singapore property weekly issue 104
TRANSCRIPT
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7/30/2019 Singapore Property Weekly Issue 104
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Issue 104Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.
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CONTENTS
p2 The Truth About Buying a USAInvestment Property
p9 Property Renting Tip #8: Late Payment
from Your Tenant
p10 Singapore Property News This Week
p16 Resale Property Transactions
(May 1 May 7)
Welcome to the 104th edition of the
Singapore Property Weekly.
Hope you like it!
Mr. Propwise
FROM THE
EDITOR
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By Gerald Tay (guest contributor)
The success of my overseas property
investments in the last three years is due to co-
investing with trustworthy foreign partners,
whom themselves have decades of property
investment experience in that particular country
both as a local and investor. I have never
bought an overseas investment property from
property seminars or exhibitions, simply
because I dont trust salespeople with hard-sell
tactics for investment advice. This article is
written to educate you how to invest in
overseas property safely, especially for those
of you keen to invest but would like an
independent third party view.
The context is specifically for the USA real
estate market which Im familiar,
The Truth About Buying a USA Investment Property
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thanks to three years of education and
experience from my USA partners, but I
believe these basic pointers should serve a
useful guide for other similarly mature real
estate markets like Australia, Western Europeor Japan.
Can I really buy a USA or Overseas
Property with No Money Down?
You have to understand what no money
down really means. It simply means that theproperty is 100% leveraged. In other words,
the purchaser has borrowed the entire
amount, including the down payment, to buy
the property. The term Seller Financing for
example is referred as financing offered by
the seller. From experience, seller financing orno money down is not the bed of roses most
people think, especially for foreign investors.
Just because its possible does not make it
probable.
The type and quality of the property offered
by sellers willingly to finance is rarely
mentioned. Quality properties in good
markets, rarely if ever, have motivated sellers.
Unfortunately, many local property gurus andexhibitions have made buying USA or other
overseas properties with no money down
more important than buying a quality property.
A property that will make a sound, long-term
investment will be a quality property in a good
neighbourhood. Even if its 100% financed, abad property is a bad property
What are the different USA properties and
how much do they cost?
There are two primary segments favoured by
experienced American investors:Residential
Single-Family Homes/Duplex/Triplex/4-plexes:
These are similar to Singapore landed
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properties, but the key difference with
property valuation lies in the building structure
itself and not the land. Good quality SFH
investments in good middle-class markets
range between USD$100,000 toUSD$180,000 based on the current market.
Condominiums: Typically range between
USD$60,000 to USD$100,000 for two to three
bedroom unit.
Single-Family Homes are the stuff of whichthe American Dream is made of. More than
any other type of real estate, SFH are always
in demand, and are therefore the most liquid.
Again, this will depend heavily on the type of
property and location of market.
Commercial
Multi-Family Large Apartments (100 units &
above): Depending on market location, the
price ranges from as low as USD$500,000 to
USD$2 million. (And yes, just for the price of
a re-sale HDB flat or condo in Singapore, you
can boastfully tell your ignorant friends youre
also a property guru owning 100 properties
in ONE building that is!)
Large Commercial Buildings with one or
multiple business tenants: The tenants are
generally small to large-scale businesses.
Prices range from USD$1 million onwards
depending on the market.
Where should I buy or invest in overseas
markets like the USA?
Most novice property investors are told to
invest only within 30 minutes of the city or
train station when buying overseas properties
like in Singapore. This advice can be fatal! In
high priced markets, this doesnt make sense
especially when mortgage payments are
higher than your rental income.
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Unlike Singapore, experienced local investors
in the USA or other countries, seldom, if ever,
invest a property near the city or train station
especially in matured real estate markets.
Break the 30 minute rule and buy where itmakes sense to buy!
The 5 Essential Criteria of a Good
Overseas Property Market (Example: USA)
The importance of location cant be
overestimated. What is a good market?1. Big City
Economic diversity ensures investment
stability. Source large cities with multiple
employment sources to ensure rental
profitability.
2. A Good Rental Market Where the
Numbers Work
A good rental market in the USA has
properties that will yield a reasonable cash
flow. Note the word reasonable, and not
over-promised! Any number that seems
overly high should be questioned by any
savvy investor.
The rule-of-thumb used by USA investors for
good quality Single-Family Home is 1% rental
income a month versus the purchase price.
So, a USD$100,000 home should rent for
USD$1,000 a month.
I believe you can safely apply this rule formost other mature overseas property
markets.
3. Not a booming Market
A booming market is NOT where you want to
invest, especially for overseas property.
Its IMPORTANT to buy in a market where
prices are only steadily going up, but not one
in which prices are escalating rapidly.
I dont just mean that prices are rising rapidly.
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Booming also implies a kind of frantic public
mind-set, in which buyers feel they must buy
right away, before prices rise higher. It also
implies inflated prices.
4. Low Median Price
High priced markets in USA such as San
Francisco, Los Angeles, New York or even
London, Tokyo or Manila may not be good
places to buy, especially for residential
properties. First, the investment numbersdont work: rental prices are too low in
comparison with the monthly mortgage
payments. And second, expensive properties
require jumbo loans, which means the down-
payment can be as high as 25% in the USA.
A good market in the USA for qualitySingle-
Family Home investments will have median
prices of USD$100,000 to USD$180,000.
5. Sun Belt
The Sun Belt is the fastest growing region in
the USA. With its warm weather, growing
employment and lower housing costs, it is an
attractive region for many USA investors.
Buying a property in the Sun Belt markets will
help ensure that your investment will continue
to grow over the long-term.
As foreign investors, AVOID properties that
are located in the cold northern regions ofUSA, namely Michigan, Detroit, Dakota, the
Niagara Falls region etc.
Some of the best residential markets in the
Sun Belt Region include:
Phoenix, Arizona
Orlando, Florida
Tampa, Florida
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Jacksonville, Florida
San Antonio, Texas
The Truth about Buying Cheap Overseas
Property
Bargain overseas properties such as
foreclosures or those with little or no money
down, are the classic real estate lure. Go to a
couple of local popular property seminars and
you will see Own multiple properties with
little or no money down fever in action.
Instant wealth! Overnight Success! Ordinary
people can now realise their dreams to live
the life of the rich by simply owning many
properties at just a fraction of what it takes to
own one in Singapore. You have to think
logically. If you dive into this can buy cheap
mentality for overseas property, you may find
that instead of you plucking, youre the one
whos getting plucked!
Doesnt it stand to reason that iftheres really
a good deal out there, the savvy locals and
professional investors will get to it long before
you do as a foreign investor? Of course they
will! So whats left over for you, the busyforeign part-time investor? I can tell you
whats left over: the junk that no one else
wants.
Youve to be careful. Its too easy for more
experienced business people to manipulateand sway the ordinary guys on the streets.
You think you may have gotten a great
overseas property deal. You know what the
seller thinks? What a sucker! Ive been trying
to get this white elephant off my hands for two
years!
The pros are going to beat you to the best
stuff and youll get the leftovers.
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Invest in foreign markets with partners, not
salesmen
Invest in unfamiliar markets with foreign
partners who understand the game well and
are willing to put their money in the deal with
you. Use a little common sense and invest only
when it makes sense.
Dont simply invest overseas because you think
the grass is greener there or you believe you
can buy cheap with high returns. From myexperiences, its often the I know it all investor
who buys on hearsay and takes investment
advice from experienced salespeople, and
guess whos getting plucked instead?
By guest contributor Gerald Tay, CEO ofCREI
Academy Group, who exposes widely-heldproperty investment myths that have proven
highly ineffective in creating wealth, and
prevent a comfortable retirement for the
ordinary investor.
SINGAPORE PROPERTY WEEKLY Issue 104
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It is important to know what you can and
cannot do when your Tenant is not able to
pay the rental on time.
First of all, convince your Tenant to use GIRO
(General Interbank Recurring Order) or a
Standing Order with the bank to transfer the
rental payment to your bank account monthly.
You can indicate this requirement in the
Tenancy Agreement (TA) and explain to them
that this will free them from the hassle of
having to do rental payment transactionsevery month, and they will not forget to pay
the rent when they are travelling.
Nevertheless, if your Tenant still chooses not
to pay on time and is late for more than seven
days, you can impose a late interest charge
of up to 12% annually and are also entitled to
enter the property and terminate the tenancy.
This should be indicated in the TA anddiscussed prior to entering into the contract.
By Eileen Tan and Ui Wei Teck, property
investors and authors of Enjoying Mid-Life
Without Crisis. This tip and dozens more are
from theirbook.
Property Renting Tip #8: Late Payment from Your Tenant
SINGAPORE PROPERTY WEEKLY Issue 104
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Singapore Property This Week
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ResidentialLuxury home markets hit by cooling
measures
According to JLL, the average capital values
for luxury homes fell by 0.6% in Q1 as a
result of cooling measures such as a higher
ABSD and a tighter LTV ratio. This is
compounded by the slower slower population
and economic growth. Similarly, a CBRE
report stated that despite a 1.8% increase in
prices of luxury homes to US$2,297 psf,
transaction volumes have fallen as a result of
the cooling measures. Looking ahead,demand and prices are expected to remain
stable, with capital values falling by up to 5%.
(Source: Business Times)
Developer sales of private homes fell by50% to 1,375 units in April
Developer sales of private homes excluding
ECs fell by 50% from 2,793 units in March to
1,375 units in April as a result of the fall in
launches from 3,489 units in March to 1,158
units in April. Most of the sales were fromearlier launches and it was also noted that
developers has lowered their prices in April
when compared to March in response to
increased competition from increased
completions as well as lower demand as a
result of the cooling measures. Meanwhile,172 EC units were sold in April down from
279 units in March. There were no new EC
projects were launched in April. The resale
market also saw only 539 transactions.
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Looking ahead, sales volume is expected to
stabilise at 1,500 to 2,000 units (excluding
ECs) each month, with a full-year total of
15,000-18,000 private homes, compared to
22,197 units in 2012.
(Source: Business Times)
Five 99-year plots yielding 2,700 homes
released under GLS programme for H1
2013
The first is a plot at Tampines Avenue 10which is under the confirmed list. The site
with a maximum GFA of 515,000 sq ft that
can yield 530 units is expected to draw three
to six bidders with a top bid of $400-470 psf
ppr. It is considered less attractive than the
other four sites on the reserve list since it isnot near an MRT station, and faces
competition from nearby Q Bay Residences
and another six other nearby sites which have
yet to be launched. The tender will close at
noon on July 2.
The second is the Toa Payoh Lorong 6 site
which has a maximum GFA of 458,000 sq ft
that can yield about 550 units is expected to
draw five to 12 bidders with a top bid of $680-
920 psf ppr if triggered for sale since it is near
Braddell MRT station and schools such as
CHIJ Toa Payoh and Pei Chun Primary
School in addition to being located in a
mature estate.
Next, the Siglap Road site which has a
maximum GFA of 737,000 sq ft that can yield
around 780 units is expected to attract at
least seven bids with a top bid of $550-860
psf ppr if triggered for sale given its proximity
to East Coast Park and Victoria School.The Geylang Avenue 1 site which has a
maximum GFA of 188,000 sq ft that can yield
215 units is expected to attract seven bids
with a top bid of $570-690 psf ppr since it is
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located near Aljunied MRT station and there
are few private developments in the area.
Lastly, the site at Prince Charles Crescent
with a maximum GFA of 564,000 sq ft that
can yield 650 homes is expected to attract
three to five bidders with a winning bid of
$850-1,070 psf ppr since it faces competition
from other GLS sites in the region which has
been recently sold as well as another
Alexandra View site available on the reserve
list.
(Source: Business Times)
Corals at Keppel Bay to be launched at
$1,800-3,000 psf
The first 100 units at Corals at Keppel Baycondo, a 99-year leasehold 366 unit
condominium project, is said to be priced at
$1,800-3,000 psf. It will consist of one, two,
three and four-bedroom units (600-3,600 sq
ft) and eight penthouses (4,800-7,800 sq ft) in
11 four-to-ten-storey blocks. The first two unit
types constitute 45% of the units in the
project. Absolute prices start from $1.31
million for a 624 sq ft one-bedroom unit to$10.7 million for a four-bedroom unit around
3,600 sq ft.
(Source: Business Times)
99-year Stratum condo at Pasir Ris
launched for sale
170 units of the 380 units at the 99-year
leasehold Stratum condo project at the corner
of Elias Road and Pasir Ris Drive 3 has been
launched at $900 psf, with absolute prices
starting from $540,000 to $550,000 for a
studio unit. The five-storey condo project
consists of studio units, one to five-bedroom
apartments, penthouses with three to five
bedrooms and four-bedroom dual key units in
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14 blocks. Sizes range from 432 sq ft for a
studio unit to 2,446 sq ft for a five-bedroom
penthouse.
(Source: Business Times)
Commercial
Reits not the sole reason for increasing
retail rents
While increasing retail rents have often been
attributed to Real estate investment trusts(Reits) in the retail sector given their
ownership of many prime malls in Singapore,
market demand may be another reason for
the increasing retail rents. Furthermore, it is
not only malls owned by Reits that have seen
increased retail rents. Reits can also offertenants benefits in doing promotions or
upgrading facilities.
Looking ahead, the retail Reit sector may be
affected by the fall in retail sales by 2.7% in
February despite the growth in tourist arrivals
by 9.1% in 2012 from 2011, the growth in
consumer price index by 3.5% from February
2012 and the growth in population by 2.5% in2012. This can be seen in how the retail and
office property prices increase are not
matched by corresponding increase in rents.
Other factors that may affect the sector is
also an increase in supply of malls, and retail
problems of labour given the tighter foreignmanpower policies.
(Source: Business Times)
Marina Bay Financial Centre, the first
integrated development in the CBD sees
success
Being the first integrated development in the
CBD which offers a work-live-play
environment, MBFC sees success with its
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Towers 1 and 2 being 100% pre-let upon
completion, and its Tower 3 over 85% leased.
48.9% of Tower 3s total NLA is taken up by
financial institutions, 14.9% by legal firms and
7.5% by energy and natural resources firms.Its anchor tenant DBS which occupies 18 of
Tower 3s 46 storeys is also a stakeholder in
the tower. The residential component is also
successful with all 428 units at Marina Bay
Residences and 88% of the 221-unit Marina
Bay Suites sold. MBFCs success can beattributed to MAS's liberalisation of the
banking sector, its waterfront location, the
179,000 sq ft retail component of MBFC as
well as its proximity to attractions such as the
Singapore Flyer, Esplanade-Theatres on the
Bay and the Marina Bay Sands integratedresort.
(Source: Business Times)
Net allocation of JTC land and facilities
falls in Q1
JTCs net allocation of prepared industrial
land (PIL) fell by 51% in Q1 2013 to 29.8ha
from 61.1 ha from Q4 2012. The fall in net PIL
allocation is accompanied a 22% fall in gross
allocation to 62.1 ha and a 77% increase in
returns to 32.3 ha. The logistic sector makes
up the biggest proportion of gross allocation
in PIL in Q1, with 30% or 18.9 ha while
manufacturing sector make up12.5 ha of land
of 39% in returns.
Meanwhile, the net allocation of ready-built
facilities (RBF) fell from -3.3 ha in Q4 2012 to-
3.8 ha in Q1, accompanied by a fall in
occupancy rates by 0.2% to 95.3%. Gross
allocation saw a 65% increase to 16.1 ha in
Q1 while returns rose by 52% to 19.8 ha.
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The net allocation for the flatted factory
segment fell to -0.47 ha from 0.4 ha in Q4
2012 while the standard factory segment saw
an increase to 0.17 ha from -0.83 ha in Q4
2012.
(Source: Business Times)
49-room Berjaya Hotel in Duxton Road
sold at $50m
The property at Nos 80-87 Duxton Road,
which includes the 49-room Berjaya Hotel, anoffice and a restaurant housed in eight
adjoining three-storey-plus-loft conservation
shophouses with a total GFA of 32,000 sq ft,
has been sold with vacant possession at $50
million. The 9,558 sq ft site has remaining
lease tenure of 74 years.
There has been increase in shophouse
transactions by 34% from Q4 2012 to $460.1
million in Q1 2013 as a result of the January
cooling measures which targeted the
residential and industrial sector. This is likely
to continue in Q2 2013, with four shophouses
with a 12,000 sq ft GFA sitting at Nos 97, 98,
99 and 100 Duxton Road on a 4,000 sq ft sitebeing sold for $21.6 million and 999-year
leasehold three-storey-plus attic 82 Amoy
Street with a 8,200 sq ft GFA sitting on a
2,770 sq ft site being sold for $16 million.
(Source: Business Times)
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Non-Landed Residential Resale Property Transactions for the Week of May 1 May 7
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
1 THE SAIL @ MARINA BAY 861 1,650,000 1,916 992 ICON 904 1,552,000 1,716 99
3 QUEENS 1,184 1,610,000 1,360 99
4 CARIBBEAN AT KEPPEL BAY 1,335 2,183,000 1,636 99
4 TERESA VILLE 1,959 2,275,000 1,161 FH
5 THE GRANDHILL 1,841 2,340,000 1,271 FH
5 BLUE HORIZON 1,163 1,315,000 1,131 99
7 BURLINGTON SQUARE 732 1,028,000 1,404 99
8 CITYLIGHTS 560 988,000 1,765 99
9 ILLUMINAIRE ON DEVONSHIRE 721 1,700,000 2,357 FH
9 THE PIER AT ROBERTSON 678 1,461,000 2 ,154 FH
9 GRANGE INFINITE 2,368 4,980,000 2,103 FH
9 THE IMPERIAL 3,918 7,700,000 1,965 FH
9 CAIRNHILL CREST 1,733 3,098,000 1,788 FH
9 MACKENZIE 138 807 1,268,888 1,572 FH
9 PACIFIC MANSION 1,528 2,100,000 1,374 FH
10 THE SOLITAIRE 1,561 3,120,000 1,999 FH
10 GALLOP GABLES 1,141 2,100,000 1,841 FH
10 ONE JERVOIS 990 1,800,000 1,818 FH
10 PALM SPRING 1,862 3,000,000 1,611 FH
10 STUDIO 3 1,302 1,750,000 1,344 FH
10 GLENTREES 1,345 1,716,800 1,276 999
10 GLENTREES 3,412 4,100,000 1,202 999
10 CORONATION SHOPPING PLAZA 1,109 1,263,000 1,139 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
11 NEWTON SUITES 797 1,550,000 1,946 FH11 PARK INFINIA AT WEE NAM 1,001 1,830,000 1,828 FH
11 THE TREVOSE 1,841 2,775,000 1,508 99
11 APLETON VIEW 1,206 1,750,000 1,452 FH
11 SKY@ELEVEN 5,490 7,850,000 1,430 FH
13 CLYDESWOOD 1,249 1,140,000 913 FH
14 GROSVENOR VIEW 1,313 1,400,000 1,066 FH
15 ONE AMBER 1,658 2,400,000 1,448 FH
15 TIERRA VUE 1,055 1,480,000 1,403 FH
15 COSTA RHU 1,012 1,300,000 1,285 99
15 ST PATRICK'S LOFT 1,324 1,670,000 1,261 FH
15 MARINE MEADOWS 1,690 2,080,000 1,231 FH
15 EAST GROVE 1,033 1,000,000 968 FH
16 RIVIERA RESIDENCES 1,593 2,000,000 1,255 FH
16 BLEU @ EAST COAST 1,216 1,350,000 1,110 FH
16 THE SUMMIT 1,249 1,380,000 1,105 FH
16 CASAFINA 1,270 1,238,888 975 99
17 AVILA GARDENS 1,324 1,100,000 831 FH
17 WATERCREST 1,324 1,030,000 778 999
18 EASTPOINT GREEN 1,130 1,060,000 938 99
18 MELVILLE PARK 969 800,000 826 99
18 ELIAS GREEN 1,518 1,100,000 725 99
19 KOVAN MELODY 1,292 1,400,000 1,084 99
19 CHUAN PARK 1,173 1,160,000 989 99
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NOTE: This data only covers non-landed residential resale property
transactions with caveats lodged with the Singapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
19 CHILTERN PARK 1,518 1,450,000 955 99
19 REGENTVILLE 1,152 990,000 860 99
20 FABER GARDEN CONDOMINIUM 2,766 2,920,000 1,056 FH
21 THE CASCADIA 990 1,796,000 1,814 FH
21 GOODLUCK GARDEN 1,701 1,880,000 1,105 FH
21 SOUTHAVEN I 1,539 1,388,888 902 99
21 SHERWOOD TOWER 1,561 1,083,000 694 99
22 THE LAKESHORE 1,173 1,345,000 1,146 99
23 REGENT HEIGHTS 1,023 958,000 937 99
23 CASHEW PARK CONDOMINIUM 1,475 1,380,000 936 999
23 THE WARREN 1,066 958,000 899 99
23 NORTHVALE 1,033 880,000 852 99
23 HILLTOP GROVE 1,184 948,000 801 99
26 THE CALROSE 1,238 1,570,000 1,268 FH
26 CASTLE GREEN 1,152 1,000,000 868 99
28 SERENITY PARK 1,109 1,100,000 992 FH
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