27 June to 3 July 2023
Pinetree Hill, UOL Group and SingLand’s joint condominium project within the Mount Sinai area has been launched for preview on 29 June 2023, with prices starting from $2,236 per sq ft (PSF). Meanwhile, the Marina Gardens Lane Government Land Sales (GLS) programme site closed with a winning bid of $1.034 billion, which totals $1401.51 PSF ppr.
1. Pinetree Hill opens for preview, prices start from $2,236 PSF
Pinetree Hill, UOL Group and SingLand’s joint condominium project within the Mount Sinai area, has been launched for preview on 29 June 2023, with prices starting from $2,236 PSF.
The 99-year leasehold development comprises 520 units that are spread across three 24-storey towers. Of these, around 78% or 407 units are 1-bedroom to 3-bedroom units, said UOL.
Commenting on the strong turnout of Pinetree Hill’s preview, Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru said, “This project is nestled near Mount Sinai and Holland Village with its 1-bedroom and 2-bedroom units priced below $2 million. Besides the attractive location attributes, it boasts efficient and spacious unit layouts, which provide flexibility of use for homeowners in their living habitat.
In addition, the extensive landscape play in the development creates a ‘biophilic’ touch of being at one with nature. Overall PSF pricing from $2,236 is also a steal with the potential of capital appreciation in the long haul.”
For the upcoming Pinetree Hill condo launch, 1-bedroom plus study units will be priced from $1.248 million to $1.588 million for 2-bedroom units and $2.198 million for 3-bedroom units.
The 4-bedroom and 5-bedroom units, which come with private lifts, are priced at $3.173 million and $4.268 million, respectively. The development also offers a single penthouse unit, spanning 2,874 sq ft.
Set to receive its Temporary Occupation Permit (TOP) in 2027, Pinetree Hill will be the first major residential development to be built in Mount Sinai in 14 years, said UOL. The last launch within the area was The Trizon by Singland in 2009.
Sales booking for the units will start from 15 July 2023.
2. Marina Gardens Lane GLS site tender closes
The 12,245.1 sq m site at Marina Gardens Lane attracted healthy interest during the close of its GLS site tender, with four bids received, revealed URA.
A consortium comprising Kingsford Huray Development, Obsidian Development, and Polarix Cultural & Science Park Investment submitted the highest bid of $1.034 billion, which totals $1401.51 PSF ppr.
Dr Tan Tee Khoon said, “Kingsford’s bid demonstrates her confidence in the site’s prime downtown location attributes with possibly an intention to build an iconic development that will define the extended city skyline.
The site is also integrated with the Marina South MRT station which will benefit future residents given the proximity to public transport. Also, they are likely to enjoy fantastic views of the Straits of Singapore, the Marina Reservoir, and Gardens by the Bay as the site overlooks both water bodies and the magnificent horticultural enclave.
More importantly, URA has transformative plans for the currently under-developed precinct. As the Marina Gardens Lane site is the first land parcel in the precinct to be launched for tender, Kingsford would have a first-mover advantage to kickstart the evolution of this prime location.”
Related article: Greater Southern Waterfront: Here’s Everything We Know so Far about the Area (Including the 6,000 Upcoming BTO Flats)
3. HDB resale flat prices up 1.4% in Q2 2023
Prices of HDB resale flats increased 1.4% in Q2 2023, up from the 1% growth registered in the previous quarter but still lower than the quarterly average growth of 2.5% in 2022, revealed HDB flash estimates.
Meanwhile, HDB resale flat volume declined 4.6% year-on-year to 6,720 units in Q2 2023, or the lowest over the past three years since Q3 2020.
In Q2 2023, price growth was driven largely by 4-room and 5-room HDB resale flat transactions. As of 27 Jun 2023, 45.8% of the 5,969 transactions were 4-room flats (2,735 units transacted) making this the most sought-after flat type. 5–room flats made up 23.3% of the overall transactions for the quarter (1,388 units).
There was also a new record for the most expensive HDB flat transacted ever, an 1,894 sq ft flat in Tiong Bahru transacted at $1.5 million. This adjoined HDB resale flat has four bedrooms, two toilets, two kitchens, and two living rooms, with a remaining lease of 48 years and eight months.
4. Private residential property prices down 0.4% in Q2 2023
Private home prices in Singapore declined 0.4% in the second quarter of 2023, reversing the 3.3% increase posted in the first quarter of 2023, revealed URA flash estimates.
This marks the first drop in prices since Q1 2020 as price momentum eased across all market segments, said URA.
On an annual basis, private home prices rose 7.2%, which is the smallest hike since the 7.1% increase recorded in Q2 2021.
Non-landed property prices dipped 0.5% in Q2 2023, while landed property prices marginally increased by 0.1%, a significant decline from Q1 2023’s 5.9% growth.
Non-landed property prices in the Rest of Central Region (RCR) declined by 2.6% in Q2 2013, while the Core Central Region (CCR) saw prices increase by 0.3%.
Prices in the Outside Central Region (OCR) also climbed 1.2% in Q2 2023, down from the 1.9% hike posted in Q1 2023.
Meanwhile, sale transaction volume rose 16% quarter-on-quarter to 4,762 units in Q2 2023, from 4,121 units in the previous quarter. However, the figure is 30% lower than the 6,811 units shifted in Q2 2022.
Dr Tan Tee Khoon commented on the price moderation of residential private property, saying that “the adjusted ABSD rates from the April 2023 property cooling measures mean that property seekers have a single ‘bullet’ when purchasing a property. While some are re-evaluating their buying decisions and have become more selective of their choices, many have still decided to proceed, nonetheless.
This corresponds to the PropertyGuru Consumer Sentiment Study H1 2023 results, where 75% of respondents indicated they would still be open to purchasing a residential property in the next 12 months (from November 2022 to November 2023).
That said, the recent announcements of more land released for residential property development in the 2H2023 Government Land Sales programme, as well as the 6.5ha Jurong Lake District site, could see prices and rents moderate further in the next two to three years.”
5. HDB will launch 6,700 and 6,300 BTO flats in the August and November 2023 BTO launches, respectively
HDB announced that it will launch around 6,700 BTO flats in Choa Chu Kang, Queenstown, Kallang/Whampoa, and Tengah in August 2023.
Another 6,300 BTO flats will also be offered in Bedok, Bukit Merah, Bishan, Bukit Panjang, Queenstown, Jurong West, and Woodlands in November 2023.
This brings the total number of BTO flats to be launched in H2 2023 to 13,000, up 31% from the 9,923 units launched in H1 2023.
HDB said the numbers are “subject to review as more project details will be firmed up closer to the launch dates”.
HDB shared that it has ramped up the BTO flat supply by 35% from 17,100 in 2021 to 23,200 in 2022, and 23,000 in 2023 to meet Singapore’s rising demand for housing.
“HDB will continue to monitor the housing demand closely and continue to maintain a steady pipeline of supply,” it said, adding that it is on track to launch 100,000 flats from 2021 to 2025.
6. Mixed result for Tampines Avenue 11 and Plantation Close sites
The tender results for the mixed-use development site at Tampines Avenue 11 and Executive Condominium (EC) site at Plantation Close were mixed, with only three bids received for the Tampines Avenue 11 site and nine bids for the Plantation Close site.
A consortium between UOL Group, Singland and CapitaLand Development submitted the highest bid for the mixed-use site at Tampines Avenue 11 at $1.206 billion or $885 PSF ppr, revealed HDB.
Lam Chern Woon, Edmund Tie’s Head of Research and Consulting, attributed the lukewarm response to the Tampines Avenue 11 site partly to its considerable size.
Spanning 50,679.7 sq m, the site is expected to yield 1,190 housing units as well as 14,000 sq m of commercial space.
Meanwhile, the robust interest seen for the Plantation Close site signals the developers’ strong confidence in the EC market, said Tricia Song, CBRE’s Head of Research for Southeast Asia.
“We forecast this site which can build some 495 homes will receive a top bid of $330 million or $670 PSF ppr with a target launch price of $1,400 PSF,” said Song.
7. Developers to bid cautiously for Marina Gardens, Media Circle sites
With the high interest rates and weaker Gross Domestic Product (GDP) outlook, property analysts expect developers to take a cautious stance in bidding for the white site at Marina Gardens Crescent and the residential with commercial at first storey site in Media Circle, reported Singapore Business Review.
CBRE said developers now prefer locations which attract buyers who are not or least affected by the new property cooling measures.
The URA revealed that the Marina Gardens Crescent site is expected to yield about 775 housing units, while the Media Circle site could yield up to 355 homes.
The tender for the two sites will close on 18 January 2024.
OrangeTee expects the Media Circle site to attract seven to 10 bidders, with the bids ranging from $1,150 to $1,250 PSF per plot ratio (ppr).
For the Marina Gardens site, OrangeTee sees two to four bidders as developers become more selective due to the Additional Buyer’s Stamp Duty (ABSD) hike for foreigners.
“Developers may also form joint ventures to bid for this land parcel due to the large price quantum,” it added.
8. Ministers Shanmugam and Balakrishnan were cleared of any wrongdoing in the rental of Ridout Road bungalows
Investigations on the rental of two state-owned colonial bungalows at Ridout Road have been closed, with Home Affairs and Law Minister K Shanmugam and Foreign Affairs Minister Vivian Balakrishnan cleared of any wrongdoing, reported CNA.
In its report, the Corrupt Practices Investigation Bureau (CPIB) revealed that it found no preferential treatment given to the two ministers, including their spouses.
CPIB shared that Mr Shanmugam paid a monthly rental of $26,500 for 26 Ridout Road, while Dr Balakrishnan paid a monthly rent of $19,000, which was later revised to $20,000 in 2022, for 31 Ridout Road.
Meanwhile, Senior Minister Teo Chee Hean’s report noted that Mr Shanmugam had taken effective steps to eliminate any potential conflict of interest as well as prevented any actual conflict from arising by recusing himself from any discussion relating to the rental of the bungalow.
With this, the Attorney-General’s Chambers (AGC) directed that no further action be taken since “the facts do not disclose any offence”.
9. About 950,000 HDB households are to receive quarterly GSTV rebates this month
About 950,000 Singaporean households residing in HDB flats will get their quarterly Goods and Services Tax Voucher (GSTV) U-Save and service and conservancy charges (S&CC) rebates this month, said the Ministry of Finance (MOF).
Eligible households in the financial year 2023 will receive double their regular U-Save.
“This amounts to about eight to 10 months’ worth of utility bills for the average household living in one- and two-room HDB flats, and about four to six months’ worth of utility bills for the average household living in three- and four-room HDB flats,” said MOF.
Aside from this, eligible households will also get their quarterly GSTV – S&CC rebates to offset between half and one month of their payable S&CC.
Households need not take any action to benefit from such schemes, said MOF.
10. Scammers target tenants with e-mails seeking ABSD payments
Singapore tenants have become the latest target of scammers, with the Inland Revenue Authority of Singapore (IRAS) issuing a warning against fraudulent e-mails requesting tenants to pay for ABSD, reported The Straits Times.
Purportedly from the Monetary Authority of Singapore (MAS), the emails have a fake certificate of stamp duty stating that the tenant owes $4,536 based on a 4% rate for a 36-month tenure.
It requires the recipient’s endorsement to be “validated” while claiming that the ABSD would be refunded once the tenant’s lease expires.
A website address is also provided, where the tenant could check if the stamp certificate is genuine.
In warning the public, IRAS underscored that no ABSD is payable for tenancy agreements and advised the public to ignore such e-mails and not to provide credit card, personal or bank account details.
It also urged the public not to make payments or follow instructions in the email as well as to verify stamp certificates’ authenticity on the IRAS website.
The tax authority also advised those who fell victim to the scam to lodge a police report.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
