Property News – March 2022
31st March 2022
HDB resale market likely still hot, but won’t boil over in 2022. Factors that have helped channel buyers to resale market inclyde long waiting time of up to 5 years for BTO completions, generous housing grants of up to $160k for 1st time buyers, and firm private property prices …… full article here.
*Source from Business Times
Rules on new model for prime HDB flats may push some to buy regular HDB flats or condos nearby. It could take several years to observe the impact of the PLH model on the wider residential property market because the number of PLH flats that the government will sell over the next few years is still uncertain …… full article here.
*Source from Business Times
Market for new ECs a bright spot after cooling measures. Some HDB upgraders may find new ECs a good alternative to buying a private condo and this hybrid housing form remains in short supply …… full article here.
*Source from Business Times
Singaporeans and PRs expected to fill demand gap by foreigners for luxe condos. Singaporeans are restrategising entry into the market to skip paying ABSD; rising rents may help overcome higher monthly instalments on motgages arising from higher interest rates …… full article here.
*Source from Business Times
Landed home prices set to stay firm, if not trend upwards. Demand will be supported by aspirational upgrading by Singaporeans amid limited availability of landed houses for sale. …… full article here.
*Source from Business Times
Likely hotspots for private housing in H1 2022. Buyers should keep their eyes peeled for 5 projects. These are the few likely more popular private residential launch in the coming months, especially Piccadilly Grand …… full article here.
*Source from Business Times
More collective sales expected to be launched in 2022, but many will be overpriced. Realistic price expectation from the onset would increase the chances of success and avoid the disappointment and frustration of wasting much time and effort in preparing for the sales …… full article here.
*Source from Business Times
Good Class Bungalow market poised to remain buoyant. Despite recent cooling measures, sellers are unlikely to adjust their prices downwards; buyers generally have to be Singaporeans, who typically ensure that their GCB purchase will be counted as their only residential property and hence not be subjected to ABSD …… full article here.
*Source from Business Times
Soaring raw material prices may cause Singapore developers to delay projects. Steel rebar price is up 18% since Russians invasion; prices of aluminium and concrete are up by over 100% and and 10% respectively. Contractors that have signed deals for their projects at a fixed price lump sum contract, as is the case for most of the projects procured in Singapore, bear high business risk due to the unforeseen cost increases …… full article here.
*Source from Business Times
30th March 2022
New loan scheme to help seniors unlock an income from their home. The scheme disburses an interest-free loan for an agreed portion of the home’s future sales proceeds. To qualify for the scheme, the homeowner must be 55 or older, and satisfy the criteria for accredited investors …… full article here.
*Source from Business Times
26th March 2022
Ready sellers, lack of buyers. Tackling woes of flat sellers hit by ethnic quotas. The Housing Board will now offer a buyback option for flats which are hard to sell at market prices because of ethnic quotas. But will the scheme go far enough to fix the issue? …… full article here.
*Source from Straits Times
Devil may be in the details of buyback scheme. Will potential buyers have to pay higher prices when they subsequently buy the returned flats from HDB? Does HDB sell them at prices that are adjusted for minority constraints …… full article here.
*Source from Straits Times
Singapore homes to see firm rents, more leasing deals when border with Malaysia reopens further. Overall, residential leasing market is unlikely to see a major impact as some Malaysians will vacate rental housing in Singapore …… full article here.
*Source from Business Times
Relaxing of safe management measures at sales galleries, border curbs could support new home sales. Watchers say allowing more prospective buyers to visit showrooms could bring more foreign buyers to Singapore …… full article here.
*Source from Business Times
25th March 2022
Current income cap to own BTO flats still reasonable for now. Raising the income ceiling will enable more people to ballot for BTO flats, which may make it more challenging for families to secure a new flat in the already competitive market …… full article here.
*Source from Business Times
24th March 2022
Verdun House up for en-bloc sale again with S$55m reserve price. This 4-storey freehold building could be redeveloped for various purposes …… full article here.
*Source from Business Times
23rd March 2022
Property agent victim of impersonation in latest scam. There are cases of scam in which criminals pretend to be property agents and ask victims to pay money to secure an appointment for a viewing …… full article here.
*Source from Straits Times
Singapore mortgages may rise as much as 0.75% this year following Fed hikes. Mortgage advisers expect 3-month Sora to hit about 0.8% by July and possibly cross 1% before end 2022 …… full article here.
*Source from Business Times
22nd March 2022
More news on enbloc market …… full article here.
*Source from Business Times
At least 144 victims lost S$190,000 in latest rental scam since January 2022. The scammers would use photos, names and licence numbers of legitimate property agents that can be found on rental websites to deceive victims into believing that they are legitimate property agents …… full article here.
*Source from Business Times
17th March 2022
Condo, HDB rents continue to climb, rising over 1% in Feb. Construction delays resulting from restrictions to curb the spread of the Covid-19 pandemic have continued to push rents higher in both condominiums and Housing Development Board (HDB) flats …… full article here.
*Source from Business Times
New strata subdivision rule unlikely to affect commercial, mixed-use en bloc sales. Strata subdivision of units not allowed for developments in designated areas. It may hinder the plans of existing unit owners cycling a collective sale …… full article here.
*Source from Business Times/Straits Times
16th March 2022
Condo resale prices up 0.6% in February, rising over 19 straight months. Although prices are continuing their uptrend, the volume of transactions have actually declined. Property cooling measures as well as the seasonal slowdown during the Chinese New Year period …… full article here.
*Source from Business Times
URA bars strata subdivision for commercial properties in key parts of Central Area. Restriction also applies to redevelopment proposals under Central Business District Incentive and Strategic Development Incentive schemes …… full article here.
*Source from Business Times
15th March 2022
A buoyant 2021 sees Singapore luxury apartment sales double, GCB deal value soars to new high. The increase in additional buyer’s stamp duty (ABSD) rates for foreigners and property investors could cause Singapore’s luxury residential market to lose some steam this year …… full article here.
*Source from Business Times
Property prices can be resilient amid geopolitical tensions. Some people may want to park their mney in hand assets to get a sense of security …… full article here.
*Source from Business Times
Chuan Park relaunched for sale. This 99-year leasehold development’s lease commenced in 1980 and will expire on 5 June 2079 …… full article here.
*Source from Business Times
Dunman Road mega site up for tender; bids may hit S$1.3 billion. Spanning 25,234.3 sq m, the residential land plot at Dunman Road can potentially yield about 1,040 residential units. This future development could fetch a potential selling price of S$2,300 to S$2,400 psf …… full article here.
*Source from Business Times
Scammers targeting real estate sector by passing off as agents on platforms. They ask for deposits before viewing, then become uncontactable upon receipt of money transfer. Thus, beware because once transfers are made, the possibility of recovery is very low. As such, consumers remain the first line of defence against such scams …… full article here.
*Source from Business Times
11th March
HDB resale volume slide 22% in February but prices up for 20th straight month. Decline in volume due to slower market activity over Chinese New Yeaar and viewing restrictions …… full article here.
*Source from Business Times/Straits Times
30-year-old Yishun jumbo flat sold for $1.038 million. This is the 2nd flat in a non-mature estate to cross the million-dollar mark …… full article here.
*Source from Straits Times
9th March
Resale help for HDB flat owners. HDB to buy back flats that can’t be sold due to ethnic quota. Eligible owners much have owned the flat for at least 10 years and tried to sell it over six months at a reasonable price …… full article here.
*Source from Straits Times
2nd batch of assisted-living HDB flats to be launched – in Queentown. Expansion of pilot to give seniors more options to age in place independently …… full article here.
*Source from Straits Times
Latest GLS tenders see firm land prices in the suburbs. This reflects developers’ hunger for land in the suburbs following strong sales last year. It also reflects their confidence that the segment will continue to post healthy demand from first time homebuyers and HDB upgraders …… full article here.
*Source from Business Times
7th March
Fewer flat buyers ask to cancel BTO bookings in past 2 years. Realistically, not everyone has the financial means to make the switch. Those who have the means may also not be willing to pay higher prices, such as the cash over valuation component, from an HDB resale flat …… full article here.
*Source from Straits Times
3rd March
HDB tweaks plans for two projects after green studies, feedback. Woodlands North keeps core conservation area, Miltonia Close gets bigger nature park …… full article here.
*Source from Straits Times
24 flats at Haig Road up for collective sale with S$48m indicative price. This 4-storey freehold residential site can be redeveloped to house 35 units, each of an average size of 1,100 sq ft, subject to approval from relevant authorities …… full article here.
*Source from Business Times
2nd March
Luxury home prices to climb 5.7% this year. Asian cities are expected to trail slightly in 2022, but with cities such as Singapore already announcing higher rates of stamp duty, some investors may take heart that any significant move in terms of cooling measures may now be in the rear-view mirror …… full article here.
*Source from Business Times
1st March
Development charge rates raised for first time since 2019. Rates up for residential, commercial and industrial use for six months amid recovery in Singapore property market …… full article here.
*Source from Straits Times
