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Subscribe to this list via RSS Blog posts tagged in private residential

BNP Paribas has proposed in a recent report that expenses of private property have not dipped fundamentally in spite of cooling measures, as designers are hesitant to lower costs because of the high cost at which land was obtained. Land has been acquired in recent years at S$400 to S$800 psf.

Prices remain elevated to ensure developer profits. BNP Paribas' report likewise recommends Singapore's lodging business sector may face oversupply from 2016 because of lower interest, including oversupply of private property, tight migration approaches and rising interest rates.

Costs are relied upon to hit the most minimal point in 2018/2019. Expert Chong Kang Ho trusts the base case situation would see the oversupply at the very least in 2020 preceding the circumstance progresses.

With proactive supply cuts and no outer stuns, BNP Paribas trusts the present oversupply cycle won't have as negative an effect as the one somewhere around 1997 and 2006.

Taken from iProperty

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Flash estimates released by the URA on 1 October 2015 revealed that the private residential property index dipped to 142.3 points in Q3 2015, a drop of 1.9 points (1.3 per cent), compared to Q2 2015.

Non-landed private property costs fell across all market segments. Costs in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) declined by 1.3 for each penny, 1.5 for every penny and 1.6 for each penny separately, contrasted with the past quarter.

Costs of Housing Development Board (HDB) resale pads fell also. As per HDB glimmer assesses, the resale value record saw a 0.3 for each penny decrease in Q3 2015. The decrease has backed off in examination to the 0.4 for every penny decay seen in Q2 2015.

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Bidadari home will soon have 2,150 new flats, comprising of two-to five-room units propelled available to be purchased under HDB's Build-to-Order (BTO) exercise.

This dispatch will be the first of HDB flats in the Bidadari home, and purchasers with folks living in Toa Payoh, Potong Pasir, or inside of a 2km sweep will have need.

The home is relied upon to house around 10,000 private units in the end, and in addition group shopping centers, a lake and a ten-hectare park. The domain is arranged in close closeness to two North East Line MRT stations, Woodleigh and Potong Pasir.

Property watchers expect costs of Bidadari units to be at a higher value point taking into account its city-fringe area.

Mr Eugene Lim, ERA Realty's Key Executive Officer said to Channel NewsAsia that he expects costs for flats in the Bidadari bequest to extend from S$300,000 to S$350,000 for three-room flats, S$400,000 to S$450,000 for four-room flats and S$600,000 for five-room flats.

This BTO activity is the first since the pay top was raised to S$12,000, which Mr Ku Swee Yong, CEO of Century 21, accepts will draw more purchasers.

Taken from iProperty

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According to CIMB, current market conditions, including property cooling measures, residential oversupply and lower development margins brought about by costly land have affected Singapore’s property developers more than the Global Financial Crisis in 2008.

“After the implementation of a series of macro-prudential measures by the government, including higher transaction costs and more prudent debt servicing measures, demand for residential property has weakened.

This, coupled with a slow rental market and rising incoming supply, has led to higher vacancies and deteriorating private home prices,” said Analyst Ms Lock Mun Yee in a CIMB report.

“With revenue growth decelerating and the bottomline being affected by narrower margins, developers are increasingly looking to overseas markets such as Australia, the UK, China and other SEA countries.

The bright spot is that developers’ balance sheets are healthy with low leverage, enabling them to seek reinvestment opportunities,” she noted.

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A soaring number of vacant private homes looks inevitable as supply increases and tougher mortgage curbs lessen demand.

At a seminar held by the Real Estate Developers’ Association of Singapore (REDAS) on 14 July, REDAS’ president Mr Augustine Tan noted the upcoming supply of over 89,000 private homes between 2015 and 2019.

He said, "This looming supply is likely to bring home vacancy rate to a new record high, causing a further slip in home rentals and a downward spiralling of property prices".

According to official figures, Singapore’s private residential prices have declined in six continuous quarters and flash estimates predict another fall in the upcoming seventh quarter. Fewer units have also been put up for sale by developers, with just 7,316 units launched in 2014 compared to 14,948 units in 2013.

Taken from iProperty

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A report from UOB Kay Hian recommended that property cooling measures are liable to be lifted by mid 2016.

UOB Kay Hian examiners Vikrant Padey and Derek Chang highlighted slow home deals in May and great reductions in area supply for private properties right now a softening in strategies is liable to happen.

Might's decrease in units sold shows a plunge in home-purchasing supposition, which could convey the legislature to straightforwardness strategies checking interest, subsequent to the lessening in supply was likely intended to keep away from a compelling value change.

Taken from iProperty

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Private homes resale costs tumbled 0.1 per cent month-on-month in April, with little units seeing a 0.4 for every penny cost increment.

This as per figures in the Singapore Residential Price Index (SPRI), discharged by the National University of Singapore's Institute of Real Estate Studies.

Different figures demonstrated a 0.1 for every penny fall in costs of focal private properties barring little units; costs continued as before as the earlier month for non-focal private properties barring little units.

Taken from iProperty

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Singapore's rental business grabbed 3.1 for each penny quarter-on-quarter (QoQ) and 13.5 for every penny year-on-year (YoY) in Q1 2015; 15,229 renting exchanges were recorded.

Homes in the center focal area (CCR) and whatever is left of the focal locale (RCR) delighted in an increment of 4.6 for every penny and 5.6 for each penny separately, while those in the outside focal district (OCR) confronted a 0.9 for each penny decay.

Interest for the OCR is still solid as YoY development was 19.1 for each penny. This comes regardless of the soaked work market and slow financial development.

As far as lease, the URA rental record recorded a 1.8 for each penny decrease in non-landed private properties.

The decay is reflected in all areas, with the CCR driving with a 1.9 for each penny QoQ diminish, firmly took after by the OCR (1.8 for every penny) and the RCR (1.6 for each penny).

In like manner, Savills watched that leases for top of the line non-landed private properties have dropped by 1.5 for each penny QoQ.

Moreover, Savills noticed that individual landowners, not at all like institutional or corporate proprietors, are prepared to modify their rental desires to ensure an inhabitant.

With bigger ventures accepting Temporary Occupation Permit (TOP), the renting market in the CCR is seeing more rivalry. Prominent activities incorporate OUE Twin Peaks, RV Residences and Stellar RV, which contribute an extra 830 units to the current stock.

With a further shortening of rental spending plans, exiles are currently swinging to look for rentals in non-CCR territories.

Opening rates of private homes demonstrate an enormous open door cost with a stagnant number of around 22,346 private units.

Taken from iProperty

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The Urban Redevelopment Authority (URA) released data on 16 February exhibiting that arrangements for private houses extended in January 2015, however stayed lower when appeared differently in relation to January 2014.

The amount of private cabin units sold by creators went up by 62 each penny, from 230 units in December 2014, to 372 units a month prior.

This is a direct result of designers moving 415 units in January 2015, a monstrous form diverged from the 53 units moved in the prior month. Offers of new private homes declined by 35 each penny year-on-year in January 2015.

Ms Christine Li, Director and Head of Research at Cushman and Wakefield, said, "With the typical fulfillment of 21,359 private units, excepting authority condo suites, in 2015, and moreover the approaching premium rate move by the second half of the year, headwinds are robust for the private market as supply overpowers ask for in the near to medium term."

Bargains volume may get after the Chinese New Year period as buyers start to hotspot for homes after the festivals.

In a late report, OrangeTee communicated that "various architects have held down new dispatches and somewhat got a kick out of the chance to strategise for a dispatch after February."

Upcoming new dispatches, for instance, Sims Urban Oasis, Kingsford Waterbay, Botanique At Bartley and North Park Residences.

Taken from ST Property

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Market feeling towards non-arrived private homes stays tepid, yet is ready to get post-Chinese New Year if costs settle.

As per SRX Property's glimmer report, resale costs of non-arrived private homes dropped by 0.2 every penny month-on-month in January. The decrease was predominantly created by a 1.7 every penny and a 1.1 every penny month-on-month decrease in the Center Focal Locale (CCR) and the Outside Focal Area (OCR).

Costs in Whatever is left of Focal District (RCR) climbed by 1.5 every penny month-on-month. The blaze report likewise noticed that the quantity of exchanges for non-arrived private living arrangements climbed by two every penny, from 363 units in December 2014 to 370 units a month ago.

Mr Eugene Lim, Key Official Officer at Time, advised TODAY that exchanges are liable to get after Chinese New Year, with more purchasers obtaining private resale homes ought to costs stay low.

He included, "without any changes to the current slew of cooling measures and credit controls, we can anticipate that the value decay will proceed for 2015.

Generally speaking, costs may decay by 5 to 8 every penny for the entire year, while the CCR may see a higher value decrease of 8 to 10 every penny."

Property experts who addresses Channel NewsAsia expect 2015 costs for new private units to be intensely estimated as the business sector relaxes.

As of late dispatched Orchestra Suites, a 660-unit advancement, is valued at over S$1,000 every sq ft. The designer, EL Improvement, said moderateness is a need.

An alternate venture slated to be dispatched for the current year is Sims Urban Desert spring via GuocoLand; units are prone to be estimated from S$1,300 to more than S$1,400 psf.

Mr Mohamed Ismail, Chief of PropNex Realty, told Channel NewsAsia that designers are giving alluring costs as they need to tempt purchasers, who are right now value delicate.

PropNex noticed that as indicated by exchanges at end-2014, new units in the rural territories range from S$1,000 psf to S$1,400 psf, contingent upon separation from the MRT.

Private units in the RCR charge an extent between S$1,400 to S$1,900 psf, though those in the CCR area, range from S$1,900 to S$2,400 psf. As indicated by PropNex, general costs of new homes have declined by ten to 12 every penny by and large in 2014.

Taken from ST Property

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Savills reported that 75,188 private residential units are in the pipeline as at end 2014, of which 21,359 will be completed by the end of 2015. Of the supply, only 42,218 units (56.1 per cent) have been sold.

New projects will continue to be released into the market, with a majority of the 2015 releases located in the Outside Central Region (OCR).

Savills highlighted ten major property launches homebuyers should look out for – Botanique at Bartley, Kingsford Waterbay, North Park Residences, Symphony Suites, Marine Blue, Sims Urban Oasis, Parksuites, Pollen & Bleu, South Beach Residences and Victoria Park Villas.

Ms Grace Ng, Deputy Managing Director at Colliers International, recommends homebuyers purchase property now, in the face of rising interest rates.

She told Singapore Business Review that home prices are expected to drop by another five to eight per cent in 2015, and homebuyers should buy while interest rates are still low.

Taken from ST Property

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Data released by the Urban Redevelopment Authority (URA) on 23 January exhibited that expenses of private homes (excepting Executive Condominiums) fell by 1.1 each penny in the last quarter, pulling expenses around four each penny for the whole of 2014, the first year of general worth rots emulating 2008.

The reduction was over all pieces of the private property market. In the last quarter, expenses of non-landed properties in the Core Central Region (CCR) fell by 0.9 each penny; costs in the Rest of Central Region (RCR) and Outside Central Region (OCR) declined by 1.4 and 0.8 each penny separately.

In 2014 expenses in CCR, RCR and OCR dropped by 4.1, 5.3 and 2.2 each penny independently.

The downtrend will likely move ahead over all pieces of the private property market. Inspectors from CIMB surveyed that the worth rot is excessively far from the organization's target to authenticity encouraging cooling measures.

Ms Lock Mun Yee, a CIMB master communicated that "Given the fringe quality rots as being what is indicated, we don't expect a loosening of plan measures on layaway and trade costs not long from now. We expect that private home expenses will diminish by an exchange 10% in 2015-16."

Ms Lock included, "While the highest point of the line business segment experienced the best cost diminishes in 2014, the expanding finish of more suburban units all through the accompanying two years, particularly shoe-box condominium, are inclined to debilitate property costs in the mass-business area too."

A total of 7,316 private hotel units were sold a year back, in a broad sense not exactly the 14,948 units sold in 2013, as demonstrated by the URA. In Q4 2014, 1,376 private units were sold, broke down to 1,531 in Q4 2013. A Colliers report noted that the poor 2014 execution can be credited to weak demand increased by the cooling measures.

According to a Bloomberg report, bargain seekers are sitting tight for further abatements. Mr Alex Zou, a homebuyer who went to a dealing at Amara Hotel told Bloomberg, "There are no arrangements open yet...for now, I'll hold up and watch the business."

Subletting of cushions to move amidst cooling resale market

An expanding number of Housing and Development Board (HDB) resale cushions are executed at or underneath valuation, according to Singapore Real Estate Exchange (SRX) data.

8,500 HDB resale cushions changed hands in 2014; 41.6 each penny in Q4 2014 were underneath valuation, took a gander at to 36.9 each penny in Q1 2014. Trades above valuation dropped from 48 each penny in Q1 2014 to 20 each penny in Q4 2014.

Trades at valuation moved to 37.6 each penny in Q4 2014 from 15.7 each penny in Q1 2014. Property specialists told Channel NewsAsia that "a weaker market estimation and changes to HDB resale approach set up last March" included to the general example.

As resale expenses fell, the amount of HDB cushions embraced for subletting moved in the last quarter of 2014. Subletting respects moved by 16.2 each penny to 10,365 in Q4 2014.

Complete backings landed at 36,228 for the whole of 2014, 20.5 each penny higher than in 2013. Specialists who addresses TODAY agreed that more Singaporeans who have obtained private homes are renting their HDB cushions while holding up at the right cost to offer.

Mr Nicholas Mak, Executive Director of Research and Consultancy at SLP International Property Consultants, told TODAY, "It may be less demanding to rent the HDB level than the condo unit as an aftereffect of the extensive supply of new and old townhouses following tenants over the S$3,000 a month budget...

As such, the ordinary quarterly subletting volume may drift at around 9,000 units not long from now." He expected that the downtrend of HDB expenses will presumably move ahead in 2015, with no change in government courses of action, or any outside variables impacting the hotel business.

Taken from ST Property

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Analysts interviewed by Bloomberg said that it has turned into a tenant’s market. URA data shows that vacancy rates for private residential homes increased from 4.6 per cent in March 2010 to 7.1 per cent in Q3 2014, while Colliers auction data indicated a year-on-year rise in the number of auctioned apartments and houses, from 32 units to 159 units.

Mr Alan Cheong, Singapore-based Director at Savills plc, told Bloomberg that apartment vacancies may hit ten per cent by end-2015, significant considering vacancies rate peaked at 9.7 per cent during the 1998 Asian crisis.

With vacancy rates rising, tenants are having the upper hand when negotiating with landlords. Mr Sam King, a 29-year-old sales director at an aviation services company, has been renting a two-bedroom penthouse in Singapore for six years.

His rental was reduced by ten per cent for the first time in late 2014. He told Bloomberg that "It has turned into a tenant's market".

Taken from ST Property

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Mr Lee Yi Shyan, Senior Minister of State for National Development and Trade and Industry, communicated that individuals all in all can expect all the additionally stopping headway in Bedok when the Bedok Integrated Complex is done in 2017.

The best in class complex will house a gathering club, recreations center, polyclinic, eldercare center and a library, all under one top. Bedok is among the second bundle of homes to experience redesigning plans that are a bit of a movement dispatched in 2007 by the HDB to revitalize full developed inheritances.

On the private front, the Ministry of National Development (MND) certified that nine landed endowments including more than 4,800 family units will experience its latest Estate Upgrading Program (EUP).

The S$20 million endeavor joins upgrades, for instance, landscaping, redesigning stops and play territories, advancement of slants for wheelchair customers and covering of channels.

The homes to experience the EUP join Clover Estate, Lentor Estate, Thomson Faber Island Gardens, Toh Tuck Estate, Meng Suan/Springleaf Estates, Happy Gardens, Sea Breeze Garden, Toh Estate, and Jalan Merbok, Jalan Layang-Layang, Jalan Kakatua, Jalan Selating, Jalan Rajawali and Shamah Terrace Estate.

The specific redesigns are picked through an "aggregate effort" by the Citizens' Consultative Committees.

Taken from ST Property

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Costs of HDB resale pads fell by 0.4 every penny month-on-month in December, arriving at the least point since August 2011, as indicated by the Singapore Real Estate Exchange (SRX) property report.

The decrease was determined by experienced homes, where resale costs fell 0.9 every penny. Resale costs for four- and five-room pads decrease by 0.7 every penny and 0.3 every penny individually.

The decrease was more proclaimed for non-develop bequests, where four- and five-room pads declined 0.9 every penny, 0.7 every penny and 0.3 every penny individually.

Three-room pads stayed unaltered while official pads expanded 1.9 every penny. Generally, HDB resale costs saw a 6.1 every penny year-on-year drop contrasted with December 2013.

Resale volume went up 28 every penny year-on-year in 2014 focused around the SRX information. Mr Nicholas Mak, Head of Research and Consultancy at SLP International, told Channel Newsasia it is pivotal "to take a gander at the general pattern, over these two years or three years, and we can see that for the entire of 2014, property costs and volumes have really been contracting." Property investigators anticipate that costs will keep falling between 4.5 to 9 every penny in 2015.

HDB pads and private homes saw a 0.4 every penny and 0.8 every penny month-on-month decrease in rents in December individually, as indicated by SRX Property.

Rents for HDB pads fell 2.1 every penny, year-on-year. Rental volume for HDB pads expanded by 2.3 every penny on a year-on-year premise, yet had a 4 every penny month-on-month fall in December 2014.

As indicated by SRX, the general average Transaction Over X-Value (TOX) crossed into negative region a month ago, enrolling negative $10,000 in December 2014, looked at to $0 in November. Regions 25 (Kranji, Woodgrove) and 15 (Katong, Joo Chiat, Amber Rd) had the most astounding average TOX at $25,000 and $24,000 separately. Though locale 10 (Bukit Timah, Holland, Tanglin), 23 (Bukit Panjang, Choa Chu Kang) and 5 (Pasir Panjang, Clementi) were at the base, with an average TOX of -$80,000, - $41,000 and -$32,000 individually.

A report by Colliers International uncovered that offers of extravagance properties, worth above $5 million, added up to $546.55 million in the final quarter of 2013, higher than the past seventy five percent.

The figure was supported by two critical buys of extravagance private pads by The Blackstone Group, an American private speculation managing an account firm.

Colliers expressed that "The finish of the two deals showed the setting in of merchant's weariness in the midst of the drawn out down cycle in the extravagance private portion, where the cost hole in the middle of purchasers and venders is narrowing, as the last are progressively all the more ready to arrange."

Mr Getty Goh, Director of Ascendant Assets, told speculators amid a business viewpoint gathering that private home costs are relied upon to "go down in the following couple of quarters, and it could keep on going down for the following one to two years, or possibly it will stagnate and won't go up."

Taken from ST Property

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