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StreetSine | Singapore Property Real Estate Information
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Oct 23, 2010
StreetSine is a Singaporean company that provides residential property information and advanced software tools to professional property agents and investors. Use our information and tools to price homes to buy, sell, or rent. The company is dedicated to innovation.
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Singapore Property amp; Related News
raquo; Q3 numbers hint at cooling of property fever
Business Times: Sat, Oct 23
(Singapore) PRIVATE home prices in Singapore rose just 2.9 per cent in the third quarter - slightly lower than the previous estimate of 3.1 per cent in early October - as the impact of new cooling measures were felt. Private home prices climbed 5.....
(Singapore) PRIVATE home prices in Singapore rose just 2.9 per cent in the third quarter - slightly lower than the previous estimate of 3.1 per cent in early October - as the impact of new cooling measures were felt. Private home prices climbed 5.3 per cent in Q2.p The number of new homes sold by developers also fell in Q3, together with the number of resale and sub-sale transactions, data released by the the Urban Redevelopment Authority (URA) yesterday showed. The slowdown was also noticeable in the public housing market. The number of the Housing Development Board (HDB) resale transactions fell by about 10 per cent quarter-on-quarter, from 9,114 cases in Q2 this year to 8,205 cases in Q3. This was largely due to the 25 per cent drop in monthly resale volume from August to September - after the cooling measures were introduced on Aug 30. HDB resale prices, however, continued to grow at a steady clip. HDB's resale price index rose by 4 per cent in Q3 - slightly lower than the 4.1 per cent recorded in the second quarter but still higher than the 2.8 per cent growth seen in Q1 this year. HDB resale prices kept climbing as cash-over-valuation (COV) levels continued to inch upwards. PropNex chief executive Mohamed Ismail pointed out that while the overall median COV remained at $30,000 in Q3, a closer examination of the figures revealed that median COVs for individual flat types rose by about $2,000 to $3,000 across three-room, four-room, five-room and executive flats in Q3 as compared to Q2. However, Mr Ismail cautioned that market watchers should not conclude that the government's cooling measures had not worked as HDB's Q3 data is largely based on July and August figures. Echoed Eugene Lim, associate director of ERA Asia-Pacific: 'HDB's resale price index show that resale prices continued increase by 4 per cent in Q3 because most of the transactions were submitted before the Aug 30 announcement of property measures. As such, the impact of these measures on resale prices would probably be reflected in the Q4 numbers.' But in the private housing market, the slowdown was already apparent in the Q3 data. The 2.9 per cent gain in private home prices in Q3 is much slower than the gains of 5.3 per cent in Q2 and 5.6 per cent in Q1 this year. URA's data showed that prices rose more slowly across all regions of Singapore. Non-landed home prices in Core Central Region (which includes the prime districts, Marina Bay and Sentosa Cove) climbed 1.6 per cent in Q3, lower than the 5.4 per cent per cent growth in Q2. Likewise, the price index for Rest of Central Region rose by 2.3 per cent in Q3, down from 4.6 per cent in Q2. And in the Outside Central Region (where suburban condos are located), prices climbed 2.2 per cent in Q3 after increasing 5.7 per cent in Q2. In addition to the slowing price growth, the number of property transactions also dipped. Developers sold 3,638 new homes in Q3 this year, down from 4,033 in Q2 and 4,380 in Q1. The momentum of sales in the secondary market also slowed down in tandem with the primary market. A total of 4,172 resale transactions were registered in Q3, 20 per cent lower than the 5,233 transactions in the previous quarter. Sub-sales numbered 703, also 20 per cent lower than the 880 deals done in the second quarter. CBRE Research executive director Li Hiaw Ho noted that the 703 sub-sales represent 8.3 per cent of the total sales volume in the third quarter of this year. 'This is the third consecutive quarter where sub-sales made up less than 10 per cent of total sales, showing that the government measures have effectively capped speculative activity to a more acceptable level,' Mr Li said. Rents of private residential properties rose 3.6 per cent in the third quarter, lower than the 5.9 per cent increase in the April-June period. But Ong Teck Hui, Credo Real Estate's executive director of research and consultancy, noted that one sector of the private residential market - landed homes - was still buoyant. While the rate of price increase for non-landed homes slowed from 5 per cent in Q2 this year to 1.6 per cent in Q3, landed home price growth rose from 6.2 per cent in Q2 to 7.7 per cent in Q3. 'The trend of landed prices increasing more rapidly is due to strong demand for landed homes while supply remains limited,' Mr Ong said. 'Buyers of landed homes also have higher affordability and are therefore better able to cope with price increases.' Looking ahead, analysts expect sentiment in the private residential property market to remain subdued over the last three months of the year as the latest round of cooling measures continue their work. Developers' sales of new units are expected to fall further to just 1,500-3,000 units in Q4 while the island-wide residential price index is forecast to increase by at most 2 per cent in the final quarter of the year. And in the HDB market, the number of resale transactions is expected to dip by another 20 per cent in Q4 from Q3, analysts said. They also expect HDB resale price growth of just 0-2 per cent over the fourth quarter. In fact, resale prices may even adjust downwards by 5-8 per cent over the next six months, said ERA's Mr Lim. Source: Business Times 漏 Singapore Press Holdings Ltd. Reprinted with permission.
raquo; Fewer HDB resale flats change hands
Straits Times: Sat, Oct 23
THE recent measures to cool the HDB resale market have led to fewer flats being bought and sold, but they have yet to make a discernible impact on prices. According to official figures released by the Housing Board (HDB) yesterday, resale flat prices....
THE recent measures to cool the HDB resale market have led to fewer flats being bought and sold, but they have yet to make a discernible impact on prices. According to official figures released by the Housing Board (HDB) yesterday, resale flat prices rose 4 per cent in the third quarter of this year to hit yet another record. This is the ninth straight quarter of rising prices. Prices had risen 4.1 per cent in the second quarter compared to the first. The median cash-over-valuation (COV), which is the cash premium buyers pay above the flat's valuation, was also unchanged at $30,000. In fact, median COVs for four-room, five-room and executive flats actually rose, to $32,000, $35,000 and $40,000 in the third quarter from $30,000, $33,000 and $36,300 in the previous quarter respectively. COVs are one measure of how hot the demand is for resale HDB flats. Yesterday's data therefore shows that the new measures introduced on Aug 30 to tighten home financing and restrict ownership of public housing are not yet officially translating to lower resale flat prices. The measures have, however, curbed flat sales. Resale HDB transactions fell by 10 per cent to 8,205 deals in the third quarter from 9,114 in the second quarter, largely due to a 25 per cent dip in deals last month compared to August. Commenting on the numbers, the HDB said the full impact of the cooling measures will be captured only in the fourth quarter data as the majority of the deals done in the third quarter were submitted to HDB before the new rules. Some property analysts had other explanations for the lag in effect. They said that prices are not falling yet because many sellers have simply taken their flats off the market in response to souring sentiment, instead of accepting lower prices. Mr Colin Tan, head of research and consultancy at property firm Chesterton Suntec International, noted that while demand-side measures seem to have had an impact, prices could be sticky downwards as supply is limited. 'Some owners are holding on to their HDB flats, and the fresh supply of flats coming onto the market at the end of the five-year minimum occupation period is not enough,' he said. Still, C H Properties division director Nelson Tan, an HDB specialist, said prices will not hold for long. 'The reason is prices now are still supported by higher flat valuations, which are based on the recent housing boom, but this will eventually come down as prices soften,' he said. Indeed, property agencies such as PropNex and ERA Asia Pacific which have captured more up-to-date transactions said prices are starting to show a dip of 3 per cent to 5 per cent. PropNex chief executive Mohamed Ismail said that the firm's data for this month showed median COV levels slipping to about $25,000, $30,000 and $35,000 for four-room, five-room and executive flats respectively. Both PropNex and ERA data show that the median COV has dropped from $30,000 to $25,000. Mr Ismail expects resale deals to dip a further 20 per cent in the fourth quarter, with COV levels stabilising at $22,000. Associate director Eugene Lim said that ERA's resale volume has dipped about 25 per cent to 30 per cent since the measures were introduced and sees resale prices adjusting downwards by 5 per cent to 8 per cent over the next six months. One home buyer, Ms Angelyn Ho, 26, said that she and her fiance were waiting on the sidelines for prices to stabilise further. 'We are hoping resale flat prices will come down by about 10 per cent before we buy a flat near our parents in Bukit Panjang,' she said. Turning to the supply of new flats, HDB said yesterday it will be launching 1,320 flats under its build-to-order scheme in Bukit Panjang and Sengkang on Tuesday. A further 2,200 new flats will be launched in Yishun and Punggol next month and in December. firstname.lastname@example.org Source: The Straits Times 漏 Singapore Press Holdings Ltd. Reprinted with permission.
raquo; Prices rising faster than for condos
Straits Times: Sat, Oct 23
RECENT price gains of relatively scarce landed homes have far outstripped rises for non-landed homes such as condominiums, leading to talk of an increasingly segmented market.Overall, private home prices rose 2.9 per cent in the three months to Sept ....
RECENT price gains of relatively scarce landed homes have far outstripped rises for non-landed homes such as condominiums, leading to talk of an increasingly segmented market.Overall, private home prices rose 2.9 per cent in the three months to Sept 30 - below the preliminary estimate of 3.1 per cent, according to the Urban Redevelopment Authority's third quarter price index released yesterday.But the market was buoyed by landed home prices, which surged 7.7 per cent in the third quarter - up from 6.2 per cent in the previous quarter.Prices of non-landed homes, in contrast, inched up only 1.6 per cent as the market slowed, owing to the impact of the Government's property cooling measures introduced on Aug 30.Detached homes, in particular, have led the pack with a strong 8.4 per cent price jump. They are now up 27 per cent in the first nine months of the year.Prices of terrace and semi-detached homes also rose 7.2 per cent and 7.5 per cent respectively from the previous quarter, surging 22 per cent and 23 per cent since the start of the year. This compares with a 12 per cent price gain in the same period for non-landed homes.Experts say that landed homes have performed strongly owing to their limited supply and the robust economic growth that has led to rising income levels. The segment is also relatively insulated from the new property rules which target speculators. Landed homes tend to attract less speculation given the higher prices of such homes, analysts say. Mr Colin Tan, head of research and consultancy at property firm Chesterton Suntec International, said that home buyers are now looking towards landed property as they are less risky and are more likely to rise in value.'The market is so much smaller for landed homes, unlike for condos where there is a lot of supply,' he added.Mr Steven Tan, executive director of residential at the OrangeTee agency, said that unlike condos, where the Government can release more land to cater to growing demand, the supply of landed homes is relatively limited.'The new rules might affect buying sentiment but if the economy grows, more businesses make profits and incomes will rise, resulting in an increasing demand for such homes.' However, he expects a slight moderation in landed home price rises to about 2 per cent in the fourth quarter. Cushman Wakefield's senior manager of Asia-Pacific research Ong Kah Seng predicts an average 3 per cent gain till the second quarter of next year.Mr Ong said: 'In addition to locals, foreigners - mainly PRs who are granted permission to buy landed homes - are also looking at landed homes where possible.' DBS economist Irvin Seah said that the landed homes segment was more stable as it is usually made up of wealthier buyers who are less affected by the new rules such as tighter financing measures.Fewer private homes were sold in the third quarter - 8,513 units, from 9,873 the quarter before - a 14 per cent slide.Propnex chief executive Mohamed Ismail said: 'The reason is that buyers of private properties are now being more price-conscious across all markets.'He added that private property sales last month saw only 39 transactions above the $2,000 per sq ft median price mark, the lowest for the year so far. Source: The Straits Times 漏 Singapore Press Holdings Ltd. Reprinted with permission.
raquo; Q3 sees spike in office and industrial rent prices
Business Times: Sat, Oct 23
OFFICE rents in Singapore grew at a faster clip in the third quarter despite an increase in vacancy and a reduction in the take-up rate. Overall office rental growth outpaced the other sectors, climbing 6 per cent in Q3 2010 - the highest quarterly....
OFFICE rents in Singapore grew at a faster clip in the third quarter despite an increase in vacancy and a reduction in the take-up rate. Overall office rental growth outpaced the other sectors, climbing 6 per cent in Q3 2010 - the highest quarterly growth in the last two years. In comparison, office rents grew 1.1 per cent and 0.4 per cent in Q2 and Q1 respectively, according to the Urban Redevelopment Authority (URA). The increase came even as the island-wide vacancy rate jumped from 12.3 per cent in Q2 to 13 per cent at the end of Q3. CB Richard Ellis (CBRE) also noted that office take-up totalled 258,336 sq ft in Q3 2010, much lower than 398,268 sq ft in the previous quarter However, office rents grew despite all the mitigating factors as businesses expanded once again. 'The growth can be attributed to robust demand by occupiers fuelled by soaring business confidence, and is a strong indication that the office market is on track to a stirring recovery,' said Tay Huey Ying, Colliers International's director of research and advisory. Cushman Wakefield's senior manager for research similarly noted that companies are 'enthusiastic in expansion plans, particularly as this is still the early to mid-stage of a confirmed economic recovery and overall business costs are attractive'. The strong recovery in office rents also boosted investors' confidence in the office market. In particular, opportunistic funds are returning to Singapore to capitalise on the early stages of the economic recovery, analysts said. As a result, capital values of office space continued to strengthen, with URA's office price index climbing 6.2 per cent in Q3 2010, the third consecutive quarter of accelerated growth. URA's office price index rose 4.6 per cent in the second quarter of the year. Demand for office space is expected to remain on a growth trajectory, with financial institutions once again accounting for the bulk of space enquiries and expansions. 'With rental values on the rebound, occupiers are anxious to lock in rents for prime office space and will continue to spur rental increase,' said DTZ's head of South-east Asia research Chua Chor Hoon. The industrial sector also saw climbs in rents and capital values. Rentals of multiple-user factory space rose by 5.3 per cent in the third quarter, up from the increase of 1.7 per cent in the previous quarter. Prices of multiple-user factory space increased by 8.8 per cent in Q3, up from 5.4 per cent in Q2. Colliers' Ms Tay noted that sales activity in the industrial sector was bolstered due to the growing diversion of residential investors to this sector. 'The availability of affordable industrial strata properties priced below $1 million - due mainly to their relatively shorter leases of 30 to 60 years, in addition to small unit sizes, has drawn to this sector investors preferring a smaller investment outlay,' she said. Source: Business Times 漏 Singapore Press Holdings Ltd. Reprinted with permission.
raquo; Demand up for commercial space
Straits Times: Sat, Oct 23
BUSINESSES are growing on the back of the economic recovery and driving up rents for office and industrial space in the process. The rent rises came despite an increase in the vacancy rate and reduced take-up, and point to firms securing suitable sit....
BUSINESSES are growing on the back of the economic recovery and driving up rents for office and industrial space in the process. The rent rises came despite an increase in the vacancy rate and reduced take-up, and point to firms securing suitable sites at what are still attractive prices. Overall rentals increased by 6 per cent in the third quarter, compared with a 1.1 per cent rise in the second and a 0.4 per cent lift in the first three months of the year, according to the Urban Redevelopment Authority (URA) data yesterday. The median Category 1 office rent was $8.45 per square foot (psf) a month for the three months to Sept 30, up on the $8.26 level for the previous quarter. Category 2 offices - which make up 80 per cent of all office space - commanded $5.05 psf a month, up from $4.76 in the second quarter. Rentals of multiple-user factory space increased 5.3 per cent in the third quarter compared with 1.7 per cent in the previous three months. While office rents are up, they are still about 50 per cent lower than the peak in the second quarter of 2008, said Cushman and Wakefield's senior manager of Asia-Pac research, Mr Ong Kah Seng. He added that companies are enthusiastic about expansion, particularly as the economy is still in the early to mid stage of recovery and overall business costs are reasonably low. 'Opportunistic funds are returning to Singapore as the early economic recovery provides a handful of assets with turnaround or growth potential. In response to the rise in leasing interest, landlords may raise asking rents,' said Mr Ong. He expects prime office rents to rise by about 5 per cent a quarter over the next nine months driven by corporate expansion. Savills Singapore's director of commercial leasing, Ms Agnes Tay, said the rent recovery is evident across all the micro-markets, with City Hall/ Marina and Tanjong Pagar showing the biggest increases. 'Flight to quality and new expansion continued to prevail in the leasing market,' she said. But she pointed out that some older buildings might have found it difficult to secure replacement tenants when exisitng ones migrated to new spaces. This could have resulted in the vacancy rate of office space increasing from 12.3 per cent in the second quarter to 13 per cent in the third, Ms Tay added. CB Richard Ellis said lease commitments in new buildings like the Marina Bay Financial Centre contributed to a remarkable Grade A take-up of 1.2 million sq ft in the third quarter. This exceeded the aggregate of 209,285 sq ft in the first half of the year. 'Consequently, Grade A vacancy rates more than halved to 2.8 per cent in the third quarter from 6.4 per cent in the second. Given this momentum, it is not surprising that office rents continue to strengthen,' it said. Experts say the race for prime office space will continue over the next two years, underpinned by continued economic recovery and the lure of Singapore as a prime place to do business. Mr Ong said the recovery in the industrial property sector looks set to continue over the next nine months supported by the economic rebound. 'Although Singapore's economic growth is expected to slow to 5 per cent next year, this is considered healthy, underpinned by the twin engines of growth - services and manufacturing.' Ms Tay added that about 98 per cent of the office space completed in the Central Business District this year has been taken up, while the pre-commitment level of the district's supply next year is above 40 per cent. The URA said more supply of office space will come from government land sale sites such as the multi-purpose plot at Jurong Gateway and the commercial land at Buona Vista. CapitaCommercial Trust said in its third-quarter financial statement that demand for office space is very healthy. It had signed and renewed about 560,000 sq ft of leases for the first nine months of the year. email@example.com Source: The Straits Times 漏 Singapore Press Holdings Ltd. Reprinted with permission.
raquo; StreetSine Home Report Wins Singapore Tech AwardNew!
06 Oct 2010
6 October 2010. StreetSine Pte Ltd is pleased to announce that the company and Home Report trade; were selected Winner of the Singapore Infocomm Technology Federation (SiTF) 2010 Awards for the
Start-up Category. SiTF uses this competition to recognize excellence in information communication technology in Singapore.
Please click on the News Release for more details.
raquo; Launch of StreetSine's new Homepage
20 Aug 2010
20 Aug 2010. StreetSine Pte Ltd is pleased to announce the launch of its new homepage. The new look is designed to keep pace with the growing needs of the company and its clients. In the launch of the new homepage, StreetSine has added two new features: A quick-reference, running tally of officially lodged sales;News feed from Singapore Press HoldingsPlease click on the News Release for more details.
raquo; Launch of StreetSine's iPad Application
12 Aug 2010
StreetSine Pte Ltd, a leading provider of property information and analytics in Singapore, is pleased to
announce the launch of its iPad application for Home Report trade; subscribers.
The StreetSine iPad app is the company's latest innovation to bring clients property pricing information any time, any place. In addition to the iPad application, StreetSine provides pricing and amenities information for private and HDB residences on iPhone and laptops.
Click Here to learn more or download the app.
raquo; New Added Features in Home Report trade;
15 Jul 2010
15 July 2010. StreetSine Pte Ltd, a leading provider of property information and
analytics, is pleased to announce four new features that are now available in Home Report trade;.
These new features are in response to feedback from our clients.
1. New Amenities. This new feature expands the types of amenities displayed in the Project
Information section of Home Report trade; via customization. Benefits include:
Additional categories like eateries, shopping centers, community clubs, and more;
Additional school categories like kindergartens and private schools;
Available to Professional and Investor Class subscribers.
2. Bank Indicative Value.
This tool is found in the pricing to buy or sell section of Home Report trade;.
It provides subscribers with the ability to enter, via customization, Fair Market Value (FMV) prices
from banks and then displays the information in Home Report trade;.
Allows subscribers to enter FMV from up to 10 banks;
Provides another point of reference when pricing a home in addition to comparative market analysis;
Available to Professional and Investor Class subscribers.
3. Average Annual Capital Gains. This section provides
Investor Class subscribers with the ability to see, instantaneously, the average annual capital gains for properties that were bought and sold within the last three and five year periods. Benefits include:
Applies to the subject unit and its comparables;
Allows investors to look at both the short term and the long term when evaluating past gains;
Available to Investor Class subscribers.
4. Return on Equity (ROE) calculator. This new feature is found within the Investment section of Home Report trade;.
The tool allows Investment Class subscribers to input their own sale and rental price in order to calculate possible rental yields and ROE. Benefits include:
Allows investors to plug and play with different sale and rental prices;
Offers possible gross rental yield, net rental yield, and ROE;
Available to Investor Class subscribers.
raquo; New Upgrades to Home Report trade; and StreetSine iPhone Application
02 Jul 2010
2 July 2010. StreetSine Pte Ltd is pleased to announce new upgrades to Home Report trade;and StreetSine mobile, our iPhone application. StreetSine Mobile now includes pricing
and listing information for HDB.
StreetSine analytics team has added the following features to Home Report trade;:
In addition to street maps, the report displays cadastral maps, which clearly depict the boundaries of properties around Singapore;
Bus numbers that serve each neighborhood;
More comprehensive qualitative information on projects.
Please click on the News Release for more details.
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