Showing posts from August, 2010

Singapore's Government measures to cool property market on 30 August 2010

1) The Government announced today the following measures to maintain a stable and sustainable property market: a) Increase the holding period for imposition of Seller's Stamp Duty (SSD) from the current one year to three years. b) For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase: i. Increase the minimum cash payment from 5 per cent to 10 per cent of the valuation limit; and ii. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by  MAS to these buyers from the current 80 per cent to 70 per cent. The measures will take immediate effect on 30 Aug, 2010. 2) The Government's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last three quarters, prices have

More measures to cool the property market

The government has announced several new measures to cool the property market. MND says that there will be an 'increase in the holding period for the imposition of Seller's Stamp Duty from the current one year to three years'. Property buyers who have more than one outstanding loan can only take a 70% loan on their new purchase. Here's are an excerpt of the press release from MND: MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET 1      The Government announced today the following measures to maintain a stable and sustainable property market: - Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years. - For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:       - Increase the minimum cash payment from 5% to 10% of the valuation limit; and       - Decrease the Loan-to-Value (LTV) limit for housing loans granted by fina

DBSS and EC: Eligibility for loans and grants

Lots of us are pretty confused over the new rules regarding HDB's Design, Build and Sell Scheme (DBSS). Do we qualify for this loan, that grant and so on? Is it any different from executive condos (EC)? Here's a quick breakdown of DBSS and ECs rules and requirements. Changes to the rules The income ceiling for DBSS has been raised from $8,000 to $10,000. This group will also be eligible for CPF grant. However, HDB loans are only offered to DBSS buyers whose combined income is below $8,000 . There are NO changes to rules regarding EC. Firstly, what's DBSS and what's the difference between EC and DBSS? DBSS are considered public housing, but designed, built and sold by private developers. Once the development is complete, HDB takes over the administration of the development. More details regarding DBSS here . Example of a DBSS - The Peak @ Toa Payoh . DBSS goes for around $500k-$600k. EC are private condos with some HDB strings attached, the key stri

PM Lee says cooling measures on the way

Is the party over? Cooling measures for the private property market are going to be announced, and we suspect Monday is going to be dominated by property related headlines. But the question is - is this going to be the "big one"? "PM Lee also announced that the government will move to cool the private property market, but did not give details. 'Otherwise you will remember nothing else about my speech,' he said, to laughter from the audience at the University Cultural Centre." - And if you listen carefully enough, we think you can hear the sound of unexercised "options" being torn up all across Singapore beyond the laughter of the audience. Already across property discussion boards, wild speculation on what measures are going to be put in place are spreading like wildfire. Some think draconian measures such as "capital gains tax" will be brought back for property while some think it will be anoth

Two sides of the same coin

Where Singaporeans grumbled, Malaysians were figuring how they could benefit from the launch of Singapore’s two casinos and, more crucially, its population expansion plans. AMONG Singaporeans, life often evolves around one thing – property, especially private ones. For most people, it is a big factor that determines how well or badly they can live in this over-crowded city, so everyone strives to own one as early as possible. The rationale is simple: This is a small and affluent city, where land is limited and cannot be expanded (beyond some reclamation). Demand, however, will grow and continue to grow as long as there is economic prosperity and stability. Singaporeans have regularly bought and sold their homes be­­cause of social mobility, or they flipped them for a quick profit. Often they talk property and breathe it. A survey some years back found that 53% of Singaporeans had moved homes at least once in the previous 10 years. Early bird Malaysians who were familiar wit

Singapore Gets 'Top International Meetings City' Title

SINGAPORE, August 24 (Bernama) -- Singapore has clinched the title of "Top International Meetings City" for the third consecutive year, according to the Union of International Associations (UIA)'s International Meetings Statistics 2009 Report. In a statement on Tuesday, the Singapore Tourism Board (STB) said the recognition affirmed the country's standing as a leading business events destination, ahead of 1,653 cities. STB said the city-state had distinguished itself from the competition which staged events that qualified for inclusion in the UIA's report. The report also ranked Singapore in second place for "Top International Meetings Country" out of 194 qualifying countries, behind the United States in first place and ahead of France. Also, for the 26th consecutive year, Singapore remained both the top city and country to hold meetings in Asia. "The Union of International Associations recognises Singapore as an increasingly strong market

Singapore's commercial properties one of most attractive returns in the world

Singapore's prime commercial properties offer some of the most attractive returns in the world, a new study by property consultancy DTZ said. The property consultancy launched a set of fair value indices, derived by forecasting the returns commercial property investors can get above government bond yields, over five years across 180 markets, local newspaper The Business Times reported on Friday. Markets where expected returns exceed required returns would be labelled "hot." The larger the number of hot markets in a region, the higher its index score would be. Results showed that Singapore was a hot market in the second quarter. The island's industrial property sector came in as the most attractive to invest in. DTZ estimates that industrial assets here were underpriced by some 11 percent. DTZ believes that office rents in Singapore will register strong growth in the next five years - they could rise 5-10 percent in the second half this year - and this will lea

Really, say bye bye to that cheap condo

According to a DTZ report, more private home buyers are spending $1m and more on properties. That's another nail in the coffin for the 'cheap' sub-$1m condo. That's pretty obvious going by recent data released by the URA, private home prices are at an all time high. There aren't that many properties selling for under $1m right now. The DTZ report also found that buyers with HDB addresses who bought units worth $1million and above increased from 36% in Q1 to 43% in Q2. Purchasers with private address also increased from 69% in Q1 to 73% in Q2. The analysis also found out that buyers from Malaysia, Indonesia, China and India made up a whopping 69% of total transactions by foreigners and PRs in Q2 2010. Going by the current trend, we are seeing less and less new private homes transacting at $750psf and below. In May, there were 58 such transcations, in June, 41 and last July saw only 31. Check out our Private Residential units launched and sold (by M

Be the envy of all with NV Residences

Pasir Ris will see a new condo very soon, and this is none other than NV Residences . But what does NV stand for? Envy? (We know, bad pun.) Jokes aside, this CDL condo sits just next to Livia, also another 99-year leasehold CDL condo. Details? Find out inside. This District 18 condo is closer to Pasir Ris MRT compared to Livia. With eight 12 to 15 storey blocks, NV Residences sits on a fairly large plot of land. Will the units be as spacious as Livia's? For that we'll have to look at the floorplans when they launch. Tenure: 99 year leasehold District: 18 Developer: City Developments Limited (CDL) Estimated TOP: 2014 Site Area: ~328,110 sqft Blocks: 8 Storeys: 12-15 Units: 642 units Notable Facilities TWO tennis courts Gym 50m Lap Pool Jacuzzi Unit Breakdown and Typical Sizes (Approximate) 1 BR (495 & 657 sqft) 
x 27 2 BR  (743 & 936 sqft
) x 144 2 + 1 BR (872 – 1,066 sqft) 
x 144 3 BR (1,087 – 1,259 sqft) x 104 3 + 1 (1,184 – 1,46

Singapore best global city ranking slips

SINGAPORE -- Singapore slipped a notch in a ranking of the best global cities around the world, but remains among the top rungs. It is now in eighth place, down from seventh in 2008, when the list was previously done. New York retained the top spot and was followed by London, Tokyo, Paris, Hong Kong, Chicago and Los Angeles. Rounding off the top 10 were Sydney and Seoul. A total of 65 cities across the globe, with populations of more than one million each, were analysed by the Washington-based Foreign Policy magazine, consulting firm A.T. Kearney and The Chicago Council on Global Affairs. The resulting index, out in the magazine's latest issue, measured how much sway a city has over what happens beyond its borders — “its influence on and integration with global markets, culture, and innovation.” It tallied how a city stacked up on measures such as business activity, human capital, information exchange, cultural experience and political engagement. The data collected i

Another condo up for en bloc

The latest addition to the en bloc bandwagon is a 16-unit freehold walk up apartment along Pasir Panjang, located new the future Haw Par Villa MRT station. The asking price? $26-30 million. This translates to around $600 - 690 psf ppr. Will it sell? Well, let's take a look their competition. Hit the 'read more' to find out. Here's the location of the said apartment if you're interested: This apartment joins the other recent condos up for en blocs: Dalvey Road site up for tender Goodrich Park might go for $86m Holland Tower and Melrose Court up for en bloc Pastoral View hops on the en bloc train Naung Court tries hand at enbloc Amber Glades, Robin Court and Robin Drive up for en bloc Perhaps these folks were encouraged by the successful en blocs of these small condos: Cavenagh Mansions sold for $42.4 million Meng Garden en bloc is 2010's biggest collective sale Pender Court goes for $95m With the government releasing so much land and

Scale new heights at Twin Peaks at Leonie Hill Road

Orchard Road's latest comes to you via Overseas Union Enterprise (OUE). Twin Peaks at Leonie Hill Road is touted as the first condo in Singapore that comes with fully furnished options. This 99-year leasehold condo has two 36-storey blocks and sits at the edge of Orchard Boulevard. Owners can choose to combine one-bedroom units with two- or three-bedroom units to enlarge the space. This is especially favourable to those with extended families who want to live together. Tenure: 99 year Leasehold Site Area: ~130,982 sqft Developer: Overseas Union Enterprise Estimated TOP: end 2014 Units: 462 Blocks: 2 Storeys: 36 Typical Sizes (estimated): 1 BR (549 -571 sqft) x 268 2 BR (1,055 sqft) x 66 3 BR (1,399 - 1,895 sqft) x 128 Notable Facilities: BBQ/Teppanyaki Pavilion Art Garden Laundry room Sky gym Gourmet dining suites (what are they exactly? A restaurant? Fancy kitchen you can use?) Location Image: Prices: We have heard some estima

Amber Glades, Robin Court and Robin Drive up for en bloc

The latest developments to be put on en bloc sale are Amber Glades, Robin Court and an adjoining bungalow unit at Robin Drive, off Bukit Timah. The properties at Robin Drive are put up as part of a joint collective sale. Asking price is between the region of $66 million to $74 million, which works out to an average of $1,046- $1,172 psf on potential GFA. It is also possible (pending approval) to buy the state land adjoining Robin Court with an area of 785 sqft, taking the total site to 41,000 sqft. The site is expected to be a hit with developers since it is located within the vicinity of the future Stevens MRT station. The tender closes on 16 September. Meanwhile, Amber Glades at Katong is also preparing to undergo an enbloc sale. The asking price for the 40,917 sqft site is $130 million, with each owner standing to pocket $1.4 million to $2.4 million each. The site can be redeveloped into a 2-storey block with 150 units at 840 sqft each, or 84 units at 1,500 s

Downtown Line station locations revealed

Good news! LTA has announced the new locations for the next phase of the Downtown Line or DTL3. Those in the east will have much to celebrate, less travel time and higher land values! The exact locations aren't online yet, we'll let you know as soon as it does. Here are the locations (the stations have yet to be named): River Valley Bencoolen Sungei Road Jalan Besar Kallang Bahru Mattar MacPherson (Interchange) Ubi Kaki Bukit Bedok Town Park Bedok Reservoir Tampines West Tampines (Interchange) Tampines East Upper Changi Expo (Interchange) I'm sure you don't need an expert to tell you that the land values will go up near those new stations. According to experts, COV could hit the 50k mark while prices of HDB and condos could hit 5-20% increases. As posted in by John

Naung Court tries hand at enbloc

It has been reported that Naung Court over in Hougang (District 19) is now trying its hand at an en bloc sale. According to Channel News Asia, indicative prices for the land is between $28 million and $30 million or $650-700 per square foot per plot ratio. Around 45 apartments reaching up to five storeys can be built in replacement. Built in 1982, the pink and white retro looking apartments are just down the road from Hougang MRT and Hougang Mall. It sticks out as one of the few low-rise apartments in a landed residential neighborhood (with towering HDB blocks in the background of course).You can check out the street view over it's detail page here . As posted in by  Francis

July 2010 sees 1544 new private homes sold

According to URA data, a total of 1544 new private homes were sold in July 2010. Compared to last month's sales of 847, it is an 82.3% jump. The good times look to be back! Big hitters in July include The Scala , The Terrene and 368 Thomson . Looks like the good times are back! Unless most buyers are still the superstitious sort, seeing that it's 'Hungry ghosts' month. Boo! A quick breakdown of popular units: The Scala at Lorong Chuan - 400 units sold (median price: $1,173 psf) The Terrene at Jln Jurong Kechil - 162 units sold ( median price: $1,248 psf) 368 Thomson along Thomson Rd, near Balestier - all 157 units sold (median price: $1,403 psf) Most expensive units sold were: A unit at Boulevard Vue - $4,600 psf A unit at The Orchard Residences - $4,099 psf A unit at Skyline@Orchard Boulevard - $3,719 psf 5 units at The Laurels at a median price of - $3,116 psf As posted in by John

Advice from three property investment experts

At a recent one-day property intensive preview titled Real Estate Investment Congress, property investment guru Milan Doshi and two of his previous students, Prudence Wong and Nancy Ng, answered interesting questions from the crowd. Doshi has been investing in both properties and the stock market since the 1990s, and has written two books, How You Can Get Rich From The Property And Stock Markets and How You Can Become A Multi Millionaire Real Estate Investor. At last count, his properties are worth more than RM22 million ($9.43 million). Wong is a property investor turned property developer. Her first project will be an integrated commercial development called Qube in Shah Alam. Ng is the sales director for that project. Wong and Ng met each other in an Internet seminar and have since been formed a solid friendship and business partnership with each other. Here are some of their answers from the live forum. Question: Property prices are going up. Are there still many good deals

Singapore plans for new wave of immigrants to help economy's growth

Singapore to welcome the highly skilled and qualified as it aims for world's highest growth rate With the financial crisis a thing of the past, the authorities in Singapore are looking at ways of letting in a fresh wave of immigrants. This year 100,000 foreign workers should be needed to cope with the powerful surge in the city-state's economy, with 18% growth for the first half of the year. Singapore aims to achieve the world's highest growth rate in 2010: 13% to 15% of GDP. The International Monetary Fund is forecasting 12%. During an official visit to the United States in mid-July, the prime minister, Lee Hsien Loong, started to prepare public opinion for another wave of immigrants. This being a sensitive issue at home, he measured his words: "If we don't allow the foreign workers in, you are going to have overheating," he said. "We have to accept that." The prime minister is understandably cautious, the government having reasserted its de

Singapore: The Hottest (Little) Economy in the World

At 267 square miles (New York City is 301 square miles), Singapore is not on most people's minds. But this Asian city-state grew at 18.1% in the first half of 2010, outperforming China, India and Brazil, according to their government statistics. True, those are much bigger economies. But Singapore's performance is impressive nonetheless, both for it's contra-recession gusto and the fact that it's likely to sustain something close to that heady rate in the second half of the year as well. While the Western world feels the aftershocks of the economic crisis, Goldman Sachs estimates Singapore's 2010 GDP will be 16.5%, a substantial upgrade from their previous forecast of 12%. What's fueling the hyper growth? The country's government loosened a 40-year-ban on gambling, commissioned two casinos complete with hotel, shopping and restaurant complexes — and a Universal Studios. The first casino opened in January of this year, followed by a second in April. Alrea

Singapore invests over US$17 billion in Vietnam

Singapore is among the top five investors in Vietnam, with a total capital of over US$17.3 billion. Their two-way turnover reached US$9.5 billion last year, helping the island nation become Vietnam’s fifth largest trading partner. This was announced by Singapore's Consul General in Ho Chi Minh City, Pong Kok Tian, and President of the Vietnam-Singapore Friendship Association, Nguyen Thanh Rum, at a ceremony in HCM City on August 5 to mark the 45th anniversary of Singapore’s National Day. As posted in VOVNews, Vietnam