Singapore Property Resources and Guides, HDB, Districts and Archived listings

Savills: Highest investment value in Q2 2015 since Q3 2013
Savills says that Q2 2015 saw a 65.7 per cent increase in property investment across the residential, industrial and commercial sectors, compared to the previous quarter—the highest since Q3 2013.
Within the residential sector, Savills observed that individual buyers continued to adopt a cautious approach, noting however the improvement in sales of residential properties worth above S$10 million. 29 residential homes were sold in Q2 2015 compared to 14 in Q1 2015, including notable deals like a Good Class Bungalow (GCB) at 35 Ridout Road that transacted at S$91.7 million, or S$1,251 psf of land area and a 13,875-sq ft penthouse unit at Le Nouvel Ardmore that transacted at S$51.0 million, or S$3,676 psf. The report stated that "market sentiment in the luxury residential segment is gradually looking up as cash-rich purchasers have switched their interests back to Singapore, seeing that prices have become more attractive compared with other destinations world-wide."

Home sales highly dependent on pricing and location
Market watchers told Channel NewsAsia that pricing and location remain key factors in closing home sales. Projects designed by world-renowned architects may also boost sales volume. Mr Nicholas Mak, Executive Director for Research & Consultancy at SLP International Property Consultants, cited prime locations near Orchard Road and Paterson Road as an example, noting that top-end architects may not be required for such projects.
Condominiums in the heartlands would also likely not require such architects, since mass market home-buyers are deemed to be very price sensitive and are only looking at affordability. Mr Mak said, "Most of the iconic architecture tends to be within the city fringe area and they may want to command a price higher than other competing projects within the neighbourhood."
An example of such a project is Sky Habitat at Bishan Central, the most recent designer condominium to be completed. The 99-year leasehold development commanded launch prices between S$1,650 and S$1,750 per square foot (psf) in April 2012, competing with condominiums located in the city. In June last year however, median transacted prices were approximately S$1,340 psf. About 140 units remained unsold as of June 2015.

OCBC expects cooling measures to be lifted soon
A trend study has pointed towards the partial lifting of cooling measures set by the Monetary Authority of Singapore (MAS). With prices dipping by 6.9 per cent and poor GDP figures in Q2 2015, analysts from OCBC believe that property loosening measures are in order. These predictions were made based on scenarios in 1997, 2001, and 2008, when a negative economic outlook and price declines in the housing market heralded the relaxation of cooling measures.
According to the report, the Additional Buyer Stamp Duty (ABSD) is most likely to be adjusted, given its direct impact on demand. While the government may also restrict government land sales (GLS), this is less likely as it would take comparatively much longer to impact the market and runs the risk of unintended, negative side effects on the banking system and create moral hazards for developers.

Mass market homes likely to see higher price corrections
Mass market home prices are expected to decline sharply as developers face rising interest rates, uncleared inventory and high vacancy rates. According to a Maybank Kim Eng report, mass market home prices have jumped 74.9 per cent since 2009 and have declined only 5.2 per cent so far. Luxury home prices in the Core Central Region on the other hand saw a smaller increase of 48.9 per cent since 2009, but have fallen more significantly, by 7.5 per cent.

Hong Kong: Strong foreign demand driving price increases
Hong Kong is expecting to see a significant increase in property sales despite cooling measures put in place by the government. As Hong Kong's buyers turn towards overseas property prospects, this is overcompensated by the influx of foreign demand, with the majority of buyers hailing from mainland China, looking for prime purchases. As such, property prices are expected to see a ten per cent hike in H2 2015. Hong Kong's cooling measures were introduced in response to residential market prices with a maximum 60 per cent loan-to-value ratio reaching an all-time high.
While homes valued under HK$7 million saw greater down payment requirements, new home sales were not impeded. On the contrary, sales jumped by a staggering 43 per cent, along with a seven per cent price increase. This has propagated concerns that the Hong Kong government may introduce new cooling measures to temper foreign demand.

Australia: Housing market cooling as banks tighten borrowing requirements
Banks have raised interest rates and raised loan-to-value ratio requirements as regulators strive to manage riskier investments in the housing market bubble. In response to a price hike of 29 per cent caused by the influx of Chinese investors and low mortgage rates, banking regulators raised banks' holding capital against mortgage losses from 17 to 25 per cent. Banks have also reduced the maximum loan amounts along with the acceptable sources of income for borrowing applicants. While a price collapse is unlikely, stricter loan-to-value rations will deter investors and manage market growth.
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Working with a petite 700 sqft, Linear Space Concepts demonstrates that a few strategic moves are all it takes to make a small space work. For the couple living in this flat, they not only got a practical home, but a striking one as well.
Project Type3-room HDB
Floor Area700 sqft
Text: Redzman Rahmat
Love Triangles

Designer Marc Wong applied a single, sweeping gesture across the front half of the main living space. Using timber laminates, he created a geometric pattern that makes a daring statement in the home. In a game of hide and seek, storage space and even the doors to two rooms are camouflaged within the patterned feature wall.

Down the Line

Doing away with the standard kitchen format where counters are pushed up against walls, Marc centred the kitchen as a single island counter. This gives the owners greater flexibility in using the space and allows as many cooks in the kitchen as they want.
Take a Shine

Apart from timber textures in the home, Marc also added other more subtle highlights to the home. Concealed storage beside the geometric feature wall takes the form of glossy, white laminated cabinets. Going into details, a zigzagging line of LED lights on the white epoxy floor introduces yet another graphical element.
Perfectly Composed

Control was the name of the game in the design of this home. The dining area, for example, relies on the heavy grains of the dining table and a simple but strong red pendant lamp to make an impression. The rest of the space has been kept spare and neutral.
Extended Play

The kitchen extends into the customised dining table, essentially increasing the amount of working space. Set like a hub of cooking and interaction amid a sea of white, the kitchen and dining area stand out as the true stars of the home.
Function First

Unlike the rest of the home, the master bedroom takes the safer route, and understandably so - loud, statement-making design elements hardly make for a restful bedroom. Instead, the bedroom puts practicalities first with a larger-than-usual full-height wardrobe. For the owners, a neat bedroom is the best kind to have.
"When space is limited, keeping things organised and tidy is a priority, hence the generous wardrobe in the bedroom."
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What do you do if you have a tiny home with an even tinier kitchen? Here are 7 design tricks to visually upsize your kitchen, with no renovation involved!
By Disa Tan
Solution #1: Mobile Counters

Have you always wanted an island counter in the middle of your kitchen? If your kitchen is too small for one, a movable trolley can fulfill your dreams without cramping your style. The same goes for this customised kitchen counter with wheels. Push it where you need it and spin it around to form the ideal kitchen configuration for your cooking needs. The matching laminate finish ensures smooth integration with the rest of the kitchen design. Design by White Attic Interior
Solution #2: Tall Appeal

Don't have much room in the kitchen? That's alright, you can trick the eyes into thinking that the kitchen is bigger than it actually is! In this home, the designers from NOTA Group capitalised on the double volume ceiling by customising an overhead cabinet with a downward slant. The result? A kitchen that doesn't appear as closed-in as it would have been with the tight galley configuration.
Solution #3: Concealed Piping

Exposed gas and water piping may make a nice industrial statement but it doesn't do any good for space-challenged kitchens. Hide them instead to achieve that smooth, seamless visage. You can use laminate inserts, as seen in this kitchen by Fuse Concept, to create a gorgeous wood grain wraparound that frames the cabinetry.
#Solution 4: Reflect & Refract

One of the 'go to' design tricks to visually enlarge a space is to use mirrors and reflective surfaces in the home. The important thing to note is the location of the mirrors. Here, Northwest Interior placed a large mirror panel on the wall that visually doubles the size of this kitchen! If having too many mirrors makes you feel like you're in a circus funhouse, opt for glossy surfaces like stainless steel, glass tiles or high gloss finishes instead.
Solution #5: Design Distraction

A strong visual point will draw the eyes away from the tiny stature of a cosy kitchen. WYNK Collaborative draws your attention in this home with the mint and aquamarine wall tiles and the equally eye-catching chevron pattern.
Solution #6: Colour In Contrast

It's no surprise that a lighter colour palette can help your kitchen feel airier and more spacious than it is. We suggest sticking to a neutral colour scheme, with hues that belong in the same family. Think about matching different shades of wood for a natural and organic look. Or take a leaf from this home designed by Three-D Conceptwerke and pair white, taupe and grey for that clean and contemporary look.
Solution #7: Clear The Wall

Strangely, many homeowners can't stand the sight of an empty wall, so they'll either push a piece of furniture up against it or cover it up with shelves or mounted photographs. Empty walls actually lend to the impression that a space is roomy and unrestrained. Here, Urban Habitat stopped the homeowners from installing overhead cabinets, allowing the kitchen to breathe a little better.
Solution #8: Elongated Patterns
If your kitchen is as long and narrow as this one, you might want to consider emphasising its length to encourage the illusion of space. Even the narrowest walkway will benefit from a vertical overlay of floor tiles. Design firm Artistroom used oversized floor tiles to visually stretch out this kitchen. This is coupled with the horizontal wood grains on the cabinets.
For more tips on design and decoration, visit Lookboxliving at http://www.lookboxliving.com.sg/features

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If your living room is looking somewhat tired, it may be time to spruce it up. Sometimes all you need is a fresh start to bring back a sense of vitality to your space. Instead of moving to a new place or renovating your house, we've put together some low-cost ways you can revitalise your living room without breaking the bank.
By Rossara Jamil
1. Stick It Up

A blank wall is one of the easiest component of the living room that you can quickly change. A fresh coat of paint, a framed poster or a roll of wallpaper can instantly raise the style stakes without dipping too much into your wallet. But we hear you; painting a room or hanging up wallpaper can be a tiring chore! Thankfully, wall decals and stickers are a popular home decoration solution. They're easy to apply and can be easily stripped off if you're hankering for something new. There are countless designs to choose from, including some home-related quotes like the one in this home designed by Meter Square.
2. Soft Approach

Adding cushions and throws to a room setting can go a long way in adding depth and variety to your space. Replace old and tattered curtains, cushion covers, carpets and other soft furnishing with new fabrics for that instant style swap. To make the biggest impact, pick colours and designs that are completely different from your old colour scheme. We like the Designers Guild fabrics available from Romanez, there's a wide range to choose from and they all offer something unique to the home. Feel free to experience with prints, patterns and textures too.
3. Pare it Down

Let's face it. The reason why your living room looks so tired and old is because it's probably over-crowded, cluttered and messy. The simplest way to breathe new life into a space is to remove any unwanted items - almost like you're starting from scratch. Assess the living room and throw away (or give away) things that you don't need or hardly use. Remove small objects that clutter pockets of spaces to put the focus on larger pieces. This home, designed by Bluprin.ID, keeps the furniture choices to a minimum.
4. Green is Good

In Singapore, keeping houseplants just means adding another chore to the list of housework. But having plants can rejuvenate your home in more ways than one. Plants such as the snake plant and Boston fern are natural air purifiers that remove airborne chemicals and toxic gases from the air we breathe. They also add lively colour to your home and make the interiors feel more welcoming. Just by bringing in a tall plant to a corner of your room, or a cactus to a side table, can do wonders in adding life to a space.
5. All Together Now

Love to collect glassware, plates and other knickknacks? Here's a quick way to use them to spice up your living room and at the same time, come up with a great way to display your collection. Group your favourite objects together to make the greatest impact. Place them on a console, or in the case of these gorgeous display plates, mount them on the wall to make a stunning feature.Photo credit.
6. Refurbish Your Furniture

The sofa is the largest piece of furniture in the living room. So if it's looking worst for wear, it'll be the first thing your guests will notice when they step in. Instead of tossing it out and buying a new one, consider reupholstering them for a quick, fresh update. For something different, try upholstery in a patterned look.

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Khaw: Still some distance to go before cooling measures are lifted
Minister of National Development Khaw Boon Wan, has asserted in an interview with TODAY that cooling measures are here to stay until the residential market's housing demand and supply reaches equilibrium. Property prices have fallen for seven quarters straight—the longest in 13 years.
Khaw also told TODAY that international interest rates are a major factor to consider, given that central banks throughout the world are gradually increasing them. While this process is expected to take an extended period of time, the general concern of the government is to prevent a housing bubble that could have adverse effects on the economy.

July's private home sales reaches two-year peak
Developers recorded 1,594 private home sales in July, compared to 375 in June. According to the Urban Redevelopment Authority (URA), this was the highest since June 2013. Fernvale Development's High Park Residences saw a near sell-out, with 1,169 out of 1,186 units offered sold, with SLP International Property Consultants' executive director Nicholas Mak citing affordable prices ($989 psf) as the main reason. Another notable project included The Botanique at Bartley on Upper Paya Lebar Road, with 63 units sold at a median of S$1,282 psf. Sales volumes of executive condominiums (EC) peaked as well, with 495 units sold last month, compared to 110 units in June.

Two new launches contributed to the increase - The Brownstone on Canberra Drive, with 187 units sold at a median of S$818 psf, and The Vales, with 79 units sold at a median of S$788 psf. Dr Chua Yang Liang, Head of Research for Singapore and South-east Asia of JLL, told TODAY that while July's sales figures were high, total sales volume for 2015 are likely to stay between 6,500 to 7,500 units.

Bargain hunters eye Sentosa Cove and prime district properties

Prices of high-end condos in prime districts and Sentosa Cove have been hardest hit by cooling measures introduced by the Monetary Authority of Singapore (MAS). One seller at the 91-unit luxury condo Turquoise located in Sentosa Cove, sold a three-bedroom unit on the fifth floor for $2.9 million—a drastic 52 per cent reduction from the original purchase price.
In the prime district, Knight Frank's auction saw a 1,894 square feet, four-bedroom loft unit at Jardin sell for $2.9 million, a loss of approximately $400,000. In light of falling prices, buyers have indicated strong interest in properties in districts 9, 10, and 11, hoping to purchase units in older condos located near Ardmore Park, Grange Road and the Claymore area.

HDB's two-room flexi scheme gives buyers greater range of housing options
The Housing and Development Board (HDB) has announced a new 2-room Flexi scheme—a hybrid of the existing Studio Apartment (SA) and 2-room schemes—to offer homebuyers greater lease-term options. These schemes will be available from next month and applicable to the Punggol and Bidadari Build-to-Order (BTO) exercise.
Over 70 BTO projects, to be completed in the next five years, will incorporate 2-room Flexi flats, with 40 per cent set aside for the elderly. Current SA homeowners are given flexibility in the extension of leases, by five, ten, or 15 years, compared to only ten years previously. Those who opted for the Lease Buyback Scheme (LBS) prior to April can extend their lease by another five years at current market value, beginning April 2016.
SA homebuyers awaiting their flats will bear no cost of the forfeiture fee if they decide to switch to a short-lease Flexi flat. However, this must be done before 19 August 2016. Second-timers above 55 years old who are buying a new two- or three-room flat will see a waiver of interest accrued on their resale levy if their first subsidised flat was sold before March 2006. This option will be made available in September 2015's BTO exercise. The short-lease option will also be extended to them whether they have enjoyed housing subsidies before, or own a private residential property. Singles earning more than $5,000, divorcees, households who have enjoyed two housing subsidies and private property owners will have to pay a prorated amount. They will however, be unable to put properties on short-lease terms on the resale market.

Penang: Developers announce RM16.3 billion worth of properties

Major developers in Penang have announced a combined RM16.3 billion worth of integrated properties. These companies and their respective values are: IJM Land (RM4bil), Eco World Development Group (RM10bil), Sunway (RM2.3bil), Mah Sing Group (RM2.09bil), Tambun Indah Land (RM4.1bil), and Ivory Properties Group (RM2bil). Developers believe that the lifestyle amenities will allow these projects to have a greater appeal to buyers. Also, the retail portion of these amenities can be leased out, providing income to developers.
Eco World Development Group will be offering its first residential phase at its RM10bil Eco Marina project in Batu Kawan in nine to 12 months. Although situated on the mainland, Eco Marina's prices will be comparable to properties on the island. Eco Marina features an internationally-acclaimed hotel, along with international schools, and food and beverage outlets. The highlight of the development is a sea-fronting golf course overlooking the island.

Johor Bahru: Iskandar optimistic despite uncertainties in high-rise residential market
A Knight Frank's report has revealed RM166.10 billion invested in the Iskandar region as of March 2015. The Real Estate Highlights 1H2015 reported that foreign investment accounted for 38 per cent of the total investment value, with the top five countries being Singapore, the United States, Spain, Japan, and China; RM78.53 billion (47 per cent) of the investment has been realised. The cooling measures introduced by Bank Negara Malaysia to curb property speculation have resulted in a relatively sluggish market, with transaction volumes falling.
Developers are delaying the launch of new high-rise residential projects as potential buyers adopt a 'wait-and-see approach'. Also, the impact of the newly-introduced Goods and Services Tax (GST) has yet to become apparent. While interest is expected to shift to the commercial and industry sector, luxury homes are expected to be well-received by Johoreans.

Indonesia: Relaxation of foreign property rule unconfirmed
Indonesia has been contemplating the restrictions on foreigners, with the Minister of Land and Spatial Planning, Ferry Mursyidan Baldan, asserting that the relaxation of these rules will not apply to state-subsidised dwellings. In light of such positive news, Knight Frank Indonesia's Hasan Pamudji has advised caution, as there is still uncertainty in the implementation date. While removing the price ceiling may bring benefits to the domestic economy,

Indonesia has to consider factors of transparency and certainty in regulating property ownership. These are: the ease of obtaining staying permits; land right statuses (freehold, leasehold, etc); lease terms; and additional property taxes for foreigners.
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Burgeoning Brisbane
Brisbane used to be the underdog in Australia's property market, but it is now quickly becoming the next hotspot to invest in.

Brisbane is attracting a lot of attention worldwide as Australia's dynamic new world city, in part due to its good showing as the host city of the 2014 G20 Leaders Summit. Now poised on the brink of playing a leading economic role in the Asia Pacific region, it is a growth city boasting a stable political environment, strong economy, and good population growth. It is also benefiting from a committed effort from the government to develop it as a destination for tourism and business investments.
All this bodes well for the Brisbane property market. In fact, the QBE Australian Housing Outlook 2014 expects Brisbane to outperform the other capital cities over the next three years, tipping 17% median house price growth on the back of a supply deficiency that will remain over that time. Similarly, the recent Smart Property Investment/PIPA Property Investor Sentiment Survey results revealed that 56% believe Brisbane offers the best investment prospects, significantly higher than Sydney's 13%, Melbourne's 11% and Perth's 9%.

Affordability
Compared to Sydney and Melbourne, Brisbane offers more affordable properties, making it an ideal base from which new investors can begin their investment journeys or grow their portfolios. Although prices of apartments in Brisbane have been consistently increasing since 2009 (see Figure 1), they are still lower than those of Sydney and Melbourne. And while first-time investors may find it easier to gain a foothold in the market with interest rates falling and at a record low, downpayments are becoming larger and loan approval conditions tougher.

Figure 1: Price of apartments in Brisbane increasing since 2009
Affordability is a key factor for property investors and should be a consideration for those who want to sell their investments in the future.

Yield
Yield or total return is the other key factor to watch for. At the moment, Brisbane properties are presenting better yields compared to its larger capital city rivals. Rental yields in Brisbane are hovering around 6% while Sydney and Melbourne are seeing only 4 to 5%. Considering that interest rates are currently much lower than 5%, buying investment properties in Brisbane is likely to result in good positive cash flow. Let your tenant pay for your mortgage!

Figure 2: Rental Yield in Brisbane City

Tsunami of Chinese Buyers
The next wave of Chinese capital flowing into the Australian property market are likely to target new destinations like Brisbane, Gold Coast, Adelaide, Perth and the suburbs of Sydney and Melbourne instead of inner city areas, according to a recent Knight Frank report. With the weak Australian dollar and the high RMB, Australian properties are appearing increasingly attractive to Chinese investors.
Similarly, a report titled Demystifying Chinese Investment in Australia jointly published by KPMG Australia and the University of Sydney's China Studies Centre, shows a switch in focus.
"Chinese high-net-worth investors and developers are looking to new destinations offering discounts on prime property such as Miami in the US. In Australia, Brisbane, Gold Coast, Adelaide and the regional suburbs of New South Wales and Victoria will start to gain more traction... The quality of life, weather, clean air and world class education institutions all act as a magnet to Chinese developers and migrants alike," the report says.

Conclusion
Brisbane is Australia's third largest city, and the growth powerhouse of the Australian economy, outpacing all other major national centres. In fact, Brisbane currently has the largest population growth for any Australian capital city. With a great lifestyle to offer and pleasant climate, it's also one of Australia's most "liveable" cities. Most importantly, the city is now coming out of a downswing in the property cycle, and is quickly on the road to recovery. Add to this the fact that demand in Brisbane's housing market continues to exceed supply, it is clear that now is an optimal time to invest in Brisbane's city fringe property market.
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HDB raises housing income ceilings for singles, senior citizens

One of the most memorable highlights of this year's National Day Rally was the raising of income ceilings, as the government moves to enhance the affordability and accessibility of public housing. Income ceilings for new Housing and Development Board (HDB) flats and Executive Condominiums (ECs) have been raised by S$2,000, to S$12,000 and S$14,000 respectively. Senior citizen income ceilings for monetising schemes—such as the Lease Buyback Scheme, the Silver Housing Bonus, and short-lease two-room flats—have increased from S$10,000 to S$12,000. Singles' income ceilings increased from S$5,000 to S$6,000, enabling more to qualify for new or resale two-room HDB flats.
This is in line with the rising real income of the populace and to bring more eligible people into the fold. The income ceiling required of the Special CPF Housing Grant (SHG) will also be reworked from the current S$6,500 to S$8,500. Similarly, the maximum housing grant amount has been doubled to S$40,000, helping to make homes more affordable for lower and middle income families.

Developers turn towards unique amenities to stimulate demand
In light of a series of cooling measures that has resulted in dismal home sales, developers have begun appealing to buyers by designing homes with a plethora of amenities. The High Park Residences Condominium in Fernvale boasts an array of 118 facilities over 366,000 sq ft of land.

Prime location, a picturesque view, and resort-style living or standard pool, tennis court and gym facilities are insufficient. Developers are throwing in added value propositions such as cycling velodromes, indoor and outdoor theatres, boxing rings, and free lifestyle classes, which appear to be helping to increase sales volume. High Park Residences saw 78 per cent of its 1,390 units sold for a median price of S$989 psf within a week of being put on the market.

Home sales expected to remain low for August and September
Analysts are expecting private home sales volume to fall in August and September due to the seventh lunar month commonly known as the hungry ghost festival. Buyers are less inclined to make major investment decisions during this period, which is believed to be inauspicious. On the other hand, developers are delaying new project launches, with most of their attention focused on watching for signs of policy easing, with regards to the infamous cooling measures introduced by the Monetary Authority of Singapore (MAS).

Australia real estate continues to attract investment

DTZ's Investment Market Update Report has ranked Sydney as the tenth most attractive commercial real estate investment destination, given strong developer presence, coupled with favourable exchange and interest rates. In Q1 2015, Sydney's property market saw over USD$8.2 billion worth of investment—a 16 per cent increase as compared to the previous year. In light of such heartening news, supply-side concerns have been raised as overwhelming demand may significantly inflate prices.
In the residential property market, Singaporeans continue to pursue investments in Australian property especially with the weakening of the Australian dollar. As at June 2014, the top sources of foreign investment in Australia were China and the United States followed by Singapore. Channel NewsAsia quoted Reapfield Property Consultants as having 12 to 15 sales at their latest roadshows, up from the standard ten sales. This is in spite of stricter regulations imposed by Australia on foreign property investors, such as additional administrative fees for foreigner applications on property investments, as well as a harsher penalty for buying resale homes. Foreigners are only allowed to purchase new homes in Australia.

Malaysia: Iskandar's Eastern Gate Development Zone a rising property hotspot

Iskandar Malaysia's Eastern Gate Development Zone is growing in popularity given its favourable growth prospects resulting from its strategic location. Besides being closely situated to Pengerang's multi-billion Integrated Petroleum Complex, at comparatively lower prices, the zone has direct access to three important expressways— New Pasir Gudang Coastal, Senai-Desaru and Pasir Gudang.
The affordable prices for first-time buyers are a contributing factor as well, with average prices ranging between MYR200,00 (USD47,000) and MYR300,000 (USD70,500). As such, developers can capitalise on the approximate 600,000 residents in the area. Opportunities stemming from the middle-income groups are present as well, with developers offering premium projects. Developed by I&P Group Sdn Bhd, The Camwood at Taman Pelangi Indah will have 83 units in a gated community, with prices ranging from MYR620,000 (USD145,800) to MYR1.86 million (USD440,000).
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Benefits of Higher EC Income Ceilings

Higher income ceilings will increase the number of households eligible to purchase public-housing, by 120,000 households. According to UOB Kay Hian, developers such as City Developments, Sim Lian, Chip Eng Seng, Koh Brothers, Heeton and Keong Hong will benefit from the adjustment. These developers are active in the Executive Condominium (EC) market, and will gain from an increased pool of buyers interested and eligible to purchase ECs.
Despite measures in place that could potentially affect mass private housing negatively, UOB Kay Hian expects public housing prices to stabilize the private residential property market given time. According to a report by UOB Kay Hian, "[near-term] negative impact on private-housing demand would be offset by long-term stabilisation effect. We believe the market has over-discounted the negative prospects for the sector. Besides, the demand from the newly eligible pool will first go to fill the gap created by the restrictions on permanent residents' purchases before significantly affecting private housing demand".

Housing Loans Drive Singapore Bank Lending in July
An increase in demand for property loans and for general commerce led to a rise in Singapore's total bank lending for July. Bank lending in July amounted to S$610.4 billion- a 2.2 per cent growth compared to S$597.4 billion in July 2014. There was an increase of approximately S$1.3 billion in housing and bridging loans compared to June, amounting to S$181.6 billion. Comparing loan figures for July 2014 (S$172.6 billion) and July 2015 (S$181.6 billion), loans have risen by S$9 billion.

Collective Sale of Shunfu Ville

Situated in Bishan-Thomson, just 200m away from Marymount MRT station, Shunfu Ville is slated for a collective sale by tender. Built by former Housing and Urban Development Company (HUDC) in the late 1980s, it was privatised in 2013. The new project, as shared by Regional Director of Capital Markets at JLL Mr Tan Hong Boon, could possibly be the tallest residential building within its one km radius. Its proximity to the Singapore Island Country Club and MacRitchie Reservoir should provide a visual treat. In excess of 80 per cent of owners have signed in favour of the collective sale, and the estate is expected to fetch a minimum price of S$688 million. The tender exercise will close on 27 October.

UMLand Sees Opportunities in Serviced Apartments
United Malayan Land BHD (UMLand) is set to launch the Shama Medini serviced apartments, a component of UMCITY located in Medini Iskandar Malaysia, in October. UMCITY is a RM1.2 billion project due for completion by Q3 2018. Apart from Shama Medini, the development will include lakefront F&B outlets complemented with retail space, a top-tier office block, a 198-room OZO hotel, as well as Citadines, the branded serviced apartments. UMLand group CEO Datuk Charlie Chia Lui Meng told The Edge that owners will enjoy six per cent guaranteed rental return during the initial five years of the leaseback scheme. The subsequent five years provides a revenue-sharing model, where owners share 45 per cent of rental revenue. Units range from 583 sq. ft. to 2,015 sq. ft., and buyers have four layouts to choose from - studio, 1-bedroom, 2-bedroom and 3-bedroom. The selling price is an average RM 1,300psf.
According to UMLand Executive Director Mr Dennis Ng, there is demand in Iskandar Malaysia's serviced apartment and hospitality segments, especially from long-stay tourists. Mr Ng told The Edge that serviced apartments also cater to an increasing number of tourists who travel in bigger groups. The depreciating ringgit has also led to Singapore tour agencies arranging for tourists to stay in Johor Bahru's 4 and 5-star hotels, or alternatively in serviced apartments. Compared to accommodation in Singapore, it is cheaper by approximately three times.

CapitaLand Continues to Strengthen Presence in Malaysia

CapitaLand Ltd is looking to strengthen its presence in Malaysia, particularly in Kuala Lumpur, the Klang Valley and Penang. CapitaLand Commercial (M) Managing Director Mr Lim Wie Shan told The Star that the Malaysia real estate market remains viable due to trends such as an increasingly affluent population, a low level of unemployment, and growing household formation. The company's most recent project genKL, a joint venture with Juta Asia, is located in Jalan Kuchai Lama, Kuala Lumpur. Mr Lim believes that the project's good location and unique details will be well received.
According to founder and CEO of Moneysmart.sg, Vinod Nair, the Malaysian Ringgit's weakening against the Singapore dollar provides Singaporeans with a window of opportunity for investment in Malaysian properties. As a result, Singaporeans with limited funds will find themselves able to purchase luxury properties in main Malaysian cities, including Kuala Lumpur, Petaling Jaya and Penang. Vinod believes that luxury condominium developments in the central business district of Kuala Lumpur, as well as upscale landed property areas of Bangsar and Damansara Heights, are amongst the best options for investment. As for properties in Iskandar Malaysia, Vinod believes that the measures such as deregulation and friendly tax laws are being taken in order to attract foreign buyers.

Sydney Is One of the Top Sites of Commercial Property Investment

Colliers International's Australian Investment Review states that the falling Australian dollar, together with low interest rates and a stable economy, have boosted foreign investment in the commercial property market across retail, industrial and office sectors in the 2014/2015 year. According to the report, Sydney is the third most popular destination for global offshore investors, behind London and Manhattan, and ahead of Shanghai and Paris.

New Condo Hotspot in Bangkok- Phra Khanong-On Nut

Consultancy Plus Property believes that with 88 per cent occupancy and a return on rental amounting to five to seven per cent, the Phra Khanong-On Nut is an attractive option for the Bangkok condominium market. The area is also seeing a development in the trade and hospitality sectors, and rentals have risen to 450-600 baht per sq. m. With high occupancy rates, recent launches and more development projects, the Phra Khanong-On area is set to gain popularity.
Prices of condominiums within this area have increased 50 per cent since 2010. Currently, quality projects fetch up to 100,000 baht per sq. m, and rental rates are between 450-600 baht per sq. m. These figures are more competitive when compared to other zones situated in Bangkok, where the properties cost more, while fetching lower rental rates.

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iProperty Group Launches iProperty International
iProperty Group Ltd, Asia's leading online advertising business serving the real estate industry, has launched iProperty International (international.iproperty.com), a new international property platform. Managed by iProperty's Singapore office, iProperty International is a powerful tool for investors, providing access to residential and commercial property listings worldwide.

Features such as videos, 3-dimensional (3D) showrooms and frequently-updated market and demographic data ensure an immersive experience for users. iProperty International's initial launch phase features more than 3,000 listings of new Australian residential property, provided by REA Group, parent company of realestate.com.au, Australia's market leading property site. Users can also access new property listings on iProperty Group portals in Hong Kong, Indonesia, Macau, Malaysia, Singapore and Thailand, through the site.

Drop in Singapore home prices expected to continue as Sibor increases

Singapore's home prices are likely to continue dropping as borrowing costs increase and the Singapore dollar weakens. The three-month Singapore interbank offered rate (Sibor) is at its highest since 2008 and is expected to rise, closing in on the swap offer rate (SOR). A Singapore-based economist at Mizuho Bank Ltd, Vishnu Varathan, told Bloomberg that property prices will soften further should the Sibor catch up with the SOR in the next three to six months.
According to brokerage Knight Frank LLP, a five per cent drop in house prices can be expected this year, the greatest decline since 2001. Alice Tan, Head of Consultancy and Research at Knight Frank commented in an interview with Bloomberg that approximately 6,500 to 7,500 homes could be sold this year, in comparison to 7,316 sold in 2014. She added that rising rates would lead to downward pressure on home prices, and if there was a faster rate of increase, recovery is unlikely for 2016.

China's volatile market presents opportunity for London's property market
China's recent financial market jitters have led to increased interest in London property. While experts believe that the exact impact of jitters in China's financial market on London's property market remains to be seen, movement of funds out of China into London's property is expected.

Head of London residential research at Knight Frank Tom Bill said to Express UK, "There is evidence Chinese buyers have stepped up their interest in 'safe haven' global property markets like London and are increasingly looking for homes in 'golden postcode' neighbourhoods like Mayfair, although it is too early to discern any impact on transaction levels." Camilla Dell, Managing Partner of independent property buying agency, Black Brick, said to OPP Today that investors will likely spend less, "...for those investors nursing big losses on their stock market portfolios, finding the cash to make a property investment will have got harder." Richard Barber, Director at boutique London estate agency W A Ellis noted in an interview with OPP Today that "weak equity and real estate investment alternatives from the largest traditional residential investors - Hong Kong and Singapore - could possibly drive improvements from these countries."
Singapore and China amongst weakest performers in Knight Frank Global House Price Index

According to Knight Frank's Global House Price Index report, Singapore and China have Asia's weakest growth in house prices. Global house prices recorded weak figures, rising by merely 0.1 per cent between June 2014 and June 2015 - the weakest growth rate recorded since Q4 2011. Hong Kong was one of the strongest performers globally, with a 20.7 per cent growth rate between Q2 2014 and Q2 2015. China on the other hand recorded a decline of -5.7 per cent, and was the worst performer in Asia. Singapore declined -3.2 per cent during the same period, ranking second last, just ahead of China.
Savills reports on key elements affecting international property sector

Savills' recently released World Residential Markets Performance and Prospects 2015-2016 report noted that the rise of secondary markets, growth of second-tier cities and growing importance of resorts are key elements that will affect the international property sector in the decade to come.
According to Yolande Barnes of Savills World Research, buyer interest in the past ten years has been focused on prime residential markets, resulting in a great disparity between prime and secondary property prices. The growth of prime real estate prices in sought-after cities such as Hong Kong,
London and Singapore is as high as 140 per cent over the past ten years. The report identifies the USA, Japan and Australia as having relatively cheaper prime property in comparison with secondary and Hong Kong, Paris, Dubai, London and Singapore as having cheaper secondary property in comparison with prime. Savills foresees that investors are now looking towards secondary property, attracted by the higher income returns made possible by lower-price purchases.
Second-tier cities were also identified as an upcoming source of opportunity as Savills observed that "some small cities have performed particularly well in the creative and digital economies as they offer alternative living and working styles to this highly productive and newly wealthy sector". The report also suggests that resorts and retreats will be an interesting investment due to post-2008 price corrections resulting in some established resorts being cheaper as well the increasing wealth and ageing population of Asia, that will drive potential of investors who want to experience leisure time, holidays and a relatively prosperous retirement in the near future. Locations such as Hainan Island, Bali, Phuket and Japan were identified as being likely to show strong capital and income returns for residential investments.
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REDAS voices concerns about property prices

The Real Estate Developers' Association of Singapore (REDAS) has continued to voice concerns about ongoing trends in the local property market. REDAS President Augustine Tan highlighted a potential housing market collapse, citing worsening economic sentiment, reduced sales and increase in supply as risk factors that might lead to downward spiralling of property prices. Mr Tan commented at the association's Mid-Autumn Festival lunch on 16 September that the cooling measures need to be reviewed in view of global economic conditions being uncertain. "The property cooling measures were put in place in a period when quantitative easing and a flush of liquidity had fuelled record transactions and prices. Today, it is a very different picture," he said. "The property market is clearly heading for a different phase, and there is an urgent need to think about how we can manage the exit so that there is a soft landing for the market...As Minister Khaw Boon Wan said, 'Collapse of the housing market benefits no one'. This is the chief worry of developers and the many diverse stakeholders of the real estate ecosystem. The property cooling measures, in the current tone and intensity, could actually increase the risk to the real estate market and economy." REDAS also indicated that the association is keen to join efforts with the Government to address the oncoming surplus of private residential homes.

Government unlikely to lift property cooling measures
Following the results of the General Election, RHB has issued a report indicating that the government now has greater flexibility to implement less stringent property cooling measures and immigration policies. RHB analysts believe however that the government is unlikely to ease up on current policies. This speculation is based on the Property Price Index (PPI) that has declined a mere 3.7 per cent year on year, and a slide of 6.7 per cent from its 3Q13 peak. RHB reports that some ABSD (Additional Buyer's Stamp Duty) cooling measures are likely to be lifted in 2016 only when islandwide property prices have fallen between 12-15 per cent.

Singapore remains attractive for property investment

Singapore ranks third on the Savills World Residential Investability Ranking, with the USA and United Arab Emirates ranking first and second respectively. The countries were selected as the best sites for property investment based on key demand variables such as population growth, wealth and economic growth, together with supply and price levels. Other factors considered in the Savills analysis include policies within the respective countries, as well as cultural sentiments. Singapore was the only Asian country ranked among the top ten countries. According to Savills, the country's "prime market has been the one most favoured by international buyers while average mainstream property remains predominantly domestic", commonly seen among high-end markets worldwide.

Singapore sees highest Sibor since 2008
Singapore's core mortgage benchmark saw a hike on 14 September 2015 (Monday), to the highest level since 2008. According to data released by the Association of Banks in Singapore, the three month Sibor (Singapore Interbank Offered Rate) increased from 1.07483 per cent on Thursday (10 September 2015) to 1.13100 per cent on Monday. The rising interest rate could have an adverse impact on residential property owners, who are currently facing the problem of lower rents and resale values.

Singapore sees a dip in number of property launches

With fewer property launches in Singapore, private home sales decreased 69.3 per cent in August. According to statistics published by the Urban Redevelopment Authority (URA), property developers managed to sell 495 new private homes in August; a reduction from July, when 1,611 units were sold. These numbers exclude executive condominiums (ECs). With the sale of ECs included, 961 units were sold in August as compared to 2,106 units in July. August saw the launch of 598 non-EC units, as compared to 1,468 in July. For numbers including EC units, 1,305 units were launched in August, a difference of more than 1,000 units compared to July's launch of 2,623 units. The sluggish market performance was also thought to be a result of developers focusing on launching units from existing projects. These projects included High Park Residences in Fernvale, North Park Residences in Yishun, and Corals at Keppel Bay. The top three selling projects were High Park Residences, Botanique at Bartley and Adana @ Thomson.

Europe's new law impacts overseas property owners
New laws were introduced in Europe last month regarding wills that overseas property owners should take note of. A partner at Hunters, James Vernon-Miles does not expect any immediate impact on the demand for property in the UK as a result of the legal changes brought about by the Regulation (EU) No 650/2012 - commonly referred to as the Brussels IV Regulation, especially when the UK has opted out of it. He told OPP Today that foreign demand to purchase UK property is likely to remain driven by the standard of assets (whether as homes or investments), or as a result of work requirements.

Vernon-Miles however emphasised for overseas property owners to review their wills and estate planning, bearing in mind the implications of the legislation. In Articles 21 of the Brussels IV, a new general rule was mentioned- "[u]nless otherwise provided for in this Regulation, the law applicable to the succession as a whole shall be the law of the State in which the deceased had his habitual residence at the time of death". Prior to this law, British citizens habitually residing in Spain for instance would have had two wills; one for their property in the UK, and the other for their property in Spain. They should now update their wills to prevent their overseas property from being subjected to the forced inheritance rules of Spain. Article 22 mentions that "[a] person may choose as the law to govern his succession as a whole the law of the State whose nationality he possesses at the time of making the choice or at the time of death". The selected choice of law must be made expressly within the will. Put simply, the rules now allow British citizens to make one will, with their express choice of English law. Such a will supersedes Spanish law, allowing British citizens to leave their UK and Spanish property to be considered under English inheritance law.Property owners are also advised to seek professional legal opinion relevant to their individual circumstances.

Malaysia welcomes foreign investment in local properties
The weaker Malaysian ringgit presents investment benefits for the Malaysian property industry in the long run, on top of allowing foreigners to purchase Malaysian properties at a lower value. Chief Executive Datuk Seri Judin Abdul Karim of the Construction Industry Development Board (CIDB) explained that when foreigners invest in Malaysian properties, they are making a continuous commitment to the property industry, and that includes paying taxes. The Datuk further explained that as foreigners have to convert their money into ringgit when they want to purchase properties, there is no harm in property investment since the properties remain there. The Datuk also highlighted the need for the government to ensure sufficient affordable homes for the people nationwide even as foreigners are encouraged to invest in Malaysian property. A consistent policy is of paramount importance as a flip-flop in the market discourages investors.

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JOHOR BAHRU: Mah Sing Group Berhad (Mah Sing Group) today inked the franchise agreement with Wyndham Hotel Asia Pacific to procure the Ramada Brand System for its Meridin Hotel Suites in Iskandar Malaysia.
The partnership will license Meridin Hospitality Sdn. Bhd to facilitate the branding of Meridin Hotel Suites, located in the new urban township of Medini, Iskandar as Ramada Encore®.
Mah Sing's Inaugural Hotel - Ramada Encore Meridin
Ramada Encore Meridin, Johor Bahru will consist of a 322-apartment complex, featuring studio rooms, one and two-bedroom apartments as well as an extensive retail precinct. It is anticipated that the hotel will be fully operational by 2018.
The hotel will feature a restaurant, state-of-the art gymnasium, fitness course and yoga deck, swimming pool, Jacuzzi, business centre with Wi-Fi and 24-hour security. Ramada Encore Meridin is located in Medini, a township development that is to be the central business district in the newly of Iskandar in Johor Bahru.
It is a five minutes' drive and within walking distance of Legoland Malaysia, a popular international family theme park that features more than 70 attractions. Meanwhile, access to the Tuas-Singapore Second Link is a mere 10 minutes away and the Senai International Airport, 25 minutes away, while the toll-free Coastal Highway shortens the distance to Nusajaya to 10 minutes. The development is also within close proximity to various international schools and universities in EduCity@Iskandar, like the Marlborough College, Newcastle Medical School, Trust School and the University of Southampton.
Mah Sing Group is pleased to share that to-date, Ramada Encore Meridin registered interest of 318 units of the 322 units available which translates to approximately 99% of registered interest. As part of the signing ceremony today, investors who registered their interest were given the privilege to select their preferred unit.
Ng Chai Yong, CEO of Mah Sing Group said, "We are very pleased with the opportunity to work together with an internationally established hotel company such as Wyndham Hotel Group. We believe that this partnership is a step in the right direction for Meridin Hotel Suites, which will showcase the Ramada brand."
Tan Sri Dato' Sri Leong Hoy Kum, Managing Director of Mah Sing Group commented that the partnership would contribute significantly towards elevating the level of quality for Meridin Hotel Suites.
"Coupled with the hotel's strategic location, we are optimistic that the Ramada brand will provide a touch of esteem to the development," added Tan Sri Dato' Sri Leong Hoy Kum.
The Ramada Brand
Once open the hotel will join two Ramada properties currently open and operating in Malaysia, Ramada Plaza Dua Sentral Kuala Lumpur and Ramada Plaza Melaka.

"Wyndham Hotel Group is continuously looking for new and exciting franchise opportunities across the Asia Pacific region and we believe this impressive property will be a brilliant addition to our portfolio," said Barry Robinson, President and Managing Director of Wyndham Hotel Group South East Asia and Pacific Rim.
"We look forward to working with Mah Sing Group to continue growing the Ramada brand in Malaysia and the South East Asia region," Mr Robinson added.
Topotels as Hotel Operator for Ramanda Encore Meridin

Earlier, Mah Sing had also signed the letter of intent with Topotels to appoint Topotels Sdn Bhd as the hotel operator to operate and manage Ramanda Encore Meridin, subject to the terms and conditions to be discussed and mutually agreed upon.
Topotels has a stable of reputable hotels under its management including Ramada Encore in Seminyak, Bali, The Straits Hotel & Suites in Malacca, Vio Hotel in Bandung, Axana Hotel in Padang and others.
Mah Sing Group in Johor
The Meridin@Medini is an integrated development located along Persisiran Pantai JB-Nusajaya which is the protocol road to Kota Iskandar employing a Live, Work, Relax and Rejuvenate concept.
Further to The Meridin Hotel Suites, the development offers serviced residences, and Small Office Versatile Offices (SoVo, the Meridin Walk Lifestyle Retail).

To date, Mah Sing has a total of 7 projects in Johor. Mah Sing's track record in Johor has been built over 14 years with the Group's first township project of Sri Pulai Perdana in year 2000, followed by Austin Perdana, Sri Pulai Perdana 2, Sierra Perdana and iParc@Port of Tanjung Pelepas.
Further to this, Mah Sing recently opened the doors to its new Meridin East City Sales Gallery, where the Group showcased The Willows, which comprise double-storey link homes measuring 18' x 65' sq ft. The Willows is the first component to be previewed in the first precinct fondly named CasaEden in Meridin Eas located in the eastern growth corridor of Iskandar. Meridin East is Mah Sing's fifth township in Johor and its largest township to-date.
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A ceiling fan is an essential must-have in every home, as it cools the house and saves us from melting in the heat without being too taxing on the wallet. Here are some key factors to take into consideration when purchasing a ceiling fan for your home, to make the entire process a breeze.
Design of Fan
Ceiling fans comes in a variety of designs and sizes. To determine the right ceiling fan for your space, you should always consider the design on how to blend or stand out from your décor. You can go for silent operation ceiling fans for bedrooms, or larger fans to cool off that afternoon heat in the living room.
Size of Fan
Space also affects the size of the fan that you should get. When purchasing your ceiling fan, take note of the amount of space you have. In order to find the right fan size that will fit nicely into a room, measure the cubic space (length, width and height) so that the fan will be a perfect fit.

A general guide to choosing the right size of ceiling fan for your space by Air Wings Industries
Bring your floor plan with you when you shop for ceiling fan shopping, so that the sales staff can better advise you on the ideal blade length for your home. As a general rule of thumb, larger rooms would require larger fans with wider blade spans to spread wind evenly across a room.
Energy-efficiency and performance
Living in a hot and humid climate most likely means that the ceiling fan will be turned on and running most of the time. However, fret not for your bills as fans are a more cost-efficient alternative to air-conditioners. We love the added benefit of saving 60 to 70% more with energy-saving DC motors found in some fans, which is awesome in lightening the load on our wallets.

Energy-saving fans like the Aerahaus Aeratron AE3 consumes energy equivalent to an energy-saving bulb!
Noise
There is nothing more distracting than a loud, creaky ceiling fan that whirs noisily above your head. However, that only happens in extreme cases as most ceiling fans make an acceptable amount of wind noise due to air turbulence. If you are a true stickler for silence, you'll find joy in the Aeratron AE3 ceiling fan, the world's top in silent efficiency as acclaimed by Aerahaus Fans Singapore.
Lights
Adding lights to any ceiling fan would make it more costly, although it saves space. If you need a ceiling fan with lights, go for one that comes with energy-saving LED and your wallet will thank you in the long run.

The Amasco Elite Mini comes in a variety of sizes, fitted with energy-saving LEDs.
What makes a fan good quality?
Avoid replicas!
It's all talk unless there are certifications to back up the quality of the fan. High quality products aren't afraid to show what they are made of. If the product boasts energy-saving properties, look out for the Energy Star label that comes with it.
Beware of imitations as well. Just like designer bags, designs of ceiling fans are copied, mass produced, and sold to the undiscerning consumer.
Externally they may look like the real deal, but the inner components may not be identical, or even of a lower quality, leading to inferior performance and maintenance issues in the long run.
Where to buy the right fan?
It is not recommended to purchase your ceiling fans from an overseas merchant as the voltage requirements could be different, the lack of support if you run into problems with your fans, and all electrical products will need to be checked for safety measures to ensure its operational reliability by local authorities. Always ensure that the product bears the SAFETY Mark label, as it is a requirement for everyday electrical appliances to be registered and checked by SPRING for safe use in Singapore.
Article is brought to you by Air Wings Industries

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Singapore's property market favouring tenants

Singapore's residential leasing market is facing downward pressure on rents, a result of increased supply coupled with softening demand. Despite high transaction volumes, vacancy rates are increasing and rents are falling.
According to a new report from Savills, quarter-on-quarter (QoQ) leasing volumes in Singapore for Q2 2015 increased by 10.9 per cent, from 15,435 to 17,262 transactions. The growth came mainly from the Outside Central Region (OCR), which saw quarterly transactions increase by 13.7 per cent, to 5,672 transactions. Savills attributed the increase in transactions to standard two-year leases being replaced by more one-year tenancies.
With more completions, supply is increasing and the number of private residential homes in Q2 2015 reached 318,524 - a 2.2 per cent increase quarter-on-quarter. Most of the new supply is within the OCR, which saw 124 per cent growth to 5,643 units, compared to Q3 2014.
As Singapore offers overseas talents plenty of job opportunities, there is greater demand for housing leases for expatriates employed on local terms. However, the rise in demand from these tenants is insufficient to keep up with the supply of new private residential units. Rents dropped 1.1 per cent QoQ in Q2 2015, and vacancy rates were at a nine-year high.
Senior Director of Savills Research Singapore Alan Cheong believes that it will remain a tenants' market as supply of private residential units is expected to exceed demand.

Analysts expect high prices for Bidadari estate BTO flats

Bidadari estate will soon have 2,150 new flats, consisting of two- to five-room units launched for sale under HDB's Build-to-Order (BTO) exercise.
This launch will be the first of HDB flats in the Bidadari estate, and buyers with parents living in Toa Payoh, Potong Pasir, or within a 2km radius will have priority.
The estate is expected to house approximately 10,000 residential units eventually, as well as community malls, a lake and a ten-hectare park. The estate is situated in close proximity to two North East Line MRT stations, Woodleigh and Potong Pasir.
Property watchers expect prices of Bidadari units to be at a higher price point based on its city-fringe location.
Mr Eugene Lim, ERA Realty's Key Executive Officer said to Channel NewsAsia that he expects prices for flats in the Bidadari estate to range from S$300,000 to S$350,000 for three-room flats, S$400,000 to S$450,000 for four-room flats and S$600,000 for five-room flats.
This BTO exercise is the first since the income cap was raised to S$12,000, which Mr Ku Swee Yong, CEO of Century 21, believes will draw more buyers.

Residential site at Lorong Lew Lian up for sale by public tender

The Urban Redevelopment Authority (URA) has accepted an application from a developer to put the residential site at Lorong Lew Lian up for sale by public tender, based on the acceptable bid price committed. The land parcel was available for sale on URA's Reserve List and the developer who submitted the application for the site has committed to bid at least S$250,000,000 in the tender for the land parcel. While the minimum price committed to the site is revealed, the applicant's identity remains confidential following protocols of the Reserve List system. The public tender for the site will be launched by URA in the next month, with the exact launch date to be confirmed. The tender period for the land parcel will last between four to six weeks. The land area is approximately 1.4ha, and the residential site has a maximum permissible gross floor area of 42,005 m2.

Iskandar's oversupply worries "a bit overblown"
Mr Lock Wai Han, Chief Executive of real estate and investment firm Rowsley believes that concerns regarding an oversupply in Iskandar's property market are "a bit overblown". Mr Lock who spoke to TODAY, added that investors have been alarmed by news of thousands of housing units by Chinese developers in the pipeline. The alarmed investors do not understand that these housing units require time to enter the market. Mr Lock mentioned that "[developers] have to reclaim the sea, let the land settle ... so this will be phased out over a longer period of time, but I think that kind of messaging has not been conveyed to the market. So when the market hears that kind of numbers, it's a bit spooked".
Rowsley has announced plans to have its Vantage Bay project re-conceptualised into a healthcare city. Lock says that job creation, migration to Johor and increased demand for homes are benefits of investments into Iskandar. His comments come after market observers warned about the glut of homes in Iskandar possibly pressuring property values. Analysts at Maybank commented that the situation of oversupply in Iskandar is likely to worsen before the situation improves.

Sydney, Melbourne spearhead Australia's largest quarterly gain in more than five years
Between April and June home prices in Australia recorded their largest quarterly gain in more than five years, spearheaded by Sydney, which saw its largest rise on record.
The eight capital cities saw a gain in residential property prices of 4.7 per cent on the quarter, the largest increase since Q4 2009.
Sydney residential prices leapt by 8.9 per cent in Q3 2015, resulting in an 18.9 per cent gain in Sydney home prices compared to 2014. Average home prices in New South Wales were the highest in the country at A$777,400 (S$783,800).
Property information and analytics firm CoreLogi RP Data's monthly report shows that home prices in popular areas such as Sydney and Melbourne were starting to cool in August. With July regulatory measures implemented to tighten mortgage lending to investors, recent auction clearance rates point towards the success of tightening measures.

Tokyo's potential
Tokyo's residential property market is attracting savvy property investors, with a depreciating yen resulting from 'Abenomics', Japanese urbanisation and increasing prices.

Tokyo has a younger population compared with the rest of the country, with 67.7 per cent of the population working age, compare to 62.3 per cent for the whole of Japan. More than half the population in the city rent homes, creating strong rental demand for investors.
Despite increasing demand in Tokyo, the supply of condos has been decreasing since 2005, partly due to the Global Financial Crisis of 2008, as well as the increase of the Consumption Tax in 2014.
As a result of demand increasing while having limited supply, Tokyo's residential property prices rose by nine per cent between 2011 and 2015, from approximately US$5,400 to US$5,900 per square metre. The Japanese capital is seeing increased purchase of residential property from Hong Kong investors according to South China Morning Post. Property Report reported that experts believe Tokyo will remain an attractive investment site as long as it manages to control its supply and pricing of real estate despite rapid increase in demand.

Wealthy international students contribute to London's rental market
According to EJ Harris, Mayfair-based agent, there are 107,000 international students in London, made up of rich Chinese, Russian and Malaysian students. These students spend up to 72,000 pounds a year (1,500 pounds per week) to live in areas such as Mayfair, Knightsbridge and South Kensington. The rents are mainly financed by the parents of students, or homeland grants (from their respective countries).
Managing Director Ms Elizabeth Harris says that more than 100,000 international students study and live in London, and the number is fast increasing. Since 2010, university applications by overseas students have increased by 18 per cent. For prestigious universities in London, applications by overseas students have increased by 30 per cent.
Students from China make up the largest group of international students (18 per cent of all foreign students in London). Other Asian students that make up significant numbers are from Hong Kong (five per cent), Malaysia (four per cent) and Singapore.
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The owner of this spacious Urban Resort condominium apartment loved what Ciseern did for his first home. So when it came to the design of his second property, which he intended to rent out, he handed the design reins over to Ciseern once more. The result is a clean and simple home that acts as a blank canvas for the tenants to fill in over the years. At the same time, Ciseern showcased their flair for design with distinct focal points throughout the home.
Project Type3-room CondominiumFloor Area2,200 sqft
Text by: Redzman Rahmat

Naturally Spacious
One of the biggest advantages of this apartment is its expansive floor space. The living room, dining room and kitchen have all been kept open for a natural flow of air and light. "The apartment is quite big, so we felt like we should respect the spaciousness by keeping the interior clean and organic," says one of the designers. The original layout came with an open kitchen and it was incorporated into the design as an extension of the living spaces.

Blank Canvas
The design team wanted to create a blank canvas for the new homeowners to personalise over the years. As such, a monochromatic colour palette was employed. The feature wall is clad in a striking high gloss black laminate. Though eye-catching, the feature wall easily serves as an easy backdrop to work with should tenants decide to bring in decorative ornaments.

Mirror, Mirror
Despite opting for a simple design in this home, Ciseern wanted to bring a 'wow' factor that would leave a lasting impression. This takes place on the wall next to the dining area. Instead of the ubiquitous mirrored wall, the designers placed a three-dimensional structural art piece against a mirror backing. This wall looks into the dining room, living hall and kitchen, becoming a focal point in this home. The art piece features angular facets that jut out to create a unique 3D effect with mirrored surfaces that provide the showstopping factor in this home.

Connecting Rooms
The benefit of having such a large floor area is that every bedroom has its own attached bathroom. The master bathroom in particular, is very spacious and, with its elegant design, wouldn't look out of place in a five-star hotel.

Go For Gold
The bedroom features a metallic luxe theme, with shades of gold, copper and creamy beige on the floor, walls and furniture. The wall above the bed, in particular, has been given special attention. Padded headboards rise up to the ceiling, looking luxuriant cladded in cream-coloured synthetic leather with a subtle gold shimmer.

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Singapore, 30th September 2015 - Singapore GuocoLand Limited ("GuocoLand") signed a multi-year contract with Virgin Active for a 31,000 sq ft, state-of-the-art fitness space at Tanjong Pagar Centre. Located on the sixth floor of Guoco Tower, Virgin Active's latest club will be opened by mid-2016, when the development is completed. Virgin Active is the latest to join a growing group of retail, lifestyle and F&B brands taking up space at the integrated mixed use development. The global fitness club is known for its holistic approach to health and fitness and its facilities will be available to residents, hotel guests, and office workers in the building.

Mr Cheng Hsing Yao, Managing Director of GuocoLand Singapore said, "International brands such as Virgin Active will reinforce Tanjong Pagar Centre's position as a cosmopolitan centre that offers premium quality work, living and lifestyle experiences. Virgin Active and GuocoLand share the same vision and aspiration for Tanjong Pagar Centre as a lifestyle hub in the CBD. Our office tenants will appreciate this wonderful amenity, so will our retail and F&B tenants. We will also be working with Virgin Active to develop special packages for our residents, tenants and hotel guests."

Sitting atop the Tanjong Pagar MRT station, Tanjong Pagar Centre spans 1.7 million sq ft right in the heart of Tanjong Pagar and the Central Business District. Once completed in mid-2016, the integrated mixed use development will become the tallest building in Singapore soaring at a height of 290m.

"We are excited that our second Virgin Active outlet in Singapore will be based at Tanjong Pagar Centre which will be Singapore's tallest building once it is completed in mid-2016. Our new outlet here will be designed with this in mind, especially the exercise studios, which will be strategically-positioned to capitalise on the great views and natural lighting. We will also be introducing new concepts which are in line with Tanjong Pagar Centre's vision of providing modern and liveable places in the heart of the business district, as well as giving back to the community," said Christian Mason, Managing Director, South East Asia, Virgin Active.

"We will also work with Virgin Active to organise health and fitness-related public activities and events in Tanjong Pagar Centre's Urban Park. All these will be the building blocks towards making Tanjong Pagar Centre a model of live-work-play 'Integrated Vertical City," said Mr Cheng. Tanjong Pagar Centre houses a 150,000 sq ft landscaped Urban Park which can accommodate up to 2,000 people.

"The Urban Park will be an ideal location to host public fitness events such as Zumba, yoga and other exercise sessions that will be held for free. This community outreach programme that will be organised by Tanjong Pagar Centre in collaboration with Virgin Active, will benefit the people working and living in the surrounding areas, and attract people to come and enjoy the great amenities at the Centre," added Mr Cheng.

Featuring the latest technology and equipment all in one floor, Virgin Active's Tanjong Pagar Centre space will also set a new standard for lifestyle and fitness performance in this district. It will feature a $500,000 high altitude training studio which will simulate altitudes of up to 3,000 metres to improve the training benefit and a 200 sq m exercise studio that can accommodate up to 50 people. Both these studios will be the largest amongst Virgin Active's gyms in Asia. Members will also have access to a 30m swimming pool which is one of the longest of its size for a commercial gym in the CBD area.

Virgin Active's design will also incorporate many energy conservation elements in line with Tanjong Pagar Centre's heavy focus on sustainability. Awarded the Platinum Green Mark Award and LEED Platinum pre-certification, the development has been designed to achieve overall energy savings of 32% and water conservation of 35%.

Tanjong Pagar Centre integrates 890,000 sq ft of premium Grade A office space, a 100,000 sq ft dynamic lifestyle and F&B component, 181 luxurious homes, 222 luxury 5-star hotel rooms and a 150,000 sq ft landscaped Urban Park. Designed by world renowned architectural firm, Skidmore, Owings & Merrill (SOM), the development has also been honoured with the World Architecture News (WAN) Mixed-Use Award.
For more District Guides, you can head over to iProperty.com Singapore.

iProperty Asia Property Market Sentiment Report H2 2015
The iProperty Asia Property Market Sentiment Report H2 2015, Asia's largest consumer property sentiment survey, released on 1 October, sees purchase intent rising, along with an increase in budgets and expectations of relaxed cooling measures.
43 per cent of respondents (up from 38 per cent in H1 2015) intend to buy within the next 12 months; 41 per cent (up from 40 per cent) intend to purchase within one to two years. Buyers have also increased budgets, with 56 per cent (up from 40 per cent) indicating a budget above S$800,001 and 20 per cent (up from 17 per cent) with a budget above S$1m. 75 per cent of respondents believe that cooling measures will be lifted within a year, while 90 per cent believe that will happen within the next 18 months.
For the full report, please refer to http://www.iproperty.com.sg/asia-property-sentiment-survey/download/

URA and HDB flash estimates point to dipping property prices
Flash estimates released by the URA on 1 October 2015 revealed that the private residential property index dipped to 142.3 points in Q3 2015, a drop of 1.9 points (1.3 per cent), compared to Q2 2015.
Non-landed private residential property prices fell across all market segments. Prices in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) declined by 1.3 per cent, 1.5 per cent and 1.6 per cent respectively, compared to the previous quarter.
Prices of Housing Development Board (HDB) resale flats fell as well. According to HDB flash estimates, the resale price index saw a 0.3 per cent decline in Q3 2015. The decline has slowed down in comparison to the 0.4 per cent decline seen in Q2 2015.

Auctioning on the rise
According to JLL, Q3 2015 saw seven residential properties out of ten being sold at auctions, all of which were mortgagee listings. Auctioned homes fetched better prices this quarter, with residential sales reaching S$13.62 million compared to S$6.83 million in Q2 2015. All ten properties were successfully auctioned at their first appearance, a marked improvement compared to Q2 2015, when only half of the properties were successfully sold at their first appearance. Many required multiple relisting before being sold.

Developers must now ensure showflats accurately represent units for sale
Recent rules implemented by the URA dictate developers ensure their showflats are accurate representations of units up for sale before they open them for viewing. This will apply to all showflats built after 20th July, 2015. According to URA, spot checks will be conducted by the Controller of Housing to ensure developers abide by the rules. Projects first to be affected by the new rules include Criterion EC and Signature@Yishun. Developers of The Criterion executive condominium (EC) at Yishun have incorporated measures, such as labels specifying position and thickness of removed walls, and lists including materials, finishes and fittings. According to the URA, developers who fail to comply with new rules can have their licenses suspended or revoked. They might also be fined up to S$5,000, face a jail term of no more than 6 months, or both.

BNP Paribas: Weaker foreign demand in Singapore's housing market
BNP Paribas has reported a drop in foreign purchases in Singapore's property market in 2015 compared to 2013 and 2014, citing three factors for the weaker demand: the weakening of currencies such as the Malaysia Ringgit (MYR), Indonesia Rupiah (IDR) and Renminbi (RMB); the 15 per cent Additional Buyer's Stamp Duty (ABSD) for foreign buyers; and tighter immigration policy restricting foreign employees. Foreign buying decreased from 11.3 per cent in Q1 2014, to 7.6 per cent in Q1 2015. China was Singapore's top foreign buyer, ahead of Malaysia and Indonesia. With weaker foreign demand, the housing market needs to seek local support. However, BNP Paribas believes local buyer demand is unable to provide relief, considering demand is dwindling with credit tightening measures, and rising interest rates.

Signature at Yishun the first EC to be launched after the qualifying income ceiling adjustment
Signature at Yishun, an executive condominium (EC) project, was launched on 26 September, the first EC launch since the qualifying income ceiling was raised from S$12,000 to S$14,000. The project's developer, JBE Holdings told Channel NewsAsia that 20 per cent of the units were sold by 5pm on the launch date. JBE Holdings CEO Patrick Lam remarked that an estimated 20 per cent of sales were made by buyers with incomes above S$12,000. The project received 507 applications online and out of the 525-units on offer, most that were sold were three and four room units. Prices are approximately S$750 per square foot (psf), lower in comparison to other ECs, with an average of S$800 psf.

BNP Paribas Report: Housing market heading towards oversupply, but prices unlikely to drop
BNP Paribas has suggested in a recent report that costs of residential property have not dipped significantly despite cooling measures, as developers are reluctant to lower prices due to the high cost at which land was acquired. Land has been acquired in recent years at S$400 to S$800 psf.
Prices remain elevated to ensure developer profits. BNP Paribas' report also suggests Singapore's housing market might face oversupply from 2016 due to lower demand, including oversupply of residential property, tight immigration policies and rising interest rates. Prices are expected to hit the lowest point in 2018/2019. Analyst Chong Kang Ho believes the base case scenario would see the oversupply at its worst in 2020 before the situation improves. With proactive supply cuts and no external shocks, BNP Paribas believes the current oversupply cycle will not have as negative an impact as the one between 1997 and 2006.

URA launches three residential sites under 2H2015 GLS Programme
The Urban Redevelopment Authority (URA) has released three sites for sale under the 2nd Half 2015 (2H2015) Government Land Sales (GLS) Programme.
A mixed development site at Alexandra View under the Confirmed List, and a residential site at Jalan Kandis under the Reserve List were launched for sale on 30 September. Both sites can yield approximately 515 residential units.

Diverging views of Sydney's property market
Sydney's property market is currently one of the most expensive in the world. The situation is expected to change with an impending influx of supply. Goldman Sachs' economists estimate a supply glut of 75,000 homes by 2017. Accompanying the increase in supply is dwindling demand.
Median prices have recently reached a record high of AU$773,000 (US$544,000) and investors are being constrained by stricter lending requirements and lower yields. There are however, contradicting opinions. Other experts posit that housing in Sydney is undersupplied, and the new supply addresses this issue. Harley Dale, economist for the Housing Industry Association, says the record number of new houses built this year is progress on solving housing shortages. He believes that at least 60,000 houses have to be built yearly in New South Wales for the next two years before the problem of housing shortages can be controlled. Dr Andrew Wilson, Senior Economist for Domain Group concurs, and adds that Sydney will most probably face property shortages, with affordability remaining a key issue.

Gut feeling: a double-edged sword for property investors
While developers and agents constantly advise investors to make well-informed decisions when buying overseas real estate, many seem to be making decisions based on gut instinct. Grant Thornton's new report reveals that gut instinct is responsible for approximately US$250 billion a year in overseas real estate investment. The financial firm cautions overreliance on instinct without market analysis and research, citing the possibility of investors missing out on emerging opportunities. According to the report, cross-border real estate transactions during H1 2015 increased by nine per cent, likely a result of investors desiring to invest in politically stable regions.
Gut feeling is mentioned as a key driving factor when deciding locations for investments. The Thornton report cites the importance of identifying emergent stability, as territories that have recently become investment/developer friendly offer valuable opportunities too. Furthermore, it mentions that urbanisation provides opportunities. As established cities become saturated, lesser known areas are opening up and provide investment opportunities. Investors can benefit by entering these secondary markets when costs of entry are lower.
For more District Guides, you can head over to iProperty.com Singapore.

Rising interest rates, increasing supply of homes for rent contributes to increase in auctions
Colliers International says 171 properties were put up for auction as mortgagee sales in the first nine months of 2015. This is a 52.7 per cent increase compared to the same period in 2014, which saw 112 such listings. 32 were landed properties, double the 15 listings in the first nine months of 2014.
For the first three quarters of 2015, sales totaled S$90.8 million, a hike of 54 per cent compared to the first three quarters of 2014. Rising interest rates and the increasing supply of homes for rent were key reasons for the rise in mortgagee sales.

Q3 2015 records six-year low for property investment sales

Weak economic data and China's growing woes have led to Singapore's investment property market recording transactions worth only S$2.86 billion in 3Q 2015. This is an alarming 52.9 per cent dip compared to 2Q 2015, which recorded $6.07 billion. Data from Savills show that transaction volume in 3Q 2015 is the lowest since 3Q 2009. According to the report, such weak performance is a result of weaker global economic conditions, as well as negative developments from currency adjustments in China, which has led to higher volatility in global financial markets.
Apart from the wider trends and influences, cooling measures, as well as lower supply from Government Land Sales (GLS) sites could have played a part in the dip.
In Q3 2015, private sector transaction value dipped 28.7 per cent quarter-on-quarter, to approximately S$2.37 billion from 36 transactions; private property deals amounted to 82.9 per cent of transactions. During the same period, the public sector under the GLS Programme saw just two residential sites and two industrial sites awarded, with total revenue of S$487.8 million, 17.1 per cent of total investment value for Q3 2015.

HDB: four new neighbourhood centres in the next three years
Over the next three years the Housing Development Board (HDB) will build Singapore's first neighbourhood centres in more than ten years. These neighbourhood centres will be built in new estates such as Punggol, Hougang and Sembawang, with waterfront features, lush terraces and connections to public transport, along with "green" systems, such as rainwater harvesting. The new projects will include sheltered community plazas to facilitate interaction amongst residents, providing space for daily activities and community events. Mr Fong Chun Wah, Group Director (Development and Procurement) of HDB said that the goal of HDB is to plan well designed towns that are sustainable and community-centric, and to have a social role for the community, on top of being a developer or master planner.
Individual neighbourhood centres expect to serve the needs of 5,000 to 6,000 households, as one-stop centres designed with public feedback, providing a range of amenities, including supermarkets, food courts, other eateries and retailers. These centres will be linked to existing and upcoming transport nodes, such as MRT/LRT stations and bus stops.
The last new neighbourhood centres were built in 2004 (Pioneer Mall, Punggol Plaza). HDB ceased to build such centres to encourage participation by the private sector to provide commercial facilities in HDB towns. Private developers tend to build neighbourhood centres only if the resident population is large enough to support business operations, and so HDB has undertaken the new projects to better address residents' needs.

Singaporeans responsible for bulk of private property purchases in Singapore

According to a report by Knight Frank, Singaporeans make up the bulk of private property buyers in Singapore. Singaporeans purchased 4,431 units in the first half of 2015, 74 per cent of private home deals in Singapore. Permanent residents purchased 1,487 units in the same time period, 24.8 per cent of transactions. Companies bought 76 units, while corporates bought 36 units in Q2 2015, a mere fraction of the 301 units bought in Q2 2014.

Cut in number of land sites, established developers crowded out
BNP Paribas reports that less established property developers have been successful in bidding for Government Land Sales (GLS) programmes in 2015, as they have been more aggressive in their bids.
The report states that "traditional" developers, including City Dev, Fraser, UOL, CapitaLand and Keppel Land have won no sites since the start of 2015. The BNP Paribas report says this points towards greater competition for land, with new entrants coming into the market, hoping to quickly increase their market share. New entrants include foreign developers, boutique local developers and construction-related companies. BNP Paribas notes that there is still strong competition for land, with the number of bidders increasing for each tender site. Following a supply cut in the GLS programme in 2014, there is a greater urgency to restock land banks.

The appeal of overseas property investments for investors in Hong Kong

Luxury resale apartments in Hong Kong are among the priciest in the world, at an average of approximately $4.5 million. With such high prices, real estate investors in Hong Kong are looking for property investment opportunities overseas, which offer more affordability.
Julie Harvey, Director of Pinnacle Alliance, a UK property investment specialist in the process of opening a Hong Kong office, says one bedroom residential apartments in the UK start from £55,000, a fraction of the amount for similar apartments in Hong Kong. Hong Kong buyers are also looking at property investments in Malaysia, Australia and Thailand. With accommodation shortages, she believes the UK market is seeing an average growth of approximately ten per cent yearly, with rental growth of four to five per cent annually. These figures represent room for capital growth, expected to continue with housing shortages.
Harvey says UK property investment is safe and secure, and most investors are looking at medium to long term investments. Investors have the choice of living in their apartments, or have letting agents manage their properties for them. This passive investment with minimal work is popular in Hong Kong.
Currency exchange is also a contributing factor for investors. The Hong Kong dollar is linked to the US dollar, and changes in US interest rates could impact the property market. Praveen K Choudhary of Morgan Stanley and Cusson Leung of JPMorgan Chase & Co. both suggested that there could be price falls of ten per cent or more; transactions in August decreased by approximately a third, the lowest in 17 months, setting alarms ringing.
With favourable exchange rates, more investors are also turning towards Tokyo and Melbourne. According to Deloitte, prices in Japan have dipped by 70 per cent over the past 16 years. As a result, Japanese property has a stronger appeal to young people who are unable to afford the down payment for flats in Hong Kong.

Bangkok: condos or apartments?

Bangkok is experiencing a steady rise in the number of expats according to statistics provided by the Ministry of Labour. Popular areas include Sukhumvit, Lumpini and Sathorn. Most prefer renting, staying between two and three years. CBRE Thailand says expats tend to favour apartments over condos. The single ownership of apartments means tenants can go to building owners when they require repairs or maintenance work. In the case of condos, the building manager manages only common areas and does not deal with unit-specific problems. Tenants have to go through a more troublesome process, and can take a longer time to rectify problems. This is why in the long run apartment buildings are mostly better maintained compared to condominiums, even if they are built around the same time. This might present an opportunity for developers. According to CBRE, there are only 415 apartments under construction in Bangkok's more popular areas, against 27,000 condo units.

Sydney shows signs of market peaking

Frasers Property Australia and joint venture partner Sekisui House Australia have seen their proposal to develop DUO approved by the New South Wales Department of Planning & Environment. DUO is a two-tower, A$520 million mixed-use project with residential apartments, luxury flats, hotel rooms and ground floor retail and commercial space. It is part of the development at Central Park (an A$2 billion urban village development in Southern Village).
Analysts believe Sydney and Melbourne are coming to the end of their growth cycle, indicated by lower auction rates. The Chief Executive of McGrath Estate Agents, John Mcgrath, forecasts price growth of between three and five per cent before hitting a plateau. Richard Wakelin, Director of
Waken Property Advisory, likewise believes that the two cities are nearing the end of their growth phases.

Knight Frank: sluggish growth for global prime residential rents
The Knight Frank Prime Global Rental Index shows slow overall growth in the eighteen global cities tracked, ten saw rent increases between June 2014 and June 2015. During the same period, global prime residential rents saw a modest increase of 0.2 per cent, the worst since early 2010. Cape Town, South Africa tops the Knight Frank rankings, with prime residential rents increasing 10.2 per cent year-on-year. On the other end of the spectrum, Moscow, Russia is the worst performer, with an eleven per cent drop during the same period.
Beijing and Singapore are among the worst performers, with prime residential rents dropping by 8.4 per cent and 6 per cent respectively. Kate Everett-Allen, a Knight Frank Partner, says while sales markets in cities including Singapore, London and Nairobi are slowing down mainly due to cooling measures in the form of taxes or regulation of mortgages, expectations of accelerating prime rental markets are not being realizing.
For more District Guides, you can head over to iProperty.com Singapore.

Singapore, 15 October 2015 - Knight Frank, the independent global property consultancy, today launches Global Cities: The 2016 Report, examining the market performance of 20 global cities across the world, of which 10 are in Asia Pacific.
The UN is forecasting the world's cities to increase in population by 380 million people in the next five years. Consequently, the planet will need to build the equivalent of five cities the size of Los Angeles every year between now and 2020, and all the supporting infrastructure.
This increased urbanization, combined with greater demand driven by economic growth, will cause office rents to rise in the key global cities. Knight Frank forecasts that Madrid will top rental growth at 22.2% by 2018, followed closely by Mumbai (21.3%) and San Francisco (20.2%).
Nicholas Holt, Head of Research, Asia Pacific, Knight Frank Asia Pacific, says, "Despite the slowdown of China and its impact on the region's economies, the Asia Pacific region will still see relatively strong economic growth over the coming years. Coupled with the huge forces of urbanization in India and China, the next three years are still very much a growth story for the Asian Global Cities.
"Three of the top five global cities for office rental growth over the next three years are forecast to be in Asia Pacific, with the Indian cities of Mumbai and Bengaluru, benefiting from a strengthening economy, in second and fifth place respectively."

Alice Tan, Director and Head of Consultancy & Research, Knight Frank Singapore, comments, "Singapore's office leasing market is currently seeing lower rents in the second half this year compared to previous highs in early 2015, as demand from large-space tenants waned against the backdrop of the slowing economy and muted market sentiment.
"Looking beyond existing headwinds, growing the commercial property landscape has been an integral part of Singapore's ongoing quest to cement its position as a global financial and trading hub and an established global city. Over the next three years, the new supply of office spaces planned especially in the Central Business District is anticipated to limit rental growth with possible rental contraction if demand remains muted. Yet, this provides more quality workspace options at more competitive rents for enterprises choosing to set up their operations in Singapore."
"Anticipating the evolution of future cities, the Infocomm Development Authority (IDA) of Singapore plans to transform the country into a Smart Nation, advancing technology for a new generation of business and society. This, sets Singapore at the forefront in the league of global cities."

Markets attracting foreign investments
Looking at the total real estate transaction volumes within each market in H1 2015, India has emerged as the market with the highest percentage of foreign investment at 67%, followed by Malaysia (59%) and Singapore (43%).
Holt explains, "The growth of foreign private equity investment into the Indian real estate market has been a notable characteristic of the region in the first half of 2015, with US and Singaporean investors the most prominent. In Southeast Asia, Malaysia has also seen a significant percentage of foreign interest with groups from Australia, Singapore, China and Canada, purchasing assets in the first six months of the year. Given the positive economic performance of India, and a potential counter-cyclical approach towards investing in Malaysia (despite the tough conditions), we expect foreign groups to continue to look at these markets in 2016."

Neil Brookes, Head of Capital Markets, Asia Pacific, Knight Frank Asia Pacific, highlights, "We are experiencing record transaction levels in the core markets of Asia Pacific such as Sydney and Tokyo, driven by investor demand from the US, Singapore and China. Investors are attracted to these markets by the relatively high returns achievable and the recent weakening of the currencies against the US$."

Destinations attracting Asian outbound capital
A growing wave of Asian outbound capital is targeting core real estate assets in Western markets. Over the last 24 months, Asia investments into the US, UK, Australia and Continental Europe totalled US$78.4 billion.
Brookes explains, "We are seeing strong desire from Asian investors to diversify their holdings into markets outside of Asia, particularly Europe and Australia, and a substantial sell down of assets in China due to the worsening economic conditions."

Ian Loh, Executive Director and Head of Investment & Capital Markets, Knight Frank Singapore, comments, "Many Singapore firms have successfully ventured overseas since two to three years ago with the slowdown in the real estate market and lack of local development and investment opportunities in Singapore.
"We continue to see great interest from Singapore investors, especially in London, Australia and Europe. "The weakening of the Australian dollar below parity against the Singapore dollar is one of the key factors spurring Singapore investors to invest more in Australia."

Capital markets opportunities
Jeremy Waters, Head of International Capital Markets, Knight Frank, comments, "We expect advanced industrial nations to drive the global economy in the next three years; with the Global Cities in those nations offering the strongest opportunities for real estate investors.
"With the US moving closer to a rate rise, the dollar is strong, and American private equity investors are already buying more stock overseas. We see this trend accelerating in 2016. They tend to be more comfortable with a higher risk profile, so we expect increased interest in sites and short income assets."
"In Europe, thanks to low bond yields and signs of economic turnaround, we are predicting more opportunist money will come into the market. In general, we see investors casting the net wider, with specialist property rising up the agenda. In part, this reflects a growing desire to seek diversity in a portfolio."
Over the longer term, commercial real estate has proved its value within a mixed investment portfolio, notably during times when other asset classes have been unstable.

To download the report, please visithttp://www.knightfrank.com/globalcities

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Falling Rents
1,736 HDB units and 3,758 private flats were rented in September, with rental volume increasing year-on-year by seven per cent and 17.7 per cent respectively. According to SRX, rents decreased by 0.1 per cent, 0.5 per cent and 2.8 per cent for HDB 3, 5 and executive room flats respectively. The only increase in public housing rent was registered by 4 room flats, up 1.1 per cent. Non-landed private residential unit rents dipped by 0.6 per cent and 1.3 per cent in the RCR and OCR respectively. Apartments in CCR registered an increase, up one per cent.

Non-landed private home resale transactions and prices fall

Following a revision of the income ceiling for executive condominiums (ECs), resale transactions of non-landed private homes dropped 4.7 per cent compared to September 2014. This broke the trend of ten consecutive months of year-on-year increases. SRX estimates that 446 non-landed private homes were resold in September 2015, while 468 units were sold in September 2014. September saw a 10.6 per cent dip when compared with sales from August of the same year. Resale prices for September 2015 also fell, by 1.2 per cent year-on-year.
Mr Eugene Lim, Key Executive Officer of property agency ERA, attributed the drop in transaction volume to fewer transactions in the Outside Central Region (OCR). Transaction numbers in OCR for September 2015 dropped 27.3 per cent compared to the previous month. This is the first year-on-year drop in resale transaction volume for 2015, which could be due to stiffer competition from ECs.
Due to cooling measures such as loan restrictions, Mr Wong Xian Yang of OrangeTee Research expects resale property prices to decrease by approximately two per cent for 2015, based on the SRX resale price index.

Mortgage rates expected to continue rising in 2016
Mortgage rates have been rising since 2015 and analysts expect further increases. Home buyers in Singapore were able to secure interest rates starting at 1.6 per cent in the first year at the beginning of 2015. According to the CEO of financial advisory firm SingCapital, Mr Alfred Chia, this figure has now risen to approximately two per cent for rates pegged according to the three-month Singapore
Interbank Offered Rate (SIBOR). SIBOR is a benchmark used by banks to set mortgage rates. As recent increases of the SIBOR have not reflected the interest rates homeowners are currently paying, mortgage brokers believe mortgage rates will soon increase. With Federal Reserve Rates expected to climb, SIBOR is likely to follow suit. DBS estimates SIBOR's current rate of 1.13 per cent will rise to 1.22 per cent by the end of 2015 and 1.75 per cent in twelve months. If home owners are concerned about being unable to service their home loans, founder of Get.com, Ms Grace Cheng, suggests considering fixed-rate packages to better weather interest rates fluctuations.

Possibility of short-term renting of private homes

Home-sharing company Airbnb is interested in working with the Urban Redevelopment Authority (URA) to come up with clear guidelines for short-term leases, hoping to help homeowners monetize their properties. Allowing only the lease of primary homes and a limit on the number of days for short-term rentals are possible measures. These guidelines are used in other countries, like France and the Netherlands. Airbnb's Managing Director for South-east Asia and India said Singapore currently lacks a clear framework on short term renting. Singapore's current property guidelines states that private residences are meant for stays of up to six months, and Housing Development Board (HDB) flat owners are restricted from subletting rooms or units to tourists for short-term accommodation.
The concept of home-sharing is gaining popularity, as it provides additional income to home owners. However, concerns over safety, privacy and noise have been highlighted. The URA conducted a public consultation in January this year, to gain feedback on short-term stays for private homes. Despite concluding the consultation process in February, URA is still reviewing the issue.

Five-year project-completion deadline signals changes for property developers
Property developers are running out of time with their five-year project-completion deadlines. Developers' requests for government extension of the deadline were rejected. Market analysts believe developers might have to lower prices in order to survive market challenges. Maybank analyst Ms Kim Eng believes developers are concerned over the payment of duty with interest if they be unable to sell all their units within five years of purchasing the site. Looking at GLS sites sold after the ABSD was implemented, Ms Eng estimates 32 homes with project deadlines in 4Q 2016 to be left unsold. It is estimated that this will increase to more than 3,000 units in 2017.
The changes on the extension could further hurt small property developers. UOB Kay Hian estimates extension charges amounting to 13 to 21 per cent of smaller developers' book value, while the bigger developers deal with a limited impact of two to seven per cent. UOB Kay Hian cited
CapitaLand and City Developments as examples of the limits on big developers, with a mere five per cent impact on their book values. On the other hand, small players such as Heeton Holdings and Sing Holdings were more adversely affected, suffering a hit of 20.7 and 20.5 per cent of their book value.

Asia's Property market trends

According to a survey conducted by YouGov, with respondents from Australia, China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand, 52 per cent of respondents hope to purchase a residential property in the next one to three years. Of this number, 33 per cent of them wish to purchase property outside of their home country. Destinations such as Australia (12 per cent), Malaysia (eight per cent) and Singapore (six per cent) were top choices for overseas property investment. More than half (54 per cent) of the respondents preferred funding their property purchase using their own savings, while 43 per cent see home mortgages as their preferred method of funding.
48 per cent of respondents do not plan to purchase a residential property in the next one to three years. For this group of respondents, affordability (46 per cent) and home ownership (23 per cent already solely/ partially own a property) were key contributing factors for their decision. Close to 80 per cent of the respondents currently assess home prices as unreasonable and are hoping government support can help to alleviate housing issues in their countries, either in the form of tax reductions or increase in amount of government housing subsidy.

Gold Coast's next big property development

The development plan for Iluka, a 285-metre tower at the core of the Gold Coast's Surfers Paradise has been approved. The 88-storey structure will become the tallest building in the area. Leading the AUD 1.2 billion (USD870 million) project is Chinese developer Forise Holdings, one of China's biggest diversified financial holding companies. Forise Holdings estimates that the project will require four years to construct. Apart from being the tallest tower on the Gold Coast, Iluka will also be the biggest residential building in Australia with five-star Green Star accreditation. This is owing to the building process' green credentials. The mayor of the Gold Coast, Tom Tate said in July that he believes that Iluka will be a world renowned cultural icon that enhances the skyline of the Gold Coast.

Singha's luxury residential condo project

Singha Estate, the real estate arm of brewing giant Boon Rawd Brewery (manufacturer of Singha brand) has launched its first residential project. The 55-storey luxury condominium named Esse Asoke will be the tallest building in the area, occupying approximately three rais of the land of the former Singha Beer House in central Sukumvit, and is expected to be completed in Q4 2018. Near BTS Asoke and MRT Sukhumvit stations, the property is built on prime location. Singha Director and Chief Residential Development Officer Nattavuth Mathayomchan expects 80 per cent of the buyers to be Thai, and 20 per cent to be foreign investors. The Esse Asoke promises residents a vibrant and lively lifestyle with almost a third of the land area dedicated to a common green space. Singha Corporation will also issue buyers the S Club Card, a high-society privilege card for the corporation's products and services encompassing restaurants, hotels, gold courses and shops.

UK government: one million new homes by 2020

Demand has far surpassed supply in the UK's property market; this together with low interest rates have pushed home prices to new extremes. The supply of new houses in London and South East England was at its lowest in September in the period since the financial crisis. Supply was down by 74 per cent and 67 per cent respectively when compared to September 2007. To solve supply issues, local authorities in the UK must produce plans for new housing properties by 2017, as the government is trying to increase home ownership and house-building. The government aims to encourage one million new homes by 2020. The Royal Institution of Chartered Surveyors (RICS) has warned that the situation of Britain's acute property shortage is expected to worsen, and prices may rise by 6 per cent in 2015 due to supply and demand imbalance. The British Prime Minister David
Cameron is seeking to address the issue by having funds made available to councils to aid construction of affordable "starter homes" on brown-field sites. In addition, planning permissions and regulations will be further relaxed. A temporary rule introduced in May 2013 to allow disused offices to be converted into homes without planning permission would be made permanent. RICS head of Policy and Parliamentary Affairs, Jeremy Blackburn, welcomes these measures, and believes swift implementation is necessary in order "deliver the vibrant property sector on which the success of our economy depends".

Australian dollar expected to fall; property market in Sydney show signs of overheating

Foreign exchange strategist at TMS Brokers, Konrad Bialas, estimates that the Australian dollar will end 2015 at 69 US cents, and will recover to 71 US cents in Q4 2016. He believes that the Australian dollar will be at its lowest in 2Q 2016, at 68 US cents. Following that, he expects the Reserve Bank of Australia (RBA) to tighten monetary policies. A brighter outlook in the commodity sector may push the Australian dollar to 71 US cents in December 2016.
Apart from currency woes, warning signs are surfacing for Sydney's property market. The Goldman Sachs Group Inc. and regulators are now cautioning that the market is overheated. The Australia & New Zealand Banking Group forecasts a five per cent increase on residential prices in the next year. However, analysts from the Bank of America Merrill Lynch and Macquarie Group expect a drop in property prices due to increases in supply and weak population growth. Philip Lowe, Reserve Bank of Australia's deputy governor advised people to be cautious. While the number of home loans is at its lowest in 50 years, households have been increasing their mortgage risks due to higher loans. Regulators have tightened money lending to investors to prevent short term buying and selling of properties.

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Why Invest in Brisbane, Australia?

Week in Review - 28 August 2015

Week in Review - 4 September 2015

Week in Review - 11 Sep 2015

Week in Review - 18 Sep 2015

Mah Sing Signs Franchise Agreement with Wyndham for Ramada Encore Meridin

The Essential Buyer's Guide to Ceiling Fans

Week in Review - 25 Sep 2015

Piece by Piece

Tanjong Pagar Centre Signs Virgin Active as Anchor Tenant for Retail Space

Week in Review - 2 Oct 2015

Piece by Piece - Tips for Spacious Homes

Week in Review - 9 Oct 2015

Knight Frank launches Global Cities: The 2016 Report

Week in Review - 16 Oct 2015