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The Reef at King’s Dock is a waterfront condo in the Harbourfront and Keppel Bay precincts by joint developers Mapletree Investments and Keppel Land. It also features a floating deck that will house a marine viewing area. Click to view more info.
Seafront homes are a rarity in Singapore as they offer breathtaking views of the sea right there by the edge of the sea. The latest seafront home to be made available in the market is The Reef at King’s Dock developed by two very reputable developers Mapletree and Keppel Land set to make waves firstly for its sought-after sea view and it will showcase Singapore’s first residential property with a floating deck and underwater marine viewing area, inspired by The Float @ Marina Bay.
Yesterday's sales balloting preview for The Reef at King's Dock condo on Saturday 30 Jan 2021 saw more than 65% of the total condo units in this beautiful seafront development swiftly snapped up in one day as developers launched & sold at attractive prices from $2,000 psf to $2,800 psf, with average price achieved of around $2,330 psf.
Kiwi Lim from Huttons Asia is not surprised by the sales results as he felt this development "makes you fall in love at first sight in terms of location, convenience, beauty and its amazingly cool floating deck that reminds him of the beautiful Club Med resort". The Reef at King's Dock is designed as “an urban village” that is set to be a new landmark in the neighbourhood. It is a unique development in terms of its scale and variation of blocks, compared to others along the coastline. As future plans for the Greater Southern Waterfront unfold, The Reef at King’s Dock will be “well-placed to benefit from the enhancements and growth in the precinct.
The Reef at King's Dock is different from other upcoming project launches. The Reef at King's Dock has attributes that are unique to itself, including its proximity to the HarbourFront area, within walking distance of VivoCity, Singapore’s largest mall, and the HarbourFront MRT interchange station.
Yesterday's sales balloting preview for The Reef at King's Dock condo on Saturday 30 Jan 2021 saw more than 65% of the total condo units in this beautiful seafront development swiftly snapped up in one day as developers launched & sold at attractive prices from $2,000 psf to $2,800 psf, with average price achieved of around $2,330 psf.
Kiwi Lim from Huttons Asia is not surprised by the sales results as he felt this development "makes you fall in love at first sight in terms of location, convenience, beauty and its amazingly cool floating deck that reminds him of the beautiful Club Med resort". The Reef at King's Dock is designed as “an urban village” that is set to be a new landmark in the neighbourhood. It is a unique development in terms of its scale and variation of blocks, compared to others along the coastline. As future plans for the Greater Southern Waterfront unfold, The Reef at King’s Dock will be “well-placed to benefit from the enhancements and growth in the precinct.
The Reef at King's Dock is different from other upcoming project launches. The Reef at King's Dock has attributes that are unique to itself, including its proximity to the HarbourFront area, within walking distance of VivoCity, Singapore’s largest mall, and the HarbourFront MRT interchange station.
The Reef at King’s Dock has 10 blocks of varying heights and comprises a total of 429 units slated for completion by 2025. Unit sizes range from 431 to 1,572 sq ft. Click to view about this project
The Reef at King’s Dock is described as a “sustainable, next-generation luxury development for discerning urbanites”. Located in the HarbourFront-Keppel Bay precinct (a short stroll away from HarbourFront MRT), The Reef at King’s Dock is located within the Greater Southern Waterfront, which the government plans to transform into a new major gateway for urban living along Singapore’s southern coast.
It’s also located alongside the historic King’s Dock, which was once the second largest dock in the world when it opened in 1913.
The development will comprise 429 units, with a selection of one- to three-bedroom apartments. Sizes span from 431 to 1,572 sq. ft., spread across 10 residential blocks. Prices is expected to start from around S$960,000 for a 1-bedroom apartment, S$1.6 million for a 2-bedroom apartment and S$2.8 million for a 3-bedroom apartment.
It will boast a full range of amenities including a state-of-the-art gym, a tennis court, sky gardens, a children’s play zone, a fitness zone and function rooms.
Special care has been taken to protect King’s Dock’s existing structure and preservation of the marine ecosystem in and around the waters, the developers said. For one, the main structure of the floating deck will be constructed offsite and then floated into King’s Dock during installation.
In addition, "The submerged surface of the floating deck has been specially designed to encourage colonisation by corals that, in turn, will attract fish and other marine life
It’s also located alongside the historic King’s Dock, which was once the second largest dock in the world when it opened in 1913.
The development will comprise 429 units, with a selection of one- to three-bedroom apartments. Sizes span from 431 to 1,572 sq. ft., spread across 10 residential blocks. Prices is expected to start from around S$960,000 for a 1-bedroom apartment, S$1.6 million for a 2-bedroom apartment and S$2.8 million for a 3-bedroom apartment.
It will boast a full range of amenities including a state-of-the-art gym, a tennis court, sky gardens, a children’s play zone, a fitness zone and function rooms.
Special care has been taken to protect King’s Dock’s existing structure and preservation of the marine ecosystem in and around the waters, the developers said. For one, the main structure of the floating deck will be constructed offsite and then floated into King’s Dock during installation.
In addition, "The submerged surface of the floating deck has been specially designed to encourage colonisation by corals that, in turn, will attract fish and other marine life
The Reef at King's Dock is inside the Greater Southern Waterfront mega development beside HarbourFront MRT Station, Grade-A offices, Seah Im Food Centre & VivoCity. Click to read more about it.
The Reef at King's Dock designed by the famous KCAP Architects & Planners is not just a typical residential project that could be found anywhere in Singapore. KCAP Architects & Planners have worked on many waterfront projects in Europe, including the transformation of the former port area at HafenCity, Hamburg; the masterplan of a 21ha brownfield site at the seafront city of Fredericia, Denmark; the Müllerpier in Rotterdam; the masterplan for the Riverside at Zuchwil, Switzerland; and the port area of the Bay of Pasaia, San Sebastian in Spain.
Kiwi Lim believes that the developers pleasantly surprised all buyers yesterday with super attractive prices from $2,1xx psf especially when the lease for The Reef at King's Dock has been refreshed to a full 99 years effective from 12 Jan 2021.
After the sales preview yesterday, all 1 Bedroom units & 1 + Study units are fully sold. Currently available units (subject to availability) are as shown below:
2 Bedroom Last 2 Units below $1.5m
2 + Study Last 2 Units
2 Premium Last 15 Units
2 Garden Villa Last 9 Units
3 Bedroom From $2.6xm
3 Garden Villa Last 7 Units
The Reef at King's Dock showflat will be closed from today till 18th Feb 2021. Interested buyers can call / WhatsApp 9386 4036 to pre-arrange a viewing after 18 Feb 2021.
Kiwi Lim believes that the developers pleasantly surprised all buyers yesterday with super attractive prices from $2,1xx psf especially when the lease for The Reef at King's Dock has been refreshed to a full 99 years effective from 12 Jan 2021.
After the sales preview yesterday, all 1 Bedroom units & 1 + Study units are fully sold. Currently available units (subject to availability) are as shown below:
2 Bedroom Last 2 Units below $1.5m
2 + Study Last 2 Units
2 Premium Last 15 Units
2 Garden Villa Last 9 Units
3 Bedroom From $2.6xm
3 Garden Villa Last 7 Units
The Reef at King's Dock showflat will be closed from today till 18th Feb 2021. Interested buyers can call / WhatsApp 9386 4036 to pre-arrange a viewing after 18 Feb 2021.
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Some Singaporeans bought homes in Johor as weekend homes or resort homes when they visit Malaysia.
Foreigners can buy condo and landed properties in Malaysia and own land as well - Malaysia is one of the only countries where you don't need to be a citizen to buy land and private homes. Many Singaporeans have bought properties in Malaysia, especially in the state of Johor.
Yesterday (Wed 20 January 2021), Dr Musa Mohd Nordin a well-known paediatrician in Malaysia during an online forum on Jom Channel said Malaysia is in danger of having perpetual movement-control orders (MCOs) if the government doesn’t get its Covid-19 strategies right. Malaysia is not finding the hotspots and not doing enough mass testing with rapid tests.
Dr Musa believes that the key element in the blueprint of action to effectively handle this Covid-19 national emergency in Malaysia, must surely be a well executed Find, Test, Trace, Isolate and Support (FTTIS) system recommended by the WHO, which has fallen terribly short Malaysia.
And if the government cannot get the FTTIIS right, it will constantly be having MCOs, said the consultant doctor from KPJ Damansara Specialist Hospital.FTTIIS is the acronym for Find, Test, Trace, Isolate and Support System for combatting virus pandemics.Dr Musa said polymerase chain reaction (PCR) tests — which the health ministry insists on — are too slow. “Although less accurate, rapid test kits (RTK) can provide results within an hour compared to the PCR tests. Once a person knows the result, they can be isolated immediately if they are in Stage 1 or 2.
Yesterday (Wed 20 January 2021), Dr Musa Mohd Nordin a well-known paediatrician in Malaysia during an online forum on Jom Channel said Malaysia is in danger of having perpetual movement-control orders (MCOs) if the government doesn’t get its Covid-19 strategies right. Malaysia is not finding the hotspots and not doing enough mass testing with rapid tests.
Dr Musa believes that the key element in the blueprint of action to effectively handle this Covid-19 national emergency in Malaysia, must surely be a well executed Find, Test, Trace, Isolate and Support (FTTIS) system recommended by the WHO, which has fallen terribly short Malaysia.
And if the government cannot get the FTTIIS right, it will constantly be having MCOs, said the consultant doctor from KPJ Damansara Specialist Hospital.FTTIIS is the acronym for Find, Test, Trace, Isolate and Support System for combatting virus pandemics.Dr Musa said polymerase chain reaction (PCR) tests — which the health ministry insists on — are too slow. “Although less accurate, rapid test kits (RTK) can provide results within an hour compared to the PCR tests. Once a person knows the result, they can be isolated immediately if they are in Stage 1 or 2.
Sengkang Grand Residences is a rare fully integrated residential condo developed by CDL integrated with supermarket, exciting shopping mall managed by reputable Capitaland, MRT station and bus interchange directly below. Scan QR code to arrange for viewing / ebrochure / floorplans. Click to visit project website for more info
“Furthermore, the ministry can begin contact tracing on the second day itself.“PCR tests are expensive, require laboratories and only provide results in three days. By this time, the person may have already started to infect others. This is a flawed methodology that unless recognised, Malaysia is in trouble,” said Dr Musa.But he said the ministry appears less keen to test now than before.“This is dangerous as one superspreader can spread to hundreds like Case 126 last year compared with 80 per cent who don’t infect anyone.”Dr Musa was speaking at a forum together with economist Dr Muhammed Abdul Khalid on Covid-19 and the economic impact of MCO. The session was moderated by Dr Abu Hafiz Salleh Hudin.
He said the Malaysian government must also cap the price of antigens so that the cost for testing is more affordable. “The World Health Organization supplies them to us at US$5 each (S$6.63) but some places are charging RM280 (S$91.75) for tests,” said Dr Musa.He said the government should also cap the price of vaccines so that they are assessable to the public and can be obtained from private hospitals and clinics.“The faster people get vaccinated, the faster herd immunity can be achieved.”
Meanwhile, Singaporeans who own landed homes in Malaysia say they have not been to their empty landed properties for almost a year now. Many have never left the house empty for so long and are concerned about the condition of their properties as they worry about illegal squatters and thieves who may break in knowing the owners are in Singapore and will not be able to enter Malaysia during the MCO.
He said the Malaysian government must also cap the price of antigens so that the cost for testing is more affordable. “The World Health Organization supplies them to us at US$5 each (S$6.63) but some places are charging RM280 (S$91.75) for tests,” said Dr Musa.He said the government should also cap the price of vaccines so that they are assessable to the public and can be obtained from private hospitals and clinics.“The faster people get vaccinated, the faster herd immunity can be achieved.”
Meanwhile, Singaporeans who own landed homes in Malaysia say they have not been to their empty landed properties for almost a year now. Many have never left the house empty for so long and are concerned about the condition of their properties as they worry about illegal squatters and thieves who may break in knowing the owners are in Singapore and will not be able to enter Malaysia during the MCO.
Today online article on 21 Jan 2021
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In total, developers launched 1,349 units for sale and sold 1,217 units in December 2020 - Huttons Asia & URA
Developers' sales in the first week of the New Year has been brisk, with foreigners picking up some luxury units. Developers' sales for the week of Jan 4-10 were 135 units, up 15 per cent over the last week of December.
The CCR accounted for 14.1 per cent while the RCR and OCR made up 30.4 per cent and 55.6 per cent. The top-selling project in the CCR was Nouvel 18, V on Shenton, followed by Kent Ridge Hill Residences in the RCR and Treasure at Tampines in the OCR. Several high-end luxury projects saw foreigners picking up units in the last week, probably an early indication that foreigners' interest may be returning.
In total, developers launched 1,349 units for sale and sold 1,217 units. Sales in December 2020 was 57.2% higher than November 2020 and 126.2% higher than the same period a year ago. The number of units sold in December was the highest December sales since 2012.
The CCR accounted for 14.1 per cent while the RCR and OCR made up 30.4 per cent and 55.6 per cent. The top-selling project in the CCR was Nouvel 18, V on Shenton, followed by Kent Ridge Hill Residences in the RCR and Treasure at Tampines in the OCR. Several high-end luxury projects saw foreigners picking up units in the last week, probably an early indication that foreigners' interest may be returning.
In total, developers launched 1,349 units for sale and sold 1,217 units. Sales in December 2020 was 57.2% higher than November 2020 and 126.2% higher than the same period a year ago. The number of units sold in December was the highest December sales since 2012.
The top ten private residential projects for December 2020 - Huttons Research & URA
The exceptional performance was down to the outstanding sales notched at Clavon where 473 units were sold. An expected rebound in economic growth in 2021, arrival of vaccines for Covid-19 and the inability to travel because of Covid-19 contributed partly to the sales performance in December as well.
A total of 23 private residential projects were launched in 2020 – ten projects before the circuit breaker and 13 projects after. Several projects launched after the circuit breaker – Penrose, The Linq at Beauty World, The Landmark, Ki Residences at Brookvale and Clavon achieved very good sales on the opening day of sale. The Linq at Beauty World sold more than 96% of the total units in one day while Clavon is the best-selling project on launch day in 2020, moving more than 460 units.
A total of 23 private residential projects were launched in 2020 – ten projects before the circuit breaker and 13 projects after. Several projects launched after the circuit breaker – Penrose, The Linq at Beauty World, The Landmark, Ki Residences at Brookvale and Clavon achieved very good sales on the opening day of sale. The Linq at Beauty World sold more than 96% of the total units in one day while Clavon is the best-selling project on launch day in 2020, moving more than 460 units.
Top Ten Projects by Sale Volume in 2020. - Huttons Research & URA
This month in January 2021, we just completed the sales balloting for Normanton Park which sold more than 30% on its first day of sales preview.
Towards the end of this month, we will see 2 more residential development launches for Parc Central Residences and The Reef at King’s Docks. We expect the sales momentum in December 2020 to spill over to January 2021 and possibly maintain the sales volume at around 1,000 units. If that happens, it will be the highest January sale volume since 2013.
Towards the end of this month, we will see 2 more residential development launches for Parc Central Residences and The Reef at King’s Docks. We expect the sales momentum in December 2020 to spill over to January 2021 and possibly maintain the sales volume at around 1,000 units. If that happens, it will be the highest January sale volume since 2013.
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Singapore property market outlook looks attractive for both investors and home buyers - photo from 99.co
With a healthy net absorption of new homes over the past three years, the higher take-up numbers against a conservative supply have resulted in fewer unsold, uncompleted private homes. The cumulative number of unsold units may be nearing its peak, and could start tapering this year.
With diminishing stock and the improvements in the macroeconomic outlook, the probability of home prices falling this year is not high. As it is, prices of private homes increased quarter on quarter by 2.1 per cent in the fourth quarter of last year, based on the latest flash estimates from the Urban Redevelopment Authority, after rising 0.8 per cent in the previous quarter. Overall private home prices rose 2.2 per cent for the whole of last year.
So what are the property trends to look out for in 2021 & beyond?
With diminishing stock and the improvements in the macroeconomic outlook, the probability of home prices falling this year is not high. As it is, prices of private homes increased quarter on quarter by 2.1 per cent in the fourth quarter of last year, based on the latest flash estimates from the Urban Redevelopment Authority, after rising 0.8 per cent in the previous quarter. Overall private home prices rose 2.2 per cent for the whole of last year.
So what are the property trends to look out for in 2021 & beyond?
Property Trend 1:
2020 saw an increase in racially discriminatory violence against people of Chinese & Asian origin due to pandemic anxiety and the American president calling Covid-19 as the 'Chinese virus' as well as political instability and unrest among citizens across the globe - especially in Europe and America. Many foreign businessmen are now avoiding risky geo-politically troubled cities and looking towards Singapore and Portugal as safe havens as their 2nd home for their beloved families and children's safety.
Property Trend 2:
Limited housing inventory doesn't just drive up home prices; it also gives buyers less selection and forces them to settle. Nobody is talking about new condo 'oversupply risk' in Singapore's residential market as most developers are expected to hold no more land parcels in their stock for 2022. The number of new project launches slated for this year is expected to be lower than in previous years as developers empty out their last remaining land banks from the enbloc fever in 2018. Most of the new launches this year will be mainly in the luxury and city area projects with many of them being smaller residential developments also known as apartment style living without the full condo facilities. About 20 new developments may be released for sale in the first half of 2021. In contrast, around 25 to 30 residential projects launched in each of the half years in 2018 and 2019.
The Government has also calibrated land supply from the Government Land Sales programme. Over the past two years, a conservative slate of land was released to maintain a moderate supply of units. For the first half of this year, about 1,600 new homes could be launched from the confirmed list, much fewer than the average of 2,700 units released in each half of 2018. Many new projects redeveloped from the 2017 to 2018 spate of sales en bloc have already sold more than 70 per cent of their units.
Kiwi Lim from Huttons Asia believes that if the government does not release more land parcels soon, we may see Singapore's available new condo stock in the market falling to historic low by end of 2021.
2020 saw an increase in racially discriminatory violence against people of Chinese & Asian origin due to pandemic anxiety and the American president calling Covid-19 as the 'Chinese virus' as well as political instability and unrest among citizens across the globe - especially in Europe and America. Many foreign businessmen are now avoiding risky geo-politically troubled cities and looking towards Singapore and Portugal as safe havens as their 2nd home for their beloved families and children's safety.
Property Trend 2:
Limited housing inventory doesn't just drive up home prices; it also gives buyers less selection and forces them to settle. Nobody is talking about new condo 'oversupply risk' in Singapore's residential market as most developers are expected to hold no more land parcels in their stock for 2022. The number of new project launches slated for this year is expected to be lower than in previous years as developers empty out their last remaining land banks from the enbloc fever in 2018. Most of the new launches this year will be mainly in the luxury and city area projects with many of them being smaller residential developments also known as apartment style living without the full condo facilities. About 20 new developments may be released for sale in the first half of 2021. In contrast, around 25 to 30 residential projects launched in each of the half years in 2018 and 2019.
The Government has also calibrated land supply from the Government Land Sales programme. Over the past two years, a conservative slate of land was released to maintain a moderate supply of units. For the first half of this year, about 1,600 new homes could be launched from the confirmed list, much fewer than the average of 2,700 units released in each half of 2018. Many new projects redeveloped from the 2017 to 2018 spate of sales en bloc have already sold more than 70 per cent of their units.
Kiwi Lim from Huttons Asia believes that if the government does not release more land parcels soon, we may see Singapore's available new condo stock in the market falling to historic low by end of 2021.
Property Trend 3:
Properties in the OCR (Outside Centre Region) may see a price increase as Covid-19 pandemic may change the way we work - i.e. there may be more emphasis on remote working or working from home.
New condo projects in Hougang and Serangoon has already reached $1,5xx psf and above with the OCR resale market also showing a rise in prices. These housing markets will grow in popularity due to the remote work trend according to Kiwi Lim from Huttons Asia. "Nowadays, many people are working remotely during the pandemic, and that trend is likely to continue to a certain extent even after it's safe to return to an office building." said Kiwi.
Property Trend 4:
Even as Singaporeans are moving towards OCR and RCR districts, city homes and property in the CCR may still not see a drop in prices as they are the preferred districts for foreign buyers flush with cash. Foreign buyers love the appeal of living in the city surrounded by convenience with proximity to restaurants, museums, theatres and other amenities to match or enhance their quality of life they enjoyed overseas. Many are also city dwellers and are only familiar with the prime districts in Singapore.
Properties in the OCR (Outside Centre Region) may see a price increase as Covid-19 pandemic may change the way we work - i.e. there may be more emphasis on remote working or working from home.
New condo projects in Hougang and Serangoon has already reached $1,5xx psf and above with the OCR resale market also showing a rise in prices. These housing markets will grow in popularity due to the remote work trend according to Kiwi Lim from Huttons Asia. "Nowadays, many people are working remotely during the pandemic, and that trend is likely to continue to a certain extent even after it's safe to return to an office building." said Kiwi.
Property Trend 4:
Even as Singaporeans are moving towards OCR and RCR districts, city homes and property in the CCR may still not see a drop in prices as they are the preferred districts for foreign buyers flush with cash. Foreign buyers love the appeal of living in the city surrounded by convenience with proximity to restaurants, museums, theatres and other amenities to match or enhance their quality of life they enjoyed overseas. Many are also city dwellers and are only familiar with the prime districts in Singapore.
Property Trend 5:
Globally, we can expect affluent consumers to continue realigning their priorities to spend more on real estate that gives them and their families a sense of security, health safety, and privacy in a cocoon all of their own. The wealthy is expected to apportion a large part of their hard cash in property in 2021.
Property Trend 6:
As the trend of working from home and telecommuting looks set to become the norm, we will spend more time at home. This may spark a new trend of spending more to make our home look and feel spacious and beautiful. Kiwi Lim from Huttons Asia believe that the demand for larger apartments may increase, e.g. 3 and 4 bedders may see an increase in demand for the need to set aside an extra bedroom as a home office or proper workspace at home becomes crucial as we spend more time working from home. Home owners may be willing to spend much more on interior designing to make their homes look inviting and nicer to cocoon in.
Property Trend 7:
Property buyers may trend towards properties within close proximity to greenery & parks as they spend more time at home. Quality of living and a healthy lifestyle will take more priority in our lives as Covid-19 has placed a higher emphasis on our physical and mental health. Health professionals and gurus worldwide have always encouraged people to talk walks in parks to relief stress and the fresh clean air from greenery and parks or park connectors nearby will do a lot of good for everyone living nearby.
Globally, we can expect affluent consumers to continue realigning their priorities to spend more on real estate that gives them and their families a sense of security, health safety, and privacy in a cocoon all of their own. The wealthy is expected to apportion a large part of their hard cash in property in 2021.
Property Trend 6:
As the trend of working from home and telecommuting looks set to become the norm, we will spend more time at home. This may spark a new trend of spending more to make our home look and feel spacious and beautiful. Kiwi Lim from Huttons Asia believe that the demand for larger apartments may increase, e.g. 3 and 4 bedders may see an increase in demand for the need to set aside an extra bedroom as a home office or proper workspace at home becomes crucial as we spend more time working from home. Home owners may be willing to spend much more on interior designing to make their homes look inviting and nicer to cocoon in.
Property Trend 7:
Property buyers may trend towards properties within close proximity to greenery & parks as they spend more time at home. Quality of living and a healthy lifestyle will take more priority in our lives as Covid-19 has placed a higher emphasis on our physical and mental health. Health professionals and gurus worldwide have always encouraged people to talk walks in parks to relief stress and the fresh clean air from greenery and parks or park connectors nearby will do a lot of good for everyone living nearby.
Enjoy relaxing ultimate seafront living next to nature and amazing convenience with our upcoming latest condo launch - The Reef at King's Dock. Scan the QR code for ebrochure and to register for our upcoming VIP soft launch invite to view this rare residential development at Keppel Bay & enjoy VIP discounts and pricings
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Given ample liquidity, a low interest rate environment and improving buyer sentiment, there is room for private home prices to head upwards in 2021, say analysts. BT FILE PHOTO
2020 witnessed a terrible global pandemic known as Covid-19 and surprisingly top cities in the world also saw property prices rising last year. Singapore's private property index clocked in a 2.2 per cent gain in 2020 comparable to the private residential property index pre-Covid in 2019 which saw a 2.7 per cent growth in Singapore private property prices.
The surprising turnaround in the private property market comes in a year where the local economy contracted by 5.8 per cent, based on the government's advance estimates.
According to the Urban Redevelopment Authority's (URA) flash estimate on Monday, prices of private homes in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This comes on the heels of a 0.8 per cent increase in Q3 2020.
Kiwi Lim from Huttons Asia explained that billions worth of hot money from overseas provided ample liquidity in Singapore's financial market, a very low attractive interest rate environment as well as improving buyer sentiment give plenty of room for private home prices to head upwards in 2021 and the return of foreign buyers to Singapore with the eventual easing of border control measures.
The surprising turnaround in the private property market comes in a year where the local economy contracted by 5.8 per cent, based on the government's advance estimates.
According to the Urban Redevelopment Authority's (URA) flash estimate on Monday, prices of private homes in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This comes on the heels of a 0.8 per cent increase in Q3 2020.
Kiwi Lim from Huttons Asia explained that billions worth of hot money from overseas provided ample liquidity in Singapore's financial market, a very low attractive interest rate environment as well as improving buyer sentiment give plenty of room for private home prices to head upwards in 2021 and the return of foreign buyers to Singapore with the eventual easing of border control measures.
Maybank Kim Eng economist Chua Hak Bin pointed to supporting factors such as the collapse in mortgage rates - which has been a plus for the property market - while fiscal support, wage subsidies and hiring incentives from the government have also helped where jobs are concerned.
"This recession has been very uneven, it's hit the lower-wage sectors a lot more," he went on to say, adding that there are still certain sectors in the economy that continue to expand. "At the same time, one of the peculiarities about this recession is the surge in the personal savings rate, (with) the higher income segment not being able to spend on a lot of services, including travel. Some chose to plough it back into property."
By region, prices of non-landed homes in the CCR, or prime areas, rose 3.3 per cent in Q4, reversing from a 3.8 per cent decrease in Q3. Noting that CCR had underperformed with its index shedding 3.4 per cent in the first three quarters of 2020, JLL's senior director (research & consultancy) Ong Teck Hui, said: "The lower prices could have attracted buyers and contributed to the price increase in Q420. The rise in the CCR index was accompanied by an increase in the proportion of high value transactions of S$2,700 per square foot (psf) and above during the quarter."
In the city fringe or RCR, prices increased 4.8 per cent quarter-on-quarter in Q4 2020, compared to 2.5 per cent in the previous quarter. Meanwhile, in the suburbs or outside central region (OCR), prices were up 1.7 per cent in Q4 2020, similar to the 1.7 per cent increase seen in Q3.
"This recession has been very uneven, it's hit the lower-wage sectors a lot more," he went on to say, adding that there are still certain sectors in the economy that continue to expand. "At the same time, one of the peculiarities about this recession is the surge in the personal savings rate, (with) the higher income segment not being able to spend on a lot of services, including travel. Some chose to plough it back into property."
By region, prices of non-landed homes in the CCR, or prime areas, rose 3.3 per cent in Q4, reversing from a 3.8 per cent decrease in Q3. Noting that CCR had underperformed with its index shedding 3.4 per cent in the first three quarters of 2020, JLL's senior director (research & consultancy) Ong Teck Hui, said: "The lower prices could have attracted buyers and contributed to the price increase in Q420. The rise in the CCR index was accompanied by an increase in the proportion of high value transactions of S$2,700 per square foot (psf) and above during the quarter."
In the city fringe or RCR, prices increased 4.8 per cent quarter-on-quarter in Q4 2020, compared to 2.5 per cent in the previous quarter. Meanwhile, in the suburbs or outside central region (OCR), prices were up 1.7 per cent in Q4 2020, similar to the 1.7 per cent increase seen in Q3.
Analysts said that the higher prices in the RCR in Q4 were likely due to new projects that were launched in the fourth quarter. Notably, 108 units at The Landmark were sold at a median price of S$2,137 psf and 119 units were picked up at The Linq@Beauty World at a median price of S$2,171 psf - above the S$1,813 psf median price for all new non-landed homes in RCR in 2020.
Private home prices in Singapore could climb again this year as a recovering economy lifts sentiment after the private residential property index shrugged off the impact of a global pandemic. 2020's upcoming project launches in the pipeline are mainly in the luxury and city fringe areas therefore will help push the private property index in 2021 higher.
"Demand for resale homes is expected to pick up further this year, while resale prices may increase around one to 4 per cent for the full year", Head of research & consultancy at OrangeTee & Tie, Christine Sun.
Knight Frank estimates that overall private residential prices could go up by around 5 per cent this year, while PropNex forecasts home prices could climb a further 2 to 3 per cent, owing to a better market outlook and a decreasing supply of unsold units.
Huttons Asia's director of research Lee Sze Teck expects private home prices to rise by up to 3 per cent in 2021, with up to 20 new projects to launch in H121. He said: "Selling prices are expected to edge up because of recent firm land tender prices and higher construction costs because of Covid-19 safety management measures."
Private home prices in Singapore could climb again this year as a recovering economy lifts sentiment after the private residential property index shrugged off the impact of a global pandemic. 2020's upcoming project launches in the pipeline are mainly in the luxury and city fringe areas therefore will help push the private property index in 2021 higher.
"Demand for resale homes is expected to pick up further this year, while resale prices may increase around one to 4 per cent for the full year", Head of research & consultancy at OrangeTee & Tie, Christine Sun.
Knight Frank estimates that overall private residential prices could go up by around 5 per cent this year, while PropNex forecasts home prices could climb a further 2 to 3 per cent, owing to a better market outlook and a decreasing supply of unsold units.
Huttons Asia's director of research Lee Sze Teck expects private home prices to rise by up to 3 per cent in 2021, with up to 20 new projects to launch in H121. He said: "Selling prices are expected to edge up because of recent firm land tender prices and higher construction costs because of Covid-19 safety management measures."
From Business Times article on 5 Jan 2021
- Published on
A sofa bed inside a nano-apartment show home in Hong Kong. Photograph: Bloomberg
Nano apartments smaller than 2 parking lot spaces accounted for record 13% of sales in 2019 and is expected to increase in demand in 2020 and beyond as young Hong Kong couples see it as their only chance to own their first matrimonial home.
These Nano apartments are usually smaller than 260 square feet (24 sqm) or smaller than 2 parking lot spaces accounted for 0.2% of total property sales just 10 years ago in 2010.
Hong Kong’s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city’s property affordability is the worst in the world, as Hong Kong has racked up a 10th year as the world's least-affordable housing market, highlighting the inequality that has helped fuel months of protests. The city topped Vancouver, Los Angeles and Sydney as the most unaffordable housing market in 2019, according to a report Monday by urban planning policy consultancy Demographia.
Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million (S$645,000), they can barely fit the basic necessities.
These Nano apartments are usually smaller than 260 square feet (24 sqm) or smaller than 2 parking lot spaces accounted for 0.2% of total property sales just 10 years ago in 2010.
Hong Kong’s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city’s property affordability is the worst in the world, as Hong Kong has racked up a 10th year as the world's least-affordable housing market, highlighting the inequality that has helped fuel months of protests. The city topped Vancouver, Los Angeles and Sydney as the most unaffordable housing market in 2019, according to a report Monday by urban planning policy consultancy Demographia.
Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million (S$645,000), they can barely fit the basic necessities.
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Cramped living space has long been a problem in Hong Kong. Low-income earners have resorted to so-called coffin homes that are essentially just a bed space. Some who can’t afford residential rents but prefer a larger space live illegally live in industrial buildings or container homes.
People pay to live in illegal steel boxes in world's priciest property market. A severe shortage of housing in Hong Kong is driving some residents to rent or buy shipping containers as homes. ... The most common type of Markbox's container homes measures 30 square meters and costs around HK$150,000 (S$25,950).
Henderson Land Development Co. was the biggest seller of nano-apartments, accounting for one-third of sales in the period, the report said.
Even though the city’s economy has been under pressure during the pandemic, with unemployment climbing to a 15-year high, the property market remains resilient. Home prices declined just 1% in 2020, data from Centaline show.
People pay to live in illegal steel boxes in world's priciest property market. A severe shortage of housing in Hong Kong is driving some residents to rent or buy shipping containers as homes. ... The most common type of Markbox's container homes measures 30 square meters and costs around HK$150,000 (S$25,950).
Henderson Land Development Co. was the biggest seller of nano-apartments, accounting for one-third of sales in the period, the report said.
Even though the city’s economy has been under pressure during the pandemic, with unemployment climbing to a 15-year high, the property market remains resilient. Home prices declined just 1% in 2020, data from Centaline show.
From Bloomberg news article on 4 Jan 2021
- Published on
For the public housing segment, the HDB resale market posted a stronger performance than the private residential market in 2020. - photo: Mediacorp
At the beginning of the pandemic in Jan last year, many property market analysts predicted that prices of private homes could dip by 3 per cent to 8 per cent this year, while a few expected prices to fall by more than 10 per cent.
Singapore's public and private property new launch and resale market continued to recover not just from the Covid-19 fallout but also from the 2018 cooling measures, with sales volume and private properties & condo prices gaining close to 3% and nearly a 5% increase for HDB resale prices.
Demand and prices of resale homes had been muted since property cooling measures were implemented in July 2018, with monthly transactions falling below 1,000 units. But from July to November this year, monthly sales exceeded 1,000 units.
The resale market has rebounded strongly - after a slow second quarter which included the circuit breaker period - driven by pent-up demand, a better match in price expectations between sellers and buyers, as well as returning confidence as the Singapore economy continues to recover, said Ms Wong.
"With the healthy demand coming though, we expect sellers to hold asking price firm or raise the price of more attractive units," she said.
Singapore's public and private property new launch and resale market continued to recover not just from the Covid-19 fallout but also from the 2018 cooling measures, with sales volume and private properties & condo prices gaining close to 3% and nearly a 5% increase for HDB resale prices.
Demand and prices of resale homes had been muted since property cooling measures were implemented in July 2018, with monthly transactions falling below 1,000 units. But from July to November this year, monthly sales exceeded 1,000 units.
The resale market has rebounded strongly - after a slow second quarter which included the circuit breaker period - driven by pent-up demand, a better match in price expectations between sellers and buyers, as well as returning confidence as the Singapore economy continues to recover, said Ms Wong.
"With the healthy demand coming though, we expect sellers to hold asking price firm or raise the price of more attractive units," she said.
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OrangeTee & Tie head of research and consultancy Christine Sun said: "Many investors have already looked past current headwinds and are banking hopes on a vaccine success, and are optimistic that the global economy may see better days ahead.
The highest transacted price in November was for a resale luxury apartment at Nassim Jade in prime District 10 which sold for $11.7 million.
The highest transacted price in the RCR (city fringes) was $6.9 million for a unit in Corals at Keppel Bay in the Harbourfront area, while a unit in The Chuan, in Lorong Chuan, resold for $3.6 million, the highest price in the OCR.
Singapore is not the only place that has experienced a surge in property sales. Major cities across the world are also experiencing an increase in sales and prices of properties and homes in 2020.
The Covid-19 pandemic is an unprecedented global crisis that has overwhelmed healthcare systems and upended businesses around the world. While it has ravaged economies worldwide and consumer sentiment remains subdued, property prices are going up for many countries especially in Asia.
The highest transacted price in November was for a resale luxury apartment at Nassim Jade in prime District 10 which sold for $11.7 million.
The highest transacted price in the RCR (city fringes) was $6.9 million for a unit in Corals at Keppel Bay in the Harbourfront area, while a unit in The Chuan, in Lorong Chuan, resold for $3.6 million, the highest price in the OCR.
Singapore is not the only place that has experienced a surge in property sales. Major cities across the world are also experiencing an increase in sales and prices of properties and homes in 2020.
The Covid-19 pandemic is an unprecedented global crisis that has overwhelmed healthcare systems and upended businesses around the world. While it has ravaged economies worldwide and consumer sentiment remains subdued, property prices are going up for many countries especially in Asia.
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So who are buying properties during this Covid pandemic? Due to strict travel restrictions, locals are now dominating the private residential market across all market segments. Locals made up more than 80 per cent of private non-landed homes. This is the highest proportion of properties bought by Singaporeans ever recorded since the first quarter of 2009.
Most private home buyers are HDB upgraders, middle-aged investors, families with young children, young executives, retirees and a number of former owners of homes sold en bloc.
Some of these owners do not mind paying slightly more for an older but larger property, especially if they are buying it for their own occupation. This may explain why demand for large-sized private homes has been rising.
Kiwi Lim from Huttons Asia remains optimistic about the long-term prospects of Singapore's residential market. The fundamentals of our country - political stability, pro-business environment, safe haven status, excellent healthcare system and robust legal system - have remain unchanged throughout the pandemic.
Consumer confidence will continue to pick up as Singapore is seen to be handling Covid safety measures well. The prospect of an increase in economic activities worldwide will definitely help revive many businesses this year. Many nations are already preparing to roll out large-scale vaccination programmes this year in order for countries to open up their economies.
Most private home buyers are HDB upgraders, middle-aged investors, families with young children, young executives, retirees and a number of former owners of homes sold en bloc.
Some of these owners do not mind paying slightly more for an older but larger property, especially if they are buying it for their own occupation. This may explain why demand for large-sized private homes has been rising.
Kiwi Lim from Huttons Asia remains optimistic about the long-term prospects of Singapore's residential market. The fundamentals of our country - political stability, pro-business environment, safe haven status, excellent healthcare system and robust legal system - have remain unchanged throughout the pandemic.
Consumer confidence will continue to pick up as Singapore is seen to be handling Covid safety measures well. The prospect of an increase in economic activities worldwide will definitely help revive many businesses this year. Many nations are already preparing to roll out large-scale vaccination programmes this year in order for countries to open up their economies.
Extracted from Channelnewsasia and Straits Times articles
