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.

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.

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.

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.

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.

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.

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.

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 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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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'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.

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.

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.

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.

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).