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Transcript of Singapore Property Weekly Issue 108
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7/28/2019 Singapore Property Weekly Issue 108
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Issue 108Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.
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7/28/2019 Singapore Property Weekly Issue 108
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CONTENTS
p2 6 Tips to Help You Deal Successfully withRenovation Contractors
p6 Property Selling Tip #1: All Markets are Cyclical
p7 Singapore Property News This Week
p11 Resale Property Transactions (May 29 June 4)
Welcome to the 108th edition of the
Singapore Property Weekly.
Hope you like it!
Mr. Propwise
FROM THE
EDITOR
mailto:[email protected]://www.propwise.sg/advertise/http://www.propwise.sg/advertise/mailto:[email protected] -
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By Property Soul (guest contributor)
Are you looking to renovate a property? I
have done four major renovations and
countless fixing projects for my properties in
Singapore. Over the years, I manage to find
at least one good electrician, plumber,
carpenter, handyman, etc. But for whateverreason perhaps its because Im unlucky, or
maybe its simply the nature of the business
I have yet to find an honest contractor or a
reliable renovation company. Yes, not even
one.
Bad experiences with contractors
What I have had are some unpleasant
experiences that you may have encountered
before if you have commissioned any
6 Tips to Help You Deal Successfully with Renovation Contractors
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renovation project:
1. After placing a deposit, the salespersons
prompt responses become delayed or you
get no reply.
2. The contractors are very busy and you
have to bear with the fact that they are often
late for (or absent from) any appointment
with you.
3. Timelines agreed beforehand are almost
always delayed. As clients, you are expectedto be flexible to cater to all unforeseen
circumstances.
4. You can only expect 60 to 80 percent of
what was originally agreed to be done. Be
prepared to accept materials, end products
and workmanship different from your
expectations.
Of course there are some good contractors
who are different from the above. But they
are not cheap. Those who provide good
customer service, quality workmanship and
acceptable completion timeframe usually
have reasonable prices missing from their
quotations.
Tip #1 Get good recommendations
I strongly recommend talking only to
renovation companies or individuals with
referrals from a trusted source. Dont just get
anyone from the local paper, the yellowpages, a sales leaflet or a tradeshow. It is like
going for a blind date. You never know who
will show up. You really dont want to deal
with any surprise and disappointment.
For small tasks like fixing the lights, giving
the place a new coat of paint, repairing theleaking roof, etc., ask your trusted property
agent for recommendations. Agents arrange
handymen to do fixes for landlords and
tenants every day. I am sure that they use
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efficient and reasonably-priced ones to get
the job done. It allows them to rent or sell the
owners properties without any delay.
Tip #2 Be firm with contractors
I agree with the advice in Margaret
Heffernans The Naked Truth: A Workin
Womans Manifesto on Business and What
Really Matters:
Once youve hired a contractor and
negotiated a budget, my best advice foryou is to be tough on them. Ifyoure not,
theyll think youre soft and a pushover.
(Contractors) will try to get away with as
much as they possibly can. If you call
them on it, theyll shape up.
Even if your contractor is a good friend or
your close relative, having a friendly
relationship doesnt automatically mean that
you can trust a person. When evaluating
whether a contractor can get the job done,
differentiate between sociability and
capability.
Tip #3 Be clear and upfront about timing
and the inflexibility of your budget
If you need the job finished by a certain time,
hold the contractors to that date. If you keep
an eye on their work and act as
knowledgeable as possible, you increase the
chances that the contractors will respect you
and get something done.
Tip #4 Get at least three quotations from
different companies
Compare quotes item-by-item. Before you get
back to the selected one, draft your own
listing of work items with full descriptions. For
each item, add in what you think are the
reasonable prices. If there is an obvious price
gap of a work item between two contractors,
negotiate to see whether your selected
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contractor can match the price.
Tip #5 Draft your own payment terms
For example, 10 percent deposit after signing
the contract, 30 percent of the fee payablewhen job commences, and another 50
percent after job completion. Always leave 5
to 10 percent to be paid after fixing all defects.
Allow flexibility for delay in completion.
However, do add a penalty clause for delay at
the end of the contract.
Tip #6 Put everything in writing
In every subsequent meeting with the
contractor, put everything in writing and take
detailed notes. The notes can serve as both a
proof and a reminder for both parties. It will
also come in handy next time when there is
any argument on what has been agreed.
Good and bad times
When times are good, contractors are very
busy. It is more difficult to bargain on prices.
Give a reasonable timeframe for completion
but stick to the major deadlines.
When times are bad, dont be too happy if you
get too good a bargain. Contractors tend to
cut corners to get your business.
Be careful of commissioning a project when
the market is recovering. Costs of raw
materials and manpower will be on their way
up when your place is work-in-progress. To
make ends meet, the contractor may ask you
to top up the difference so that they can afford
to pay their suppliers and finish your job.
Worse still, some contractors may go bust
because of their under-quoting in too many
projects.
By Property Soul, a successful property
investor and enthusiast who shares her
experiences and knowledge on her blog.
http://propertysoul.com/http://propertysoul.com/http://propertysoul.com/http://propertysoul.com/ -
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Investing in real estate requires patience but
the rewards are immense.Once you have
invested a sum of money as downpayment
for a property, it is possible to have two-fold
gains from both capital appreciation and
rental income.
The rental income is a good source of incometo reduce or cover your monthly mortgage
loan repayments, maintenance fees, property
tax, fire insurance and all related expenses in
this investment.
During the investment period, you are actually
accumulating equity in an asset which is a
good hedge against inflation.
However, do be aware that all markets are
cyclical, and the real estate market is of no
exception.In other words, if you have to sell
your property at the wrong time, you could
lose money!
Having holding power is therefore important
to ensure that you can hold the property till it
appreciates.While there is no guarantee howmuch your property will appreciate, it does
offer long-term investors an opportunity to
earn a solid return when the property
appreciates due to inflation, population or
economic growth.
By Eileen Tan and Ui Wei Teck, property
investors and authors of Enjoying Mid-Life
Without Crisis. This tip and dozens more are
from theirbook.
Property Selling Tip #1: All Markets are Cyclical
SINGAPORE PROPERTY WEEKLY I 108
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Singapore Property This Week
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Residential
A f i n i ti R e s id e n c es s o l d o u t o n f i rs t d a y o
l a u n c h
Afiniti Residences, a 147-unit condominium
project in Iskandar Malaysia, was sold out on
its highly anticipated launch by the 50:50 jointventure between Temasek Holdings and
Pulau Indah Ventures. 25% of the buyers
were Singaporeans, while the rest were
mainly Malaysians. Some 88 units were open
to the public and the remaining 59 units were
for developers and partners. The residential
project includes 21-storey towers with studio,
1+study, 2 and 2+study units. The selling
price per square foot ranges from S$345 to
$406, and unit sizes range from 484 square
feet to 1,064 square feet. Construction forthe residences is expected to finish in 2015.
(Source: Business Times)
R o o m r a t e s e a s e d , o c c u p a n c i e s r e m a i n e d
s t r o n g
Singapore room rates have softened for thefirst four months of 2013, yet occupancies
remained strong. The Singapore Tourism
Board (STB) estimates that the Average
Room Rate fell by 2.2 percent year-on-year
while the average occupancy only decreased
by 0.3 percent. STBs figures put the numberof visitor arrivals in Singapore in the first
quarter of 2013 at 3.8 million, increasing 6.4
percent year-on-year.
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The strong occupancy is said to help prevent
any sharp fall in revenue per available room.
(Source: Business Times)
P r i v at e a p a r t m e n t r e s al e p r i c e s d e c r e as e s in May
Resale prices of non-landed private
apartments decreased slightly in May due to
weak transaction volumes. The NUS
Singapore Residential Property Index showed
resale prices for May easing 0.5 percent fromApril, while April increased by 0.1 percent
from March. Transaction volume for May is 40
percent lower than that of last May, which
could be explained by a mismatch in
expectations between buyers and sellers. The
index decreased by 0.5 percent in the CoreCentral Region and 0.4 percent in the Rest of
Central Region, while the Outside Central
Region (OCR) gained 0.3 percent. The
reason for the gain in OCR is thought to be
the narrowed price gap between private
residential homes and HDB resale flats to
only 5 percent.
(Source: Business Times)
P as i r R i s C h a l e t s t o b e u s e d a s q u a r an t i n e
h o u s i n g
The Home Team NS (HTNS) Pasir Ris
Chalets will be on standby to be used as
possible quarantine housing by the
government from June 17. This is due to thethe Middle East Respiratory Syndrome
Coronavirus (MERSCoV) with 55 cases
confirmed worldwide, even though no such
case has been discovered in Singapore.
Members of HTNS can continue to use to
chalets but they will have to check out within3 hours if the chalets are needed as a
quarantine facility. HTNS members who have
booked the chalets on or after June 17 may
choose to cancel the bookings.
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In either cases, they will be given the full
refund and vouchers of $100.
(Source: Business Times)
CommercialRMGs T h o n g S i a u n i t s u p f o r t e n d e r s a l e
Raffles Medical Group (RMG) has put the
commercial podium at Thong Sia Building up
for tender sale, after its plan of building a new
medical centre failed. The podium consists of
8 strata-titled units from level 1 to 7. The retail
and office unit sizes range from 710 square
feet to 8,826 square feet, with their price
between $2,500 and $6,000 per square foot.
Thong Sia Building is opposite the Paragon
shopping centre, and is a freehold mix-use
commercial and residential property. Jones
Lang LaSalle (JLL) agent is the exclusive
agent handling the sale. JLL claimed that the
units can be up to $35 million in price and
would provide more freehold, retail and office
strata units in the Orchard Road area. Lower
floors are expected to attract flagship store
developers , while upper floors are suitable
for offices. The tender ends at 3 pm on July
15.(Source: Business Times)
T he S ai l @ M ar i na Bays 2 2 r et ai l u n i t s
sold f or $105m
The 22 retails units at the Sail @ Marina Bay
were sold for $105 million to Wen WayInvestments Pte Ltd, a Singapore-
incorporated company controlled by China
interests. This makes one square foot of the
units priced at $4,582. All 22 units are leased
mainly to food and beverage establishments.
The units were reported to previously belongto a Singapore couple who paid $32 million
for them in 2009. Upon acquiring the units,
Wen Way Investments was said to be looking
out for more strata retail units in Singapore
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for long-term investment, not to subdivide and
sell. Wen Way is also embarking on joint
development of commercial and industrial
property projects in Singapore. Wen Way has
purchased about $200 million of real estate in
Singapore.
(Source: Business Times)
S i n g a p o r e R E IT s r e t a i n c o m p e t i ti v e e d g e
am i dst m arket vol at i li ty
Despite Hong Kong being a strong contender
in the real estate investment trust (Reit) field,
Singapore Reits still have plenty of buying
opportunities. Singapore Reits are believed to
be more active in their managing asset
portfolio through asset enhancement
initiatives and portfolio renewal, according to
John Stinson, executive managing director of
Cushman and Wakefield Asia-Pacific. Even in
the middle of market volatility, Mr Stinson said
now is the time to buy because most Reits
show strong returns and are trading at five-
year highs on a year-on-year basis.
Singapore Reits have average returns of
about 6%. Industrial Reits offer the highest
yields, but office Reits are considered the
most attractive segment.
(Source: Business Times)
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Non-Landed Residential Resale Property Transactions for the Week of May 29 Jun 4
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
1 MARINA BAY RESIDENCES 710 1,739,500 2 ,449 99
1 PEOPLE'S PARK COMPLEX 1,119 1,010,000 902 99
3 RIVER PLACE 797 1,180,000 1,481 99
4 THE PEARL @ MOUNT FABER 1,819 1,966,000 1,081 99
5 ONE-NORTH RESIDENCES 592 990,088 1,672 99
5 ONE-NORTH RESIDENCES 1,421 2,028,000 1,427 99
5 ONE-NORTH RESIDENCES 1,335 1,850,000 1,386 99
5 THE PARC CONDOMINIUM 1,292 1 ,744,200 1,350 FH
5 CARABELLE 1,302 1,738,000 1,334 956
5 PASIR VIEW PARK 1,012 1,275,000 1,260 FH5 THE PARC CONDOMINIUM 2,476 2,308,800 933 FH
5 PALM MANSIONS 1,098 1,000,000 911 FH
8 CITYLIGHTS 678 1,000,000 1,475 99
9 PATERSON RESIDENCE 1,313 3,282,500 2,500 FH
9 ONE DEVONSHIRE 1,410 3,313,500 2,350 FH
9 VISIONCREST 1,109 2,343,000 2,113 FH
9 LEONIE HILL RESIDENCES 1,141 2,290,000 2,007 FH
9 LEONIE STUDIO 689 1,380,000 2,003 99
9 UE SQUARE 1,055 1,700,000 1,612 9299 BELLE VUE RESIDENCES 3,681 5,889,600 1 ,600 FH
10 SOMMERVILLE PARK 624 1,260,000 2,018 FH
10 AVALON 1,830 3,300,000 1,803 FH
10 ASTRID MEADOWS 2,745 4,800,000 1,749 FH
10 ONE JERVOIS 2,368 4,120,000 1,740 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
10 THE ASTON 667 1,125,000 1,686 FH
10 CLIFTEN 1,066 1,790,000 1,680 FH
10 VALLEY PARK 1,701 2,710,000 1,593 999
10 DORMER PARK 1,238 1,885,000 1,523 FH
10 RIDGEWOOD 1,981 2,500,000 1,262 999
10 BEAVERTON COURT 4,349 3,600,000 828 FH
12 D'LOTUS 570 830,000 1,455 FH
12 DE PARADISO 904 1,200,000 1,327 FH
12 PARC HAVEN 1,249 1,520,000 1,217 FH
12 CASA IRRAWADDY 1,119 1,260,000 1,126 FH14 LE CRESCENDO 1,313 1,500,000 1,142 FH
14 CANBERLIN LODGE 1,152 928,000 806 FH
15 MEIER SUITES 2,207 3,480,000 1,577 FH
15 THE ESTA 1,313 1,980,000 1,508 FH
15 PEBBLE BAY 2,336 3,200,000 1,370 99
15 CRYSTAL RHU 1,055 1,420,000 1,346 FH
15 CENTRINA 721 890,888 1,235 FH
15 SANCTUARY GREEN 1,356 1,600,000 1,180 99
15 GALLERY 8 1,163 1,320,000 1,135 FH15 CAMELODGE 990 1,040,000 1,050 FH
15 EASTERN LAGOON 2,024 2,100,000 1,038 FH
15 BLU CORAL 1,195 1,220,000 1,021 FH
15 FORTUNE SPRING 2,088 1 ,668,000 799 FH
16 COSTA DEL SOL 1,313 1,680,000 1,279 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
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
16 BAYSHORE PARK 1,292 1,380,000 1,068 99
16 THE BAYSHORE 1,432 1,520,000 1,062 99
16 THE BAYSHORE 1,238 1,280,000 1,034 99
16 BAYSHORE PARK 936 950,000 1,014 9916 TANAMERA CREST 861 840,000 975 99
16 CASAFINA 1,464 1,380,000 943 99
17 EDELWEISS PARK CONDOMINIUM 1,453 1,370,000 943 FH
17 AZALEA PARK CONDOMINIUM 1,507 1,388,888 922 999
17 CASA PASIR RIS 1,130 950,000 841 946
18 THE TROPICA 1,518 1,400,000 922 99
19 THE QUARTZ 1,130 1,300,888 1,151 99
20 CLOVER BY THE PARK 1,572 2,000,000 1,273 99
21 THE CASCADIA 1,216 2,150,000 1,768 FH21 ASTOR GREEN 1,528 1,628,000 1,065 99
21 CLEMENTI PARK 2,497 2,620,000 1,049 FH
22 THE MAYFAIR 1,227 1,180,000 962 99
22 PARK VIEW MANSION 1,335 918,000 688 99
23 HAZEL PARK CONDOMINIUM 1,345 1,360,000 1,011 999
26 FOREST HILLS CONDOMINIUM 1,163 960,000 826 99
27 YISHUN EMERALD 1,399 980,000 700 99
27 THE SENSORIA 1,152 715,000 621 FH
27 THE SENSORIA 1,270 715,000 563 FH
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