Residential

Wheelock unveils condo The Panorama in Ang Mo Kio

Wheelock Properties has unveiled the condo project The Panorama in Ang Mo Kio Avenue 2, its first 99-year suburban condo project in Singapore in two decades. The development has 698 units in six blocks – two 20-storey blocks, four 17-storey blocks with two levels of basement car parks, and a three-level clubhouse. The sales bookings are expected to begin around Jan 17-18. Wheelock has declined to reveal prices, while agents have quoted absolute prices from under $700,000 for a 430-sq ft one-bedroom apartment on the ground floor, to more than $3 million for a five-bedroom penthouse of 2,400 sqft with nice views of Lower Peirce Reservoir.

(Source: Business Times)

HDB resale flat prices continue to fall

Resale prices for Housing and Development Board (HDB) flats were reported to continue to fall in Q4 2013. Property consultants believe this trend is unlikely to reverse, and is influenced by a convergence of measures to cool the market and a continued supply of new flats. HDB flash figures showed that the resale price index in Q4 2013 was 202.1, which is a 1.3 percent decrease from Q3 2013, and the second consecutive quarter of declining prices. The index also fell 0.9 in Q3 2013, the first contraction since 2009.

(Source: Business Times)

Mass-market condo prices begin to ease

Prices of mass-market private condos have eased for the first time since Q2 2009 after the global crisis. Prices of landed homes also declined for the first time since Q2 2009. The Urban Redevelopment Authority (URA)’s latest flash estimates show that overall private housing price index declined 0.8 percent quarter on quarter in Q4 2013, against a 0.4 percent increase in Q3 2013. Most property consultants expect the index to decrease on a full-year 2014 basis with predictions from one percent up to 10 percent. Private home prices were negatively affected by the Total Debt Servicing Ratio (TDSR) framework, weaker HDB resale flat prices, and a significant supply of nearly 20,000 private homes until end of 2014.

(Source: Business Times)

Worst performance for Singapore developers on STI

As property curbs drove home sales lower and slowed price gains, Singapore’s developers witnessed the worst performance on the benchmark Straits Times Index 2013. The Singapore property index decreased 10 percent this year, after last year’s 48 percent increase. Property stocks in Singapore, the most-expensive city to buy a luxury home in Asia after Hong Kong, may further weaken in 2014 after the government took measures to cool prices. Home sales may decline 10 percent, while prices are expected to drop for the first time in two years.

(Source: Business Times)

HDB to build fewer larger flats and more two-room BTO flats

As the Housing and Development Board is transitioning to a more sustainable Build-To-Order (BTO) flat supply, larger HDB flats will be cut back by 18 percent, while the number of two-room flats will be doubled in 2014. Particularly, the supply of new three-room and larger flats from 22,600 units in 2013 will be reduced to 18,600 next year. The number of two-room BTO flats in non-mature estates will be increased from 2,600 in 2013 to 5,000 in 2014. 700 Studio Apartments will also be offered for the needs of seniors looking for the right size. The shift takes into consideration the high demand for singles, at 27.1 times at the latest November exercise, which was shared by National Development Minister Khaw Boon Wan in one of his blog post.

(Source: Business Times)

Twentyone Angullia Park is most expensive condo in 2013

Data from Singapore Property Watch shows that the freehold Twentyone Angullia Park has topped the list as Singapore’s most expensive condominium, at an average selling price of $5,181 psf. The 54-unit condo’s average selling price hit an all-time high in June at $5,560 psf, and then declined to an all-time low of $4,704 psf in August. Coming at second place is Skyline@ Orchard Boulevard, as its units were transacted at an average selling price of $4,230 psf. The third most expensive condo is freehold The Marq on Paterson Hill, of which one 3,089 sq ft unit was transacted at $4,046 psf. In addition, the most viewed condominiums in 2013 are Ripple Bay in Pasir Ris, Waterbay – an executive condominium in Punggol, and Urban Vista which is located at Tanah Merah Kechil Road.

(Source: Business Times)

Overall SRPI increases 0.6% year-to-date

According to the latest figures from the National University of Singapore (NUS), the Overall Singapore Residential Price Index (SRPI) for 2013 has increased 0.6 percent since December 2012, compared with 4.2 percent for full-year 2012, 8.7 percent for 2011 and 11.7 percent for 2010. This shows that prices of completed non-landed private homes have risen at a slower pace year-to-date in 2013 than they did for 2012. Separately, DTZ’s analysis shows that the volume of private residential transactions in the resale market in 2013 decreased 51.1 percent to 6,465 from 13,214 in 2012. Subsale transactions also fell 58.1 percent to 1,032 year-to-date from 2,464 in 2012.

(Source: Business Times)

Commercial

Westin Singapore hotel sold for $468 million

One month after its official opening, the 305-room, 99-year leaseholdWestin Singapore hotel has been sold for $468 million toDaisho Group, a Japan-based property developer and investor. The price translates to $1.5 million per room, a new record for a hotel in Singapore. The seller of the transaction is a fund managed under MGPA, a private-equity property investment advisory firm which at first asked for $2 million per room, or about $610 million in total.Daiso Development Singapore is reported to acquire the hotel because of its location (it is located in Asia Square Tower 2 at Marina Bay), and the group’s view on room demand in the area.

(Source: Business Times)

2014 to be a quieter year for industrial property

After an eventful 2013, 2014 is expected to be a quieter year with subdued activity for the industrial property market with unlikely large-scale changes. The property measures in 2013 include the Seller Stamp Duty in January, and the Total Debt Servicing Ratio framework in late June. A longer holding period for industrial properties on JTC-leased sites, and an extension of the minimum occupation period for anchor tenants from Nov 15.Chia Siew Chuin, head of research and advisory at Colliers International, said these measures helped to slow the real estate cost of industrialists. The Urban Redevelopment Authority data shows that industrial real estate prices in Q3 2013 increased 2.8 percent from Q2 2013, lower than the 8.9 percent quarterly growth over 2012.

(Source: Business Times)

Non-residential en bloc still gains interest

As preference for residential deals dwindle due to the various cooling measures, the revived interest in commercial and industrial en bloc sales is reported to persist in 2014. In 2013 which was a great year for non-residential collective sales, there were about $675.4 million worth of successful commercial and industrial en bloc sales, compared with $116.4 million in 2012 and $126.8 million in 2011. In addition, Serangoon Plaza was sold for $400 million in November, and industrial en bloc sales became a new trend. Guang Ming Industrial Building was the largest deal at $45.8 million.

(Source: Business Times)

Signs show property auction market has rebounded

There have been positive signs which suggest that the property auction market has rebounded.According to data from Jones Lang LaSalle,the total sales value for 2013 increased 69.5 percent to hit $99.6 million, compared with $58.7 million in 2012, despite the total number of successful auctions decreasing from 26 in 2012 to only 21 in 2013. However, the Singapore auction market in Q4 2013 registered a total of $3.9 million in sales closed, which decreased 15.1 percent from Q3 2013 of $4.6 million. The total sales quantum of $99.6 million in 2013 was also 23.9 percent below the five-year average of $130.8 million, and 45.9 percent below the 10-year average auction sales value of $183.9 million. The quiet auction market in H2 2013 could be due to the credit tightening measures of the total debt servicing ratio and the additional buyers’ stamp duty which deterred investors.

(Source: Business Times)

Sun Venture-LKH tie-up buys Westgate Tower for $579.4m

Sun Venture Homes has teamed with Low Keng Huat (Singapore) for a 60:40 tie-up to buy the 99-year leasehold Westgate Tower in Jurong Gateway from CapitaLand, CapitaMalls Asia and CapitaMall Trust for $579.4 million, or $1,900psf based on its net saleable area of 304,963 sq ft. Managing director of Sun Venture Group, Alvin Teo said that the plan is to hold the asset long term for rental income. The 20-storey office tower is slated to receive Temporary Occupation Permit by year end. A marketing agent will be appointed soon to find tenants for the tower.

(Source: Business Times)

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