Jan 2014 565 2028 in Jan 2013
Feb 2014 739
Mar 2014 480
Apr 2014 745 Lake ville Condo (207), Sky Habitat (130, 1377psf avg)
May 2014  1470  Coco Palms (OCR, 590, $1018psf),  Commonwealth Towers (RCR, 275 units, $1626 and Panaroma (OCR, 100 units, $1241 psf, relaunch)
Jun 2014 482 Fewer units launch

* Year to date sales 4445 units, Jan to Jun 2014.

Interestingly, units at developments such as Thomson Three have been quietly moving.

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Sales of New Launch Private Homes Doubled in May 2014

 

Sales of new launch private homes almost doubled from April to May 2014 with 1470 units sold according to the URA. If ECs are included, the total units sold last month would be 1528 units compared to 797 in April 2014. This has been attributed to the larger number of new homes launched in May - 1790 which is greater than 3X the number launched in April (600 units).

Sales in the Core Central Region was 2%, Rest of Central Region (RCR) 34% and Outside Central Region (OCR) 64%. Three developments - Coco Palms, Commonwealth Towers and The Panorama made up 65.6% of sales. Two points may be noted for these properties - lower psfs and location. Last month Sky Habitat and Laveville were the top sellers.

In June, several factors may lead to lower sales - school holidays and World Cup Fever and although developers may launch ahead of the lunar 7th month period in August.

 

Month No of Units Comments
Dec 2013 259 15k homes sold in 2013 
Jan 2014 565 2028 in Jan 2013
Feb 2014 739
Mar 2014 480
Apr 2014 745 Lake ville Condo (207), Sky Habitat (130, 1377psf avg)
May 2014  1470  Coco Palms (OCR, 590, $1018psf),  Commonwealth Towers (RCR, 275 units, $1626 and Panaroma (OCR, 100 units, $1241 psf, relaunch)

* Year to date sales 3963 units, Jan to May 2014.

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Posted by on in Property News

Dual Key Units

What are dual key units? In 1986, the HDB introduced units configured as a studio unit plus the main flat. The intention was to encourage multi-generational families to live under one roof. In 2009, Caspian Condo was the first to introduce the concept to the private residential market. Today, dual-key units can be found in both private and executive condos.

The Straits Times in this article "Developer 'still keen'on dual-key units" published on May 20, 2014 stated that the proportion of large residential projects offering dual key units has risen over recent years: 2011: 3.4%, 2013: 7.5%.

What do dual-key units offer? Basically a dual key layout has two subunits sharing the same foyer. The subunits can be self contained or consist of one full unit with an attached room. For couples, it offers a way to live next to your parents while maintaining some privacy. For others, one sub-unit can be used to generate rental income without loss of privacy.

According to the same article, dual-key units command a premium but this has dropped from 16% at its peak in 2012 to 12% max last year. The take-up rate has also dropped from 84% to 58%. Despite of these stats, dual-key units will appeal to young couples who would also like to be their parents or to investors who see such units as a way to generate another income or to help pay their property loans. Indeed, both units can be rented out to generate even more income. 

All potential buyers of any kind of property should first visit their banker and understand how much they can loan in the light of the TDSR cooling measure. This will help ground their expectations and narrow the range of properties or units that they can invest in. As previously mentioned in this blog: http://sgpropertysource.com/property-news/entry/one-in-three-home-buyers-do-not-understand-tdsr.html. 1 in 3 buyers do not understand the TDSR and its going to save them a lot of time if they make an upfront assessment of the maximum amount they can loan.

Some properties launched or to be lauched with dual key units include:

The Crest @ Tanglin

Coco Palms

RiverTrees Residences

Sunnyvale Residences

Guillemard Suites

Highline Residences

Liv on Wilkie

WhiteHaven

Bentley Residences

The Tembusu

dual key

 

 

 

 

 

 

 

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