Singapore Property Weekly Issue 236

8/20/2019 Singapore Property Weekly Issue 236

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Issue 236Copyright © 2011-2014 www.Propwise.sg. All Rights Reserved.

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CONTENTS

p2 3 Issues You Must Consider When

Planning Your Estate

p6 Singapore Property News This Week

p10 Resale Property Transactions

(November 10 – November 17 )

Welcome to the 236th edition of the

Singapore Property Weekly .

Hope you like it!

Mr. Propwise

FROM THE

EDITOR

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SINGAPORE PROPERTY WEEKLY Issue 236

Page | 2Back to Contents

By Janelle Tan (guest contributor)

Recently, we seem to be deluged with news

of terrorist attacks or threats, plane crashes

and sudden deaths. The one closer to heart

for property buffs may be the passing on of CDL's deputy chairman, Mr KwekLengJoo.

If you are like me, news such as this may

have triggered thoughts about what happens

when you die. Your family; your possessions;

your wealth; your liabilities. What would

happen to them? Your bank and investmentaccounts, properties and businesses

will remain, but so do your property loans, car

loans, business loans, and final income tax.

3 Issues You Must Consider When Planning Your Estate


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None of our assets or liabilities disappear with

our deaths.

The question is: Would our spouse, children

and even parents/siblings be inheriting our assets or liabilities? Would they be inheriting

financial blessings or burdens?

Any wealth accumulation strategy is not

complete without proper estate planning.

Since 2008, Singapore has abolished estate

duty. Perhaps because no tax is to be paid onthe wealth left behind, few plan for how their

estate may be effectively transferred. Yet, tax

is not the sole issue.

There are three key things you must know

and consider especially if real estate forms asignificant part of your inheritance to your

loved ones.

1. Liabilities Management

How will your property loan be paid off in the

event of your passing away? Where would

the legal fees to transfer the title deed to your beneficiaries come from? How would the

ABSD and TDSR impact their financial ability

and standing to undertake the transfer of

home ownership? Would there be a need for

forced liquidation of some or all of the

properties?The key here is debt cancellation. Mortgage

insurance can easily take away this burden.

2. Ownership Transfer

The first concern here is with the right of

ownership. Are the real estate properties youown in your sole name, in joint tenancy or

tenancy in common?


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In the case of joint ownership, the surviving

owner(s) will receive your share i.e. you

cannot gift it away as you please. For tenancy

in common and sole ownership, you are free

to gift away your portion as you wish.

The second concern is with common

disasters i.e. husband and wife, or a family

traveling together met with an incident that

resulted in the death of all. In such a

scenario, if you had willed the property toimmediate family members who travelled with

you, there would be no living beneficiary to

inherit your estate.

Consider organisations or communities that

may benefit from the liquidation of your estate

and your gifting should your primary

beneficiaries not survive you.

3. Protection of Minors/ Vulnerable

Beneficiaries

The issue here is with regard to gifting to

children under 18, family members withspecial needs, and/or elderly parents and

relatives.

Can you trust your child to handle a large

amount of inheritance or manage real estate

property affairs at age 18 or 21? Or do you

think that perhaps age 25 or 30 would be amore mature age to manage large amounts

of wealth?

Do you intend that your elderly parents, or

family members with special needs be

guaranteed a roof over their heads for as long

as they live? How can you ensure that this

wish is legally binding on those you entrust

them to?


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Testamentary trusts or a living trust can solve

these problems.

The above are typical questions raised and

discussed in the course of estate planning.Estate planning in essence is the process of

creating our blueprint of how we want our

assets and liabilities to be managed and

distributed for the assured benefit of our loved

ones after we are gone.

Your wishes may be legalised through a

written will and where appropriate, a family

trust or family foundation. Some asset types

require more planning than others when it

comes to passing them down effectively. It is

thus too simplistic to only consider the

percentage distribution of your assets. In the

next article, we will look at trust planning in

greater detail.

Janelle Tan, co-founder and Managing

Partner of Dunn & Partners Pte Ltd, is a

licensed estate planning practitioner who

provides consultation to families and

businesses on wealth protection, preservation

and transfer. She also runs financial literacy seminars and workshops on an invite basis.

She may be contacted via email

at [email protected]

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Singapore Property This Week


Residential

B i d a d a r i f l a t s : p o p u l a r c h o i c e a t N o v H D B

sale

Despite higher prices, build-to-order (BTO)

flats at Bidadari attracted the highest

application rates among all projects releasedat the November HDB sale. According to the

Business Times, the five-room flats at

Bidadari were 20 times over-subscribed while

four-room flats saw a high application rate of

5.1 times. In comparison, Fernvale Woods at

Sengkang was only one time subscribedacross its different-size units. Lawrence

Wong, Minister for National Development said

that the high application rates for the Bidadari

flats could have been due to its prime

location. To meet strong demand, more flatswill be launched in the upcoming BTO

exercise in February next year, said Wong.

(Source: Business Times)

W a r m i n t e r e s t e x p e c t ed f o r r e s i d e n t ia l s i t e

at Siglap

A residential site at Siglap is expected to be

well-received by developers in its tender. The

1.93-ha land parcel is located near to the

future Siglap MRT station, which is expected

to be operational in 2023. The site has a

gross plot ratio of 3.5 and could yield 750

units. It has been released under the

confirmed list for the Government Land Sales

(GLS) programme for H2 this year.

SINGAPORE PROPERTY WEEKLY I 236


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Nicholas Mak from SLP International said that

it is rare for a residential site to be offered for

sale under the GLS programme, from that

region. Ong Kah Seng from R’ST estimates

that the winning bid would be between $640and $680 psf ppr. On the other hand, Lee Nai

Jia from DTZ predicts that the winning bid will

be between $790 and $850 psf ppr. The

tender is expected to close in January next

year.


2 9 GC B s s o l d f o r $ 6 45 m i l l i o n i n t o t a l t h i s

year

According to the Business Times, 29 Good

Class Bungalows (GCBs) have changed

hands for a total of $645 million since the

start of the year. This is slightly more than the

28 transactions made last year, which totalled

$626 million. Market experts believe that the

GCB market is picking up as owners are

lowering their price expectations. A recent

sale was completed at $19.5 million or $1,258

psf for a 15,504 sq ft freehold bungalow along

Peel Road. The property, which consists of two storeys and a basement, has a swimming

pool and a home theatre room. The total built

up area of the bungalow is about 9,000 sq ft.

Despite the limited stock of GCBs, prices

have fallen in the past year due to weak

buyer sentiments, said market experts. Mary

Sai from Knight Frank added that the global

and local economic outlook had dampened

interest in the market. Sai believed that the

total debt servicing ratio framework that was

implemented in 2013 had limited effect on the

GCB market as GCB buyers typically do not

need to borrow substantially to finance their

homes.


SINGAPORE PROPERTY WEEKLY I 236


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Sept’s p ri vat e h o m e p r ic es d o w n 8.2%

f rom 2013

According to the Asia-Pacific Structured

Finance Chart, Singapore’s private residential

property prices have fallen 8.2% since

September 2013. Market experts attribute the

drop to tighter policy controls. It is believed

that if immigration rates remain low and

vacancy rates and property supply remains

elevated, property prices will continue to drop.However, interest rates are unlikely to have a

substantial impact on property prices in the

near term, added market experts.


Commercial

In d u s t r i al s i t e a t Ta m p i n e s a n d W o o d l a n d s

l a u n c h e d f o r s a l e

A Tampines industrial site and another at

Woodlands have been launched for sale

under the confirmed list and reserve list

respectively for H2 government land sales

programme this year. The Tampines site is

about 0.41 ha and has been zoned for Business 2 development. It has a 20-year

tenure with a maximum gross plot ratio of 1.4.

Ong Kah Seng from R’ST Research predicts

that the site will sell between $65 and $70 psf

ppr. The Woodlands site, which is 1.61 ha,

has been zoned for Business 1 development.

Ong predicts that the earliest that the site

could be triggered for sale is in Q2 next year.


Average psf pr ice f or of f ice deals achieved

at Sunt ec inc reases t o $2,774 psf t h is year

According to the Business Times, there has

been an increase in the number of office

transactions made this year in Suntec City



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as buyers’ and sellers’ price expectations

start to match up. This year, six deals totalling

$169.12 million were completed in the region.

In 2013, 12 deals were completed totalling

$185.85 million. The average psf priceachieved has increased from $1,745 psf in

2009 to $2,641 psf in 2013 to $2,774 psf this

year. While office deals at Suntec have

picked up this year, Alan Cheong from Savills

Singapore said that the office investment

sales activity on the whole remains muted.


C o m m e r c i a l b u i l d i n g a t C B D a r e a u p f o r

sale

A freehold commercial building at Hoe Chiang

Road has been up for sale by means of

Expression of Interest. The building consists

of 29 storeys and has a site area of about

39,337 sq ft. It has a gross floor area of

253,453 sq ft. The total net lettable area is

210,268sq ft. The plot has been zoned for

commercial use and has a plot ratio of 5.6. It

may be built up to 35 storeys. According to

Sammi Lim from CBRE, there is limited stockfor freehold commercial buildings in the CBD

area as such the building is expected to

attract strong interest from both local and

foreign buyers.



http://propertymarketinsights.com/


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Non-Landed Residential Resale Property Transactions for the Week of Nov 10 – Nov 17

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE SAIL @ MARINA BAY 883 1,560,000 1,767 99

3 ALEXIS 904 1,250,000 1,382 FH

3 QUEENS 1,184 1,560,000 1,318 99

5 HUNDRED TREES 484 750,000 1,548 956

5 DOVER PARKVIEW 936 965,000 1,030 99

5 THE INFINITI 1,367 1,400,000 1,024 FH

5 GLORIA MANSION 1,227 1,180,000 962 FH

5 WEST BAY CONDOMINIUM 1,216 1,020,000 839 99

9 THE LAURELS 549 1,420,000 2,587 FH

9 THE METZ 581 1,370,000 2,357 FH

9 THE PATERSON 2,250 4,100,000 1,822 FH

10 CYAN 1,658 3,103,000 1,872 FH

10 WING ON LIFE GARDEN 3,305 5,200,000 1,574 FH

10 VALLEY PARK 861 1,290,000 1,498 999

10 QUEENSBERRY LODGE 1,851 1,720,000 9 29 FH

11 RESIDENCES @ EVELYN 1,109 1,860,000 1,678 FH

11 THE SHELFORD 1,033 1,670,000 1,616 FH

11 TEN @ SUFFOLK 1,184 1,590,000 1,343 FH

12 TREVISTA 1,098 1,468,000 1,337 99

12 AIRSTREAM 495 639,988 1,293 FH

12 ONE ST MICHAEL'S 1,259 1,400,000 1,112 FH

12 MOONSTONE RESIDENCES 1,238 1,300,000 1,050 FH

14 LA FLEUR 431 538,000 1,250 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

14 LE REVE 861 1,018,000 1,182 FH

14 D'OASIA 1,098 1,180,000 1,075 FH

14 THE HELICONIA 1,335 1,170,000 877 FH

15 THE ESTA 1,399 2,100,000 1,501 FH

15 COSTA RHU 2,239 3,000,000 1,340 99

15 COTE D'AZUR 1,141 1,520,000 1,332 99

15 THE MAKENA 1,023 1,285,000 1,257 FH

15 THE MAKENA 1,582 1,950,000 1,232 FH

15 HAIG COURT 1,550 1,850,000 1,194 FH

15 BUTTERWORTH VIEW 1,216 1,285,000 1,056 FH

15 COSTA RHU 1,399 1,470,000 1,051 99

16 THE BAYSHORE 1,012 1,030,000 1,018 99

16 CASA MERAH 1,216 1,200,000 987 99

16 EASTWOOD GREEN 980 825,000 842 99

17 EDELWEISS PARK CONDOMINIUM 1,055 875,000 829 FH

19 A MARANDA GARDENS 1,464 1,888,000 1,290 FH

19 FONTAINE PARRY 850 1,040,000 1,223 999

19 SUNGLADE 1,163 1,220,000 1,049 99

20 GOLDENHILL PARK CONDOMINIUM 1,335 1,730,000 1,296 FH

20 LAKEVIEW ESTATE 1,615 1,220,000 756 99

20 BRADDELL VIEW 1,615 1,150,000 712 99

21 JARDIN 1,787 2,550,000 1,427 FH

21 PARC PALAIS 1,238 1,260,000 1,018 FH



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

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

21 PANDAN VALLEY 1,647 1,650,000 1,002 FH

21 CLEMENTI PARK 1,658 1,650,000 995 FH

22 THE CENTRIS 1,851 1,375,000 743 99

22 IVORY HEIGHTS 1,701 1,120,000 659 10023 GUILIN VIEW 1,259 1,120,000 889 99

23 NORTHVALE 1,173 835,000 712 99

23 REGENT GROVE 1,195 838,000 701 99

26 THE CALROSE 1,141 1,360,000 1,192 FH

26 CASTLE GREEN 947 820,000 866 99
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Singapore Property Weekly Issue 236

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