{"id":139141,"date":"2023-09-11T09:22:58","date_gmt":"2023-09-11T02:22:58","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-fewer-hdb-owners-chasing-condo-dream-record-monthly-number-of-million-dollar-hdb-transactions-in-august-2023-and-more\/"},"modified":"2023-09-11T17:28:35","modified_gmt":"2023-09-11T10:28:35","slug":"are-fewer-hdb-owners-chasing-condo-dream-record-monthly-number-of-million-dollar-hdb-transactions-in-august-2023-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-fewer-hdb-owners-chasing-condo-dream-record-monthly-number-of-million-dollar-hdb-transactions-in-august-2023-and-more\/","title":{"rendered":"Are Fewer HDB Owners Chasing Condo Dream, Record Monthly Number of Million-dollar HDB Transactions in August 2023, and More"},"content":{"rendered":"


\nAre Fewer HDB Owners Chasing Condo Dream, Record Monthly Number of Million-dollar HDB Transactions in August 2023, and More5 to 11 September 2023
\nFewer HDB flat owners are pursuing their aspirations to upgrade to condominiums following a series of property cooling measures, rising mortgage rates, increasing private home prices and an uncertain economic environment. Meanwhile, transactions for million-dollar HDB flats have been on the uptrend over the past years, with 369 such flats changing hands in 2022, up from 259 in 2021 and 82 in 2020.
\n\u00a0
\n1. Fewer HDB owners chasing the condo dream?
\nFewer HDB flat owners seem to be pursuing their aspirations to upgrade to condominiums following a series of property cooling measures, rising mortgage rates, increasing private home prices and an uncertain economic environment, reported The Straits Times.
\nIn 1H 2023, the number of new and resale non-landed private homes bought by those with HDB addresses declined by 36% to 2,322 units from 3,628 units over the same period last year, said OrangeTee & Tie, citing Urban Redevelopment Authority (URA) Realis data.
\nThis trend was also witnessed in 2022 when purchases by HDB residents dropped 36.2% year-on-year (YoY) to 6,287 units.
\nOne factor is the tightening of the total debt servicing ratio (TDSR) threshold also restricted the financing options for non-first-time buyers, while the higher interest rates discouraged potential buyers.
\nHowever, Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru says, \u201cThe jury is not yet out on whether HDB owners are really less inclined to upgrade to a condo in 2023.
\nThere were fewer condos launched in 2022 compared to 2021. This means there were fewer available units for HDB upgraders to buy. Naturally, this resulted in\u00a0a dip in the number of non-landed private homes bought by people with HDB addresses.
\nIn comparison, there are more major new condo launches in 2023 compared to 2022. Among them, launches such as\u00a0Botany at Dairy Farm, Blossoms By The Park, and Grand Dunman have performed well, selling 50%, 82%, and 55% of their units over their launch weekends, respectively, and were well-received.
\nWhile performance has been uneven, with projects with better locational attributes performing better, there are still three and a half more months to the end of 2023. Only then can we confirm that this is not a one-off occurrence.\u201d
\n\u00a0
\n2. Million-dollar HDB flat transactions on the rise
\nTransactions for million-dollar HDB flats have been on the uptrend over the past years, with 369 such flats changing hands in 2022, up from 259 in 2021 and 82 in 2020.
\nFor 2023, a total of 301 million-dollar HDB flats have already been transacted as of 6 September 2023, reported The Business Times. This comes as a record high of 54 such flats changed hands in August.
\nToa Payoh registered the highest million-dollar transactions, with 42 such flats sold. It is followed by the Central Area and Bukit Merah with 37 and 35 units shifted, respectively.
\nKallang\/Whampoa also saw 34 million-dollar flat transactions and 31 in Queenstown.
\nOf the 301 units sold, 127 or 42% were five-room flats, 95 or 32% were executive flats and 77 or 26% were four-room flats. The rest were multi-generational and three-room flats.
\nNotably, not all of these flats were on high floors. In fact, the bulk of the units (72) were between levels 7 and 12 and 58 such units were between levels 1 and 6.
\n\u00a0
\n3. Over 5,000 new homes to rise at three Tanjong Rhu plots
\nNew high-rise housing developments, which could feature over 5,000 homes, are set to be constructed on three plots of land in Tanjong Rhu, reported The Straits Times.
\nThis comes after a recent amendment to the URA 2019 Master Plan led to the re-parcelling of residential plots and an increase in their plot ratios.
\nSituated across the Geylang River, the three plots of land are within 1km of either Katong Park or Tanjung Rhu MRT stations on the Thomson East Coast Line.
\nThe first plot, which spans about 2 hectares (ha), has a plot ratio of 3.6 and is located adjacent to Sampan Place.
\nThe second plot measures about 3.9ha and comes with a plot ratio of 4.3. It is situated at the intersection of Kampong Arang and Tanjung Rhu roads.
\nThe third plot, on the other hand, is sandwiched between East Coast Parkway and Tanjung Rhu. The 5.8ha site has a plot ratio of 3.5.
\nAnalysts noted that while Tanjung Rhu is mainly a private residential enclave, the construction of new public flats could not be ruled out, given the recent efforts of the government to make flats within prime areas more accessible to buyers.
\n\u00a0
\n4. Property agents now paying more attention to compliance checks
\nProperty agents in Singapore are now paying more attention to compliance checks after a $1.8 billion money laundering case garnered global attention, reported CNA.
\nWith this, the Singapore Estate Agents Association\u2019s (SEAA) anti-money laundering (AML) web service witnessed a significant increase in subscriptions, with nearly 100 new users added in the weeks since the case came to light in mid-August 2023.
\nOut of about 35,000 agents, over 20,000 salespeople are registered to the service.
\nThe SEAA web service conducts identity checks on potential buyers by cross-referencing international watchlists, the Panama Papers, and other databases. The web service also includes a bankruptcy search and an examination of prior property transactions.
\nIf a buyer raises suspicions, the agent is obliged to report it to the police as a suspicious transaction.
\n\u201cBefore this billion-dollar money laundering case, there could be quite a number of salespersons or agents who think that performing these checks is just adding on to (their) admin work, and doesn\u2019t serve much of a purpose,\u201d shared SEAA President Adam Wang.
\nIn fact, many may have just \u201cgone through the motions\u201d, he added.
\n\u00a0
\n5. More homeowners turn to professionals for defect checks on BTO flats
\nMore homeowners are engaging the services of home inspection firms to check their new homes for defects before they start renovation works or move in, reported CNA.
\nWith this, demand for home inspection service providers surged this year, especially among Build-to-Order (BTO) flat owners.
\nSG DefectScan and Uncle Defect SG, for instance, saw enquiries for their services grow by 20% this year.
\nThey attributed the hike in demand to a bigger number of flats being completed this year and homeowners wanting to check their new flats for defects before renovation.
\n\u201cDue to the COVID-19 pandemic, a lot of things had to be halted. Afterwards, a lot of these projects were also pushed back due to interruptions midway. Hence, we have a lot more projects to focus on this year,\u201d stated Marcus Liew, a defect specialist at Uncle Defect SG.
\nThe spike in demand for inspections is also partly driven by social media, as homeowners share their experiences in dealing with defects.
\nDespite this, the Housing and Development Board (HDB) said the proportion of BTO flat owners who reported defects has remained at the same level pre-pandemic.
\n\u00a0
\n6. URA launches Lorong 1 Toa Payoh site
\nA 99-year leasehold residential site located at Lorong 1 Toa Payoh has been put up for sale under the Government Land Sales (GLS) programme.
\nSpanning 15,743 sq m, the site has a gross plot ratio of 4.2 and is expected to yield about 775 housing units, revealed the\u00a0URA.
\nAnalysts expect the site to receive healthy interest, given that it has been eight years since new private homes were launched within the area.
\nOrangeTee anticipates the site to attract five to eight bidders with the highest bid hovering at around $1,100 to S$1,250 per sq ft per plot ratio (PSFppr).
\nLocated near the Braddel MRT station on the North-South Line, the upcoming project at the site is expected to be popular among families due to its proximity to various schools such as Raffles Girls School (Secondary), Raffles Institution, Beatty Secondary School, Pei Chun Public School, and Kheng Cheng School.
\nThe tender for the site will close on 7 November. It will be batched with two other residential sites at Pine Grove (Parcel B) and Clementi Avenue 1, which were launched for sale last month.
\n\u00a0
\n7. A detached house at Berrima Road is on sale for $15.88 million
\nA three-storey detached house located at Berrima Road in District 11 has been put up for sale via an expression of interest (EOI) carrying a guide price of $15.88 million.
\nThis works out to $3,463 PSF based on the property\u2019s land area of around 4,585 sq ft, revealed Huttons Asia.
\nWith a built-up area of about 6,663 sq ft, the freehold bungalow has five bedrooms, an entertainment room, living and dining areas, a helper\u2019s room and a car porch, which can house three cars. It also comes with a private lift and a swimming pool.
\n\u201cThis detached house on Berrima Road presents an exceptional opportunity for those seeking a modern and luxurious living experience,\u201d said Huttons Asia\u2019s Associate District Director Aric Lim.
\nThe EOI exercise for 31A Berrima Road closes on 30 September 2023.
\n\u00a0
\n8.\u00a0Luxury apartment sales down amid ABSD hike
\nThe increase in\u00a0ABSD rate in April has taken a toll on the luxury apartment market which saw sales drop in May and June, reported Singapore Business Review.
\nCBRE data showed that only 92 units of luxury apartments were transacted for a total value of $964.67 million in 1H 2023, down from the 106 units worth $1.085 billion sold in 2H 2022 and $1.097 billion in 1H 2022.
\nDespite the drop in transaction volumes, luxury apartment prices remained stable.
\nBased on CBRE\u2019s basket of freehold luxury projects, average prices of luxury apartments climbed 1.1% from $3,425 PSFin 2H 2022 to $3,463 PSF in 1H 2023.
\nLooking ahead, CBRE expects the elevated interest rates, cooling measures and uncertain macroeconomic environment to affect the luxury residential market in 2H 2023.
\n\u201cIn the near term, transaction volumes could dwindle further as investors and foreign buyers are deterred by the increased ABSD rates in Apr 2023\u2019s cooling measures. Prices are, however, unlikely to decline as rental yields have increased and there is limited new luxury supply pipeline,\u201d said CBRE.
\n\u00a0
\n9. Prime rental growth eases to 24.5% in Q2 2023
\nSingapore saw prime rental growth ease from 31.5% in Q2 2022 to 24.5% in Q2 2023, reported Singapore Business Review citing Knight Frank\u2019s Prime Global Rental Index (PGRI).
\nNotably, the 10 cities covered by PGRI posted an increase in rental values, rising 7.5% in the year to June 2023.
\nThe rental growth was attributed to strong demand as residents return to cities after lockdowns, affordability challenges as potential buyers are priced out of the market following rate hikes as well as limited new supply due to pandemic-induced disruptions.
\nWhile the growth rate was lower than the 8.2% hike registered in the previous quarter and the 12.2% peak in Q1 2022, it remained above the pre-pandemic trend.
\nOf the 10 cities, Singapore registered the highest rental value in the PGRI, followed by London, Sydney, Toronto and Auckland.
\n\u00a0
\n10. Canninghill Piers condo units served with the prohibition of disposal orders
\nTurkish national Vang Shuiming, one of the accused in a billion-dollar money laundering case, allegedly financed the acquisition of 10 luxury condominium units at Canninghill Piers and one unit at Park Nova, reported CNA.
\nThe affidavit of the lead investigating officer showed that the 11 condominium units, which are still under construction, have already been issued with prohibition of disposal orders.
\nAside from the condominium units, Vang\u2019s assets also include four properties and three vehicles which are valued at about $29 million.
\nVang faces five charges, which include using a forged document and possession of criminal benefits worth $2.4 million from unlicensed moneylending in China.
\nDuring the raid last month, the police found over $962,000 in cash at the Good Class Bungalow (GCB) where Vang was residing.
\nBased on police investigations, Vang\u2019s total assets in Singapore amount to over $200 million.
\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…Are Fewer HDB Owners Chasing Condo Dream, Record Monthly Number of Million-dollar HDB Transactions in August 2023, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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