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MICA (P) 128/10/2011
DTZ Auction ‘Lacklustre’ DTZ’s monthly proper ty auctions for May proved quiet, with nine proper ties on offer but just one unit sold – a 1,410 sq ft apar tment at Botanic Gardens View for S$2.32 million. In total, one landed, four non-landed and four commercial (comprising a shop space and three warehouse units) were offered at the auction. Shaun Poh, Senior Director for International Advisory Services & Auction at DTZ, who spoke to PropertyGuru, said: “We had a very good crowd for the auction. Many came for educational reasons and to check the prices as these are not listed anywhere.” Poh said the apar tment was sold at “a good price compared to the other units in the vicinity which are going at around S$2.5 million”.
Office Opening UK developer Berkeley Group is planning to open an office in Singapore to cater to the increasing number of local buyers of its London properties. The company has been selling properties to Singaporean buyers and investors for many years and holds regular proper ty exhibitions in the city state. The Singapore office is expected to open before the end of this year. Speaking to PropertyGuru at the Singapore launch of its Marine Wharf development earlier this month, Matthew De Monti, Sales Director for Berkeley Homes, said the Singapore office will provide a local contact point for existing clients and will manage enquiries for its London and Southeast England properties. He said: “It’s always good to have someone in the region to aid and assist with our existing property exhibitions, and to service our existing clients.”
Issue No 13/2012
COOLING MEASURES AGAIN? This time, the industrial property market could be affected. > Page 9
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MANAGEMENT Steve Melhuish Chief Executive Officer Jani Rautiainen Managing Director James Sundram Senior Vice President, International Sales Winnie Khoo Chief Operating Officer
Singapore vulnerable from growing income gap Romesh Navaratnarajah, Senior Editor, The PropertyGuru Pacific region, with millionaire households in the city-state rising 14 percent to 188,000. In fact, Singapore had the highest propor tion of millionaire households with 17 millionaire households in every 100.
Jagannathan Janagyraman Head of Engineering Soon Tzer Chua General Manager, Sales Sarah Baker Head of Products Douglas Gan Strategy Guru
While the new elite get to enjoy their newfound wealth, there are also a growing number of Singaporeans that are homeless and are struggling with high living costs. Some are even resor ting to selling tissues on the street. Dubbed “tissue aunties and uncles”, you can see them hawking tissue packets at MRT stations and hawker centres throughout the country, selling three packets for a dollar. This is just one of the many instances highlighting the rising disparity between the rich and the poor in Singapore.
PUBLISHER Osman B.S. osman@allproperty.com.sg
EDITORIAL Andrew Batt Group Regional Editor andrew@allproperty.com.sg Romesh Navaratnarajah Senior Editor (Singapore) romesh@allproperty.com.sg Cheryl Tay Editor (CommercialGuru) cheryltay@allproperty.com.sg Tejaswi Chunduri Regional Analyst tejaswi@allproperty.com.sg Widyawati Sharkawi Editor (Malaysia) widyawati@homeguru.com.my Anto Erawan Editor (Indonesia) antoerawan@rumah.com Punika Thaipitakkul Editor (Thailand) punika@ddproperty.com
More Singaporeans are joining the millionaires club, according to a recent repor t by the Boston Consulting Group. Apar t from China and India, Singapore posted one of the biggest increases in millionaires last year in the Asia-
Other examples that are clearly visible include the rising number of people, especially the elderly sleeping at void decks and collecting cans for recycling. With Singapore’s economy
The PropertyGuru is Singapore’s Only Proper ty Dedicated Newspaper distributed on a Complimentary basis, for tnightly on Friday. It is also delivered to Residential Estates (HDB & Private) – direct via Singapore Post.
Michelle Yee Editorial Contributor
Exclusive Partnership:
(Editorial Assistants) Russell Lim russell@allproper ty.com.sg Samuel Wong samuel@allproper ty.com.sg
continuing to hold firm despite the poor economic conditions in other par ts of the world, one has to wonder what the reason for this is. Some years back, a media repor t put the blame on globalisation and runaway prices, saying it benefitted skilled citizens and the rich but made it hard for the unskilled, the aged and the sick. Even then, those who are highly educated have not been spared by company restructuring, relocation and outsourcing of workers. Globalisation has been good for Singapore’s economy, but the rising pover ty levels will likely affect the bedrock of society which the government will need to monitor closely. After all, housing and job security are a necessity that all Singaporeans need to have.
Romesh Navaratnarajah
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VOX POPS
The Word From The Street Russell Lim asks members of the public: “Do you think that living in a shoebox unit is inhuman?”
REGIONAL (MALAYSIA)
Alyssa Pek alyssa@homeguru.com.my (THAILAND) Natthanathorn Prapharot nat@ddproperty.com (INDONESIA)
Chris Antonius chrisantonius@rumah.com PropertyGuru Group 51 Goldhill Plaza #11-03/05 Singapore 308900 Tel: 6238 5971 Fax: 6534 4678 www.propertyguru.com MICA No. 2010689043 Print: KHL Printing (S) Pte Ltd Design: The Right Company Pte Ltd All content published in The PropertyGuru is protected under copyright laws. No content should be reproduced either in par t or whole without express written permission from Proper tyGuru Group. For licensing and syndication enquiries please email andrew@allproperty.com.sg. Currency conversions are provided for indicative purposes only. Every precaution has been taken to ensure all information is accurate. However, the publisher, its employees or agents accept no responsibility or liability for direct, indirect or consequential losses or damages resulting from the use of any information contained herein. All adver tising enquiries: osman@allproperty.com.sg
“No. It is not inhuman as Singapore faces limited space for construction, so it is reasonable to have shoebox apar tments around. It also depends on the different situations that people are in. Although I might prefer a bigger apar tment, if I am living alone, I might choose to stay in a shoebox apar tment as well.”
“Yes. A shoebox apar tment is smaller in size and difficult to live in. The older and larger apar tments are much better, with a better layout, making them much easier to live in. However, it also depends on family size as well as personal preference. But to me, it is not suitable to live in.”
“No. It is not inhuman, especially when compared to third-world countries. It is far more spacious with better living conditions. As Singapore has very limited land space, I believe having an apar tment is enough, regardless of size. It depends on individual preferences. It might be useful for small families and singles but not for larger families.”
“Yes. Shoebox apar tments in my opinion are inhuman. The living space is too small for people. Even as an investment, I would not consider it as I would not expect people to stay in such small apar tments. However, it also depends on the age group of the people buying and their ability to buy.”
Jane Chew, 26, Advertising & Promotions Manager
Dhruc Kapur, 32, Operations Manager
Adeline Lin, 29, Homemaker
Aromel Balakrishnan, 35, Consultant
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PropertyGuru SINGAPORE MARKET NEWS
Wing Tai boss warns of housing oversupply Demand for property could drop even more than expected. By Romesh Navaratnarajah Many buyers are choosing to acquire properties now, fearing that prices may surge in the coming years. As a result, demand in future could drop even more than expected leading to an oversupply, said Wing Tai Chairman Cheng Wai Keung.
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WINS & ACCOLADES PropertyGuru has witnessed remarkable growth thus far and has amassed some notable milestones this year. Below is a list of a few key wins for Asia’s leading property portal in the last month.
“On top of that if the economy is not so good at that time, it will compound the problem.” He added that the current housing cycle has exceeded his expectations. “The effects of five rounds of property cooling measures have been short-lived. And despite the fact that the government has increased supply for so many years, the property market has not subsided. This means the pent-up demand is more than I expected,” noted Cheng. He attributed this to a combination of factors such as past undersupply, population growth and liquidity.
PropertyGuru Group Announces double digit million dollar strategic investment by a unit of Deutsche Telekom. Several buyers are snapping up homes now as they fear prices will go up.
Cheng reckons that from 2003 to 2005, when the economy was not performing well, people only bought properties if it was a necessity. Now it is the reverse.
even though the government continues to say that the economy is not doing well, apparently Singaporeans are still confident in general. Now some people may be bringing forward their buying (decision), thinking: ‘I’d better buy now because prices are going up.”
“Because of liquidity, people feel more secure, and
“But my argument is that there is a danger
of people bringing forward their demand, so subsequent years’ demand may be lower than what they call average demand every year (based on current demand statistics).” “This will create an even bigger supply and demand inequilibrium; it will create an oversupply more than we think.”
5,000,000 5 million Page views recorded for PropertyGuru’s Consumer App in May.
SINGAPORE MARKET NEWS
Nothing ‘inhuman’ about shoebox homes Developer defends shoebox units against criticism that they are inhumane. By Samuel Wong
63,000
Oxley Holdings Chief Ching Chiat Kwong has defended shoebox apartments, following a comment by CapitaLand’s CEO Liew Mun Leong that such units are ‘almost inhuman’.
People have downloaded the online version of The PropertyGuru newspaper thus far.
“Tell me what is more inhuman? Giving a young person an opportunity to buy an affordable first apartment in a good location, or making people cough up S$1,700 psf for a 99-year leasehold residential unit in the suburbs or HDB townships?”
10 millionth Property listing was created last week on PropertyGuru.
The developer has been actively building shoebox projects throughout Singapore. However, recent debates on shoebox units have sparked a lot of controversy. Liew said: “I am dead against shoebox developments,” adding that the government should restrict growing demand for these housing types. “Singapore’s land is very precious and you are wasting your scarce resources (by building shoebox apartments).” “It’s almost inhuman, it’s not good for the welfare of the family to feel that constrained,” noted Liew. Meanwhile, the government’s concern is that the number of shoebox units is growing too quickly,
Debate on shoebox homes sparks controversy. with private home sales surging to a near threeyear high, setting a record for units purchased below 500 sq ft. Ching countered that “when a young man or woman leaves the parent’s home for the first time, they want a nice affordable pad which
provides adequate personal space”. “This is a first purchase. In time, they will upgrade, as they get married, and have children. But they can leverage on this first purchase to upgrade to a larger unit. Tell me, what is inhuman about that?”
PropertyGuru.com.my Now features properties from Kota Kinabalu in Sabah.
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Your Voice Recently, PropertyGuru carried a story on comments made by CapitaLand CEO Liew Mun Leong that shoebox units are inhuman. The headline read: “Shoebox units ‘almost inhuman’: CapitaLand CEO” (http://tinyurl.com/7dho6jo). The article prompted a flurry of online comments from readers. Here’s an edited summary of some of your comments that were posted online.
Flat owners sitting on a pot of gold Some Singaporeans can expect a tidy profit if they sell their HDBs on the resale market. By Romesh Navaratnarajah Singaporeans who bought HDB flats in 2007 could get double the price if they put their units on the resale market today. This opportunity is a result of good timing and a buoyant resale market which may only happen again after a long time, according to experts. This year, flat owners who were awarded the keys to their homes in 2007 will complete the Minimum Occupancy Period (MOP) of five years.
Andrew Tan: “I fully agree with Mr Liew. Shoebox units are just a form of capitalism. It seems to be rampant profiteering without any social conscience. Something should be done to curb it soon before the situation explodes.”
NM: “Right now, housing costs are causing many families to share homes. Therefore, it is better for singles and couples to live in shoebox apartments, which cost lower, compared to sharing rooms with others.”
Danial Tan: “It is only those staying in expensive homes who cannot adapt to living in a shoebox unit. If it’s inhuman, then why is it still so popular?”
Peter Kwok: “As land is scarce, it is not possible to give everyone a large unit. It is better to have a small unit than none at all. If so, should HDB stop building studio flats, which are less than 50 sq m in size?”
JJ: “If a buyer can afford, they will get larger units. If there is a larger unit that is the same price as a shoebox unit, they will buy the larger unit without fail.”
B JK: “In commercial terms, most developers want to sell their properties at a high per sq ft price. Thus, whether it’s a shoebox unit, or whether it’s human or inhuman, that does not matter. To them, the most important aspect is that new home sales have been breaking records since 2009.”
yangxinfei: “It doesn’t matter what the size of the units are. As long as there is financial support from banks to help buyers pay for their homes, people will buy either way.”
Each day, PropertyGuru publishes premium property news and features on its websites in Singapore, Malaysia, Thailand and Indonesia. Join the debate now at: www.propertyguru.com
“Back then, HDB prices were in the doldrums because of SARS (severe acute respiratory syndrome) and the Asian financial crisis,” said Mohamed Ismail, Chief Executive of PropNex. He added that the windfall could be attributed to the recent surge in resale flat prices. Ismail noted that the HDB resale price index in Q1 2012 was 191.6 compared to 104.9 in Q1 2007. There’s been a recent surge in resale flat prices, say analysts.
Meanwhile, the housing board revealed that
flats which have satisfied the MOP this year include those in the mature estates of Toa Payoh, Bukit Merah and Queenstown as well as in the non-mature estates of Punggol and Sengkang. However, not all flats are eligible to be put on the resale market this year given that the MOP only starts when keys are issued. Johnny Wan, one such flat owner who bought a four-room unit in Queenstown for S$330,000, now gets fliers from real estate agents who have committed no less than S$750,000 for his flat. “My friends called me crazy and said I could have landed myself a better deal elsewhere, maybe an executive condominium,” he recounted when he bought the flat. “But it’s all about location to me, and I’m the one who’s sitting on a tidy profit now,” he said, adding that he might sell his unit if the right offer comes along.
TEJ SAYS...
Property prices expected to decline: PropertyGuru survey PropertyGuru’s latest quarterly survey results on consumer sentiment towards the property market in Singapore were released recently. Carried out in collaboration with Blackbox Research, a market research firm in Singapore, the survey polled over 2,600 respondents. The results show that Singaporeans are increasingly optimistic that property prices will become more affordable in the near future.The Affordability Sentiment Index (ASI) again rose this quarter and is now 12 points above where it was in Q3 2011 (baseline). The sentiment is driven by expectations that HDB / private property prices will drop in the next six months. As National Development Minister Khaw Boon Wan highlighted this month, property cooling measures implemented by the government to stabilise the market are working, but much more can be done (turn to page 6 for the full story). Only 30 percent of respondents in our survey are satisfied with the current real estate climate in the country. Views on the government’s efforts to keep properties affordable have softened by five percent compared to Q4 2011, with slightly less than half (49 percent) of Singaporeans now pessimistic about the government’s efforts to manage market prices. Factors affecting the property market, such as low interest rates, abundant supply of
public and private housing and pro citizen cooling measures are helping to make it a buyer’s market. Mr Khaw also said that the government will ease the public housing crunch gradually, noting that queues for new flats have reduced over time and prices have stabilised. The additional buyer’s stamp duty (ABSD) has certainly had an impact with 37 percent believing that the policy will result in lower property prices while 42 percent remain undecided. Data from the survey shows that perception towards residential property price falls have increased six percentage points, while the number of respondents having the same views for cash-over-valuation (COV) rose by five percentage points. With regards to the rental market, 84 percent of renters say rents are too high, an uptick of three percentage points from Q4 2011. With the bumper supply of Build-to-Order (BTO) flats, interest towards executive condominiums (ECs) fell by almost 10 percent in Q1. Four- and five-room HDB flats were more popular among respondents. At the same time, interest in private condos rose by five percentage points while the appeal of landed property fell again. Due to rising property prices and tightening measures, the last few years have seen more investors in Singapore venturing abroad to look for better deals. Currently, investment
interest levels are steady (26 percent) but there has been a notable shift in interest for properties in Malaysia (seven percent higher than in Q4), an indication that the rising profile of Iskandar Malaysia is having an impact or that the proposed Rapid Transit System (RTS) connecting Singapore and Johor Bahru is looking more like a reality. Apart from the regular overseas investment choices such as Malaysia and Australia, there’s also been a three percent interest for New Zealand investments. To sum up, the survey results show that the multiple rounds of cooling measures have created a positive sentiment towards real estate in Singapore. However, there are still many concerns that need practical solutions. Do you think the multiple rounds of cooling measures will help make home-ownership more affordable to Singaporeans? Do write to me at: research@propertyguru.com.sg
Tejaswi Chunduri is Regional Analyst with PropertyGuru.
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What’s pushing Chinese buyers away from Singapore property? Number of homes purchased by China nationals’ drops 54%. By Samuel Wong Chinese buyers have lost out to Malaysians, who reclaimed top spot among foreigners buying Singapore properties despite the tough cooling measures introduced in December last year.
(additional buyer’s stamp duty) on all home purchases by foreigners. Meanwhile, PRs need to pay an extra three percent on their second and subsequent home purchases.
A report by DTZ Research revealed that the Chinese, including permanent residents (PRs), purchased 292 homes in Q1, down 54 percent from the 640 homes acquired in Q4 2011 – the lowest number in over two years.
Consequently, demand from non-PR foreigners fell 75 percent to 336 units. Their proportion of the private market fell to a three- year low of six percent. PRs took a 16 percent share while Singaporeans made up the remaining 78 percent.
This means that the proportion of Chinese buyers relative to non-Singaporeans fell to 23 percent from 29 percent last quarter, making it the lowest drop among all nationalities. On the other hand, Malaysians had a high of 362 transactions, marking a 28 percent share among foreign buyers due to the larger number of Malaysian PRs in the country. The latest measures include a 10 percent ABSD
DTZ noted that the decline in proportion of foreign purchases post-ABSD was more drastic compared to 17 years ago when another major policy change was rolled out. Back in Q3 1996, foreign purchases fell by a smaller margin of 57 percent, following the government’s restriction on the extension of loans to PRs and foreigners.
Malaysians are now top foreign buyers of Singapore homes.
SINGAPORE MARKET NEWS
Far East sets sales record
Suburban projects such as Hillsta led the rebound in home sales. Property developer Far East Organization sold 2,200 new homes in Singapore during the first five months of the year. This includes suburban projects such as The Hillier in the northwest and Watertown in the northeast. According to a media report, projects by Far East helped lead the rebound in home sales this year, with Watertown in Punggol accounting for over 50 percent of the 1,872 units sold in January. URA (Urban Redevelopment Authority) data also showed that April home sales climbed to a near three-year high of 2,487 units, boosted by developments like Hillsta, also by Far East.
Smaller firms are redeveloping prime sites such as McDonald’s Place at King Albert Park.
Smaller firms pool funds to develop large sites Amid tough competition in the buoyant proper ty market, smaller firms are combining forces and funds to secure a number of prime development sites in the country. Out of the 11 residential sites sold under the Government Land Sales (GLS) Programme this year, three were awarded to consor tiums of smaller investors.
Nicholas Mak, Executive Director at SLP International Property Consultants, said that property developers will continue to develop projects in the outskirts to cater to demand from local buyers.
At the same time, smaller firms also performed well in the private land sale market. Some of the sites being developed by these investors include Seletar Garden and McDonald’s Place at King Alber t Park.
“Due to their purchasing power, local residents will find suburban properties more affordable.” He said that the government will likely introduce more cooling measures following the surge in home sales, adding that it is difficult to predict what could trigger another round of curbs.
Recently, a consor tium comprising SingXpress, Creative Investments and Kay Lim Realty secured an EC site in Tampines. The developers put up a joint bid of S$234 million, higher than bids from Sim Lian Group and MCL Land.
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SINGAPORE MARKET NEWS
Few bright spots in housing market Waiting times for new HDB flats have reduced while prices have stabilised. By Russell Lim While recent property measures implemented by the government to cool the market are working, Minister for National Development Khaw Boon Wan said that much more can be done. He noted that the government will ease the public housing crunch gradually, adding that queues for new HDB flats have reduced over time and prices have also stabilised. In November 2011, around 85 percent of firsttime buyers successfully purchased flats at new launches, higher than the 45 percent success rate in May that same year. More flats have also been set aside for secondtimers who now get 15 percent allocation for new flats, a notable increase from the previous five percent. The price hike in the resale market has slowed down as well. In addition, more couples have been given the chance to own their own homes after the government increased the joint income ceiling from S$8,000 to S$10,000.
Mr Khaw added that he is also monitoring the mass marketing of shoebox units, which are no more than 500 sq ft in size. Apart from that, private home prices in the central region have been moderating.
“More couples have been given the chance to own their own homes after the government increased the joint income ceiling from S$8,000 to S$10,000.” However, many concerns need to be addressed. Housing prices are still at a historic high and some buyers are burdened with loans that will take 30 years to repay. Nonetheless, Mr Khaw remains optimistic. “Having gone through many (property) cycles, I can only advise and remind that things don’t go in a straight line.”
The government is looking to ease housing prices gradually.
SINGAPORE MARKET NEWS
PropertyGuru signs S$60m online deal Move will boost the property portal’s market leading position in Asia. By Romesh Navaratnarajah PropertyGuru, the leading property portal in Asia, has received a whopping S$60 million strategic investment from ImmobilienScout24, one of the top three property portals in the world and a subsidiary of Deutsche Telekom. Considered the largest online deal in Southeast Asia, the investment will boost PropertyGuru’s market leading position in the region and support the booming online property market. PropertyGuru aims to capture 10 percent of Southeast Asia’s real estate advertising market in the next three years along with 25 million regional users. “We see strong economic growth, rising middle classes, urbanisation, developing property markets, as well as an online explosion, taking place throughout Asia. PropertyGuru sits in the middle of all of this. Our revenues and traffic doubled over the previous year, and we increased our leadership position in our markets,” said Steve Melhuish, PropertyGuru’s CEO. “We welcome ImmobilienScout24 as a strategic investor, which will accelerate our growth and support additional investment in developing innovative services for our clients.”
Marc Stilke, CEO at ImmobilienScout24, said: “PropertyGuru’s strong presence in the neighbouring countries of Malaysia, Indonesia and Thailand is good reason to buy into the company, as these countries will achieve significant economic growth in the coming years.”
“We see strong economic growth, rising middle classes, urbanisation, developing property markets, as well as an online explosion, taking place throughout Asia.” Steve Melhuish, CEO, PropertyGuru
Steve Melhuish, CEO of PropertyGuru Group (left) with Marc Stilke, CEO of ImmobilienScout24, at this month’s press conference in Singapore.
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SINGAPORE MARKET NEWS
Singapore millionaires on the rise 1 in every 6 is a millionaire in the city-state. By Russell Lim Singapore has retained top spot for having the highest percentage of millionaires in the world, according to a study published by Boston Consulting Group (BCG). It showed that the number of households with investable assets of more than S$1.26 million rose 14 percent to 188,000 in 2011, meaning that one in six households is a millionaire. The report also highlighted that Singapore’s population of super-wealthy has grown, with 10 in every 100,000 households now considered ‘ultra-high-net-worth’ households, defined as households with over US$100 million (S$129 million) in private financial wealth. This puts Singapore just behind Switzerland, which has the highest number of ultra-high-net-worth households, and ahead of Hong Kong, which has seven of such households for every 100,000. However, the report stated that asset inflows into Switzerland from investors in neighbouring countries “will certainly decline”, citing “new, stricter tax regulations”.
“If recent growth rates remain constant, it is possible that Singapore and Hong Kong combined will surpass Switzerland as an offshore booking centre in terms of size in 15 to 20 years.” The report also ranked Singapore 11th in terms of absolute number of millionaire households, boosted by the appreciation of the Singapore dollar in recent years. Warren Lim, Chief Executive of Finexis Advisory, noted that millionaires were also created from strong growth in Singapore’s property market. Meanwhile, private wealth across Asia-Pacific, excluding Japan, climbed 10.7 percent to US$23.7 trillion (S$30.6 trillion). In contrast, private wealth in Japan, North America and Europe declined two percent, 0.9 percent and 0.4 percent respectively. However, North America still has the largest share of private wealth globally at US$38 trillion (S$49 trillion). Indonesia, which is undergoing an economic
Singapore could oust Switzerland as the world’s top wealth centre. boom, is also contributing to Asia-Pacific’s share of private wealth. A report released by Wealth-X, which tracks super-wealthy households around the world, indicated that the combined net worth
of ultra-high-net-worth individuals in the country reached US$125 billion (S$161 billion), with at least 25 Indonesians now worth more than US$1 billion (S$1.29 billion).
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COMMERCIAL NEWS POWERED BY
A Practical Guide to Strata Management in Singapore
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Real estate to play key role in ASEAN’s development Smart real estate planning will impact on the success of the region. By Cheryl Tay economic integration by 2015”. Fossick reckons that the two-day forum highlighted “how the real estate industry will need to play a vital role in the growth and development of the ASEAN nations”, providing great opportunity and responsibility to advisors, developers, investors, or occupiers involved in the industry. The theme of the forum was ‘shaping
Improvements in infrastructure will lead to more real estate development in the ASEAN nations. Real estate will play a pivotal role in the ongoing development of ASEAN (Association of Southeast Asian Nations), noted the heads of Jones Lang LaSalle (JLL) who attended the World Economic Forum on East Asia 2012 in Bangkok recently. According to Chris Fossick, Managing Director at JLL South East Asia, “the calibre of the attendees, which included senior politicians, academics and business leaders, was testament to the commitment within the region to reaching ASEAN’s objective of
the region’s future through connectivity’. Several discussions took place that delved on the future social, political and economic development of ASEAN countries. Suphin Mechuchep, Managing Director of JLL Thailand, said: “Major differences between ASEAN markets such as foreign property ownership, alien business laws and tax system need to be fine-tuned.” She added that efficient management of these areas will narrow the gap in competitiveness among ASEAN real estate markets. As a result, “every market will then be able to capture most, if not all, of the opportunities that will follow the connectivity and collaboration within the sub-region”.
IN CONVERSATION
Recipe for Commercial Success Going green is fashionable these days, with everyone jumping on the eco-conscious bandwagon. Amid stiff competition, MDIS struck Gold at the Reader’s Digest Trusted Brands 2012 Awards for the second consecutive year, in line with the award’s green theme and the latest in a long list of accolades received by the institute. Cheryl Tay speaks to Secretary General Dr. R Theyvendran to find out more about MDIS and the man behind it. I am therefore delighted that we’ve been recognised by consumers once again in the Private Higher Education Category in the Reader’s Digest Most Trusted Brands Awards. This underscores the success of our strategies and reinforces Singapore’s image as a credible global schoolhouse. Q. Having won Gold two years in a row as one of the Reader’s Digest Trusted Brands, it seems MDIS has fulfilled its vision, mission and core values. What do you envision for MDIS in the future? A. We aspire to be the leading regional educational institution. We are now expanding not just in Singapore but also overseas. Our first overseas campus, MDIS Tashkent in Uzbekistan, was opened in 2008, a milestone in our global expansion.
Dr. R Theyvendran, Secretary-General of MDIS. Q. Congratulations on MDIS’ latest award. Considering the other nominees in the same category, did you expect to win? Why? A. There are certainly many private educational institutions (PEIs) in Singapore and the level of competition has increased over the years. But MDIS, Singapore’s oldest not-for-profit professional institute for lifelong learning, has always kept ahead of the curve by paying close attention and responding swiftly to market expectations and consumer preferences. We have also continually built our brand locally and globally through a strong emphasis on delivering quality education to students and grooming them for global careers.
To sustain the trust we have built, we will continue to promote lifelong learning to cope with new challenges and remain relevant in a fast-changing, fast-paced world. We will upgrade our courses and facilities to cater to student expectations and market trends. Q. You have been involved in many other organisations and societies, such as the Tamils Representative Council, and won numerous awards, including the Master Strategist award in 2004. What motivates you? A. From young, I’ve been motivated to succeed. I believe those with knowledge, wealth and leadership abilities have a duty to help the less fortunate improve their lives. My involvement in
other organisations and charities is my way of giving back to the community. Often, I have been tasked with the leadership of not-forprofit organisations because nobody else wanted to do such burdensome and time-consuming work. But once I take on a managerial role, I will exercise prudence — especially regarding expenditure and overheads and will work towards building up financial reserves to ensure the organisation is well managed. Q. You’ve brought MDIS from an institute with a S$60,000 loss to a reputable, multi-million dollar educational institution and helped many other companies out of financial ruts. What’s your secret? A. Maximising the potential of the right people — as a leader, you must be able to lead the right people to produce desired results. Building a trusted brand is vital in transforming companies into successes, as trust is fundamental to any corporate success.Trust must be built over time (through branding) and it is underlying trust in a brand and its management that will always stand a company in good stead. In a crisis, consumer confidence is more easily regained for a trusted brand. Of course, quality is also very important. MDIS is a good example — we must constantly work hard to build a global education brand, while improving the quality and relevance of our education programme. A product with no substance won’t last. A product with substance won’t be known unless it is communicated effectively to the right target audience.
The
PropertyGuru
09
COVER STORY
Industrial Property: To Cool or Not to Cool? Successive rounds of cooling measures on Singapore’s residential property market have seen investors turn to industrial property, where they have enjoyed lower prices and a lack of restrictions. But could cooling measures be on the cards for the industrial sector? Cheryl Tay finds out.
The industrial property sector has been rosy for investors but cooling measures may change that.
T
here has been a lot of talk about Singapore’s residential property market in recent years, especially since house prices had been shooting up more rapidly than the country’s temperature has in recent months. The massive influx of foreign talent into our little red dot was perceived by a large number of citizens to be the main factor which catapulted prices beyond the reach of many an average Singaporean, leading the government to implement as many as five rounds of property cooling measures since 2009, in an attempt to control prices.
A Taxing Issue One of the most talked about aspects of the cooling measures is the additional buyer’s stamp duty (ABSD) — foreigners buying residential property in Singapore are subject to an additional 10 percent tax on their purchases and permanent residents (PRs) are subject to an additional three percent tax on their second homes, as are Singaporeans who are buying their third homes. At the same time, the ease in obtaining mortgage loans with attractive interest rates has also contributed to boosting the residential property sector, a kind of buying sentiment analysts believe has spilled over to the industrial property segment. This has led many investors to shift their attention from the residential property market to the commercial property market, where prices are
lower and they are not restricted by such measures.The growing popularity of commercial property investments is particularly evident in the industrial sector, where investments have been on the rise since 2011. A Savills report noted that from Q2 to Q3 2011, Singapore’s industrial sector grew an astonishing 170.5 percent, while it’s residential, private, hotel and commercial sectors each witnessed declines of over 20 percent. Colliers International’s latest bi-annual report stated that between October 2011 and March 2012, Singapore’s industrial investment and land sales activities pushed land and capital values up by as much as 13.5 percent, indicating that its industrial sector is still going strong.
What Goes Up Doesn’t Always Come Down Unsurprisingly, industrial property prices have risen as a result. Prices increased 7.2 percent in Q1, according to the URA Property Price Index. More recently, units at AZ@Paya Lebar were sold for record prices of over S$1,000 psf. Such rapid price increases have sparked concerns that the government may implement cooling measures in the industrial market, with steadily climbing demand for such properties doing nothing to quell the speculation.
Nicholas Mak, Executive Director at SLP International Property Consultants Pte Ltd, says, “(Even if cooling measures are implemented for industrial property) I don’t think they will be as harsh as those on the residential market. The government can change the rules or introduce new ones but when does a rule become a cooling measure or when is it simply a change of rules? If the government makes it difficult to buy industrial properties, companies may move their operations overseas and this could mean a loss of jobs, which could have a negative effect on the economy.” There is one other factor to consider. The cooling measures on the residential property market have succeeded in dampening demand but not lowering prices. On the contrary, they increased slightly in Q1, due to resilient domestic demand and wealthy buyers from China, India and Indonesia, who remained undaunted by the measures. Mak says, “A cooling measure may or may not be effective. But if, for instance, the government fixes the price and determines that industrial properties cannot be sold for more than S$500 psf, it will no longer be a free market. No cooling measure is perfect; even the ones in the residential market are not having their desired effect. It’s not as simple as adding salt to water and expecting it to be salty. When new measures are introduced, the market will not necessarily react in the way expected of it.”
Necessity or Novelty? Authorities have been increasing industrial land supply to cool the sector. Furthermore, the minimum occupancy period (MOP) for industrial Government Land Sales (GLS) sites has been reduced to 30 years in a bid to make them more affordable. While such rules may help to lower prices, they are certainly not strict cooling measures like those in the residential sector. Experts are not highly concerned, as industrial properties comprise a small portion of the local property market. Donald Han, Special Advisor at HSR, says, “The government has not taken more proactive measures is that the number of transactions in the industrial sector is probably 15 percent of the whole transaction volume.” Some experts also predict that market forces will cool the industrial property sector naturally. The gloomy global economy is expected to flatten industrial space rentals in the current quarter, with an impending year-end decline. For now, however, Mak foresees a more positive outcome for the industrial property sector. “The industrial market is heading towards a period of more stable growth. Prices and volumes have grown substantially and now, the fundamentals have to catch up with that.”
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Singapore Property Picks No matter where you live or want to live, there’s a development for you. Check out these new launches before making a decision on where to buy – you won’t regret it! One Canberra
Yishun Avenue 7 A new executive condominium (EC) offering a total of 665 units ranging from three- to five-bedroom homes. Nestled within a private residential area, this 99-year leasehold development is within close proximity to amenities such as Yishun Town Centre, Nor thpoint Shopping Centre, Yishun / Bottle Tree Parks and the new regional hospital – Khoo Teck Puat Hospital. It is also near reputable schools such as Yishun Secondary School and Yishun Junior College. Set to be completed by 2016, One Canberra is par t of the government’s development plan for the nor thern region.
River Isles
Punggol Central River Isles is a distinctive 99-year leasehold condominium located in the water town of the 21st century. It comprises a total of 610 units spread across nine 17-storey towers and includes dual key units. Full condo facilities such as a spa pool, swimming pool and barbeque areas will leave residents spoilt for choice. It is also a shor t distance from Punggol Plaza and the upcoming Waterway Point which offer dining and shopping options. At the same time, it is easily accessible to the city via major expressways. There are a number of prestigious schools nearby like CHIJ St Joseph’s Convent and Compassvale Primary and Secondary Schools.
Brooks Collection
Springside Crescent
Royce Residences
Lorong 6 Geylang Comprising a total of 40 residential units, Royce Residences is an eight-storey freehold development. It is located in the bustling area of Geylang and features a breathtaking pool, wellequipped gymnasium and BBQ pits, all sited at the pool deck. Due to be completed by mid-2013, it will be one of the few new developments within the vicinity of the upcoming Sports Hub and Singapore Indoor Stadium. Getting around the island will be easy as the project is a short drive away from Changi Airport and is just 10 minutes to the central business district (CBD).
New freehold landed development tucked away in the exclusive and serene District 27. Features threeand-a-half storey homes with an attic and private pool. A unique development, Brooks Collection has a ‘rear garden’ concept where the living, dining and master bedrooms are oriented to face the greenery at the back. It is close to food outlets along Upper Thomson Road and Yishun Town shopping centre and is easily accessible via major expressways. Other amenities within its vicinity are Nor thpoint mall and the picturesque Seletar Reservoir, which provides leisure activities.
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District 27 DISTRICT WATCH
In every edition of The PropertyGuru, we’ll be taking a closer look at one district in Singapore. We’ll be looking at the key buying factors and identifying properties worth a closer look. In this edition, Cheryl Tay shines the spotlight on District 27.
W
hen asked where in Singapore one would choose to live or invest, the answer is not typically “Sembawang” or “Yishun”. After all, those areas have long been overshadowed by more popular residential enclaves such as East Coast and Bukit Timah. But thanks to several upcoming developments in District 27, that has changed. Brooks Collection, The Nautical (in Sembawang), One Canberra and The Miltonia Residences (in Yishun) can be credited with attracting more home buyers to the district, with people now more aware of its peaceful, tucked-away appeal. The district also has its fair share of HDB estates. TREASURES UNTOLD Apart from the aforementioned residential properties, District 27 has a considerably broad range of amenities for its residents. Yishun itself has a library, polyclinic, cineplex,
hawker centres, supermarkets, restaurants and banks, to name but a few. Khoo Teck Puat Hospital and the Nor thpoint shopping mall are also in the vicinity. In Sembawang, one can visit Sembawang Park, the Sembawang Hot Springs (Singapore’s only hot spring), Bottle Tree Park, Orchid Golf Course and the Seletar Golf Course. A LUCRATIVE CHOICE District 27 is suitable not just for relaxation and enjoyment, however. Proper ty agent Carol Toh of DTZ Debenham Tie Leung (SEA) Pte Ltd says, “The yield is market driven and freehold proper ties are much sought-after in Singapore. The current rental market in D27 (stands at) about S$2.50 psf. You can expect rental demand from the Singapore American School and many MNCs in Yishun, Ang Mo Kio and Woodlands, such as 3M, Apple, Maxtor and HP”.
One such potential investment is Brooks Collection, a freehold development at Springside Crescent featuring three-storey terraced houses with en-suite bedrooms. Its new launch will see 39 units being offered. Toh says of the project, “Typical units come in the same design and most of them are nor th- or south-facing, with parks and greenery. The project’s main selling point is that all units are single loading (offering more privacy). All corner-terraces each come with a private pool and are comparable to semi-detached homes”. POSITIVE OUTLOOK With District 27 offering a variety of upcoming residential proper ty launches, including condominiums (The Miltonia Residences and The Nautical), executive condominiums (One Canberra) and terraced homes (Brooks Collection), it comes as no surprise that home buyers are likely to flock there to enjoy high-
end living away from the hustle and bustle of the city and other prime districts. At the same time, the district has no lack of amenities and recreational facilities, making it self-sustaining and convenient to live in, barring the fact that its accessibility pales in comparison to more central areas. Considering Singapore’s size and ease of travel, however, this is unlikely to deter home buyers and investors. Toh is cer tain that the housing market (par ticularly for landed homes) in the district is on the up, saying, “Landed freehold proper ties are much sought-after, taking into consideration the land scarcity in Singapore. Prices for landed proper ties are likely to hold firm in light of low interest rates for the next one to two years. In my opinion, prices for landed homes have more room to climb in future”.
Continued on page 14
One Canberra EC in Yishun is one of the hottest property launches in Singapore right now.
Northpoint in Yishun is one of D27’s numerous retail outlets.
The observation deck at Yishun Pond is the perfect spot for bird-watching and photography.
The SAFRA Yishun Country Club is one of the many recreational amenities in District 27.
The Nautical is unique due to its ship-like shape.
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Continued from page 12
QUICK FACTS Compiled by Cheryl Tay District 27 comprises of the Sembawang and Yishun areas. A British naval base in the 1920s, Sembawang features a number of beautiful black and white houses, now often referred to simply as ‘black and whites’, which were once colonial barracks. Today they are occupied mainly by expatriates. Located just east of Yishun New Town, Lower Seletar Reservoir is Singapore’s first reservoir where sailing was permitted – the result of a collaboration among the PUB, Singapore Sports Council and Seletar Country Club. Certain designated areas of the reservoir also accommodate recreational fishing. A major attraction in Yishun is Bottle Tree Park, a seven-hectare attraction built from scratch by Bottle Tree Pte Ltd, whose founders had set out to create a concept village. Its variety of nature and sports features include a mini zoo and paintball field, as well as bottle trees flown in exclusively from Queensland Australia that cannot be found elsewhere in Singapore.
Besides its upcoming private residential projects, D27 also has many HDB flats.
Property Price Trends: District 27 By Tejaswi Chunduri
Source: URA, PropertyGuru
Source: PropertyGuru
The PropertyGuru says… • The average transaction price psf for condos in the area rose by 12 percent in Q1 2012 (y/y) while the average asking rental price psf grew by 28 percent in the same period.
• Transaction prices and rents psf for landed property plunged by 17 and 19 percent respectively in Q1 2012 (y/y).
• Based on caveats lodged by home buyers, 207 new non-landed homes were sold in District 27 during Q1 2012 at an average price of around S$900 psf. The Nautical, Eight Courtyards, Canberra Residences and Miltonia Residences are some of the more popular projects. At the same time, 27 landed homes in the district were sold in the last quar ter at an average price of about S$600 psf.
• Average transacted prices psf for condos in District 27 are almost twice lower than in the prime districts 9, 10 and 11, while average asking rental prices psf are almost one-and-ahalf times lower than in the same districts.
• District 27 houses the mature HDB estates of Yishun and Sembawang. Median resale prices
for five-room flats in the district are around S$460,000, while sublet rentals could range from S$2,300 per month.
• Singapore’s only natural hot spring located in Sembawang, as well as Lower Seletar Reservoir and Seletar Country Club are just some of the attractions available in the region.
3/6/12 11:14 AM
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INVESTMENT NEWS
Foreign buying in Vietnam set to rise The government’s relaxation of rules has made it easier for foreigners to purchase homes in the country. By Andrew Batt
Many foreigners are casting an eye on Vietnam, especially Ho Chi Minh City. Vietnam has always been an attractive destination for many property buyers and investors from around the world, especially from Japan, India and Thailand. In recent years, an increasing number of foreigners have also been looking to settle in the country. According to data from the Registry and Land Statistics (Ministry of Natural Resources and Environment), as of April 10 there were 299 foreigners registered or had official homeownership in Vietnam. By far the most popular location is Ho Chi Minh City where 252 people have chosen to buy and own their houses. Next is Can Tho Province, where 12 units were transferred to new foreign owners. In each of the cities and provinces such as Hanoi, Hai Phong, Binh Duong, Ba Ria – Vung Tau, Dong Thap, etc., there are between one and six houses owned either by Vietnamese residing overseas or by a ‘genuine foreigner’. Data from the Registry and Land Statistics also mentioned that of the 299 individuals owning houses in Vietnam, the vast majority are Vietnamese residing overseas and who have TEKA AD.indd 1
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foreign nationality. The number of foreign nationals who own houses in Vietnam is still a relatively modest number. Staff at the Ministry noted that the number of Vietnamese residing overseas or foreigners wanting to buy houses in Vietnam is likely to be higher than the official numbers as some buyers are using names of their friends or relatives on the related ownership documents. Vietnam enjoys status as an attractive investment destination, and also has many urban residential projects, as well as resort real estate opportunities in places such as Hai Phong City, Da Nang City and in Nha Trang Province. Batdongsan.com.vn, Vietnam’s leading property portal and partner of PropertyGuru, said that the purchasing power of foreigners working and living in Vietnam is great, since the government relaxed regulations governing foreign property purchases in 2009. The number of foreigners buying property in Vietnam will increase over the coming years. Source: www.batdongsan.com.vn
TIPS EVENT NEWS POWERED BY
Bringing The World To You PropertyGuru’s inaugural The International Property Showcase (TIPS) 2012 set to draw the crowds. By Romesh Navaratnarajah
Kuala Lumpur has been named one of the top three property hotspots in the world and a number of properties from Malaysia’s capital city will be showcased at TIPS this weekend. PropertyGuru, Asia’s leading property portal, will be featuring a number of premier overseas proper ties and educational seminars at the inaugural The International Property Showcase (TIPS) 2012. With the theme being ‘Bringing the World to You’, the highly anticipated event will take place this weekend on 16 and 17 June from 10am to 7pm daily at levels 2 and 3 of Orchard Hotel, which is located along the Orchard Road shopping belt.
Properties from across the globe will be showcased at the event, and include popular overseas investment destinations such as Malaysia, Australia, the United States and United Kingdom. Potential buyers and investors will be spoilt for choice with a number of good deals that offer guaranteed high rental yields. TIPS & ADVICE At the same time, the exhibition will feature a two-day conference that will provide relevant
proper ty insights and tips from a number of respected guest speakers who are exper ts in the field of overseas proper ty investments. Just to name a few, Andrew Swinson, Sales Director for Project Marketing at Knight Frank, will share his views on the Melbourne proper ty market while Zamry Ibrahim, Proper ty Division Marketing Director at Malaysian firm MRCB, will give his thoughts on the upcoming Kuala Lumpur Sentral.
Meanwhile, proper ties that will be featured at the two-day event range from residential and commercial developments to resor t living. Among the residential proper ties on show are Dijaya’s Tropez Residences located at Danga Bay in Iskandar Malaysia. The development is strategically located at the fringe of the central business district (CBD) of Johor Bahru and exemplifies all the key elements of a luxurious high-rise residential development. Continued on page 20
Continued from page 18
Many of Melbourne’s prime properties are located close to the CBD and offer panoramic views of the city skyline. Also from Dijaya, the Tropicana Avenue mixed development in Selangor is an all-inclusive destination suited for every lifestyle. The project takes convenient living to a whole new level, offering larger resor t-style landscaping complete with residential, dining, shopping, enter taining and business facilities integrated into one complete lifestyle centre. Meanwhile, Hattens’s Silverscape in Malacca offers luxury residences located in two of the four tower blocks making up the first parcel of Hatten City. Standing tall above Malacca city centre, Silverscape offers panoramic views of the Straits of Malacca while providing all the conveniences of living right in the hear t of the city. Given its location directly above the Elements Mall, dining, shopping and recreation are truly within one’s reach. Residents can also head to the skydeck and enjoy the sky club’s additional leisure facilities. Over in Kuala Lumpur, The Sentral Residences is inspired by a modern, lush tropical concept and offers breathtaking views of the Lake Gardens, National Museum and KLCC. The RM1.1 billion (S$443.8 million) freehold development comprises 722 residential units housed in two 52-storey towers. AUSSIE PROPERTIES FOR SALE Outside Malaysia, there are a number of Australian proper ties being showcased by Knight Frank. 108 at Melbourne, for example, is a highly appealing and sought after address in Australia. Situated right at the edge of the CBD, the project offers the best of both worlds. Apar t from efficient access to public transpor t, the development offers panoramic views and is within close proximity to universities, restaurants and boutique shops. All these contribute to a perfect place to call home or a profitable investment. Apar tments that range from oneto three-bedders are up for grabs in the project, which is expected to be completed by late 2013. Another hot pick is Alber t Apar tments, a new development located in Brunswick East, close to the top university and Melbourne’s CBD. Considered the most affordable development in Melbourne, the apar tments, which feature large open floor plans and oversized balconies, are priced at an average of just S$7,300 psm. Meanwhile, Mr Smith offers apar tments in Nor thcote, Melbourne. The suburb has made a name for itself due to its café culture along high street. Housing prices in the area have been skyrocketing in the last 10 years with no signs of slowing down. STAND A CHANCE TO WIN GREAT PRIZES! There will be many more proper ties on offer at the exhibition from other overseas locations and the public is encouraged to attend the event to get more insights. Registration is free and those who register now stand to win an Olympus Pen 3 and more by completing the registration and survey forms on the day of the event. For more details on TIPS 2012, please go to http://www.propertyguru.com.sg/events-tips.
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EVENT NEWS
TIPS EVENT NEWS
Luxury proper ty in Malaysia has potential Despite rising property prices, the demand to invest in high-end properties is higher than ever. By Widyawati Sharkawi and Christine Anysha said the consultancy. As it is, Malaysia’s current property trends seem to be leaning towards the high-end residential segment. Kuala Lumpur especially is bearing witness to a ‘flight to value’ effect as residential and commercial developers seek comparisons in suburban districts.
Silverscape offers spectacular views of the Straits of Malacca. Average capital values of eight luxury residential markets in the Asia Pacific region rose by just 0.2 percent in the fourth quarter, according to the latest Asia Pacific Residential Index by Jones Lang LaSalle in February 2012.
While Shanghai and Hong Kong experienced a decline, prices remained stable in Singapore and Kuala Lumpur. “We can certainly expect the Residential Price Index to see some correction in 2012 especially for the luxury end market,”
Though property prices have significantly increased and mortgage policies have been tightened, somehow the demand to invest in luxury properties are higher than ever. Also noted is that there is an ever-growing demand in certain segments such as landed residential properties above RM1 million (S$403,472) in good locations, especially in gated and guarded communities. A notable addition to the Kuala Lumpur
luxury market is Sentral Residences, which offers panoramic views of the Lake Gardens, National Museum and KLCC. The avant-garde premier residences are inspired by a modern, lush tropical concept and looks to entice those who seek a lifestyle of exclusivity and connectivity. Though much concentration of luxury property lies in Kuala Lumpur, it is not an all-encompassing case. One such development is Silverscape luxury residences, which occupies two of the four tower blocks that constitute the first parcel of Hatten City. Silverscape sits directly above the Elements Mall, ensuring its dwellers the convenience of being literally steps away from dining and recreational options. It is perhaps the spectacular views of the Straits of Malacca that contribute to the residence’s luxury factor.
TIPS EVENT NEWS
It’s a waterfront life!
New development in Iskandar Malaysia offers secure, well-designed homes for discerning buyers and investors. By Russell Lim Property buyers and investors wanting to experience waterfront living should look no further than a new mega-development being built just across the causeway in Iskandar Malaysia by Malaysian developer Paradise Realty. One property comprises of a serviced apartment nestled on 1.6-acres of land. It comes with 274 residential units and 16 retail shops located on levels 1 and 2.
include double-storey semi-detached houses, superlink homes, and coastal bungalows.
Called Bayu Marina, it offers guaranteed rental returns (GRR) of seven percent for five years for units between levels 10 and 17. As for the shops, they offer a GRR of six percent for up to three years. Ranging in sizes from 1,054 sq ft to 1,517 sq ft, the retail spaces can be used for café, spa and massage, boutiques, restaurant, pub and bistro or offices.
Altogether, the 32-acre waterfront development has the lowest housing density in Johor Bahru and boasts the seven-acre Lake Gardens, a recreational space with a fishing deck, pavilions, and tennis and basketball courts for residents to enjoy.
Another development in the vicinity, dubbed Taman Bayu Puteri, offers gated and guarded homes. Featuring a choice selection of just 98 homes, they
Units at Taman Bayu Puteri come with luxurious rooms that have individually attached bathrooms with a contemporary design, high ceilings and the allowance of natural sunlight during the day as well as ample ventilation.
To ensure residents’ safety, there’s a Multi-Level Security System featuring a gated fence with CCTV surveillance, guard house with a single entry / exit point, 24 hour security, as well as card access at the gate.
Taman Bayu Puteri offers a luxurious escape next to Singapore.
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BEYOND OUR SHORES
Searching for good property investments outside Singapore but don’t know where to start? Don’t fret - The PropertyGuru has scoured the region for the most promising overseas launches to help you find your dream abode. Jade Residences
Kota Kinabalu, Malaysia Exemplifying the perks of resor t living, Jade Residences by Sara Timur is an upcoming residential development set to join the ranks of Kota Kinabalu’s most desirable addresses. Located in a secluded enclave in the centre of Sabah’s capital state, the project’s 135 exquisite units will be bounded by a lush landscape and serene ambience, both of which are rare in most other cities. Jade Residences will also feature efficient 24hour surveillance, landscaped gardens, gymnasium facilities and a sky garden, which residents can enjoy and even use as a venue for enter taining guests.
The Suites @The Lifestyle Hub
Kota Kinabalu, Malaysia
Eaton Luxe Nirwana Bali
Designed with flexibility as its main priority, Riverson Suites provides an innovative work space which promises to accommodate the ever evolving needs of Sabah’s growing business environment. Interested parties have the option of either a customisable corporate suite of 1,000 sq ft, half a floor, or even an entire floor, which measures approximately 20,000 sq ft. These innovative workspaces are further enhanced by modern architecture, which helps create a conducive work environment for all. Sophisticated and well integrated, the development is divided into The SoHo, The Suites, The Walk and The Wellness.
Bakrieland Hotels & Resor ts has launched a condotel in Nirwana Bali Resor t called Eaton Luxe Nirwana Bali. With a total area of 215,280 sq ft, the project features 178 units: 133 standard rooms (517 sq ft — 614 sq ft), 24 one-bedroom units (1,227 sq ft — 2,067 sq ft) and twobedroom units (1,840 sq ft — 2,700 sq ft). Eaton Luxe features a “terrace-ring paddy field”, sea view area on the rooftop, an infinity pool and a pool bar & grill. Its modern concept was the work of Indonesia’s Airmas Asri Architect and Singapore’s WOW Design Architects.
Bali, Indonesia
Continued on page 30
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Continued from page 28
Harold Park
Sydney, Australia Situated a mere 2.5 km from the Sydney CBD, Harold Park will comprise over 3.8-ha of public parkland, creating a 20.8-ha green corridor which will connect the Blackwattle Bay Foreshore to the Bicentennial, Federal and Jubilee Parks. Residents will benefit from the light rail station just next to the site, which provides a direct link to the hear t of Sydney by way of Sydney’s Darling Harbour, Fish Markets and The Star Casino. An array of contemporary apar tments and terraced homes with double parking are now available from AUD$499,000 (S$636,500) onwards.
Shang Salcedo Place
Manila, Philippines Shang Salcedo Place is a luxury high-rise residential development by Shang Proper ties, Inc., with excellent amenities and outdoor facilities. The 64-storey condominium is located along the streets of Sen. Gil Puyat, Tordesillas and HV de la Costa, which makes travelling on foot or by car a breeze, while other commuting options are fast and hassle-free. Business, commercial and medical establishments within the Makati CBD are easily accessible from Shang Salcedo Place. The Ateneo Professional Schools and the Mapua Institute of Technology — Makati Campus are also within the vicinity.
Port Coogee
Per th, Australia Por t Coogee is a master-planned, multiple award-winning waterfront estate offering diverse coastal living and designed around a world-class marina. Located 23 km from Per th and five km south of Fremantle, it covers 86-ha on Cockburn Sound’s shores. Living options include family-sized and premium waterfront lots, future apar tments and penthouses and island home sites. The lots are competitively priced from AUD$435,000 (S$555,600) and are available in Boatside, Marina Rise, Omeo, Pantheon Gardens, Pantheon Rise, Shoreline and Village Terrace releases, while island living lots and complete house and land options are available on Seaspray Island.
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MARKET FOCUS
Buying Down Under Investing in Australia has never been more rewarding with financial incentives in place to help landlords renting out affordable homes. By Romesh Navaratnarajah
Some of Australia’s best properties can be found in Sydney. Australia has so much to offer for Singapore proper ty buyers and investors looking for good deals. Not only do properties down under offer high rental yields and capital gains, but they also offer incentives under the Australian government’s National Rental Affordability Scheme (NRAS). As a long-term commitment to both landlords and tenants, the NRAS aims to address the shortage of low-cost rental housing in Australia, as well as the movement of the population towards major city centres – a trend that could get worse in time. Such a
problem will fur ther affect the rental market as monthly rental prices continue to climb. The NRAS offers tax-free financial incentives to landlords who are renting out affordable homes. These financial incentives are paid annually for up to 10 years, either as a grant or refundable tax offset. As NRAS is not a public housing scheme, it looks to attract more private investments in the lower price range of the residential market. According to Lyndon Fairbairn of Australian
Proper ty Solutions, “NRAS proper ty can drastically diminish your proper ty risk…as say you bought a A$400,000 (S$508,974) apar tment in Australia with a 25 percent deposit, your investment in the proper ty would be A$100,000 (S$127,243).” Fittingly, the design and quality of NRAS homes are on par with any private nonNRAS dwelling and are typically comparable to other middle-market units. “If it was an NRAS approved apar tment you’ll receive more than A$109,000
(S$138,695) over a 10-year period so you are effectively receiving your deposit back. A very good position to be in,” Fairbairn said. The NRAS has been around for some years now and initially targeted institutional and superannuation investors. But now, all types of proper ty investors can make use of NRAS benefits, even overseas buyers such as Singaporeans. “NRAS proper ty is flexible too, you can opt out of the scheme any time you wish and you can also on-sell your proper ty with the NRAS benefits,” added Fairbairn. Continued on page 34
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Continued from page 32
Australia offers a number of exclusive waterfront developments that are affordably priced.
To investors, putting their money into the NRAS comes with a number of benefits from the incentive itself, rental yields as well as capital gains, considering that the scheme is committed to be a commercial, profitable investment for par ticipants. In the last 10 years, investment into direct residential proper ty in Australia recorded higher returns compared to industrial or office proper ties. This implies that residential properties are a more profitable investment. While NRAS does not place a limitation on the number of proper ties that an investor can acquire, there is however a limit on the number of proper ties on offer. Fairbairn revealed that “only 35,000 properties nationwide have been approved for NRAS” and around 11,000 have already been released. Under the NRAS, the landlord buys a NRAS-approved proper ty and gets a NRASapproved tenant to occupy the property. From this point, the Australian and state governments will pay the landlord A$9,881 (or about S$12,476) per annum in tax-free benefits within a ten-year period. The main provision is that landlords should rent out their proper ty for 80 percent of the
market rental, which means they receive 20 percent less rent for the proper ty. “This is where the NRAS benefit lies for the tenant as they get to rent a proper ty for 80 percent of the market value. For Australian investors accepting 20 percent less rent can have cash flow concerns however they are compensated with the A$9,881 (or about S$12,476) yearly cash injection,” noted Fairbairn. “For Singaporean investors we feel they will be able to benefit even more than the local Australian investors as Singaporeans can finance their proper ty with a Singapore dollar loan or Multi-currency loan as they are sometimes called. These rates are around 2.6 percent which makes most Australian proper ties cash flow positive.” NRAS tenants are typically key workers, such as nurses, childcare workers, firefighters, paramedics and police officers. Around 1.5 million Australian households are now eligible to rent NRAS proper ties. Although there are a number of NRAS approved proper ties to select from, Fairbairn advised buyers to always bear in mind that they “are buying an apar tment for investment and the key fundamentals for making the proper ty a success is buying a quality proper ty in the right location”.
Financing tips for that Aussie home By Desmond Chua, Head of LoanGuru
In recent years, Singaporeans have shown more interest towards overseas properties, buoyed by the relatively lower psf prices abroad, with Australia being a preferred destination. But before a prospective buyer can purchase an offshore property, an In-Principle Approval should be obtained. An In-Principle Approval applies to borrowers who need a home loan in order to purchase a property.This is recommended for owners of residential, commercial and even overseas assets. This is an indicative home loan approval, which assumes that the customer’s income, liabilities, credit bureau, bankruptcy and litigation status remain unchanged within a certain time period. The service is provided by most banks in Singapore and any MFAS-accredited mortgage broker. In the last two years, LoanGuru has also seen an increasing trend in such mortgage requests. Meanwhile, Australian banks are offering an interest rate of seven to eight percent per annum in Australian dollars and the popular Overseas Australia Property Loan is SIBOR + 2.25 percent. To find out more about obtaining financing for Australian properties, contact LoanGuru.com. sg now to Compare and Save on home loan interest rates from 23 local and international banks in Singapore. You can also take advantage of the My LoanGuru!! Referral Programme too. Refer cases to us and receive Courts Vouchers! Whether it’s a new purchase home loan or a refinancing loan, we will be there to offer unbiased advice.
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MORTGAGE & HOME FINANCING ADVICE POWERED BY
Is shoebox financing readily available? The first of a series of articles on home financing looked at the basics of acquiring home loans. In this second article, we look at whether it’s easy to get financing for shoebox units, which are growing in popularity in Singapore. By Desmond Chua, Head of LoanGuru
Home financing is an essential part of acquiring a shoebox unit, or any other property for that matter. However, securing a home loan for a shoebox unit may not be as easy compared to other types of property, given the market’s cautious approach towards these smaller homes. Shoebox units are generally referred to as private residential units that are smaller than 500 sq ft. Believe it or not, these units are not a new housing concept in Singapore. In fact, one of the country’s earliest projects – People’s Park Complex, completed in the early 1970s, featured such housing types, with the smallest unit measuring around 409 sq ft. While there are no restrictions on the size of a shoebox unit, National Development Minister Khaw Boon Wan said in his blog post that they can be categorised as apartments that are smaller than 500 sq ft. Although Mr Khaw declined to provide a strict definition of a shoebox unit so as not to “second guess the market”, he noted that his Ministry will continue to monitor the shoebox market. The majority of shoebox units were launched from 2008 onwards. Reasonably priced, with many of them going for less than S$600,000, they are located in the suburbs and along the fringes of the CBD (central business district). So the question is: “Are shoebox units good buys?” A report by Ascendant Assets said: “Although shoebox units have been available in the Singapore property market since the 1970s, there had been no discernable long term trend due to the lack of sizable historical data.” As such, to assess the performance of today’s shoebox market, a repeat sales approach is used to analyse caveats lodged. “Repeat sales approach identifies units that have changed hands more than once within the period of observation. By analysing the price of the later transaction against the earlier one (for the same unit), the profit (or loss) for that unit can be determined. By collectively analysing these repeat sales, some meaningful trends of profitable units can be derived.” The report found that “shoebox units are particularly attractive due to their generally lower cost. While some property experts cautioned that there is limited upside potential for shoebox units, this report shows that some of them can be profitable under certain circumstances”.
Shoebox units are a hot commodity, but are banks still open to funding them? Specifically, owners who purchased units for low psf prices, significantly below S$1million and flipped it prior to the issuance of the CSC (Certificate of Statutory Completion) have made good profits. Given this windfall, shoebox units have become extremely popular. But acquiring loans to finance their purchase isn’t so easy. According to an earlier report published in The PropertyGuru, there are a number of reasons why shoebox unit financing is not approved even for high credit rating customers, including the extremely high psf prices compared to more reasonably sized units. In addition, buyers of these units tend to be investors rather than owner-occupiers, meaning that default rates will probably be higher if there is an economic downturn. Fittingly, The PropertyGuru investigated whether financing of shoebox units is available at three local banks, namely DBS, UOB and OCBC.
At the same time, LoanGuru first analysed the transaction data of shoebox units using URA Realis. The 7,466 shoebox units transacted from January 2008 to May 2012 are spread across Singapore and include the Central, North, NorthEast, East and West. A further breakdown into the planning region shows that 1401 shoebox units were transacted in the Geylang planning area. This forms 18.77 percent of the total number of shoebox units transacted. Financing provided for most of these areas are granted based on strict assessment on the loan applicants’ credit repayment history and income eligibility. In fact, financing for this particular type of property has been largely unaffected by its popularity. Conclusively, local banks are still offering financing for shoebox units in Singapore. Taking a more comprehensive look at the features of home loan packages offered by local banks during the launch of Alexis condo at Alexandra
Road, a development offering shoebox units, LoanGuru assessed that the packages are very attractive. Hence, owners of shoebox units are strongly advised to take action on the following – (1) one-time free conversion within six months from project’s TOP and (2) convert to SIBOR/SOR-pegged packages with low interest rates. Homeowners are advised to take advantage of the one-time free conversion and check with their existing bank if there’s a better package that they can convert to. With the low interest rates, which are below the levels recorded during the 2008 global financial crisis, converting a home loan makes perfect sense. For more information, take this opportunity to contact LoanGuru at (+65) 6602 8200. Compare and Save on home loan interest rates from 23 local and international banks in Singapore. You can also take advantage of the My LoanGuru!! Referral Programme. Refer cases to us and receive Courts Vouchers! Whether it is a new purchase home loan or a refinancing loan, we will be there to offer unbiased advice.
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A Case of Curves
With its dynamic form, Aamer Architects’ award-winning Ninety 7 @ Siglap house is a striking addition to the Siglap estate. By Michelle Yee
Located on Siglap Hill, the house is like a fortress of privacy.
“From the street, it is immediately obvious that the house has taken a detour from the typical cookiecutter houses you usually see along stretches of roads.”
I
n property-obsessed Singapore, landed homes stand at the top of the real estate podium. While its allure lies mostly in being a reliable investment, the idea of “landed” living is also one that holds much appeal for its promise of expanse – both inside and out.Today, landed homes are built so close to one another that any notion of privacy is lost despite the exorbitant prices homeowners pay for the land.The Ninety 7 @ Siglap Road House by Aamer Architects, however, is a departure from the norm. Sitting on Siglap Hill, the highest point in a residential suburb in the eastern part of Singapore, the Ninety 7 @ Siglap Road home is a house quite unlike its neighbours. As the highest point, the site is not only breezy but the house is completely closed off to the surrounding houses – the three-storey house is like a fortress of privacy.The construction is a strong display of the firm’s understanding of privacy and tropicality in our local context.
STYLISH & COMFY Aamer’s approach to the design was to create a comfortable living environment that maximises the site and amenities, namely the spectacular views of the surrounding low-rise neighbourhood and the city skyline. This award-winning tropical three-story curved house, which won the 2011 SIA Architectural Design Award in the category Individual House, was designed for a bachelor to accommodate his future family. According to Aamer Taher, “Our client had very clear instructions on what his needs were and left the architectural form and style to us, only intervening on functional aspects of the design”. From the street, it is immediately obvious that the house has taken a detour from the typical cookiecutter houses you usually see along stretches of roads. Instead of a smooth modernist wall of plaster on the entire façade, see through glass doors on the second level serve as the face of the building. The third floor has also been outlined with easy to maintain plants. The variety of openness and framing of views is clearly demonstrated once past the main door.While fully fenced on all sides, the internal compound of the house is unabashedly open, allowing one to take in the entire sequence of spaces that continues from the front gate to the tail end of the house. While the exterior of the house offers a façade of smooth planes and cool concrete, its interior is unmistakably warm. Colours and materials have been embraced in the residence and juxtaposed adeptly, organised in harmony with one another.
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ROOMS WITH A VIEW The main spaces of the house were elevated off the ground to fully exploit the magnificent views and catch the breeze. The main public spaces – the living room, dining room and the open kitchen – were placed on the second level while the private spaces – the master bedroom, study and personal entertainment space – were placed on the third level. Aamer also focused on creating zones within the house to balance its volume with an intimate feel in each space, while furniture and art have been thoughtfully selected and integrated into the entire composition. A single continuous curvilinear plane wrapped around the two levels of main spaces, flowing from roof of the car porch to the floor of the second level and upward to join the roof of the third level, unifying the main spaces as a single dynamic volume on the southern edge. The curvilinear plane unwrapped itself on the western edge to reveal two big balconies thrusting forward in the direction of the city skyline, propelled by two slanted columns. Around the perimeter of the rooms in the main spaces are streamlined and generously proportioned balconies. These balconies allowed activities to spill out from the rooms and also linked up the different rooms. As significantly, they also served as an environmental filter sheltering the rooms from direct sunlight and rain. When this house won a Singapore Institute of Architects’ Design Award, the jury citations noted especially the “very up-to-date take on a tropical language of architecture”.
Many rooms in the house offer panoramic views of the city skyline in the distance.
If you appreciate modern architecture, you won’t miss this house.
Quality hardwood flooring was used throughout the house to give it a cosy feel.
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With the well-connected spaces in and around the house, hilltop swimming has never been more convenient.
A SENSE OF DRAMA
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In contrast to the openness of the second and third levels, the ground level appears closed off. From the street entrance, there are two blank walls that define a recessed entrance. The entrance leads to a swimming pool with a covered terrace on one side. On the other side of the swimming pool are two, what Aamer described as, “resort style ‘Cabana’” rooms that are currently used as a gymnasium and a guest bedroom. In contrast to the expansive and extroverted second and third level, the spaces on the first level are rather introverted – the perimeter planting blocks out any outward view and the swimming pool became the inward focus.This contrast is perhaps calculated to accentuate the sense of drama when the guest ascends the staircase and sees the sudden unveiling of the spectacular views. With this house, Aamer Architects has designed more than space and experience. It has quite possibly designed a new residential model that is restoring a sense of space and privacy that rightly belongs in landed homes.
The outdoor washroom makes the garden conducive for small gatherings.
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