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Highest September new private home sales in 7 years -strong residential property demand in Singapore
New private home sales enjoyed their best September in seven years, while reaching heights not seen since the cooling measures were imposed in July last year with nearly 60 per cent of last month's sales being in the city fringe, known in the industry as the rest of central region.
Sales of private homes by developers in Singapore rose 36.3 per cent year-on-year in September, official data showed on Tuesday (Oct 15). The sales surge - 1,270 new private homes were sold, up 13 per cent from August, excludes executive condominiums, compared with the 932 units sold in the same month a year earlier.
City-fringe residential condo projects attracted buyers like cats to catnip for Avenue South Residence, Meyer Mansion, etc.
Sales of private homes by developers in Singapore rose 36.3 per cent year-on-year in September, official data showed on Tuesday (Oct 15). The sales surge - 1,270 new private homes were sold, up 13 per cent from August, excludes executive condominiums, compared with the 932 units sold in the same month a year earlier.
City-fringe residential condo projects attracted buyers like cats to catnip for Avenue South Residence, Meyer Mansion, etc.
Avenue South Residence is a quality residential condo developed by UOL along Silat Avenue, comprising 56-storey twin towers. Capitalise on The Greater Southern Waterfront 1st mover advantage
In 3Q19, 3,572 private residential units were sold by developers or about 19 per cent higher than in 3Q18 and the highest quarterly sales volume of private homes since 2Q13 when the TDSR (total debt service ratio) was imposed.
The introduction of the TDSR, which in effect curtailed the amount people could borrow to buy a property, saw the private property price index dip by 3.5 per cent in 2014.
Flash estimates released by URA earlier this month showed the private residential property index increasing 0.9 per cent in the third quarter of 2019 compared to the 1.5 per cent increase in the previous quarter. Singapore also saw real estate investment sales soar 150 percent to $16.74 billion in the third quarter of 2019 from $6.7 billion in the previous quarter. The figure was also 49 percent higher than the $11.24 billion combined volume for the first and second quarter of 2019.
The introduction of the TDSR, which in effect curtailed the amount people could borrow to buy a property, saw the private property price index dip by 3.5 per cent in 2014.
Flash estimates released by URA earlier this month showed the private residential property index increasing 0.9 per cent in the third quarter of 2019 compared to the 1.5 per cent increase in the previous quarter. Singapore also saw real estate investment sales soar 150 percent to $16.74 billion in the third quarter of 2019 from $6.7 billion in the previous quarter. The figure was also 49 percent higher than the $11.24 billion combined volume for the first and second quarter of 2019.
Meyer Mansion’s rare location combines the laidback charm of the East Coast whilst being perched right at the edge of the city combining luxury living and modern tropical architecture to create a new architectural benchmark.
Buyers snapped up units at the new launch of Avenue South Residence, with 361 units at $1,941 psf, and robust sales at various projects that were launched earlier. A number of new projects were also launched last month including Meyer Mansion which also attracted buyer's attention.
The proportion of new home sales in the Rest of Central Region (RCR) is 58.7%, up from 27.1% in the previous month. Furthermore, URA Realis data stated that the number of property purchased by Singaporeans rose 29.3 % to 1,078 units in September from 834 units in August.
Huttons Asia real estate advisor Kiwi Lim believed that Singapore is being viewed favourably among foreigners and ranked highly among international cities worldwide with property prices deemed attractive among financial centres globally. Moreover, Singaporeans are also leading the local real estate market momentum and is confident that property sales should remain healthy despite the economic slowdown.
The proportion of new home sales in the Rest of Central Region (RCR) is 58.7%, up from 27.1% in the previous month. Furthermore, URA Realis data stated that the number of property purchased by Singaporeans rose 29.3 % to 1,078 units in September from 834 units in August.
Huttons Asia real estate advisor Kiwi Lim believed that Singapore is being viewed favourably among foreigners and ranked highly among international cities worldwide with property prices deemed attractive among financial centres globally. Moreover, Singaporeans are also leading the local real estate market momentum and is confident that property sales should remain healthy despite the economic slowdown.
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HSBC home loan for completed properties (floating / fixed)
HSBC offers preferential rates to homebuyers who’re borrowing at least $800,000. However, the basic loan packages available are the same no matter how much you borrow. Completed property buyers can choose between two SIBOR-pegged floating rate home loans with a 2-year lock-in period, a fixed deposit-pegged home loan with a 2-year lock-in period, as well as two fixed-rate home loans with a 2- and 3-year lock-in period respectively.
The SIBOR-pegged interest rates for the packages with the lowest starting interest rates begin at 1M SIBOR + 0.25% to 0.3%, depending on loan package and loan amount. But from the fourth year onwards, they jump to 1M SIBOR + 0.65% to 0.7%. If you choose fixed deposit-pegged interest rates - You’ll basically pay the banks’ 24 month fixed deposit interest rates + a spread of about 2.13%. While these rates might not fluctuate as often as the SIBOR, the bank has the discretion to change them anytime they like.
The fixed interest rate packages let you lock in a fixed rate for 2 or 3 years, after which you will pay a floating rate. In exchange for the stability you usually end up paying higher interest rates at the start. That being said, HSBC’s fixed interest rates are now advertised as starting from as little as 2%.
HSBC offers preferential rates to homebuyers who’re borrowing at least $800,000. However, the basic loan packages available are the same no matter how much you borrow. Completed property buyers can choose between two SIBOR-pegged floating rate home loans with a 2-year lock-in period, a fixed deposit-pegged home loan with a 2-year lock-in period, as well as two fixed-rate home loans with a 2- and 3-year lock-in period respectively.
The SIBOR-pegged interest rates for the packages with the lowest starting interest rates begin at 1M SIBOR + 0.25% to 0.3%, depending on loan package and loan amount. But from the fourth year onwards, they jump to 1M SIBOR + 0.65% to 0.7%. If you choose fixed deposit-pegged interest rates - You’ll basically pay the banks’ 24 month fixed deposit interest rates + a spread of about 2.13%. While these rates might not fluctuate as often as the SIBOR, the bank has the discretion to change them anytime they like.
The fixed interest rate packages let you lock in a fixed rate for 2 or 3 years, after which you will pay a floating rate. In exchange for the stability you usually end up paying higher interest rates at the start. That being said, HSBC’s fixed interest rates are now advertised as starting from as little as 2%.
Parc Esta - delight in the sumptuous array of conveniences and amenities at your doorstep. With Eunos MRT station within 3 mins walk and Paya Lebar Business Hub next door
Maybank home loan for completed properties (floating & fixed 2-5 years)
Completed property buyers are spoiled for choice, as Maybank offers five home loan packages to choose from. There are four fixed-rate home loan packages offering fixed interest rates for 2, 3, 4 or 5 years. You can also opt for a floating rate package pegged to the board rate with a 2-year lock-in period.
First, let’s talk about the fixed rate packages. The current interest rates range from 1.92% for 2 years to 2.78% for 5 years.
Now, 2.78% is a pretty high interest rate, but the advantage is that it gets locked in for 5 whole years, which makes it one of the most secure loan packages around, as many banks don’t offer such a long lock-in period. On the other end of the scale, the 1.92% interest for the 2-year fixed interest home loan is quite attractive, but after the two year period is up you will pay the board rate minus 1.92%, which at the moment is high.
In short, if you are pessimistic about the economy and think interest rates will rise in the future, then you might have a good case for opting for a 5 year fixed rate package. Completed property buyers are also eligible for floating rate packages with a 2- and 3-year lock-in period, with interest rates ranging from 2.21% to 2.30%. These are not the best interest rates available at the moment.
Completed property buyers are spoiled for choice, as Maybank offers five home loan packages to choose from. There are four fixed-rate home loan packages offering fixed interest rates for 2, 3, 4 or 5 years. You can also opt for a floating rate package pegged to the board rate with a 2-year lock-in period.
First, let’s talk about the fixed rate packages. The current interest rates range from 1.92% for 2 years to 2.78% for 5 years.
Now, 2.78% is a pretty high interest rate, but the advantage is that it gets locked in for 5 whole years, which makes it one of the most secure loan packages around, as many banks don’t offer such a long lock-in period. On the other end of the scale, the 1.92% interest for the 2-year fixed interest home loan is quite attractive, but after the two year period is up you will pay the board rate minus 1.92%, which at the moment is high.
In short, if you are pessimistic about the economy and think interest rates will rise in the future, then you might have a good case for opting for a 5 year fixed rate package. Completed property buyers are also eligible for floating rate packages with a 2- and 3-year lock-in period, with interest rates ranging from 2.21% to 2.30%. These are not the best interest rates available at the moment.
Jui Residences is a rare freehold condo located right next to the Kallang River, and a short walk to Potong Pasir MRT. It’s formerly the National Aerated Water Co., Ltd building with beautiful art-deco heritage facade.
Citibank home loan for completed properties (floating/fixed 2-3 years)
For completed properties, Citibank offers a floating rate home loan pegged to SIBOR and a fixed rate home loan. The fixed rate home loan lets you lock in rates of 1.98% to 2.03% for two years (available for both HDB and private property), or 2.04% to 2.09% for 3 years (private property only). These are very competitive interest rates compared to what other banks are offering, however once the fixed period is over, your interest rates will be pegged to SIBOR. So, be prepared to refinance later on.
The floating rate packages offer interest rates that begin at 2.11% to 2.20%. These starting interest rates are attractive compared to what other banks are offering at the moment, however they also rise quite sharply over the years, from SIBOR + 0.35% in the first year and SIBOR + 0.45% in the second year to a whopping SIBOR + 0.70% in the third year onwards. So, again, be prepared to refinance!
Standard Chartered home loan for completed properties (2-year floating)
Completed property buyers can choose between seven home loan packages. Four are 36-month fixed deposit-linked home loan packages, and three are SIBOR-pegged home loan packages. If you are a MortgageOne user, you can take advantage of two of their deposit-linked home loan packages that enable you to deposit money in your MortgageOne account to offset your mortgage loan interest payable. Interest rates currently range from 2.15% to 2.30% for SIBOR packages, and 2.25% to 2.30% for fixed deposit-linked packages. The SIBOR rates are currently very competitive compared to what other banks are offering.
For completed properties, Citibank offers a floating rate home loan pegged to SIBOR and a fixed rate home loan. The fixed rate home loan lets you lock in rates of 1.98% to 2.03% for two years (available for both HDB and private property), or 2.04% to 2.09% for 3 years (private property only). These are very competitive interest rates compared to what other banks are offering, however once the fixed period is over, your interest rates will be pegged to SIBOR. So, be prepared to refinance later on.
The floating rate packages offer interest rates that begin at 2.11% to 2.20%. These starting interest rates are attractive compared to what other banks are offering at the moment, however they also rise quite sharply over the years, from SIBOR + 0.35% in the first year and SIBOR + 0.45% in the second year to a whopping SIBOR + 0.70% in the third year onwards. So, again, be prepared to refinance!
Standard Chartered home loan for completed properties (2-year floating)
Completed property buyers can choose between seven home loan packages. Four are 36-month fixed deposit-linked home loan packages, and three are SIBOR-pegged home loan packages. If you are a MortgageOne user, you can take advantage of two of their deposit-linked home loan packages that enable you to deposit money in your MortgageOne account to offset your mortgage loan interest payable. Interest rates currently range from 2.15% to 2.30% for SIBOR packages, and 2.25% to 2.30% for fixed deposit-linked packages. The SIBOR rates are currently very competitive compared to what other banks are offering.
The Tre Ver is a new condo (former Raintree Residence), developed by reputable UOL Group and UIC Industrial Corporation within a few minutes walk to Potong Pasir MRT
DBS home loan for completed properties (2 years fixed)
For completed properties, DBS offers several home loan packages and it’s interesting to see how they stack up against each other. The full range of home loans can be split into 2 broad types: Fixed interest rate and floating interest rate. The BUC home loans we talked about earlier are an example of a floating interest rate loan — the interest is pegged to some moving number.
Fixed rate home loans, however, promise to charge you a standard rate e.g. 2% p.a. for a specified number of years, regardless of what happens to DBS’s fixed deposit rates, or the economy.
Traditionally, for fixed rate packages, you pay a little more for the stability and security of a fixed rate. However, this is not the case right now with DBS home loans. Their fixed rate packages are actually really competitive right now.
Special offer: For a 2-year fixed rate home loan, DBS currently offers a special VIP rate of 1.86% p.a interest rate, which is actually lower than that of their floating rate package. Simply watsapp to 9386 4036 with your outstanding loan amount and your property address and we will help arrange for you to enjoy this special VIP rate.
For completed properties, DBS offers several home loan packages and it’s interesting to see how they stack up against each other. The full range of home loans can be split into 2 broad types: Fixed interest rate and floating interest rate. The BUC home loans we talked about earlier are an example of a floating interest rate loan — the interest is pegged to some moving number.
Fixed rate home loans, however, promise to charge you a standard rate e.g. 2% p.a. for a specified number of years, regardless of what happens to DBS’s fixed deposit rates, or the economy.
Traditionally, for fixed rate packages, you pay a little more for the stability and security of a fixed rate. However, this is not the case right now with DBS home loans. Their fixed rate packages are actually really competitive right now.
Special offer: For a 2-year fixed rate home loan, DBS currently offers a special VIP rate of 1.86% p.a interest rate, which is actually lower than that of their floating rate package. Simply watsapp to 9386 4036 with your outstanding loan amount and your property address and we will help arrange for you to enjoy this special VIP rate.
Disclaimer: All information above are compiled from various sources including bankers and websites: https://blog.moneysmart.sg Banks may change their mortgage rates without notice anytime. We are not responsible for bank's decisions.
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Each indicator, or “pillar” uses a scale from 0 to 100, to show how close an economy is to the ideal state or “frontier” of competitiveness in that area
This year’s Global Competitiveness Report is the latest edition of the series launched in 1979 that provides an annual assessment of the drivers of productivity and long-term economic growth.
Building on four decades of experience in benchmarking competitiveness, the index maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes. Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness. The pillars, which cover broad socio-economic elements are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, the financial system, market size, business dynamism and innovation capability.
Building on four decades of experience in benchmarking competitiveness, the index maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes. Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness. The pillars, which cover broad socio-economic elements are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, the financial system, market size, business dynamism and innovation capability.
Meyer Mansion is a new freehold condo located along Meyer Road in District 15 developed by Guocoland
Ten years on from the global financial crisis, the world economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks. The latest Global Competitiveness Report paints a gloomy picture, yet it also shows that those countries with a holistic approach to socio-economic challenges, look set to get ahead in the race to the frontier.
While the $10 trillion injection by central banks is unprecedented and has succeeded in averting a deeper recession, it is not enough to catalyse the allocation of resources towards productivity enhancing investments in the private and public sectors.
However, some of this year’s better performers appear to be benefiting from global trade tensions through trade diversion, including Singapore (1st) and Viet Nam (67th), the most improved country in 2019. With a score of 84.8 (+1.3), Singapore is the world’s most competitive economy in 2019, overtaking the United States, which falls to second place. Hong Kong SAR (3rd), Netherlands (4th) and Switzerland (5th) round up the top five.
While the $10 trillion injection by central banks is unprecedented and has succeeded in averting a deeper recession, it is not enough to catalyse the allocation of resources towards productivity enhancing investments in the private and public sectors.
However, some of this year’s better performers appear to be benefiting from global trade tensions through trade diversion, including Singapore (1st) and Viet Nam (67th), the most improved country in 2019. With a score of 84.8 (+1.3), Singapore is the world’s most competitive economy in 2019, overtaking the United States, which falls to second place. Hong Kong SAR (3rd), Netherlands (4th) and Switzerland (5th) round up the top five.
Amber Park is a new freehold condo in prestigious District 15 within 3-minutes’ walk to the future Tanjong Katong MRT Station and a short walk across to East Coast Park with 15km of scenic coastline
Singapore is also ranked as the best destination for expats relocating with children due to its well-regarded education system, job stability and opportunities, and quality of life - being the only Asian city state that is ranked in the top three - according to the latest edition of HSBC’s annual survey.
HSBC's annual survey credited quality of life, highly competitive salaries and stunning surroundings. One of Singapore’s biggest draws is its safety and clean environment, with 85 per cent of expats surveyed feeling safer and more secure in the island nation, and appreciating the “very clean and safe public spaces” it offers. This is significantly higher than the global average of 48 per cent and 41 per cent respectively.
Singapore also scored significantly higher than the global average when it comes to having an “excellent education system” (47 per cent versus 26 per cent), and being “a good place to raise children” (54 per cent vs 28 per cent). The survey found that 62 per cent of expats think the quality of education their children receive is better in Singapore than it would be in their home country, again much higher than the global average of 36 per cent. Expats in Singapore also said the benefits of raising children here include fluency in more than one language and openness to new experiences and cultures, all of which the country scored higher than the global average.
HSBC's annual survey credited quality of life, highly competitive salaries and stunning surroundings. One of Singapore’s biggest draws is its safety and clean environment, with 85 per cent of expats surveyed feeling safer and more secure in the island nation, and appreciating the “very clean and safe public spaces” it offers. This is significantly higher than the global average of 48 per cent and 41 per cent respectively.
Singapore also scored significantly higher than the global average when it comes to having an “excellent education system” (47 per cent versus 26 per cent), and being “a good place to raise children” (54 per cent vs 28 per cent). The survey found that 62 per cent of expats think the quality of education their children receive is better in Singapore than it would be in their home country, again much higher than the global average of 36 per cent. Expats in Singapore also said the benefits of raising children here include fluency in more than one language and openness to new experiences and cultures, all of which the country scored higher than the global average.
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Perched atop the verdant Pearl’s Hill City Park, One Pearl Bank is set to be the tallest residential development in the Outram-Chinatown district in Central Singapore. An iconic condo project by Capitaland
Four months of increasing turmoil in Hong Kong has made many people lose confidence and hope in Hong Kong. The situation doesn't look like its going to get better there and Hong Kong's affluent families, investors and businessmen have transferred an estimated amount of funds equivalent to around S$4 billion to Singapore recently.
Goldman Sachs Group Inc believes the money is transferred to Singapore amid escalating political protests in the former British colony. Singapore looks like a choice destination as it is also an alternative financial center for Asia.
Hong Kong's increasingly violent demonstrations that have roiled the city for four months began in opposition to a Bill introduced in April that would have allowed extradition to mainland China, but they have since spiraled into wider issues.
Goldman Sachs Group Inc believes the money is transferred to Singapore amid escalating political protests in the former British colony. Singapore looks like a choice destination as it is also an alternative financial center for Asia.
Hong Kong's increasingly violent demonstrations that have roiled the city for four months began in opposition to a Bill introduced in April that would have allowed extradition to mainland China, but they have since spiraled into wider issues.
Further escalation in violence in Hong Kong is expected after the Hong Kong government invoked a colonial-era law to ban face masks in an attempt to crack down on the months-long protest movement that’s gotten increasingly tense and dangerous in recent weeks. Carrie Lam, Hong Kong’s embattled chief executive, announced the ban on 4 Oct 2019 (Friday) explaining that “the decision to enact an anti-mask law is not easy one, but it is a necessary decision considering the situation today,”
The law, which went into effect on 5 Oct 2019 (Saturday) at midnight local time, bans protesters from wearing any sort of mask or face covering, including paint, at any public gathering, including both lawful protests and unlawful assemblies. Those who violate the ban could face up to one year in jail and a fine of HK$25,000 (about $3,200 US dollars), according to the Hong Kong Free Press. The rule will exempt people who wear face coverings for their job or for religious reasons.
Lam relied on a 1922 law that gives Hong Kong’s leader additional powers in times of emergency which hasn’t been used since 1967. Lam denied that the face mask ban meant that Hong Kong was in a state of emergency, but the ban has only galvanized those opposed to Hong Kong’s government and is expected to worsen the situation in Hong Kong. In the following days, protesters defying the law against face masks, continued to wear face masks in their demonstration. Protests broke out across Hong Kong till Sunday (6 Oct 2019), with more businesses and transit stations vandalized, and clashes with police turning more violent.
The law, which went into effect on 5 Oct 2019 (Saturday) at midnight local time, bans protesters from wearing any sort of mask or face covering, including paint, at any public gathering, including both lawful protests and unlawful assemblies. Those who violate the ban could face up to one year in jail and a fine of HK$25,000 (about $3,200 US dollars), according to the Hong Kong Free Press. The rule will exempt people who wear face coverings for their job or for religious reasons.
Lam relied on a 1922 law that gives Hong Kong’s leader additional powers in times of emergency which hasn’t been used since 1967. Lam denied that the face mask ban meant that Hong Kong was in a state of emergency, but the ban has only galvanized those opposed to Hong Kong’s government and is expected to worsen the situation in Hong Kong. In the following days, protesters defying the law against face masks, continued to wear face masks in their demonstration. Protests broke out across Hong Kong till Sunday (6 Oct 2019), with more businesses and transit stations vandalized, and clashes with police turning more violent.
Parc Esta is the former HUDC estate Eunosville by MCL Land located just opposite Eunos MRT Station. This is a beautiful city fringe condo project only one stop from Paya Lebar regional centre
Hong Kong police groups are urging the city to impose curfews and invoke other powers under a controversial colonial era-emergency law, as Chief Executive Carrie Lam struggles to control escalating unrest. Waves of rallies across Hong Kong led to widespread clashes between protesters and police on the National Day holiday Tuesday, with an officer shooting and wounding a demonstrator for the first time since unrest began almost four months ago.
Hong Kong’s powerful Public Order Ordinance, passed during a wave of riots in 1967, lets the government establish curfews and close areas from public access. The Emergency Regulations Ordinance of 1922 goes further, allowing the chief executive to make “any regulations whatsoever” to ensure public security, including censorship, snap arrests and property searches and seizures. That ordinance hasn’t been used in more than a half century.
Hong Kong’s powerful Public Order Ordinance, passed during a wave of riots in 1967, lets the government establish curfews and close areas from public access. The Emergency Regulations Ordinance of 1922 goes further, allowing the chief executive to make “any regulations whatsoever” to ensure public security, including censorship, snap arrests and property searches and seizures. That ordinance hasn’t been used in more than a half century.
Jui Residences (former national aerated water company that produced Sinalco & Kickapoo drink) at Serangoon is a FREEHOLD development right beside the Kallang River, and a short walk to Potong Pasir MRT.
Meanwhile in Singapore...
- Foreign-currency deposits at both domestic and international banks operating in Singapore rose to a record S$12.8 billion ($9.3 billion) as of August 2019, according to Monetary Authority of Singapore preliminary data. The bulk of the increase took place in July and August, when the figure rose S$5 billion in total, a 64% increase in two months, the data show.
- Property analysts believe that a portion of these recently recently transferred foreign funds may be used for property investments in Singapore. Real Estate Agency, Huttons Asia's Kiwi Lim said "foreigners, not only Hong Kongers - see Singapore as a good alternative safe haven to house their families and park their money because of our stable government, good banking laws, convenient transport and easily available eateries and amenities for comfortable living. Property prices in Singapore is also attractively priced when compared to other major First world financial centres across the globe."
- Two straight quarters of increases in the overall private home price index of the Urban Redevelopment Authority (URA) have sparked a debate on whether this might prompt the authorities to respond with more measures to cool down the property market. Barclays' regional economist Brian Tan thinks the risk of more cooling measures has risen to "a relatively high level", and that the government could act quickly. He said the continued rise in the private home price index suggests that its surprising jump in the second quarter did not come from a distortion or measurement error. Huttons Asia's Kiwi Lim felt that property buyers or investors should not expect the government to remove or lower the ABSD and that now may be a good time to buy.
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Singapore's property price index continues to rise in the 3rd quarter of 2019 and according to URA's flash estimate, Q3 property index is up by 0.9%, compared to a 1.5% increase in Q2.
Below are some statistics for Q3 2019:
Lured by Singapore's stable political environment and relatively strong office rentals, Hong Kong investors pumped a total of US$1.4 billion (S$1.94 billion) into the Republic's real estate in the first half of 2019. This accounted for more than a quarter of the US$5.2 billion in total outbound real estate investment from Hong Kong during the period, making Singapore the top destination as they view Singapore as a comparatively safe haven given the challenges that their countries are facing.
Below are some statistics for Q3 2019:
- Overall Property Price Index: +0.9%
- Year-on-Year: +1.7%
- Landed houses: -2.2%
- Non-landed: +1.7%
- Core Central Region (CCR): +2.9%
- Rest of Central Region (RCR): +1.7%
- Out of Central Region (OCR): +0.7%
Lured by Singapore's stable political environment and relatively strong office rentals, Hong Kong investors pumped a total of US$1.4 billion (S$1.94 billion) into the Republic's real estate in the first half of 2019. This accounted for more than a quarter of the US$5.2 billion in total outbound real estate investment from Hong Kong during the period, making Singapore the top destination as they view Singapore as a comparatively safe haven given the challenges that their countries are facing.
One Pearl Bank is a rare condo located on a beautiful forest hilltop in prime central area of Singapore, at Outram-Chinatown District developed by reputable developer - Capitaland with a Hygge lifestyle concept
In the first eight months of 2019, 68 condo units in Singapore were sold for S$10 million and more, touching a record high since the corresponding period of 2008, according to property consultants OrangeTee & Tie. Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants' analysis of transaction data showed.
Some buyers may have sought an alternative to financial hub Hong Kong due to ongoing protests, while others may have shifted funds from China after its yuan currency was devalued.
In Singapore's prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept 19 showed. Expensive apartments in premium neighborhoods are mainly bought by foreigners because at such high prices Singaporeans have the option to buy landed property.
Sales of Singapore apartments worth at least S$10 million have hit an 11-year high this year even though the government had in July 2018 last year adopted further measures to cool its real estate market such as hiking additional stamp duties for foreign buyers to a whopping 20 percent from 15 percent. Foreigners agree that Singapore properties are more attractively priced than in their own cities.
Some buyers may have sought an alternative to financial hub Hong Kong due to ongoing protests, while others may have shifted funds from China after its yuan currency was devalued.
In Singapore's prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept 19 showed. Expensive apartments in premium neighborhoods are mainly bought by foreigners because at such high prices Singaporeans have the option to buy landed property.
Sales of Singapore apartments worth at least S$10 million have hit an 11-year high this year even though the government had in July 2018 last year adopted further measures to cool its real estate market such as hiking additional stamp duties for foreign buyers to a whopping 20 percent from 15 percent. Foreigners agree that Singapore properties are more attractively priced than in their own cities.
Sengkang Grand Residences is a new upcoming condo right next to Buangkok MRT offering unparalleled connectivity and convenience by two reputable developers - CDL & Capitaland (mall management)
Below are some latest or upcoming new launches for sale soon (click on the project names to visit their various websites):
Avenue South Residence is a modern luxury condo in central region near Greater Southern Waterfront by UOL
Below are some new launch condo projects that may be increasing their prices soon (click on the project names to visit their various websites):
Huttons Asia's real estate advisor Kiwi Lim believe that Singapore's healthy population growth, rising household income, positive clear long term infrastructure plans of government and a strong desire of young Singaporeans to own their own homes will remain key drivers for both home prices and demand over the long term. Even with the current economic uncertainties globally, Kiwi Lim believes that Singapore will remain a very attractive safe investment haven for foreign investors as well as possessing an ideal environment for family or own stay.
Huttons Asia's real estate advisor Kiwi Lim believe that Singapore's healthy population growth, rising household income, positive clear long term infrastructure plans of government and a strong desire of young Singaporeans to own their own homes will remain key drivers for both home prices and demand over the long term. Even with the current economic uncertainties globally, Kiwi Lim believes that Singapore will remain a very attractive safe investment haven for foreign investors as well as possessing an ideal environment for family or own stay.
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