Singapore Property Weekly Issue 53

7/31/2019 Singapore Property Weekly Issue 53

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Issue 53Copyright 2011-2012 www.Propwise.sg. All Rights Reserved.
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CONTENTS

p2 Singapore Property News This Week

p4 The Trouble with Shoebox Homes

p8 Resale Property Transactions

(May 9 May 15)

Welcome to the 53th edition

of the Singapore Property

Weekly.

Hope you like it!

Mr. Propwise

FROM THE

EDITOR
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SINGAPORE PROPERTY WEEKLY Issue 53

Singapore Property This Week

Page | 2Back to Contents

Residential

Two freehold residential sites up for sale;

one at Hillview Ave, another at Amber

Road

The first is a 230,915 sq ft freehold site

located at 63 Hillview Avenue with a 1.92

gross plot ratio and an asking price of $330million or $925 psf ppr if the $80 million

development charge is included. Currently

occupied by Lam Soon Industrial Building, it

can be potentially redeveloped into a 10-

storey residential project with 370 1,200-sq ft

units. Though re-zoned residential since1993, the buyer could also make additions or

alterations to the existing building instead, if

URA grants approval. The site is expected to

be fairly popular, given its proximity to the

upcoming Hillview MRT station and the

upcoming retail mall hillV2.

The other, a site at Amber Road consisting of

three adjoining landed properties with a total

combined land area of 28,409 sq ft is asking

for $73-80 million, or $1,243-1,318 psf ppr

including a $25 million development charge

and based on its 2.8 gross plot ratio.

Commercial

Six ground-floor strata retail units at

People's Park Complex available for $36-

38m

The six adjoining units in People's Park

Complex are asking for $36-38 million or

These units have been subdivided into 33

units, of which 29 are currently occupied and


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the remaining four units deliberately kept

vacant since the recent expiration of lease to

give the new owner more options. If all theunits are rented out, the net property yield

would be 4.8% assuming a $36 million deal

compared to 4.4% with 29 leased units.

People's Park Complex sits on a site with 55

years of lease remaining and is located near

Chinatown MRT Station. The six units mayappeal to those seeking to invest in prime

retail space for rental returns or retailers

seeking large prominent ground-floor retail

space in the region.

Improvement in net allocation of JTC

facilities in Q1

While the occupancy level at JTC's ready-

built factories (RBF) fell slightly by 0.4

percentage points to 95.9% in Q1 2012, net

allocation improved to 5,700 sq m from -14,800 sq m in Q4 2011. This is due to the

improvement in the main RBF segments,

such as the standard factory segment which

improved to 3,800 sq m from -7,700 sq m in

Q4 2011 and the flatted factory segment

which improved to -400 sq m in Q1 2012 from-6,100 sq m in Q4 2011. Net allocation of

prepared industrial land (PIL) has also

increased to 67.9 hectares in Q1 2012 from

29.8 ha in Q4 2011. Gross allocation has also

increased to 91.6 ha in Q1 2012 from 46.6 ha

in Q4 last year while terminations increasedto 23.7 ha in Q1 from 16.8 ha in Q4 2011.


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The Trouble with Shoebox Homes

By Calvin Yeo

According to PropertyGuru, at least one bank

in Singapore is declining all loan applications

for properties under 500 square feet in size,

which are termed shoebox units in Singapore.

The property market sentiment is generallypoor now and banks are keeping a tight rein

on financing. This also comes on the back of

poor stock market sentiment which is in part

caused by the Greece crisis and slowdown of

the China and US economy.

Apparently, an unnamed employee of CIMB

said that they are no longer offering financing

for shoe box units, even for high credit rating

clients.


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The reasons given are extremely high prices

per square foot as compared to more

reasonably sized units. Another reason given

is that the buyers of these units tend to be

investors rather than owner occupiers, which

means that default rates will probably be

higher if there is an economic downturn. I

wonder if other banks may follow suit. So far

though, the local banks have not said

anything.

More regulation coming for shoebox

units?

Minister of National Development Khaw Boon

Wan, who is responsible for housing matters,

has repeatedly dropped hints that shoebox

units could be regulated. Among some of his

comments were that most of the buyers for

these shoe box units had HDB addresses,

which indicates that they are likely not rich

investors and could ill afford a downturn

should their investment turn sour.

Minister Khaw said: They must have seen

shoebox units in the central region being ableto be tenanted out easily with reasonable

yield. The difference this time round is that

most of the units are in the heartlands

where the market is untested. He added that

he would not hesitate to intervene should

there be clear evidence of unsustainableinvestor demand for shoebox apartments.

Record sales for inhuman shoebox units

There is good reason to be concerned as

CBRE reported that smaller units are being

built, with median size of homes shrinking 24

percent to 667 sf. Furthermore, there is a

record number of shoebox units sold this year

where private apartments below $750,000


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made up 42% of new home sales, up from

25% in the previous quarter according to the

URA. The small size, and hence the

affordable quantum, is also one of the

reasons per square foot prices continue to

rise despite several government measures to

control housing prices.

Even CapitaLand CEO Liew Mun Leong

joined in the fray by calling shoe box units

inhuman. He said that it was not good forthe welfare of the family to feel constrained,

which I certainly agree with. Apparently

CapitaLand has been lobbying against

shoebox units, after Mr. Liew visited a 400

square foot unit in Hong Kong. After having

been to Hong Kong, I cant help but agree

with him there should be a minimum

apartment size set at 500 square feet.

Anything below that compromises the

occupants quality of life. The minimum size

should also serve to help control the rising

per square foot prices.

Calvin Yeo is the founder of the Making

Passive Income blog. He graduated with a

Business Major in Finance and Accountingand spent a few years working in an

investment bank. The knowledge from his

studies and working experience serve as a

good base for him to grasp the ideas for

passive income generation.

SINGAPORE PROPERTY WEEKLY I 53
http://www.investinpassiveincome.com/http://www.investinpassiveincome.com/http://www.propwise.sg/secretsofsingaporepropertygurus/http://www.investinpassiveincome.com/http://www.investinpassiveincome.com/http://www.investinpassiveincome.com/http://www.investinpassiveincome.com/http://www.investinpassiveincome.com/


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SINGAPORE PROPERTY WEEKLY I 53
http://www.erc.com.sg/eblastimages/pptylanding/pptylanding.html


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Non-Landed Residential Resale Property Transactions for the Week of May 9 May 15

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

2 ICON 904 1,800,000 1,991 99

2 ICON 786 1,500,000 1,909 99

3 RIVER PLACE 786 1,125,000 1,432 99

3 QUEENS 1,184 1,400,000 1,182 99

3 ALESSANDREA 1,249 1,340,000 1,073 FH

4 MARINA COLLECTION 1,873 5,338,050 2,850 99

4 MARINA COLLECTION 1,873 5,338,050 2,850 99

4 THE OCEANFRONT @ SENTOSA COVE 1,507 2,694,516 1,788 99

4 CARIBBEAN AT KEPPEL BAY 1,733 2 ,800,000 1,616 99

4 CARIBBEAN AT KEPPEL BAY 1,313 1 ,960,000 1,493 994 TERESA VILLE 1,959 2,200,000 1,123 FH

5 VARSITY PARK CONDOMINIUM 1,528 1,700,000 1,112 99

5 ISLAND VIEW 3,100 3,400,000 1,097 FH

5 BOTANNIA 1,302 1,416,888 1,088 956

5 VARSITY PARK CONDOMINIUM 1,367 1,480,000 1,083 99

5 THE SPECTRUM 1,216 1,290,000 1,061 FH

5 BOTANNIA 1,636 1,700,000 1,039 956

5 DOVER PARKVIEW 2,228 2,280,000 1,023 99

5 VILLA DE WEST 1,012 1,030,000 1,018 FH5 PASIR VIEW PARK 1,335 1,300,000 974 FH

5 THE INFINITI 1,259 1,160,000 921 FH

5 PARK WEST 872 720,000 826 99

7 SOUTHBANK 904 1,440,000 1,593 99

8 OXFORD SUITES 678 880,000 1,298 FH

8 BRISTOL LODGE 969 965,000 996 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

8 PETAIN COURT 1,464 1,200,888 820 FH

9 ORCHARD VIEW 2,530 7,380,000 2,918 FH

9 PATERSON SUITES 2,164 6,100,000 2,819 FH

9 BELLE VUE RESIDENCES 3,348 8,500,000 2,539 FH

9 SCOTTS HIGHPARK 1,141 2,300,000 2,016 FH

9 VISIONCREST 947 1,880,000 1,985 FH

9 CAIRNHILL CREST 1,733 3,188,000 1,840 FH

9 THE PIER AT ROBERTSON 678 1,200,000 1,770 FH

9 LEONIE STUDIO 926 1,630,000 1,761 99

9 TRIBECA 1,367 2,400,000 1,756 FH9 MIRAGE TOWER 1,367 2,250,000 1,646 FH

9 LEONIE GARDENS 1,733 2,580,000 1,489 99

10 ONE ROBIN 3,498 5,988,888 1,712 FH

10 THE CORNWALL 657 1,100,000 1,675 FH

10 ONE JERVOIS 1,841 3,000,000 1,630 FH

10 BALMORAL HEIGHTS 1,163 1,868,000 1,607 FH

10 VIZ AT HOLLAND 947 1,440,000 1,520 FH

10 MONTVIEW 1,744 2,650,000 1,520 FH

10 THE SIXTH AVENUE RESIDENCES 1,356 2,050,000 1,512 FH10 SHANGHAI ONE 560 840,000 1,501 FH

10 DUCHESS CREST 1,345 1,700,000 1,263 99

10 DUCHESS CREST 1,722 2,030,000 1,179 99

10 THE SERENADE @ HOLLAND 1,507 1,695,000 1,125 99

10 DUCHESS CREST 1,711 1,920,000 1,122 99

11 RESIDENCES @ EVELYN 2,250 3,900,000 1,734 FH



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Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

11 MANDALE HEIGHTS 570 770,000 1,350 FH

11 NOVENA COURT 861 1,080,000 1,254 FH

11 THE TREVOSE 3,358 2,900,000 864 99

12 CHELSEA GROVE 980 1,070,000 1,092 FH12 CALARASI 1,711 1,680,000 982 FH

14 COSMO 667 890,000 1,334 FH

14 LE REVE 807 950,000 1,177 FH

14 THE WATERINA 1,292 1,418,000 1,098 FH

14 MILL CREEK 1,119 1,117,000 998 FH

14 ESCADA VIEW 753 728,000 966 FH

14 SIMSVILLE 980 872,000 890 99

14 EUNOS GREEN 1,432 1,248,000 872 FH

14 SIMSVILLE 1,249 1,080,000 865 99

14 THE ALCOVE 1,378 1,050,000 762 99

15 ONE AMBER 958 1,550,000 1,618 FH

15 THE SEAFRONT ON MEYER 1,615 2 ,480,000 1,536 FH

15 THE BELVEDERE 1,259 1,800,000 1,429 FH

15 HAWAII TOWER 2,239 2,960,000 1,322 FH

15 BLU CORAL 506 650,000 1,285 FH

15 VERSILIA ON HAIG 1,130 1,400,000 1,239 FH

15 COTE D'AZUR 1,367 1,680,000 1,229 99

15 THE BEACON EDGE 969 1,190,000 1,228 FH

15 THE AMERY 1,356 1,630,000 1,202 FH

15 CALLIDORA VILLE 753 900,000 1,194 FH

15 POSHGROVE EAST 2,207 2,600,000 1,178 FH

15 SANCTUARY GREEN 1,356 1,540,000 1,135 99

15 FERNWOOD TOWERS 1,195 1,320,000 1,105 FH

15 EAST GROVE 883 928,000 1,051 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

15 LAGUNA PARK 1,615 1,560,000 966 99

15 KATONG PARK TOWERS 4,166 3,800,000 912 99

15 TELOK INDAH 1,711 1,155,000 675 99

15 TELOK INDAH 1,528 1,021,000 668 9915 UNI BUILDING 1,798 1,173,000 653 FH

15 D'SAVILLE 2,562 1,630,000 636 FH

16 EASTWOOD REGENCY 420 598,000 1,425 FH

16 EAST COAST RESIDENCES 1,023 1,100,000 1 ,076 FH

16 COSTA DEL SOL 1,475 1,550,000 1,051 99

16 EASTERN LAGOON 980 995,000 1,016 FH

16 THE BAYSHORE 936 950,000 1,014 99

16 THE BAYSHORE 980 870,000 888 99

16 SUNHAVEN 1,281 1,126,000 879 FH

16 SUNHAVEN 990 858,000 866 FH

17 EDELWEISS PARK CONDOMINIUM 829 800,000 965 FH

17 CARISSA PARK CONDOMINIUM 1,324 1 ,090,000 823 FH

18 RIS GRANDEUR 1,066 980,000 920 FH

18 RIS GRANDEUR 1,292 1,160,000 898 FH

18 SAVANNAH CONDOPARK 1,206 1,025,000 850 99

18 THE TROPICA 1,227 1,020,000 831 99

18 MELVILLE PARK 936 738,000 788 99

18 MELVILLE PARK 936 730,000 780 99

18 THE TROPICA 1,227 940,000 766 99

18 MELVILLE PARK 1,345 900,000 669 99

19 SUNGLADE 1,163 1,250,000 1,075 99

19 SUNGLADE 1,830 1,860,000 1,016 99

19 COMPASS HEIGHTS 1,292 1 ,150,000 890 99

19 RIVERVALE CREST 969 800,000 826 99



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

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

20 MARYMOUNT VIEW 1,259 1,350,000 1,072 FH

20 THE GARDENS AT BISHAN 883 892,000 1,011 99

20 FAR HORIZON GARDENS 1,152 845,000 734 99

20 FAR HORIZON GARDENS 1,152 805,000 699 9921 THE CASCADIA 1,184 1,940,000 1,638 FH

21 THE NEXUS 947 1,305,000 1,378 FH

21 GARDENVISTA 872 1,100,000 1,262 99

21 SIGNATURE PARK 1,033 1,160,000 1,123 FH

21 PANDAN VALLEY 1,625 1,730,000 1,064 FH

21 PARC PALAIS 1,550 1,472,500 950 FH

21 PANDAN VALLEY 2,174 2,020,000 929 FH

21 GRAND CHATEAU 1,270 1,170,000 921 FH

21 MAYFAIR GARDENS 1,798 1,650,000 918 9921 SOUTHAVEN II 1,421 1,245,000 876 999

21 S HERWOOD CONDOMINIUM 1,259 1,100,000 873 FH

21 PINE GROVE 1,755 1,500,000 855 99

21 PINE GROVE 1,755 1,399,999 798 99

22 THE LAKESHORE 1,152 1,160,000 1,007 99

22 LAKEPOINT CONDOMINIUM 3,261 1,680,000 515 99

23 GLENDALE PARK 1,507 1,480,000 982 FH

23 HILLVIEW RESIDENCE 1,249 1,200,000 961 999

23 HILLVIEW HEIGHTS 990 950,000 959 FH23 MAYSPRINGS 807 720,000 892 99

23 COMFORT GARDEN 4,026 3,350,000 832 FH

23 HILLTOP GROVE 1,238 948,000 766 99

25 CASABLANCA 1,119 880,000 786 99

25 WOODGROVE CONDOMINIUM 1,625 1,137,500 700 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

26 CASTLE GREEN 1,216 920,000 756 99

26 FOREST HILLS CONDOMINIUM 1,163 848,000 729 99

28 SERENITY PARK 1,313 1 ,100,000 838 FH
http://www.moneymatters.sg/

Documents

Singapore Property Weekly Issue 53