Lend Lease Paya Lebar

These figures mirror a move by tenants to quality who are relocating themselves from suburban areas to the city. The result of this is that the rates of rentals for condos and private apartments that are closer to the centre of the city for Lend Lease Paya Lebar have showed less of a decline than those in further away areas.

July market the 6th consecutive drop, month on month, for rents in residential areas of non-landed private homes overall, to 0.3%.

Another analyst has noted that, as a result of the mix of capped demand and a rising supply, a continuation of the downward pressure can still be felt for rents.

Paya Lebar Lend Lease Condo

A total of 9,945 private residences in Lend Lease Paya Lebar condo were given their Temporary Occupation Permits during the first half of 2015, based on data given by the Urban Redevelopment Authority. This figures is quite close to the 10,863 average annual completions of units occurring over a decade from 2005 to 2014.

Due to foreign labour conditions being tight in Singapore, the demand has stayed moderate. One example is the increase in the figure of employment pass holders, which had risen in 2014 to 3,8000, according to the data given by Ministry of Manpower. The contrast here is a very stark one when compared to 2011, where the figure rose by 32,100.

After a small climb in June of 0.1%, the overall rental index for the Housing Development Board dropped in July by 0.1%, month on month.


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Flora Drive Condo Hong Leong

The rate of vacancies for flats are close to a ten year high and it looks as if this rate could continue to rise even further, to record levels that have not been witnessed since the financial crisis in Asia. In the 2nd Quarter close to 9.2% of flats stood vacant. This is the highest figure since the end of 2005, where rates were at 9.8%.

The main reason causing this situation is the record amount of homes being completed, with 19,941 homes in the private market coming to completion last year. Adding to this is a further 42,606 homes to be completed in the private sector for 2015 and 2016. Close to 96% of these are non-landed properties. The Government’s actions to cool down a residential market that was booming is partly to blame for this over supply.

New Flora Drive Condo by Hong Leong

As a result, we are seeing the demand for housing not growing in balance with the supply, and this means that rents will be under ongoing pressure. But what can be done about this?

Fewer developments sites are being made available by the Government, however units at sold plots are only entering the market stream 4 to 5 years ahead.

Where demand is concerned, the key to breathing life into these numbers is immigration. However, this tends to be a largely unpopular option.

The amount of individuals coming into Singapore is a figure that the Government is keeping a tight reign on. It is also viewed this policy is what is behind this rate of vacancy that is so high.

To make matters worse is a global economy that is slowing down.


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Thong Sia Building The Criterion EC

It has been recently confirmed that one of Sin Capital Group’s members has closed on a deal to purchase the 26 storey Thong Sia building situated at Bideford Road, just across from The Paragon. Sin Capital Group is an Asian private investment group.

So far this year, this will be Singapore’s first collective purchase, as well as the biggest collective sale of a mixed use property for The Criterion EC.

As reported by The Business Times, this freehold building’s purchase price was $380 million, a figure that equates to $2,430 per square foot above its existing gross floor area. This sale price makes it the 2nd biggest collective sale over the past 7 years, after the fully commercial development known as Serangoon Plaza was sold in 2013 for $400 million.

The Criterion EC Building

Sin Capital Group was contacted but was unable to share any further information regarding the plans for redevelopment for this site as yet. However, they did share that they did not intend to change the site’s use and may opt to keep its existing structure, rather than demolishing it.

The redevelopment of this site into a mixed use commercial and residential project is being supported by the planning authority. At least 60% of the area has been earmarked for serviced or residential flats. From a zoning point of view, serviced flats fall under the category of residential such as The Criterion EC.


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Wandervale Sim Lian

Among the ten projects, the most marked increase in lit units from May 2014 to May this year was at The Interlace. In September 2013, this development obtained a Temporary Occupation Permit. At 11th June 2015 the development consortium, composed of CapitaLand, The National University, Singapore and Hotel Properties, had sold 882 of the 1040 units. The spokesperson for CapitaLand said the majority of the buyers were Singaporean Nationals for Wandervale Sim Lian.

Wandervale EC

The twenty-four storey development, which is situated on the ex-Gilman Heights site in Depot Road, has two, three and four bedroom units as well as penthouses.

The number of lit units at four luxury developments, The Marina Bay Suites, The Vermont on Cairnhill, The Laurels and Goodwood Residence had not increased much between May 2014 and May 2015. The developers of these projects had sold many of the units to foreign buyers. The developer of one of the four projects, which is situated in a popular district stated that 31% of the units on the development had sold to foreign buyers, Indonesians being well represented among these buyers for Wandervale Sim Lian, buyers permanently domiciled in Singapore accounted for a further 29% of buyers, Chinese buyers were well represented among this group, 30% of Wandervale buyers were Singaporean nationals and 10% of the units were bought by companies.


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Principal Garden UOL Condo

In a recent report, BNP Paribas stated that it was of the belief that immigration policies, along with the soon to come private Principal Garden supply, will make averting more drops in the prices of property even harder than is thought widely.

This view goes against the general belief that the authorities have enough controls put in place to maintain what has been referred to as a desired “slow bleed” of residential prices.

It ha been estimated by the bank that a further fall of 10% in private property prices is likely over the next couple of years. As a result, this could cause a wealth effect that is negative while constricting growth in private consumption.

Principal Garden UOL Condo

From their peak in mid 2013, there has been a 5.5% drop in private Principal Garden prices. BNP states that a closer look at underlying drivers and valuation metrics has suggested that the market has much further to go in order to correct itself before a bottom line can be called.

The general consensus of the general public and financial analysts have the view that the government is able to call an end, if it wishes to, to the drop in Principal Garden Condoproperty prices, according to the bank. The obvious way to achieve this would be to unravel the group of cooling measures that have been put in place over the last 7 years. It is also believed by many that an unravelling will more than likely occur just after the next general election takes place. (more…)

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Signature at Yishun

According to experts, individuals who are looking to buy a resale Housing Board apartment close to their parents, should look into financial support as the way to achieve this. What this could mean is that a higher resale grant could be offered or more buyers will be allowed to qualify for one for Signature at Yishun.

In a statement last Friday made by National Development Minister Khaw Boon Wan, the Government, in a bid to encourage closer living to extended families, has been looking into whether resale buyers such as these could qualify for more assistance.

At this time, first time buyers who are looking to purchase a resale flat with, or at least closer to, married children or parents, have the Higher-Tier CPF Housing Grant as an option. Experts have pointed out that, where newer flat allow for different ballot chance quotas for Signature at Yishun EC, the resale flat market only has one route to offer help, and that is financial aid.

Signature at Yishun

Analysts have pointed out that, with the rise in resale prices, the obvious move would be to raise the Higher Grant Tier. One property consultant pointed out that the amount of the grant used to be $50,000. However, it has since been dropped to, first $45,000, and the now current $40,000, a figure that is only $10,000 more than what the usual grant has been for Signature at Yishun resale buyers looking to purchase for the first time.

It was further noted that, should the grant amount be restored back to $45,000 or $50,000, this substantial difference was sure to encourage more people to purchase flats closer to their married children or parents.


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