New Tengah to go through some tech upgrades

 

A couple of days back, the Singaporean government signed two agreements with companies that promise a technologically upgraded future. The signing of agreements took place at the World Cities Summit at Marina Bay Sands Expo and Convention Centre.

 

The New Tengah town is expecting a new energy management system that is a centralized cooling system. This project is being handled by The Housing Board (HDB) along with the SP Group. On the other hand, the town is being given a makeover in terms of integrated buildings alongside an open digital platform. This part of the update is the responsibility of the JTC Cooperation in cohesion with the ST Engineering department.

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Homebuyers / Investors rushed into properties purchasing

 

In a Thursday evening on 5thJuly 2018, the implementation of the new increased Additional Buyer Stamp Duty (ABSD) was announced. This new policy would soon take its effect on the 6thJuly 2018. Within an hour after the news surfaced, several developers of upcoming new launch condo announced that they would be releasing their units for sale on first-come-first-serve basis on the very same night. And buyers started rushing and forming long queues in the showrooms of within hours.

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Measures to keep down the price inflation of houses have been adopted by some Asian countries

 

When demand is on the rise, usually the prices are driven up as well. Considering the fact that the demand for houses is continuing to rise in some Asian countries, including Singapore, special measures and policies have been adopted to break the inflation of prices in this sector. According to a report recently released by S&P Global Ratings, the monetary policies and measures meant to cool down prices have managed, so far, to keep house prices within acceptable limits.

 

Even though the rates of expansion for credits with a mortgage are lower than half a year ago, these type of credits is still taking place at a wide rate across the region. At the same time, the monetary policies remain mainly the same, which keeps mortgage rates low, even lower than before, easing the load for the people that get these credits out of the desire to have their own homes. Also, the specialists at S&P said that these measures suffered changes in time, so they are capable to do their job better. And they managed to do so, as the house prices in various regions around the Asian-Pacific area manage to remain within acceptable boundaries.

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Singapore Grabbed the Rank of Asia’s Most Innovative Country

According to the index released recently, Singapore is now ranked as the top most innovative country throughout the world outside Europe. As per the Global Innovation Index, the country grabbed the fifth position, i.e., two places higher as compared to last year’s ranking, and it maintained top rank in Asia. If we look at the overall league table, with the first position of Switzerland, further ranks in the table are given to Netherlands, Sweden, and Britain in sequence. However, other names in the top ten’s list are United States, Finland, Denmark, Germany, and Ireland.

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In the near future Sembawang will be transformed into a real community hub

It is not a secret that those living in Sembawang prefer traveling to Yishun to get more affordable food or enjoy leisure activities like swimming. Well, in approximately two years, everything will change for the residents of Sembawang. In other words, the area is planned to be transformed into a modern community hub by the summer of 2020, which means that a wide range of facilities will become available. Thus, not in a very long while, Sembawang’s inhabitants will enjoy sports facilities, such as swimming pools, and a hawker center, just to name a few. The developments will occupy a 12ha area that will be conveniently located next to the Sembawang MRT station.

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Positive outlook for Commercial, industrial space

 

Even though there are some cooling measures in place right now for residential properties, these may very well be a sign that the investments go to other sectors. It seems that right now the retail investors which have a good capital outlay can very well go to the conserved shophouses and some offices. But there are other investors are going to the industrial market.

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A Tumble in Banks & Property Stocks

On the evening of 5th July, the government of Singapore announced special measures for the property market. As a result, there was a further decrease in the property and bank stocks.
Soon after this announcement, companies started reducing their trade prices. Few of the companies are mentioned below:

– City Developments experienced a decrease in stock value by 17% and it was traded at S$9.30

– Trades of UOL Group collapsed down by 12.65 percent. Thenew value was S$6.77. This allowed them to recover their previous losses

– Oxley Holdings reduced by 14.63 percent after which the prices shed to 35 Singaporean cents. It was among the heaviest trade as the turnover was of 22.39 million

– CapitaLand was trading at S$3.01 after the reduction of 5.35 percent

– The Real State Agency PropNex took a spill of 13 Singaporean cents and was traded at 56 Singapore cents

– APAC Realty dropped down by 21.15 percent and the price reduced to 61.5 Singapore cents

On Monday, PropNex stepped into the Singapore Exchange holding a per-share IPO price of 65 Singaporean cents.

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The prices of private homes almost doubled in just one month

Before the new cooling measures came in, it seemed to be an unspoken fact that the prices of private homes were about to increase, no one ever thought that the difference from one month to the other would be so significant.

 

From April of 2018 and until May of 2018, the prices of private homes increased with 53%. Besides this, the number of homes released in May was also higher than the ones made available in April. In April  homebuyers bought a total of 664 new units, May came with 1,060 more, which means that the increased in the number of new units from one month to the other was of 59.6%. Also, in comparison with the last year, the number of units increased almost three times, considering that in April 2017, only 370 units were launched.

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Singapore to Stabilize Its Property Market

On the 5th of July, the government of Singapore announced that they will be increasing the rates of Additional Buyer’s Stamp Duty. Moreover, they have also decided to constrict the limits of loan that are applied on property purchases. They are doing all this in order to stabilize their property market by keeping economic fundamentals in mind. The announcement was made after they noticed a massive raise in the prices of private homes.

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The bidding competition for the collective sale of Kemaman Point is over

The most recent collective sale, for the Kemaman Point development, is now over, as Soilbuild, a successful real estate and construction group, grabbed the development for the price of $143.88 million. There are a total of 89 units in this residential building and each owner of the development expects to receive between $1.4 million and $2.32 million on their units, depending on their type and size, according to Knight Frank, the marketing agent that took care of this collective sale. Also, the same Mr. Frank said that the sum of $1,173 representing a square foot per plot ration of this development reflects the permissions for redeveloping the area, which can have up to 122,711 square feet at most.

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Tearing down of Rochor Centre

The rainbow coloured public housing estate in Singapore popularly known Rochor Centre will soon disappear from the cityscape. Demolition of this centre began in the morning hours of June 26 and is expected to take around ten months to be torn down floor by floor. The day witnessed heavy rainstorm bit it was not enough to stop the former residents turning up to the location to see their home of memories bowing down in the name of infrastructure development.

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Bidadari to Welcome Park Colonial Condo Very Soon

The time is changing and so is the lifestyle of the people. People are now preferring to live in places where they can get all the comforts and a decent gathering. This is where Singapore is not backing off as they are welcoming something new and exciting in the residential sector, the Park Colonial Condominium. Continue reading to know more about this place!

A new launch condominium in Bidadari called Park Colonial will be open for the people for a preview from this weekend. The sales will be starting from 14th of July. The building is developed by three estate developers, CEL Development, Heeton Holdings and KSH Holdings. The estate occupies the area of 19,547 sq. meters whereas it will consist of six towers with 805 residential units.

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Land Supply for Private Homes Remains Unchanged in H2 of 2018

The government has decided to launch 6 land parcels for sale in Singapore. These also happen to includea hotel site; a first in a few years. Apart from that, the parcels also feature land for 4 private residential sites and 1 white site in Pasir Ris Central.

Besides this Confirmed List of sites, there is a Reserve List as well. This contains nine sites and will be available for sale if the developers indicate a minimum price in their applications or the market shows enough interest. This list is under the Government’s Land Sale (GLS) programme for H2 2018.

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