Issue 374

Copyright © 2011-2016 www.propwise.sg. All Rights Reserved.

 CONTENTS FROM THE

p2 When Home Ownership Becomes a Religion

EDITOR
Welcome to the 374th edition of the
Singapore Property Weekly.
p9 Resale Property Transactions
Hope you like it!
(October 18 – October 26) Mr. Propwise

Contribute
Do you have articles and insights and articles that you’d like to share
with thousands of readers interested in the Singapore property
market? Send them to us at info@propwise.sg, and if they’re good
enough, we’ll publish them here, on our blog and even on Yahoo!
News.
Advertise
Want to get your brand, product, service or property listing out to
thousands of Singapore property investors at a very reasonable
cost? Head over to www.propwise.sg/advertise/ to find out more.
 SINGAPORE PROPERTY WEEKLY Issue 374

When Home Ownership Becomes a Religion

By Property Soul (guest contributor)

A high home ownership rate of 90 percent

has improved the lives of Singaporeans
significantly. It allows us to enjoy the fruit of
the country’s economic growth. It also gives
us a stake in the country and something to
fight for.

Housing in Singapore has improved by leaps

and bounds from humble squatter houses
and over-crowded slums in the 1950s to
world-class public housing today.

Back to Contents Page | 2

 SINGAPORE PROPERTY WEEKLY Issue 374
HDB homes gives us the sense of security
and comfortable environment to bring up our
family. It also helps us to build the sense of
belonging in our neighborhood and our
nation.
Our HDB flats are highly subsidized by the
government. We have CPF accounts to pay
for our mortgages. We have town councils to
manage and maintain our housing estates.
We have SERS and VERS schemes to help
us upgrade old flats.
What exactly are we unhappy about?
Why are Singaporeans still complaining about
the HDB flats?
Why did National Development Minister
Lawrence Wong’s “not all old HDB flats are
eligible for Sers” speech alarm old HDB flat
owners?
Back to Contents
Why did Minister Wong’s recent reminder that
“a 99-year leasehold flat is an owned asset,
not a rental” upset many Singaporeans?
Because he shattered the housing dream of
Singaporeans.
We have put all our hope in our HDB flat. It is
our home to live for as long as we need. It is
our priciest possession that we believe can
appreciate over time.
It is the drive that makes us work hard every
day. It is the debt that makes us willing to pay
the bank first every month. It is the bond that
makes us rooted in this Little Red Dot.
Home ownership is our state religion and
national doctrine. Singaporeans worship
properties and believe that it is the only way
to preserve our wealth. We devote our
lifetime in the pursuit of owning our home and
Page | 3
 SINGAPORE PROPERTY WEEKLY Issue 374
upgrading to a better home with our hard-
earned money.
And now you tell us that what we put our faith
in is just “an owned asset” whose value can
depreciate like any other asset?
Financial crises in the last two decades have
shown us that property prices can dive during
bad times. An aging population and old flats
make us question whether there is enough
demand to support the value of aging flats.
High cost of housing in a mature economy
makes us wonder whether we have parked
too much retirement funds in housing.
“The high support for home ownership has
given rise to expectations, with the
Government now unfortunately bearing
responsibility for any perceived negatives in
our current housing, including housing prices,
and receiving little praise for any positives.” –
Back to Contents
Tan Jin Meng, a postgraduate from the Lee
Kuan Yew School of Public Policy
Even the hottest property market can cool
down
In the newly-released UBS Global Real
Estate Bubble Index 2018, Hong Kong tops
the list with the highest risk of housing
bubble. Average salary men need to work 22
years to afford the down payment of a 60
square metre (645 sq ft) flat in Hong Kong.
Prices of Hong Kong residential properties
have jumped 165 percent in ten years’ time.
New projects are made more affordable to
buyers with 200 to 300 sq ft “micro units”
which are sold at “mega prices” of S$1 million
to S$1.38 million.
Recently, the continual slide of stock prices,
coupled with rising interest rates and an
escalating trade war, have triggered a slump
Page | 4
 SINGAPORE PROPERTY WEEKLY Issue 374
in Hong Kong’s housing market.
For fear of a further plunge of the property
market, sellers are slashing prices. Recent
deals in large private projects were
transacted at 10 to 20 percent lower
compared with the peak just a month ago.
Prices have retreated to the level of mid-
2017.
Buyers are expecting more price corrections
and holding back on their purchases. Both the
new and secondary markets report record low
sales volume. Analysts now predict home
prices to drop by 40 percent in two years’
time.
The world’s priciest property market has
finally cooled off.
Imagine those who just bought their new
home with 22 years’ savings for the down
payment and a new 30-year mortgage?
Back to Contents
Nobody will buy properties if they know prices
will be coming down soon. But the buyer who
paid S$1.38 million for a 209 sq ft unit in Pok
Fu Lam must be an exceptionally devoted
disciple of the property religion to make that
buying decision.
In recent years, more millennials in Hong
Kong who do not have rich parents simply
renounce the religion of property. They give
up on buying their homes, use their savings
to travel around the world or migrate to places
like Taiwan for greener pastures.
Home ownership is just a lifestyle
Home ownership is part of the Asian culture.
It is a tradition to associate getting married
with buying a new home to start a new family.
On the other hand, Europeans prefer to rent
rather than buy. On the other hand,
Europeans prefer to rent rather than buy.
Page | 5
 SINGAPORE PROPERTY WEEKLY Issue 374
Because renting implies freedom and
flexibility in lifestyle, career, mobility and
finances.
In my 2015 blog post “Should I buy or rent?”,
I mentioned that it is a never-ending debate
whether we should buy or rent. Afterall, this is
very much an individual choice. The buy-rent
breakeven point also depends on where we
choose to stay and how long we are planning
to stay there.
Japanese philosopher and psychologist Ichiro
Kishimi (岸见一郎), the co-author of best-
seller “The Courage to Be Disliked” which
sold over a million copies, shares an
interesting view on marriages in his new book
“The Courage To Become Happy”.
“Marriage is not about choosing a life partner.
It is about choosing your lifestyle.”
“Once we believe in marriage, we can love
Back to Contents
anybody. Who we are going to marry
becomes unimportant.”
“Because we trust that this is our fate. Love is
a faith and trusting behaviour. The courage to
love is the courage to have happiness.”
Home ownership is not about buying a
property
It is about choosing your lifestyle. Once you
believe in owning your home, you can buy
anything. What, when and how much you buy
become unimportant.
When you decide to buy a property to stay in,
it is not the commitment to buy a HDB, EC or
condo unit. It is the commitment to the way
you want to live your life.
Because you believe that you must own the
roof over your head, you have the courage to
buy anything, at any time and at any price.
Page | 6
 SINGAPORE PROPERTY WEEKLY Issue 374

Ichiro Kishimi said, “For people who tell How can the spirits show themselves to you if
others that they are still waiting for ‘the one’, you don’t believe in them?
this is just their excuse to stay single by
Similarly, how can I convince you about the
eliminating the potential of anyone to be their
benefits of renting if you believe in owning
life partner.”
your home? Conversely, how can I show you
For people who are renting and tell others the satisfaction of staying in your own home if
that they have yet to find their ideal home, you don’t believe in buying?
they are not going to find it. Because they
Keeping the faith in your religion
simply enjoy the lifestyle of renting and being
a tenant for the rest of their life. Allow me to repeat what I said in my YouTube
podcast #12 “Six Reflections From Recent
Is there true love or a soulmate in this world?
HDB Talk”:
Well, it depends.
“Buy HDB or not is completely your choice.
It is like seeing ghosts. Some people insist
You are entitled to buy it. But you are not
that they have seen spirits and describe their
compelled to buy it. Buying an HDB flat is not
horrifying experiences in detail. Some people
like doing National Service or contributing to
check into the world’s most haunted hotels
CPF. It is not compulsory. You can choose to
and complain that nothing happened.
buy or not to buy.”
If you believe, there are ghosts. If you don’t
“Once you decide to join the gang of HDB
believe, there are no ghosts.

Back to Contents Page | 7

 SINGAPORE PROPERTY WEEKLY Issue 374
owners, like the 80 percent majority in this
country, you must play by the rules of the
game. We all know that every game has its
dos and don’ts, pros and cons, fun and not-
so-fun parts.”
One day something unexpected happens and
challenges your belief. You start to question
your faith. The conflict in your heart disturbs
your peace of mind. You no longer know
which path to take.
But remember that home ownership is a
religion. It is you who chose to believe in it. It
is you who picked the lifestyle. If you have
converted, don’t question it.
If you think it is more worthwhile to rent rather
than to buy, don’t buy.
If you see there is a better, fairer and more
affordable alternative than HDB, go ahead
with the better choice.
Back to Contents
If you find putting your money in your
business, other asset classes, or homes
outside Singapore makes more sense, do
what suits you best.
If you don’t have strong reasons to get out of
the cult; you don’t have a much better option;
you don’t perceive to be better off on the
other side; if you can’t bear the costs of
leaving it, then keep the faith, follow your
destiny and accept your fate.
Always keep in mind that home ownership is
not just Singapore’s national policy. It is our
state religion and a sacred belief that we
uphold in this small island. How many of us
can afford to not follow it?
By guest contributor Property Soul, a
successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.
Page | 8
 SINGAPORE PROPERTY WEEKLY Issue 374

Non-Landed Residential Resale Property Transactions for the Week of Oct 15 – Oct 19

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 ONE SHENTON 581 1,200,000 2,064 99 8 N.A. 1,141 1,010,000 885 FH
2 ONZE @ TANJONG PAGAR 1,141 2,840,000 2,489 FH 9 NEW FUTURA 1,830 7,146,300 3,905 FH
3 MERAPRIME 1,119 1,720,000 1,536 99 9 HILLTOPS 1,593 4,434,000 2,783 FH
3 ASCENTIA SKY 1,475 2,160,000 1,465 99 9 ST THOMAS SUITES 2,605 5,800,000 2,227 FH
3 THE ANCHORAGE 1,421 2,080,800 1,464 FH 9 RIVERGATE 1,507 3,200,000 2,123 FH
3 ASCENTIA SKY 1,475 2,000,000 1,356 99 9 ASPEN HEIGHTS 1,324 2,400,000 1,813 999
4 CORALS AT KEPPEL BAY 1,561 3,690,000 2,364 99 9 CAVENAGH COURT 1,819 3,200,000 1,759 FH
4 CARIBBEAN AT KEPPEL BAY 1,335 2,050,000 1,536 99 9 LEONIE TOWERS 2,906 5,000,000 1,720 FH
4 THE INTERLACE 2,357 3,180,000 1,349 99 9 PARC SOPHIA 667 1,050,000 1,573 FH
4 THE INTERLACE 3,595 3,600,000 1,001 99 10 GOODWOOD RESIDENCE 2,723 7,180,000 2,637 FH
5 THE PARC CONDOMINIUM 1,216 1,650,000 1,357 FH 10 THE BOULEVARD RESIDENCE 2,034 5,080,000 2,497 FH
5 HERITAGE VIEW 1,195 1,500,000 1,255 99 10 ONE DUCHESS 883 1,900,000 2,153 999
5 LANDRIDGE CONDOMINIUM 1,894 2,235,000 1,180 FH 10 DUCHESS MANOR 829 1,750,000 2,111 999
5 CLEMENTIWOODS CONDOMINIUM 1,238 1,400,000 1,131 99 10 BALMORAL HEIGHTS 549 1,100,000 2,004 FH
5 THE INFINITI 1,345 1,420,000 1,055 FH 10 GALLOP GREEN 3,218 5,850,000 1,818 FH
5 BLUE HORIZON 1,152 1,180,000 1,025 99 10 ONE JERVOIS 1,066 1,900,000 1,783 FH
5 THE PARC CONDOMINIUM 2,239 2,250,000 1,005 FH 10 CASABELLA 1,776 3,050,000 1,717 FH
5 WESTCOVE CONDOMINIUM 1,302 950,000 729 99 10 THE TRIZON 1,894 3,000,000 1,584 FH
7 SOUTH BEACH RESIDENCES 2,616 9,433,000 3,606 99 10 CORONATION GROVE 1,249 1,950,000 1,562 999
7 SOUTH BEACH RESIDENCES 1,281 4,300,000 3,357 99 10 SPRING GROVE 1,389 1,950,000 1,404 99
7 SOUTHBANK 904 1,500,000 1,659 99 10 TANGLIN REGENCY 1,259 1,720,000 1,366 99
7 SOUTHBANK 958 1,538,000 1,605 99 10 RIDGEWOOD 1,744 2,380,000 1,365 999
8 SUITES 123 581 747,500 1,286 FH 10 THE SERENADE @ HOLLAND 1,507 1,800,000 1,194 99
8 KERRISDALE 1,485 1,550,000 1,043 99 11 ADAM PARK CONDOMINIUM 893 1,338,000 1,498 FH

Back to Contents Page | 9

 SINGAPORE PROPERTY WEEKLY Issue 374

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
11 MONTEBLEU 570 848,000 1,486 FH 16 THE BAYSHORE 926 928,000 1,002 99
11 LA SUISSE 2,131 2,700,000 1,267 999 16 WATERFRONT KEY 1,485 1,450,000 976 99
11 MOULMEIN COURT 1,647 1,830,000 1,111 FH 16 EAST VILLAGE 1,668 1,550,000 929 FH
12 THE MEZZO 560 768,888 1,374 FH 16 STRATFORD COURT 1,227 990,000 807 99
13 BARTLEY RIDGE 495 718,000 1,450 99 17 HEDGES PARK CONDOMINIUM 484 525,000 1,084 99
14 SIMS EDGE 409 638,000 1,560 FH 17 HEDGES PARK CONDOMINIUM 764 766,800 1,003 99
14 SUITES@CHANGI 409 560,888 1,371 FH 17 PARC OLYMPIA 1,647 1,430,000 868 99
14 NESS 570 670,000 1,174 FH 18 THE TROPICA 1,238 1,100,000 889 99
14 THE SUNNY SPRING 1,044 1,220,000 1,168 FH 18 LIVIA 1,324 1,150,000 869 99
14 THE HELICONIA 1,302 1,250,000 960 FH 18 MELVILLE PARK 1,399 955,000 682 99
14 ASTON MANSIONS 1,227 1,010,000 823 99 18 MELVILLE PARK 1,475 960,000 651 99
15 ONE AMBER 958 1,818,000 1,898 FH 19 BLISS@KOVAN 797 1,275,000 1,601 FH
15 N.A. 883 1,650,000 1,869 FH 19 SUITES @ PAYA LEBAR 377 555,000 1,473 FH
15 QUESTA @ DUNMAN 527 828,000 1,570 FH 19 BARTLEY RESIDENCES 872 1,190,000 1,365 99
15 THE SEA VIEW 1,216 1,850,000 1,521 FH 19 LA FIESTA 1,001 1,303,000 1,302 99
15 THE MAKENA 1,507 2,200,000 1,460 FH 19 A TREASURE TROVE 1,044 1,340,000 1,283 99
15 COSTA RHU 2,164 3,000,000 1,387 99 19 JEWEL @ BUANGKOK 1,087 1,228,000 1,130 99
15 WATER PLACE 1,281 1,738,888 1,358 99 19 PALM GROVE CONDOMINIUM 1,399 1,580,000 1,129 999
15 EVERITT EDGE 861 1,150,000 1,335 FH 19 D'PAVILION 1,647 1,860,000 1,129 FH
15 RIVAGE 3,283 3,900,000 1,188 FH 19 RIVERSAILS 915 980,000 1,071 99
15 SANCTUARY GREEN 1,399 1,628,000 1,163 99 20 THE PANORAMA 1,324 1,870,000 1,412 99
15 STRAITS RESIDENCES 1,012 1,158,000 1,144 FH 20 SKY HABITAT 1,507 2,100,000 1,394 99
15 TELOK KURAU LODGE 1,227 1,320,000 1,076 FH 20 RAFFLESIA CONDOMINIUM 915 1,120,000 1,224 99
15 NEPTUNE COURT 1,636 1,535,000 938 99 20 THOMSON V TWO 624 750,000 1,201 FH
16 COSTA DEL SOL 1,561 2,070,000 1,326 99 21 SIGNATURE PARK 1,033 1,320,000 1,277 FH
16 OPTIMA @ TANAH MERAH 947 1,120,000 1,182 99 21 SUITES DE LAUREL 721 900,000 1,248 999
16 WATERFRONT GOLD 1,399 1,635,000 1,168 99 21 PARC PALAIS 1,507 1,700,000 1,128 FH

Back to Contents Page | 10

 SINGAPORE PROPERTY WEEKLY Issue 374

Postal Area Transacted Price

Project Name Tenure
District (sqft) Price ($) ($ psf)
21 HIGH OAK CONDOMINIUM 1,023 950,000 929 99
21 TOH TUCK LODGE 2,454 1,780,000 725 FH
22 CASPIAN 936 1,220,000 1,303 99
22 THE CENTRIS 1,023 1,180,000 1,154 99
22 THE MAYFAIR 1,206 1,050,000 871 99
23 HILLVIEW 128 1,044 1,070,000 1,025 999
23 THE AMSTON 1,819 1,800,000 989 999
23 GUILIN VIEW 861 755,888 878 99
23 THE WARREN 1,539 1,338,000 869 99
23 HILLTOP GROVE 1,012 818,000 808 99
25 CASABLANCA 1,184 900,000 760 99
26 SEASONS PARK 1,033 810,000 784 99
27 THE NAUTICAL 549 600,000 1,093 99
27 CANBERRA RESIDENCES 700 690,000 986 99
28 SELETAR SPRINGS CONDOMINIUM 1,981 1,350,000 682 99

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.

Back to Contents Page | 11