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Image: Capitaland Malls
If you have not visited JCube shopping centre or the first and one of only two public ice skating rink in Singapore - The Rink located in Jurong East, you should go and visit before its transformed into a mixed residential condo development with a 2 storey shopping mall.
Capitaland announced on 7th Feb 2023 that JCube mall in Jurong East Central will close down on 6th Aug at 10pm to make way for a 40-storey residential development called J'den that will include commercial space on the first and second storeys.
The new residential building, targeted for completion in 2027, will complement the Government’s plans to bring new homes, businesses, recreational facilities and amenities to the Jurong Lake District. The highly anticipated new mixed condo project will also be linked to the upcoming Jurong East Integrated Transport Hub, which will include an air-conditioned bus interchange, a public library, a community club, and a sports centre among other commercial spaces.
Capitaland said it is working closely with the tenants and providing them with the necessary support to ensure a smooth handover of the premises.
JCube currently opens from 10 am to 10 pm and is home to Singapore’s first Olympic-size ice rink and the first IMAX theatre in the suburbs. JCube was built on the former site of the Jurong Entertainment Centre. The name, JCube was decided on after a naming competition held in 2010. J represents the mall’s location in Jurong. Cube represents what JCube was designed to look like - an ice cube. It was co-designed by RSP Architects and Benoy.
Capitaland announced on 7th Feb 2023 that JCube mall in Jurong East Central will close down on 6th Aug at 10pm to make way for a 40-storey residential development called J'den that will include commercial space on the first and second storeys.
The new residential building, targeted for completion in 2027, will complement the Government’s plans to bring new homes, businesses, recreational facilities and amenities to the Jurong Lake District. The highly anticipated new mixed condo project will also be linked to the upcoming Jurong East Integrated Transport Hub, which will include an air-conditioned bus interchange, a public library, a community club, and a sports centre among other commercial spaces.
Capitaland said it is working closely with the tenants and providing them with the necessary support to ensure a smooth handover of the premises.
JCube currently opens from 10 am to 10 pm and is home to Singapore’s first Olympic-size ice rink and the first IMAX theatre in the suburbs. JCube was built on the former site of the Jurong Entertainment Centre. The name, JCube was decided on after a naming competition held in 2010. J represents the mall’s location in Jurong. Cube represents what JCube was designed to look like - an ice cube. It was co-designed by RSP Architects and Benoy.
Click to view J'den Residences website, e-brochure & register for VIP invite to view the upcoming showflat
The former JCube Shopping Mall will be transforming into the First & Tallest Mixed-Use Development in the heart of Jurong Lake District, Singapore’s 2nd CBD - a thriving & vibrant key growth area with massive growth potential - J'den
The concept and design of J'den will offer future J'den residents a level of ultra convenience that is not yet seen in any condo project in Singapore. J'den will link to all other amenities and transformations in Jurong Gateway District sheltered from harsh / rainy weather via J-Walk, directly from the podium of the condo development itself. This is a rare and eagerly anticipated condo launch that you won’t want to miss, if you are looking for an opportunity to enter the market now.
📕Expected Unit Mix & Sizes of J'den:
➡️1BR : 527sqft | 37units
➡️1BR+S : 624sqft | 37 units
➡️2BR : 710/721sqft | 74 units
➡️2BR+S : 818/850sqft 74 units
➡️3BR : 1141/ 1184sqft 73 units
➡️3BR+S : 1259sqft | 36 units
➡️4BR : 1485sqft | 37 units
🔥Preview of J'den is expected to commence from 28th Oct 2023 (Sat) to 7th Nov 2023 (Tues). Viewings are strictly by appointment only. You may RSVP to view J'den with the Kiwi Lim at 9386 4036 - core marketing team at Huttons.
The nostalgic CapitaLand-owned mall - JCube finally says goodbye to make way for a mixed-use residential development.
Real estate professional Kiwi Lim said the last residential condo project launched in Jurong East area was J Gateway in 2013 which was fully sold out on the first preview day. This 738 unit condo project were sold at an average of $1,480 psf with the one-bedrooms selling for about $1,778 psf and four-bedrooms sold at around $1,400 psf onwards.
Buyers were attracted by the J Gateway's proximity to Jurong East MRT station and four malls earmarked for the area.
Public who wished to ice skate in future may be able to enjoy their favorite sport at the other ice skating rink at Kallang Ice World located right next to Stadium MRT which also has a gallery-style spectator seating and boasts competition-standard ice to match professional players requirements.
You may visit the website below for more updates regarding JCube's upcoming mixed condo development J'den .
Real estate professional Kiwi Lim said the last residential condo project launched in Jurong East area was J Gateway in 2013 which was fully sold out on the first preview day. This 738 unit condo project were sold at an average of $1,480 psf with the one-bedrooms selling for about $1,778 psf and four-bedrooms sold at around $1,400 psf onwards.
Buyers were attracted by the J Gateway's proximity to Jurong East MRT station and four malls earmarked for the area.
Public who wished to ice skate in future may be able to enjoy their favorite sport at the other ice skating rink at Kallang Ice World located right next to Stadium MRT which also has a gallery-style spectator seating and boasts competition-standard ice to match professional players requirements.
You may visit the website below for more updates regarding JCube's upcoming mixed condo development J'den .
The former JCube Shopping Mall will be transforming into the First & Tallest Mixed-Use Development in the heart of Jurong Lake District - J'den. Find out more about J'den
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An estimated one third of wealthy mainland Chinese with minimum assets worth US$4.5 million either toyed with the idea or are seriously considering emigrating to another country for better education systems elsewhere and to flee the country's polluted cities and strict government with the intention to also protect their wealth.
Since the COVID-19 pandemic began, Chinese citizens have endured the government’s punishing zero-tolerance strategy that aims to stamp out the virus at all costs. Now, faced with a continued “zero-COVID” future, China’s rich are plotting their escape. Around 10,000 high-net-worth individuals (HNWI) in China are seeking to leave their country this year and could take US$48 billion in wealth with them, according to a recent 2022 wealth migration report by Henley and Partners, an reputable investment migration consultancy.
But Chinese authorities have anticipated this and enforced tough barriers aimed at preventing a mass exodus of people and money. In May this year, Xi's government announced that it would stringently “restrict the nonessential exit activities of Chinese citizens” citing the need to contain the virus. Many in China viewed these draconian measures as a way for the authorities to avert major brain and capital drain. China’s harsh exit and entry policies have made it difficult for citizens to obtain the documents they need to leave, including procuring passports.
China has also implemented tough regulations to control the movement of funds out of the communist country, e.g. by strictly allowing Chinese citizens to exchange around $50,000 worth of Chinese yuan into foreign currencies every year and banning cryptocurrencies to prevent massive outflow of funds.
Since the COVID-19 pandemic began, Chinese citizens have endured the government’s punishing zero-tolerance strategy that aims to stamp out the virus at all costs. Now, faced with a continued “zero-COVID” future, China’s rich are plotting their escape. Around 10,000 high-net-worth individuals (HNWI) in China are seeking to leave their country this year and could take US$48 billion in wealth with them, according to a recent 2022 wealth migration report by Henley and Partners, an reputable investment migration consultancy.
But Chinese authorities have anticipated this and enforced tough barriers aimed at preventing a mass exodus of people and money. In May this year, Xi's government announced that it would stringently “restrict the nonessential exit activities of Chinese citizens” citing the need to contain the virus. Many in China viewed these draconian measures as a way for the authorities to avert major brain and capital drain. China’s harsh exit and entry policies have made it difficult for citizens to obtain the documents they need to leave, including procuring passports.
China has also implemented tough regulations to control the movement of funds out of the communist country, e.g. by strictly allowing Chinese citizens to exchange around $50,000 worth of Chinese yuan into foreign currencies every year and banning cryptocurrencies to prevent massive outflow of funds.
As part of Singapore's attempt to build and improve our economy, the Economic Development Board (EDB) and the Ministry of Manpower (MOM) launched The Global Investor Program (GIP) in 2004 - a Permanent Residency scheme specially designed for wealthy investors, entrepreneurs and business owners who wish to invest in our economy and relocate to Singapore. Under The Global Investor Programme (GIP), foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies. We may also require these individuals to have a substantial business track record and successful entrepreneurial background to qualify in order to drive businesses and investment growth in Singapore.
As countries around the world compete to attract investments and grow their economies, such global investor programs are very common among developing or developed nations. Thailand recently introduced a form of GIP program to attract rich foreigners to invest in Thailand while allowing foreigners to fully own land for residential use in an attempt by Thailand to boost its economy by attracting a million new big-spending residents from overseas.
Thailand has for decades been a popular expatriate destination for investment, retirement and for starting small businesses, but foreign land ownership has been restricted. Under this recently introduced scheme, foreign nationals will now be permitted to own up to 1 rai (0.16 hectares) from September this year if they are able to invest 40 million baht (S$1.5 million) in properties, securities or funds in Thailand over the time span of 3 years.
As countries around the world compete to attract investments and grow their economies, such global investor programs are very common among developing or developed nations. Thailand recently introduced a form of GIP program to attract rich foreigners to invest in Thailand while allowing foreigners to fully own land for residential use in an attempt by Thailand to boost its economy by attracting a million new big-spending residents from overseas.
Thailand has for decades been a popular expatriate destination for investment, retirement and for starting small businesses, but foreign land ownership has been restricted. Under this recently introduced scheme, foreign nationals will now be permitted to own up to 1 rai (0.16 hectares) from September this year if they are able to invest 40 million baht (S$1.5 million) in properties, securities or funds in Thailand over the time span of 3 years.
In a 2018 survey report from the Hurun Research Institute, a China-based wealth research firm, and Visas Consulting Group - the top destination among Chinese millionaires looking to move their families, and money, to another country is the United States of America while the U.K. ranked second, followed by Ireland and then Canada. CNBC estimated that overseas assets currently account for an estimated ten percent of the total assets of mainland Chinese millionaires and billionaires.
However, world geopolitics have changed greatly and are much different now in 2022 with the current strong anti-China sentiment running in Europe and the United States as western nations fear the growing economic prowess of China which some analysts predict will overtake the United States as the world's largest economy within the next decade. Many believe the number of countries these mainland Chinese millionaires can emigrate to seem quite limited as much lesser mainland Chinese now aspire to move to Europe and the United States.
Real estate professional Kiwi Lim felt that foreign exchange deposits and real estate are the most popular way for the Chinese rich to store their fortunes offshore due to high cost-effectiveness, followed by stability and permanent property rights.
However, world geopolitics have changed greatly and are much different now in 2022 with the current strong anti-China sentiment running in Europe and the United States as western nations fear the growing economic prowess of China which some analysts predict will overtake the United States as the world's largest economy within the next decade. Many believe the number of countries these mainland Chinese millionaires can emigrate to seem quite limited as much lesser mainland Chinese now aspire to move to Europe and the United States.
Real estate professional Kiwi Lim felt that foreign exchange deposits and real estate are the most popular way for the Chinese rich to store their fortunes offshore due to high cost-effectiveness, followed by stability and permanent property rights.
The Government announced on 16 Dec 2021 a series of measures to cool the private residential property and HDB resale markets
From Fortune Magazine online article on 21 July 2022
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Sceneca Residence is a 99 years leasehold upcoming mixed development condo right in front of Tanah Merah MRT station in District 16
A Sale Licence allows the developers to sell the units once Building Plan Approval is given whereas developers who are issued with No-sale Licence usually mean that the developer can only commence construction but are not allowed to sell any units before Temporary Occupation Permit (TOP) is obtained for the project.
A No-sale Licence has just been issued to MCC Land by URA for Sceneca Residence - an upcoming mixed development project in Tanah Merah right with direct access to the MRT station that has been garnering keen interest from mass market home buyers.
The No-Sale Licence states that the developer "shall not, in respect of any unit in the development, grant any option to purchase, or enter into any sale and purchase agreement, or dispose of it in any way, without first obtaining the approval of the Controller in writing"
More information will be released soon as we get more updates from MCC Land and URA.
A No-sale Licence has just been issued to MCC Land by URA for Sceneca Residence - an upcoming mixed development project in Tanah Merah right with direct access to the MRT station that has been garnering keen interest from mass market home buyers.
The No-Sale Licence states that the developer "shall not, in respect of any unit in the development, grant any option to purchase, or enter into any sale and purchase agreement, or dispose of it in any way, without first obtaining the approval of the Controller in writing"
More information will be released soon as we get more updates from MCC Land and URA.
Straits Times online on 20 July 2022
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AMO Residence saw a very strong turnout in its first weekend of preview as it is the first major condo launch in the OCR [Outside Central Region] in 2022
AMO Residence - a beautifully designed private condo development consisting of 372-units along Ang Mo Kio Avenue 1, opened for preview on Saturday, July 9. Over the long weekend, the project has attracted a crowd of about 7,500 to its sales gallery.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
Another condo project that launched for sale in July is a luxury development Cape Royale at Sentosa Cove by joint developers IOI Properties and Ho Bee Land. Cape Royale started sale previews for the 99-year-leasehold project on 28 June (Tuesday) sold about 50 per cent of the 50 units put up for sale on its first day of bookings on 6 July (Wednesday). Its 3-bedroom units were understood to be sold at a median price of S$4 million, while 4-room apartments went for a median S$5.5 million.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
This weekend's preview may see units at AMO Residence priced from $1,890 psf for the larger units with two-bedroom units expected to be priced from close to $2,100 psf onwards, starting from $1.26 million; three-bedroom units from $1.81 million; four-bedroom units from $2.48 million; and five-bedroom units from $2.85 million.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Find out what are the upcoming new condo launches in the year 2022
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US Labor Department data revealed on 13 July (Wednesday) that the consumer price index rose 9.1 per cent from a year earlier, the largest gain since the end of 1981. Compared to one year ago, the index in June hit 9.1%, rising from the 8.6% year-on-year increase the month before — staying at the fastest pace in 40 years.
The red-hot inflation figures reaffirm that price pressures are across all sectors and almost all industries and broadly throughout the whole American economy which inadvertently reduces purchasing power of the mass population.
Geopolitical risks including Covid lockdowns in China and Russia’s war in Ukraine also pose risks to supply chains and the inflation outlook.
Real estate professional Kiwi Lim from Huttons Asia believe this latest inflationary data may keep Federal Reserve officials on an aggressive policy course to slow down inflation by reducing demand as President Biden & his government has seen support dropping sharply ahead of midterm elections.
The red-hot inflation figures reaffirm that price pressures are across all sectors and almost all industries and broadly throughout the whole American economy which inadvertently reduces purchasing power of the mass population.
Geopolitical risks including Covid lockdowns in China and Russia’s war in Ukraine also pose risks to supply chains and the inflation outlook.
Real estate professional Kiwi Lim from Huttons Asia believe this latest inflationary data may keep Federal Reserve officials on an aggressive policy course to slow down inflation by reducing demand as President Biden & his government has seen support dropping sharply ahead of midterm elections.
US Federal Reserve officials have already signaled a second 75 basis-point hike in interest rates later this month in July amid persistent inflation as well as still-robust job and wage growth in America, but Kiwi felt there is a 50% chance that the Federal Reserve could raise a full percentage point at this July's meeting.
Singapore home loan interest rates may hit 3.5% by the end of 2022 and 4% by mid of next year. However several factors such as limited supply, labor shortage, higher manpower cost and higher construction costs will continue to see housing prices in Singapore on an upward trend but at a much slower rate as compared to last year.
Singapore home loan interest rates may hit 3.5% by the end of 2022 and 4% by mid of next year. However several factors such as limited supply, labor shortage, higher manpower cost and higher construction costs will continue to see housing prices in Singapore on an upward trend but at a much slower rate as compared to last year.
The euro dollar has also suffered a swift and brutal slump this year, and now it has crossed a major threshold for the first time in more than two decades: parity with the US dollar as Russia's invasion of Ukraine has worsened the outlook for growth in the euro zone and pushed up the cost of its energy imports. The common currency of Europe has slipped around 12 per cent to touch a low of US$0.9998 on 13 July (Wednesday).
The rapid currency depreciation is a big challenge for the European Central Bank (ECB), given that the euro was trading close to US$1.15 just a few months ago in February. The scenario of a "complete gas shutoff" from the very important Nord Stream 1 pipeline which carries fossil fuel supply from Russia could have contributed to the loss of confidence in the European market and this has a major impact for consumers in the €12 trillion (S$17 trillion) economy, as a depreciated currency will feed an inflation spike that is already out of control, with prices rising at a record pace close to 9 per cent.
"The flour that makes the bread is not getting any cheaper, how do you expect the price of bread to stay the same?" Kiwi Lim felt that oil prices must not go beyond its current average of US$100 per barrel in order to manage inflation. But winter is arriving in Europe, if Russia decides to cut its oil and gas to Europe due to the Russia - Ukraine war, prices of fossil fuel may continue to go up as the season turns cold by the end of the year for Europe. Oil and gas affects almost every industry and business sector, especially transport and logistics and this may add upward price pressures of goods and services in spite of the Fed's increase in interest rates.
On the bright side, Fixed Deposits in Singapore may see higher interest rates, probably to the tune of 3% annual interest offered by banks in Singapore towards the end of this year.
The rapid currency depreciation is a big challenge for the European Central Bank (ECB), given that the euro was trading close to US$1.15 just a few months ago in February. The scenario of a "complete gas shutoff" from the very important Nord Stream 1 pipeline which carries fossil fuel supply from Russia could have contributed to the loss of confidence in the European market and this has a major impact for consumers in the €12 trillion (S$17 trillion) economy, as a depreciated currency will feed an inflation spike that is already out of control, with prices rising at a record pace close to 9 per cent.
"The flour that makes the bread is not getting any cheaper, how do you expect the price of bread to stay the same?" Kiwi Lim felt that oil prices must not go beyond its current average of US$100 per barrel in order to manage inflation. But winter is arriving in Europe, if Russia decides to cut its oil and gas to Europe due to the Russia - Ukraine war, prices of fossil fuel may continue to go up as the season turns cold by the end of the year for Europe. Oil and gas affects almost every industry and business sector, especially transport and logistics and this may add upward price pressures of goods and services in spite of the Fed's increase in interest rates.
On the bright side, Fixed Deposits in Singapore may see higher interest rates, probably to the tune of 3% annual interest offered by banks in Singapore towards the end of this year.
NBC News and Straits Times online
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Singapore’s red-hot residential market saw homebuyers spending more than S$20 billion during the first half of 2022 alone – as the frenzy continues for locals and foreigners to own properties in the small island nation with a very limited amount of land space for residential properties amidst rising demand
Private residential home prices in Singapore has been seeing high growths in 2020 and 2021 as Covid brought about the need for more space and a desire among young adults to enjoy more privacy by finding their own accommodations away from their parents. The ultra-rich worldwide have also been shifting their funds from economies adversely affected by the pandemic, especially in Hong Kong and China, by political turmoil and the ultra strict Covid measures.
This year, the boom in Singapore's property is only slightly tamed by the recent property curbs and the seeming recession that may slow down soaring property prices by the mid of next year in 2023.
Private residential home prices in Singapore has been seeing high growths in 2020 and 2021 as Covid brought about the need for more space and a desire among young adults to enjoy more privacy by finding their own accommodations away from their parents. The ultra-rich worldwide have also been shifting their funds from economies adversely affected by the pandemic, especially in Hong Kong and China, by political turmoil and the ultra strict Covid measures.
This year, the boom in Singapore's property is only slightly tamed by the recent property curbs and the seeming recession that may slow down soaring property prices by the mid of next year in 2023.
Below are some nice resale condo projects I have shortlisted with below criteria:
High Park Residences:
A very large condo project in Fernvale (District 28), High Park Residences has 1,390 residential units that range from studio and 1 bedders up to 5 bed ones and bungalows and semi-detached homes plus 9 commercial units including restaurants and a childcare centre. High Park Residences boasts 118 facilities including an infinity pool, tennis courts, gymnasium, a boxing ring, flying fox and jamming room. High Park Residences is next door to Thanggam LRT meaning it is a 30-minute commute into the city. Its proximity to the expressways means it is less than 20 minutes by car. CEL Development (CEL) – the developer for High Park Residences, is a Singapore-listed property development and investments firm with projects and interests in Singapore, Vietnam & Australia.
- Must have full condo facilities
- Must be within 10 years from TOP date
- Currently has avail 2 bedroom condo units below $1 million (as at 9pm on 11 July 2022)
High Park Residences:
A very large condo project in Fernvale (District 28), High Park Residences has 1,390 residential units that range from studio and 1 bedders up to 5 bed ones and bungalows and semi-detached homes plus 9 commercial units including restaurants and a childcare centre. High Park Residences boasts 118 facilities including an infinity pool, tennis courts, gymnasium, a boxing ring, flying fox and jamming room. High Park Residences is next door to Thanggam LRT meaning it is a 30-minute commute into the city. Its proximity to the expressways means it is less than 20 minutes by car. CEL Development (CEL) – the developer for High Park Residences, is a Singapore-listed property development and investments firm with projects and interests in Singapore, Vietnam & Australia.
Click to view avail units for sale at High Park Residences in Propertyguru
Kingsford Waterbay:
Overlooking the beautiful Sungei Serangoon, the 9 towers that make up Kingsford Waterbay are arranged so that every unit either overlooks the river, or the facilities. Located in a private residential enclave of Upper Serangoon View in District 19, Kingsford Waterbay has 1,165 units spread across nine 16 storey towers, arranged in such a way that all residents either have a view over Sungei Serangoon or the large number of facilities that the development boasts. Its condo facilities include river style lengthy pool, a wave pool, tennis court, aqua gym, putting green and sky bar among others.
Kingsford Waterbay is not near the MRT but a shuttle bus and 2 regular bus services will take residents there in around 10 minutes. The KPE nearby allows a short drive into the CBD in around 20 minutes. Kingsford Development (KDL) is a real estate company with a strong portfolio of investment and development properties across Asia.
Overlooking the beautiful Sungei Serangoon, the 9 towers that make up Kingsford Waterbay are arranged so that every unit either overlooks the river, or the facilities. Located in a private residential enclave of Upper Serangoon View in District 19, Kingsford Waterbay has 1,165 units spread across nine 16 storey towers, arranged in such a way that all residents either have a view over Sungei Serangoon or the large number of facilities that the development boasts. Its condo facilities include river style lengthy pool, a wave pool, tennis court, aqua gym, putting green and sky bar among others.
Kingsford Waterbay is not near the MRT but a shuttle bus and 2 regular bus services will take residents there in around 10 minutes. The KPE nearby allows a short drive into the CBD in around 20 minutes. Kingsford Development (KDL) is a real estate company with a strong portfolio of investment and development properties across Asia.
Click to view avail units for sale at Kingsford Waterbay in Propertyguru
The Alps Residences:
Situated in District 18 of Tampines estate, The Alps Residences is an attractively priced, well designed and built condo project. Although there are few amenities nearby and not near MRT station, The Alps Residences is situated nicely between the matured estates of Tampines Central and Pasir Ris Central.
MCC Land (Singapore) Pte Ltd is part of the MCC Group in Singapore which is a subsidiary of the Fortune 500 company Metallurgy Corporation of China Ltd. It is a total building services provider with capabilities in property development, construction and project management, as well as engineering services.
Situated in District 18 of Tampines estate, The Alps Residences is an attractively priced, well designed and built condo project. Although there are few amenities nearby and not near MRT station, The Alps Residences is situated nicely between the matured estates of Tampines Central and Pasir Ris Central.
MCC Land (Singapore) Pte Ltd is part of the MCC Group in Singapore which is a subsidiary of the Fortune 500 company Metallurgy Corporation of China Ltd. It is a total building services provider with capabilities in property development, construction and project management, as well as engineering services.
Click to view avail units for sale at The Alps Residences in Propertyguru
Signature At Yishun:
Signature At Yishun is a beautiful condo project in Yishun, District 12. Signature At Yishun offers great facilities and features like foot reflexology, slide pool, swing beds, cascading water, a jogging trail, art alley, a clubhouse, a tennis court, jacuzzi and more. Residents may need to take public buses to Khatib MRT Station or Yishun MRT Station as the condo project is not near the MRT nor amenities.
Signature At Yishun is a beautiful condo project in Yishun, District 12. Signature At Yishun offers great facilities and features like foot reflexology, slide pool, swing beds, cascading water, a jogging trail, art alley, a clubhouse, a tennis court, jacuzzi and more. Residents may need to take public buses to Khatib MRT Station or Yishun MRT Station as the condo project is not near the MRT nor amenities.
Click to view avail units for sale at Signature at Yishun in Propertyguru
d’Nest:
Located in the matured estate of Pasir Ris at District 18 in Singapore, d’Nest is a large residential condo project consisting of 912 units, set in 12 blocks that of 11 to 13 storeys in height. d’Nest has a good choice of units ranging from 1 bedroom to 5 bedrooms and rare dual-key units offering a wide range of facilities that is within less than 10 minutes’ walk to White Sands shopping mall and Pasir Ris MRT Station along the East West MRT Line as well as a bus interchange.
City Developments Limited (CDL) is a leader in the real estate industry since 1963 developing more than 36,000 luxurious homes and owns close to 7.2 million square feet of commercial, retail, residential and hotel space locally and globally.
Located in the matured estate of Pasir Ris at District 18 in Singapore, d’Nest is a large residential condo project consisting of 912 units, set in 12 blocks that of 11 to 13 storeys in height. d’Nest has a good choice of units ranging from 1 bedroom to 5 bedrooms and rare dual-key units offering a wide range of facilities that is within less than 10 minutes’ walk to White Sands shopping mall and Pasir Ris MRT Station along the East West MRT Line as well as a bus interchange.
City Developments Limited (CDL) is a leader in the real estate industry since 1963 developing more than 36,000 luxurious homes and owns close to 7.2 million square feet of commercial, retail, residential and hotel space locally and globally.
Click to view avail units for sale at d'Nest in Propertyguru
The Tapestry:
The Tapestry is a beautiful condominium located in District 18 of Tampines with 861 units developed by City Developments Limited, a very reputable developer in Singapore. The Tapestry is a beautiful high end condominium building with a variety of facilities residents can enjoy. Residents can find facilities such as adult fitness station, jogging track, playground, gymnasium room, lap pool, pool deck, tennis court, community garden, lounge, pavilion, steam bath and multi-purpose hall. While not being near the MRT, there is a bus stop nearby and residents of The Tapestry can access the CBD and Orchard Road, the heart of shopping and the business hubs, via Bartley Road East, Central Expressway and The Pan Island Expressway (PIE).
The Tapestry is a beautiful condominium located in District 18 of Tampines with 861 units developed by City Developments Limited, a very reputable developer in Singapore. The Tapestry is a beautiful high end condominium building with a variety of facilities residents can enjoy. Residents can find facilities such as adult fitness station, jogging track, playground, gymnasium room, lap pool, pool deck, tennis court, community garden, lounge, pavilion, steam bath and multi-purpose hall. While not being near the MRT, there is a bus stop nearby and residents of The Tapestry can access the CBD and Orchard Road, the heart of shopping and the business hubs, via Bartley Road East, Central Expressway and The Pan Island Expressway (PIE).
Click to view avail units for sale at The Tapestry in Propertyguru
Terrasse:
Terrasse is resort style condominium located along Terrasse Lane in District 19. It is a condominium project that was completed around 2015 comprising 414 units. Residents at Terrasse can enjoy the rain tree boulevard, palm courtyard, viewing deck, serene garden, sun deck, barbeque pavilion, fern valley, side gate, fitness area, tennis court, multi-purpose court, jogging track, children's pool, lagoon playscape, castle playscape, floating islands, misty falls, firefly creek, jacuzzi, 50m lap pool, jungle jacuzzi, cascading springs, ripple pond, arcadia clubhouse, mirage esplanade and wellness sanctuary (outdoor fitness, gymnasium, spa room, exercise studio). Terrasse enjoys convenient public transportation and was developed by the reputable MCL Land (Serangoon) Pte Ltd.
Terrasse is resort style condominium located along Terrasse Lane in District 19. It is a condominium project that was completed around 2015 comprising 414 units. Residents at Terrasse can enjoy the rain tree boulevard, palm courtyard, viewing deck, serene garden, sun deck, barbeque pavilion, fern valley, side gate, fitness area, tennis court, multi-purpose court, jogging track, children's pool, lagoon playscape, castle playscape, floating islands, misty falls, firefly creek, jacuzzi, 50m lap pool, jungle jacuzzi, cascading springs, ripple pond, arcadia clubhouse, mirage esplanade and wellness sanctuary (outdoor fitness, gymnasium, spa room, exercise studio). Terrasse enjoys convenient public transportation and was developed by the reputable MCL Land (Serangoon) Pte Ltd.
Click to view avail units for sale at Terrasse in Propertyguru
Hillsta:
Hillsta is a 99 yrs leasehold condominium development located along Phoenix Road in District 22. It is a rustic condominium project completed in 2016 with a total of 416 units with shops and amenities nearby. Developed by Trust House Pte Ltd, the nearest LRT station to Hillsta is Phoenix LRT station.
Hillsta is a 99 yrs leasehold condominium development located along Phoenix Road in District 22. It is a rustic condominium project completed in 2016 with a total of 416 units with shops and amenities nearby. Developed by Trust House Pte Ltd, the nearest LRT station to Hillsta is Phoenix LRT station.
Click to view avail units for sale at Hillsta in Propertyguru
Boathouse Residences:
Located along Upper Serangoon View in D19, Boathouse Residences is a 99 year leasehold condominium completed in 2015. Boathouse Residences was developed by Easthouse Properties Pte. Ltd comprising of 493 units. Designed to be aesthetically pleasing to the eyes, Boathouse Residences is a modern style condominium that offers full facilities like a nice swimming pool, gymnasium room, jogging track, putting green, jacuzzi, wading pool, playground and basement car park with ample parking. Boathouse Residences is surrounded by eateries and amenities although the nearest MRT at Hougang MRT is around a 15 minute walking distance. Residents enjoy easy access to major expressways such as the Kallang – Paya Lebar Expressway, Tampines Expressway and the Central Expressway.
Located along Upper Serangoon View in D19, Boathouse Residences is a 99 year leasehold condominium completed in 2015. Boathouse Residences was developed by Easthouse Properties Pte. Ltd comprising of 493 units. Designed to be aesthetically pleasing to the eyes, Boathouse Residences is a modern style condominium that offers full facilities like a nice swimming pool, gymnasium room, jogging track, putting green, jacuzzi, wading pool, playground and basement car park with ample parking. Boathouse Residences is surrounded by eateries and amenities although the nearest MRT at Hougang MRT is around a 15 minute walking distance. Residents enjoy easy access to major expressways such as the Kallang – Paya Lebar Expressway, Tampines Expressway and the Central Expressway.
Click to view avail units for sale at Boathouse Residences in Propertyguru
Midtown Residences:
Midtown Residences is a leasehold condominium development that along Upper Serangoon Road in District 19. It is a condominium project completed in 2016 with a total of 160 units located within 3 minutes walk to Hougang MRT serving the North East MRT Line and is surrounded by eateries and amenities. In fact, this development is a mixed development with shopping mall directly below it offering food and amenities. Residents can enjoy the swimming pool, kid’s pool, pool deck, gymnasium, fitness corner, playground, basketball court, pavilion, barbeque pit, family lawn and roof garden. Midtown Residences are served by Hougang bus interchange in Hougang Central.
Midtown Residences is a leasehold condominium development that along Upper Serangoon Road in District 19. It is a condominium project completed in 2016 with a total of 160 units located within 3 minutes walk to Hougang MRT serving the North East MRT Line and is surrounded by eateries and amenities. In fact, this development is a mixed development with shopping mall directly below it offering food and amenities. Residents can enjoy the swimming pool, kid’s pool, pool deck, gymnasium, fitness corner, playground, basketball court, pavilion, barbeque pit, family lawn and roof garden. Midtown Residences are served by Hougang bus interchange in Hougang Central.
Click to view avail units for sale at Midtown Residences in Propertyguru
Riversails:
Riversails is a 920 unit residential condo development located along Upper Serangoon Crescent in District 19. Completed in 2016 and developed by All Green Properties Limited, Riversails is situated close to shops and amenities. Residents can enjoy the grand pavilion, peak pavilion, cabanas, floating pavilion, discovery pavilion, outdoor living deck, outdoor breakfast patio, tea party lounge, patio living terrace, bbq pod, patio dining, party deck, play pool, kid’s spa, interactive water feature, miniature golf, tree house playground, flying fox, water swings, paddle boats, climbing cubes, jungle gym mini theatre and stage of tales, children’s project area, reflexology walk, lawn hammocks, water hammocks, floating pontoon decks, sun deck, dance deck, aqua deck, tennis court, badminton court lawn, wi-fi pod, outdoor gym, table tennis room, yoga pod, jogging track, island swirl spa, lagoon spa, dip pool 50m lap pool, timber boardwalk, rain garden, island planting, aroma-peutic garden, courtyard water feature & sculpture, palm garden, koi pond, kinectic water feature, green trellis, stream of stars, water garden, bar counter, camping lawn, star gazing lawn, outdoor fitness, reading corner, outdoor dining, bird spotting and viewing deck, children play area, bbq, gym, function room, reading room and audio visual room.
Riversails is a 920 unit residential condo development located along Upper Serangoon Crescent in District 19. Completed in 2016 and developed by All Green Properties Limited, Riversails is situated close to shops and amenities. Residents can enjoy the grand pavilion, peak pavilion, cabanas, floating pavilion, discovery pavilion, outdoor living deck, outdoor breakfast patio, tea party lounge, patio living terrace, bbq pod, patio dining, party deck, play pool, kid’s spa, interactive water feature, miniature golf, tree house playground, flying fox, water swings, paddle boats, climbing cubes, jungle gym mini theatre and stage of tales, children’s project area, reflexology walk, lawn hammocks, water hammocks, floating pontoon decks, sun deck, dance deck, aqua deck, tennis court, badminton court lawn, wi-fi pod, outdoor gym, table tennis room, yoga pod, jogging track, island swirl spa, lagoon spa, dip pool 50m lap pool, timber boardwalk, rain garden, island planting, aroma-peutic garden, courtyard water feature & sculpture, palm garden, koi pond, kinectic water feature, green trellis, stream of stars, water garden, bar counter, camping lawn, star gazing lawn, outdoor fitness, reading corner, outdoor dining, bird spotting and viewing deck, children play area, bbq, gym, function room, reading room and audio visual room.
Click to view avail units for sale at Riversails in Propertyguru
Parc Riviera:
Parc Riviera is a 99-year leasehold condo situated in District 5 along West Coast Vale sitting on more than 200,000 square feet of sprawling land area. Parc Riviera is a few bus-stops to Clementi MRT with an easy access to amenities and schools. Parc Riviera consists of two towers of around 36-storeys with a total of 752 units developed by EL Development (West Coast) Pte Ltd. West Coast Vale is an extension of the West Coast Road and Parc Riviera is accessible via AYE and PIE.
Parc Riviera is a 99-year leasehold condo situated in District 5 along West Coast Vale sitting on more than 200,000 square feet of sprawling land area. Parc Riviera is a few bus-stops to Clementi MRT with an easy access to amenities and schools. Parc Riviera consists of two towers of around 36-storeys with a total of 752 units developed by EL Development (West Coast) Pte Ltd. West Coast Vale is an extension of the West Coast Road and Parc Riviera is accessible via AYE and PIE.
Click to view avail units for sale at Parc Riviera in Propertyguru
A Treasure Trove:
A Treasure Trove is a leasehold condominium located along Punggol Walk in District 19. Completed in 2015 with a total of 882 units, A Treasure Trove is conveniently located across the Punggol interchange MRT station and the Punggol Bus Interchange. Developed by Sim Lian JV (Punggol Central) Pte Ltd, a medium-scale property development group that has built about 19 property projects in Singapore. There are various facilities that residents can enjoy while living in A Treasure Trove like barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse, function, Jacuzzi, playground and swimming pool. For those with vehicles, the CBD and Orchard Road can be easily accessed via Central Expressway and Kallang-Paya Lebar Expressway in 20 to 25 minutes.
A Treasure Trove is a leasehold condominium located along Punggol Walk in District 19. Completed in 2015 with a total of 882 units, A Treasure Trove is conveniently located across the Punggol interchange MRT station and the Punggol Bus Interchange. Developed by Sim Lian JV (Punggol Central) Pte Ltd, a medium-scale property development group that has built about 19 property projects in Singapore. There are various facilities that residents can enjoy while living in A Treasure Trove like barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse, function, Jacuzzi, playground and swimming pool. For those with vehicles, the CBD and Orchard Road can be easily accessed via Central Expressway and Kallang-Paya Lebar Expressway in 20 to 25 minutes.
Click to view avail units for sale at A Treasure Trove in Propertyguru
The above information is from Propertyguru and serve as a reference for buyers looking to buy a 2 bedroom in Singapore below S$1 million budget. All listings are available as at 9pm on 11 July 2022.
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The Selective En bloc Redevelopment Scheme, or SERS for short, is an urban redevelopment strategy employed by the Housing and Development Board in Singapore to maintain and upgrade ageing public housing flats in older estates to revitalise, improve amenities and facilities for the residents in the older estates in Singapore.
For the past few weeks, SERS has been been discussed & debated fervently in the social media, at coffeshops and all across Singapore. It was even brought up in parliament on Monday (4 July) regarding the seemingly inappropriate compensation given to the affected households of the Ang Mo Kio SERS or the top-ups they need to pay when they select their brand new replacement flats that is located nearer to the MRT station.
For the past few weeks, SERS has been been discussed & debated fervently in the social media, at coffeshops and all across Singapore. It was even brought up in parliament on Monday (4 July) regarding the seemingly inappropriate compensation given to the affected households of the Ang Mo Kio SERS or the top-ups they need to pay when they select their brand new replacement flats that is located nearer to the MRT station.
In April this year, blocks 562, 563, 564 and 565 along Ang Mo Kio Avenue 3 have been chosen for the Housing and Development Board's Selective En bloc Redevelopment scheme.
Real estate professional Kiwi Lim from Huttons Asia felt that this degree of unhappiness from the households affected by SERS was unusual as SERS is supposed to bring about a TOTO effect equivalent to a private residential Enbloc scenario for public housing.
The reason why affected households are unhappy with the SERS compensation could be attributed to the high resale value that is seen in the public housing market so far and the seemingly inappropriate compensation the households get from the government's valuation of their flats for SERS.
To mitigate and compromise for a solution, the HDB announced on 2 July Saturday that all the owners of flats undergoing the Selective En bloc Redevelopment Scheme (Sers) in Ang Mo Kio will be given two more rehousing options that address their concerns about having to fork out cash for similarly-sized replacement units. Residents had previously expressed dismay at having to pay up to $100,000 for a replacement flat. HDB understands their concerns and has therefore provided the additional options to help them purchase their new replacement flats.
You may read about the two unprecedented options offered by HDB for future SERS households here.
Real estate professional Kiwi Lim from Huttons Asia felt that this degree of unhappiness from the households affected by SERS was unusual as SERS is supposed to bring about a TOTO effect equivalent to a private residential Enbloc scenario for public housing.
The reason why affected households are unhappy with the SERS compensation could be attributed to the high resale value that is seen in the public housing market so far and the seemingly inappropriate compensation the households get from the government's valuation of their flats for SERS.
To mitigate and compromise for a solution, the HDB announced on 2 July Saturday that all the owners of flats undergoing the Selective En bloc Redevelopment Scheme (Sers) in Ang Mo Kio will be given two more rehousing options that address their concerns about having to fork out cash for similarly-sized replacement units. Residents had previously expressed dismay at having to pay up to $100,000 for a replacement flat. HDB understands their concerns and has therefore provided the additional options to help them purchase their new replacement flats.
You may read about the two unprecedented options offered by HDB for future SERS households here.
How does HDB's HIP polling system work?
Some of you may be familiar with HDB’s Home Improvement Programme (HIP) program. When HDB flats age beyond 40 years, it is inevitable that some refurbishment and maintenance is needed for these flats to remain in good living condition. The Home Improvement Programme (HIP) was introduced in 2007 to focus on the common maintenance issues of ageing HDB flats.
The HIP comprises 3 components – Essential, Optional and Enhancement for Active Seniors (EASE) Improvements. If your block votes in favour of the HIP, you will enjoy Essential Improvements that are important for public health and safety. At the same time, you can opt for Optional and EASE improvements.
When your precinct has been shortlisted for HIP, you'll receive a letter from HDB. The HIP will proceed if at least 75% of a block's eligible Singapore Citizen households have voted in favour of the HIP. If you want to go for the optional improvements or EASE items, you can opt in during the polling period.
If less than 75% votes were obtained, the HIP program will not proceed for the block or blocks in the estate.
Some of you may be familiar with HDB’s Home Improvement Programme (HIP) program. When HDB flats age beyond 40 years, it is inevitable that some refurbishment and maintenance is needed for these flats to remain in good living condition. The Home Improvement Programme (HIP) was introduced in 2007 to focus on the common maintenance issues of ageing HDB flats.
The HIP comprises 3 components – Essential, Optional and Enhancement for Active Seniors (EASE) Improvements. If your block votes in favour of the HIP, you will enjoy Essential Improvements that are important for public health and safety. At the same time, you can opt for Optional and EASE improvements.
When your precinct has been shortlisted for HIP, you'll receive a letter from HDB. The HIP will proceed if at least 75% of a block's eligible Singapore Citizen households have voted in favour of the HIP. If you want to go for the optional improvements or EASE items, you can opt in during the polling period.
If less than 75% votes were obtained, the HIP program will not proceed for the block or blocks in the estate.
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As countries around the world saw their inflation figures peaking at alarming rates in 2022, especially when intensified by the Russia-Ukraine war which affected prices of oil, farm products and essential goods fueling the inflation worldwide.
While global GDP growth was strong in early 2022, overall prospects for the global economy are uncertain and hinge on the evolution of the conflict and regional pandemic situation.
Recently nations have been tightening government policies and raising interest rates, pushing the global economy into a synchronised slowdown in growth. Europe, Britain, Japan, South Korea, Australia, Canada and the United States are expected to fall into recession in 2023.
The world economy seem to be engineering a growth slowdown to rein in high inflation which is likely to persist as price pressures have spread beyond commodities to services items, rentals and wages.
The depth of recession will vary among nations and the degree of recession in US, Europe, China, Asia, India, Australia will be varied. Europe will definitely suffer much if Russia entirely cuts off gas to Europe.
While global GDP growth was strong in early 2022, overall prospects for the global economy are uncertain and hinge on the evolution of the conflict and regional pandemic situation.
Recently nations have been tightening government policies and raising interest rates, pushing the global economy into a synchronised slowdown in growth. Europe, Britain, Japan, South Korea, Australia, Canada and the United States are expected to fall into recession in 2023.
The world economy seem to be engineering a growth slowdown to rein in high inflation which is likely to persist as price pressures have spread beyond commodities to services items, rentals and wages.
The depth of recession will vary among nations and the degree of recession in US, Europe, China, Asia, India, Australia will be varied. Europe will definitely suffer much if Russia entirely cuts off gas to Europe.
The world will need to stabilise global commodity prices and resolve logistics and supply constraints as well as easing labour shortages in order to manage consumer prices amid strong demand. Singapore has been taking an aggressive approach to further tighten its monetary policy settings in 2 ways, while also raising its inflation forecast, citing fresh shocks to global commodity prices and supply chains that are adding to domestic cost pressures.
Singapore is not spared either with headline inflation for January and February rising to 4.2 per cent, up from 3.7 per cent in the fourth quarter last year; core inflation, which excludes accommodation and private transport, was 2.3 per cent for the same period, increasing from Q4's 1.7 per cent. The Monetary Authority of Singapore (MAS) warned that inflation is likely to increase by "more than previously anticipated" in the quarters ahead, due to "sharply higher" global commodity prices since late February and renewed supply chain disruptions arising from the Ukraine war and the Covid-19 pandemic.
Singapore's central bank is working hard to "recentre the mid-point" of the Singapore dollar nominal effective exchange rate (S$NEER) policy band at the prevailing rate, as well as "slightly raise" the rate of appreciation of the policy band. There is no change to the width of the policy band. This is according to its latest monetary policy statement, which is typically published twice a year.
This tighter monetary policy stance, which builds on the policy moves in October 2021 and January 2022, is expected to slow the inflation momentum and help ensure medium-term price stability.
Singapore is not spared either with headline inflation for January and February rising to 4.2 per cent, up from 3.7 per cent in the fourth quarter last year; core inflation, which excludes accommodation and private transport, was 2.3 per cent for the same period, increasing from Q4's 1.7 per cent. The Monetary Authority of Singapore (MAS) warned that inflation is likely to increase by "more than previously anticipated" in the quarters ahead, due to "sharply higher" global commodity prices since late February and renewed supply chain disruptions arising from the Ukraine war and the Covid-19 pandemic.
Singapore's central bank is working hard to "recentre the mid-point" of the Singapore dollar nominal effective exchange rate (S$NEER) policy band at the prevailing rate, as well as "slightly raise" the rate of appreciation of the policy band. There is no change to the width of the policy band. This is according to its latest monetary policy statement, which is typically published twice a year.
This tighter monetary policy stance, which builds on the policy moves in October 2021 and January 2022, is expected to slow the inflation momentum and help ensure medium-term price stability.
Singapore has seen the latest surge in energy and agricultural commodity prices causing domestic inflation for electricity and gas, fuel and non-cooked food over the past year which in turn affects transportation and logistics in almost every other industry.
Strong pent-up demand for discretionary expenditure among Singaporeans and low resident unemployment rate in a tight labour market will keep employment figures well supported into 2023.
Real estate professional Kiwi Lim from Huttons Asia believe Singapore's economy will be suitably cushioned to prevent a hard landing as the island nation is well diversified in its economic umbrella and has cut down on its over reliance on America & Europe for its trade. The aggregate economic growth in Singapore’s major trading partners in Asia, China and India is expected to ease somewhat but the savings and wealth accumulated in recent years especially in Asian giants like China and India which Singapore has extensive trade and economic relations with will help cushion the deeper recessionary impact that may be seen widely in America and European countries towards the 2nd half of 2023.
Against this backdrop, Singapore's trade-related and modern services sector in 2023 may see a slower expansion or stagnation as compared to 2022, although the recovery in the domestic-oriented and travel-related sectors should "gather pace" with the relaxation of Covid-19 measures.
Strong pent-up demand for discretionary expenditure among Singaporeans and low resident unemployment rate in a tight labour market will keep employment figures well supported into 2023.
Real estate professional Kiwi Lim from Huttons Asia believe Singapore's economy will be suitably cushioned to prevent a hard landing as the island nation is well diversified in its economic umbrella and has cut down on its over reliance on America & Europe for its trade. The aggregate economic growth in Singapore’s major trading partners in Asia, China and India is expected to ease somewhat but the savings and wealth accumulated in recent years especially in Asian giants like China and India which Singapore has extensive trade and economic relations with will help cushion the deeper recessionary impact that may be seen widely in America and European countries towards the 2nd half of 2023.
Against this backdrop, Singapore's trade-related and modern services sector in 2023 may see a slower expansion or stagnation as compared to 2022, although the recovery in the domestic-oriented and travel-related sectors should "gather pace" with the relaxation of Covid-19 measures.
Extracted from Business Times online article
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Artist's impression of the replacement HDB flats for residents of the four blocks in Ang Mo Kio which that have been selected for SERS (Image: HDB)
A few months ago in April, blocks 562, 563, 564 and 565 along Ang Mo Kio Avenue 3 have been chosen for the Housing and Development Board's Selective En bloc Redevelopment scheme. The HDB had selected these blocks to be under Sers in a scheme aimed at rejuvenating older estates in Singapore. Completed in 1979, flats in the four affected blocks in Ang Mo Kio comprise mainly three- and four-room units.
The 606 households affected by the government acquisition were previously only offered replacement flats with a fresh 99-year lease in Ang Mo Kio Drive, next to ITE College Central. Owners also could not apply for the lease buyback scheme after their flats had been announced for Sers.
Subsequently, there was a big commotion among home owners affected by HDB's decision to Selective En bloc Redevelopment Scheme (Sers) their blocks of flats in Ang Mo Kio. Some owners were upset with the need to top up money for similar-sized replacement flats, HDB had promised them that they will explore 'options'.
Today on 2 July Saturday, HDB announced to all the owners of flats undergoing the Selective En bloc Redevelopment Scheme (Sers) in Ang Mo Kio that they will be given two more rehousing options that address their concerns about having to fork out cash for similarly-sized replacement units. Residents had previously expressed dismay at having to pay up to $100,000 for a replacement flat. HDB understands their concerns and has therefore provided the additional options to help them purchase their new replacement flats.
Option 1: 50-year lease
The Housing Board said it will offer affected residents at the four Sers blocks in Ang Mo Kio three-room or larger flats at the replacement sites on a 50-year lease, if the new flat is able to last the owners until they are 95. This is the first time that HDB is offering four-room flats on a shorter lease.
Option 2: Lease Buy Back Scheme
Alternatively, HDB will also offer the lease buyback scheme to those aged 65 and over at the Sers site. They can then buy a short-lease replacement flat after that, HDB said. Under the lease buyback scheme, flat owners can keep a lease that will cover them and their spouse till they are at least 95 years old, and sell the tail-end of the lease to HDB.
HDB said these two additional rehousing options will first be offered to eligible Sers flat owners in Blocks 562 to 565 Ang Mo Kio Avenue 3, and later extended to flat owners of Blocks 212 to 218 Marsiling Crescent/Lane whose flats were announced for acquisition for the redevelopment and extension of Woodlands Checkpoint.
The 606 households affected by the government acquisition were previously only offered replacement flats with a fresh 99-year lease in Ang Mo Kio Drive, next to ITE College Central. Owners also could not apply for the lease buyback scheme after their flats had been announced for Sers.
Subsequently, there was a big commotion among home owners affected by HDB's decision to Selective En bloc Redevelopment Scheme (Sers) their blocks of flats in Ang Mo Kio. Some owners were upset with the need to top up money for similar-sized replacement flats, HDB had promised them that they will explore 'options'.
Today on 2 July Saturday, HDB announced to all the owners of flats undergoing the Selective En bloc Redevelopment Scheme (Sers) in Ang Mo Kio that they will be given two more rehousing options that address their concerns about having to fork out cash for similarly-sized replacement units. Residents had previously expressed dismay at having to pay up to $100,000 for a replacement flat. HDB understands their concerns and has therefore provided the additional options to help them purchase their new replacement flats.
Option 1: 50-year lease
The Housing Board said it will offer affected residents at the four Sers blocks in Ang Mo Kio three-room or larger flats at the replacement sites on a 50-year lease, if the new flat is able to last the owners until they are 95. This is the first time that HDB is offering four-room flats on a shorter lease.
Option 2: Lease Buy Back Scheme
Alternatively, HDB will also offer the lease buyback scheme to those aged 65 and over at the Sers site. They can then buy a short-lease replacement flat after that, HDB said. Under the lease buyback scheme, flat owners can keep a lease that will cover them and their spouse till they are at least 95 years old, and sell the tail-end of the lease to HDB.
HDB said these two additional rehousing options will first be offered to eligible Sers flat owners in Blocks 562 to 565 Ang Mo Kio Avenue 3, and later extended to flat owners of Blocks 212 to 218 Marsiling Crescent/Lane whose flats were announced for acquisition for the redevelopment and extension of Woodlands Checkpoint.
The latest announcement means that residents in the affected blocks in Ang Mo Kio and Marsiling will have a range of options, including buying the replacement flats that come with a fresh 99-year lease, almost double the lease of the existing flats by the time they move out in end-2027.
Owners who do not wish to take up a new replacement flat can choose to sell their Sers flats with the rehousing benefits on the open market.
HDB said the registration for new replacement flats in Ang Mo Kio Drive will start in early 2023 and residents will have until their flat selection appointments, estimated to be at the end of 2023 or early in 2024, to pick an option.
HDB added: "For the flat owners in Ang Mo Kio this 50-year lease length would be close to the balance lease of their existing flats when they move to their replacement flats around end-2027." To be eligible, the flat owners and their spouse need to be at least 45 years old at the point of the Sers announcement, which was in April this year, to ensure that the lease of the replacement flat can cover them until the age of at least 95, HDB said.
Flat owners who choose this option will be able to sell their flat on the resale market after meeting the minimum occupation period of five years, it added. HDB said: "Further details on the actual selling prices of the replacement flats at the designated Sers replacement site in Ang Mo Kio Drive will be made known to residents during flat selection."
Owners who do not wish to take up a new replacement flat can choose to sell their Sers flats with the rehousing benefits on the open market.
HDB said the registration for new replacement flats in Ang Mo Kio Drive will start in early 2023 and residents will have until their flat selection appointments, estimated to be at the end of 2023 or early in 2024, to pick an option.
HDB added: "For the flat owners in Ang Mo Kio this 50-year lease length would be close to the balance lease of their existing flats when they move to their replacement flats around end-2027." To be eligible, the flat owners and their spouse need to be at least 45 years old at the point of the Sers announcement, which was in April this year, to ensure that the lease of the replacement flat can cover them until the age of at least 95, HDB said.
Flat owners who choose this option will be able to sell their flat on the resale market after meeting the minimum occupation period of five years, it added. HDB said: "Further details on the actual selling prices of the replacement flats at the designated Sers replacement site in Ang Mo Kio Drive will be made known to residents during flat selection."
Real estate professional Kiwi Lim from Huttons Asia felt these additional option is fair to owners who have no financial ability to pay for the top-up of the lease for the new SERs flat. There are some owners who said they had intended to live throughout their old lease and therefore had no spare funds for SERs replacement flats. Owners will be happy to know that they no longer need to pay for top-up fees for their new flats, although their flats will see a lower value as compared to their neighbors living in the same block with 99 yrs lease. These owners of flats with shorter leases will face issues when they intend to sell in the years ahead and the values of their flats will definitely depreciate faster than their neighbors' flats in the same block with longer leases thus creating an unusual scenario.
SERS was introduced in 1995 as part of the government’s efforts to renew older housing estates. It entails the government taking back the sites, with SERS residents given a package that includes compensation and rehousing benefits, as well as the opportunity to move to a new home on a fresh 99-year lease.
Residents who have queries can also contact their Sers Journey Manager, call HDB's Sers inquiry line on 1800-866-3070 from Mondays to Fridays, 8am to 5pm, or contact HDB via MyRequest@HDB.
Extracted from Straits Times online 2 July 2022
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Prices of conservation shophouses has risen amid strong demand and limited supply which tempted shophouse owners to flip these heritage properties for quick gains resulting in 217 transactions worth S$1.53b in 2021
Even as central banks began hiking interest rates with the threat of a seeming recession, the global economy is still going strong with new businesses continuing to grow and flow. It seems any recession, if it did occur in the next few years, would be mild with little lasting global economic impact.
5 shophouses on Club Street sold for S$25.9 million
A row of 5 shophouses commanding a prominent 50-metre wide triple road frontage on 1, 3 and 5 Club Street, which are 3 storeys high with an attic, and numbers 7 and 9 Club Street, which are 2 storeys high - sitting on a combined land of approximately 3,557 square feet (sq ft), with an estimated total built-up area of 7,225 sq ft has been sold for nearly $26 million translating to S$3,582 per sq ft on the blended floor area to mainboard-listed food services and property development company ABR Holdings.
It was reported that response to the EOI for the shophouses were “overwhelming”, with enquiries from many new-to-market buyers from China, Hong Kong and Indonesia as the shophouses were on a rare island site coupled with excellent locational attributes in the Central Business District.
The past two months also saw several transactions for shophouses, e.g. 93 Tanjong Pagar Rd sold for S$13.25m, Hotel Soloha in Teck Lim Road changed hands for S$53.38 million, 3 shophouses at corner of Kreta Ayer and Keong Saik roads sell for slightly above S$44 million, etc.
The flow of hot money has brought about an increase in prices of conservation shophouses amid strong demand and limited supply which tempted shophouse owners to flip these heritage properties for quick gains resulting in 217 transactions worth S$1.53b last year.
Coffeeshops
An adjacent coffeeshop at Blk 201D Tampines Street 21 has recently been sold for S$16,800,000. The same buyer also bought a coffeeshop located at Block 201 Tampines Street 21 sold for a record S$41,682,168 with the buyer spending a total of close to S$60 million on both coffeeshops in Tampines.
5 shophouses on Club Street sold for S$25.9 million
A row of 5 shophouses commanding a prominent 50-metre wide triple road frontage on 1, 3 and 5 Club Street, which are 3 storeys high with an attic, and numbers 7 and 9 Club Street, which are 2 storeys high - sitting on a combined land of approximately 3,557 square feet (sq ft), with an estimated total built-up area of 7,225 sq ft has been sold for nearly $26 million translating to S$3,582 per sq ft on the blended floor area to mainboard-listed food services and property development company ABR Holdings.
It was reported that response to the EOI for the shophouses were “overwhelming”, with enquiries from many new-to-market buyers from China, Hong Kong and Indonesia as the shophouses were on a rare island site coupled with excellent locational attributes in the Central Business District.
The past two months also saw several transactions for shophouses, e.g. 93 Tanjong Pagar Rd sold for S$13.25m, Hotel Soloha in Teck Lim Road changed hands for S$53.38 million, 3 shophouses at corner of Kreta Ayer and Keong Saik roads sell for slightly above S$44 million, etc.
The flow of hot money has brought about an increase in prices of conservation shophouses amid strong demand and limited supply which tempted shophouse owners to flip these heritage properties for quick gains resulting in 217 transactions worth S$1.53b last year.
Coffeeshops
An adjacent coffeeshop at Blk 201D Tampines Street 21 has recently been sold for S$16,800,000. The same buyer also bought a coffeeshop located at Block 201 Tampines Street 21 sold for a record S$41,682,168 with the buyer spending a total of close to S$60 million on both coffeeshops in Tampines.
Commercial property segment
Singapore's commercial property market is also not to be outdone as transactions continue breathing life and vibrancy in this sector. The latest deal is at Bugis Junction Towers, where Sun Venture Group is said to be doing exclusive due diligence with a view to buy the 15-storey office block for between S$675 million and S$680 million. This translates to close to S$2,720 per square foot on the net lettable area (NLA) of 248,853 sq ft estimating the net rental yield to be at around 3 per cent. Located above Bugis MRT station, Bugis Junction Towers has about 94 per cent occupancy, and monthly average rents on existing leases are at the S$8-plus psf level. The anchor tenant in the building is Enterprise Singapore.
In Peck Seah Street, Tokyo-based Kajima Corporation is paying S$111.1 million for Nehsons Building, an almost 50-year-old office building, which when redeveloped, will add to the area’s gentrification. Nehsons Building’s existing gross floor area (GFA) of around 69,240 sq ft offers a potential for Kajima to optimise Nehsons Building by redeveloping it into a mixed-used asset that includes commercial and residential components. Earlier this year, Kajima bought 55 Market Street, a 16-storey 999-year leasehold office building, from AEW for S$286.9 million (or S$3,450 psf on NLA). Research by JLL as at 28 Jun 2022 show that S$4.7 billion of Singapore office assets have been transacted in the 1st half of this year, including the Westgate Tower deal.
Over at the industrial property segment, an entity linked to LaSalle Investment Management is understood to be acquiring Victory Centre, a 7-storey ramp-up facility near the Aljunied MRT station, for S$90 million with about 50 years left on the lease. Located at the corner of Sims Drive and Aljunied Road, the light industrial building's gross floor area is close to 170,000 sq ft, reflecting the 2.5 plot ratio (or ratio of maximum GFA to land area) designated for the Business 1-zoned site under the URA Master Plan. The building’s space has been carved into more than 80 units, averaging about 1,600 sq ft each. It is almost fully occupied, with the passing rent said to average about S$2.50 psf a month.
As we face a current shortage in supply of new private residential properties, there is also a limited supply of good-quality prime CBD offices, conservation shophouses and industrial properties on sites with more than 30 years’ balance lease term.
Singapore's commercial property market is also not to be outdone as transactions continue breathing life and vibrancy in this sector. The latest deal is at Bugis Junction Towers, where Sun Venture Group is said to be doing exclusive due diligence with a view to buy the 15-storey office block for between S$675 million and S$680 million. This translates to close to S$2,720 per square foot on the net lettable area (NLA) of 248,853 sq ft estimating the net rental yield to be at around 3 per cent. Located above Bugis MRT station, Bugis Junction Towers has about 94 per cent occupancy, and monthly average rents on existing leases are at the S$8-plus psf level. The anchor tenant in the building is Enterprise Singapore.
In Peck Seah Street, Tokyo-based Kajima Corporation is paying S$111.1 million for Nehsons Building, an almost 50-year-old office building, which when redeveloped, will add to the area’s gentrification. Nehsons Building’s existing gross floor area (GFA) of around 69,240 sq ft offers a potential for Kajima to optimise Nehsons Building by redeveloping it into a mixed-used asset that includes commercial and residential components. Earlier this year, Kajima bought 55 Market Street, a 16-storey 999-year leasehold office building, from AEW for S$286.9 million (or S$3,450 psf on NLA). Research by JLL as at 28 Jun 2022 show that S$4.7 billion of Singapore office assets have been transacted in the 1st half of this year, including the Westgate Tower deal.
Over at the industrial property segment, an entity linked to LaSalle Investment Management is understood to be acquiring Victory Centre, a 7-storey ramp-up facility near the Aljunied MRT station, for S$90 million with about 50 years left on the lease. Located at the corner of Sims Drive and Aljunied Road, the light industrial building's gross floor area is close to 170,000 sq ft, reflecting the 2.5 plot ratio (or ratio of maximum GFA to land area) designated for the Business 1-zoned site under the URA Master Plan. The building’s space has been carved into more than 80 units, averaging about 1,600 sq ft each. It is almost fully occupied, with the passing rent said to average about S$2.50 psf a month.
As we face a current shortage in supply of new private residential properties, there is also a limited supply of good-quality prime CBD offices, conservation shophouses and industrial properties on sites with more than 30 years’ balance lease term.
Singapore is Asia’s top wealth management centre attracting net inflows of estimated 2,800 this year — an 87% increase compared to 2019’s figure of 1,500 putting Singapore in third place, after the UAE and Australia
Henley Global Citizens Report this year expects Singapore to attract an estimated 2,800 high net worth foreign individual (HNWI) millionaires, mainly from the rest of Asia within these two years as more HNWI are choosing to reside and invest in Singapore.
Real estate professional Kiwi Lim from Huttons Asia expect to see more non residential transactions in the 2nd half of 2022 as more overseas funds are transferred into Singapore which is favored by HNWI as a country with good governance, stable financial center with availability of good international schools and a generally bilingual population in both English & Mandarin. The absence of inheritance tax attracts wealthy businessmen to stay in Singapore to build their businesses empire for their future generations providing more employment which also benefit Singaporeans.
The UK is seen to be steadily losing its attraction as a world financial center due to Brexit and rising taxes with net outflows of 1,500 HNWI predicted for 2022. America is also losing its appeal among migrating millionaires with the threat of higher taxes and a shift in priority towards a protectionist economy.
China’s deteriorating relationships with Australia, the US and the rest of the western nations are a major long-term concern for HNWI residing in China and Hong Kong (SAR China) as HNWI families are leaving to resettle in Singapore, Canada, Portugal and a few other countries. The war in Russia and Ukraine is making these two countries less popular with HNWI. Brazil and India are also expected to see more HNWI leaving within these few years.
Real estate professional Kiwi Lim from Huttons Asia expect to see more non residential transactions in the 2nd half of 2022 as more overseas funds are transferred into Singapore which is favored by HNWI as a country with good governance, stable financial center with availability of good international schools and a generally bilingual population in both English & Mandarin. The absence of inheritance tax attracts wealthy businessmen to stay in Singapore to build their businesses empire for their future generations providing more employment which also benefit Singaporeans.
The UK is seen to be steadily losing its attraction as a world financial center due to Brexit and rising taxes with net outflows of 1,500 HNWI predicted for 2022. America is also losing its appeal among migrating millionaires with the threat of higher taxes and a shift in priority towards a protectionist economy.
China’s deteriorating relationships with Australia, the US and the rest of the western nations are a major long-term concern for HNWI residing in China and Hong Kong (SAR China) as HNWI families are leaving to resettle in Singapore, Canada, Portugal and a few other countries. The war in Russia and Ukraine is making these two countries less popular with HNWI. Brazil and India are also expected to see more HNWI leaving within these few years.
From Business Times online news
