Jurong EC plot bid breaks record

An all-time record price for EC land has been made for a plot in Jurong, which has long been starved of new EC supply. The 99-year leasehold plot near Jurong Country Club received a top bid of $418.53 psf ppr with strong participation of 16 bidders. The buzz in the location after the strong sales at J Gateway condo last month has also been attributed to cause the strong demand for the EC plot. However, two other EC sites in Punggol did not bring about such good bidding price – they only fetched top bids of $355 psf ppr and $356 psf ppr, which was slightly higher than the $351 psf ppr bid of another plot at Punggol Field Walk / Punggol East. It was reported that developers were more mindful of a saturation of EC and 99-year private condo projects in the Punggol/Sengkang location. All three EC sites had simultaneous tender closings thanks to the government’s efforts to temper tender bids. Yet people’s opinions have been divided on the similar tender closings time: some believed the government’s attempt has failed to temper tender bids, while others suggested it is too early to jump to conclusions.

(Source: Business Times)

HDB to help more singles and families buy their first HDB flat

The Housing and Development Board will set aside up to 30 percent of two-room flat supply in the latest Build-to-Order (BTO) exercise to help eligible singles to apply for their new flats. A total of 519 flats in Yishun and Sengkang will be offered, with 301 units in the new BTO projects and 218 units from the previous BTO exercise. It has been predicted that these flats, although located in non-mature estates, will be well received by singles who cannot afford the cash-over-valuation (COV) for resale flats in the open market. BTO was first announced in March this year to allow first-time single Singapore citizens aged 35 years and above who earn up to $5000 per month to buy new two-room standard flats in non-mature estate directly from HDB.

(Source: Business Times)

HDB launches 3,861 BTO flats in Yishun, Sengkang and Bukit Merah

The HDB has launched 3,861 flats in four projects in Yishun, Sengkang and Bukit Merah for sale under the July BTO exercise, and another 218 units of two-room flats in Yishun and Sengkang of the previous BTO exercise. As for the four projects, two are in Yishun: Angsana Breeze @ Yishun with 958 units of three- to five-room flats of starting prices between $159,000 and $334,000; Vine Grove @ Yishun with 696 units of two- to four-room flats of starting prices between $76,000 and $258,000. As for Sengkang, Fernvale Riverwalk has 727 units of two- to four-room flats with starting prices between $76,000 and $251,000.

(Source: Business Times)

Freehold condo The Tembusu open for preview

Property developer Wing Tai Holdings’ freehold condominium project The Tembusu has been open for preview this week to those who had indicated an interest earlier. The 337-unit development is situated at Wing Tai Holdings’ former headquarters at 105 and 107 Tampines Road, 400 metres away from Kovan MRT station. The Tembusu has one to four-bedroom apartments, dual-key units and penthouses in five blocks that range from 474 sq ft to 3,886 sq ft for the penthouse units. The price of a three-bedder, which is a common apartment type at the condo, starts from $1,388 psf.

(Source: Business Times)

Real estate cycle to reach inflexion point

According to Real Estate Developers’ Association of Singapore’s (Redas) head Mr. Chia Boon Kuah, Singapore’s real estate cycle is reaching an important inflexion point with two trends – increased market volatility and a maturing property cycle. He said that record low interest rates and sustained inflation growth have driven buyers towards property which is now a strong magnet as a store of wealth. On the other hand, risks in the real estate market still remain which include a potential pullback on the US easy monetary policy which will increase interest rates, China’s recalibration of domestic policies which will affect the global economy, and a steady supply of real estate which will be available in Singapore in the next four years.

(Source: Business Times)

Home prices and housing affordability within reason

Contrary to Moody’s assertion that rapid loan growth and rising real estate prices have put the health and stability of the resident property market at stake, the Singapore Real Estate Exchange (SRX) said that home prices and housing affordability, measured by the mortgage debt servicing ratio (MDSR), are both within reason. This means Moody’s assertion could be highly questionable. Prices of Singapore’s non-landed residential homes have increased by 104 percent between January 2000 and June 2013.

(Source: Business Times)


Chinese investments in Singapore increase

More and more Chinese capital is pouring into Singapore real estate, and this is not only in the residential segment. Data of investment transactions above $50 million from CBRE showed that Chinese capital invested in Singapore was just short of $5 billion following the global financial crisis. For investments above $50 million, Chinese capital also accounted for 69 percent of all foreign capital invested in Singapore for the first half of 2013, compared to only 27 percent in H1 2012 and 67 percent in H2 2012.

(Source: Business Times)

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