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\nTenet EC now 93.2% sold, mould-stained Anchorvale Parkview blocks to undergo repairs, and more4th January to 9th\u00a0January 2023
\nTenet executive condominium (EC) has sold 93.2% or 576 out of its 618 units following balloting by second-time buyers. Meanwhile, the Anchorvale Parkview\u00a0flats within the Sengkang estate will undergo repair and redecoration works in the coming financial year.
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\n1) Tenet EC now 93.2% sold<\/p>\n
The release of the remaining 163 units at Tenet EC to second-time buyers over the weekend was met with a robust response, with 74.2% (121 units) sold out.
\nThis brings total sales at Tenet to 576 units or 93.2% of the 618 units.
\nA joint venture project between Qingjian Realty, Heeton Holdings and Santarli Realty, the development achieved an average price of $1,380 per sq ft (PSF).
\nIn a release, the developers said all four-bedroom units have been fully sold, while choice units of three- and five-bedroom apartments are still available for eligible buyers.
\nIt noted that the balloting for the units was the first physical event since the start of the pandemic.
\n\u201cThe enthusiastic response of families and agents to attend the physical event today gives us confidence that we are delivering what buyer wants \u2013 a home that is curated for young and multi-generational families,\u201d said Qingjian Realty\u2019s Deputy General Manager Yen Chong.
\n\u201cWe are thrilled with the unique and exciting atmosphere of the live event, the first since the start of the pandemic, and we look forward to the next EC at Bukit Batok later this year,\u201d she added.
\n\u00a0
\n2) Mould-stained housing blocks at Anchorvale Parkview to undergo repair works
\nSource: Google Maps
\nHousing blocks within the Anchorvale Parkview estate are set to undergo repair and redecoration works in the coming financial year, said Sengkang Town Council.
\nIn fact, the call for tender for the repair and redecoration works at the neighbouring Anchorvale Cove cluster had closed on 31 December 2022 and similar preparation for Anchorvale Parkview is now ongoing, the town council told TODAY.
\n\u201cWe are working to see if the process can be expedited,\u201d it said.
\nThe works come after a resident, who goes by the name \u201cJane Wendy\u201d on Facebook, complained of the mouldy state of the housing blocks\u2019 outer fa\u00e7ade. She noted that while the block where she lives is only about five years old, it looked worse than a 30-year-old building.
\nSome residents who spoke to TODAY shared that there are also moulds within their flats.
\nThe town council explained that the moulds may be the result of paint oxidation due to the humid conditions of the estate\u2019s surroundings.
\n\u00a0
\n3) BTO flats eligible for resale to drop in 2023
\nFor this year, analysts predict fewer Build-to-Order (BTO) flats will enter the resale market following the completion of their Minimum Occupation Period (MOP), reported TODAY.
\nChristine Sun, Senior Vice-president of Research and Analytics at OrangeTee & Tie, expects it to drop by almost 50% to 15,748 units this year, from 31,325 units in 2022.
\nAlthough HDB resale prices are expected to continue an upward trend, the pace of their growth will be slower at 5% to 10%.
\nHDB flash estimates showed that resale prices rose 10.3% in 2022.
\nNicholas Mak, ERA Realty\u2019s Head of Research and Consultancy, attributed the moderation in price growth partly to the property cooling measures and the higher supply of BTO flats.
\nAnd with price resistance setting in among buyers, Mak sees fewer million-dollar HDB transactions within the resale market.
\n\u00a0
\n4) Fewer non-landed luxury homes sold in 2022
\nFewer non-landed luxury homes were sold in 2022 even as transaction volume for such homes increased in the second half of the year.
\nKnight Frank revealed that 158 prime non-landed homes were transacted in 2H 2022 for a total amount of $1.4 billion, up from the 138 transactions seen in 1H 2022 which totalled $1.2 billion.
\nPrices also increased 5.7% year-on-year to $2,495\u00a0PSF in 2H 2022 from $2,360 PSF in 2H 2021.
\nFor the whole of 2022, however, the number of luxury non-landed home transactions declined to 296 from 487 in 2021. Cumulative sales also dropped 36.4% to $2.5 billion in 2022 from almost $4 billion in 2021
\n\u201cThe low-interest rate environment then encouraged buyers to make their purchases sooner rather than later, but the present high-interest rates have now checked buyers,\u201d said Knight Frank.
\nIt also attributed the decline in transactions to the lack of family-sized units for sale as homeowners grow \u201ccautious about selling before a replacement home is secured\u201d.
\nLooking ahead, Knight Frank expects transaction volume to remain muted in 2023, while prices are forecasted to increase at a moderate pace.
\n\u00a0
\n5) Private property rents hit a record high in 2022, to grow at a slower pace in 2023<\/p>\n
Rents for private residential properties hit a record high in 2022, rising 23.9% year-on-year in the third quarter of 2022 \u2013 making it 16.7% ahead of the 2013 benchmark.
\nProperty agents said the spike in rents caught many tenants by surprise, with many forced to move out following the end of their lease and landlords raised prices, reported The Straits Times.
\n\u201cLandlords have raised the rent by at least 30%. Many of them just want to test the market,\u201d said PropNex Realty\u2019s Associate District Director Alex Low, noting that many tenants made an offer even after just one viewing.
\nNicholas Mak, Head of Research and Consultancy at ERA Realty, attributed the rent hike partly to an increase in leasing demand from foreigners amid the easing of travel and COVID-19 restrictions.
\nLooking ahead, he expects the overall housing rent to increase this year, albeit at a slower pace.
\n\u201cWhether it will plateau and stabilise would depend on whether the job market will soften and lead to a drop in leasing demand,\u201d he said.
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\n6) Singapore sees more real estate agents amid a robust property market<\/p>\n
More people are becoming property agents in Singapore, with rising house prices \u2013 which continued its upward trend despite the cooling measures and high mortgage rates \u2013 being the main draw for new entrants, reported The Straits Times.
\nThe commission-based sector registered 4,487 new agents over the past two years. Generally, property agents are paid a commission of between 2% and 3% of the property price when they represent sellers or buyers.
\nA spokesman for the Council for Estate Agencies (CEA) revealed that 97% of real estate agents with valid registration in 2022 renewed it for 2023.
\nBased on CEA data, PropNex remains the largest agency, with sales agents rising 8% year-on-year to 11,667 as of 1 January 2023. It is followed by ERA with 8,344 agents, Huttons Asia (4,872 agents), OrangeTee & Tie (3,163 agents) and SRI (1,234 agents).
\nOverall, there were 34,427 property agents as of 1 January 2023, an increase from the 32,414 agents recorded at the start of 2022 and 30,399 in 2021.
\n\u00a0
\n7) Singapore construction company fined $170,000 over safety lapses
\nConstruction firm EC Builders has been fined $170,000 over safety lapses which led to a traumatic brain injury for one of its employees, Ali Mohammad Sohag, reported CNA citing the Ministry of Manpower (MOM).
\nThe incident occurred on 1 August 2019, when Ali was instructed by his supervisor to inspect as well tighten lifelines at a worksite.
\n\u201cIn the course of his work, he walked on top of steel bars that were placed on a formwork structure,\u201d said MOM. \u201cHe was not anchored to a lifeline, and subsequently slipped and fell from a height of 12m.\u201d
\nThe worker was brought to Changi General Hospital, where he was diagnosed with traumatic brain injury.
\nInvestigations showed that EC Builder failed to ensure that the worker had relevant training and instruction relevant to the installation of lifelines.
\n\u201cProviding a safe work environment is a basic responsibility of all employers. Employers must ensure that safe work measures are in place to mitigate risks, especially those that could result in fatalities or major injuries,\u201d said the ministry.
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\n8) Why did HDB resale, and private home price growth moderate in Q4 2022?<\/p>\n
Property experts said the slower price growth registered for both public and private housing in Q4 2022 can be attributed to the impact of cooling measures, rising inflation and higher borrowing costs, reported TODAY.
Tenet EC now 93.2% sold, mould-stained Anchorvale Parkview blocks to undergo repairs, and more4th January...<\/p>\n","protected":false},"author":1,"featured_media":133628,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-133627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/01\/hdb-singapore-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yLh","jetpack-related-posts":[{"id":132232,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/most-residential-property-owners-to-face-higher-taxes-next-year-72-of-tenet-ec-sold-at-first-day-of-launch-and-more\/","url_meta":{"origin":133627,"position":0},"title":"Most residential property owners to face higher taxes next year, 72% of Tenet EC sold at first day of launch and more","date":"December 5, 2022","format":false,"excerpt":"\r Most residential property owners to face higher taxes next year, 72% of Tenet EC sold at first day of launch and more29th\u00a0November\u00a0to 5th\u00a0December 2022 Most owners of Housing and Development Board (HDB) flats and private residential properties will face higher property taxes from 1 January next year following a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/HDB-flats-in-Bukit-Panjang-e1482292252491.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":63952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/several-factors-responsible-for-rise-in-ec-sales\/","url_meta":{"origin":133627,"position":1},"title":"Several factors responsible for rise in EC sales","date":"August 18, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Northwave EC in Woodlands. Sales of executive condominium (EC) units picked up in July, buoyed by the quick sell-out of Hundred Palms Residences in Hougang. The project sold all 531 units within just seven hours at a median price of $843 psf. \u201cThe strong performance of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84368,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-facts-you-should-know-about-ecs\/","url_meta":{"origin":133627,"position":2},"title":"10 facts you should know about ECs","date":"April 2, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Rivercove Residences EC in Sengkang. The 628-unit Rivercove Residences executive condominium (EC) at Anchorvale Lane in Sengkang opened for e-application on Sunday (1 Apr). More than 3,000 people visited the showflat yesterday, which is located at the junction of Anchorvale Lane and Sengkang East Avenue. Developed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23811,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/16-bids-for-anchorvale-lane-ec-site\/","url_meta":{"origin":133627,"position":3},"title":"16 bids for Anchorvale Lane EC site","date":"August 24, 2016","format":false,"excerpt":"\r Location of the land parcel at Anchorvale Lane. Source: HDB An executive condominium (EC) site along Anchorvale Lane in the Sengkang area has attracted strong interest from developers, with 16 bids submitted at the end of the public tender exercise on Tuesday (23 August), said the Housing and Development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22951,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/5-best-selling-projects-in-july-2016\/","url_meta":{"origin":133627,"position":4},"title":"5 best-selling projects in July 2016","date":"August 15, 2016","format":false,"excerpt":"\r Artist\u2019s impression of the Treasure Crest EC in Sengkang. Source: Sim Lian Group Singapore property developers sold 1,921 housing units in July, including executive condominiums (ECs), compared to just 768 units in the previous month, data from the Urban Redevelopment Authority (URA) showed. Analysts attributed the surge in transactions\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83921,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rivercove-residences-ec-to-open-for-e-application-on-1-april\/","url_meta":{"origin":133627,"position":5},"title":"Rivercove Residences EC to open for e-application on 1 April","date":"March 28, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Rivercove Residences, which offers views of Sungei Punggol. Rivercove Residences, the only new executive condominium (EC) launch in 2018, will open for e-application this Sunday (1 Apr), said developer Hoi Hup Sunway \u2013 a consortium comprising Hoi Hup Realty and Sunway Developments. Located along Anchorvale Lane\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/133627"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=133627"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/133627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/133628"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=133627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=133627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=133627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNotably, HDB resale prices rose 2.1% in Q4 2022, easing from the 2.6% increase posted in the previous quarter, while private home prices climbed 0.2% during the quarter, versus the 3.8% hike posted previously.
\nLee Sze Teck, Huttons Asia\u2019s Senior Director of Research, said the slower increase in prices showed the willingness of HDB flat owners to negotiate following the cooling measures rolled out by the Government in September.
\nOrangeTee\u2019s Senior Vice-President of Research and Analytics Christine Sun noted that the moderation in prices is also in line with a weaker macroeconomic projection amid a backdrop of spiralling inflation and rising mortgage rates.
\n\u201cThe higher borrowing costs lowered buyers\u2019 housing affordability. Further, (the) cooling measures introduced in September have lowered the borrowing limits of many buyers,\u201d noted Sun.
\nThe slowdown in price growth of HDB resale flats was also attributed to the sale of fewer bigger flats, which usually fetch higher prices, in Q4 2022.
\nAnalysts also point to seasonal factors, saying that many Singaporeans had travelled overseas during the year-end, which prompted developers to hold back launches.
\n\u00a0
\n9) Rents for core CBD Premium and Grade A offices up in Q4 2022
\nRents for core Central Business District (CBD) Premium and Grade A office space rose 0.9% quarter-on-quarter and 5.9% year-on-year to $11.40 PSF\u00a0in the fourth quarter of 2022 \u2013 marking its highest annual growth since 2019.
\nColliers attributed the increase largely to \u201cthe addition of new high-quality Grade A buildings to Raffles Place\/New Downtown submarket\u201d.
\nFringe CBD Grade A Beach Road submarket also saw rents increase 6.7% quarter-on-quarter to $9.60\u00a0PSF, on the back of the entry of Guoco Midtown to the submarket.
\nWith the hike in rent and tight supply, average capital values for Core CBD Premium and Grade A offices rose 1.7% quarter-on-quarter to $3,050\u00a0PSF in Q4 2022.
\n\u201cFollowing a 5.9% rental growth for 2022, we expect full-year 2023 rental growth for the core CBD Premium and Grade A segment to ease to between 2% and 3% year-on-year,\u201d said Catherine He, Collier\u2019s Director and Head of Research for Singapore.
\n\u00a0
\n10) Fewer industrial real estate transactions seen in Q4 2022
\nSingapore saw industrial real estate transactions decline to $715.1 million during the final quarter of 2022 or its lowest since Q2 2020, when some $324.8 million in sales was registered due to the onset of the COVID-19 pandemic.
\nKnight Frank attributed the decline in transactions to a hazier economic outlook and weaker business sentiments.
\nThe most significant transactions in Q4 2022 included the sale of $120.6 million sale of Enterprise Logistics Centre in November and the $100 million sale of 10 and 12 Mandai Estate in December.
\nApart from these, about 97.2% of the transactions during the quarter involved deals below $10 million.
\nDespite the slow sales activity, leasing transactions continued to be stable in October and November 2022, with median rent for multiple-user factories rising 8.7% year-on-year to $1.94\u00a0PSF per month with 1,571 tenancies.
\nLooking ahead, Knight Frank expects industrial prices and rents to remain stable, with a marginal growth of 1% to 3% for 2023.
\n\u201cIn the logistics segment, where supply is tight, rents for quality warehouse space might increase by a higher 3% to 5% in the year ahead,\u201d it said.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tenet EC now 93.2% sold, mould-stained Anchorvale Parkview blocks to undergo repairs, and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"