July 11, 2019

Singapore just sold its most expensive condo ever
British billionaire James Dyson, inventor of the bagless vacuum cleaner, has snapped up the most expensive apartment in Singapore, where his company plans to build an electric car.

Earlier this week, Dyson and his wife, Deirdre made headlines after they reportedly paid S$73.8 million for a triplex super penthouse at the ultra-luxe Wallich Residence (pic). The purchase is said to be the most expensive condo transaction ever in the city-state.

Based on title records seen by Reuters, Dyson and his wife bought the Wallich Residence penthouse on 20 June, 2019.

Once valued at $100 million, the three-storey property has an area of 21,000 sq ft and comes with five bedrooms, a private garden, a 600-bottle wine cellar, pool and jacuzzi. It can also be accessed by its own lift and boasts city views including the Marina Bay Sands, showed marketing documents.

The 99-year leasehold penthouse at Tanjong Pagar Centre spans across the 62nd to 64th floors of Guoco Tower, which was built by developer GuocoLand.

Find out more about Tanjong Pagar, a colourful and tidy corner of Singapore’s CBD!

In January, the 72-year-old Dyson announced plans to relocate his company’s head office to Singapore from Britain to be closer to its fastest-growing markets.

With products including bagless vacuum cleaners, air purifiers, hair dryers and bladeless fans, his company is also looking at building its first electric car in Singapore.

“Given the decision to locate the headquarters in Singapore and the growing focus of the company’s business in the region, of course James Dyson has bought a property there,” said a Dyson spokesman, without offering further details on the purchase.

Info courtesy - Property Guru


April 23, 2019

Despite perceived high prices, 66 percent of Singaporeans still consider property within the city-state to be good ‘value for money’.
Despite the perceived high prices, many Singaporeans remain positive of the local property market, findings from the latest PropertyGuru Consumer Sentiment Survey showed.
This comes as 41 percent of respondents said they were satisfied with Singapore’s real estate climate.
With this, the Sentiment Index increased to 45 points during the second half of 2018 from 39 in the first half of 2018. The index measures current real estate satisfaction, real estate climate, affordability, interest rate situation, property prices and perceived government efforts.
And while 88 percent of respondents believe that property prices are high and 72 percent expect prices to increase over the next six months, 66 percent still consider property within the city-state as not only affordable but also good ‘value for money’.
In fact, 64 percent were able to acquire a home at current prices and within their current incomes, while 27 percent intend to purchase a home in the following year.
“With prices in the private property market starting to see declines from cooling measures, and the HDB resale market remaining flat, buyers are likely to consider entering the market in 2019,” said Jeremy Williams, chief business officer of PropertyGuru Group.
“Furthermore, with at least 40 new launches expected to hit the market this year, private property buyers will have plenty of options to choose from. Despite macroeconomic uncertainties, we see from our sentiment survey that there remains a firm belief in the long-term potential of Singapore’s property market.”
The survey also showed increased intention among respondents to buy a condominium (by 22 percent), mixed-use development (by 32 percent) and landed property (20 percent) within the next six months.
For those looking to upgrade to private property, positive perception increased the highest for executive condominiums (ECs) at six percent.
Meanwhile, the survey also noted a growing trend among millennials of moving out of their parents’ homes earlier.
At least 24 percent of respondents who moved out of their family homes were 27 years of age and below.

Info Courtesy - Property Guru


Property Investment Sales Drop In Q1
April 17, 2019

The residential sector saw a drop in investment sales due to less activity in the good class bungalow and collective sales markets.
Singapore saw real estate investment sales fall 21 percent quarter-on-quarter and 52 percent year-on-year to $5.3 billion during the first quarter of 2019, reported Singapore Business Review citing a Colliers International research report.
The residential sector made up 32 percent of total investment sales for Q1 2019 at $1.7 billion.
The figure is down 82 percent year-on-year as all sub-segments, including good class bungalows and collective sales witnessed declines.
On a quarterly basis, residential investment sales jumped 48.2 percent on the back of healthy public land sales.
The report noted that two residential Government Land Sales (GLS) sites at Kampong Java Road and Tampines Avenue 10 were among the top five biggest transactions in Q1 2019.
Despite the slow private residential investment sales, Colliers expects volumes to pick up by the middle of the year, possibly witnessing more activity within the en bloc sale market by the end of 2019 as sentiment improves. Meanwhile, Colliers also revealed that four of the five biggest transactions were GLS deals. “Public land sales booked a bumper quarter, surging 17-fold quarter-on-quarter and 32 percent year-on-year to $2.1 billion. They accounted for 40 percent of total investment sales in Q1 2019,” it added.
For the whole of 2019, Colliers expects total investment sales volume to hit $38 billion, which is on par with the level seen last year.

Info courtesy - PropertyGuru


April 12, 2019

This comes despite the government’s introduction of new cooling measures last year which saw property price growth drop a little.
Singapore has once again emerged as the world’s second most expensive residential property market behind Hong Kong, revealed a CBRE report which compared private residential properties across 35 key global cities.
Hong Kong maintained its top position as average homes there cost US$1.235 million or US$2,091 psf, while average homes in Singapore cost US$874,372 or US$1,063 psf.
Shanghai also remained in third spot, with average home prices at US$872,555 (US$714 psf).
“As a financial hub, Singapore is known for its skilled talent, ease of doing business, top-notch infrastructure, as well as economic and political stability. Singapore has always been an attractive location for multinational companies to establish their regional headquarters. These factors influence the cost of property ownership in the city,” said Desmond Sim, head of research for CBRE in Southeast Asia.
The report, however, noted that average price growth in Singapore was slower at 1.1 percent, compared to the 5.5 percent growth registered in Hong Kong and 11.2 percent in Shanghai.
The report revealed that these three top cities have all introduced cooling measures to keep prices under control.
Singapore’s introduction of new cooling measures last year saw property price growth drop for the second straight quarter in Q1 2019 following five consecutive quarters of robust growth since Q3 2017, said Sim.
“Coupled with increasing supply and weaker sentiments, prices are likely to moderate or remain flat from this year going forward,” he added.
Other Asian cities in the top 10 list are Shenzhen and Beijing, which were in 5th and 9th place respectively.
Completing the top 10 list are Vancouver (4th), Los Angeles (6th), New York (7th), London (8th) and Paris (10th).

Info courtesy – Property guru

Singapore Home Prices Down In Q1

Singapore Home Prices Down In Q1
April 2, 2019

The drop in private home prices wasn’t surprising considering the weaker market sentiment following the introduction of new cooling measures last year, said analysts.

Private home prices fell for the second straight quarter, dropping 0.6 percent in the first quarter of 2019 from the previous three-month period, according to the Urban Redevelopment Authority’s (URA) flash estimates released on Monday (April 1).

The fall in private home prices is “generally unsurprising” given the weaker market sentiment following the introduction of new cooling measures in July, said Tricia Song, head of research for Singapore at Colliers International.

Can you afford a condo? Check your affordability now

In fact, caveats registered to-date in URA Realis showed that there were 3,215 transactions of private homes in Q1 2019, a sharp 40 percent year-on-year decline from the 5,328 units seen in Q1 2018, noted Ong Teck Hui, senior director of research and consultancy at JLL Singapore.

“Buyers have become more cautious and selective and not in a hurry to purchase, as prices are easing and the significant supply in the sales pipeline would be offering more options to consider,” he said.

The Core Central Region (CCR) led the price decline, falling 2.9 percent from the previous quarter or the sharpest quarterly decline since Q2 2009 when prices fell 5.2 percent.

The Rest of Central Region (RCR) saw prices dip 0.2 percent, while prices in the Outside Central Region (OCR) were unchanged.

Meanwhile, resale prices of HDB flats also continued a downward trend, declining 0.3 percent quarter-on-quarter to 131 in the first quarter of 2019.

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Eugene Lim, key executive officer at ERA Realty Network, noted that the drop is similar to the 0.2 percent decrease registered in the preceding quarter.

“The concern of depleting leases of older resale HDB flats was in the spotlight earlier this year. However, PM Lee has addressed this concern in his National Day Rally speech, where VERS and the new HIP programmes were introduced. In this regard, we have not seen an immediate impact on resale flat prices,” he said.

Over the long term, however, Lim expects a change of mindset towards older HDB flats as the policies start to be implemented.

With this, he expects this year’s HDB resale demand to be resilient as an estimated 27,000 flats reach the minimum occupation period and the cooling measures’ side effects drive more buyers on a tighter budget to the HDB resale market.

Some en bloc beneficiaries may also choose to downgrade to HDB flats to keep more funds for other uses.

HDB also announced that it will offer around 3,400 Build-To-Order flats in Tengah, Woodlands and Kallang Whampoa next month. It will also hold a concurrent Sale of Balance Flats exercise.

Info courtesy – Propertyguru


The purchase of foreign properties carries additional risks not associated with local property transactions.
Property agencies and agents therefore play an important role in carrying out due diligence and advising consumers on the risks involved in purchasing foreign properties located outside Singapore, regardless of whether they are developed by foreign developers or Singapore developers, or whether they are owned by foreigners or Singaporeans. .
If you are marketing or facilitating the sale of foreign properties in Singapore, remember to abide by the Council for Estate Agencies’ Practice Guidelines regarding the conduct of such estate agency work.
The guidelines seek to instill professional practices that property agencies and agents must adopt in the sale and marketing process of properties located outside Singapore, as well as to better protect consumers’ interests.The sale and purchase of a foreign property is subject to the laws of the country where the property is located, with differing legal processes and financing practices.

This set of guidelines on the marketing of foreign properties took effect on 1 December 2018, superseding those issued in 2014 (PG01-14).

Let’s take a look at some of the key changes to the guidelines:
  • In the pre-marketing phase, property agencies must now confirm that guarantees made in advertisements, e.g. return on investments (ROI) are binding on the vendor (such as the developer or underwriter who owns and sells the property purchased from the developer).
  • Due diligence checks must be conducted by Estate agents. Due diligence must be conducted on the vendor and his claims.Due diligence must also be conducted on the foreign property, to verify the specifications and other material information relating to the foreign property, such as property title, tenure, location, size, features, amenities, etc.
  • Property agencies must check whether there is information that is adverse or potentially adverse about the vendor or the property. This can be done by screening for news in the mainstream or social media.
  • If property agencies assess that there are adverse or potentially adverse findings, they must inform consumers in writing.
  • The agencies must also see the contractual documents providing these guarantees. If the figures indicated in the advertisement are not current, the date and time of the data must be stated in the advertisement e.g. ROI from previous years.
  • Engagement of a Third Party to Conduct Due Diligence - Where an estate agent engages or depends on a third party (e.g. a company that provides compliance/accounting services, a foreign estate agent or a local representative in the country where the foreign property is located) to perform due diligence checks, the estate agent shall verify and ensure that the third party is qualified and appropriate to perform the due diligence. Estate agents shall determine the scope of due diligence to be performed by the third party and shall assess the results delivered accordingly.
  • If a salesperson intends to represent a vendor or purchaser in a foreign property transaction, he shall seek approval from his estate agent to do so. 
  • Estate agents shall ensure that they possess the necessary and adequate professional indemnity insurance for the conduct of estate agency work to market foreign properties.
  • The agent must also be able to advise on the due diligence, risks, payment and financing for the property. Consumers are advised to also conduct their own due diligence and proceed at their own risk. 
  • Estate agents and salespersons shall explain to consumers the arrangements for the signing of transaction documents (e.g. Sale and Purchase Agreements) and advise them to seek independent legal advice to explain the terms and conditions of the documents before they sign them. 
  • If the documents are not provided in English, property agencies must obtain an English translation from reasonably qualified translators and provide the documents to consumers before these are signed.
  • Salespersons who are marketing on behalf of the vendor cannot represent consumers in the same transaction.
  • Estate agents and salespersons shall explain to consumers the dispute resolution mechanism that will apply in the event of a dispute relating to the purchase.They shall also inform consumers about the applicable jurisdiction where a dispute will be resolved, as well as the governing law of the Sale and Purchase Agreement (or equivalent contract).
  • Must keep all records and documents.
The purchase of foreign properties is not without risk. However, if estate agents and salespersons do their work with due diligence and conduct themselves professionally throughout the entire transaction when they market foreign properties, the potential risks to all parties involved (estate agents, salespersons and consumers) will be reduced. In the event of any dispute, estate agents and salespersons will also know their rights and liabilities clearly.

Do refer to the Practice Guidelines (click on the link) for the full set of guidelines on the sale and marketing process of foreign properties in Singapore.

(Information accurate as at 29 March 2019.)

Info courtesy  - The Council for Estate Agencies.

Resale Condo Prices Down 0.5% In February, NUS Index

Resale Condo Prices Down 0.5% In February, NUS Index
March 29, 2019

Resale HDB flats
Resale prices of non-landed private homes in Singapore fell by 0.5 percent in February, continuing the revised 0.2 percent decline registered in January, revealed latest flash estimates of the NUS Singapore Residential Price Index (SRPI).
Excluding small units, prices declined by 1.5 percent in the central region, which is steeper compared to the 0.4 percent drop seen in January.
Prices in the non-central region, however, rose 0.2 percent, reversing the 0.1 percent fall in January.
The central region sub-basket includes properties located in districts 1 to 4 and 9 to 11, while properties found in other districts fall under the non-central region sub-basket.
Meanwhile, small units measuring 506 sq ft and below saw prices slip 0.2 percent, an improvement from the 0.7 percent drop recorded in January.

Info courtesy – Propertyguru