{"id":143060,"date":"2024-03-18T05:33:59","date_gmt":"2024-03-17T22:33:59","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-of-lentor-mansion-sold-over-launch-weekend-majority-of-renters-find-home-rents-unaffordable-and-more\/"},"modified":"2024-03-18T13:39:37","modified_gmt":"2024-03-18T06:39:37","slug":"75-of-lentor-mansion-sold-over-launch-weekend-majority-of-renters-find-home-rents-unaffordable-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-of-lentor-mansion-sold-over-launch-weekend-majority-of-renters-find-home-rents-unaffordable-and-more\/","title":{"rendered":"75% of Lentor Mansion Sold Over Launch Weekend, Majority of Renters Find Home Rents Unaffordable, and More"},"content":{"rendered":"


\n75% of Lentor Mansion Sold Over Launch Weekend, Majority of Renters Find Home Rents Unaffordable, and More12\u00a0to 18\u00a0March 2024
\nLentor Mansion, GuocoLand\u2019s third condominium launch within the Lentor Hills estate, sold 400 units or 75% of its total units during its launch over the weekend. Meanwhile, a recent survey conducted by PropertyGuru revealed that a large majority of renters in Singapore, at 85%, find current rental prices too high.
\n\u00a0
\n1. 75% of Lentor Mansion sold over launch weekend
\nLentor Mansion, GuocoLand\u2019s third condominium launch within the Lentor Hills estate, sold 400 units or 75% of its total units during its launch over the weekend, reported The Straits Times.
\nPrices for the units ranged from $2,104 psf to $2,478 psf.
\n2-bedroom units emerged as the most popular among buyers, with all 214 units sold. About 84% of the 3-bedroom units were also sold, including 16% of the 4-bedders and 13% of the 5-bedders.
\nSingaporeans and permanent residents accounted for 99% of the total buyers at launch.
\nJointly developed by GuocoLand and Hong Leong Holdings, Lentor Mansion features a mix of 2-bedroom to 5-bedroom units spread across three 16-storey towers and three eight-storey blocks. It is set for completion in 2027.
\nIt is the first development to be sold under the Urban Redevelopment Authority\u2019s (URA) new guidelines, where units sold are based on liveable space.\u00a0
\n\u00a0
\n2. Majority of renters find home rents unaffordable
\nA recent survey conducted by PropertyGuru revealed that a large majority of renters in Singapore, at 85%, find current rental prices too high, forcing many to adopt measures such as tightening their budgets or seek more affordable options, reported Singapore Business Review.
\nPropertyGuru\u2019s bi-annual\u00a0Consumer Sentiment Study showed that 69% of the respondents believe rents would further increase over the next six months, with 50% of them expecting growth of 5% or more.
\nWith this, 37% of the renters reduced their spending to pay bills, while about 44% searched for cheaper rental properties to cope with the increasing cost of living.
\nMajority of Singaporeans, four out of five, believe more can be done to alleviate the rental surge.
\n\u201cRenters may see some reprieve in rent moderation given more completed units available for lease, especially toward the end of the year, providing tenants with more housing options,\u201d said\u00a0Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru.\u00a0
\n\u00a0
\n3. Home buyers urged to be more cautious amid looming economic uncertainties
\nMinister for National Development Desmond Lee has urged home buyers to be more cautious and exercise prudence amid the looming economic uncertainties.
\nIn an exclusive interview with CNA, the minister shared that the government worked very hard over the past few years to stabilise the housing market following disruptions brought about by the COVID-19 pandemic. Challenges observed during the pandemic years include increased housing demand, high resale prices and delayed Build-to-Order (BTO) projects.
\nLee noted that these disruptions required time to restore balance.
\nWhile BTO application rates appears to have stabilised, home buyers need to be cautious amid the unclear economic outlook, he said.
\n\u201cWe see interest rates staying higher for longer. We see economic uncertainties in the road ahead of us. We see geopolitical tensions, and all these will have an impact on the property sector,\u201d said the minister.
\nTo support young couples in homeownership, Lee has unveiled the Staggered Downpayment Scheme, which is aimed at easing the initial cost of acquiring a flat.
\nThe government is also providing a $300 rental vouchers\u00a0in the form of the PPHS (Open Market) voucher for eligible families waiting for their BTO flats to offset rent paid for an HDB unit or bedroom on the open market.\u00a0
\n\u00a0
\n4. SLA looks beyond bid price when awarding co-living projects
\n\u00a0Beyond bid price, tenders for co-living rental spaces are awarded based on the quality of proposals, reported CNA.
\nNotably, the Singapore Land Authority (SLA) reviews bids holistically taking into consideration factors such as creativity and concept of the proposal, sustainable initiatives and contribution to the precinct\u2019s vibrancy.
\nThis comes amid an uptick in the number of bids for co-living properties due to rising demand.
\n\u00a0\u201cThere has been an increasing need for spaces for co-living concepts that incorporate many communal facilities such as wellness components to bring the community together and for people to enjoy,\u201d shared SLA Director Carrie Wong.
\nSince 2023, three properties have been launched by SLA for co-living housing, with plans to release more in the coming months.
\nCo-living operator Cover Projects, for instance, plans to retain the heritage building\u2019s look, equip the space with amenities and involve environmental considerations in its planning.
\nThe firm won the bid to transform 26 Evans Road, a state property near Botanic Gardens, into a co-living space.\u00a0
\n\u00a0
\n5. New home sales drop 47% in February
\nSingapore saw new private homes sales, excluding executive condominiums (ECs), drop 47% month-on-month to 149 units in February, marking the lowest February sales since 2008, reported Singapore Business Review citing URA data.
\nThe figure is also the lowest monthly sales since December 2023.
\nIncluding ECs, new home sales plunged 68.9% to 183 units in February from 588 units in January.
\nOn an annual basis, sales of new private homes, excluding ECs, fell 65.6% from the 433 units shifted in February 2023.
\nThe\u00a0Rest of the Central Region (RCR) and the\u00a0Outside Central Region (OCR) both accounted for 38.9% of the total transactions in February, while the Core Central Region (CCR) contributed 22.1%.
\nURA Realis data also showed that no new condominiums were transacted for over $10 million in February, albeit eight condominium units were snapped for at least $5 million but less than $10 million.\u00a0
\n\u00a0
\n6. Fall detection package to help seniors age in place to be offered from April
\nStarting 1 April, households in Housing and Development Board (HDB) flats can subscribe to a fall detection package, as part of the Housing Board\u2019s efforts to enhance the living environments of seniors as well as support their ageing in place, reported The Straits Times.
\nMinister for National Development Desmond Lee underscored the necessity of preparing for a future with a larger senior population and help them live independently.
\nHe shared that HDB will partner with commercial vendors to provide these packages, with further details to be announced at a later date.
\nHe made the statement at the launch of Age+ Living Lab at Block 839 Yishun Street 81.
\nA collaboration between SG Assist and the Singapore University of Social Sciences (SUSS), the lab serves as a simulated home environment equipped with assistive products for seniors. It aims to educate seniors and their caregivers about assistive tools and gerontechnology \u2013 technology which helps meet the needs of seniors.
\nAn example of a fall detection solution is a wall-mounted fall monitor designed by local tech provider iWow.\u00a0
\n\u00a0
\n7. URA releases two River Valley Green sites for sale
\nTwo residential sites at River Valley Green have been released for sale under the first half 2024 Government Land Sales (GLS) programme, revealed the Urban Redevelopment Authority (URA).
\nLaunched under the Confirmed List, the land plot at River Valley Green (Parcel A) had an area of 9,291.1 sq m and maximum gross floor area (GFA) of 32,519 sq m. It is expected to yield 380 housing units.
\nThe other plot at River Valley Green (Parcel B) spans 11,737 sq m and comes with a maximum GFA of 41,080 sq m. Zoned \u201cResidential with Commercial at first storey\u201d, the site is expected to yield 580 units, including 220 long-stay serviced apartments.
\nIt available under the Reserve List, which means it will only be released for sale if the government receives an offer of a minimum price that is acceptable to it and if there is adequate market interest.
\n\u00a0
\n8. Singapore among top sources, destinations of property investments
\nColliers has listed Singapore as the world\u2019s second-largest source of global cross-border capital, reported Singapore Business Review.
\nNotably, more than US$5.6 billion (S$7.5 billion) of capital invested came from the Lion City over the last six months of 2023.
\nThe city-state also emerged as the ninth-largest global capital destination, with US$2.12 billion (S$2.8 billion) in standing assets as of last year.
\nBy asset class, Singapore companies injected $2.33 billion to industrial properties, $1.7 billion to office properties and $785 million to hotel properties.
\nMeanwhile, overseas investors invested $742 million in the city-state\u2019s office properties, $738 million in its retail properties and $458 million in its industrial properties.
\nOverall, the United States continued to the biggest source of global cross-border capital, while Hong Kong settled in third place. Rounding off the top five list are Canada and Germany.
\nMeanwhile, the United Kingdom headlined the list for the top global capital destination followed by the US and Japan.
\nOther top global capital destinations include Germany, China, Canada, Australia, Spain, Singapore and France.\u00a0
\n\u00a0
\n9. HDB issues $700 million of fixed rate notes
\nHDB has issued $700 million, seven-year fixed rate notes under its $32 billion Multicurrency Medium Term Note (MTN) Programme.
\nTo mature on 12 March 2031, the notes are in denominations of $250,000 with a coupon of 3.151% per year payable semi-annually in arrears.
\nThe notes were offered by way \u201cof placement to institutional investors (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore (\u201cSFA\u201d)) pursuant to Section 274 of the SFA and accredited investors (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018,\u201d said HDB.
\nWhile approval in principle for the notes\u2019 listing on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained, their admission on the official list of SGX-ST should not be taken \u201cas an indication of the merits of HDB, its subsidiaries or the notes\u201d.
\nRated AAA by Fitch Ratings, the notes were cleared through The Central Depository, with United Overseas Bank Limited as sole lead manager and bookrunner.
\n\u00a0
\n10. Entire floor at Royal Square on sale for $44.28 million
\nAn entire floor of strata space at Royal Square has been put up for sale via expression of interest (EOI) with a guide price of $44.28 million, revealed sole marketing agent Savills Singapore.
\nSituated at Level 6 of the integrated mixed-use development, the 7,373 sq ft strata space comprises two strata titles, which may be acquired jointly or individually. Savills noted that both foreigners and companies may acquire the property with no additional buyer\u2019s or seller\u2019s stamp duty payable.
\nCurrently, the entire floor is tenanted to an international hot pot chain, offering investors immediate rental income \u201cwith the flexibility for end-users to occupy the space in the midterm\u201d.
\nRoyal Square is a 33-storey integrated mixed-use development comprising a hotel, medical suites and a two-storey retail podium. It is located along Health City Novena, enjoying prominent visibility along the junction of Thomson Road and Irrawaddy Road.
\nThe EOI exercise for the strata space closes on 18 April.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFariza Salleh, Content\u00a0Manager at PropertyGuru, edited this story. To contact\u00a0her about this story, email:\u00a0farizasalleh@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…75% of Lentor Mansion Sold Over Launch Weekend, Majority of Renters Find Home Rents Unaffordable, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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