Property is a fascinating subject, and Steve Melhuish, the cofounder and CEO of Property Guru, gave an engrossing market update at our recent Property Soiree. Even after all the recent government measures, prices are still resilient although much softer. In truth, it looks like the cooling measures are doing their intended job.
Most affected is the condo market in Districts 9 and 10, rather than the landed property market or other districts. Steve’s graphs showing the price index in Malaysia over the years (a steady gradual rise) and Singapore (a veritable roller-coaster ride) caused great interest. It was reassuring to see that in Singapore’s peaks and dips, each dip is still higher than the last. The number of foreign buyers has fallen by more than 60 percent, and it seems Singaporeans have been turning their interests elsewhere too.
For rentals, there is more supply than demand and prices are softening. July and August is a time of great movement as many tenants come in and go out. Do remember to take photos of any defects when moving in and keep them on file; also, record them on the inventory list.
Remember, a speedy handover and reassurances such as “that is only minor” might become a lengthy handover in two years’ time, and the minor defect a very expensive major one.
This month’s pick of the best properties in Singapore, to rent and buy
This two-bedroom duplex apartment is finished to the highest standard, with quality fixtures, wooden flooring throughout and fitted wardrobes.
The second level is reached via a spiral staircase. A roof terrace off the main bedroom can comfortably accommodate a six-seater table and chairs. The modern kitchen and spacious living and dining area, plus a balcony overlooking greenery, make this bright and delightful apartment ideal for a single professional or couple.
Steps away are Tanjong Katong Road’s many shops, restaurants and hawker centres. Public transport is on your doorstep, with numerous buses passing nearby and Dakota MRT station just 500 metres away. Connect to the PIE at Paya Lebar or drive to the city via the KPE motorway, the ECP motorway or Nicoll Highway.
Price: $4.5K RENT
Size: 1,592 sq. ft
Type: Penthouse condo
Perfectly located in the popular East Coast area, this rare single-storey penthouse has unblocked views. It is spacious and modern and has quality fittings. There is a nice through-breeze and it’s in a quiet location.
Grand Duchess at St. Patrick’s is a low-rise eight-storey development that has full facilities, including a covered car park, a fitness corner, a games room, a gymnasium, a spa bath, a lap pool, a residents’ lounge, a multi-purpose hall, a pavilion and 24-hour security.
Numerous bus services are available. Several schools are located in the vicinity, including the prestigious Victoria Junior College, the Canadian International School (Tanjong Katong campus) and Chatsworth International School (East campus). What’s more, the area is known for its eating establishments.
Price: $11.9K RENT
Size: 2,766 sq. ft
Type: Penthouse condo
Along with a nine-metre private pool, this newly renovated three-storey, semi-detached house also boasts a large living and dining area, a patio, a garden, a roof terrace, four bedrooms (two with attached bathrooms) and a maid’s room. It’s located in the north-central part of Singapore, in a beautiful and quiet residential area near the Australian, French and Stamford international schools, just two minutes’ drive from the CTE motorway.
Price: $9K RENT
Size: 3,600 sq. ft
This is one of the larger two-bedroom units to be found in a newer development in Singapore. Living and dining areas feature hardwood floors and high ceilings, and full-length folding doors open out onto a balcony.
This luxurious, gated condominium boasts 24-hour security, gated entry and full recreational amenities including a swimming pool, a barbecue area, a gymnasium and tennis courts. Walk to the MRT station at Newton and the shops at United and Novena Squares.
Price: $6K RENT
Size: 1,206 sq. ft
This beautiful, modern penthouse has three bedrooms, two bathrooms, outdoor areas and a private whirlpool spa. It also boasts a double-volume ceiling in the living and dining room, with an open-plan dry kitchen and an enclosed wet kitchen and utility area. The second and third bedrooms are located on this level with a common bathroom.
A large balcony is accessed by full-length glass sliding doors. The master bedroom upstairs features full-length wardrobes and a twin-sink bathroom that opens onto an outdoor area with a spa bath.
This condo has a swimming pool, a spa pool, barbecue pits, a gymnasium, tennis courts, a club house and 24-hour security. Walk to Clementi Woods Park, West Coast Park, a market and the shops at West Coast Plaza.
Price: $6.8K RENT
Size: 2,044 sq. ft