space@kovan

[azeoprop]

Hopefully there will be some unique and interesting cafes and restaurants opening there.

[my2cents]

The New Upper Serangoon Heritage Corridor in front and starts from Space@Kovan, 4.2 km along Upper Serangoon Road ( nearest to Space, you wl find Tou Mu Kung Temple, Bethesda Church, Masjid Haji Yusoff, Kim Tian Christian Church and St Paul Church etc ).

[kentng7]

Seems interesting ..

[NV2010]

Happy New Year !
Looking forward for 2015 Top

[kentng7]

Hi all,

I visited the site yesterday and it seems all done up already ...

[pinkspider001]

Hi all,

I visited the site yesterday and it seems all done up already ...

The shops look completed! Yipee

[my2cents]

The shops look completed! Yipee

I like the frontage of the restaurants, shops and residential units, many hv full height glass window to ceiling. When all lighten up, should be looking good. The Resident does not hv to go through rain and shine to access to the shops below, hope there wl be some good and convenient stores !

[kentng7]

Seems that space@kovan is the biggest mixed development condo around this area ..

See this link ;;
Singapore's 10 most in demand mixed development

http://sbr.com.sg/residential-proper...velopment#show

This sound good ..


Pros & Cons of Mixed Developments (Retail)
http://www.commercialguru.com.sg/res...pments-retail-

Pros & Cons of Mixed Developments (Residential)
http://www.propertyguru.com.sg/singa...idential-/1271

This bring out some thought ..

[my2cents]

Upper Serangoon and Kovan are getting excited, first we have Sunday Market Cafe on Lim Tua Tow Road, now tens of these along the stretch, surely booming and rising !

[pinkspider001]

Upper Serangoon and Kovan are getting excited, first we have Sunday Market Cafe on Lim Tua Tow Road, now tens of these along the stretch, surely booming and rising !

Nice! Thanks for sharing this; quite a few places to check out when space is finally done up. And good news for those looking for amenities near space! i saw ytd that theres a (decent sized) "mini" mart opening just across the road.

Really looking forward to know the list of shops that will open at space!

[fireflyy]

I like the frontage of the restaurants, shops and residential units, many hv full height glass window to ceiling. When all lighten up, should be looking good. The Resident does not hv to go through rain and shine to access to the shops below, hope there wl be some good and convenient stores !

errr... when i see mixed development i always think about People's Park Centre, Pearl Centre, Lucky Plaza which are all in bad state leh. Then shops like massage parlors and bars come in...

[my2cents]

There are always the Good, the Bad and the Ugly, here are plenty Mixed Development for you to nibbles with, just if you know : One Dusun Residences, Ascent@456, Millage, The Venue Residences and Scott Square, EON Shenton, South Beach, City Gate, Duo Residences…

It’s quite unlikely Space@Kovan will be likes People's Park Centre, Pearl Centre or Lucky Plaza, Space is on “Residential Zone”, the latters you mentioned are on “Tourist Zone” and “Shopping Zone”.

I am not going to tell you the theory of Virtue and Vice, but if there should Vice in Space, I will make sure they will go away quite instantly, not to mention there will be a FCC smack right in the Space lobby.

[Kanarazu]

Hi my2cents, what's the acronym "FCC"?

[my2cents]

Hi my2cents, what's the acronym "FCC"?

Hi Kanarazu, the acronym of FCC in full in Fault Reporting and Control Centre, some called it Fault Control Centre.

[kentng7]

FCC is managed by the condo management team or the security personnels ?

They are the 'policemen' in the condo ?

[my2cents]

FCC is managed by the condo management team or the security personnels ?

They are the 'policemen' in the condo ?

I am not sure, cause this is my first Mixed Development property, but I guess is manage by the Management team, it is in the brochure showing a independent unit for FCC @ the premises. ( Lobby )

[my2cents]

I just found this pic on the web, the still constructing beautiful Roof Top Infinity Pool ( infinite & overflow pool ).

p.s. Photo not mine, credit to original post and photo.

[J3]

0.1 km away from space@kovan - A row of five adjoining refurbished shophouses at Teck Chye Terrace was sold via auction on Thursday (22 January) for S$14.63 million.
The freehold shophouses were auctioned as an entirety at an indicative price of S$13 million. With S$1.63 million on top of the indicative price.

[kentng7]

Space@kovan sign outside the car park entrance ..

A very big 'SPACE' sign though ..

[NV2010]

Home prices unlikely to “collapse” as possible election looms

As Singapore looks to celebrate its 50th year of independence and with the end of 2015 or early 2016 shaping up as a potential election period,
property prices are unlikely to crash, revealed a Credit Suisse report.

Instead, the government will look to keep home prices stable, especially in a rising and volatile interest rate environment, the report said.

[my2cents]

After all the artificial cooling measures, Spore is indeed one of the most affordable, ranked no. 89 in Global most affordable by comparing House Price to Income Ratios ~ includes Income, Expenditures and the Standard of Living, further dipping will actually break, hope the New Budget 2015 wl twerk some measures and labor policy, too many empty units coming and too many rentals out there including Public and Private alike. The number 1 least affordable you know what ? of course Hong Kong :
1. China, Hong Kong.
2. Canada, Vancouver, BC.
3. Australia, Sydney, NSW.
4. U.S. San Jose, CA.
5. U.S. San Francisco, CA.
6. Australia, Tweed Heads, NSW
7. U.S. Honolulu, HI
8. U.K. Bournemouth & Dorsett
9. Australia, Melbourne, VIC
10. U.S. Santa Cruz, CA
11 . U.K. London (GLA)
( by 11th Annual Demographia International Housing Affordability Survey: 2015 - Ratings for Metropolitan Markets)

[Kanarazu]

When is space expected to TOP?

[Kelonguni]

Must also take into account the relatively higher costs of private transport in SG. A car in US can be driven for maybe 30 years, just pay once without COE.

Just paying COE and other taxes (assuming the comparable US person buys a new car every 10 years) is roughly $6000 - $8000 per year (for an entry level car).

Private transport is just one area to look at.

Should try to adjust this ratio then see if SG still at 89.

After all the artificial cooling measures, Spore is indeed one of the most affordable, ranked no. 89 in Global most affordable by comparing House Price to Income Ratios ~ includes Income, Expenditures and the Standard of Living, further dipping will actually break, hope the New Budget 2015 wl twerk some measures and labor policy, too many empty units coming and too many rentals out there including Public and Private alike. The number 1 least affordable you know what ? of course Hong Kong :
1. China, Hong Kong.
2. Canada, Vancouver, BC.
3. Australia, Sydney, NSW.
4. U.S. San Jose, CA.
5. U.S. San Francisco, CA.
6. Australia, Tweed Heads, NSW
7. U.S. Honolulu, HI
8. U.K. Bournemouth & Dorsett
9. Australia, Melbourne, VIC
10. U.S. Santa Cruz, CA
11 . U.K. London (GLA)
( by 11th Annual Demographia International Housing Affordability Survey: 2015 - Ratings for Metropolitan Markets)

[teddybear]

The report is about most affordable according to property prices, nothing to do with car prices!

Anyway, private transport is a luxury in Singapore, and I do not want private transport to be so affordable in Singapore that you can only park at home since traffic jam is so bad that you can't drive and move anyway.............

If want to take transport, Singapore's public transport should be also the 1 of the MOST AFFORDABLE (vs income, now that there is MIN WAGES) among all countries in the world?

Must also take into account the relatively higher costs of private transport in SG. A car in US can be driven for maybe 30 years, just pay once without COE.

Just paying COE and other taxes (assuming the comparable US person buys a new car every 10 years) is roughly $6000 - $8000 per year (for an entry level car).

Private transport is just one area to look at.

Should try to adjust this ratio then see if SG still at 89.

[Kelonguni]

The report is about most affordable according to property prices, nothing to do with car prices!

Anyway, private transport is a luxury in Singapore, and I do not want private transport to be so affordable in Singapore that you can only park at home since traffic jam is so bad that you can't drive and move anyway.............

If want to take transport, Singapore's public transport should be also the 1 of the MOST AFFORDABLE (vs income, now that there is MIN WAGES) among all countries in the world?

Agree with your take on public transport. Just wanted to point out issues with direct application of the report findings. To the 20% of all households who own cars, the disposable income is much lower, although admittedly, I am not sure about the median multiple calculations. For e.g. is it pre tax or post tax?

Other criticisms about the implication of this report to private housing prices: The report is based on all types of housing including HDBs.

If private housing was used as the sole yardstick for measurement, we would end up much higher on the list. Just need to be cautious in blindly applying it to private housing affordability.

[teddybear]

General reporting of property prices of a country is always inclusive of all properties, unless you are telling us that HDB flats are not fitting properties for Singaporeans to live in?

And if you want to tell us that private property prices in Singapore are much higher than HDB flats, well, the same is true of almost every other countries..........
E.g. In HK, the CENTRAL prime properties is >10x that of the surburbs......
In UK, the CENTRAL prime properties is >10x that of the surburbs......
In Bangalore, the prime properties are >20x(?) that of the surburbs.......
In Singapore, the CENTRAL prime properties probably only ~2-3x that of surburb private properties...
So relatively, Singapore prime properties ARE TOO CHEAP on every front!!!!!!!

Actually, private property prices also not much higher than HDB flats in same vicinity lah!
You see, Tiong Bahru HDB flats about $700 psf. Tiong Bahru private condos only about $1400 psf, so only ~2x only despite the fact that you can get free car park lot (x2) + free common facilities (free gym, free swimming pool etc)!

Also, if you want to just count private property prices, then you only can also count the incomes of people living in private properties, not the general population.............
Don't forget, median household income in Singapore is about $7000+ pm, but top 20% household income is at least $18,000 pm (if my memory didn't fail me), that makes the ratio of top 20% to median = 2.57.
Then, you look at Tiong Bahru private condo prices to HDB flats ratio = about 2.00.
That means private condos are too cheap (to top 20% incomes) vs HDB flats (for median income people like those living in Tiong Bahru)!

Agree with your take on public transport. Just wanted to point out issues with direct application of the report findings. To the 20% of all households who own cars, the disposable income is much lower, although admittedly, I am not sure about the median multiple calculations. For e.g. is it pre tax or post tax?

Other criticisms about the implication of this report to private housing prices: The report is based on all types of housing including HDBs.

If private housing was used as the sole yardstick for measurement, we would end up much higher on the list. Just need to be cautious in blindly applying it to private housing affordability.

[Kelonguni]

What I am stating is based on the study: For a ratio of 5 times price of housing against income, the classification for SG is seriously unaffordable, but not as bad as countries (with a low percentage of subsidised housing).

Most HDBs are able to meet the ratio of 4 or under, which allows for the overall index for SG to be 5.0.

Even if we consider the top 20% of households at your stated value of 18,000pm (216,000) per year, the specific ratio for private housing spikes up to minimum 5, maximum 10+ for a typical OCR 3BR to more central 3BR unit.

General reporting of property prices of a country is always inclusive of all properties, unless you are telling us that HDB flats are not fitting properties for Singaporeans to live in?

And if you want to tell us that private property prices in Singapore are much higher than HDB flats, well, the same is true of almost every other countries..........
E.g. In HK, the CENTRAL prime properties is >10x that of the surburbs......
In UK, the CENTRAL prime properties is >10x that of the surburbs......
In Bangalore, the prime properties are >20x(?) that of the surburbs.......
In Singapore, the CENTRAL prime properties probably only ~2-3x that of surburb private properties...
So relatively, Singapore prime properties ARE TOO CHEAP on every front!!!!!!!

Actually, private property prices also not much higher than HDB flats in same vicinity lah!
You see, Tiong Bahru HDB flats about $700 psf. Tiong Bahru private condos only about $1400 psf, so only ~2x only despite the fact that you can get free car park lot (x2) + free common facilities (free gym, free swimming pool etc)!

Also, if you want to just count private property prices, then you only can also count the incomes of people living in private properties, not the general population.............
Don't forget, median household income in Singapore is about $7000+ pm, but top 20% household income is at least $18,000 pm (if my memory didn't fail me)......

[teddybear]

I think you have to understand how the study derive the ratio of 5 times price of housing against income - That is based on the Western pre-tax rate, and mind you, they have almost 50% tax rate at those incomes!

I am putting to you that their quoted 5x ratio of housing prices to PRE-TAX income is NOT APPLICABLE to Singapore!

If you consider after-tax income, their ratio of housing prices to after-tax income = 10x.

However, at an income of $18,000 pm earned by a couple or $9000 pm by each individual, their income tax in Singapore is <12% (vs 50% in those Western countries)!

So, the equivalent of Singapore's ratio of housing prices to after-tax income for private properties = 5.68 (= 5 / (1-0.12)), which is so much lower their 10x ratio!

Above I quote is another evidence that PRIVATE PROPERTIES are too CHEAP in Singapore vs AFTER-TAX INCOMES compared to those countries you quoted!!!!!!!!!!!!!

What I am stating is based on the study: For a ratio of 5 times price of housing against income, the classification for SG is seriously unaffordable, but not as bad as countries (with a low percentage of subsidised housing).

Most HDBs are able to meet the ratio of 4 or under, which allows for the overall index for SG to be 5.0.

Even if we consider the top 20% of households at your stated value of 18,000pm (216,000) per year, the specific ratio for private housing spikes up to minimum 5, maximum 10+ for a typical OCR 3BR to more central 3BR unit.

[Kelonguni]

I think you have to understand how the study derive the ratio of 5 times price of housing against income - That is based on the Western pre-tax rate, and mind you, they have almost 50% tax rate at those incomes!

I am putting to you that their quoted 5x ratio of housing prices to PRE-TAX income is NOT APPLICABLE to Singapore!

If you consider after-tax income, their ratio of housing prices to after-tax income = 10x.

However, at an income of $18,000 pm earned by a couple or $9000 pm by each individual, their income tax in Singapore is <12% (vs 50% in those Western countries)!

So, the equivalent of Singapore's ratio of housing prices to after-tax income for private properties = 5.68 (= 5 / (1-0.12)), which is so much lower their 10x ratio!

Above I quote is another evidence that PRIVATE PROPERTIES are too CHEAP in Singapore vs AFTER-TAX INCOMES compared to those countries you quoted!!!!!!!!!!!!!

Even if you wish to discount car prices and other factors like the HDB making up 80-90% of housing here, I would still urge you to read the report before commenting. In particular, look at the specific ratios.

Download it here at:

http://www.demographia.com/dhi.pdf

[teddybear]

I didn't see anything peculiar about the ratios, care to point out?

My comments are based on Singapore's median incomes, top 20% incomes, private property prices and HDB flats in Singapore. Regardless of what yardstick they use, my conclusion is still valid:
Singapore private property prices especially those in the CENTRAL region are just TOO CHEAP (relative to income in Singapore)!

Even if you wish to discount car prices and other factors like the HDB making up 80-90% of housing here, I would still urge you to read the report before commenting. In particular, look at the specific ratios.

Download it here at:

http://www.demographia.com/dhi.pdf