Will Condominium Owners Finally Be Able To Offer Home-Sharing In Singapore?

More and more condominium owners are starting to see the benefits of sharing their homes and developers have started to respond, allowing residents to share their property. Home sharing for a short period of time is a great opportunity for owners and travelers alike. People in Singapore have been waiting a long time for home sharing to be approved by URA. Home sharing is intended for a short period of time for residential properties but only with the consent of the owner. Also, any property, opting into this plan, must be registered.

 

With their proposed documents, the Urban Redevelopment Authority (URA) will analyze how home sharing can work for condos and other common properties. Other aspects could include the need for fire safety regulations, what part management committees will play and how they will govern platform operators.

 

Regarding condos, the URA said that the owners must hold the majority of the shared property value. Once endorsed, the home share will remain active for 2 years and then a renewal process will kick in again. That said, if at any time less than 80% of owners agree to home sharing, there will be no further renewals.

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A gorgeous property on Everton Road just got sold for the sum of $343 million

The series of en bloc sales continue in Singapore, with the recent sale of Asia Gardens, a rather impressive property on the Everton Road. Located very close to the Spottiswoode Park, the development that has no less than 23 stories, was just sold for the amount of $343 million. A consortium led by Sustained Land was the winning bidder of this collective sale. Thus, the owners of the units in Asia Gardens, 80 in total, should expect receiving sums situated between $3.476 million and $7.73 million for each unit, once the sale completes.

 

When the tender for this particular property was made public in March, the minimum asking price for Asia Gardens was of $338 million. As it is more than obvious, the development got sold for a higher sum than the initial request of the owners. The property has a surface of 72,059 sq. ft. and was completed back in the 80s. Due to the development baseline that is rather high for Asia Gardens, the new owners of the property won’t have to pay a development charge for it. This means that the value per square foot per plot ratio is $1,565, which also includes a balcony area that represents a 10% bonus.

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Sales of Verandah Residences by Oxley Holdings

One of the foremost property developers in Singaporean history, Oxley Holdings Ltd, has reached its 76% milestone in its project launched in Singapore, called The Verandah Residences.

The property company is glad to announce this incredible feat in a few weeks of its launch. The 76 percent sales is the equivalent of 129 out of the 170 housing units up for sale in this period.

The package the company is giving out that reached this amazing response level is made up of one bedroom, one bedroom with study, as well as two bedroom units located in a choice part of the town, totaling one hundred and seventy units in all.

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Slow Export Growth Is Anticipated This Year as Shipments Decreased In March

In February, the export growth of Singapore decreased and this decline continued in March. However, there was some improvement in the growth rate of export.

There has been a decrease in the non-oil domestic exports of 2.7%. Partially, the reason for the decline was the last year’s high base. This was lower than what the economists’ anticipated, as they were expecting an increase of 1.2%.

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While there is still demand on the market the rent for private homes are still going down

This is not the kind of news that should worry landlord anytime soon, as rents are still requested by many people in Singapore, especially in the non-core central region. In fact, in this particular area, rents even recorded a slight increase of 0.3%, in comparison with the downward trend that marks this sector of the property market. Apparently, according to the estimates of landlords, the rather small but positive increase is not doing much for them, as they will still take smaller percentages from their rents. In other words, the month of March will bring them rents with 18.9% lower than what they got in January, the same year.

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Tulip Garden Apartments Just Sold For $907 Million, The Second Largest This Year!

The entire freehold condo which is named Tulip Garden estate sold for $907 million. There are 162 residential apartments with some offering second-floor rooms that have their own entrance way. There are also two shops included in the building layout and covers approximately 316,700 sq. ft. Tulip Garden is located in the prime D10, and is just a stone’s throw away from Holland V. The development is also nearby the Good Class Bungalow estate. Every owner in this residential building could very easily bag a sales proceeds ranging from about $4.3mil to $7.6mil, subject to the total floor area of individual unit. The smallest floor area of the development begins with 1,701 square feet. While the largest units were as big as 3,412 square feet.

 

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Report on Collective Sale Market: A Decline Expected in mid-2018 due to developer fatigue

 

According to the latest findings, the collective sales market is supposed to be nearing the peak of its cycle currently. This happens one year after the boom of the collective sales market. The slowing down is attributed to major real estate figures choosing to scale down and going for smaller estates and smaller premiums as well. The report conducted by RHB came out on Tuesday, April 10. The market is bigger than ever and its overall value is expected to easily cross the figure of S$8.2 billion that existed over the last fiscal year. The peak of the market is expected to take place in the second or third quarter, as all developers get their land banks restocked after a supply pipeline steadily maturing.

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The Dairy Farm could set a new record in the collective sale sector

In the past time, the collective sales in Singapore that involved residential developments were more than surprising. Not on rare occasions, they were sold for impressive sums, becoming a great deal for those that decided to opt for this solution. At the moment, Farrer Court holds the record in this sector, which was sold in 2007 for the stunning sum of $1.34 billion. A consortium led by CapitaLand represented the winning bidder, turning the development into what is known today as d’Leedon, a modern development with a total number of 1,715 units. But, if The Diary Farm gets all the approvals it needs for the owners, then its starting price has high chances of reaching $1.68 billion, which will definitely be a new record. In fact, all the owners of this freehold development are meeting at the end of the week, to discuss the terms concerning this collective sale.

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The Estoril Sold To Far East Consortium For $223M

FEC properties which is owned by Far East Consortium had recently bought The Estoril  at Holland Road, this freehold condo was purchased at approximately $223.mil via collective sales.

This translates the property rate to approximately $1654 psf, ppr. Along with the bonus of 10 percent Gross Floor Area that derives from the balcony space. Due to the inclusion of 10% bonus, the price of the land is also reduced to $1504 psfppr.

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Mixed development in Woodleigh

For real estate investors interested in the first ever private mixed residential-commercial development in Bidadari estate, good news is finally here. The Woodleigh complex is said to flag off sometime in September this year. The gigantic edifice will boast approximately 680 condo apartments. The developer consists of 28,000 square meter retail gross area. This project is handled by one of the best retail firms in Singapore: The Singapore Press Holdings in addition to the support Kajima Development. Kajima Development is a developer from Japan.

 

Also known as the Woodleigh Residences and Mall, resident condominium units will go for as much as $2,000 in a two, three and four bedroom setting per square foot. The SPH Chairman, Lee Boon Yang is hopeful that this real estate innovation will transform ordinary land into a structure suitable for residents to make their homes. He also made it known that the condominium is built in the best convenient surroundings and equipped with state of the art mall. Read more

Will Hong Kong Address Its Soaring Unsold Apartment Market Or Just Turn A Blind Eye?

The financial secretary stated on Thursday that the number of unsold apartment units has soared significantly since 2017. He believes a tax will be required to target specific properties and slow down the housing market and force developers to unlock these vacant homes that they are hoarding.

 

This hoarding has made things increasingly difficult in one of the most expensive marketplaces, Hong Kong. Problems have also been contributed by favored developers who will only sell new units in batches which will cause the increase in home prices when finally released.

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Private homes became more expensive properties in the first quarter of this year

By now, it’s no longer a secret that the property market in Singapore is following an upward trend. Everything started last year and it continues to evolve in the same direction this year as well. Thus, as a result, private homes in the country recorded a 3.1% increase in prices in the first quarter of 2018. The information was released by the Urban Redevelopment Authority or URA, at the beginning of April. If we are to compare these recent numbers with the increase that was recorded in the past quarter, which was of only 0.8%, we will notice a significant difference. As expected, the private property index increased as well, gaining an additional 4.3 points, rising this way from 138.7 points, which was its status in the last quarter in 2017, to 143.0 points, in Q1 of the current year.

The prices of the private properties that are non-landed rose even higher, especially in the Core Central Region, gaining no less than 5%, which is significantly higher than in the past quarter, when the increase was of only 1.4%. Even if the increase in the rest of the regions is smaller, it still happened, as the Rest of the Central Region recorded a rise of 1.1%, which is an improvement since the 0.4% increase recorded in the last quarter, and a 3.8% increase in the Outside Central Region, which is more consistent having in mind that in the past quarter the increase in this area was of only 0.8%. Read more

International Business Park Gets New $100M Hub

According to Straits Times, TUV SUD, a German company, has broken ground at the International Business Park of Singapore this past week on April 4th, 2018. This hallmarks the company’s first major real estate investment besides their headquarters in Germany. TUV SUD specializes in testing, certification, and inspection with the aim of providing high-quality safety, reliability, and environmental protection within various industries.

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Sumang Walk – The EC Already Breaking Records

One of the biggest stories of the year in the Singapore property market unfolded in February with the sale of a land parcel in Punggol. The record making transaction was interesting for several reasons, none less so than exactly why it attracted so much interest, so much money, and so much buzz.

Location of upcoming Sumang Walk EC
Location of upcoming Sumang Walk EC

The parcel at Sumang Walk, earmarked for EC (Executive Condominium) housing, attracted 17 group of developers in total. Top of those bids was from a joint venture made up of CDL Constellation – a subsidiary of City Developments Limited – and TID Residential. That bid of S$509.37 million not only exceeded all expectations and forecasts, but when it is broken down by area (approximately S$583psf) it is the highest ever for an executive condo anywhere on the island.

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