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Kopitiam and NTUC FairPrice Finest announced as first two anchor tenants of the retail mall

Singapore, 17 October 2016 - Lendlease, an international property solutions provider with over 40 years' experience in Singapore, today unveiled Paya Lebar Quarter, an urban regeneration mixed use development bringing together progressive workplaces, dining, shopping and generous green public spaces. The project is set to catalyse the area's regeneration into a bustling, pedestrian friendly new city precinct while retaining its cultural richness. Expected to be completed in phases with retail and commercial in H2 2018 and residential in H1, 2019, Paya Lebar Quarter will be a significant landmark of Urban Redevelopment Authority's (URA) 12-hectare Paya Lebar Central, the most centrally located regional commercial hub in Singapore. Located just 10 minutes from the CBD by car or train, the 3.9 hectare Paya Lebar Quarter development enjoys excellent connectivity with direct connections to the Paya Lebar MRT interchange. Aligned with Singapore's vision to be a car-lite city, Paya Lebar Quarter is one of the first developments to incorporate a cycling path within the precinct that facilitates a continuous connection to the wider Park Connector Network. Office occupants will also have access to end-of trip- facilities, making active commuting to work, such as cycling, a reality. "Urban regeneration is a key pillar of Lendlease's strategy and it comprises over 70% of Lendlease's SGD49.3 billion international development pipeline. With its central location, Paya Lebar Quarter will lead the way in regenerating the area and will turn it into a vibrant hub offering a new and dynamic city life," said Mr Richard Paine, Managing Director of Paya Lebar Quarter."Lendlease celebrates a love of cities, urban living and design. We pride ourselves on creating great places. Paya Lebar is an area rich in cultural heritage - this adds character to our project, and enhances the community's distinctive sense of place and identity," Mr Paine added. The Paya Lebar Quarter architecture responds to the area's heritage with inspiration drawn from the intricate weaving patterns of the Songket, a traditional brocade textile of the Malay culture; the design language and gold-and-silver colour palette for the façade seek to unify the buildings and public areas to seamlessly weave the seven buildings into a single tapestry. From the start of the planning for Paya Lebar Quarter, Lendlease has been closely engaged with community stakeholders, ensuring that its design enables social inclusivity and builds community heartware, an increasingly important consideration as cities urbanise. One of the signature features of Paya Lebar Quarter is the generous provision of 100,000 square feet of green public spaces (the size of more than 20 basketball courts). These public spaces will be where the community can bond and build a network of relationships through spontaneous interactions, collective celebrations and new friendships among those who live, work and play at Paya Lebar Quarter. There will be a covered outdoor event space, which will also help enhance a strong community spirit and culture by hosting large scale celebratory, festive and community events. "We are glad that the distinctive cultural heritage and community spirit of this area is reflected in Paya Lebar Quarter," said Prof Fatimah Lateef, Member of Parliament (MP) for Marine Parade Group Representation Constituency (GRC) for the ward of Geylang Serai. She has been very proactive engaging Lendlease, together with her volunteers, giving feedback and being updated on the project regularly. She added, "The development complements and adds to the revitalisation of the precinct as well as the dynamism of the area. It will complement the adjacent development of Wisma Geylang Serai, due for completion in 2018. This area will be a new place for the community to hangout and to own. It is befitting as a location in the Geylang-Paya Lebar sub-regional centre."Progressive and Creative Place-making Paya Lebar Quarter will serve a working population of 22,000 in the local catchment area within 7 minutes' walk and approximately one million residents in the trade area. When the wider Paya Lebar Central precinct is fully developed, Paya Lebar Quarter is expected to have 52,000* workers in its immediate catchment.Mall: The Paya Lebar Quarter mall will be the social heart of a vibrant Paya Lebar retail precinct, with over 200 retail shops offering a multitude of exciting indoor and parkside dining, lifestyle and fashion options for residents, office executives and shoppers. NTUC FairPrice Finest and Kopitiam are the first two anchor tenants to sign up at Paya Lebar Quarter mall, taking over 22,000 sq ft and 15,000 sq ft of space respectively. Kopitiam will be delivering a new brand name concept food court. "We are happy to be part of a very exciting emerging retail and lifestyle hub at Paya Lebar Quarter, right in the heart of a precinct rich in culture and heritage. We look forward to bringing a refreshing dining experience to the employees, commuters and residents of this new retail precinct," said Mr Alden Tan, Chief Executive Officer of Kopitiam.Workplace: Three Grade A office towers with close to one million square feet of high quality work space will be within the development. These offices are designed for businesses that embrace a progressive work culture that promotes collaboration, health and wellbeing, flexibility and productivity.Residences: Park Place Residences at Paya Lebar Quarter comprises three towers with 429 units that offer residents a private sanctuary in a vibrant and centrally located city precinct. Residents can enjoy a connected city lifestyle with easy access to a myriad of amenities, activities and green public spaces.Building a Green, Active, Engaged Precinct Paya Lebar Quarter's sustainability vision focuses on building an Active, Green and Engaged environment for people who live, work and play there. The development is on track towards being the first development to achieve the BCA Green Mark 2015 Platinum rating. In addition, the project has also incorporated evidence-based design strategies across the precinct to enhance occupant health and wellbeing. "Lendlease has always had a reputation as a sustainability leader. In FY15, we have received 69 awards recognizing our global environmental and social leadership," said Mr Paine. Lendlease brings its international experience in large-scale urban regeneration projects like Barangaroo South, Darling Square, Victoria Harbour in Australia; Elephant Park and The International Quarter London; and Riverline in Chicago to Paya Lebar Quarter, while tapping on its local expertise having operated in Singapore for 43 years and delivered over 400 projects. For more information, visuals and a preview of how Paya Lebar Quarter will lead the transformation of Paya Lebar into a dynamic business and lifestyle hub, please visit www.payalebarquarter.com.

FACT SHEET: Key Features and FacilitiesGeneral - Paya Lebar Quarter is situated at the junction between Paya Lebar Road and Sims Avenue - Paya Lebar MRT interchange is the eighth most visited station in Singapore with approximately 100,000 visitors a day - The site comprises two adjacent parcels, and Lendlease was awarded the bid on 1st April 2015 - End development value is at an estimated S$3.2 billion - Total site area of 3.9 hectares - Gross floor area approximately 1.8 million square feet - Construction commenced in January 2016 with the commercial and retail components slated for completion in H2 2018, and the residential component by H1, 2019 - A total of seven buildings across the 99-year leasehold site - Appointed architects: DP Architects and Grant Associates
Location and Connectivity- 10 minutes to the CBD by car/train and 15 minutes to Changi Airport by car - Dual MRT interchange (Circle and East-West Lines) with close to 80 per cent of all MRT stations in Singapore within 30 minutes transit - More than 20 bus routes to connect island wide - Connected to the Pan Island Expressway, the East Coast Parkway and the Nicoll Highway - 22,000 working population residents within seven minutes' walk and over 1 million residents in the trade area - 100,000 square feet of lush green public spaces - 20,000 square feet of covered outdoor Plaza with year round festivals, community events, celebrations, pop-up events - Effortless cyclist and pedestrian access paths via the Park Connector Network and end-of-trip facilities - Security zone to park the bicycles, accessible by access card, initially catered for tenants Commercial- Three grade A office towers with approximately 1 million square feet of Grade A office space housing circa 10,000 employees when fully occupied - Towers 1 and 2 will have 14 floors each while Tower 3 has 13 floors Residential (Park Place Residences)- Three residential towers comprising of 429 apartments, with 17 floors each - Good mix of one to three-bedroom apartments - Lush landscaping and green features such as vertical gardens cladding the development - Plans for project sales launch in H1 of 2017 Retail- Prime retail destination with approximately 340,000 square feet of space, 200 shops across six floors plus one entertainment floor - New experiential parkside alfresco dining - One of the largest entertainment retail precincts in the east Sustainability - First Lendlease project in Singapore to incorporate the Public Utilities Board's (PUB) Active Beautiful Clean (ABC) Waters design principles - On track to be the first mixed-use development of this scale to be certified for the BCA GreenMark Platinum 2015 rating

About Lendlease Lendlease is a leading international property and infrastructure group. We are listed on the Australian Securities Exchange with 12,000 employees worldwide. Our capabilities span the entire property spectrum - development; investment management; project management & construction and asset & property management - and our expertise covers multiple sectors including commercial, life sciences, residential, retail, hospitality and education. Lendlease's vision of creating the best places - places that meet the varied, nuanced and personal needs of the people who live and work there - is achieved by curating an indelible connection between people and places. We create innovative, sustainable and quality property solutions, forging partnerships and delivering value to clients, investors and communities. Through design and investment in new technologies, we are delivering the next generation of sustainable property solutions. Safety is our number one priority and we are committed to operating Incident & Injury Free. For more information about Lendlease, please visit www.lendlease.com. We are known as 联实 in Chinese.

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

Kopitiam and NTUC FairPrice Finest announced as first two anchor tenants of the retail mall

Singapore, 17 October 2016 - Lendlease, an international property solutions provider with over 40 years' experience in Singapore, today unveiled Paya Lebar Quarter, an urban regeneration mixed use development bringing together progressive workplaces, dining, shopping and generous green public spaces. The project is set to catalyse the area's regeneration into a bustling, pedestrian friendly new city precinct while retaining its cultural richness.
Expected to be completed in phases with retail and commercial in H2 2018 and residential in H1, 2019, Paya Lebar Quarter will be a significant landmark of Urban Redevelopment Authority's (URA) 12-hectare Paya Lebar Central, the most centrally located regional commercial hub in Singapore.
Located just 10 minutes from the CBD by car or train, the 3.9 hectare Paya Lebar Quarter development enjoys excellent connectivity with direct connections to the Paya Lebar MRT interchange. Aligned with Singapore's vision to be a car-lite city, Paya Lebar Quarter is one of the first developments to incorporate a cycling path within the precinct that facilitates a continuous connection to the wider Park Connector Network. Office occupants will also have access to end-of trip- facilities, making active commuting to work, such as cycling, a reality.
"Urban regeneration is a key pillar of Lendlease's strategy and it comprises over 70% of Lendlease's SGD49.3 billion international development pipeline. With its central location, Paya Lebar Quarter will lead the way in regenerating the area and will turn it into a vibrant hub offering a new and dynamic city life," said Mr Richard Paine, Managing Director of Paya Lebar Quarter.
"Lendlease celebrates a love of cities, urban living and design. We pride ourselves on creating great places. Paya Lebar is an area rich in cultural heritage - this adds character to our project, and enhances the community's distinctive sense of place and identity," Mr Paine added.
The Paya Lebar Quarter architecture responds to the area's heritage with inspiration drawn from the intricate weaving patterns of the Songket, a traditional brocade textile of the Malay culture; the design language and gold-and-silver colour palette for the façade seek to unify the buildings and public areas to seamlessly weave the seven buildings into a single tapestry.
From the start of the planning for Paya Lebar Quarter, Lendlease has been closely engaged with community stakeholders, ensuring that its design enables social inclusivity and builds community heartware, an increasingly important consideration as cities urbanise. One of the signature features of Paya Lebar Quarter is the generous provision of 100,000 square feet of green public spaces (the size of more than 20 basketball courts). These public spaces will be where the community can bond and build a network of relationships through spontaneous interactions, collective celebrations and new friendships among those who live, work and play at Paya Lebar Quarter. There will be a covered outdoor event space, which will also help enhance a strong community spirit and culture by hosting large scale celebratory, festive and community events.
"We are glad that the distinctive cultural heritage and community spirit of this area is reflected in Paya Lebar Quarter," said Prof Fatimah Lateef, Member of Parliament (MP) for Marine Parade Group Representation Constituency (GRC) for the ward of Geylang Serai. She has been very proactive engaging Lendlease, together with her volunteers, giving feedback and being updated on the project regularly. She added, "The development complements and adds to the revitalisation of the precinct as well as the dynamism of the area. It will complement the adjacent development of Wisma Geylang Serai, due for completion in 2018. This area will be a new place for the community to hangout and to own. It is befitting as a location in the Geylang-Paya Lebar sub-regional centre."

Progressive and Creative Place-making
Paya Lebar Quarter will serve a working population of 22,000 in the local catchment area within 7 minutes' walk and approximately one million residents in the trade area. When the wider Paya Lebar Central precinct is fully developed, Paya Lebar Quarter is expected to have 52,000* workers in its immediate catchment.
Mall: The Paya Lebar Quarter mall will be the social heart of a vibrant Paya Lebar retail precinct, with over 200 retail shops offering a multitude of exciting indoor and parkside dining, lifestyle and fashion options for residents, office executives and shoppers.
NTUC FairPrice Finest and Kopitiam are the first two anchor tenants to sign up at Paya Lebar Quarter mall, taking over 22,000 sq ft and 15,000 sq ft of space respectively.
Kopitiam will be delivering a new brand name concept food court. "We are happy to be part of a very exciting emerging retail and lifestyle hub at Paya Lebar Quarter, right in the heart of a precinct rich in culture and heritage. We look forward to bringing a refreshing dining experience to the employees, commuters and residents of this new retail precinct," said Mr Alden Tan, Chief Executive Officer of Kopitiam.
Workplace: Three Grade A office towers with close to one million square feet of high quality work space will be within the development. These offices are designed for businesses that embrace a progressive work culture that promotes collaboration, health and wellbeing, flexibility and productivity.
Residences: Park Place Residences at Paya Lebar Quarter comprises three towers with 429 units that offer residents a private sanctuary in a vibrant and centrally located city precinct. Residents can enjoy a connected city lifestyle with easy access to a myriad of amenities, activities and green public spaces.
Building a Green, Active, Engaged Precinct
Paya Lebar Quarter's sustainability vision focuses on building an Active, Green and Engaged environment for people who live, work and play there. The development is on track towards being the first development to achieve the BCA Green Mark 2015 Platinum rating.
In addition, the project has also incorporated evidence-based design strategies across the precinct to enhance occupant health and wellbeing.
"Lendlease has always had a reputation as a sustainability leader. In FY15, we have received 69 awards recognizing our global environmental and social leadership," said Mr Paine.
Lendlease brings its international experience in large-scale urban regeneration projects like Barangaroo South, Darling Square, Victoria Harbour in Australia; Elephant Park and The International Quarter London; and Riverline in Chicago to Paya Lebar Quarter, while tapping on its local expertise having operated in Singapore for 43 years and delivered over 400 projects.

FACT SHEET: Key Features and Facilities
General- Paya Lebar Quarter is situated at the junction between Paya Lebar Road and Sims Avenue- Paya Lebar MRT interchange is the eighth most visited station in Singapore with approximately 100,000 visitors a day- The site comprises two adjacent parcels, and Lendlease was awarded the bid on 1st April 2015- End development value is at an estimated S$3.2 billion- Total site area of 3.9 hectares- Gross floor area approximately 1.8 million square feet- Construction commenced in January 2016 with the commercial and retail components slated for completion in H2 2018, and the residential component by H1, 2019- A total of seven buildings across the 99-year leasehold site- Appointed architects: DP Architects and Grant Associates
Location and Connectivity- 10 minutes to the CBD by car/train and 15 minutes to Changi Airport by car- Dual MRT interchange (Circle and East-West Lines) with close to 80 per cent of all MRT stations in Singapore within 30 minutes transit- More than 20 bus routes to connect island wide- Connected to the Pan Island Expressway, the East Coast Parkway and the Nicoll Highway- 22,000 working population residents within seven minutes' walk and over 1 million residents in the trade area- 100,000 square feet of lush green public spaces- 20,000 square feet of covered outdoor Plaza with year round festivals, community events, celebrations, pop-up events- Effortless cyclist and pedestrian access paths via the Park Connector Network and end-of-trip facilities- Security zone to park the bicycles, accessible by access card, initially catered for tenants
Commercial- Three grade A office towers with approximately 1 million square feet of Grade A office space housing circa 10,000 employees when fully occupied- Towers 1 and 2 will have 14 floors each while Tower 3 has 13 floors
Residential (Park Place Residences)- Three residential towers comprising of 429 apartments, with 17 floors each - Good mix of one to three-bedroom apartments- Lush landscaping and green features such as vertical gardens cladding the development- Plans for project sales launch in H1 of 2017
Retail- Prime retail destination with approximately 340,000 square feet of space, 200 shops across six floors plus one entertainment floor- New experiential parkside alfresco dining - One of the largest entertainment retail precincts in the east
Sustainability- First Lendlease project in Singapore to incorporate the Public Utilities Board's (PUB) Active Beautiful Clean (ABC) Waters design principles- On track to be the first mixed-use development of this scale to be certified for the BCA GreenMark Platinum 2015 rating

About Lendlease
Lendlease is a leading international property and infrastructure group. We are listed on the Australian Securities Exchange with 12,000 employees worldwide. Our capabilities span the entire property spectrum - development; investment management; project management & construction and asset & property management - and our expertise covers multiple sectors including commercial, life sciences, residential, retail, hospitality and education.
Lendlease's vision of creating the best places - places that meet the varied, nuanced and personal needs of the people who live and work there - is achieved by curating an indelible connection between people and places.
We create innovative, sustainable and quality property solutions, forging partnerships and delivering value to clients, investors and communities. Through design and investment in new technologies, we are delivering the next generation of sustainable property solutions. Safety is our number one priority and we are committed to operating Incident & Injury Free.
For more information about Lendlease, please visit www.lendlease.com. We are known as 联实 in Chinese.

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

Local Property News
Singapore respondents expect property prices to drop, but confident in long-term prospects

According to iProperty's Asia Property Market Sentiment Report H2 2016, while 97 per cent of respondents in Singapore expect property prices to continue falling, 98 per cent have confidence in Singapore's property market in the long term. 58 per cent of respondents feel that current property prices are unaffordable despite falling residential property prices. While 83 per cent of respondents expect housing loan interest rates to rise, 76 per cent indicated that the higher interest rates will not deter them from purchasing property. Singapore respondents also expressed a preference to relax current cooling measures. Additionally, 59 per cent felt that the Additional Buyers Stamp Duty (ABSD) should be removed for locals, with 38 per cent indicating that both the Total Debt Servicing Ratio (TDSR) and the ABSD should be removed for locals.

Increase in private home sales in September 2016
Developers sold 509 new private homes in September 2016, despite no new project launches in the month; an 8.8 per cent month-on-month increase. Mr Nicholas Mak, SLP International Property Consultants' Head of Research and Consultancy, said the increased sales could be a result of buyers starting to accept the additional costs caused by property cooling regulations. Chief Executive Officer of PropNex, Mr Ismail Gafoor, believes that 2016 will see a 20 per cent increase in private home sales compared to the 10,199 units sold last year. According to Mr Desmond Sim, Head of CBRE Research in Singapore and South-east Asia, the increase in sales during 2016's year-end period could be a result of speculation that interest loans rates are set to increase. However, CIMB research shows that with 14,578 new units expected to enter the market next year, prices are still set to fall.

Record number of landed housing transacted in Q3 2016

436 landed residential units were transacted in Q3 2016; a 17.5 per cent increase compared to Q2 2016 and the highest number of transactions since Q2 2013. Falling prices of landed property and owners having a more realistic expectation of sale price has helped increase the number of landed property transactions. According to the Urban Redevelopment Authority (URA), prices of landed property fell at an accelerated rate from 1.5 per cent in Q2 2016 to 2.2 per cent in Q3 2016. The prices of landed homes fell steeper compared to non-landed homes, increasing their attractiveness to buyers. Director of Research at Edmund Tie & Company, Dr Lee Nai Jia, said that buyers see landed residential property as a strong investment option due to its limited supply in Singapore.

S$3.2b mixed development set to rejuvenate Paya Lebar

Paya Lebar Quarter, a S$3.2 billion mixed-development project, will consist of three Grade A office towers, three residential towers comprising of 429 units, and a retail mall. The 39,000 sqm, 99-year leasehold project, by Australia-listed Lendlease, will be built beside Paya Lebar MRT. The project is part of Singapore government's efforts to diversify office locations beyond the Central Business District (CBD). Ms Christine Li, Director of Research at Cushman and Wakefield, said the project is set to transform the entire precinct at Paya Lebar area into a regional centre. Lendlease announced that the commercial and retail components of Paya Lebar Quarter will be completed in H2 2018, and the residential component in H1 2019.

HDB to transfer industrial land and leases to JTC by Q1 2018
10,700 industrial units and 540 industrial land leases currently managed by the Housing & Development Board (HDB) will be transferred to JTC Corporation (JTC) by Q1 2018. HDB and JTC believe the consolidation of industrial land and properties under JTC will better support land needs of small-and-medium enterprises as their businesses grow. With JTC managing the industrial units and industrial land leases, tenants can enjoy a "one-stop access" to the entire range of industrial facilities offered by the public sector. The consolidation allows JTC to have economies of scale in management and operations of industrial properties, with the HDB being able to focus on public housing.

Global Property News
Singaporeans show growing interest in overseas property investments

According to iProperty Group's Asia Property Market Sentiment Report, 93% of respondents in Singapore are interested in purchasing overseas properties with Australia, Malaysia and the UK emerging as the most popular investment destinations. Respondents cite the current favourable exchange rate, Australia's close proximity to Singapore, as well as the tertiary education opportunities it provides as the top reasons for Australia's popularity as an overseas property investment. Within Malaysia, Singaporeans are attracted to Nusajaya due to the construction of the Rapid Transit System (RTS) and the High Speed Rail (HSR), as well as affordable property prices in the region. Singaporeans also showed a renewed interest in UK properties due to the falling pound and weakened property prices as a result of Brexit. However, budgets for overseas property investments have shrunk when compared to H1 2016. None of the respondents indicated a budget above S$1 million in H2 2016, compared to 16 per cent of the respondents who did so in H1 2016.

Real estate investment in China sees record growth; investors concerned about property bubble

According to Reuters' calculations based on data issued by the National Bureau of Statistics of China, September growth in real estate investment in China was the strongest since May, rising 7.8 per cent year-on-year and 6.2 per cent month-on-month. This growth has fuelled investors' concern about a real estate bubble in the country, causing them to turn against Chinese real estate companies. Chinese regulators have introduced various measures to mitigate a real estate bubble in more than 20 cities. These measures include higher mortgage down payments and an immediate ban on second-home purchases.

Increased supply of rental property in Manhattan; landlords forced to lower rents
Landlords in Manhattan are being forced to lower rental prices and offer more incentives due to an increased supply of apartments from newly completed constructions. According to appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate, there were 7,392 rental listings as of end of September 2016; an increase of 35 per cent from last year, offered at a median rent of US$3,396, 1.2 per cent less than in September 2015. Due to the increased rental options in September 2016, landlords offered an average of 2.8 per cent discount in rents and 15 per cent of all new leases included sweeteners such as one month's rent for free.

Seven-fold drop in sale of ultra-luxury homes in Central London

Central London's 'super prime' homes priced above £10m have seen year-on-year sales slide seven fold. According to the Land Registry, there were five transactions of super prime homes in Central London in Q2 2016, compared to 35 transactions during Q2 2015. Analysis by London Central Portfolio (LCP), a residential funds and asset management company, shows that the average price of the top five priciest homes also dipped from £22m to £16.3million; a 25 per cent decrease. There were no prime Central London sales above £10million in Q2 2016, compared with 30 per cent of sales last year. According to LCP, the UK government should be concerned by the slowdown in the ultra-luxury property market and reconsider the housing taxation policies. Naomi Heaton, Chief Executive Officer of LCP, said that the rapidly falling pound might salvage the situation by attracting foreign investors back to invest in such properties.

Investors return to post-Brexit UK commercial property market
IPD real estate index, compiled by MSCI, showed that UK commercial property values fell 0.21 per cent in September 2016, compared to 0.65 per cent and 2.8 per cent fall in August and July respectively. Britain's S$1.53 trillion commercial property market was deeply affected by the Brexit decision, with the market uncertainty causing investors to withdraw their commercial property funds. However, commercial property auctions conducted after Brexit reflect improved sentiments from both domestic and overseas investors. Britain's biggest auctioneers Allsop and Acuitus collected S$196.2 million and S$120.5 million in their respective auctions in October 2016. George Walker, auctioneer at Allsop, said that foreign buyers from Hong Kong, China, and South Africa have been attracted by the weakened pound. Richard Auterac, auctioneer at Acuitus, noted that majority of buyers continue to be locals due to increased borrowing support by banks for UK investors.

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

Some of the top interior design experts share their ideas and inspirations in creating the dream bathroom space.
Text: Redzman Rahmat

There aren't many options for storage in the bathroom, so cabinets are still ideal. Always try to build them higher so they avoid getting splashed by water and are easier to clean. I also like to create little niches in the wall, or build concrete ledges in the shower area to hold the bottles.- Katy Chong, Senior Designer, Artistroom

"Everyone knows that it's generally not easy using wood in the bathroom, especially in our humid weather. But that doesn't mean that it's impossible to use wood surfaces in the bathroom. I would love the opportunity to design a toilet using specially treated wood on both the walls and floor. I think it'd be amazing to have a forest-theme or a back-to-nature feel in the bathroom."- Sheryl Tan, Director, Pavillion Creation

"Although mirrors can definitely make the space look bigger, it's not necessarily a good idea to install them in the bathroom. Our humid weather means that most bathrooms in Singapore are inadequately ventilated. Over time, the mirrors will tarnish and end up looking dirty and unkempt, so I suggest keeping mirrors to a minimum. Instead, you can use controlled lighting to make the bathroom appear larger."- Lee Chi Ho, Director, The Orange Cube

"There are a few tricks you can use to try to maximise the space usage in the bathroom. For example, you can use a semi-recessed washbasin to save a bit more space or reposition the bathroom entrance so the door won't take up space when it's open. And I suggest forgoing the bathtub as most bathrooms in local homes really can't afford the space.- John Chan, Director, Neu Konceptz

"A dream bathroom, for me, is a room with plenty of space and a view to die for. There are few things more decadent and relaxing than lounging in a nice, warm bath with soft music in the background and a lovely view to gaze at. I would advise homeowners to use wallpaper in the bathroom. As long as the room is well ventilated, you can use wallpaper. Just make sure you keep it in areas that don't get wet and you consider where the edges of the paper are."- Nikki Hunt, Founder & Principal, Design Intervention

Visit

for more inspiring home designs.

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

Singapore, October 2016 - The most wonderful time of the year is upon us once again. Celebrate the joy of gifting with Tools of The Trade (ToTT)'s ultimate Christmas gift guide for any aspiring gourmand and culinary enthusiast! Take inspiration with these fantastic gift ideas and bundles that suit any budget. Select from brands such as Nordic Ware and Jamie Oliver items, Cuisinart appliances and more from 12 November to 26 December 2016! To top it all off, enjoy 15% off storewide from 12 to 13 November!*

Gift ideas under $200

Celebrate the season of gifting with ToTT store gift vouchers - after all, it's the ToTT that counts! Accepted as payment for products, cooking classes, Bake&Go and the Bistro, it's the ideal gift for that special someone who loves to cook, bake or host. *Vouchers are sold at full price and not valid for discounts with membership privileges, sales and other promotions.
The Chocolate Line Chocolate Fountain and Fondue Fork (Set of 6pcs) (Bundle Price $140.90, U.P $176.70) gives a touch of originality and class to your party set-up-perfect for Christmas gatherings. This bundle deal comes with a set of 6 Fondue Forks; ideal for sharing with friends! Just fill the base of the Chocolate Fountain with melted chocolate, turn on and watch the chocolate flow!

The Cuisinart® 4 Slice Belgian Waffle Maker with Belgian Crispy Waffle Mix (Bundle Price $173.90, U.P $232.90) cooks golden waffles that are crispy on the outside and fluffy on the inside. With a stylish brushed stainless steel cover, the waffle iron offers an adjustable temperature control with six browning settings for ultimate control. A recipe book is included to get you going - great for indulgent breakfasts this holiday season!

Gift ideas under $100

Start cooking perfect steaks, fish and more with the Lava Cast Iron Rectangle Grill Pan (Red) and Westmark Pincer Tong! (Bundle Price $94.90, U.P $146). The large cooking area grills large cuts of meat on specially designed grill bars that distributes heat efficiently and creates beautiful grill marks every time.
Convenient side-drain channels ensure that draining excess fat is safer and easier! The smooth enameled base is compatible with all stove tops, including induction. The high quality stainless steel Westmark Pincer Tong holds your meat or fish down while slicing, providing you with perfect handling. It is also ideal for turning food while frying and decorating your creation!

Making your own pasta creations at home will be a breeze with the Jamie Oliver Pasta Machine and Terracotta Square Oven Dish! (Bundle Price $90.90, U.P $140.80).
The pasta cutter attachment allows you to change the shape of the pasta to your liking, and there is a table clamp to mount the machine to the table top for convenience! Impress your guests by creating a variety of home-made pasta types (including lasagne, spaghetti, fettucine and tagliatelle) and serve them in the beautiful terracotta square oven dish! Cook your entire dish in the oven - this dish is oven-safe up to 220°C! A staple in every contemporary kitchen.

Gift ideas under $75

Build a home for the holidays with this Nordic Ware Platinum Gingerbread House Bundt Pan! Bake your favourite tasty treat and have fun decorating it with family and friends. This will make for a beautiful centrepiece for any table. What's a gingerbread house without gingerbread boys and girls?

Delight the kids and kids at heart with the Gingerbread Kids Cakelet Pan! Made in USA, the cast aluminium construction ensures even browning for the perfect gingerbread house and gingerbread kids! (Bundle Price $59.90, U.P $137.80)

The Jamie Oliver Jumbo Steak Knives with Wooden Handles (Set of 4) and Everyday 16-Piece Cutlery Set (Bundle Price $66.90, U.P $110.80) makes for the perfect Christmas gift for those who appreciate beautiful yet functional cutlery! Cut effortlessly into your favorurite cooked meats with this set of 4 Jamie Oliver Jumbo Steak Knives. The handles are made of acacia wood and are 18/0 stainless steel.Make the most of every meal by setting your dining table with the Everyday 16-Piece Cutlery Set! Designed for superb balance, with clean lines and a contemporary polished finish, this set is not only beautiful but also incredibly hard-wearing.

Gift ideas under $50

Enjoy your cold desserts, salads and more by the pool or at the dinner table with the Magisso Terracotta Dessert Bowl and Terracotta Plate (Bundle Price $44.90, U.P $89.80). Just soak the naturally cooling ceramics in water for a minute or two before use and it will keep the contents cool for two to four hours. You can also create your very own design or write a personal message on the side of the ceramic with a chalk!

There is nothing quite like the mouth-watering suspense of slicing into a beautiful homemade cake. Whether you are presenting a show-stopping festive bake or passing around a batch of peppermint brownies, show off your beautiful bakes in style on this gorgeous hand-painted Jamie Oliver Embossed Cake Stand! Use the gorgeous Embossed Serving Jug to pour ice cold milk, creamy custard onto your cakes and more! (Bundle Price $38.90, U.P $63.80)

12 Deals of Christmas
This Christmas, ToTT brings you an exciting line-up of 12 irresistible deals with discounts of more than 50%! Available from 13 to 26 December only.

The Smoking Gun® from Polyscience Culinary (Now $249.90, U.P $357.50) makes your kitchen and bar creations appealing and unique. The Smoking Gun offers analternative to traditional smoking methods. Turning even salads, sauces, butters and fruit into unique new culinary sensations is now possible by adding a measured amount of natural, cool smoke. Your selection of combustibles including various types of wood chips, teas, herbs, spices and even hay and dried flowers is limited only by your imagination. Simply fill the Smoking Gun chamber with your choice of combustible, turn it on, light with a match or lighter and apply the smoke where you want it. Perfect for the aspiring gourmand!

You don't need a freezer or fridge to keep your champagne and drinks cool with the award-winning Magisso Champagne Cooler (Now $78.90, Usual $158.90)! Simply soak the Naturally Cooling Ceramics in water for a minute or two before use. It will keep content cool for two to four hours. You can also create your very own design or write a personal message on the side of the Ceramics with a chalk!

About Tools of The Trade (ToTT) ToTT Store is the largest kitchenware and tableware retail store in Asia. A one-stop culinary haven for anyone who cooks, bakes or hosts, its 36,000sqft ToTT @ Dunearn flagship comprises of a Bistro, cookbook corner, children's play area, state-of-the-art demo and hands-on cooking studio, Bake&Go counter and a retail sector that carries exclusive cooking, baking and hosting-related merchandise.

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SYDNEY / SINGAPORE, 27 OCTOBER 2016 - M&L Hospitality, the Singapore-based real estate investment group, will grow its stake of Sydney's Central Business District hotel accommodation with the commencement of its new hotel development at 65 Sussex Street.
Multiplex, a leading international contractor, has been appointed to deliver the hotel due for completion in Q4 2017. Designed by Architects Fitzpatrick + Partners, the unique mid-scale hotel property will boast an 8 level tower with a distinctive geometric facade, 182 guest rooms including 4 suites, an internal courtyard, meeting space, restaurant and bar.

Artist's impression of 65 Sussex Street, Sydney
Mr David Ghannoum, Regional Managing Director NSW at Multiplex, said the company was excited to deliver another new hotel to Sydney's CBD off the back of its successful redevelopment of 161 Sussex Street Sydney for M&L Hospitality.
"Multiplex has extensive experience delivering high-quality hotels and entertainment facilities, and we are delighted to continue to build upon our relationship with M&L Hospitality," said David Ghannoum.
The second project for M&L Hospitality, Multiplex is currently completing the final phase of M&L Hospitality's AUD $250 million redevelopment of 161 Sussex Street Sydney, which is set to be rebranded as the Hyatt Regency Sydney on 1 December 2016.
"We are pleased to start the construction of our new hotel property at 65 Sussex Street. Multiplex delivered an excellent result for M&L Hospitality with our 161 Sussex Street project finishing ahead of schedule," said Neil Maxwell, Chief Executive Officer, M&L Hospitality.
"With programme a critical consideration of the 65 Sussex Street hotel project, we look forward to continuing our good working relationship with Multiplex to deliver this unique hotel by Q4 2017."

About M&L Hospitality
M&L Hospitality is a Singapore-based real estate investment trust with an international portfolio of best-in-class hotels. M&L Hospitality has experienced exponential growth since the trust acquired the Four Points by Sheraton in Sydney in 2009. Its portfolio now contains 13 hotels in operation and a further 3 hotels under construction, due to open in 2017, with properties in Singapore, Australia, Belgium, the Netherlands, New Zealand, and the United Kingdom. M&L Hospitality's hotels are in prime, central locations in international gateway cities. They are operated by the most recognisable international brands, including Accor, Hilton, IHG, Rezidor, Starwood, Hyatt, Travelodge and Swissôtel. M&L Hospitality's hotels are modern and functional, and appeal to the corporate, leisure and MICE markets.
M&L Hospitality is a market leading, dynamic and nimble investor headed by passionate hotel experts. Its management team are well networked internationally to secure the best investments. They are also actively involved in M&L Hospitality's hotels, using their combined decades of experience to optimise investment value. M&L Hospitality prides itself on preserving and growing wealth through sound investment strategy. The trust's investment model is not constrained by borders, allowing its management to apply their industry expertise on a global scale. The geographical diversity of the M&L Hospitality portfolio is designed to capture global growth while hedging against cycles in different markets.
At the heart of the M&L Hospitality ethos is the application of business acumen and foresight to uncover value and potential. The trust's management team aim to seek out long-term investments in stable cash-flow generating property assets. M&L Hospitality was created by the Kum family and is run with the flexibility of a family business. It aims to keep this dynamic model as it grows by acquiring more best-in-class hotels.

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Local Property News

JTC to offer improved facilities and extended lease term for businesses transferred from HDB

Businesses, affected by the transfer of industrial land and properties from Housing Development Board (HDB) to JTC Corp, can look forward to JTC developing facilities catered to various industrial needs and requirements. JTC is also considering extending the maximum lease term from three years to five years or longer. Minister for National Development Koh Poh Koon said the extension of the maximum lease will benefit businesses that are involved in high capital investments. Dr Koh also reassured that tenants need not worry about increased rents since JTC and HDB have aligned rental policies over the years. Approximately 10,700 units and 540 land leases owned by HDB will be transferred to JTC Corp (JTC) in Q1 2018.

Strong sales volumes of non-landed private property expected in October and November

According to Rachel Tan and Derek Tan, DBS Vickers Analysts, new non-landed private property launches have proven to remain popular with the public. Both analysts observed a substantial crowd at the preview launch of MCC project Queens Peak in Queenstown and EL Development project Parc Rivera at Clementi. Assuming that high interest in preview launches translates to sales, DBS expects sales volumes of non-landed private residential property to be healthy in October and November. Queens Peak, connected to Queenstown MRT station via a linkbridge, is selling at S$1,500 psf to S$1600 psf, 11 per cent lower compared to neighbouring condominium Commonwealth Towers. Parc Riviera is priced at S$1,250, 25 per cent higher than condominium units at The Infiniti and Faber Hills.

Oversupply of office rental spaces expected to continue into 2018

According to Colliers International, the supply of Premium and Grade A office spaces in the Central Business District (CBD) will increase 5.6 per cent in 2016, followed by a further 12.1 per cent growth in 2017. Approximately 1.9 million sqf of office spaces will be available to tenants in 2016, with majority located in the CBD, and this will increase to 2.9 million sqf in 2017. By 2018, there will be 2.7 million sqf of office spaces available for rent, mostly located outside of the CBD. Capital values of Premium and Grade A office spaces are expected to fall into H2 2017. The oversupply of office spaces has led to the fifth straight quarter-on-quarter decline in office rentals in Q3 2016. Capital values of Premium and Grade A offices have slid 2.1 per cent since Q1 2016, and the full year decline is expected to range from seven per cent to 12 per cent.

Jurong Point Shopping Centre up for sale at more than S$2 billion

Jurong Point Shopping Centre, with 658,000 sqf of commercial net lettable area, has been put up for sale at more than S$2 billion in an equal joint venture between Guthrie GTS and Lee Kim Tah Holdings. The two companies are looking to divest approximately 702,000 sqf of total net lettable area. This includes 44,000 sqf currently used by NTUC First Campus Co-Operative's My First Skool and voluntary welfare organisations under the government's Community/Sports Facilities Scheme (CSFS). Some experts believe that the price tag of more than S$3,000 psf is too hefty for the 21-year-old mall, especially in the current weak economic and retail climate. Conversely, Mr Alan Cheong, research head at Savills Singapore, believes that the asking price is fair due to the rarity of a prime mall being put on sale.

Global Property News

US residential property sees strong transaction figures in September

With more first-time home buyers entering the market, resale transactions of homes in the US hiked 3.2 per cent in September, after two consecutive months of sliding, to an annual rate of 5.47 million units. 34 per cent of residential property transactions made in September were by first-time buyers, the highest proportion of first-time buyers since July 2012. With limited housing supply, the increase in demand for housing will likely push prices higher, while restricting the number of future transactions. The median price of existing homes increased to US$234,200 in September, a 5.6 per cent year-on-year increase. The number of transactions for new homes also hiked 3.1 per cent to an annualised rate of 593,000, with median sales price rising 1.9 per cent year-on-year to US$313,500 in September 2016.

Record number of new high-rise units sold in Greater Toronto Area in August

17,949 new high-rise homes were sold in the Greater Toronto Area (GTA) up until the end of August 2016, a record for this time period. According to Altus Group, which provides statistics to the Building Industry and Land Development Association (BILD), a record 1,880 high-rise units were sold in August which is usually a slow sales month. The average price of new high-rise residences in GTA in August was a record high of $480,914, a seven per cent year-on-year increase. Supply of high-rise residences decreased in August, with just 14,600 units in builder inventories available for purchase. The decrease was due to homes being in the pre-construction stage as very few new projects were launched in August, traditionally a quiet month.

Australian property market boom past its peak; calls for regulatory changes to address issue of affordability

According to Morgan Stanley, the Australian housing boom has passed its peak, and an impending glut in supply of residential apartments is expected to cause housing prices to slide in the future. Morgan Stanley asserted that Australia's housing market, especially in Sydney and Melbourne, will have an excess of 100,000 residential units by 2018. In the meanwhile, Australian Treasurer Scott Morrison wants planning regulations, that have contributed to high housing prices to be removed or simplified. He believes these regulations obstruct the injection of supply of residential units into the housing market, causing homes to be increasingly unaffordable in the largest states of the country. Housing prices in Sydney have almost doubled since the end of 2008. According to CoreLogic, year-to-September 2016 residential property prices in Sydney have risen 14 per cent compared to the nine per cent price hike for other major Australian cities.

Frasers purchases land in Australia for A$466 million mixed use development

Frasers Property Australia, part of Frasers Centrepoint Limited, has purchased a 115-hectare land parcel in Wyndham Vale, suburban Melbourne for an undisclosed sum. An A$440 million mixed-used community will be developed on the land, including approximately 1,200 residential lots spanning 69.4 hectares and over 20,000 sqm of retail facilities to meet the needs of the locals. 8.3 hectares of land will be allocated for education and community use, with an additional 8.3 hectares allocated to retail and 14.8 hectares reserved for mixed-use commercial or employment purposes. Depending on planning approvals, public sale of land lots at Wyndham is expected to start from early 2018.

Heathrow Airport's third runway expected to cause prices of surrounding homes to slide

The construction of a third runway at London's Heathrow Airport could lead to prices of homes in the vicinity sliding by 20 per cent or more. According to Russell Quirk, Chief Executive Officer and founder of eMoov, a leading online property agency, the resulting noise and air pollution from the third runway will deter buyers from considering properties in close proximity. Home buyers are expected to be put off by the sound of jets rumbling round the clock, as well as the smell of jet fuel. As a result, home prices in the area can be expected to fall drastically without seeing a pickup in demand.

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Luxury homes in some of the world's top cities saw a slowdown in price growth in the last quarter as new taxes, elections, referendums and economic jitters took hold.
Despite an average annual growth rate of 3.8%, 18 of the 37 cities tracked by our index saw their rate of price growth slide compared with last quarter.
Among them were Vancouver, Toronto, London, Sydney and Melbourne; all cities where new taxes have been imposed in the last 12 months; either in the form of higher stamp duty, additional taxes for foreign buyers or the closing of tax loop holes for non-residents.
Vancouver continues to lead the annual rankings but looks set to surrender the top spot next quarter having recorded quarterly price growth of only 1.5% in the three months to September. This compares with a quarterly average of 8.1% recorded in the last four quarters. A new 15% tax for foreign buyers and talk of a further tax on vacant homes in 2017 is slowing sales.
Kate Everett-Allen, Partner, International Residential Research, Knight Frank, says, "Elections and referendums tend to provoke a 'wait-and-see' approach in the minds of buyers evidenced in the run-up to the UK's Brexit vote in June and the forthcoming US presidential election."
Alice Tan, Director and Head of Consultancy & Research, Knight Frank Singapore, comments, "Despite the prevailing muted sentiment across the Singapore private homes market, amid economic weakness and property cooling measures, annual price recovery of Singapore's ultra-luxury homes has been continuing for the past 3 quarters this year. The search for safe haven property investment destinations and the increased value proposition compared to elevated home prices in other global gateway cities largely supported the demand revival for Singapore ultra-luxury homes. However, growing headwinds such as the prospect of a slow economy and possibly lack of an uplift in private home sales could limit price growth of ultra-luxury homes going forward in the next 6 months or so."
Prime prices in London declined by 2.1% in the year to September. Stamp duty remains a decidedly bigger influence on the prime London market than the EU referendum and in some instances the uncertainty surrounding Brexit has been a catalyst for overdue price reductions.
The average price of a Manhattan apartment exceeded the US$2m threshold earlier in 2016 and although sales activity has moderated, luxury prices in New York are proving resilient.
Chinese cities such as Shanghai (23.4%), Guangzhou (14.3%) and Beijing (7.1%), dominate our top ten rankings for annual price growth but local governments have enacted a range of measures this month to cool demand suggesting a more muted outlook.
Hong Kong, where luxury residential prices are 4.7% below their Q2 2015 peak, has halted its decline with prices rising by 4.1% in the three months to September. Strong demand has led to a recent upturn in sales.
Dublin (5.5%) is Europe's strongest performer and Paris (-3.8%) the continent's weakest. Still reeling from the UK's Brexit decision, but for the most part propped up by QE and a negative interest rate, Europe is second only to Russia & the CIS as the world's weakest-performing world region.
Currency movements will be the single largest determinant of international demand in the world's top cities over the next 6 to 12 months. Investors are increasingly looking to the US as their safe haven of choice as the world economy stutters, but a strong dollar will have repercussions globally.

Data Digest
The Knight Frank Prime Global Cities Index enables investors and developers to monitor and compare the performance of prime residential prices across key global cities. Prime property corresponds to the top 5% of the wider housing market in each city, unless otherwise indicated. The index is compiled on a quarterly basis using data from Knight Frank's network of global offices and research teams.

For more information www.knightfrank.com.sg
About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 13,000 people operating from over 400 offices across 58 countries. These figures include Newmark Grubb Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. Knight Frank has a strong presence in Singapore with a head office and three subsidiaries; Knight Frank Estate Management, Knight Frank Asset Management and KF Property Network. For further informationabout the Company, please visit www.knightfrank.com.sg.

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As agents and developers report a surge in interest from the Far East for real estate in the UK's north-west, what's prompting many to ditch the capital in favour of property in Manchester?

For years, investing in UK property meant investing in London.
In many respects, it made perfect sense. London after all is the capital of the UK, the country's financial and economic heartbeat. Home to the most luxurious homes in the most prestigious addresses and, crucially, a place renowned for delivering exceptional long-term capital gains for investors.
But things have changed, with a city 163 miles to the north fast becoming Britain's number 1 hotspot for property investment, particularly among buyers in Asia.
So what's prompted the change?
London has reached an affordability ceiling for many investors
Figures published in October showed that just under £20 billion (S$34 billion) was spent on property in London in the 12 months to June 2016, representing a 36% fall over the year previous.
Quite simply, London has been a victim of its own success. Savills estimates that property prices in the capital have appreciated by as much as 70% since 2008 following the global economic crisis. However, that rate of growth has eased considerably in recent years, with data released by property market analysts Hometrack in October revealing house price growth in the capital is currently at its lowest level for 20 months.
While those investors that bought during the economic downturn will be huge advocates for investing in London, the reality is that it has simply become unaffordable for those investors looking to enter the market now.
With the average London property price rising above £600,000 (S$1 million) earlier this year, combined with the reforms to the non-domiciled tax status for foreign investors and increased rates of stamp duty introduced by the government, it makes it harder for London to stack up from an investment perspective.
What's more, recent volatility in financial markets around the world has underlined the importance of having assets in portfolios that generate regular returns through yields, too.
And it's Manchester that currently ticks these boxes for the global investor community.
Manchester - home of the UK's highest yields and one of the most undersupplied property markets
With average property prices in the north-west city around £166,000 (S$282,800), Manchester immediately appeals to investors looking to get the best yields, or for those looking to acquire multiple assets.
But what's setting Manchester apart is its ability to generate a regular income. HSBC ranks Manchester as the number one city in the UK for property investment yields, with average returns 55% higher than those in London.
Key to this performance has been the huge supply to demand imbalance for rental property in the city. Manchester's population is growing at three times the national average, while it's also home to 60% more 25 to 29-year-olds than the UK average a demographic that's helping to drive a shift away from ownership towards renting.
Yet Manchester has one of the most undersupplied property markets in the country. While city targets outline a need for 4,000 new rental units each year just to keep up with demand, only 1,417 units are currently set for delivery annually over the next eight years.
And with Manchester forming a central part of the government's Northern Powerhouse plans, which prompted a state visit from Chinese Prime Minister Xi Jinping in 2015, the long-term growth prospects for Manchester's property market are equally lucrative for investors as the returns available in the short and mid-term.

Affinity Living Riverview is the latest development from leading UK developer Select Property Group. Located in the heart of Manchester, close to key work and transport hubs, Affinity Living Riverview offers fully managed rental properties and assured yields in one of the tallest buildings on the city's skyline. Click here for more information.
For more, please visit

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Local Property News
Serangoon Gardens site from Government Land Sales Reserve List open for application
A 17,189 sqm private housing site in Serangoon Gardens from the Reserve List of the Government Land Sales (GLS) programme for H2 2016 has been made available for application. According to the Urban Redevelopment Authority (URA), the 99-year leasehold site at Serangoon North Avenue 1 has a 2.5 gross plot ratio with maximum permissible gross floor area (GFA) of 42,973sqm. This is equivalent to 505 homes, at maximum height of two storeys as the site is located in a designated low-rise zone. Property analysts expect the site to open for tender as it sits in an extremely desirable location close to schools such as Nanyang Junior College, Serangoon Garden Secondary School, Rosyth School, Lycee Francais De Singapour; amenities such as myVillage and Nex shopping mall; and the Central Expressway. Mr Ku Swee Yong, CEO of International Property Advisor, estimates the bid price to be around $300 million.

Prices of HDB resale flats remain stagnant in Q3 2016; more BTOs to go on sale in November

According to the Housing Development Board (HDB) the Resale Price Index (RPI) remained stagnant at 134.7 in Q3 2016; resale transaction volumes fell 5.5 per cent to 5,514 in the same period. The number of approved applications for subletting in Q3 2016 decreased by 8.8 per cent to 10,789 from the previous quarter. A total of 52,394 flats were sublet in Q3 2016, an increase of 0.4 per cent quarter-on-quarter. The HDB will offer 5,090 new Build-To-Order (BTO) flats in Bedok, Bidadari, Kallang/Whampoa and Punggol in a Build-To-Order (BTO) exercise in November. There will be also be an estimated 5,000 flats available in a Sale of Balance Flats exercise.

Dip in sales and prices of new private homes in Q3 2016; sales of resale private homes increase
Transaction volumes of new private homes dipped 12.2 per cent to 1,981 units in Q3 2016 compared to the previous quarter, as a result of fewer new homes being launched. Analysts expect new launches, including The Alps Residences and Forest Woods, will result in improved sales in Q4 2016. Overall prices for private homes in Q3 2016 fell 1.5 per cent compared to a 0.4 per cent fall in the previous quarter, the steepest fall in seven years. According to the URA, landed home prices fell 2.7 per cent while prices of non-landed homes fell 1.2 per cent in Q3 2016, compared with 1.5 per cent and 0.1 per cent respectively in Q2 2016. Conversely, sales volume for resale private homes in Q3 2016 saw a 14 per cent increase to 2,615 units from the previous quarter, the highest transaction volume since 2012. According to Ms Christine Li, Director of Research at Cushman & Wakefield, the increased sales volume is indicative of prices falling to levels where buyers are comfortable re-entering the market.

Rents and take-up of offices continue to fall
In Q3 2016, office vacancies increased to 10.4 per cent, 9.1 per cent higher than in Q2 2016, the highest levels since Q2 2012. In the Central Business District alone, approximately 2.7 million sf of office space remains vacant. According to Cushman & Wakefield (C&W), the vacancy rates for all grades could continue to rise with the expected completion of an additional 879,000 sqm of GFA of office space. C&W believe the vacancy rate could reach the record level of 13 per cent that was seen in Q3 2010. Similarly, the office rental index fell by 1.1per cent quarter on quarter in Q3 2016. Many companies have taken advantage of the falling rents to move into newer developments, causing further vacancy strain on older buildings. As a result, landlords of non-grade A buildings are offering increased rent holidays and rent-free renovation periods to hold onto existing tenants and attract new demand to take-up the vacant offices.

Retail vacancies increase even as rents continue to slide

According to Bloomberg data, mall vacancies in Singapore increased 0.6 per cent, to 8.4 per cent in Q3 2016, the highest since Q3 2006. According to the Urban Redevelopment Authority (URA), the 2,460 leases for mall space in Q3 2016 represented a 12.5 per cent and 14.7 per cent slide quarter-on-quarter and year-on-year respectively. The increase in vacancies is despite rents decreasing 1.5 per cent in Q3 2016 from Q2 2016. In this period, Colliers international found that rents at the Orchard Road area fell 0.9 per cent quarter-on-quarter to S$39.86 psf, while rents in Regional Centres fell 0.8 per cent quarter-on-quarter to S$33.38 psf. The drop in demand for shop space from retailers follows decreased consumer spending due to the slowing economy and consumers turning to online commerce.

Global Property News
Plans to attract foreign companies to Iskandar Malaysia to increase housing demand
UEM Sunrise Bhd, the largest landowner in Iskandar Malaysia, is planning to sell land parcels in the development zone to foreign companies in a bid to create jobs and uplift economic activity in the area. Mr Izzaddin Idris, Chief Executive Officer at UEM Group Bhd, said that having a right mix of industries setting up in Iskandar Malaysia would result in spin-off industries, creating more jobs and increasing the demand for housing in the region. There has been an oversupply of apartments in Iskandar after an influx of large projects helmed by Chinese developers.

US home prices continue to rise
In August 2016 home prices in the United States (US) increased 0.3 per cent month-on-month and 5.3 per cent year-on-year. According to Black Knight Financial Services, the rate of growth for home prices has been stable with seven of the eight months leading up to August 2016 showing similar rates of year-on-year price appreciations. Black Knight's Home Price Index (HPI) showed that the average price of a home in the US in August 2016 was US$266,000, only 0.7 per cent less than breaking a new national record.

Record low interest rates help fuel price growth in Australia's residential property market

Overall home prices in Australia rose for the tenth consecutive month in October 2016. Fuelled by record-low borrowing costs, housing demand stayed strong in Melbourne and Sydney. The strong housing demand means it is unlikely for the Reserve Bank of Australia to further ease borrowing costs. According to a Reuters poll, 55 out of 60 economists expect interest rates to remain at 1.5 per cent, partly due to policy makers' concerns of an overheated residential property market. Annual price growth increased to 7.5 per cent in October, compared to 7.1 per cent in September. Despite accelerating growth, the property price growth is still less than the peak of 11 per cent price growth in 2015. While prices in Sydney and Melbourne grew 10.6 per cent and 9.1 per cent respectively in October, states such as Perth and Darwin experienced price falls.

Rents in South East England outgrows London as demand outweighs supply

According to the UK Office for National Statistics (ONS), the South East of England saw a 3.5 per cent increase in annual rents compared to London which saw a 0.8 per cent decrease in the year to September. In September, the average annual rent in Britain increased by 2.3 per cent year on year with an increase of 2.5 per cent in England, 0.1 per cent in Wales but a decrease of 0.1 per cent in Scotland. According to the ONS, the demand for rental properties rising faster than supply is a probable reason for the continued rise in rental prices. Year-on-year rental prices in England have been growing between 1.4 per cent and three per cent since 2012.

Increase in retail vacancies at Manhattan

Retail vacancies in Manhattan's shopping districts have reached record levels as retailers are shying away from exaggerated rents. According to C&W, Fifth Avenue in New York saw a 15.9 per cent increase in retail vacancy in Q3 2016, compared to 10 per cent in Q3 2015. This is a record vacancy rate for Fifth Avenue, surpassing the peak of 11.3 per cent in Q4 2014. The retail vacancy rate has been increasing in 2016. C&W data shows that this follows a rise in rents to an average of US$3,213 psf, up from US$2,075 psf in 2011. Richard Hodos, Vice-Chairman at CBRE Group Inc, said that while rents have increased proportionately with property values, retail spending has declined, scrapping away profits from retailers. The decline in retail shoppers has been due to falling interest in luxury products and tourist spending in response to the strong US dollar as well as rising popularity of ecommerce.

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With the burgeoning popularity of industrial home design, Artistroom looks at personalising each industrial interior with a unique twist. In this 5-room HDB, the design team adopted a Scandinavian mentality when doing up the spaces. They started by hacking away the walls and gave the interior a young, sprightly personality with a subtle industrial edge.
Project Type5-room HDBFloor Area1,500 sqft
Text: Redzman Rahmat

Seeing RedEvery corner of this flat has been put to good use - even the space by the window has been utilised. Here, the designers created a ledge that works as a study desk. Particularly of note in this living room is their choice of furniture. A sanguine red sofa adds eye-catching colour to the mainly black, white and wood scheme, and is complemented by a rainbow of scatter cushions. In any open-concept home, it's important to visually demarcate each space and in this case, they ran a cream-coloured rug on the living room floor to clearly mark the boundaries of the space.

Complete TurnaroundThe spaciousness of this home was achieved after major reconstruction by the design team. Walls were torn down, rooms were combined and the layout was drastically altered to achieve this bright and spacious interior. The living area, dining room and kitchen all sit comfortably next to one another in a design that's reminiscent of a loft-style apartment. The black conduits that snake across the ceiling also add to the industrial vibe.

Kitchen RulesNow that the kitchen is free from the walls that used to confine it, Artistroom wanted to make it the star of the home. Its prime position in the apartment means that the homeowner can see every corner of the communal space while standing in the kitchen. The designers built a single galley using light blonde laminates that run along the back of the kitchen. They then clad the rest of the wall with white mosaic tiles and black grouting for a traditional café look. A long bar counter runs parallel to the cabinets, visually marking where the kitchen ends and the living room begins.

Two In OnePart of Artistroom's plan to rejuvenate this apartment was to merge two rooms into a bedroom suite. The sleeping quarters remain petite but a large opening leads into the adjacent room, which has been converted into an en suite walk-in wardrobe and bathroom. They also installed a sliding glass door - complete with a black steel frame and doorjamb - in case the owners want to close off the room.

Tales of TextureUnlike the living spaces, this impressive wardrobe and bathroom space flaunts the more rustic side of Scandinavian design. This includes laminates that mimic aged wood on the sliding wardrobe doors and a stretch of Peranakan-style tiles on the floor. The rest of the walls and floors are covered in dark tiles to bring out the cosy ambience the homeowners requested. A luxuriously long vanity counter now runs the length of the bathroom, providing more than ample space for the owners' lotions and potions. No doubt, it is a space that one can enjoy lingering in at the start or end of the day.

Design by: Artistroom

Visit

for more inspiring home designs.

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James RobertsPartner, Chief Economist, Knight Frank
For the second time this year, we have awoken to discover that the previously unimaginable has happened at the polls. Donald Trump will next year be sworn in as the 45th President of the United States of America. Unlike many Presidents, he will have a friendly Congress to work with, and thus will be in a strong position to pursue his agenda, assuming he keeps the Republicans in the House of Representatives and the Senate on board.
The necessity for co-operation to turn election rhetoric into law is an impending reality shock that the future President will encounter next year.
The reality is that US Presidents are hemmed in by the balances and controls of the constitution. There is also the suspicion that Trump will be a chief executive in the mould of former-President George W Bush - well suited to a speech in front of an audience of Marines, but leaving the day-to-day business of government to the Vice President and advisors. He will also live within a series of political and diplomatic realities that shape the actions of all world leaders. Trump can say he will re-write trade deals, but other countries can reply, "take it or leave it".
While there has been much discussion over Trump's lack of experience in government, as a businessman he will be familiar with the sharp consequences of promising and then failing to deliver. This will shape what Trump says and does going forward, as probably even he last week did not expect to have to deliver on his election pronouncements.
The UK and its commercial and residential property markets, ironically could end up beneficiaries of the shock election result. Until now the UK has appeared a political outlier since the Brexit vote, for having turned its back on the economic consensus that favoured large trade blocs. Today Brexit appears to be part of a wider political groundswell that happened first in Britain, has now spread to the US, and next year could reach the Eurozone, as France, Germany, and The Netherlands hold elections. This is turning into global phenomenon, and Britain is re-entering a political mainstream that will ultimately have to compromise with basic reality - as the High Court reminded the UK government last week on Brexit.
Moreover, the high level of volatility we have seen in global investment markets this year is set to continue; not just because of Trump, but also out of concern as to which major economy will be next deliver a bombshell election result. With equities and bonds set to see a rollercoaster ride, and fluctuations in currency values creating opportunities for those willing to invest across borders, prime real estate in safe haven markets will be in demand among investors.
In the global economy, there is now huge pressure on investors to 'park' money until stability returns, which is tearing up the rule book on pricing. Trump's election will extend this trend.

Liam BaileyGlobal Head of Research, Knight Frank The US Election Result creates challenges and opportunities to global property markets. While there is some uncertainty regarding the economic impact of President Trump's policies, the US will remain the critical global source and destination for property investment flows. There may be a period of instability in currency markets, which will influence some short term decision making around asset allocation. However, rather like the Brexit vote in the UK the surprise of last night's result will be likely to be replaced by a more considered view of the implications of the new presidency. It is important to remember that almost alone among all developed economies the US has largely shaken off the impact of the global financial crisis and has led the way to improved economic growth. The business environment in the US and innovation in business services and technology providers based in the US have helped to drive property market demand globally - it is an incredibly strong platform to build from.

Nicholas HoltAsia Pacific Head of Research, Knight Frank Asia Pacific: "The election of Donald Trump as the next President of the United States of America is already having a significant impact on currency and equity markets in the Asia Pacific region. "Similar to the impact of Brexit, the result of the US presidential election is likely to cause further uncertainty in terms of the global economic recovery and is likely to lead to a rush towards safe haven assets. Along with gold and triple-A rated government bonds, prime real estate in key global city markets is likely to see an uptick in interest. "The uncertainty around future US policy in relation to trade, immigration, international relations and industry and the subsequent impact on the US growth prospects is also likely to mean that the monetary tightening cycle in the US will come at a slower pace - a lower-for-longer scenario. This will further enhance the attractiveness of prime property in the US and beyond. "From the perspective of cross-border real estate investors, concerns over the US could spur increasing amounts of interest into markets such as Australia, Japan and Europe - although the weakening of the US dollar could provide opportunities for opportunistic foreign capital to look at real estate in the top-tier US cities at an effective discount. "The intrinsic qualities of property - that in times of uncertainty it acts as a safe haven, and in times of economic expansion benefits from rental and capital growth - means that despite all the uncertainty of 2016, real estate markets will continue to be active with prime assets in the world's most resilient cities remaining in significant demand." ___________________________________________________________________________________________________________________________ Matt WhitbyHead of Research & Consulting, Knight Frank Australia: "Equity markets will fall heavily over the coming days, and it could take some time for volatility to calm down, however I still expect that markets will re-adjust over the coming weeks. "The election of Donald Trump is likely to have an impact on the growth of Australia's two major trading partners - Japan and China - and this could have a flow-on into the economy in Australia. The Australian government are clearly going to have to step up on behalf of China and to a lesser extent Japan, and attempt to ensure the rhetoric from Trump over the campaign won't become reality. "Clearly, like the Brexit vote, this will create short to medium-term uncertainty in financial markets, capital markets and property markets. Hence we may see some plateauing in commercial and residential price growth, and indeed some downward pressure, over the coming months leading into Christmas."

Credits to Knight Frank. For more informationwww.knightfrank.com.sg

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Homeowners are constantly overwhelmed by the many different housing loan packages offered across banks in Singapore. While homeowners generally seek for the most competitive housing loan rate or packages, they often overlook other available mortgage product features, which help assist in further reduction of financing cost.

As such, innovative mortgage product features such as the Interest Offset Account are generally assumed as a mere gimmick or is not a good fit in homeowners' financial plans. This is merely due the lack of knowledge or understanding in how it helps in increasing cost savings opportunities.

What are Interest Offset Accounts and how do they work?

An Interest Offset account is generally the repayment account that is tagged to your housing loan. Like all repayment accounts, it is a savings account used for your monthly repayment and other miscellaneous costs pertaining to your housing loan. Unlike a normal repayment account that generates no interest on your deposit, this account will be able to give interest rates that match your housing loan interest rate to your deposit. The matching interest rate, however, does not apply to your full deposit, but to a certain percentage, depending on the features offered by each bank. These Offset accounts do not require the funds to stay for a fixed period of time, no minimum requirement to qualify for the interest earnings and other terms and conditions to be fulfilled.

What's in it for borrowers/homeowners?

The interest-offset account will be able to give the following benefits to the borrowers:

- The effective interest rate will be lower as interest charged on mortgage loan is reduced
- Tenure shortened as principal payment increases while monthly instalment remain the same
- Outstanding housing loan is paid up faster, thus reducing cost of financing as a result of interest charge on a smaller loan quantum
- Interest savings increases when deposits are maintained at the same amount or more, as the balance outstanding will reduce significantly with the off-setting feature
- Possibility of an interest-free loan

Who can benefit from it?

The Interest Offset Accounts will benefit majority homeowners, as the account is not necessarily meant only for those with sufficient deposits or high net worth individuals.

Any borrower can use this as their savings account to earn higher interest rates as compared to the traditional savings account. Depositing a couple of hundred dollars a month can reduce the overall interest payment as effectively as a one-time lump sum deposit to offset the housing loan interest.

In a high interest rate environment, borrowers can capitalise on the situation by using this account to earn higher interest rates from the matching interest rates and reduce the cost of financing. This account can act as a hedging tool to deter high borrowing costs in a rising interest rate market.

Let's look at the product features

Citibank - Cash Management Account (CMA)

Citibank's CMA allows borrowers to enjoy 50% of the housing loan interest rate on their deposits. The interest earned, also called "adjustment" by Citi-bankers, will offset the housing loan interest payment. There is no minimum deposit needed to maintain and no lock in period on the deposit. However, the deposit amount earning 50% of the housing loan interest rate is capped at the loan outstanding. So, if there is more deposits than loan outstanding, the difference will not earn any interest. Currently Citibank offers the CMA to all SIBOR packages for any housing loan above $800,000.

HSBC - Smart Mortgage (SM)

Smart Mortgage allows 70% of the borrower's deposit in the repayment account to enjoy an interest rate that matches the housing loan, while the remaining 30% of the deposit will not earn any interest. The total interest earned will offset the housing loan interest rate. The percentage of the deposit earning the matching interest rate is also capped at the outstanding amount of the housing loan. HSBC offers their Smart Mortgage Account to all of their SIBOR packages. Currently, they have taken a decision to load an additional Interest rate (spread) for those who opt for the Smart Mortgage feature, and is available for any loan amount above $500,000.

Standard Chartered Bank - MortgageOne Account (MOA)

MOA matches 2/3 of the deposit in the repayment account to the housing loan interest rate and the remaining 1/3 to enjoy the bank's prevailing rate, which is currently at 0.25%. Similar to the other two banks, there is neither a requirement for a minimum deposit amount nor a stipulated period for the fund to be in the account. Likewise, MOA's interest matching is capped at the housing loan outstanding amount, and the remaining deposit will enjoy the prevailing rate. The MOA account is available for any completed private property or Priority banking clients with an Under Construction private property loan.

The tables below illustrate a comparison of interest earned between the 3 banks' interest offset feature. The examples are based on a $100,000 deposit and example 1 and 2 are using 1.5% p.a. and 3.5% p.a. as the housing loan interest rate respectively. Although the various packages have different spreads, we are only comparing the interest-offset mechanism between each bank in these examples.

So which is better?

Citibank offers 100% deposit matching, but only to 50% of the interest rate. As such, the total interest offset is not maximised. The only way that Citibank can surpass its competitors in the interest offset account is if they offer a much lower housing loan interest rate in order to have the lowest cost of financing among the 3 products.

HSBC, on the other hand, do not provide 100% matching, but 70% of the deposit enjoys 100% of the housing loan interest rate, which is the highest amount of the deposit matching out of the 3 banks. We must bear in mind, however, that HSBC loads additional margin on the mortgage rate for this interest offset feature.

Standard Chartered seems to be more balanced especially in moderate interest rate environments. To have a comprehensive view on the suitability of these products, we must also take into consideration the mortgage rate applied on the property.

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Local Property News
Prices of luxury homes in Singapore set to increase despite muted buyer interest
Prices of luxury homes in Singapore increased 6.2 per cent year-on-year in September 2016, and increased by 0.5 per cent quarter-on-quarter according to Knight Frank. Alice Tan, Director and Head of Consultancy & Research at Knight Frank Singapore, prices of luxury homes in Singapore are set to increase despite muted buyer interest. This is due to economic uncertainty and property cooling measures which are in place. She believes that expectations of economic slow-down and the unlikely increase in private home transactions could continue to curb demand for luxury homes for another six months.

Outside Central Region private home rents fall in Q3 2016
Rental prices for private homes continued falling in Q3 2016. Homes in the Outside Central Region (OCR) saw the steepest decline at 2.4 per cent quarter-on-quarter. Eugene Lim, Executive Director of ERA Real Estate, noted that the recent layoffs in the finance and oil and gas industries have contributed to falling demand for rental apartments. He also added that overall rents are expected to fall three to four per cent for the whole of 2016.

Increase in office transactions in 2016; BlackRock testing buyer interest for Asia Square Tower 2
2016 has seen an increase in volume of office sales. These include the purchase of 60 per cent of CapitaGreen by CapitaLand Commercial Trust, purchase of the Straits Trading Building by investment company MYP Ltd and the upcoming sale of prime government land in the Marina Bay financial district. The largest office sale in Singapore happened in June this year when BlackRock Inc., the largest global asset manager, sold Asia Square Tower 1 to a Qatari sovereign wealth fund for $3.4 billion. BlackRock is now testing buyer interest for its 46-storey Asia Square Tower 2, which has offices as well as a Westin Hotel. The 784,100 sqf building is valued at an estimated S$2 billion. According to Cushman & Wakefield, the tower has a 90 per cent occupancy rate as of October 2016.

Record bid of S$2.57 billion for Marina Bay GLS white site
Wealthy Link Ltd, a IOI Properties Group Bhd holding company, submitted the winning bid of S$2.57 billion for a 1.1-hectare site at Marina Bay - a record bid for a white site sold under the Government Land Sales (GLS) programme. The 99-year leasehold site on Central Boulevard, which attracted seven bids, has a gross floor area of 141,294sqm equivalent to S$1,689 psf per plot ratio. Tay Huey Ying, JLL's Singapore Head of Research, estimates offices to be priced at S$3,000 to S$3,100 psf. According to the Urban Redevelopment Authority (URA), a minimum of 100,000 sqm needs to be allocated for offices, a maximum of 5,000 sqm may be used for retail, and the remaining area may be used for other extra offices, hotel, serviced apartments or residences. The development is expected to boost the supply of offices when it is completed in 2020. The transaction also marks the first sale of land in Marina Bay in nine years.

Margaret Drive site up for public tender
The Urban Redevelopment Authority (URA) has announced that a 0.48-hectare private housing site at Margaret Drive will be available for tender in the next two weeks. The 99-year leasehold, and was triggered for sale after a developer committed to a minimum bid of S$185.76 million. Mr Nicholas Mak, Executive Director of the Research & Consultancy Department at SLP International Property Consultants, expects the site to attract a high number of bids due to its attractive size and favourable location. The highest bid is expected to range between $205 to S$218 million, which translates to S$858 to S$912 psf per plot ratio. The site is located near Commonwealth MRT station and Ayer Rajah Expressway. It is also close to IKEA Alexandra, Queensway Shopping Centre, Queenstown Primary and Secondary School, as well as Anglo-Chinese School (International). The land parcel has up to 238,905 sqf of allowable gross floor area, equivalent to around 275 homes.

Global Property News
Lack of domestic buyers' interest in UK property; international buyers remain keen
While the average home price increased 4.6 per cent year-on-year in October, home prices grew slower than the 5.3 per cent year-on-year growth seen in September. According to Robert Gardner, Chief Economist at Nationwide, home sales dipped approximately 10 per cent in the past few months compared to the same period in 2015. Mr. Gardner attributed the slowing transaction volume and growth of home prices to the introduction of stamp duty on second homes in April 2016. Ian Thomas, Co-Founder and Director of LendInvest, noted that interest from foreign buyers remains strong due to the weakened pound. Moreover with tighter regulations coming into effect in 2017, landlords are pressured to reinforce their property portfolios by the end of 2016.

Stamp duty review on London homes unlikely despite falling home values and transactions
London property investors are feeling the effects of falling home values and transaction volumes, and are calling for a review on stamp duty taxes for buy-to-let properties and second homes. Lucian Cook, Savills Plc Research Director, believes that a review of additional sales taxes by the UK Chancellor of the Exchequer Philip Hammond is unlikely since the additional taxes resulted in a £660 million increase in revenue for the government. Countrywide Plc estimates that by the end of 2016 the growth of London home values will fall to 3.5 per cent, and decrease by another 1.25 per cent in 2017. The real estate agency also predicts that in 2017, London home prices will fall for the first time since 2009.

Annual home sales in Toronto nearly doubles despite foreign buyer tax and greater inventory
Annual sales of prime residential property in Toronto has nearly doubled in the year-to-September despite foreign buyer tax causing home transactions in Vancouver to fall. Figures provided by RE/MAX, an international real estate company, shows that transactions of homes in the Greater Toronto Area (GTA) priced above C$3 million increased by 86 per cent, compared to a 41 per cent increase in Vancouver. There was a three per cent increase in transactions of homes valued at C$1 million in Vancouver, while there was a seven per cent year-on-year slide in sale of single-family homes in the same price range. According to Elton Ash, Regional Executive Vice President at RE/MAX of Western Canada, higher inventory of residential units, which helped reduce buyers' sense of urgency, coupled with the foreign buyer tax which was implemented by the provincial government in August, have contributed to slower sales.

Strong demand for Australian residential property
According to the REA Group October Property Demand Index, there is a strong demand for residential property in Australia. According to Nerida Connisbee, REA Group's Chief Economist, demand for Australian residential property is currently at a "fever pitch". She added that home prices have reached record levels, with prices increasing in all states other than Western Australia. The index shows that the number of people interested in purchasing a residential property in Australia increased 8.2 per cent in October. Demand for residential apartments continue to outpace the number of listings, which is unexpected considering the high number of new apartment developments across the country.
Chinese developer continues with London's tallest residential tower despite market uncertainty
Despite uncertainties posed by Brexit, Chinese developer Greenland Group is sticking to its plan to build the Spire - a 67-storey residential tower adjacent to Canary Wharf, near London's financial centre. The £800 million construction will be the tallest residential tower in Western Europe. Wenhao Qian, Managing Director of Greenland Investment Ltd, said that while they are aware of uncertainty in the property sector, they have confidence in its long term prospects. The Spire is expected to appeal to foreigners, who make up half of property buyers in central London. A recent survey of 127 high-net-worth individuals from the United Arab Emirates, conducted by Cluttons, found that Canary Wharf was the most preferred neighbourhood. Faisal Durrani, Head of Research at Cluttons, noted that while the Spire might not be popular among locals initially, as they do not favour "cookie-cut" apartments, they might come around to living in the building due to a shortage of homes in the city.

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This architecturally stunning brand new landed property that is the only development of its kind to be made mostly of glass has been put on sale by its owners at $7.2 million dollars

Singapore - The owners of the architecturally stunning, 'The Glass House', which is located in the highly coveted district 15 have offered their brand new four storey semi-detached house for sale. 'The Glass House' at 10B Green Lane, Singapore (438912), is located in the exclusive and quiet neighbourhood of Green Lane just off Tanjong Katong Road, which is also known as a millionaire's row. Priced at $7.2 million dollars, the house features several premium fittings that are unique to Good Class Bungalows (GCBs).
This is the first landed property that has been offered for sale in the Green Lane area in more than two years. Green Lane is located in a prime area of district 15 and it is highly accessible with two MRT stations in close proximity - Paya Lebar MRT interchange and Dakota, major expressways (i.e.: PIE) are just a five minute drive, plenty of dining options with famous eateries such as Old Airport Road market and a mall (ONE KM) within walking distance of the property.
The 3,356 square feet freehold property with an 11-metre wide frontage has a huge built-up area of approximately 8,000 square feet making it larger than most boutique detached houses sitting on larger land size. The construction of the house took nearly three years at a cost of close to $3 million dollars. The original two-storey semi-detached house was demolished to make way for this house. An Italian glass lift made from tempered glass that serves all floors was installed inside, while a wrap-around swimming pool was added to create the effect of a river around the house. Most of the bedrooms in this house are larger than three-bedroom HDB flats.
"We have spared no expense in the development of the house which we affectionately call 'The Glass House'. It was meant to be our family home. Several of the features in this property such as the cantilevered staircase, huge full length windows, imported marble floorings and the Italian glass lift cannot be found in other similar houses elsewhere," said Rani Rai, owner of the house. "This was a house designed and developed based on the needs of a three-generational family in mind."
This seven bedroom and six bathroom house was only recently offered for sale and already has several offers with the most recent being $6.3 million dollars, which was rejected by its owner Rani Rai. The design of the house including the layout were inspired by what the owner had seen from her many travels and designs of houses from other countries.
Some of the unique features of this house include:

- House façade -the front façade is mostly made entirely of glass yet the house is not warm inside because of the special tinting that was used for the windows

- Staircase - the staircase in the house is a cantilevered staircase which gives a "floating feeling" to the owners. This is extremely expensive and time consuming to do and typically found in GCBs only
- Height - each level of the house is at the maximum permissible height that is allowed by BCA which is why there is this feeling of spaciousness and openness
- Marble flooring - hand selected and specially cut marbles pieces from Italy and India. The design and cut of the marble flooring is very different from what you will find in normal developments
- Windows - it is affectionately called "The Glass House" because there are very few concrete beams in the house. Most of the windows are of maximum height - at ground level, it is more than 4 metres in length and the upper floors range from more than 3 to 4 metres depending on what is allowed per guidelines. A lot of the windows are also made from one single glass panes which makes it very expensive. The amount of glass that was used in the house was equivalent to a two month supply from the glass manufacturer

- Room size - there are seven rooms in the house and five of the rooms are bigger in size than most three-bedroom HDB flats

- Toilets - there are total of six bathrooms in the house. Most feature top-end vanity finishing including Indian granite, Duravit and Grohe. Also, most of the bathrooms are the size of bedrooms that are found in most HDB flats and condominiums

- Swimming pool - this is a wrap-around swimming pool that features the latest in pump design and layout. The idea was to create the effect of a river around the house
- Glass car porch - the construction of this glass porch required special permission due to its large size and the fact that it is entirely made of tempered glass

Fact Sheet
Overview- Dwelling type: Landed, Semi-Detached House- Land size: 3356 square feet- Tenure: Freehold- TOP date: Recently- Is this a new house construction: The old two storey house was demolished and a new three story plus attic with swimming pool was constructed in its place- New built-up size: Estimated 8,000 square feet. The house has 7-bedrooms and 6-bathrooms

Unique Features:
a) House façade - the entire house design is contemporary and unique. Despite being made entirely of glass, the house is not warm inside because of the tinted windows. The other areas are wrapped around using marble
b) Staircase - the staircase in the house is cantilevered staircase which gives a "floating feeling" to the owners. This is extremely expensive and time consuming to do and typically found in GCBs only
c) Height - each level of the house is at the maximum permissible height that is allowed by BCA which is why there is this room of spaciousness and openness

d) Glass lift - the entire lift shaft is made from tempered glass. This is unique and different as it is very costly and most such homes do not feature this. The lift itself is Italian
e) Marble flooring - hand selected and specially cut marbles pieces from Italy and India. The design and cut of the marble flooring is very different from what you will find in normal developments
f) Windows - it is affectionately called "The Glass House" because there are very few concrete beams in the house. Most of the windows are of maximum height: at ground level, it is more than 4 metres in length and the upper floors range from more than 3 to 4 metres depending on what is allowed per guidelines. A lot of the windows are also made from one single glass panes which makes it very expensive
g) Room size - there are 7 rooms in the house and 5 of the rooms are bigger in size than most 3-bedroom HDB flats

h) Toilets - there are total of 6 bathrooms in the house. Most feature top-end vanity finishing including Indian granite, Duravit and Grohe. Also, most of the bathrooms are the size of small bedrooms in most HDB flats and condominiums
i) Swimming pool - this is a wrap-around swimming pool that features the latest in pump design and layout. The idea was to create the effect of a river around the house
j) Glass porch - the construction of this glass porch required special permission due to its large size and the fact that it is entirely made of tempered glass

k) The kitchen - unique cabinet design that is the latest in the market and one of the rare kitchen that you will find in such a dwelling which has marble flooring, Volakas marble tops and a specially selected and air-flown marble back-splash.

For any queries or further information, please contact:
Sonia DeviRepresentative Agent for 10B Green Lane, Singapore (438912)Email: arai@we-worldwide.comMobile: +65 9066 6432

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Silvia Marlia doesn't design children's furniture - she designs furniture for children.
Too often, children's furniture are simply scaled down, miniature versions of adult furniture. Hong Kong-based Italian designer Silvia Marlia knows that this is a problem as adults don't usually think about the abilities of a child. "We need to think small! Tiny hands need tiny proportions and a different perspective of the world," she says.
Silvia's background in education, passion for children and love for contemporary design naturally led to the creation of her SAND collection of kids' furniture. Her designs are targeted at children 3 years old and up, and include furniture like beds, tables and chairs and storage like book carts and toolboxes. "I think of what a child would see when they walk into a room. Everything is new and beautiful from their point of view. When they look at a table, they don't see the tabletop, they look at the table legs. I design chairs and stools that aren't just for sitting - children can sit on the floor and use them as a table. I try to find the beauty in proportions."
The SAND collection reflects Silvia's respect for a child's intelligence, habits and abilities. From the restrained palette of pastel colours ("Their books and toys are colourful enough") to the attention paid to the tiniest of details ("Children look at little things adults don't pay attention to"), Silvia bases her designs on years of studying how children act and behave. She points out the tables and chairs as examples. "I wanted to use very natural finishes and leave the wood with open pores. Children are very tactile and I want them to feel the texture."
Silvia's designs are so popular that she has been flooded with requests to "upscale" her furniture into adult versions. "Not right now," she says as she brushes away the suggestion. "There's already a lot of beautiful designs for adults... and we have so much to choose from. But there aren't many options for children." She does however, take into account an adult's perspective when she creates her furniture. "I have a responsibility to give the parents something that is meaningful for their children. Personally, I don't believe in things that are super decorative or super cute to the extreme. My philosophy is that a parent should give something simple yet meaningful to their children."
SAND Design is available at OMwww.om-home.com

The SAND collection is tailored to meet the needs of children aged 3 and up

MM1 rolling wardrobe, and MM3 low rolling cabinet, prices on enquiry

Toolbox (stackable containers), $500

Pencil trays, $200 each

Sunrise flatpack bed, $1,560

Q&A with Silvia Marlia

Silvia Marlia
Describe your home.My apartment in Hong Kong is quite bare, but it has a lot of light, which is what I like. I also have a great view of the trees from my window, which is important in a home. I think it's important to have some contact with nature, and that goes the same for children. Don't have too much plastics or technology in your home!
What would you splurge on for your home?It's important to have beautiful things in the home but they should have a purpose. For me, it's important to have a beautiful dining table where my family can sit down and have meals together. So I would splurge on a big table and comfortable dining chairs.
What are your influences? In general, I like contemporary designs and modern designs. But I also have a passion for factory furniture. I like the roughness and industrial aspects of furniture and it shows up in my home and my designs.

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for more inspiring home designs.

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Amid heightened economic uncertainties and upcoming supply, homebuyers and investors remain highly selective and tend to gravitate towards projects with strong perceived value. As companies continue to trim headcount and reduce expatriate rental budgets in light of escalating economic headwinds, the leasing market is expected to weaken further in the short-term.
Tay Kah Poh, Executive Director & Head, Residential Services, "The private housing market seems to have stabilised. In the short term, economic headwinds and QC deadlines still post a challenge, but the strength of developer and household balance sheets could cap downside risk over the next 6 - 9 months to 4 - 5%."
Local economy exhibits signs of weakness as global economic volatilities persist
- With the US Federal Reserve inching towards a likely interest rate hike by the end of this year, homebuyers in the current market get to take advantage of the low interest rates.- In July this year, the Singapore government reiterated that it is still "too early" to lift the cooling measures, as the authorities look to continue steering the property market on a "sustainable path". - Singapore's gross domestic product grew by 0.6% year-on-year (y-o-y) in Q3 2016 and fell short of market expectations, based on advance estimates released by the Ministry of Trade and Industry. The government has revised its 2016 growth forecast downwards to between 1.0% and 2.0%, from between 1.0% and 3.0%.- Overall unemployment rate was recorded at 2.1% in Q3 2016, remaining unchanged from the previous quarter, amid weaker economic conditions and continued domestic restructuring.
Home-buying momentum gathers pace despite challenging economic conditions
- Total private residential transactions in Q3 2016 rose by 1.0% from the preceding quarter to 4,596 units.- The uptick in home-buying activities was driven by the resale market, which built on its upward momentum. A total of 2,477 secondary market transactions were concluded in Q3 2016, marking a second consecutive quarter of increase.- The government's recent reiteration that cooling measures will remain in place has led to some genuine homebuyers re-entering the market from the side-line.
Projects with strong value proposition drives robust performance in new sales market - The strong sales volume in the primary market can be attributed partly to the successful launch of the 710-unit private residential development Lake Grande. The project is located within the Jurong Lake District which has been earmarked as the second Central Business District and will house the upcoming Kuala LumpurSingapore High Speed Rail terminus. - Apart from its favourable location and proximity to Lakeside MRT, the project is priced affordably. Based on caveats lodged, more than half of the units were transacted at palatable price tags of between $500,000 and $1 million. On an average psf basis, the average launch price of $1,358 psf also puts the development close to that of its neighbouring development, Lakeville, which was launched at an average selling price of $1,318 psf in Q2 2014.
Leasing market remains lacklustre as yields softened across all segments
- Based on Knight Frank's analysis of a basket of private residential properties, rental yields weakened across all market segments, with average rents having declined at a faster rate relative to their respective average prices (Exhibit 3).- Amid the pipeline of completed supply and abundance of choice, the reduced inflow of expatriates and shrinking accommodation stipends are likely to put pressure on rents in the short- to mid-term.
Market Outlook
- New sales volume in Q4 2016 is expected to be boosted by the upcoming launches of several highly-anticipated projects such as Forest Woods (519 units in total), Queens Peak (736 units in total) and Parc Riviera (752 units in total). Facilitated by the low interest rate environment, upcoming project launches at choice locations and priced competitively are well poised to tap on the pent-up demand.- Total new sales volume for the year is likely to surpass that for 2015, and projected to range from 7,000 to 9,000 units.- Knight Frank projects that island-wide private home prices will decline by 3.0% to 4.0% y-o-y in Q4 2016. It has fallen by 2.6% cumulatively in the first three quarters of 2016.- According to the Q3 2016 URA Quarterly Statistics, the Outside Central Region is expected to contribute about half (47.2%) of the upcoming supply by end-2017. With the heightened competition for buyers, mass-market homes are expected to see the greatest price softening among all segments (Exhibit 4).

About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 13,000 people operating from over 400 offices across 58 countries. These figures include Newmark Grubb Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. Knight Frank has a strong presence in Singapore with a head office and three subsidiaries; Knight Frank Estate Management, Knight Frank Asset Management and KF Property Network. For further informationabout the Company, please visit www.knightfrank.com.sg.
© Knight Frank Singapore 2016
This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank Pte Ltd and its subsidiaries for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.
As a general report, this material does not necessarily represent the view of Knight Frank Pte Ltd and its subsidiaries in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank Pte Ltd to the form and content within which it appears. Knight Frank Pte Ltd is a private limited company which is incorporated in Singapore with company registration number 198205243Z and CEA licence number L3005536J. Our registered office is at 16 Raffles Quay #30-01 Hong Leong Building Singapore 048581.

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Local Property News
Surge in sales of Executive Condominiums
Falling prices, coupled with a higher eligibility income ceiling, have led to an increased number of transactions for Executive Condominiums (ECs). The gross household monthly income ceiling for purchasing an EC was raised this year, from S$12,000 in 2015 to S$16,000. According to property analysts, the median price of ECs fell 6 per cent between Q1 2015 and Q3 2016 to S$773 psf. 1,398 EC units were sold in Q3 2016, almost reaching a four-year high according to the Urban Redevelopment Authority (URA). 3,265 units were sold in the year-to-September, exceeding the 2,550 units sold in the whole of 2015. Mr Eugene Lim, Key Executive Officer at ERA Realty, said that increased interest can be attributed to ECs being priced significantly lower than private properties. Mr Lim expects EC prices to remain at current levels, with buyers cautious amid economic uncertainty.

New private home sales hit 15-month high in October

Photo credit: Forest Woods
1,252 new private homes were sold in October, almost double the 509 units sold in September. According to the Urban Redevelopment Authority (URA), the October sales are the highest recorded in a month since July 2015. Mr Eugene Lim, Key Executive Officer at ERA Realty Network, said the surge in transaction volume was largely influenced by newly launched Forest Woods and The Alps Residences, which were attractive to buyers due to their pricing and location. 1,467 private homes were launched in October 2016, compared to the 479 units in the previous month. Analysts expect the strong sales of private homes to continue into November with the launch of Queen's Peak and Parc Rivera. According to Cushman and Wakefield, 6,908 new private homes have been sold to date in 2016, and total transactions are expected to reach approximately 8,000 by the end of the year.
Industrial rents grew one per cent in Q3 2016

According to Colliers International, average monthly rents for industrial spaces in Singapore increased one per cent in Q3 2016 to S$4.20 psf, bucking the trend of declining rents. Colliers noted that the increase was largely influenced by new developments, completed in Q3 2016, being able to command higher rents. Although rents for industrial premises outside science and business parks continued to slide in Q3 2016, due to lacklustre demand, the decline was smaller compared to the previous quarter. Q3 2016 rents in independent high-specs buildings fell 0.3 per cent to S$3.23 psf and 1.4 per cent to S$2.87 psf for ground and upper-level spaces respectively, compared to Q2 2016. Rents in prime conventional industrial spaces fell 0.4 per cent to S$2.32 psf and 1.1 per cent to S$1.78 for ground and upper-level spaces respectively in Q3 2016 compared to the previous quarter.

Singapore to have its first high-rise multi-tenanted logistics facility
JTC Logistics Hub @ Gul is set to become the first high-rise multi-tenanted logistics facility in Singapore for housing container depots, warehouses and heavy vehicle parks. The 5.8ha integrated logistics hub, expected to improve efficiency and lower costs in the logistics sector, can hold up to 30 2,100 to 2,800 sqm warehouse units, as well as a maximum of four container depot units not exceeding 6,500 TEUs (Twenty Foot Equivalent Unit) per floor. JTC and the Container Depot Association have signed a memorandum of understanding to develop a traffic management and a warehouse booking system for the logistics hub to improve traffic and system flows. The integrated logistics hub is expected to be completed by 2019.

Global Property News
Empty-home tax to be imposed on Vancouver landlords in 2017

A new one per cent Empty Homes Tax will be levied on landlords of unoccupied and under-occupied homes in Vancouver, effective from 1 January 2017. The new tax, applicable on the assessed property value, addresses the acute shortage of rental homes in the city by pressuring absentee homeowners to lease their property. The aim is to increase the number of residential units for lease to approximately 3.5 per cent from 0.6 per cent currently. Landlords that are caught falsely declaring occupancy status will be fined C$10,000 a day, assuming the property is valued at C$1 million. Gregor Robertson, Vancouver's Mayor, estimates that over 10,800 homes in Vancouver are empty, and a further 10,000 units are under-occupied.

More incentives for renting Manhattan apartments

Landlords in Manhattan are feeling pressure to provide incentives for tenants to avoid their apartments sitting unleased. According to a report by real estate appraiser Miller Samuel Inc and real estate brokerage Douglas Elliman, 24 per cent of new rental agreements in October 2016 included sweeteners such as a waiver of a month's rent or absorption of brokerage fees. The report also found that the number of available apartments spiked 23 per cent in October 2016 to 7,132, compared to October 2015. According to Miller Samuel Inc and Douglas Elliman, the median rent for Manhattan apartments rose 0.3 per cent to US$3,400 in October 2016. However, medium rents fell one per cent when factoring in the value of the incentives offered by landlords.

London residential and commercial property values fall

According to property investment and development business Derwent London, property values in London have been sliding since Brexit, with demand for both residential and commercial properties hampered by market uncertainty and higher taxes. Home prices in the city fell for the fifth consecutive month in August, the worst streak of monthly price declines since 2009. Reduced lending from banks for site takeovers and construction, and almost 11,000 homes under construction yet to secure buyers, have also contributed to declining property values. According to LonRes, transactions of homes in London's best districts slid 39 per cent year-on-year in Q3 2016. Societe Generale estimates that home prices may slide as much as 30 per cent if Brexit is officially triggered. In July, office values fell to the lowest levels in seven years. DealX, a real estate researcher, expects over 1,900 companies to reconsider their existing office leases and Mike Prew, Analyst at Jefferies Group LLC, estimates that approximately 100,000 jobs could be relocated out of London when Britain officially begins its exit process from the EU, further weakening demand for offices.

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

Oakwood Studios Singapore Redefines the Serviced Apartment Experience with Curated Art Pieces and Quirky Design
SINGAPORE - Media OutReach - 23 November 2016 - With stylish apartments and quirky unexpected touches, Oakwood Studios Singapore redefines the serviced apartment experience. The first Oakwood-branded serviced apartment in Singapore will open its doors in mid-December 2016 with curated spaces for creators to work, live and connect in.

Oakwood Studios Singapore Redefines the Serviced Apartment Experience with Curated Art Pieces and Quirky Design
In its first-of-its-kind collaboration, Oakwood Studios Singapore will feature a bespoke curation of art photography by LUMAS Gallery. The Gallery, which is located along the Orchard shopping belt in Paragon near the serviced apartment, provided the direction on works from well-known photographers and artists such as Erwin Blumenfeld, Louise Dahl-Wolfe, Edward Kasper, Thierry Noir and Joe McDermott.
Art pieces will be refreshed at the lounge to ensure an element of "newness" and surprise to returning residents and can be purchased through an innovative service concept. Adding on to its creative and entrepreneurial spirit, the serviced apartment will also host art showcases within its intimate spaces.
The redefining of the serviced apartment experience at Oakwood Studios Singapore ranges from art to unexpected design elements and technology. All 98 apartments and common spaces are furnished with tech-enabled amenities, vibrant design elements, and snippets of fun. Guests can look forward to surprises at the brand new serviced apartment, however Oakwood remains tight-lipped for now.
For a limited time only, kick off your heels and kiss goodbye to the expected with a special opening rate of S$199+ per night. This introductory pricing is available for stays until 31 January 2017.

Click here for more information

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

Local Property News
More than 10,000 HDB flats launched in November sales exercise; four-room units in Kallang oversubscribed
The largest Housing Development Board (HDB) sales exercise for 2016 was launched in November, with 10,118 units available for purchase. The flats comprise of 5,110 Build-To-Order (BTO) units from nine projects in Punggol, Bedok, Bidadari (Toa Payoh) and Kallang Whampoa, and 5,008 units of Sale of Balance Flats (SBF). Prices of flats sold in this sales exercise range from S$80,000, for a two-room Flexi flat in Punggol, to S$503,000, for a five room flat in Bedok, excluding grants. There are approximately 7.9 applications received for every unit available for second-timers while the subscription rate for first-timers is 2.3. As of 23 November, 4.3 applications had been submitted for every four-room BTO unit in Kallang, with indicative prices of four-room BTO units in Kallang/Whampoa is between S$497,000 and S$584,000.

Private home sales surge in October 2016
According to DBS Research, year-on-year sales volume of private homes increased 128 per cent in October 2016. Launches of Forest Woods and The Alps Residences in October have driven this increase, selling 364 units and 334 units respectively, accounting for more than half of the total sales volume. DBS Research also showed that year-on-year sales of Executive Condominiums (ECs) rose five per cent in October 2016, while overall home sales increased 87 per cent during the same time period.

Singapore ranked as the top Asian city by expatriates
According to the InterNations Expat Insider 2016 report, Singapore ranked as the top Asian city for expatriates with nine in 10 expatriate respondents saying that they enjoyed living in the city. Globally Singapore ranks fifth, behind Houston, Madrid, and Duesseldorf. Singapore ranked eighth in the Quality of Life Index, the highest ranked Asian city, and ranked tenth in the Ease of Settling In Index, with Kuala Lumpur being the only other Asian city to rank higher at eighth place. 73 per cent of expatriates surveyed found it easy to familiarise themselves with the local culture in Singapore. 80 per cent of the respondents felt the city was 'very good' in the Safety & Security category compared to the global average of 38 per cent saying the same about their home cities.

UOL plan to launch Clementi Canopy in 2017, and Raintree Garden development in 2018
UOL Group aims to launch its 505-unit Clementi Canopy in Q1 2017, and a 750-unit condominium at the Raintree Gardens site in 2018. UOL Group recently acquired the Raintree Gardens site through a joint en bloc tender, with JV partner UIC Ltd. Current UOL projects are also enjoying robust sales, with Principal Garden, Botanique at Bartley, and Riverbank@Fernvale achieving 43 per cent, 96 per cent, and 78 per cent of commitment respectively.

Strong pre-commitment rates for new offices in Q3 2016
Pre-commitment rates of new office projects in 3Q 2016 surpassed expectations, according to the Office Snapshot Q3 2016 report by Cushman & Wakefield. The high pre-commitment rate was influenced by strong new rental contract signings by industries including banking and financial services, technology and professional services. Pre-commitment rates for Guoco Tower and Marina One in Q3 2016 was at 75 per cent and 35 per cent respectively. Cushman & Wakefield expects the decline in office rental prices to slow-down in 2017 due to new projects experiencing strong take up and significantly decreased supply pipeline of offices after Q1 2017.

Global Property News
Chinese developers contribute to oversupply of homes in JB
Project developments by Chinese developers have pushed down home prices in Johor Bahru (JB). Chinese developers are investing in JB as they recognise the possibility of JB being the next Shenzhen, the economic zone in China's Guangdong province. Garden Holdings, a Chinese developer, is building Forest City on four man-made islands in Southern Malaysia on an area three times the size of Singapore. The US$100 billion development can house 700,000 people, and consists of office towers, parks, hotels, shopping malls as well as an international school. Forest City is the largest of approximately 60 projects in Iskandar Malaysia, which will inject more than 500,000 new homes into the market cumulatively. According to Ms Alice Tan, Head of Consultancy and Research at Knight Frank, Chinese developers see the appeal of lower prices in JB as well as its close proximity to Singapore. However, it is still uncertain if Chinese developments in JB can be sold within the next five years, amid weak housing demand and more supply than demand.

Stronger labour market and low mortgage rates drive US October resale home sales to 9.5-year high
Resale of residential property in the US reached its highest numbers in more than 9.5 years in October. Confidence in the improving labour market and the low mortgage rates influenced increased property sales. According to Chris Rupkey, Chief Economist at MUFG Union Bank in New York, homebuyers displayed confidence in the economy and purchased property even when presidential election campaigns highlighted existing economic weaknesses. The National Association of Realtors (NAR) said existing home sales increased two per cent to an annual rate of 5.6 million units in October; the most since February 2007. According to the NAR, the higher sales were influenced by "unrealised pent-up demand". Year-on-year median house price increased six per cent to US$232,200 in October. However, existing home supply slipped 4.3 per cent year-on-year in the month; the 17th straight month of year-on-year decline. Overall prices are likely to continue rising.

Chinese investors more inclined to invest in US real estate after Trump's presidential election win
53 per cent of respondents have a higher inclination to purchase US property after Donald Trump's presidential election victory, according to a survey of 500 mainland Chinese citizens conducted by East-West Property Advisors. Merely 16 per cent of the respondents are less likely to purchase real estate in the US following the election result. The survey suggests that respondents trust Mr Trump as a businessman, and as someone who is likely to improve the US economy and property market.

Prospects of property in Liverpool set to improve as the city undergoes regeneration
According to property investment company One Touch Property, interest in Liverpool property is growing in part due to increased focus on regeneration and home building. Liverpool has recently regenerated residential buildings, and more projects of such nature are in the pipeline. Arran Kerkvliet, Investment Director at One Touch Property, noted that Liverpool has historically been a cheaper alternative compared to Manchester. However, with regeneration projects being completed, and more such projects in progress, prospects for Liverpool are set to improve. Kerkvliet added that Liverpool ranks among the top UK cities to consider if the objective of an investor is to secure a property with good rental yields and capital gain.

Lenders reduce financing for British homebuilders as market uncertainty forces greater caution
Lenders in the UK have reduced financing for homebuilders since the Brexit vote. Peter Macallan, Head of Structured Development Finance at Knight Frank, said that lenders are exercising more caution and are taking longer to assess deals. Lending for housebuilders has also been reduced by five to 10 per cent of the project cost. As a result, developers have to inject more cash equity into deals, providing lenders with greater assurance in an uncertain, post-Brexit market. Knight Frank's Residential Development Finance Report 2016/17, which surveyed 50 major operators in the homebuilding industry, reported that more than 25 per cent of respondents expect loan-to-value on development projects to drop. Builders might have to give bigger discounts to attract landlords and foreign buyers, who are limiting their purchases due to the market uncertainty as well as the higher taxes levied for buy-to-let and second home investors.

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