BlogAds Market Place

BlogAds Market Place is online network provides related property services and products to both advertisers and bloggers. We are welcome all Agent, Co-Broker, Designer, Buyer, Seller, Banker, Mover, Home Decoration, Furniture Supplier, Home Maintenance and Professional Service Provider to promote their products and services at PropertyGuide.sg.
>> How to post ad in BlogAds Market Place?

New EC promises smart-living technologies for residents

Smart technologies, such as facial recognition devices for access to gyms or mobile apps to book facilities or even control appliances are now must-have features in new condominiums.

Future residents at Clement Canopy, launched on Saturday, will use a mobile app that integrates smart technology for their home and common areas in the estate.

Other developments such as Qingjian Realty's iNz Residence executive condominium in Choa Chu Kang and Fantasia Investment's 6 Derbyshire also promise smart-living technologies for residents. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove EC while existing ones include Parc Life EC , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

Smart home concepts are not new.

Qingjian Realty's Visionaire, launched last year, was one of the first few projects to feature smart-home technologies.
Mr Li Jun, executive director of Qingjian Realty, said the features have been well-received, with about 80 per cent of buyers opting for smart homes.

He said: "At an industry level, we are quite heartened that developers have subsequently introduced smart home packages.

"This will ultimately benefit the buyers, as the industry evolves to better serve their needs."

Such innovations should be integrated with smarter communities and digital payments, said Mr Andrew Tan, director of business development and sales at Smart Gateway, who is behind 6 Derbyshire's app.

The app, named LifeUp, allows residents to book facilities and make payments for maintenance fees, as well as control appliances within the home.

The freehold development at Novena also has car plate recognition systems and facial recognition devices for residents to access facilities like the gym.

Mr Tan said that his firm has been approached by other condominiums.

"LifeUp connects residents, MCST (the condo's managing body) and managing agents in an entire ecosystem, creating unprecedented cost savings and productivity gains to the business," he added.

Smart technology has not been limited to private homes.

In 2015, the first "smart" Build-to-Order project was launched in Punggol and would be ready by 2020. These Housing Board flats will come with extra power and data points to support the smart systems.

Last April, the Yuhua neighbourhood in Jurong East became the first HDB estate to roll out smart home packages to over 3,000 households.

The technologies include a utilities management system which helps households monitor energy and water usage through a mobile app and an elderly monitoring system that consists of motion sensors and alerting capabilities.

Mr Desmond Sim, CBRE's head of Research, Singapore and South East Asia, thinks that developers have recognised that they have to provide smart features to remain competitive.

He said: "For homebuyers, (such features) won't be a compelling reason to buy, but it's a good-to-have. The price and location of a development is still the biggest factor."

Qingjian's Mr Li said: "In three to four years, Singapore would be a smart nation... Home owners would naturally expect to go home, at the end of the day, to a smart home."

iNz Residence, Choa Chu Kang

In a collaboration with Singtel, all units in this 497-unit executive condominium development will be ready-fitted with 1 Gbps fibre broadband.

Singtel will also provide free Internet for a year to residents and provide Wi-Fi services in common areas such as the gym and poolside.

Residents can also choose from various packages to include different smart appliances, including washing machines, lighting and air-conditioners, that can be controlled remotely through an app.

Grandeur Park, Tanah Merah

All main doors of this 720-unit development are equipped with state-of-the-art Yale biometric digital lock sets which can be remotely controlled via mobile devices.

All units also come complete with motion detector cameras.

Continue reading
145 Hits

Pent-up demand from buyers

SINGAPORE (BLOOMBERG) - Developers' hunger for land is adding to signs that Singapore's housing market is making a comeback after three years of price declines.

As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they have paid a 29 per cent premium, the highest level in at least five years, according to broker Cushman & Wakefield, which makes comparisons with the past prices of similar properties. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove Residences while existing ones include Parc Life , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

"Sentiment has changed," said Mr Christopher Tang, chief executive officer of developer Frasers Centrepoint. "The general sense is that the market has bottomed out and like many of the developers in Singapore we are a bit landbank-starved - we are keen to build our land bank."

A land auction last month attracted a record 24 bidders, amid swelling demand from Chinese and Malaysian developers. Home buyers are snapping up units at developments like the Seaside Residences condominium, east of the city. New home sales more than doubled in April from a year earlier, a report on Monday showed (May 15), after a surge in March to the highest level in nearly four years.

While the signs are positive, the scale of any comeback may be limited by government efforts to avoid any renewed overheating of a market that peaked in 2013. While the government tweaked its cooling measures in March, boosting buyer sentiment, it left most of the restrictions in place.

Singapore's efforts contrast with Hong Kong's failure to tame a market where home prices keep hitting records. Singapore's home prices fell 3 per cent last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975. The city's next quarterly property-price numbers are due June 15.

"There has been a considerable lift in market sentiment," said Mr Desmond Sim, head of research for Singapore and South East Asia for CBRE Group. "Buyers are more prepared to make a purchase, in view of prices possibly bottoming."

Mr Sim also cited "pent-up demand" from buyers as developers refrained from launching projects in the final few months of 2016. Developers have since plowed back into the market, offering a total of 1,616 units in March, the most since May 2014, according to Cushman & Wakefield.

Among developers, the number of bidders per land tender increased to 13.3 in the first four months of this year from 8.3 in the second half of 2005, according to Cushman & Wakefield. Winning bidders at recent land sales included China Construction (South Pacific) Development Co and Malaysia's SP Setia International Pte.

Continue reading
159 Hits

Rents for condominiums and private apartments weakened

Rents for condominiums and private apartments weakened for the sixth straight month, falling a sharper 1.3 per cent in December from the previous month, and 6.2 per cent for the whole of last year, according to flash estimates released by SRX Property yesterday. Rents in December are now down 19.9 per cent compared with their peak in January 2013.

The HDB market saw rents edge up by 0.2 per cent from November, though they still lodged a 3.7 per cent fall for 2016. Upcoming new launch condo include Parc Botannia , Rezi 35, Carpmael Thirty Eight , Fivenine condo, Sixteen 35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

Compared with their peak in August 2013, HDB rents are now 12 per cent lower.
In the private leasing market, rents fell almost equally across all locations last year - 6.2 per cent in prime districts, 6.3 per cent in the city fringe and 6.1 per cent in outlying areas.

The number of condo and apartment leasings also fell last month, down 2.2 per cent to 3,691 units from 3,775 in November.

Year on year, rental volume last month was 17.1 per cent higher than the 3,152 units leased in December 2015.

The HDB rental market also saw fewer leasings last month, with an estimated 1,689 flats taken up, a 4.6 per cent drop from 1,771 units in November.

Year on year, rental volume last month fell by 13.5 per cent from December 2015.

HDB rents for three-room, five-room and executive flats rose by 0.8 per cent, 0.6 per cent and 1.4 per cent respectively, while rents for four-room flats dipped 0.5 per cent.

Continue reading
151 Hits

HDB resale prices down slightly in March, more flats sold

SINGAPORE - Prices of resale Housing and Development Board (HDB) flats inched slightly lower in March, according to the latest HDB resale flash report by SRX Property.

The report, released on Thursday, revealed that prices of public resale flats fell 0.1 per cent in March from February. Upcoming new launch condo include Parc Botannia, Rezi 35, Carpmael Thirty Eight , Fivenine condo , Sixteen35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

Year-on-year, prices have increased by 0.1 per cent from March 2015, while they are 11 per cent lower than the peak recorded in April 2013.

Home prices in mature estates fell by 0.3 per cent, while prices in non-mature estates remained flat.

Based on housing type, Executive flats saw the biggest drop in prices, falling 1.6 per cent. Three-room and four-room flat prices also fell by 0.8 per cent and 0.2 per cent respectively, whereas resale prices of five-room flats were up 0.7 per cent.

According to SRX Property, a total of 1,651 resale flats transactions occurred in March. This is a 37.6 per cent increase from the 1,200 units sold in February.

Resale volume has also increased by 22.6 per cent compared to the 1,348 units resold in March last year.

Continue reading
164 Hits

Still much hot money in the market?

WEEKS ahead of Budget 2017, real estate consultancy JLL has proposed that the additional buyer's stamp duty (ABSD) on residential purchases be removed or reduced, and replaced by an annual tax on non-owner occupied units. This "property tax" would be over and above the unit's current property tax.

But such an argument has not gained traction with other market watchers - some have a different reading of the market altogether. Upcoming new launch condo include Parc Botannia , Rezi 35, Carpmael Thirty Eight , Fivenine , Sixteen 35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia prices will be available soon.

Calling it a "prescription for moderate growth", JLL head of South-east Asia research Chua Yang Liang said in his report released on Tuesday that his proposed approach would be a sustainable way to revive demand, bring some activity back into the market and prevent prices from falling further.

"Replacing ABSD with a property tax will remove the temporary nature of ABSD with a longer term and sustainable measure," he added. Dr Chua is also in favour of allowing permanent residents and foreigners who live and work in Singapore to buy one property without having to pay ABSD.

Dr Chua opined that with the total debt servicing ratio (TDSR) in place, it is unlikely that this revision to ABSD will cause a run-away in prices. Rather, it will align property prices with real income growth and steer buyers to evaluate their investment against long-term holding costs.

But other analysts do not share his views.

Lee Nai Jia, senior director of research at Edmund Tie & Company, reckoned that removing ABSD will increase volatility in the short term given that there are many buyers waiting on the sidelines.

There are already signs of the market bottoming out with sale transactions trending upwards, he flagged.

Data from the Urban Redevelopment Authority last week showed a 16 per cent jump in private residential transactions to 16,378 units in 2016, with the high-end region recording the biggest year-on-year jump of 48.7 per cent.

Prices of private residential properties have fallen for 13th consecutive quarters since the third quarter of 2013, slipping by 0.5 per cent in the fourth quarter of 2016 and 3.1 per cent for the full year. The pace of decline was slower than the 1.5 per cent drop registered in the third quarter and 3.7 per cent fall in 2015.

"There is still much hot money in the market, and many investors are still looking around for suitable products," Dr Lee said.

"Second, I do not see how the increase in property tax to replace the ABSD will help buyers to evaluate their capital investment against the long term. People who invest in the long term tend to look at the political institutions, economic stability and potential growth."

International Property Advisor's key executive officer Ku Swee Yong felt that it may not be time to tweak the ABSD yet, as this may spur more residential investments.

"My prescription for a stable housing price is to follow Australia's very prudent lending practices. Banks lend money based on independent valuation of new and old residential properties, not based on the developers' launch prices," he said. "And for new properties that take two to three years to build, the valuation of the property loan depends on when the loan is drawn down... Japanese banks practise this too."

With the TDSR being a crucial macro-prudential tool to prevent over-leverage among borrowers, the ABSD has been widely seen by the industry as the measure that would be tweaked first if the government chooses to relax its policy. It has been effective in curbing the influx of overseas money, since overseas buyers pay the highest 15 per cent additional tax on top of the 3 per cent stamp duty on property purchase.

According to Dr Chua, property prices "are now at one of the most affordable levels on record" following the introduction of ABSD and TDSR in 2011 and 2013 respectively; the home price-to-income ratio has fallen over the past five years from 7.3 to 5.6 for private homes and from 4.2 to 3.5 for public housing.

Based on JLL estimates, luxury prime properties have corrected on average 18 per cent, while mass market prices have softened about 11 per cent.

Prices for some residential projects, especially those in the prime districts, have corrected between 25 per cent and 30 per cent since the height of the market in 2011.

Continue reading
178 Hits

Developer optimistic about response for new project

Chinese developer Qingjian Realty will open its first mixed-use development, condominium Le Quest in Bukit Batok West, for preview this weekend.

The average selling price for private homes at the 516-unit project is about $1,280 per sq ft, the developer said yesterday. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove ECwhile existing ones include Parc Life , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

It will also have over 6,000 sq m of retail space on the ground floor with about 30 per cent of the space already leased.

"We think this is a fair price. It is the first mixed development in the area... looking at the market now, we are optimistic about response for the project," said Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.

Le Quest will be launched for sale on Aug 5. The homes will be spread across five 12-storey blocks. There are 132 studio and one-bedroom units with sizes ranging from 431 sq ft to 614 sq ft.

Indicative prices for the studios start from $588,000, with one-bedders at $648,000, Qingjian Realty said yesterday.

Two-bedroom units, which span 592 to 829 sq ft, will cost at least $758,000.

Prices for the 192 three-bedders (818 to 1,206 sq ft) will start from $990,000, and $1.38 million for the 48 four-bedroom apartments (1,130 to 1,528 sq ft).

Some analysts told The Straits Times that the prices seem to be on the high side.

"The average selling price is a bit rich for the neighbourhood and it is not near the MRT station," said International Property Advisor chief executive Ku Swee Yong.

Continue reading
174 Hits

New Bayshore district at East Coast

Home hunters could soon get a shot at new Housing Board flats with coveted sea views along Singapore's East Coast.

The Government is looking into creating a new Bayshore district, which includes 6,000 HDB flats - a huge change for the overwhelmingly private estate area located on reclaimed land. Another 6,500 units will be set aside as private homes. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove EC while existing ones include Parc Life, Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

If they materialise, these Bayshore flats would be the first HDB homes built along the East Coast since the old-generation Marine Parade flats constructed in the 1970s, some of which have fetched more than $900,000 on the resale market in recent months.

The potential development is detailed in tender documents put up by the Urban Redevelopment Authority (URA) and which were reported by Lianhe Zaobao yesterday, calling for consultancy firms to develop a master plan for the plot.

The Bayshore district spanning 60 ha is surrounded by Bayshore Road, the East Coast Parkway, Bedok Camp and Upper East Coast Road.

With parts of it currently occupied by a forest, it is about two-thirds the size of Bidadari.

The plot is located between two MRT stations on the upcoming Thomson-East Coast Line (TEL) - Bayshore and Bedok South - and is expected to have facilities and services such as schools, shops and an integrated transport hub.

The tender will be conducted in two phases and the appointed firm will submit its final proposal in December this year, URA said in the documents.

But a URA spokesman told The Straits Times that parts of the area will be used for the construction of the TEL for several years, and that "implementation will not be in the near future". The two stations are expected to open by 2024.

Rather, the invitation to private sector consultants is meant to generate "new ideas for (Bayshore) to be developed into a future public and private housing precinct that supports car-lite living, with a strong sense of community and environmental sustainability", the URA spokesman added.

"The number of public and private housing units has been projected as 6,000 public units and 6,500 private units, and is still under study."

Some observers,such as consultancy International Property Advisor's chief executive Ku Swee Yong, are concerned that the increase in population in the area would put a strain on its transport networks and amenities.

The total of 12,500 residential units translates to 42,375 people, going by Singapore's average household size of 3.39 persons.

"A more acceptable number would be about 1,000 units to keep the idyllic atmosphere of the area, and not pose a problem for the already burdened Changi Hospital in Simei," Mr Ku said.

National University of Singapore urban planning expert Steven Choo welcomed the development, as a new HDB town with its "thoughtful design and technological advances" could increase the property value of landed property in Upper East Coast Road.

But he was surprised to hear about the development, given that the Government announced last October that it was looking into ways to mitigate the "lottery effect" of public housing in prime locations.

For instance, some owners of [email protected] flats in Cantonment Road made nearly up to $500,000 when they sold their assets after the five-year minimum occupation period ended in 2014.

But for student and Upper East Coast resident Bryan Lee, 19, the HDB flats would make the hope of living near his parents in the future more achievable.

He said: "This is a good location, very peaceful and near the park. But, more importantly, I hope to get this place if I get married, so that I can be near my parents and take care of them."

Continue reading
153 Hits

Palatable quantum key driver for healthy home sales

SINGAPORE - Sales of private homes by developers in Singapore fell 57.3 per cent in December from a month earlier, dropping to the weakest levels in 10 months, government data showed on Monday. Data compiled by the Urban Redevelopment Authority showed developers sold 367 units last month, compared with 860 units in November. That was the weakest since 303 units in February 2016. The level of sales fell 4.4 per cent from a year earlier, from 384 units sold in December 2015.

“Palatable quantum for both first-time owners and investors have been the key driver for healthy home sales over the past 24 months … Quantum play and quality of projects should remain the key demand driver in 2017,” said Mr Desmond Sim, head of CBRE Research in Singapore and South-east Asia. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove Residences EC while existing ones include Parc Life EC , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.
Multiple cooling measures and loan curbs since 2009 have had the intended effect of bringing housing prices down, with values softening further in the last three months of 2016 to take the longest falling streak on record to 13 consecutive quarters, flash estimates by the URA showed earlier this month. From the recent peak in the third quarter of 2013, prices have fallen 11.2 per cent.

Last year’s annual increase came despite a weak showing in December, when sales plunged 57.3 per cent month-on-month to 367 units due to the seasonal year-end lull, the lowest since February’s 303 units. Compared to the same period a year ago, last month’s figure was 4.4 per cent lower.

Continue reading
148 Hits

Owners likely rocked by a double whammy

SINGAPORE: A S$4.3 million loss on the sale of a property would be a terrifying prospect for most people.

But that eye-watering amount is what the owner of a three-bedroom apartment at The Ritz-Carlton Residences Singapore Cairnhill saw disappear down the sink when the property was sold earlier this year. Upcoming new launch condo include Parc Botannia , Rezi 35 , Carpmael Thirty Eight , Fivenine and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia showflat will be available shortly.

The seller, a Chinese national who was a permanent resident here, had purchased the unit at S$3,815 per square foot (psf) in June 2013 and resold it at S$2,508 psf, a historical low. This was the most unprofitable deal for private non-landed homes in the first quarter of 2016.

And that loss-making sale was not unique. More owners of private property are selling units at a loss against the backdrop of a stagnating local economy, soft rental markets and sliding housing prices. A study by The Edge Property found that 14 per cent of sellers incurred losses in the first three months of 2016, up from 9 per cent in 2015 and 5 per cent in 2014.

Many of these owners are very likely being rocked by a double whammy – tenants are adjusting their expectations by asking for lower rentals and at the same time mortgages are increasing due to rising interest rates.

For the big-ticket transactions, however, the reasons could be entirely different. No rational seller of a multi-million dollar property would accept huge losses simply due to a challenging rental market or to cut their losses. Instead, they may simply need the proceeds to channel into their personal cash flow needs.

Nonetheless, it was the high-end segment which fared the worst in the first quarter of the year. Nearly a third of the transactions in the Core Central Region were in the red, up from 13 per cent in 2014 and 22 per cent in 2015. The losses averaged S$502,958.

Besides The Ritz Carlton Residences, another seller took in a huge loss of S$2.6 million. His property at Turquoise in Sentosa Cove was purchased in November 2007 at S$2,623 psf and was resold in January this year for S$1,400 psf.

The city fringe, or Rest of Central Region, has similarly witnessed a spike in the proportion of unprofitable transactions, from 5 per cent in 2014 to 8 per cent in 2015 and 16 per cent in the first quarter of 2016. The losses averaged S$232,648.

The biggest loss in the city fringe amounted to S$1.4 million. This was for a four-bedroom unit at Jardin which was purchased at S$2,028 psf in June 2010 and resold for S$1,232 psf. Incidentally, all four transactions at Jardin concluded in the first quarter of this year were unprofitable.

Besides The Ritz Carlton Residences, another seller took in a huge loss of S$2.6 million. His property at Turquoise in Sentosa Cove was purchased in November 2007 at S$2,623 psf and resold in January this year for S$1,400 psf.

In the mass market, or Outside Central Region, the biggest loss of S$677,600 was seen from the sale of a unit at Hillview Regency. The seller bought the property in August 2015 at S$1,263 psf and resold it in January this year for S$776 psf, incurring a 16 per cent Seller’s Stamp Duty of S$137,600.

The proportion of unprofitable transactions in the mass-market segment edged up from 4 per cent in 2015 to 7 per cent in the first 3 months of 2016, with losses averaging S$79,453.

PROFITS ALSO BEING PARED BUT OPPORTUNITIES REMAIN

While 86 per cent of transactions in the first quarter were still profitable, the average gains have also thinned, from S$443,533 in 2014 and S$381,472 in 2015 to S$326,992 in tandem with the overall downtrend in prices. Holding periods for these deals averaged 8.4 years.

The decline was observed across all segments. The biggest fall of 30 per cent was seen in the mass-market segment where the average gain has dipped from S$375,082 in 2014 to S$258,902 in the first three months of this year. In the high-end and city-fringe segments, average gains have fallen by just over 20 per cent over the same period.

The highest profit of S$3.3 million or 28 per cent, accrued to a 5,543 sq ft sky suite unit at St Regis Residences Singapore. The unit was purchased in February 2012 at S$2,111 psf and the previous seller had made a S$3.7 million loss. It was resold in February this year at S$2,706 psf, just after the expiry of his four-year SSD holding period.

The key question now is what will happen in the private market for the rest of this year. Looking at basic indicators – slower GDP growth, pressure on the job market and the soft rental market – the percentage of unprofitable deals is likely to continue to trend up.

For those who can afford it, this might be an ideal time to bottom-fish for high-end or city-fringe properties at attractive prices. Both The Ritz-Carlton Residences and Jardin units, which were sold at hefty losses, changed hands at or near historical low prices. At S$1,232 psf, the unit at Jardin was also a tad pricier than some mass-market properties. Investors looking for trophy deals should be on the constant lookout, as such deals can be snapped up quickly.

Property auctions can be a good place to start looking. Both The Ritz-Carlton Residences and Jardin units have previously surfaced at auctions, although they did not successfully go under the hammer. Auctions present opportunities for buyers to negotiate for a lower price if the property remains unsold.

Meanwhile, mass-market home prices could witness a steeper decline than other submarkets in view of the huge pipeline supply and stiff rental competition from HDB flats. These home owners may consider selling their properties now and rent, while waiting for the right opportunity. For those with extra cash, upgrading to the city-fringes or hunting for higher-end homes where there are signs that prices are bottoming could be viable options.

Continue reading
153 Hits

Exploring the option of shorter tenures

SINGAPORE: A S$4.3 million loss on the sale of a property would be a terrifying prospect for most people.

But that eye-watering amount is what the owner of a three-bedroom apartment at The Ritz-Carlton Residences Singapore Cairnhill saw disappear down the sink when the property was sold earlier this year. Upcoming new launch condo include Parc Botannia , Rezi 35 , Carpmael Thirty Eight , Fivenine and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia showflat will be available shortly.

The seller, a Chinese national who was a permanent resident here, had purchased the unit at S$3,815 per square foot (psf) in June 2013 and resold it at S$2,508 psf, a historical low. This was the most unprofitable deal for private non-landed homes in the first quarter of 2016.

And that loss-making sale was not unique. More owners of private property are selling units at a loss against the backdrop of a stagnating local economy, soft rental markets and sliding housing prices. A study by The Edge Property found that 14 per cent of sellers incurred losses in the first three months of 2016, up from 9 per cent in 2015 and 5 per cent in 2014.

Many of these owners are very likely being rocked by a double whammy – tenants are adjusting their expectations by asking for lower rentals and at the same time mortgages are increasing due to rising interest rates.

For the big-ticket transactions, however, the reasons could be entirely different. No rational seller of a multi-million dollar property would accept huge losses simply due to a challenging rental market or to cut their losses. Instead, they may simply need the proceeds to channel into their personal cash flow needs.

Nonetheless, it was the high-end segment which fared the worst in the first quarter of the year. Nearly a third of the transactions in the Core Central Region were in the red, up from 13 per cent in 2014 and 22 per cent in 2015. The losses averaged S$502,958.

Besides The Ritz Carlton Residences, another seller took in a huge loss of S$2.6 million. His property at Turquoise in Sentosa Cove was purchased in November 2007 at S$2,623 psf and was resold in January this year for S$1,400 psf.

The city fringe, or Rest of Central Region, has similarly witnessed a spike in the proportion of unprofitable transactions, from 5 per cent in 2014 to 8 per cent in 2015 and 16 per cent in the first quarter of 2016. The losses averaged S$232,648.

The biggest loss in the city fringe amounted to S$1.4 million. This was for a four-bedroom unit at Jardin which was purchased at S$2,028 psf in June 2010 and resold for S$1,232 psf. Incidentally, all four transactions at Jardin concluded in the first quarter of this year were unprofitable.

Besides The Ritz Carlton Residences, another seller took in a huge loss of S$2.6 million. His property at Turquoise in Sentosa Cove was purchased in November 2007 at S$2,623 psf and resold in January this year for S$1,400 psf.

In the mass market, or Outside Central Region, the biggest loss of S$677,600 was seen from the sale of a unit at Hillview Regency. The seller bought the property in August 2015 at S$1,263 psf and resold it in January this year for S$776 psf, incurring a 16 per cent Seller’s Stamp Duty of S$137,600.

The proportion of unprofitable transactions in the mass-market segment edged up from 4 per cent in 2015 to 7 per cent in the first 3 months of 2016, with losses averaging S$79,453.

PROFITS ALSO BEING PARED BUT OPPORTUNITIES REMAIN

While 86 per cent of transactions in the first quarter were still profitable, the average gains have also thinned, from S$443,533 in 2014 and S$381,472 in 2015 to S$326,992 in tandem with the overall downtrend in prices. Holding periods for these deals averaged 8.4 years.

The decline was observed across all segments. The biggest fall of 30 per cent was seen in the mass-market segment where the average gain has dipped from S$375,082 in 2014 to S$258,902 in the first three months of this year. In the high-end and city-fringe segments, average gains have fallen by just over 20 per cent over the same period.

The highest profit of S$3.3 million or 28 per cent, accrued to a 5,543 sq ft sky suite unit at St Regis Residences Singapore. The unit was purchased in February 2012 at S$2,111 psf and the previous seller had made a S$3.7 million loss. It was resold in February this year at S$2,706 psf, just after the expiry of his four-year SSD holding period.

The key question now is what will happen in the private market for the rest of this year. Looking at basic indicators – slower GDP growth, pressure on the job market and the soft rental market – the percentage of unprofitable deals is likely to continue to trend up.

For those who can afford it, this might be an ideal time to bottom-fish for high-end or city-fringe properties at attractive prices. Both The Ritz-Carlton Residences and Jardin units, which were sold at hefty losses, changed hands at or near historical low prices. At S$1,232 psf, the unit at Jardin was also a tad pricier than some mass-market properties. Investors looking for trophy deals should be on the constant lookout, as such deals can be snapped up quickly.

Property auctions can be a good place to start looking. Both The Ritz-Carlton Residences and Jardin units have previously surfaced at auctions, although they did not successfully go under the hammer. Auctions present opportunities for buyers to negotiate for a lower price if the property remains unsold.

Meanwhile, mass-market home prices could witness a steeper decline than other submarkets in view of the huge pipeline supply and stiff rental competition from HDB flats. These home owners may consider selling their properties now and rent, while waiting for the right opportunity. For those with extra cash, upgrading to the city-fringes or hunting for higher-end homes where there are signs that prices are bottoming could be viable options.

Continue reading
152 Hits

Prevailing market conditions may affect prices of new HDB units

SINGAPORE: Prevailing market conditions may affect prices of new HDB units offered under the Sale of Balance Flats (SBF) exercises, said National Development Minister Lawrence Wong in Parliament on Tuesday.

He was responding to a question by Workers' Party chief Low Thia Khiang on the pricing mechanism of units under Build-To-Order (BTO) and SBF exercises and why prices could differ for the same flat in different exercises. Upcoming new launch condo include Parc Botannia , Rezi 35 , Carpmael Thirty Eight , Fivenine , Sixteen 35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

Mr Wong explained that prices of balance flats may be slightly higher as they are closer to completion. The prices may also be updated if there is a change in prevailing market conditions.

"For example, when the price of comparable resale flats in the vicinity have softened since the time of the BTO launch, the prices of balance flats may be lower than their original BTO prices," said Mr Wong.

This has been HDB's practice all along, the minister stressed. "I think that's fair to all home buyers because the transaction is done at the point of sale,” he said. “And so if the market has come down, then we charge it at a slightly lower price. And this is not a new practice. We've been doing it all this while."

SBF launches give buyers the chance to apply for balance flats from earlier BTO exercises.

Mr Wong also revealed that between 2012 and 2016, two in five applicants who had been selected to choose a new HDB flat did not proceed to do so.

The top three reasons were that their preferred units had been taken up, they wanted to apply for flats in other sales exercises, or they had changed their minds and would like to consider other housing options, he said.

Mr Wong was responding to a question from Member of Parliament Gan Thiam Poh, who wanted to know what the rate of rejection was by applicants invited to select a flat under the BTO and SBF exercises.

Mr Wong added that HDB shortlists applicants up to three times the flat supply. The average time taken to complete the selection of flats in a BTO exercise is around six months, while it takes about 10 months in an SBF exercise.

Continue reading
141 Hits

Shorter leases for Fresh Start Housing Scheme homes

SINGAPORE — The approximately 1,000 families likely to qualify for the Fresh Start Housing Scheme will need to stay in their new flat for at least 20 years, so that their children are assured of a stable home environment, but their two-room unit will also come with shorter leases to keep home prices affordable.

The details of the scheme, first announced last year, were revealed by National Development Minister Lawrence Wong during his ministry’s Committee of Supply debate on Monday. Upcoming new launch condo include Parc Botannia , Carpmael Thirty Eight , Fivenine condo, Sixteen 35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

To launch at the end of this year, the scheme is aimed at families with young children living in rental homes who had received housing subsidies previously.

Eligible families will be able to buy two-room flats with flexible leases ranging between 45 and 65 years, compared to a typical lease of 99 years for new Build-To-Order flats. The chosen flat must enable the homeowner and his or her spouse to live in the unit till he is 95 years old — for example, a 35-year-old applicant will need to choose a 60-year lease. They will be supported by HDB concessionary loans, and can also use their Central Provident Fund savings for down payment and mortgage payments.

While some Members of Parliament had expressed concern that the scheme’s conditions might be onerous, Mr Wong said the scheme is a “major move” by the Government.

“I think it’s fair they must be able to show a certain level of commitment towards home ownership,” he said.

The scheme, he noted, is also about integrating financial assistance with personal responsibility and social support. A Fresh Start Housing Grant of up to S$35,000 will be given, pro-rated according to the lease of the flat that is purchased.

The first S$20,000 will be disbursed upfront regardless of the chosen lease and the remaining monies will be disbursed over five years after key collection, said Mr Wong.

To qualify for the scheme, the parents — who can be married, divorced or widowed — must be at least 35 years old and below the age of 55, and have at least one citizen child below the age of 16. At least one parent must be a Singapore citizen, be in stable employment in the last 12 months, and have occupied a rental flat for the last two years without accumulating rental arrears of three or more months in the last year.

They will also be assessed by the Ministry of Social and Family Development to ensure that the family is managing its finances well and children are attending school regularly, said Mr Wong. Should they encounter difficulties, discretion will be exercised, taking into consideration their circumstances and efforts made to meet the scheme’s conditions, he said.

Social workers interviewed said the scheme would help address the financial difficulties faced by those living in rental flats. Ms Rachel Lee, principal social worker at Fei Yue Family Service Centre, added that making regular school attendance a requirement would help families eventually break out of the poverty cycle.

But some were worried that the 20-year minimum occupation period (MOP) requirement was too rigid.

Hougang Sheng Hong Family Service Centre executive director Sara Tan noted that flexibility would be needed as families’ circumstances improve, while Ms Julia Lee, director of Touch Community Services’ department of social work, said the rule seemed to discourage families from moving forward.

Ms Lee also suggested that social workers helping these families equip the children with life skills like budgeting and handling conflicts, to inculcate a positive home environment.

Asked about the 20-year MOP, and how the expected number of beneficiaries was derived, Mr Wong said the factors considered were the level of savings of this group, and what would be needed to provide a stable home environment.

But should there be families who are able to purchase bigger units during the MOP, his ministry will facilitate these requests, he assured.

Continue reading
150 Hits

Rental prices for private apartments fell

SINGAPORE: Rental prices for Housing and Development Board (HDB) flats and non-landed private properties continued their downward trend in March, led by private apartments in the city fringes.

Rental prices for private apartments fell by 1 per cent in March compared to the previous month. Year-on-year, rents were down 5.3 per cent, according to flash estimates by SRX Property. Upcoming new launch condo include Parc Botannia , Carpmael 38 , Fivenine Telok Kurau and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

Private apartments in the city fringes saw the biggest drop in rent at 1.9 per cent, while those in the Core Central Region and Outside Central Region saw decreases of 0.8 per cent and 0.4 per cent, respectively.

Rental volume increased by 35.5 per cent, with about 4,331 units rented in March - up from 3,197 the previous month.

HDB rents saw a 0.1 per cent decrease from February to March. Year-on-year, rents in March were down by 3.9 per cent, and were down 9.1 per cent compared to its peak in August 2013, according to data from SRX Property.

For the month of March, HDB three-room flats saw a 0.8 per cent decrease in rents, while four-room and executive flats posted a 1 per cent and 0.1 per cent decrease, respectively. In contrast, five-room flats saw a 1.5 per cent increase in rents.

Rental volume for HDB flats saw a 44.3 per cent increase in March. About 2,214 HDB flats were rented, compared to 1,534 units in February.

Continue reading
152 Hits

Non-landed private residential resale prices increased

SINGAPORE - Non-landed private residential resale prices increased by 0.6 per cent last month, compared with the month before, SRX Property said on Tuesday.

The core central region and the rest of the central region recorded price increases of 3 per cent and 1.3 per cent respectively, while homes outside the central region posted a price decrease of 0.8 per cent. Upcoming new launch condo include Parc Botannia , Carpmael Thirty Eight , Fivenine condo , Sixteen 35 Residences and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

According to the SRX non-landed private residential price index, prices in November fell 1.3 per cent from the same period a year ago and were down 7 per cent from their peak in January last year.

There is no revision to the October 2015 price index.

An estimated 488 non-landed private homes were resold last month, down 2.8 per cent from the month before.

Year-on-year, resale volume in November 2015 was 31.2 per cent higher compared to 372 units resold in the same month last year, but 76.2 lower than the peak of 2,050 units resold in April 2010.

Overall median Transaction Over X-Value (TOX) increased last month to zero.

This measures whether people are overpaying or underpaying based on the estimated market value of the property.

For districts with more than 10 resale transactions last month, District 16 - Bedok and Upper East Coast - posted the highest median TOX at $35,000. This means that a majority of the buyers in this district purchased units above the computer-generated market value.

Among relatively active districts, District 9 - Orchard, Cairnhill and River Valley - posted a TOX of negative $70,000. This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

Continue reading
153 Hits

More HUDC estates to start en bloc process

Two privatised HUDC estates are gunning for collective sales in the wake of lucrative sales of two other properties of this type - Rio Casa and Eunosville - in recent weeks.

The 560-unit Tampines Court will likely launch its tender in July, while 336-unit Florence Regency in Hougang is in the early stages of the sales process. Upcoming executive condo launches include Rivercove EC while existing ones include Parc Life , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC.

The Straits Times understands that Tampines Court owners are seeking at least $960 million for the large Tampines Street 11 site, spanning over 702,000 sq ft.

Nearly 82 per cent of owners had agreed to the sale as of Thursday, going by a Facebook page on the collective sale. This figure is, however, not official yet as residents may rescind the agreement in a five-day cooling-off period.

For properties to be sold en bloc, the consent of at least 80 per cent of the owners must be obtained before a sale tender can be called.

Built in the 1980s and privatised in 2002, Tampines Court has 14 blocks, with 432 maisonettes and 128 apartments. This is its third bid for a collective sale after its $405 million first try was dismissed by the Strata Titles Board in 2008.

Then around 2011, it failed to obtain the level of approval that was needed from residents.
"We expect more HUDC estates to start the en bloc process, due to recent successful sales," noted OrangeTee head of research and consultancy Wong Xian Yang.

Rio Casa in Hougang sold last month for $575 million and Eunosville in Sims Avenue sold for $765 million in a deal finalised this week. Both were done above the owners' asking prices.

Analysts say the recent bumper deals may tempt home owners to push up their asking prices for future en bloc tenders.

"Too high an asking price may dissuade many developers from participating. Land prices are expected to rise, but I do not think we will see an accelerated rise in en bloc values," Mr Wong added.

Another privatised HUDC project, Florence Regency in Hougang Avenue 2, will also start its collective sale process soon. It is the first attempt for the development, with about 71 years left on the lease, marketing agent JLL said.

"An extraordinary general meeting to start the signing process would likely be in July," noted JLL regional director of capital markets Tan Hong Boon. Florence Regency is on a plot of about 389,000 sq ft.

Since the 1970s, 18 projects were built under the HUDC or Housing and Urban Development Company scheme. All have since been privatised and nine have been sold, including Shunfu Ville and Raintree Gardens last year.

HUDC sites are said to appeal to developers owing to their location in mature estates. "More importantly, the sites have more potential to be further intensified, given their layout and the size of units," said Dr Lee Nai Jia, head of South-east Asia research at consultancy Edmund Tie and Company.

However, plots that are too big may put off some bidders, owing to rules requiring developers to build and sell all units within a stipulated time frame or face hefty charges.

Dr Lee said the "optimal size" for a project to have a go at a collective sale is about 300 to 500 units.

Developers' appetite for en bloc sites also hinges on the number of sites on offer in the upcoming government land sales programme.

"If the increase is moderate, it is unlikely to mitigate the demand for sites from developers and collective sale sites would fill the gaps," JLL's Mr Tan added.

Continue reading
164 Hits

The district of gardens and water

Roads prioritised for public transport, fewer delivery trucks on roads during peak hours, and wide spaces set aside for bicycles and personal mobility devices. This is the car-lite vision for the 360ha Jurong Lake District painted by Minister for National Development Lawrence Wong at the launch of its master plan exhibition yesterday. This will benefit nearby EC residents such as those from Inz Residence EC. Upcoming executive condo launches include Rivercove Residences while existing ones include Parc Life , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC.

The target is for more than 80 per cent of all trips to and from the district to be made with public transport, he said.

This is an increase from the current national public transport mode share of 66 per cent.

Mr Wong added: "Eighty per cent is truly a stretched target. It is an aspiration, but we hope with all these plans, we can achieve this."

Other public transport-friendly initiatives include having every developmentnear a bus stop or an MRT station.

The network will also be improved, with seamless linkages across different nodes.

For example, there will be connections between the High-Speed Rail (HSR) terminus and MRT stations in the district, such as the existing North-South and East-West lines, as well as the upcoming Jurong Regional and Cross Island lines.

Consolidation is another way that will lead to a "change in the paradigm of mobility".

The Urban Redevelopment Authority will build at least four consolidated underground carparks located not more than 400m from every development.

It also plans to develop off-site logistic centres so that companies can consolidate their goods deliveries before entering the district.

This could reduce the volume of freight vehicles on the roads by at least 65 per cent.

Jurong Lake District, designated as the second Central Business District, will provide 100,000 jobs, Mr Wong said.

The "district of gardens and water" will also be a place to live, with 20,000 new homes and attractive recreational and leisure options nearby, he added.

With 16ha of new parks and open spaces, there will be over 100ha of extensive greenery and open spaces in the district.

"Even the space above the HSR terminus will be designed as a central linear park leading to the waterfront," he said.

Energy-friendly infrastructure innovations include: a common services tunnel to house water pipes; telecommunications and power cables to minimise road disruptions; a pneumatic waste collection system to reduce vehicle movements; and a cooling system to pipe cool air directly to homes to save energy.

The plans for Jurong Lake District, which will take 15 to 20 years to develop, were generally well-received by residents and transport experts.

Safe Cycling Task Force president Steven Lim thinks that apart from building the right infrastructure, it is important for pedestrians, motorists and cyclists to cooperate.

He added: "Ultimately, it is about getting everyone to share the roads graciously."

Continue reading
158 Hits

Is the optimism in the property market justified?

ON the morning of July 11, 15 developers converged on the 10th storey of the URA Centre to submit bids for a government land site at Woodleigh Lane.

By 8pm, the results were out: a consortium led by Chip Eng Seng, a mid-sized developer, won with the highest bid of S$701 million. The price jolted the market; it was almost 40 per cent above the price per square foot paid for a nearby site at Raintree Gardens just 10 months ago. But the winner was not alone. Real estate heavyweights - CapitaLand, City Developments and Keppel Land - all submitted bids less than 3 per cent shy of its offer. Upcoming executive condo launches include Rivercove Residences while existing ones include Parc Life , Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

Since local authorities revised seller stamp duties in March this year, green shoots have vigorously sprouted in Singapore's property market. In addition to fast-rising land bids and en-bloc activity, sales volumes are also up and share prices of developers have rallied.

Yet, doubts about the optimism remain. Officially, Singapore property prices are still in a bear market. The URA housing price index declined 0.1 per cent in the second quarter of 2017. Weak rents, economic uncertainties and rising interest rates also weigh on the prospects of a property recovery.

Is the optimism in the Singapore property market justified?

We believe it is, for three reasons.

First, residential rents will begin to recover next year. From 2014 to 2017, the increase in home completions exceeded the needs of Singapore's population growth, driving vacancy rates up by three percentage points from 5 per cent to 8 per cent. As a result, rents fell 13 per cent over the period.

This situation will reverse in 2018. Due to fewer launches in recent years, the annual rate of housing completions will decline by around 40 per cent over 2018 to 2020. This falls below the needs of population growth based on the government's projections, which will reduce vacancy rates and drive a rebound in rents.

Second, two major fears of real estate bears today - the risk of a recession and rising rates - are overwrought. With the global economy charting a reflationary path, the risk of a recession in Singapore over the near- to medium- term is low.

The Chinese government has shown considerable success in engineering a soft landing for its economy. In the major developed economies - the United States, EU and Japan - signs of higher growth are being sustained by fundamental improvements in the labour market and strengthening household demand.

Rate hikes act as a critical countercheck to potential overheating, but central banks are understandably cautious about removing the punch bowl too early given the painstaking efforts taken to nurse the burgeoning recovery.

With this in mind, the pace of rate hikes from the US Federal Reserve is expected to be measured, rising slowly from 1.25 per cent currently to 3 per cent in 2019. From historical analysis, the Singapore property market will take this in its stride.

Third, a rising trend of collective sales reinforces fundamentals. While the market usually debates whether aggressive purchases by developers are backed by fundamentals, the fact is that en-blocs themselves exert powerful trickle-down effects on demand and supply.

After an en-bloc transaction, the process to vacate the original estate and complete the redevelopment typically takes four to seven years. Over this period, the physical stock of homes available for occupancy in Singapore is reduced. In the initial years of a rising collective sales cycle, more homes are taken out of the physical stock by en-bloc transactions than those added back in, exerting downward pressure on vacancy rates and boosting residential rents.

At the same time, those who sold their homes to developers through an en-bloc often enter the property market ra[[pidly to re-establish their exposure, flush with new cash and borrowing headroom. Many also help fund home purchases for younger family members who may be subject to less stamp duties. This adds buyers into the market and increases demand.

In addition, developers typically launch new units for sale after one to two years.

While there are usually more units in the redevelopment than in the original estate, they will be sold at significantly higher prices per square foot, which tend to drive up property valuations in the area. Looking back at history, it is no surprise that en-blocs had similarly risen sharply at the turning points of the last two property cycles in 2004-2005 and 2009-2010.

In 2017 to date, total collective sales in Singapore have hit S$3.1 billion, already far surpassing the S$1 billion in 2016.

Continue reading
171 Hits

Queens Peak Condominium Queenstown

Queens Peak will be the blockbuster launch of the year in the city fringe precinct, Queenstown. The development will feature 2 stunning towers of 44 storeys tall on a land size of 10,516.10 square meters comprising of 736 residential units, 1 childcare and 1 shop unit. Sitting right beside Queenstown MRT and surrounded by a myriad of amenities, it will be the perfect home for dwellers in search for utmost convenience.

The land site of Queens Peak Queenstown was won by HY Realty, which shares the same shareholders as Chinese developer Hao Yuan Investment. They emerged victorious among other 8 eight hopeful bidders such as Allgreen Properties and City Developments(CDL) with the top bid of S$483.18 million. Working out to be S$871.14 per square foot per plot ratio (psf ppr) for the 99-year lease site, it is estimated that Queens Peak price may be between $1550 to $1600 psf factoring in all other cost.

Recreation Facilities nearby – Queens Peak condo is near to plenty of sports and recreational facilities such as the Tanglin Golf Course Country Club(1.67km), Temasek Club(1.19km) and Queenstown stadium(0.66km). For your daily leisure jog, residents can head to the back of the condo to Alexandra Canal Linear Park spanning around 3.5 km from Margaret Drive all the way to Zion Riverside Food Center.

 

Visit the Queens Peak showflat NOW!

 

Continue reading
166 Hits

X-Listing Price app to help sellers price their home

Property analytics firm StreetSine reckons it has the answer to that most crucial of questions - how should I price my home?

It launched an application called X-Listing Price yesterday which integrates licensed valuations into the process of buying and selling property. Upcoming new launch condo include Parc Botannia , Carpmael 38 , Fivenine Telok Kurau and Kandis Residence , Sengkang Central condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

X-Listing Price builds on X-Value, StreetSine's existing computer- generated valuation of a home, by adding factors such as renovation costs and valuer adjustments.

X-Value draws on all pricing information publicly available, which StreetSine collects using Web services, database management techniques and algorithms.

StreetSine then uses comparable market analysis, or the sales comparison approach, to estimate the value of an apartment or landed home.

The X-Listing Price application subsequently allows real estate agents to account for renovations in the computation.

Agents can also order a licensed valuation to add an expert's assessment of pricing factors.

The valuer will communicate using an app that has been developed by StreetSine.

This app allows the valuer to provide a full valuation for a standard home in as little as 24 hours, StreetSine said.

Finally, the agent can add or subtract adjustments for negotiations between buyer and seller.

"All market participants will benefit from the transparencies and efficiencies X-Listing Price brings to the market," StreetSine said yesterday.

X-Listing Price provides sellers with a fact-based, valuation- backed listing price while real estate agents benefit in three areas.

First, it makes it fast, easy and inexpensive for the agent to appoint a valuer.

Second, X-Listing Price helps the agent market the home.

Listing portals SRX.com.sg and STProperty.sg also support listings with X-Listing Price by displaying them prominently.

Third, it facilitates matching of the right buyer with the right seller.

For buyers, the valuation used to derive X-Listing Price can also be used to secure financing.

And for valuers, any valuer can plug into X-Listing Price and become part of the valuation process.

This application is in StreetSine's Agent Connect, a digital platform for professional agents.

For further information or to receive a white paper on X-Listing Price, requests can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

Property agent John Ho said that X-Value has been useful to him in dealing with clients.

He is able to give buyers a good idea of the valuations of the properties they are eyeing.

For HDB properties, he is able to analyse whether these are good buys in terms of the cash-over-valuation amount buyers have to pay.

Continue reading
152 Hits

HDB resale prices dipped 0.1 per cent

DB resale prices dipped 0.1 per cent in the fourth quarter compared to the third quarter, based on flash estimates from the Housing & Development Board on Tuesday.

This came after two quarters of the HDB resale price index holding steady. Compared to Q4 2015, the HDB resale price index has fallen 0.15 per cent. Upcoming new launch condo include Parc Botannia , Carpmael Thirty Eight , Fivenine Telok Kurau and Kandis Residence , Sengkang Central Condo while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.

Data for the full quarter and more detailed public housing data will be released on Jan 26, 2017.

HDB said that in 2017, it will launch about 17,000 new flats for sale.

For the first build-to-order (BTO) exercise to be launched in February, it will offer about 4,100 flats in Clementi, Punggol, Tampines and Woodlands.

Continue reading
171 Hits