Singapore Property Weekly Issue 33

8/3/2019 Singapore Property Weekly Issue 33

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Issue 33

Copyright 2011-2012 www.Propwise.sg. All Rights Reserved.


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CONTENTSp2 Singapore Property News This Weekp9 Understanding Singapore

REITS REIT Categories

p17 Resale Property Transactions

(December 17 December 23)

p19 Singapore Property Classifieds #22

Welcome tothe 33th edition

ofthe Singapore Property

Weekly.

Hope you like it!

Mr. Propwise

FROM THE

EDITOR


3/20

SINGAPORE PROPERTY WEEKLY Issue 33

Singapore Property This Week

Page | 2Back to Contents

Residential

Resales and private home prices expected

to fall this year

2011 Q4s estimates did not bode well for

2012s private homes and resale flats prices. According to URAs private residential

property price index, there was only a 0.2%

increase from Q3 to Q4 2011, much lower

than the 1.3 % increase from Q2 to Q3.

With the uncertain economy and the newly

implemented cooling measures, prices areexpected to fall but how much they will fall is

the question. Developers have to lower the

prices but need to adjust it to the right level so

that buyers will be attracted without expecting

too much.

With the ABSD, the private residential

property price index for 2012 is expected to

fall by 10-15%, with the luxury sector suffering

the worst since most buyers in this sector are

foreigners who have to pay the 10% ABSD.Overall demand may also fall by 15-20%,

leading to a 10-15% fall in prices of homes in

the luxury sector and a 5-10% fall for mass-

market condos.

While the price index for non-landed homes in

Outside Central Region was the highest

relative to other sectors, the 0.6% increase

from Q3 to Q 4 was much smaller than the

earlier increase of 2.1%.


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Prices had earlier rose quickly as there was

high demand from investors and HDB

upgraders. The price index for non-landedhomes in CCR has also increase by 0.5%

from Q3 to Q4, slight lower than the earlier

0.7%. Likewise, the rise in HDB resale flat

prices was also smaller in Q4, 1.7%

compared to the earlier increase of 3.8%.

The demand of HDB resale has fallen with theincrease in supply of Build-To-Order (BTO)

flats and the increase in income ceiling for

buyers, leading more buyers to turn to BTO

flats instead. Since the cash over valuations

had stabilised in Q4 2011, it may fall by 5-8%

should there be a recession in 2012. The fallmay be worse if a higher percentage of BTO

flats are allocated to second-time buyers,

since it will draw even more buyers away from

purchasing HDB resales. However, if there is

no recession, the prices may still rise by 3-

5%.

Abundant projects launched before

Chinese New Year

The period before Chinese New Year, usually

a slow period for project launches finds itself

overwhelmed this year with several launches.

Projects launched include Qingjian Groups99-year leasehold condominium Riversound

Residence, City Developments Ltd (CDL)s

economic condominium (EC) The Rainforest

and Low Keng Huat (LKH)s Design, Build and

Sell Scheme project Parkland Residences.

This may be due to the recent introduction of

the ABSD and the governments statement

that measures will be introduced to stabilise

the property market.


5/20



Developers may be launching their projects

earlier for fear of new cooling measures and

potential financial loss. It may also be to test

the reactions of buyers to the cooling

measures by offering projects with attractive

prices and amenities.

For example, the 680-unit Parkland

Residences located near Upper Serangoon

Road has four 18-storey towers which house

721 sq ft three-room flats, 990 sq ft four-room

flats, 1,173 sq ft five-room flats and 1,206 sq

ft five-room premium flats consisting of four

bedrooms with price ranges of $359,000 to

$404,000, $485,000 to $571,000, $606,000 to

$676,000 and $608,000 to $706,000

respectively. While affordably priced, it may

not be enough to sway buyers deciding

between flats, DBSS flats or ECs. The e-

applications for Parkland Residences will end

on Jan 10.

466-unit The Rainforest located near ChoaChu Kang Avenue 3 is offering 818 to 1,033

sq ft two-bedroom plus study units, 947 sq ft

three-bedroom unit and 1,238 sq ft four-

bedroom units at prices from around

$601,000, $688,000 and $896,000

respectively; prices attractive to upgraders. It

also offers penthouses with sizes ranging

from 1,819 to 2,174 sq ft. Applications are

open till Jan 9 with bookings on Jan 11.

590-unit Riversound Residence located at

Sengkang East Avenue consists of six 18-

storey blocks housing 452 sq ft one-bedroomunits; 1,184 sq ft three-bedroom dual-key

units and 2,508 to 2,734 sq ft four-bedroom

penthouse units at an average price of $850

psf before early-bird discounts.


6/20



Buyers reaction to ABSD: return units to

developers

Some buyers of projects launched in

November and early December have returned

the units to the developers, likely a result of

the ABSD. These buyers would have to give

up 1.25% of the units price but may be willing

to do so if they foresee a steep decline of

private home prices.

4% of buyers at CapitaLand's Bedok

Residences and The Palette condo at Pasir

Ris chose not to exercise their options. 12%

of the buyers at Archipelago condo have also

returned their units to the developer. The

higher percentage of units being returned forthe Archipelago may be due to the relative

longer period of time for buyers to exercise

their options, having been launched later than

the former two projects.

49% of EC resale transactions made by

foreigners

In the first 11 months of 2011, foreigners

including PRs bought a total of 383 resale

ECs or 49% of the 775 resale transactions.

There were 108 transactions made by non-PR

foreigners, most of whom were PRC and

Indian nationals with 70 and 19 transactions

respectively. This is likely due to EC resaleprices being a good 13% lower than that of

private resale homes located in the same

region.

Developers have also sold 2,058 EC units,

breaking both new sales and total

transactions record. The record sales werelikely due to the high prices of condominium

units, leading buyers to turn to ECs instead,

since ECs are more affordable with their

prices 20-25% lower than those of


7/20



99-year-leasehold condos located in the same

region. Furthermore, ECs are more attractive

since they are larger in size (900 to 1,300 sqft) and hence more family-friendly.

With the raising of the income ceiling of ECs

to $12,000, demand for ECs is likely to

continue increasing. However, some buyers

may choose to buy private housing instead,

anticipating a price fall with the introduction ofcooling measures in the private sector,

upcoming influx of supply and the uncertain

economy.

Commercial

Rents in malls to remain stable in Q1 2012,

but may fall later

After two years of boom from strong economic

growth, rental rates in the malls may either

remain stagnant or fall in 2012. An economic

slowdown in 2012 is expected, with

businesses dealing with the necessities

holding more strongly than businesses sellingluxurious items. Suburban rents have

increased in Q3 2011 by 2.9% to $29.75 psf

per month but rents in prime downtown

locations like Orchard had remained

stagnated at $31.60 psf per month in Q4

2011.

Consultants generally agree that rents may be

stable in Q1 2012, but may fall later as

consumers spend less and retail suffers,

stagnating rental growth. There could be a

10% adjustment in rents, but more popular

malls and prime retail space may not beaffected as much. While rents in prime retail

areas tend to increase more when the

economy is good, they also suffer greater fall

during economic downturns,


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unlike suburban malls which are more

resistant as there are less competition.

There is also an upcoming supply of 756,000

sq ft worth of retail space, 38% of which are

from suburban malls. This increase in supply,

added to the tenants unwillingness to accept

rent hikes, will likely hamper the growth of

rental rates.

EOI exercise held for six adjacent Little

India shophouses

An expression-of-interest exercise is being

held for six conjoined three-storey

shophouses located Syed Alwi Road in Little

India. The total floor area on the threeadjacent freehold plots with a total area of

8,138 sq ft came up to 18,500 sq ft and has

an indicative price of $24-25 million, or about

$1,297 psf. It will likely attract investors

looking to invest in alternative sectors after

the cooling measures in the residential

sectors, as well as hoteliers looking to turn

these shophouses into a backpackers' hostelor boutique hotel. These shophouses built in

1950s currently serves two purposes retail

of hardware and bicycles on the first level,

and homes on the remaining two levels. The

exercise will close at 3pm on Jan 19.

Investors may not turn to industrial sector

as a result ofABSD

There have been fears that the cooling

measures introduced in the residential sector

would result in investors turning their attention

to the industrial sector. However, this may not

necessarily happen, judging by reactions to

past cooling measures. For example, an

earlier increase in the SSD rate resulted in a

31% increase of sales in the industrial sector

but the increase in proportion of companies


9/20



buying at 34% far exceeds the increase in

proportion of Singaporeans buying at 21%.

Even after the introduction of several cooling

measures over the past years, 70% of

industrial strata units transacted were

purchased by companies, with the remaining

25% and 5% by Singaporeans and foreigners

respectively.

Even when the number of Singaporeans

purchasing such units has increased, the

proportion has decreased from 35% in Q2

2009 to 21.8% in Q3 2011. This is likely due

to the higher risk involved with the shorter

tenure, and their lack of understanding of the

sector and the restriction on using CPF forindustrial property. Furthermore, they have to

pay GST and interest rates for industrial

properties are also much higher.

Freehold ELDIX, an industrial

development, launched by EL

Development

EL Development has launched ELDIX, a

freehold industrial development located at No

11 Mandai Estate. The 169-unit development

zoned Business 1 consists of units with worth

of space, and most comes with a 6m ceiling

height. Units in the 169-unit development

range from 1,388 sq ft to 1,862 sq ft in size,

most having a 6m ceiling height and a 10

kilonewton per sqm floor loading provision

and those on the first to 11th floors are

accessible by vehicles with the help of a 20-

foot ramp. The price of $470 psf is less than20% higher than leasehold prices, considered

reasonable since freehold strata-titled

industrial developments are uncommon.


10/20



Understanding Singapore REITS REIT Categories

By Calvin Yeo (reproduced with permission

from his blog

www.investinpassiveincome.com)

Before we begin, lets start with the definition

of REITs. RE

ITs are corporate entities which

invest primarily in real estate and have

various tax benefits. To qualify for the tax

benefits, a REIT is required to distribute at

least 90% of their taxable income to unit

holders. This rule is very important as since

most of the profits are paid out as dividends,

REITs do not retain much of the profits for

debt redemptions, asset enhancement

initiatives (AEIs) or acquisitions.


11/20



The first thing to understand about Singapore

REITs (SREITs) is that they invest in different

types of properties. The classes of propertiesinclude office, retail, office/retail hybrids,

industrial, healthcare, hospitality and

residential. Each class is very different from

one another, and have varying rental yields,

defensiveness of rentals, prospects for rental

increases, Weighted Average Lease Expiry(WALE) periods, leverage ratios and so on.

Healthcare REITS Very High

Defensiveness / Medium Dividend Yields /

Very Long WALE

Examples: Parkway Life REIT, First REIT

Healthcare REITs are the most defensive

REITs on the Singapore Stock Exchange.

However, there are only 2 healthcare REITs

listed currently: Parkway and First.

Healthcare REITs have extremely long leases

with hospitals, ranging from 10-20 yearleases. These leases may also have

guaranteed rental increases built in, hence

the upside for these REITs are also

guaranteed regardless of the economic

environment.

Healthcare is a basic necessity which cannot

be foregone no matter how bad the economy

is as people still need to go to hospitals and

see doctors. First REIT focuses on

Indonesian hospitals; however, the rentals are

denominated in Singapore Dollars, so there is

little foreign exchange risk. Healthcare REITs

should be a part of everybodys stock

portfolio.


12/20



Industrial REITS (General Industrials /

Warehousing) Medium Defensiveness /

High Dividend Yields / Long WALE

Examples: Ascendas REITs, Cache Logistics

Trust, Cambridge Industrial Trust, Mapletree

Logistics Trust, Mapletree Industrial Trust,

Sabana REIT.

Industrial REITs are a good balance of

defensiveness and high dividend yields of

between 6%-10%. Industrial REITs can be

loosely categorized into 2 types: general

industrial properties and warehousing

properties. REITs like Cambridge Industrial

Trust, Mapletree Industrial Trust are more

focused on general industrial properties,

which are mostly used for manufacturing

purposes. REITs like Cache, Mapletree

Logistics Trust are focused on warehousing

properties which typically serve logistics

purposes.

The difference between the two usually lies in

the WALE. Warehousing trusts typically have

longer WALEs of 5 years or longer, while

general industrial REITs may have WALEs of

3-4 years. Warehousing trusts are therefore

usually more resilient, but the tradeoff is

rentals are locked in for longer periods, and

hence they may not be able to takeadvantage of a rising rental environment.

Retail REITS High Defensiveness /

Medium Dividend Yields / Medium WALE

Examples: CapitaMall Trust, Fraser

Centerpoint Trust, LippoMall (Indonesia Only)

Retail REITs are very defensive, in particular

the REITs which are purely suburban mall

plays such as Fraser Centerpoint Trust. Even

in a downturn, shoppers still need to go


13/20



shopping and buy their daily necessities, eat

and watch movies etc.

Typical dividend yields for retail REITs stand

at about 5%-7%. What you give up in yields,

you get in terms of resilience of rentals and

hence stable distributions. For investors who

are highly risk-averse, retail REITs are one of

the top choices. In fact, even during the

2008/2009 period, retail rentals did not reallydrop and occupancy rate remained high for

most of the shopping malls.

It is also quite easy to determine the

performance of the properties under the

REITs, you just go shopping in them! Theres

nothing better than a physical site inspection

to ensure the malls are well run, have brisk

business for tenants, crowd traffic is good and

so on. Retail REITs also tend to benefit a lot

from asset enhancement initiatives (AEI) as

seen from the recent asset enhancements at

Causway Point to update the mall and make it

more attractive, bringing more visitors andraising the rentals as well.

Office REITS Low-Medium

Defensiveness / Medium-High Dividend

Yields / Medium WALE

Examples: Frasers Commercial Trust,

CapitaCommercialTrust, Keppel REIT

Office REITs are generally one of the least

defensive REITs you can invest in. Office

assets typically suffer from oversupply in

Singapore. Suitable office locations are

mushrooming all around Singapore and manycompanies these days may not see the need

to be located in the city.

Even Grade A offices may lose substantial

tenants as many companies choose to cut


14/20



costs when the rental gets too expensive in

the city center. Another factor to consider is

that many of the tenants in the city areEuropean/American financial companies

which are bearing the brunt of this 2008-2011

financial crisis, hence downsizing is possible.

In the 2008/2009 financial crisis, office rental

yields dropped substantially, affecting

distributions dramatically.

Retail / Office Hybrid REITS Medium-

High Defensiveness / Medium-High

Dividend Yields / Medium WALE

Examples: Mapletree Commercial Trust,

Starhill REIT, Suntec REIT

As the name suggests, these REITs are

typically integrated developments which have

both offices (and sometimes residential) on

top of the shopping mall like Vivocity, Suntec

etc. Depending on how much of the rental is

derived from the office versus the shopping

mall, the defensiveness and yields lie in

between that of offices and retail.Mapletree Commercial Trust has Vivocity as

the key asset, Starhill has Takashimaya and

Wisma Atria and Suntec REIT has Suntec

Convention Center and Shopping Mall. Hybrid

REITs are good to own especially if you have

limited capital as the REIT itself alreadybenefits from being diversified with

Retail/Office/Residential assets. You get

defensive qualities of the retail and still enjoy

large upside on office rentals when the

economy booms.

Hospitality REITS Low Defensiveness /High Dividend Yields / Low WALE

Examples: Ascott REIT, CDL HospitalityTrust

Hospitality REITs are typically made up of

hotels and serviced residences.


15/20



These REITs are probably the most cyclical of

all the REITs as hotel occupancy rates are

based on tourist arrivals.

Ascott REIT has a large percentage of its

portfolio worldwide and is thus more subject to

the global economy. CDL Hospitality Trust on

the other hand is more focused on Singapore

hotels. Given the huge boost in tourist arrivals

from the two Casinos, first F1 night race in theworld and many other initiatives, tourist

arrivals to Singapore look poised to continue

booming.

However, a global downturn may dampen

tourism as well. For CDL Hospitality in

particular, it does not make sense to look at

WALE, but at average occupancy rates and

average room rates as key metrics instead.

Both are key beneficiaries if global tourism

industry is to improve.

Residential REITS Low-Medium

Defensiveness / Low-High Dividend Yields /

Short WALE

Example: Saizen REIT(Japan Only)

Saizen REIT is the only pure play residential

REIT listed on the Singapore exchange. My

experience with Singapore rental properties

that lease expiry profiles are low, with many

tenants leaving after the 1 year contract is up.

With the high tenant turnover in residential

properties in Singapore, I hardly think they

make good investments for REITs. Hence

Saizen REIT only invests in Japanese

residential properties.

While I am not familiar with Japanese

properties, what I hear is that many Japanese

do not have the means to buy houses and

hence may rent a house for most of their lives,


16/20



unlike Singaporeans who can buy affordable

HDBs. However, Saizen has defaulted on a

loan before, incurring extremely high defaultcosts. You should study the REIT very

carefully if you are interested.

SREITs Summary

So in summary, ranking by various qualities:

y

Defensiveness (From Highest to Lowest) Healthcare, Retail, Retail/Office Hybrid,

Industrial, Office, Residential, Hospitality

y Dividend Yields (From Highest to Lowest)

Hospitality, Residential, Office,

Industrial, Retail/Office Hybrid, Retail,

Healthcar

y Weighted Average Lease Expiry (WALE)

(From Highest to Lowest) - Healthcare,

I

ndustrial, Retail, Retail/Office Hybrid,Office, Residential, Hospitality

You can see dividend yield is pretty much

inversely correlated to defensiveness.

Please note that this is just a general guide as

REITs may have different risk levels due to

other factors like strong sponsors, access to

capital, debt rating, leverage ratio, quality of

management, location of properties and so

on.

Further analysis is required to understand the

REITs before investing.


17/20



Different categories of REITs offer different

qualities you may be interested in. A good

portfolio should always be diversified with

different kinds of REITs. Now that you

understand the categories better, you can

tweak your portfolio percentages based on

your risk profile. For example, if you are more

risk adverse, you may want to have a higher

percentage of your portfolio in healthcare and

retail. If you are willing to take more risks, you

may want to have a higher percentage of your

portfolio in industrial, office and hospitality.

Calvin Yeo is the founder of the Making

Passive Income blog. He graduated with a

Business Major in Finance and Accounting

and spent a few years working in an

investment bank. The knowledge from his

studies and working ex perience serve as a

good base for him to grasp the ideas for

passive income generation.


18/20



Non-Landed Residential Resale Property Transactions for the Week ofDec 17 Dec 23

PostalDistrict

Project Name Area(sqft)

TransactedPrice ($)

Price($ psf)

Tenure

1 MARINA BAY RESIDENCES 732 1,815,360 2,480 99

2 LUMIERE 657 1,369,560 2,086 99

3 TWIN REGENCY 1,227 1,600,000 1,304 FH

3 ENG HOON MANSIONS 1,066 1,120,000 1,051 FH

4 MARINA COLLECTION 2,185 6,118,000 2,800 99




4 HARBOUR VIEW TOWERS 797 1,218,800 1,530 99

4 THE PEARL @MOUNT FABER 1,389 1,445,000 1,041 99

5 NORMANTON PARK 1,270 1,260,000 992 99

5 BOTANNIA 1,636 1,580,000 966 956

5 CLEMENTIWOODS CONDOMINIUM 2,486 2,200,000 885 99

7 BURLINGTON SQUARE 1,119 1,433,000 1,280 99

8 CITY SQUARE RESIDENCES 861 1,470,000 1,707 FH

8 CITYLIGHTS 721 1,050,000 1,456 99

8 PRISTINE HEIGHTS 1,356 1,350,888 996 FH

9 RHAPSODY ON MOUNT ELIZABETH 1,044 2,180,000 2,088 FH

9 THE IMPERIAL 1,916 3,750,000 1,957 FH

9 YONG AN PARK 1,023 1,750,000 1,711 FH

9 THE ABODE AT DEVONSHIRE 1,119 1,850,000 1,653 FH

9 TIARA 1,281 2,030,000 1,585 FH

9 TIARA 1,345 2,000,000 1,486 FH

10 ARDMORE II 2,024 5,208,888 2,574 FH

PostalDistrict

Project Name Area(sqft)

TransactedPrice ($)

Price($ psf)

Tenure

10 GRANGE RESIDENCES 2,583 6,100,000 2,361 FH

10 LATITUDE 2,917 6,007,800 2,060 FH

10 GARDENVILLE 1,755 3,175,000 1,810 FH

10 BELMOND GREEN 1,281 2,100,000 1,639 FH

10 ONE JERVOIS 1,087 1,750,000 1,610 FH

10 MILL POINT 915 1,365,000 1,492 999

10 KASTURINA LODGE 1,044 1,425,000 1,365 FH

12 CASA FORTUNA 1,076 1,300,000 1,208 FH

12 DE PARADISO 1,238 1,346,000 1,087 FH

12 TWIN HEIGHTS 1,238 1,200,000 969 FH

12 ST MICHAEL'S PLACE 1,227 1,050,088 856 FH

12 ST MICHAEL'S PLACE 1,259 1,000,000 794 FH

14 CITY PLAZA 915 820,000 896 FH

14 PALM LODGE 1,528 1,250,000 818 FH

14 SIMSVILLE 1,528 1,150,000 752 99

14 WING FONG COURT 1,098 680,000 619 FH

1 5 AALTO 1,442 2,418,000 1,676 FH

15 IMPERIAL HEIGHTS 452 720,000 1,593 FH

15 THE SEA VIEW 1,518 2,280,000 1,502 FH

15 RIVEREDGE 1,012 1,400,000 1,384 99

15 GRAND DUCHESS AT ST PATRICK'S 1,389 1,850,000 1,332 FH

15 THE ESTA 1,561 2,008,888 1,287 FH

15 TIERRA VUE 1,270 1,550,000 1,220 FH

15 PEBBLE BAY 1,894 2,216,000 1,170 99


19/20



NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with theSingapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 5 HAIG COURT 1,076 1,190,000 1,106 FH

15 MOUNTBATTEN REGENCY 1,130 1,250,000 1,106 FH

15 FERNWOOD TOWERS 1,195 1,322,000 1,106 FH

15 EASTBAY 1,561 1,660,000 1,064 FH

15 CRANE COURT 969 930,000 960 FH

15 MANDARIN GARDEN CONDOMINIUM 1,528 1,450,000 949 99

15 GALLERY 8 1,216 1,040,000 855 FH

15 VILLA MARINA 1,679 1,400,000 834 99

16 COSTA DEL SOL 1,345 1,800,000 1,338 99

16 COUNTRY PARK CONDOMINIUM 1,098 1,275,000 1,161 FH

16 CASA MERAH 1,528 1,660,000 1,086 9916 BAYSHORE PARK 936 860,000 918 99

16 PARBURY HILL CONDOMINIUM 1,453 1,300,000 895 FH

16 CHANGI COURT 1,389 1,180,000 850 FH

17 CARISSA PARK CONDOMINIUM 926 905,000 978 FH

17 ESTELLA GARDENS 1,292 980,000 759 FH

17 LOYANG VALLEY 1,421 940,000 662 99

19 SUITES @ KOVAN 366 525,000 1,435 FH

19 THE QUARTZ 1,216 1,155,000 950 99

19 BAYOU RESIDENCE 1,109 980,000 884 FH

19 KENSINGTON PARK CONDOMINIUM 2,153 1,900,000 883 999

19 CHERRYHILL 1,453 1,190,000 819 FH

19 EVERGREEN PARK 1,012 828,000 818 99

19 EVERGREEN PARK 1,173 890,000 759 99

21 MAPLEWOODS 2,530 3,100,000 1,226 FH

21 MEADOWLODGE 1,216 1,340,000 1,102 99

21 SYMPHONY HEIGHTS 1,281 1,250,000 976 FH

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

21 PANDAN VALLEY 2,185 1,975,000 904 FH

21 KISMIS COURT 2,131 925,000 434 99

22 PARCOASIS 1,227 1,120,000 913 99

23 REGENT HEIGHTS 1,023 800,000 782 99

23 PARKVIEW APARTMENTS 1,087 790,000 727 99

23 REGENT HEIGHTS 1,173 810,000 690 99

23 NORTHVALE 2,702 1,230,000 455 99

25 ROSEWOOD 1,173 866,500 739 99

26 HONG HENG MANSIONS 1,302 865,000 664 FH

28 SELETAR SPRINGS CONDOMINIUM 1,582 1,230,000 777 99


20/20

Singapore Property Classifieds #22ForSale



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For Rent

Singapore Property Weekly Issue 33

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