August, 2011:

World economic recovery might be slow but signs of Singapore’s increasing prosperity are abundant. Nowhere is this clearer than the condominium market.


(The Condominium market is an area seemingly unaffected economic matters)

In the past, if a condo had a pool, tennis court and gym, they were seen as pretty fancy. Nowadays you can also luxuriate in a spa, sip a well-deserved drink at a sports bar (after clambering over your property’s rockclimbing wall) and even chirp happily in a bird-watching tower. In the property market, it seems the stakes have been raised in a bid to wow tenants.

Many new properties are aiming to be the first, biggest or best of their kind in Singapore. Take Soleil@Sinaran, a new 417-unit condo situated in Novena. The first property on the island to team up with the local chain Aramsa Spa, its tenants will be able to bask in post-work bliss either on one of its six massage beds or in the hot tub by the pool, amongst other things. This is on top of the ‘run-of-the-mill’ condo features including a pool, barbeque pit, gym and tennis courts.  Finally, there are not one but two residents-only sports bars, where people can watch a football match and enjoy the view from 20 stories up.

Other premises are aiming at specific audiences. You can guess, for example, what Tree House, a condominium on Dairy Farm Road, has up its sleeve. City Developments is currently constructing three tree houses on the grounds. Speaking to the Straits Times, Anthony Chia, director of City Developments, says the creative features “offer a different experience of play for the young and young at heart.”

‘A different experience’ is an excellent summation of what developers are trying to offer prospective buyers. Whether it’s a two-lane bowling alley (as in Palm Gardens in Choa Chu Kang) or offering wine locker rentals to wine-lovers (a feature at The Orchard Residences), condos are getting creative in how they draw in customers. By pushing certain facets they are creating their own bespoke lifestyle atmosphere. As Eric Cheng, chief executive of ECG Property puts it, “Telling potential buyers their units can have a pool view no longer cuts it, as condos now all have pools.”

Some developments are more upmarket than others. Don’t have the space to cater to your party guests? Those who live at Nassim Park Residences can make use of the property’s luxury 14-seater dining room. Between the plush lounge and pool view, guests can enjoy an almost hotel-like ambiance. There is also a well-equipped kitchen in which residents can cook or hire a private chef. Thick carpets and tasteful wooden panels complete the sense of restrained opulence of the room, which one resident said “is decorated like a hotel private lounge.”

Anthony Wong, who is the deputy general manager for marketing of UOL Group, who developed Nassim Park Residences, explains that in planning the dining room they were conscious of the lifestyle of homebuyers. “We envisage frequent socialising and dinner parties. Therefore, we provided a well-furnished dining room, lounge and kitchen where owners can invite their friends over and have a chef whip up a good meal.” Practicality plays a part too, he adds, as they then don’t have to have the mess in their own living space.

While this new trend of upmarket features obviously translates to higher maintenance fees, it seems that many homebuyers are undeterred. In a market where it’s now possible to blend the experiences of a gym, spa, playground and restaurant, those who can afford it prefer to craft their perfect lifestyle space.

Following up to iProperty.com.sg’s coverage on National Development Minister Khaw Boon Wan’s comment that Cash Over Valuation (COV) cannot be abolished, here are the ten estates with the highest and lowest median COVs for the first half of 2011.

 

Top 5 Estates with the Highest COV

 

(Source: StreetSine's Property Analytics)

Bukit Timah comes in first place with a staggering $43,000 median COV. The consistently expensive district has brought in about $13,500 higher than the second highest estate in Singapore, Bishan.

 

The high median COV of Bukit Timah is hardly surprising, and there may be a few contributing factors. One of which is this characteristic of the district, which has a population of mostly well-heeled residents and a low number of HDB flats. Another possible reason could be the construction of Circle Line MRT stations – in particular, Farrer Road and Botanic Gardens stations. The high price could be a reflection of the convenience and accessibility that the new Circle Line stations will bring.

 

At $29,500, Bishan is the estate with the second highest median COV in Singapore. The estate, located at the central part of Singapore, is filled with a handful of well-known schools as well as Junction 8 Shopping Centre, a popular destination among residents and those living in neighbouring districts.

 

The other estates that make up the top five are Punggol, coming in third with a median COV of $27,000, followed by Pasir Ris with a median COV of $25,600 and Bukit Merah at $25,500.

 

Top 5 Estates with the Lowest COV

 

On the other end of the spectrum, the five estates bringing in the lowest median COVs have yet to even hit the $20,000 mark. It is notable that most of them are found in the Northern and Western parts of Singapore.

 

(Source: StreetSine's Property Analytics)

The lowest recorded median COV is $18,000, and it is shared by three estates: Woodlands, Sembawang and Choa Chu Kang. The three estates are located at the North-West region of Singapore.

 

One possible reason for the low COVs is the distance these districts are from Central Singapore. For instance, it takes close to an hour to get from Choa Chu Kang to town, despite intricate public transport networks. Another explanation could be the large areas that these estates cover. As there tend to be more sellers in larger areas, sellers feel the need to maintain a competitive edge and keep prices low.

 

The estate with the fourth-lowest COV is Jurong West, with a median COV of $19,000, followed by Ang Mo Kio at $19,996 median COV. Jurong West however, which also faces the issue of being located far away from Central Singapore, may see a rise in median COV in future because of the newly improved Jurong East interchange station.

Here’s a staggering statistic for you – property searches on iProperty.com.sg were conducted at a rate of one unique search every 6.79s from January to June 2011. Given that we have 24 hours, 1,440 mins and 86,400 seconds in a day, that is a huge amount of property searches conducted on Singapore’s No.1 property website.

Below, we would like to share with you some site search data with you which we have compiled from Google Analytics Site Search from Jan – Jun 2011. They can provide some insights into which are the most popular districts, what are the top keywords that you have searched, and which are the most searched new property development.

Top 10 Most Searched Districts – Jan to Jun 2011

District 15 (East Coast area) topped the chart as the most searched district on iProperty.com.sg, and a close second was the newer District 19 (North East area). District 9and District 10 didn’t come as a surprise to many in spite of their high average PSF, way above the national average PSF of all districts. Much sought-after luxury properties and condos can be found in D9 and D10, near the popular Orchard belt where famous retail shops and food are abundant. In terms of transaction volume, District 19 alone (ranked 2nd in this search result) had a total of 2,072 properties transacted in H1 2011.

Top 20 Most Searched Keywords (Condo) – Jan to Jun 2011

Icon came out top in the most searched keyword for condominiums on iProperty.com.sg. In the past 6 months, we saw Icon closing as high as S$1,981 psf. Some luxury properties, likeThe Sail @ Marina Bay and Citylights, did well in property search. In mature estates, condominiums like The Esta, Parc Oasis, Parc Vista, Lakeshore and The Centris witnessed some high search volume with their proximity to schools, MRT and other amenities. This bears witness to the continued popularity of condominiums in mature estates.

Top 10 Most Searched Keywords (New Developments) – Jan to Jun 2011

It is a close battle for search volume among some of the new property developments in January to June 2011, with Waterfront Gold topping the chart. From freehold SOHO-style condo in The Cape and designer condo near Mount Faber in Skyline Residences, to The Minton found near schools and MRT to The Greenwich near the Ang Mo Kio business cluster, these new condos share the limelight with other popular condos found close to the Orchard belt – The Vermont on Cairnhill, Skyline@Orchard Boulevard and The Orchard Grove.

Other non-condo names keywords that property buyers and investors are looking for when they are searching for their ideal home or investment property on iProperty.com.sg include:
Studio, Shophouse, HDB, MRT, Freehold, Condo and Penthouse

Last Wednesday night saw the sleepy suburb of Choa Chu Kang become shrouded in a grey fog.

This fog was not of natural causes. Rather, it was attributed to the burning of incense paper for the ongoing Hungry Ghost Festival.


(Incense was the cause of the smoke in Choa Chu Kang)

The Singapore Civil Defence Force received a call from a member of the public at 10.33pm Wednesday night, which reported that smoke was sighted at Choa Chu Kang Avenue 4. Officers were unable to locate the source, but ruled out fire as the cause.

The fog was reported to have slightly dispersed overnight, but was still present on Thursday morning. The National Environment Agency (NEA) stated that no smoke plumes were visible by satellite on Thursday, which suggests that the fog was not caused by haze.

Instead, NEA revealed that incense paper was being burned at a plot of land near Sungei Tengah Road on Wednesday at around 10pm. “This could have generated the smoke and smell detected by residents,” it suggest. Sungei Tengah Road is close to the Choa Chu Kang area.

NEA added that it is closely monitoring the area.

A similar incident has occurred at almost exactly the same period last year. A worker at Bethany Methodist Nursing Home, which is seeing smog for the second year in a row, observed that the smoke seemed to have wafted over from a nearby golf course. He added, “It was very thick and very smelly. We couldn’t even see the opposite blocks last night. It was like last year. A fire engine came in to check if there was a fire here bu there wasn’t.”

Choa Chu Kang Avenue 4 resident, housewife Chen Ya Zhen, claimed the smoke was as if someone was burning paper money at her block’s void deck. “But when I came out to check, no one nearby was burning paper money. I don’t know where the smoke came from,” she said.

Avenue 3 resident Soh Chow Fung, sensed a burning smell and thick smoke outside her windows that same night, which had become less dense the next day. The smell also disappeared overnight. The housewife added, “I’m a bit worried because my children have sensitive noses and I don’t want them to breathe in the smoke.”

Consultant respiratory physician at Mount Elizabeth Medical Centre, Professor Philip Eng, told The Straits Times, “Smog is basically air pollution from combustion. When it rises to a very high level, it can be hazardous to health because chemicals in the air irritate the skin, eyes, and respiratory systems.”

He explained, “If it’s persistent it can be a problem, but over a short period like Wednesday night to Thursday morning, I don’t think it’s dangerous, maybe just irritating.”

To those who are affected by the smog, the professor added that these people can protect themselves by staying indoors, turning on the air-conditioning or using home air filters.

MP for Choa Chu Kang GRC’s Keat Hong ward Zaqy Mohamad said that his residents have not filed any official complaints, but the town council had been alerted about the smog via informal feedback from its grassroots network. According to the MP, grassroots organisations and the town council have already been in touch with NEA, who will in turn alert them should the incident pose a health hazard.

The month-long Hungry Ghost Festival commenced this month. Believers traditionally burn hell bank notes, incense and joss paper items such as cars and houses for their deceased ancestors.

Minister for National Development Khaw Boon Wan has announced that he cannot abolish cash premiums that HDB flat buyers pay to sellers.


(Not abolition of the COV cash premiums)

Khaw made the statement via his Facebook page on National Day (August 9), in response to questions from Internet users.

These cash premiums, more commonly known as Cash Over Valuation (COV), are purely determined by demand and supply forces, explained the Minister, adding that it cannot be removed.

COV is the amount that a homebuyer pays to the seller, over and above the valuation of the HDB resale flat. As the agreed amount has to be paid in cash, the COV has a big impact on affordability.

This announcement came as Khaw was interacting with his Facebook ‘followers’ in celebration of the nation’s independence day, when one user asked him why he is against removing the COV. Recent months have seen a spike in COV due to a combination of soaring demand for resale flats and a slump in supply.

In response, Khaw wrote, “It is simple… COV is the difference between (a) price of flat as agreed between buyer and seller and (b) the valuation of the flat given by a professional valuer. (b) is done by an objective professional. (a) is between buyer and seller.”

The Minister added, “Abolishing COV means removing (a)? Then who sets the price? The professional valuer? Years ago, it was tried. COV then went underground as ‘under counter cash payment’,”

His comments were made in reference to the ‘cash-back’ schemes that were exposed way back in 2001. Cash-back schemes involved both the buying and selling parties over-declaring the agreed selling price, so that the buyer could be granted a higher loan (from the bank or from HDB). The extra cash was then split among the parties involved.

Recent years saw the uprising of other rule-bending methods. The ‘magic dollars’ scam, for instance, allowed buyers and sellers to declare a false low sale price. The buyer will then give the seller a sum of money in return. These schemes are punishable by law; offenders risk facing a jail term, a fine, or both.

ERA Realty key executive officer Eugene Lim told The Straits Times that the Minister for National Development’s inability to ban the COV was ‘understandable’. “If you ban it, money will start going under the table,” he agreed. “But it is true buyers and sellers are negotiating on COVs rather than the total price. We should do something to correct this mindset.”

One solution could be to educate buyers to consider the total sale price instead of merely the COV component, Lim suggested. Additionally, HDB can also release more timely information on resale deals for buyers to have a much clearer picture of how the resale property market is doing. The HDB website only releases such data two to three months after transactions have been made.

Meanwhile, buyers can look forward to a more promising future resale market, when the throngs of recently released HDB flats eventually enter the resale market, and the COV drops.

Homebuyers are starting to show reluctance to make a deal following the stockmarket rout. Observers noted that while buyer interest remains strong, new releases to the property market are less sought after than expected.


(Buyers seem more hesitant to purchase condominiums)

For instance, the first week of August saw the release of Boathouse Residences, a 99-year leasehold private condominium situated at Upper Serangoon View, by Frasers Centrepoint, Sekisui House and Far East Organisation. The launch saw about 90 of the 200 released units sold at an average price of $880 per sq ft (psf). The project has a total of 493 apartments. Its cheapest unit is a 624 sq ft one-room flat located on the second floor, which went for $570,000. Around 80% of its buyers were Singaporeans, the rest made up of permanent residents and foreigners.

Compare these figures with those of April just this year, when Frasers and Far East released another condominium, Eight Courtyards at Yishun. The development sold about 202 units within the first four days, at an average price of $795 psf.

Yet Frasers Ceontrepoint Homes CEO Cheang Kok Kheong claimed that the results for Boathouse Residences was not too far off another recently released project: Seastrand condominium at Pasir Ris, which sold off 103 units in four days during its preview in June. Cheang added that things have been generally quieter in the local property scene recently as most people are on an extended National Day holiday. He told the Business Times that while turnout was “very good”, buyers are now taking a longer time to decide.

“With more uncertainty and cautiousness, they’re thinking twice, maybe three times, to relook the whole thing – their finances and their needs. Those who were previously looking at purchasing a four-bedroom apartment may now settle for a three-bedder, for instance.”

According to the Business Times, the Boathouse Residences’ average price of $880 psf is slightly lower than the $900-920 psf average price that developers have projected to prospective buyers just a month ago.

Global Property Strategic Alliance chief executive Jeffrey Hong echoed Cheang’s sentiments, noting that crowds at showflats for suburban projects are still quite thick because buyers are mostly HDB upgraders and “more genuine”.

“But the stockmarket rout has had some impact even on this sector, with many house hunters now adopting a wait-and-see approach,” he observed, adding that “on the other hand, things have been a lot quieter in the luxury segment, where there are more investors and they’re more sensitive to volatility in the financial markets.”

Apartments in Boathouse Residences are either one or two-bedroom Soho-concept units housed in two 15-storey blocks and two, three and four-bedroom units in four 18-storey blocks. The one and two-roomers are priced between $880 psf and $1,040 psf; the three and four-roomers cost $800-930 psf.

Last week, the Seastrand sold off nine more units, bringing the total sales to 239 units. Currently, 269 of its 475 units have been released to the market. The average Seastrand price has shot up from $877 psf to its current price of $924 psf.

On the other hand, things are much brighter on the executive condominium (EC) front. Blossom Residences by City Developments Ltd (CDL) has had 115 of its Segar Road units snapped up last Sunday, when the remaining units of the projects were then opened to second-time buyers and upgraders. Governmental rules dictate that developers have to set aside at least 95% of units in an EC project for first-time homebuyers during the first month of its launch. CDL began selling the EC for an average price of $685 psf on July 7, pushing total sales for the 602-unit strong project to 319 units.

With last year’s announcement that Punggol would become Singapore’s first eco-town, measures have been underway to turn this into a reality. Serving as a “living laboratory” for ideas and technology that promote sustainable living, it will see green projects being carried out in the areas of energy, waste and water management with the goal of replicating them in other parts of the island if they prove successful. Among its key features is a 4.2-kilometre waterway that runs through the town. Last year, HDB launched its first eco-precinct, Treelodge@Punggol, which also has the distinction of being the country’s first Green Mark platinum award public housing project.


(New HDB focusing on Eco-sustainability. Image courtesy of Sengkang)
The latest project to be announced is a collaboration between Japanese electronics giant Panasonic and three government agencies – Singapore's Energy Market Authority, Economic Development Board and HDB. The pilot project, which will be carried out in Punggol Eco-town, will involve 10 households from a chosen block of flats, with the goal of reducing energy consumption in public housing by at least 75 percent. It will start next January and run till 2013.

Commenting on why Panasonic decided to team up with the Singapore authorities, Panasonic president Fumio Ohtsubo said, “Singapore, with its excellent infrastructure and talent base, is an ideal living-lab to test-bed our energy solutions. I expect this collaboration to be a pioneer endeavour to contribute towards a greener lifestyle in Singapore and the region with our technology.”

Once the households for this project have been selected, their homes will be installed with various energy-saving features such as Panasonic inverter air-conditioners, which can reduce power consumption by up to 50 percent. According to the Energy Studies Institute, air-conditioners are currently the largest guzzlers of electricity, making up around 50 percent of a building’s electricity consumption. As a result, finding a more sustainable alternative has become all the more pertinent. Also to be installed is an energy management system that lets household members track their usage of gas, water and electricity. All these features will be installed free of charge.

However, these families will not be the only ones to benefit from the project. Solar panels will also be installed on the roof of the block to power common areas such as its lifts, lighting and water pumps. Excess electricity will be stored in a lithium-ion battery unit, which can double up as a back-up generator, so it can be used at night. 

Apart from reducing households’ carbon footprint and utilities bills, the project is also being used by the authorities to study how it can help enhance the country’s power network and future smart grid. Speaking to reporters, Chee Hong Tat, chief executive of Energy Market Authority said, “Unlike a traditional grid which relies on the passive transmission of electricity from generators to consumers, a smart grid can integrate the actions and responses of connected parties such as the grid operator, utility retailers, businesses and consumers to reap efficiency-savings and other system benefits.”

Though this project will start with only 10 families, the authorities have not ruled out expanding it to include more participants in the future.

This project marks the first time that such initiatives are being introduced to an existing public residential building in Asia.

Android users will be pleased to know that app developers haven't left them in the lurch. Since we have created an updated list of apps for Apple devices, it seems only fitting that we come up with a list of useful property-related apps that homebuyers can use on their Android smartphones.

iProperty.com Singapore



Okay, so we may be rolling out the red carpet for ourselves here, but the iProperty.com Singapore app is very good – and now it’s on Android. Singapore has one of the highest take-up of Apple products in the world, but Android users tend to get a bit of a raw deal, which is why this extensive, free-of-charge Android property listings app was created for you.

You can access iProperty.com.sg’s database of property listings, which includes prices, photos, maps and more. The advantage of the iProperty app is that if you find a property to your liking you can email, call or even text the agent with just a click!

The iProperty.com Group is Asia’s largest property portal, and there’s a vast array of agent, developer, condominium and HDB directories, as well as property-related news, views and reviews to keep you up to date on your Android (1.6 and up).  

Get the iProperty.com Singapore Android App, here.

IKEA Catalogue


So you’ve renovated your home. But you’re still staring at four empty – albeit well designed walls – and you have no idea where to start furniture hunting. Well, perhaps this app can point you in the right direction. The IKEA Catalogue by the Swedish furniture giant now comes digitised and free of charge, letting you browse and search through some 4,000 images of about 2,000 IKEA products.

If something catches your eye, you can click the handy ‘+’ sign for more details, zoom in (and out), and bookmark the page for reference. Then make your way down to the nearest IKEA store using the store locator and get what you need!

Get the IKEA Catalogue Android App, here.

Singapore Map



Have you taken the plunge and set up home in a neighbourhood you’re hardly familiar with? The Singapore Maps app may prove to be useful in helping you find your way around.

No worries about getting lost in a sea of HDB flats; this free app by Street Directory not only shows you maps of the island, but suggests directions for both public and private transport users. It even lets you provide and receive tips from other users, so you’ll know where the best neighbourhood chicken rice stall is hiding!

Get Singapore Maps Android App, here.

It’s no surprise that technology moves at an incredible pace. Since we’ve created our top three property apps list just last December, app developers have been continuously flooding the market with sheer numbers of property-related apps. It might only be six month later, but apps have moved on at such a rate that we have decided to check up again on some of our favourite apps, available to Apple devices.

iProperty.com Singapore



iProperty.com's very own property search app still reigns supreme as, contributing no less than 10% of its total traffic. Why? Users gain access to real time property listings while on the go. Get unrivaled sneak peaks into more than 40,000 homes on sale (48,000 on the iPad) and tap into the largest database of up-to-date listings around.

This search function allows filtering by property type, location, budget, bedrooms and keywords. And results will show up on a list, or a map. The useful map also shows you properties near your current location.

Get the iProperty.com Singapore iPhone App, here.
Or, get the iProperty.com Singapore iPad App, here.

Renovation Budget Tracker



Definitely an app to get for the those who find it hard to keep track of expenses. Home improvements and renovation projects can cost a ton if you don't keep a watchful eye on what you're spending on. So before you decide to drop a ton of cash and go with parquet, why not spend $2.99 on this nifty app?

If you are redoing the entire house, you'll certainly appreciate that this app allows you to categorise your spendings. There is even a countdown timer so you know when payments are due!

Get the Renovation Budget Tracker app for the iPhone, iPod Touch and iPad, here.

Houzz Interior Design Ideas



If you have the keys to the perfect house now, but are stumped for ideas on how to make your studio apartment look more spacious, or how to create the perfect playroom for your little one, check out Houzz.

Its ‘ideabook’ is a much more convenient substitute to the hassle of flipping through scores of magazines, cutting and pasting the images into a traditional scrapbook. In comparison, it lets you view over 150,000 photos (for free!) so you can create very own ideabook and dream home. Get additional inspiration by viewing ideabooks created by other users.

Get the Houzz Interior Design Ideas app for the iPhone, iPod Touch and iPad, here.

It’s no surprise that technology moves at an incredible pace. Since we’ve created our top three property apps list just last December, app developers have been continuously flooding the market with sheer numbers of property-related apps. It might only be six month later, but apps have moved on at such a rate that we have decided to check up again on some of our favourite apps.

iProperty.com Singapore



Okay, so we may be rolling out the red carpet for ourselves here, but the iProperty.com Singapore app is very good – and now it’s on Android. Singapore has one of the highest take-up of Apple products in the world, but Android users tend to get a bit of a raw deal, which is why this extensive, free-of-charge Android property listings app was created for you.

You can access iProperty’s database of property listings, which includes prices, photos, maps and more. The advantage of the iProperty app is that if you find a property to your liking you can email, call or even text the agent with just a click!

The iProperty.com Group is Asia’s largest property portal, and there’s a vast array of agent, developer, condominium and HDB directories, as well as property-related news, views and reviews to keep you up to date on your Android (1.6 and up).  

Get the iProperty.com Singapore Android App, here.
If you’re an iPhone user, get the iProperty.com Singapore iPhone App, here.
Or, get the iProperty.com Singapore iPad App, here.

Houzz Interior Design Ideas



If you have the keys to the perfect house now, but are stumped for ideas on how to make your studio apartment look more spacious, or how to create the perfect playroom for your little one, check out Houzz.

Its ‘ideabook’ is a much more convenient substitute to the hassle of flipping through scores of magazines, cutting and pasting the images into a traditional scrapbook. In comparison, it lets you view over 150,000 photos (for free!) so you can create very own ideabook and dream home. Get additional inspiration by viewing ideabooks created by other users.

Get the Houzz Interior Design Ideas app, here.

IKEA Catalogue



So you’ve renovated your home. But you’re still staring at four empty – albeit well designed walls – and you have no idea where to start furniture hunting. Well, perhaps this app can point you in the right direction. The IKEA Catalogue by the Swedish furniture giant now comes digitised and free of charge, letting you browse and search through some 4,000 images of about 2,000 IKEA products.

If something catches your eye, you can click the handy ‘+’ sign for more details, zoom in (and out), and bookmark the page for reference. Then make your way down to the nearest IKEA store using the store locator and get what you need!

Get the IKEA Catalogue, here.

Singapore Maps



Have you taken the plunge and set up home in a neighbourhood you’re hardly familiar with? The Singapore Maps app may prove to be useful in helping you find your way around.

No worries about getting lost in a sea of HDB flats; this free app by Street Directory not only shows you maps of the island, but suggests directions for both public and private transport users. It even lets you provide and receive tips from other users, so you’ll know where the best neighbourhood chicken rice stall is hiding!

Get Singapore Maps, here.