Issue 350

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 CONTENTS FROM THE

p2 5 Property Tips for the Year of the Dog

EDITOR
Welcome to the 350th edition of the
Singapore Property Weekly.
p11 Resale Property Transactions
Hope you like it!
(February 26 – March 2) Mr. Propwise

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 SINGAPORE PROPERTY WEEKLY Issue 350
5 Property Tips for the Year of the Dog
By Property Soul (guest contributor)
Back to Contents
We kick-started the Lunar New Year with
a Property Club Singapore education seminar
titled “Reading Property Signs in the Year of
the Dog”. I used the occasion to share with
the audience property strategies for
homebuyers and investors in the year of the
Earth Dog. The presentation can be summed
up by five key tips:
Tip #1: It’s a tail-chasing game
I receive many messages from people asking
me for advice about buying properties.
Honestly, I am not motivated to reply at all.
No matter what I say, they will do what they
want.
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 SINGAPORE PROPERTY WEEKLY Issue 350
Sooner or later they will regret doing so and
come back for advice again. After I get back
to them, they still don’t know what to do and
ask for more advice. Then they continue to do
it their own way … The vicious cycle goes on
and on.
We see a similar vicious cycle in property
headlines: “XX site sold at $XXX million by
GLS (Government Land Sales) or en bloc
sales”;“Prices of private residential properties
went up 0.4 percent last quarter”;“Industry
stakeholders confirm the market bottoming-
out and predict prices to grow by 5 to 10
percent this year”;“Government officials
advise buyers to be cautious about high
supply in the pipelines”;“Another condo sold
at record price under the en bloc
craze”;“Property prices go up by another
decimal point”…
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It is funny to see a dog chasing its tail
nonstop and running around in circles. But
this strange behavior may imply a kind of
sickness like compulsive disorders in human
beings. Whether a dog’s tail-chasing act will
stop depends on the awareness of the dog
owner and the urgency to send the dog for
therapy.
Property investment is also a tail-chasing
game. The difference is that it takes years for
the dog to go one round in a circle to catch its
tail.
Using the “6 stages of a property cycle” from
my book No B.S. Guide to Property
Investment (which has an unending
reservation list in the libraries for almost four
years), it takes a long time from bottoming-
out, recovery, growth, booming, consolidating,
to the final stage of correcting.
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 SINGAPORE PROPERTY WEEKLY Issue 350
Nonetheless, like most assets, property is
also a cycle where you see history repeating
itself.
Where are we in the current property life
cycle?
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We are only in between the two stages of
consolidating and correcting. It is still too
early to talk about recovery. We are not even
bottoming-out.
“You know it‟s bottom when no one shows
any interest in properties, or things are so
depressed you can see „blood all over the
streets‟” – Property Soul
Tip #2: A barking dog never bites
We hear industry stakeholders with vested
interests, including property developers, real
estate agencies, mortgage banks, industry
analysts, etc., all singing the same tune:
There is pent-up demand in the area. People
with high liquidity are still after properties.
Buyers have come to terms with the cooling
measures. Developers bought sites at high
costs and property prices are going up soon
…
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 SINGAPORE PROPERTY WEEKLY Issue 350
They are all sending the same message:
Don’t miss out. We want you to buy now so
that we don’t miss the opportunity to make
money from you now.
Don’t worry. It will not happen. As they say, if
a dog keeps barking, it never bites.
Remember some industry stakeholders
mentioned that the government would most
likely be relaxing the cooling measures in
2018? How did the government react to their
wild speculation? A higher Buyer Stamp Duty
of 4 percent for residential properties valued
over $1 million.
And every time when someone said the HDB
market and rents are recovering, numbers
released in the quarterly reports would show
otherwise.
Back to Contents
Tip #3: Every dog has its day (but not
today)
All asset classes have their turns to prosper.
They may suffer downturns at certain point of
time, but they will recover eventually.
There is no exception for properties. The
million-dollar question is: When?
You know the market is bottoming out when:
1. Higher (or at least growing) demand over
supply in the market. Problem of oversupply
solved.
2. Resale (not new sale) volumes and prices
show “meaningful” increase for a few
quarters.
3. Rental prices and vacancy rates show
consistent improvement.
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 SINGAPORE PROPERTY WEEKLY Issue 350
The following table shows the performance of
resale and rental in both the non-landed
private residential and HDB market. The
figures prove that Singapore’s residential
market is still far from the last peak.
Sorry all the numbers disappoint. I should
have let sleeping dogs lie.
The media’s unanimous optimism is based on
the decimal point percentage of increase or
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decrease. They are all technically negligible.
Our property market is still stagnant.
Imagine you have a boy who is sitting for the
PSLE this year. Back in Primary 1, he scored
70 marks for English, Chinese and
Mathematics. Unfortunately, his marks were
falling year after year. By Primary 5, they
have dropped 35 percent, 46 percent and 20
percent respectively.
Nonetheless, your boy tells you repeatedly
that his results have bottomed out and have
already recovered. It is because the teachers
are going to supply them with record amount
of homework this year.
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 SINGAPORE PROPERTY WEEKLY Issue 350
Everyone has come to terms with the huge
workload and high pressure. The sentiment in
his class is very positive. He is optimistic that
his PSLE scores will go up 5 to 10 percent or
even double digits.
Should you trust your boy?
Tip #4: Don’t bark up the wrong tree
Why do dogs bark up the wrong tree?
Because they trust the wrong parties, judge
the situation incorrectly, and pick the doomed
course of action.
Read all property headlines and comments
with a pinch of salt. Learn how to separate
the noise from the facts. Make sure the
articles make sense to you. Avoid making the
same mistake as dogs that bark up the wrong
tree.
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Suppose your property agent tells you the
property market will have a bull run in 2018.
He may come up with the following logic:
High land prices ->High new launch prices -
>High resale prices ->More buyers ->Growth
continues
Challenge him by asking all the right
questions:
1. High land prices?
What has that to do with the buyers? HDB is
a necessity but condos are not. Buyers of the
latter will bite only when they think the price is
reasonable. They don’t care whether
developers acquired their sites at premium
prices.
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 SINGAPORE PROPERTY WEEKLY Issue 350
2. High new launch prices?
Will buyers pay high prices? There is a
perceived value in every product. The market
price is determined by the economy and
supply-demand, not by the developers.
3. High resale prices?
Can buyers afford to pay high prices? Again,
this is determined by the economy,
employment market, stock performance, etc.,
not by the sellers.
4. More buyers?
Where are the buyers? With flat HDB resale
prices, HDB upgraders are holding back
selling their homes. Are investors confident to
buy with disappointing rents, high vacancy
rates and climbing interest rates? When will
our birth rate and immigration trend up again?
Are en bloc owners buying private or
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downgrading to HDB for retirement?
5. Growth continues?
Where is the growth in the property market
coming from? Is it in resale prices, resale
volumes, rental prices or rental rates? What
percentage of growth are we talking about?
Let’s put all the sentiments and predictions
aside. Look at the supply-demand picture with
some real numbers.
Assuming all displaced en bloc owners opt to
buy a newly-launched condo unit instead of a
resale, HDB or rental flat, they can occupy at
most 10 percent of the total supply in the
pipeline.
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 SINGAPORE PROPERTY WEEKLY Issue 350
Who are going to buy the rest of the 90
percent?
Tip #5:Act like a dog in 2018
Perhaps we can learn something from our
four-legged friend in this Year of the Dog.
1. Homebuyers should act like male dogs
Dogs are polygamous. They can have
multiple sex partners simultaneously. The role
of a male dog is mating rather than being with
a single partner or raising their pups.
If there are so many choices, who wants to
be confined to one?
We all know that properties are illiquid, and
they depreciate over time. Private residential
property prices are high now. If homebuyers
overcommit, they must work like a dog to pay
off the loan. On the contrary, it is a tenant’s
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market for rental.
If timing is not right, why be tied up by a
mortgage?
If you can rent, why buy?
2. Investors should model after female
dogs
Unlike their male counterparts, female dogs
do not have to constantly make unnecessary
moves (like cocking, squatting or leg lifting) to
attract potential sex partners or protect their
territories.
Female dogs are less reactive to any stimulus
outside. They are less sensitive and moody.
As a result, they can stay calm and focused.
Because they understand that their main role
is reproduction and taking care of the young.
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 SINGAPORE PROPERTY WEEKLY Issue 350

For investors, you should understand that

your priority is growing your income, wealth
and net worth through property investment.
Be focused and think for the long-term. Stay
calm and avoid being easily distracted by the
noises outside.

By guest contributor Property Soul, a

successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.

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 SINGAPORE PROPERTY WEEKLY Issue 350

Non-Landed Residential Resale Property Transactions for the Week of Feb 26 – Mar 2

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 MARINA BAY RESIDENCES 710 1,600,000 2,252 99 10 GRAMERCY PARK 7,287 24,500,000 3,362 FH
2 ALTEZ 603 1,300,000 2,157 99 10 THE NASSIM 4,564 14,800,000 3,243 FH
2 ICON 926 1,670,000 1,804 99 10 GRAMERCY PARK 1,981 6,244,290 3,153 FH
2 THE BEACON 969 1,400,000 1,445 99 10 THREE BALMORAL 614 1,507,000 2,456 FH
3 QUEENS 1,184 1,450,000 1,225 99 10 THE FORD @ HOLLAND 420 920,000 2,192 FH
3 QUEENS 1,184 1,400,000 1,182 99 10 CUSCADEN RESIDENCES 1,485 3,118,800 2,100 FH
4 CARIBBEAN AT KEPPEL BAY 1,356 2,150,000 1,585 99 10 TANGLIN PARK 1,765 3,400,000 1,926 FH
5 ONE-NORTH RESIDENCES 980 1,438,000 1,468 99 10 NATHAN RESIDENCES 592 1,100,000 1,858 FH
5 THE PARC CONDOMINIUM 1,518 1,918,000 1,264 FH 10 THE MONTANA 1,206 2,080,000 1,725 FH
5 HUNDRED TREES 1,475 1,800,000 1,221 956 10 GARDEN APARTMENTS 2,476 4,180,000 1,688 FH
5 LUXE VILLE 1,518 1,650,000 1,087 FH 10 MUTIARA VIEW 1,302 2,158,000 1,657 FH
5 REGENT PARK 807 842,000 1,043 99 10 D'LEEDON 1,798 2,750,000 1,530 99
5 WESTCOVE CONDOMINIUM 1,216 1,010,000 830 99 10 THE MONTANA 1,109 1,680,000 1,515 FH
8 KENTISH LODGE 1,141 1,168,000 1,024 99 10 ASTRIDVILLE 2,217 3,200,000 1,443 FH
9 NEW FUTURA 1,830 6,379,600 3,486 FH 10 FONTANA HEIGHTS 4,607 6,480,000 1,407 FH
9 NEW FUTURA 1,367 4,576,500 3,348 FH 10 TANGLIN REGENCY 883 1,230,000 1,394 99
9 URBAN SUITES 1,572 4,323,000 2,751 FH 10 ORCHARD BEL AIR 3,229 4,100,000 1,270 99
9 UP@ROBERTSON QUAY 463 1,188,888 2,569 99 10 GLENTREES 3,412 3,900,000 1,143 999
9 THE TATE RESIDENCES 3,240 8,000,000 2,469 FH 11 GILSTEAD TWO 904 1,950,000 2,157 FH
9 THE VERMONT ON CAIRNHILL 1,711 3,828,000 2,237 FH 11 RESIDENCES @ EVELYN 1,109 2,070,000 1,867 FH
9 ALBA 1,905 4,200,000 2,204 FH 11 368 THOMSON 872 1,340,000 1,537 FH
9 THE LIGHT @ CAIRNHILL 1,518 3,280,000 2,161 FH 11 THE AXIS 818 1,120,000 1,369 FH
9 ST THOMAS SUITES 2,605 5,420,000 2,081 FH 11 SUFFOLK PREMIER 1,076 1,460,000 1,356 FH
9 THE WHARF RESIDENCE 1,421 2,900,000 2,041 999 11 ADAM PARK CONDOMINIUM 1,173 1,480,000 1,261 FH
9 CAIRNHILL RESIDENCES 1,173 2,380,000 2,029 FH 11 THE TREVOSE 1,894 2,350,000 1,240 99

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 SINGAPORE PROPERTY WEEKLY Issue 350

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
11 MOULMEIN COURT 1,647 1,801,000 1,094 FH 16 BAYWATER 1,292 1,238,000 958 99
11 THE ARCADIA 3,735 3,500,000 937 99 16 BAYSHORE PARK 936 840,000 897 99
11 THOMSON 800 5,791 5,330,888 921 FH 17 THE INFLORA 463 535,000 1,156 99
11 THE TREVOSE 2,497 2,070,000 829 99 17 FERRARIA PARK CONDOMINIUM 1,216 1,115,000 917 FH
12 VISTA RESIDENCES 646 975,000 1,510 FH 17 HEDGES PARK CONDOMINIUM 1,001 868,000 867 99
12 TREVISTA 1,130 1,530,000 1,354 99 17 CARISSA PARK CONDOMINIUM 1,001 863,000 862 FH
12 DOMUS 1,367 1,838,000 1,345 FH 17 DAHLIA PARK CONDOMINIUM 1,270 1,050,000 827 FH
12 TREVISTA 1,152 1,510,000 1,311 99 17 PARC OLYMPIA 1,292 1,035,000 801 99
12 THE CENTRIO 2,971 2,880,000 969 FH 17 CASA PASIR RIS 2,422 1,288,000 532 946
13 BARTLEY RIDGE 1,044 1,430,000 1,370 99 18 Q BAY RESIDENCES 517 670,000 1,297 99
13 NIN RESIDENCE 893 1,196,000 1,339 99 18 THE PALETTE 753 850,000 1,128 99
14 SIMS EDGE 409 642,888 1,572 FH 18 DOUBLE BAY RESIDENCES 1,270 1,250,000 984 99
14 NICOLE GREEN 1,270 1,384,488 1,090 FH 18 WATERVIEW 1,184 1,160,000 980 99
14 CASA SARINA 990 1,068,000 1,078 FH 18 SAVANNAH CONDOPARK 1,227 1,050,000 856 99
14 ASTORIA PARK 1,173 1,170,000 997 99 18 EASTPOINT GREEN 958 777,888 812 99
14 ATRIUM RESIDENCES 969 960,000 991 FH 19 PARK RESIDENCES KOVAN 323 535,000 1,657 FH
14 THE TRUMPS 1,109 960,000 866 99 19 PRESTO@UPPER SERANGOON 420 620,000 1,477 FH
14 BALMY COURT 1,044 886,000 849 FH 19 BARTLEY RESIDENCES 807 1,180,000 1,462 99
15 THE SEA VIEW 1,647 3,008,000 1,826 FH 19 BARTLEY RESIDENCES 904 1,200,000 1,327 99
15 THE BELVEDERE 1,367 2,480,000 1,814 FH 19 OASIS GARDEN 1,216 1,390,000 1,143 FH
15 THE SHORE RESIDENCES 592 978,000 1,652 103 19 KOVAN MELODY 1,216 1,375,000 1,130 99
15 THE SHORE RESIDENCES 1,141 1,700,000 1,490 103 19 RIVERSAILS 1,033 1,100,000 1,065 99
15 LAVERNE'S LOFT 431 590,000 1,370 FH 19 THE MINTON 1,087 1,138,000 1,047 99
15 PEBBLE BAY 1,367 1,775,000 1,298 99 19 THE COURTYARD 1,227 1,250,000 1,019 FH
15 ST PATRICK'S LOFT 1,281 1,600,000 1,249 FH 19 EVERGREEN PARK 1,087 780,000 717 99
15 SANCTUARY GREEN 1,356 1,460,000 1,076 99 20 GRANDEUR 8 1,421 1,350,000 950 99
16 WATERFRONT ISLE 592 710,000 1,199 99 21 MAPLE WOODS 1,324 2,300,000 1,737 FH
16 BEDOK RESIDENCES 3,003 3,024,000 1,007 99 21 THE BLOSSOMVALE 840 1,320,000 1,572 999

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 SINGAPORE PROPERTY WEEKLY Issue 350

Postal Area Transacted Price

Project Name Tenure
District (sqft) Price ($) ($ psf)
21 TERRENE AT BUKIT TIMAH 570 808,000 1,416 999
21 THE BEVERLY 1,496 1,988,000 1,329 FH
21 SYMPHONY HEIGHTS 1,668 1,980,000 1,187 FH
21 CLEMENTI PARK 1,625 1,706,617 1,050 FH
21 HUME PARK I 1,345 1,280,000 951 FH
21 BEAUTY WORLD CENTRE 1,970 1,550,000 787 99
21 SHERWOOD TOWER 1,539 968,000 629 99
22 J GATEWAY 603 1,000,000 1,659 99
22 THE MAYFAIR 1,227 1,080,000 880 99
23 PARK NATURA 1,378 1,568,000 1,138 FH
23 CHANTILLY RISE 1,270 1,200,000 945 FH
23 HILLVIEW REGENCY 904 786,000 869 99
23 THE WARREN 1,238 1,000,000 808 99
25 CASABLANCA 1,109 874,000 788 99
26 THE BROOKS I 818 1,043,768 1,276 FH
27 SKIES MILTONIA 969 1,088,000 1,123 99
27 THE NAUTICAL 786 818,000 1,041 99
28 SUNRISE GARDENS 818 675,000 825 99
28 SUNRISE GARDENS 1,292 930,000 720 99

NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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