{"id":135564,"date":"2023-03-20T08:11:09","date_gmt":"2023-03-20T01:11:09","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-in-february-2023-up-despite-bsd-hikes-government-pilots-singles-shared-room-facilities-and-more\/"},"modified":"2023-03-20T16:20:31","modified_gmt":"2023-03-20T09:20:31","slug":"new-private-home-sales-in-february-2023-up-despite-bsd-hikes-government-pilots-singles-shared-room-facilities-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-in-february-2023-up-despite-bsd-hikes-government-pilots-singles-shared-room-facilities-and-more\/","title":{"rendered":"New Private Home Sales in February 2023 Up Despite BSD Hikes, Government Pilots Singles Shared Room Facilities, and More"},"content":{"rendered":"


\nNew Private Home Sales in February 2023 Up Despite BSD Hikes, Government Pilots Singles Shared Room Facilities, and More14 to 20 March 2023
\nNew private home sales in Singapore, excluding Executive Condominiums (ECs), increased in February 2023, despite the hike in\u00a0Buyer\u2019s Stamp Duty (BSD)\u00a0for pricier residential properties. Meanwhile, the HDB is piloting a new rental scheme for low-income singles called Single Room Shared Facilities, in which tenants will have their own rooms but share common facilities such as kitchens and bathrooms.
\n\u00a0
\n1. New private home sales up in February 2023 despite the hike in\u00a0BSD<\/p>\n

New private home sales in Singapore, excluding ECs, increased by almost 10% to 432 units in February 2023, despite the hike in BSD for pricier residential properties, reported CNA.
\nThe number of units launched in February 2023 also dropped to 401 units from 410 units in January 2023.
\nOn an annual basis, private home sales declined 20.3% from the 542 units shifted over the same period last year.
\nThe majority of the sales were from the Core Central Region (CCR) with 222 units transacted, as projects within the area continued to clear unsold units. The Central Region (RCR) and Outside Central Region (OCR) saw 163 units and 47 units sold, respectively.
\nAnalysts noted that the higher tax did not deter buyers from acquiring a residential property.
\n\u201cMost buyers may not feel that the increase in buyer\u2019s stamp duty is excessive, especially if the amount is expressed as a percentage of the total purchase price and if the homes were bought for owner occupation or a long-term investment,\u201d said Christine Sun, OrangeTee & Tie\u2019s Senior Vice President of Research and Analytics.
\n\u00a0
\n2. HDB to pilot new rental scheme for low-income singles
\nHDB\u00a0is piloting the Single Room Shared Facilities Scheme, which will allow low-income singles to have their own room, while facilities such as kitchens and bathrooms will be shared with other tenants, reported CNA.
\nThe pilot will be tested at the former Anderson Junior College hostel in Ang Mo Kio, which has been partitioned into 480 single rooms.
\nApplications for the rooms \u2013 which measure about 9 sq m each and come with basic furnishings, such as a wardrobe, bed frame, small refrigerator, table, and chair \u2013 are set to open by end-2023, when the two 11-storey blocks are ready.
\nMinister for National Development Desmond Lee revealed that the pilot will be evaluated over the next year or two before deciding whether it will be included as part of its rental flat offerings.
\nMeanwhile, volunteer welfare organisations have welcomed the pilot and offered various suggestions, including enhancing security by installing closed-circuit televisions (CCTVs) in common areas and having gendered floors, reported TODAY.
\nThey added that operators of the pilot should also create a community as well as set ground rules to ensure tenants behave amicably with each other.
\n\u00a0
\n3. Two residential sites at Jalan Tembusu, Tampines Street 62 launched for sale
\nUrban Redevelopment Authority (URA) and HDB have released two residential sites for sale, with the tender for both parcels closing on 18 July 2023.
\nThe sites comprise a 20,572.1 sq m private residential plot at Jalan Tembusu and a 28,000.2 sq m\u00a0EC site at Tampines Street 62 (Parcel B). The two land parcels are expected to yield up to 1,540 housing units.
\nChia Siew Chuin, JLL\u2019s Head of Residential Research, Research and Consultancy, believe developers would exercise caution when bidding for the Jalan Tembusu plot due to its large size \u2013 which could fetch above $1 billion.
\nShe expects the site to draw less than five bids, with the top bid ranging from $1,300 to $1,350 per sq ft per plot ratio (PSF ppr).
\nThe Tampines site, on the other hand, is expected to attract healthy interest from developers as previous EC projects sold well despite the cooling measures and high-interest rate environment.
\nOrangeTee & Tie\u2019s chief executive Steven Tan expects the site to receive four to seven bidders, with the bid price ranging from $630 to $680 PSF ppr.
\n\u00a0
\n4. Singapore leads the ranking for the city with the strongest prime rental growth<\/p>\n

Singapore registered the strongest rise in prime residential rents in Q4 2022, pushing New York off the top position, revealed Knight Frank.
\nThe Lion city saw an annual rent increase of 28% during the quarter, with strong demand and limited stock driving prices higher.
\n\u201cAround 17,000 new private homes are set for completion in 2023 that should provide some relief to accommodation pressures. However, until such time, it will remain a landlord\u2019s market and rents are likely to rise further,\u201d said Leonard Tay, Head of Research for Singapore at Knight Frank.
\nIn fact, Singapore\u2019s new visa rules to attract foreign talent are expected to supplement tenant demand further.
\nMeanwhile, New York was ranked second as it posted 18.6% in annual growth, followed by London (17.8%), Toronto (15%) and Tokyo (8%).
\nMeanwhile, Hong Kong saw the largest fall in prime rents, dropping 6.4% as international corporations deferred expansion plans within the region.
\nKnight Frank noted that while prime rents remained robust across many global cities, the overall pace of annual growth is beginning to slow.
\n\u00a0
\n5. The rental market reaches a peak as agents report fewer viewings, longer listing times<\/p>\n

After two years of steady rental increase, Singapore\u2019s rental market may have reached its peak as agents report fewer viewings and longer listing times.
\nHowever, landlords are having difficulty accepting that the market is slowing down, reported The Business Times.
\nAccording to an agent, the market began to moderate as early as November 2022, but people attributed the slowdown to the usual year-end lull.
\nWith tenants no longer rushing to commit, landlords try to lock in tenants for longer contracts.
\nAgents said the slowdown is due to fewer tenants, skyrocketing rents, uncertain economic conditions, and increasing options amid the completion of residential projects.
\nMoving forward, agents believe rents may decline over the coming months, with the market going back to the basics of location, unit condition, and supporting infrastructure as the determining factors for the success of individual listings.
\n\u00a0Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru
\n\u00a0
\n6. New residential sales volume drop to a 14-year low in Q4 2022
\n\u00a0
\nSales of new residential properties plunged 68.4% quarter-on-quarter (QoQ) to 690 units during the Q4 2022 \u2013 or its lowest quarterly sales since Q4 2008, when new sales volume stood at 419 units, reported Singapore Business Review citing Savills Research.
\nOn an annual basis, residential sales fell 77.1% in Q4 2022.
\nFor the whole of 2022, new residential sales dropped 45.5% to 7,099 units from the 13,027 units shifted in 2021. The figure is also the lowest sales volume since 2008 when 4,264 units were sold.
\nThe secondary market also saw sales volume decline 26.8%\u00a0QoQ and 42.6% year-on-year (YoY) to 2,898 units in Q4 2022.
\nThe CCR registered the biggest quarterly drop in secondary sales at 30.1%
\nFor the whole of 2022, secondary sales also declined by 28%.
\n\u00a0
\n7. GCB sales drop in 2H 2022 due to interest rate hikes<\/p>\n

The Good Class Bungalow (GCB) market saw sales decline significantly in the second half of 2022, with 18 units sold worth $613.45 million compared to 40 units sold in 2H 2021 for $1.2 billion, reported Singapore Business Review citing CBRE data.
\nFor the full year, GCB sales dropped 54.3% to $1.365 billion as 47 GCBs were sold in 2022 from $2.9 billion as 98 GCBs were shifted in 2021.
\nCBRE attributed the decline in 2H 2022 sales to faster-than-expected interest rate hikes as well as the worsening macroeconomic conditions. Nonetheless, it noted that GCB sales values for 2022 were still higher than in 2019.
\nLooking ahead, CBRE expects the GCB market to face further challenges, with transaction activity remaining slow for most of 2023, amid prolonged geopolitical tensions and hikes in interest rates.
\n\u201cIn the longer term, Singapore\u2019s strong positioning as a wealth hub and the continued attractiveness of GCBs as status symbols and for wealth perseveration ought to support demand and prices,\u201d it said.
\n\u00a0
\n8. Wing Tai buys Holland Tower for $76.3 million
\nWing Tai Holdings, via its fully-owned subsidiary Wincove Investment, has acquired Holland Tower in prime District 10 for $76.3 million, which works out to a land rate of $1,746 PSF ppr.
\nLocated at 10 Holland Heights, the 14-unit development occupies a 2,032.6 sq m site and has a gross floor area of 4,059.05 sq m.
\nThe site is a five-minute drive to Dempsey Hill and Holland Village as well as The Singapore Botanic Gardens. The Orchard Road shopping belt is also a 10-minute drive away.
\n\u201cWe plan to leverage its superior location attributes to develop a luxurious and iconic residential development with stunning unblocked views of the lush greenery in Holland Park as well as the Singapore city skyline,\u201d said Wing Tai Executive Director Tan Hwee Bin.
\n\u00a0<\/p>\n

13 people were arrested for rental scams, and victims lost over $1.3 million<\/p>\n

The police arrested 13 individuals suspected of being involved in 480 rental scams, which saw victims lose more than $1.3 million, reported The Straits Times.
\nThe police said four women and nine men, aged between 18 and 56, were nabbed during an islandwide operation from 9 March to 13 March 2023.
\nThe scammers impersonated property agents and asked victims for payment to secure the rental of a unit prior to viewing the property.
\nThe police added that three other women, aged 21 to 27, are assisting in investigations.
\nBased on preliminary investigations, the 16 suspects purportedly allowed their bank accounts to receive illicit proceeds from rental scams. They then withdrew the proceeds and handed them to others in the syndicate.
\nIndividuals who assist another to retain benefits from criminal act face imprisonment of up to 10 years, fines of up to $500,000 or both.
\n\u201cTo avoid becoming involved in money laundering activities, members of the public should always reject requests to allow their bank accounts to be used to receive and transfer money for others,\u201d said the police.
\n\u00a0
\n10. Three Geylang Road shophouses are on sale for $23 million
\nThree adjoining conservation shophouses at 489, 491, and 493 Geylang Road have been put up for sale via\u00a0Expression of Interest\u00a0(EOI) with a guide price of $23 million or $3,113 PSF based on the total floor area of about 7,388 sq ft.
\nExclusive marketing agent CBRE said the two-storey shophouses \u2013 which come with a combined land area of 3,830 sq ft \u2013 are being sold collectively.
\nThe shophouses are currently fully tenanted, with the ground floor occupied by an eating house and the upper floors by a karaoke lounge.
\nCBRE noted that the shophouses are presently under-developed, enabling the incoming owner to consider building \u201ca five-storey rear extension to maximize the total floor area by an additional 4,100 sq ft, or approximately 36% of the maximum allowable floor area, subject to approval from the relevant authorities\u201d.
\nSince the site is zoned for\u00a0Commercial use, both locals and 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 shophouses closes on 19 April 2023.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New Private Home Sales in February 2023 Up Despite BSD Hikes, Government Pilots Singles Shared Room Facilities, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New Private Home Sales in February 2023 Up Despite BSD Hikes, Government Pilots Singles Shared...<\/p>\n","protected":false},"author":1,"featured_media":135565,"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-135564","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\/singapore-cbd-downtown-skyline.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zgw","jetpack-related-posts":[{"id":80589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-have-mild-effect-on-property-demand\/","url_meta":{"origin":135564,"position":0},"title":"Buyer\u2019s stamp duty hike to have mild effect on property demand","date":"February 21, 2018","format":false,"excerpt":"\r The top marginal buyer\u2019s stamp duty (BSD) rate hike for residential properties priced over $1 million is expected to have a mild effect on property demand, reported The Business Times. 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