singapore property weekly issue 72
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CONTENTS p2 Game Over? New Property Cooling
Measures Restrict Mortgages
p8 The Impact of the 6th Round of
Property Cooling Measures
p13 Singapore Property News This Week
p22 Resale Property Transactions
(September 19 – September 25)
Welcome to the 72th edition of the Singapore Property Weekly. Hope you like it! Mr. Propwise
FROM THE
EDITOR
SINGAPORE PROPERTY WEEKLY Issue 72
Page | 2 Back to Contents
Game Over? New Property Cooling Measures Restrict Mortgages
By guest contributor Gerald Tay
On 5th October, Friday, the Monetary Authority
of Singapore (MAS) announced that it was
capping the length of a home loan at 35
years.
With effect from 6th October, 2012:
1. All residential property loans will be
subjected to a maximum of 35 years loan
tenure, including HDB mortgage loan
tenures.
2. Tighter rules will apply to borrowers taking
loans longer than 30 years, or who want
to have their loan periods extend beyond
the retirement age of 65.
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3. If they already have an existing mortgage
and want to take another one that require
these tighter rules for another property,
the cash down payment is 60 per cent,
instead of the current 40 per cent.
4. Same rules apply for refinancing loans.
5. Non-individual borrowers now subject to
40% loan limit (down from 50%)
Reasons for Fresh Round of Property
Cooling Measures
1. To curb upward pressure on property
prices from the current low interest rate
worldwide, and the rapid credit growth
driven by the US’ latest round of
quantitative easing (QE3). “Monetary
conditions world-wide are far from
normal,” said MAS chairman Tharman
Shanmugaratnam.
2. To prevent prices from spiking beyond
sustainable levels, so that the eventual
correction “which will hurt borrowers and
destabilise our financial system” can be
softened, if not avoided.
3. To prevent “false confidence” from buyers
and lenders that the property can always
be sold off for a profit if the loan becomes
difficult to service.
4. A response to the 50-year home loan
offered by United Overseas Bank (UOB),
which drew the ire of National
Development Minister Khaw Boon Wan,
who described it as a “gimmick”.
Impact on Property Market
MAS is taking this step now to require more
prudent lending and to curb over-bullishness
in the property market. Singapore has
signalled clearly that it will not lag behind the
regulatory curve.
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Hong Kong for example, moved to introduce
mortgage curbs immediately after QE3 was
announced. In its 5th round of property cooling
measures, the Hong Kong Monetary Authority
announced it would limit the maximum term of
all new mortgages to 30 years. In addition,
mortgage payments for investment properties
cannot be more than 40% of the buyer’s
monthly incomes, compared with 50%
previously.
There is a debate if this new round of cooling
measures will be effective in bringing property
prices down to a more sustainable level. As in
all previous cooling measures, the market
seems to only cool for a while before
continuing its upward climb. Official data
showed that HDB resale prices rose 2% in Q3
from Q2, while private home prices gained
0.5% over the same period. Resale home
prices of non-landed homes have risen 3.2%
in Q3.
The Straits Times reported showflats continue
to see good traffic on Saturday, the day the
mortgage-tightening measures were
implemented. Potential buyers were also
sniffing out if developers will offer special
perks or discounts to buyers to take the sting
out of the new restrictions. None did so far,
and probably won’t do so unless demand
drops to drastic levels over the next six
months or so. Therefore, it is still premature
for a knee-jerk reaction in the property
market.
Impact on Home-Buyers
Except for much younger buyers who are
able to take the full 35 year loan tenure, the
older ones especially those in their forties and
have been waiting for prices to fall to buy, will
be disappointed. A 40-year old will now be
only able to take up to 25-year loan tenure to
enjoy the usual 20% down payment.
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But if he were to take out the shorter 25-year
loan of $800,000 for a $1 million property, this
would now mean monthly payments of
$3,051, at current interest rates of 1.1%. This
is $400 more than if he were to take a 30-year
loan. Older home buyers will take the hardest
blow while the younger buyers should get
away with just paying a shade more every
month.
Impact on Investors
For Investors like me, the new rules would
mean “Total Game Over” for the residential
property market.
For an investor who already have an existing
mortgage on hand, finds a $1 million property
that he wants, he would have to fork out a
$600,000 as down payment in cash if he
needed to take a loan exceeding 30 years or
if the loan period extended beyond 65 years
of age. This is down from 60% loan to value,
on top of a potential existing 3% Additional
Buyer’s Stamp Duty, plus a 4-year Seller
Stamp Duty. Putting such a hefty sum locked
in an illiquid asset with a minimum holding
period of more than four years (to avoid
seller’s stamp duty) plus having to pay taxes
just to own one, it sure does not justify any
savvy investor’s potential “Cost of
Opportunity” in other more sensible assets to
grow his net-worth by another zero.
For an investor who is already 50 years or
older, even if he does not have any existing
loan on hand, his monthly mortgage
payments with only a 15 –year loan will be
$4,823, likely more than his monthly rental
yield.
Overall Assessment of the Residential
Property Market
Unless much younger home buyers (30 years
or younger) with no existing home loans
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represent the majority of the market (which is
not likely due to current affordability issues),
we will be looking at the peak and saturation
of the residential property market. Fewer
buyers would mean either a price stabilisation
or a fall in near future.
However, the steam from these latest
mortgage restrictions may dissolve in no time
like previous measures because:
1. According to the ‘Property Investor Profile
Survey’ conducted by Ascendant Assets,
the average age of a typical Singapore
property investor is 46. Even before the
new measures kick in, the buyer already
knows that most banks will offer him
maximum loan tenure of around 19 years
based on his retirement age.
2. A low interest rate environment where
ignorant investors still feel that putting
their money in property is still a better bet
than in the bank.
3. A euphoric atmosphere where buyers
continue their dreams of becoming rich
because they believe property prices will
always continue to go up.
4. The “Wealth illusion Effect” purported by
the governments through rising property
prices has already created a ‘Gangnam
Style’ society in Singapore. Younger
home buyers, who hope of living that
‘dream lifestyle’ will borrow to their max at
low interest rates to buy new launches,
hoping to stay in it or sell after 4 years
when it T.O.Ps. There will also be those
who cash out from their HDB, and use the
profits to upgrade to private housing.
The residential property market holds the
keys to wealth and credit in any country.
When people feel rich through their home
prices rising, everyone from consumers to
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business owners borrow. Credit is created
and the ‘wealth effect’ leaks through the fabric
of the economy, generating economic growth
and investment for all countries.
Governments do not want a bubble bursting
in their own backyards. They only want
consumers to borrow and spend. When will
the bubble burst or prices fall? Only when the
credit which fuels borrowing and spending
comes to a complete halt because of fear and
a mass ‘exodus’ from the market, will we then
see “blood” on the streets.
Let the herd of “sheep” enjoy their grazing for
now, while the hungry wolves are already
waiting behind the bushes.
By guest contributor Gerald Tay, CEO and
Chief Trainer at CREi Academy Group.
SINGAPORE PROPERTY WEEKLY Issue 72
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The Impact of the 6th Round of Property Cooling Measures
By Mr. Propwise
The MAS announcement on October 5, 2012
of the new restrictions on mortgages has
been well covered by the media. In this article
I will focus more on my thoughts on the
impact of these measures on the market, and
also present some concrete illustrations of
how these measures will impact different
groups of buyers in the market.
A quick recap of the measures
From October 6, 2012:
1. All residential property loans will be limited
to a maximum tenure of 35 years.
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2. The Loan-to-Valuation (LTV) for mortgages
will be lowered to 40% (for borrowers with
one or more mortgages) or 60% (for
borrowers with no outstanding mortgages) if
the loan tenure is greater than 30 years OR
the loan period extends beyond 65 years of
the borrower’s age.
3. LTV for mortgages to non-individual
borrowers will be lowered from 50% to 40%
The thinking behind the measures
The aim of the new rules is to “curb continued
upward pressure on residential property
prices, driven by low interest rates and rapid
credit growth.” The MAS believes that as the
current low interest rate environment will be a
medium to long term phenomenon, this could
cause property prices to increase beyond
“sustainable levels”, i.e. create a bubble.
Other than to stop the continued upward rise
of property prices, the MAS also aims to
reduce systemic risk to the banking system.
To create continued demand for property
loans amidst decreasing affordability, banks
have been stretching out the mortgage
tenures to lower the monthly repayments for
borrowers, thus making properties with a
higher total cost more affordable.
According to the MAS, over the past three
years, the average tenure for new mortgages
had increased from 25 to 29 years, and more
than 45% of new mortgages had tenures
exceeding 30 years. The longer tenures of
these loans increase the risk to the banks and
makes it harder for them to do their Asset-
Liability Management.
Case studies to illustrate the impact on
different groups of buyers
The new measures will impact all buyers who
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were thinking of taking a mortgage loan with a
tenure greater than 30 years. For example,
for a 30-year old first time buyer looking at a
$1 million condo, previously he could take a
40-year mortgage at 80% LTV. Assuming a
1.5% interest rate, his monthly repayment
would be $2,217 per month. But now unless
he has another $200,000 to put into the
property, he will have to go with a 30-year
mortgage to qualify for the 80% LTV, and his
monthly mortgage repayment will go up to
$2,761, a 25% increase.
One group that is particularly hard hit are
older investors looking to buy a second or
greater property. For example previously, for
a $1 million condo, a 45 year old investor who
already owned a property could probably take
a 30-year loan at a 60% LTV. Assuming a
1.5% interest rate, his monthly repayment
would be $2,071 per month. Now unless he
has and wants to use up another $200,000 of
capital, to maintain a 60% LTV he can only
take a 20-year loan, which would result in a
monthly repayment of $2,895, a 40%
increase!
With these changes, buyers who were
previously counting on a longer tenure
mortgage loan to be able to afford property
will be priced out of the market. There will
also be fewer properties that can generate
“positive cashflow” from rental income as the
monthly outlay for many investors will have
increased. The impact of this policy is likely to
be broad – remember that more than 45% of
new mortgages over the past three years had
tenures exceeding 30 years.
Impact on the property market
Relative to Hong Kong, where the maximum
mortgage tenure has been capped at 30
years, the MAS rules are relatively less strict.
But thanks to the way the new rules are
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structured, going forward most mortgages will
have a tenure of 30 years or less. The pool of
buyers thus shrinks further as affordability is
reduced, both for first time homebuyers and
investors. More investors will find the
residential property segment an unattractive
asset class due to the lower ROI. But as
interest rates and vacancy levels remain low,
prices are not likely to fall sharply.
Refinancing will become less attractive, as in
many cases it won’t make sense to refinance
mortgages with tenures more than 30 years
as the monthly repayments could end up
higher. This is bad news for mortgage
brokers.
But I do not think this latest tightening move
will kill the bullishness in the market. The
fundamental cause of the strong demand for
property, low interest rates and the resulting
positive yield spread, will not be going away
anytime soon. If the strong demand for
property is not curbed, then what may happen
as has happened in the previous rounds of
property control measures is for transaction
volumes to fall sharply for a month or two
before rebounding. Demand may once again
shift to new launches by developers, as the
payments during the construction period will
still be relatively low.
Also with each round of measures the market
becomes more and more desensitized to it,
and the impact may shrink. If this is the case,
the government may soon have to scratch its
head to figure out what the next round of
cooling measures will be.
SINGAPORE PROPERTY WEEKLY Issue 72
Singapore Property This Week
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Residential
Q3 private home price index increased by
0.5%
The overall private home price index
increased by 0.5% in Q3, compared to the
0.4% increase in Q2. The Outside Central
Region, Rest of Central Region and Core
Central Region posted an increase of 1%,
0.7% and 0.2% increase in Q3. This brings
the year-to-date increase to 0.9% and the full-
year increase is expected to be 1.5-2%,
leading to record sales of 20,000 to 22,000
private homes (excluding executive condos)
by end 2012, compared to 2011’s 15,904
units and the previous record of 16,292 units
in 2010.
Some believe that URA's private home price
index could increase by 10% in 2013, since
GLS sites have been fetching higher winning
bids, with those in Pasir Ris, Bedok,
Farrer/Jervois Road and Alexandra Road
having increased by 15-27%. Since land price
takes up 60% of the total development cost,
and these costs may be passed on to the
selling prices, prices in these places may
increased by 9-16% in 2013. Others however
predict only a 2-4% increase, citing the 18.5%
estimated increase in supply in the next three
years, buyer resistance to the record prices
and the possible cooling measures in
responses to price increase.
(Source: Business Times)
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HDB resale prices in Q3 increase, index
likely to be 5 or 6% higher than 2011
The prices in the public housing resale market
rose 2% in Q3, compared to 3.8% in Q3 2011,
0.6% and 1.3% in Q1 and Q2 respectively this
year. This increase brings the increase year-
to-date up by 3.9%, and the increase is likely
to hit 5-6% by end-2012. The prices are
unlikely to moderate, since there is an
imbalance in the market. The increase in
resale prices would also mean an increase in
overall median cash over valuation (COV),
which saw an increase from $26,000 in Q2 to
$30,000 in Q3 this year. The highest increase
in median COVs came from three-room flats
which saw an increase of 18.18%. The
median COV increased by 11.11% to $30,000,
14.66% to $33,250, and 9.14% for four-room
flats, five-room flats and executive flats
respectively.
Meanwhile, HDB will release 2,000 more BTO
units this year, bringing the total to 27,000 to
meet the housing needs of first-time buyers.
There are also 7,200 units available under
Sale of Balance Flats (SBF) exercises this
year, up from 2,800 units last year. However, it
will take time for this new measure to ease the
upward price pressure, when the BTO flats
and ECs launched now are complete since
buyers who currently own a HDB flat would
have to sell it then, increasing the supply of
resale flats. Furthermore, the increase in
resale prices is due more to downgraders
(from private property), HDB upgraders, and
singles who do not qualify for new flats as well
as PRs. While some expect the HDB resale
price index to climb by 4-5% next year, others
said that it is unpredictable since as it
depends on the increase in the proportion of
BTO flats allocated to second timers.
(Source: Business Times)
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Freehold Villa Des Flores up for sale again
in the en bloc market
Freehold Villa Des Flores, previously asking
for $165m but failed to attract bids of this
price, is back on the collective sales market
again with the same asking price. The
104,370 sq ft site at Whitley Road is re-
launched with the confidence that the market
can support the $1,581 psf price with no
development charge following the successful
en bloc sales of Thomson View
Condominium, Chateau Eliza and Green
Lodge. It can be developed into 2-storey
mixed landed housing, either detached, semi-
detached, terrace housing or a combination of
such, based on conventional housing types or
as a cluster housing development. If
developed into a cluster landed project, the
site can potentially support 24 strata
bungalows, 48 strata semi-detached or 64
strata terrace houses. It is likely to be
popular, given its proximity to the proposed
Mount Pleasant Station on the new Thomson
Line and the lack of supply of mid- to large-
sized sites for landed housing developments
in District 11. The tender closes on October
23 at 3pm.
(Source: Business Times)
Freehold Amber Residences’ penthouses
sold at $1,100 psf
All of the six penthouses at the freehold
Amber Residences had been sold for $1,100
psf, below the May’s quotations of $1,600 psf
and its 2007 preview price of $1,900 psf. The
six penthouses (4,100 sq ft to 6,700 sq ft),
each spanning three levels, includes a roof
terrace with a swimming pool.
(Source: Business Times)
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EC market may see a supply glut with the
increase in EC sites
With 25 EC sites (from both Confirmed and
Reserve list) released under the GLS
between H1 2010 and H2 2012, 11 sites on
the confirmed list in 2012, the EC market is
likely to see a supply glut. Of the 11 in 2012,
one at Upper Serangoon View/Upper
Serangoon Road has been launched, another
five sold and the remaining five either yet to
be launched or waiting for the tender to close.
The last 10 sites are expected to generate
5,600 units by 2013, resulting in an average
annual supply of 4,500 units, compared to
3,600 units in the past two years, with
average take-up of 3,300 units. Other
reasons for the supply glut could be
competition from existing unsold and
uncompleted mass-market condos and EC
developments in the vicinity, the 27,000 BTO
flats launched in 2012, as well as the
restrictions on potential EC buyers. EC
buyers must be a married Singaporean
couple with a combined household income of
no more than $12,000, and cannot own both
a HDB and an EC, thus limiting the pool of
buyers. However, some believe the demand
for ECs may remain strong despite
competition from BTO flats, as evident by
past sale results. Others believe that the
demand for ECs will moderate, with buyers
increasingly concerned about location and
design.
(Source: Business Times)
New round of cooling measures to be on
housing loan tenures
In the newest attempt the control the rising
housing prices, MAS is making changes to
both the tenures residential property loan and
the loan-to-value (LTV) ratios. The tenure of
all new residential property loans cannot
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exceed 35 years while the combined tenure
of the refinancing facility and the number of
years since the first home loan for that
property was disbursed cannot exceed 35
years. The LTV ratio for new home loans to
individual borrowers will be lowered to from
80% to 60% for a borrower with no
outstanding residential property loan, and
from 60% to 40% for a borrower with one or
more outstanding home loans, if the tenure
exceeds 30 years, or the loan period extends
beyond the retirement age of 65 years. It will
also be lowered to 40% from 50% for non-
individual borrowers.
The earlier average tenure had increased
from 25 years to 29 years over the past three
years, with over 45% of new home loans
exceeding 30 years. A long tenure loan is
risky for both lenders and borrowers.
Borrowers may overestimate their ability to
service the loans and borrow much more than
they can afford, and a long tenure loan would
mean a heavier debt repayment burden for
the borrower since interest accumulates over
a longer period. They may eventually be
unable to repay the loans when interest rates
rise and banks may also end up holding bad
loans if the prices of properties fall.
While some believe that the new rules would
not have much impact on the residential
property market, citing the fact that only a
small proportion of buyers take long tenure
loans, others believe that there may be a
moderation in resale transactions since
buyers with existing loans will be affected by
the lower LTV ratio.
(Source: Business Times)
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SRX: Resale prices of non-landed private
home climbed by 3.2% despite fall in
transaction volume
Resale prices of non-landed private homes
increased by 3.2% to $1,156 psf in Q3,
despite a 7.3% fall in transaction volume to
3,296 transactions compared to 3,555
transactions in Q2. The increase in resale
prices were driven mainly by the 7.1%
increase in the rest of central region (RCR) to
$1,199 psf. The outside of central region
(OCR) saw a 3% increase to $921 psf while
the core central region (CCR) registered a
0.75% to $1,738 psf. The fall in transaction
volumes, however, was the greatest in RCR,
with a 10.9% fall to 854 transactions. The
decline in transaction volumes in CCR and
OCR are 6.2 % to 662 transactions and 5.8%
to 1,780 transactions respectively.
The fall in transaction volumes for the primary
market was even greater at over 50% to 5,394
transactions, primarily because of the lack of
new launches in Q3, as well as buyers’
reluctance to purchase new homes in the
lunar seven month.
Rental volumes also saw a 5.2% decline to
7,723 transactions in Q3, driven by the 8.5%
fall to 2,777 transactions in OCR, and the
6.2% fall to 2,523 transactions in CCR. RCR,
however, registered a 0.25% increase to
2,423 deals. Rental yields remained at 4% in
Q3 though the overall rental prices climbed
2.9% to $3.87 psf in Q3.
(Source: Business Times)
Commercial
Freehold strata industrial units at Century
Warehouse up for sale
The 31 freehold strata industrial units in
Century Warehouse which comes up to
50,489 sq ft of strata area is asking for
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$40 million or $800 psf. The successful buyer
will have 89.3% ownership of the eight-storey
building zoned "Business 1" with surface and
basement car park lots in addition to naming
rights to the building. It is likely to draw much
interest from both investors and industrialists
given the reduction of the maximum tenure
for industrial sites under land sales
programme to 30 years.
Also up for sale by private treaty is a 6,760 sq
ft freehold retail space at Katong Shopping
Centre. The rectangular retail space with two
access points is located at the north-eastern
part of the basement retail floor and can also
potentially be subdivided into smaller units.
(Source: Business Times)
Murray Terrace to be sold for $75 million
AEW is said to have given exclusivity to a
local investor for doing due diligence for a
potential acquisition of Murray Terrace, a row
of 14 conserved shophouses at 2 to 28
Murray Street just off Maxwell Road and
opposite the URA Centre. The investor may
convert the block zoned for commercial use
into a hotel. Murray Terrace, with its total NLA
of 50,000 sq ft and 17,000 sq ft per floor,
could potentially support around 100 hotel
rooms. Located within the Chinatown
(Tanjong Pagar) Conservation Area and near
Tanjong Pagar MRT Station, the property sits
on a 25,151 sq ft site with a remaining lease
of about 60.5 years.
AEW is also selling 2 Havelock Road (2HR)
at around $300 million. 2HR sits on a 54,560
sq ft site zoned for commercial use with a
remaining lease of around 70 years. The
seven-storey building comprises an attic and
96 carpark lots in two basement levels, and
175,300 sq ft of NLA, with 36,200 sq ft of
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retail space and 139,100 sq ft of offices. It
could be redeveloped into a 12-storey hotel,
which will have 217,000 sq ft of GFA of which
at least 60% will be for hotel use and the
remaining 40% for commercial space. The
new development could potentially yield some
400 to 450 hotel rooms and 75,000 sq ft of
saleable commercial area, which could be
strata-titled for sale. Another alternative is to
retain the property as it is, since it is 97%
occupied with an average passing rental of $5
psf a month and would provide a 3% net yield
including carpark income based on the price
of $300 million or $1,711 psf on NLA. This is
likely to increase with lease renewals and
new leases since the current market rentals in
the location are thought to average around $7
psf. It could also be strata-titled sold
individually, subject to approval from the
authorities.
(Source: Business Times)
Anchor tenants NTUC and Shaw to take up
62,500 sq ft in Waterway Point
NTUC FairPrice Finest and Shaw
Organisation are the two anchor tenants
secured by four-storey Waterway Point, the
retail component of Watertown, an integrated
waterfront residential and retail development
linked to Punggol MRT station. NTUC
FairPrice Finest, a 24-hour branch, will
occupy 30,000 sq ft in the basement while
Shaw Organisation's theatres which will
include a 1,000-seating-capacity Imax hall,
will occupy another 32,500 sq ft. The tenant
mix of the rest of the mall (370,000 sq ft NLA)
will be 40% retail, 30% food and beverage,
with the rest for entertainment and other
service providers.
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97% of the 992 units housed in the 11
residential towers of 13 and 14 storeys in the
residential component of Watertown have
been sold, with another 34 units overlooking
Punggol Waterway still available. These units
are mainly three- and four-bedroom units
ranging from 1,173 to 1,550 sq ft, with a
1,195 sq ft three-bedroom unit starting from
$1.68 million. New buyers will receive
FairPrice Finest vouchers ranging from
$8,000 to $10,000.
(Source: Business Times)
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Non-Landed Residential Resale Property Transactions for the Week of Sep 19 – Sep 25
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
1 THE CLIFT 527 1,212,100 2,298 99
1 THE SAIL @ MARINA BAY 614 1,258,900 2,052 99
1 THE SAIL @ MARINA BAY 614 1,258,000 2,050 99
3 RIVER PLACE 818 1,200,000 1,467 99
3 REGENCY SUITES 1,421 1,970,000 1,386 FH
3 QUEENS 1,184 1,600,000 1,351 99
3 TANGLIN VIEW 1,152 1,550,000 1,346 99
3 THE METROPOLITAN CONDOMINIUM 1,399 1,850,000 1,322 99
4 MARINA COLLECTION 2,099 5,982,150 2,850 99
4 CARIBBEAN AT KEPPEL BAY 1,356 2,100,000 1,548 99
4 CARIBBEAN AT KEPPEL BAY 1,281 1,900,000 1,483 99
4 CARIBBEAN AT KEPPEL BAY 1,216 1,800,000 1,480 99
4 TERESA VILLE 1,927 2,300,000 1,194 FH
5 THE ESTIVA 1,130 1,500,000 1,327 FH
5 BOTANNIA 1,227 1,480,000 1,206 956
5 FLYNN PARK 2,013 2,360,000 1,172 FH
5 HERITAGE VIEW 1,195 1,350,000 1,130 99
7 BURLINGTON SQUARE 1,787 2,100,000 1,175 99
7 THE PLAZA 807 900,000 1,115 99
9 THE METZ 570 1,520,000 2,664 FH
9 ILLUMINAIRE ON DEVONSHIRE 441 1,058,000 2,397 FH
9 NOMU 603 1,300,000 2,157 FH
9 RIVERGATE 1,744 3,100,000 1,778 FH
9 TIARA 1,345 2,388,000 1,775 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
9 CAIRNHILL PLAZA 2,852 4,480,000 1,571 FH
9 ASPEN HEIGHTS 1,324 2,040,000 1,541 999
9 BELLE VUE RESIDENCES 3,972 6,000,000 1,511 FH
9 ASPEN HEIGHTS 1,410 2,110,000 1,496 999
9 ASPEN HEIGHTS 1,572 2,320,000 1,476 999
9 WATERFORD RESIDENCE 1,421 2,075,000 1,460 999
9 WATERFORD RESIDENCE 1,399 1,935,000 1,383 999
9 PACIFIC MANSION 1,356 1,860,000 1,371 FH
10 8 NAPIER 2,013 6,039,000 3,000 FH
10 NASSIM JADE 2,325 5,200,000 2,237 FH
10 STEVENS COURT 4,994 9,500,000 1,902 FH
10 THE SIXTH AVENUE RESIDENCES 969 1,750,000 1,806 FH
10 ONE JERVOIS 1,292 2,285,000 1,769 FH
10 BELLERIVE 1,539 2,665,000 1,731 FH
10 WATERFALL GARDENS 2,196 3,650,000 1,662 FH
10 FIFTH AVENUE CONDOMINIUM 1,582 2,490,000 1,574 FH
10 PALM SPRING 1,884 2,900,000 1,540 FH
10 MELROSE PARK 3,315 5,050,000 1,523 999
10 SOMMERVILLE PARK 1,302 1,950,000 1,497 FH
10 THE TESSARINA 1,324 1,830,000 1,382 FH
10 D' DALVEY 1,572 2,122,200 1,350 FH
10 HOLLAND HILL PARK 1,464 1,975,000 1,349 FH
11 RESIDENCES @ EVELYN 1,539 2,835,000 1,842 FH
11 PEAK COURT CONDOMINIUM 2,852 3,420,000 1,199 FH
SINGAPORE PROPERTY WEEKLY Issue 72
Page | 23 Back to Contents
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
11 WATTEN ESTATE CONDOMINIUM 2,519 2,975,000 1,181 FH
11 MANDALE HEIGHTS 1,776 2,080,000 1,171 FH
12 TRELLIS TOWERS 840 1,220,000 1,453 FH
12 OLEANDER TOWERS 1,464 1,550,000 1,059 99
12 SUNVILLE 1,184 1,100,000 929 FH
12 THE ABERDEEN 1,302 1,198,000 920 FH
13 CASA MEYA 1,195 1,420,000 1,188 FH
13 AVON PARK 1,711 1,938,000 1,132 FH
14 DAKOTA RESIDENCES 1,292 1,800,000 1,394 99
14 LE CRESCENDO 1,539 1,600,000 1,039 FH
14 CASSIA VIEW 1,206 1,200,000 995 FH
14 WING FONG MANSIONS 700 598,000 855 FH
14 CRYSTAL MANSIONS 1,259 750,000 596 FH
15 THE BELVEDERE 1,378 2,320,000 1,684 FH
15 THE SEAFRONT ON MEYER 1,066 1,730,000 1,623 FH
15 THE COTZ 409 599,000 1,464 FH
15 THE MAKENA 1,636 2,215,000 1,354 FH
15 EAST VIEW 883 1,160,000 1,314 FH
15 HAWAII TOWER 2,239 2,820,000 1,260 FH
15 HAIG COURT 1,076 1,340,000 1,245 FH
15 HAIG COURT 1,550 1,880,000 1,213 FH
15 WATER PLACE 1,216 1,465,000 1,204 99
15 SPRING @ KATONG 1,550 1,780,000 1,148 FH
15 TIERRA VUE 2,056 2,320,000 1,128 FH
15 THE BALE 1,152 1,200,000 1,042 FH
15 CASUARINA COVE 1,593 1,650,000 1,036 99
15 GALLERY 8 1,163 1,199,888 1,032 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
15 HERITAGE RESIDENCES 1,173 1,210,000 1,031 FH
15 COSTA RHU 1,776 1,788,000 1,007 99
15 PARK EAST 1,755 1,730,000 986 FH
15 COSTA RHU 1,776 1,731,644 975 99
15 LAGOON VIEW 1,647 1,482,000 900 99
16 EASTWOOD REGENCY 388 570,000 1,471 FH
16 RIVIERA RESIDENCES 1,066 1,308,000 1,227 FH
16 COSTA DEL SOL 1,313 1,520,000 1,157 99
16 BLEU @ EAST COAST 1,173 1,320,000 1,125 FH
16 THE CLEARWATER 710 745,000 1,049 99
16 LAGUNA GREEN 1,184 1,208,000 1,020 99
16 THE TROPIC GARDENS 1,550 1,550,000 1,000 FH
16 AQUARIUS BY THE PARK 893 878,000 983 99
16 RICH EAST GARDEN 2,390 2,300,000 963 FH
16 CASAFINA 1,238 1,160,000 937 99
16 EAST MEADOWS 1,238 1,088,800 880 99
16 CASAFINA 1,378 1,200,000 871 99
16 EASTWOOD GREEN 1,012 870,000 860 99
16 CASAFINA 2,099 1,500,000 715 99
17 ESTELLA GARDENS 657 700,000 1,066 FH
17 ESTELLA GARDENS 936 848,000 906 FH
17 DAHLIA PARK CONDOMINIUM 1,281 1,100,000 859 FH
18 OASIS @ ELIAS 1,206 1,070,000 888 99
18 CHANGI RISE CONDOMINIUM 1,023 900,000 880 99
18 EASTPOINT GREEN 958 840,000 877 99
18 MELVILLE PARK 1,044 850,000 814 99
18 CHANGI RISE CONDOMINIUM 1,830 1,465,000 801 99
SINGAPORE PROPERTY WEEKLY Issue 72
Page | 24 Back to Contents
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.
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
18 EASTPOINT GREEN 1,184 935,000 790 99
18 CHANGI RISE CONDOMINIUM 1,658 1,300,000 784 99
18 TAMPINES COURT 1,690 1,000,000 592 101
19 KOVAN RESIDENCES 1,798 2,150,000 1,196 99
19 FONTAINE PARRY 1,076 1,118,000 1,039 999
19 CHILTERN PARK 947 910,000 961 99
19 CHUAN PARK 1,528 1,460,000 955 99
19 KENSINGTON PARK CONDOMINIUM 1,399 1,280,000 915 999
19 JANSEN 28 1,163 1,055,000 908 999
19 RIO VISTA 1,249 1,045,000 837 99
19 REGENTVILLE 1,076 858,000 797 99
19 REGENTVILLE 980 770,000 786 99
20 CLOVER BY THE PARK 1,765 2,240,000 1,269 99
20 BISHAN 8 1,173 1,420,000 1,210 99
20 RAFFLESIA CONDOMINIUM 1,195 1,250,000 1,046 99
20 SEASONS VIEW 969 1,007,000 1,039 99
21 MAPLEWOODS 1,787 2,600,000 1,455 FH
21 GARDENVISTA 1,109 1,430,000 1,290 99
21 MAYFAIR GARDENS 1,130 1,050,000 929 99
21 SHERWOOD TOWER 1,830 1,358,000 742 99
22 THE LAKESHORE 1,184 1,360,000 1,149 99
22 LAKEHOLMZ 1,507 1,385,000 919 99
22 IVORY HEIGHTS 1,668 1,288,000 772 100
23 THE DAIRY FARM 1,948 2,218,000 1,138 FH
23 GUILIN VIEW 840 820,000 977 99
23 THE LINEAR 1,206 1,130,000 937 999
23 HILLVIEW 128 1,044 910,000 872 999
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
23 REGENT HEIGHTS 1,023 805,000 787 99
23 PARKVIEW APARTMENTS 1,141 870,000 762 99
23 MAYSPRINGS 1,335 1,008,000 755 99
25 CASABLANCA 1,109 910,000 821 99
25 ROSEWOOD 1,625 1,150,000 708 99
26 SEASONS PARK 1,550 1,350,000 871 99
27 NORTHWOOD 1,313 1,230,000 937 FH
27 YISHUN SAPPHIRE 1,023 650,000 636 99
28 MIMOSA PARK 1,755 1,395,000 795 FH
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