Chinese Developers Experiencing Range of Winding-up Lawsuits

In China, creditors are knocking on the doors of legal offices to demand payments from embattled Chinese property firms. This is highlighting a major turmoil in the property sector. The developers are now rushing to set up plans to resolve the debt issues and the impact can be seen in the real estate industry.

 

Some of the most recent cases in court were filed against Jiayuan International Group and Sunac China Holdings. Note that these are the two big names among at least six builders that have received plenty of winding-up petitions within the past few months in the Cayman Islands and Hong Kong. Moreover, China Evergrande Group, Jiayuan, and Sunac have also scheduled their hearings for November month.

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75% of Units at Sky [email protected] Sold Right After Launch Event

More than 70% of all Sky [email protected] condominiums got sold on the launch day itself with an average price per dquare feet of of $2,100. This mixed development at Bedok Town Center is the first residential project in the last 10 years; it has a total of 158 units out of which 118 units were sold recently on Wednesday. The developers in a recent interview revealed that all 2-bedroom units at this site were completed sold.

The acting COO (chief operating officer), Ms. Lorraine Shiow at Fraser Property recently said that this development is close to the mature estate and this is the main reason why it is drawing maximum attention from buyers. The home buyers at this location will be able to access several thriving economic hubs nearby this location; it includes Paya Lebar and Changi. These sites are expected to undergo a major renovation in the coming years; as a result, this Singapore East site will become more popular for buyers in the future.

This leasehold property which comprises of a 99 years lease is made up of 2 to 4-bedroom units with dimensions starting from a 657 sq ft all the way to 1302 sq ft. The development is also planned to have the construction of 12 shops on the ground floor. Note that the units at this site are being sold at a $1937 psf price which leads to a pricing of S$1.31 million for two bedroom unit. Lee Sze Teck, Senior Director of Huttons Asia recently said that most of the buyers at this site belong to Singapore.

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Singapore New Private Home Sales Bounce Back in July with Restrained Demand for Suburban Condos

The restrained demand for private Singapore condos in suburban regions improved in the month of July recently. The overall sales lifted median prices at new mass market residential units to a considerable level, mainly at city fringe and prime locations.

This is mainly useful for the AMO Residence sales in Ang Mo Kio Avenue 1, which is the only major residential launch in the previous month in the suburban regions. It is expected to lead to a bulk sale of 485 units or 58.2% of the new homes in the region. Residential spaces in main districts led to 22.2% sales, including 185 units; however, the city fringe on the other side experienced a rise of 19.7% with the sale of 165 units.

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Freehold Residential land near Bukit Batok Nature Park Available for Sale at $42m

The freehold residential site near Bukit Batok Nature Park is available for sale via a public tender with a guide price of US $42 million. There is a single-story car workshop which is designed with a 3-story annex building at this site. The building is currently provided on lease to Autobacs Singapore which is a famous automobile service and retail company from Japan.

 


Experts reveal that the parcel is held by one private investment corporation with owners specializing in retail and auto leasing services. Note that a 37575 sq ft site is recently zoned for the residential purpose at 30 Bukit Batok East Avenue 6 Site. This announcement was made as per the 2019 Master Plan with a permitted plot ratio of 1.4. Furthermore, the maximum allowed gross floor area inclusive of the bonus balcony at this site is 56,287 sq ft.
The guide price works well with the land rate of $1,127 per sq ft per plot ratio. This price range is inclusive of the bonus balcony as mentioned and development charges are payable. As per the approval from the respective authorities, the site at Beauty World MRT Stations and Bukit Batok can result in a total of 57 new units for residential needs.

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Singapore Commercial Property Deals Battle Regional Slowdown with Best Quarter Ever

As per the recent reports from Singapore commercial real estate market, the country is experiencing the best ever returns from recent quarter sales. Just within the previous three months, the deal volume increased by 74% while touching the maximum value of $7.72 billion. This is a great record for the single quarter when institutional investors made a grand entry into the market.

 

MSCU stated that the previous drop was caused by the sharp decay in individual property trades that turned out to be somewhere around the US $33.1 billion. Whereas the average for the year 2021 was reported to be the US $40 billion per quarter. They also revealed that Singapore turned out to be a star during second-quarter sales in the Asia Pacific region. The majority of sales happened in apartments, hotels, industrial, retail, office, and senior housing properties. The Singapore property demands were very high where Central Business District offices attracted the majority of investments; however, hotels and shopping centers performed really well.

 

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HDB and Condo Rents Rise in July with Firm Demands

Rental prices of private apartments and housing board flats increased by a considerable level in the previous month. Property analysts state that the trend is expected to continue for a longer time ahead because completed housing projects are not enough to serve market demands.


HDB rents in the month of July climbed at a low pace of 1.5%; however, it was only 2.3% in the month of June. Presently, rents for both non-mature and mature real estate markets are rising. Condominium rents in the area rose by 1.7% in the previous month, which is 2.1% higher when compared to the previous month. This scenario reports straight growth of 19th month for condo rents with 25th concerning HDB rents, which appears longest ever streak for both these markets in Singapore.

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New Private Home Slump in June As Developers Hold off New Launches

As the new launch condos were introduced into the market during the school holidays of June month, it is also leading to increased interest rates in the future. Around 488 residential units, without including executive condominiums, were sold during the month of June and this count is much less compared to 1355 units sold in the previous month. The reports state that it was the lowest sale record since May 2020 when showrooms were affected by a circuit breaker.

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HDB Resale Prices Increased Continuously for the 24th Month in June

A recent real estate market report from Singapore reveals that prices for resale flats in the HDB market increased continuously for the 24th month. However, fewer units were sold by June as the large proportion of flats in non-mature estates are being sold these days.


The prices of HDB resale flats increased by 1.2% in the previous month and it shows a quicker pace in comparison to 0.5% in May month. However, if we compare the data with June month of the previous year, the prices went up by almost 11.4%. Read more

MOP Rules Revised for purchasers of Sers Replacement HDB

As per the recent rules, HDB owners who bought their Sers (Selective En Bloc Redevelopment Scheme) flat will only be allowed to resell their houses after five years from the key collection date. This rule will be first implemented in the Sers flats that are found in the Ang Mo Kio Site.

 

If we talk about the previous regulations, homeowners were allowed to sell their units seven years counting from the day they selected their unit at a specific replacement site. Either way, they can also sell their houses five years counted from the key collection date. It clearly means that the owners who purchased SERS flat could sell their houses even before the completion of the five years duration. This is likely to provide them an edge over Sers owners that are investing in flats at some other sites by using Sers rehousing benefits with SBF (Sale of Balance Flats), BTO (Built to Order) schemes, or via open booking, which they are allowed to sell their flats after completion of the five years span.

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New Private Home Sales Hit 6-Month High in Singapore

Two major new launches in Singapore including [email protected] and Piccadilly Grand brought the private home sales prices up by a considerable amount as buyers started taking the latest round over property cooling measures amid tighter home supply.


As per the Singapore property market reports, buyers invested in 1356 units in the month of May which is almost double the 660 units sold in April. Moreover, it is 51.5% higher in comparison to the units sold in the previous year.

 

But the total sales without including executive condominiums for the year till date is observed to be 32% down with only 3841 units in comparison to the previous year. However, if we include executive condominiums, the new home sales increased to 1376 units with a 62.6% rise in the month of May in comparison to 846 units sold in April.

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Lakeside Apartments Sold en block at 14% Higher Value than Reserve Price

The lakeside apartments at 9F and 9E Yuan Ching Road recently won a jackpot of $273.89 million on collective sales. It was 14% higher than the reserve price of $240 million during the second attempt.

A 99-year leasehold real estate project with 120 units at Jurong Lake Gardens was sold to Winville Investment recently. The developers at this site are now planning to develop this 12,465.4 sq m site with around 300 unit residential projects.

Recent market updates reveal that owners of luxurious three-bedroom units at pre-established condos are expected to get around $2.28 million each. But PropNex Realty didn’t disclose complete data on how the land rate for this $273.89 million project was translated and what was the final bid in the tender that ended on May 25th. The reserve price of $240 million worked out to achieve the land rate of $1077/sq ft for each plot, including development charge and top-up premium for lease. Note that this site now has only 45 years left for the assigned tenure. Read more

Singapore Property Developers are Looking for Prices to Go Up for New Launches

As per recent updates from Singapore real estate market, the home buyers need to prepare themselves for facing a considerable hike in the price of private homes for the new properties in the area because almost 71% of the developers expect the unit price to go up in the coming six months. The poll conducted almost three months ago on this price expectation analysis reported that 60% of homeowners are in favor of price hikes.

A detailed real estate sentiment index survey was published recently by the National University of Singapore Real Estate, and it shows that as per the first-quarter survey of the year 2022, almost 24% of developers are looking forward to maintaining the prices for new launch at the same level; however, only 5% expect prices to stay at a lower level. The fourth-quarter poll from the year 2021 revealed that 35% of developers expected property prices to stay the same.

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More Luxury Homes Sold with Higher Number of Foreign Buyers Despite Property Curbs

Although new property cooling measures were applied to Singapore’s real estate market by the end of 2021, reports present a considerable rise in the sales of luxury homes with an increasing number of foreign investors. Buyers invested in 653 recently built new homes during the month of April; however, the count was 654 in the month of March. But if we compare the transactions with the previous year’s data, there is a huge rise of 48.7% from 1270 units sold at that time.

The developers launched 397 new launch condos in the previous month, and this count is almost 28.5% higher than the 309 units rolled out in March. However, the volume of new units launched into the market is almost 61.8% less in comparison to the 1038 units launched during the previous year.

If we talk about executive condominiums, only 48 units were sold during March, but this count increased to 186 units during the month of April. This count was increased due to the launch of North Gaia EC in Yishun, where 166 units were sold out of a total of 616.

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Private Home Rents Surged during the First Quarter of 2022

The rents of various private non-landed properties increased by almost 4.1% during the first quarter of the year 2022. It is almost 2.7% higher than the value reported during the last quarter of the previous year.

As per the information available from the Urban Redevelopment Authority, the rents for the city and prime areas grew by almost 4.7% and 3.8%, respectively. Furthermore, the rents for landed properties surged by 5.3%, which shows a rise of 1.2% from the previous quarter.

 

Observations state that buyers have switched to the rental markets after experiencing turbulence in the market due to recently applied cooling measures. The vice president of R&A at OrangeTee & Tie, Ms. Christine Sun, recently stated that many of these are prospective home buyers that stepped out of the market due to cooling measures and are now putting their eyes on the rental market. The rising demand for rental properties is further pushing rents to higher levels.

Nicholas Mak, the head of ERA Singapore research and consultancy, recently reported that the new regulations pose a rise in additional buyer’s stamp duty from 12% to 17% for all the second time buyers in Singapore. In this scenario, several homeowners may not be able to arrange upfront capital for selling their existing properties. Once these people close the sale for their existing home, they need to move to the rented properties until they get new properties to move in.

It is also important to mention that the additional buyer’s stamp duty is increased from 20% to 30% for foreign investors in the Singapore real estate market. Experts in the real estate market state that buying a new home has become a costly affair for foreigners in Singapore. This is the main reason why even foreigners are showing interest in the rental markets, as they find it more convenient to pay rent instead of making a huge investment in a new purchase. Furthermore, the shrinking rental stock and the limited supply of new homes will also drive rents at some locations.

Several private homeowners have sold their units due to a considerable rise in the resale prices in Singapore real estate market. Moreover, the new completions in the local market are not able to meet up the rising demands in Singapore.

The construction sector is also affected by the coronavirus pandemic, and operations have been slowed down. Analysts even project a further rise in the rental market during the coming months, mainly due to the ease of restrictions for traveling and rising inflation rates. The climbing interest rates, maintenance charges, and heavier property taxes may further contribute to the rise in rental prices.

The reopening of the Singapore-Malaysia border will further increase the rental property demands near Jurong, Woodland, Sembawang, Yishun, and Causeway area. The rental demands will also be fuelled up by properties that are still waiting to complete due to lack of labor. Mr Sun has expected a rise of 8 to 11% in the rental market this year; however, Mr Mak estimated a 10 to 15% rise.

 

 

 

 

Find out more from the webpage here,

https://www.straitstimes.com/business/property/private-home-rents-surged-in-q1-2022-amid-cooling-measures-lack-of-new-homes

 

Approximately 27% of Units at North Gaia Executive Condominium Project Sold on Weekend Launch


The very first EC (executive condominium) housing project at Sign Holdings’ North Gaia is expected to be the biggest attraction for real-estate investors this year. Surprisingly, 164 units of this project out of a total of 616 units were sold this weekend. As per stats reported on Sunday at 5 pm, 27% of the 616 apartments were taken up in the project. They received 1045 applications from potential buyers at the time of the closure of e-applications on 19th April.

The professionals at Sing Holdings recently stated that almost 62% of the total sold units had been processed under the DPS (deferred payment scheme), and the average sale price turned out to be $1301.93 psf while holding the total sales value of up to $232.528 million.
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