As Singapore residential property prices look set to rebound following several years of decline, since its peak in 2013, many may expect rental prices to follow suit. While the rationale for this may be simple – higher property price must equate to higher rental prices (to offer a similar return on investment), the reality may be significantly different.
SINGAPORE: Two new public housing projects will be built at Caldecott and Toa Payoh East in the next five to 10 years, announced the Housing and Development Board (HDB) on Saturday (Apr 22).
The two projects could yield a few thousand units, said HDB. The Caldecott housing estate, which will be about 10 hectares, will be located next to Caldecott MRT station – along the Circle Line and the future Thomson-East Coast Line – and close to the Toa Payoh West Market and Food Centre.
SINGAPORE : At least two projects nestled in a mature residential precinct in District 9 near Somerset are being run as serviced apartments – despite not having the regulatory approval to do so – and a third one is opening.
Oxley Thanksgiving Residence, a freehold condominium at 328 River Valley Road owned by Chinese temple Poh Ern Shih, and St Thomas Lodge, which also sits on freehold land at 32 St Thomas Walk, are listed for short-term stay on the website of accommodation service provider Atas Residence.
The Business Times’ visit to these projects confirmed that they are being run as serviced apartments.
A third property, Devonshire Apartments at 17 Devonshire Road, has just undergone a major renovation, and the units there are understood to be starting a new chapter as serviced apartments this month.
BT’s query to the Urban Redevelopment Authority (URA) confirmed that these three properties are currently approved for residential use, but “do not have planning permission to be run as serviced apartments”. Read more >>
SINGAPORE : The Singapore dream used to be about the 5Cs. It consists of having a car, a country club membership, credit cards, cash and a condominium.
Given the fact that HDB resale prices in some housing estates in Singapore have increased significantly over the past few years, one can start considering adding the acquisition of a HDB resale flat in certain mature estate as part of the Singapore dream.
And why not? Especially since a HDB flat in these places may cost more than a condominium unit elsewhere.
SINGAPORE : REDAS estimates there will be 67,000 new units by 2019, excluding executive condominiums. This represents about 20 per cent of the total number of private residential units currently.
SINGAPORE : A 14-year-old five-room Housing Board resale flat in Toa Payoh was recently sold for $955,000, a figure comparable to the high resale prices of units at the popular The Pinnacle@Duxton.
This transaction stood out for another reason: It happened during the period close to the seventh lunar month, which typically sees a slower property market.
According to data from the HDB website, the 124 sq m flat at Block 154 in Toa Payoh Lorong 2 is situated between the 22nd and 24th storeys. A five-room resale unit on the 28th storey of the same block exchanged hands for $650,000 in July 2007. That figure was then a new record for resale flat prices in the area. Read more >>
SINGAPORE : Of the 62 coffee shops that the Housing Board has said it will build in 18 towns by 2018, 41 will be completed in the next two years.
These will mostly be situated in non-mature estates such as Punggol, Sengkang and Yishun. Other towns include Bukit Batok, Woodlands, Sembawang, Hougang and Tampines.
Chinese newspaper Lianhe Zaobao reported yesterday that 11 coffee shops will be built in Punggol alone in the next three years, where there are many new flats.
An HDB spokesman told My Paper yesterday that the coffee shops will be built together with new Build-To-Order projects. Read more >>
This year, the Government will launch 4,000 two-room flats, and it will raise the quota for singles to 50 per cent, starting from the next Build-to-Order exercise in May.
SINGAPORE – Housing Board flats have become more affordable since 2011 and the Government’s promise is that every generation will be able to afford their own HDB homes, said Minister for National Development Khaw Boon Wan in Parliament on Tuesday.
He cited figures showing that resale flat prices had fallen and new flat prices were within buyers’ expectations.
Resale prices have dropped from their 2013 peak. They are now 37 per cent higher than the 2009 low, while median household income has caught up by rising 38 per cent since then, said Mr Khaw.
As for new flats, a recent HDB survey found that people were willing to pay up to $300,000 for a three-room flat and between $300,000 and $500,000 for a four- or five-roomer.
Last year, 90 per cent of Build-to-Order three-room flats were sold at below $250,000. For new four-roomers, 81 per cent were sold below $350,000, and 89 per cent of new five-roomers were sold below $450,000.
“These are actual transactions. They paint a comforting picture of young Singaporeans being able to get their first BTO flat, well within their expected budget,” said Mr Khaw. Read more here >>
SINGAPORE — Singapore’s rental market continued to show weakness, with rents in both the private and public housing segments declining last month.
A flash report by SRX Property released today (March 11) showed that rents of non-landed private homes fell by 0.8 per cent in February, after staying unchanged in January. On a year-on-year basis, last month’s rents were 6.2 per cent lower than February 2014.
The decline was led by the Rest of Central Region, or city fringe area, where rents dipped 1.5 per cent from the previous month. This was followed by a 1.2 per cent slip seen in the Core Central Region, or city centre. Rents in the Outside Central Region or suburbs were flat.
The fall in overall rents came on the back of a 25.8 per cent decrease in rental transaction in February to an estimated 2,586 units from January’s 3,487 units. Last month’s volume was 5.9 per cent lower than the 2,748 transactions recorded in February 2014.
Read more here >>
SINGAPORE — Three more towns — Toa Payoh, Woodlands and Pasir Ris — will be given facelifts under the Housing and Development Board’s (HDB) Remaking Our Heartland (ROH) programme, said Senior Minister of State (National Development) Lee Yi Shyan yesterday.
Plans for Toa Payoh include a revamped town centre and town park, as well as improved pedestrian access to the town centre. There are also plans to develop more public housing and parks around Caldecott MRT Station when it is upgraded to an interchange station along the upcoming Thomson-East Coast Line.
More recreational spaces will be created along the Woodlands waterfront and the entire waterfront stretch will be opened to the public.
Residents in Pasir Ris can look forward to redeveloped neighbourhood centres and parks that will feature family-centred facilities.
The HDB will be gathering feedback from residents and community stakeholders to refine these plans, Mr Lee told Parliament during the National Development Ministry’s Committee of Supply debate. Read more here >>
SINGAPORE: Singapore will extend tax incentives for real estate investment trusts by five years, allowing them to earn income from foreign properties without paying taxes.
The nation will also extend local tax exemptions for REITs, finance minister Tharman Shanmugaratnam said in his budget speech to Parliament. He indicated the government will resume charging the trusts stamp duties on Singaporean property purchases.
The extension of tax breaks will help Singapore-listed property trusts maintain their competitiveness versus peers in countries from Australia to China. More than 30 REITs and business trusts have listed in Singapore since 2002 amid tax-efficient investment structures. Read more here >>
By Janice Heng (My Paper, Jan 29, 2015)
SINGAPORE – Flat buyers can get fresh design ideas from the Housing Board’s new show-flats at the My Nice Home Gallery launched yesterday.
Located on the third floor of the HDB Hub in Toa Payoh, the gallery was previously known as the HDB Habitat Forum and had mock-ups of two- to five-room flats on display.
These units have now been renovated with modern, themed interiors, including open-concept kitchens that HDB has introduced as options for new flats.
A studio apartment show-flat has been added, and there is an interactive display allowing visitors to design and furnish their own virtual flat.
Visitors can take photographs of themselves “inside” the flat they have designed in a special photo booth, and then receive the photos via e-mail.
Particularly stylish flat designs were highlighted in HDB’s My Nice Home photo contest last month, with 15 winners announced at yesterday’s launch.
Winning designs included a two-room flat with a white-brick feature wall and a mini counter instead of a dining table, and a minimalist four-roomer with white walls and pale wood.
The My Nice Home Gallery is open to the public from 8am to 5pm, Mondays to Fridays, and from 8am to 1pm on Saturdays.