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News & Views The Guru View on Property - MXY-2G20VA
News & Views
ISSUE NO. 117 (OCT 2017)
MICA (P) 097/06/2017                                                                       The Guru View on Property

                                  MUY-FL10VE       MXY-2G20VA       MXY-3G28VA       MXY-4G28VA

                           MXY-4G38VA      MXY-5G48VA      MXY-4C100VA      MXY-5C125VA     MXY-6C140VA
News & Views The Guru View on Property - MXY-2G20VA
News & Views The Guru View on Property - MXY-2G20VA
News & Views
ISSUE NO. 117 (OCT 2017)
MICA (P) 097/06/2017                                                                                                      The Guru View on Property

  TOP STORIES
                                          COVER STORY
  News
  Roundup                                 Paranormal places

                                P. 3

  Eye On
  Changi

                                                                                                                                         Photo: Christopher Chitty

                                          The Amber Beacon Tower (pictured) is a popular spot with beachgoers and joggers who frequent
                             P. 6-7       East Coast Park on weekends. A scenic lookout point, the tower actually has a dark past like so many
                                          places in Singapore. Recently, we took a trip to several haunted sites across the island to get the
  Project                                 stories behind why these locations continue to fascinate and scare Singaporeans. Read more
                                          on page 16.
  Review

                                       Concerns when buying old houses
                                       Before purchasing older residential units, prospective buyers are advised to
                            P. 9-10    consider the potential downsides of such properties.

  :MÅVML                               ‡ )LQDQFLQJLVVXHV                    ‡ &UDFNVDQGUHSDLUV
                                                                               Over time, a home’s walls and noors
                                                                                                                          and corroded plumbing,

  Living                               For properties with shorter remaining
                                                                               may suffer from cracks, but among
                                                                                                                          which can cause mres and water

                                       leases, buyers may need to fork out                                                leaks respectively. Hence, it’s
                                                                               the most serious issues are damages
                                       more money from their own pocket as                                                advisable to check for these
                                                                               to the foundation and support beams.
                                       banks may provide a lower mortgage                                                 problems and get a quote on how
                                                                                                                          much it would cost to update these
                                       quantum or loan-to-value. You are       Given that the cost of repairing such
                                                                               important structures can cost tens         features and ensure they conform
                                       also not allowed to use your Central
                                                                               of thousands of dollars or more,           with existing safety regulations.
                                       Provident Fund (CPF) savings when
                                                                               it’s advisable to check for these
                                       buying )%B nats and private homes
                           P. 24-25                                            damages before committing to buy           ‡ 3HVWSUREOHPV
                                       with a tenure of less than 30 years.
                                                                               a property. Preferably, engage an          An old house may have unwanted
                                                                               expert or an engineer. If you still want   guests like rats and termites. The
                                       To be able to use it, the buyer’s age   to purchase despite the existence of
  Like What                                                                                                               former is a health hazard, while the
                                       plus the remaining lease should be      such defects, consider negotiating
  You’re Reading?                                                              for a lower price to offset the
                                                                                                                          latter destroys furniture and wooden
                                       equal to at least 80 years. Also, the                                              structures of a property. Before
                                                                               repair costs.
                                       maximum amount that can be used                                                    signing the purchase agreement,
  Get a subscription                   from the Ordinary Account is capped     ‡ 2XWGDWHGIHDWXUHV                      check for the tell-tale signs of pests.
  that suits your needs!
                                       based on the buyer’s age and the        Properties built many years ago may        If the infestation is serious, you will
  News-and-Views.PropertyGuru.com.sg
                                       property’s remaining tenure.            come with obsolete electrical wiring       need to hire an exterminator.
News & Views The Guru View on Property - MXY-2G20VA
02        PROPERTYGURU
                           NEWS & VIEWS

THE TEAM                                       Q(',725·6127(
QEDITORIAL

  Romesh Navaratnarajah
  Senior Editor
  romesh@propertyguru.com.sg                   Supernatural Singapore
  Editorial Contributors                           I’ve never been a superstitious                  these places, especially the Old Changi                setting for many local ghost stories.
  Angelica Chong                               person, so when I started doing research             Hospital and Pasir Ris Tower.                          And with Halloween just around the
  Chang Hui Chew                               about haunted locations in Singapore for                                                                    corner, we check out some edgy interior
  Christopher Chitty                                                                                    While I couldn’t see anything, I did
                                               this issue’s cover story, I was sceptical                                                                   designs that will make your living spaces
  Joanne Poh                                                                                        get an eerie feeling that we were being
  Justin Koh                                   at mrst. But my opinion changed when                                                                        stand out, but not in a creepy way.
                                                                                                    watched. Several people also shared
  Michelle Yee                                 a small group of us visited some of
                                                                                                    their ghostly experiences with us and we
  Mindy Chong                                                                                                                                                 If you have questions or
  Team Joey Yap                                                                                     even got to sit down with a paranormal
                                                                                                    investigator who offered his advice on                 comments, email News-and-Views@
QADVERTISING                                                                                     what to do if your house is haunted.                   PropertyGuru.com.sg

  Belinda Koh                                                                                           If you are worried about buying a
  belinda@propertyguru.com.sg                                                                       property and mnding out later that it is               Correction
                                                                                                    next to a crematorium, perhaps our
QPUBLISHING                                                                                                                                                 Issue 116 of PropertyGuru News
                                                                                                    in-depth Project Reviews of new launches
                                                                                                                                                           and Views spelled the name Tuan Sing
                                                                                                    on the PropertyGuru portal can help.
  Romesh Navaratnarajah                                                                                                                                    Holdings wrongly. We would also like
                                                                                                    You wouldn’t want to be hit by an
  romesh@propertyguru.com.sg                                                                                                                               to clarify that the developer’s Kandis
                                                                                                    unwanted surprise!
QEVENTS                                                                Romesh                                                                           Residence project will launch by the
                                                                          Navaratnarajah               Also in this issue, we explore the                  end of this year. We apologise for any
  Mandy Neo                                                               Senior Editor             neighbourhood of Changi, a popular                     inconvenience caused.
  mandy@propertyguru.com.sg

QMARKETING

  Sandy Goh                                    Powered by Asia’s leading online property group, we bring to property seekers, investors and property enthusiasts alike, the Guru
  sandy@propertyguru.com.sg
                                               View on the property market in Singapore, the region and beyond. The insightful articles, in-depth analyses and
  Esther Toh                                   intriguing commentaries from industry gurus will be delivered across multiple platforms including online, mobile and print, to
  esther@propertyguru.com.sg                   help them stay abreast of the market and make better property decisions today. PropertyGuru News and Views is
                                               distributed on a complimentary basis at selected airline lounges, banks, lifestyle cafés, private medical centres, hotels and
  Chang Hui Chew
  chang@propertyguru.com.sg                    service apartments. You may view the full list of our locations at News-and-Views.PropertyGuru.com.sg

QCUSTOMER        CARE

  Sarah Tan
  custcare@propertyguru.com.sg                   FIRST FACTS
QMANAGEMENT

  Hari Krishnan
                                                 Top 5 condominiums for sale
  Chief Executive Ofmcer

  Lewis Ng
  Chief Business Ofmcer
                                                                                       MOST SEARCHED PROPERTIES
  PropertyGuru Pte Ltd                                GEM RESIDENCES
  TripleOne Somerset                                  Developers: Gamuda Land, Evia Real Estate and Maxdin
  111 Somerset Road #08-20/28
                                                 5                                                                                                          KINGSFORD WATERBAY
                                                      Tenure: 99-year leasehold                                                                             Developer: Kingsford Development
  Singapore 238164                                    Location: D12, close to Braddell MRT                                                             1
                                                                                                                                                            Tenure: 99-year leasehold
  Tel: 6238 5971                                                                                                                                            Location: D19, close to Hougang MRT
  Fax: 6534 4678
  www.propertyguru.com.sg

  MICA (P) 097/06/2017

  Print: Times Printers Pte Ltd
  Design: Times Printers Pte Ltd
  Distributor: Region Periodicals
               Distributor Pte Ltd

All content published in PropertyGuru
News & Views is protected under
copyright laws. No content should be
reproduced either in part or whole
without express written permission from
PropertyGuru Group. For licensing and                                                                                                                        SOPHIA HILLS
syndication enquiries, please email                                                                                                                    2     Developer: Hoi Hup Sunway
chang@propertyguru.com.sg. Currency                                                                                                                          Tenure: 99-year leasehold
conversions are provided for indicative                                                                                                                      Location: D9, close to Dhoby Ghaut MRT
purposes only. Every precaution has been
taken to ensure all information is accurate.
                                                                    MARTIN MODERN
However, the publisher, its employees or
                                                               4    Developer: GuocoLand
agents accept no responsibility or liability
                                                                    Tenure: 99-year leasehold                                       THE INTERLACE
for direct, indirect or consequential losses
                                                                    Location: D9, close to future Great World MRT              3    Developer: CapitaLand
or damages resulting from the use of any
                                                                                                                                    Tenure: 99-year leasehold
information contained herein.
                                                                                                                                    Location: D4, close to Labrador Park MRT

                                                                                                                    Based on pages viewed between 1 – 31 August 2017 on PropertyGuru.com.sg
News & Views The Guru View on Property - MXY-2G20VA
PROPERTYGURU                   03
                                                                                                                                                                   NEWS & VIEWS

QNEWS     ROUNDUP

Our top Singapore property stories.

                                                                                       Wong urges real estate                                With the theme Valuation – Real
                                                                                       industry to embrace digital                       Estate and Beyond, the two-day
                                                                                       innovation                                        event saw speakers presenting
                                                                                                                                         papers on key topics including
                                                                                           National Development Minister                 valuation of green and smart
                                                                                       Lawrence Wong recently urged
                                                                                                                                         buildings and new accounting
                                                                                       valuers in Asean countries,
                                                                                                                                         standards on valuation.
                                                                                       including stakeholders in the real
                                                                                       estate industry, to embrace digital
                                                                                       innovations, reported the                             “Increasingly, valuation of non-
                                                                                       Straits Times.                                    tangible assets such as intellectual
                                                                                                                                         property, service contracts, and
                                                                                           Unlike the media distribution and             proprietary data, are also
Morgan Stanley: Home prices               his earlier forecast, Ng has provided        travel industries, digital innovation             becoming more important when
                                          a timeline of the innexion point, stating    has not had much impact on the                    valuing businesses.”
to rise by 8% in 2018
                                          that property prices will rise in Q3         retail sector. Nonetheless, things are
    Morgan Stanley recently released      2017 instead of early-2018 as he had         beginning to change, noted Wong.
                                                                                                                                             This is partly driven by digital
the most bullish forecast for the         previously expected.
                                                                                                                                         innovation as well as the continued
Singapore housing market, expecting                                                        He pointed to the Canada
                                              His optimistic outlook for the market                                                      growth of the services sector, which
private home prices to increase by two                                                 Mortgage and Housing Corporation,
percent this year, before rising again    is partly precipitated by a slew of en       which leveraged on its property                   makes up over 50 percent of many
by another eight percent next year,       bloc deals that began entering the           information database to develop an                Asean countries’ gross domestic
reported the Business Times.              market in May 2017. With seven en bloc       automated risk assessment system.                 product, explained Wong.
                                          sale projects already awarded, about
    This compares with DBS’s forecast     1,500 homeowners are expected to be
                                                                                          “The real estate industry, including               Established in 1981, the Asean
of a two percent fall in 2017 and         displaced, each of whom is about
                                                                                       the valuation sector, must adapt to               Valuers Association has five
three percent increase in 2018 and        $1.8 million wealthier.
                                                                                       change, and transform in the face of              founding members – Singapore,
another three percent in 2019. OCBC
                                                                                       digital innovation,” said Wong at the
Investment Research, on the other             “With leverage, this adds up to                                                            Thailand, Indonesia, Malaysia and
                                          $13 billion of potential capital innows      launch of this year’s Asean Valuers
hand, only expects a bottoming out of                                                                                                    the Philippines.
                                          that could mnd their way back into the       Association Congress.
prices in 2018, with prices falling mve
percent this year.                        property market, more than the entire
                                                                                           “There are also new opportunities                 Over 250 delegates from Asean
                                          value of developer sales in 2016. More
    In April, Morgan Stanley analyst      en bloc deals could follow, with 50-60       for valuers in other melds such                   countries and counties such as Fiji,
Wilson Ng even predicted property         more currently under discussion,”            as business and intellectual                      China and South Korea attended the
prices to double by 2030. Maintaining     he said.                                     property valuation.”                              20th edition of the Congress.

QEVENT     NEWS

Optimistic outlook for Japanese real estate
Attendees were given an overview of upcoming infrastructure developments in Japan, as well as updates on property regu-
lations and taxation.

By Mindy Chong

    Held for the mrst time on 9 and 10    For other secondary cities, rental
September at The St. Regis Singapore,     growth is between one to four percent.
PropertyGuru’s Japan Real Estate          With low interest rates, yields are likely
Market Outlook attracted more than 360    to stabilise at four percent.”
local and overseas investors. Organised
in partnership with Japanese developer        She added that Japan has been
Dualtap, highlights included insights     preparing to host various events such
into Japan’s property market for 2018     as the Tokyo Olympics in 2020, 2019
and an overview of real estate laws and   Rugby World Cup, World Masters
                                          Game Kansai 2021, and Japan’s mrst
tax regulations.
                                          integrated casino resort. Factors such
                                          as low unemployment rate, increased
     Sigrid Zialcita, managing director
                                          jobs creation and expanding wages
and head of Asia Pacimc research at                                                    "MBSHFDSPXEPGQPUFOUJBMJOWFTUPSTUVSOFEVQUPmOEPVUNPSFBCPVU+BQBOTSFBMFTUBUF
                                          have led to economic growth.
Cushman  Wakemeld said: “Tokyo                                                        market from industry experts.
is the largest metropolitan area in the
                                              Junko Ogushi, senior partner from
world with 37 million people within                                                    interact with the developer and industry          UENO VASTO VARDE XEBEC NIPPORI II
                                          Atsumi & Sakai, Japan presented on
7,000 sq km of land area. Between                                                      experts,” she said.                               residential project.
                                          real estate law and tax regulations in
2010 and 2014, residential properties     owning property in Japan.                                                                      Watch the video on the exclusive
                                                                                          Separately, Cijay Tew, associate
in Tokyo have shown a capital                                                                                                            show here:
                                                                                       branch district director from PropNex
appreciation of 25 percent.                   “PropertyGuru provides an                                                                  bit.do/jpssept2017videos.
                                                                                       Realty, shared his knowledge on
                                          opportunity for investors to know what       property monetisation methods for                 For more information on upcoming
   “Rental growth rose by seven           is happening in Japan, hence making it       local and overseas properties. The                events, go to:
percent in Tokyo in the past two years.   a good platform for investors to directly    exclusive show showcased the                      www.pgevents.propertyguru.com.sg/
News & Views The Guru View on Property - MXY-2G20VA
04            PROPERTYGURU
                                             NEWS & VIEWS

                                                                                 Graveyard appreciation
                                                                                  Before Bidadari, there was Bishan. The small HDB estate has seen strong capital appreciation
                                                                                  over the years. Singaporeans are hoping that the upcoming estate of Bidadari, with a similar
                                                                                  PQ[\WZaIVLKQ\aNZQVOMTWKI\QWV_QTTZMIXÅVIVKQITJMVMÅ\[NWZQ\[ZM[QLMV\[QV\PMN]\]ZM

                                                                                  By Chang Hui Chew

                                                                                                                                                                                                                                                                                                                                      Figure 1 highlights the movement
                                                                                                                                                                                                                                                                                                                         of property prices and transactions
                                                                                                                                                                                                                                                                                                                         in Bishan.

                                                                                                                                                                                                                                                                                                                                      Over the period of analysis,
                                                                                                                                                                                                                                                                                                                         quarterly median prices for non-
                                                                                                                                                                                                                                                                                                                         landed private properties have
                                                                                                                                                                                                                                                                                                                         nuctuated from around 1,100 psf, to
                                                                                                                                                                                                                                                                                                                         just under 1,00 psf. These relatively
                                                                                                                                                                                                                                                                                                                         large movements in prices as well
                                                                                                                                                                                                                                                                                                                         as volumes are driven by new
                                                                                                                                                                                                                                                                                                                         launches in the area. For instance, Q4
                                                                                                                                                                                                                                                                                                                         01 saw prices hit 1,9 psf due
                                                                                                                                                                                                                                                                                                                         to the launch of the Moshe Safdie-
                                                                                                                                                                                                                                                                                                                         designed Sky Habitat, close to Bishan
                                                                                                                                                                                                                                                                                                                         MRT station.

                                                                                                                                                                                                                                                                                                                                      Each subsequent spike in price or
                                                                                                                                                                                                                                                                                                                         volumes were due to new launches
     View of Bishan Park at sunrise.
                                                                                                                                                                                                                                                                                                                         in the area. Q4 01 saw a rise in
                                                                                                                                                                                                                                                                                                                         volumes due to the sale of units at
                     Those of us who grew up in the                               Road shopping belt needed to be             View, we examine the property market
                                                                                                                                                                                                                                                                                                                         Thomson Impressions at Lorong
     1980s might remember the ghost                                               put to more productive uses than a          in this former cemetery.
                                                                                                                                                                                                                                                                                                                         Puntong, while transactions in Q4
     stories of the era, of how on the                                            memorial for those who have passed
                                                                                                                                                                                                                                                                                                                         2013 were driven by the sales of Sky
     newly built North-South line, one                                            before. As such, the graves were            The private property
     might see ethereal mgures on the                                             exhumed from Bishan in the early            market in Bishan                                                                                                                                                                           Vue and Thomson Three.
     train as it passed through Bishan                                            1980s, and construction for Bishan
     late in the night. Before Singapore’s                                        New Town commenced soon after.                 As part of the city fringe, Bishan’s                                                                                                                                                                 Private property in Singapore
     independence, Bishan was already a                                                                                       private residential market has seen a                                                                                                                                                      however, is a long-term game. In the
     home for those who passed before,                                                Today, Bishan has become a              number of popular projects in recent
                                                                                                                                                                                                                                                                                                                         short to medium terms, prices are
     a cemetery for the Cantonese and                                             popular mature estate, with red             years. While there are a small number
                                                                                                                                                                                                                                                                                                                         likely to see nuctuation refer to
     Hakka communities of Singapore.                                              brick faÎade H%B nats, beautiful            of landed homes in the area, the
                                                                                                                              private property market in the district                                                                                                                                                    Figure 2) as the property cycle waxes
                                                                                  condominiums, a bustling mall and
                     But an area in the city fringe                               popular primary and secondary               is led by the non-landed private                                                                                                                                                           and wanes, in the long term, prices

     with easy access to the Orchard                                              schools. In this edition of the Guru        condominium sector.                                                                                                                                                                        will see decent appreciation.

       Figure 1 : Non-landed residential price and transaction volumes in Bishan                                                        Figure 2 : Long term non-landed private property prices in Bishan
                                                                                                                              1800
                            800
                                                                                                                              1600
                            700
                                                                                                                              1400
                            600
       Transaction volume

                                                                                                                              1200
                            500
                                                                                                                              1000
                            400
                                                                                                                               800
                            300
                                                                                                                               600
                            200
                                                                                                                               400
                            100
                                                                                                                               200
                              0
                                   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2       0
                                                                                                                                     Q1 2000
                                                                                                                                               Q3 2000
                                                                                                                                                         Q1 2001
                                                                                                                                                                   Q3 2001
                                                                                                                                                                             Q1 2002
                                                                                                                                                                                       Q3 2002
                                                                                                                                                                                                 Q1 2003
                                                                                                                                                                                                           Q3 2003
                                                                                                                                                                                                                     Q1 2004
                                                                                                                                                                                                                               Q3 2004
                                                                                                                                                                                                                                         Q1 2005
                                                                                                                                                                                                                                                   Q3 2005
                                                                                                                                                                                                                                                             Q1 2006
                                                                                                                                                                                                                                                                       Q3 2006
                                                                                                                                                                                                                                                                                 Q1 2007
                                                                                                                                                                                                                                                                                           Q3 2007
                                                                                                                                                                                                                                                                                                     Q1 2008
                                                                                                                                                                                                                                                                                                               Q3 2008
                                                                                                                                                                                                                                                                                                                         Q1 2009
                                                                                                                                                                                                                                                                                                                                   Q3 2009
                                                                                                                                                                                                                                                                                                                                             Q1 2010
                                                                                                                                                                                                                                                                                                                                                       Q3 2010
                                                                                                                                                                                                                                                                                                                                                                 Q1 2011
                                                                                                                                                                                                                                                                                                                                                                           Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                     Q1 2012
                                                                                                                                                                                                                                                                                                                                                                                               Q3 2012
                                                                                                                                                                                                                                                                                                                                                                                                         Q1 2013
                                                                                                                                                                                                                                                                                                                                                                                                                   Q3 2013
                                                                                                                                                                                                                                                                                                                                                                                                                             Q1 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                       Q3 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                 Q1 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                           Q3 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Q1 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Q3 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Q1 2017

                                  2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017
                                                                 Transaction volume   Median $PSF

     Source: URA, PropertyGuru Analytics                                                                                      Source: URA, PropertyGuru Analytics
News & Views The Guru View on Property - MXY-2G20VA
PROPERTYGURU                                     05
                                                                                                                                                                                                                                                                 NEWS & VIEWS

                         Figure 3 : Rental transactions and prices in Bishan                                                                          Figure 4 : HDB transaction prices and volumes
                       500                                                                                               3.5
                                                                                                                                                                           140                                                                                               580
                       450
                                                                                                                         3
                       400                                                                                                                                                 120                                                                                               560

                       350                                                                                               2.5
 Transaction volumes

                                                                                                                                                                           100

                                                                                                                                                      Transaction volume
                                                                                                                               Median $PSF PM
                                                                                                                                                                                                                                                                             540
                       300

                                                                                                                                                                                                                                                                                   Median $PSF
                                                                                                                         2                                                  80
                       250                                                                                                                                                                                                                                                   520
                                                                                                                         1.5                                                60
                       200
                                                                                                                                                                                                                                                                             500
                       150                                                                                               1                                                  40

                       100                                                                                                                                                                                                                                                   480
                                                                                                                         0.5                                                20
                        50
                                                                                                                                                                             0                                                                                               460
                         0                                                                                               0                                                        Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2
                              Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2                                                            2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017
                             2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017
                                                                                                                                                                                                               Transaction volume      Median $PSF
                                                         Transaction Volumes     Median $PSF/PM

Source: URA, PropertyGuru Analytics                                                                                                             Source: HDB, PropertyGuru Analytics

Condo rentals in Bishan                                                        move in the resale market for over a                             Bidadari the next Bishan                                                            buyers take the long-term view. Those
                                                                               million. Earlier this year, a mve-room                                                                                                               considering the location need to
                       It has been a tenant’s market in                        nat at Natura Loft sold for a record                                While some might wonder whether                                                  be aware, especially in the private
the private condominium sector in                                              $1.18 million, stunning the market.                              or not Bishan’s history of being a                                                  market, that sellers are likely to
recent quarters.                                                                                                                                former graveyard is a reason behind                                                 “future-price” their properties, rather
                                                                                  While the private property market                             its property market’s success, it                                                   than peg it to current market rates.
                       Figure 3 highlights the rental                          in Bishan has been affected by the                               has far more tangible benemts that
performance in Bishan, with volumes                                            headwinds in the property market in                              have led to strong price appreciation                                                  That ebullience is already seen in
on a steady uptick since Q2 2016.                                              the past few years, the HDB resale                               over the years. Nearby Bidadari                                                     the aggressive bids for the mrst site
Unfortunately for landlords however,                                           market in this mature estate has been                            is also a former cemetery that has                                                  in Bidadari sold in the Government
rental prices have been trending                                               relatively stable.                                               had its graves exhumed, with the                                                    Land Sales programme. The top bid
downwards, with median rents hitting                                                                                                            state making exciting plans for                                                     out of 12 was tendered by SPH and
$2.80 psf per month in the second                                                 Figure 4 indicates that between                               the upcoming estate. Given this, a                                                  Kajima Corporation at $1.132 billion,
quarter of this year. This is consistent                                       2013 and 2014, Bishan, a relatively                              question on many Singaporeans’
                                                                                                                                                                                                                                    or about $1,181 psf per plot ratio. This
with rental performance in the Rest of                                         small estate, saw an average of 72                               minds is if the housing market in this
                                                                                                                                                                                                                                    suggests a breakeven price of around
Central Region thus far.                                                       HDB resale transactions per quarter.                             former cemetery do as well in the
                                                                                                                                                                                                                                    $1,500 to $1,600 psf, and a likely
                                                                               Since then, between 2015 to the                                  long term as its older counterpart?
                                                                                                                                                                                                                                    launch price of around $1,800 psf.
                       Weakened rental demand has                              second quarter of 2017, we’ve
compressed gross annual yields to                                              seen an average of 93 transactions                                  Some of the key attractions
                                                                                                                                                                                                                                       In comparison, the Poiz
2.9 percent in Q2 2017, below the 3.4                                                                                                           that Bishan enjoys have also been
                                                                               per quarter.                                                                                                                                         Residences in neighbouring Potong
percent the market hit in Q1 2013.                                                                                                              planned for Bidadari.
                                                                                                                                                                                                                                    Pasir saw a median transaction
After costs of ownership are added
                                                                                  Despite a trough in HDB median                                                                                                                    price of $1,372 psf in the month
in, yields are likely to be negative.                                                                                                              For instance, extensive greenery
                                                                               resale prices in 2014, prices have                                                                                                                   of August, according to developer
                                                                                                                                                and even a lake have been
                                                                               trended upwards since then, beating                                                                                                                  reported mgures from the Urban
                       Given that rents are lacklustre at                                                                                       planned for the upcoming estate. A
                                                                               the overall market, with the Housing                                                                                                                 Redevelopment Authority.
the moment, landlords should look                                                                                                               development integrating the MRT
                                                                               Board’s Resale Price Index staying
to tenanting units and offsetting any                                                                                                           station, a retail mall and a private
                                                                               stable since Q3 2015.                                                                                                                                   In the public housing market,
mortgage payments, rather than                                                                                                                  condominium is also in the works at
holding out for higher yields.                                                                                                                  Woodleigh. On the North East MRT                                                    Singaporeans have eschewed
                                                                                  The reason for Bishan’s HDB
                                                                                                                                                line, Bidadari is also a short ride to                                              superstition, oversubscribing for
                                                                               market’s continued performance is
Before Duxton                                                                                                                                   Dhoby Ghaut, providing convenient                                                   units launched by the state in recent
                                                                               due to a number of factors. It’s a
                                                                                                                                                access to central Singapore as well.                                                Build-to-Order (BTO) exercises. For
                                                                               relatively small geographical area,
                       Before the HDB units at Pinnacle@                                                                                                                                                                            instance, In February’s BTO exercise,
                                                                               located in the city fringe and minutes
Duxton started trading at above a                                                                                                                  While Bidadari looks primed for                                                  4,018 buyers applied for the 800
                                                                               away by public transport from the
million dollars, Bishan already made                                                                                                            future growth, it is important that                                                 four-room units on offer.
                                                                               Orchard Road shopping belt. A
headlines for selling billion dollar HDB
                                                                               popular suburban mall, Junction 8,
maisonettes. Since 2012, there were
                                                                               serves the residents of the area, and                                                                                t    Bishan’s property market has seen strong long-term
20 units in Bishan that sold
                                                                               residents are in proximity to several                                                                                     capital appreciation in both the private and housing
over the psychological mark of a
                                                                               green spaces, including Bishan Park                                                                                       sectors
million dollars.
                                                                               and Macritchie Reservoir.                                                                                            t    Key attractions include its city fringe location,
                       Most of the units that sold above                                                                                                                                                 popular suburban malls, schools and its close
                                                                                  PropertyGuru also understands                                                                                          proximity to parks and greenery
a million dollars were maisonette
units along Bishan Street 13, a short                                          that several of the million dollar units                                                                             t    Bidadari has been planned with similar benemts, and
distance from the interchange and                                              being traded in Bishan were bought                                                                                        is likely to see strong long term capital appreciation
                                                                               by those cashing out of their private                                                                                     as well
MRT station. Since the end of 2016,
we’ve also seen units constructed                                              properties, and were willing to pay                                                                                  t    However, aggressive bids and prices set with future
under the Design Build and Sell                                                top dollar for preferred locations                                                                                        appreciation in mind could diminish future returns
Scheme (DBSS) at Natura Loft                                                   and units.
News & Views The Guru View on Property - MXY-2G20VA
06      PROPERTYGURU
                      NEWS & VIEWS

     QEYE   ON CHANGI

     Take to the skies
     Changi is probably best known for its award-winning airport, but it has so much more to offer, including remnants of a
     rich colonial past, plenty of food options and a rustic beach.

     By Joanne Poh

     View of the boardwalk along Changi Beach.

                                                                                                                                           “Existing parks like
         Mention Changi, and thoughts            Battery Hill, Fairy Point Hill and Temple        The famous Singapore Changi
     immediately turn to the thrill of a         Hill towered.                                Airport was built on the site of
     holiday for which one inevitably                                                         Changi Air Base, taking over from the
     departs from Changi Airport. Visitors           As late as 1927, less than a century     previous international airport at Paya
     to the area are often enchanted by
     the balmy serenity of Changi Beach,
                                                 ago, the area was sparsely populated
                                                 with a tiny village, several bungalows,
                                                                                              Lebar, which was in turn converted           Changi Beach Park
                                                                                              to a military air base. Extensive land
     fringed with palm trees.                    a temple, sago and coconut
                                                 plantations and some very basic
                                                                                              reclamation works were undertaken              will be refreshed
         But to the residents of Changi, this
     area on the eastern end of Singapore,
                                                 amenities such as a police station
                                                 and hotel.
                                                                                              beginning in 1975 to accommodate
                                                                                              the airport, which has since expanded        with new pavilions,
     bordered by Tampines and Pasir Ris,
     is as full of promise as it is idyllic.          After 1927, Changi was developed
                                                                                              into one of the world’s biggest and
                                                                                              best airports.                                   paths, shelters
     With its stunning sea views, it is
     easy to forget that Changi is also a
                                                 into a military base, with remnants of
                                                 this period in the area’s colonial past          For teenagers and thrill-seekers
                                                                                                                                            and playgrounds.
     major aviation hub and has earned
     the moniker of the Central Business
                                                 still standing today. However, when the
                                                 Japanese landed during World War II,
                                                                                              in Singapore, Changi also has an
                                                                                              unsettling link to the supernatural world.
                                                                                                                                               On top of this,
     District of the East.                       they bypassed the eastern border of
                                                 Singapore altogether, landing instead            The grounds of the former Changi
                                                                                                                                              new attractions
     A dark past                                 on the west coast.                           Hospital are often explored in the dead
                                                                                              of night by intrepid ghost-hunters and
                                                                                                                                              and a refreshed
         The name Changi was in use as
     early as the beginning of the 19th
                                                     Today, many stately colonial buildings
                                                 such as the old Command HQ and
                                                                                              urban explorers, and has even inspired
                                                                                              a low-budget mlm. The abandoned
                                                                                                                                           Downtown East will
     century, although the origins of the
     word are still open to debate. Some
                                                 the bungalows at Aloha Changi are a
                                                 testament to Changi’s past.
                                                                                              hospital’s claim to fame comes from          attract families and
                                                                                              its use during the Second World War
     believe the name Changi was derived
     from the Changal tree, which used to            Changi’s status as an aviation hub
                                                                                              as a prison camp and a hospital for          friends who wish to
                                                                                              Japanese soldiers.
     grow in the area. Others attribute it to
     the changi ular, a variety of shrub, or
                                                 was born in the wartime years, when
                                                 scores of prisoners of war were forced
                                                                                                                                                enjoy leisure
                                                                                              A scenic place to work
                                                                                                                                              time together.
                                                                                                                                                           ”
     the chengal pasir, a type of tree.          to build an airstrip in the area by the
                                                 Japanese occupiers. The airstrip was
         The area was, in the early 20th         later taken over by the British Royal           Despite any lingering eeriness that
     century, swathed in mangrove                Air Force after the war, and mnally          can be traced to its wartime past, the
     swamps and thick forest, above which        passed on to the Singapore Air Force         Changi of today is more business-like
                                                                                                                                               – Edmund Ee,
     the hills that were later christened        in the 1970s.                                than ghostly.                                    PropNex agent
News & Views The Guru View on Property - MXY-2G20VA
PROPERTYGURU                      07
                                                                                                                                                            NEWS & VIEWS

   Thanks to Changi Business Park,        and business travellers, but also
which was opened in 1997, the area        Singaporeans whose idea of a fun
has been transformed into an aviation,    weekend is slipping down the world’s
business and technology hub.              tallest airport slide, shopping and
                                          dining at the airport’s dizzying array of
    Some distance from the hustle and     options, and checking out planes on
bustle of Changi Business Park lies       the tarmac at the airport’s Terminal 1
Changi Village, which is very popular     Viewing Gallery.
with residents thanks to its quietness
and proximity to the sea and Changi            But avid plane spotters know that
Beach Park.                               it’s not at the airport, but at Changi
                                          Beach Park where the best views of
    Melvin Loh, a lawyer living in the    planes taking off and landing can be
area, describes Changi as “nice and       enjoyed. Plane-spotting isn’t the only
quiet” and, despite being on the          reason to visit Changi Beach, which
eastern end of Singapore, “accessible     has maintained a rustic atmosphere
to the city centre”. He says, “The area   and offers an idyllic backdrop for a
                                                                                                                                                          Artist’s Impression
near Flora Road and Flora Drive (off      barbecue or a spot of camping.
Upper Changi Road North) is next to                                                   Grandeur Park Residences is located near Tanah Merah MRT station.
the expressway entrance and exit,              The Changi Point Coastal
which makes getting to town easy.”        Walk, a 2.2 km long boardwalk, is              PropNex property agent                         The units contain smart home
                                          another scenic experience boasting
                                                                                      Edmund Ee identimes Grandeur                  features such as Wi-Fi cameras with
    His favourite spots include The       unparalleled views of the waterfront.
                                                                                      Park Residences as a noteworthy
Coastal Settlement on Netheravon          It also offers easy access to the ferry                                                   motion detection capabilities and
                                                                                      residential development in the area.
Road, a restaurant-cafe-bar swathed       terminal from which bumboats depart                                                       night vision surveillance which enable
in greenery, and Chock Full of Beans,     for Pulau Ubin.
a trendy cafe with a reputation for                                                      The 99-year leasehold                      homeowners to monitor their property
cutesy latte art.                         A dazzling future                           condominium by CEL Development                on the go. Residents can also control
                                                                                      is located a stone’s throw from Tanah
                                                                                                                                    lighting, window and door sensors and
   For many visitors to the Changi           A few new developments have              Merah MRT station and is expected
area, the main draw is Changi Airport,    graced Changi’s shores in the last          to receive its temporary occupation           energy management using their unit’s
which attracts not just holiday makers    few years.                                  permit at the end of 2021.                    smart home system.
News & Views The Guru View on Property - MXY-2G20VA
08      PROPERTYGURU
                                               NEWS & VIEWS

                                                                                                                                                                          Residents have a lot more to          to Terminals 1 to 3 and feature a range
         Figure 1: Non-landed private property sale median $PSF in District 17                                                                                                                                  of retail, dining, leisure and hotel
                                                                                                                                                                       look forward to in the coming years.
                                        2600                                                                                                                           Ee anticipates better parks and          businesses when it opens in late 2018.
                                        2200
                                                                                                                                                                       sports and recreational facilities in
                                                                                                                                                                       Changi’s future.                              Ee says, “The opening of Project
                                        1800                                                                                                                                                                    Jewel and Terminal 4 at Changi Airport
                        Median $PSF

                                        1400                                                                                                                               “Existing parks like Changi          will put Singapore in the spotlight as
                                                                                                                                                                       Beach Park will be refreshed with        having the world’s best airport and
                                        1000
                                                                                                                                                                       new pavilions, paths, shelters and       attract new tourism and hospitality
                                         600                                                                                                                           playgrounds. On top of this, new         and employment opportunities.”
                                                                                                                                                                       attractions and a refreshed Downtown
                                         200
                                                                                                                                                                       East will attract families and friends
                                                 Q1 2012
                                                 Q4 2012
                                                 Q3 2013
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                                                                                                                                                                       who wish to enjoy leisure time            Did you know?
                                                 Q3
                                                 Q2
                                                 Q1
                                                               Q2
                                                               Q1
                                                               Q4
                                                                             Q1
                                                                             Q4
                                                                             Q3
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                                                                                                                                     Q4
                                                                                                                                     Q3
                                                                                                                                                                       together,” he says.
     Source: URA, PropertyGuru Analytics                                                                                                                                                                         Changi Airport’s new Terminal 4 was
                                                                                                                                                                           On the commercial front, Ee is        built on the site of the previous Budget
                                                                                                                                                                       just as optimistic. He says, “Changi      Terminal, and is an impressive seven
                                                                                                                                                                       Business Park will continue its           times the size of the latter.
        Figure 2: Non-landed private property rental median $PSF in District 17
                                                                                                                                                                       expansion as a vibrant business
                                        3.5
                                        3.5                                                                                                                            park and hub for employment. The
                                                                                                                                                                                                                 Jewel at Changi Airport will contain
                                                                                                                                                                       Singapore University of Technology
                                                                                                                                                                                                                 the world’s tallest indoor waterfall,
                                                                                                                                                                       and Design (SUTD) will offer
                                         3
                                                                                                                                                                                                                 taking over from the current record
                                                                                                                                                                       potential tie-ups and collaborations
                     Median $PSF / PM
              Median $PSF

                                                                                                                                                                       with businesses in the park,              holder   at   Gardens    by     the   Bay’s
                                        2.5
                                        2.5                                                                                                                            while providing cutting-edge              Cloud Forest.
                                                                                                                                                                       educational opportunities.”
                                         2
                                                                                                                                                                                                                 Changi Beach looks beautiful by day,
                                                                                                                                                                           But the most exciting development
                                                                                                                                                                                                                 but it is also the spot where many
                                                                                                                                                                       in Changi is surely the opening of
                                        1.5                                                                                                                                                                      Chinese and Japanese were executed
                                        1.5
                                                Q1
                                                Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q2 Q3
                                                                                                                                                                       Changi Airport’s newly-opened
                                               2012 2012 2012
                                                         2013 2012
                                                              2013 2013 2013 2013
                                                                             2014 2013
                                                                                  2014 2014 2014 2014
                                                                                                 2015 2014
                                                                                                      2015 2015 2015 2015
                                                                                                                     2016 2015
                                                                                                                          2016 2016 2016 2016
                                                                                                                                         2017 2016
                                                                                                                                              2017 2017 2017 2017
                                                                                                                                                                       Terminal 4 and Project Jewel, a           during and after the Second World War.

     Source: URA, PropertyGuru Analytics                                                                                                                               mixed-use complex that will connect
PROPERTYGURU                   09
                                                                                                                                                                     NEWS & VIEWS

QPROJECT        REVIEW

Kandis Residence
With an official launch pending, Kandis Residence is earning plenty of acclaim for its tranquil and beautiful
surroundings. However, the new residential development also scores top marks for being accessible, with a bus stop
and several eateries nearby.

By Christopher Chitty

                                                                                                                                             smaller apartments. While an open
                                                                                                                                             kitchen looks modern, it creates
                                                                                                                                             some problems.

                                                                                                                                                 The main issue is the cooking
                                                                                                                                             smells and smoke that wafts into
                                                                                                                                             the living room and other areas of
                                                                                                                                             the house, and makes the walls and
                                                                                                                                             furniture greasy.

                                                                                                                                                 Having an enclosed kitchen is
                                                                                                                                             therefore a useful addition to the unit.
                                                                                                                                             With no yard space included, it does
                                                                                                                                             raise the question of where to dry the
                                                                                                                                             clothes – but more on that later.

                                                                                                                                                 With a spacious design, the
                                                                                                                                             smaller unit won’t be affected by an
                                                                                                                                             enclosed kitchen as the high noor-to-
                                                                                                                                             ceiling height makes the unit look
                                                                                                                                             more expansive.

                                                                                                                                                 High ceilings also benemt the
                                                                                                                                             bedrooms because it allows the
                                                                                                                                             homeowners to install furniture
                                                                                                                                             vertically, such as platform decks or
                                                                                                                                             double-decker beds for the children.
                                                                                                                                             For the master bedroom, it offers
A scale model of Kandis Residence. (Photos: Christopher Chitty)                                                                              owners more space to install grand
                                                                                                                                             lighting mxtures like a chandelier or
                                                                                                                                             other hanging lights to give the space
Location analysis                                    For those already living in the           2BR (797 sq ft)                               more character.
                                                 area, Kandis Residence is a fantastic
    At the point where Admiralty Road            property to consider when upgrading.          It is uncommon to see a project                   Another unique feature can be
intersects with Sembawang Road, the              The location is tranquil and can be        in Singapore be anything other than              found in the common bathroom.
latter leads into smaller lanes nanked                                                      standard, but the two-bedroom unit               The layout is somewhat squarish with
                                                 considered exclusive. The presence of
by landed homes, Sembawang Park                                                                                                              low and high shelves and cabinets for
                                                 nearby conveniences is a bonus.            at Kandis Residence stands out for
and the Straits of Johor.                                                                                                                    storage. The wet and dry areas are
                                                                                            its four-metre high ceilings and
                                                                                                                                             separated by a sliding glass door.
                                                     Soon, Canberra MRT station,            enclosed kitchen.
   Marketed as a “home in nature”,                                                                                                           This is also where the washer and dryer
                                                 Canberra Plaza and Sembawang                                                                can be found.
Kandis Residence benemts greatly
                                                 Sports and Community Hub will bring           Having an enclosed kitchen offers
from the surrounding greenery and a
                                                 more vibrancy and connectivity to          several benemts for the homeowners,                  So, to answer the question of where
partial view of the sea for some high
noor units. But its best attribute is its        the area.                                  especially for those living in                   to dry the clothes, look no further than
proximity to a small stretch of shops
and eateries which includes the famous           Project analysis
1036 Live Seafood restaurant.
                                                     Kandis Residence is a 130-unit
     Many people would consider this             project spread across three seven-
part of Singapore as being rather                storey blocks and one three-storey
secluded. Though not entirely wrong in           block. There are only two- and three-
their assessment, Kandis Residence’s
                                                 bedroom units available. The fewer unit
location is still good as it is within
                                                 types at the 99-year leasehold project
walking distance to nearby amenities
                                                 translates to more value for buyers.
and there are two bus stops on either
side of the road. SMRT bus service 882
will bring residents to Sun Plaza where              Developer Tuan Sing’s eye for detail
there are F&B outlets, supermarkets              is evident at the project’s shownat,
and retail shops. The mall is located            with its diverse and impressive two-
next to the Sembawang MRT station                and three-bedroom      study units
and bus interchange.                             being showcased.                           A small stretch of shops and eateries can be found nearby.
10      PROPERTYGURU
                        NEWS & VIEWS

     The rooms come with high ceilings.                                                              There is hidden storage space for the washing machine in the bathroom.

     the bathroom. The washer and dryer                 for someone to do the laundry and                For a three-bedroom study unit               and exclusive environment that is
     when stacked, mt into a special space              cooking simultaneously. The kitchen          at Kandis Link, the asking price seems           the project’s top attraction. Although
     built into the bathroom, hidden by a               appliances are Bosch-branded.                very competitive. Also, since the                it doesn’t face the sea, some lucky
     tinted sliding door. On the other side                                                          project only has 130 units, it is likely         buyers of high noor units may get views
     is the shower area, a spacious section                 Since there is a yard, the washer        that the apartments will sell out quickly.       of the Straits of Johor.
     that makes the most of the 54 sq ft                and dryer is installed there instead
     bathroom. This particular layout is a              of in the bathroom. There is also a              Meanwhile, the median psf rental                In addition, the units are one of the
     good model to follow as it makes the               study room in this unit which can be         price for District 27 is $2.38. The              better options available in the market.
     most of a small space.                             converted into another bedroom or a          average monthly rent for the three-              High ceilings, enclosed kitchens, lavish
                                                        large library.                               bedder works out to $2,900 after                 balconies and elegant layouts make for
          The bathroom design is composed                                                            factoring in a 20 percent new-build              an excellent choice.
     of clean, straight lines that mrmly                   The common bedrooms can mt                premium. As such, the average rental
     establish where each component is.                 a queen-size bed, while the master           yield is 2.7 percent, which is relatively             However, it is tough to do a price
     There’s also a lot more shelf space                bedroom can easily hold a king-size          good for an area comprising mainly               calculation until the project launches.
     to place perfume bottles and other                 bed with additional space.                   freehold landed houses.                          Still, prospective buyers who like the
     toiletries. The light grey colour scheme                                                                                                         area will not go wrong if they decide to
     gives the bathroom an elegant, hotel-                   Comparatively, the three-bedroom        Summary                                          make a purchase because the project
     like feel.                                         unit may not seem as unique as the                                                            offers well-designed and spacious
                                                        two-bedder as it doesn’t have the                For those living outside District 27,        units that are great for young couples
        3BR (1,023 sq ft)                               enclosed kitchen and washer/dryer            Kandis Residence may be considered               or a growing family. Having said that,
                                                        storage space, but it is still impressive    a bit far. However, the 99-year                  it is important to note that there are
         The high ceiling with a living and             with its large size and good layout.         leasehold project is still accessible via        several plots of land next to Kandis
     dining room of 334 sq ft, excluding the            In fact, it’s suitable for a family of mve   a bus service that runs along Kandis             Residence. In time to come, these sites
     86 sq ft balcony space, offers plenty of           (if the study room is converted into         Link and brings residents to Sun Plaza           will be developed further, but when that
     space for the furniture.                           a bedroom).                                  and Sembawang MRT station. In the                will be hasn’t been determined.
                                                                                                     near future, both the Canberra MRT
         The room is rectangular and is                 Price analysis                               station and Canberra Plaza will be                  Regardless, this is a minor
     matched by an enclosed kitchen that                                                             accessible too. Several shops and                inconvenience to bear for a fantastic
     is slightly smaller, but still spacious.               Kandis Residence is due to be            eateries are also a short walk away              home. Kandis Residence is certainly
     The yard space is in the kitchen and               launched soon, but for now, the indicative   from Kandis Residence.                           one of the better projects in recent
     unlike other developments where it is              price is approximately $1,250 psf. The                                                        years, and with only 130 units, it
     situated in a corner, this one is parallel         average price of the 1,023 sq ft unit is        But such conveniences aren’t the              won’t be long before all the units are
     with the cooking area, making it easy              expected to be about $1.3 million.           main draw. Ironically, it is the tranquil        snapped up.

     5IFUISFFCFEEFSPGGFSTQMFOUZPGMJWJOHTQBDF                                                5IFNBTUFSCFESPPNDBOFBTJMZmUBLJOHTJ[FCFE
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      PROPERTYGURU
                          NEWS & VIEWS

     QINTERNATIONAL             SPOTLIGHT - MALAYSIA

     A bright spot for property investors
     Despite weak market sentiment, the weakening ringgit, stable rental yields, a slew of infrastructure improvements coupled
     with the completion of mega developments continue to attract foreign investors to Malaysia’s property market.
     By Michelle Yee

                                                                                                                                     An online news report by the New
                                                                                                                                 Straits Times revealed that the state
                                                                                                                                 recently scored a major deal with
                                                                                                                                 several Japanese corporations valued
                                                                                                                                 at nearly R. billion, which will not only
                                                                                                                                 boost the state’s economy but create
                                                                                                                                 more job opportunities

                                                                                                                                     The report added that the deal
                                                                                                                                 involves prominent players from Japan
                                                                                                                                 investing in the Tanjung Langsat
                                                                                                                                 Industrial Park in Pasir Gudang

                                                                                                                                     To date, numerous foreign
                                                                                                                                 multinational companies ./Cs
                                                                                                                                 have relocated their facilities to Johor
                                                                                                                                 including .icrosoft, which is building
                                                                                                                                 a data centre in Sedanak; Coca-Cola,
                                                                                                                                 too, has moved its previous location in
                                                                                                                                 Tuas, Singapore to Iskandar .alaysia;
                                                                                                                                 and Alibaba has announced plans to
     View of the Kuala Lumpur skyline.
                                                                                                                                 set up a logistics hub in Johor, which is
                                                                                                                                 slated to be completed by the end
                                                                                                                                 of 0

                                                                                                                                      According to data from the
                                                                                                                                 .alaysian Industrial Development
                                                                                                                                 Authority .IDA , Johor’s
     View of the Kuala Lumpur skyline.
                                                                                                                                 manufacturing sector attracted more
                                                                                                                                 than R.8 billion in total proposed
                                                 Despite the present challenging       5,000-unit luxury residential             capital investment from January to
                                                                                                                                 September 06 – the highest among
                                             market condition and slowing economy      development; 6. Land’s Suasana
        FAST FACTS                           caused by several factors such as         Iskandar .alaysia, an integrated
                                                                                                                                 all the states in the country – with the
                                                                                                                                 ratio of domestic to foreign investment
        (Malaysia)                           low crude oil and commodity prices        development comprising a 36-storey
                                                                                                                                 at 548 percent
                                             coupled with geo-political issues         serviced residence tower, a hotel,
                                             worldwide, those looking for good         as well as retail and entertainment
        ࠮7VW\SH[PVU                         investment opportunities can still        complex; and Shama .edini,
                                                                                                                                     Although there are concerns that
                                                                                                                                 Johor’s property market currently has
           30.5 million                      eYpect to mnd good deals in .alaysia,     a serviced apartment complex built        an oversupply of residential projects,
                                             namely Johor Bahru, Kuala Lumpur          on top of a shopping mall in the          property consultancy JLL offered some
                                             and .alacca, eYperts said
        ࠮;V[HSHYLH                                                                  mixed-use development of 6.City           assurance that this issue will be
                                                                                       .edini Lakeside                          solved once these factories and
           330,803 sq km                         Although the property market in
                                                                                                                                 ofmces are opened, bringing with them
                                             Johor Bahru has been lacklustre since         Local developers are bracing for      potential tenants
                                             the beginning of the year, especially
        ࠮*\YYLUJ`                                                                    an extended quiet period as potential
                                             with $hinas capital controls on outnow                                             Buying guide
           Ringgit                                                                     buyers and investors are now spoilt for
                                             of funds to overseas investments,
                                                                                       choice with numerous ongoing projects
                                             experts feel that the market will gain                                                  “For the state of Johor, there is a
                                                                                       giving generous incentives and
        ࠮.+7WLYJHWP[H                  strength upon recovery of the national
                                                                                       rebates /evertheless, we note that the   minimum R. million S30,864
           US$9,503 (2016)                   and regional economy                                                               purchase price required for foreigners
                                                                                       secondary market for landed properties
                                                                                       below R.600,000 S,58 per unit        There is an exemption however in
                                                 As such, foreign buyers are                                                     .edini, where foreigners can purchase
        ࠮.+7NYV^[O                        well-positioned to make a foray into
                                                                                       are still in demand
                                                                                                                                 at any price point, even below R.
           5.0 percent                       Johor Bahru’s property market, where                                                million Foreigners also have to make
                                             property prices are lower than in         Why invest in Johor Bahru?
                                                                                                                                 a one-off payment of 0 percent of
                                             neighbouring Singapore, and there are                                               the purchase price for every purchase
        ࠮-\[\YL[YHUZWVY[                  also plenty of choices                   A booming economy
                                                                                                                                 Otherwise the rules for foreigners are
           High Speed Rail between
                                                                                                                                 pretty similar to .alaysians
           KL and Singapore                      Some of the projects that are             A slew of infrastructure
                                             available for buyers’ selection include   improvements and mega                         “Property tax rates, maintenance
                                             the famous four-island, integrated        developments, coupled with plenty         fees, mre insurance, are all charged at
        ࠮Distance between                   project Forest City, developed by         of foreign direct investments, look       the same rates whether the buyer is a
          Singapore and KL:                  Chinese developer Country Garden;         set to help Johor Bahru achieve its       foreigner or .alaysian &ven banks in
           354 km                            Pengerang Integrated Petroleum            goal of becoming the new economic         .alaysia are quite open to mnancing
                                             Complex; Senibong Cove – a 84ha,          powerhouse in the country                from Singaporeans, who can typically

                                                                                                                                                       continued on page 14
The New Heartbeat of
                Kuala Lumpur, Malaysia
          Bukit Bintang City Centre (BBCC) is a visionary, state-of-the-art integrated development designed
                              to complement and enhance the city’s cosmopolitan vibe.

KL Tower                                    KLCC                                           BBCC
                                          Twin Towers

                                                                                                              Kuala Lumpur, Malaysia

                                    Own a piece of the spectacular

                        Come visit us at Malaysia Property Show 2017
 30th September & 1st October 2017, 11am - 7pm | The St. Regis Singapore, Level 1U, John Jacob Ballroom
4      PROPERTYGURU
                       NEWS & VIEWS

     Continued from page 12

     mnance 0 to 80 percent of the property           &ddy Wong, managing director
     value,” said Ryan Khoo, director at
     Alpha .arketing
                                                   at /awawi Tie Leung added, “In KL
                                                   city centre, the TR9 project looks very
                                                                                                  Guide to investing in Malaysia
                                                   exciting It is positioned as the new
                                                                                                                                             Malaysia
     Abundant investment                           Central Business District for KL

     opportunities in                                   “The project will encompass an            Foreign investment restriction             Foreign investors can purchase
     0DOD\VLD·VFDSLWDO                            area of 0 acres, with some 0 million                                                    freehold and leasehold land priced
                                                   sq ft of ofmce space, a two million sq                                                    above R. million or R. million
         According to experts, those looking       ft retail mall and about 3,800 units                                                      in some states  But some minor
     to invest in .alaysia’s bustling capital      of residences It will have excellent                                                     restrictions remain
     city might want to consider entering          connectivity, with easy access to
     the market now, as prices of luxury           highways such as the .aju &xpressway           Tax for transaction                        Goods and Services Tax (GST)
     properties are at an all-time low,            and the S.ART tunnel as well as an              Tax rate is based on the sale price       6%
     offering buyers with plenty of “value for     .RT station”                                  unless stated separately
     money” deals
                                                   Charming Malacca                                                                          Real Property Gains Tax (RPGT)
        “Generally, prices of KLCC luxury                                                                                                    5% to 30%
     properties on the secondary market
                                                   draws investors
                                                                                                                                             Depending on property owner and
     have dropped around 0 percent to 5                                                                                                    holding period
                                                       Located just 5 hours by car from
     percent from two years ago,” said Janet
                                                   Singapore, the historic and charming
     Chong, team manager at Hartamas                                                                                                         Stamp Duty
                                                   city of .alacca is fast becoming a
     Real &state O6G                                                                                                                        % to 3%
                                                   hotspot for investors, thanks to a slew of
                                                   mega developments that are currently
         “Units at ViPod Residences
                                                   underway Strong tourist arrivals are
     @ KLCC used to be sold at an average          another plus point for investors –             Tax for holding                            Quit Rent:
     of R.,600 psf S53 psf two years            revealed a report by Hatten Group,              Tax rate is based on rental income        Amount varies and depends on the
     ago, but recently, I closed a deal there      tourist receipts grew by 35 percent          unless stated separately                   category of the land and si[e
     at R.,00 psf S385 psf ,”                   in 05, the highest annual growth
     Chong noted                                  since 00 And with the impending                                                        Assessment fee
                                                   R.4 billion .elaka Gateway project,                                                      .aximum 35%
          Sharing his thoughts on why              .alacca’s popularity as a tourism
     investors should look to .alaysia’s           destination is set to rise
     capital city, &rick Kho, C&O of
                                                                                                  Investment loan term                       Up to 0-year term,
     .apleland Properties said, “KLCC                  According to reports, real estate                                                     85% to 0% LTV ratio
     is certainly not affordable but it is         values in .alacca have also shot up
     full of potential as KL is the capital        by more than 400 percent over the
     city of .alaysia, a place where               past few years, from R.50 psf S84
     multinational corporations ./Cs and           psf in 008 to R.,00 psf S36 psf           Interest rate on commercial                Priced against Base Rate which is
     big corporations will want to have a          in 05, thanks to the above-mentioned         lending                                    365% to 40%
     presence Once the economy recovers,          reasons, as well as its U/&SCO world
     there will be increased demand for            heritage status, which was awarded           Source $B3& 3esearch Asia 1acimc *nvestment (uide 
     residential property here                    in 008

         “.ajor infrastructure developments,           And experts say that prices              city is the completion of several mega       bungalows with private marinas, tourist
     such as the .RT, Tun Ra[ak &xchange           are likely to continue an upward             projects, namely Harbour City and            eco-parks, theme parks and ports for
      TR9 and the future High Speed                trend, attributed by upcoming mega           SATORI – both developed by the               cruise ships
     Rail HSR will support the growth of           developments and the HSR                    Singapore &xchange listed, multi-award
     these areas by creating more job and                                                                                                         The  precincts are Gateway
                                                                                                winning Hatten Land
     business opportunities                           “.alacca has seen a steady                                                            &ntertainment Precinct, .elaka .arina
                                                   increase in land prices over the years                                                    Cruise Centre, .elaka Historical
        “As the mega projects take place           With the HSR having a stop in .alacca,           The former, which features a
                                                                                                                                             Walk, Gateway .aritime Arena 
     gradually, there will be a spillover effect   we will see tourism growing at an even       30-storey building resembling a huge
                                                                                                                                             Beacon, Branded Fashion District,
     onto the neighbouring areas such as           more rapid pace, especially around the       ship, reminiscent of .alacca’s history
                                                                                                                                             International Theme Park, .elaka
     .ont’Kiara, Damansara Heights and             Air Keroh, Krubong, Durian Tunggal           as a famous port, will combine three
                                                                                                                                             Cultural Walk, Waterfront .arina
     .id Valley”                                  and Gapam areas                             elements in one development - an             Villas  Resorts, Gateway Wellness
                                                                                                aquatic-themed shopping mall, a mve-          Lifestyle Precinct, .elaka Skyline
     Why invest in Kuala Lumpur?                       “Furthermore, as the house
                                                   prices in Seremban have increased            star hotel and a 500,000 sq ft water         Apartments, Lohas Park  Residences
     Bright prospects due to completion of         tremendously in the past few years,          theme park, while the latter, which          and &co Isle Resorts
     major developments                            .alacca will be the next “suburb”            is the state’s mrst wellness-themed
                                                   option for those who work in Klang           mixed development, will consist of            Once completed in 05, the
         “KL city area will continue to be         Valley as they can commute via the           serviced suites, an 85,50 sq ft retail      marina terminal is expected to be
     vibrant as major top global hospitality       HSR There will be a growing demand                                                       the largest private marina in
                                                                                                mall, a 336-room hotel, and more than
     brands such as Kempinski, Rit[ Carlton        for residential properties in the area                                                    Southeast Asia
                                                   and this would cause an increase in          50 world-class facilities
     Residences and W Hotel will be
     entering the KL market There are also        property prices down the road,” Datuk
                                                                                                                                             Buying guide
     new brands planning to expand their           Anthony Adam Cho, branch chairman of             The upcoming .alacca Gateway
     presence in KL including SO Somtel,           the Real &state  Housing Developers         Project, which will comprise 
                                                   Association .alaysia R&HDA was                                                                 As compared to the other .alaysian
     Jumeirah and Waldolf Astoria                                                              precincts, is also set to attract visitors
                                                   quoted as saying in a recent interview                                                   cities, restrictions on foreign property
                                                                                                from around the world and boost the
                                                                                                                                             ownership in .alacca are not as
         “Besides that, the upcoming                                                            state’s economy Developed by KAJ
     release of ofmce space and residential        Why invest in Malacca?                                                                    rigid Foreigners only need to make a
                                                                                                Development the master developer             minimum investment of R.500,000
     developments in the TR9 area will
                                                   A slew of projects set to redemne            of the project and Powerchina                 S60,43 , versus R. million
     create another boom due to its position       the city
     as .alaysia’s mnancial district,” shared                                                   International Group, some of the              S30,864 in KL and Penang’s
     &ric Lim, group managing director at             Another factor that is set to attract     planned facilities include a marina          R. million to R. million S30,864
     Hartamas Real &state                         even more tourists to this charming          for yachts, luxury condominiums and          to S64, 
16      PROPERTYGURU
                        NEWS & VIEWS

      COVER STORY

     5 most haunted places in Singapore
     Singaporeans continue to be fascinated by the spiritual world despite the country’s modernity and rapid urbanisation.
     Almost everyone you talk to from schoolchildren to taxi drivers has a ghost story to share. In this issue, we visit five
     locations that are believed to be the most haunted in Singapore.

     By Romesh Navaratnarajah

     The Pasir Ris Tower can be a scary place to be at night. (Photos: Christopher Chitty)

         The Ghost Month, which is                     “As a hotbed for immigration, Singapore   deity. I can’t quite recall what was said,   should always seek professional help
     traditionally an inauspicious time to buy         is always open to supernatural            just that it was surreal.”                   and should not attempt to handle the
     property or get married, just ended on            invasions,” he said.                                                                   matter themselves.
     19 September. The Chinese believe that                                                         But you don’t have to go to a remote
     ghosts roam freely on the earth during            Hanging out with spirits                  location such as Pulau Ubin to have
                                                                                                                                                  “Paranormal investigators are happy
     this period, and you may have seen                                                          a haunting experience. Homes and
                                                                                                                                              to help and they won’t accept payment,
     families making food offerings                       Chan has over mve years of             ofmces can also be haunted. “Common
     and burning paper money to appease                experience in this meld and a few         occurrences such as cold spots,              just permission to mlm and document the
     the spirits.                                      scary stories to share. But his most      missing items and furniture being            process,” he said.
                                                       memorable experience was the time he      moved are tell-tale signs that something
         There are many places in Singapore            and a group of friends spent the night    might be going on,” said Chan.                   “Let them help identify if you have
     with a grisly past, and one reason for            on Pulau Ubin with a spirit medium.                                                    a haunting and then get their advice
     this is due to the atrocities committed by                                                      He noted that in more serious cases,     on how to proceed.” He added that
     the Japanese army during World War II,                                                      people can be troubled by nightmares,        religious authorities and genuine spirit
                                                           Recalling the incident, he said:
     said one paranormal investigator who                                                        see shadowy mgures and hear voices in        mediums can also provide help.
                                                       “Our spirit medium was temporarily
     wanted to be known only as Mr Chan.                                                         their homes.
                                                       possessed by Tua Pek Kong (Chinese
                                                       deity) who then proceeded to speak to                                                      Meanwhile, with Halloween coming
         He added that while ghosts tend to                                                      Who you gonna call?
     be stuck to where they died, spirits and          us for a few hours at his temple.                                                      soon, the PropertyGuru team decided
     other supernatural entities can attach                                                         So, what should you do if you             to compile a list of the mve most haunted
     themselves to people or objects and                  “I’ve encountered ghosts, but that     suspect your house is haunted?               places in Singapore based on extensive
     therefore “migrate” to other countries.           was the mrst time I ever encountered a    According to Chan, homeowners                research and feedback from the public.
PROPERTYGURU                       17
                                                                                                                                                             NEWS & VIEWS

1                                                           2                                               3

    1. Amber Beacon                   2. German Girl Shrine               3. Old Changi                    4. Pasir Ris Tower                 5. Pulau Tekong
       Tower                             Pulau Ubin                          Hospital                           Pasir Ris Park                   North-Eastern Island
       East Coast Park                                                       Halton Road, Changi
                                         A small shrine erected in                                              Located within a mangrove        Many Singaporeans who
       The observation tower is       the 1970s at the western side          The disused hospital          forest, the three-storey bird-     have gone through National
    believed to be haunted by the     of the island reportedly houses     is considered to be one of       watching tower is sometimes        Service have heard lots of
    spirit of a young woman who       the remains of an unidentimed       the most haunted places in                                          stories about paranormal
                                                                                                           called the ‘Suicide Tower’. One
    was murdered there one night      German girl, the daughter of        Singapore. Built in the 1930s                                       activities on the island. Used
                                                                                                           urban legend is that a boy
    in May 1990 after she and her     plantation owners who lived         to support British troops, the                                      as a military training camp
                                                                                                           jumped from the tower after
    boyfriend were stabbed by         there in the 1910s. Shortly after   Japanese army later used                                            for recruits, the most famous
                                                                                                           seeing a ghostly mgure. Before
    two attackers whilst out on a     the First World War broke out,      it to house more than                                               tale is about a recruit who
    date. Despite his wounds, he      the British military detained her                                    he died, he told his friends       went missing during a route
                                                                          50,000 prisoners of war.
    managed to stumble away but       family, but she escaped. A few                                       that something pushed him.         march and was later found
                                                                          Many of them are believed to
    she died. To this day, the case   villagers discovered her body                                        There have also reportedly         disembowelled. Several
                                                                          have been tortured there. It
    has never been solved as the      several days later.                                                  been sightings of a pontianak      online forums have also
                                                                          was closed in 1997 and
    perpetrators couldn’t                                                                                  (female vampire in Malay).         mentioned numerous
                                                                          is now under tight security
    be identimed.                        Today, she is revered                                                                                pontianak sightings.
                                                                          to stop ‘ghost hunters’
                                      by some people who call                                                   When Property Guru
                                                                          from trespassing.
       One paranormal investigator    her Lady Datuk, and there’s                                                                                Speaking on condition
                                                                                                           recently visited the site during
    who visited the tower told        even a Barbie doll used to                                                                              of anonymity, one former
                                                                             A former national             the day, several people
    PropertyGuru that he saw a        represent her. Gamblers have                                                                            national serviceman
                                                                          serviceman, who declined to      mentioned that they had heard
    shadowy mgure believed to         been known to make offerings                                                                            recounted hearing voices of a
                                                                          be named, told PropertyGuru      the stories. One elderly man
    be of the woman, and even         to her for good luck. A few                                                                             little girl in his bunk. He also
                                                                          that his unit was once made      walking his dog said that
    communicated with her using       years back, a local mlmmaker                                                                            shared that his platoon mate
    an electromagnetic meld meter     made a documentary to try           to do a conmdent walk through    he didn’t believe it, while a
                                                                                                                                              was often airlifted to hospital
    (EMF). He claimed she was         and uncover her identity.           the hospital at night as         teenage boy shared that he         after becoming violently ill,
    receptive and friendly, but       More details at: www.frische-       punishment. “That was very       had been there at night and        which he believes was due to
    there was a sense of sadness.     medien.de/kunden/fgg/               scary,” he said.                 felt something sinister.           spirit possession.

      4                                                                                       5

                                                                                                                                                          Photo: Wikimedia Commons
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