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With a monthly household income of up to $14,000, purchasing a mass market private condominium is not out of the question; whilst those in the lower income bracket can easily take the HDB BTO route. Thus, amid the plentiful choices that a buyer has, why are Executive Condominiums (ECs) still popular in today’s market?

So far in 2016, there has been good and steady demand for ECs. According to data from the Urban Redevelopment Authority (URA), for the first seven months of 2016, 2,697 EC units were sold by developers. This has already surpassed the 2,550 units sold by developers for the whole of 2015.

A Buyer’s Guide to Auction


In addition, some of the best-selling projects this year have been ECs. Wandervale and Treasure Crest were two of the most successful EC launches since 2014. Wandervale, the first EC to launch in 2016, sold some 50 per cent or its 534 units on the opening weekend; whilst in July, Treasure Crest sold some 72 percent of its 504 units on the first weekend. Existing EC projects have also been seeing sustained interest from buyers, with developments such as Bellewaters, The Vales and the Terrace seeing a steady stream of buyers even though they are not new launches.

For most EC buyers, the main appeal of ECs is the condominium address and lifestyle but at a cheaper price. ECs are typically priced $750 to $850 per square foot whilst mass market condominiums within the vicinity are likely to be $1,000 to $1,100 per square foot onwards.

After the minimum occupation period of 5 years, the EC unit can be resold on the secondary market to Singaporean or SPR buyers whilst 10 years after completion, the EC unit can also be sold to foreign purchasers. So, depending on the state of the market at the relevant point in time, the EC buyer already enjoy a larger headroom for capital gain as compared to someone who had bought a mass market condominium unit at around the same time as the EC buyer.

Further, for eligible first-time EC buyers, they have the added advantage of using the CPF Housing Grant of $30,000 to help pay for the purchase price. There are no housing grants available for private condominiums.

The second reason is a practical one. EC buyers are owner-occupiers and they are purchasing the unit to start a family or to house a family.

Majority of EC projects are designed to comprise mainly 3 and 4-bedroom units; with the exception of some that may have a small selection of 1 and 2-bedroom units. Comparatively, a mass market condominium may have more numbers of smaller units than larger units as they also target the investor buyers that prefer a lower price quantum.

The third reason is the living space; and size matters when you have to house a family. Treasure Crest EC’s 3-bedroom units are sized 958 to 1,249 square feet whilst its 4-bedroom units are 1,345 square feet. Comparatively, private condominium’s 3-bedroom units may be about 880 to 1,100 square feet and their 4-bedrooms may not exceed 1,300 square feet.


By – ERA


No more HDB decoupling 

From 1st April 2016, decoupling will only be allowed under specific situations. These include marriage, divorce, death of an owner, financial hardship, loss of citizenship, and medical grounds. This could have a small impact on the market of potential buyers, who may find a second property less attractive after the ABSD.

More seller Selling under Seller’s Stamp Duty

Sellers are letting go of their properties, even if they have to incur seller’s stamp duty. However, they generally wait until the SSD falls to 4% in the fourth year of purchase. Based on the latest revision of the SSD measure, homeowners who purchased their houses on or after Jan 14, 2011 and resold them within four years of the date of purchase are required to pay SSD. The SSD rates vary with the holding period, at 16%, 12%, 8% and 4% within the first, second, third and fourth years from the date of purchase respectively.


Source: URA, The Edge Property

The number of sellers who paid 4% SSD grew from 200 in 2014 to 244 between January and November this year. On the other hand, only 68 sellers let go of their properties within three years of purchase in 2015, when SSD rates were hefty at between 8% and 16% (see table).

There could be several factors behind this. First, sellers might prefer to hold cash or other liquid assets in the current market so they can re-enter the market when property prices bottom.

The number of sellers who paid 4% SSD in 2014 and 2015 had purchased the properties in 2011 and 2012 and most of them netted a profit even after paying the 4% SSD.

Second, sellers who do not wish to hold on to their properties, for financial or other reasons, might do well to offload them now rather than next year, in case prices drop further. Prices of private non-landed homes have fallen an average of 1% a quarter since 3Q2013’s peak. If this trend continues or worsens, sellers might be better off incurring the 4% SSD now instead of waiting another year and risk selling their properties at lower prices as a result of a higher supply in the market.

Third, there are sellers who are forced to let go of their properties because of the soft rental environment and interest rate hikes. These properties might be sold at a loss or within the first three years of purchase. The proportion of unprofitable transactions moves in tandem with the decline in SSD rates, declining from 80% at 16% SSD rate in the first year to 22% at 4% SSD rate in the fourth year and 12% on the fifth year, when SSD is lifted (see chart).

The findings are based on matched URA’s resale and subsale caveats for private non-landed homes as at Nov 24, 2015, with their previous transactions on or after Jan 14, 2011.


Source: URA, The Edge Property


Investors pressured to offload shoebox and large units

Projects with the highest number of resale transactions in the fourth year of purchase were Parc Rosewood, A Treasure Trove and Ripple Bay, with 19, 11 and 10 resale caveats respectively. Interestingly, these caveats involved mostly shoebox units.

Of the 19 resale caveats at Parc Rosewood, 84%, or 16 caveats, were for shoebox units averaging 445 sq ft. Similarly, for Ripple Bay, 90% — or nine of the 10 caveats — were for shoebox units averaging 490 sq ft.

The eagerness to offload shoebox units as soon as SSD fell to 4% in the fourth year could have been motivated by a soft rental market, yield compression and the interest rate hike. In addition, shoebox units in the mass-market continue to face strong competition from HDB flats for tenants. Based on our basket of properties, monthly rents for shoebox units in the mass-market were estimated to have fallen 21%, or more than $500, from $2,552 in 3Q2013 to $2,016 in 3Q2015.

In fact, URA data shows that monthly rents for a 400 to 500 sq ft unit at Parc Rosewood averaged just $1,657 in 3Q2015. Parc Rosewood was completed in 2014. Similar-sized units commanded an average monthly rent of $1,815 in 3Q2014. Over the course of one year, the average rent for shoebox units in the development has fallen 8.7%.

At A Treasure Trove, 58% — or seven of 12 caveats — were for 775 sq ft units, the smallest apartments in the project. Although the project was completed this year, there is evidence of rental decline within the course of just a few months. For example, 700 to 800 sq ft units were let at an average monthly rent of $2,367 in July. Similar units fetched an average monthly rent of $2,230 in October, reflecting a 6% decline over a period of three months.

On a more positive note, all the transactions at Parc Rosewood, A Treasure Trove and Ripple Bay were profitable after accounting for the 4% SSD payable, as the sellers had purchased the properties at attractive prices in 2011.

Larger units are also likely to be the most affected by the interest rate hike and soft rental environment. In dollar terms, Reflections at Keppel Bay accrued the most SSD from Jan 14, 2011, amounting to $1.81 million for seven resale caveats. Four caveats were for units measuring between 1,200 and 2,207 sq ft. The Minton trailed closely with $1.29 million for 18 resale caveats, with an average unit size of 1,159 sq ft.

The highest SSD incurred for a single transaction was for a 3,821 sq ft unit at Four Seasons Park, amounting to $1.14 million in SSD.

At least 18,145 non-landed homes to be freed from SSD in 1H2016

Based on our study, 18,145 non-landed homes will no longer be subject to SSD in 1H2016, as their holding periods cross the four-year mark. Of these, 1,574 units will be located in Core Central Region, 4,164 units in Rest of Central Region and 12,407 units in Outside Central Region. Some of these units could turn out to be value deals, as the owners who are under pressure to sell have weaker bargaining power.

The top three projects with at least 100 shoebox units entering the fifth year of their holding period are Parc Rosewood, Guillemard Edge and Casa Cambio.

*Credit to The Edge Singapore
This article appeared in The Edge Property Pullout, Issue 708 (December 21, 2015) of The Edge Singapore. 
By Esther Hoon, Lin Zhiqin | December 18, 2015 10:43 AM MYT

Principal Garden


principal-garden-Artist Impression 2

Presenting to you, Principal Garden, located at Prince Charles Crescent, surrounded by Good Class Bungalows of the Chatsworth and Bishopsgate Estates.A thoughtfully-designed 99-years leasehold private development that is close proximity to Orchard Road and the Central Business District (CBD). The development will appeal to savvy investors and discerning home buyers who are seeking quality residences.

The 663 residential units, with a total of 4 blocks of 1 Bedroom to 5 Bedrooms project caters all types of apartment types from  multi-generation living, families, young couples, singles as well as investors.

 All Residential Units only occupied 20% of the Land (266,000 sqft) and the remaining 80% are landscape. Whopping 4X more garden than structure.


Location Plan – 

principal-garden-location-map principal-garden-actual-site




Principal Garden - Schematic Diagram



Project Name: Principal Garden
Developer: Secure Venture Development (Alexandra) Pte Ltd
Site Area: 24,964.3 sqm / 268,715.73 sqft
Tenure of Land: 99 years commencing on 21 July 2014
Expected Date of Vacant Possession: 31st December 2019
Expected Date of Legal Completion: 31st December 2022
No. of Units: 663 Units
No. of Blocks / Storeys: 4 Blocks of 24 Storeys
1-Bedroom: 474 to 495 sqft
2-Bedroom: 753 to 797 sqft
2-Bedroom Dual Key: 850 sqft
3-Bedroom: 1066 sqft
3-Bedroom Dual Key: 1173 sqft
3-Bedroom Deluxe with Private Lift: 1216 sqft
4-Bedroom Deluxe with Private Lift: 1550 sqft
PRINCIPAL COLLECTION:4+1 Bedroom with Private Lift: 1981 sqft
5+1 Bedroom with Private Lift: 2325 sqft



Sentosa Cove prices hit levels not seen since 2006

A 4,133 sq ft penthouse with unblocked sea views located at luxury condominium Seascape was sold for $5.8 million in May , which translates into a profit, loss of $5.2 million or a 47.3% plunge for the original owner who paid $11 million for the unit in December 2011, according to a caveat lodged then. The latest sale price of $5.8 million works out to $1,403 psf, based on the latest caveat.

The penthouse with four bedrooms and a study is located on the eighth floor of the 151-unit condo, which was completed in 2011 and developed jointly by Ho Bee Land and IOI Properties. The penthouse was a mortgagee sale, and was first put up for auction by JLL on March 26 with an opening price of $9 million. It was put up for auction a second time in April at a lower opening price of $8.25 million, but still drew no bids. It was subsequently sold in a private treaty deal brokered by JLL in May.

At $1,400 psf, it appears that Sentosa Cove prices are returning to levels unseen since 2006. And that presents the kind of buying opportunities investors are seeking.

Recently, a 2,626 sq ft unit on the fifth level of The Coast changed hands for $4.18 million ($1,592 psf), according to a caveat lodged on June 19. The unit last transacted for $4.44 million ($1,690 psf) in December 2006.

Another unit on the third level of The Coast was recently sold for $1,420 psf, although the caveat has yet to be lodged. Bruce Lye, managing partner of SRI5000, a division of SLP International, was interested in buying it for himself, but missed out on the opportunity as the unit had already been snapped up.

“I think prices have bottomed,” says Lye. “There are many buyers who feel the same way, and willing to bite at the $1,400 to $1,500 psf level.”

Meanwhile, another unit at The Coast is available at an asking price of $1,450 psf. However, given that it is on the second level, the sea view is partially blocked by trees. “Many owners’ asking prices are now in the $1,400 to $1,450 psf range,” says an agent who is marketing several units within condo development. The Coast was developed Ho Bee Land and completed in 2009. Almost the 249 units in the luxury 99-year leasehold condo have a direct view of the sea from the living room and master bedroom.

At Turquoise, a unit on the fifth level is on the market for sale on a private treaty basis. The indicative price for the 2,185 sq ft three-bedroom unit said to be $3.17 million or about $1,450 psf.

The last transaction at Turquoise was for a 2,777 sq ft, four-bedroom unit on the same level that had changed hands for $4.55 million ($1,638 psf) in January this year. Prior to that, two identical four-bedroom units of 2,777 sq ft stacked on top of each other on the second and third levels were sold for $4.03 million ($1,450 psf) and $3.88 million ($1,397 psf) respectively in July 2014. Both were foreclosed properties and mortgagee sales. Turquoise, a 99-year leasehold luxury condo with 91 units, was developed by Ho Bee Land and completed just five years ago.

Meanwhile, at The Oceanfront, a landmark luxury condo at the mouth of the marina at Sentosa Cove, a 1,216 sq ft unit on the second level of one of the blocks was sold for $1.85 million ($1,521 psf) in May. It had fetched $1.59 million ($1,307 psf) when the 264-unit project was launched by City Developments and TID Pte Ltd in mid-2006.

On July 2, it was reported in the Straits Times that City Harvest Church founder has put his 5,242 sq ft duplex penthouse at The Oceanfront for sale at a price tag of $10 million.

At the 200-unit The Berth by the Cove, three transactions have been recorded this year to date. They ranged from $1,230 to $1,383 psf, far below the peak of $2,200 psf last seen in November 2007. The Berth was the first condo project to be launched in Sentosa Cove by developer Ho Bee in 2004; it was also the first to be completed, in late 2006, and it’s already nine years old.

The most recent transaction at The Berth was for the resale of a 2,002 sq ft unit on the first level, that fetched $2.52 million ($1,259 psf), according to a caveat lodged in May with URA Realis. The unit changed hands for $2.98 million ($1,488 psf) in March 2010. It was purchased for just $1.53 million ($766 psf) when the project was first launched in December 2004.

Another luxury condo at Sentosa Cove that had everyone riveted at the start of the year was The Marina Collection, when it was reported that 37 of 38 units sold had defaulted on their mortgages from United Overseas Bank.

Some buyers had been hoping that these units would appear as mortgagee sales at upcoming auctions. “There’s not going to be a ‘Great Singapore Sale’ for now,” says Joy Tan, head of auction at DTZ. “The bank will explore leasing out the units until the market recovers.”

Nevertheless, SRI5000’s Lye feels Sentosa Cove is worth revisiting at the current price levels of $1,400 to $1,500 psf as there is no new supply in the pipeline in Singapore’s premier waterfront residential enclave. “Once the government removes or revises the property cooling measures, prices at Sentosa Cove will be the first to react,” he says. “This is the opportunity many buyers have been waiting for.”

This article appeared in the City & Country of Issue 684 (July 6) of The Edge Singapore.

Bad time, Good Deals


Top 10 Most Expensive HDB – 2014

Dear readers, it’s time again to look back on our HDB market in 2014. Is it doing good? According to the Statistic from the HDB and major property firms, the Top 10 most expensive HDB sold till date for the year 2014 all transacted above $900000 (AGAIN ) We have 2 HDB units crossed the 1 Million dollar physiological benchmark.

This year, the Top Most Expensive HDB sold in 2014 breaks the record of last year’s Top Most Expensive HDB ( 2013 )  Sold (Blk 65 Jln Mamor  , $1020,000 ).

It seems like the cooling measures does not cool the ‘ High-end’ HDB market afterall.

Lets take a look below for the Top 10 most expensive HDB transacted this year.



Blk 63 Jln Mamor
Type – 3 Room Terrace|
Size – 1270.15
Price – $ 940,000 ,  $740.16psf
Remarks- Rare 3 Room terrace unit, Market, Library

10 - 63 Jln Ma'mor - Google Maps 10 - 63 Jln Ma'mor - Street View


Blk231 Bishan St 13
Type – Executive  Maisonette
Size – 1593.07Sqft
Price – $   950,000 ,  $  596.36 psf
Remarks- Walking Distance to Bishan Park, Catholic High School, Bishan Junction 8 and MRT

9-187 Bishan Street 13 - Google Maps 9-187 Bishan Street 13 - Street View


Blk187 Bishan St 13
Type – Executive  Maisonette
Size – 1571.54 Sqft
Price – $   956,000 ,  $  608.53 psf
Remarks- Walking Distance to Bishan Junction 8 and MRT and interchange.

9-187 Bishan Street 13 - Google Maps 9-187 Bishan Street 13 - Street View


Blk90 Tanglin Halt Rd
Type – 5’I’
Size – 1184.04 Sqft
Price – $   960,000 ,  $   810.81 psf
Remarks- Pretty new flat, 1 Min walk to Commonwealth MRT. Unit sold is on >#40 ( Power la )

9-187 Bishan Street 13 - Google Maps 9-187 Bishan Street 13 - Street View


Blk103 Bishan St 12
Type – Executive  Maisonette
Size – 1754.53 Sqft
Price – $   980,000 ,  $    558.72 psf
Remarks- Rare EM in Bishan. #high floor

9-187 Bishan Street 13 - Google Maps 9-187 Bishan Street 13 - Street View


Blk99B Toa Payoh Lor 2
Type – Executive  Apartment
Size – 1550.02 Sqft
Price – $   980,000 ,  $   632.26 psf
Remarks- Rare EA in Toa Payoh. Pretty young flat in matured town. Walking distance to Braddell MRT

6- 99B Lor 2 Toa Payoh - Google Maps 6- 99B Lor 2 Toa Payoh - Street View


Blk2 Toh Yi Drive
Type – Executive  Maisonette
Size – 1657.66 Sqft
Price – $   980,000 ,  $   591.43 psf
Remarks- 1 Min walk to future Beauty World MRT and market. Near to various tertiary education institution. 

6 - 2 Toh Yi Dr - Google Map 6 - 2 Toh Yi Dr - Street View


Blk59 Jln Mamor
Type – 3 Room Terrace
Size – 1937.52 Sqft
Price – $ 993,888 ,  $   513.11 psf
Remarks- Rare 3 Room terrace unit, Market, Library

3 -59 Jln Ma'mor - Google Maps 3 -59 Jln Ma'mor - Street View


Blk190 Bishan St 13
Type – Executive  Maisonette
Size – 1614.60 Sqft
Price – $ 1,000,000 ,  $   619.58 psf
Remarks- Walking Distance to Bishan Junction 8 and MRT and interchange. >#19

2- 190 Bishan Street 13 - Google Maps 2- 190 Bishan Street 13 - Street View


Blk194 Bishan St 13
Type – Executive  Maisonette
Size – 1614.60 Sqft
Price – $   1,088,888 ,  $674.65 psf
Remarks- Walking Distance to Bishan Junction 8 and MRT and interchange. >#22

1-  194 Bishan Street 13 - Google Maps 1-  194 Bishan Street 13 - Street View


Guys, if you are staying in Bishan, congrats. Out of the Top 10 Most Expensive HDB flat in Singapore, 5 came from Bishan. And 2 of them has transacted $1000000 or above. Frankly speaking, Bishan is very convenience with 2 MRT lines and various famous school are located there. No wonder it is so popular among Singaporean.


To know how much your property worth in today’s market, simply ‘LIKE‘ my Facebook page & SMS me 98803768 with the following details. I shall present you a detail report on your property.


Example – <VALUE>’blk 1 Tiong Bahru Road #03-03 ‘ 5’A’ ‘Peter’

Hear from you guys soon!!!

Source - HDB
Photo and Maps - Google

Almost 5% down in private home prices 2014

8CYPrices of private properties in Singapore fell by 4.79 percent during the first nine months of 2014, compared to an annual increase of 2.1 percent in the same period last year, revealed a report from Global Property Guide.

On a quarterly basis, prices of private units dipped by 0.38 percent in Q3 from the previous three months.

At the same time, residential demand in the city-state is dropping. The report stated that sales of housing units plunged 38.6 percent to 1,465 units in the third quarter from last year, according to data from the Urban Redevelopment Authority (URA).

Singapore’s economy is also slowing, with forecasts of 2.96 percent growth this year, down from 3.9 percent in 2013, according to the International Monetary Fund (IMF).

Of the 10 Asian markets tracked in the report, only Singapore and China saw house prices decline during the year.

Source - Propertyguru

Sengkang and Tampines bus interchanges to be expanded

The Land Transport Authority (LTA) said in a news release on Tuesday (Nov 25). that they will expand Sengkang and Tampines Bus Interchanges to support the Bus Service Enhancement Programme (BSEP).

What is the Bus Service Enhancement Programme (BSEP)? Starting from 2012, the Government has partnered the bus operators to significantly increase bus capacity and enhance bus service levels to benefit commuters. Under the BSEP, about 40 new services will be introduced and 800 buses will be added to the existing bus fleet. Commuters will stand to benefit from the progressive rollout of the new bus services and service level enhancements over the next five years.

Parking bays for 12 buses will be added to each of the bus interchanges. The expansions will include passenger boarding and alighting facilities, a concourse area, offices, a staff lounge, and a canteen.

The extension to Sengkang Bus Interchange will be built along Compassvale Road and linked to the existing Sengkang Integrated Transport Hub via an existing covered linkway. The expansion is scheduled to be completed in the third quarter of 2015.











The extension to Tampines Bus Interchange will be built along Tampines Concourse. A new covered linkway to the new expansion will also be built. Expansion works are scheduled to be completed in the fourth quarter of 2015.


Source – CNA

SIBOR and SOR, which one is for you?

SIBOR vs SOR thinkingYou may have heard the terms SIBOR and SOR when you’re looking for a home loan. Most home loans in Singapore are based on one of these two reference rates. It can be confusing to choose between two of them for first time home-buyers.

What Are SIBOR and SOR?

SIBOR (Singapore Interbank Offered Rate) and SOR (Swap Offer Rate) are benchmark rates for commercial and private property prices in Singapore.

SIBOR and SOR based home loans are extremely popular among home buyers due to their transparency and security. Unlike some banks’ IBR (internal board rate) or variable rates, SIBOR and SOR are open to public scrutiny and are determined by the interactions between multiple banks (see next section). It is hence difficult for any individual bank to single-handedly raise the SIBOR or SOR rates.



SIBOR stands for the Singapore Interbank Borrowing Offer Rate . It is the interest rate at which banks and financial institutions in Singapore borrow from each other. Simply put, SIBOR reflects how much it would cost banks to borrow from each other.

SIBOR is administered by the ABS (Association of Banks in Singapore).  Thomson Reuters will compiles the rates from 17 banks on a daily basis.  The compiled rates are then ranked, with those on the upper and lower quartiles eliminated from the list. The remaining rates (which should come from at least eight banks) are averaged to make the day’s SIBOR. The majority of home loan packages in Singapore are based on SIBOR.



SOR rate stands for Swap Offer Rate and is likewise also a form of interbank lending rate. SOR is based on the foreign exchange rate with the US dollar. Basically, it projects what the interest rate would cost if the same amount of money were borrowed in US dollars. With forex as an extra variable in the calculation, swap offer rates (SOR) are typically more  volatile than the Singapore interbank offered rates (SIBOR). Loans pegged to SOR tend to be subjected to higher uncertainty than SIBOR based loans, and can go lower or higher  faster than SIBOR.



SIBOR is determined by the demand and supply of funds between banks in Singapore and is tied to domestic or regional market conditions. Compare to SOR which is more responsive to the American (and hence global) market which subjected to exchange rates and the American money market fluctuation,  SOR is usually more volatile than SIBOR. 

Base on the above conditions, we can say that:

  • SIBOR fluctuates less than SOR
  • Borrowers with bigger risk appetite  may prefer SOR loans as SOR tends to fluctuate more, the fluctuations of SOR can be below SIBOR sometime.
  • Borrowers with less risk appetite  may prefer SIBOR loans as SIBOR loans provides them more stability.



Below is a illustration for SIBOR and SOR rate trend from 2006 to 2014



Source - 
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