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Talk is rife that policy tweaks could be on the horizon to cool Singapore's buoyant residential segment, as the government keeps an eye on the real estate market. Suggestions from consultants, analysts and agencies varied widely, but a common theme was the expectation that additional measures will target investors rather than first-time homebuyers and upgraders.
That follows Deputy Prime Minister Heng Swee Keat's comments in January, when he said the property market must remain stable so young Singaporeans can own their homes. Among the ideas are higher stamp duties and tighter loan limits for subsequent properties and foreigners.
One idea floated is to either set a minimum size for each unit or again increase the average minimum size for new developments. Kiwi Lim - real estate advisor from Huttons Asia believe that this would effectively raise the quantum amount that buyers need to pay for new condo units.
The intended effect of increasing the average minimum size for upcoming new condo projects is to bump up home sizes for occupiers, while building fewer shoebox apartments that typically appeal to investors due to the lower quantums. The first time the average size was increased, it raised quantums (absolute prices) for smaller units as many buyers are happy to forgo some space for an upgraded lifestyle.
Some observers do not expect cooling measures - at least not till the second half of this year. The performance of the different segments of the property market was not uniform either. For instance, though the rental market is showing initial signs of bottoming out, it is still not yet out of the woods.
That follows Deputy Prime Minister Heng Swee Keat's comments in January, when he said the property market must remain stable so young Singaporeans can own their homes. Among the ideas are higher stamp duties and tighter loan limits for subsequent properties and foreigners.
One idea floated is to either set a minimum size for each unit or again increase the average minimum size for new developments. Kiwi Lim - real estate advisor from Huttons Asia believe that this would effectively raise the quantum amount that buyers need to pay for new condo units.
The intended effect of increasing the average minimum size for upcoming new condo projects is to bump up home sizes for occupiers, while building fewer shoebox apartments that typically appeal to investors due to the lower quantums. The first time the average size was increased, it raised quantums (absolute prices) for smaller units as many buyers are happy to forgo some space for an upgraded lifestyle.
Some observers do not expect cooling measures - at least not till the second half of this year. The performance of the different segments of the property market was not uniform either. For instance, though the rental market is showing initial signs of bottoming out, it is still not yet out of the woods.
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Sharp Rise in Single Person Households
Single-person households living in Housing and Development Board (HDB) flats are becoming far more common as a result of Singapore’s ageing population and a rule change in 2013 that allowed singles aged 35 and above to buy new two-room flats. This group — which could include live-alone seniors, singles, widows and divorcees — made up about one in eight HDB households, or 11.9 per cent, in 2018.In 2003, it was about one in 14 households, or 7.1 per cent. This was one of the key findings of HDB's latest sample household survey results, which were released on Feb 10.
Mr Lee Sze Teck, head of research at property agency Huttons Asia, said that HDB will need to keep abreast of this demographic change and renew its housing provision accordingly, pointing out that the number of singles had jumped by almost 300,000 from 2000 to 2019. This has resulted in the number of one-person households almost tripling, from 75,400 in 2000 to 208,000 in 2019, he added.
On the finding that fewer citizens and permanent residents are living in HDB flats, Mr Lee said that it is reflective of rising income and affluence. Median monthly household income has more than doubled from S$4,398 in 2000 to S$9,198 last year, he noted. “Coupled with a desire to change their lifestyle, some families and singles have opted to move to a private condominium. This has supported the healthy demand in the private residential market.
Single-person households living in Housing and Development Board (HDB) flats are becoming far more common as a result of Singapore’s ageing population and a rule change in 2013 that allowed singles aged 35 and above to buy new two-room flats. This group — which could include live-alone seniors, singles, widows and divorcees — made up about one in eight HDB households, or 11.9 per cent, in 2018.In 2003, it was about one in 14 households, or 7.1 per cent. This was one of the key findings of HDB's latest sample household survey results, which were released on Feb 10.
Mr Lee Sze Teck, head of research at property agency Huttons Asia, said that HDB will need to keep abreast of this demographic change and renew its housing provision accordingly, pointing out that the number of singles had jumped by almost 300,000 from 2000 to 2019. This has resulted in the number of one-person households almost tripling, from 75,400 in 2000 to 208,000 in 2019, he added.
On the finding that fewer citizens and permanent residents are living in HDB flats, Mr Lee said that it is reflective of rising income and affluence. Median monthly household income has more than doubled from S$4,398 in 2000 to S$9,198 last year, he noted. “Coupled with a desire to change their lifestyle, some families and singles have opted to move to a private condominium. This has supported the healthy demand in the private residential market.
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The Housing Board resale market started 2021 on a strong footing as prices rose for the seventh consecutive month last month, propped up by the continuing strong demand for public housing
Last month, a total of 13 Housing Board resale flats changed hands for at least $1 million each. The highest transacted price was $1.21 million for a five-room Design, Build and Sell Scheme unit at Natura Loft in Bishan Street 24.
Other Housing Board resale flats sold for at least $1 million in Jan 2021 were located across various heartlands of Singapore in:
Other Housing Board resale flats sold for at least $1 million in Jan 2021 were located across various heartlands of Singapore in:
- Tanjong Pagar - Cantonment Road
- Toa Payoh - Lorong 1A
- Clementi - Avenue 3
- Ghim Moh - Ghim Moh Link
- Commonwealth - Commonwealth Drive
- Bishan - Bishan Street 12
- Bukit Merah - Bukit Merah View
- Serangoon - Serangoon Avenue 2
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According to flash data from real estate portal SRX released yesterday, resale prices rose by 1.7 per cent last month, compared with last December.
The overall price increase was 7.7 per cent compared with last year, but still 7 per cent lower than the peak in April 2013. A total of 2,501 HDB resale flats changed hands last month, a marginal 0.5 per cent increase from last December, but the resale volume was 30.3 per cent higher than in January last year.
The bulk of the sales volume came from four-room flats, which made up 41.7 per cent of all sales transactions, followed by five-room flats (26.2 per cent), three-room flats (21.5 per cent) and executive flats (9 per cent), with two-room flats making up the remainder.
The strong demand for public housing has continued to prop up resale prices and is expected to be sustained in the coming months, with prices rising by 2 per cent to 5 per cent this year, said Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics.
The overall price increase was 7.7 per cent compared with last year, but still 7 per cent lower than the peak in April 2013. A total of 2,501 HDB resale flats changed hands last month, a marginal 0.5 per cent increase from last December, but the resale volume was 30.3 per cent higher than in January last year.
The bulk of the sales volume came from four-room flats, which made up 41.7 per cent of all sales transactions, followed by five-room flats (26.2 per cent), three-room flats (21.5 per cent) and executive flats (9 per cent), with two-room flats making up the remainder.
The strong demand for public housing has continued to prop up resale prices and is expected to be sustained in the coming months, with prices rising by 2 per cent to 5 per cent this year, said Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics.
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At the moment, it seems demand for HDB resale flats seems to be outpacing supply now, as evident by the high subscription rates of recent Build-To-Order launches and increasing resale transactions.
The rising price index indicated that the typical sellers are asking for higher prices and the buyers are willing to pay the higher prices. In fact some HDB resale flats were sold above their valuation amounts, which meant that buyers paid cash to the seller for the difference between the transaction price and the valuation amount, adding that such cash-over-valuation transactions would accelerate the rise in HDB resale prices.
Kiwi Lim from Huttons Asia believe that this domestic demand for housing may be spurred on by Covid as families are now choosing to pay a premium to live in bigger flats with a great view and convenient location as they are spending much more time at home now due to the Covid pandemic. There were a total of 82 million-dollar flats transacted during the start of the Covid pandemic last year in 2020, eclipsing 2018’s record of 71 such deals. Kiwi Lim believe this year could see another record number of million dollar flats transacted in the market.
The rising price index indicated that the typical sellers are asking for higher prices and the buyers are willing to pay the higher prices. In fact some HDB resale flats were sold above their valuation amounts, which meant that buyers paid cash to the seller for the difference between the transaction price and the valuation amount, adding that such cash-over-valuation transactions would accelerate the rise in HDB resale prices.
Kiwi Lim from Huttons Asia believe that this domestic demand for housing may be spurred on by Covid as families are now choosing to pay a premium to live in bigger flats with a great view and convenient location as they are spending much more time at home now due to the Covid pandemic. There were a total of 82 million-dollar flats transacted during the start of the Covid pandemic last year in 2020, eclipsing 2018’s record of 71 such deals. Kiwi Lim believe this year could see another record number of million dollar flats transacted in the market.
Straits Times news article 5 Feb 2021
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Irwell Hill Residences by reputable developer CDL enjoys close proximity to Orchard Road shopping belt, Robertson Quay, Clarke Quay, Dempsey Hills, Tiong Bahru Conservation Area and Singapore Botanic Gardens
The year 2021 launched two new residential condo projects with amazing sales results - Normanton Park condo which sold more than 650 units on its first day of launch and The Reef at King's Dock which saw more than 65% of its total units being snapped up by eager local buyers in one day.
2021 has an estimated 20 residential condo projects in the pipeline with most of the in the Core Central Region CCR and Rest of Central Region RCR districts. Due to the lack of Out of Central Region OCR residential condo projects this year, Kiwi Lim from Huttons Asia expect available OCR new condo supply to run very low by the end of this year possibly pushing up prices if domestic demand maintains.
2021 has an estimated 20 residential condo projects in the pipeline with most of the in the Core Central Region CCR and Rest of Central Region RCR districts. Due to the lack of Out of Central Region OCR residential condo projects this year, Kiwi Lim from Huttons Asia expect available OCR new condo supply to run very low by the end of this year possibly pushing up prices if domestic demand maintains.
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Home buyers and property investors this year can look forward to the following residential condo launches in the first half of 2021:
Irwell Hill Residences by CDL
Irwell Hill Residences by reputable developer CDL enjoys close proximity to Orchard Road shopping belt, Robertson Quay, Clarke Quay, Dempsey Hills, Tiong Bahru Conservation Area and Singapore Botanic Gardens.
Midtown Modern by Guocoland
Midtown Modern by reputable developer Guocoland consists of 558 Luxurious Units with selection of 1 - 4 Bedroom units. Starting from $1.1 mil, direct connection to Bugis MRT. Live, Work & Play @ Midtown.
One Bernam by MCC Land
One Bernam condo site is a corner land parcel consisting of 325 units from 1 bedder to 3 bedder units. Expected to be an attractive residential condo development in the CBD, One Bernam is bounded by Bernam Street and Enggor Street in District 2, just a stroll from Tanjong Pagar MRT Station.
Irwell Hill Residences by CDL
Irwell Hill Residences by reputable developer CDL enjoys close proximity to Orchard Road shopping belt, Robertson Quay, Clarke Quay, Dempsey Hills, Tiong Bahru Conservation Area and Singapore Botanic Gardens.
Midtown Modern by Guocoland
Midtown Modern by reputable developer Guocoland consists of 558 Luxurious Units with selection of 1 - 4 Bedroom units. Starting from $1.1 mil, direct connection to Bugis MRT. Live, Work & Play @ Midtown.
One Bernam by MCC Land
One Bernam condo site is a corner land parcel consisting of 325 units from 1 bedder to 3 bedder units. Expected to be an attractive residential condo development in the CBD, One Bernam is bounded by Bernam Street and Enggor Street in District 2, just a stroll from Tanjong Pagar MRT Station.
Canninghill Square sits on a prime site with a coveted dual-frontage facing Singapore River and Fort Canning Hill. Canninghill Square is an upmarket, high-rise riverfront residential condo development that comes with stunning views of Singapore River and the city centre. Click to visit website for e-brochures & floorplans or scan QR code to Register for VVIP Preview
The Atelier
The Atelier is a new condo located in the Newton area by upscale developer Bukit Sembawang Estates. Situated in a prime location, this freehold condo is close to iconic landmarks in Singapore including prestigious educational instituions such as Anglo-Chinese School, Cheng Ballet Academy, etc.
One-North Eden
One-North Eden is a mixed residential condo and commercial joint venture between Hong Leong Holdings and Mitsui Fudosan Co. One-North Eden condo is located in District 5, within walking distance from both Buona Vista MRT and One-North MRT station.
Canninghill Square by CDL & Capitaland
Canninghill Square sits on a prime site with a coveted dual-frontage facing Singapore River and Fort Canning Hill. Canninghill Square is an upmarket, high-rise riverfront residential condo development that comes with stunning views of Singapore River and the city centre.
The Ryse Residences by developer Allgreen
The Ryse Residences is an exciting upcoming integrated condo above the shopping mall, MRT station and bus interchange linked to a polyclinic and a town plaza at Pasir Ris Central.
The Atelier is a new condo located in the Newton area by upscale developer Bukit Sembawang Estates. Situated in a prime location, this freehold condo is close to iconic landmarks in Singapore including prestigious educational instituions such as Anglo-Chinese School, Cheng Ballet Academy, etc.
One-North Eden
One-North Eden is a mixed residential condo and commercial joint venture between Hong Leong Holdings and Mitsui Fudosan Co. One-North Eden condo is located in District 5, within walking distance from both Buona Vista MRT and One-North MRT station.
Canninghill Square by CDL & Capitaland
Canninghill Square sits on a prime site with a coveted dual-frontage facing Singapore River and Fort Canning Hill. Canninghill Square is an upmarket, high-rise riverfront residential condo development that comes with stunning views of Singapore River and the city centre.
The Ryse Residences by developer Allgreen
The Ryse Residences is an exciting upcoming integrated condo above the shopping mall, MRT station and bus interchange linked to a polyclinic and a town plaza at Pasir Ris Central.
The Ryse Residences is an exciting upcoming integrated condo above the shopping mall and MRT at Pasir Ris Central. Click to visit website for e-brochures & floorplans or scan QR code to Register for VVIP Preview
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South Korea, Canada & China among many countries seeing housing frenzy in 2021 possibly due to Covid
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Soaring private residential home prices in both residential property sales and rental rates surged in 2021 despite tighter mortgage curbs and heavier real estate taxes in Seoul, South Korea even after the government's efforts to discourage property demand through loan curbs and taxes failed to calm the South Korean market.
Residential developments in Seoul, South Korea is also seeing a supply crunch as construction projects from acquiring land to applying for building permits usually need about 10 to 13 years currently.
In addition to that, between 2016 and 2019, the number of single-person homes increased by 13 per cent to make up about a third of all households, while the nation's population edged up a mere 1.2 per cent to 51.8 million, Statistics Korea data showed.
South Korean policymakers have noticed an unexpected increase in the number of people living alone from last quarter of 2020 leading to a soaring demand for homes possibly from increased family tensions due to pandemic anxiety.
Residential developments in Seoul, South Korea is also seeing a supply crunch as construction projects from acquiring land to applying for building permits usually need about 10 to 13 years currently.
In addition to that, between 2016 and 2019, the number of single-person homes increased by 13 per cent to make up about a third of all households, while the nation's population edged up a mere 1.2 per cent to 51.8 million, Statistics Korea data showed.
South Korean policymakers have noticed an unexpected increase in the number of people living alone from last quarter of 2020 leading to a soaring demand for homes possibly from increased family tensions due to pandemic anxiety.
China’s real estate market defied the economic turmoil caused by the Covid-19 pandemic in 2020, with sales rising to a record after a strong recovery in the second half and a push by developers to shift unsold properties to raise cash as financing controls tightened.
Property sales measured by area climbed 2.6% to 1.76 billion square meters, while by value they rose 8.7% to 17.4 trillion yuan, both the highest since the data series began in 1991, according to figures (link in Chinese) released Monday by the National Bureau of Statistics (NBS). The full-year increase reversed a plunge in the first two months of 2020 when year-on-year sales by area (link in Chinese) slumped 39.9% and sank 35.9% by value as large swathes of the country went into lockdown to control the virus.
China’s economic gross domestic product is expected to grow by around 2 per cent this year in 2021 — a significantly better result than any other major economy, most of which are expected to suffer sharp contractions. One of the primary reasons for this resilience has been the relentless march of its property market. Construction activity has increased and house prices in major cities continue to rise.
Property sales measured by area climbed 2.6% to 1.76 billion square meters, while by value they rose 8.7% to 17.4 trillion yuan, both the highest since the data series began in 1991, according to figures (link in Chinese) released Monday by the National Bureau of Statistics (NBS). The full-year increase reversed a plunge in the first two months of 2020 when year-on-year sales by area (link in Chinese) slumped 39.9% and sank 35.9% by value as large swathes of the country went into lockdown to control the virus.
China’s economic gross domestic product is expected to grow by around 2 per cent this year in 2021 — a significantly better result than any other major economy, most of which are expected to suffer sharp contractions. One of the primary reasons for this resilience has been the relentless march of its property market. Construction activity has increased and house prices in major cities continue to rise.
CDL and CapitaLand to redevelop Singapore’s Liang Court site into an integrated development residential apartments - Canninghill Square directly linked to Fort Canning MRT station.
Canada faces record-high residential property demand and record-low residential property supply from the start of 2021. With competition continuing to heat up in Canada's largest cities, prospective homeowners - betting that work-from-home policies will outlast the pandemic - have been looking further afield to the suburbs and even rural areas. The largest benchmark price increases in December 2020 - up more than 30 per cent from last year - were seen in agricultural districts nearly two hours outside Toronto.
THE Canadian housing market capped off a record 2020 with a frenzied final month amid a rush to take advantage of low mortgage rates and buy bigger homes to ride out the Covid-19 pandemic. National home sales rose 7.2 per cent in December from the previous month, pushing total transactions for the year to a record 551,392 units, data released from the Canadian Real Estate Association (CREA) showed. Benchmark home prices were up 1.5 per cent on the month, bringing them 13.1 per cent higher from year-ago levels, while average home prices across the country reached a record US$607,280.
With banks offering mortgage rates below 1 per cent for the first time ever and a pandemic-induced desire for home offices and backyards, Covid pandemic led to many Canadians desiring to live separate from families by buying their own private property and others requiring a need for bigger dwellings with the ability to afford them. Even as a resurgence of coronavirus infections brings new lockdowns, a historic dearth of housing supply across the country leaves little prospect for the market cooling off in 2021.
Low available supply is the reason property values will continue to go up. While there were some regional nuance in prices, sales spiked in nearly every market across Canada.
THE Canadian housing market capped off a record 2020 with a frenzied final month amid a rush to take advantage of low mortgage rates and buy bigger homes to ride out the Covid-19 pandemic. National home sales rose 7.2 per cent in December from the previous month, pushing total transactions for the year to a record 551,392 units, data released from the Canadian Real Estate Association (CREA) showed. Benchmark home prices were up 1.5 per cent on the month, bringing them 13.1 per cent higher from year-ago levels, while average home prices across the country reached a record US$607,280.
With banks offering mortgage rates below 1 per cent for the first time ever and a pandemic-induced desire for home offices and backyards, Covid pandemic led to many Canadians desiring to live separate from families by buying their own private property and others requiring a need for bigger dwellings with the ability to afford them. Even as a resurgence of coronavirus infections brings new lockdowns, a historic dearth of housing supply across the country leaves little prospect for the market cooling off in 2021.
Low available supply is the reason property values will continue to go up. While there were some regional nuance in prices, sales spiked in nearly every market across Canada.
With excerpts from Business Times article
