Issue 319

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 CONTENTS FROM THE

p2 MAS Makes Most Property Market

EDITOR
Welcome to the 319th edition of the
Singapore Property Weekly.
Commentators Look Foolish Again
Hope you like it!
p7 Resale Property Transactions
Mr. Propwise
(June 28 June 30)

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 SINGAPORE PROPERTY WEEKLY Issue 319

MAS Makes Most Property Market Commentators

Look Foolish Again
By Property Soul (guest contributor) cooling measures, they remain necessary
and easing the measures now would send a
wrong signal.

Sorry, cooling measures are here to stay

Menon cited two reasons for the decision: 1)

Good pick-up of recent project launches
under the current low interest rate
environment; and 2) Increased tightening of
property buying restrictions in other countries.

Menon emphasized that property prices

Recently, Managing Director of the Monetary should be aligned with broader income trends
Authority of Singapore (MAS) Ravi Menon in the economy and the government will not
mentioned at the annual report media let property prices increase faster than
conference that it is not time yet to ease the nominal GDP growth.

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 SINGAPORE PROPERTY WEEKLY Issue 319
Private residential property prices have
climbed 60 percent over 17 quarters, but only
declined less than 12 percent in the last 14
quarters.
Menon restated that the MOF, MND, and
MAS were all very clear in the March
announcement that the adjustments were
made for very specific reasons and purposes
and the government has never changed its
position on the TDSR structure, Additional
Buyers Stamp Duty and Loan-to-Value limits.
The calibrated adjustments by the
government earlier this year do not signal the
start of an unwinding of the property cooling
measures, as some commentators have
suggested.
Back to Contents
Oops, the MAS just gave industry
stakeholders who speculated further
relaxation of cooling measures a real slap on
the face! The market tends to make us look
foolish most of the time, doesnt it?
Those who recently bought on deferred
payment scheme or the stay-then-pay
program should now realize that the wait may
not be just one to two years time.
Edmund Tie & Co told the media last month
that some treat the ABSD in buying properties
like the COE in buying cars. But what the
investor fails to see is that all car owners
have to pay the COE to drive a car. But not all
property owners have to pay the ABSD to buy
a home. It depends on when they buy it and
whether they are buying their first property.
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 SINGAPORE PROPERTY WEEKLY Issue 319

Next time when this investor is competing

with other owners of similar units in the same
project for tenants or buyers, he will realize
that they are not competing on an equal
footing because of the ABSD he has paid.

Why do some commentators still not get

it?

In fact, the commentators are not being

slapped once but again and again by the
government. Every time there is market
speculation on the relaxation of the cooling
measures, the government does not hesitate
to come out and put it straight.

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 SINGAPORE PROPERTY WEEKLY Issue 319
A contrarians view? Who bothers?
You cant blame industry stakeholders who
assured you that the government will lift
ABSD soon; or Morgan Stanley who
predicted that Singapore property prices to
double by 2030; or JLL who claimed that
residential market will likely recover by early
2018 when home buyers are taking the
plunge fearlessly; when new launch projects
are selling like hot cakes; when developers
are bidding hungrily for new sites like theres
no tomorrow.
All these analysts are predicting that the
property market will recover soon. We havent
seen such positive market sentiments for a
long time.
Who bother to be a contrarian here?
Back to Contents
I did have a few blog posts with a different
view:
1) Its not a bottoming-out. Its a dead cat
bounce.
2) 3 reasons why adjustments to property
measures is not a good sign
3) Who said property cooling measures may
never be lifted?
I am not saying that the property market will
crash soon. I just believe that the market is
going to be different from what the local
media and industry stakeholders are
predicting.
Ken Fisher said in his book Beat the
Crowd that a contrarian doesnt have to hold
an opposite view from the majority. A
contrarian just holds a different view.
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 SINGAPORE PROPERTY WEEKLY Issue 319

If most people believe that this is whats going it about Iskandar and Malaysia properties 3
to happen in the market, the contrarian simply years ago in 2014. I said it about the market
believes that something else will. slowdown and some other things as well. Its
not too difficult to be correct 60 to 70 percent
History tells us that the market likes to make
of the time, is it?
most of us look foolish most of the time. It
always gives us an anti-climax at the By guest contributor Property Soul, a
maximum point of optimism. successful property investor, blogger, and
author of the No B.S. Guide to Property
The contrarian looks for things the herd and
Investment.
curmudgeons ignore they branch out. Or
they look at the same things but see them
differently. Both actions let them find the risks
and opportunities most others miss.

A 60% or 70% success rate keeps you well

ahead of most if youre right 70% of the
time in this realm, you become an absolute
living legend.

You see, I am only targeting 60 percent or at

most 70 percent of the time to be right. I said

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 SINGAPORE PROPERTY WEEKLY Issue 319

Non-Landed Residential Resale Property Transactions for the Week of June 28 June 30

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE SAIL @ MARINA BAY 1,259 2,040,000 1,620 99 10 FONTANA HEIGHTS 3,466 5,000,000 1,443 FH
1 ONE SHENTON 1,109 1,720,000 1,551 99 10 SPRING GROVE 1,389 1,860,000 1,340 99
3 TWIN REGENCY 1,227 2,050,000 1,671 FH 10 RIVER VALLEY APARTMENTS 1,076 1,348,000 1,252 FH
3 PEARL BANK APARTMENT 1,755 1,380,000 787 99 10 DUCHESS CREST 1,711 2,105,000 1,230 99
4 MARINA COLLECTION 3,412 6,150,000 1,802 99 10 JERVOIS JADE APARTMENTS 2,056 1,800,000 876 99
4 SKYLINE RESIDENCES 3,251 4,900,000 1,507 FH 11 26 NEWTON 474 1,259,000 2,658 FH
4 THE INTERLACE 2,099 2,650,000 1,263 99 11 VIVA 1,324 2,620,000 1,979 FH
5 NORMANTON PARK 1,550 1,300,000 839 102 11 26 NEWTON 1,033 1,955,000 1,892 FH
5 FABER CREST 1,292 995,000 770 99 11 PARK INFINIA AT WEE NAM 1,464 2,700,000 1,844 FH
8 CITY STUDIOS 1,227 1,205,000 982 FH 11 1 MOULMEIN RISE 1,238 1,980,000 1,600 FH
9 THE METZ 570 1,360,000 2,384 FH 12 CRADELS 441 708,000 1,604 FH
9 THE TRILLIUM 2,390 4,500,000 1,883 FH 12 TRELLIS TOWERS 1,163 1,450,000 1,247 FH
9 THE TRILLIUM 1,399 2,480,000 1,772 FH 12 RIVIERA 38 743 845,000 1,138 999
9 PARC EMILY 1,066 1,800,000 1,689 FH 12 OLEANDER TOWERS 861 940,000 1,092 99
9 PARC EMILY 947 1,500,000 1,584 FH 12 PARC HAVEN 1,012 980,000 969 FH
10 ARDMORE PARK 2,885 9,300,000 3,224 FH 14 SINGA HILLS 807 1,139,999 1,412 FH
10 ARDMORE PARK 2,885 8,650,000 2,999 FH 14 GROSVENOR VIEW 883 905,000 1,025 FH
10 ROBIN RESIDENCES 850 2,063,000 2,426 FH 14 THE SUNNY SPRING 1,109 1,080,000 974 FH
10 ROBIN RESIDENCES 1,152 2,720,000 2,362 FH 14 CENTRAL GROVE 1,023 920,000 900 99
10 MON JERVOIS 614 1,423,977 2,321 99 14 THE ALCOVE 1,356 1,100,000 811 99
10 MON JERVOIS 1,389 3,035,488 2,186 99 14 COSY 23 1,421 1,070,000 753 FH
10 D'GROVE VILLAS 2,702 4,520,000 1,673 FH 14 SUNFLOWER COURT 1,044 720,000 690 FH
10 SOMMERVILLE GRANDEUR 1,830 2,668,800 1,458 FH 15 AMBER RESIDENCES 1,163 1,710,000 1,471 FH
10 VALLEY PARK 797 1,150,000 1,444 999 15 THE AMARELLE 570 780,000 1,367 FH

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 SINGAPORE PROPERTY WEEKLY Issue 319

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
15 FLAMINGO VALLEY 958 1,260,000 1,315 FH 19 REGENTVILLE 1,152 800,000 695 99
15 THE ATRIA AT MEYER 1,475 1,880,000 1,275 FH 20 SKY HABITAT 1,798 2,511,400 1,397 99
15 OCEAN PARK 2,110 2,500,000 1,185 FH 20 THE WINDSOR 1,302 1,280,000 983 FH
15 COSTA RHU 1,345 1,520,000 1,130 99 20 BISHAN POINT 1,485 1,450,000 976 99
15 COTE D'AZUR 840 933,800 1,112 99 20 BRADDELL VIEW 1,453 1,260,000 867 103
15 EQUATORIAL APARTMENTS 2,497 2,775,000 1,111 FH 21 SIGNATURE PARK 1,421 1,630,000 1,147 FH
15 VITRA 1,119 1,175,000 1,050 FH 21 SYMPHONY HEIGHTS 1,668 1,800,000 1,079 FH
15 VILLA MARINA 1,087 1,080,000 993 99 21 BUKIT REGENCY 1,539 1,620,000 1,052 FH
15 CHELSEA LODGE 1,055 1,020,000 967 FH 21 PANDAN VALLEY 1,647 1,680,000 1,020 FH
15 CHAPEL LODGE 1,528 1,468,000 960 FH 22 THE LAKEFRONT RESIDENCES 990 1,200,000 1,212 99
16 BREEZE BY THE EAST 1,507 1,590,000 1,055 FH 22 THE LAKESHORE 1,292 1,300,000 1,006 99
16 COSTA DEL SOL 1,475 1,500,000 1,017 99 22 THE MAYFAIR 1,227 1,075,000 876 99
16 THE TROPIC GARDENS 1,389 1,350,000 972 FH 23 HILLBROOKS 1,335 1,250,000 937 FH
16 THE BAYSHORE 926 820,000 886 99 23 CASHEW HEIGHTS CONDOMINIUM 1,658 1,525,000 920 999
16 BAYSHORE PARK 936 808,000 863 99 23 MI CASA 1,292 1,096,000 849 99
16 TANAMERA CREST 1,163 870,000 748 99 23 GUILIN VIEW 861 690,000 801 99
16 BEDOK COURT 2,411 1,310,000 543 99 25 ROSEWOOD SUITES 689 628,000 912 99
17 AVILA GARDENS 1,324 945,000 714 FH 27 EIGHT COURTYARDS 1,572 1,310,000 834 99
18 DOUBLE BAY RESIDENCES 1,367 1,438,000 1,052 99 27 YISHUN SAPPHIRE 1,206 830,000 688 99
18 WATERVIEW 926 910,000 983 99 28 SUNRISE GARDENS 1,281 885,000 691 99
18 RIPPLE BAY 775 745,000 961 99
18 RIS GRANDEUR 1,066 935,000 877 FH NOTE: This data only covers non-landed residential resale property
18 TROPICAL SPRING 2,519 1,880,000 746 99 transactions with caveats lodged with the Singapore Land Authority.
19 BARTLEY RESIDENCES 797 1,168,000 1,466 99 Typically, caveats are lodged at least 2-3 weeks after a purchaser
19 THE CHUAN 1,518 1,800,000 1,186 999 signs an OTP, hence the lagged nature of the data.
19 PARC VERA 872 850,000 975 99
19 RIVER ISLES 1,173 1,002,888 855 99

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