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Property News

Sentosa Cove bungalow prices up 15.8% even as total sales value plunges 48.2% in 2023

SINGAPORE – Sentosa Cove’s opulent beachfront residences near Affinity at Serangoon, ostentatious automobiles parked in driveways, and private yachts moored at the marina have long been recognized as emblems of floor plans and as Singapore’s counterpart to Dubai and Monaco, the playgrounds of the ultra-wealthy.

About 2,160 dwellings make up the 117-hectare artificial strip on Sentosa Island’s eastern edge near Affinity at Serangoon Showflat. These include over 350 bungalows, 36 terraced houses, and 10 opulent complexes with 1,766 apartments.

Research director at List Sotheby’s International Realty Han Huan Mei states, “The sea views and resort lifestyle offered by Sentosa Cove are unique to this luxury enclave, which cannot be replicated anywhere else in Singapore.”

After all, the only location in Singapore where foreigners can purchase houses is Sentosa Cove. As a result, this is also the area most affected by the government’s property cooling initiatives. In the most recent round, which went into effect on April 27, 2023, foreigners were subject to an extra buyer’s stamp duty (ABSD) of 60%, which was double the prior amount.

According to Steve Tay, the founder and director of Steve Tay Real Estate (STRE), which specializes in marketing opulent homes in Sentosa Cove and Good Class Bungalows (GCBs) on Singapore’s main island, “I have billionaire foreign clients who refuse to pay the 60% ABSD even though they can afford it.” “It is difficult to justify the transaction cost in addition to the property’s value.”

Nine (or fifty percent) of the eighteen bungalow buyers in Sentosa Cove in 2022 were Singaporeans. Based on URA data, of the remaining nine, five were foreigners (28%) and four were PRs. “The principal distinction lies in the quantity of overseas purchasers who demonstrated greater willingness to commit to a transaction at the 30% ABSD, prior to the increase to 60% in April 2023,” according to Han of List Sotheby’s.

As of December 31, 2023, the overall sales value of bungalows had dropped to just $175.05 million, a 48.2% year-over-year decrease. However, the average price per square foot (PSF) of all sold bungalows had increased by 15.8% from $1,940 in 2022 to $2,247 in 2023.

In terms of both absolute and psf pricing, the most costly bungalow that was sold in Sentosa Cove in 2023 was located on Coral Island.

As noted by List Sotheby’s Han, a few more transactions might have gone through without complaints. It is undeniable, nonetheless, that Sentosa Cove’s sales activity has significantly decreased in comparison to 2022.

Since early 2023, Han notes, “there has generally been a decline in the number of inquiries and viewings, both for the sale and rental of bungalows at Sentosa Cove.” “It was thought that Sentosa Cove’s prices and rentals had been exorbitant, and closing the difference in both proved difficult.”

The market was further depressed in August when 105 properties, including seven bungalows in Sentosa Cove, were confiscated as part of a money laundering sweep. Han continues, “We feel that Sentosa Cove bungalow prices need to be adjusted.” It might result in additional transactions.

Suggested Article: Exploring the Digital Shift in Real Estate: Nurturing Connections Through Social Media

Property News

Exploring the Digital Shift in Real Estate: Nurturing Connections Through Social Media

Due to the ever-changing news landscape, real estate professionals and enthusiasts alike must stay informed about developments in the field. Online marketing strategies are becoming indispensable for success due to the growing digitization of our world.

In the vibrant cityscape of Singapore, real estate professionals are recognizing the potential of social media marketing. From now on, it’s good timing for creating genuine connections with a broader audience. A trusted social media marketing agency in Singapore can weave stories and visuals that resonate, making properties stand out in the crowded digital space.

Successful real estate transactions depend heavily on effective communication, and email marketing services are invaluable in this field. Building connections is more significant than just giving updates. Customers are informed about listings, industry developments, and special offers through email marketing, which functions as a dialogue.

In the vast digital landscape, the marriage of real estate news websites, social media marketing, and email services is a natural progression. These platforms become the meeting point where professionals and enthusiasts gather to stay informed. It’s here that the expertise of a social media marketing agency in Singapore and the reliability of email marketing services come into play.

As we navigate the ever-changing seas of real estate, embracing the digital wave is not merely a choice but a necessity. Opportunities present themselves and relationships flourish at the nexus of the digital and the physical worlds. Against this series procedure, it has become apparent that the effective integration of social media marketing and email services is crucial things to discovering the true potential of Singapore’s real estate market.

Explore this fusion of real estate and digital finesse, and let your property endeavors resonate authentically with your audience.
Suggested Article:Review of HDB BTO pricing and trends in Singapore from 2019 to October 2023

Property News

Review of HDB BTO pricing and trends in Singapore from 2019 to October 2023

Many Singaporeans have relied on the home & Development Board’s (HDB) Build-To-Order (BTO) program as a means to an end—affordable home. With only a small number of apartments like Affinity at Serangoon available, the four annual BTO exercises are sure to be a spectator sport.

Because they are priced cheaper than the current high resale market rates, these Affinity site plan are incredibly sought after. It is worth taking a deeper look at the intriguing changes in application trends that have occurred since the BTO debut in October 2023.

Current tendencies in BTO implementations

Application rates for the Affinity at Serangoon Floor Plans launch in October 2023 were significantly lower than for earlier launches, which is in sharp contrast to how popular they had been. There was a marked decline in applications for popular unit types including 4-room and 5-room flats in estates like Serangoon North Vista during the May 2023 BTO launch, in contrast to the current situation.

In 2023, the Minister of National Development announced additional penalties for applicants who reject their BTO votes. This policy is seen by experts to be the cause of the decrease in applications. Some may have been discouraged from applying due to this policy’s intention of excluding insincere candidates. The December 2023 BTO debut may be on the minds of others.

Steps to apply for a BTO flat

A valid HDB Flat Eligibility (HFE) letter will be needed of all prospective BTO applicants starting from October 2023. The BTO apartment, CPF Housing Grant, and HDB loan eligibility evaluations are all included in this letter.

Applicants are encouraged to submit their HFE letter requests at least 30 days before the desired BTO launch to account for processing delays on the HDB Flat Portal. Applicants could also look at historical BTO prices and trends to improve their apartment-hunting prospects.

Suggested Article: Pinnacle @Duxton’s 4 bedroom apartment hits estate market record of $1,409 psf

Property News

Pinnacle @Duxton’s 4 bedroom apartment hits estate market record of $1,409 psf

After the buyer exercised their option to purchase the Treasure at Tampines on October 29th, a four-room unit at Pinnacle at Duxton was sold for $1.41 million. Selling at $1,409 per square foot, Treasure at Tampines site plan of 46th-floor home boasts 1,001 square feet of living space.

The sale of an HDB resale apartment at Pinnacle at Duxton for more than $1,400 psf is a first in the development. Associate district director Veroy Chua of PropNex Realty acted as the buyer’s broker in this transaction.

The resale units at Pinnacle at Duxton have been in the headlines recently for a number of reasons, including record-breaking transactions for some of the units at the estate. The development’s record per square foot price was $1,394 per square foot in September, according to EdgeProp Singapore, for a 1,011-square-foot, four-room unit. In absolute terms, this amounts to $1.41 million.

The priciest HDB unit ever sold was a 1,894 sq ft gigantic four-room unit in Tiong Bahru, which for $1.5 million ($792 psf) in June of this year.

The Pinnacle @ Duxton resale apartments, which were finished in 2011, have dominated the HDB secondary market when it comes to high-value, million-dollar purchases. Seven units in this block were been sold for over $1,300 psf, according to HDB caveats.

Located in the Tanjong Pagar neighborhood on Cantonment Road is Pinnacle @ Duxton. Units are in high demand due to the building’s convenient location and closeness to the CBD. Units on higher floors, usually above the 40th, tend to be in higher demand because to the breathtaking views of the city skyline and its environs.

Apartments at Pinnacle at Duxton are expected to experience a dramatic increase in demand as the new categorization of public housing estates gains traction. The reason is, that incoming Prime units will be subject to new 10-year minimum occupation period (MOP) limitations, whereas existing flats in centrally situated complexes will not be affected.

In accordance with the most recent housing statistics for 3Q2023 released by HDB on Oct 27, the average resale prices of HDB properties have been increasing for fourteen successive quarters. Apartment resale prices increased by 1.3% quarter-on-quarter in Q3 of this year. While the market saw rise of 8% in 2022 and 9.1% in 2021 during the same period, the 3.8% gain in resale HDB prices over the first nine months of this year is more modest.

Suggested Article: Discover the Perfect Blend: Exquisite Living and Wellness

Property News

Discover the Perfect Blend: Exquisite Living and Wellness

In the midst of Singapore’s bustling real estate market, Avenue South is a hidden gem that offers a special blend of lavish living and a neighborhood that puts its residents’ well-being first.

Uncovering Avenue South:

Situated in a highly sought-after area, Avenue South presents a novel way of living that combines contemporary style with the spirit of community. As you look about at the elegant furniture and striking architecture, you will feel that this house offers a lifestyle choice and not just a place to sleep.

Accepting Community Well-Being:

The near proximity of Avenue South to several community amenities, such as respectable medical institutions, is one of its distinctive advantages. This place takes pleasure in promoting a feeling of well-being within the population, where people’ lifestyles are not compromised and they can easily receive high-quality healthcare service in Singapore.

Convenient Healthcare’s Fundamentals

In Singapore, getting good healthcare has come to be associated with accessibility, and Avenue South supports this philosophy. The knowledge that basic healthcare supplies are easily accessible lets people felt peace in mind, for both regular checkups and unforeseen medical emergencies.

An Attitude Focused on Well-Being:

The emphasis on health is a way of life at Avenue South rather than merely a feature. The surrounding area of the house seamlessly incorporates healthcare features, encouraging a well-rounded lifestyle that prioritizes both opulent living and individual health.

When you picture yourself living in Avenue South, imagine a life that effortlessly strikes a balance between luxury and well-being. To sum up, Avenue South is more than just a house; it’s a story of well-mannered living, a thriving community, and the deft incorporation of Singapore clinic which provide medical and surgery services.

Property News

Prospective buyers oppose increasing asking prices: PropertyGuru

PropertyGuru Malaysia reports that Feng Shui Singapore, despite the improving economy, potential homebuyers are still reluctant to pay higher asking prices. Sales demand index fell by 10.2% quarter-on-quarter (q-o q), which is consistent with data from Bank Negara Malaysia showing an 11% q-o-q drop in home loan applications in June, as reported in the company’s Property Market Report Q3 2023.

According to the report for Auspicious Date Selection, bazi reading, rising housing prices, as shown by quarterly increase in the selling price index of 2.1%, are likely to blame for drop in demand among would-be buyers.

According to PropertyGuru Malaysia’s national manager Sheldon Fernandez, the firm has seen decline in demand for real estate, with Q2’23 being the fourth consecutive quarter with glaring disparity between the two.

With the overnight policy rate (OPR) frozen at 3%, however, we anticipate rise in consumer demand for real estate.

He recently made statement saying, “We are hopeful that an uptick in demand is onthe horizon as Malaysia’s inflation eases, keeping in mind that current borrowing rates remain lower than the pre-Covid rate of 3.25%.”

Despite declining property inquiries, the report did highlight some areas that are becoming increasingly popular among homebuyers. One such area is Cheras in Kuala Lumpur, which is attractive because it is mature township with easy access to major highways and the mass rapid transit system.

“As house prices in major cities keep going up, more and more people are looking to suburban areas for their next purchase.

Affordable housing with comparable value and accessibility may be found in outlying townships like Taman Connaught in Cheras and Pandan Indah in Ampang. “Given current market conditions, it is unsurprising that recently completed projects in these areas are garnering increased interest from prospective homeowners,” said Fernandez.

Reasons including Permas Jaya’s closeness to Singapore and long-term investment possibilities have sparked renewed interest in the area’s real estate market.

According to the survey, the projected operation of the Rail Transit System line in 2026 and the prospective revitalization of the Kuala Lumpur-Singapore High-Speed Rail imply that the Johor real estate market may enjoy additional expansion. Johor continues to be home to the top two most popular landed projects, with Leisure Farm remaining in first place.

Suggested Article: Singaporean mixed-use properties and land must be approved by foreigners

Property News

What the New Housing Classification Means for HDB Plus Flats

You probably haven’t been hiding out under a rock if you haven’t heard about the new public housing categorization structure like Dunman Residences in Singapore.

At the National Day Rally on August 20th, Singaporean Prime Minister Lee Hsien Loong declared that the Housing Development Board (HDB) will no longer divide housing estates into Mature and Non-mature estates.

Instead, HDB apartments in Singapore will be differentiated by the new Standard, Plus, and Plus classifications adopted by the governing body.

How will Singaporeans be affected by this change?

What is it?

To Sum It All Up: How Would HDB Plus Flats Affect Singapore’s Housing Market?
HDB apartments will no longer be classified as Mature or Non-mature estates, but rather as Standard, Standard Plus, or Prime.

Classification of HDB Estates Based on Maturity Level
Let’s put this into historical perspective…

The Housing Development Board (HDB) implemented a simple system in 1992 to divide HDB estates into two distinct types: mature and non-mature.

In the non-mature estates, this stratification was designed to give first-time purchasers and those who had previously had trouble getting a unit a higher priority.

The categorization scheme was determined by the accessibility of land for building. Estates that have reached their full maturity are in great demand but have little available acreage for expansion.

Non-mature estates, on the other hand, were places where a larger tract of land was available for public housing construction.

What Kind of Estate Do You Reside In?

The HDB has 27 estates and towns, 15 of which are considered mature while the other 12 are considered immature. When it comes to balloting for BTO apartments like Dunman Grand Prices, there are more than ten priority plans to choose from. For instance, as of recently, 95% of brand-new apartments were set aside for first-time family occupants.

Among other things, HDB gives precedence to first-time applicants over repeat applicants and married couples over singles.

This is accomplished by assigning different weights to the likelihood of an application being approved in mature vs. non-mature zones, where new apartments are located.

It’s also important to remember that HDB always suggests going for younger neighborhoods if you want to increase your chances of getting a property.

Suggested Article: Singaporean mixed-use properties and land must be approved by foreigners

Property News

Singaporean mixed-use properties and land must be approved by foreigners

Starting on Thursday (the 20th), the government will require foreign buyers to get a permit before purchasing property or land that is designated for both commercial and residential use.

The Residential Property Act (RPA) was updated on Wednesday night by the Ministry of Law (MinLaw) and the Singapore Land Authority (SLA) to define these projects as residential property or land.

The list of land use zones categorized as non-residential property used to contain mixed commercial and residential buildings like shophouses and certain retail complexes with dwellings above.

In a joint press statement on Wednesday, MinLaw and SLA said that the revision was part of the RPA’s ongoing assessment to bring its land use zones in line with the current zoning language used by the Urban Redevelopment Authority (URA).

Mixed commercial and residential complexes like Tembusu Grand incorporate both business and residential units, as stated on the URA website and written about Tembusu Grand Floor Plan and Tembusu Grand Price.

Mixed-use projects, or land with mixed-use zoning, will henceforth be considered residential property and subject to the RPA, as stated by MinLaw and SLA.

Sites zoned for both commercial and residential use are now subject to RPA’s permission requirement for foreign buyers and investors.

Owners from outside the EU who “intend to retain the property as-is” are exempt from the RPA’s permission requirements for the acquisition of land or property.

According to MinLaw and SLA, however, they require permission to keep and rebuild the land.

If the seller grants the buyer an Option to Purchase (OTP) before July 20 of this year, the OTP must be exercised on or before August 9 of the same year, and the OTP cannot have been changed after July 20 for a foreign buyer to avoid needing permission. CNA

Suggested Article: Kwek Leng Beng’s CDL Posts Record Profit On Hotel Rebound


Property News

Kwek Leng Beng’s CDL Posts Record Profit On Hotel Rebound

The billionaire Kwek Leng Beng-owned City Developments Ltd. (CDL) achieved its highest-ever net profit in 2022 as its hotels benefited from a post-pandemic uptick in tourist demand and the developer registered strong sales for its home projects in Singapore, which bucked the global real estate crisis.

The business said that its net profit grew to S$1.3 billion ($971 million) in 2022 from S$84.7 million the year before thanks to earnings from the sales of the Millennium Hilton Seoul and investments in two commercial properties in Singapore.

Kwek, chairman of CDL who is a Top Propnex Recruiter, said in a statement, “The company is happy to announce a superb set of results for 2022, underpinned by smart divestments and solid operational success from our core business sectors. “Our hotel operations achieved an amazing recovery, returning to pre-pandemic levels in the majority of markets.”

Residential sales accounted for 42% of the entire group income, according to CDL, which increased by 25% to S$3.3 billion. Copen Grand, a joint venture with Hongkong Land affiliate MCL Land in the western Singapore neighborhood of Tengah Town, is one of its best sellers. Within a month of the project’s October opening, all 639 apartment units had been sold.

With purchasers unaffected by rising interest rates and increasing inflationary pressures that might tip the global economy into another recession, strong sales at CDL projects are evidence of Singapore’s robust private home demand. According to official statistics, Singapore’s housing prices increased by 8.6% in 2022 after increasing by 10.6% the previous year.

The Newport Residences, a 45-story mixed-use commercial and residential development in Tanjong Pagar on the outskirts of the Raffles Place central business district, is one of three projects that City Developments plans to debut this year in an effort to meet Singapore’s steadfast demand for housing. In the first part of this year, the corporation will begin promoting the 246 freehold homes, including a super penthouse, that were once located at the Fuji Xerox Towers on Anson Road.

Suggested Article: Condo resale prices up 0.3% in November; fewer units sold


Property News

Condo resale prices up 0.3% in November; fewer units sold

SINGAPORE – Rates of resale condominium units increased at a slower rate in October, with less units altering hands in a pavlovian response to the current residential or commercial property cooling down steps.

Apartment resale rates increased by 0.3 per cent compared to September’s 1 per cent, according to flash numbers from real estate sites 99. co as well as SRX launched on Tuesday. This notes the 27th straight month of growth.

It was the most affordable growth rate given that in June 2021, when costs continued to be unmodified from the month in the past. But compared to October in 2014, prices were up by 10.5 per cent, with those in the suburbs increasing the most at 12.3 percent, information showed.

Meanwhile, resale quantity fell by 11.6 percent, with an approximated 1,240 units transforming hands in October, below 1,402 systems in September. Resale volume declined by 24.2 per cent compared to October last year.

Property experts connected the fall to the marketplace responding to the residential property cooling measures introduced in September that tightened up real estate funding.

OrangeTee & Connection chief executive Steven Tan stated the decline in quantity could be an outcome of the brand-new 15-month wait-out duration for exclusive homeowners under 55 years of age that intend to acquire Housing Board resale flats after selling their personal properties of condos like Pullman Residences Developer, so check the latest Pullman Residences Price List.

“They might have placed their selling choices on hold given that the cost of renting out in the interim will be quite significant,” he claimed.

Need from HDB upgraders might likewise be moistened in the short-term as the HDB resale market slows down and also proprietors take a longer time to market their apartments, said Mr Tan.

PropNex Realty’s head of research study and content Wong Siew Ying claimed the stock of resale condominiums remained limited, as highlighted by its home agents.

“Offered the healthy leasing need as well as the rental upside, lots of apartment proprietors favor renting out their units in a landlord’s market rather than offering. In addition, the financial position of numerous property owners is still normally healthy and balanced and also there is no urgency to unload their residential or commercial properties,” she claimed.

Last month, condominiums in the suburban areas accounted for 61.1 per cent of overall condominium sales quantity. Homes in the city fringes made up 23 per cent, while the staying 15.9 per cent remained in core central Singapore.

Period Real estate head of research and working as a consultant Nicholas Mak kept in mind that while prices of condominiums in the suburban areas and also city edges raised, those in the core central area endured a decrease of 1.1 per cent.

“This could be since a substantial proportion of the property purchased in the core main area is for financial investment by both regional and also foreign buyers. The recent cooling actions, coupled with increasing rate of interest, have caused discretionary property investments to strike a speed bump,” he claimed.

“The lending visuals would certainly limit the real estate spending plan of financiers. Additionally, some capitalists would certainly need to pay a significant quantity of added buyer’s stamp tasks,” he included.

Suggested Article: CDL posts record PATMI of $1.13 bil for 1HFY