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New Definitions of Floor Area Could Eat Into Developers' Saleable Area - And Margins - For Condo Projects

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September 23, 2022

The changes will take effect on Jun 1, 2023 and is aimed at improving productivity for the built environment profession. However, they will also have implications for private housing developers, resulting in a reduction in saleable area for condominium projects.Earlier this month, the Urban Redevelopment Authority (URA) issued a circular on harmonisation of floor area definitions to be adopted by 4 government agencies: URA, Singapore Land Authority (SLA), Building and Construction Authority, and Singapore Civil Defence Force.

Renewal In Singapore’s CBD; New Housing Options In The Offing

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August 29, 2022

Renewal is occurring throughout Singapore's existing CBD, particularly in the Tanjong Pagar neighbourhood. The extension of the CBD to the Beach Road-Bugis area has resulted in a rush of redevelopments and new mixed-use complexes. As part of the URA's Long-Term Plan Review, the government has set its eyes on developing the southeast — Marina South, Marina East, and Straits View — with Marina Bay being defined as the new downtown.

Why Integrated Developments Command A Price Premium

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August 23, 2022

People are more likely to pay a premium for mixed-use developments that include an MRT station. What makes integrated developments appealing? An integrated development, according to Alice Tan, head of consultant at Knight Frank Singapore, is a mixed-use development having a residential component and a large commercial component that is smoothly connected to a transportation hub and public areas.

Rising Interest Rates And Private Home Prices Could Push Some Out Of Market: IREUS

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August 19, 2022

Rising interest rates and property prices are certain to have an impact on buyer affordability; the question is where that tipping point sits. According to a recent analysis, purchasers may still afford private homes despite recent rate hikes, but depending on the loan length, they may be priced out of the market if mortgage rates reach 3.5 percent or more.

ERP Rates To Increase By S$1 At 4 Locations: LTA

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August 19, 2022

To relieve road congestion, Electronic Road Pricing (ERP) prices will increase by S$1 at four expressway locations across eight time periods beginning August 1.

Freehold Trendale Tower In Cairnhill Launches $178 Mil Collective Sale Bid

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August 17, 2022

The owners of Trendale Tower at 79 Cairnhill Road have launched a collective sale tender for the freehold site for $178 million. Savills Singapore is actively marketing the property's collective sale.

‘Richest Man In Ulanqab, Inner Mongolia’ Pays Record Price Of $5,800 Psf For Unit At Le Nouvel Ardmore

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August 11, 2022

Singapore (EdgeProp) - At the 43-unit Le Nouvel Ardmore, developed by Singapore-listed property company Wing Tai Holdings, two units were sold recently for $5,800 psf, a new high for the luxury condo designed by celebrated French architect Jean Nouvel.

5-Room HDB Flat At Henderson Road Chalks Up New Resale Record Of S$1.4m

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May 20, 2022

A five-room flat in Henderson Road just changed hands for S$1.4 million this month, making it the priciest transaction in the HDB resale market yet.The unit in Block 96A, at 1,216 square foot (sq ft) in size, is on the 41st floor of the 48-storey block, which gives it panoramic views of the area. The lease commenced in 2019, making it only 3 years old.Lee Sze Teck, senior director of research at Huttons, said: “With construction delays due to Covid, this almost-new flat offers the opportunity for buyers to move in fast. It is also rare to have new 5-room flats in mature estates.”

Highly Leveraged Homeowners May Face Double Whammy From Inflation, Housing Supply: IREUS

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May 20, 2022

A perfect storm could potentially be on the horizon for owners of private residential properties in Singapore, especially those who are highly leveraged, said the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore.Rising interest rates amid growing inflationary pressures as well as an impending increase in the housing supply are expected to bring headwinds for homeowners relying on rental income, based on the research institute’s analysis of historical data.The Business Times (BT) reported in late April 2022 that several banks in Singapore had suspended fixed-rate home loan packages, which offer a flat interest rate, amid the surging cost of funds. Mortgage advisers polled by BT also said that mortgage rates in the city-state could be raised by 3 times this year.

Singapore Visitor Arrivals Take Off, With April’s 294,300 Figure Highest Since Pandemic

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May 20, 2022

Singapore's international arrivals climbed month on month for the third straight month in April,* with border authorities notching the highest number of travellers since the Covid-19 pandemic began, according to the latest figures from the Singapore Tourism Board (STB).Some 294,300 visitors hit the island’s shores in April, up from 121,200 in March, although volumes were still far lower than the 1.6 million recorded in April 2019, before the pandemic.Indonesia overtook India as the biggest source of arrivals, sending 58,270 travellers in April, up from 13,620 in March. There were 40,970 travellers from India, up from 27,530 in March.

Lentor Hill Estate Land Parcels Launched For Sale, Could Draw Bids In S$1,000-S$1,100 Psf Ppr Range

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May 19, 2022

Three 99-year leasehold residential sites in the Upper Thomson area have come up for sale under the Government Land Sales (GLS) Programme for the first half of 2022, the Urban Redevelopment Authority (URA) announced on Tuesday (May 17).The sale of Lentor Central, Lentor Gardens, and Lentor Hills Road (Parcel B) plots within the new Lentor Hills Estate is expected to see healthy interest from developers with careful bidding.Two of the 3 parcels - Lentor Central and Lentor Hills Road (Parcel B) - come under the government’s confirmed list and can yield about 735 housing units. The remaining plot at Lentor Gardens, which can yield 530 units, is on the reserve list and will be put up for tender only when a developer has indicated a minimum price which is accepted by the government.

Kensington Park Condo Launches S$1.28 Billion Collective Sale Tender

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May 19, 2022

Kensington Park condominium in Serangoon has been offered for en bloc sale by public tender with a guide price of S$1.28 billion, sole marketing agent CBRE announced on Wednesday (May 18).In April, The Business Times reported that at least 80 per cent of the owners had consented to the potential deal, nearly 4 years after their previous efforts at a billion-dollar price tag.The latest guide price will work out to a land rate of about S$1,414 per square foot per plot ratio (psf ppr), after including the development charge (DC) payable of around S$178.1 million, CBRE said in a press statement.

Singapore New Private Home Sales Flat In April, Likely To Climb In Coming Months

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May 18, 2022

Amid a dearth of launches, developers sold 653 new private residential units, excluding executive condominiums (ECs), in Singapore this April.This is largely unchanged from the 654 sold in the previous month, according to data released by the Urban Redevelopment Authority (URA) on Tuesday (May 17).However, property analysts anticipate sales momentum to pick up soon, led by major new condominium projects such as the 407-unit Piccadilly Grand and the 298-unit Liv @ MB.

Property Stamp Duty Collection Jumps 73% To S$6.8b; Corporate, Personal Tax Payments Rise Above Pre-Covid Levels

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May 18, 2022

A red-hot property market fuelled a 73.6 per cent surge in stamp duties collected in Singapore’s financial year ended March 2022, although it slipped year-on-year in the first 3 months of 2022.Stamp duty collections for FY21, which covers the period from April 2021 to March 2022, hit S$6.76 billion, from the S$3.9 billion collected in the corresponding period in FY20. It is also 61.1 per cent higher than the S$4.2 billion in FY19, prior to the start of the pandemic, based on data from the Accountant-General's Department, available online at the Singapore Department of Statistics.According to Huttons’ senior director of research, Lee Sze Teck, the total number of properties transacted in FY21 amounted to 63,914, 19.9 per cent higher than the year-ago period.

Shophouse At 93 Tanjong Pagar Rd Sold For S$13.25m

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May 18, 2022

A three-and-a-half-storey shophouse at 93 Tanjong Pagar Road was sold for S$13.25 million last week, PropNex Realty has announced.The 99-year tenure property sits on a land area of 1,297 sq ft and has an estimated floor area of 4,180 sq ft.PropNex said there were multiple offers for this property about 600m from Keong Saik Road, which has been buzzing with conservation shophouse deals this year. The Business Times reported last week that 3 adjoining freehold shophouses at the prominent corner of Kreta Ayer and Keong Saik roads, were transacted at slightly above S$44 million.

Firms More Optimistic About Prospects In Singapore Than Overseas For Next 6 Months: BT-SUSS Poll

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May 17, 2022

Businesses are more bullish about prospects in Singapore than overseas in the next 6 months, although firms are on the whole less optimistic than they were a quarter ago, according to the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey.Commenting on the findings, OCBC chief economist Selena Ling said: “If you think of the events that unfolded in Q1, there were some formidable headwinds that come to mind.”The Russia-Ukraine war, the US Federal Reserve’s increasing hawkishness and China’s slowdown are factors that target all 3 of Singapore’s major markets - the United States, the eurozone and China, she noted.

Li Ka-Shing’s Family Office Joins Singapore Expansion Wave

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May 17, 2022

Hong Kong tycoon Li Ka-shing’s private investment firm Horizons Ventures is opening a Singapore office to find new deals and support portfolio companies trying to expand in Asia. As many as 10 staff will be based in the South-east Asian city including Jacky Li, a senior investment manager who will focus on deal execution, and Jeffrey Ho, a portfolio curator. It comes a year after the firm flagged plans to ramp up deals in the region and will be Horizons’ first office outside of Hong Kong with a focus on supporting portfolio companies entering the market. The Li-funded firm, which was co-founded by long time confidante Solina Chau, is the latest among a raft of high-profile investment outlets and family offices that have set up presence in Singapore - attracted by its low taxes, relative safety and an expedited pathway for permanent residency for the super wealthy.

Foreign Buyers Return To Property Market In April, After Q1 Pullback

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May 13, 2022

As quarantine-free travel returns, private home purchases by foreign buyers are expected to gradually gain momentum, although analysts also flagged headwinds such as economic uncertainties and currency fluctuations as factors to watch. According to data collated by OrangeTee & Tie, non-landed private home purchases by foreign buyers nearly halved after a fresh round of property cooling measures were unveiled in December, from 277 units in Q4 2021 to 146 units in Q1 2022. As part of the measures to cool the red-hot property market, foreign buyers now have to pay a 30 per cent Additional Buyer’s Stamp Duty (ABSD), up sharply from 20 per cent previously. OrangeTee’s senior vice-president (research & analytics), Christine Sun, said: “Some buyers may have been deterred by the higher taxes and bigger cash outlay.”

Keong Saik Conservation Market Buzzing With Deals

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May 13, 2022

The Keong Saik Road locale has been buzzing with conservation shophouse deals this year. The Business Times understands that 3 adjoining freehold shophouses at the prominent corner of Kreta Ayer and Keong Saik roads, have been transacted at slightly above S$44 million. The trio - at 47, 49 and 51 Kreta Ayer Road - are being sold by Straits Construction Co. Standing on a total land area of about 5,610 sq ft, the 3-storey shophouses with a distinctive facade have a total built-up area of about 11,613 sq ft. The buyer is understood to be Lim Chin Huat, a seasoned property investor who is also involved in the fresh fruits and vegetables supply business, as well as restaurants and wine distribution.

Condo, HDB Rents Hit New Peaks In April, With Reopening Likely To Keep Market Tight

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May 12, 2022

Residential property rentals hit their highest levels in April, surpassing their last peaks in 2013, with rents expected to keep rising as Singapore reopens and foreigners return to work here.Condominium rents rose 2.3 per cent in April after gaining for 16 months straight, capping the previous peak in January 2013 by 1.8 per cent. Year on year, rents were up 15.1 per cent compared to April 2021, according to flash figures from SRX Property and 99.co released on Wednesday (May 11)Rents for Housing Development Board (HDB) flats showed a similar dynamic, continuing to rise for a 22nd consecutive month. HDB rents were up 1.9 per cent in April and 14.3 per cent higher year-on-year. HDB rents last peaked in August 2013.

Condo Resale Prices Rise For 21 Straight Months, Up 0.7% In April: 99.co, SRX

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May 12, 2022

Condominium resale prices in Singapore are up for the 21st straight month to rise 0.7 per cent in April, as compared to prices in March.On a year-on-year basis, condo resale prices rose 9 per cent, with all regions experiencing price increases, according to a flash report by SRX Property and 99.co released on Tuesday (May 10).Resale prices in the outside central region (OCR) saw the highest increase at 10.8 per cent. Prices in the core central region (CCR) rose 7.4 per cent, and those in the rest of central region (RCR) were up 6.7 per cent.

Ultra-Rich Families Racing To Park Wealth In Singapore Under Enhanced Investment Scheme

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May 12, 2022

The recent tightening of regulations for family offices in Singapore does not seem to have dissuaded wealthy investors, with a growing number anecdotally pursuing this route to permanent residency after the Global Investor Programme (GIP) scheme was expanded in 2020 to include them.Ultra-high net worth families seeking to move their assets here form the largest category of investors under the enhanced GIP, professional service providers told The Business Times (BT).Application figures were not available from the Economic Development Board (EDB), which manages the scheme. But the Monetary Authority of Singapore (MAS) has disclosed that there were about 400 single family offices in Singapore as at end-2020, doubling from the year before.

New ABSD On Trusts Levels Playing Field: Analysts

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May 11, 2022

The move to apply an Additional Buyer’s Stamp Duty (ABSD) to residential properties transferred into a living trust plugs a gap in the ABSD regime, while levelling the playing field to make things more equitable, analysts said.However, analysts also highlighted that not many buyers purchase properties under a trust - as it has to be paid for fully in cash - and as a result, the impact on the broader residential market is seen to be insignificant.

Be Very Careful When Using A Trust To Buy A Home For A Minor

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May 11, 2022

In a column in The Level Ground earlier this year, I wondered if there may be measures taken to curtail the buying of homes in the name of minors who are Singapore citizens.Parents using trusts to buy private homes for their children, who are under the age of 21 and are citizens, can get round the paying of additional buyer’s stamp duty (ABSD) as long as the home is the first to be held in the name of the child.Purchasing homes in trust for children can make financial sense, as the said homes can be used to generate rental income and potentially enjoy capital appreciation.

More Ageing CBD Buildings Get New Lease Of Life; Pick-Up Helps Support Pandemic Rents

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May 10, 2022

The take-up of two government schemes that incentivise the redevelopment of ageing buildings in certain areas has picked up, and will inject buzz in those precincts as new mixed-use developments emerge, analysts said.As at Apr 5, the Urban Redevelopment Authority (URA) has received 12 outline applications under the CBD Incentive Scheme (CBDI), of which 8 have been given in-principle approval. Meanwhile, URA has received and given in-principle approval for 4 outline applications under the Strategic Development Incentive (SDI) Scheme. The names of the buildings have not been disclosed due to confidentiality reasons.

Singapore Slaps 35% ABSD On Residential Property Transfers Into Living Trust, Closing Loophole

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May 9, 2022

An Additional Buyer’s Stamp Duty (ABSD) of 35 per cent will be imposed on any transfer of residential property into a living trust, where the transfer occurs from May 9, the Ministry of Finance announced late on Sunday night (May 8).Under current regulations, ABSD may or may not be payable upon such a transfer, depending on the profile of the beneficial owner of the residential property transferred into the trust.Specifically, if the living trust is structured such that there is no identifiable beneficial owner at the time of transfer, ABSD does not apply. To close this gap, the government is introducing the “ABSD (Trust)” at 35 per cent, MOF said in its press release.

Bukit Sembawang Starts Previews For Liv @ MB; Units Priced From S$1.08m To S$3.63m

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May 9, 2022

Bukit Sembawang Estates' project Liv @ MB in the Mountbatten area opened for preview on Friday (May 6), with indicative prices ranging from S$1.08 million for a 1-bedroom unit to S$3.63 million for a 4-bedroom deluxe one.The 99-year-leasehold project on Arthur Road comprises 298 units spread across 4 blocks - a 19-storey block and 3 blocks of 20 storeys each. Prices range from S$2,190 per square foot (psf) for 1-bedroom units (from 495 sq ft), S$2,292 psf for 2-bedroom units (from 624 sq ft) and S$2,288 psf for 2-bedroom deluxe (from 753 sq ft) to S$2,080 psf for 3-bedroom units (from 1,119 sq ft).

Likely Hotspots For Private Housing Market In H1 2022

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May 9, 2022

The government poured cold water on the property market with the introduction of fresh cooling measures that took effect on Dec 16, 2021.The additional buyer's stamp duty (ABSD) was raised by 5 to 15 percentage points for Singapore citizens and permanent residents buying their second or subsequent residential property and on foreigners purchasing any residential property here.The total debt servicing ratio (TDSR) threshold was reduced by 5 percentage points to 55 per cent.

Singapore 'Unlikely' To Have Recession After Fed Hike But Near-Term Risks Remain, Say Economists

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May 9, 2022

Expectations for Singapore's monetary policy or growth trajectory were largely unshaken by Wednesday's (May 4) rate hike in the United States, and a recession looks unlikely for now - though some economists still see a risk of a slowdown, independent of the Fed's decision.In Singapore, interest rates should rise in tandem, but likely to a smaller extent, said economists, thanks in part to the Monetary Authority of Singapore's (MAS) three consecutive moves to tighten monetary policy over the last 6 months.Intent on fighting the worst inflation in 40 years, the Federal Reserve announced a 0.5-percentage point rate hike, a move the markets appeared prepared for even if this was the Federal Open Market Committee's (FOMC) largest increase since 2000.

Golden Mile Complex Sold For $700m, Developers To Restore Building

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May 9, 2022

Conservation landmark Golden Mile Complex has been sold for $700 million to a consortium comprising Perennial Holdings Private Limited, Sino Land and Far East Organization.Announcing the sale in a joint statement on Friday (May 6), the consortium said this was the first collective sale of a large-scale strata-titled conserved building in Singapore.It happened after more than 80 per cent of Golden Mile Complex owners agreed to take $700 million for the landmark building within "a record time of 15 days", the development's marketing agent, Edmund Tie & Company, said in a letter to owners on April 23.This was $100 million less than the original $800 million reserve price.The first attempt to sell the complex at a reserve price of $800 million ended in 2019 with no bids.

Kopar At Newton Reaches New High Of $2,703 psf

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May 9, 2022

In the week of April 16 to 22, the highest transaction recorded on a psf basis was for a two-bedroom unit at Kopar At Newton, which was sold by the developer for $1.86 million or $2,703 psf, on April 21. The 689 sq ft unit sold is located on the 19th floor. The new psf price high marks the first time the development has crossed the $2,700 psf threshold.

Singapore Landed Homes See Fastest Price Appreciation In A Decade In 2021: ERA

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May 9, 2022

Landed residential property prices in Singapore appreciated at the fastest pace in the past 10 years in 2021, surging 13.3 per cent year on year compared to a lacklustre 1.2 per cent expansion in 2020. According to a report by ERA Realty Network on the Singapore landed housing market released on Wednesday (May 4), prices of landed housing from 2018 to 2021 also grew faster than prices of non-landed properties such as condominium units. During this 4-year period, capital values of landed residential properties increased by 28.8 per cent, while those of non-landed housing climbed 24.2 per cent.

Mountbatten Road Conservation Bungalow Up For Sale With S$63.6m Price Tag

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May 9, 2022

Another freehold conservation bungalow in District 15 has been launched for sale, this time, at an asking price of S$63.6 million or S$2,000 per square foot (psf). Marketed by OrangeTee & Tie, the property, at 760 Mountbatten Road, comes with a land size of 31,820 square feet (sq ft) - over 50 per cent larger than the one at 759 Mountbatten Road that was launched for sale just 3 weeks ago.The 2 are part of 15 conservation bungalows in the Mountbatten Road Bungalow Conservation Area, and are across the road from each other, with the latter carrying a guide price of S$27 million or S$1,295 psf. Originally built in the 1920s, 759 Mountbatten Road has a colonial Victorian style bungalow that sits on a 20,847.54 sq ft site. Today home to the 41-room Sing Hoe Hotel, it also has a rear annex building that was added in 1995 and 2 pavilions.

Joan Road Good-Class Bungalow On Market With S$48m Guide Price

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May 9, 2022

Those on the hunt for prime freehold Good-Class Bungalows (GCB) now have another possible property to consider - a 29,483 square foot (sq ft) site with an indicative price of S$48 million on Joan Road in District 11. Located within the Caldecott Hill GCB Area, 14 Joan Road sits on a regular-shaped land parcel with a 53-metre frontage and depth of 55 metres, giving it “strong potential” to be subdivided into two lots for two GCBs, said marketing agent Knight Frank.

HDB Resale Prices Rise For 22nd Straight Month; Pinnacle 4-room Flat Sells For Record $1.228m

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May 6, 2022

Prices for Housing Board resale flats edged up for the 22nd straight month in April, as demand continues to outstrip supply. A four-room unit at Pinnacle@Duxton was resold for $1.228 million, setting the record for the highest transacted price for a four-room HDB flat. Another five-room unit at Pinnacle@Duxton changed hands last month for the same price of $1.228 million. The $1.228 million price tag for both was the highest transacted price for a resale flat in the month. HDB resale flat prices rose 1.1 per cent last month, a quicker pace compared with March's 0.7 per cent, according to flash data from real estate portals 99.co and SRX on Thursday (May 5). Compared with April last year, prices are up by 11.9 per cent, data showed.

Singapore Landed Homes See Fastest Price Appreciation In A Decade In 2021: ERA

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May 6, 2022

Landed residential property prices in Singapore appreciated at the fastest pace in the past 10 years in 2021, surging 13.3 per cent year on year compared to a lacklustre 1.2 per cent expansion in 2020. According to a report by ERA Realty Network on the Singapore landed housing market released on Wednesday (May 4), prices of landed housing from 2018 to 2021 also grew faster than prices of non-landed properties such as condominium units. During this 4-year period, capital values of landed residential properties increased by 28.8 per cent, while those of non-landed housing climbed 24.2 per cent.

Homeownership: Buying A BTO Flat Is The Optimal Choice

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May 6, 2022

Securing a build-to-order (BTO) HDB flat is not easy. For 4-room units in non-mature estates, the application rate can exceed 3 times, and the rate is much higher in mature estates. Some people may choose to buy an HDB resale flat, an executive condominium unit or a private home instead. Buying a resale HDB or private home allows one to move in fairly quickly, versus waiting several years to secure and move into a BTO flat.

Singapore Core Inflation Could Peak At 4% In Q3 Before Easing In Late 2022: MAS

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May 6, 2022

Singapore's core inflation could hit a peak of around 4 per cent in the third quarter before moderating in late 2022, amid rising price pressures that have been intensified by the Russia-Ukraine war, the Monetary Authority of Singapore (MAS) said in its half-yearly macroeconomic review on Thursday (Apr 28). This is assuming that there is some stabilisation in global commodity prices and supply constraints are partially resolved, said the central bank. Although labour shortages could ease, "elevated oil and agricultural commodity price levels are forecast to filter through to higher operating costs in Singapore over an extended period", it added.

Home Rules: Failure To Make Plans For Properties Can Cause Family Squabbles

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May 6, 2022

Real estate is one of Singapore's great obsessions but it is surprising how many of us don't know the ins and outs of the key laws that govern property, especially around the occasionally incendiary issue of legacy planning. This is especially worrying given how missteps in this area have a tendency to cause serious rifts in families. After all we all have relatives who don't see eye to eye, particularly when it concerns money.

4 Tips To Help Home Owners Avoid Money Problems

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May 6, 2022

Buying a new home is usually an exciting and happy affair, but it became something of a horror story for a group of owners here who have seen a large chunk of their hard-earned money go down the drain. The 30 or so owners had the unfortunate experience of choosing crooked home renovation contractors who ended up vanishing with their deposits of between $20,000 and $30,000 each recently.

Prices Of Popular Condos Creep Up In The Suburbs

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May 3, 2022

Singapore home prices soared more than 10 per cent to a record high last year. Housing supply shortages, the low interest-rate environment and rising demand from HDB upgraders fuelled a rally in home prices. After new cooling measures were implemented in December last year, the property market started on a weaker footing, with lower sales clocked in the first quarter of this year. Based on URA's Q1 2022 real estate statistics, the overall price index for private homes grew at a slower pace of 0.7 per cent, down from the 5 per cent hike in the fourth quarter of 2021.

Chinatown Shophouses Put On The Market For S$110m; Killiney Road Site Up For Sale At S$76m

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May 3, 2022

A block of 7 adjoining 3-storey conservation shophouses in Chinatown and a prime freehold site near Orchard Road have been put on the market for S$110 million and S$76 million respectively. If sold at S$110 million, the Chinatown asset will break the record for the largest shophouse transaction in Singapore – currently held by Porcelain Hotel at S$90 million, said exclusive marketing agent CBRE on Monday (Apr 25).

S'pore Industrial Property Rents, Prices Continue To Rise In Q1; Occupancy Dips, Says JTC

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May 3, 2022

Rents and prices of Singapore industrial properties continued to rise in the first quarter of 2022, although overall occupancy rates dipped, according to JTC's quarterly market report released on Thursday (April 28). Industrial space prices rose 2.1 per cent quarter on quarter and 5.6 per cent year on year in the first quarter, while rents climbed 1 per cent quarter on quarter and 2.4 per cent year on year.

Golden Mile Complex's Redevelopment May Provide Blueprint For Conservation Of Other Modernist Icons

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April 30, 2022

The decision by a majority of owners at the Golden Mile Complex to back a collective sale will make the modernist icon a test for conservation efforts governing buildings deemed to have historical and architectural significance. Redevelopment of the Beach Road property, which is the only strata-titled building gazetted for conservation so far, could pave the way for a rethink on the collective sale redevelopment model for other privately owned, strata-titled buildings.

Olive Rd GCB Sold For S$50.2 Million

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April 28, 2022

A grandson of the late property magnate and hotelier Wee Thiam Siew is buying an old freehold bungalow along Olive Road for nearly S$50.24 million. The price paid by Wee Hian Nam for the property, which is part of the Caldecott Hill Good Class Bungalow (GCB) Area, works out to S$1,800 per square foot on the land area of 27,909 sq ft.

New Price Record Set By Property Magnate Wee Thiam Siew's Family For Olive Road GCB At $50.2m

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April 27, 2022

The family of the late property magnate and hotelier Wee Thiam Siew has bought a good class bungalow (GCB) in Olive Road for $50.2 million, six months after they concluded the largest residential land sale here since the July 2018 property cooling measures. The Wee family sold freehold land plots in Thiam Siew Avenue in the Katong area in November last year for $815 million.

Deal Momentum Slows In En Bloc Market After Cooling Measures

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April 26, 2022

The en bloc residential market has seen a slowdown in successful sales since December’s cooling measures as developers take a more cautious approach. Market watchers say that the gap between the reserve price and the price that developers are willing to fork out has widened as developers grapple with the latest property curbs, along with other headwinds such as elevated costs.

1,600 HDB Flats To Be Built In Farrer Park; Swimming Complex To Make Way For New Sports Centre

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April 26, 2022

Around 1,600 new Housing Board flats will be built on a 10ha site in Farrer Park, and be integrated with sports and recreational facilities including a new sports centre. The Build-To-Order (BTO) projects will be launched for sale within three years, HDB, Sport Singapore and the Urban Redevelopment Authority (URA) announced on Monday (April 25) as the agencies unveiled plans for the site.

Where To Find Cheaper HDB Resale Flats

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April 26, 2022

The prices of Housing Board resale flats have increased steadily over the past two years. In 2021, the HDB resale price index jumped 12.7 per cent year on year, which was the highest annual rate of growth in the past decade. In the past two years since the start of the Covid-19 pandemic, the prices of public housing here have grown 18.4 per cent. This is due to the combination of a few factors.

Young & Savvy: What To Look Out For When Buying An HDB Resale Flat

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April 26, 2022

Like many couples hoping to buy our first Housing Board flat, my partner and I have given up on getting a Build-To-Order (BTO) unit. We applied four times in 2020 and 2021 - thrice for a Sale of Balance Flat and once for a BTO - but ended up with either balloted queue numbers more than double that of the flats on offer, or no number at all.

Private Home Rents Surged In Q1 2022 Amid Cooling Measures, Lack Of New Homes

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April 26, 2022

Rents of private non-landed properties accelerated in the first quarter of 2022 - rising 4.1 per cent, compared with 2.7 per cent at the end of the fourth quarter of last year. This comes as rents in the prime and city fringe areas grew 3.8 per cent and 4.7 per cent respectively, while those in the suburbs rose 4 per cent, according to data from the Urban Redevelopment Authority (URA) on Friday (April 22).

Banks In Singapore Put Brakes On Fixed-Rate Home Loans Amid Surging Cost Of Funds

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April 26, 2022

Some banks in Singapore have suspended fixed-rate home loan packages amid rising interest rates. While the lenders said they made these moves as fixed-rate packages have become less attractive for clients, mortgage brokers explained that the rising cost of funds may also have prompted these suspensions, especially among the foreign banks.

All Eyes On CDL, MCL's Launch Of Piccadilly Grand This Weekend

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April 26, 2022

City Developments Ltd (CDL) and MCL Land will start marketing a 407-unit condominium Piccadilly Grand this weekend, in the first of a batch of upcoming launches that will be closely watched to gauge sentiment and demand from homebuyers.

Singapore Private Home Price Growth, Sales Slow Sharply In Q1 On Cooling Measures

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April 26, 2022

The red-hot private residential market slowed to a crawl in the first quarter of this year as December's property cooling measures took effect amid rising interest rates and the fallout from the Russia-Ukraine conflict. Private home prices managed to eke out a gain for the eighth straight quarter, rising 0.7 per cent, above the flash estimate of 0.4 per cent for the January to March quarter.

HDB Resale Prices Rise At Slower Pace Of 2.4% In Q1 As Signs Of Price Resistance Set In

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April 23, 2022

Buyer resistance could be setting in, with prices in the Housing Board resale market rising at a slower pace of 2.4 per cent in the first quarter of this year, compared with 3.4 per cent in the fourth quarter of 2021. Last year, the HDB resale market ended on a high, as prices grew 12.7 per cent, the steepest full-year climb since 2010.

Where Should You Set Your Sights? The Greater Southern Waterfront!

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April 22, 2022

A lot is happening for the Greater Southern Waterfront creating a buzz around the island nation. The Greater Southern Waterfront is designated as a residential, commercial and recreational hub along Singapore’s southern coast as first mentioned by Prime Minister Lee Hsien Loong in 2019, it will be a live-work-play locale.This will be done by developing more private and public housing options with waterfront promenades, more offices to provide better job opportunities and more open spaces with recreational activities and entertainment for residents.

Rare Freehold Landed Site In Orchard Area Expected To Draw Offers Of Over S$300m

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April 19, 2022

An elevated freehold residential landed site at 5 Oxley Rise in District 9 with an enormous size of 151,205 square feet (sq ft) has been put up for sale by public tender, with offers in excess of S$300 million expected. CBRE, which is marketing the property, says it is one of the last remaining freehold residential landed sites within the prime Orchard Road district, and has the flexibility of being redeveloped into a single large mansion, strata or mixed landed developments, or multiple Good Class Bungalows (GCBs).

Price Gap Narrows Between RCR And CCR Homes In March

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April 19, 2022

The price gap between new homes in the prime areas of Singapore and those outside of them continued to narrow in March, suggesting that there could be buying opportunities for those seeking properties in Districts 9, 10 and 11.

Sixth Avenue Centre Relaunched For Collective Sale At S$85m Reserve Price

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April 19, 2022

Sixth Avenue Centre, a mixed-use boutique site located at 805 Bukit Timah Road, will be relaunched for collective sale via a tender on Apr 19. The freehold site will be launched at a reserve price of S$85 million, which is unchanged from the reserve price in its previous tender in 2021, said Cushman & Wakefield on Monday (Apr 18).

Lakepoint Condo Up For En Bloc Again With Unchanged S$640m Reserve Price

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April 19, 2022

En Bloc hopeful Lakepoint Condominium will be relaunched for collective sale again on Apr 19, exclusive marketing agency PropNex Realty said on Monday (Apr 18). The last tender had closed without a bid on Dec 22, 2021. Owners of the Jurong condominium development then entered into a “private treaty negotiation process”.

Sales Of Tiong Seng's 2 Core Central Region Projects Hit Hard By Cooling Measures

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April 19, 2022

The recent property cooling measures have affected the sales of construction group Tiong Seng's 2 projects located in Balmoral and Orchard, due to the higher additional buyer's stamp duty rates for foreign buyers.

HDB Resale Market Likely To Stay Hot But Won't Boil Over In 2022

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April 18, 2022

Factors that will help channel buyers to resale market include: long waiting time of up to 5 years for BTO completions; generous housing grants of up to S$160,000 for first-time buyers; and firm private residential property prices.

Fresh Demand For Older Flats As Frustration Builds Over BTO

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April 18, 2022

Kelvin Lim, senior marketing director at real estate agency ERA Realty Network, often advises potential homebuyers to apply for built-to-order (BTO) flats under the Housing and Development Board (HDB) if they are eligible - even if it means he loses out on sale commissions.

HDB Rents Hit New High In March; Condo Rents Up 2.9%: SRX, 99.co

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April 18, 2022

HOUSING Board (HDB) rents have hit a new high in March, while condominium rents rose for the 15th straight month. Although rental volumes improved on a monthly basis, they are still lower compared with the year-ago period, according to flash figures from SRX Property and 99.co on Wednesday (Apr 13).

How Attractive Is Singapore Property On A Global Stage?

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April 13, 2022

There is every chance that property buyers, both local and foreign, will be keeping an eye on Singapore as an investment destination for homes. Since the onset of the pandemic, Singapore has been a beacon of stability.

6,000 HDB Flats To Be Built On Prime Keppel Club Site, BTO Launch In 2025

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April 13, 2022

Around 6,000 flats will be built on the redeveloped waterfront site of Keppel Club with the first Build-to-Order project at the site to be launched by 2025, National Development Minister Desmond Lee said on April 12.

9,000 HDB Flats And Private Homes To Rise From Keppel Club Site

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April 13, 2022

A new housing development comprising 9,000 residential units - about 6,000 public housing flats and about 3,000 private residential units - will come up on the 48-hectare site of Keppel Club on Singapore's southern waterfront. The first build-to-order (BTO) HDB flats on the site, expected to be highly sought after, are slated to launch within 3 years; the remaining units are scheduled for launch in the next 3 to 5 years, said the Urban Redevelopment Authority (URA).

Mountbatten Road Conservation Bungalow Up For Sale With $27m Guide Price

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April 12, 2022

A freehold conservation bungalow at 759 Mountbatten Road in District 15 has been launched for sale with a guide price of $27 million, or $1,295 per sq ft.Originally built in the 1920s, the colonial Victorian-style bungalow sits within the Mountbatten Road bungalow conservation area on a 20,847.54 sq ft site. A rear annex building was added in 1995 and its two pavilions were refurbished.

Landed Home Prices Set To Stay Firm, If Not Trend Upwards

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April 11, 2022

Demand will be supported by aspirational upgrading by Singaporeans amid limited availability of landed houses for sale. IN a densely populated nation city like Singapore, some 80 per cent of its resident population live in public housing while the remaining 20 per cent live in private housing.

Apple Buys UE BizHub Central In Ang Mo Kio For S$55m

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April 11, 2022

TECH giant Apple has bought UE BizHub Central at 12 Ang Mo Kio Street 64 for S$55 million from United Engineers, part of Yanlord Land Group. This is a part 4-storey, part-7 storey high-specification facility with about 388,000 sq ft gross floor area (GFA) on a site of some 259,150 sq ft with 22 years' balance lease. The reversionary owner of the site is JTC Corporation.

When A Joint Owner Does Not Inherit The Property

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April 11, 2022

Many people hold real estate in joint names because there is a legal benefit in doing so - if one party dies, the other joint owner inherits the property - but there can be pitfalls as well. Lawyers usually advise those making legacy plans for their properties that this rule of "survivorship" will apply even if the owners make other arrangements in their wills.

How To Stop Siblings From Fighting Over Parents' Properties

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April 11, 2022

If you do not want to give your share of a property away, you should think twice about including a joint owner to the title. Some parents include their children's names on their property for administrative convenience and for mortgages, but they have no intention of letting these children own the real estate when they die.

More Collective Sales Expected To Be Launched In 2022, But Many Will Be Overpriced

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April 9, 2022

Realistic price expectation from the onset would increase the chances of success and avoid the disappointment and frustration of wasting much time and effort in preparing for the sales.

Haig Road Flats Sold En Bloc on 3rd Attempt at S$49.3m, Above Owners' Asking

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April 8, 2022

A FREEHOLD residential site comprising a 4-storey block of 24 apartments on Haig Road has been sold for S$49.3 million, above the owners' asking price of S$48 million, said sole marketing agent Colliers on Friday (Apr 8).

New record prices being set by good class bungalows at Jervois Hill, Chancery Lane

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April 7, 2022

New price highs are being set in the Chatsworth Park and the Bukit Tunggal good class bungalow (GCB) areas, even as sales momentum in the GCB market slowed in the first quarter of 2022 compared to a year ago.A four-year-old GCB in Jervois Hill belonging to the family of Wah Loon Engineering founder Alan Chong is in early stages of being sold for close to $59 million.

HDB resale prices rise for 21st straight month; Pinnacle flat sells for record $1.38m

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April 7, 2022

Prices for Housing Board resale flats rose for the 21st straight month in March, with the number of units sold picking up after February's seasonal lull. A five-room unit at Pinnacle@Duxton changed hands last month at a record $1,388,888, making it the highest transacted price on record for a resale flat.

4 HDB blocks in Ang Mo Kio Ave 3 picked for Sers; over 600 households affected

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April 7, 2022

Four Housing Board blocks in Ang Mo Kio Avenue 3 have been picked for the Selective En bloc Redevelopment Scheme (Sers), the first such project announced since May 2018.

At least 10 property agents were victims of impersonation in rental scam

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April 4, 2022

Several property agents have found themselves victims of impersonation in the latest scam involving deposits to view homes.At least 10 property agents had their names and photographs stolen by scammers, who then used these credentials to convince potential homebuyers to pay money to secure an appointment for viewing.

Singapore private home price growth slows sharply in Q1 on cooling measures

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April 4, 2022

The latest round of property curbs has taken the sizzle out of Singapore’s red-hot private property market, as the overall price rise slowed to a mere 0.4 per cent in the first quarter of this year.Analysts said this marked the slowest quarter-on-quarter price increase since the second quarter of 2020 when prices grew 0.3 per cent.

HDB resale prices rise 2.3% in Q1 to new highs though pace of growth slows

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April 4, 2022

Housing Board resale prices climbed for an eighth consecutive quarter to fresh highs, though there were signs that some price resistance could be setting in.

Developer ordered to pay owner of defect-ridden Sentosa Cove villa $1.3m in damages

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April 4, 2022

The developer of a $14 million Sentosa Cove waterfront villa that was ridden with defects has been ordered by the High Court to pay $1.3 million in damages to the owner of the house.The sum awarded to home owner Thio Keng Thay comprised nearly $876,000 for the costs of hiring a contractor to rectify the defects, $297,500 for the costs of fixing two lifts in the house, and about $ 135,000 for the costs of hiring third parties to investigate the defects.

Strategic Supremacy: Singapore 2030

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March 30, 2022

Singapore has forward-planning in its DNA. A country with vision along with strategic meticulous planning allows it to optimise its resources despite its limited land bank.Being a small island country, Singapore efficiently and effectively provides for its growing nation with a healthy balance in social, economical and environmental aspects.

Sevens Group - Your Preferred Real Estate Developer

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February 16, 2022

Sevens Group, the purveyor of bespoke developments - distinctive, unique and significant landed homes. “We Build Great Houses, You Can Proudly Call Home”. A build or a purchase with Sevens Group is a unique experience beyond a transaction. It is where Sevens Group and home buyers come together and create. An organisation with an edge like Sevens Group, imprints its unique fingerprints on its developments and its homes.

Prime Non-Landed and Landed Residential H2 2021

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January 26, 2022

Luxury non-landed sales in H2 2021 eased to S$1.9 billion with 225 units being transacted, posting a half-yearly decline of about 9.0% in total sales value. However, based on flash estimates released by URA, the Property Price Index (PPI) for landed homes expanded by 3.7% q-o-q in Q4 2021, bringing the total price index change for the whole year to a robust 13.1%.

Cooling Measures in Relation to HDB Resale Prices

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January 4, 2022

In 2021, HDB resale flat prices have risen about 15 per cent after a 6-year decline. The House Price-to-Income (“HPI”) which measures housing affordability recorded that HPI for HDB resale flats reached 4.4 times in the first three quarters of 2021 hitting 150.6.

Singapore Private Home Prices Jumped 10.6% in 2021 Ahead of New Cooling Measures

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December 30, 2021

The growth in Singapore's private home prices accelerated in the final quarter of last year, with a 5 per cent jump over the previous three months, underscoring the hot market that triggered December's new property cooling measures.

How does the Property Cooling Measures Announced on 15th December Impact You?

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December 17, 2021

There are a lot of abbreviations such as ABSD, TDSR and LTV being spoken. How is this all going to affect you as a homebuyer or a property investor?

SGD$2.05 Billion Dollars of GCB Transacted by 3rd Quarter 2021

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December 13, 2021

What are Good Class Bungalows (“GCB”)? GCBs are a league of their own, the most prestigious landed housing in Singapore.

Record 29 Million-Dollar HDB Flats Sold in November; Resale Prices Rise at Faster Pace

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December 9, 2021

Housing Board resale flat prices rose for the 17th consecutive month, climbing at a faster pace of 1.3 per cent in November compared with October, according to flash data from real estate portals 99.co and SRX on Thursday (Dec 9).

Peace Centre and Peace Mansion to go enbloc; SingHaiyi, Chip Eng Seng and KSH make successful joint offer of $650 mil

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December 7, 2021

SingHaiyi Group, Chip Eng Seng Corporation and KSH Holdings, on Dec 3, announced that they have successfully made an offer for the enbloc acquisition of Peace Centre and Peace Mansion.

Resale unit at Ardmore Park Rakes in $6.7 mil Profit

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December 5, 2021

The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park was the most profitable resale transaction between Nov 9 and 23.

Singapore's Resilient Real Estate | Home Prices Increase Amidst Covid Restrictions

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October 28, 2021

As Singapore is turning towards treating Covid-19 as an endemic and leaving behind the Covid-Zero Strategy, it is slowly re-opening borders with caution. The Nation is still under recently extended restrictions to curb the daily tally that is surpassing 3,000

UOL Group and Singapore Land Group jointly purchase Watten Estate Condominium en bloc for $550.8 mil

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October 28, 2021

A joint venture (JV) between UOL Group and Singapore Land Group has emerged as the buyer of Watten Estate Condominium, which is located on Shelford Road in the Bukit Timah area

Future Owners of Prime Area BTOs to Face 10-Year Minimum Occupation Period, Subsidy Recovery Rules

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October 27, 2021

Buyers of future Build-to-Order (BTO) flats in prime locations will face a longer minimum occupation period (MOP) of 10 years, as part of a new model meant to keep housing in these locations accessible for Singaporeans, said the Housing & Development Board (HDB) on Wednesda

Investment Activity in Q3 2021 Led by Government Land Sales

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October 6, 2021

A thorough research about Singapore Investment Activity in Q3 2021. Read more to catch up the news.

Residential GLS Sites at Lentor Hills Road and Jalan Tembusu Launched For Sale

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September 30, 2021

Two residential sites under the Confirmed List of the 2H2021 Government Land Sales (GLS) programme have been launched for sale. Read more to understand more.

The gems in Singapore’s landed homes

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September 28, 2021

Given their scarcity and exclusivity, landed homes are among the most coveted real estate assets in Singapore.

Luxury Properties in Singapore Selling Like Hot Cakes

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September 20, 2021

Why does Singapore appeal to the super-wealthy? And why are the ultra-rich buying luxury homes despite the economic uncertainties? Read here.

A Guide to the HDB Resale Portal

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September 13, 2021

Buying or selling an HDB resale flat? Find out how to use the Resale Portal!

New way to calculate school-home distance to help more P1 kids to qualify for nearby schools

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September 10, 2021

A new way to calculate the distance from a school to homes will enable more children to qualify for Primary 1 places in schools near where they live.

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