New private home sales witness an increase regardless of the limitations posed by the virus

Although Singapore was going through its COVID-19 circuit breaker during April and May, interestingly, the sales of new private homes went up last month.

 

As per the figures put forward by sales caveats, Knight Frank Singapore, the developers sold 484 new private homes in May. This is about 74.7% more than the 277 private homes that were marketed in April. Knight Frank also clarified that around 967 caveats for private homes were registered during the period of April 7 to June 1. Out of these, 380 units were categorized under resale transactions and 577 for new sales, whereas only 10 were assigned for sub-sales.

Read more

Rents of apartments may go down further rental as volume bottoms out

In light of the recent events, the number of sales for HDB flats and private apartments may have reached its bottom in June during the period of the circuit breaker but, rents continued to go down further. This data has been put forward by market observers as a rejoinder to the flash data revealed by Singapore property portal SRX Property.

According to the report, the total volume of private residential properties that belong to the non-landed category handed out on lease witnessed a proliferation of 1%; that is, its numbers escalated from 2,853 units in April to 2,881 units in May. Coming to the rental volume of the private flats in concern, it was still 45.7% lesser than what it was a year ago and 38.8% lower when compared to the five-year average volume for the same month.
As far as the HDB rental market is concerned, the number of leased flats tumbled by 4.2% to 1,147 in May from 1,197 in April. When contrasted against the figures of 2019, the rental volumes for HDB flats fell by approximately 45.1% this year and dropped by 42% corresponding to the 5-year average volume for the month of May.

Read more

People are Looking for Mortgage Refinancing Options with a Considerable Fall in Interest Rates

Interest rates at the bank have fallen to the lowest level as compared to the trend in recent years, and with this, more people are looking for mortgage refinancing opportunities.

 

Banks in Singapore have lowered their loan interest rates, especially that are attached to the Singapore interbank offered rate (Sibor). With this initiative, homeowners can secure their mortgages are more favourable rates.
Note that Sibor is a standard term used for the rate at which banks keep on borrowing from one another. But as coronavirus pandemic has disturbed the economy activities all over the world, this rate is now trending down for the next few months.

Read more

KL-S’pore High-Speed Rail Project Suspension Extended till Dec 31st

Singapore agrees at Malaysia’s request for the deadline extension

Singapore has finally agreed over the suspension request of HSR (high-speed rail) project for another seven month’s duration. This project is expected to link Kuala Lumpur via high-speed rail line to reduce the overall travel time for people.

As per a recent Facebook post made by Mr Khaw Boon Wan, the Transport Minister of Singapore. The Senior Minister from Malaysia, Azmin Ali, had written to him to discuss regarding proposed extension-related changes for the respective project. He also added that a reliable agreement is necessary to carry out any project between two countries, and this extended suspension will help them to access the changing mindset of Malaysia. Following the bilateral cooperation, Singapore has now decided to suspend the final extension up to 31st December 2020.

Read more

Landlords in Singapore are looking forward to a post-COVID-19 remake

Singaporeans love to buy properties rather than keeping money in banks. In the current era, banks are offering near-zero interest rates. Therefore, the better choice for Singapore investors is to own units in a trust that passes 90 percent of rental income. Banks are not so beneficial during this time.

 

REIT (real estate investment trust) is one of the most beneficial trusts that you will come across in Singapore. People are investing in real estate investment trust, causing a change in the Singapore Exchange rate. The question that arises is whether Remit has taken it too far?

Read more

Significant Sales Drop: New Private Home Sales drop to 5 years low in April 2020

April 2020 witnessed a new low, the sales of new private homes tumbled to a 5 year low. And, the month of May is predicted to be a total bummer as new launches are postponed and show-flat galleries remain closed on account of the circuit breaker extension.

 

April 2020 recorded sales of only 277 private homes, the month witnessed a down by 58 percent from 660 homes sold in March. And, in comparison with the sales recorded in April 2019, the sale faced a down by 62.4 percent as the real-estate market was stagnant this year. It is after 5 years, the real estate market has experienced a significant low. In December 2014, only 230 units of private homes were sold, and the all-time low was recorded in Jan 2009 when only 108 units of private homes were sold.

Read more

BTO flats launch in May postponed, No dates confirmed yet!

The Housing Board announced on April 24, 2020, that the launch of Build-To-Order flats in May is postponed until further notice from the board.

May was seemingly the month to open sales exercises for BTO housings in planning areas of Singapore that include areas such Tengah and Choa Chu Kang in west region of Singapore and Tampines and Pasir Ris in the eastern parts of Singapore. Besides that, approximately 160 assisted living HDB for the elderly in the Bukit Batok district were to be launched in May as well. This postponement of the launch schedule came after the circuit-breaker measures were extended to June 1 by Prime Minister Lee Hsien Loong.

Read more

Expats in Singapore Asks For Rent Deduction as Economy Growth Hampers

Coronavirus has been rapidly spreading for months now. Due to thorough lockdown, several countries are facing severe economic backlash. Singapore, being one of such places, is encountering the odds of salary reduction. For this reason, the expats of Singapore are compelled to ask for lower rents.

One of the real estate agents at APAC Realty unit ERA, Mr. Clarence Foo has reported as much as seven cases till date. He confirmed that in his entire career, this had been the highest number of requests for rent discounts.

Read more

Shining chance to decentralise CBD

For decades, authorities have been trying to decrease the pressure off Central Business District (CBD) by doing efforts that can bring place of work closer to home and reducing commute time. The pandemic has brought odds to the fates of many industries; however, it has also brought a revolution in a matter of few weeks! The investment in technology infrastructure has enabled companies to rely on extended work from home during the lockdown situation. This has aided town developers in strategizing how to decentralize Central Business District (CBD).

Read more

Extension on GLS tender of land parcel in Yishun due to coronavirus outbreak

 

 

Due to the Covid-19 pandemic, the tender period of a 99-year leasehold Singapore condominium site in Yishun Avenue 9 was given a six months extension by the Housing Board in a Government land sale, that is till midday on Oct 29. The Yishun site is situated inside 500m of a new mall in the locality called Junction 9. The parcel has a floor area of 60,240 sq m and is spread across 21,514 sq m. Around 600 residential elements can be set up in this area.

 

According to ERA Realty head, Nicholas Mak, this was done to get a larger bid on the land. He said that the extension will lead to the tender closing in October by which time the coronavirus situation may get under control thereby improving the market conditions. GLS tenders are generally given six to eight weeks.

Read more

Delay in BTO sales launch amidst Covid-19 outbreak

The Housing Board has announced that, until further notification, the selling of the BTO flats has been postponed. This has come after the circuit breaker measure got prolonged till June 1 as all the work areas have been shut down and all construction has stopped. More than 3,700 Build-To-Order flats and 160 flats for senior citizens were to be initiated in Pasir Ris, Choa Chu Kang, Tampines, Tengah and Bukit Batok.

Read more

The Singapore factory output strikes a 16.5% rise in March: impact of circuit breaker hit yet to be felt

The Singapore factory output strikes a 16.5% rise in March: impact of circuit breaker hit yet to be felt
Quite surprisingly, Singapore’s factory output witnessed a rebound in March 2020, as per the data put forward by the EDB (Economic Development Board) on 24th April. However, EDB has also made it quite clear that the manufacturing output in March was not quite affected by the novel coronavirus outbreak. April, on the other hand, will be experiencing the blow as a result of the circuit breaker measures put into force.

Read more

Prices of private homes fall by 1% in Q1, lesser than what was anticipated

As opposed to the figures that were anticipated in the Q1, the prices of private homes only dropped by 1%. Nonetheless, the extension of the circuit breaker period will have its impacts on the market thereby, exposing it downward pressure in the coming days, as per the predictions of the experts.

 

Experts have also delineated that there can be serious scopes for job losses followed by a string of other economic ambiguities throughout the lockdown.

 

CBRE’s head of research in South-East Asia, Mr. Desmond Sim, envisages that the prices will correct themselves by 5% to 8% within this year. He further added that uncertain economic situations might hold back buyers but, the developers who have weaker holding power can offer competitive pricing to let out their units in the market.

Read more

MAS: Limits for deferred loan payments renounced

According to the Monetary Authority of Singapore (MAS), certain limits in the delayed payments for consumer loans and mortgages will be renounced to aid the borrowers to get over the economic setback.

 

The agency made it clear that the total debt servicing ratio (TDSR) will not be applicable to the deferment of mortgage repayments concerning commercial, residential and industrial property dues, unsecured credit facilities including personal loans and credit cards and refinancing of residential mortgages that are essentially owner-occupied.

Read more

Construction of BTO flats to regain their momentum after May 4

If the statement surfaced by the Housing Board is to be believed, the construction of the Build-To-Order(BTO) flats will be accelerated after the previously-imposed circuit breaker measures are relaxed to restore the momentum of the projects.

 

Just like the other domains of the industry, all the on-site activities circumscribing the BTO projects have been halted since April 7th owing to the government’s attempts to curtail the spread of the novel coronavirus as much as possible. As per reports, the suspension will be valid till the 4th of May, until and unless the government issues any further notice regarding the same.

Read more