Issue 306

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 CONTENTS FROM THE

p2 Should Singaporeans Be Grateful for

EDITOR
Welcome to the 306th edition of the
Singapore Property Weekly.
Property Cooling Measures?
Hope you like it!
p8 Resale Property Transactions
Mr. Propwise
(March 27 March 31)

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 SINGAPORE PROPERTY WEEKLY Issue 306

Should Singaporeans Be Grateful for Property

Cooling Measures?
By Property Soul (guest contributor)
Singapores Second Minister for Finance
Lawrence Wong said in a Bloomberg TV
interview that the government hasnt made
any movement in the budget to relax the
property cooling measures because demand
remains very resilient and property volume
in terms of transactions have increased and
not decreased.

Sacrificing housing affordability for

foreign investment

Singapore private property prices have fallen

only 3 percent in 2016 and a total of 11.2
percent from the last peak in the third quarter
of 2013, after a surge of 92 percent since the
bottom of 2003.

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 SINGAPORE PROPERTY WEEKLY Issue 306
But compared with our counterpart in Hong
Kong, home prices there have risen more
than 150 percent since 2009 and 370 percent
from the SARS period in 2003.
According to a recent study by Oxford
Economics, Hong Kong has the most
unaffordable housing in the world, followed by
Mumbai, Beijing, Shanghai and London.
Singapore takes the 7th place after Tokyo.
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With strict criteria and a long waiting time of
over 8 years for public housing, Hong Kong
people are forced to go after private
properties.
However, only people who have a monthly
income of at least HK$40,000 to HK$50,000
(S$7,000 to S$9,000) can afford to buy a
private home. A median income family needs
35 years of annual income (and without
spending any of the income) to buy a 970 sq
ft property. The duration is 30 years for
Mumbai, Beijing and Shanghai.
Chinese buyers have long been blamed for
pushing up property prices in Hong
Kong. CNBC recently came up with an article
on Hong Kong and Singapore property: One
is winning on Chinese investors (CNBC, Feb
17)
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 SINGAPORE PROPERTY WEEKLY Issue 306

Obviously, investors from China are more 17.5 percent before ABSD was introduced.
interested in Hong Kong than Singapore
properties. Last year, Chinese buyers
invested $5.2 billion in Hong Kongs real
estate market, compared to only $600 million
in Singapore, according to figures from Real
Capital Analytics.

In Hong Kong, Chinese developers and

financial institutions have mainly purchased
office property, while individual investors have
mainly purchased residential property,
commented the Asia Pacific CEO at Colliers
International.

Fortunately, since the Singapore government

imposed a 15 percent Additional Buyer Stamp
Duty (ABSD) on foreign buyers, foreigners
who bought homes on the city fringe were
only 5.5 percent of the buyers for the fourth
quarter of last year, down significantly from

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 SINGAPORE PROPERTY WEEKLY Issue 306
Widened wealth gap amid rising property
prices
A 2014 study done by NUS Department of
Economics on Income inequality in
Singapore: Do housing prices play a role?
tried to spot the link between income
inequality and housing prices. The results
show a small but statistically significant effect
of rising private residential property prices on
labor income.
There are social implications when property
prices are going through the roof. Those who
sit on properties acquired when they are still
cheap are laughing all the way to the bank.
On the other hand, those who are late to the
game are faced with increasingly
unaffordable housing. High property prices
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widens the wealth gap between the haves
and the dont haves.
The haves can now leverage the increased
property prices to upgrade their home or
acquire more properties. On the other hand,
the dont haves find themselves unable to
afford a roof over their head.
There is a scene in a Hong Kong TV drama
about two lovers saving to buy their first
matrimonial home. One day the guy happily
shared the good news with his fiance.
Guess what I did today? I just put down the
deposit for our home. Our dream has finally
come true after all these years Remember
I told you my schoolmate who works in a
bank? He helped us to get very good terms
for the 35-year loan
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 SINGAPORE PROPERTY WEEKLY Issue 306
Im afraid that I cant be the co-owner of the
new flat, the fiance interrupts him. In fact, I
have to marry another guy. My fianc has just
bought a seaside house for us. She
continued, Im sorry for my change of heart. I
am getting tired of this kind of life for years
we hardly eat out. We can only meet at
places that dont cost anything. We never go
for holidays. I cant go shopping to avoid
spending money unnecessarily all for the
sake of saving every cent for the down
payment of the most affordable flat. Yet
housing prices are climbing much faster than
the rate we save and whatever increment we
get from our salary. We have no choice but to
save even harder. Yet I still feel that the more
and longer we save, the more unreachable
our goal By the way, the new house doesnt
come with a mortgage. He paid up in cash.
Shouldnt we be grateful that the Singapore
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government has cooling measures in place to
keep private home prices in check? And for
those who cant afford private properties,
arent we lucky to have HDB flats at different
price levels affordable to buyers?
Buying a home first or getting married
first?
In Singapore, more are delaying their
marriage to save up for the high cost of
weddings, housing and having children.
Young people need to spend time to build
their career and be financial stable before
settling down.
Three years back, the then National
Development Minister Khaw Boon Wan told
the media that the mentality of the new
generation has changed. The sequence is to
buy a home first, then get married before
starting a family.
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 SINGAPORE PROPERTY WEEKLY Issue 306
In an interview on marriage and parenthood
last October, Senior Minister of State
Josephine Teo urged young people to look for
love and settle down early. She also warned
women to have babies early to avoid infertility
problems if they try too late.
In Hong Kong, more than 70 percent of
people feel that they should buy a home first
before getting married. Over 60 percent of
women put buying their own flat a first priority
over marriage.
Recently, a Hong Kong TV show The Place
We Call Home () interviewed
individuals to see how far they can go in order
to buy their own home. We all understand
how these kind of reality TV shows like to
exaggerate things to attract viewers.
An attractive 22-year-old girl put down having
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his own property a must-have criterion in
looking for her future husband. She says guys
shouldnt fish if they dont own any property.
Her dream home is a 2,000 sq ft apartment in
a prestigious district. The reason? Women
can only have sense of security if the property
is their own. Women must feel safe and
comfortable before they can come and
conceive naturally.
Can someone go tell our Minister that
millennial women are looking for much more
than a very small space to have sex for
reproduction?
By guest contributor Property Soul, a
successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.
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 SINGAPORE PROPERTY WEEKLY Issue 306
Non-Landed Residential Resale Property Transactions for the Week of Mar 27 Mar 31

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
3 ASCENTIA SKY 958 1,272,000 1,328 99 9 ROBERTSON 100 1,173 1,880,000 1,602 FH
4 REFLECTIONS AT KEPPEL BAY 4,359 10,000,000 2,294 99 9 NEWTON EDGE 700 1,100,000 1,572 FH
4 REFLECTIONS AT KEPPEL BAY 1,098 1,730,000 1,576 99 9 MIRAGE TOWER 1,496 2,322,000 1,552 FH
4 CARIBBEAN AT KEPPEL BAY 893 1,395,000 1,561 99 9 PARC EMILY 904 1,400,000 1,548 FH
4 THE INTERLACE 1,744 2,000,000 1,147 99 9 ASPEN HEIGHTS 2,691 4,035,000 1,499 999
5 PARC IMPERIAL 388 695,000 1,794 FH 9 RIVIERA POINT 1,281 1,491,000 1,164 FH
5 VARSITY PARK CONDOMINIUM 2,228 2,550,000 1,144 99 10 GRAMERCY PARK 2,207 5,782,610 2,621 FH
5 CLEMENTIWOODS CONDOMINIUM 1,055 1,135,000 1,076 99 10 CLUNY PARK RESIDENCE 840 2,100,000 2,501 FH
5 KENTVIEW PARK 1,227 1,190,000 970 FH 10 LEEDON RESIDENCE 2,110 5,200,000 2,465 FH
5 FABER CREST 1,249 1,050,000 841 99 10 NASSIM MANSION 3,520 8,500,000 2,415 FH
8 CLYDES RESIDENCE 570 770,000 1,350 FH 10 ST REGIS RESIDENCES SINGAPORE 2,486 5,700,000 2,292 999
8 CITY SQUARE RESIDENCES 1,496 1,800,000 1,203 FH 10 POLLEN & BLEU 603 1,257,150 2,086 99
9 THE ORCHARD RESIDENCES 2,174 7,400,000 3,403 99 10 POLLEN & BLEU 549 1,098,200 2,000 99
9 SCOTTS SQUARE 947 2,860,000 3,019 FH 10 THE ARC AT DRAYCOTT 1,130 2,180,000 1,929 FH
9 SCOTTS SQUARE 947 2,790,000 2,945 FH 10 POLLEN & BLEU 893 1,656,650 1,854 99
9 THE CLAYMORE 2,680 6,650,000 2,481 FH 10 WING ON LIFE GARDEN 3,240 5,200,000 1,605 FH
9 1919 560 1,233,000 2,203 FH 10 THE DRAYCOTT 2,637 4,230,000 1,604 FH
9 RIVERGATE 1,507 3,000,000 1,991 FH 10 THE TRIZON 1,894 2,980,000 1,573 FH
9 THE COSMOPOLITAN 1,324 2,580,000 1,949 FH 10 THE TRIZON 2,067 3,141,840 1,520 FH
9 TRIBECA 517 1,000,000 1,935 FH 10 PINETREE CONDOMINIUM 1,195 1,500,000 1,255 FH
9 MARTIN PLACE RESIDENCES 1,163 2,230,000 1,918 FH 11 26 NEWTON 474 1,138,000 2,403 FH
9 KILLINEY 118 570 1,050,000 1,841 FH 11 26 NEWTON 474 1,113,216 2,350 FH
9 SOPHIA RESIDENCE 797 1,438,000 1,805 FH 11 TRILIGHT 2,099 3,500,000 1,667 FH
9 THE PATERSON 1,464 2,600,000 1,776 FH 11 THE PARK VALE 1,012 1,360,000 1,344 999

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 SINGAPORE PROPERTY WEEKLY Issue 306

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
11 ONE AKYAB 1,830 1,650,000 902 FH 16 WATERFRONT GOLD 893 995,000 1,114 99
12 BALESTIER REGENCY 1,475 1,410,000 956 FH 16 WATERFRONT WAVES 1,270 1,400,000 1,102 99
13 INTERO 1,023 1,300,000 1,271 FH 16 COUNTRY PARK CONDOMINIUM 1,389 1,510,000 1,087 FH
13 NIN RESIDENCE 1,281 1,488,800 1,162 99 16 WATERFRONT KEY 1,033 1,050,000 1,016 99
14 CENTRA STUDIOS 484 642,888 1,327 FH 16 SUNHAVEN 1,313 1,200,000 914 FH
14 THE CENTREN 1,001 1,150,000 1,149 FH 16 AQUARIUS BY THE PARK 1,206 950,000 788 99
14 KEMBANGAN PLAZA 775 765,000 987 FH 16 KEW GREEN 3,057 2,100,000 687 99
14 CENTRAL GROVE 1,173 1,120,000 955 99 17 PALM ISLES 517 536,888 1,039 99
14 SIMSVILLE 1,528 1,330,000 870 99 17 PALM ISLES 1,119 971,228 868 99
14 SIMSVILLE 980 840,000 858 99 17 CARISSA PARK CONDOMINIUM 2,110 1,600,000 758 FH
14 CASA SARINA 1,259 1,068,000 848 FH 17 EDELWEISS PARK CONDOMINIUM 947 700,000 739 FH
14 THE ALCOVE 1,324 1,025,000 774 99 18 SEA ESTA 904 900,000 995 99
15 FULCRUM 474 945,000 1,995 FH 18 SEASTRAND 1,109 1,010,000 911 99
15 FULCRUM 829 1,433,520 1,730 FH 18 RIPPLE BAY 1,001 885,000 884 99
15 SUITES @ GUILLEMARD 323 510,000 1,579 FH 18 RIPPLE BAY 1,399 1,200,000 858 99
15 LAVERNE'S LOFT 398 540,000 1,356 FH 18 MELVILLE PARK 958 735,000 767 99
15 PARKSHORE 2,325 3,100,000 1,333 FH 18 CHANGI RISE CONDOMINIUM 1,130 860,000 761 99
15 SEAVIEW POINT 1,389 1,650,000 1,188 FH 18 SAVANNAH CONDOPARK 1,238 930,000 751 99
15 D'ECOSIA 764 863,000 1,129 FH 18 MELVILLE PARK 1,475 915,000 620 99
15 D' FRESCO 797 850,000 1,067 FH 19 RIVERSAILS 1,066 1,080,000 1,013 99
15 TANJONG RIA CONDOMINIUM 807 848,000 1,050 99 19 EVANIA 980 920,000 939 FH
15 SANCTUARY GREEN 1,238 1,300,000 1,050 99 19 THE QUARTZ 1,066 980,000 920 99
15 DE CASALLE 1,292 1,320,000 1,022 FH 19 COMPASS HEIGHTS 1,324 1,130,000 853 99
15 SIGNATURE CREST 883 873,000 989 FH 19 THE QUARTZ 1,367 1,145,000 838 99
15 DUNMAN VIEW 1,195 1,130,000 946 99 20 CENTRO RESIDENCES 926 1,300,000 1,404 99
15 THE CARPMAELINA 1,927 1,665,000 864 FH 20 CLOVER BY THE PARK 1,216 1,525,000 1,254 99
15 VILLA MARINA 1,690 1,420,000 840 99 20 BISHAN 8 1,163 1,350,000 1,161 99

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 SINGAPORE PROPERTY WEEKLY Issue 306
Postal Area Transacted Price
Project Name Tenure
District (sqft) Price ($) ($ psf)
21 FLORIDIAN 1,658 2,600,000 1,568 FH
21 THE NEXUS 1,345 1,850,000 1,375 FH
21 MAPLE WOODS 1,335 1,760,000 1,319 FH
21 SPRINGDALE CONDOMINIUM 1,130 1,220,000 1,079 999
21 CLEMENTI PARK 1,658 1,630,000 983 FH
21 PINE GROVE 1,755 1,445,000 824 99
21 PINE GROVE 1,755 1,300,000 741 99
22 THE LAKESHORE 861 965,000 1,121 99
22 THE LAKESHORE 1,109 1,120,000 1,010 99
22 PARC OASIS 1,378 1,350,000 980 99
23 HILLVISTA 958 1,000,000 1,044 FH
23 THE LINEAR 1,076 910,000 845 999
23 THE WARREN 1,238 1,010,000 816 99
23 MAYSPRINGS 904 725,000 802 99
23 REGENT HEIGHTS 1,023 818,888 801 99
23 GUILIN VIEW 1,572 1,225,000 779 99
23 REGENT HEIGHTS 1,173 850,000 724 99
23 NORTHVALE 1,173 808,000 689 99
23 HILLTOP GROVE 1,485 1,020,000 687 99
25 PARC ROSEWOOD 431 510,000 1,185 99
25 WOODHAVEN 624 640,000 1,025 99
26 BULLION PARK 807 850,000 1,053 FH
27 EIGHT COURTYARDS 861 800,000 929 99
27 THE ESTUARY 1,119 960,000 858 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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