Showing posts from August, 2011

Private home prices flat in July: NUS index

SINGAPORE : The NUS Singapore Residential Price Index (SRPI) has shown that Singapore private home prices in July were flat, as compared to the previous month. The overall index gained just 0.2 per cent from June, as the pace of price increase slowed. Colin Tan, head of Research and Consultancy for Chesterton Suntec International, said this is mainly due to the global uncertainty over the US economy and the eurozone sovereign debt. Mr Tan added that as long as this uncertainty persists, private home resale prices would likely remain flat over the next month or so. Excluding small units with a floor area of 506 square feet or below, the index for properties in the central area was down 1.3 per cent, while non-central properties showed a 1.2 per cent increase. More details at Source : MediaCorp Pte Ltd by Julie Quek

Property market quiet during Lunar 7th Month

The Hungry Ghost Month this year also saw the lowest number of properties put up for sale since 1998. Grace Ng, deputy managing director of Colliers International, explained: "This is mainly due to the current market conditions and buyers' sentiment, instead of the superstition associated with the Hungry Ghost Festival." "The result of the government measures introduced since January this year has impacted the auction property market and reduced the number of residential properties put up for auction sale," she added. Colliers International noted that many owners now prefer to rent out their properties to generate a better yield, as compared to depositing the money in the bank, which earns them an interest of less than one percent per annum. Commenting on the current outlook, Ms Ng said that property buyers are holding back amid worries about a double-dip recession.  More details at Source : MediaCorp Pte Ltd

New Condo cum Mall by CapitaLand and CapitaMalls at junction of New Upper Changi Road and Bedok North Drive

Bedok Town Centre at New Upper Changi Road / Bedok North Drive (location plan) A new launch should come on the market soon. The 13-storey residential cum commercial unit, 583 apartments will be built above a one-stop family shopping mall. The integrated development will have direct access to the Bedok MRT station and a new air-conditioned bus interchange.$file/Bedok+P1_location+plan.jpg Made available under the Reserve List System of the Government Land Sales Programme. It spans 24,902 square metres, with a permissible gross floor area of 87,157 square metres. The tender was closed with nine bidders in the fray, most of which put up offers far exceeding expectations. The strong demand for the 99-year leasehold plot could have stemmed from the site’s retail potential and its proximity to Bedok MRT station. A 50:50 joint

CapitaLand's new Bedok development likely to draw HDB upgraders

SINGAPORE : CapitaLand has said its new development at Bedok Town will likely attract potential buyers such as HDB upgraders. Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments. The Bedok Bus Interchange will receive a facelift in the fourth quarter of next year (2011). The bus interchange, together with a piece of land next to it, will be transformed and incorporated into a 13-storey residential cum commercial building. CapitaLand's integrated development will have about 500 residential units, which make up about 60 per cent of the project. The remaining 40 per cent will be allocated to two basement levels of shopping area. CapitaLand said the project will cater to about 300,000 residents living around the area, which is said to be the largest HDB estate in Singapore. More details at Source : MediaCorp Pte Ltd by May Wong

Unexpected Iskandar effect?

Malaysia's ambitious Iskandar development in southern Johor may just have an unexpected spin-off effect that could eventually help ease Singapore's property market woes and ease its labour issues. Ms Tan Ting Min, an analyst at Credit Suisse, said that, currently, the land price arbitrage between Singapore and Johor is 1:16. "How quickly this land price arbitrage narrows depends very much on how quickly Singaporeans adopt the idea of moving their manufacturing bases to Johor," she added (Amended 11 Aug 2011, 3.36 pm) s Already, Singapore has invested about US$153 million into the services, education and health sector of the Iskandar Malaysia development. Further down the line, this is expected to have a positive impact on the Singapore economy. CIMB Research economist Song Seng Wun said: "If we have at our doorstep an increased pool of qualified knowledge base labour force, we may be able to tap on that pool, bring them to Singapore and add to S

I want to be a Property Agent in Singapore

Why be a Real Estate Agent in Singapore? Well you get :  Quality time with Family - You get to choose the time.  Be your own Boss - You make your own decisions. Income ceiling that is uncapped - You write the amount. How much can you expect to earn? The median income per month for 2010 of a top real estate company I was involved with was : New Salesperson - $8,333 per month Top 300 - $11,824 per month Top 200 - $14,511 per month Top 100 - $19,942 per month Top 10 - $45,013 per month Top Achiever - $97,346 per month So how to be a Real Estate Agent in Singapore? The regulatory body is administered by the Council for Estate Agencies (CEA), one of the registration criteria for individuals aspiring to be Real Estate Salespersons is that they must pass the CEA's Real Estate Salesperson (RES) examination or have equivalent qualification. The registration criteria for a New Salesperson are as follows: Must be at least 21 years old Must have a minimum of 4 GCE &

Grand Tower sold en bloc for S$88.5m

SINGAPORE: Grand Tower located near Novena MRT station was sold en bloc for S$88.5 million. This reflects a land rate of S$1,376 per square foot per plot ratio based on a plot ratio of 2.958. Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate . New Century Real Estate is also the developer for 8Rodyk condominium. Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310 sq ft. The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800 sq ft each. More details at Source : MediaCorp Pte Ltd

Small developments to come under Housing Developers Act

SINGAPORE: Proposed changes to the Housing Developers (Control & Licensing) Act will cover all housing developers and not just those developing projects with more than four units. The Urban Redevelopment Authority (URA) said this is to ensure that buyers of units in these smaller developments can also benefit from the protection accorded under the Act. The suggestion was made during a month-long consultation exercise between March and April on proposed changes to the Act as well as the Housing Developers Rules (HDR). URA will also amend the rules such that errant developers who have had their licences suspended will be blacklisted on URA's website. The public also gave their thumbs-up to URA's proposed requirements for property developers to provide accurate information in the showflats and more information on the housing units to prospective home buyers.  More details at Source : MediaCorp Pte Ltd 

HDB to review model for rental housing scheme

SINGAPORE - The Housing and Development Board (HDB) is reviewing the leasing model for the Interim Rental Housing scheme, which was launched in 2009 to help needy families find temporary accommodation while waiting for permanent housing solutions. Currently, these families live in housing blocks spread across the island which are slated for redevelopment. These blocks are leased to operators - such as EM Services and LHN Group - to manage. While the scheme provides units for rent "at below market rates", the operators can decide how much to charge other tenants, who could be Singaporeans, permanent residents, students or those with employment or S-Pass permits. About 1,400 of the 2,200 flats slated for redevelopment are offered at market rental rates, while 800 are set aside for interim rental housing. Responding to Today's queries, the HDB said it "has drawn learning points from the current contracts" and more details will be made availabl

Leave private homes prices to market forces: REDAS

SINGAPORE: The Real Estate Developers' Association of Singapore (REDAS) said that prices of private homes should be left to market forces without any intervention from the government. This is according to recently appointed REDAS president Wong Heang Fine. Mr Wong, the CEO of CapitaLand Residential, replaced outgoing president Simon Cheong this February. Mr Cheong is the chairman of SC Global Developments. This is not the first time REDAS has taken issue with government intervention in the residential sector. Mr Wong said the private market accounts for only 15 per cent of the market and it should be given the opportunity to independently adjust to demand and supply conditions. He said that this was to avoid negative spillover effects on other sectors of the economy. But he added developers welcome a more transparent property market.   More details at Source : MediaCorp Pte Ltd by Linette Lim