2017 Singapore Residential Property Market Report - Your guide to the private non-landed residential market - DREA.sg
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Powered by DREA 2017 Singapore Residential Property Market Report Your guide to the private non-landed residential market
Powered by DREA Disclaimer This document is being made available by DREA for information purposes only and is for our clients only. The document is strictly confidential and remains the property of DREA. The Recipient agrees that it shall only use this document for the purpose of evaluation and considering the matter to which this document relates to. This document may not be published or reproduced in whole or in part to any other person nor relied upon by the Recipient or any other person without the prior written consent of DREA. This document does not constitute nor does it form part of an offer to sell any assets described herein or an offer or recommendation to enter into any transaction described herein. The Recipient is responsible for making its own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any transaction or matter contemplated by this document and DREA is not making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. The decision to proceed with any transaction or action contemplated by this document must be made by the Recipient in the light of its own commercial assessment and DREA will not be responsible for such assessments. This document was prepared on the basis of information and data, obtained from publicly available sources. The information in this document has not been independently verified by DREA. DREA has relied on the information provided by third party or public sources as complete, true, fair, accurate and not misleading. DREA does not make any warranty or representation, express or implied, as to the accuracy, completeness or reasonableness of the information (including assumptions) contained in this document whether obtained from or based upon third party or public sources or otherwise. This document is given as at the date hereof and is based on information available to DREA as at the date hereof, is subject to any assumptions set out therein and is subject to change without notice. Accordingly, this document may be based on data and information that may no longer be current and subjective assessments. It should also be understood that DREA does not undertake any obligation to provide any additional information or to correct any inaccuracies which may become apparent. Any data or information regarding, or based on, past performance is no indication of future performance. Recipients should consider whether any advice or recommendation is suitable for their particular circumstances and if, appropriate, seek professional advice, including tax advice.
Powered by DREA Summary 2016 has been an interesting year for the Singapore Residential Property Market Cooling measures stayed in place and prices continued to soften for both sale transactions and rental Against a backdrop of declining prices, a 16% Year-on-year growth in transaction volume and demand indicates that regulators' intention for a soft moderation of property prices is playing out As it stands today, the URA private non-landed residential price index is fast approaching prices during the 2008 pre-crisis peak (but still 30% above the lowest price points during the 2009 crisis) As overall vacancy rates touched a new high in 2H’16, we saw an accelerated decline in rental rates; Rental rates for 1- and 3- bedroom units declined ~8% YoY Offsetting this is a 0.1 - 0.4 % points decline in mortgage rates in 2016 Refinancing has also been a key theme as homeowners made a shift away from Fixed Rate Mortgages towards other mortgage types Looking forward, we view 2017 as a pivotal year and see some bright spots ahead 2017 is the year of peak supply (in terms of units completing and scheduled for TOP) and total new supply will be meaningfully reduced for 2018 onwards While there are still ~15,700 unsold units in the market, the issue of over-supply is starting to ease as developers push out innovative payment schemes and discounts Developer confidence appears intact, as some of them selectively seek out new land sales (even in areas with meaningful number of unsold homes) The strengthening of the SGD against neighboring currencies going forward – especially the IDR, INR and CNY – could make Singapore property assets a compelling asset class for foreign investors and spur overall demand We however caution that there has been an increase in the number of loss-making resale transactions for 3 straight years by now; these include units sold within the 4-year window which are still liable to seller stamp duty 2016 has been an interesting year where we saw demand growth against declining prices – a sign of cooling measures playing out as per regulatory objectives
Powered by DREA Summary Opportunities for Buyers It is increasingly possible to find 1000-1500 sqft units at under S$ 1 mil in the city fringe Those looking to buy in 2017 may also want to zoom in on: i) Developer sale units for projects which are subject to QC Charges or ABSD remission claw-back charges in 2017 ii) Untenanted resale units originally bought in 2013 for investment purposes. There may be room to negotiate a good deal in face of a softer rental market iii) Resale units bought in 2009, where existing owners are likely still sitting on meaningful capital gains Opportunities for those looking to rent It is possible to find rental units which are within 10 mins walk to MRT, malls and other amenities at
Powered by DREA Prices continued to soften in 2H 2016 URA Private non-landed residential property price index (Q4 1998 = 100) ABSD 160 TDSR LTV 150 140 Pre-crisis peak 130 120 110 100 90 80 ~30% above 70 crisis-low 60 50 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 Sources: URA, DREA Property prices continued to dip in 2H2016 under cooling measures that have been in place since 2013. As it stands today, the URA private non-landed residential price index is still 30% pts above crisis level but is fast approaching the 2008 pre-crisis peak. While all indicators suggest that regulator’s policy intent for a soft moderation of property prices is playing out, a key uncertainty is whether cooling measures will begin to be lifted once prices begin to reach the 2008 levels. MAS revised the hard rules regarding the 60% debt limit for TDSR, allowing overleveraged borrowers to refinance their housing loans, but insists that “the refinements... do not represent a relaxation of property market cooling measures.“ Minister for National Development Lawrence Wong also recently reinforced the idea that the cooling measures will not be removed anytime soon. "If and when capital inflows come…it's very easy to cause fluctuations in our property market, and we don't want that to happen” Minister for National Development Lawrence Wong Prices continued to soften at a controlled pace and is fast approaching the 2008 pre-crisis peak
Powered by DREA Demand however continued to grow Underlying the headline decline however, is a trend of continued demand growth. At the same time, we observe that certain sub-segments of the non-landed residential market is beginning to stabilize. Increasing Transaction Volume vs 2H15 15,521 15,685 10% 17% CCR RCR OCR Number of Transactions 12,343 24% 22% 16% +18% 30% 7,638 7,092 6,476 6,094 16% 18% 5,477 5,382 11% 66% 12% 4,453 18% 28% 61% 31% 16% 30% 32% 21% 26% 34% 54% 32% 51% 59% 57% 56% 58% 48% 47% 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 Prices in most sub-segments are also stabilizing S$ PSF Stable / Slight increase vs 4Q15 S$ PSF Slight decline vs 4Q15 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 2000ft 1500-2000ft 600 600 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 Headline property price decline is however underlined by demand growth and price stabilization in certain sub-segments
Powered by DREA *Refer to Appendices for name of districts Change in volume Volume of sale transactions by district (2016) (2016 vs 2015) 19 1,727 +280 9 996 +559 18 974 +554 3 865 +437 22 846 +529 10 844 +153 15 738 -2 23 708 +28 5 703 +244 20 613 -93 27 602 -126 14 556 -92 16 547 +105 12 536 +276 13 464 -35 28 391 -1114 8 339 +215 21 336 +75 11 300 +48 4 248 +92 1 104 -43 17 98 -23 25 59 +3 2 52 -4 26 48 -37 7 38 -153 2016: 13732 transactions Sources: URA, Realis, DREA 2015: 11856 transactions Txn Vol +16% Year-on-Year, volume 13,732 has increased 16% 11,856 2015 2016
Powered by DREA *Refer to Appendices for name of districts Volume of sale transactions by district (2H 2016) Change in volume (2H 2016 vs 2H 2015) 19 1,027 +382 18 735 +519 22 710 +588 3 613 +293 10 488 +178 5 448 +230 9 430 +232 15 392 +50 23 320 -29 14 310 +31 16 274 +67 20 270 -195 27 258 +69 13 196 -208 28 192 -1228 21 185 +48 4 177 +87 11 176 +62 12 125 +21 8 102 +47 1 58 +3 17 52 -9 25 31 +3 2 30 +4 26 22 -24 7 17 -57 2H 2016: 7638 transactions 2H 2015: 6474 transactions Sources: URA, Realis, DREA 2H’16 Demand growth Txn Vol +18% appears to be nationwide, 7,638 with most districts 6,474 registering higher volumes 2H15 2H16
Powered by DREA *Refer to Appendices for name of districts Demand for new sale vs. resale units 19 77% 23% New Sale 18 83% 17% Resale 22 88% 12% 3 90% 10% 10 21% 79% 5 71% 29% 9 27% 73% 15 18% 82% 23 46% 54% 14 60% 40% 16 53% 47% 20 74% 26% 27 78% 22% 13 92% 8% 28 87% 13% 21 4 11 12 8 1 17 25 2 26 7 5 Sources: URA, Realis, DREA New Sale Resale For 2H 2016, 60% of the Resale 40% transaction volumes 60% New Sale were new home sales 2H 16 Total Transaction Volume
Powered by DREA Price change by district (2H 2016 vs 2H 2015 and 2H 2016 vs 1H 2016) For private non-landed residential properties between 500-1000 SQFT vs 2H 2015 vs 1H 2016 D9 Orchard / River Valley 18.6% -6.2% D26 Mandai / Upper Thomson 13.2% +16.1% D19 Hougang / Punggol Seng Kang 11.2% +7.7% D1 Boat Quay / Raffles Place / Marina 10.8% +14.2% D16 Bedok / Upper East Coast 8.4% +1.6% D22 Boon Lay / Jurong / Tuas 8.3% +8.3% D11 Newton / Novena 8.0% -3.0% D28 Seletar / Yio Chu kang 4.3% -4.8% D14 Eunos / Geylang / Paya Lebar 4.0% +0.1% D12 Balestier / Toa Payoh 1.1% -5.9% D5 Buona Vista / West Coast / Clementi New Town 1.0% -5.8% D21 Clementi Park / Upper Bukit Timah 0.3% -7.1% D27 Sembawang / Yishun 0.2% -0.7% D3 Alexandra / Commonwealth 0.1% -2.8% D18 Pasir Ris / Tampines 0.0% -0.8% D23 Bukit Batok / Bukit Panjang -0.3% -0.2% D13 Macpherson / Potong Pasir -0.4% +0.6% D8 Farrer Park / Serangoon -1.3% +7.1% D2 Chinatown / Tanjong Pagar -2.8% -6.4% D20 Ang Mo Kio / Bishan / Thomson -3.0% -3.7% D15 East Coast / Marine Parade -3.4% -3.8% D10 Tanglin / Holland -5.7% -7.5% D25 Admiralty / Woodlands -8.2% -10.0% D17 Changi Airport / Changi Village -8.3% -3.0% D4 Harbourfront / Telok Blangah -15.8% +7.7% D7 Beach Road / Bugis / Rochor -23.7% +8.4% Volume. of Transactions by size (2H2016) 3,428 2,322 836 618 426 Sources: URA, Realis, DREA SQFT 2000 Demand for 500-1000 sqft units still the highest; Median prices for such units increased in most districts Click here for district price trends►
Powered by DREA Vacancy rate touched a 15 year high in 2H’16 Private Property Vacancy Rate (%) 9.5 8.9 8.3 7.7 7.1 6.4 5.8 5.2 4.6 4.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 Bedroom units 3 Bedroom units Mainly for expats and young Mainly for families working professionals Rental S$ PSF Rental S$ PSF 6.0 3.4 3.4 5.5 3.3 3.3 3.2 -8.9% 3.1 5.0 -8.0% 3.1 3.0 2.9 4.5 2.9 2.8 2.8 4.0 2.7 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 As overall vacancy rates touched a new high in 2H’16, we saw an acceleration in rental rate decline
Powered by DREA Rental Rates For 1 Bedroom Units in 2016 Top 10 District By Volume Monthly Rental Range Properties (S$ /month) Lowest Orchard, D9 1,950 7,000 Cairnhill Astoria River Valley Highest Martin No 38 Eunos, Geylang, Lowest Paya Lebar D14 1,200 4,200 Summer View Highest Avant At Aljunied Lowest East Coast, D15 1,300 4,000 Mountbatten Lodge Highest Marine Parade Sandalwood Lowest Tanglin, Holland D10 1,500 5,500 Loft @ Nathan Highest The Holland Collection Lowest Anson, Tanjong Spottiswoode 18 D2 2,100 8,480 Pagar Highest Springleaf Tower Lowest Serangoon Garden, D19 1,500 Kensington Square Hougang, Ponggol 3,200 Highest The Springbloom Lowest Balestier, Toa Payoh, Riverbay D12 1,500 3,500 Serangoon Highest Domus Lowest Raffles Place, Cecil, D1 1,000 People’s Park Complex Marina 6,000 Highest Marina Bay Residences Lowest Little India City Loft D8 1,500 6,000 Highest Residences @ Somme Lowest Zedge Newton, Novena D11 Highest 1,700 4,000 L’VIV *Excludes outliers Sources: DREA, URA, Realis Visit DREA.sg for the latest insights on rental price trends for different districts Click here for district rental trends ►
Powered by DREA Rental Rates For 3 Bedroom Units in 2016 Top 10 District By Volume Monthly Rental Range Properties (S$ /month) Lowest D10 2,400 17,800 Charleston Tanglin, Holland Highest Parkview Eclat Lowest Orchard, D9 1,800 18,000 Hollywood Apartments River Valley Highest The Ritz-Carlton Residences Lowest East Coast, D15 1,450 8,700 The Serenno Highest Marine Parade Coasta Rhu Lowest Hougang, Punggol, D19 1,500 7,000 Kensington Square Sengkang Highest Kensington Park Condominium Lowest Clementi Park, D21 1,900 7,300 Kismis view Upper Bukit Timah Highest Floridian Lowest Bukit Batok, D23 1,700 5,600 Century Mansions Bukit Panjang Highest Park Natura Lowest Bedok D16 2,000 5,800 Limau Park Highest Upper East Coast Riviera Residences Lowest Buona Vista, West D5 2,400 10,400 West Bay Condominium Highest Coast, Clementi Island View Lowest Harbourfront, Telok Harbour View Towers Blangah D4 3,200 14,600 Highest Cape Royale Lowest Zedge Newton, Novena D11 2,500 15,000 Highest Monarchy Apartments *Excludes outliers Sources: DREA, URA, Realis Visit DREA.sg for the latest insights on rental price trends for different districts Click here for district rental trends ► 14
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Email to enquire about latest mortgage packages here at Powered by DREA drea@redbrick.sg Brought to You by Mortgage demand by type Breakdown of mortgage types taken up by consumers (2016 v 2015) Board SIBOR/SOR 31% 10% 4% Fixed Deposit Pegged 72% 6% Fixed Rates 15% 18% +26% 44% 2015 2016 YoY Demand Change (%) Board Rates Mortgages whose rates are determined entirely by the bank. Commonly regarded as the least transparent as banks do not typically disclose the +6% mechanics or rationale behind how the rates are determined Singapore Inter-Bank Offer Rate/Swap Offer Rate (SIBOR/SOR) Mortgages whose interest rates are a variable percentage (set by the bank) above the SIBOR or SOR as a reference rate. Widely regarded as the most volatile because the mortgage interest rates are subject to +9% fluctuations of inter-bank lending rates. Fixed Deposit Pegged Rates A relatively new form of mortgage first introduced in 2015. Interest rates are a variable percentage (set by the bank) above the bank’s own fixed +26% deposit rate. An example of which is DBS’ Fixed Holding Rate Mortgage. Fixed Rates Mortgages whose interest rates are fixed for a period of usually 2-3 years. -41% Offers predictability for a foreseeable period. Source: Redbrick Homeowners have made a major shift away from Fixed Rate Mortgages
Email to enquire about latest mortgage packages here at Powered by DREA drea@redbrick.sg Brought to You by Mortgage Rate Updates Dec-15 Dec-16 2.0 1.89 1.88 1.68 1.65 1.58 Average 3 Month Net Rate for cheapest offerings (%) 1.47 1.48 1.5 1.27 1.0 0.5 0.0 3M SIBOR Fixed Deposit Board Rate Fixed Rate Pegged YoY Change in -0.42%pts -0.41%pts -0.1%pts -0.23%pts mortgage rate Implied interest savings ~20% ~25% ~5% ~15% Despite interest rate hikes in the US, Singapore mortgage rates across all types of mortgages have become more favourable in 2016. This is in-part due to competitive mortgage pricing between the banks in Singapore. Recently, both DBS and UOB have slugged out a zero-percent spread under their fixed deposit home loan rate (FHR) packages aimed at projects under construction. These rates are applicable till receiving the Temporary Occupation Permit (TOP) Refinancing of mortgages has been a theme for 2016 and homeowners could well ride on the lower rates today to reap savings on monthly mortgage interest. Mortgage rates were 0.1 - 0.4 % points lower in 2016. If this sustains, it could help cushion the decline in rental rates
Powered by DREA Looking Ahead -
Powered by DREA Total and Outstanding Supply Number of Units Sold/Unsold by Vintage Number of Units (‘000) 3 2 (9%) (14%) Unsold Units 2 -34% (10%) Units Sold 4 (29%) 20 19 17 (91%) (86%) 5 (90%) (42%) 10 (71%) 6 2 (53%) (58%) 1 (47%) TOP Year 2015 2016 2017 2018 2019 2020 Sources: URA, DREA 2017 is the year of peak total supply. What is important to note though, is the reversal of the supply trend. Unlike the last 3 years where total supply has consistently increased, total supply will decline by 34% after 2017 and continue to decline going forward. Buyers may well note that there are ~4K units which have already TOP-ed but remain unsold from the 2015 and 2016 vintage. Of late, developers of these projects have been very willing to dish out discounts in order to avoid regulatory charges. We highlight below some of these projects, where buyers may potentially find a good deal Shortlist of Projects subject to ABSD remission claw-back Shortlist of Projects subject to QC Charges Project Name District Project Name District The Crest 3 OUE Twin Peaks 9 The Trilinq 5 D’Leedon 10 Alex Residences 3 The Interlace 4 The Glades 16 Leedon Residence 10 Pollen & Bleu 10 Paterson Collection 9 The Venue 13 Ardmore 3 10 Vue 8 Residence 18 3 Orchard By-The-Park 9 Cairnhill Nine 9 Twenty One Angullia Park 9 1 Developers need to complete development and sell all units within 5 years of land acquisition otherwise Additional Buyer’s Stamp Duty (levied on the residential site) with interest becomes payable 2 Developers pay Qualifying Certificate extension charges if there are remaining unsold units after 2 years upon completion; amount payable is prorated based on number of unsold units 2017 is the year of peak supply and will be a pivotal year See full list of projects subject to charges ►
Powered by DREA *Refer to Appendices for name of districts New Supply by District (2016 - 2020) (‘000) 15 D19 – Hougang / Punggol / Seng Kang Sold units D18 – Pasir Ris / Tampines Unsold units D27 – Sembawang / Yishun D23 – Bukit Batok / Bukit Panjang Significant % D3 – Alexandra / Commonwealth and number of 10 units unsold 5 0 District 19 18 27 23 14 3 5 13 20 22 16 12 28 15 25 9 1 8 10 7 21 2 11 17 4 Total 14.7 7.2 6.2 5.2 3.5 3.4 3.4 2.7 2.5 2.5 2.4 2.4 2.2 2.1 2.0 1.9 1.6 1.3 1.3 1.2 0.8 0.7 0.5 0.5 0.4 Supply Sold 13.5 6.5 4.1 4.3 2.4 2.0 2.2 2.4 2.3 2.3 2.3 1.7 2.1 0.8 1.6 0.9 0.8 1.1 0.6 0.9 0.7 0.3 0.2 0.4 0.2 Unsold 1.2 0.7 2.2 0.9 1.1 1.4 1.2 0.3 0.2 0.2 0.1 0.7 0.1 1.3 0.4 1.0 0.8 0.3 0.7 0.2 0.1 0.4 0.3 0.1 0.2 % Unsold 8 10 35 17 31 41 35 11 8 8 4 30 5 62 20 53 50 23 54 17 13 57 60 20 50 Sources: URA, DREA In an attempt to move inventory and to avoid regulatory charges, some developers are also starting to offer attractive sales commissions to agents while others have rolled out innovative payment schemes to lower initial upfront cost for buyers. While this has contributed to an overall increase in sales transaction for 2016, there are still ~15,700 unsold units in the new launch market. While there continues to be demand from HDB upgraders and foreign investors, some projects are yet unable to gain traction with sales given developer’s price expectations. In particular, the issue of over-supply remains critical for areas such as districts 3, 5, 14, 15 and 27. No. of -9% Issue of over-supply is Unsold Units starting to ease, ~15,700 ~17,200 ~15,700 unsold units left in the market 1H16 2H16
Powered by DREA Developers’ Confidence Developers continue to show demand for land bank Throughout 2016, developers continued to compete and bid in Government Land Sales (“GLS”) programmes. Each GLS land lot drew more than 10 developers. A residential site in Margaret Drive, located between 2 MRT stations drew aggressive bids from developers despite the fact that there were two ongoing developments in the vicinity. The auction saw a concluding bid of $997.85 per square foot per plot ratio, 14% higher than the land sale price of the two other neighbouring sites. "Such higher land price and strong participation among developers indicate that many developers are hungry for land” SLP International Property Consultants Nicholas Mak Developers appear to remain confident about the Singapore residential property market
Powered by DREA 2016 Government Land Sales Five parcels of land were awarded for private residential development in 2016 Date Land Developer Price Area PSF Existing Developer Recent (2016) Parcel (S$ ‘m) (‘000 Price Supply Project SQFT) (S$) Nearby 18/01/16 (1) Siglap FCL Topaz Pte. 624 730 860 FCL – North Park Road Ltd., Sekisui Residences, 2020 District 16 House, Ltd. and KH KH Capital Pte. Sekisui House – Ltd. Watertown, 2017 Moderate 26/02/16 (2) New CEL Residential 419 550 760 Fulcrum – 2016 Upper Development High Park Residences Changi Pte. Ltd. - 2020 Road District 16 Moderate 13/04/16 (3) Jalan Dillenia Land 51 105 480 Seletar Park Kandis Pte. Ltd. (Tuan Residence – 2014, District 27 Sing Holdings) Cluny Park Residence – 2016 High 01/07/16 (4) Martin First Bedok Land 595 480 1,240 Wallich Residence - Place Pte Ltd 2016 District 9 (Guocoland) High 30/09/16 (5)Fernvale Sing 287 555 520 SingHoldings: Road Development Waterwoods – 2016 District 28 (Private) Limited and Wee Hur Wee Hur Holdings: Development Mega@Woodlands – Pte. Ltd 2018 High There continued to be demand for new land, even in areas with outstanding supply
Powered by DREA 2016 Government Land Sales Highlights Land parcels that were snapped up were located in areas with outstanding supply, in both mature and non-mature estates. Jalan Kandis (D 27) Fernvale Road (D 28) Sembawang Planning Area Sengkang Planning Area Median PSF vs 2H’15: +6% Median PSF vs 2H’15: +1% 12 Nearby projects with 36 Nearby projects with unsold units unsold units New Upper Changi Road (D 16) Bedok Planning Area Median PSF vs 2H’15: -3% Martin Place (D 9) 3 Nearby projects with unsold units Tanglin Planning Area Median PSF vs 2H’15: -2% Siglap Road (D 16) 48 Nearby projects with Bedok Planning Area unsold units Median PSF vs 2H’15: -3% 3 Nearby projects with unsold units Source: Singstat, URA, DREA Analytics However, these sites are in areas where median PSF prices are stabilizing
Powered by DREA Strength of the SGD against neighboring currencies Bloomberg Consensus FX/SGD 0.05 0.00 -0.05 -0.10 -0.15 -0.20 AUD -10% -0.25 MYR -10% PHP -13% -0.30 CNY -14% -0.35 INR -24% IDR -38% -0.40 2020 2025 2030 Sources: Bloomberg While real estate prices are largely driven by regulatory policies and local market supply and demand, FX plays a part in foreign investor demand. Despite the various stamp duties and taxes that have been introduced over the past few years to curb an overheated market, demand from non-resident buyers have continued to grow. Consensus FX views from currency analysts suggest that the Sing-dollar will continue to appreciate against the Indonesian Rupiah, Indian Rupee and Chinese Yuan among others. For non-resident Indonesian, Indian and Chinese buyers, the strength of the Sing-dollar going forward could make Singapore hard-assets such as properties an attractive asset class for capital preservation. Combined with the fact that the Singapore residential property market is already bottoming-out and stabilizing, foreign investors are indeed still taking an interest in Singapore properties – notwithstanding the different taxes and stamp duties that are already in place. Strengthening of the SGD against neighbouring currencies could make Singapore property a compelling asset class for foreigner buyers despite property curbs
Powered by DREA *Refer to Appendices for name of districts Profitability of Resale Transactions 7,999 Sold at a gain (> 5%) Sold at a loss (> 5%) 6,952 0-5% gain/loss 6,351 5,732 Holding Period >10 years 4,807 4,694 3,267 2,950 2,671 2,601 2,422 2,145 2,169 1,872 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 Sold at>5% 49% 50% 56% 58% 59% 60% 62% 61% 61% 56% 58% 54% 46% 42% gain Sold at >5% 4% 3% 3% 3% 4% 3% 4% 5% 5% 6% 9% 11% 12% 12% loss 0-5% 5% 5% 5% 4% 5% 5% 4% 4% 6% 7% 7% 10% 13% 14% gain/loss Holding 42% 41% 36% 34% 32% 32% 30% 30% 28% 30% 26% 25% 29% 32% Period >10yrs Total resale 8037 6965 6409 4808 4697 5732 3267 2145 1872 2169 2422 2671 2601 2957 Top 10 districts with highest volume of loss-making resale transactions (2H16) 74 >50% Loss 20-30% Loss 67 40-50% Loss 10-20% Loss 56 30-40% Loss
Powered by DREA Holding Period For those transactions sold at a “Loss” in 2016 Units sold at a loss while Even some units bought during the still within the window crisis low of 2008 / that attracts seller 2009 were being stamp duty sold at a loss 10 years + 8 - 9 years 7 - 8 years 6 - 7 years 5 - 6 years 4 - 5 Years 3 - 4 Years 2 - 3 Years 1 - 2 Years < 1 Year Year of Purchase < 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 For the 3rd consecutive years, we see an increase in the number of units being sold at a loss – including units that are still within the Seller Stamp Duty Window Comparing resale transaction prices with their original purchase price, we see a continued increase in cases where owners were willing to sell at a loss. Most of these are units sold at a loss of up to 20%. Districts 9, 10 and 15 came out top in terms of loss making resale transactions for 2016. Although most of the loss making transactions accrue to units bought in the peak years of 2011 and 2012; a truly concerning observation is that a good proportion of these loss making resale transactions are done within the SSD window. Of these loss-making transactions, some are units sold within the window that are still liable for seller stamp duty
Powered by DREA Did you know? DREA shows you prices of properties immediately around you. Simply flip out drea.sg on your mobile with location services turned on the next time you are in a housing estate which you like
Powered by DREA Which properties should you look out for? -
Powered by DREA Opportunities for sub-million dollar units 1000-1500 square feet,
Powered by DREA Resale Opportunity where there is meaningful room for negotiation Buyers should zoom in on untenanted resale units originally bought in 2013 for investment purposes and negotiate hard for a good deal In 2017, we estimate that ~20K units will be approaching the end of their 4-year SSD lock up period. More importantly, 2013 was the year where prices peaked. With vacancy rates at an all time high, some property investors are finding themselves stuck with vacant, untenanted units. For those who bought into the market in 2013, 2017 is the year to cut losses without attracting SSD. This presents an attractive opportunity for buyers today to negotiate hard. Units bought in 2013 that have yet to be resold 3000 2250 Number of Units 1500 750 0 19 18 10 13 23 16 15 20 22 9 3 17 14 5 12 21 7 4 11 27 2 28 8 1 26 25 6 District Buyers looking for resale units may also want to zoom in on units bought in 2009, where existing owners are likely still sitting on meaningful capital gains On the flip side, while the general market sentiment remains soft at the moment, home owners who bought in the crisis low of 2009 are sitting on significant capital gains. We estimate that there are ~16,000 which were bought in 2009 and have never been resold. Units bought in 2009 that have yet to be resold 2250 1800 Number of Units 1350 900 450 0 9 10 15 12 16 11 19 18 5 23 22 3 20 21 17 4 14 13 26 1 8 25 7 27 2 28 6 District Buyers should zoom in on resale units bought in 2009 and in 2013
Powered by DREA Resale Opportunity where there is meaningful room for negotiation District Condo Number of District Condo Number of units bought units bought in 2013 and in 2009 and not yet not yet resold resold 19 (Hougang, La Fiesta 611 9 (Orchard, Sophia 197 Punggol) Cairnhill, River Residence Valley) Jewel @ 346 Martin Place 156 Buangkok Residences 18 (Tampines, D’Nest 799 10 (Bukit Parvis 87 Pasir Ris) Timah, Holland, Tanglin) Q Bay 551 Cyan 81 Residences 10 (Bukit Timah, D’Leedon 696 15 (Katong, Silversea 67 Holland, Tanglin) Joo Chiat) RV 68 One Amber 66 Residences 13 Bartley Ridge 714 12 (Balestier, Trevista 225 (Macpherson, Toa Payoh, Braddell) Serangoon) Sennett Residences 284 The Arte 206 23 (Bukit Hillion 220 16 (Bedok, Optima @ 167 Panjang, Choa Residences Upper East Tanah Merah Chu Kang) Coast Road,) Eco 203 Waterfront Sanctuary Waves 157 We highlight a shortlist of properties where sellers are well positioned to negotiate and could offer a good deal
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Powered by DREA Top 10 schools in Singapore and the price of properties within 1KM Prices of properties (PSF) within 1km radius of Top 10 Primary Schools1 in Singapore (1,000 – 1,500 sqft unit) Median Paya Lebar 597 1,011 1,770 Min – Yeley Building Methodist Girls’ Max – Park Residences Kovan Pei Hwa 590 1,050 1,430 Min – Kismis Court Presbyterian Max – Jardin Min – Bedok Court St. Hilda Primary 680 970 1,150 Max – Riviera Residences 780 1,030 1,170 Min – Park West Nan Hua Primary Max – Freesia Woods 790 1,040 1,310 Min – Parc Vista Rulang Primary Max – The Lakefront Residences Henry Park Primary 940 1,300 1,450 Min – Pandan Valley Max – The Marbella 1,170 1,400 1,830 Min – Watten Estate Condominium Nanyang Primary Max – Gallop Green 1,070 1,110 1,390 Min – Crescendo Park Tao Nan Max – Bedok Residences Raffles Girls’ Primary 1,040 1,300 1,500 Min – Dover Parkview Max – The Ford @ Holland 1,070 1,620 2,370 Min – Ferrell Residences ACS Primary Max – Robin Residences For families with children, one concern regarding home location would be the schools near it. In Singapore, enrolment in top primary schools can get really competitive. In some cases, parents sign up to volunteer for the school a few years before their children start their primary education. However, one key factor that determines a child’s eligibility and possibility of getting into a prestigious primary school would be the Home-School Distance. 1. Top 10 schools determined based on extensive qualitative research across various Singapore parenting forums For parents, there are actually many options for living within 1 Km from a top 10 school
Powered by DREA Looking to buy: “Best value” homes near to Top 10 Schools PSF prices of homes within 1km radius of Top 10 Primary Schools in Singapore (1,000 – 1,500 sqft unit) Dover Parkview 768 1,105 0.88km to Raffles Girls’ Faber Crest 832 888 0.65km to Nan Hua 1,071 1,071 0.73km to Henry Park Pandan Valley 1.13km to Raffles Girls’ The Infiniti 928 988 0.68km to Nan Hua 956 1,100 0.91km to Nanyang D’Chateau @ Shelford 2.77km to ACS Primary 1,003 1,003 0.33km to Nanyang Coronation Arcade 2.28km to Raffles Girls’ Crescendo Park 1,052 1,075 0.93km to Tao Nan Sch 1,134 1,203 0.44km to Henry Park Quinterra 0.87km to Raffles Girls’ 1,216 1,258 0.63km to Henry Park Ridgewood 0.98 to Raffles Girls’ Sources: DREA, URA, Parenting forums For buyers, here are some of the “best-value” properties near top 10 primary schools in Singapore
Powered by DREA Looking to rent: “Best value” rental homes near to Top 10 Schools Monthly rental prices of condos within 1km radius of Top 10 Primary Schools (1,000 – 1,500 sqft unit) Southaven I 2,200 2,800 0.91km to Pei Hwa 0.73km to Henry Park Pandan Valley 2,400 4,200 1.13km to Raffles Girls’ 0.93km to Tao Nan Sch Crescendo Park 2,100 2,900 0.85km to Nanyang 2.73km to ACS Primary Kellett Court 2,500 3,100 0.81km to Nan Hua Freesia Woods 2,500 4,200 0.90km to Pei Tong 0.83km to Henry Park Astor Green 2,700 3,300 1.02km to Pei Tong 0.63km to Henry Park Ridgewood 2,200 3,000 0.98 to Raffles Girls’ 0.44km to Henry Park Quinterra 3,700 4,400 0.87km to Raffles Girls’ Sources: DREA, URA, Parenting forums For tenants, here are some of the “best-value” rental properties near top 10 primary schools in Singapore
Powered by DREA Looking to rent: Homes with great access and amenities nearby Rental - Value-for-money rental properties with great access and amenities (across all sizes)
Powered by DREA Top 15 most searched properties on Google as of December 2016 Condo Name District Gem Residences 12 – Balestier/Toa Payoh Sims Urban Oasis 14 – Geylang/Eunos Principal Garden 3 – Queenstown/Tiong Bahru Kingsford Waterbay 19 – Hougang/Punggol/Sengkang Star of Kovan 19 – Hougang/Punggol/Sengkang D'Leedon 10 – Tanglin/Holland Cairnhill Nine 9 – Orchard/River Valley Lake Grande 22 – Boon Lay/Jurong/Tuas Sol Acres 23 – Bukit Batok/Bukit Panjang Treasure Crest 19 – Hougang/Punggol/Sengkang Wandervale 23 – Bukit Batok/Bukit Panjang Leedon Residence 10 – Tanglin/Holland Twin Peaks 9 – Orchard/River Valley High Park Residences 19 – Hougang/Punggol/Sengkang Thomson Impressions 20 – Bishan/Ang Mo Kiao Sources: Google Adwords, DREA Analytics This is a list of top 15 Singapore private properties which are most searched on Google
Powered by DREA Did you know? DREA rates individual properties and awards badges to developments based on their unique attractiveness
Powered by DREA Special Feature: What about Malaysian Properties? -
Powered by DREA Opportunities in other markets The challenging Singapore Property Market has left many investors wondering whether they should be considering overseas real estate investments instead. However, investing in property overseas is often tricky and could expose investors to significant risk if they are not careful. For starters, here are a few things to consider when examining your prospects Regulatory Risk – Understand regulations and restrictions It may be enticing to park your wealth in overseas property, especially when marketing agencies are touting high, or even guaranteed capital gains and yield. However, foreign ownership restrictions, leverage limits for foreign buyers, hidden stamp duties and property taxes are all critical aspects that must not be overlooked. Market Risk – Critically research local market conditions Property is a local game and investors should carefully assess local market conditions. Do note that price trends – which are the most commonly available form of analyses out in the market – are ultimately backward looking measures. Often, investors over-emphasize backward-looking research materials which are the most available or the most common, but do not spend sufficient time on elements that matter a lot more. Upcoming supply, vacancy, financial health of developers (especially for uncompleted projects) and potential changes in property market regulations are all highly critical but often overlooked. Currency Risk – Understand macro and get independent advice Even savvy property investors fall prey to currency risk. Some neglect FX risk and overlook the importance of matching assets and liabilities. At the same time, there are also investors who do not fully appreciate the implications of interest rate parity and hedge when they really shouldn’t. When evaluating currency risk, investors should note that consensus views are simply consensus and are no better than an informed and educated There are opportunities outside of guess. One should also be mindful about whether to take advice on FX risk from agents and brokers who are economically incentivized to close a Singapore and DREA’s future reports will property deal or a currency hedge. give in-depth We shall analysis examine the three of factors aforementioned theusing markets in the Malaysian our neighboring property countries market as an example. 40
Powered by DREA Regulation Like most other South-East Asian markets, Malaysia has property regulations that are specific to foreign investors. However, property regulations in Malaysia are generally pro-foreign investor. The recent rollout of the "Malaysia My Second Home" (MM2H) programme has been much emphasized as a tool for incentivizing foreign buyers to invest in Malaysian property. Singapore Malaysia Indonesia Eligibility of purchase Local Buyer Landed and non-landed No restrictions for No restrictions residential Bumiputras Certain restricted properties for other citizens Foreign Buyer Non-landed residential only Minimum price dependent Minimum price dependent on specific state; generally on specific state. In Jakarta, Purchase of landed- minimum value of MYR 1 minimum price of at least residential property million 10 billion rupiah subjected to special approval Only one leasehold, non- No limits on maximum landed residential property number of properties of up to 80 years for although certain property expatriates for qualified types are restricted for foreigners with a KITAS foreigners such as those working visa. allocated to Bumiputra Selling Criteria Non-landed Residential – No restrictions Any qualified foreigner or Foreigners and any local Locals Landed Residential – Locals only Taxes and stamp duties Buyer’s Stamp Duty: BSD: Local Buyer (1st Property) 1% on first 180K 2% on next 180K 3% on remainder Buyer’s Stamp Duty: BSD: 1% on the first MYR 100K 5% (transfer tax) Foreign Buyer (1st Property) 1% on first 180K 2% on the next MYR 400K 1% (Tax on purchase of 2% on next 180K 3% on remainder land deed) 3% on remainder 1% (Legal Fees) + 15% ABSD 0.2% (Registration Fee) Malaysia’s property market regulation appears to be “Pro- foreign” at the moment 41
Powered by DREA Market Dynamics Demand for property purchase in Malaysia has softened since 2012. Not withstanding efforts to spur demand from foreign investors, volume of transactions in the >1m category has been on a decline. Txn Vol (‘000) RM: > 1M 250K - 1M < 250K 85.7 87.4 87.7 88.4 3.1 3.5 3.5 4.2 77.9 74.5 76.1 69.7 71.7 71.1 68.2 5.1 5.1 5.7 60.5 2.9 4.1 4.7 4.7 2.3 53.8 3.9 1H10 1H11 1H12 1H13 1H14 1H15 1H16 Average price per unit for foreign-eligible property (>1M) Average Price Avg prices have been flat in nominal terms, (in millions RM) meaning that properties have declined in value in real terms (i.e. inflation adjusted) 2.5 2.0 In RM 1.5 1.0 In SGD 0.5 0.0 1H10 1H11 1H12 1H13 1H14 1H15 1H16 Avg. price of Malaysian properties have not appreciated in value since 2010 – both in Real Terms 42 and on a SGD basis
Powered by DREA Opportunities in Malaysia Percentages of sold and unsold units in different States Total Units Launched Johor 31% 69% 1,675 Perak 19% 81% 1,589 Selangor 16% 84% 1,349 Pahang 53% 47% 1,264 Kedah 12% 88% 1,129 W.P. Kuala Lumpur 13% 87% 1,068 Melaka 42% 58% 787 Sarawak 11% 89% 632 Kelantan 22% 78% 390 Terengganu 19% 81% 334 Negeri Sembilan 30% 70% 269 Pulau Pinang 46% 54% 120 Sold W.P. Putrajaya 94% 6% 49 Unsold 14,000 Units Launched and Sold 12,000 Completed but Unsold Under Construction Unsold 10,000 Not Constructed Unsold 8,000 6,000 4,000 2,000 0 Pahang W.P. Putrajaya Sarawak Melaka Pulau Pinang Kedah Perlis Selangor Kelantan Johor Terengganu Perak Sabah Negeri Sembilan W.P. Kuala Lumpur There continues to be a risk of over-supply and many properties are still pending construction 43
Powered by DREA APPENDICES -
Powered by DREA A Guide on the Buying Process -
Powered by DREA Resale private property buying process Steps Things to look out for Cash flow • Give banks a whole set of documents so you don’t get surprises when you raise an actual loan request Obtain AIP (“Approval In T-90 1 Principal”) from a bank • Understand cash flow requirements, deadlines, None Valid for 30-90 days mode of payment of different fees (e.g. ABSD has to be paid in cash first) and the different policies that may restrict you from getting a loan (e.g. TDSR, LTV) • Do your research however note that some intangible factors may not be quantifiable T-90 2 • DREA.sg provides various information in one place so None Research on condos as to make it easier to research on homes • Confirm with your bank beforehand that they will be able to issue a bank loan letter of offer within 14 days of exercise of option • Be careful not to download an Offer to Purchase Decide on a condo and make from unverified sources – not all documents are valid Offer to Purchase In Singapore, and not all terms and clauses are in 1% Option 3 line with market norms in Singapore T fee in Pay Option fee (1% of property• Specify which fixtures are included and whether you Cash price) are buying with tenancy in the Offer to Purchase • If buying with tenancy, it is advisable to review the Option to Purchase issued by rental contract and look out for tenant escape Seller and is valid for 14 days clauses • Hire an experienced lawyer 4% Exercise Option to Purchase • Lawyers will do title search for the buyer and pay 4% Exercise fee Exercise 4 • Check for major external environment changes fee in T+14 before paying exercise fee Cash • Buyers have the right to cancel Option to purchase under specific circumstances First 180,000: 1% Pay Stamp Duty and/or • Stamp duty has to be paid in cash first Next 180,000: 2% T+28 5 Additional Buyer’s Stamp Duty Remainder: 3% 15% down- Pay Remaining down T+84 payment in 6 payment - Cash and/ or T+ 108 CPF When buying a resale property in Singapore, do take time to plan and take note of the above 46
Powered by DREA New launch sale buying process Things to look out for Cash flow • Give banks a whole set of documents so you don’t Obtain AIP (Approval In get surprises when you raise an actual loan request T-90 1 Principal) from a bank (valid for Understand cash flow requirements, deadlines, • None 30-90 days) mode of payment of different fees (e.g. ABSD has to be paid in cash first) and the different policies that may restrict you from getting a loan (e.g. TDSR, LTV) • Do your research however note that some intangible factors may not be quantifiable T-90 2 Research on condos • Confirm with your bank beforehand that they will be None able to issue a bank loan letter of offer within 14 days of exercise of option • Many buyers have already paid the option fee Decide on a new launch before realizing that they are unable to get a bank 5-10% T 3 loan due to TDSR, LTV or other loan restrictions Option Sign Option to Purchase • AIP is very important, buyers are recommended to fill fee in out the actual application form and provide the full Cash set of documents T+14 • Option to purchase is valid for 3 weeks from delivery 4 Sale & Purchase Agreement to of S&P - (S&P) to be delivered to buyer T+21 Sign S&P Agreement and return• If buyers decide to not exercise the option, they can Before 5 to developer T+35 be refunded up to 75% of the option fee paid - (market norm) Pay Remaining down payment (Some developers may allow payment to be • Different developers require down payment to be 10-15% down made within 8 weeks of paid at different times – buyers should check with the payment in Cash signing of OTP) developer of the condo and/or CPF Pay Stamp Duty and/or First 180,000: 1% 6 Additional Buyer’s Stamp Duty • Stamp duty has to be paid in cash first Next 180,000: 2% T+49 Remainder: 3% COMPLETION When buying a newly launched property in Singapore, do take time to plan and take note of the above
Powered by DREA For buyers - Tips and things to look out for AIP and Mortgage Loans – Confirm loan eligibility before paying option fees For buyers, it is recommended to fill out the actual AIP application and provide the bank a complete set of documents. AIP can be conducted in written format or verbally, and is only based on the information the buyer provides the bank. The loan amount stated in the AIP is not a guaranteed amount offered to the buyer. Banks may end up making very different assessments on a borrower’s eligibility if the original AIP is based on incomplete information. Providing a complete set of documents allows for a more accurate estimate of the amount that the bank is willing to lend. There have been instances where buyers obtain an AIP based on verbal or incomplete information that they provide. After paying the option fee, they realize that they are eligible for a much lower loan amount than what was stated in the AIP. These buyers may have to forfeit the option fee that they have paid if they are not able to fully finance the house. Hence, buyers should always ensure that they are truly qualified to secure a loan before paying for the option fee – and to avoid any unpleasant surprises. Cash flow requirements and housing policies – Plan your finances and budget Buyers are also advised to work out all the cash flow requirements, deadlines, modes of payment, and their ability to pay the relevant charges and loans. For example, some buyers may not be aware that Stamp Duty has to be paid in cash first, before getting a refund from their CPF (for Singapore Citizens and Permanent Residents). In such cases, when cash needs cannot be met, the buying process becomes problematic. Buyers should therefore read up on housing policies, cash flow requirements and carefully plan their finances and budget before committing to a home purchase Research – It is not just about prices and some things cannot be quantified When researching on a property, there are many things to look out for. While some information such as prices and distance to MRT stations can be expressed in numbers, many other factors such as furnishing, facing, and surroundings cannot be quantified. However, these factors are equally important in determining whether a unit is a good deal. DREA’s property pages summarize everything you need to know, from prices to on the ground reviews. Remember to do your research on cash flow requirements and policies before committing to a purchase
Powered by DREA For buyers - Tips and things to look out for Ownership Check – Do so before paying the Option Fee Before paying the 1% Option Fee, buyers should do an ownership check on the property to ensure that the seller actually owns the property. While cases like these aren’t very common in Singapore, it’s always better to be safe than sorry. Ownership checks can be easily done through SLA’s web portal. Offer to purchase – Be specific with what is required and get help if possible We typically recommend getting a property agent to assist you with all the paperwork however it is possible to do it on your own. For Buyers purchasing a unit without an agent’s help, do a thorough read and review of your Offer to Purchase letter. Some Offer to Purchase templates found online may not be valid in Singapore. Even if these templates are valid, some clauses in the templates may not be the norm for the Singapore property market, and buyers may end up losing out. The Offer to Purchase letter is also important because it specifies the “wants” of the buyer. In the Offer to Purchase, buyers should state all the fixtures and requirements that they want and expect to have. For example, the in-build oven in the kitchen. It also sets the basis for negotiation. Purchase of units with tenancy – Always fact check the tenancy agreement When purchasing a unit with tenancy, buyers are always advised to review the tenancy agreement and look out for clauses that might potentially be a problem. For instance, buyers should look out for any escape clauses which would allow an existing tenant to terminate the contract at any time. In addition, it is advisable to fact check the rental rate to see if it is inline with market prices. Pictures – They can be helpful for resolving disputes One tip for buyers when purchasing a resale property, is to take detailed pictures of the unit before paying the option fee. This is useful in the event that problems such as faulty power outlets or cracks in the wall are found after moving in. With pictures as evidence, many arguments can be avoided. Read through your Offer to Purchase letter and review the rental contact (if buying a unit with tenancy)
Powered by DREA Cooling Measures Introduced Sellers Stamp Duty (“SSD”) for private residential property Feb’10 Lowered Loan-to-Valuation (“LTV”) from 90% to 80% for private property Further increased holding period of SSD from 1 to 3 years with graduated stamp duty Aug’10 Increased minimum cash payment to 10% for buyers with >1 loan Decreased LTV for multiple mortgage holders from 80% to 70% Increased SSD period from 3 to 4 years and increased rates (1st yr – 16% (from 3%), 2nd yr – 12% (from 2%), 3rd yr – 8% (from 1%) and 4th yr – 4% (from Jan’11 0%) Lower LTV for non-individual purchasers (50%) as well as individuals (60%) Introduction of Additional Buyers Stamp Duty (“ABSD”) 10% for foreigners and non-individual buyers Dec’11 3% for PRs buying ≥ 2 properties and Singaporeans buying ≥ 3 properties Sep’12 Issuance of new guidelines for shoebox units Further LTV restrictions: Loan tenure capped at 35yrs for individual and non-individual buyers LTV for non-individual buyers lowered to 40% Oct’12 For 2nd mortgage loan borrowers and above, LTV lowered to 40% for loans >30 years or extend beyond 65 LTV of 60% for first time borrowers beyond 65 Increased ABSD for Singaporean buyers (1st home – 0%, 2nd home – 0% to 7%, 3rd home – 3% to 10%) Increased ABSD for Singapore PRs (1st home – 0% to 5%, ≥ 2nd home – 3% to 10%) Jan’13 Increased ABSD for Foreigners (≥ 1st home: 10% to 15%) 1st loan LTV – 80%, 2nd – 50%, ≥ 3rd – 40%; LTV will be even lower for loan tenure of more than 30 years or where borrower is >65 years Increased cash downpayment for 1st property to 5% - 10% and 2nd to 10% - 25% New total debt servicing ratio (“TDSR”) Maximum total debt limit of 60% taking into account monthly Jun’13 repayment for property loan and other debt obligations Apply a haircut of 30% to all variable rental income and amortise value of eligible financial assets when computing TDSR The Singapore government has introduced several cooling measures over a period of 3 years
Powered by DREA Districts in Singapore D1 Boat Quay / Raffles Place / Marina D15 East Coast / Marine Parade D2 Chinatown / Tanjong Pagar D16 Bedok / Upper East Coast D3 Alexandra / Commonwealth D17 Changi Airport / Changi Village D4 Harbourfront / Telok Blangah D18 Pasir Ris / Tampines D5 Buona Vista / West Coast / Clementi New Town D19 Hougang / Punggol Seng Kang D6 Cityhall / Clarke Quay D20 Ang Mo Kio / Bishan / Thomson D7 Beach Road / Bugis / Rochor D21 Clementi Park / Upper Bukit Timah D8 Farrer Park / Serangoon D22 Boon Lay / Jurong / Tuas D9 Orchard / River Valley D23 Bukit Batok / Bukit Panjang D10 Tanglin / Holland D25 Admiralty / Woodlands D11 Newton / Novena D26 Mandai / Upper Thomson D12 Balestier / Toa Payoh D27 Sembawang / Yishun D13 Macpherson / Potong Pasir D28 Seletar / Yio Chu kang D14 Eunos / Geylang / Paya Lebar
Powered by DREA Median PSF Price change by district (2H 2016 vs 2H 2015) For private non-landed residential properties between
Powered by DREA Median PSF Price change by district (2H 2016 vs 2H 2015) For private non-landed residential properties between 500-1000 SQFT vs 2H 2015 D9 Orchard / River Valley 18.6% D26 Mandai / Upper Thomson 13.2% D19 Hougang / Punggol Seng Kang 11.2% D1 Boat Quay / Raffles Place / Marina 10.8% D16 Bedok / Upper East Coast 8.4% D22 Boon Lay / Jurong / Tuas 8.3% D11 Newton / Novena 8.0% D28 Seletar / Yio Chu kang 4.3% D14 Eunos / Geylang / Paya Lebar 4.0% D12 Balestier / Toa Payoh 1.1% D5 Buona Vista / West Coast / Clementi New Town 1.0% D21 Clementi Park / Upper Bukit Timah 0.3% D27 Sembawang / Yishun 0.2% D3 Alexandra / Commonwealth 0.1% D18 Pasir Ris / Tampines 0.0% D23 Bukit Batok / Bukit Panjang -0.3% D13 Macpherson / Potong Pasir -0.4% D8 Farrer Park / Serangoon -1.3% D2 Chinatown / Tanjong Pagar -2.8% D20 Ang Mo Kio / Bishan / Thomson -3.0% D15 East Coast / Marine Parade -3.4% D10 Tanglin / Holland -5.7% D25 Admiralty / Woodlands -8.2% D17 Changi Airport / Changi Village -8.3% D4 Harbourfront / Telok Blangah -15.8% D7 Beach Road / Bugis / Rochor -23.7% Sources: URA, Realis, DREA
Powered by DREA Median PSF Price change by district (2H 2016 vs 2H 2015) For private non-landed residential properties between 1000-1500 SQFT vs 2H 2015 D2 Chinatown / Tanjong Pagar 21.9% D8 Farrer Park / Serangoon 17.8% D9 Orchard / River Valley 17.8% D28 Seletar / Yio Chu kang 10.5% D14 Eunos / Geylang / Paya Lebar 6.9% D12 Balestier / Toa Payoh 4.9% D18 Pasir Ris / Tampines 4.7% D27 Sembawang / Yishun 4.7% D1 Boat Quay / Raffles Place / Marina 4.5% D4 Harbourfront / Telok Blangah 4.0% D7 Beach Road / Bugis / Rochor 3.9% D13 Macpherson / Potong Pasir 2.2% D25 Admiralty / Woodlands 2.2% D21 Clementi Park / Upper Bukit Timah 0.1% D15 East Coast / Marine Parade 0.1% D11 Newton / Novena -0.1% D22 Boon Lay / Jurong / Tuas -0.5% D19 Hougang / Punggol Seng Kang -1.8% D5 Buona Vista / West Coast / Clementi New Town -1.9% D16 Bedok / Upper East Coast -2.1% D10 Tanglin / Holland -2.3% D20 Ang Mo Kio / Bishan / Thomson -4.2% D3 Alexandra / Commonwealth -4.6% D26 Mandai / Upper Thomson -5.2% D17 Changi Airport / Changi Village -7.2% D23 Bukit Batok / Bukit Panjang -13.8% Sources: URA, Realis, DREA
Powered by DREA Median PSF Price change by district (2H 2016 vs 2H 2015) For private non-landed residential properties between 1500-2000 SQFT vs 2H 2015 D12 Balestier / Toa Payoh 27.7% D16 Bedok / Upper East Coast 12.7% D9 Orchard / River Valley 9.9% D22 Boon Lay / Jurong / Tuas 5.2% D23 Bukit Batok / Bukit Panjang 5.0% D11 Newton / Novena 3.7% D5 Buona Vista / West Coast / Clementi New Town 3.5% D21 Clementi Park / Upper Bukit Timah 3.1% D28 Seletar / Yio Chu kang 1.4% D27 Sembawang / Yishun 1.2% D1 Boat Quay / Raffles Place / Marina 1.1% D4 Harbourfront / Telok Blangah 0.8% D10 Tanglin / Holland -0.4% D18 Pasir Ris / Tampines -0.9% D3 Alexandra / Commonwealth -1.8% D13 Macpherson / Potong Pasir -5.7% D15 East Coast / Marine Parade -6.3% D25 Admiralty / Woodlands -11.0% D2 Chinatown / Tanjong Pagar -14.2% D14 Eunos / Geylang / Paya Lebar -14.9% D19 Hougang / Punggol Seng Kang -15.4% D8 Farrer Park / Serangoon -15.7% D7 Beach Road / Bugis / Rochor -15.8% D17 Changi Airport / Changi Village -17.4% D26 Mandai / Upper Thomson -18.3% D20 Ang Mo Kio / Bishan / Thomson -23.7% Sources: URA, Realis, DREA
Powered by DREA Median PSF Price change by district (2H 2016 vs 2H 2015) For private non-landed residential properties between >2000 QFT vs 2H 2015 D22 Boon Lay / Jurong / Tuas 29.6% D18 Pasir Ris / Tampines 23.1% D27 Sembawang / Yishun 21.3% D11 Newton / Novena 5.9% D28 Seletar / Yio Chu kang 3.9% D23 Bukit Batok / Bukit Panjang -1.4% D19 Hougang / Punggol Seng Kang -1.5% D16 Bedok / Upper East Coast -4.6% D14 Eunos / Geylang / Paya Lebar -6.6% D9 Orchard / River Valley -6.9% D5 Buona Vista / West Coast / Clementi New Town -7.3% D21 Clementi Park / Upper Bukit Timah -7.9% D15 East Coast / Marine Parade -8.6% D13 Macpherson / Potong Pasir -9.1% D10 Tanglin / Holland -12.1% D4 Harbourfront / Telok Blangah -12.5% D17 Changi Airport / Changi Village -13.1% D20 Ang Mo Kio / Bishan / Thomson -14.9% D3 Alexandra / Commonwealth -15.3% D26 Mandai / Upper Thomson -22.2% D12 Balestier / Toa Payoh -33.1% D1 Boat Quay / Raffles Place / Marina -75.6% Sources: URA, Realis, DREA
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