Issue 258

Copyright 2011-2016 www.propwise.sg. All Rights Reserved.

CONTENTS
p2

Is it Really a Buyers Market?

p5

Singapore Property News This Week

p10

Resale Property Transactions

FROM THE

EDITOR

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Singapore Property Weekly.

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(April 16 April 22)

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SINGAPORE PROPERTY WEEKLY Issue 258

Is it Really a Buyers Market?

By Person of Interest (guest contributor)
A decline in property transactions came after
the 7th round of property cooling measures
that saw a jump in the Additional Buyers
Stamp Duty (ABSD), and a further reduction
in Loan-to-Value ratios for property investors
in January 2013. This was followed just five
months later by the Total Debt Servicing Ratio
(TDSR) loan framework that reduced
transactions across all sectors.
Buyers are taking the opportunity of a slowing
market to secure bargain deals. Some call it a
Buyers Market now.

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SINGAPORE PROPERTY WEEKLY Issue 258

But is it really a buyers market?
A property agent friend (lets call him Agent A)
who focuses in the Core Central Region
shared this interesting story with me when he
treated me at my favourite salad store. The
sharing started after we overheard a couple
sitting next to us debating on the fair price to
pay to a car seller they would be meeting
later that evening.
Agent A shared that his buyer(lets call him
Buyer A) put up a bid of $300,000 lesser than
the asking price, when the recent transaction
data showed $50,000to $80,000 less would
be more acceptable.
Buyer A went to great lengths to provide all
the supporting news articles and his chart
depicting how dire the economy would be,
and why the seller should accept his bid of
$300,000lower than the asking price. This
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was despite Agent A highlighting numerous

times that the seller (through his agent) had
turned down a bid that was $200,000lower
than his asking price.
Buyer A did not give up he instructed Agent
A to bypass the sellers agent to bring his
message to the seller. Agent A politely
educated Buyer A that this was not the
correct protocol.
Buyer A started to discredit Agent A for not
acting in his interest and that he was not
helping at all.
So whose market is it really?
It is true that the real estate market in
Singapore is not as buoyant as during the
period from 2007 to 2010.
It is also true that property buyers currently
are able to pick the best property of
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SINGAPORE PROPERTY WEEKLY Issue 258

their liking.
However, Buyer A adamantly stuck to his
strong belief that as it was a Buyers Market,
buyers have all the leverage, and he did not
absorb any of the information provided to him.
The questions remain:
Was the buyer serious enough or in a hurry to
make any purchase?
Was the seller serious enough or in a rush to
make a sale or did he really think his asking
price was fair?
So in a slow market, whose market is it?
In the end, it is a Willing Buyer, Willing Seller
market. Otherwise, there would be no market
at all.
By guest contributor Person of Interest, a
Service Excellence Advocate and an avid
Forum writer.
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SINGAPORE PROPERTY WEEKLY Issue 258

Singapore Property This Week

Residential
Private-home resale prices dip 1%
According to flash estimates from the
Singapore Residential Price Index (SRPI)
released on Thursday, resale prices of private
homes fell by 1% in March, reversing a
marginal increase of 0.4% in February. Prices
of homes in non-central region (excluding
small units) fell by 1.4% whereas prices of
homes
in
central
region
fell
by
0.5%.Meanwhile, small units fell 1% in March
compared to the previous month. Lee NaiJia
at DTZ cited competition from newly launched
developments and difficulties in subletting as
reasons for the greater depreciation in
shoebox units than conventional units.R'ST
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Research's Ong Kah Seng and ERA's Mr Lim

are both of the view that there would be a
trend of gradual price decline, due to weak
economic growth and labour market.
(Source: Business Times)
25% of Qingjian's EC units sold at
weekend launch

Qingjian Realty (South Pacific) Group sold 25

per cent or 158 units of its executive
condominium project in Sembawang, The
Visionaire, during the first weekend of
launch.Close to 70 per cent of the buyers
opted for the smart home package,
indicating Singaporeans readiness to adopt
smart living.
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SINGAPORE PROPERTY WEEKLY Issue 258

Qingjian Realty general manager Li Jun said
sales and conversion rates were "satisfactory
and within expectations" in view of current
market conditions.However, he believes that
some potential buyers are adopting a waitand-see approach given the looming launch
of another EC project in Sembawang, Parc
Life by Frasers Centrepoint Limited (FCL) and
Keong Hong Holdings.
(Source: Business Times)
40% of Sturdee Residences' units sold in
VIP preview
SL Capital (1) has sold 122 units of the 305unit Sturdee Residences at an average price
of S$1,550 per square foot during a VIP
preview event held on April 23.The official
launch of the project is on April 30. 20 per
cent of all buyers are foreigners and
permanent residents. The 99-year leasehold
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project at Sturdee Road comprises one to

five-bedroom units and is within close walking
distance to the Farrer Park MRT Station and
the
upcoming
Bendemeer
MRT
Station.Sturdee Residences is expected to
obtain its temporary occupation permit in
June 2020.

(Source: Business Times)

KepLand releasing new block at Highline
condo
Keppel Land (KepLand) is launching its
Highline Residences on April 30, with a new
block which has 60 units released for
sale.The project features an elevated green
ridge on level five with a wide range of
recreational and communal facilities. With a
close proximity to transport nodes and
amenities,Joseph Tan, executive director,
residential services,
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SINGAPORE PROPERTY WEEKLY Issue 258

CBRE believes that Highline Residences has
a compelling investment story for investors
who want to leverage rental and capital
appreciation.Bernard Lee, director (business
& research) at Huttons Asia, also noted that
rental rates are generally better owing to its
unique heritage at TiongBahru, and the rental
market in TiongBahru is resilient due to its low
supply.
(Source: Business Times)
Keen interest seen for Martin Place site
A rare District 9 private housing site is being
offered at a state tender.The site is located at
the corner of Martin Place and River Valley
Close. It may build 450 units at most due to
traffic considerations within the location. As a
result, JLL national director Ong Teck Hui
notes that the average unit size in the project
will be 1,067 sqft, which will mitigate
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aggressive attempts in developing too many

small units in order to achieve a high per
square foot price. The site is expected to
garner keen interest despite its high land
price due to better animal spirits in the market
and its prime location. Participation from big
companies and joint ventures within medium
sized firms is most probable.
(Source: Business Times)
Commercial
Opportunity
for
industrialists
slowdown, uncertainty: JTC

in

Industrial rents in Singapore fell 2.7 per cent

quarter on quarter (q-o-q) and 5.1 per cent
year on year (y-o-y) in the first quarter of
2016, JTC Corporation's latest statistics
released on Thursday show. Industrial
property prices have also fallen 2.5 per cent
q-o-q and 4.8 per cent y-o-y in Q1 2016.
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SINGAPORE PROPERTY WEEKLY Issue 258

Vacancy rates island-wide also rose by 0.5
percentage point to 9.9 per cent. However,
despite higher vacancy rates, industry experts
are optimistic that occupancy rates will
suddenly drop down to below 85 per cent.
John Kong, council member of the Singapore
Manufacturing Federation and managing
director of steelmaker M Metal opines that the
fall in rental and wide array of leasing options
availableare good for new industrialists
looking to set up a new place. Existing
industrialists, however, are unlikely to relocate
or expand, given uncertainties in the business
environment, but the cheaper rents will in turn
help them control their costs amid the
uncertain economic climate.

(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 258

Non-Landed Residential Resale Property Transactions for the Week of Apr 16 Apr 22
Postal
District
2
5
8
9
9
9
9
9
9
9
9
9
10
10
10
10
11
11
11
12
14
14
14
15
15
15

Project Name
SKYSUITES@ANSON
THE PEAK@BALMEG
CITY LOFT
OUE TWIN PEAKS
OUE TWIN PEAKS
OUE TWIN PEAKS
OUE TWIN PEAKS
111 EMERALD HILL
CAIRNHILL CREST
LUMA
CAIRNHILL CREST
HORIZON TOWER
GOODWOOD RESIDENCE
THE SOLITAIRE
THE EQUATORIAL
BEAVERTON COURT
PARK INFINIA AT WEE NAM
PARK INFINIA AT WEE NAM
SHELFORD 23
D'LOTUS
GUILLEMARD EDGE
VACANZA @ EAST
WINDY HEIGHTS
THE SHORE RESIDENCES
QUESTA @ DUNMAN
DE CENTURION

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Area Transacted Price

Tenure
(sqft) Price ($) ($ psf)
398
880,000
2,210
99
2,508 2,900,000 1,156
FH
323
627,000
1,942
FH
1,055 3,010,000 2,853
99
549 1,479,000 2,694
99
549 1,290,150 2,350
99
549 1,277,700 2,327
99
1,970 4,100,000 2,081
FH
1,733 3,370,000 1,945
FH
904 1,580,000 1,747
FH
1,206 2,058,000 1,707
FH
2,616 2,500,000
956
99
2,551 6,230,000 2,442
FH
1,625 2,828,000 1,740
FH
1,249 1,880,000 1,506
FH
2,056 2,800,000 1,362
FH
893 1,635,000 1,830
FH
1,582 2,800,000 1,770
FH
1,787 2,230,000 1,248
FH
807
960,000
1,189
FH
517
670,000
1,297
FH
1,023 1,180,000 1,154
FH
2,476 2,050,000
828
FH
872 1,408,000 1,615
103
775 1,200,000 1,548
FH
775 1,140,000 1,471
FH

Postal
District
15
16
16
16
16
17
18
19
19
20
20
20
20
21
21
22
23
23
23
23
26
26
27

Project Name
BUTTERWORTH 8
EAST COAST RESIDENCES
WATERFRONT GOLD
CASA MERAH
FAIRMOUNT CONDOMINIUM
LOYANG VALLEY
RIS GRANDEUR
KOVAN LODGE
SERANGOON VILLE
CLOVER BY THE PARK
SEASONS VIEW
BISHAN 8
BRADDELL VIEW
THE STERLING
MAYFAIR GARDENS
THE LAKESHORE
TREE HOUSE
HILLVIEW REGENCY
REGENT GROVE
PALM GARDENS
MEADOWS @ PEIRCE
FOREST HILLS CONDOMINIUM
EUPHONY GARDENS

Area Transacted Price

Tenure
(sqft) Price ($) ($ psf)
1,023 1,338,000 1,308
FH
1,001 1,230,000 1,229
FH
1,012 1,100,000 1,087
99
1,259 1,300,000 1,032
99
1,270 950,000
748
99
3,251 1,640,000
505
99
1,066 970,000
910
FH
2,067 1,670,000
808
FH
1,658 905,000
546
100
1,765 2,080,000 1,178
99
969 1,050,000 1,084
99
1,184 1,260,000 1,064
99
1,798 1,380,000
768
99
1,970 2,800,000 1,421
FH
1,765 1,180,000
668
99
1,163 1,220,000 1,049
99
1,292 1,308,888 1,013
99
947
820,000
866
99
1,163 850,000
731
99
1,216 780,000
641
99
1,195 1,360,000 1,138
FH
1,539 1,105,000
718
99
764
620,000
811
99

NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.
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