By: Deborah Law, Executive Director, Expat Realtor
According to a recent news report, Asian investors, who traditionally look for solid investments, are diversifying into France, Germany, the Netherlands, Belgium, Italy, Spain and Poland. They see that the London market is somewhat saturated, while low interest rates and a weaker euro are appealing.
Real estate agents in Singapore have noticed a refreshing wind of change in the sales market, with renewed interest from buyers and investors. More landed homes are being sold now that prices have fallen from their peak in 2013 by a rather significant seven percent. In the first four months of this year, 316 landed homes were sold, a 15 percent jump year on year. Samuel Eyo, managing director of Singapore Christie’s Homes, commented: “Supply of landed properties in prime areas is limited, and buyers may be trying to get some good deals as developers may have to sell to avoid Qualifying Certificate penalties.”
It is also thought that the Additional Buyer’s Stamp Duty (ABSD) for second-time buyers might be tweaked. Experts don’t expect prices to fall much further. Expecting demand to return once new-built houses are ready, some developers are buying old bungalows to tear down and rebuild. These include sites at Robin Road, Hillcrest Road and Oriole Crescent. A property at Bishopsgate sold for a record $2,190 per square foot last month, at $33 million, to a China-born Singapore citizen.
The private rental market has been brisk in June as it enters its busy season, up to September. Popular condos in good locations, and those with that little something different to offer, are leaving the run-of-the-mill mass-style condos sitting on the market for longer. Now is the time for their landlords to spruce them up, stage them or do something different. We’ve also seen a run on landed rental properties over the past two months; rental prices are, however, still trending gradually down.
Size: 3,300 sq. ft land; 5,200 sq. ft built
Type: Landed house
This open-plan designer home has been put on the rental market for the first time by its owner-occupiers. With open views of the surrounding greenery, a manicured garden and an in-ground swimming pool, the house is reminiscent of a Balinese-style retreat.
A playroom, a study area, a movie theatre and walk-in wardrobes are all combined into the various rooms so that no space is wasted. The wet kitchen, large and with plenty of counter-top space, leads into the dry kitchen and dining area. Top-quality appliances and bathroom accessories have been installed throughout.
This is a one of those rare chances to nab a great home in a peaceful central-north suburb near the French, Australian and American schools. It has easy access to the CTE, and it’s 25 minutes to the CBD.
Size: 2,288 sq. ft land; 2,600 sq. ft built
Bedrooms: 4 + 1
Type: Landed semi-detached
New on the market is this family-owned freehold Siglap property set on a well-shaped plot in a quiet cul-de-sac of a low-rise residential area. This substantial, north-facing home has a garden at the front, along with room to park a car. Its four large bedrooms have plenty of wardrobe and storage space, plus there’s a family or office area on the third level. It has a kitchen and a wet kitchen area, plus a large helper’s room at the back.
Located just off Still Road, it’s close to Siglap restaurants and shopping and to East Coast Park, and is a two-minute walk from a bus stop; for car drivers, it offers quick access to the ECP, for the 10-minute drive to Changi Biz Park or the 15-minute drive to the CBD.
Wonderful Waterfront Villa
Size: 1,034 sq. ft
District: Riau Islands
This glorious, full-sea-frontage villa is a chance to own a fully furnished property on an exclusive private island on the Dolphin Coast of Funtasy Island, set in the beautiful Riau Archipelago. This escape to nature is only 16km south of Sentosa, and a 20-minute direct ferry from HarbourFront Cruise Centre gets you there.
The island is claimed to be the world’s largest eco-theme park, and comes with the developer’s promise of high-potential guaranteed capital gains of more than five percent. The resort will be managed by Meritus Hotels & Resorts (Mandarin Hotel Group). There is no buyer or seller stamp duty and there are no restrictions on purchasing or selling.
The $240-million-plus development will stretch out over a cluster of six islands and promises crystal-clear water and coral reefs, with 70 percent of the island left to nature. Mangrove forests provide the backdrop to marinas, villas, luxury bungalows and hotel accommodation.
The villa’s private owner would take $363,200 cash for the property, with the balance settled through the Developer’s Easy Payment Scheme. Upon the transfer of rights of the lease, the owner will bear an administration fee of two percent of the sales price.
The development is expected to be completed by 2016; the legal date of completion is set at 2018.
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