Issue 110

Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.

CONTENTS
p2 p8 p13 p14 p22
New Shadow Cooling Measures from MAS the Leverage Killer? Who the New Total Debt Servicing

FROM THE

EDITOR

Welcome to the 110th edition of the Singapore Property Weekly.

Hope you like it!

Mr. Propwise

Ratio Will Kill

Property Selling Tip #3: Option Fees Singapore Property News This Week

Resale Property Transactions (June 13 June 19) Advertise

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SINGAPORE PROPERTY WEEKLY Issue 110

New Shadow Cooling Measures from MAS the Leverage Killer?

By Mr. Propwise
Its been less than six months since the Seventh Round of Property Cooling Measures and around four months since the hike in high-end property tax rates in Budget 2013, but the property market has not cooled. Developer sales, in particular, are still going strong while the resale market has been steadily recovering since March based on transaction volumes. Prices also stubbornly refuse to come down the just-released URA flash 2nd Quarter 2013 quarter-on-quarter increase of 0.8% is an acceleration of 0.6% compared to the previous quarter.

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SINGAPORE PROPERTY WEEKLY Issue 110 So while its not officially a cooling measure, the introduction by the Monetary Authority of Singapore (MAS) of the Total Debt Servicing Ratio (TSDR) framework signals the Governments continual concern about the exuberant state of the property market and its incremental (though so far mostly unsuccessful) efforts to cool it down. Introducing the Total Debt Servicing Ratio Effective 29 June 2013, the TSDR covers all property loans granted by financial institutions (FIs) to individuals (including sole proprietorships) and will require FIs to take into account all of the borrowers other loans when granting property loans. The TSDR will comprehensively cover all types of property loans, including those used to purchase property, those secured by property, and the re-financing of these loans (with some exceptions). The TSDR is defined as: Total monthly debt obligations / Gross monthly income The MAS has set the TSDR threshold at 60%, with the potential of lowering it in the future, and considers any property loan made that is in excess of a 60% TDSR to be imprudent, and should only be done so in exceptional circumstances. The FI will have to jump through some hoops (e.g. get approval from its credit committee) to make property loans in excess of the 60% TSDR, which means that very few of such loans will be made. And while no specific punishments have been laid out for banks that breach these rules, most will not dare to.

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SINGAPORE PROPERTY WEEKLY Issue 110 Strict methodology to calculate the TSDR must be applied There is also a strict methodology for calculating the TSDR. In particular FIs must: 1. Take into account the monthly repayment amounts for all (property and non-property) loans of the borrower. In the case of joint borrowers, the TSDR is computed based on the total monthly debt obligations and total gross monthly income of the borrowers. 2. Use the higher of a specified medium-term interest rate (set at 3.5% for housing loans and 4.5% for non-residential property loans) or the current market interest rate for property loans to calculate the TSDR 3. Take a discount of at least 30% on all variable income (e.g. bonuses and commission) and rental income that are used to assess the borrowers debt servicing ability 5. FIs will also have to obtain and verify documentation used to compute the TSDR The MAS hopes that the TSDR framework will encourage prudence both among borrowers and the banks making these loans, and to protect against reckless speculation on property and the potential fallout from a crashing of the property market. The stated inspiration for these rules was its discovery of uneven practices in banks credit underwriting practices, i.e. some banks were too aggressive when making loans. Impact of the new TSDR framework on the property market Simply put, the new TSDR framework will reduce the maximum loan quantum that most borrowers will be able to take,
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4. Take a discount on other financial assets

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SINGAPORE PROPERTY WEEKLY Issue 110 and in particular should affect the high end market and buyers looking for second properties the most. I think most borrowers will fall into one or more of the following categories, and thus be affected: 1. Anyone with existing loans (e.g. car loans, unsecured credit etc) that some banks might have turned a blind eye to previously 2. Anyone who gets paid a bonus or has a variable component to his income (e.g. commissions). In particular, people working in certain sectors (e.g. Finance and Sales) where bonuses and/or commissions are a large proportion of total compensation will be affected to a greater extent. And the rule on using a 3.5% mortgage rate to calculate the TSDR will affect everyone. Mr. Tan, 30 years old, has a monthly income of $6,000, a car loan of $1,500 per month, and a bonus of $24,000 that year. Before the application of the TSDR, Mr. Tan could conceptually borrow up to $927 thousand with a monthly mortgage repayment of $3,200 (assuming a 1.5% interest rate, 30 year loan, 40% mortgage repayment to gross income including bonus).

Lets take a look at a hypothetical example

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With the new TSDR framework, his gross monthly income would now be modified to $6,000 + ($24,000 x 70%)/12 = $7,400 (versus the $8,000 previously). His maximum monthly mortgage payment would now be $4,440 minus the $1,500 car loan = $2,940. And dont forget all FIs will now have to use a 3.5% interest rate to calculate the TSDR on residential property. Taking this into account, the maximum loan Mr. Tan can borrow will now drop to less than $660 thousand.
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SINGAPORE PROPERTY WEEKLY Issue 110 Thus assuming this is his first property and Mr. Tan wants to do an 80% LTV, the most expensive property he can buy post the implementation of the TSDR has dropped from around $1.16m to just over $800 thousand, or a drop of close to 30 percent. Further tweaking of rules relating to LTV limits to close loopholes Additionally, FIs have to use the incomeweighted average age of borrowers when applying the rules on loan tenure for joint borrowers. This means that some joint buyers can no longer rely on using the combination of an older higher-income borrower and a younger lower-income borrower to get the best of both worlds combination of a large mortgage with a long tenor. For example, in the past joint borrowers who were 45 and 35 years old and earned $120,000 and $60,000 respectively could potentially still get a 30 year loan. Now with the new rules they would only qualify for a 23 year loan.

The MAS has also tweaked the rules relating to the Loan-to-Value (LTV) limits on mortgages, in an effort to close loopholes that people have been using to circumvent these limits (e.g. parents guaranteeing loans for their kids to escape the Additional Buyers Stamp Duty), especially on their second and subsequent housing loans. Gurantors for loans will now have to be brought in as coborrowers if the original borrowers fail the TDSR threshold.

New rules are here to stay fewer people can pay up for property
The MAS announcement even took pains to emphasize that these rules are structural in nature, which means that they are here to
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SINGAPORE PROPERTY WEEKLY Issue 110

stay for the long term and will not be removed even if there is a correction in the market (unlike the LTV rules, which are flexible

40% to 50%), with the implementation of the TSDR framework, the strict rules now apply to all FIs. Will the TSDR finally cause the property market to correct? Not necessarily, but the effective dollar value of property demand has been crimped, so when the day comes that forced sellers need to dump their properties, there will be fewer buyers able to transact on the other side, so a crash could be deeper and more painful than before.

depending on market conditions).

The overall impact of these rules is that property buyers will be able to borrow less. In the past stretched home buyers, sometimes with the help of mortgage brokers, would shop around for more lenient banks to get bigger loans to buy property. While some of the bigger banks are already using a more conservative threshold for the TSDR (e.g.

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SINGAPORE PROPERTY WEEKLY Issue 110

Who the New Total Debt Servicing Ratio Will Kill

By Property Soul (guest contributor) The Monetary Authority of Singapore (MAS) introduced the Total Debt Servicing Ratio (TDSR) framework for all property loans granted by financial institutions (FIs), with effect from 29 June 2013. In for the kill Computations of the TDSR affects properties that are residential or non-residential, owned individuals or companies, new applications or re-financed loans, and in or outside Singapore. Declaration and calculation of incomes and loans are also now very detailed.

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SINGAPORE PROPERTY WEEKLY Issue 110 TDSR may be a new term, with explanations in the FAQs of the TDSR unnecessarily long and difficult to read, but they are only additional sub-clauses to address the loopholes of the Loan-to-Value (LTV) limits announced in the previous property cooling measures. It is also nothing new to see the government once again adopting a reactive intervention approach dispatch general guidelines to the market, then await speculators to circumvent the loopholes, before sending more stringent rules in for the kill. What are the killers? There are four major killers in the TDSR framework: 1) 60% threshold Total debt obligations cannot exceed 60% of
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total income. 2) 30% haircut There is an arbitrary 30% cut of all variable and rental income, and 30% to 70% cut for the value of eligible financial assets. 3) 3.5% or 4.5% interest rate Calculate new loan repayments based on medium-term interest rate of 3.5% for residential properties and 4.5% for nonresidential properties, or prevailing interest rate, whichever is higher. 4) Income-weighted average age

If a borrower cant meet the TSDR threshold, the guarantor will be the co-borrower.
Use income-weighted average age of borrowers rather than younger borrowers age to determine loan tenure.
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SINGAPORE PROPERTY WEEKLY Issue 110 Who are the targets? It is clear that the TDSR is meant to target three main groups of property buyers: residence if they exceed the TDSR threshold. 3) Two generation buyers Buyers hoping to benefit from a longer loan tenure by putting the loan under a younger joint applicants name, and multiple property buyers hoping to benefit from higher LTV with a joint applicant buying for the first time Message to parents: its time we stopped loaning loans on the next generation. Work that kills 1) Bonus or commission-based jobs With a 30% cut on variable income, salarymen relying heavily on bonus or commission will be at a disadvantage. For instance, salespeople who have the majority or all of their income based on commissions, or senior executives who have a high proportion of their income based on bonuses.
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1) Marginal Buyers
Buyers who are highly leveraged with property or non-property debts, and buyers whose affordability depends on low interest rates and betting that it wont go up too fast too soon 2) Multiple Property Buyers Buyers who are buying their second, third or more properties with high outstanding loans, and buyers who bought properties recently at a high price, with low rental returns. Note: Once interest rates go up, owners of multiple properties may not be able to refinance or repackage to lower monthly repayment even for the loan of their own
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SINGAPORE PROPERTY WEEKLY Issue 110 2) Self-employed, retirees unemployed and Deviations are not allowed since all exceptions have to be granted by the FIs board of directors and credit committee. The 60% threshold is just a start to get FIs familiar with the computation of TDSR. The LTV limits are also not permanent. They are to be reviewed over time and revised at any time. That means all calculations are only temporary and may be required to redo all over again. Imagine the tremendous amount of extra workload added on the housing mortgage department! 4) Housing loan applicants Before the TDSR rule, housing loan applicants normally take one week to obtain an approval-in-principal. With the new computation of TDSR, applying for a housing loan is now a long and tedious process.
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They have to declare all their eligible liquid assets or other assets, amortize the value over four years, and decide whether they will be pledged or not for four years. 3) Staff working in mortgage departments FIs are required to compute the borrowers TDSR with a mountain of information: - Monthly repayments of all property and nonproperty debt obligations; - Gross, variable and rental income after haircut; and - Eligible assets declared with or without pledge. And all declarations and supporting documents have to be obtained from applicants and validated with relevant parties.
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SINGAPORE PROPERTY WEEKLY Issue 110 It is a toil to submit details and proof for all property and non-property debt obligations, variable income and eligible financial assets. Should owners ask tenants to renew their lease well in advance to ensure that the tenancy agreement has a remaining rental period of at least six months? Should non-property debt loans include, apart from car loans, renovation loans, student loans and credit card loans, all other purchases paid by installment like electrical appliances, overseas holidays, spa and beauty packages?

Going through all these hassles is the last straw that kills!
By Property Soul, a successful property investor and enthusiast who shares her experiences and knowledge on her blog.

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SINGAPORE PROPERTY WEEKLY Issue 110

Property Selling Tip #3: Option Fees

When selling your property, do note that once you accept the 1% Option Fee and issue the Option to Purchase (OTP) to the Buyer, you have to fulfill your contractual duty to reserve the unit to be sold to this Buyer. Your Buyer has anagreed upon period of time, usually 14 days, to pay the balance 4% to exercise the Option.The Buyer has a choice not to exercise the Option, in which casethe 1% Option Fee can be forfeited by you. As for you, the Seller, you cannot undo the commitment in reserving the unit to sell to the contractual Buyer during this period even if a better offer comes along while you are waiting for the Option to be exercised. By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.

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SINGAPORE PROPERTY WEEKLY Issue 110

Singapore Property This Week

Residential
YTL Land aims to create homes for discerning buyers According to its vice president Joseph Yeoh, YTL Land and Developments projects in Singapore aim to create one-of-a-kind homes for discerning buyers before it can expand its portfolio and commit the best practices to add value to the company. The first project of YTL Land in Singapore was launched in 2008 at Sandy Island in Sentosa Cove, which consisted of 18 villas of 7,5009,200 square feet. The unique design of the villa with boat berths and underground garages was by Claudio Silvestrin, the

designer for Giorgio Armanis flagship stores, and was awarded several design awards including FIABCI Prix d'Excellence and the Best Architectural Design (South East Asia) at the South East Asia Property Awards. Another project by YTL Land is Kasara the Lake in Sentosa Cove, comprising 13 bungalows between 9,000 and over 14,000 sq ft. The next project will be the luxury condominium project at Orchard Boulevard which used to house Westwood Apartments. YTL Land bought the site for $435 million or $2,525 psf ppr in 2007, and will redevelop it into a 77unit apartment.
(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 110 Court to decide fate of Thomson View's en bloc sale The $590 million collective sale of Thomson View Condominium will be decided at a weeklong hearing in the High Court starting this week. The issue is whether the sale of the site to a joint venture of Wee Hur Development and Lucrum Capital was made in good faith and should be approved. Owners of 215 units, translated to 84 percent of share value, agreed to the sale for $590 million. However, 17 owners of 12 units objected to the sale for the reason of undervaluing the site. They cited a report that valued the site at $728 million instead. They also objected the sale because they believed secret payments were made by marketing agent HSR to owners of four units so that those owners would sign the collective sale agreement. HSR was alleged to have paid $548,000 to those owners and also their
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travel expenses as an incentive, all of which amounts to bad faith. Lawyers for Thomson View Collective Sale Comittee chairman Philomene Ngui and other CSC members representing the consenting owners said the CSC did not make any inducement payments, nor was it aware of HSR's payment arrangement with the four units' owners, which was confirmed by HSR.

(Source: Business Times)

Two pairs of GLS sites have same tender close Under the Government Land Sales Programme (GLS), tenders for a pair of private housing sites in Upper Serangoon View will close at the same time in September. Similarly, tenders for a pair of executive condominium (EC) housing sites in Choa Chu Kang Grove will also close at the same time.
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SINGAPORE PROPERTY WEEKLY Issue 110 This move is to encourage more prudent bidding by developers, especially that the sites in each pair are adjacent to each other, of similar size and unit yield. The Choa Chu Kang Grove EC sites can generate 575 units for one and 580 units for the other. The Upper Serangoon View sites are expected to yield 510 private home for one and 410 units for the other. given the buyer the option of cancelling within six months of accepting the tender because valuer Chesterton-Suntec International had put the lease upgrading premium to redevelop the 255-unit site at $125 million at the close of tender on Sept 4, 2012. However, the CSC representative said that the objection is a red herring, and that the consenting owners of 84 percent of the share value are happy with the purchase because they have been waiting for the purchase since 2008 and this offer is better than selling in the open market. Regarding the incentive payments made by HSR International Realtors to the owners of four units, it was reported that HSR, under its terms of engagement, isn't a fiduciary, and therefore doesn't have a duty of evenhandedness. Hence HSRs incentive arrangement has no impact on the sale price.

(Source: Business Times)

Thomson View case looks at buyer option The case of Thomson View en-bloc Collective Sales Committee (CSC) being accused of acting in bad faith continued to take place when the court looked at the buyer option in which the committee gave the buyer an option to rescind if it has to pay more than $95 million to redevelop the land. Lawyers representing sellers objecting the $590 million sale argued that the CSC should not have
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(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 110 No loophole for parents who properties in their childrens names buy OTP (option to purchase). Consequently, this will discourage investors who tried to avoid paying the ABSD and obtain a higher LTV ratio by using their children's names to purchase a second property. (Source: Business Times) Central Region home prices perform best According to NUS, prices of completed private apartments and condos (excluding small units) in the Central Region continued to outperform the rest of the market for the third consecutive month. This is in accordance with investors caring more about older apartments in the Central Region, where prices are looking relatively attractive. Central Region is defined as districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime districts 9, 10 and 11.
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It is no longer possible for parents who try to outsmart regulators by buying properties in their childrens names. The loophole that used to allow homebuyers to circumvent the original intent of lowering the loan-to-value (LTV) ratio and imposing the additional buyers stamp duty (ABSD) is now closed. The Monetary Authority of Singapore (MAS) has announced new rules that discourage property loans resulting in borrowers using more than 60 percent of their monthly incomes to service debt, and now when granting property loans, banks must consider all of a borrowers' outstanding debt obligations such as loans for cars, renovations and credit cards. "Guarantors" will now have to be brought in as coborrowers and one of the purchasers on the
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SINGAPORE PROPERTY WEEKLY Issue 110 NUS' Singapore Residential Price Index (SRPI) for Central Region increased by 1.5 percent in May over April, compared to a drop of 1.6 per cent in the SRPI for Non-Central Region. (Source: Business Times) Strong demand of J Gateway condo Before its official launch for sale on June 29, MCL Lands J Gateway condominium already attracted 1,400 blank cheques from prospective buyers at its showflat. The development comprises of 738 units located beside shopping malls JCube and Jem, and its price is expected to hit a record high. It is estimated by marketing agent Huttons that the average prices of homes in the development can range from $1,650 psf for a 474 sq ft one-bedder to $1,450 psf for a 1,163 sq ft four- bedder. The development has 259 one-bedders, 245 two-bedders, 181
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three-bedders, 47 four-bedders and penthouses. It will be completed in 2016. (Source: Business Times) Commercial

six

Strata office market could see prices rise Transaction volumes for the strata office market only crossed a third of last years levels in the first five months of 2013, and are unlikely to match 2012s peak. Nevertheless, the strata office market could see prices rise by 5 to 8 percent. Strata office buildings account for 12 percent of the total islandwide office stock. 91 percent of these buildings are in the CBD and fringe areas. 1.2 million sq ft more of strata office will be completed by 2016, and strata office buyers are reported to enjoy future better returns on investments if the office rents take off from 2014 onwards. Prices of new projects are reported to be 15
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SINGAPORE PROPERTY WEEKLY Issue 110 to 20 percent higher than resale buildings in the same locations. (Source: Business Times) Street is now up for sale, following the recent sale of six strata units on the 17th floor at a record psf price for the building of $3,500 psf. The marketing agent for the sale is CBRE. The 18th floor is owned by Buxani Group and a group of investors advised by Capital Management Group. Average transacted prices at Samsung Hub are said to have risen 14 per cent in the last two years. The guide price for the 18th storey has been set at $43.3 million, or $3,300 psf. (Source: Business Times) Resale strata factory units decreased by 17% in Q2 The number of resale strata factory units sold decreased by 17 percent in Q2 from the first quarter of the year to 266 units. This followed a 26 per cent drop in Q1 to 320 units. Resale prices of first- and upper-storey space
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Park Regis sold for $250m

Park Regis Singapore has been sold to a China buyer at $250 million; the seller is Park Regis Investments. The asset is located along New Market Street/Merchant Road and comprises a 203-room hotel and a sevenstorey office block. The hotel is managed by Australia-based StayWell Hospitality Group. The hotel room is expected to be value at between $859,000 and $818,000 respectively per room, while the office space can be valued at $67.3 million or $1,600 psf. (Source: Business Times) 18th floor of Samsung Hub to be on sale The 18th floor of Samsung Hub at Church
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SINGAPORE PROPERTY WEEKLY Issue 110 increased by 0.3 per cent and 0.6 per cent respectively in Q2, compared to the 7.8 per cent and 6.5 per cent growth in the second half of last year. Buyers were reported to be more cautious following the introduction of sellers stamp duty (SSD), which might have had a dampening effect on the industrial real estate market. (Source: Business Times) Logistics Holdings steps into property development Logistics Holdings will go into property development with its first acquisition of Minton Court for $13.4 million, which translated to $1,010 psf. The site is located at 21 Paya Lebar Crescent, and will be developed into a high-end cluster housing development comprising six to eight units. The cost of the acquisition and redevelopment will be
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financed by the group's internal funds and bank borrowings. (Source: Business Times)

Tuan Sing $348.9m

buys

Robinson

Point

for

Tuan Sing has acquired Robinson Point for $348.9 million, which translated to $2,579.5 psf. This is thought to be the most expensive office this year. Tuan Sing would acquire the entire issued share capital of Robinson Point Limited which legally and beneficially holds the entire issued share capital of 39 Robinson Road Pte Ltd. This amounts to $346.3 million after taking into account the agreed value of Robinson Point and adding back balances of a related bank loan and shareholder's loans. Tuan Sing is understood to hold the asset for long-term share value appreciation purposes.

(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 110 PoMo sold for $336m PoMo, a retail and office property on Selegie Road, was sold to EH Property and Investments Pte Ltd, a joint venture between BS Capital Pte Ltd and Enviro-Hub Holdings Ltd, for $336 million, or $1,894 psf based on a net lettable area (NLA) of 177,381 sq ft. Previously known as Paradiz Centre, PoMo is on a remaining lease term of 69 years. Education provider Kaplan is expected to move into the offices later this year. Other vacant retail space awaits new owners to reposition the asset. (Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 110

Non-Landed Residential Resale Property Transactions for the Week of Jun 13 Jun 19
Postal District 3 4 5 5 5 5 7 8 9 9 9 9 9 9 9 9 10 10 10 10 11 11 11 11 Area (sqft) 786 1,270 969 1,249 1,249 872 1,184 775 2,573 2,573 2,368 3,498 1,313 1,227 1,249 1,399 2,347 1,841 1,216 1,475 624 721 3,197 3,100 Transacted Price ($) 1,280,000 2,006,600 1,258,000 1,500,000 1,450,000 820,000 1,800,000 825,000 6,046,550 5,982,225 5,008,320 6,843,000 2,400,000 2,148,000 1,970,000 2,190,000 5,600,000 3,750,000 2,100,000 2,130,000 1,190,000 1,160,000 4,800,000 3,500,000 Price Tenure ($ psf) 1,629 99 1,580 99 1,299 99 1,201 99 1,161 999 940 99 1,520 99 1,065 FH 2,350 FH 2,325 FH 2,115 FH 1,956 FH 1,828 FH 1,750 FH 1,578 FH 1,565 999 2,386 FH 2,037 FH 1,727 999 1,444 FH 1,906 FH 1,608 FH 1,501 FH 1,129 FH Postal District 12 12 12 14 14 14 14 14 15 15 15 15 15 15 15 15 15 15 15 15 16 17 17 17 Area (sqft) 1,055 1,163 1,464 1,184 1,130 1,141 1,453 3,649 570 1,604 1,410 1,636 570 1,776 926 1,044 2,196 2,185 1,970 2,443 936 1,281 1,647 1,324 Transacted Price ($) 1,605,000 1,170,000 1,380,000 1,440,000 1,144,000 1,034,000 1,200,000 2,730,000 1,050,000 2,830,000 2,115,000 2,340,000 770,000 2,368,000 1,200,000 1,190,000 2,400,000 2,141,300 1,800,000 2,100,000 1,025,000 1,175,000 1,470,000 1,015,000 Price Tenure ($ psf) 1,522 FH 1,006 999 943 FH 1,216 FH 1,012 FH 906 99 826 99 748 FH 1,841 FH 1,765 FH 1,500 FH 1,430 FH 1,350 FH 1,333 99 1,296 FH 1,140 FH 1,093 FH 980 99 914 FH 859 FH 1,095 99 917 FH 893 FH 767 999

Project Name RIVER PLACE CARIBBEAN AT KEPPEL BAY HERITAGE VIEW DOVER PARKVIEW MONTEREY PARK CONDOMINIUM PARK WEST THE BENCOOLEN RANGOON APARTMENTS GRANGE INFINITE GRANGE INFINITE GRANGE INFINITE BELLE VUE RESIDENCES URBANA MIRAGE TOWER THE REGALIA WATERFORD RESIDENCE THE TOMLINSON BALMORAL HILLS VALLEY PARK SHEARES VILLE LUCIDA NINETEEN SHELFORD ROAD NOVENA SUITES SHELFORD MANSIONS

Project Name THE ARTE THE ELYSIA SUITES @ TOPAZ LE CRESCENDO EUNOS PARK ASTON MANSIONS THE ALCOVE LE CRESCENDO ONE AMBER THE SEAFRONT ON MEYER THE ESTA THE MAKENA CELESTIA COSTA RHU COSTA ESTE SUNNY PALMS THE HACIENDA KATONG PARK TOWERS HUA XIN COURT HEJI GARDENS BAYSHORE PARK DAHLIA PARK CONDOMINIUM CARISSA PARK CONDOMINIUM WATERCREST

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SINGAPORE PROPERTY WEEKLY Issue 110

Postal District 17 18 18 18 19 19 19 19 20 21 21 21 21 21 22 23 23 23 23 23 25 28 Project Name BALLOTA PARK CONDOMINIUM LIVIA EASTPOINT GREEN SAVANNAH CONDOPARK GOLDEN HEIGHTS THE QUARTZ PALM GROVE CONDOMINIUM CASA RIVIERA BOONVIEW PANDAN VALLEY SELANTING GREEN SIGNATURE PARK THE CASCADIA PARC PALAIS THE CENTRIS HAZEL PARK CONDOMINIUM HAZEL PARK CONDOMINIUM CHANTILLY RISE THE WARREN HILLVIEW 128 ROSEWOOD SUITES SERENITY PARK Area (sqft) 1,862 1,744 969 1,227 1,238 1,152 1,345 1,679 1,518 1,335 1,302 1,367 2,885 1,076 1,561 980 1,389 1,733 1,216 969 926 1,324 Transacted Price ($) 1,380,000 1,610,000 888,000 1,030,000 1,500,000 1,310,000 1,510,000 1,700,000 1,730,000 1,530,000 1,400,000 1,400,000 2,938,888 1,030,000 1,400,000 1,070,000 1,450,000 1,800,000 1,150,000 910,000 788,000 1,275,000 Price Tenure ($ psf) 741 FH 923 99 917 99 839 99 1,212 FH 1,137 99 1,122 999 1,012 FH 1,140 FH 1,146 FH 1,075 FH 1,024 FH 1,019 FH 957 FH 897 99 1,092 999 1,044 999 1,039 FH 945 99 939 999 851 99 963 FH

NOTE: This data only covers non-landed residential resale property transactions with caveats lodged with the Singapore Land Authority. Typically, caveats are lodged at least 2-3 weeks after a purchaser signs an OTP, hence the lagged nature of the data.

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