Property market sentiments 2010

[Reporter]

HDB reviewing rules to ensure no speculation on flats
Joanne Chan
Channel NewsAsia
Thursday, 28 January 2010, 1747 hrs


HDB flats

HDB flats are for owner-occupation and not speculation or rental investment. National Development Minister Mah Bow Tan stressed this point while speaking to reporters on the sidelines of an HDB event on Thursday.

And he has tasked the housing board to review their regulations to ensure that no loopholes are being exploited.

Fresh concerns over the affordability of public housing were sparked when HDB's latest housing data revealed that resale flat prices continued to climb in the fourth quarter of last year.

In addition, the median cash premium that home owners have to pay upfront doubled to S$24,000, prompting calls for the government to step in.

But Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.

"Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the government to set the resale prices.

"If you were to interfere in the COV (Cash-Over-Valuation), or the resale flat market, essentially, you are saying the government should set the resale flat prices which I think both parties will be unhappy. Why? Because the buyer may be happy today, but today if he's a buyer, tomorrow he would be a seller. Then when we set the prices and he wants to sell, he will be unhappy."

While promoting a free market, Mr Mah drew the line at speculation and stressed that public housing is for owner-occupation.

As such, Mr Mah said the housing board is relooking rules to ensure that prices are not being artificially inflated.

"If somebody is coming in the hopes of making money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible, that's not the idea of HDB flats."

Mr Mah declined to say which rules are being studied. But he noted that the review will be completed in a few months' time.

Aside from reviewing regulations, Mr Mah said he has also asked HDB to step up enforcement.

"I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening."

Recent reports suggested that some flat owners at the newly completed
Pinnacle@Duxton, had rented out their entire units without a minimum occupation period. This is illegal under HDB's housing rules.

Home buyers who received a grant from HDB must stay in their flat for a minimum of 5 years before they can sublet their entire unit.

For those who do not use a grant, there's a minimum occupation period of three years.

[wqmai]

HDB reviewing rules to ensure no speculation on flats
Joanne Chan
Channel NewsAsia
Thursday, 28 January 2010, 1747 hrs


HDB flats

HDB flats are for owner-occupation and not speculation or rental investment. National Development Minister Mah Bow Tan stressed this point while speaking to reporters on the sidelines of an HDB event on Thursday.

And he has tasked the housing board to review their regulations to ensure that no loopholes are being exploited.

Fresh concerns over the affordability of public housing were sparked when HDB's latest housing data revealed that resale flat prices continued to climb in the fourth quarter of last year.

In addition, the median cash premium that home owners have to pay upfront doubled to S$24,000, prompting calls for the government to step in.

But Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.

"Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the government to set the resale prices.

"If you were to interfere in the COV (Cash-Over-Valuation), or the resale flat market, essentially, you are saying the government should set the resale flat prices which I think both parties will be unhappy. Why? Because the buyer may be happy today, but today if he's a buyer, tomorrow he would be a seller. Then when we set the prices and he wants to sell, he will be unhappy."

While promoting a free market, Mr Mah drew the line at speculation and stressed that public housing is for owner-occupation.

As such, Mr Mah said the housing board is relooking rules to ensure that prices are not being artificially inflated.

"If somebody is coming in the hopes of making money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible, that's not the idea of HDB flats."

Mr Mah declined to say which rules are being studied. But he noted that the review will be completed in a few months' time.

Aside from reviewing regulations, Mr Mah said he has also asked HDB to step up enforcement.

"I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening."

Recent reports suggested that some flat owners at the newly completed
Pinnacle@Duxton, had rented out their entire units without a minimum occupation period. This is illegal under HDB's housing rules.

Home buyers who received a grant from HDB must stay in their flat for a minimum of 5 years before they can sublet their entire unit.

For those who do not use a grant, there's a minimum occupation period of three years.

Really meh??? I thought if the children stay in their parent flat, they can apply to rent out their entire flat without staying for the minimum occupation period. Did I get my theory wrong?

[jlrx]

Do you know what percentage of the total population is "noisy people"? I am trying hard to figure out this number.

Noise can easily catch our attention but not silence.

My point is: People with loud voice (i.e. "noisy people") may not represent the general public.

After accounting for 80% of the population owning HDB flats and the remaining 20% in private properties, I think the percentage of these "noisy people" should be around 0.01%.

But they never go away. If you read the tone of the writing in the Straits Times forum letter below, published during Singapore's 1985 recession, you will wonder if they are the same Straits Times forum complainers of today.

Maybe they never grow up, even after 25 years? Or maybe their children take over from them?

And the tone of their letter is exactly the same as today. Threatening the Government with sentences like "The authorities will be failing in their duty if they protect the interests of these developers at the expense of those of the members of the public".

They represent the public!!!

Do you see the similarity with today's Straits Times complaint letter writers. They make up only 0.01% and they represent the public!!!



However, don't worry.

If the Government was not scared of them 25 years ago, it will not be scared of them today.

Actually, if this "Pro-Market Forces" guy had spent his time reading the property classfieds instead of writing letters to the Straits Times forums, he might have noticed these advertisements.

[Regulators]

remember that there are plenty of noise-makers who eventually vote for PAP

I'm trying hard to figure it out too but as a matter of fact, a bit a noise is sufficient to catch the attention of PAP/oppositions. For instance, those online petitioners represent only a small fraction of dissatisfied people but their noise were effective.

[Reporter]

Sharp rise in job vacancies
Sue-Ann Chia
Senior Political Correspondent
The Straits Times
Thursday, 28 January 2010, 9.39 pm


The job market made a swift recovery between June and September last year, mirroring the economy's turnaround by recording a sharp rise in job vacancies. -- Photo: Joyce Fang

The job market made a swift recovery between June and September last year, mirroring the economy's turnaround by recording a sharp rise in job vacancies.

After a dismal first-half outlook last year, vacancies rose from 24,500 in June to 34,900 in September.

Sales and service workers were most in demand - the result of new malls opening, and ahead of the two integrated resorts starting operations.
These and other details were contained in the Manpower Ministry's Jobs Vacancy Report 2009 released on Thursday.

The report also noted that almost 3 in 10 job openings in some sectors were not filled for at least 6 months.

These tended to be lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

[Reporter]

MRT Circle Line phase 2 opening set to püsh property prices üp: estate agents
Maggie Chong
Channel NewsAsia
Thursday, 28 January 2010, 2008 hrs


A train station on the Circle Line

The opening of the 2nd phase of the Circle Line MRT in April is definitely something to look forward to for residents living nearby. But those looking to sell or rent their homes are set to benefit as well.

Property agents said the opening of the 11 new stations along the Circle Line is likely to püsh property prices üp.

Agents MediaCorp spoke to estimate home prices will increase by 1Ö% while office rents will go up by 20%.

They said estates like Serangoon, Bishan and Paya Lebar have a lot of märkët pötëntïäl while units in industrial estates are also expected to be in high demand.

Eddy Ng, division director, ERA Real Estate, said: "Most of the workers are taking public transport, it can be very accessible for them, if there's an MRT line that leads them back home after work."

[Reporter]

PropNex Agent Wilson Low recently brokered a sale to a local couple who paid $730,000 for a 5-room flat at Cantonment Close. This meant a skyrocketing $85,000 COV.

Notable prices were also fetched in Marine Parade, where the median resale price for a 5-room flat reached to $625,000, and Clementi, where an executive flat was priced at $690,000.

If people want to buy Bukit Timah, Queenstown, Marine Parade, Bishan then don't complain about the COV, it is willing buyer willing seller isn't it? Of course there is always a short of supply in mature estates with good location. It is impossible for HDB to quickly build more flats in mature estates, all they have is Punggol, Sembawang, Yishun, Yew Tee, Sengkang ... no wonder MM Lee wants to impose a quota on mature estates for PRs.

The meaning of 'speculation' is likened to 'gambling'.

The people who bought HDB to sell are not 'gambling'. They are investing in the future of SG. So I agree with MBT, those who wish to buy in mature estates should not be complaining about high price because they can always choose re-sale or outskirts. In fact, if I'm smart, I will buy cheap at outskirt and improve the locality step by step and make the value appreciate. This is called citizen's stake in the nation.

What could happen is that HDB flats with loans from banks will be only able to sell after 3 years. Same as HDB loans. And downpayment to increase to 20% or 25% for PR(in effect will cut the COV as it will decrease the amount of cash the buyer would have left for COV).

It is OK to stay in Punggol, Sembawang, Yishun, Yew Tee, Sengkang, etc. lah.

[Reporter]

54 units at Holland Residences sold
Kalpana Rashiwala
The Business Times
Friday, 29 January 2010

The home buying buzz continues at showflats. Allgreen Properties is said to have sold 54 units at its Holland Residences condo at Taman Warna released this week. The average price of the 68 units released in the 83-unit project is $1,625 psf; but the figure is weighed down by private enclosed spaces for ground-floor units in the 5-storey freehold project.

Singaporeans bought 80% of the units sold, says Joseph Tan, executive director at CB Richard Ellis, which is marketing the project.


Holland Residences: The average price of the 68 units released in the 83-unit project is $1,625 psf; Singaporeans bought 80% of the units sold.

In a more upscale location, a joint venture between BBR Holdings and SP Tao’s Shing Kwan Pte Ltd has sold 7 of the total 16 units at its 6-storey freehold 8 Nassim Hill project since last Friday. The development is expected to receive Temporary Occupation Permit at the end of March this year.

The project comprises 8 townhouses and 8 penthouses – all of them triplex units spanning across 3 levels. The townhouses occupy the project’s lower 3 levels and range from about 4,200 sqft to 4,500 sqft, while the penthouses, which are on the upper three storeys, are about 3,200 sqft each. Each of the 16 units has its own swimming pool; each townhouse also has its own garden at the back.

The 16 units are priced between $3,100 psf and $3,400 psf or $11 million - $14 million apiece. Singaporeans bought 2 of the 7 units sold so far; the other 5 were picked up by foreigners – from Europe and Hong Kong.

In the Beach Road area, Hong Fok Corporation is said to have recently released upper-floor units at its 99-year leasehold Concourse Skyline priced at $2,200 psf to $2,400 psf. The 360-unit development reaches up to 43 storeys.

Over at Holland Residences, 1-bedroom units (601 sqft) and 2-bedders (ranging from 957 to 979 sqft) were the first to be snapped up at this week’s preview.

The project also has 3- and 4-bedroom units as well as penthouses. Prices of 1-bedders start from $1.06 million. 2-bedders cost between $1.63 million and $1.73 million. The most expensive units sold was $3.6 million for a 4-bedroom duplex penthouse.

The average price of $1,600 psf for Holland Residences is higher than the $1,500 psf at which Ho Bee is selling its nearby Parvis, a 12-storey condo at Holland Hill.

However, there are no 1-bedroom units in Parvis; developers typically can command a higher psf price for smallish units as the lumpsum amount is still relatively small.

Hence the tendency among some developers to build projects with a higher proportion of smallish units to achieve a higher overall average psf price for the development.

At a Knight Frank auction yesterday, a 1,206 sqft unit on the 10th floor of Leedon 2 changed hands for $1.38 million or $1,144 psf. Leedon 2, a freehold development, is said to be more than 20 years old.

[proud owner]

If the opposition is going to use the increasing flat prices as an issue in debate, it will be a folly on their part. Majority of voters are flat owners and MM indeed has a point (which I already thought of a long time ago), that nobody who owns a flat would want to see prices stagnate or plummet coz the flat is after all their largest asset and investment. The government has done the right thing by not putting a curb on flat prices as that would be unsound policy-making. I think in this sense, i will have to agree with propertism.

OMG

i think MM Lee has succeeded once again

time and again , he managed to read Singaporeans like an open book

by making statements like that .. he knows sporeans will fear what he implied will happen .. and vote for PAP again


WHEN did opposition say there will NOT help maintain our assets ??


sporeans are indeed easy to manage ( or manipulate ?)

[Reporter]

Really meh??? I thought if the children stay in their parent flat, they can apply to rent out their entire flat without staying for the minimum occupation period. Did I get my theory wrong?

HDB (on instruction from MM Lee and M Mah) will be going all out to hunt down those who illegally/unethically rented out their HDB rooms/flats.

HDB flat rental supply will shrink drastically in coming months. (How many have rented out illegally/unethically?)

For those looking to rent a HDB flat/room, you may want to consider closing that deal much sooner. Otherwise, with a limited supply, you may have to fork out .....

[EBD]

Sharp rise in job vacancies
Sue-Ann Chia
Senior Political Correspondent
The Straits Times
Thursday, 28 January 2010, 9.39 pm


The job market made a swift recovery between June and September last year, mirroring the economy's turnaround by recording a sharp rise in job vacancies. -- Photo: Joyce Fang

The job market made a swift recovery between June and September last year, mirroring the economy's turnaround by recording a sharp rise in job vacancies.

After a dismal first-half outlook last year, vacancies rose from 24,500 in June to 34,900 in September.

Sales and service workers were most in demand - the result of new malls opening, and ahead of the two integrated resorts starting operations.
These and other details were contained in the Manpower Ministry's Jobs Vacancy Report 2009 released on Thursday.

The report also noted that almost 3 in 10 job openings in some sectors were not filled for at least 6 months.

These tended to be lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

Sorry, just thought you'd missed out highlighting the most important paragraph. Are these the people who are going to support a property boom?

[Property_Owner]

OMG

i think MM Lee has succeeded once again

time and again , he managed to read Singaporeans like an open book

by making statements like that .. he knows sporeans will fear what he implied will happen .. and vote for PAP again


WHEN did opposition say there will NOT help maintain our assets ??


sporeans are indeed easy to manage ( or manipulate ?)

Coming election will be interesting....

Do you think prices for private property and public housing is link?

[Reporter]

Sorry, just thought you'd missed out highlighting the most important paragraph. Are these the people who are going to support a property boom?

Your understanding is incorrect. You may want to read the report carefully again.

The report did not say that job vacancies are only found in lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

The report said those vacancies that were not filled for at least 6 months are found in lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

Vacancies for professionals are at 6,240.

[EBD]

Your understanding is incorrect. You may want to read the report carefully again.

The report did not say that job vacancies are only found in lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

The report said those vacancies that were not filled for at least 6 months are found in lower-skilled positions such as those of security guards, sales assistants, waiters and construction labourers.

Vacancies for professionals are at 6,240.

meaning 34,900 - 6,240 = 28860 are not professionals?

Sorry I can read as well as the next person. But what I was doing, though maybe not clearly enough, is point out that I can also highlight a single fact in an article in BIG RED FONT and pretend the rest is not worth reading.


Does posting in this style make the message any more effective? Just wondering.

[Reporter]

meaning 34,900 - 6,240 = 28860 are not professionals?

Sorry I can read as well as the next person. But what I was doing, though maybe not clearly enough, is point out that I can also highlight a single fact in an article in BIG RED FONT and pretend the rest is not worth reading.


Does posting in this style make the message any more effective? Just wondering.

Every single words, diagrams, logos and time, etc. have been posted clearly. None is hidden. You can do your own highlighting if you wish. I have no business in that.

You accused me of "pretend"ing that the rest is not worth reading. I strongly disagree with your accusation.

Perhaps you want to be "bargain hunter II" and do personal attack on me and find fault with me. I have taken note of your desire to do that on me. I will react according.

[Reporter]

PMETs职位空缺最多 (PMET jobs have the most vacanies)
我报
星期五, 29-01-2010

截至去年9月，以专业人士、经理、执行人员与技师（PMET: Professionals, Managers, Executives and Technicians）为对象的职位空缺最多(most väcäncïës)，占所有空缺的44%（15,320个）。

人力咨询公司认为，多数公司会在经济危机时先冻结一般员工（rank and file）的招聘计划，对PMET的需求依然强劲。

不过与1年前同期相比，需要至少大学学历的空缺却少了13.2%（980个），而需要理工学院专业文凭的空缺则增幅最强劲，同比多了36%（1630个）。

人力咨询公司说，工院毕业生更重视实践，而公司在经济不景时会更重视这类型的员工。

人力部（MOM）昨天公布去年9月的职位空缺报告，当中有62%的空缺要求应聘者有工作经验，比前一年的58%多，其中几乎所有（97%）经理与行政人员都得具有与工作和该行业相关的经验。

截至去年9月的总职位空缺共有约34,900个，比截至去年6月的24,500个多了四成。

人力咨询公司认为，随着雇主逐渐接获生产订单，今年工程师的需求将上升，一般员工的招聘计划也将“解冻”。

[EBD]

Every single words, diagrams, logos and time, etc. have been posted clearly. None is hidden. You can do your own highlighting if you wish. I have no business in that.

You accused me of "pretend"ing that the rest is not worth reading. I strongly disagree with your accusation.

Perhaps you want to be "bargain hunter II" and do personal attack on me and find fault with me. I have taken note of your desire to do that on me. I will react according.

Well in that case you have clearly misunderstood.
You think this is personal attack??? Which part was personal? & who the heck is bargain hunter II

You say I have misunderstood the article. I may as well say your statement is a personal attack if we all going to get that sensitive.

& just wanted to know if your style was effective.
Your response btw was much easier to read in regular text.
Enjoy your day!

[Reporter]

Singapore Q4 jobless rate at 2.1%
Juliana Tay
The Business Times
Friday, 29 January 2010, 10.23 am

Strong employment growth in the services sector helped the seasonally adjusted overall unemployment rate improve to 2.1% in December from 3.4% in September, the Ministry of Manpower reported on Friday.

Total employment is estimated to grow by 38,700 in the 4th quarter of 2009, higher than the gains of 14,000 in the preceding quarter and 21,300 in the 4th quarter of 2008.

For the whole of 2009, total employment increased by 38,800, as job gains in the 2nd half of the year more than offset the losses in the 1st half.

Most of the employment gains came from services - especially for the year-end festivities and the integrated resorts - added 32,100 workers in the 4th quarter of 2009, significantly higher than the gains in the first 3 quarters of the year and the 4th quarter of 2008. For the whole of 2009, services employment rose by 56,100.

Construction added 4,700 workers in the quarter, bringing its total gains to 25,200 in 2009.

After shedding workers for 4 consecutive quarters, manufacturing employment rose by 1,400 in the 4th quarter. As the gains were not sufficient to offset the earlier losses, manufacturing employment contracted by 43,000 in 2009.

[HP65]

Singapore Q4 jobless rate at 2.1%
Juliana Tay
The Business Times
Friday, 29 January 2010, 10.23 am

Strong employment growth in the services sector helped the seasonally adjusted overall unemployment rate improve to 2.1% in December from 3.4% in September, the Ministry of Manpower reported on Friday.

Total employment is estimated to grow by 38,700 in the 4th quarter of 2009, higher than the gains of 14,000 in the preceding quarter and 21,300 in the 4th quarter of 2008.

For the whole of 2009, total employment increased by 38,800, as job gains in the 2nd half of the year more than offset the losses in the 1st half.

Most of the employment gains came from services - especially for the year-end festivities and the integrated resorts - added 32,100 workers in the 4th quarter of 2009, significantly higher than the gains in the first 3 quarters of the year and the 4th quarter of 2008. For the whole of 2009, services employment rose by 56,100.

Construction added 4,700 workers in the quarter, bringing its total gains to 25,200 in 2009.

After shedding workers for 4 consecutive quarters, manufacturing employment rose by 1,400 in the 4th quarter. As the gains were not sufficient to offset the earlier losses, manufacturing employment contracted by 43,000 in 2009.

[Reporter]

Hey!
Next time, pass this kindda only-need-to-hold-6-months lobang to me please!
What a lucky guy from Martin Place Residences!


Martin Place Residences
Address ..................... psf .............. Area ........... Price ............ Contract Date
2 Martin Place #29-06 .... $1,800 psf .... 1,044 sqft .... $1,879,000 ...... 2 Dec 09
2 Martin Place #29-06 .... $1,582 psf .... 1,044 sqft .... $1,652,000 .... 25 May 09

No wonder people in District 9 are smiling lately.

[Reporter]

Aspen Heights condo resale price hits $1,450 psf
The Edge
Monday, 25 January 2010


Aspen Heights

Aspen Heights may be 11 years old, but the massive 606-unit condominium located along River Valley Road has been enjoying a resurgence of interest from homebuyers, riding on strong sales of new developments nearby. After only 15 transactions hovering at the $1,000 psf level in the first half of 2009, more than 30 units have changed hands in 2H2009, with prices surging past $1,400 psf. For the period Dec 23 to 31, there were three caveats for units sold at $1,250 to $1,450 psf, according to URA Realis.

After the onset of the financial crisis in late 2008, prices at Aspen Heights sank below $1,000 psf for about half a year, before rebounding strongly in June 2009 with the rest of the market. The main reason for the upturn could be the strong sales of nearby developments, including The Wharf Residence and Martin Place Residences, which were among the top sellers last year.

The 2 upper-mid-tier projects were relaunched in mid-May last year at prices that were 20% lower than in early 2008. For instance, in mid-May last year, CapitaLand had priced the remaining units at the 173-unit The Wharf Residence on Tong Watt Road off River Valley Road at $1,200 to $1,500 psf, compared with $1,500 to $1,900 psf for the first phase released at previews in mid-2008. Meanwhile, Frasers Centrepoint Ltd also relaunched Martin Place Residences at Martin Place off Kim Yam Road at $1,260 to $1,700 psf, compared with its soft launch in early 2008, when 28 units were sold between $1,700 and $2,000 psf.

Since last May, however, prices of both projects have enjoyed an uplift. Last October, a high of $1,496 psf was achieved in a new sale by the developer when a 2,206 sq ft unit at The Wharf Residence was sold for $3.3 million. The condo is expected to be completed in 2013.

Likewise, at the 302-unit Martin Place Residence, sales have picked up since May. Last month, a 1,044 sqft unit was sold for $1.88 million, or $1,800 psf, in a sub-sale according to a Dec 2 caveat. This is a 13.7% gain for the original owner, who purchased the unit from Frasers Centrepoint Homes and sold it in just 6 months.

The buoyant demand for homes in the River Valley Road area could also have been sparked by the new shopping centres that opened along Orchard Road last year: ION Orchard, Orchard Central, 313@Somerset and Triple One Somerset (at the former Singapore Power Building site). Easy access to a range of good schools like River Valley Primary School and Singapore Management University as well as cafés and restaurants in the Robertson Quay area continue to reel in families with school-going children as well as investors.

New developments under construction have also drawn buyer interest to existing developments in the River Valley and Mohamed Sultan neighbourhood. The largest project in the area is easily Aspen Heights, developed by the former DBS Land (now part of CapitaLand). Units range from 882 sqft 2-bedroom apartments to 1,604 sqft for 4-bedrooms, while penthouses measure 2,691 to 3,143 sqft.

With prices recovering to 2007 levels, it’s also a good time for owners looking to sell their properties. According to a Dec 30 caveat, a 1,324 sqft unit on the fifth floor of block 263 (one of two blocks) changed hands for $1.67 million, or $1,260 psf, translating into a 23% gain for the seller, who purchased the unit in early 2007.

On the 10th floor of the neighbouring block 261, a 2,691 sqft penthouse fetched $3.9 million, or $1,450 psf. That’s a 19% gain for the seller, who purchased the unit for $3.28 million 3 years ago, according to a March 2007 caveat.

With renewed investor interest in projects in Orchard Road and investors targeting both older projects and new launches, it won’t be surprising to see resale prices at Aspen Heights returning to or even surpassing mid-2007 levels.

[jlrx]

No wonder people in District 9 are smiling lately.

You have just raised a very good point about District 9.

If you look at the 1985 classifieds below, you will notice that on row 4, a 2,300 sq ft terrace at Orchard Road (District 9) asking $450,000 ($196 psf) looked unreasonably high compared to say, on row 3, a 4,200 sq ft semi-detached in Serangoon Gardens (District 19) asking $420,000 ($100 psf).



If we compare prices today, a 4,200 sq ft Semi-Detached at Serangoon Gardens is worth approximately $2.78 Million. (e.g. No. 5, Chartwell Drive, 1-Storey Semi-Detached, 4,200 sq ft @ 662 psf, transacted $2,780,000 on 30 October 2009).

That's 6.6 times it's price 25 years ago.

As for District 9 landed houses, the most prominent cluster would be at Kim Lin Park (which is zoned as landed housing), latest transacted at $1,356 psf (No. 5, One Tree Hill, 4,092 sq ft @ $1,356 psf, transacted $5,550,000 on 17 Nov 2009), an increase of 6.9 times, comparable to District 19, percentage wise.

On the other hand, if the landed house had fallen in a non-landed housing zone, like the following row of houses along Paterson Road ...

Business Times - 1 July 2006

Bt Sembawang buys site for $102.7m

1 July 06

Freehold Paterson Rd/Lengkok Angsa site has 14 houses

CONTINUING its land-banking spree, Bukit Sembawang Estates yesterday announced the acquisition of its seventh site over the past year.

It has bought a 44,663-square-foot freehold site at Paterson Road/Lengkok Angsa next to a plot it bought last year. Bukit Sembawang is paying $102.7 million for the latest site where there are 14 houses.

Under the latest collective sale yesterday, owners of the 14 houses will receive sums ranging from $4.5 million to $12 million per house. These sums are more than double what they would have fetched had they sold their homes individually. The site is zoned for residential use with 2.1 plot ratio and 24-storey height limit.

At $102.7 Million for 44,663 sq ft, the unit land price was $2,299 psf!!!

A 2,300 sq ft terrace house would be worth $5,287,700!!!! That's 11.8 times the asking price of $450,000 in 1985!!!

Hence even though District 9 prices look unreasonablly high, they may have higher upside potential.

Moral of the Story

What looks expensive may not be expensive; what looks cheap may not be cheap.

There is a class of properties that is grossly undervalued today. It's the GCBs.


January 2010
For Sale -Queen Astrid Bungalow (D10)
S$ 26,800,000 Negotiable
Land area: 25,500 sqft

They have gone up 54 times over the past 33 years from asking $500k to asking $26.8 million (and the 1977 bungalow was 30,000 sq ft whereas the present one only 25,500 sq ft).

Unfortunately, even though all of us know that GCBs are grossly undervalued, given their very limited supply and the potential oversupply of millionaires/ billionaires coming up, there is nothing much most of us could do.

[proud owner]

Coming election will be interesting....

Do you think prices for private property and public housing is link?

HDB forms the base ... if PAP can talk until they HOLD the base price firmly .. and/or even push it a nudge higher .. private props will automatically be raised as well ..

so YES they are linked ...

this holds true for mass mkt .. for high end to luxurious props ..of course its a different playing field ...

[Regulators]

I think the housing debate will hold no water for the opposition. buyers are disgruntled about rising prices and sellers will be disgruntled if prices fall due to govt control, it is a chicken and egg situation so govt pushes everything to "let the market decide" and the opposition will just lan lan. remember that majority of the opposition members live in hdb flats so unless they sell their flats at value or at the price they bought, they will not be setting an example and walking the talk, so no point for them to even bring it up.

[proud owner]

I think the housing debate will hold no water for the opposition. buyers are disgruntled about rising prices and sellers will be disgruntled if prices fall due to govt control, it is a chicken and egg situation so govt pushes everything to "let the market decide" and the opposition will just lan lan. remember that majority of the opposition members live in hdb flats so unless they sell their flats at value or at the price they bought, they will not be setting an example and walking the talk, so no point for them to even bring it up.

precisely ...

oppositions will have other issues to tackle then HDB prices .. shooting themselves really

So which is why i said MM Lee's talk about Mah losing tampines is playing on the people's psychology ...

instal some fear ( thats not there..) ..so that people vote for MAH /PAP ..

and he knows singaporeans at the back of his palm ..just like the 5 finger mountain controlling the people..just like how the mountain controlled monkey god .....

as much as i respect what he has done for this country .. he has done as much mind controlling .. which stifle 'outside the box' thinking .. cant blame it when outsiders see us as being 'spoon fed'

on the other hand ..the rich people ..they have money ..they really dont care what he says ... they can THINK on their own .. and they also play along .. along with MM's reverse psychology and use it to make more money ..

so at the end of the day ... the rich are happy .. the middle class (HDB+mass mkt) are happy ... while those at the bottom of the food chain really suffer ... and i can tell you they are not even able to get here on this forum .. to defend themselves ..

[pmet]

precisely ...

oppositions will have other issues to tackle then HDB prices .. shooting themselves really

So which is why i said MM Lee's talk about Mah losing tampines is playing on the people's psychology ...

instal some fear ( thats not there..) ..so that people vote for MAH /PAP ..

and he knows singaporeans at the back of his palm ..just like the 5 finger mountain controlling the people..just like how the mountain controlled monkey god .....

as much as i respect what he has done for this country .. he has done as much mind controlling .. which stifle 'outside the box' thinking .. cant blame it when outsiders see us as being 'spoon fed'

on the other hand ..the rich people ..they have money ..they really dont care what he says ... they can THINK on their own .. and they also play along .. along with MM's reverse psychology and use it to make more money ..

so at the end of the day ... the rich are happy .. the middle class (HDB+mass mkt) are happy ... while those at the bottom of the food chain really suffer ... and i can tell you they are not even able to get here on this forum .. to defend themselves ..

I can tell you this statement is so true and so right. The rich + middle represent more than 80% of the population. To lower housing cost just to please these 20%

To cause a drastic plunge in property prices just so these 20% can afford a HDB flat

[august]

I can tell you this statement is so true and so right. The rich + middle represent more than 80% of the population. To lower housing cost just to please these 20%

To cause a drastic plunge in property prices just so these 20% can afford a HDB flat

drastic plunge in hdb flats? thats just election talk and fear mongering ~

[pmet]

drastic plunge in hdb flats? thats just election talk and fear mongering ~

Agreed........

[Reporter]

Agreed........

马部长: 放马过来。

全部一起吗？ ... 一个，还是两个？

So funny!

传三反对党有意角逐淡滨尼集选区　马宝山：放马过来
蔡永伟
早报星期天
星期天, 31-1-2010



针对反对党将借组屋价格飙升所引起的不满情绪，在下一届大选挑战负责住屋政策的国家发展部长马宝山所领导的淡滨尼集选区，马宝山昨晚信心满满表示欢迎，并说已做好了迎战准备。

马宝山是在昨晚出席淡滨尼基层组织一个新春亮灯和派发度岁金活动上受访时，首次针对国民团结党、工人党和新加坡民主党有意到淡滨尼集选区角逐的传言，作出回应。

他先问记者：“全部三个（反对党）？全部一起吗？他们跟你说的？”接着便说：“首先，我欢迎他们，不管是全部，一个，还是两个。”

..........
..........

[proud owner]

马部长: 放马过来。

全部一起吗？ ... 一个，还是两个？

So funny!

hahaha

making fun of his own name ...

how about "horse doesnt know he has long face " ?