{"id":136545,"date":"2023-05-08T08:45:30","date_gmt":"2023-05-08T01:45:30","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-continuum-sells-over-26-of-its-units-new-property-cooling-measures-may-not-reduce-overall-property-prices-and-more\/"},"modified":"2023-05-08T16:57:24","modified_gmt":"2023-05-08T09:57:24","slug":"the-continuum-sells-over-26-of-its-units-new-property-cooling-measures-may-not-reduce-overall-property-prices-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-continuum-sells-over-26-of-its-units-new-property-cooling-measures-may-not-reduce-overall-property-prices-and-more\/","title":{"rendered":"The Continuum Sells Over 26% of its Units, New Property Cooling Measures May Not Reduce Overall Property Prices, and More"},"content":{"rendered":"


\nThe Continuum Sells Over 26% of its Units, New Property Cooling Measures May Not Reduce Overall Property Prices, and More3 May to 8 May 2023
\nThe Continuum sold more than 26% or 216 out of its 816 units during its launch over the weekend. Meanwhile, Blossoms by the Park in Buona Vista witnessed robust demand, registering a 75% take-up rate within two days of its launch \u2013 indicating that the latest cooling measures may not cool property prices.
\n\u00a0
\n1. The Continuum sells over 26% of units at an average price of $2,732 per sq ft (PSF)<\/p>\n

The Continuum sold more than 26% or 216 out of its 816 units during its launch over the weekend, with healthy demand seen across all unit types.
\nThe units achieved an average selling price of $2,732\u00a0PSF.
\nDr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru said: \u201cThe largest and only freehold developer launch in District 15, The Continuum, is the second project to debut and in this instance, 10 days after the announcement of new ABSD rates affecting multiple property purchasers and foreigners.
\n\u201cHaving sold 216 units on the first weekend of sales, this meant a conversion of more than 40% expressions of interest from the preview period. Comparatively, the 816 unit development has performed just as well given that it is three times larger than Blossoms By The Park and after news of another Fed rate hike on 3 May 2023.
\n\u201cNoteworthy of mention is that healthy demand was observed for all unit types with an average of $2732 PSF achieved. This indicates that homebuyers value freehold tenure as a prized investment for the long-haul, even for legacy purposes.\u00a0
\n\u201cAs the en bloc market is anticipated to decelerate, there may be fewer freehold launches in District 15 in the future. This makes the area particularly attractive to buyers purchasing for their children who wish to reside close to their parents. Additionally, The Continuum appeals to landed homeowners looking to downsize as they approach retirement age. Districts 15 and 16 boast a robust demand catchment, with one of the largest enclaves of landed homes in the region. \u00a0We expect sales for the project to continue at a steady rate.\u201d
\nJointly developed by Hoi Hup Realty and Sunway Property, The Continuum sits on a 263,715 sq ft site on Thiam Siew Avenue, featuring 816 units spread across six 17- to 18-storey towers.
\nOver 60% of the units offered are 2- and 3-bedroom units.
\n\u00a0
\n2. New property cooling measures may not reduce overall property prices<\/p>\n

Despite the introduction of new property cooling measures, Blossoms by the Park in Buona Vista witnessed robust demand, registering a 75% take-up rate within two days of its launch.
\nMost of the buyers were locals and the project set new benchmark prices in the area, reported The Straits Times.
\nWith this, some people questioned whether the new cooling measures \u2013 which involve higher Additional Buyer\u2019s Stamp Duty (ABSD) rates for Singaporeans and Permanent (PRs) buying second and subsequent homes as well as a 60% ABSD rate for foreign buyers \u2013 is effective in curbing investment demand.
\n\u201cIn the coming months, we can expect new mid-tier and mass-market residential projects to be launched at new record-high benchmark prices. Therefore, the latest cooling measures are unlikely to reduce the overall residential property prices,\u201d said Nicholas Mak, Chief Research Officer at Mogul.sg.
\nSome analysts believe developers of new projects within the city fringe areas and suburbs will push ahead with their launches, given that buyers are predominantly comprised of Singaporeans and PRs.
\nHowever, developers of projects within the prime district, which tend to appeal to foreign buyers, may decide to review their pricing strategies.
\n\u00a0
\n3. More than 900 HDB BTO flats are to be built in Sin Ming<\/p>\n

HDB is constructing over 900 BTO flats at Sin Ming Road, reported CNA.
\nThe project, which is yet to be launched, will feature five residential blocks with 984 flats and is expected to be completed by the second quarter of 2027.
\n\u201cIt appears that HDB is building BTO flats in mature estates in advance so as to deliver it within a shorter time,\u201d said Lee Sze Teck, Senior Director of Research at Huttons.
\nSituated beside Block 25 Sin Ming Road, the new estate will offer \u201csocial communal facilities\u201d such as a multi-storey car park and a roof garden.
\nThe last BTO flats built within the Sing Ming area were completed in 1988 or 35 years ago.
\nWith this, analysts expect demand for the new flats to be strong due to potential pent-up demand within the area and its proximity to good schools such as Ai Tong and Catholic High.
\nLee anticipates the upcoming project to have a mix of community care apartments as well as 2- to 4-room BTO flats, with prices ranging from $525,000 to $650,000 for 4-room flats.
\nRelated article:\u00a0HDB Build-To-Order (BTO) Flats in Singapore
\n\u00a0
\n\u00a0
\n4. High rents force young people to move back in with their parents
\nWith rents rapidly increasing, some young people in Singapore who moved out of their family homes during the pandemic have returned to their parents\u2019 house, reported CNA.
\n\u201cSingles who moved out of their parents\u2019 places when the lockdown ended on 1 June 2020, are moving out of the rented places because it is now time to renew rents and landlords are upping their asking rates by 100%,\u201d said Alan Cheong, Savills Singapore\u2019s Head of Research and Consultancy.
\nAside from rising rents, other factors contributing to these young tenants\u2019 move include the removal of COVID-19 restrictions, improved family relations and other practical reasons such as their parents\u2019 house being nearer to their office.
\nNonetheless, there are still some who choose to stay in their rented places as they want to maintain their independence, with co-living Coliwoo still frequently receiving inquiries from young Singaporeans.
\nMeanwhile, Bloomberg reported that the rising rent in Singapore is becoming a political problem.
\n\u201cWe all know that Singapore is a very comfortable, reliable country to live in,\u201d said Belle, who declined to reveal her last name. \u201cBut it is just a little sad that it doesn\u2019t seem like the government\u2019s really changing its course and there are no safeguards to managing the rental increases.\u201d
\nThe 28-year-old content creator mulls voting for an opposition party after supporting the ruling People\u2019s Action Party (PAP).
\n\u00a0
\n5. Singapore imposes the world\u2019s highest total stamp duty on foreign house buyers<\/p>\n

Singapore has the highest stamp duty rate for foreign buyers of residential property in the world, amounting to around 64% of the selling price, showed a Savills study.
\nThis comes after the Singapore Government doubled the Additional Buyer\u2019s Stamp Duty (ABSD) rate for foreigners buying residential property from 30% to 60% to curb investment demand.
\nHong Kong imposes the second highest rate at 31.3%, followed by Cape Town at 13.5%.
\nComparatively, cities in the US have the lowest rate, with Miami at 0.5% and San Francisco at 0.9%.
\nBut while foreign buyers may be initially discouraged by the ABSD hike, they will eventually \u201ccome to term with it, bite the bullet and move on\u201d, Aric Lim, who works at Huttons Asia told CNA.
\nDr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group, expects demand to ease over the next three months.
\nHowever, he believes foreigners will still buy properties here given that prices in other cities such as Shanghai are also increasing at a much higher rate than in Singapore.
\nRelated article:\u00a0Buyer\u2019s Stamp Duty Guide for Singapore Property Buyers (2023)
\n\u00a0
\n6. Singapore needs to keep some land for future generations, says Minister for National Development Desmond Lee
\nMinister Lee said Singapore has made hard trade-offs due to its small size and the need to create a balance between the needs of the current generation and future generations, reported The Straits Times.
\n\u201cSometimes it means making difficult decisions \u2013 whether it\u2019s land use, and land use versus housing, land use versus conservation, land use versus healthcare, making people upset sometimes, because it is in the interest of some other group or another generation,\u201d said the minister at the 52nd St Gallen Symposium in Switzerland.
\nHe noted that the government had to control eligibility for certain facilities and access to housing since \u201cwe need to get some land for people not yet born, who can\u2019t vote, who can\u2019t speak up, and keeping optionalities for them\u201d.
\nThe Independent reported that Lee\u2019s comments led some Singaporeans to clap back with references to the high cost of public housing, noting that future generations won\u2019t be able to afford it.
\n\u00a0
\n7. Animal and Veterinary Service (AVS) to gather feedback on possible lifting of cat ban on HDB flats<\/p>\n

A survey conducted by the Animal and Veterinary Service (AVS) in 2022 showed that 90% of more than 30,000 respondents believe cats were fit to be kept as pets, reported The Straits Times.
\nWith this, AVS will hold focus group discussions from June to gather feedback on the possible lifting of the ban on cats within Housing Board flats. Notably, cats are banned in HDB flats since 1960 as part of a blanket ban on animals, livestock, and poultry.
\nThe discussion will consider the potential impact of the proposed measures on pet cats and their owners as well as community cats and their caregivers.
\nAVS hopes to get public suggestions on ways to encourage responsible pet ownership and caregiving to foster greater understanding among neighbours about pet-related matters.
\nIt also seeks to gather feedback on the proposed measures and will provide stakeholders and households adequate time and support to adapt to any change which may be introduced.
\nThose interested to provide feedback can do so here.
\nRelated article:\u00a0Keeping Pets in Singapore: 5 Extra Costs and Considerations for Your New Home (2023)
\n\u00a0
\n8. Flood at Yishun flat due to defective pipes
\nNational water agency PUB said the \u201cunfortunate and unusual\u201d incident that resulted in flooding from within a Yishun flat was caused by defects found in the unit\u2019s private sanitary pipes, reported CNA.
\nPUB shared that the family of five was \u201cunderstandably distressed as they were preparing to move into their newly renovated home\u201d.
\nThe agency, along with Nee Soon Town Council (NSTC), has since isolated the pipe leak to stop the water flow and provided the family with temporary accommodation. They also assisted them with the clean-up as well as shifting and storage of their furniture and belongings.
\n\u201cAs the homeowners work through the repairs to their unit, we hope our continued support will help to alleviate some of their anxiety,\u201d said PUB.
\nRelated article:\u00a06 HDB Flat Renovation Disasters and Incidents Over the Years and What Homeowners Can Do to Avoid Them
\n\u00a0
\n9. Singaporean laments over\u00a0needing 20 years to pay for their\u00a0HDB flat
\nAn online user shared a screengrab of an online Facebook post, which highlighted the difference in payment timeline between an HDB flat of the previous generation and the current one, asking why such a difference exists, reported The Independent.
\n\u201cI need 20 years to pay off my HDB,\u201d read the post. \u201cWhereas my parents paid up in less than 10 years,\u201d it added, noting that both of them are paying for a four-room flat.
\nThe post sparked conversation among netizens, with one saying it is due to inflation while others pointed to the political side of the issue.
\n\u201cYou reap what you sow and get what you voted for,\u201d wrote another.
\nDeputy Prime Minister Lawrence Wong has previously said that BTO flats have remained affordable since prices have increased in tandem with incomes, said CNA.
\n\u00a0
\n10. Demand for shophouses increases following the April 2023 property cooling measures
\nSource: One Global Group
\nThe increase in ABSD rates for residential properties has driven up demand for shophouses, with owners raising their asking prices, reported The Straits Times.
\nOne such owner, J has decided to hold out even as the buyer has raised the offer from $20 million to $21 million. J has set his asking price at $22 million.
\n\u201cI have been in negotiations with the buyer for a while. But after the ABSD hike, I am not interested to sell my unit any more. If the deal is not closed soon, I will take it off the market and wait for prices to go up further before I put it up for sale again,\u201d shared J.
\nHuttons Asia Research Head Lee Sze Teck expects prices and demand for shophouses to increase over the coming months, reported Singapore Business Review.
\n\u201cThe value of shophouses will continue to rise over time due to its limited supply, thus providing good wealth preservation for Ultra-High-Net-Worth Individuals and family offices,\u201d said Lee.
\nIn fact, Richard Tan, Senior Associate Group District Director at PropNex, and his team have sealed four shophouse deals, with prices ranging between $10 million and over $20 million, said The Business Times.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…The Continuum Sells Over 26% of its Units, New Property Cooling Measures May Not Reduce Overall Property Prices, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Continuum Sells Over 26% of its Units, New Property Cooling Measures May Not Reduce...<\/p>\n","protected":false},"author":1,"featured_media":136546,"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-136545","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\/05\/the-continuum-condo-singapore-q2-2023-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zwl","jetpack-related-posts":[{"id":123905,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/perfect-ten-sells-5-of-units-at-launch\/","url_meta":{"origin":136545,"position":0},"title":"Perfect Ten sells 5% of units at launch","date":"December 20, 2021","format":false,"excerpt":"\r Perfect Ten sells 5% of units at launchPerfect Ten sold 12 out of 230 units during its\u00a0launch weekend. 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