9 to 15 January 2024
Over the weekend, City Developments Limited (CDL) opened Lumina Grand for e-applications, with sales booking set to start on 27 January 2024. Meanwhile, Far East and Sekisui House are set to launch Hillhaven, a 99-year leasehold condominium project at Hillview Rise, on Saturday (20 January 2024).
1. Lumina Grand EC opens for e-application, prices start from $1,338,000
City Developments Limited (CDL) has opened Lumina Grand for e-applications on 12 January, with sales booking set to start on 27 January 2024.
The first executive condominium (EC) project of the year, the 512-unit Lumina Grand is situated at the junction of Bukit Batok Road and Bukit Batok West Avenue 5, featuring 10 residential blocks of 12- to 13-storeys.
Unit sizes at the development range between 936 sq ft for a 3-bedroom and 1,496 sq ft for a 5-bedroom unit.
Prices, on the other hand, start from $1.338 million for a 3-bedder, $1.388 million for a 3-bedroom premium, $1.628 million for a 4-bedder and $2.098 million for a 5-bedder.
“Eligible first-time buyers will be entitled to a Central Provident Fund (CPF) Housing Grant of up to $30,000,” said CDL in a release.
The project offers nearly 40 recreational facilities including a 50m lap pool, two clubhouses, a gymnasium, a tennis court, reading lounges and a kids’ play zone.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru commented, “Being the only EC launch in 2024, this development would be welcomed by property seekers who wish to live near Tengah Town which is the ‘new Bishan’ of the west and the first car-free town centre.
“Besides, nearby Copen Grand EC was fully sold in Oct 2022. Given the benefits of the housing grant, no upfront ABSD for current HDB flat lessees upgrading to EC and a deferred payment scheme, I expect Lumina Grand’s sales applications to reflect the demand for it.”
2. Far East, Sekisui House to launch Hillhaven condo on Saturday
Far East and Sekisui House are set to launch Hillhaven, a 99-year leasehold condominium project at Hillview Rise, on Saturday (20 January 2024), reported The Business Times. Unit prices will start from $1,907 per sq ft (PSF).
Nestled on a 10,400 sq m site, the development features 341 units spread across two residential blocks of 27- and 28-storeys.
A 678 sq ft two-bedroom unit is priced from $1.37 million ($2,020 PSF), while three-bedroom units, ranging between 947 sq ft and 1,195 sq ft, are offered from $1.835 million ($1,938 PSF). Prices for four-bedroom units, spanning between 1,259 sq ft and 1,636 sq ft, start from $2.44 million ($1,938 PSF).
The development saw more than 2,000 people visit its sales gallery during its first preview weekend, said Far East in a release.
Ismail Gafoor, Chief Executive Officer of PropNex, said Hillhaven is possibly the last new private residential site within the Hillview Avenue area that is close to the MRT station.
On the potential sales performance of Hillhaven, Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group said, “Our analysis of the 2023 sales data indicates a clear trend: projects situated close to MRT stations and nature reserves tend to perform exceptionally well in the market.
“Hillhaven, embodying both these attributes, is poised to attract discerning buyers who seek a blend of accessibility and exclusivity. Additionally, the area has experienced a noticeable uptick in asking prices, a positive trend likely influenced by the forthcoming developments in Tengah. This synergy of location, lifestyle appeal, and growth potential positions Hillhaven as an attractive option for both investors and homebuyers.”
3. Johor Bahru-Singapore RTS Link achieves 65% construction milestone
The Johor Bahru-Singapore Rapid Transit System (RTS) Link project has achieved another milestone, with about 65% of structural works completed on both the Singapore and Malaysia sides, reported CNA.
The “drop-in span”, which is a 17.1m reinforced concrete structure linking Singapore’s Pier 48 and Malaysia’s Pier 47 above sea level, has also been completed.
Singapore Prime Minister Lee Hsien Loong and Malaysia Prime Minister Anwar Ibrahim marked this milestone by signing commemorative plaques to symbolise their shared commitment to improve connectivity between the two countries.
Set to start passenger service by end-2026, the RTS Link aims to ease traffic congestion on the Causeway. The estimated cost of the project is RM10 billion ($2.87 billion), with Singapore covering 61% of the cost.
Meanwhile, the Land Transport Authority (LTA) revealed that all 12 pile caps within the Straits of Johor on the side of Singapore have been completed, forming a stable foundation for the piers supporting the rail viaduct structure.
4. Singaporeans buy residential units near Johor Bahru’s RTS station
Some Singaporeans are purchasing residential units near the Rapid Transit System (RTS) Link in Johor Bahru as they anticipate improved access upon completion of the project, reported CNA.
Analysts noted that home prices have been on the uptick in recent years, with those around the Bukit Chagar RTS station registering the highest demand.
The RTS is seen as the big draw factor, with increased demand pushing property prices near the terminus to rise by 18% over the last two years.
Dr Lee Nai Jia, expects property prices to grow by another 5% to 6% once the RTS is fully operational.
Rental prices of apartments near the border have also doubled, encouraging Singapore buyer James Lim to acquire a 2-bedroom condominium.
“When the RTS opens in two years, this property price will go up. The rental price will also definitely be quite attractive as compared to other places,” he said.
Related article: 7 Woodlands Condos Near RTS Johor: Stay Near the RTS Link Singapore (2024)
5. Passport-free travel between Singapore, Johor a ‘game-changer’
Industry leaders have described the possibility of having passport-free travel between Singapore and Johor as a “game-changer” that could accelerate the creation of a special economic zone, reported CNA.
This initiative includes the usage of a QR code system for border crossings and digitised processes for cargo clearance.
However, there is a need to define the geographical scope of the Johor-SIngapore Special Economic Zone (SEZ) – especially on the side of Malaysia. Notably, there have been conflicting reports on whether the scope of the SEZ in Malaysia will cover the entire Iskandar Malaysia region, just a part of it or the entire state of Johor.
Market watchers noted that defining the scope of the SEZ is a “foundational parameter” that will help investors decide on whether to deploy capital and capacity into the SEZ.
Singapore and Malaysia have signed a Memorandum of Understanding (MOU) which marks the first step towards a legally binding SEZ agreement.
If properly implemented with political will in both countries, the SEZ can provide a win-win solution as well as boost the economies of Malaysia and Singapore, said Tan Wee Tiam, KGV International’s Head of Research and Investment Services.
6. Firm action is to be taken against those who breach the new occupancy cap
With the temporary relaxation of the occupancy cap for bigger HDB flats and private homes, some Members of Parliament (MPs) had raised concerns over the potential breaches of such cap and nuisance caused by tenants, reported CNA.
Speaking in Parliament, Senior Minister of State for National Development Tan Kiat How assured that firm action will continue to be taken against those who breach the new occupancy cap.
He pointed out that HDB and URA conduct routine inspections at public and private housing, respectively, to ensure tenants and owners comply with the new rule and no “serious disamenities” are caused to the public.
On whether the government will limit the number of flats within an HDB block that could tap the relaxed occupancy cap so as not to overload existing infrastructure, Tan shared that there is currently no plan to impose such a cap, reported TODAY.
However, the existing non-citizen quota would help “limit the increase in occupants in each block, given that most of those renting at the occupancy caps are non-citizens”, he said.
Currently, around 90% of occupants in units that hit the unrelated occupancy cap are non-residents, said Tan.
7. Importers of sand must adhere to source countries’ laws, environmental regulations
Importers wanting to bring reclamation sand to Singapore must adhere to the source countries’ laws and regulations, said National Development Minister Desmond Lee.
This includes obtaining proper export documentation and permits as well as complying with local environmental regulations on extracting and transporting sand, he added.
He was responding to parliamentary questions regarding the “Long Island” reclamation project, which involves around 800ha of reclaimed land, reported CNA. Questions raised by MPs included concerns about the source of imported sand, potential ecological impact and mechanism to ensure ethical sand acquisition.
Lee explained that the import of reclamation sand to the city-state is done on a commercial basis, with the sand imported from various sources.
Where applicable, government agencies will check if the contractors have obtained the necessary environmental-related approvals before they can commence sand imports.
“But when we’re talking about Long Island, this is far into the future. Works are not going to proceed in the near term, so this will be something that will be developed as the technical studies and implementation plans get greater granularity,” he added.
8. Closure of HDB common spaces necessary to balance residents’ interests
Associate Professor Muhammad Faishal Ibrahim has defended the decision to close common spaces within HDB estates, saying that while it may seem harsh, it is necessary to balance residents’ interests, reported TODAY.
He explained that such interventions were not taken lightly, with town councils and relevant agencies expending significant efforts to communicate with affected parties to find win-win solutions.
“At times, despite the work done to bring parties together to resolve issues amicably, there are, sometimes, parties who may be unwilling to compromise,” he said in response to an adjournment motion on cultivating social cohesion via HDB common space.
“In such cases, town councils and relevant agencies may have no choice but to intervene directly to ensure a conducive living environment for all.”
It was previously reported that a void deck in Woodlands Ring Road had been cordoned off to prevent kids from playing football, while a basketball within a Bedok North estate was also closed following noise complaints.
9. Luxury non-landed home sales down in 2023
Sales for luxury non-landed homes declined to 198 units in 2023 from 298 units in 2022, revealed Knight Frank.
Total sales value also fell 33.4% to $1.7 billion in 2023 from $2.5 billion in the previous year.
Notably, 64 prime non-landed homes were transacted in 2H 2023, which amounted to $503.9 million.
Knight Frank attributed the drop in sales to the increase in Additional Buyer’s Stamp Duty (ABSD) rates.
Over at the landed market segment, a total of $2.1 billion changed hands in 2H 2023, down 26% from the $2.9 billion posted in 1H 2023. For the whole of 2023, overall sales value fell 18.3% to $5 billion from 2022’s $6.1 billion.
“Despite the fall in transaction activity, potential homebuyers remain on the lookout for landed homes due to lifestyle preferences for larger indoor and outdoor spaces,” said Knight Frank.
“As such, evergreen demand for freehold landed homes will be supported in 2024 by the aspirations of Singaporeans, with homebuyers willing to move out of locations that are familiar to them in search of such properties,” it added.
10. The private home market cooled in Q4 2023
Singapore saw new home sales volume contract 43.2% quarter-on-quarter to 1,086 units in Q4 2023, while sales in the secondary market fell 13.1% quarter-on-quarter to 2,536 units, revealed Knight Frank.
This comes as some homebuyers took a watch-and-wait stance as they expect interest rates to fall only from 2H 2024.
Knight Frank noted that prices of prime non-landed homes will likely remain stagnant, declining by 1% and 2% in 2024 as buyers are not showing the same urgency as seen in the past few years.
The Rest of Central Region (RCR) saw non-landed home prices increase 2.7% in 2023, supported by new launches including Grand Dunman, The Reserve Residences and The Continuum. However, the hike is lower compared to the 9.7% gain posted in 2022.
Over at the Outside Central Region (OCR), new sales declined 9% quarter-on-quarter to 639 units in Q4 2023, despite the launch of J’den and Hillock Green. Overall sales fell 12.8% quarter-on-quarter to 1,959 units in Q4 2023, with secondary sales falling 14.6% to 1,320 units.
Meanwhile, islandwide leasing for non-landed private homes stood at 11,358 in October and November 2023, down 26.7% compared to July and August 2023.
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
