singapore property weekly issue 199

8/9/2019 Singapore Property Weekly Issue 199

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Issue 199Copyright © 2011-2014 www.Propwise.sg. All Rights Reserved.

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CONTENTS

p2 How to Avoid Getting Scammed By “Get

Rich Quick” Seminars

p7 Singapore Property News This Week

p13 Resale Property Transactions

(February 25 – March 3 )

Welcome to the 199th edition of the

Singapore Property Weekly .

Hope you like it!

Mr. Propwise

FROM THE

EDITOR

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SINGAPORE PROPERTY WEEKLY Issue 199

Page | 2Back to Contents

By Gerald Tay (guest contributor)

Let me start by saying that I want you to read

this post as a commentary on the seminar

industry and its practices, rather than as a

rant. A rant would require me to be worked up

about something. I‟m not worked up, justincredulous that no one has pointed any of

this out yet.

There are real people who share real

education with real experiences. And many

learners have benefitted from their sincere

sharing. But there are also those who profit

from lies, and who give a bad reputation to

the entire industry and to the real educators.

How to Avoid Getting Scammed By “Get Rich Quick” Seminars


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The more valuable something is, the

higher the effort required to achieve it

Many people are not equipped with the

necessary skills to evaluate investmentsproperly. Some of these skills can only come

with experience. When I was a naive investor

and a regular seminar “junkie” years ago, I

had my fair share of being fooled and paid the

“tuition fee”.

The more valuable something is, the higher the effort required to achieve it. Accept this or

be prepared to lose money!

Since building wealth is of a higher value

compared to going to a casino, it takes time.

Many of these wealth programs areorientated towards the masses who want to

get started on the path to riches after

attending a free seminar preview (Property,

Stocks, Forex etc.) by some „guru‟.

Every „expert‟ out there has an agenda and

it‟s NOT for your benefit

Logically, in order to learn the subtleties of

any craft, you have to seek out the masters. If you want to become a doctor, only doctors

can teach you. If you want to become a

computer programmer, you read thick books

on the subject written by experts. If you want

to become a martial arts master, you go to

the grandmasters.There is one big problem, however. That

problem is called superficial analysis. Every

„expert‟ out there has an agenda. This can

become incredibly frustrating in your search

for the truth. Everybody claims to have the

secret, but few are honest.

Bogus „gurus‟ exposed

Here is a non-exhaustive list of

transgressions by so-called gurus


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I‟ve compiled:

A Forex guru claimed a doctorate degree

in forex and was later exposed for fraud.

A well-known property guru was caughtselling overseas properties to her seminar

attendees without a proper license. Her

company is currently blacklisted by the

MAS.

Well-known local wealth guru sued by his

partner, aprominent local millionaire

businessman for fraudulent accounting.

Well-known local property guru admitted

she‟s also one of the investors with the

fallen Eco-House property scam. And she

is supposed to be an “expert”? She wasalso caught selling overseas properties to

her seminar attendees without a proper

license.

Well-known (sneaky) local shares guru

uses dirty business monopoly and wealth

illusions to make money.

Guru and founder of Geneva Gold was

exposed to be a fraud by the MAS. His

company was also blacklisted by the

MAS.

Who will be next on the list?

Who gets rich? You or the“guru”?

Why are people paying so much money sothat someone can tell them how to get rich?

The pros are just feeding the masses with

unrealistic expectations and want the

amateurs to believe they are actually

revealing the real secret to wealth.

Fiction and fairy tale stories sell. Reality is

boring. The marketing department knows this.

Who really gets richer after the seminar?

Not the students for sure.


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It‟s the „guru‟; from collecting book royalties,

expensive seminar fees, commissions,

freebies, free properties from property

developers and many other sponsorships.

A good advisor is someone who is in the

business of investing and not in the business

of selling seminar tickets.

Warning signs

Watch out for the following warning signs

before signing up for a seminar by a „guru‟:

• Advertisements for seminars or property

investment schemes that promise a „risk-

free investment‟, „be a millionaire in two

years‟, „own properties with little or no

money down‟, or that will generate aguaranteed 20% to 25% per annum from

investments, and other similar kinds of

catchy marketing phrases.

Promises of above-average returns at

little or no risk.

The first seminar (usually a preview) you

are invited to attend may be free or costs

little, but where there are high fees to

attend further seminars.

Credit card instalment payments for

paying either the seminar fees or further

investments.

Investment seminars that offer to teach

you „secret‟ or „exclusive‟ techniques for

building wealth.

Tips for protecting yourself from getting

scammed

Protect yourself from investment scams via

the following tips:

Use your common sense: consider the

possibility that the offer may be a scam.


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Remember there are no get-rich-quick

schemes, guaranteed or high yielding

investments: the only people who make

money are the scammers.

Do not let anyone pressure you into

making decisions about money or

investments: always get independent

financial advice.

Remember that family members and

friends may try to involve you in a scamwithout realising that it is a scam – you

should seek independent advice (from a

lawyer or trusted financial adviser)

Be wary of investments promising a high

return with little or no risk.

If it looks too good to be true, it probably

is.

Overpriced get-rich-quick seminars are a sort

of circus dedicated to money worship, meant

to take money from the participants and

enrich the promoters and the speakers. Few

people really care about your success. It‟s a

dog eat dog world.

By guest contributor Gerald Tay, who is the

founder and coach at CREI Academy Group

Pte Ltd , an organization dedicated to

empowering retail property investors withsmarter investing philosophy and strategies.

He is a full-time investor with over 13 years of

solid experience in building his wealth

through Property Investment and is financially

wealthy today.

SINGAPORE PROPERTY WEEKLY I 199

http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/


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Singapore Property This Week


Residential

F eb r e n t s f o r c o n d o a n d H D B f a l l s b y 0 .8 %

and 0. 3% resp ect ively

Rental price for condominiums and HDB units

have fallen by 0.8 percent month-on-month

and 0.3 percent month-on-month in February

from January. Compared to February 2014,

rental prices for condominiums have fallen by

6.2 percent. Eugene Lim from ERA Realty

predicts this downwards trend will continue

due to an increase in non-landed residential

properties this year. Other factors such as

higher property taxes and slower inflow of

expatriates may have affected the leasing

market according to Lim. Lim expect rents to

fall by 6 to 8 percent for this year. The rental

index for non-landed private residential units

in the Core Central Region (CCR) and the

Rest of Central Region (RCR) had fallen by

1.2 percent and 1.5 percent respectively in

February, from the previous month, according

to data by SRX. Not only so, rental volumes

have fallen by 25.8 percent from the 3,487

units in January to 2,586 units in February.

Ong Kah Seng reasoned that the fall in

demand for private residential properties

could have been because of the festivities in

February.

(Source: Business Times)

SINGAPORE PROPERTY WEEKLY I 199


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F e b c o n d o r e s a l e p r i c e s t a g n a t e s d u e t o

p o o r m a r k et s e n t i m e n t s

According to data from SRX, resale prices of

condominiums and other private apartments

have remained flat in February from the

previous month. Mohamed Ismail from

PropNex believes that the lack of urgency to

buy has resulted in unchanging resale prices.

Not only so, sellers have been unwilling to let

it go at a lower price. He believes that if cooling measures are lifted, public‟s

sentiments may improve and thus lead to an

improvement in the housing market.

According to data by SRX, about 321 non-

landed private homes changed hands in

February. This was 6.7 percent less than the344 units that were resold in January. Not

only so, the resale volume in February was

84.3 percent lower than Apirl 2010, when

resale volumes peaked at 2,050 units.


40% o f lau nc hed u nits at K in gs fo rd

Waterbay already sold

About 40 percent of the 320 launched units at

Kingsford Waterbay have been sold.

Residential units at the mixed-use

development have been sold from $1,050 psf

to $1,180 psf. Retail space that are between

431 and 452 sq ft have also been sold for

about $2,700 psf. Ong Kah Seng from R‟ST

Research said that the suburban leasehold‟s

competitive prices have helped to boost

interest in the project. The development has a

99 year lease and consists of 1,165

condominium units in total. Besides that, the

development also comprises of 6 strata

terrace houses, 2 strata semi-detached



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houses, a childcare centre and 6 shops.

According to the Business Times, two-

bedders and three-bedders have been

popular among buyers due to tighter credit

conditions. The implementation of the TotalDebt Servicing Ratio framework has made it

more difficult to finance homes, thus, buyers

may be more inclined to purchase smaller

units. Nonetheless, Kingsford Development

board chairman, Cui Zhengfeng believes that

sales for two-bedders and three-bedders

have been high because a majority of those

units faced the river.


GC B at R idout R d on sale f or $88 mil l ion

A good class bungalow at Ridout Road is on

sale and is expected to be sold for about $88

million or $1,200 psf. The bungalow has a

total of 73,277 sq ft and comprises of a two-

storey bungalow with two single-storey

outhouses. Ho Tian Lam from DTZ said that

the prime location of the space and its large

size will be the main draw for buyers. Under

the URA Master Plan 2014, the site is zonedfor residential use and is within Ridout Park.

The sales tender for the property will cease

on April 8.


K h a w : G o v t a i m s t o e a s e h o u s i n g m a r k e t

gradual ly

National Development Minister Khaw Boon

Wan said that the government is aiming to

ease the housing market gradually to avoid a

market crash. Previously, Foo Mee Har, West

Coast GRC Member of Parliament had

warned that cooling measures may be

overdone if the market continues to spiral

downwards.



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Lee Bee Wah also added that the Additional

Buyer Stamp Duty (ABSD) have contributed

to more Singaporeans investing in riskier

foreign properties. Lee had suggested that

the ABSD should be lifted so thatSingaporeans with spare cash can invest in

local properties instead. On the other hand,

Khaw said that HDB resale prices have

increased by 87 percent from 2005 to 2014.

Khaw added that he would look into

shortening lease tenures in some BTOprojects to cater to different needs. He also

said that the ministry may consider increasing

the $10,000 HDB income ceiling as couples

are marrying later and income levels are

increasing.


N o r t h P a r k R e s i d en c e s w i l l b e l a u n c h e d a t

t he end of March

North Park Residences which is located at

Yishun is slated to be released at the end of

this Month. The project consists of 920 units

that are targeted at both investors and owner-

occupiers. North Park Residences is part of

Northpoint City, an integrated development

that will be completed in 2018. Northpoint City

is expected to be home to more than 500

retail and F&B outlets. Not only so, the

residential project is located near to amenities

such as the Khoo Teck Puat Hospital.

According to market experts, integrated

residential developments like North Park

Residences are expected to yield higher psf pricing than pure residential projects.




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Lease inf r ingement bi l l has been t abled

A new bill that proposes to vary the quantum

penalties that the HDB may impose on lease

infringement cases has been tabled.

Currently, flat owners who have been found to

engage in unauthorised subletting, will be

fined 15 percent of the flat‟s price. However, if

the new bill is passed, the penalty will be

capped at $50,000. The new bill suggests

that according to the severity of the lease

infringement case, flat owners may deserve a

higher penalty. According to the Business

Times, this bill will give HDB officers more

powers in investigating lease infringement

cases, as they will be allowed to enter

premises with a warrant.(Source: Business Times)

J u r o n g W e s t s i t e w o n f o r $ 6 30 .1 3 p s f p p r

A Jurong West site has been won by MCL

Land for $630.13 psf ppr or $338.12 million.

This was 3.2 percent less than the top bid of

$651 psf ppr of its neighbouring parcel. Koh

Teck Chuan from MCL Land believes that as

the profile of Jurong is being elevated,demand for properties within the region will

increase. The breakeven cost for the project

is estimated to be about $1,000 psf and the

selling price is predicted to be around $1,300

psf according to market experts. The site at

Jurong West Street 41 is expected to yieldabout 600 units.


Commercial

2 S h o p h o u s e s a t P a g o d a S t s o l d f o r $ 2 0 m

in t ot al

A pair of shophouses at Pagoda Street has

been sold for $20 million or $3,500 psf. The

total built-up area is estimated to be about



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5,700 sq ft. Market experts said that the

shophouses have been sold for a relatively

high price. The shophouses are located near

Chinatown MRT station and have a 999-year

leasehold tenure from 1875. Currently, theground floors of the shophouses are leased to

a souvenir shop and a café. Mary Sai from

Knight Frank said that the high-price

transaction is not expected as owners of

freehold shophouses at Chinatown, Boat

Quay and Telok Ayer are expecting about$3,000 psf on built-up area.


M o r e t h a n 1 0 0 s t r a t a t i t l e d o f f i c e s w i l l b e

launch ed at GSH Plaza

More than 100 strata titled office units will be

launched for sale at GSH Plaza. GSH Plaza,

which was formerly known as Equity Plaza,

consists of 28 storeys. Located at the Central

Business District, the building has 259 strata

office units in total. Not only so, the building

has two floors of retail space. The building will

also be undergoing massive refurbishment.



http://www.anthonyrobbinssg.com/propwise


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Non-Landed Residential Resale Property Transactions for the Week of Feb 25 – Mar 3

NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore Land Authority.Typically, caveats are lodged at least 2-3 weeks after a purchasersigns an OTP, hence the lagged nature of the data.

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

4 THE INTERLACE 1,873 2,450,000 1,308 994 THE INTERLACE 1,873 2,444,000 1,305 99

5 THE ROCHESTER 1,948 2,600,000 1,335 99

5 BLUE HORIZON 1,475 1,360,000 922 99

5 WEST BAY CONDOMINIUM 893 750,000 839 99

7 SUNSHINE PLAZA 764 1,000,000 1,308 99

8 PRISTINE HEIGHTS 1,356 1,668,000 1,230 FH

9 URBAN RESORT CONDOMINIUM 2,530 5,639,000 2,229 FH

9 THE VERMONT ON CAIRNHILL 1,335 2,650,000 1,985 FH

10 BELMOND GREEN 1,335 2,300,000 1,723 FH10 SOMMERVILLE PARK 1,948 2,700,000 1,386 FH

10 VALLEY PARK 753 1,020,000 1,354 999

10 ROYALVILLE 2,174 2,600,000 1,196 FH

10 SYLVAN LODGE 1,496 1,680,000 1,123 FH

11 L'VIV 1,001 2,068,000 2,066 FH

11 AMARYLLIS VILLE 1,259 1,920,000 1,525 99

11 APLETON VIEW 1,055 1,535,000 1,455 FH

11 MONTEBLEU 2,895 2,950,000 1,019 FH

12 THE VERVE 603 820,000 1,360 FH

14 CITY PLAZA 1,615 1,400,000 867 FH

15 D'ECOSIA 538 800,000 1,486 FH

15 ONE AMBER 1,453 1,945,000 1,338 FH

15 SPRING @ KATONG 1,119 1,380,000 1,233 FH

15 GALAXY TOWERS 1,421 1,380,000 971 FH

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 LAGUNA PARK 1,615 1,400,000 867 9916 COSTA DEL SOL 1,227 1,650,000 1,345 99

16 COSTA DEL SOL 1,345 1,630,000 1,211 99

16 LAGUNA GREEN 1,023 1,050,000 1,027 99

16 COSTA DEL SOL 1,938 1,918,000 990 99

16 TANAMERA CREST 1,216 1,045,000 859 99

17 FERRARIA PARK CONDOMINIUM 1,216 1,130,000 929 FH

17 WATERCREST 1,324 1,080,000 816 999

18 ELIAS GREEN 1,615 940,000 582 99

18 TAMPINES COURT 1,711 915,000 535 10121 SYMPHONY HEIGHTS 1,216 1,168,000 960 FH

23 HAZEL PARK CONDOMINIUM 1,324 1,288,000 973 999

23 MI CASA 1,324 1,200,000 906 99

23 MERA WOODS 1,711 1,480,000 865 999

23 HAZEL PARK CONDOMINIUM 1,335 1,005,000 753 999

25 PARC ROSEWOOD 517 628,000 1,215 99

27 THE ESTUARY 1,119 1,100,000 983 99



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singapore property weekly issue 199

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