Property News – April 2022
29th April 2022
Singapore non-landed homes transaction price up 0.4% in March 2022. This could be due to pent-up demand and dwindling supply. But with the reopening of borders and more people making plans for travelling, spending could be focus on holidays …… full article here.
*Source from Zao Bao
Expect cost of construction to go up as supply chain for raw material interrupted. This will definitely cause an increase in property prices. Stay tuned for more updates …… full article here.
*Source from Zao Bao
Industrial property rents, prices up amid dip in occupancy. Industrial space prices rose 2.1% quarter on quarter and 5.6% year on year in the 1st quarter, while rent climb 1% quarter on quarter and 2.4% year on year …… full article here.
*Source from Straits Times
28th April 2022
More enbloc news – Golden Mile Complex gets 80% mandate for collective sale at lower price; Verdun House at Farrer Park sold to Fragrance boss …… full article here.
*Source from Business Times
27th April 2022
Another GCB sold at $50.2mil. This 2-storey house was acquired June last year at $36mil. We have seen property prices generally appreciated since mid last year, especially GCB. This is due to the scarcity of choice GCB plot available …… full article here.
*Source from Business Times
Singapore Q1 GDP expected to be upgraded with better-than-expected March factory output …… full article here.
*Source from Business Times
Mortgagee auctions up 23.7% in Q1. Some 47 properties – both residential and commercial – were listed under mortgagee sales; quarter also saw more offices put up for mortgagee option …… full article here.
*Source from Business Times
Chuan Park failed on 4th collective sale attempt with same reserved price. …… full article here.
*Source from Zao Bao
26th April 2022
Farrer Park site to yield 1,600 HDB flats, sports, recreational facilities, Redevelopment will strengthen unique identity as social and sporting node. this is the first time sports and recreational facilities and HDB flats will be seamlessly integrated and developed together in a thematic way …… full article here.
*Source from Straits Times
Expect volume to pick up in new home sales soon. While many developers may have good holding powers and do not want to cut prices to move inventory, they have to deal with tight timelines to clear housing stocks. Yet, with the higher cost of land and construction, and dwindling stocks, developers may refrain from offering more discount to lure buyers …… full article here.
*Source from Straits Times
North Gaia in Yishun sells 27% of EC units at launch. Over the weekend, 164 out of 616 units were sold. There were 1,045 applications from prospective buyers when e-application closed. Most of the applications are from 2nd timers …… full article here.
*Source from Straits Times
Deal momentum slow in enbloc market after cooling measures as developers take a more cautious approach. But with the increase in gls land price, new home prices are set to increase. …… full article here.
*Source from Straits Times
Future Farrer Park Estate to have new, redeveloped sports and recreational facilities. But members sad over impending loss of facilities like swimming pool and tennis complexes …… full article here.
*Source from Straits Times
25th April 2022
No drop in home renovation gripes as manpower shortage persists. Workers not back to pre-pandemic numbers despite reopened border with Malaysia …… full article here.
*Source from Straits Times
24th April 2022
Where to find cheaper resale flats. This article has a write up base on break down of flat types and location. Read up for reference and consideration for your house hunting …… full article here.
*Source from Business Times
What to look out for when buying HDB resale flats? Use grant wisely, which will affect your future moving plans. Be aware of remaining lease. The remaining lease of the flat has to cover the younger buyer to at least 95 years old, so as not to affect your loan and cpf usage. And do not take listed price as face value …… full article here.
*Source from Business Times
Home buyers in Singapore has adapted to the new round of Property Cooling Measures. This can be seen from the recent increase in new homes sales with dwindling supply …… full article here.
*Source from Business Times
23rd April 2022
Price growth of private homes slows in Q1 after cooling measures, even as levels hit new high. URA shows prices up by 0.7% quarter on quarter in Q1 2022 versus 5% notched in Q4 2021. This could be due to few new launches …… full article here.
*Source from Business Times
Prices of HDB resale flats rise at slower pace in 1st quarter. Property analyst points to signs of buyer resistance amid increasing cost of living …… full article here.
*Source from Business Times
Private home rents rise as cooling measures take effect. Shrinking stock, lack of new homes also drive up rents in some areas …… full article here.
*Source from Business Times
Recovery may be in sight for Singapore retail property market. Consultants generally upbeat on sector’s prospects despite price and rent declines of retail properties in Q1. It is observed that crowds are returning strongly to almost pre-pandemic levels in the prime shopping belt, CBD and the heartlands …… full article here.
*Source from Business Times
Singapore office rent, prices to see further upward momentum. Rents at central region rose at faster pace in Q1 2022 amid fight to quality, back to office momentum, tight supply and economic recovery …… full article here.
*Source from Business Times
21th April 2022
Some banks in Singapore suspend fixed-rate home loans as cost of funds rises. Increased votality and rising hedging costs may be prompting banks to resort to abrupt changes in their interest rate offerings. While rising cost of funds may have prompted these suspension, the interest rates differential between fixed and floating has widened, hence making it less attractive for home loan customers …… full article here.
*Source from Business Times
20th April 2022
Another apartment up for en bloc. Freehold Oxley Garden apartments up for en bloc sale. The 58,000 sq ft plot now house 46 apartments, can be rebuilt into a 5-storey condominium. This site is only 600m to Somerset MRT Station …… full article here.
*Source from Business Times
Government has planned for a 6,000 units HDB flats at Keppel Club’s site in Greater Southern Waterfront. This is the two-third allocated for public housing as announced earlier …… full article here.
*Source from Business Times
19th April 2022
With Sers and Vers, HDB homes can trump private leasehold homes. Through these two schemes, land lease decay can be better mitigated for owners of HDB flats than owners of private homes, which sits on initial land leases of 99 years …… full article here.
*Source from Business Times
No big launches, but more new private homes sold. March sales up 20.7% from February with easing of restrictions on viewing showflats. Launched 309 units but sold 654 units (exclude EC) …… full article here.
*Source from Straits Times
Enbloc relaunched. We see Sixth Avenue Centre and Lakepoint up for collective sale again. Both reserved prices remain unchanged …… full article here.
*Source from Business/Straits Times
The price gap in median transaction has narrowed from 32.6% in February to 20.3% in March. Given the amount of anecdotal interest and enquiries from foreign homebuyers, and the fact that the global pandemic has created a premium non stability in an uncertain world, the globally mobile wealthy may still be prepared to pay the 30% ABSD as a premium for entry into Singapore’s prime residential market …… full article here.
*Source from Business Times
18th April 2022
As interest rates rise, how will this impact local mortgages? Sora rates tend to be less volatile compared to Sibor. Thus rise in Sora may not be as fast but definitely going up. Though fixed rate loan packages have started creeping up, they have not reached the highs it touched in 2019 …… full article here.
*Source from Sunday Times
There have been home owners downgrading from private property to HDB but generally it is not a common practice. We see this more common in people approaching retirement, getting ready for life after they retire. Some who require more space will also make this move to sell their private property to move into a more spacious HDB unit …… full article here.
*Source from Sunday Times
17th April 2022
URA to explore new flat layouts, spaces for community. Singaporeans in future could potentially home in on living options marked by newer flat layouts, sizes and features, with both public and private housing in accessible locations within or near city centre …… full article here.
*Source from Sunday Times
Paya Lebar Air Base will be relocated to Changi East Air Base in year 2030. URA is in discussion for new concepts for an “emotional corridor” to preserve the rich cultural heritage. More information will be announced …… full article here.
*Source from Zao Bao
Inflation could be an opportunity for real estate investment. In times like this, investing in real estate could be the best option …… full article here.
*Source from Zao Bao
16th April 2022
Some young Singaporeans are passing on the opportunity to make money on their first BTO flat because of long wait time and small flat size. I have always advise my clients to go for BTO flat or new EC launch if they are eligible. These 2 options have been their 1st port of gold and only 2 chance for the eligibles …… full article here.
*Source from Business Times
One of the most anticipated launch along Ang Mo Kio Avenue 1 is coming in June 2022. The site is right across Bishan-Ang Mo Kio Park. This will be the 1st launch many years after the last. Contact us now for more information …… full article here.
*Source from Zao Bao
Scam property agent arrested. Would be buyers and tenants are always advised to verify that they are dealing with accredited real estate agents by checking their names and number via CEA website. All accredited real estate agents have their business numbers registered with the council …… full article here.
*Source from Straits Times
15th April 2022
Singapore’s GDP growth eases in Q1. Though Singapore’s economy eased in 1st quarter of 2022, most private-sector economists are still optimistic about its overall economic outlook and expect growth to pick up as soon as the next quarter …… full article here.
*Source from Business Times
MAS strengthens Sing$ in move to combat inflation. A stronger currency helps increase purchasing power of Singapore businesses and households, protecting them against the impact of a sharp rise in prices of imported goods and raw materials …… full article here.
*Source from Business Times
Stricter criteria for family offices here to get tax incentives – encompassing areas such as assets under management (AUM), business spending, local investments and the number of investment professionals on staff. This move aimed at raising professionalism and boosting positive spillovers to economy …… full article here.
*Source from Straits Times
14th April 2022
HDB rents hit new high in March; condo rents up 2.9%, rose for the 15th straight month. Rental volume improved on a monthly basis but still lower compared with a year-ago period …… full article here.
*Source from Business Times
Keppel Club site likely to see keen competition from developers. Of the 9,000 units to be built on prime seafront site, one third will be private homes, while the rest will be public housing units …… full article here.
*Source from Straits Times
13th April 2022
1st seafront BTO flats on Keppel Club Site. Will they fall under the PLH Model? Future housing site map released …… full article here.
*Source from Business Times
4-room BTO flat at Keppel Club site could cost $700k, while 5-room units in waterfront area unlikely to be offered as prices will be too high, say analyst …… full article here.
*Source from Straits Times
Upcoming units at Keppel Club site will attract keen interest from home buyers. Prime location and appeal of waterfront living are likely to ensure they are a hit …… full article here.
*Source from Business Times
Condo resale volume rebounds in March as prices continue to climb. Prices have edged up for the 20th straight month in March, with the number of transactions also picking up after falling for six consecutive months …… full article here.
*Source from Straits Times
4 new parks for Labrador area on Labrador green network, part of the plan to boost wildlife connectivity between nature reserve abd nearby green spaces. Future residents at Keppel Club site will get to benefit from proximity to these parks …… full article here.
*Source from Straits Times
12th April 2022
Singapore private home sales to rise in the coming months. EC sales are expected to rise further this month with the launch of the 616-unit North Gaia at Yishun Close. The 407-unit Piccadilly Grand is also expected to drive sales in April …… full article here.
*Source from Business Times
Singapore landed homes are often bought by Singapore citizens. It is a dying breed with well supported values. But, they may not become extinct any time soon …… full article here.
*Source from Business Times
11th April 2022
Further delay to BTO flats in some estates. Buyers of Tampines Green-Court, Clementi NorthArc and Woodleigh Hillside will have to wait for another three to six month to receive their keys …… full article here.
*Source from Straits Times
Singapore reopening to put wind in sails of real estate investment. Singapore remains an appealing destination in Asia-Pacific for investors on the back of its safe haven status and pro-business environment …… full article here.
*Source from Business Times
10th April 2022
When a joint owner does not inherit the property after the other passed on. If the main owner has other intentions before dying, the surviving joint owner may not get to keep the property. How this digital age has affects records of intention? …… full article here.
*Source from Business Times
9th April 2022
Haig Road flats sold en bloc above owners’ asking price at S$49.3m on 3rd attempt. En bloc fever is back again. With en blocs done at higher prices, and increase in construction costs, we will see property prices climbing …… full article here.
*Source from Business Times
8th April 2022
Long awaited SERS is back. HDB has announced 4 blocks in Ang Mo Kio Avenue 3 identified for SERS. Construction is expected to start 3rd quarter of 2023, and estimated to be completed by Q3 2027 …… full article here.
*Source from Business Times
HDB resale volume pick up in March as prices rise for 21 straight months. Another HDB flat in prime location – Pinnacle sold for record S$1.38m. Demand for HDB flats would likely remain firm for the rest of the year as Singapore continues to reopen more of its economy and as more sectors recover …… full article here.
*Source from Business Times/Straits Times
Another en bloc attempt. More enblocs coming up. Kensington Park at Serangoon Gardens gunning for mega en bloc again …… full article here.
*Source from Business Times
7th April 2022
Grade A office assets in the Central Business District (CBD) are being tightly held. We can expect to see more office transactions as government eases more safe management measures on various fronts. We will see CBD returning back to its pre-Covid vibrancy soon …… full article here.
*Source from Business Times
5th April 2022
Balestier and Queenstown school sites earmarked for housing. Announcement will be released soon if the sites will be planned for public or private housing. For public housing in these sites, they will most likely be under the Prime Location Housing (PLH) model …… full article here.
*Source from Straits Times
Most Singapore households are still be able to service their mortgages even as Singapore’s domestic interest rates pick up along with global rates. The credit profile of mortgages is healthy with the proportion of delinquent mortgages at less than 1% …… full article here.
*Source from Business Times
1st April 2022
Jervois Hill and Chancery Lane GCB set new price highs. This is despite slowdown in Q1 due to property curbs and uncertainty caused by Ukraine conflict …… full article here.
*Source from Straits Times
