{"id":61356,"date":"2017-07-21T07:30:48","date_gmt":"2017-07-21T00:30:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-july-2017\/"},"modified":"2017-07-21T07:33:54","modified_gmt":"2017-07-21T00:33:54","slug":"news-roundup-july-2017","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-july-2017\/","title":{"rendered":"News Roundup (July 2017)"},"content":{"rendered":"


\nOur top Singapore property stories.
\n\u2018Bungalow in the sky\u2019 up for sale for $100m
\nA three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters.
\nSet to become the most expensive apartment in Singapore, the \u2018bungalow in the sky\u2019 penthouse is part of Wallich Residence, which is due for launch later this year at GuocoLand\u2019s Tanjong Pagar Centre.
\nThe penthouse is expected to test the endurance of demand for luxury property in Singapore, the segment of the market that suffered most from the government\u2019s property cooling measures.
\nProperty consultancy JLL revealed that luxury home prices in the city-state fell by 15 to 20 percent from its 2013 peak.
\nBut it expects luxury prices to increase by three to five percent this year, on the back of growing demand from both foreigners and locals who believe that the market is bottoming out. In fact, transaction volume for the first four months of the year in the Core Central Region increased by 35 percent over the same period last year, it said.
\n\u201cA lot of people think Singapore is value for money because it\u2019s been downhill all the way \u2013 such a long winter,\u201d said Chandran VR, Managing Director at a real estate agency specialising in luxury properties.
\n\u201cNow they feel it is the right time to come in,\u201d he said. He added that \u201csensible investors will come here\u201d as apartment prices in Hong Kong continue to go uphill.
\nCheng Hsing Yao, Group Managing Director at GuocoLand Singapore, said its high-end Leedon Residence project, located near the Singapore Botanic Gardens, witnessed increased foreign buying at the start of the year.
\n\u201cIn absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them,\u201d he said, noting that some foreigners were snapping up homes worth between $8 million and $12 million in the project.<\/p>\n

80% of DWG agents crossed over to PropNex
\nSome 845 out of the 1,063 property agents (80 percent) from Dennis Wee Group (DWG) have signed an agreement to cross over to PropNex Realty following a merger announcement in June.
\nThis means that PropNex is officially Singapore\u2019s largest real estate agency with 6,688 agents, according to the Council for Estate Agencies (CEA) registry as of 10 July. That puts it ahead of ERA Realty Network with 6,176 agents and Huttons Asia (3,129 agents).
\nCommenting on the transition process, PropNex\u2019s Senior Strategic Partner Dennis Wee, who founded DWG in 1993 said: \u201cThe extensive administrative support provided plus special briefings conducted personally by the PropNex leaders have contributed to the smooth crossover for the salespersons.\u201d
\nOf the balance 218 DWG agents who did not choose PropNex, 105 are inactive while most of the remaining 113 agents have decided to join other agencies.
\n\u201cSince the announcement of the merger, many agencies went all out to woo the DWG salespersons to join them,\u201d said Mohamed Ismail, CEO of PropNex Realty.
\nMeanwhile, he expects the merger to strengthen PropNex\u2019s new project sales business. In the first half of 2017, the agency recorded total sales of 1,223 units across 16 residential projects including Parc Riviera, Artra and OUE Twin Peaks.<\/p>\n

Woodleigh Lane residential site awarded
\nA 1.9ha residential site at Woodleigh Lane just next to Woodleigh MRT station has been awarded to CEL Unique Development, after the Chip Eng Seng unit submitted the top bid of $700.7 million, revealed the Urban Redevelopment Authority (URA) recently.
\nThe tender for the plum site attracted 15 bids, with the winning bid working out to about $1,110 psf per plot ratio.
\nThe next highest bid of $695 million came from Corson and Wingjoy Investment, followed by a $688.1 million offer from Verwood Holdings and Logan Property.
\nAnalysts had predicted stiff competition for the 99-year leasehold site due to its location near an MRT station and given recent aggressive land bidding behaviour.
\n\u201cAbout half of the bids were above expectations with the top four bids within a tight 3.6 percent margin,\u201d said Ong Teck Hui, National Director, Research & Consultancy at JLL. \u201cThe break-even is estimated to be close to $1,600 psf, suggesting that units are likely to be priced optimistically when they are launched.\u201d
\nLaunched for sale on 30 May under the confirmed list of the first half 2017 Government Land Sales programme, the site could yield approximately 735 units.
\nThe land parcel is located adjacent to Bidadari New Town and is also close to NEX shopping mall and various schools including St Andrew\u2019s Secondary School, Maris Stella High School and Stamford American International School.
\nDesmond Sim, Head, CBRE Research, Singapore and South East Asia, noted that this is the second plot within the upcoming Bidadari precinct to have closed this year, after a mixed-use site in the area was awarded in June.
\n\u201cSupported by existing amenities and located right on a transport node, this site also bodes well for the unfolding of the Bidadari growth story as an upcoming private and public residential address,\u201d he said.
\n\u00a0<\/p>\n

Elderly private property owners can buy 2-room flexi flats
\nPrivate property owners are generally not eligible to acquire new HDB flats. This comes as new flats are heavily subsidised, hence, the government \u201cprioritises such housing for those who need them more, such as first-time home buyers and households who cannot afford private housing\u201d, said the Ministry of National Development in a written response to Parliament recently.
\nNonetheless, to facilitate housing monetisation, the ministry allows elderly private property owners aged 55 and above to purchase two-room Flexi flats on shorter leases of between 15 and 45 years.
\nHowever, these owners are required to sell their private home within six months of taking possession of the HDB flat.
\n\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0
\nThis article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…News Roundup (July 2017)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Our top Singapore property stories. \u2018Bungalow in the sky\u2019 up for sale for $100m A...<\/p>\n","protected":false},"author":1,"featured_media":61357,"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-61356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/07\/HDB-flats-1024x683.jpg?fit=1024%2C683&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-fXC","jetpack-related-posts":[{"id":60680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bungalow-in-the-sky-up-for-sale-for-100m\/","url_meta":{"origin":61356,"position":0},"title":"\u2018Bungalow in the sky\u2019 up for sale for $100m","date":"July 14, 2017","format":false,"excerpt":"\r Artist\u2019s impression of the Wallich Residence penthouse. A three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters. Set to become the most expensive apartment in Singapore, the \u2018bungalow in the sky\u2019 penthouse is part\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109702,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ultra-rich-foreigners-turn-to-singapore-luxury-homes\/","url_meta":{"origin":61356,"position":1},"title":"Ultra-rich foreigners turn to Singapore luxury homes","date":"August 7, 2019","format":false,"excerpt":"\r Luxury residential brokerage firm Sotheby\u2019s International expects foreign ultra-high-net-worth (UHNW) investors to drive sales activity within Singapore\u2019s luxury residential segment. This comes as the geopolitical tensions in the UK and Hong Kong are enhancing the attractiveness of luxury homes within the city-state, reported Singapore Business Review. British billionaire James\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120575,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/secretlab-gaming-chair-ceo-acquires-two-properties-for-51mil-in-a-week\/","url_meta":{"origin":61356,"position":2},"title":"Secretlab gaming chair CEO acquires two properties for $51mil in a week","date":"July 1, 2021","format":false,"excerpt":"\r Secretlab gaming chair CEO acquires two properties for $51mil in a weekThe 28-year-old co-founder of the ergonomic chair retailer acquired a good class bungalow (GCB) on Olive Road for $36 million, as well as a five-bedroom triplex penthouse at Leedon Residence.\u00a0Photo: Google Street View Within a week, gaming chair\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/27-olive-road-gcb-crop.png?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/five-penthouses-at-marina-bay-residences-up-for-sale-for-138mil\/","url_meta":{"origin":61356,"position":3},"title":"Five penthouses at Marina Bay Residences up for sale for $138mil","date":"February 9, 2021","format":false,"excerpt":"\r Five penthouses at Marina Bay Residences up for sale for $138milSpanning levels 50 to 54, the five penthouses feature a combined 24 bedrooms as well as a 25m rooftop pool.\u00a0Combining the units will yield a super penthouse with 28,258 sq ft of strata area. Five penthouses at Marina Bay\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/Marina-Bay-Residences.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":108287,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-has-6-of-11-super-penthouses-currently-on-sale-in-the-world\/","url_meta":{"origin":61356,"position":4},"title":"Singapore has 6 of 11 super penthouses currently on sale in the world","date":"June 20, 2019","format":false,"excerpt":"\r Despite its small size, Singapore has six of the 11 super penthouses around the world that are currently on the market, based on listings from 2016 to April 2019, revealed List Sotheby\u2019s International Realty (List SIR). List SIR confers the term super penthouses \u201conly to penthouses that are 10,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108860,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/billionaire-james-dyson-reportedly-buys-54-million-penthouse-in-singapore\/","url_meta":{"origin":61356,"position":5},"title":"Billionaire James Dyson reportedly buys $54 million penthouse in Singapore","date":"July 10, 2019","format":false,"excerpt":"\r British technology firm founder James Dyson and his wife have reportedly purchased a luxury penthouse in Singapore for a record S$73.8 million ($54.2 million).\r \r Source : cnbc.com\r Read more...Billionaire James Dyson reportedly buys million penthouse in Singapore","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\/61356"}],"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=61356"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/61356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/61357"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=61356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=61356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=61356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}