Archive for category: Executive Condo

Read related article: Wallich Residences integrated development Guoco Tower won FIABCI World Prix d’Excellence Award

The Housing and Development Board (HDB) has announced two more alternatives for rehousing in the Selective En Bloc Redevelopment Program (SERS) to provide greater options and satisfy the diverse housing requirements of residents. Additionally, Singapore saw private home prices as well as HDB resales prices rise at a an increased rate in the second quarter of 2022 when compared with the previous quarter.

The Housing and Development Board (HDB) announced two new rehousing options in the SERS that will provide greater options and cater to the various housing requirements of residents.

The first option is that SERS homeowners will have the option of purchasing three-room or larger flats under a shorter lease period of 50 years instead of a brand new 99-year lease, if that it will keep the owners of the flat up to the age of 95.

The second option permits residents of SERS to take advantage of the SERS site to avail the lease Buyback Scheme (LBS) to lease their apartment.

Additional options will be available to flat owners who are eligible beginning at Ang Mo Kio Ave 3 SERS site.

“It considers the feedback of some residents who feel that they don’t require a new 99-year lease to get a replacement property and want to relocate into a new flat that is similar to the one they have currently, without money-based top-ups,” said HDB.

It also stated that the two alternatives can “also become available to owners of flats of blocks 212-218 of Marsiling Crescent/Lane, whose flats were announced to be available for purchase on the 26th of May 2022 in connection with the development and expansion of Woodlands Checkpoint”.

This decision comes after a few flat owners were concerned about having to pay more to buy similar-sized homes within the same neighborhood. Around 600 households were affected by the most recent Ang Mo Kio SERS exercise. In addition HDB has changed the minimum occupancy period (MOP) guideline for the replacement of flats under SERS has been revised by HDB. Buyers are able to sell their new flats on the market for five years after they have received their keys.

Prices for private homes in Singapore increased at a higher growth rate 3.2% in the second quarter of 2022. That’s nearly five times more than that 0.7% increase registered in the preceding quarter, as per preliminary estimations by the Urban Redevelopment Authority (URA).

Catherine He, Head of Research at Colliers She attributed the rise in price to “the successful launches that were sold at higher prices than benchmarks”.

Piccadilly Grand along with LIV@ MB For instance, they sold more than 70% of their products on the day of launch.

“Units in Piccadilly Grand were sold at $2,175 per sq ft, while units located at the LIV@MB were offered for a median of $2,405 per sq ft. The result was that prices increased six% in the second quarter of 2022.” Huttons Asia reported. Huttons Asia.

In this way, residential property prices increased by 3.9% in the first second quarter of 2022, despite the cooling measures that were rolled out by the government on December 20, 2021.

“The volume of demand is far more than the supply backlog as Singapore is able to recover from its pandemic years,” said Leonard Tay Director of Research and Development at Knight Frank.

As per Dr. Tan Tee Khoon, Country Manager of PropertyGuru Singapore, given the potential appreciation in the value of capital for private property and the current good performance of the rental market for private homes the demand for private property is likely to remain among those looking to purchase for an investment property. But, they’ll need consider the potential benefits against the cost of paying more A Purchaser’s Stamp Duty (ABSD).

The latest estimates of The Housing and Development Board (HDB) showed that the resales prices of HDB flats increased by more quickly that of 2.6% in Q2 2022 as compared against that 2.4% hike registered in the prior quarter.

On an annual basis, HDB resale prices rose 11.8%.

Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie, said that the steady price rise was not a surprise given the dramatic increase in confidence of buyers.

“Our economy is nearly fully open and growth has accelerated more quickly than other nations. Additionally, the public housing market is typically less prone to fluctuations in macroeconomics in comparison to investments properties.”

Additionally, Huttons Asia observed that the interplay between “market dynamic due to an increase in quantity of BTO flats as well as the price resistance of buyers has been effective in stabilizing the rate of price growth”.

Huttons anticipates HDB prices for resales to increase by 10% throughout 2022 in the wake of an adjustment to more stability in the second quarter of 2022.

There are a variety of reasons that have led to the rising of HDB prices for resales as per the Dr. Tan Tee Khoon, Country Manager at PropertyGuru Singapore. Apart from the ongoing BTO construction delays , which have forced young families into the market for resales There is a persistent purchasing preference for larger resales flats in older HDB estates located on the city’s fringe.

In the HDB transactions for resales in Q2 2022 (as as of July 1, 2022) the most sought-after flats are the 4-room flats (42.7%), followed by flats with five rooms (25.8%). In both cases, HDB upgrades and new buyers are aiming for these larger flats, driving the demand and prices rising.

A 16,623.7 square meter executive condo (EC) site at Bukit Batok West Avenue 5 is listed for sale in the confirmed list of Federal Land Sales (GLS) Programme for the first quarter of 2022, as announced by through the Housing and Development Board (HDB).

This 99 year leasehold site is expected to provide about 495 housing units.

The competition for the site is due to close on the 13th of September. It will be batched along with the two Urban Redevelopment Authority (URA) residential sites located at Lentor Central and Lentor Hills Road.

Huttons Asia noted that the debut of the site will be “the the third site that will be utilized for EC development in the space of an entire year”.

“The three sites could offer up to 1500 EC units to purchase,” it said.

Huttons believes that its Bukit Batok West Avenue site will attract as many as eight bids. The expected bids being between $640 and $680 for sq ft/plot percentage (psf and ppr).

The site is within various secondary and primary schools, in addition to Millennia Institute. Le Quest shopping mall and West mall will offer future Residents F&B and entertainment alternatives. The closest MRT station to the mall is Bukit Batok MRT station, which is located on the North South Line However, it is expected to change once it becomes the Jurong Region Line (JRL) will begin operating in 2024.

The city-state was ranked as the 53rd-lowest priced home market in the world by Demographia as part of their International Housing Affordability rankings, published in Singapore Business Review.

This is a fact given that Singapore recorded the median for housing affordability of 5.8. It is noteworthy that the median of 5.1 and over is considered to be extremely expensive, however, an average of 3.0 and lower is considered affordable.

“Singapore’s median multiple increased from 4.6 in the year 2019, and then an unaffordable 5.8 in 2021, a reflection of the impact of the pandemic crisis,” said Demographia.

It was noted that HDB’s objective of inciting Singaporeans to own their own home has been accomplished in 2020, when the homeownership rate reached 88%.

This year’s rankings show that Pittsburg, Pennsylvania in the United States emerged as the most affordable housing market and the most expensive is Hong Kong.

Demographia’s research rates affordable housing for the middle class across eight countries. These include, Australia, China, Canada, New Zealand, Ireland, Singapore, the United States and the United Kingdom.

million dollar HDB flats in Singapore continue to draw attention however, they represent less than 1% from all HDB flats transactions. But they are a significant part of the overall picture, and as HDB flat resales increase as do the billion-dollar HDB flat sales.

From the 1st of July in 2022, 163 million dollar flats were sold in 2022. In particular, Woodlands and Pasir Ris were the first to receive million-dollar flats on May 20, 2022. If this trend continues to grow we could see another record-breaking year for million dollar flats by 2022.

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JLL has disclosed the 100% sale of Income at Raffles for an unspecified cost to a Singapore-based investment manager. JLL was the main adviser of Mercatus Strategic Investment Management LLP which is the manager of NTUC Income’s funds in the transaction.

Visit https://www.thecopengrand.com/ for more information

“This is a significant deal due to the building’s status in Singapore as one of the famous buildings, and it is situated on a unique leasehold of 999 years. land.” JLL Singapore’s director of the capital market Ting Lim.

It is situated in Raffles Place on the Collyer Quay in the Central Business District (CBD) The leasehold of 999 years Income in Raffles is a office building with 37 floors and two storeys of retail podium. The retail component was constructed in 1992, and been upgraded in the year of 2019.

The buyer may be able to gain access to 30,000 square feet of gross floor space that is not being used According JLL.
There is a chance for office sector to remain positive over the long term. JLL expects growth between 30% to 35% between 2022 and 2030, as the supply of office space in the CBD is squeezed.

“Singapore’s ability to withstand and its attractiveness as an investment destination in Asia Pacific continue to resonate strongly with investors.” Lim adds.

URA flash estimates that were released on July 1 , for The second quarter in 2022 show that private residential property index recorded an overall gain in the second quarter of 2022, which was 3.2% q-o-q, up from 0.7% q-o-q growth in the first quarter. Despite the cooling measures that were enacted in December of last year, the total private residential property index grew to 3.9% in the first second quarter of this year. As per Catherine He, the head of research at Colliers the increase is due to the success of launches that were sold at higher benchmarked rates.

Copen Grand Tengah Garden Walk floor plan will house around 620 residential units ranging from 1 to 5 bedrooms across its 12 blocks, rising up to 14 floors high, each with generous landscaping.

The number of homes sold (excluding executive condominiums, also known as ECs) have increased in 27.1% q-o-q in the second quarter, which was 2,258 units, according to OrangeTee & Tie senior vice-president of research and analytics Christine Sun.

The new homes that comprise the largest portion of sales during the second quarter are generally sold at higher costs as opposed to resales. The amount of transactions that exceed $2 million increased increasing from 35.3% of total transactions during the first quarter to 38.3% in the second quarter, which increased costs, Sun adds.

“The massive demand is simply exceeding the supply backlog as Singapore is able to recover from its pandemic years,” notes Leonard Tay the head of research at Knight Frank.

Prices of private residential properties that are not landed in the central middle region (CCR) rose to 1.6% q-o-q in the second quarter, an increase from 0.1% q-o-q decrease in the first quarter, as a result of URA caveats filed. Most commonly, the CCR is characterized by luxury houses, the rise in costs coincides with the decreasing of air travel beginning in April, according to Tay.

“High-Net-Worth-Individuals in Asia are looking towards Singapore for private home investment opportunities, including luxury properties in prime areas despite the increased ABSD levied for foreigners,” he continues.

This includes 20 units that were purchased in the amount of $85m at CanningHill Piers by the Chinese national as well as an Indonesian family that is seeking to purchase the 22 unit at Draycott Eight.

Residential prices for private homes that are not landed across the the central region (RCR) have recorded the most rise, growing by 6% over the course of the second quarter. This was up from the 2.7% q-o-q decline last quarter.

“The introduction of Piccadilly Grand and LIV@MB in May re-energized the market and attracted the attention of home buyers,” observes Tay.

In contrast, the increase in private residential property prices slowed down in the outlying central area (OCR) and only increased to 1.7% q-o-q in the second quarter, compared the previous 2.2% q-o-q previously. This is a segment that represents mass market suburban properties, and is driven by HDB upgraders and families that are starting.

Tay further states: “We are seeing those profiting from the sale of the HDB units at a high price in the resale marketplace to fund their transition to the residential market in private homes.”
The pace of growth in property market has slowed. Landed property prices has decreased to an 2.9% q-o-q increase in the second quarter of the year, down from the 4.2% q-o-q growth last quarter. Sales are declining from Good Class Bungalows (GCBs) due to the limited supply was a contributing factor, he says.

Private property prices are expected to slow through the remainder of the year as homeowners may be discouraged due to higher interest rates and lower the eligibility for mortgages. Tay anticipates that upcoming launches on the mass market like Sceneca Residences, Lentor Modern and AMO homes to be a good match with improvements to homes and help sustain price increases, despite rising cost of borrowing. The OrangeTee & Tie’s Sun believes that demand for housing will be resilient and forecasts the overall property prices to increase by six% or 8%. But, Tay estimates a 5% to 7% rise this year.

GuocoLand’s ultra-luxury homes Wallich Residence was awarded the World Silver Winner in the Residence (High Rise) category at the 2022 FIABCI World Prix d’Excellence Awards. GuocoLand’s fourth victory in the annual award ceremony. FIABCI stands for an acronym for the French abbreviation for International Real Estate Federation, that recognizes the best in the world of real estate.

Copen Grand Tengah Garden Walk set a record land rate and was the first executive condominium (EC) site in Tengah, “the evergreen forest town”, to be sold under the Government Land Sales (GLS) programme.

Dora Chng, general manager (residential) at GuocoLand GuocoLand, says the company is proud of the fact that the development was recognized by an international body such as FIABCI. “Wallich Residence is well-known in the local and international community for its luxury services. What makes it desirable is that it is incredibly exclusive, and at the same time, it’s situated in a prime area and provides residents with great convenience and an array of amenities that are part of an integrated development of world class,” she says.

Wallich Residence includes 181 luxurious homes. It is situated at the highest point of the 290m tall Guoco Tower, GuocoLand’s main integrated development and Singapore’s tallest structure located inside Singapore’s Tanjong Pagar area.

The project made headlines when its 21,109 square feet triplex super penthouse was auctioned off for $73.8 million in the year 2019 in 2019 to British billionaire inventor James Dyson. The development was subsequently featured in the news in the year following in the year that one of four penthouses that was simplex was purchased at $17.5 million, which was the all-time record price of $4,987 per sq ft when it was sold.