China buyers dominate in S’pore Properties project

China buyers dominate in S’pore Properties project

The presence of China buyers is increasing in the market as more and more are coming from HK and China’s cool market.

(SINGAPORE) Many and many people are coming towards Singapore in search of homes. They are occupying many housing projects and there is an assumption that this quantity will increase more in future. The reason is that there is a clamp down in properties from the authorities in china and Hong Kong.

There has been an analysis about home occupiers and it shows that almost 20% of private and permanent residences have been bought by Chinese and in this way they are contributing as the biggest foreigners settling in Singapore. This analysis has been done by DTZ property consultancy. This proportion stated above is much higher than the official data available from 1995. That data was provided by government sector.

No Chinese have become the 2nd largest property buyers in Singapore as non-Singaporean buyers. Apart from them Indonesians occupy the largest amount of houses and they are the biggest non-Singaporean buyers in Singapore. However Malaysians have taken the top spot with 21% and Indians are at 4th spot with 14% of market volume.

Taking as a whole figure the foreigners are accounted as 23% of the 7888 private home residential at the moment.

Singaporeans are the biggest share holders in the market as they have bought 73% of the houses and remaining 3% percent is occupied by different companies.

From 2007 onwards the presence of buyers has grown in Singapore. This has been said by DTZ. Just a quarter ago they were occupying 17% of private homes but today they are almost 23% in ration to Singaporeans. Malaysians and Indonesians are termed as the biggest buyers of property in Singapore.

DTZ has also stated that due to current real estate situations in china, the ratio of china buyers may increase in near future in Singapore as more Chinese people will be looking forward to buy properties overseas and Singapore is supposed to be the hot buying place for them.
The Chinese govt. has introduced new rules in real estate market to cool down the home loans ratio. In this way they have increased the down payments and have increased the term of lease. This will cause more Chinese buyers to go outside of the country buying new properties in overseas locations.

Hong Kong govt. is also taking some measure to cool down the current property conditions. This will also increase the number of buyers in Singaporean market.

A few day ago a new rule has been implied in the market. According to this rule those people who will be going to seell their properties in next in next 6 months will have to pay a tax of almost 15 % in accordance with total transaction price of the property. This has been done by imposing a special duty stamp on all transactions related to property.

There has been probable expectation from Chinese buyers towards market to go up a little bit. This has been said by Credo Real estate Executive Director Ong Teck Hui. In its results some of the Chinese buyers will be moving towards Singapore.

Some Chinese buyers prefer to buy properties in Hong Kong and this trend will also effect on Singaporean market Ong Teck said.

Phylicia Ang who is residential director at Savills has agreed with this point and he says the due to tightening policies implied by Chinese government a trend of buying properties in Singapore can be increased by Chinese buyers. We will be seeing more Chinese buyers then before in the market as a result of rules implemented by Chinese government. She also added that not many people buy homes in Singapore just form investments point of view. They do it because they want to settle down and become a family member here.

Peter Ow who is managing director ar Knight Frank said that Singapore is such a city in the world with which they feel very comfortable. So they will prefer to buy properties here in Singapore.

He also added that many Chinese people buy properties in Singapore in a biased way by their private banking sector or with the help of local developers who have established their offices in china. An example is Far East Organization.

Whenever we talk about buying properties in Singapore then it becomes a hot topic. The reason is increasing prices in property in Singapore however Singapore govt. has taken many measure so that property market can be kept stable since last September.

The financial Minister Tharman Shanmugartnam has said on last Monday that Govt. is has decided to keep an eye on the current situations so that additional steps can be taken when required. This is to make sure that the financial stability is still there in the market for buyers and sellers.

Most of the property consultants in Singapore don’t want the govt. to tighten the policies for property buying and selling as it has been done in china and Hong Kong. They should not do this at least for the time being however in future some more steps can be taken by the govt. Mr. Ong at Credo also said that govt. will wait to see how market responds in future to evaluate the required measures to be implemented in the market.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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S’pore Tops in Office Rental Growth »« Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Last year in January a rental flat scheme was started by (IRH) housing scheme. This scheme was introduced to help citizens having financial issues and problems. Almost 1318 families have been benefited with this entire project since then.

In a written update provided by Mah Bow Tan for Dr Lam Pin MIN (Ang Mo Kio GRC) it is stated that almost 311 families have moved out of these flats. since then.
This scheme was launched to help families with financial problems to help them get temporary residence until they get some permenat residence of their own. Dr Lam had requested the ministry about the demands of this housing scheme.

Since 31st March a great number of families have been benefited with this project. Reports show that almost 611 families have acquired help with this project and almost 87 are those families that have finally moved on.

A family acquiring this scheme will be sharing 3 room flat with another family. Two families will be living in a single flat. However if family is big then this limitation can be waived for their ease.

Since all these families are going through financial problems so it was important to make flat sharing necessary so that rent can be low and divided between two families. In this way no family will have to bear extra burden of rent as it will be divided equally.
All those families living in this housing scheme are charges $300 – $400 monthly. These charges include all utilities, services and conservancy charges etc.

If such case comes in which family is big and need more space then they can be allowed to occupy a 2 room flat and it can given out on rent to that family by IRH.

The location of IRH flats are Toa Payoh, Bedok South and Havelock Road. It is important to mention here that in these localities flats of 3 rooms are given out at rent for $1000 – $1200 a month.

Such families that were in financial difficulties and couldn’t afford to live in luxury were meant to avail this facility of IRH flat housing scheme. Such families really needed to downgrade their living standard to get in better financial condition are short period of time.
This scheme really helped people in financial trouble as they were able to sell their own flats immediately and move into rental flats. In this way they were able to live in such rental flats that were priced very below as compared to market rates in that area.

The main concern was to reduce number of families getting defaulter in terms of home loans and this scheme really helped the people in need and govt. authorities.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

China buyers dominate in S’pore Properties project »« Tampine’s site for executive Condo receives six Bids

Tampine’s site for executive Condo receives six Bids

Tampine’s site for executive Condo receives six Bids

Last month an executive condominium site in avenue 8 of Tampines was launched. This site has gained 6 bids so far. Unexpectedly the bid rates are slightly higher than the market expectations. Authorities are evaluating these received bids for this project.
The toppest bid was for S$187.6 million or it can be stated as $302 per square feet for each plot ratio has been received from consortium that is a joint bid from Hoi Hup Realty, SC wong Holdings and Sunway Developments.

This site was put to tender on 6th October and it yields 20600 square meter site. This site is supposed to contain 525 building units init.

This bid price is higher than expected bid price that was almost S$220 – S$280 per square feet ppr. The total area is almost 57680 square meters.

Another top bid that comes at 2nd place was placed by another joint venture of consortium that comprises of Lum Chang building contractors and Opal Star. They offered a price of S$172.8 million or it can be stated as S$278 per square feet per plot ratio for this tender. That has been closed yesterday at noon.

Executive condo sites that were released in 2nd half of the recent year are still waiting to be tapered off.

Two sites that were launched for tenders, one at Punggol got 4 and 5 bids each. These were closed in June & September this year. Another site that was launched for tender in august this year at Jurong west didn’t got any bids in the market.

Mr Li Hiaw ho who is executive director of CBRE research has said that this strong bid competition for Tampines land Parcels represent that developers and builders are very sure about the best productivity of this site.

He also mentioned that this site is quite near to many places in Tampines for example it is at walking distance to Bedok Reservoir and Temasek Polytechnic. Tampines Central, Tampines MRt stations and Tampines Rtail part is also very near to this place. Courts outlets and Ikea are also at near distance from this site. So this site has got a lot of potential in it.
Mr. Li says that the price of S$302 per square feet means that the break-even cost will go to S$600-S$620 per square feet.

MR. Li also said that we have experienced an average sale of S$838 per square feet last week on another site that is Water view, it is basically a private condo situated at Bedok Reservoir and contains 200 units that are sold now. He also added we can have a good market for this project called as EC project if we will be able to price it with a difference of about 15 – 20 % lower than the other Water view project.

It will be finally selling out at a price of S$670 – S$712 per square feet.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Over 1300 families have been benefited by Rental flat scheme »« Bounce back in land prices for EC housing

Bounce back in land prices for EC housing

Bounce back in land prices for EC housing

In the executive condo (EC) housing land a rebound in price has been experienced. Recently this rebound in prices has been seen in the market.

A top bid of S$302.14 has been seen on an EC site located at Tampines avenue 8 last day. This bid price is for per square foot per plot ratio. This bid has been placed by a joint venture of Sunway Developments, Hoi Hup Realty and SC Wong holdings. According to analysts this land price is 15% higher than the bid price placed on previous project in Pasir Ris thae bid price for that project was S$263 psf ppr. That tender was closed last month. On the current tender for Tampines 6 bids have been received and it has been closed for anylysis.

There has been two different thought about this high bid on Tampines project. Some people say that it is due to growing prices of property in Singapore but Wong Sjew Hung who is director of Hoi Hup says that Tampines is more mature then the previous tender of Pasir Ris’.

Cushman and Wakefield who is senior manager of Asia-pacific Research says that this rise in bid price is not only due to positive response of previous tender but it is also due to the positive attitude of the market and the location of the project. All these factors make this bid price higher as compared to previous project. Strong sales have been seen by developers in last month.
He also said that another reason for this high bid price the well acceptance of EC projects. More response is seen by buyers in these projects. The reason is the less rent and 99 years lease term provided to the buyers.

For the first ten years the ECs are not allowed to be sold and after that the owner is free to sale or privatizes his property. This limitation has to be obeyed by the buyer. Such buyers who are eligible for buying these houses are welcomed to buy them freely. There are very easy and simple criteria to buy a home in ECs and if you have a monthly house hold income of about S$10000 then you are eligible to buy a property in ECs project.

Ong Teck Hui who is Credo Real Estat executive also stated that the 15 % increase in bid price for Tampines as compared to Pasir Ris plots is due to the good location of this project. Another reason is that these plots have better configuration then the previous plots. It is also said to be the first EC site that will be released in Tampines this year. So it is quite normal to have such bid price.

This is positive attitude to have such bid price for this project. This project will be given at 99-year private lease.

The comparison of top bids received on this project are the ranked one bid is 8.6 % higher than the second top bid placed that is S$172.8 million or it can be stated as $278 psf ppr this bid has been placed by Frasers Centerpoint and Lum Chang Bulding Contractors. 3rd top bid was from Grand Isle Holdings and the bid was for S$260 psf ppr another company El development offered a price of S$239 psf ppr.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Tampine’s site for executive Condo receives six Bids »« More Chinese Investors Entering S’pore Property Market