Singapore Property Weekly Issue 8

8/6/2019 Singapore Property Weekly Issue 8

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Issue 8 | www.Propwise.sg


2/12

SINGAPORE PROPERTY WEEKLY Issue 8

Copyright 2011 www.Propwise.sg. All Rights Reserved.

Page | 1

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Contents

Singapore Property This Week Pg 2

Are You Being Penny Wise, Pound Foolish? Pg 6

Non-Landed Residential Resale Property

Transactions for the Week of June 25 to Jul 1 Pg 9

From the Editor

Welcome to the eighth edition of the SingaporeProperty Weekly. We hope youve been enjoying it so

far, and welcome all feedback on how we can make it

even better.

To wisdom and beyond, Mr. Propwise
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Page | 2

Singapore Property This Week

Residential News

Peace Centre and Peace Mansion up for collective

sale at $675 million

For the third time, 40-year-old Peace Centre and

Peace Mansion at One Sophia Road are up for

collective sale again. The asking price this time

round has been reduced to $675 million, down

from $700 million the last time. Sitting on a 76,618

sq ft site, the plot can potentially yield a project

with GFA of approximately 627,852 sq ft. Adding to

the asking price an estimated upgrading premium

of $145 million that the developer has to pay, so

the total cost is approximately $1,306 psf ppr. The

tender ends on August 3.

Private home sales decrease in June as buyers

become more price sensitive

Analysts attributed the significant slowdown in

private home sales last month - a 25% month-to-

month decrease in the number of private homes

sales (excluding EC) to 1,182 - to greater price

sensitivity among the buyers. According to Colliers

International, about 50% of the 1,182 privatehome sales in June were sold at a price below

$1,000 psf. On the developers side, developers are

likely to be more cautious when it comes to

bidding for new sites. CBRE also predicted that

developers are likely to maintain the size of three-

bedroom family-sized units compact at

approximately 1,000 sq ft and price them under $1million.
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Page | 3

HDB launched 3,600 units across seven BTO

projects in Sengkang, Bukit Panjang, Yishun,

Tampiness, and Jurong West

Due to rising demand for public housing, HDBlaunched approximately 3,600 units across seven

BTO projects: Anchorvale Isles which has 675 flats

and Fernvale Riverbow with 1,154 flats in

Sengkang, Segar Meadow with 300 flats and Segar

Palmview with 682 flats in Bukit Panjang, Yishun

Natura with 364 flats in Yishun, Golden Carnation

with 149 studio apartments in Tampines, andGolden Orchid with 232 studio apartments in

Jurong West. HDB, which intends to provide more

variety for home seekers and increase the chance

of first-time flat buyers to get their own flats by

launching more BTO units, plans to launch a total of

25,000 BTO units in the whole of 2011. Till July,

HDB has already launched around 15,500 flats for2011.

Commercial News

Shop house and strata shop sales decreased 19%

and 8% respectively from H2 2010 to H1 2011:Knight Frank

The total value of shop houses transacted

decreased 19%, from $624.21 million in H2 2010 to

$505.18 million in H1 2011. According to Knight

Frank, the decrease could be due to owners high

asking prices and limited availability ofconservation shop houses for sales. Although strata

shops might be a better investment option for

investors who seek a lower price quantum, the

total value of strata shop transactions decreased

8% from $268.75 million in H2 2010 to $246.75

million in H1 2011. Knight Frank mentioned that

shop house sales volume will remain low and thecurrent run-up in capital values will slow down,

while strata shop sales will continue to increase.


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Copyright 2011 www.Propwise.sg. All Rights Reserved. Page | 4

Rent increased at a faster rate for high-tech

industrial space in Q2 due to rising office rents:

DTZ

Rents for high-tech industrial space (including

business parks) increased in Q2 due to strongerdemand brought about by office tenants shifting to

cheaper locations as office rents increased rapidly.

Private high-tech space average monthly gross rent

increased 4.5% over Q2 to $3.45 psf pm, up from a

3.1% hike in Q1. The average monthly gross rent for

first-storey conventional industrial space increased

2.4% over Q2 to $2.15 psf pm, while upper-storeyspace increased 2.9% to $1.75 psf pm. Also, DTZ

mentioned that the capital value of freehold upper-

storey factory space increased 5.6% from Q1 to

$395 psf.

Office rents continue to rise although analysts

mentioned that office lease deals had started tomoderate since end of Q2

Although analysts mentioned that office rentals

had begun to moderate since the end of Q2, office

spaces such as those in Asia Square Tower One,

whose asking monthly rent falls between $14 psf to

$16 psf, are drawing higher prices than other office

spaces in the vicinity. MGPA mentioned that rent

for Asia Square Tower One will hit a high $16 psfpm. Over at Marina Bay Financial Centres Tower 3,

the asking month rents ranged between $12 to $13

psf. Also, average gross monthly rental value of

offices in Raffles Place in Q2 2011 increased 9%

from end-2010 to $9.80 psf.

KNP Properties submitted top bid of $64.5 millionfor an industrial site between Pioneer Road North

and Soon Lee Street

A 30-year leasehold industrial site between Pioneer

Road North and Soon Lee Street, which has a

maximum GFA of 366,836 sq ft, obtained a top bid

of $64.5 million ($176 psf ppr). The top bid, which

was submitted by KNG Properties, was 7% higherthan the second highest bid of $60 million ($164

psf ppr) submitted by NSS Development.


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CBRE noted that KNG Properties had secured two

other 30-year leasehold industrial sites in the

vicinity in 2009 and 2010. Combined with its latest

bid, the three sites have a total GFA of more than

one million sq ft and will give KNG Properties adominant influence in the area.

Applications by owners of Fuji Xerox Towers and

Cecil Court to convert their buildings to residential

use unsuccessful

Some building owners, which include owners of

Fuji Xerox Towers on Anson Road and Cecil Courton Cecil Street, are said to be unsuccessful in their

applications to convert their buildings into

residential use. According to URA, these sites are

zoned for office use to ensure that there is enough

office space in the CBD area to meet the growing

demand brought about by strong economic growth

and outlook. Also, a developer mentioned thatredeveloping office space within the CBD area into

residential use will worsen traffic congestion when

the number of cars increased. However, URA will

still evaluate such redevelopment and rezoning

proposals for sites within the CBD on a case-by-

case basis.

RQAM wants to expand its portfolio, especially inMarina Bay and CBD areas

RQAM, which already has One Raffles Quay and

Marina Bay Financial Centre in its portfolio, is keen

to develop Grade A office space of more than four

million sq ft. With One Raffles Quay and Marina

Bay Financial Centre Tower One and Two fully let,

RQAM will work on leasing the 1.3 million sq ft ofprime office space in the already 60% leased

Marina Bay Financial Centres Tower Three. RQAM

also plan to officially launch Marina Bay Suites,

which has already sold 139 out of 221 units

through previews at $2,295 psf each, in the near

future.


7/12

Are You Being Penny Wise, Pound Foolish?

By Lau

(Or in Singapore terms, Cents Wise Dollar Foolish)

Recently I had sent a friend home and went up to

his apartment for a short 20 minute drink. As

Murphy would have told me, anything that can go

wrong, will go wrong: Saving the trouble of tearing

a 50 cent coupon cost me a $30 parking fine(Gentle reminder: these highly trained ninjas catch

you when you least expect it).

Well, enough of my sad story, this experience led

me to think about two couples in their late 50s I

recently met.

Couple A were typical hard core savers. They

worked hard their whole lives, paid off their HDB

mortgage




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(which wasnt very much since they bought their

flat 20 years ago) and received a fair amount of CPF

at age 55. They do have some cash savings since

they have set aside their income consistently, and

put it in fixed deposits as they do not wish to take

any risk at all.

However, they are afraid that the amount saved

right now might not be enough to last as their

children need their help for a head start in their

tertiary education, wedding and housing. Hence,

even though they are retired, they are still worried

as interest rates are so low. So they are still

working odd jobs just in case.

Couple B, have children too and are not earning

as much. They too worked their whole lives and

fully paid up their 20 year ago purchased HDB flat.

For CPF, when the government announced manyyears ago that it could be used to purchase

property, they jumped on the bandwagon and

emptied their CPF into two private properties. At

age 55, though they will not have much CPF to

withdraw, they have two fully paid assets that have

more than doubled in value. In addition, they do

not have any worry about income as they have

been receiving a steady stream of rental from the

two properties.

Earnings is in terms of salary paid as an

employee. However, inclusive of rental income,

they will have more income overall than couple A.

Surprisingly, couple A is much more educated and

earn a salary twice that of couple B. No doubt

investing does carry risk, however, it is important to

see the big picture. Scrimping and saving on day to

day expenses but neglecting to properly manage

your overall savings will cost you dearly in the

future. What couple B did was risk andunsophisticated but it allowed them to be

financially free.

SINGA O O Y W KLY I 8


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Disclaimer, I am not saying that property is the best

investment and is the only way to financial freedom.

In fact, this may not prove feasible today with the

high property prices, high COV vis-a-vis affordability.

Just felt like sharing their stories and let everyone

know that instead of being constantly tied down

with everyday decisions on small expenses, some

serious thought must be put into seeking a suitable

path to financial freedom in the long run.

By Lau ofLiving Healthy, Staying Wealthy, a blog

that promotes the need to have a healthy lifestyle

and wealth management through proper financial

planning.

SINGAPORE PROPERTY WEEKLY I 8
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10/12



Non-Landed Residential Resale Property Transactions for the Week of June 25 to Jul 1

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)

1 THE SAIL @ MARINA BAY 883 2,295,800 2,601

1 THE SAIL @ MARINA BAY 614 1,228,000 2,001

2 THE BEACON 1,485 1,885,000 1,269

3 MERAPRIME 1,119 1,566,600 1,399

4 CARIBBEAN AT KEPPEL BAY 1,733 2,690,000 1,552

4 CARIBBEAN AT KEPPEL BAY 1,475 2,080,000 1,410

5 ONE-NORTH RESIDENCES 517 865,000 1,674

5 ONE-NORTH RESIDENCES 1,001 1,301,300 1,300

5 THE PARC CONDOMINIUM 1,518 1,805,000 1 ,189

5 HERITAGE VIEW 1,163 1,280,000 1,101

5 HERITAGE VIEW 1,313 1,438,000 1,095

5 HERITAGE VIEW 1,195 1,300,000 1,0885 DOVER PARKVIEW 936 988,000 1,055

5 LANDRIDGE CONDOMINIUM 1,765 1 ,800,000 1,020

5 DOVER PARKVIEW 936 930,000 993

5 BOTANNIA 2,723 2,680,000 984

7 THE BENCOOLEN 1,044 1,350,000 1,293

8 CITY SQUARE RESIDENCES 840 1,390,000 1,656

8 KERRISDALE 1,259 1,290,000 1,024

8 KERRISDALE 1,270 1,180,000 929

8 D'CAMBRIDGE 2,723 1,740,000 639

9 THE LIGHT @ CAIRNHILL 1,259 2,618,000 2,079

9 SCOTTS 28 1,733 3,600,000 2,077

9 ORCHARD SCOTTS 2,228 4,600,000 2,064

9 THE BOTANIC ON LLOYD 1,593 3,100,000 1,946

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

9 CHATEAU ELIZA 1,270 2,368,000 1,864

9 ROBERTSON BLUE 1,238 2,250,000 1,818

9 ROBERTSON EDGE 506 900,000 1,779

9 RIVERGATE 1,507 2,667,400 1,770

9 URBANA 1,044 1,650,000 1,580

9 MACKENZIE 138 431 655,000 1,521

9 ASPEN HEIGHTS 1,572 2,350,000 1,495

9 WILKIE APARTMENTS 1,206 1,238,000 1,027

10 ARDMORE PARK 2,885 9,050,000 3,137

10 LATITUDE 2,659 5,751,600 2,163

10 THE FORD @ HOLLAND 420 850,000 2,025

10 JEWEL OF BALMORAL 1,345 2,450,000 1,82110 PARC STEVENS 1,722 2,960,000 1,719

10 BALMORAL RESIDENCES 1,744 2,880,000 1,652

10 MILL POINT 915 1,460,000 1,596

10 GALLOP GABLES 1,163 1,838,000 1,581

10 REGENCY PARK 2,260 3,380,000 1,495

10 VALLEY PARK 1,550 2,200,000 1,419

10 VALLEY PARK 1,216 1,710,000 1,406

10 MARTINA MANSIONS 1,259 1,680,000 1,334

10 JERVOIS LODGE 1,238 1,630,000 1,317

10 GISBORNE LIGHT 936 1,205,000 1,287

11 MONTEBLEU 807 1,200,000 1,486

11 MONTEBLEU 1,141 1,680,000 1,472

11 BIRMINGHAM MANSIONS 1,066 1,450,000 1,361

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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

11 GLOUCESTER MANSIONS 1,184 1,560,000 1,318

11 PAVILION 11 1,485 1,760,000 1,185

11 KELLETT COURT 872 1,000,000 1,147

12 THE MARQUE @ IRRAWADDY 872 1,080,000 1,239

12 SCENIC HEIGHTS 1,582 1,450,000 916

12 AVA TOWERS 1,281 1,170,000 913

13 EURO-ASIA PARK 1,421 1,278,900 900

14 WING FONG MANSIONS 947 625,000 660

15 THE BELVEDERE 1,302 2,083,200 1,599

15 PEBBLE BAY 2,088 2,820,000 1,350

15 WATER PLACE 1,227 1,510,000 1,231

15 COSTA RHU 1,647 1,970,000 1,196

15 MANDARIN GARDEN CONDOMINIUM 1,001 1,190,000 1,189

15 SANCTUARY GREEN 1,356 1,560,000 1,15015 COSTA RHU 1,970 2,250,000 1,142

15 OCTAVILLE 1,227 1,365,000 1,112

15 THE AMERY 2,379 2,449,000 1,029

15 KATONG PARK TOWERS 1,485 1,475,000 993

15 LAGOON VIEW 1,647 1,600,000 972

15 DUNMAN VIEW 1,249 1,188,000 951

15 KINGS APARTMENTS 1,055 900,000 853

15 LEGENDA AT JOO CHIAT 1,227 980,000 799

15 NEPTUNE COURT 1,636 1,250,000 764

15 BETA GROVE 1,668 1,188,000 712

15 LIVINGSTON MANSIONS 1,970 1,365,000 693

15 GALAXY TOWERS 1,421 929,000 654

16 COSTA DEL SOL 1,238 1,600,000 1,293

16 BAYSHORE PARK 624 620,000 993

16 BAYSHORE PARK 1,292 1,218,000 943

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

16 AQUARIUS BY THE PARK 893 830,000 929

16 THE BAYSHORE 1,227 1,058,000 862

16 RICH EAST GARDEN 2,443 1,960,000 802

16 STRATFORD COURT 1,873 1,390,000 742

17 DAHLIA PARK CONDOMINIUM 1,098 875,000 797

17 CARISSA PARK CONDOMINIUM 1,335 965,000 723

17 BALLOTA PARK CONDOMINIUM 1,281 850,000 664

18 TROPICAL SPRING 1,066 908,000 852

18 EASTPOINT GREEN 958 815,000 851

18 EASTPOINT GREEN 958 800,000 835

18 SAVANNAH CONDOPARK 1,227 1,005,000 819

18 MELVILLE PARK 958 690,000 720

19 AMARANDA GARDENS 1,163 1,390,000 1,196

19 THE SPRINGBLOOM 1,130 1,028,000 91019 NOUVELLE PARK 1,539 1,365,000 887

19 CENTRAL VIEW 980 810,000 827

19 SUNGLADE 1,518 1,250,000 824

19 EVERGREEN PARK 1,012 775,000 766

19 REGENTVILLE 1,152 880,000 764

19 RIO VISTA 1,238 930,000 751

20 BISHAN PARK CONDOMINIUM 1,507 1,150,000 763

20 CLOVER BY THE PARK 1,755 1,287,000 734

21 THE STERLING 1,539 2,168,000 1,408

21 SUMMERHILL 1,206 1,180,000 979

21 PARC PALAIS 1,238 1,185,000 957

21 SOUTHAVEN II 1,507 1,400,000 929

21 PARC PALAIS 1,485 1,370,000 922

21 SIGNATURE PARK 1,421 1,290,000 908

21 HIGHGATE 1,324 1,200,000 906

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NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land

Authority. Typically, caveats are lodged at least 2-3 weeks after a

purchaser signs an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)

21 HIGH OAK CONDOMINIUM 980 815,000 832

22 PARC OASIS 1,389 1,140,000 821

23 REGENT HEIGHTS 1,023 835,000 817

23 HILLVIEW REGENCY 1,130 890,000 78723 REGENT HEIGHTS 1,023 790,000 773

23 REGENT HEIGHTS 1,023 770,000 753

23 GUILIN VIEW 1,281 950,888 742

23 PALM GARDENS 1,206 890,000 738

23 PALM GARDENS 1,206 880,000 730

23 PALM GARDENS 1,206 880,000 730

23 PARKVIEW APARTMENTS 1,130 810,000 717

25 ROSEWOOD 1,173 855,000 729

25 WOODGROVE CONDOMINIUM 1,744 1,250,000 717

26 BULLION PARK 807 808,000 1,00128 SERENITY PARK 1,313 1,100,000 838

28 MIMOSA PARK 1,755 1,300,000 741
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