Singapore Real Estate Market Is Moving

Singapore Real Estate Market Moving Again?
Singapore Real Estate Market Moving Again?
Yes, it’s moving. Whether or not its based on good sentiments of our United States counterparts or foundations there seems to be a lot of movements in the market now with buyers shopping more often than not for the past 3 weeks.

In the Market

As a Realtor in the market, things are moving unexpectedly towards the upside with projects that I’ve dealt with. Owners are holding back to accept cheques from my fellow colleagues as their expectation might have change with the recent rally of stock prices in Singapore Stock Exchange.

It happened right in front of me, the one time my buyer offers for a particular resale unit in City Square Residences and was rejected, the next day it got sold. And it didn’t happen just once. The one day that one of my buyer wanted to match the expectation of a sub-sale unit, the owner has sold it the night before hitting a considerable good target price for this market.

Developers are Adjusting Prices

Double Bay Residences in Simei by UOL & Kheng Leong
Double Bay Residences in Simei by UOL & Kheng Leong

Property Giant Far East Organisation has been quietly adjusting its prices for their new projects like the Mi Casa condo in Choa Chu Kang, The Lakeshore in Jurong, Hillview Regency in Bukit Batok, Floridian at Bukit Timah Road (non-premium units), and Vida at Peck Hay Road.

UOL and Kheng Leong have adjusted their price units slightly higher for the better units at Double Bay Residences.

Bukit Sembawang have also nudged its price of The Verdure higher after the initial launch.

CDL’s hotcake, The Arte have also seen a little price hike on their units as their sales take momentum.

Developers are moving in tandem together to show the market that the price is picking up with the clear buying momentum that the buyers are coming back.

End of the Bottom?

I’m sure if you ask any of the ethical agents out there, they’ll tell you they’re unsure. I wouldn’t know whether the market direction is heading towards the north or the south, but its edging more towards the upside for the moment because of buying momentum.

Again, buying a Singapore property at this time would be safe since we’re still at a bottom curve, whether is it or not if its heading for a correction towards the down or upside. One thing, the property market cycle is getting shorter and shorter as compared to the 7 years guideline we hear from gurus previously.

For people who’re buying for their own stay (and to make some capital gains at the end to move out), this is still a good time to start looking and locking in with the low bank interest rates.

And for home owners or investors who’re taking the chance to exit the market, this would probably be your best golden opportunity to do so, unless you’re betting again that the market is moving towards your favor.

Singapore Auctions – Knight Frank Upcoming Property Auction on 21st May 2009

Knight Frank Auctions

The May auction of Knight Frank Singapore is scheduled on 21st this month 2009 at Amara Hotel.

Date : 21 May 2009, Thursday
Venue : Amara Hotel, Connection Room 1, Level 3
Time : 2.30 pm

What’s Interesting

A mortgagee sale of The Seaview 4-bedroom 1,646sqft apartment #03-01, an old 7,382sqft 3-storey detached terrace at 5B Lim Tua Tow Road

Auction List Download

To download a copy of the auction list, do head to Singapore Knight Frank’s Auction site here. Interested parties who wishes to attend the auction can contact me as I might be heading there with a couple of clients.

Balestier & Thomson Area Gets Focus by The Edge

The Edge SingaporeThe Edge has a brand new weekly column on deals done on Singapore property market that gives you a good indicative on how most of the condominium project prices are doing from District 1 – 28.

Done Deals at The EdgeThis week, the property article is focused on Balestier and Thomson boundary with the recent hype of old developments of Lok Cho, Comfort Mansion and some walkups along Jalan Raja Udang have been torn down for the latest buzz project The Arte by CDL. The Domus, I-Residences, D’Mira and the Mezzo is also being mentioned.

Download a copy of the PDF from The Edge here.

Tierra Vue Photo Updates on 8th May 2009

Tierra Vue is looking really pretty by the day with all the trees and plants planted. The only setback would be blocks being a little cluttered and rooms being small. Otherwise, Tierra Vue looks clean and fine from the outside.

Tierra Vue Backgate At Jln Tenggiri
Tierra Vue Backgate At Jln Tenggiri
Tierra Vue Signage is Up
Tierra Vue Signage is Up
Tierra Vue Stack 7 and 8
Tierra Vue Stack 7 and 8
Tierra Vue Stack 5 and 6
Tierra Vue Stack 5 and 6
Tierra Vue Stack 1 and 2
Tierra Vue Stack 1 and 2

More information about Tierra Vue with full brochure can be obtained here

Interested Buyers and Tenants can contact me at +65 9125 3045 or via my contact form for a no obligation discussion on the units that I have for sale or rental

For Owners who are looking at renting or selling your units, feel free to contact me so I would be able to match you with my excellent pool of ready buyers for your exquisite unit at Tierra Vue

Grand Duchess at St Patrick’s Photo Updates on 8th May 2009

Here’s your feed of photo development updates on Grand Duchess at St Patrick’s. You can figure a little more since the balcony sizes are obvious now. Decent size, not too big nor small.

Taken from St Patrick's Road, Stack 07 and 08 of Grand Duchess
Taken from St Patrick's Road, Stack 07 and 08 of Grand Duchess
Taken from St Patrick's Sch Carpark, Stack 05 and 12 of Grand Duchess
Taken from St Patrick's Sch Carpark, Stack 05 and 12 of Grand Duchess
The back of the Grand Duchess clubhouse, 126A and Stack 10
The back of the Grand Duchess clubhouse, 126A and Stack 10

People have been asking what’s 126 and 126A in the layout. It’s a pair of conservation dwelling house which someone will be staying. And some extra information that I’ve gotten to share, the current progress payment level is at 40%, Reinforce Concrete stage.

More information about Grand Duchess at St Patrick’s with full brochure can be obtained here

Interested Buyers and Tenants can contact me at +65 9125 3045 or via my contact form for a no obligation discussion on the units that I have for sale or rental

For Owners who are looking at renting or selling your units, feel free to contact me so I would be able to match you with my excellent pool of ready buyers for your exquisite unit at Grand Duchess at St Patrick’s

The Suites At Central Another Possible DPS Victim

It’s a fact. A buyer whom has committed 51 units at The Suites @ Central had problems paying up to Keppel Land as the developer calls for payment.

The Suites @ Central (District 9), formerly known as Ritz Residences is a 157 freehold condominium apartments situated at Devonshire Road next to The Metz, The Beaumont and Meyer Mansion. The joint developers are Keppel Land and Chip Eng Seng, and is about to receive its Temporary Occupancy Permit.

The bulk buyer has wrote in to Keppel for an extention of 6 months for the payments of his 51 units. Keppel has granted the request on the condition that buyer pays $500,000 monthly during the extended period.

Apart from the bulk buy transaction, there’s two other buyers who’re still arranging for payments for 5 of their units.

With the case from The Fernhill surfaced a few days ago and now this, we can see the fragility and the consequences of Deferred Payment Scheme (DPS) ballooning for the next few months when many new projects are about to receive its TOP status.

Apart from Wheelock Properties which hasn’t accepted any form of DPS during the availability of the scheme, most buyers are on DPSas it allows them to pay for their units only upon close to completion of the residential project, easing their cash flow then.

Buyers whom took DPS has paid 20% till now. Should they haven’t secure any bank loans now, most cash tight owners would experience problem as valuation of their property would have dropped since the peak in 2007, which financial institutions (FI) wouldn’t be able to support.

Would this be a mayhem for property stocks in SGX? It’s just a few weeks of wait before we know the extent of DPS’s damage.

All Eyes On The Fernhill for DPS Direction

The Case

Developer MCL Land has written down a US$1.4 million for the first quarter previously as foreign buyer Concordia Overseas Pte Ltd has not made the necessary payment for its 20 purchased units at The Fernhill.

The Fernhill (District 10) is a 25 unit freehold boutique condominium off Stevens Road. Concordia has bought all 25 units under Deferred Payment Scheme (DPS) in January 2007 from MCL Land at $1,410psf and resold 5 units within a year profiting close to $700psf.

Concordia has failed to pay up when The Fernhill has completed, forcing MCL Land to servce a 21 days notice to them to rescind the sales and purchase agreement.

According to Concordia’s lawyer, 19 out of 20 units that remains in their portfolio was sold and will be completed before the 21 days period, allowing MCL Land to register its profit on Q2 results this year.There’s a remaining balance of one final unit which was not made known in the news on its status. As far as it comes to this stage, should Concordia not be able to complete the sale of the unit, MCL Land could it take back and pocket the 20% that Concordia has already paid for to remarket it.

It won’t be a profitable move if a buyer actually walks out at this point had the developers sold the units at the peak of the market.

Will the DPS Frenzy Start?

We’ve already seen Capitaland taking charge by rescinding some contracts to remarket some of The Rivergate condominium units to avoid crashing the market price in its project. There will be more of such units floating into the market as more projects are completing soon. (Many, among hiding are Tierra Vue which is coming this July, One Amber and Grand Duchess at St Patrick’s by the end of the year, and a whole lot more)

Will the developer take action against DPS default buyers? We really don’t know, but there’s only 2 outcome:

  1. The developer rescinds the Sales and Purchase agreement of the buyer, takes back the unit, forfeits the 20% already being paid and re-markets the unit without taking action against buyer.
  2. The developer rescinds the Sales and Purchase agreement of the buyer, takes back the unit, forfeits the 20% already being paid and sues the buyer for the difference. That’s the worse case scenario.

Market watchers are watching closely on The Fernhill development to look at the trend on how the developers react to DPS defaulters. We’ll see.

Punggol 21 – The Charming Waterfront Living of Singapore

How Punggol Marina looks like 2 years back, photo credits to elkin, Clubsnap
How Punggol Marina looks like 2 years back, photo credits to elkin, Clubsnap

How a short period of time has changed a place so tremendously.

Nicholas and I used to wakeboard regularly at Punggol Marina 2 years back with WakeTime and we knew there were development plans to close the channel where we used to ride. It was for quite sometime the announcement before the Police Coast Guards started to become serious and kept chasing our boats away. Since then, Nicholas and I stopped riding for awhile because of work commitment and wakeboard activities has moved to Seletar waters. Sad.

I caught up with a friend for a drink at the Marina yesterday. Gone was the smooth buttery flat channel which was totally dammed up with some sort of a station. Guess this has got to do with the plans that URA/HDB has laid out for Punggol 21 which was mentioned in 1996, and still reinforced in the recently gazetted Master Plan 2008.

High Quality HDB Flats in Punggol

Night view of Punggol Estate. Photo credits: Missy - verysporty, Flickr
Night view of Punggol Estate. Photo credits: Missy - verysporty, Flickr

Since 1996’s released plan by the government to develop Punggol, the estate has been on its track with its vision on building high quality HDB Flats, LRT and MRT lines to populate the area. And with the introduction of Kallang-Paya Lebar Expressway (KPE), residences here have improved road network to shorten the time span to travel to the city.

Design-and-Built and Design-plus flats were being offered then and we can see resale market is floating with movements of Punggol flats. The price has since been climbing steadily since 2005.

Punggol also has a strongly knitted community amongst residences. New happenings in Punggol? Things to take note such as watching out for hustlers or even having new community activities? Check out Punggol.org.

A Future Sports Complex, a Club House and a Reservoir

A new SAFRA clubhouse integrating a sports complex will be built in Punggol Central for the future convenience of dwelling residents. Coming 2010, we’ll have a new Punggol Reservoir. The new reservoir banks will feature unique plantations and more sports complex for Sengkang residents. The most catchy feature would be its fruit themed floating man-made wetland, which will become a habitat for fishes and birds.

Artiste Impression of Punggol Reservoir and Wetland from URA
Artiste Impression of Punggol Reservoir and Wetland from URA

2010’s Punggol Point and Punggol East

With the gazetted URA Master Plan 2008, a brand new waterfront promenade project awarded to LOOK Architects (The same award winning architect house whom brought you the iconic Alexandra Arch) will be ready in 2010 for residents of Punggol and Sengkang. A 4.2km waterway will connect Sungei Punggol and Sungei Serangoon together, with promenades on both sides running through Punggol Town.

Artiste Impression of Future Punggol Town Centre from URA
Artiste Impression of Future Punggol Town Centre from URA

Imagine water activities such as kayaking and waterfront dining at Punggol Point. This will definitely enhance the ‘Play’ mission of URA’s and improve the lifestyle living of the residents. You can read more about promenade details here.

Will Punggol 21 be Singapore’s answer to Venice? It’s a big statement, but give it sometime I’m sure it’ll still be impressive ;)

*Updated June 2013 – New Punggol Ecopolitan EC Opens for Registration!

Comprehensive Project Details of Grand Duchess, Tierra Vue, One Amber and More

Grand Duchess Club House with Stack 18 behind - Artiste Impression
Grand Duchess Club House with Stack 18 behind - Artiste Impression

Recently I have just sold a lovely ground floor 3 bedroom unit in Grand Duchess at St Patrick’s.

As we understand, developer’s will not continue to grant you Deferred Payment Scheme (DPS) and you’ll automatically be switched to Progressive Payment (PPS). Many of my buyers have asked me on the progress of the building and payment phase.

More Detailed Information About Grand Duchess at St Patrick’s, Tierra Vue, One Amber and other projects in District 15

I will have a landing page for Grand Duchess, Tierra Vue, One Amber with the most updated information including potential rentals and the progress stage of the construction for the project, along with other construction projects along District 15 for your perusal.

Should you have any questions with regards to Grand Duchess at St Patrick’s, I can be always easily reached here.

Singapore New Blueprint for Green Buildings By 2030

The Government has released a blueprint on the direction to go within the next 20-30 years for green buildings in Singapore. This is tied inconjunction with Building and Construction Authority (BCA) on its Green Mark Project started since January 2005.

BCA Green Mark

There’re a few tier standards in the Green Mark namely Gold, Gold PLUS and Platinum. You can refer to the chart from BCA here.

To encourage existing buildings to be stamped Green, BCA has roled out its second Master plan to offer cash incentives.

Free Gross Floor Area for Developers

Urban Redevelopment Authority (URA) is working closely with BCA to offer bonus gross floor area (GFA) for new private developments, a huge bonus to developers, again being subjective to Development Charges on the bonus GFA.

The landscape for new business districts such as Marina Bay and Jurong Lake District is monitored closely as buildings will have to attain a certain level of rating.


Excerpt from The Straits Times

SINGAPORE’S policymakers have unveiled a sweeping blueprint, 15 months in the making, to help build a greener, more energy efficient and sustainable nation.  The $1 billion plan, to be implemented over the next five years, will change everything from the cityscape and landscape here, to the way Singaporeans live and the way businesses are run. If successful, it will make energy usage here more efficient, reduce pollution and expand the nation’s green spaces – even as the demand for resources rises along with economic growth…

More from Straits Times

All these initiatives will result in energy reduction cost savings by $1.6 billion a year and result in creation of more job professions for the new standards.

As a developed nation, the move would create sustainability and encourage a healthier landscape make-over in Singapore. The future of the country has not sway in the wrong direction and is still looking bright for global investors and our local people.