{"id":135187,"date":"2023-03-13T08:54:03","date_gmt":"2023-03-13T01:54:03","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/february-2023-bto-application-rate-measured-the-marq-apartment-sets-new-record-with-100000-monthly-rent-and-more\/"},"modified":"2023-03-13T17:07:07","modified_gmt":"2023-03-13T10:07:07","slug":"february-2023-bto-application-rate-measured-the-marq-apartment-sets-new-record-with-100000-monthly-rent-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/february-2023-bto-application-rate-measured-the-marq-apartment-sets-new-record-with-100000-monthly-rent-and-more\/","title":{"rendered":"February 2023 BTO application rate \u201cmeasured\u201d; The Marq apartment sets new record with $100,000 monthly rent, and more"},"content":{"rendered":"


\nFebruary 2023 BTO application rate \u201cmeasured\u201d; The Marq apartment sets new record with $100,000 monthly rent, and more7th March to 13th March 2023
\nAnalysts noted that the overall application rate for the February 2023 Build-To-Order (BTO) sales exercise was \u201cquite measured\u201d, with 16,993 applicants vying for 4,428 flats. Meanwhile, rentals for luxury properties in Singapore continued on an upward trend in recent months, with a four-bedroom apartment at The Marq leasing for $100,000 per month in October 2022.
\n\u00a0<\/p>\n

February BTO application rate \u201cmeasured\u201d as buyers held back for more attractive locations<\/p>\n

The overall application rate for the February Build-To-Order (BTO) sales exercise was \u201cquite measured\u201d, with 16,993 applicants vying for 4,428 flats, reported CNA.
\nThis works out to an overall application rate of 3.8 times.
\nAnalysts attributed the measured response to the less attractive locations of non-mature estate BTO projects. Brickland Weave in Tengah, for instance, is situated at the edge of the town and not within comfortable walking distance to the closest MRT station.
\nWith this, buyers may have held back in anticipation of the more desirable flats in mature estates to be launched in May, they said.
\n\u00a0Analysts noted that the recent hike in housing grants for first-time buyers of resale flats may have also diverted some of the demand away from the BTO launch.
\n\u00a0\u201cTaken together, this suggests that the ramping up of BTO supply and measures to help first-timer families own their first homes is starting to work through the market, leading to a stabilisation of the application rates,\u201d said PropNex Realty CEO Ismail Gafoor.
\n\u00a0<\/p>\n

The Marq apartment sets a new record with $100,000 monthly rent<\/p>\n

Rentals for luxury properties in Singapore continued on an upward trend in recent months, with a four-bedroom apartment at The Marq leasing for $100,000 per month in October 2022, reported The Business Times citing URA data.
\nThis was a 25% increase from the $80,000 lease achieved for a 15,100 sq ft apartment at Eden in Draycott Park in February 2022.
\nSteve Tay, Senior Associate Vice-President at List Sotheby\u2019s International Realty (List SIR), attributed the hike in rentals to The Marq\u2019s unique features, such as single-level floor plates and individual private pools.
\n\u201cThe Marq will command a premium, and if there is not much supply, I do see rentals \u2026 going up even more than $100,000,\u201d he said.
\nIn fact, he expects 2023 to be a record year for rental markets due to the city-state\u2019s reputation as a safe and stable place to live and operate a business.
\nHowever, Tay anticipates rents for luxury properties to grow at a slower pace.
\n\u00a0<\/p>\n

Private home rents jump 29.7% in 2022, the highest since 2007<\/p>\n

The rents for all private homes in Singapore rose 29.7% year-on-year in 2022, the highest since 2007, revealed Savills Research citing URA Rental Index.
\nIt attributed the rental increase to the \u201climited number of completions at the start of the year and the entry of more foreigners into the market\u201d.
\n\u00a0It noted that the growing number of viewings as well as the ease of letting have prompted landlords to raise their asking rents.
\nThe luxury segment also registered a surge in monthly rents, rising 5.8% quarter-on-quarter to $5.83\u00a0PSF\u00a0in Q4 2022 \u2013 its highest increase since Q2 2008 when average rent stood at $6.01 PSF.
\nFor the entire year, monthly rents for luxury non-landed projects increased 35.9% from the previous year, or the largest yearly growth since 2005.
\nLooking ahead, Savills expects rents for non-landed private homes to increase 5% to 8% for the mid-tier and mass market segment, while those for luxury apartments may climb by 10% to 15%.
\n\u00a0<\/p>\n

Kingsley Mansion on sale for $52 million<\/p>\n

Kingsley Mansion, a 10-storey residential development at 27 Boon Teck Road, has been put up for sale with a guide price of $52 million, revealed exclusive marketing agent CBRE.
\nThis translates to a land rate of $1,294 per sq ft per plot ratio (PSF PPR).
\nCBRE pointed out that no land betterment charge (LBC) is payable for the freehold site since it has a high development baseline.
\nThe land rate lowers to about $1,251 PSF PPR, after taking into account the 7% bonus gross floor area (GFA) for balconies and LBC of about $1.786 million.
\nThe 18-unit development occupies a 14,350 sq ft site that is zoned for \u201cResidential\u201d use under the 2019 Master Plan with a gross plot ratio of 2.8 and a building height limit of up to 36 storeys.
\nThe tender for Kingsley Mansion closes on 12 April 2023.
\nRelated article:\u00a0Land Betterment Charge: What Is It And Why You Need to Take Note (2023)
\n\u00a0<\/p>\n

Roselane Court is on the market for $23 million<\/p>\n

Roselane Court off Tanjong Katong Road in District 15 has been put up for sale, with a guide price of $23 million.
\nExclusive marketing agent Knight Frank Singapore said the price works out to a land rate of $1,375 PSF PPR, after considering a nominal land betterment charge.
\nCompleted in 2002, Roselane Court comprises seven residential units and occupies a 1,119.9 sq m or about 12,054 sq ft site.
\nZoned \u201cResidential\u201d under the 2019 Master Plan with a gross plot ratio of 1.4, the site could be redeveloped into 18 new housing units averaging 85 sq m, subject to layout and configuration as well as the relevant authorities\u2019 approval.
\nIn the event of a successful sale, the apartment owners, \u201cwhose unit sizes range from 58 sq m to 172 sq m, stand to receive minimum sale proceeds of approximately $1.9 million to $4 million\u201d, said Knight Frank.
\nThe tender for Roselane Court closes on 5 April.
\n\u00a0<\/p>\n

Detached house at Branksome Road to go on sale for $10.8 million<\/p>\n

A freehold detached house at Branksome Road will be put up for auction on 15 March, with a guide price of $10.8 million, revealed Huttons Asia.
\nNestled on a 4,398 sq ft site, the two-storey house has a floor area of about 4,581 sq ft and features an outdoor area with a swimming pool.
\nThe property is expected to receive significant interest from buyers given its prime location and unique features.
\nNotably, the house is situated within a highly coveted landed residential area in District 15, near East Coast Park.
\nJames Wong, Head of Sales and Auction at Huttons Asia, noted that the location also \u201cboasts easy accessibility via all modes of transport\u201d, with Changi Airport just a 12-minute drive, while Raffles City and Raffles Place (Central Business District) are just 10- and 14-minute drive away, respectively.
\n\u00a0<\/p>\n

\u2018Spooky\u2019 Tampines BTO as a backdrop for photoshoots?<\/p>\n

After going viral for the bold colour scheme at its lift lobbies, which some described as \u2018spooky\u2019 and \u2018inauspicious\u2019, Tampines\u2019 GreenVines Build-to-Order (BTO) project has now become the backdrop for photoshoots, reported TODAY.
\nA freelance photographer known as \u201cmarcuschow\u201d on Tiktok shared photos he took at the estate\u2019s red and yellow blocks. He noted that the photos, which showed a female model posing in Converse high-top sneakers, were for a collaboration with a brand.
\nDigital content creators Jayden Tan and Kyla Tan also posted pictures and videos of shoots they did at Block 640B\u2019s red-tiled lift lobby on social media.
\n\u00a0The pictures have impressed many online users, with the top comment stating: \u201cDon\u2019t know why people are complaining especially since the normal HDB flats aren\u2019t exactly spectacular. This is something new at least.\u201d
\n\u00a0An Instagram user also wrote: \u201cYou nailed it! Artistically portrayed the red vibes and coolness.\u201d
\n\u00a0<\/p>\n

Tengah\u2019s 18,555 BTO flats register steady demand<\/p>\n

HDB has launched 18,555 Build-To-Order (BTO) flats in Tengah as at the recent sales exercise in February \u2013 or over half of the planned public housing units within Singapore\u2019s newest town reported The Straits Times.
\nBTO application rates showed that interest in Tengah flats has remained steady over the past four years since the town\u2019s first flats were offered in 2018, said Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee and Tie.
\nTengah saw overall application rates of between 1.4 and 4.3, which works out to around one to four applicants for every BTO flat offered.
\nSun noted that application rates in Tengah mainly depend on the project\u2019s location, with those close to MRT stations being the most popular, and those farther away from amenities and main transport nodes registering less demand.
\n\u00a0\u201cThe trend indicates that people are becoming more receptive to living in Tengah, although it is the newest town and many amenities are still under construction,\u201d said Sun.
\nOnce completed, Tengah will offer about 42,000 new homes, of which 30,000 are HDB flats and 12,000 are private homes.
\n\u00a0<\/p>\n

Residential properties dominate Q4 2022 investment sales<\/p>\n

Residential properties accounted for the highest proportion of investment sales during the fourth quarter of 2022 at 62%, reported Singapore Business Review citing Savills data.
\nBut while it registered the largest investment sales volume, the residential sector\u2019s Q4 performance was still lower compared to the preceding quarter.
\nNotably, the $1.26 billion residential investment sales volume in Q4 2022 was a 66.1% decline from Q3 2022.
\n\u00a0\u201c[It is] a turnaround from two consecutive quarters of increases over Q2 2022 and Q3 2022,\u201d said Savills.
\nThe Q4 2022 figure was also the lowest since Q3 2020 when investment sales amounted to $982.1 million.
\nMeanwhile, commercial properties made up 27% of total investment sales volume, while industrial properties accounted for 11%.
\n\u00a0<\/p>\n

Upper Circular Road shophouse on sale for $24.2 million<\/p>\n

A part three, part six-storey conservation shophouse at 13 Upper Circular Road has been put up for sale via expression of interest (EOI) with a guide price of $24.2 million, revealed exclusive marketing agent CBRE.
\nThis works out to about $3,300 PSF on a total floor area of 7,333 sq ft.
\nNestled on a 1,752 sq ft site, the District 1 shophouse has undergone extensive asset enhancement works which translates to \u201clower future capital expenditure requirement and greater cost savings for the incoming investor\u201d.
\nSince it is zoned for commercial use, foreigners can acquire the property with no Additional Buyer\u2019s Stamp Duty (ABSD) or Seller\u2019s Stamp Duty (SSD) payable.
\nThe EOI exercise for the shophouse closes on 11 April 2023.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u202fListings,\u202fProject Reviews\u202fand\u202fGuides.\u00a0
\nFarhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…February 2023 BTO application rate \u201cmeasured\u201d; The Marq apartment sets new record with 0,000 monthly rent, and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

February 2023 BTO application rate \u201cmeasured\u201d; The Marq apartment sets new record with $100,000 monthly...<\/p>\n","protected":false},"author":1,"featured_media":135188,"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-135187","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\/03\/rsz_1feb-2023-bto-tengah.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zar","jetpack-related-posts":[{"id":72375,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/overall-subscription-rate-for-bto-flats-down-in-november\/","url_meta":{"origin":135187,"position":0},"title":"Overall subscription rate for BTO flats down in November","date":"November 21, 2017","format":false,"excerpt":"\r Tampines GreenCourt is nestled within the tranquil living environment of Tampines North, with several nearby parks. Despite the robust demand seen for three- and four-room flats in Tampines and Geylang, the overall subscription rate for Build-to-Order (BTO) flats continued to fall during the November sales exercise, reported Today Online.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118234,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/all-flats-in-hdbs-latest-bto-exercise-oversubscribed\/","url_meta":{"origin":135187,"position":1},"title":"All flats in HDB\u2019s latest BTO exercise oversubscribed","date":"August 14, 2020","format":false,"excerpt":"\r HDB has received a total of 17,947 applications a day after launch.\u00a0 The 7,862 new flats launched by the Housing and Development Board (HDB) on Wednesday (12 August) received robust interest from buyers, with all flats types being oversubscribed. As of 11am on Friday (14 August), the two-room flexi\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55905,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bto-flats-in-bidadari-geylang-most-sought-after\/","url_meta":{"origin":135187,"position":2},"title":"BTO flats in Bidadari, Geylang most sought-after","date":"May 25, 2017","format":false,"excerpt":"\r \u00a0 Despite their higher prices, flats in the mature estates of Bidadari and Geylang attracted the most number of applicants in the Housing and Development Board\u2019s (HDB) latest sales exercise for Build-To-Order (BTO) flats, reported The New Paper. As of 5pm on Wednesday, the four-room units at the Dakota\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8221,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/5-room-bidadari-flats-more-than-75-times-oversubscribed-by-2nd-timers\/","url_meta":{"origin":135187,"position":3},"title":"5-room Bidadari flats more than 75 times oversubscribed by 2nd timers","date":"February 29, 2016","format":false,"excerpt":"\r Artist\u2019s impression of the Alkaff Oasis BTO project in Bidadari. Source: HDB As of 5pm on Monday (29 Feb), the 236 five-room and 3Gen flats at Alkaff Oasis in Bidadari have emerged as the most popular units in the February Build-To-Order (BTO) exercise, with an application rate of 7.6\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114363,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/larger-bto-flats-most-popular-among-home-seekers\/","url_meta":{"origin":135187,"position":4},"title":"Larger BTO flats most popular among home seekers","date":"February 18, 2020","format":false,"excerpt":"\r Canberra Vista, the Build-To-Order (BTO) project in Sembawang saw over 10 applicants competing for each of the 266 units of five-room and three-generation flats. Bigger flats proved to be most popular among home buyers at this year\u2019s first sales exercise which concluded on 17 February. Canberra Vista, the Build-To-Order\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118293,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/geylangs-four-room-bto-flats-14-times-oversubscribed\/","url_meta":{"origin":135187,"position":5},"title":"Geylang\u2019s four-room BTO flats 14 times oversubscribed","date":"August 19, 2020","format":false,"excerpt":"\r Parc Residences @ Tengah. Photo: HDB The Housing and Development Board\u2019s (HDB) four-room Build-to-Order flats in Geylang proved to be a hit among first-time homebuyers, registering an application rate of 14.1 as at 5pm on Tuesday (18 August). Known as Dakota One, four-room flats in the BTO project in\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\/135187"}],"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=135187"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/135187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/135188"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=135187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=135187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=135187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}