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Singapore real estate blog that chronicles business, investment and property news in the country. Photos of apartment and condominium housing in Singapore are also published. Site statistics:Click here
Some upside in failed en bloc deals 2008-04-14 22:12:00 April 15, 2008COMMENTARY Some upside
in failed en bloc dealsBy ARTHUR SIM LOOKING for a silver lining when nothing looms but storm clouds may seem a futile exercise.But recent events surrounding the failed collective sales of Tulip Garden and Makeway View to Bravo Building Construction may just be a ray of hope in an increasingly gloomy property market.To be sure, when Bravo decided it could no longer proceed with the collective-sale deals, some considered it yet another in a series of ominous events signalling the end of 'irrational exuberance' in the property market here. Another was the pullout of Kuwait Finance House from a deal to buy 97 units at Goodwood Residence.But putting a positive spin on the failed deals, Bravo has actually helped the market by withdrawing almost 400 potential
Prices of homes drop worldwide 2008-04-14 22:10:00 April 15, 2008 As effects of US housing slump spread...Prices
of homes drop worldwide Global slowdown could become wholesale collapse, warn analysts DUBLIN - THE collapse of the housing bubble in the US is mutating into a global phenomenon, with real estate prices swooning from the Irish countryside and the Spanish coast to Baltic seaports and even parts of northern India. This synchronised global slowdown, which has become increasingly stark in recent months, is hobbling economic growth worldwide, affecting not just homes but jobs as well. In Ireland, Spain, Britain and elsewhere, housing markets that soared over the past decade are falling back to earth. Property analysts predict that some countries will face an even more wrenching adjustment than the United States, including the possibi
Record $8b worth of govt tenders up for grabs 2008-04-14 22:07:00 April 15, 2008Record
$8b worth of govt tenders up for grabs
Lion's share goes to building projects but boom could add to cost pressureBy LYNETTE KHOO (SINGAPORE) It may have pushed back building projects worth $3 billion to ease the crunch, but the government is still calling for tenders to the tune of a record $5.8 billion in the construction sector this fiscal year.In all, its tenders for FY2008 will touch $8 billion - surpassing the previous record set in FY2006 when it called for some $7.5 billion worth of tenders.The bulk, this year, will be splashed out on building and construction projects. This includes moves to improve traffic on the Central Expressway and the Gardens by the Bay project that will keep the Marina Bay area development on schedule, the Ministry of Finance (MOF) said y
Slew of events to add buzz to F1 2008-04-14 22:06:00 April 15, 2008 Slew of events
to add buzz to F1 By Hong Xinyi A DIZZYING array of events will ride shotgun with the Singapore Grand Prix when it motors into town in September. Tourism officials and the private sector have lined up everything from jazz concerts to float parades to capitalise on the influx of visitors expected for the Formula One weekend, which runs from Sept 26 to 28. To date, eight events have been arranged under the banner of the Singapore Grand Prix Season, which takes place from Sept 20 to Oct 5. More events are expected to be announced, and the season will be promoted through advertising campaigns in regional markets such as Australia, China and India, said the Singapore Tourism Board (STB). Ms Lynette Pang, director of cluster development (events and entertainment) fo
Dazzling opening for S'pore Flyer 2008-04-16 10:19:00 April 16, 2008 Dazzling
opening for S'pore Flyer
THE Singapore Flyer was officially launched in style last night with a dazzling laser light show and fireworks display. It also got the thumbs-up from Prime Minister Lee Hsien Loong, who said the Flyer offered a remarkable view of 'our beautiful city' after a ride on it. Noting that the 165m-tall wheel was the latest addition to Singapore's constantly growing and changing skyline, Mr Lee pointed out the many things that were happening around Marina Bay, including the upcoming integrated resort and F1 circuit. Mr Lee, the guest of honour at the event, said the Flyer's management was optimistic that the $240-million observation wheel would do well and become 'one of the busiest in the world'. He kicked off yesterday's festivities by beating on
Big jump in US foreclosure filings, bank repossessions 2008-04-16 10:18:00 April 16, 2008 Big jump in US foreclosure filings, bank repossessions SAN FRANCISCO - UNITED States foreclosure filings jumped 57 per cent and bank repossessions more than doubled last month compared to a year ago, as adjustable mortgages increased and more owners gave up their homes to lenders. More than 234,000 properties were in some stage of foreclosure, RealtyTrac, a seller of default data, said yesterday in a statement. That meant one in every 538 US households received a filing last month. Nevada, California and Florida had the highest foreclosure rates. Filings also rose 5 per cent from February. About US$460 billion (S$628 billion) of adjustable-rate loans are scheduled to reset this year, according to analysts at Citigroup. Auction notices rose 32 per cent from a year ago, a sign
Global property firms showcase projects here 2008-04-16 10:16:00 April 16, 2008Globalpropertyfirmsshowcase
projects hereM'sian developers making their presence felt at Cityscape Asia 2008By ARTHUR SIM IN a light moment at the Cityscape Asia 2008 conference yesterday, Urban Redevelopment Authority chief executive Cheong Koon Hean said: 'For those interested, I still have land to sell.'Ms Cheong, who gave the keynote address at the conference, was referring to the redevelopment of Tanjong Rhu, a former shipyard area, and how urban planning can help enhance value and 'bring about real estate opportunities'.She was also priming the audience for much larger real estate opportunities at Marina Bay, revealing that so far it has attracted $16.5 billion of investments.Malaysia's UEM Land, which is behind the 24,000 acre integrated development at Nusajaya in t
Property, construction hit by election fallout 2008-04-16 10:14:00 April 16, 2008Property, construction hit by election falloutFears that the opposition coalition would tighten vetting of projectsBy PAULINE NG IN KUALA LUMPUR MALAYSIA'S March 8 general election was toughest on the construction and property sectors, with both indices falling by over 20 per cent in the first quarter on fears that gains by the opposition coalition would lead to tighter vetting of projects.In the same period, the benchmark Kuala Lumpur Composite Index (KLCI) declined 13.7 per cent, registering its worst quarterly performance in over seven years. Already dented by global economic uncertainties which had a knock-on effect on Malaysia, equities took a further hit when the election results threw a curve ball and gave Opposition parties control of five states and boosted its repre
More controls to keep real estate agents in line 2008-04-16 10:07:00 More controls to keep real estate agents in lineBy Wong Siew Ying, Channel NewsAsia | Posted: 15 April 2008 1954 hrs SINGAPORE : Real estate agents may be accredited under a new scheme, if the Ministry of Finance (MOF) gives the go-ahead. Two industry watchdogs - the Institute of Estate Agents (IEA) and Consumers Association of Singapore (CASE) - are joining hands to start a new accreditation scheme and they plan to submit a proposal to MOF in the middle of the year. They believe compulsory guidelines will help improve the professionalism of the real estate industry. James Chua had planned to buy a 4-room HDB flat, in the Admiralty area, valued at about S$260,000. He was willing to pay only S$12,000 in cash over valuation (COV). But he was told that another buyer had already made a simila
En bloc firm offers Leedon Heights residents leaseback deal 2008-04-16 10:06:00 Still home for 8 more monthsEn bloc firm offers Leedon Heightsresidents
leaseback dealWednesday • April 16, 2008Tan Hui Lenghuileng@mediacorp.com.sgRESIDENTS of Leedon Heights came home to a pleasant surprise last week — the chance to stay on in their apartments until the end of January next year, instead of having to move out by June.Following appeals from residents and home-owners, the buyer of the en bloc site, GuocoLand, extended a leaseback deal to them. In a notice dated April 10, the company offered a short-term lease, subject to a minimum of three months, up until Jan 31, 2009. The 48,525-sq-m, 23-year-old condominium off Holland Road and Farrer Road was to have been vacated by June 2. But as the showflats for the development will be built off-site — though still on the spra
Private home sales tumble, prices weaken 2008-04-16 10:04:00 Business Times - 16 Apr 2008 Private
home sales tumble, prices weaken Buyers may have slight edge in power stakes but analysts expect caution to reign for a while By KALPANA RASHIWALA (SINGAPORE) Official numbers yesterday confirmed what many had already suspected as developers sold only 795 private homes in the first quarter of this year - just about half the 1,469 units that they had sold in the preceding quarter.But there was also an equally significant pointer for market watchers looking for data on the direction of private home prices. The islandwide median price of private homes (excluding executive condos) sold by developers dipped 0.8 per cent from $1,064 psf in February to $1,055 psf in March, with the decline coming from the Outside Central Region (where suburban mass-market proj
Choice Homes unit top bidder for site 2008-04-16 10:03:00 Business Times - 16 Apr 2008 ChoiceHomes
unit top bidder for site By KALPANA RASHIWALA A SUBSIDIARY of NTUC Choice Homes Co-operative yesterday placed the top bid of $290.19 million or $460 psf per plot ratio (psf ppr) for a 99-year leasehold private condominium site at Lorong 2/3 Toa Payoh.The bid was about 23 per cent lower than the $601 psf per plot ratio that property giant Far East Organization paid for a condo site next to Ang Mo Kio Hub in September last year, when the market was still buoyant.That plot is about two MRT stops away from the latest parcel, which is a stone's throw from Braddell MRT station.The $601 psf ppr for the Ang Mo Kio Avenue 8 site is a record for 99-year suburban condo land, and that tender attracted a whopping 14 bids.In contrast, yesterday's tender for the
Kim Eng's Ronald Ooi cuts losses on condo deal 2008-04-16 10:02:00 Business Times - 16 Apr 2008 Kim Eng's Ronald
Ooi cuts losses on condo deal He is said to have led group which backed the purchase of Tulip Garden (SINGAPORE) Kim Eng Holdings managing director Ronald Ooi, in his personal capacity, is believed to have led a group that backed Bravo Building Construction on its failed $516 million purchase of Tulip Garden.BT understands from market sources that Mr Ooi and the group were instrumental in raising the initial $25.8 million or 5 per cent deposit on the Tulip Garden sale which has since been forfeited.Mr Ooi, who is said to be worth some $300 million, is said to have decided to cut losses on the acquisition in the face of weakening sentiment on the prime property front. 'It had become more challenging to raise the necessary funds under current mar
Private home sales recover in weak market 2008-04-16 10:00:00 April 16, 2008 Private
home sales recover
in weak market 301 units, excluding exec condos, sold in March; worst first quarter since 2003 By Joyce Teo PRIVATE home sales last month rebounded from February, but taken as a whole, the first quarter was the worst since Sars wreaked havoc on sales in 2003. A total of 301 residential units, excluding executive condominiums, were sold last month, according to data released yesterday by the Urban Redevelopment Authority. In February, 174 units were sold. This puts first-quarter private home sales at 795 units, compared to 427 units in the corresponding period in 2003. In the previous quarter ended Dec 31 last year, 1,449 units were sold. While sales rose last month, the take-up rate of launched units remained similar to that in February, consultan
Raise income ceiling on HDB flats over $500k 2008-04-16 09:59:00 April 16, 2008 Raise income ceiling on HDB flats over $500k WITH regard to the recent sale of Design, Build and Sell Scheme (DBSS) HDB flats in Boon Keng, I propose the Housing Board set different income limits for flats valued at more than $500,000. This makes more sense in terms of financial planning and affordability issues. There were 3,500 who balloted for 714 DBSS flats in Boon Keng, but only 460 were sold. My nephew was one of those and was allocated a flat but failed the $8,000 income requirement to buy a new HDB flat. At a price of $727,000, it would be unwise for someone with a combined income of less than $8,000 to commit to a flat. Simple calculation: Cost of flat: $727,000 Stamp and legal fees: +$18,100 Current CPF: -$100,000 Loan: $645,100 @ 2.5% over 30 years = $2,583 per mo
Private home sales leapt 80% in March from February 2008-04-16 09:56:00 15 April 2008 Private
home sales leapt 80% in March
from February
By Ng Baoying, Channel NewsAsia SINGAPORE: There are signs the property market in Singapore might be making an about-turn following its muted start to the year. Figures released by the Urban Redevelopment Authority (URA) show that the number of private homes sold in March leapt 80 per cent from the month before, signalling improved buyer sentiment. And developers were even more positive. They launched more than 600 units for sale in March - about 85 per cent more than the month before, and the highest in seven months. Analysts said they expect to see more units being placed on sale in the months to come. Donald Han, Managing Director of Cushman & Wakefield, Singapore, said: "Moving forward we expect more launches taking place
Chinese property tycoons set for investment visit to Taiwan 2008-04-18 01:33:00 April 18, 2008Chineseproperty
tycoons set for investmentvisit
to Taiwan
Leisure projects top agenda as island expects huge inflow of Chinesetourists(TAIPEI) A group of Chinese property tycoons will visit Taiwan nextweek in what could bring the first wave of mainland investment to theisland since civil war split the two in 1949.Authorities have approved the visit by the Chinese business group aspart of regular commercial exchanges, James Huang, a spokesman of theCabinet-level Mainland Affairs Council, said yesterday.The visit comes just four weeks before Ma Ying- jeou's inaugurationas Taiwan's next president. During his campaign, Mr Ma pushed for anexpansion of trade relations with Beijing, and said some Chineseinvestment should be allowed in Taiwan.Officials said the real estate developer
Singapore's sports future lies in the heart of the city 2008-04-18 01:32:00 TODAY 17 April 2008Singapore
's sports future lies in the heart of the cityBy Leonard ThomasSINGAPORE : It has been turfed resplendently green and the lines havebeen drawn. When goalposts with nets are fitted at both ends, thefacility will be ready for football action.Twenty-eight floors above, the TODAY office has a marvellous view ofthe floating platform on Marina Bay. It is a magnificent venue for afootball game.The Singapore Sports Council say matches can be held there afterFormula 1's SingTel Singapore Grand Prix 2008 race on Sept 28.Football enthusiasts will be excited, because for the first timegames will be played on an artificially-turfed pitch floating onwater against a spectacular Singapore skyline that will surely whetthe players' appetites.The 2008 RHB Singapore Cup Final on No
Investment property sales in Q1 remain steady 2008-04-18 00:20:00 Business Times - 18 Apr 2008 Investment property
sales in Q1 remain steady By JOANNE CHIEW INVESTMENT property sales level in first quarter 2008 was unchanged from a year ago despite deepening concerns regarding the US economy. A total of $8.4 billion worth of transactions was concluded, up one per cent quarter-on-quarter (QOQ), according to the Q1, 2008 Singapore Property Market Report by Debenham Tie Leung (DTZ).The office sector was the best performer with $3.4 billion in sales, reflecting a significant 134 per cent increase QOQ. Government state land saw strong response from developers to several sites released for tenders. The transactions showed that developers were willing to pay for sites in good locations, despite the cautious market, DTZ said.Investments in industrial properties
Many in S'pore expect pain if recession comes 2008-04-18 00:18:00 Business Times - 18 Apr 2008 Many in S'pore expect pain if recession comes
Banking sector most downbeat, IT appears resilient: Hudson report By CHUANG PECK MING (SINGAPORE) If there is a recession, business here is more likely to be hit than that elsewhere in Asia. And workers here may feel the pain, too.Not everyone in Singapore is anticipating a downturn. Only about a quarter (26 per cent) of 733 executives in key business sectors polled recently see a recession coming in the next six months, with those in the healthcare and life sciences business the most downbeat.But overall, hiring expectations for the second quarter have dipped, with 49 per cent of the executives polled intending to increase headcount, down from 51 per cent in Q1 and 56 per cent a year ago.Among executives expecting
Different strokes for different segments if developers cut prices 2008-04-18 00:13:00 Business Times - 18 Apr 2008 Different strokes for different
segments if developers cut prices By KALPANA RASHIWALA (SINGAPORE) In cutting prices by 3-5 per cent at three existing projects and achieving encouraging sales, property giant Far East Organization may have set the cat among the pigeons.Other developers must now ask themselves whether to embrace this strategy. Of course, the bigger ones have the financial muscle to hold back launches and sales for months and don't need to chop prices to entice buyers in the face of weaker market sentiment.But there are opportunity costs involved in letting projects linger on the market and in holding on to sites - especially ones with a 99-year leasehold - instead of launching the project.Of course, cutting prices is never easy from a developer's
Time to act against rogue housing agents 2008-04-18 00:13:00 Time to act against
rogue housing agentsFriday • April 18, 2008Letter from RAYMOND NGCOMPLAINTS against real estate agents are rising. According to the latest statistics, more than 1,000 reports have been lodged with the Consumers Association of Singapore and the Inland Revenue Authority.I am puzzled why little has been done to eradicate the presence of unethical agents who offer wrong advice and short-change buyers and sellers in a booming sector.It is time the industry is revamped.Real estate licences are issued to applicants meeting minimum standards. While it is good to allow many to own and operate real estate agencies, there are few criteria to ascertain their "quality".For example, there is no control in the number of agents each agency is allowed to recruit. Size does not always
HDB draws curtains on bi-monthly flat sales 2008-04-18 00:12:00 HDB draws curtains on bi-monthly flat salesFriday • April 18, 2008THE Housing and Development Board (HDB) received 5,700 applications for 490 flats in its final bi-monthly sale of four-room and larger units that closed on Wednesday.Bi-monthly sale exercises attract more applicants and a higher take-up rate, as the flats on offer are either completed or nearing completion, said the HDB.But with the progressive clearance exercises of unsold flats, fewer units are left available on a walk-in basis — and, as earlier announced, the HDB will offer its three-room premium and larger flats under half-yearly sale exercises, instead of bi-monthly. Prospective buyers are advised to opt for the Build-to-Order (BTO) system — in which flats take about three years to complete — that make up the ma
Rental homes standing empty in UK property slump 2008-04-18 00:11:00 Rental homes standing empty in UK property
slumpFriday • April 18, 2008Mr Richard Lee spent £5.3 million ($14 million) buying 20 rental homes across the United Kingdom with just £150,000 of his own money. Today, the properties are worth about 60 per cent less and owned by the banks that financed the purchases.Mr Lee, 37, was one of thousands enticed by one of Europe's top five best-performing housing markets during the past decade. Now, repossessions are mounting and properties stand empty as many investors fail to find the tenants needed to cover their mortgages after a building boom flooded cities — especially Leeds and Manchester — with apartments.The unravelling buy-to-rent investment market contributed to a 2.5-per-cent drop in home prices last month, the biggest since 1992, a Read more:Rental
HDB supply of completed new flats hits all-time low 2008-04-18 00:10:00 April 18, 2008 HDB supply of completed new flats hits all-time low THE Housing Board yesterday alerted couples looking to buy completed new flats that its supply had now dipped to an all-time low of 1,300. With the 'progressive clearance' of its unsold stock, there will be fewer completed units offered for sale in future, it said. The HDB is now urging buyers to consider its build-to-order (BTO) flats where there will be 'ample supply and regular project launches'. BTO flats will be the main source of new flats in future, the board has said. These flats are built only when there is sufficient demand, and usually take about three years to build. The next two BTO sales will be launched at the end of the month, for flats in Punggol and Sengkang. These new flats and others in towns such as Woo
Sharp drop in Q1 new home sales 2008-04-18 00:10:00 Sharp drop in Q1 new home salesBut don't expect prices to fall, say analystsFriday • April 18, 2008Tan Hui Lenghuileng@mediacorp.com.sgIN another sign of a lull in the private residential property market, developers managed to sell only 795 new homes in the first three months of this year — a hefty 46 per cent decline from the fourth quarter of last year. "This was the second lowest quarter of developer sales since the Sars-stricken quarter" in the first three months of 2003, said DTZ Research in the real estate consultancy's first-quarter Singapore Property Market Report released yesterday."Developers and buyers are taking a wait-and-see attitude and some are holding back launches," said DTZ in the report.According to the Urban Redevelopment Authority (URA), developers launched 1,395
Dream homes on Spanish coast turn into a nightmare 2008-04-18 00:08:00 April 18, 2008 Dream
homes on Spanish
coast turn into a nightmare Thousands told their properties are sitting on state land and therefore don't belong to them VALENCIA - MILLIONS of Europeans fear their dream of owning property on the Spanish coast will become a nightmare, as Spain starts to get tough in enforcing a much-neglected 1988 law. Spain, the world's No. 2 tourism destination, is the most popular choice for northern Europeans seeking a second home, with British residents alone believed to number nearly a million. But many of them are now finding themselves falling foul of a widely ignored law classifying the strip of land on the coast as public domain, as the Socialist government starts telling thousands of house and apartment owners their properties do not really belong to them.
S'pore residential rentals 5th highest in Asia: study 2008-04-17 04:58:00 Business Times - 17 Apr 2008 S'pore residential
rentals 5th highest
in Asia
: study But Republic still competitive for firms moving staff into region: ECA By JOANNE CHIEW SINGAPORE'S residential rental rates for a three-bedroom apartment have increased by 33 per cent over a year - from 2006 to 2007.This makes Singapore the fifth most expensive location in terms of residential rentals in Asia and ninth globally, according to a recent survey by ECA International. ECA International is a knowledge and solutions provider for international human resources professionals. The annual Accommodation Survey compares rental prices in 92 locations worldwide.A three-bedroom apartment in a popular expatriate area in Singapore costs about US$4,460 per month in 2007, up from US$3,364 the previous year.The 33
Penalty on the house as banks woo customers 2008-04-17 04:57:00 Business Times - 17 Apr 2008 Penalty
on the house as banks
woo customers
Some are repricing home loans lower, others offer to subsidise penalties By SIOW LI SEN (SINGAPORE) As home sales continue to slide, banks are going all out to hang on to their existing home loan borrowers and even poach from their rivals. Some are even offering to pay off the penalties that customers may incur making the switch.Flexibility has become a byword and new packages are getting more imaginative.In anticipation of interest rates falling even further, one new DBS home loan package offers two free repricings within 24 months.At United Overseas Bank (UOB), customers can fix the monthly payments for 36 months regardless of interest rate changes.At Standard Chartered Bank, borrowers don't even have to call. The U
Property market seen growing on a strong Sing dollar 2008-04-17 04:53:00 Business Times - 17 Apr 2008 Property market seen growing on a strong Sing dollar Fast income growth, falling interest rates will keep the sector buoyant, says report HERE'S some good news for those feeling down after recent bearish reports on the local property market.Canadian-based BCA Research this week issued a Buy Singapore Property Stocks report, arguing that a strong Singapore dollar will depress interest rates, which will continue to fuel the property market.It also pointed to strong income growth and other fundamentals - for instance, the transformation of Singapore's economy and favourable supply-demand dynamics - which it says will continue to underpin the Singapore real estate bull market.'While real estate prices in Singapore have been rising for a while, the pace of appreciat
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