Wednesday, August 31, 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.


Source : MediaCorp Pte Ltd by Julie Quek

Tuesday, August 30, 2011

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. 



Source : MediaCorp Pte Ltd by Amanda Heng

Monday, August 15, 2011

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.

http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/CORPORATE_PR_15122009_BEDOK_P1/$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 venture between CapitaLand Residential Singapore and CapitaMalls Asia (CMA) submitted the top bid of $788.9 million or $841 per sq ft per plot ratio (psf ppr).

This is 21 per cent more than the second highest bid of $650.9 million or $694 psf ppr, placed jointly by a unit of Singapore Press Holdings’ Times Properties and a unit of United Engineers.

Frasers Centrepoint followed close behind with a bid of $650 million or $693 psf ppr. Other participants in the tender include Keppel Land, Choice Homes Investments and Sim Lian.

Bedok is one of Singapore’s largest HDB estates, with close to 294,500 residents. It is among the early HDB new towns and saw its first high-rises in the 1970s. The Town Centre will receive a complete facelift in the next three years, with the building of a new integrated public transport hub and private homes.

These new developments will stand on a plot that will also have space for commercial use totaling 35,000 sq m, which is about the size of Junction 8 shopping centre in Bishan. It is estimated that a mall on the site can fetch an average retail rent of $15-$27 psf per month, while apartments may go for around $1,100 per sq ft or more.  

The dramatic change for residents will probably be the seamless linking of Bedok bus interchange to the MRT station and the building of a 13-storey residential cum commercial building with an estimated 583 private apartments beside the interchange. The Bedok Bus Interchange will receive a facelift in the fourth quarter of this year. 

Residents welcomed the news that the bus interchange will be air-conditioned while property analysts foresee the apartments being snapped up by young couples and home upgraders.


Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments.

The project is expected to be fully completed in the first half of 2015.


If you want more information regarding this site, feel free to contact me.

Sunday, August 14, 2011

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.




Source : MediaCorp Pte Ltd by May Wong

Thursday, August 11, 2011

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 Singapore's productivity growth prospect going forward."

More details at http://www.todayonline.com

Source : MediaCorp Press Ltd by Rachel Kelly 

Saturday, August 6, 2011

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:
  1. Must be at least 21 years old
  2. Must have a minimum of 4 GCE 'O' Levels passes or equivalent
  3. Possess a pass in the Real Estate Salesperson (RES) exam or equivalent
  4. Be registered with only 1 Licensed Estate Agent (Real Estate Company)
  5. Must not hold a moneylender's licence and not be an employee, director, or partner of a licensed moneylender
  6. Undertake mandatory continuing professional development of at least 6 hours a year
  7. Must be covered by a Professional Indemnity Insurance valid for at least one year from the commencement date of the registration
  8. Must not be an undischarged bankrupt or have entered into a composition or scheme of arrangement with their creditors
  9. Must not have any convictions in a court of law in any country.
  10. Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings
  11. Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act
  12. Has not been convicted of any offense under the Estate Agents Act
First thing to do is go register with any CEA Approved Course Providers for the RES Course :

* Institute of Estate Agents
charges: $1,048.60 (non-member) or $834.60 (member)
Contact Details : Tel No: 63231770
Website - www.iea.org.sg
Email.: courses@iea.org.sg
Office: 480 Lorong 6 Toa Payoh, HDB Hub East Wing, #07-02, S(310480)

* Singapore Accredited Estate Agencies Ltd
Charges between $728(member) or $802 (non-member)
Contact Details : Tel No: 6293 6616
Website - www.saea.org.sg
Email.: edu@saea.org.sg
Office: 371 Beach Road, #12-11 Keypoint, S(199597)

Anyone who graduate from the following courses and issuing body, you can be exempted from taking the RES exam. (Please check with CEA for any changes and update)

Name of Qualifications and Issuing Body
Bachelor of Science (Real Estate), National University of Singapore
Bachelor of Science (Estate Management)
Bachelor of Real Estate (Property Management)
Bachelor of Real Estate (Valuation)
Diploma In Building Management, Ngee Ann Polytechnic
Diploma In Building and Real Estate Management
Diploma in Real Estate Business
Diploma In Property Development & Facilities Management, Singapore Polytechnic
Diploma In Building and Property Management

Note:

1. Holders of any diploma or higher academic qualification which has real estate as a major are advised to check with CEA whether they are required to take the RES examination.

2. Individuals who have passed all 3 examinations in General Practice by the Royal Institution of Chartered Surveyors (RICS) will be considered as having obtained equivalent qualification to the RES examination.

Real Estate Salesperson (RES) Examination

Once you've complete the RES course with 75% attendance, you'll be given a Certificate of Completion and you'll be able to register for the RES Exam. The RES Examination will be held on the 2nd weekend (Sat and Sun) of every month. The fee for each RES examination is $246.10 (inclusive of GST) per candidate, and $149.80 (inclusive of GST) per paper per candidate retaking the exam.

To apply for the examinations, register directly with CEA's Appointed Exam Administrators :

Informatics

Website: www.exam-registration.com
Tel : 6580 4582
Email: IAI@informaticseducation.com
Office: 133 Middle Road #04-01, Bank of China Plaza, Singapore 188974

NTUC LearningHub

Website: www.ntuclearninghub.com/res-exam
Tel : 6471 2223
Email: enquiries@ntuclearninghub.com
Office: 73 Bras Basah Road #02-01 Singapore 189556

For RES Examinations:

1. 2 papers each (2 ½ hours per paper)
2. Paper 1: 70 MCQs and 15 short answer questions (100 marks)
3. Paper 2: Part I: 60 MCQs (carries 60 marks)
                Part II: 60 MCQs (max 40 marks)


Only when you pass both paper in the RES exams, can you apply for the salesperson license with Council of Estate Agency through Knight Frank. An annual fee of $299.60 is payable to CEA for this license through Knight Frank.

Joining Fees for Knight Frank is $252The fees include Estate Agent Card with lanyard and card holder, your name cards, Access Card and Professional Indemnity Insurance.

We welcome Experienced and New Agents and have ready positions for core team in Local and Overseas Projects. Call Lawrence at 9853 3323 for a no obligation discussion today.

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.


Source : MediaCorp Pte Ltd

Friday, August 5, 2011

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. 



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 available once the review is complete. The HDB's response comes amid calls by at least two Members of Parliament (MPs) for the authority to review the scheme in view of the shortage of such units.

More details at http://www.todayonline.com

Source : MediaCorp Press Ltd by Leong Wee Kiat

Thursday, August 4, 2011

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.
 

Source : MediaCorp Pte Ltd by Linette Lim