{"id":8183,"date":"2016-03-11T07:30:05","date_gmt":"2016-03-11T00:30:05","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-20022016-11032016\/"},"modified":"2016-03-16T21:08:52","modified_gmt":"2016-03-16T14:08:52","slug":"news-roundup-20022016-11032016","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-20022016-11032016\/","title":{"rendered":"News Roundup (20\/02\/2016 \u2013 11\/03\/2016)"},"content":{"rendered":"


\n\u00a0
\nOur top Singapore and regional property stories.
\nWandervale\u2019s prices start from $655,000 for a 3-bedder
\nSim Lian Group has released prices for the 534-unit\u00a0Wandervale executive condominium\u00a0(EC) in Choa Chu Kang, the first major property launch this year.
\nIn a statement, the group said prices start from $655,000 for a three-bedroom unit, $753,000 for a three-bedroom premium unit, and $896,000 for a four-bedroom unit. The project has an average price of $755 psf.
\n\u201cWandervale is competitively priced against other ECs in the market,\u201d said Sim Lian. The EC units range in size from 958 sq ft to 1,249 sq ft, across nine residential blocks.
\nLocated near Choa Chu Kang MRT station, Wandervale was more than 40 percent oversubscribed, receiving a total of 783 e-applications over 11 days.
\nThe showflat at Choa Chu Kang Avenue 3 saw more than 5,000 visitors during the e-application period, which ended on 28 February. The balloting and sales booking exercise for the EC started on 5 March at the showflat.
\nThe 99-year leasehold project is expected to receive its TOP by 2019.<\/p>\n

$1 million buys you 452 sq ft in Singapore
\nFor US$1 million (S$1.4 million), you can purchase 452 sq ft of prime real estate in Singapore (or a small studio apartment), making it the world\u2019s seventh most expensive place to buy luxury property, noted findings from Knight Frank\u2019s\u00a0Wealth Report 2016.
\nThe city-state fell two places from its previous ranking on last year\u2019s report, due to property price declines. According to the firm\u2019s Prime International Residential Index, luxury prices here dropped by 2.1 percent in 2015. This year, Knight Frank expects prices to slide further by 3.3 percent.
\n\u201cSingapore luxury property prices have been dropping for several years now. The reasons for the fall are still in place \u2014 overall slowing economy, volatile financial markets, rising rates, and government cooling measures,\u201d said Tay Kah Poh, Executive Director and Head of Residential for Knight Frank Singapore.
\nIn the report, Singapore was named number two in Asia, behind Hong Kong, in terms of the number of super-rich individuals in the country. In 2015, there were 2,360 ultra-high net worth individuals (UHNWIs) living here, with this figure expected to grow by 48 percent over the next 10 years.
\nAlice Tan, Research Head at Knight Frank Singapore, said \u201ca conducive business environment, clear regulatory framework and a progressive ecosystem of financial and business services have augmented its status amongst the wealthy as a preferred location to live and do business in Asia\u201d.
\nDespite the various measures put in place to curb excessive investment by foreign buyers, property investment remains a favoured asset allocation among the super-rich. In fact, 79 percent of those surveyed would invest in Singapore and UK homes.
\nThe report also found that the three main concerns among UHNWIs in Singapore are succession \/ inheritance issues, the global economic situation, and stock market volatility.
\nThe report polled 400 private bankers, including 30 from Singapore.<\/p>\n

\u00a0<\/p>\n

Still too early to remove cooling measures: Wong
\nLifting the property cooling measures would be premature, as it could undo the government\u2019s efforts to make home prices affordable, revealed National Development Minister Lawrence Wong during a parliamentary session on Monday (29 Feb).
\nHe was responding to a query from Holland Bukit-Timah GRC MP Christopher de Souza, who asked if the authorities would consider scrapping the Additional Buyer\u2019s Stamp Duty (ABSD) for Singaporeans but keep it for foreigners, an idea he first proposed in Parliament in January.
\n\u201cSD was introduced to moderate the demand for residential property from investors, non-citizens and corporate entities,\u201d said Mr Wong in a written reply.
\n\u201cSingapore citizens who do not own any residential property do not need to pay (any) ABSD,\u201d he added.
\nCurrently, Singaporean citizens need to pay a stamp duty of seven percent when they buy a second home. This rises to 10 percent for their third and subsequent purchases.
\nOn the other hand, foreigners have to fork out a heftier ABSD of 15 percent, regardless of whether they are first-time buyers, or landlords with multiple properties in Singapore.<\/p>\n

Singapore\u2019s richest property developers saw decline in fortune: Forbes
\nForbes has just released its 2016 ranking of the world\u2019s richest people, with 17 billionaires from Singapore making it on the prestigious list.
\nClose to half of them are involved in the real estate business, but for many, their fortunes have dwindled amid Singapore\u2019s weak real estate market.
\nProperty siblings Philip and Robert Ng topped the list yet again (#151 globally), but with a lower net worth of US$7.6 billion, down by US$2 billion. Older brother Robert chairs Hong Kong-listed Tsim Sha Tsui Properties, while Philip heads Far East Organization, Singapore\u2019s largest private property developer.
\nAccording to Forbes, the brothers have been expanding their footprint in Australia, acquiring trophy assets such as a hotel and retail podium in Sydney for US$342 million last year. Their latest deal, in January, was a beachfront mall in Perth for US$45 million.
\nThe Kwee family followed in the second spot (#270 globally). The four brothers, Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing, have a collective net worth of US$5 billion, lower than the US$5.2 billion reported previously. They own the privately-held Pontiac Land, which started selling apartments at 53W53, a 82-storey luxury residential project in Manhattan that is expected to be ready in 2018.
\nMeanwhile, with a net worth of US$2.7 billion, which plunged from the previous US$7.2 billion, Kwek Leng Beng is the fourth richest man in Singapore (#638 globally). Kwek\u2019s City Developments Limited (CDL) is pressing ahead with an overseas expansion amid constraints in Singapore, said Forbes.
\nOther property magnates listed include father and son duo Raj Kumar & Kishin RK from Royal Holdings and RB Capital, who are the fifth wealthiest individuals in Singapore (#722 globally), and Singapore\u2019s budget hotel magnate Choo Chong Ngen, owner of the Hotel 81 chain, who is ranked in 11th spot here (#1,367 globally).
\nThe Forbes list of billionaires is an annual ranking compiled and published by Forbes magazine.<\/p>\n

\u00a0
\nResidential land prices down 5.8% in 2015
\nThe price of land sites in Singapore for prime residential and office projects did not change in the second half of 2015, according to Knight Frank\u2019s latest\u00a0Prime Asia Development Land Index.
\nBut for the entire year, residential land prices in the city-state fell by 5.8 percent, while office prices grew by six percent.
\n\u201cThe soft demand in the housing and office rental markets as a result of both domestic and external economic challenges, coincided with strong supply pipelines to weaken the demand for land,\u201d said Knight Frank.
\n\u201cFirms in Singapore continued to face challenges from economic restructuring in the face of weak demand, while home buyers\u2019 confidence was hurt by the prospect of rising interest rates and volatility in financial markets.\u201d The residential cooling measures were also a factor in curbing demand, added the consultancy.
\nThe most recent prime development land transaction in Singapore was the sale of a site at Alexandra View to Tang Skyline for $376.9 million in November; the site is expected to yield about 400 homes.
\nMeanwhile, prices of residential sites in Asia rose by three percent in H2 2015, up from 1.2 percent in the previous six months. Tokyo and Phnom Penh led the region, with prices shooting up respectively by 14.8 percent and 26.2 percent for the year.
\nKnight Frank\u2019s index tracks land prices in 13 major cities across Asia.<\/p>\n

20% of HDB loan applicants requested larger loans
\nThere were about 200,000 qualified applications for an HDB Loan Eligibility (HLE) letter from 2012 to 2015, revealed National Development Minister Lawrence Wong during a parliamentary session on Tuesday (1 March).
\nFlat buyers need to request for an HLE letter before they can obtain an HDB concessionary housing loan for their flat purchase.
\nOf this figure, 20 percent, or 40,000 of those who applied for the letter, appealed for a higher mortgage. Most did so to increase their housing options without stating an exact loan amount. Mr Wong was responding to a query from Non-Constituency MP Leon Perera, as reported by Channel NewsAsia.
\n\u201cOver one in three of such appeals were successful,\u201d he said in a written reply. The rest were not granted as the applicants could not prove they had the resources to repay the larger loan.
\n\u201cAs a flat purchase is a long-term financial commitment, it would not be prudent for potential home buyers to take on additional financial burdens that they are unable to sustain,\u201d he added.<\/p>\n

Office vacancy rate could hit 10-year high
\nThe vacancy rate in Singapore\u2019s office real estate market is expected to rise further, and could reach its highest level in more than 10 years,\u00a0revealed a Reuters report that\u00a0cited market experts.
\nThe number of empty premises are likely to increase as major office tenants downsize or stick with their existing spaces, in light of the lacklustre local economy and lower exports to China and other key global markets. In 2015, the city-state\u2019s GDP increased by two percent, its weakest annual growth since 2009.
\nAccording to SLP International\u2019s Executive Director Nicholas Mak, many of the recently completed office buildings in Singapore were planned about five years ago, after the 2008 global downturn.
\n\u201cMany people thought, \u2018This is the new boom, let\u2019s try to capitalise on it.\u2019 Nobody expected the party to end by the end of 2015,\u201d he said, adding that office vacancy rates could reach 13.5 percent, the lowest level since 2005.
\nAmid the challenging market conditions, tenants who typically lease a significant amount of office premises could slash their space requirements. These include financial institutions, oil and gas firms, and commodities trading companies.
\nMoreover, a January report by JLL revealed that 50 percent of major foreign international banks in Singapore\u2019s CBD reduced their office space in the past year and a half, or struggled with the added cost of their extra space.
\nThe consultancy also predicted that prime office rents in the city-state could fall between 10 and 20 percent, following a 15 percent drop in 2015.
\nIn spite of the gloomy office market, Mak thinks the vacancy rate could fall by end-2016 if Singapore\u2019s economy gains momentum. With rosier market conditions, businesses may take up more space and ease the glut.<\/p>\n

\u00a0
\nJohor\u2019s Forest City given duty-free status
\nForest City in Johor is set to become a duty-free zone, announced Malaysia\u2019s Prime Minister Najib Razak at the project\u2019s opening ceremony today (6 March), which was also attended by Johor\u2019s Sultan\u00a0Ibrahim Sultan Iskandar.
\nOther packages unveiled include corporate tax incentives for qualified companies, or companies with Iskandar Development Region (IDR) status that are involved in the tourism, education and healthcare sectors.
\nBeing a green development, there will also be corporate tax incentives for green developers and green development managers, and a waiver on company equity restrictions for foreign investors to claim these incentives.
\nComprising four man-made islands in the Johor Strait near the Tuas Second Link, the S$58.3 billion Forest City township is being developed by Country Garden Pacificview (CGPV),\u00a0jointly owned by Chinese property giant Country Garden Holdings and Johor\u2019s Esplanade Danga 88.
\nAgreements have already been signed with global partners, including Shattuck St. Mary\u2019s School and UIW \/ Christus, the fourth largest medical group in the US, to collaborate on international schooling and to provide residents with world-class medical services.
\nIn addition, a duty-free shopping mall will be ready by the end of this year at Fisherman\u2019s Wharf on Island 1, the first phase of Forest City. There will also be a five-star boutique hotel.
\nMeanwhile, the condominium units and high-rise coastal residences on Island 1 have already been launched for sale in Singapore, China and Malaysia. Unit sizes range from 753 sq ft to 1,862 sq ft, with prices averaging around RM1,200 psf (S$400 psf).
\nForest City is Country Garden\u2019s largest real estate project outside China. The group currently has more than 300 projects globally.
\n\u00a0<\/p>\n

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


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…News Roundup (20\/02\/2016 \u2013 11\/03\/2016)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Our top Singapore and regional property stories. Wandervale\u2019s prices start from $655,000 for a...<\/p>\n","protected":false},"author":1,"featured_media":8184,"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-8183","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\/2016\/03\/HDB-Story-e1457528161245-1024x415.jpg?fit=1024%2C415&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-27Z","jetpack-related-posts":[{"id":8205,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wandervales-prices-start-from-655000-for-a-3-bedder\/","url_meta":{"origin":8183,"position":0},"title":"Wandervale's prices start from $655,000 for a 3-bedder","date":"March 2, 2016","format":false,"excerpt":"\r The showflat at Wandervale. (Photo: Yasmin Beevi) Sim Lian Group has released prices for the 534-unit Wandervale executive condominium (EC) in Choa Chu Kang, the first major property launch this year. In a statement, the group said prices start from $655,000 for a three-bedroom unit, $753,000 for a three-bedroom\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8152,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wandervales-sales-outperform-ec-launches-in-2015\/","url_meta":{"origin":8183,"position":1},"title":"Wandervale\u2019s sales outperform EC launches in 2015","date":"March 11, 2016","format":false,"excerpt":"\r Prospective buyers looking at a model of Wandervale. (Photo: Sim Lian Group) The 534-unit Wandervale project in Choa Chu Kang, the first executive condominium (EC) to launch in 2016, has beaten market expectations after its developer managed to sell 50 percent of the units last weekend. \u201cDespite tepid market\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/03\/Performance-of-EC-projects.png?fit=499%2C317&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8223,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wandervale-ec-more-than-40-oversubscribed\/","url_meta":{"origin":8183,"position":2},"title":"Wandervale EC more than 40% oversubscribed","date":"February 29, 2016","format":false,"excerpt":"\r Prospective buyers at the Wandervale showflat. (Photo: Sim Lian Group) The application period for the Wandervale executive condominium (EC) closed on Sunday (28 Feb) after receiving 750 e-applications, said its developer Sim Lian Group. This means that the 534-unit project is more than 40 percent oversubscribed. OrangeTee and ERA\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8162,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-highlights\/","url_meta":{"origin":8183,"position":3},"title":"Housing highlights","date":"March 11, 2016","format":false,"excerpt":"\r \u00a0 A look at some of the developments shaping Singapore\u2019s skyline. \u00a0 UPCOMING TOP Wandervale Choa Chu Kang Ave 3 \u00a0 Type: Executive condominium Developer: Sim Lian Group Limited Tenure: 99-year leasehold Facilities: Gym, tennis court, lap pool, adventure playland, reading spaces, alfresco lounge, dining pavilions Nearby Key Amenities:\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/03\/HH94WV.png?fit=573%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":52456,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eye-on-choa-chu-kang-urban-meets-nature\/","url_meta":{"origin":8183,"position":4},"title":"Eye on Choa Chu Kang: Urban meets nature","date":"April 21, 2017","format":false,"excerpt":"\r Several private residential projects have sprung up in Choa Chu Kang in recent years. (Photo: Erwin Soo, Wikimedia Commons) Formerly a kampung, Choa Chu Kang has transformed over the years into a self-contained satellite town with homes, eateries and recreational options. However, it still retains much of its laid-back\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Data-for-D23-1024x275.jpg?fit=1024%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":20890,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasure-crest-ec-over-70-sold\/","url_meta":{"origin":8183,"position":5},"title":"Treasure Crest EC over 70% sold","date":"July 19, 2016","format":false,"excerpt":"\r Crowds at the Treasure Crest sales gallery over the weekend. (Photo: Sim Lian Group) More than 70 percent of the units at the Treasure Crest executive condominium (EC) in Anchorvale Crescent were sold over the weekend, said its developer Sim Lian Group. During the first two days of bookings,\u2026","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\/8183"}],"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=8183"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/8184"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}