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The Gallery Is Open

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After major renovations, this apartment at Pinnacle@Duxton is transformed into a highly configurable and spacious home.
Project Type 4-room HDBFloor area 1,054 sqft
Text: Redzman RahmatPhotos: Edward HendricksArt Direction: Betty Wong

One of the hardest things to do as a designer is to design for yourself," admits Dennis Cheok from design firm Upstairs. The interior designer tasked himself with the renovations and design of this apartment unit at Pinnacle@Duxton, a challenge he never foresaw coming. "It's hard to find something that can encompass all your interests, and it's just too close to your heart!"
That didn't stop the young designer from completely reconfiguring the small apartment unit, and transforming it into an airy and open home for him, his wife and their nine-month-old.
After weeks of "hair-pulling", Dennis finally decided to keep the look simple and neutral. "I wanted to achieve a 'gallery' concept with open spaces that look very toned down and quiet." Dennis broke down almost every wall in the apartment, hacked the floors and even reworked the layout. Because of the limited space in this home, Dennis created an entire wall shelf that stretches across the entire space. 
The shelves serve a lot of functions, and keeps things tidy without looking too orderly. Dennis readily admits that he continually moves things around the many cubby holes. "It really is like an exhibition gallery," he offers, "nothing really belongs in any one shelf. The driving force is its flexibility; I can display different things at different places to completely change the look of the home."
This easiness is a factor that features strongly throughout the apartment. None of the furniture or fixtures are permanently mounted: huge posters casually lean against the wall, the coffee table is actually a loose door placed on top of a wooden pellet and the TV console is made of stacks of magazines propping the entertainment system. Even the interior walls are configurable; foldable doors give Dennis and his wife the freedom to leave the living room open, or cordon off a space. 
The open concept kitchen continues the ephemeral nature of the interior. "The main intention," Dennis says, "is to feel that no matter where you are in the house, you will still feel connected." He and his wife love to cook and entertain guests, so a fully functional kitchen was a necessity. A corridor raised on a timber parquet platform leads the way to the sleeping quarters. "I wanted to confine the bedroom away from the rest of the house." This also explains the  folding doors that separate the bed from the wardrobe.
"It took a really long time to figure out the space, and a lot of thought went into every single detail. Even now, two years after we've moved in, we're still moving things around and touching up stuff." Dennis doesn't think that he'll ever be completely finished with the design and that, strangely, is the appeal of this gallery home.  

<DESIGN NOTES 1> The walls of the spare bedroom have been knocked down, and replaced with foldable panels that can cordon off the room if the homeowners need more privacy.
<DESIGN NOTES 2> White walls, grey concrete and black accents come together to create a home that is clean and uncluttered.
<DESIGN NOTES>In the bedroom, the designer made sure that the sleeping area is distinctly separated from the wardrobe, giving each space its own identity within its small confines.
"The main intention is to feel that no matter where you are in the house, you will still feel connected."

A wall of shelves stretches across the  entire home and accomodates the air-conditioning unit, a baby cot as well as a custom-built bay window seat.


Nothing in this house is bolted down. The walls are foldable, the coffee table is a door on a pellet, and the console shelf is made from a stack of magazines.


With no walls to contain the space, this home feels lighter, brighter and more ethereal. You can look into every corner of the living space no matter where you're standing in the room


The open concept kitchen is fully functional, to meet the needs of the homeowners. With no walls to confine the room, it feels larger than it actually is. 


The corridor that leads to the bedroom and bathroom rests on a raised timbre platform. This allows the private quarters to feel like a completely different space from the rest of the home. Credit: Cushions and throw from Francfranc.


Visit  for more inspiring home designs.
For more District Guides, you can head over to iProperty.com Singapore.

Week in Review - 16 October 2014

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Private home transactions improve as lower prices appear to meet expectations, Consecutive eight month decline in HDB Resale Prices, New launches Marina One Residences and Lake Life see varied responses, Iskandar continues to attract investors

Private home transactions improve as lower prices appear to meet expectations
The Urban Redevelopment Authority (URA) has revealed in its latest figures that the private housing market has regained momentum, following slow sales in August. According to URA, 648 units (excluding ECs) were sold in September, marking an improvement from August where 437 units were sold. Mr. Nicholas Mak, Executive Director for SLP International noted to TODAY that the recovery was not unexpected, and it does not imply that the market will continue to see increases. "The cooling measures, particularly the TDSR (Total Debt Servicing Ratio), will continue to pressure the market. The figures say it all - we haven't seen transaction cross the 1,000-unit level so far this year, except in May," said Mr. Mak. On the resale market, flash estimates by Singapore Real Estate Exchange (SRX) show that private residential resale prices have dropped by 0.3 per cent from August to September. The falling prices were driven by a 2.1 per cent decrease in prices in the Outside Central Region (OCR), whereas prices have increased in the Core Central Region (CCR) and Rest of Central Region (RCR) by 0.9 per cent and 2.9 per cent respectively. Resale transaction volumes have also improved, with 465 transacted non-landed private homes in September, a 15.3 per cent increase from August. In addition, the SRX price index marked a 14 per cent decline in private residential rental volume for September 2014, from 3,668 units to 3,171 non-landed private units. However, year-on-year, rental volumes for private homes have increased by 8.7 per cent in comparison to September 2013. Overall rental prices have fallen by 0.2 per cent from August to September. Rents fell by 0.6 per cent and 0.9 per cent respectively for units in RCR and OCR, whereas rents increased by 0.3 per cent in the CCR.
CBRE Research noted in its Q3 2014 Singapore Market View report that the median size of non-landed private residential homes has declined by 41.5 per cent since 2007, from 1,270 square foot (sq ft) to 753 square foot sq ft in Q1-Q3 2014. The median price per square foot (psf) for non-landed private properties has increased over the same period by 31.2 percent to S$1,275 psf. According to the report, a study of caveats lodged for non-landed new sales from 2007 to H1 2014 shows that 50 to 70 per cent of the new units sold were priced below S$1.25 million. The most appealing price band for private home buyers was between S$750,000 and S$1 million. CBRE has stated that developers are adapting to the changing market conditions by producing units of smaller formats, so as to meet the price threshold for financially constrained home buyers, remaining affordable yet profitable. It was also observed that 50 to 70 per cent of these buyers were HDB occupiers whom were either HDB upgraders, singles or new couples looking for new homes. CBRE expects smaller homes to continue being the preferred format for both developers and home buyers. 

Consecutive eight month decline in HDB Resale Prices
Housing Development Board (HDB) resale prices have been affected by property cooling measures, as well as by an increase in supply of Build-to-Order (BTO) flats. SRX reported that prices have fallen consecutively over eight months, decreasing by 0.5 per cent from August to September, and by a total of 4.6 per cent this year. Analysts who spoke to TODAY predict the total price decline for 2014 to be between five to eight per cent, and foresee a continual decline in resale prices with an incoming supply of BTO flats and Executive and Private Condominium projects nearing completion. However, September sales volume for HDB resale flats has improved by 10.7 percent from August, with 1,469 units sold.  
HDB rental volume and rental prices have also been affected by cooling measures. The SRX property index indicated that rental volumes have dropped by 6.7 per cent in comparison to August. A year-on-year comparison showed a 0.7 per cent decline since September 2013. Rental prices have decreased by 0.3 per cent since August, and by 2.5 per cent since September 2013. 

New launches Marina One Residences and Lake Life see varied responses
Marina One Residences received an overwhelming response during its preview phase, with 300 out of 372 units released sold. A majority of the transacted units were one and two-bedrooms, with prices ranging from S$1,960 per square foot (psf) to S$3,100 psf after early bird discounts. In comparison, the public launch for the property on 11 October 2014 encountered a lukewarm response, with only 20 units sold. Analysts noted that sales of the project were "commendable" for the current market conditions in the city area. Mr. Colin Tan, Director and Head of Research and Consultancy at Suntec Real Estate Consultants said to TODAY, "There's no doubt that there's a lot of liquidity in the market. It's a matter of drawing it out and translating that into sales." 70 per cent of buyers are Singaporeans, 20 per cent Malaysians, while the remaining consisted of Indonesian and Chinese investors. The developers continue to be cautious by releasing only one of its towers for sale.
Lake Life, a 546-unit executive condo (EC) located in Jurong, has received a record breaking number of e-applications on 12 October 2014. The EC was oversubscribed by three times, with 1,828 applicants. Lake Life was one of the final developments to evade the Resale Levy for Second-Timer Applicants, implemented last December. Speaking with TODAY, some analysts commented that they believe projects launched in the next 18 months, which are affected by the resale levy, will experience a soft market. Developers would need to offer attractive pricing to home buyers to remain competitive. However PropNex CEO Mr. Mohamed Ismail said to TODAY, "The demand for ECs will continue to be there despite cooling measures (as) they are priced 20 to 30 per cent lower than mass-market private condos."

Iskandar continues to attract investors
Almost 80 per cent of the Aquaint Danga Residensi in Danga Bay, Iskandar, was sold at its launch last week. This was despite the project being priced approximately 30 per cent higher than similar high-end projects along Danga Bay waterfront, and an apparently softening property market in Iskandar, Malaysia. The luxury condominium is a development by Para Impiana Sdn Bhd, a joint venture between Rampai Fokus Sdn Bhd and two Singaporean developers - Imperial Marina Pte Ltd and Skyfront Holdings. The project consists of four tower blocks with a total of 818-units, as well as integrated shops, high-end dinning options, and is located near parks linked to an eight kilometre boardwalk along the Danga Bay waterfront.


For more District Guides, you can head over to iProperty.com Singapore.

International Property and Investment Expo, returns for the 9th time

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Returning for the 9th time, iProperty's flagship event, the International Property and Investment Expo will be held at the Suntec Singapore Convention & Exhibition Centre, Hall 404 from 25th to 26th October 2014, 10:00am to 8:00pm. 
Hosting one of the widest array of the latest properties and investment in some of the most attractive markets, property investors will enjoy the luxury of getting up close with the upcoming projects all over the world, including preferred destinations such as Malaysia and Australia from our recent Asia Property Market Sentiments Survey, as well as appealing properties from other property hot spots such as Lombok and Thailand.
An extensive property exhibition showcasing accurate architectural models and takehome brochures, this biannual event promises all these, and more. Need more? Here are the three top reasons why the iProperty International Property and Investment Expo is an extravaganza not to be missed!

1. Exclusive International Property Showcase
Whether you are looking to purchase a second home away from home in some of the world's most attractive locations or just seeking to build up your property portfolio for investment purposes, you will definitely be able to find what you want at the Expo. Notable projects include:• Princess Cove, the flagship development by renowned China developer R&F, situated in the heart of Malaysia's Iskandar special economic zone• Horizon Hills, a low density integrated residential township, widely regarded as one of the best golf course residential properties in Johor Bahru, Malaysia• Australis, a modern apartment tower situated in the Melbourne CBD area by multi-award winning Australian property developer Central Equity• Arcadia Beach Imperial, resort styled condo that comes in different shapes and sizes, located just a few minutes from the beach• Cocoon Residence is a managed complex of 18 boutique residences that offers a forecast of 10% return per annum and a 100% cashback on investments for the astute investor
2. Informative Seminars and Talks
Some of the finest property and investment experts on both sides of the causeway will be in attendance at the Expo, providing insights into the property trends and identifying of the opportunities in the global property market. These include Khalil Adis, the bestselling co-author of Get It Right Iskandar and iProperty.com Malaysia's brand ambassador for Iskandar Malaysia, and Ryan Khoo, founder of Alpha Marketing and author of "What's the Big Deal with Iskandar Malaysia".

3. Special Deals, Goodies and Lucky Draws
Apart from the free seminars available on both days of the Expo, consumers can expect a host of special property deals and promotions available from participating developers. In addition, there will be plenty of goodies up for grabs from our partners including Foodpanda, ToTT, Samplestore, Zalora, Easy Taxi and more. What's more, pre-register right now to enjoy free admission and be in the draw to win a 3D2N getaway at Mövenpick Cebu worth SGD$800, as well as an iPad Mini with Retina display!
Pre-register for FREE Admission to the 9th iProperty.com International Property & Investment Expo today!

For more District Guides, you can head over to iProperty.com Singapore.

Week in Review - 23 October 2014

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Reduction in public and private property supply in 2015, Luxury residential properties experience slow sales, Jurong Lake Gardens development plans

Reduction in public and private property supply in 2015
The Government has decided to reduce the supply of Build-To-Order (BTO) flats and private land sales to avoid a glut in the housing market. In 2015, the number of BTO flat launches will be reduced by 25 per cent to approximately 16,000 flats. In addition, BTO exercises will occur once a quarter instead of bi-monthly. Real estate analysts who spoke to Channel NewsAsia believe this will most likely not affect the resale market since the applications for BTO flats have fallen. In an interview with Today, Mr Tan Kok Keong, Chief Executive of REMS Advisors said that the stabilised BTO application rates show that pent-up demand has been met. Mr Khaw Boon Wan, Minister for National Development, announced during an interview on Channel 8's Hello Singapore programme, that the number of land sites offered under the Government Land Sales (GLS) programme would be reduced as well. Mr Khaw said, "The (HDB and private property) markets are linked. So, just as we need to reduce BTO, we have also been progressively bringing down the Urban Redevelopment Authority land sales for executive condominiums, for private condos. So this year, we made a small adjustment of reduction. Next year, we will go a bit further." On the reduction of GLS sites, Mr Tan said to Today, "I don't think it will lead to developers bidding more aggressively, because it is well documented that market participants expect a build-up in supply in 2015 and 2016, so developers will be wary of that and bid at a level that they think they can sell." 
Mr Ku Swee Yong, Chief Executive of Century 21, expressed concerns over an increase in private property prices due to the reduction in supply to TODAY.  He commented, "The GLS programme is actually a good tool to keep prices in check for the long-term stability of the market. If developers know there won't be as many sites on offer, it may push up land prices and this cost will be passed on to consumers." Mr Khaw added that cooling measures would not be changed any time soon as property prices can only be moderated further since income levels have only grown at 30 per cent thus far. He said, "Cooling measures are something we will have to relook sooner or later, but I think now is not the time yet ... Prices have come down, the market is turning into a buyer's market and sellers now have to be more realistic".

Luxury residential properties experience slow sales
Sales of luxury residential properties have fallen as seen from recently launched property projects. According to Knight Frank Consultancy, only one unit was sold in M5, Tanglin Planning Area; One Duchess in Bukit Timah sold only two out of its 13 units. A report by OSK-DMG revealed that the sluggish luxury residential sales - accounting for six percent of September sales - pale in comparison to the improving sales in the mid- and mass market segments. In a move to clear remaining units, developers have marked down prices for luxury condominiums such as The Vermont At Cairnhill and The Panorama at Upper Thomson. Remaining units at The Vermont were sold at around $2,110 psf, about 13 per cent lower than its initial price and 60 units at The Panorama were sold at $1,240 per square foot (psf), almost ten percent lower from its initial price at $1,350 psf. 

Jurong Lake Gardens development plans
The development of the new Jurong Lake Gardens and its surrounding areas will be led by Lawrence Wong, Culture, Community and Youth Minister. A steering committee comprising members from the government, private sector and community has been set up to "look at all the options and gather ideas and feedback before the plans are finalised" says Tharman Shanmugaratnam, Deputy Prime Minister to Channel NewsAsia. For instance, the Japanese Garden, Chinese Garden and Jurong Lake Park will be merged into the Jurong Lake Gardens. In early 2015, the National Parks Board will seek fresh ideas from the public, which will be added to the masterplan competition for the Jurong Lake Gardens. 


For more District Guides, you can head over to iProperty.com Singapore.

TREND ALERT - Local Nostalgia

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We've seen many homeowners embracing the nostalgic look in their homes to great effect. We reminisce the good ol' days with these old-school goodies with a modern twist. 
Text: Redzman Rahmat


Teh Peng and Kopi magnets, $15 each, from The Little Drom Store


City Glamour Peranakan tiles, $11 per piece, from Soon Bee Huat


Pelican Playground Plush, $22, from The Little Drom Store


Nyonya Kueh Sticky Notes designed by Farm, $15, from Naiise


Sounds of Singapore glasses, $19.50 each, from The Little Drom Store


Fancy Gem Biscuit Cushions, $39.90 each, from When I Was Four (www.wheniwasfour.com)


Visit  for more inspiring home designs.

For more District Guides, you can head over to iProperty.com Singapore.

iProperty 360 Views - Overseas Property

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With restrictions on Singapore property investment, the local property scene is losing its appeal for both foreign and local investors.
iProperty speaks to Sean Lim LS, Founder of FindaHomeLoan.co, Jeff Foo, Director for Global Alliances and Business, National Association of Realtors, President of Institute of Estate Agents (Singapore) and Getty Goh, Director of Ascendant Assets Pte Ltd to find out whether the local property situation is driving investors to overseas markets.
Are investors more interested in properties outside of Singapore as compared to before?
Sean Lim:
We have definitely seen an increase in home loan enquiries for offshore properties. As investors get savvier and familiarise themselves with global markets, they sniff out opportunities to invest their money. Asians traditionally also prefer asset classes such as brick-and-mortar properties.
Jeff Foo:
It seems the interest in foreign properties has somewhat simmered down. These days the investors are more savvy and knowledgeable. They tend to be more cautious, as previously many jumped onto the band wagon blindly or simply "followed the herd".
Getty Goh:Yes.  Due to the Additional Buyer Stamp Duty (ABSD) as well as loan restrictions, many investors are presently sitting on the sidelines.  

What are the reasons for this change?
Sean Lim:
The more recent driving factors are the cooling measures, Total Debt Servicing Ratio (TDSR) and a turn in sentiments in Singapore. Some baulked at the lower leverage restriction enforced by TDSR and the punitive ABSD. With more, as well as better developments and education on overseas property investments, investors are more receptive and making calculated decisions to invest.
Jeff Foo:
There are many hidden uncertainties when investing in foreign properties, especially in faraway lands or countries. The nearer ones are easier to commute to.
Getty Goh:
To give you some perspective, based on data compiled by URA, the total number of private property transactions from Jan 2014 to Jun 2014 is 7,172.  In comparison, the number of transactions in the same period the year before (in 2013) was 15,969.  Hence, this clearly shows that local transaction volume has dropped significantly in 2014.  

What countries are the most attractive for property investment?
Sean Lim:
UK, especially London, continues to be a popular market. With the lure of a weaker sterling pound, stable government and to a certain extent, bragging rights, many Singaporeans have bought homes in London. Prices in zones 1 and 2 have increased by a lot, and there are more affordable ones in zones 3 and 4.
Australia is having a bullish property market now. Rates are almost at an all-time low, financing is available and developments are getting better. The Australian dollar has also weakened by 10 per cent over the past two years. The property markets in some states such as Sydney are reportedly under supplied, while others are even offering stamp duty subsidies. These ingredients can collectively make a hot market hotter. Prices of Sydney properties have risen very strongly since 2013. Melbourne is a close second while Brisbane and Perth are catching up.
These two countries are also popular with students and parents who buy homes for them to stay instead of renting.
Jeff Foo:
These days, investors are going to Australia, Japan, Korea, and the United Kingdom. There are quite a number of properties nearby like Indonesia, Iskandar, Johor Bahru, Kuala Lumpur and Penang that investors are likely to consider.
Getty Goh:
As a result of the cooling measures, we have seen many instances of Singaporeans looking for opportunities overseas. In terms of overseas countries, the more popular location a year ago would have been Malaysia, particularly Iskandar Malaysia. However, with the Malaysian government introducing property cooling measures, we have noticed that interest in Iskandar Malaysia appears to have waned.  As a result, many of these investors are now looking in further places like Australia, the United Kingdom as well as the United States.



iProperty 360 Views is a conversation with developers, agents, investors, owners and other property sector experts. The conversation will gather thoughts on topics concerning the property market, trends and other issues, providing insights and perspectives from every level of Singapore's property ecosystem. 

For more District Guides, you can head over to iProperty.com Singapore.

Move Up with 8scape Residences

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Young professionals and families looking to move across the causeway or invest in their first property, you will not go wrong with the latest development by KIP Group, 8scape Residences @ Sutera.  Scheduled to be launched officially to the public on 1st November, we bring you an exclusive preview of what to expect from this much-hyped about development.

Strategically located in between Taman Sutera/Perling, and in close proximity to Medini, Nusajaya, Puteri Harbour and Danga Bay, it is a mere 15 minutes away from Legoland and City Square, with an additional 5 mins needed to reach the Causeway. Construction on the four towers in the project will commence in 2014, with a total of 1,255 units due to be completed in 2018.
 One of the main highlights of the development are the facilities housed on the generous 5 acres of space afforded to residents who will appreciate dipping in the infinity pool, having a cup of aromatic coffee in the skygarden, or simply taking in the panoramic views of the sea in the comforts of their own home. Catering to the modern family, the option of the on-site daycare and 3-tiered security system offers a total peace of mind. For the fitness and sports enthusiast, there is always the indoor badminton court, tennis court, yoga room and gymnasium that ensure one never has to stray far for their needs.

All units come with partially furnished fittings such kitchen cabinet, Hood & Hob and air conditioning units for all bedrooms including the living room.
 With the surrounding developments in the Iskandar region selling at between RM800 - RM1000 psf, the starting price of RM 456 psf at the 8scape Residences @ Sutera makes it a steal, especially when you take into account the potential capital appreciation of the development. Attractive packages are available for the public during the launch this Saturday, 1st November at its newly completed Sales Gallery located at Jalan Sutera Kuning, Taman Sutera, 81200, Johor Bahru, Johor.



For more District Guides, you can head over to iProperty.com Singapore.

Week in Review - 30 October 2014

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Private residential prices and transactions fall, again, HDB resale prices decline for fifth consecutive quarter, Thomson East Coast Line (TEL) to boost property prices, Rise in foreign investment interest, URA launches second land parcel in Paya Lebar Central

Private residential prices and transactions fall, again
The Urban Redevelopment Authority (URA) revealed that the private residential price index declined by 0.7 per cent in Q3 2014, following a one per cent decrease in Q2. Analysts told TODAY that the moderate decline in property prices suggests a stabilising market, but the correction is not complete, cautioning that prices might soften in the following few months. URA noted declines across all private home segments: non-landed properties in the Core Central Region (CCR) fell by 0.8 per cent; non-landed properties in the Rest of Central Region (RCR) and Outside Central Region (OCR) fell by 0.4 per cent and 0.3 per cent respectively. Landed properties saw a more significant decline of 1.8 per cent, following a 1.7 per cent decline in Q2. Property analysts also noted that the subtle decline in the price index was supported by 'higher priced' new launches, for instance Highline Residences at Kim Tian Road, City Gate at Beach Road and Bijou at Jalan Mat Jambol, where units sold for  more than S$1,800 per square foot. 
There was also a decrease in developer's sales, by approximately 40 per cent, to 1,531 condominium units in Q3, from 2,665 units in Q2. Resale transactions fell as well, from 1,389 in Q2 to 1,288 in Q3. Although buyers are willing to purchase properties, home owners and developers seem unwilling to cut prices further. Mr Eugene Lim, Key Executive Office of ERA told TODAY, "Sellers are under no pressure to cut prices significantly, the (market) continues to see a mismatch of expectations and deals take longer to close." Moreover, property consultants predict rental values and property prices will decline for another year due to oversupply of new private homes. As of the end of Q3 2014, there were 74,496 uncompleted private homes in the pipeline, of which 28,120 remain unsold.

HDB resale prices decline for fifth consecutive quarter
The Housing Development Board's (HDB) resale price index fell for the fifth consecutive quarter, by 1.7 per cent in Q3 2014. Analysts attributed the decline to loan curbs and a surplus of new flats. The decline in prices has however sparked growth in resale transactions, up 2.8 per cent, from 4,389 units in Q2 to 4,513 units in Q3. The rental market has seen more activity, with a 5.5 per cent increase in sublet transactions in Q3 and a 1.5 per cent increase in HDB flats being approved for subletting. Mohamed Ismail, Chief Executive Officer at PropNex Realty, noted in TODAY that he expects HDB resale prices to soften by six to seven per cent in 2014, as a result of an influx in supply of new homes and the property cooling measures - resale volumes are expected to be between 16,500 to 17,000 units. In addition, an increase in second-time home buyers purchasing Build-to-Order flats will continue to impact resale prices as buyers must sell their existing flats within six months of key collection. "Home buyers are more restrained if their MSR is over 30 per cent, or TDSR is near 60 per cent. Loan curbs and softer prices will ultimately mean that HDB upgraders will find it more prohibitive to upgrade to a private property," Mohamed Ismail explained to TODAY. 

Thomson East Coast Line (TEL) to boost property prices
Singapore's sixth rail line - Thomson East Coast Line (TEL) - is anticipated to be fully operational by 2024. According to the latest Real Estate Sentiment Index (RESI) report, the upcoming TEL is predicted to give a boost to property prices in areas along the rail line route, with 78.5 per cent of respondents identifying Marine Parade seeing the most benefit. More than 60 per cent of respondents also cited Katong/Amber Road, Siglap/Bayshore, Upper Thomson and Tanjung Rhu. Overall, the report revealed that respondent's sentiments towards the property market was bearish. The report revealed that market sentiments towards the prime and suburban residential sectors were the bleakest. The current net sentiment balance for the prime residential sector was negative 76 per cent, while the net sentiment for suburban sector had a net balance of negative 63 per cent.

Rise in foreign investment interest 
Despite the higher cost of foreign home ownership as a result of the Additional Buyers' Stamp Duty (ABSD), foreigners are starting to adapt. A report by Knight Frank identified District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang), as the residential hotspot for foreign buyers in Q3 2014, with the highest number of homes bought by both Permanent Resident (PR) and Non-permanent resident (NPR) buyers, from 5.5 per cent in Q2 to 8.8 per cent in Q3. An additional 17.3 per cent of foreign buyer transactions were in districts 9, 10 and 11, marking a 14.0 per cent quarterly improvement. 
Moreover, a report by Maybank Kim Eng revealed that the identity of foreign buyers in Singapore has shifted slightly. People's Republic of China (PRC) Chinese now constitute the highest number of purchasers, at 28.2 per cent in September 2014. Malaysians and Indonesians continue to represent a sizable percentage of foreign buying in Singapore, such that economic crises in these countries might impact the Singapore market.  

URA launches second land parcel in Paya Lebar Central
The Urban Redevelopment Authority (URA) launched a public tender for a land parcel at the junction of Payar Lebar and Sims Avenue - a mixed-use site consisting of office, retail and residential uses. In conjunction with URA's decentralisation strategy, the development of commercial clusters outside the central region will create employment opportunities closer to homes, thus reducing congestion and transportation time for businesses located outside the Central Business District (CBD). Paya Lebar Central is anticipated to be a 'vibrant commercial centre' with approximately 165,000 sqm of gross floor area (GFA), of which 90,000 sqm will be allocated as office space and the remaining space would be available for other uses - "additional office, retail, entertainment, food & beverage (F&B) and residential uses".
The land parcel consists of a 99-year lease period and is situated near the Paya Lebar Interchange and MRT station, as well as other upcoming developments in Paya Lebar - Paya Lebar Square, shopping mall One KM and the Workforce Development Agency's new Lifelong Learning Institute. The accessibility to the MRT station and proximity to the CBD has attracted a significant level of developer interest. Desmond Sim, Research Head in CBRE Southeast Asia, commented to Channel NewsAsia, "It is a highly anticipated plot as it is yet another step in the government's plan to provide a viable alternative to the CBD commercial market, helping occupiers manage costs and bring jobs closer to homes." The tender period will be approximately 22 weeks, and will close on 31 March 2015.  

For more District Guides, you can head over to iProperty.com Singapore.

Week in Review - 6 November 2014

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Lake Life prices reduced to maintain affordability, Increase in supply of Parenthood Provisional Housing Scheme (PPHS) flats, Spike in bank non-performing housing loans, Strong interest in Melbourne property market

Lake Life prices reduced to maintain affordability
Pricing for Lake Life, an executive condominium (EC) in the Jurong Lake District, will be lower than its initial indicative level. The 99-year leasehold project will be priced at an average of $857 per square foot, with unit prices ranging from $799 to $930 per square foot. The project developers, Evia Real Estate, have priced 84 per cent of units at less than $1.1 million, to keep prices affordable.
Vincent Ong, Managing Partner of Evia Real Estate, expressed concerns to TODAY about the risk of excess supply in the property market - private units, Build-to-Order (BTO) flats and ECs - affecting sale of hybrid public-private homes such as ECs. The consortium of developers led by Evia Real Estate analysed the profiles of its 1,853 e-applicants, revealing that the purchasing power of these potential home buyers was lower than anticipated. The EC will begin bookings on 8 November. Mr Ong predicts half the units will be sold during the first weekend. 
The Ministry of National Development (MND) has addressed concerns about the build-up of surplus property in the market. It announced previously that BTO flat supply would be reduced from 22,400 to 16,900 units in 2015. The MND stated in the Singapore Business Review, "our focus is on ensuring a smooth transition from the ramp-up to a more sustainable phase, as the supply and demand for BTO flats achieve a better balance." Approximately 4,000 two-room flats will also be included in next year's BTO supply to meet demand from single and low-income families. 
Following price decreases in private and HDB properties in Q3, prices in Singapore are expected to continue falling due to increased supply and tight financing measures.  In a speech at Credit Counselling Singapore's 10th anniversary lunch, Deputy Prime Minister and Finance Minister, Mr Tharman Shanmugaratnam said, "If we do not get a meaningful reversal after each upswing, property prices will run ahead of the growth of household incomes over the long term, which we should avoid." 

Increase in supply of Parenthood Provisional Housing Scheme (PPHS) flats 
The Housing and Development Board (HDB) has announced that further enhancements will be made to the Parenthood Provisional Housing Scheme (PPHS), so as to increase the supply of PPHS flats offered to couples and young families. The PPHS was introduced last year to offer families temporary housing with affordable rental rates, while they wait for their new HDB flats to be ready. An additional 800, mainly three-room flats, will be made available in the Bukit Merah and Queenstown areas, increasing the supply, which stands at 1,150 units.Starting 1 November, new applicants and existing tenants of PPHS flats can opt to co-rent their flat with another eligible family within this scheme, allowing households to reduce rental expenses. All flat-types will be provided the option to co-rent, with a maximum of two eligible families per flat. Mr Khaw Boon Wan, Minister for National Development noted to TODAY that the vacant flats consist of larger units, hence the option to co-rent "will be useful for those who feel that they do not need a whole flat, especially if it is four or five-room." The HDB is currently retrofitting the additional PPHS flats, after which they will be progressively made available to applicants starting early 2015. 

Spike in bank non-performing housing loans
Overseas-Chinese Banking Corp (OCBC) Banks Q3 2014 financial results revealed an increase in housing non-performing loans (NPL), increasing by 20 per cent, from S$227 million to S$272 million year-on-year. United Overseas Bank (UOB) also reported that housing loan NPLs increased by 12.3 per cent to S$502 million from Q2 2014 to Q3 2014. The report noted the increase in NPLs was due to borrowers investing in a particular high-end residential development in Singapore. Although the bank declined to identify the project, the total NPL associated with this unnamed project was S$166 million. The report stated that, "This NPL was well collateralised with minimal impairment charge. Excluding the NPL from this isolated case, overall housing loans remain relatively flat." 

Strong interest in Melbourne property market
According to a mid-2014 report by Radio Australia, Melbourne has been attracting significant numbers of investors from Singapore, Hong Kong, Indonesia and Mainland China. Singaporean firm World Class Land recently launched sales for its Melbourne-based residential development - Australia 108. The launch saw 69 per cent (133 out of 193) of its units snapped up by Singaporean buyers. 
Malaysian developers, including UEM Sunrise, have also been investing in the Melbourne property market. The New Straits Times reported that Aurora Melbourne Central saw strong sales during its recent exclusive preview in Kuala Lumpur on 31 October 2014; 90 per cent of 200 allocated units were sold. 


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Buying a Property - Using your CPF before it vanishes

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For Singaporeans, reaching 55 years old marks a major milestone from the perspective of personal financial planning. 
At 55, you can withdraw a portion of your Central Provident Fund (CPF) savings. Yes, finally after years of waiting, you can use the money locked up at CPF!
But hang on... before you start planning for your next holiday destination or researching for your second property...reaching 55 does not mean you can simply go to the CPF to withdraw any amount you want.
The CPF, Singapore's pension scheme, has other plans for your funds.
First, you need to make sure that you have enough savings in your Special Account (SA) and Ordinary Account (OA) to make up the Minimum Sum (MS) of $155,000 in your newly set up Retirement Account (RA). 
Up to 50% of the Minimum Sum (MS) can be accounted for with your property if you had used CPF savings to pay for your property. However, if you sell your property after 55, any amount drawn down from the CPF previously to purchase the property plus accrued interest will now have to go back to your CPF.
On top of that, there is still the Medisave Account which has a mandated Minimum sum of $43,500 which will have to be topped up before any funds are withdrawn.
This means that the Total Minimum sum is a whopping $198,500. (Minimum Sum (MS) + Medical Minimum Sum (MMS) = $155,000 + $43,500)
CPF Compulsory national Annuity Scheme - A Life Long Plan 
Most of the funds in your RA will be for a compulsory national annuity scheme, also known as the CPF Life, that gives you a monthly payout when you reach 65 for as long as you live.
There are two plans:
a) CPF Life Standard Plan, which provides higher monthly payouts and lower bequests; andb) CPF Life Basic Plan, which provides lower monthly payouts and higher bequests.
Under the CPF Life Standard Plan, the first installment of your annuity premium of up to $77,500 (or half the MS) will be deducted from your RA.
And before you hit 65, the rest of your money in the RA will go into the second instalment of your annuity premium.
This means that basically all the money in your RA will go towards an annuity scheme under this CPF Life Standard plan, which happens to be the default plan if you do not select one.
Under the other plan - CPF Life Basic Plan, a small portion of about 10% of your RA savings will go into your first installment and another portion will be made for the second installment as you approach 65. The amount of annuity premium deducted depends on your age and gender. 
Should you Buy a 2nd Property before 55 to protect your CPF money?
Many people have called us to enquire about buying a 2nd property using CPF as they are afraid that the money gets taken away into Retirement account. Also the flip-flops denials and admissions by the government regarding how they have used our CPF funds does nothing to sooth fears and worries about the CPF.
Scenario of Mr. Tan who is currently 54 years old - Evaluating buying a property
Owns a private property. This property is used as pledge for 50% of Minimum Sum. 
Has the following savings in CPF: -
• Ordinary Account = $120,000• Special Account = $55,000• Medisave Account = $23,500
At 55 years old, a retirement account would be created. All the monies will be transferred from the Special Account (SA) into the Retirement account (RA) and top up of Medisave Account (MA). After this transfer his account situation will look like this: -
• Retirement Account = $155,000• Ordinary Account = $0• Special Account = $0• Medisave Account = $38,500 (Medisave Minimum Sum is $43,500)• Only $5000 withdrawal is possible.
There is still a Medisave Account (MA) Shortfall of $5,000. The property is not use as pledge since Minimum Sum (MS) is sufficient.
However, apart from the $5,000 that can be withdrawn at 55 years old. That means that between 55 and 65 years old, there is practically NO MONEY.
Many people who are now in their early 50s and who has some CPF monies are approaching us to discuss using their CPF Ordinary account to buy another House. If they buy a 2nd house, they only needs to meet 50% of the Minimum Sum, which is $155,000 * 0.5 = $77,500. Anything in excess of $77,500 can be used.
Use of CPF to purchase multiple properties  If you already own a property bought with your CPF and wish to buy another property with CPF, you should take note that you may do so only after you have set aside half of the prevailing Minimum Sum in your Ordinary and Special Accounts. The maximum amount of CPF you and your co-owner(s) may use for your second and subsequent property is capped at its VL. * The Minimum Sum changes every July. Please refer to the CPF website for information on the prevailing Minimum Sum."(Source: CPF)
Mr. Tan, has $120,000 in (OA) and $55,000 in (SA). In other words, since he already has a Private property as pledge towards the Minimum sum of $155,000. He can use any sum of money in excess of $77,500 for his 2nd property purchase, provided that they are in the Ordinary account (OA).
• $120,000 + $55,000 - $77,500 = $97,500.• Mr. Tan can use $97,500 for 2nd Property purchase.
If this money is used ahead of him turning 55, it does not go into the Retirement account. However buying a 2nd property has the following implications: -
• Additional buyer stamp duty of 7% (for 2nd Property), this is a whopping $70,000 of tax if property is $1m.• His 1st Property is used as pledge and upon sale of the property, proceeds from sale will go into topping up CPF account used together with accrued interest.• Reduced Loan-to-value of 50% (i.e. only 50% loan size and 50% downpayment) if 1st residential property has outstanding loan.• Mr. Tan is already 54, hence the loan eligibility is lower as the TDSR criteria is tough. His low loan tenure will be short at 10 to 11 years tenure (max 65 years old for 80% loan). If he earns $10,000 fixed pay a month, he can only pass the TDSR if his loan amount is around $656,000. He will need another borrower to join him if he wants to buy a dearer property.

Issues you should consider
While a monthly payout in your old age sounds good, having a substantial portion of your savings being tied down for this compulsory annuity scheme raises a few issues worth considering. 
• Am I better off reinvesting the money on my own?• Will I live long enough to be able to use my hard earned money?• What can I do now to better plan for myself financially? • Should I downgrade to a smaller flat since funds received from the sale of property now goes into meeting the MS in my RA? • Should I take the opportunity to buy another property now to use up my funds before all the money goes into my RA when I reach 55? • Should I use my CPF to pay down my existing housing loan (if it is not paid up in full)?
Should I trust the CPF with my money given the lack of transparency and the incessant raise of minimum sum which gives the impression that CPF do not want to return you your money.
Each individual's needs and aspirations are different. And it helps if you think about these issues so as to prepare yourself for this major milestone.
Buying another residential property at 55 is a major decision, the repayment commitment is heavy given the short loan tenure, apart from that, you still have to do proper research to make sure you are not overpaying. 

References: -1. CPF, https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/wdl_cal2.asp2. How is Singapore land supply managed, http://www.icompareloan.com/resources/how-is-singapore-land-supply-managed/3. TDSR causes Home loan refinancing hardships, http://www.icompareloan.com/resources/tdsr-causes-home-loan-refinancing-hardships/4. Summary of Property Regulations since 14 Sep 2009 till Aug 2013, http://www.icompareloan.com/resources/summary-of-property-regulations-since-14-sep-2009-till-aug-2013/5. Summary of property regulations aug 2013 till feb 2014, http://www.icompareloan.com/resources/summary-of-property-regulations-aug-2013-till-feb-2014/6. Press Release: A Stable housing market, better homes for all,http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/A656E10CAFBBD81948257C9700243AC0?OpenDocument#searchRedirect7. Recent 2 Years price transactions of HDBs, https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp8. New HDB OTP form, http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatOTP?OpenDocument
 About Paul HoHe holds a Masters of business administration from a reputable university and has  distinctions in finance and economics. He also writes for STproperty,  iProperty, Propertybuyer.com.sg,  iCompareLoan.com, BTInvest, Thefinance.sg, Propquest.sg and SingaporeHomeLoan.net amongst many others. He is  passionate about helping people enhance their wealth and in making money work  harder for them. 

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Week in Review - 13 November 2014

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Property market sees an increase in resale prices but decrease in rental prices, Luxury property market affected by cooling measures, New property launches in November and overwhelming response for Lake Life EC, Thomson Line construction to begin in Q1 2015
Property market sees an increase in resale prices but decrease in rental prices
The latest Singapore Real Estate Exchange (SRX) Price Index revealed a slight increase of 0.1 per cent in resale prices of Housing Development Board (HDB) flats in October. From September to October prices of four-room units remained constant whereas three- and five-room flats fell by 0.4 per cent and 0.1 per cent respectively. Analysts noted to TODAY that the month-on-month increase is most likely a one-time occurrence, driven by a 0.8 per cent increase in executive condominium (EC) prices. 

Nevertheless, the increase in prices has attracted more homebuyers, and HDB resale volumes in October increased by 5.7 per cent to 1,553 units from 1,469 units sold last month. Analysts further noted to TODAY that prices are expected to stabilise in early 2015. Mr Chris Koh, Director of Chris International, expects lower activity in the next two months due to the school holidays and upcoming festivities.
Resale prices of non-landed private homes have also increased by 0.4 per cent in October, following a 0.6 per cent decline in the month before. However, prices still lag behind by 4.5 per cent in comparison with the same period last year. The increase in resale prices were driven by a 0.6 per cent increase in both the Rest of Central Region (RCR) and the Outside Central Region (OCR). In addition, resale volumes of non-landed private homes declined by 2.2 per cent to approximately 451 units from September - of which about 232 units are situated in the OCR. Mr Nicholas Mak, Executive Director of SLP International Property Consultants stated to TODAY that, "This is not the start of a price recovery ... there is no change in the market fundamentals ... The cooling measures and Total Debt Servicing Ratio (TDSR) framework are still in place, and the government has mentioned that it would not remove these curbs any time soon". Mr Mak expects private property prices to continue to decline, although indicating that the decline might slow down.  
Rents of non-landed private properties have fallen by 0.9 per cent in October, the lowest in about four years. The decline was attributed to supply of properties offered for rent outpacing the growth in tenants. The report showed that rental properties in the OCR saw the biggest decline by 1.5 per cent month-on-month, while the RCR and Core Central Region (CCR) saw a decline of 1.1 per cent and 0.7 per cent respectively. With more private properties approaching completion, analysts expect rents to continue to decline in the next few months. Mr Eugene Lim, Key Executive Officer of property agency ERA, commented to TODAY, "The continued drop in rents is expected as it is currently a tenants' market. Tenants have strong bargaining power as the current supply glut and declining expat demand are pushing down rents." 

Luxury property market affected by cooling measures
The latest Knight Frank Prime Global Cities Index report revealed that the overall price index for luxury properties in the world's leading cities increased by four per cent since September 2013. Singapore was the worst performer amongst 33 key global cities with luxury property prices in the country registering the biggest drop by ten per cent. The price fall was attributed to cooling measures such as loan curbs. According to the Urban Redevelopment Authority (URA), the landed property price index for Q3 2014 fell by 5.1 per cent in comparison to Q3 2013. The landed property market in Singapore saw a larger decrease in price index then the non-landed property market - for which the price index fell by 3.3 per cent. 

New property launches in November and overwhelming response for Lake Life EC
TRE Residences in Geylang will be launched this weekend, with an average indicative price of S$1,560 per square foot (psf). The developers of the 250-unit condominium will be offering early-bird discounts of up to five per cent at its launch. Additionally, two new executive condominiums (EC) will be launched in November - Bellewaters and The Terrace. Bellewaters located in Sengkang, and The Terrace located near Punggol Waterway, will open for bookings on 14 November. Prices for Bellewaters will start from S$744 per square foot (psf) and prices for The Terrace are expected to be sold at above S$780 psf. According to Square Foot Research, "The launch of these new ECs may result in renewed interest in older EC projects that were launched earlier if prices remain at a discount to surrounding private residential projects, which is likely the case. With tighter lending rules, consumers are inclined to be more finicky in their purchases and may opt for units that provides better value for their money."
The most recent EC launch - Lake Life - has seen keen interest from consumers. The EC which opened for booking on 8 November saw 98 per cent - 521 out of 546 units snapped up. The project's developers said that the "overwhelming response" is likely attributed to the ECs attractive location at Jurong Lake District, as well as the government's intentions to further develop Jurong. Channel NewsAsia spoke with two buyers, and revealed that price was also a key criterion. The average price of the development was S$857 per square foot (psf). Nilesh Jadha, a buyer who owns an existing five-room HDB flat, said to Channel NewsAsia, "In terms of the price per square foot, I think this was quite attractive compared to the private developments - I think about 25 to 30 per cent less compared to the other private developments that we saw." 

Thomson Line construction to begin in Q1 2015
With the construction of the Upper Thomson Mass Rapid Transport (MRT) station, residents and shop owners alongside Upper Thomson Road are preparing themselves for noise as well as inconvenience in 2015. The Land Transport Authority (LTA) announced that construction would most likely start in Q1 2015. The station will be situated beneath Upper Thomson Road between Thomson Plaza and the Church of the Holy Spirit, and road diversions are expected to be implemented in Q1 2015 to facilitate the construction. 
In addition, adjustments to the traffic alignment will occur in Q3 2015, with final road adjustments beginning in Q2 2016. LTA plans to ensure inconvenience is minimised. Tan Kok Jin, Thomson Line Director of the LTA said to Channel NewsAsia, "We will put up noise barriers to block the noise from the machines and schedule the noisy work in the day time. But there are diaphragm walls work that has to be continued for 24-hours for safety reasons. If not the ground may collapse and cause more problems for the construction." Variable Message Signs are currently put up to caution motorists of the road diversions and will continue to be in place until April 2018. The Thomson MRT station is anticipated to be completed in May 2020.

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Easy Elegance

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Renovating a home is not the easiest of things to do. But when designer and homeowner are located in different countries during the renovation process, the task becomes downright gargantuan. Such was the case with this apartment. Its owners, who had been living in Hong Kong for eight years, were finally returning to Singapore and wanted a modern and elegant space to come home to. Addressing the brief head on, interior design firm Altered Interior not only delivered a refined apartment that is easy on the senses, but also managed to pull it off while the owners were still in Hong Kong during the entire design and construction process.
Project Type3-bedroom CondominiumFloor Area1,421 sqft
Text: Redzman Rahmat

<image "ed_003.jpg" caption>Aligning Priorities
Glass doors from the private lift lobby lead directly into an airy and open space, with the living area resting one side and the dining and kitchen on the other. That the entire space feels streamlined is no accident. Designer Christina Choong shares that adjustments to the layout had to be made. Beside the dining area, the store room and common bathroom were aligned and cleverly concealed behind sliding panels that work in tandem with a simple but well-detailed mirror feature in the centre of the space.

<image "ed_004.jpg" caption>A Fetching Pair
The owners have a keen appreciation for design and wanted to fill their home with some of their favourite designer furniture pieces. This is most obviously seen in the dining area, which is a picture of contemporary elegance. The dining set and distinct lamps were all handpicked by the owners in Hong Kong with the help of Christina, and shipped over when they made their move. Complementing the dining area is the partially open kitchen. By moving the kitchen entrance to the side, Christina could create a convenient serving counter between the kitchen and dining area.

<image "ed2_005.jpg" caption>A Clear Study
The renovation came with its fair share of hacking, not least when it came to creating a new study for the family. Walls were replaced with glass partitions for a bright and airy space that is conducive for work. A generous amount of storage was also included to organise the heaps of books and files that come with running a full household.

<image "ed_006.jpg" caption>Care and Share
The owners' two children share the same bedroom, so it is important that it is conducive for both of them. Not only did Christina custom build a bed with a pull-out for the younger child, she also implemented two desks at different heights to accommodate each child. A composition of storage over the desks plays the part of both practical necessity and graphical feature in the room.

<image "ed_007.jpg" caption>Cosy Up
The master bedroom is best described as a cocoon of earthy proportions. "We chose neutral brown and grey colours to create a very relaxing ambience," says Christina. Practical interventions also took place with additional cabinets in a row at the front of the room. Instead of buying an off-the-shelf bed, a customised under-storage bedframe ensures that the design of the room remains consistent.
Visit  for more inspiring home designs.
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Week in Review - 20 November 2014

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Property market picks up in October, Marina One Residences sees strong launch, Increase in supply causes vacancy rates to rise, Spike in luxury home mortgages, Two GLS sites in Yishun and Sengkang released for bidding 

Property market picks up in October
According to the Urban Redevelopment Authority (URA), private property developers have sold 765 units in October - an 18 per cent increase from September sales. The number of launches also increased from 514 units in September to 649 units in October. However, sales figures for October have seen a 31 per cent drop based on a year on year comparison with October 2013. The Core Central Region (CCR) recorded the most number of transactions with 381 units sold, while the Rest of Central Region (RCR) and Outside Central Region (OCR) saw 123 units and 261 units sold respectively. 
Despite the lack of new executive condominium (EC) launches, 90 EC units were sold in October, a 52.5 per cent increase from September and the highest volume of sales this year. The best-selling EC project was Forestville at Woodlands Drive 16, whereby 30 units were sold at a median price of S$737 per square foot (psf). The EC market is expected to see more activity in the coming months with the launch of Lake Life, Bellewoods and Bellewaters in November, analysts said to TODAY.

Marina One Residences sees strong launch
Marina One Residences, a 1,042-unit integrated development located in the Marina Bay precinct managed to sell 334 units out of 400 units at its launch. The median price was $2,228 per square foot (psf). Marina One is being developed by M+S, a joint venture by Temasek Holdings and Khazanah Nasional, and is part of a mixed-use project close to the Marina Bay Financial Centre. The project developers offered early buyers a ten per cent discount, bringing prices down to range from $1,960 to $3,100 psf.
The improvement in private non-landed sales in October was primarily driven by the strong sales at the launch of Marina One Residences. Mr Nicholas Mak, Executive Director at SLP International Property Consultants said to TODAY, "If Marina One Residences was taken out of the equation, the sales volume in October would be the lowest for the whole of 2014 ... Therefore, there is still a long way to go for the local real estate market to be on the path of a firm and steady recovery." 

Increase in supply causes vacancy rates to rise
Vacancy rates of executive condominiums (EC) are at its highest in more than five years, as a result of an influx of new EC units in the property market. According to the Urban Redevelopment Authority (URA), the percentage of vacant EC units has increased from 12.2 per cent to 16.2 per cent in Q3 2014. In addition, the HDB resale market is cooling down with HDB resale transactions declining from 25,094 in 2012, to 18,100 in 2013 and 12,683 as of Q3 2014 according to latest HDB statistics. 
Furthermore, private condominiums have also seen a 1.4 per cent increase in vacant units, with 21,569 units vacant in Q3 2014 - up from 21,268 in Q2 2014. However, the private residential vacancy rate remains unchanged for Q3 at 7.1 per cent quarter on quarter after five consecutive quarters of increase since Q2 2013, according to the Savills Residential Leasing Briefing. The number of EC completions is anticipated to be 2,845 in 2015, while 20,244 non-landed private residential units are in the pipeline for 2015.  

Spike in luxury home mortgages
Colliers International Singapore Research revealed to TODAY that 98 residential homes were put up for auction by banks within the first ten months of 2014 - five times the number of homes put up for auction in 2013. In addition, non-landed private homes in prominent residential neighbourhoods contributed to this year's mortgagee listing, such as Reflections at Keppel Bay, Turquoise at Sentosa Cove, and Stevens Court at Stevens Road. More high-end home owners are finding it difficult to finance their monthly payments and dispose of their properties, thus leading to a sharp increase in mortgagee sales. Ms Grace Ng, Deputy Managing Director of Colliers International said to TODAY, "Amid the stricter regulatory and financing environment, borrowers in default are finding it difficult to sell their properties on their own, as buyers generally remain cautious."
There has also been an increase in local bank non-performing loans (NPL), as a result of high-end home owners defaulting on mortgages. Analysts commented to TODAY that although the market has become unfavourable for high-end property owners, the increase in NPLs could be due to poor financial planning prior to the implementation of the cooling measures - Total Debt Servicing Ratio (TDSR).  

Two GLS sites in Yishun and Sengkang released for bidding 
The Housing and Development Board (HDB) announced that it would be releasing two new land parcels - an Executive Condominium site at Anchorvale Crescent in Sengkang and a mixed commercial-residential site at Yishun Avenue 4, for sale in November 2014. The EC site located in Sengkang covers 17,450 sq m, with a maximum gross floor area of 52,350 sq m. The Yishun site comprises 9,760 sq m, with a maximum gross floor area of 27,327 sq m. HDB revealed that the two sites are anticipated to yield approximately 700 residential units. Both land parcels are sold on a 99-year leasehold period. The closing dates for the tenders are 30 December 2014 for the Anchorvale Crescent EC site and 13 January 2015 for the Yishun Avenue 4 site.


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Week in Review - 27 November 2014

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A volatile property market with increasing mortgagee salesJones Lang LaSalle (JLL) reported that home prices decreased 4.3 per cent year-on-year in Q3 2014, resulting in Singapore seeing the greatest drop in home prices across the Asia Pacific region. JLL also noted that home prices are expected to decline by two to six per cent leading up to end 2015. With the slowdown, foreign developer interest and participation has moderated as well. Data from JLL showed a decline in the percentage of foreign bidders for private residential Government Land Sales (GLS) sites, from 21.7 per cent in 2013 to 14.8 per cent in 2014. Malaysia developers, who flocked to Singapore when property prices were booming, are now cautious in launching new projects, particularly high-end projects. Local developers are continuing to set their sights overseas for the time being, including UOL Group CapitaLand.

Auction sales are on the rise as mortgagees are selling their properties at bank auction houses. Colliers International revealed a sharp increase in properties put up for auction sale in 2014, when 98 residential properties were put up by mortgagees from January to October 2014. Ms Grace Ng, Colliers International Deputy Managing Director, noted to the Singapore Business Review that "A total of 131 properties were put up for auction sale by mortgagee this year from January to October. This is more than five times the 25 properties put up by mortgagee in the same period last year. In the residential segment, 98 residential properties were put up by mortgagees in the period from January to October 2014. This is seven times the 14 residential properties put up in the same period last year." Two luxury homes at the Turquoise, in Sentosa Cove, were put up on mortgagee sale due to borrowers defaulting on loans. The Credit Bureau revealed that 25 homeowners were unable to repay their mortgages within the first nine months of 2014 compared to 10 homeowners who defaulted on their loans in the same period last year. 
While the market continues to look volatile, enbloc sales may provide alternatives to developers. Derby Court, a freehold site situated in District 11, has been put up for enbloc sale with submission for tenders closing on 20 January 2015. Ms Suzie Mok, Senior Director of Investment Sales at Savills Singapore, told Channel NewsAsia, ""Sites with absolute price quantum of less than S$70 million for a high-rise 36-storey development are few and far between. This is a sweet spot to boutique developers in the present market." 
Mr Chia Boon Kuah, President of the Real Estate Developers' Association of Singapore (REDAS), said at the REDAS 55th anniversary dinner, that home vacancy rates  are likely to approach ten per cent due to the increase in supply of 68,000 newly completed residential homes in the following few years. Developers have expressed concerns over the real estate industry, and have prompted the Government to implement "supportive measures" to prevent the market from worsening further. 
Singapore remains an attractive destination for foreignersAccording to the Urban Redevelopment Authority (URA), the leasing volume of private residential properties has seen a quarterly growth of 15.2 per cent to 17,775 cases. There have been a total of 46,632 leases within the first nine months of 2014, 8.7 per cent higher than last year's 42,899 leases recorded over the same period. The Savills Residential Leasing Briefing for Q3 2014 attributed the increase in leasing activity to Singapore's attractiveness as a city state to foreign nationals. According to an annual Hongkong and Shanghai Banking Corporation (HSBC) survey, Singapore was ranked the best place in Asia for expatriates to live in, and was the second best place in the world after Switzerland. Singapore's good career progression, financial well-being and quality of life were reasons cited in the survey for expatriates who choose to work here.  
HDB launch and enhancement to the Married Child Priority SchemeThe HDB announced on 25 November 2014 that 7,568 flats will be launched for sale in a mix of mature and non-mature towns under the November 2014 Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercise. 4,277 BTO flats will be offered in Tampines, Sengkang, Sembawang and Yishun including the upcoming Tampines North district, while the 3,291 SBF units being offered are located in 11 non-mature and 15 mature towns. This launch would bring the total BTO flat supply in 2014 to 22,455 units, in line with HDB's commitment to launch 22,400 units for sale this year. Including the sale of balance flats, HDB has offered a total of 29,129 flats for sale in 2014.
Property analysts anticipate strong interest in flats in Tampines, as GreenRidges will be the first housing project in Tampines North, as well as the first project in a mature town to offer Three-Generation (3Gen) flats. Mr Chris Koh, Director of Chris International said to Channel NewsAsia, "Tampines is a mature town. We have a regional centre there, near your banks, your shopping and your movie theatres, for example. If you have BTO flats in Tampines, which we have not seen for a very long time, for sure it will have high demand." The next BTO launch will be happening in February 2015, with 3,940 flats being offered in Bukit Batok, Geylang and Hougang. HDB revealed that a total of 16,900 new flats will be offered in 2015, and four BTO exercises will be held. 
HDB announced on 21 November that a proportion of new flat supplies would be set aside for parents and married children who wish to live close to each other. The enhanced Married Child Priority Scheme (MCPS) will set aside up to 30 per cent of the new flat supply for MCPS first-timer families, and up to 15 per cent for second-timer families. These changes will be implemented from November's BTO and SBF exercises. First priority will be extended to two groups under the scheme: Parents and married children who apply to live under one roof, and parents who own flats in mature estates and apply for BTO flats near their married children in non-mature estates.



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Country Garden Group: A New Location. An Enduring Legacy

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Multi-awarding winning and renowned property developer Country Garden Group held a Grand Opening Ceremony in its new Singapore sales gallery located at 143, Cecil Street on 28th November, 2014. The prestigious event saw the presence of many esteemed trade & industry representatives from various chambers of commerce & trade associations in Singapore, valued business partners, Country Garden executives, distinguished guests and members of the press.

Moving to this new location from 163, Tras Street signifies Country Garden Group's fast-rising stature as a key property player in Southeast Asia. The magnificent gallery will serve as an important base for international sales of Country Garden's many projects globally. Country Garden Group is present in China, Malaysia and Australia, and the company is looking to leverage on its operations in Singapore to further promote its developments across the Straits in Malaysia's Johor state. Moreover, as indicated by Regional President of Country Garden Malaysia, Mr. Kayson Yuen; the new sales gallery reflects Country Garden's long-standing commitment to always place the customer first and foremost; and to be a 'Five-Star' brand both at home and abroad. Markedly, the auspicious night bore witness to Country Garden's first debut of its Bay Laurel Premium Showcase; a unique collection of prime seafront units located along the Straits of Johor at the high-end residential enclave of Danga Bay.

Country Garden Singapore Sales Gallery located in the heart of Singapore's Central Business District. Its Singapore Sales Gallery covers two vast floors, with the ground floor taking up 4305 sq.ft.; while the first floor occupies an expansive 8094 sq.ft. The Gallery features exquisite show suites, impressive scale models of its global developments and multiple private rooms to conduct sales and meetings. Enjoy Country Garden's five-star services and expert assistance every day, Monday to Sundays, 9am till 9pm.
Country Garden Group is Forbes Asia's Fab Top 30 Companies (2011), and is listed on the Hong Kong Stock Exchange (HK:2007; CTRYF). It is a multi-award winning developer with 22 years of success throughout China, Malaysia & Australia, and boasts an expansive portfolio of more than 200 high-end township developments. Additionally, the Group has sold properties to more than 1,000,000 homeowners worldwide.

Country Garden Group's first overseas venture outside of China is the exclusive Country Garden Danga Bay (CGDB) coastal development in Johor Bahru, Iskandar Malaysia. CGDB is strategically located just 5 minutes to Johor Bahru City Centre (JBCC) and 7KM to Singapore. Buyers are afforded a 180° panoramic view of the Straits of Johor and Singapore's skyline. With CGDB, the company unseated market expectations by managing to hit a sales figure of MYR5.0 billion (US$1.57 billion) on the day of its official launch. To date, more than 6000 residents from all over the world proudly call Country Garden Danga Bay their home.
With the opening of its new sales gallery in Singapore, Country Garden Group is set to fulfil on its promise to each and every one of its customers to deliver five-star support and service to meet all their needs as stated through its official tagline, which is to provide "5-Star Living For You".

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Week in Review - 5 December 2014

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Cooling measures affecting local developers and local buyers, MAS will continue to ensure stability for local property market, Holland Village to maintain unique charm, Upcoming New Developments: South Beach and Urban Oasis

Cooling measures affecting local developers and local buyers
The year of 2014 has seen Singapore developers venturing overseas to seek higher yields and returns. Research firm Real Capital Analytics (RCA) reported a three-fold increase of investment (US$2.32 billion) into overseas markets by companies such as City Developments and Keppel Land, in the nine months through September, compared to the same period a year before. Based on the figures, Singapore emerged as the top Asian country in terms of overseas real estate investment. On the buying side, local property buyers for non-landed private housing have been dwindling since 2013. According to Nomura, Singaporeans accounted for 80 per cent of purchases in 2012 but figures have fallen since 2013 where only 76 per cent of the buyers were Singaporeans. The percentage of Singapore buyers has fallen again in the first three quarters of this year to 73 per cent. Despite the substantial Additional Buyer Stamp Duty (ABSD) levy for foreigners, Nomura noted that purchases by Malaysians and Mainland Chinese are rising. With the government not showing signs of reversing the cooling measures, Ms Sigrid Zialcita, Managing Director of Cushman & Wakefield predicts that the trend of developers investing in overseas properties will continue. 
The government is also responding to the subdued property market with its recent announcement on the first half 2015 Government Land Sales (GLS) Programme. The Urban Redevelopment Authority (URA) announced on 4 December that the confirmed list for the H1 2015 GLS Programme will include land for 3,020 private residential units (including 490 EC units). This is almost 30 per cent lower compared to the 3,915 private residential units (including 1,520 EC units) offered in the confirmed list for the H2 2014 GLS Programme. The reserve list for H1 2015 will yield about 5,750 private residential units and 265,000 sq m of commercial space compared to 6,305 private residential units and 193,280 sq m of commercial space in the H2 2014 reserve list.

MAS will continue to ensure stability for local property market
The Monetary Authority of Singapore (MAS) released its annual Financial Stability Review on 27 November 2014 which stated that MAS would ensure stability of the housing market even if it requires additional steps. According to the central bank, the overall transactions declined from a peak of 3,200 units in 2012, to 1,900 units in 2013 and down to 1,200 units in the first ten months of 2014. 
Mr Colin Tan, Director of Suntec Real Estate, noted to TODAY, "Sales are slow, but we still see projects with good value selling well, which means there is still liquidity and many people are also spending on overseas properties. So debt is still being built up and there is the risk that when interest rates rise, people may face difficulty servicing their loans." He added, "Prices are still elevated, one reason being property prices have outgrown income levels. And anything can happen when there is so much uncertainty surrounding when interest rates will rise, so we should watch the situation closely." 
Housing loan growth is deteriorating as confidence in the property market remains sluggish. MAS stated that "Private property prices in Singapore have moderated but remain at an elevated level. New housing loans have declined in tandem with the fall in transactions. The property measures have also contributed to restoring financial prudence, but the prospect of higher interest rates remains a risk for some highly leveraged households." Maybank Kim Eng states that "2015 may not be much better as demand will stem mainly from drawdowns for newly completed homes sold in 2012-13." According to a HSR report on 25 November, property prices are expected to reach appropriate levels in Q3 2015 for resale HDB and in Q3 2016 for resale condominiums. The report indicated a possibility of a relaxation in cooling measures once prices reach a reasonable equilibrium. 

Holland Village to maintain unique charm
The commercial & residential site at Holland Road is the first sale site to be launched as part of the Holland Village Extension plan unveiled in the Master Plan 2014. A Concept and Price Revenue Tender will be adopted for this site that requires developers to present concept plans and bids for the Holland Road site. This is unlike the usual system of awarding the site to the highest bid. Developers' proposals will be reviewed based on a list of criteria including architecture, business approach and developer's credentials. This is to ensure that the site's future development enhances the unique charm and distinctive urban village character of the Holland Village Identity Node. URA announced on 4 December that the site has been transferred from the Confirmed List to the Reserve List for H1 2015 to give developers more time to study the site and tender evaluation criteria before triggering it for sale. 

Upcoming New Developments: South Beach and Urban Oasis
The South Beach project, a mixed development jointly developed by City Developments and Malaysia's IOI Group, will open over the next 12 months. The two towers (34-storey North Toewer and 45-storey South Tower) along Beach Road will house The South Beach, a luxury hotel and have 500,000 square feet of premium office space. 
In addition, Sims Drive will have its first prime private estate in the area. GuocoLand announced on 2 December 2014 that it is constructing Urban Oasis, a 99-year leasehold private development consisting of 1,024 units, at the junction of Sims Drive and Aljunied Road.

For more District Guides, you can head over to iProperty.com Singapore.

Week in Review - 11 December 2014

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Home prices and rents continue to fall; analysts predict further declinesSingapore Real Estate Exchange (SRX) reported that prices for resale Housing and Development Board (HDB) and resale non-landed private residences fell 0.8 per cent and 1.1 per cent month-on-month in November, respectively. With the latest decline, HDB resale prices are at their lowest in 40 months, a 9.8 per cent decline from their peak in April 2013. The 9.8 per cent decline is almost twice the five per cent target that National Development Minister Mr Khaw Boon Wan shared during the "Our Singapore Conversation" dialogue on housing in May 2013.

Mr Eugene Lim, Key Executive Officer of ERA Realty, told Channel News Asia, "Continued decline of HDB resale prices is expected" because of loan restrictions, including the 30 per cent mortgage servicing ratio that affects buyers' ability to purchase higher price quantum flats.
OCBC Investment Research stated in a research report released last week that private residential property prices in Singapore will decrease by ten to 15 per cent over 2015 and 2016, with developer sales forecast to be between 8,000 and 10,000 units in 2015. This is due to a huge oversupply of houses and the US Federal Reserve's pending interest rate increase.
Macquarie Capital Securities analysts are recommending for Singapore property developers to clear approximately 12,000 homes under the existing inventory of unsold units, and to look into a ten per cent price decrease in 2015. The ten per cent decrease is expected to bring prices back to the average levels witnessed in 2009 to 2012. A subsequent price increase of one per cent from 2016 onwards is suggested by Macquarie to "alleviate margin pressure".
The rental market are showing signs of moderation due to the rise in availability of rental of private homes exceeding demand, according to the Singapore Real Estate Exchange (SRX) report. Rents of non-landed private residences declined by 0.8 per cent month-on-month and 5.3 per cent year-on-year in November. HDB rents fell by 0.1 per cent month-on-month and 2.2 per cent year-on-year in November. 
Mr Chris Koh, Director of Chris International said to TODAY, "The HDB rental market is also facing an oversupply issue because HDB owners who collected their keys to their new condominiums are putting their flats up for rent and there will be more of such cases to come as more private projects get TOP (temporary occupation permit)."
Positive outlook for Singapore property market in 2015The "Emerging Trends in Real Estate Asia Pacific 2015" report released by the Urban Land Institute and PricewaterhouseCoopers (PwC), sees Singapore excluded from the top 30 markets for property sales volumes recorded this year. Singapore was ranked ninth last year with sales figures of US$4.7 billion (S$6.2 billion) recorded in 2013. Mr Yeow Chee Keong, Real Estate and Hospitality Practice Leader at PwC Singapore told TODAY that foreign markets such as key Australian and Japanese cities have real-estate investment options that are more attractive.
However in terms of investment and development prospects for real estate in 2015, Singapore was ranked ninth globally. Despite the fall of two notches from last year's ranking of seventh, the Singapore's foundations for the real estate sector remain bullish and attractive for the upcoming year. 
Singapore properties also continue to attract ultra-high net worth individuals (UNHWs). According to Wealth-X and UBS World Ultra Wealth Report 2014, the Republic is ranked seventh among ten countries where UNHWs are setting up their second home. In the report, the statistics of second homes for UNHWs in Singapore is three per cent which is on par with China and Hong Kong.
Reduction in property taxThe Inland Revenue Authority of Singapore (IRAS) announced that the property tax for HDB flat owners will be lowered for a second consecutive year, in 2015. The reduction in property tax will take effect from 1 January 2015 which will result in the owners of three-, four-, five-room flats and executive flats paying S$12 to S$14 less. Similarly, private home owners will pay less property tax from 1 January 2015 due to a reduction in the annual values for 25.7 per cent of private residences (73,300 homes). Due to the current oversupply of homes, the Annual Values (AVs), or estimated annual rent of a property, witnessed a dip leading to IRAS readjusting the property tax.
Revised Resale Price Index for HDB flatsThe HDB Resale Price Index (RPI) will be revised to include more attributes to compute price changes in resale flats; it will be implemented this month. Last revised in 2002, the improved RPI will factor in attributes such as age, storey, size and proximity to amenities. Price changes in all of the existing 26 HDB towns will also be taken into account for the index. Currently, several estates including Bishan, Bukit Panjang, Bukit Timah, Punggol, Sembawang and Sengkang are excluded due to low resale transaction volumes.
National Development Minister Mr Khaw Boon Wan mentioned in a blog post, "It is therefore timely to review the RPI methodology to better capture price changes over time, and control for the variations in attributes of the resale flats transacted."
Three sites announced for sale under Government Land Sales (GLS) ProgrammeThe government is offering a wider selection of private housing with its recent announcement of the second half 2015 Government Land Sales (GLS) Programme. The Urban Redevelopment Authority (URA) reported on 5 December that the three sites - at Jurong West, Woodlands and Holland Village - which can hold about 1,500 homes - will be released for sale. The Jurong West residential site was released for sale on 5 December, while the Executive Condominium site at Woodland Avenue 12 will be put up for sale on 16 December. The two sites are under the confirmed list, whereas the mixed development site at Holland Road was confirmed on 4 December to be launched for sale under the reserve list.



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Design by the decade - Armchairs

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We've rounded up some of the most iconic armchairs in history. These timeless pieces have spawned countless imitators and inspired a whole new generation of furniture designers. See if you recognise any of these classic designs. 
Text Joseph Lim
30's
The 1930s was a difficult time for mankind as it was weighed down by The Great Depression, as well the social and political upheavals that led to World War II. Experimenting with metal in furniture design was a fledgling trend, but it piqued Marcel Breuer's interest, while Finnish design Alvar Aalto dove into the tensile qualities of wood. Furniture designed in this decade eschewed detailing and ornamentation but focused on minimalist forms. 
Artek Armchair 400by Alvar Aato (1936)
When Alvar Aalto was commissioned to design the Paimio Sanatorium in the late 1920s, it was without a doubt that he dove into designing a chair that would complement the building's striking architecture. Aalto's love for Finnish birch led him to design chairs made from this beautiful wood. Designed in 1936 for Artek, the Armchair 400's ingenious engineered wood with cantilevered base was deployed with upholstered seat and backrest for added comfort. The birch legs and armrests were lacquered to create this chic cantilevered armchair. Available at Xtra and P5.
www.xtra.com.sgwww.p5.com.sg

Vitra Citeby Jean Prouvé (1930)
Jean Prouvé was a dreamer, builder and designer, and his furniture DNA is all about crisp and minimal chairs, tables and complements. The Cite armchair still looks resoundingly modern even in its 84th year of production. You'll enjoy the sloped back while your arms rest on the thick natural saddle leather straps to make you feel at ease. Its sturdy frame is made from sheet steel and offers a striking profile when viewed from the side. Available at Space Asia Hub. 
www.spacefurniture.com.sg

Cassina Utrechtby Gerrit Thomas Rietveld (1935)
Gerrit Thomas Rietveld may not be a household name, but design purists respect his work as a furniture designer and architect. He was one of the principal members of De Stijl, the Dutch artistic movement founded in 1917. The Utrecht is an iconic chair because of its striking angular form. Its leg and armrest are conceived from a singular structure and its seat and backrest form an angle that supports the spine. Available at Dream. 
www.dream.com.sg

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40's
The World War took its toll on humanity as domestic production of everyday items came to a halt and material shortages were felt worldwide. Product designers were forced to be dynamic, adaptive and resourceful. At the forefront of furniture innovation were American husband-and-wife duo Charles and Ray Eames who championed the technique of moulding plywood in their designs. 

PP Mobler PP550 Peacock Chairby Hans J. Wegner (1947)
There's no doubt that this chair gets its name from its characteristic back that looks like a peacock. Designed by Hans J. Wegner, it was created as a tribute to the historical Windsor chair, albeit with a whimsical interpretation. Design aficionados love its sweeping back, comprising of sticks that create a symmetrical and ergonomic appearance. Unique to this chair are the flat part of the sticks, positioned where the shoulder blades meet the chair's back. Available at Space Asia Hub. 
www.spacefurniture.com.sg

Herman Miller LCWby Charles & Ray Eames (1945)
Made of moulded and bent birch-faced plywood, the LCW (lounge chair wood) was a milestone in the furniture industry. Design couple Charles and Ray Eames experimented with glue and wood to create this arresting chair and later on the DCW (Dining Chair Wood). The LCW's lightweight, compact form and affordability bode well with cost-conscious families across America and set the Eameses as a design force to be reckoned with. Available at Xtra. 
www.xtra.com.sg

Knoll Womb Chairby Eero Saarinen (1948)
On the request of Florence Knoll to create an armchair "that was like a basket full of pillows, something I could really curl up in", Finnish designer Eero Saarinen created this iconic chair. Saarinen wanted to achieve comfort through the shape of the chair's shell, rather than the depth of its cushioning. The Womb chair was conceived (pun intended) during challenging times in the furniture industry, when the techniques and skills required were still in the infancy of their existence. Through experimentation with fiberglass and resin moulds, the end result was worth the sweat and tears. Today it is a comfortable chair that cocoons the contours of the user's body. Available at Dream. 
www.dream.com.sg

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50's
The post-war years were brighter times for designers such as Charles and Ray Eames, Harry Bertoia, Eero Saarinen, Arne Jacobsen, Gio Ponti and the Castiglioni brothers, simply because they harnessed war-time advances in defence technology to develop new furniture designs for the fast-expanding, post-war generation. The armchairs developed were imbued with a warmer, more organic aesthetic that toyed with earthy colours and natural materials such as wood.

Herman MillerEames Lounger and Ottomanby Charles & Ray Eames (1956)
The iconic Eames club chair No. 670 (also called the Eames Lounger and Ottoman) is now the most desired armchair by design purists. The plywood shells, bent two-dimensionally for the shoulders, back, seat and ottoman were first veneered with rosewood. Later iterations offered walnut as an alternative. The leather upholstery was previously filled with goosefeather but today, has been replaced by foam. Today, it is a beloved classic that is viewed as a status symbol. Available at Xtra. 
www.xtra.com.sg
Fritz Hansen Egg Chairby Arne Jacobsen (1958)
The Egg chair was conceived by Arne Jacobsen for the Radisson SAS hotel in Copenhagen, Denmark. The hotel was also designed by Jacobsen, right down to the minutiae such as door handles and cutlery. In true, typical Jacobsen style of using state-of-the-art material, the Egg's design DNA was more sinuous; a stark contrast to the hotel's exclusively vertical and horizontal forms. The core of the upholstery offers strong inner foam that provides astounding comfort. To strive for the perfect egg shape, Jacobsen used clay to create the likeness of an egg in his home's garage. Available at Space Asia Hub. 
www.spacefurniture.com.sg

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60's
The 1960s spurred creativity and experimentation with a new breed of designers who desired vivid colours, sinuous shapes and a love for plastic. The exuberant, high-energy '60s led to the development and design of many plastic stacking chairs that Danish designer Verner Panton and Italian Joe Colombo, raced to produce for the masses.
B&B Italia Up5 Armchairby Gaetano Pesce (1969)
If anyone had the fervour and penchant for blurring the lines between art and design then Italian designer and artist Gaetano Pesce would be the perfect contender. Inspired by the voluminous shape of a woman's bosom, the UP5 armchair offers that spitting image, although, artistic in form. The round pouf with adjoining cord represents the traditional ball and shackle of a prisoner. While previous versions were made inflatable, the current version offers solid moulded foam. Available at Space Asia Hub. 
www.spacefurniture.com.sg
Artifort Ribbon Chairby Pierre Paulin (1966)
One of the most striking posthumous works of feted French furniture designer Pierre Paulin is the Ribbon armchair he designed for Artifort in 1969. Paulin was inspired by the billowy motion of the ribbon when unreeled from its spool. The end result is a sculptural chair that epitomises the adage "poetry in motion". The seat, armrest and backrest are made from one piece of well-engineered upholstery supported by a sinuous metal frame that forms the core. Manufactured in the Netherlands by Artifort, this Gallic creation remains a classic in the history of modern furniture design. Available at Xtra. 
www.xtra.com.sg
Knoll Platner Chairby Warren Platner (1966)
American architect and interior designer Warren Platner has an affinity for wire furniture. His love for "decorative, gentle and graceful" wire shapes is realised in the Platner chair. It's made up of hundreds of welded, curved nickel-plated steel rods that form circular frames that simultaneously serve as structure and ornament. Its graceful shape from the base up supports the person's back and envelops him when sitting on it. Available at Dream. 
www.dream.com.sg
Visit  for more inspiring home designs.

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Reading the Fine Print for Home Loans

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These are the key criteria you have to take into consideration when choosing your home loan:

1. Reference Rate
This can be either a Fixed Rate, or floating rates pegged to Singapore Interbank Offer Rate (SIBOR), Swap Offer Rate (SOR) or banks' internal Board Rates.

2. Lock-in period
Typically ranges between 1 to 3 years, but we have also seen lock-in periods of up to 8 years. The lock-in period determines the time frame in which you have to keep the mortgage with the bank. Redeeming the loan (whether making a full settlement for the loan, refinancing the property or selling the property) prematurely attracts prepayment penalties.

3. Prepayment penalties
Usually applicable within the lock-in period. This is the sum of money you have to pay when you prepay the loan. It can range from 0.75% to 2% of the loan amount prepaid - whether you pay off part of the loan or the loan in full.

4. Interest reset dates
This applies to loan packages that are pegged to reference rates such as SOR/SIBOR. Some banks dictate that you may only redeem the loan on specific dates (which falls on the reset date of your loan. i.e. You took up a loan on 1 Mar which is pegged to the 3-month SIBOR. As the loan interest is reset every 3-monthly, you may only redeem the loan on 1 March, 1 June, 1 September and 1 December every year. Failure to do so will attract a penalty). Penalties can range from 0.5% to 2% of the loan amount redeemed.

5. Cancellation fees
While prepayment penalties kick in after the loan is disbursed, cancellation fees apply between the period when you pen your signature on the loan agreement and the day the loan is disbursed. Should you wish to back out of the loan before disbursement, cancellation fee applies. Cancellation fees typically range between 0.5% to 2% of the loan amount cancelled.

6. Subsidies
Applies on refinancing for residential properties, or purchase and refinancing for commercial properties.
Some banks dangle subsidies to encourage prospective customers to take up their home loans. The various subsidies are for:
i. Legal fees;
ii. Valuation fees and;
iii. Free fire insurance premiums.

7. Reimbursement clauses
Applied on subsidies offered by banks. To make sure the loan package offered is profitable to the banks, there is a minimum period where you have to hold on to the loan; failing which you have to refund the value of the subsidies to the bank. Reimbursement clauses usually apply up to a period of 3 years.

8. Conversion fees
Since most home loan products in Singapore are structured in a "step-up" basis (see point 9), you will have to renegotiate the loan terms with the bank from time to time. Some banks will encourage you to check back with them by waiving conversion fees (for you to switch to a cheaper loan package), while others might charge you a fee (which can range from  $500 to $5000) to re-price your loan.

9. Product structure
Most banks offer home loan packages on a "step-up" basis, where your loan gets progressively more expensive as time passes.
Other banks reward you for your loyalty, offering "step-down" loans where your loan gets cheaper, the longer you stay with them.

10. Admin fees or processing charges
Miscellaneous fees and charges are not commonly seen in home loan contracts. They are more prevalent when you obtain financing for commercial/industrial properties or when you obtain financing under a corporate entity. Such fees and charges can range from a few hundreds to a few thousands.

Feeling confused?Visit http://www.iproperty.com.sg/financing/ratecomparison/ to find out what are the best deals for home loans!

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iProperty.com's 3rd Annual 'People's Choice Awards' Wants Your Votes

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Vote for your favourite property developments through the iProperty.com People's Choice Awards, Singapore's first and only property awards selected by consumers. Online voting for the 3rd Annual People's Choice Awards 2014 will be open from December 15, 2014 until January 15, 2015. Award categories include the Object of Desire, Supersize Me and Life's a Beach, among others.

Voters stand to win exciting prizes worth more than $7,000, provided by iProperty.com partners Grand Mandarina, Mövenpick Resort, ToTT, and Teka Singapore. Prizes include three Cook, Bake, Host Bundles from ToTT worth $1,000 each, a Teka gas hob worth $659 and three 3D2N stays for two at Mövenpick Resort Laem Yai Beach in Koh Samui worth $499 each. Ten Grand Mandarina vouchers worth $200 each will also be given to voters in a weekly draw, with winners announced on the iProperty Singapore Facebook page. 
The iProperty.com People's Choice Awards celebrates the best in Southeast Asia's residential property developments. The awards are a platform for consumers to vote for their preferred properties and their favourite property-related service providers. 
"Consumer preference is testimony to the desirability of a development and the success of a developer. The People's Choice Awards honours developers and other home-focused firms that are committed to excel in their field and evolve with today's changing times. The awards provide an endorsement of the great work industry players do to meet consumer needs in a complex market," said Mr Sean Tan, General Manager of iProperty.com Singapore.
Last year's iProperty.com People's Choice Awards winners include: Ferra by Far East Organization (Object of Desire); Hallmark Residences by MCL Land (Prime) (City Slickers); Belgravia Villas by Tong Eng Brothers (Life's a Beach); Ecopolitan by Qingjian Realty (South Pacific) Group (Supersize Me); and Sky Vue by CapitaLand Singapore (Most Popular Singapore). Other winners were OCBC Bank (The Best Home Mortgage Loan Provider), DBS Bank (Best Home Insurance Provider) and Courts Singapore (Best Home Furnishing Store).
For more information and to vote for The People's Choice Awards please visit iproperty.com.sg/awards/ before January 15, 2015.
The complete categories for this year's nominations are:
1. Object of Desire Award - Property with the best architecture• Bijou (Far East Organization)• Tre Residences (MCC Land Singapore Pte Ltd)• Lake Life (Lake Homes Pte Ltd)• Ardmore Residence (Pontiac Land)
2. Supersize Me Award - Best property for families• Bellewoods (Qingjian Realty (Woodlands) Pte Ltd)• Trilive (RH Tampines Pte Ltd)• Alana (Far East Organization)• Lake Life (Lake Homes Pte Ltd)
3. Life's a Beach Award - Property with the best resort feel• Bellewaters (Qingjian Realty (Anchorvale) Pte Ltd)• Santorini (MCC Land Singapore Pte Ltd)• Alana (Far East Organization)• Riverbank @ Fernvale (UOL Group)
4. Most Popular Property Award - Singapore  • Riverbank @ Fernvale (UOL Group)• Bellewaters (Qingjian Realty (Anchorvale) Pte Ltd)• Lake Life (Lake Homes Pte Ltd)• Santorini (MCC Land Singapore Pte Ltd)• Bijou (Far East Organization)
5. Most Popular Property Award - Malaysia  • Star Residences (UMLand)• Suasana (UMLand)• Bay Laurel by Country Garden (Danga Bay Sdn Bhd)• R&F Princess Cove (R&F Properties)• The Meridin @ Medini (Mah Sing Group Bhd)
6. Most Popular Property Award - Australia• Sydney by Crown (Crown Group)• The Pendulum (Soda Property Group)• Australis (Central Equity)• Parkside Coolbellup (Yaran Property Group)• Parc Vue (Future Estate)
7. Most Popular Property Award - Indonesia• Capraia Residences (Funtasy Island Development Pte Ltd)• Belitung Highland Resort (Bintang Berlian Group)• Baik Baik Batik (PT. Jembatan Berkat Propertindo)• Pluit Sea View (Binakarya Propertindo Group)
8. Most Popular Property Award - Philippines• Three Central (Megaworld Corporation)• Two Roxas Triangle (Ayala Land Premiere)• Century Spire (Century Properties)• Grand Hyatt Manila Residences (Federal Land)
9. Most Popular Property Award - Thailand • Park 24 (Proud Real Estate)• Arcadia Beach Imperial (Heights Holdings)• Circle Sukhumvit 11 (Fragrant Group)• 6th Avenue Surin (P.P.S. Estate)• Villa de Ceylon (Infinite Asset Development Co Ltd)• Shamballa Pool Villas (ChaoLeigh Holdings)
10. Best Home Mortgage Loan Provider• Maybank• DBS Bank Ltd• Citibank• Standard Chartered Bank• ANZ
11. Best Home Insurance Provider• Tokio Marine Insurance• AIG Asia Pacific Insurance• Aviva• NTUC Income Insurance• Ace Insurance
12. Best Home Furnishing Store• IKEA• Courts (Singapore) Pte Ltd• Nova Furnishing Centre Pte Ltd• Natural Cool
13. Best Home Brand•     Tempur Sealy•     LG Electronics•     Bosch and Siemens Home Appliances•     Toshiba Home Appliances•     Sony Home Electronics•     Electrolux S.E.A
14. Best Real Estate Investment Company• WK Events Pte Ltd• PIP Investment Holdings• RB Global Holdings Pte Ltd• The Wealth Revolution Group




About iProperty People's Choice AwardsThe iProperty.com People's Choice Awards is an annual awards ceremony honouring companies in the real estate and associated service industries, chosen by consumers. They are the only Awards that give consumers a voice for their preferred properties and home services, giving developers and home service providers insights into consumer preference. The Awards form part of iProperty.com's offering of up-to-date information on the property market, and its online real estate leadership among consumers and developers.

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