1 to 7 August 2023
The LakeGarden Residences sold 23% or 71 of its 306 units at an average price of $2,120 per sq ft (PSF) during its launch over the weekend. Meanwhile, the Altura executive condominium (EC) sold 61.1% or 220 out of its 360 units at an average price of $1,433 PSF – setting a new record price for ECs in Singapore.
1. The LakeGarden Residences sells 23% of units over its launch weekend
The LakeGarden Residences sold 23% or 71 of its 306 units at an average price of $2,120 PSF during its launch over the weekend.
The 71 units sold also account for 34% of the 209 units released for sale.
Singaporeans made up 73% of the buyers, 25% were Singapore Permanent (PRs) and the remaining 2% were foreigners.
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group commented that “amid the burgeoning options in the market and prevailing uncertain economic challenges, The LakeGarden Residences marked a 23.2% take-up rate as of 6 August 2023.
Given the influx of launches this August 2023, it’s understandable that buyers would adopt a discerning stance, keenly evaluating the market and available options. Yet, The LakeGarden Residences is likely to continue to appeal to buyers over a longer time as the potential of Jurong Lake District (JLD) continues to unfold.”
2. 61% of Altura sold on its launch weekend
The Altura EC, which is jointly developed by Qingjian Realty and Santarli Realty, sold 61.1% or 220 out of its 360 units at an average price of $1,433 PSF – setting a new record price for ECs in Singapore.
In comparison, the 639-unit Copen Grand and 616-unit Tenet, which were launched last year, achieved average prices of $1,334 and $1,382 PSF, respectively.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru said, “Altura’s 61% sales performance is expected given the pent-up demand in Bukit Batok which has not seen an EC launch in two decades.
Despite its benchmark average pricing of $1,433 PSF, the buyer-following for ECs has been driven by CPF Housing Grants, availability of deferred payment schemes, upfront remission of Additional Buyer’s Stamp Duty (ABSD) if applicable, and to top it up, the strong likelihood of capital appreciation as it would be as competitively priced like a private condominium in 10 years.
Another noteworthy point is that Anglo-Chinese School (ACS) Primary will be moving to Tengah in 2030, which is 1km from Altura. This is an attractive location attribute for soon-to-wed couples with plans to start a family after marriage.”
All 108 units set aside for second-timers were snapped up within three hours of launch.
E-application for second-timers will start on 2 September 2023, with sales booking set on 16 September 2023.
3. Golden Mile Complex to get a contemporary update while conserving its heritage
The new owners of the Golden Mile Complex – a consortium comprising Far East Organization, Perennial Holdings and Sino Land – plan to polish the iconic building while paying homage to its history, reported CNA.
They have engaged a heritage consulting firm, Studio Lapis, which will give the building a contemporary update while conserving its heritage.
Although it will keep the exterior and structure mostly intact, the firm intends to retrofit the interior, including the plumbing, rainwater discharge pipes and electrical wiring.
The firm employs 3D scanning, aerial drone scans and infrared cameras to examine the building’s condition, including the hidden areas.
Environmental and sustainable practices are among the key concerns for the building’s makeover. The consultancy recommended conserving features that allow for natural elements such as wind and sunlight.
With this, the stepped profile and monsoon windows, designed to allow for ventilation even during rainy days, will likely be retained.
Features such as the retail atrium, staircases, and ceramic mosaics are also deemed important aesthetic and functional parts of the iconic building that should be conserved.
Studio Lapis Founding Partner Ho Weng Hin hopes the project will set a benchmark for revitalising and conserving other buildings from the same era in Singapore.
4. HDB approval is no longer necessary for corridor-facing CCTVs within flats
HDB no longer requires flat owners to seek approval for the installation of corridor-facing closed-circuit television (CCTV) cameras within their homes, reported The Straits Times.
However, permission is still needed for external installations.
Demand for surveillance devices such as CCTV cameras and doorbell cameras, has been increasing among HDB flat owners in Singapore.
The trend is driven by incidents of theft and harassment as the recorded footage is useful in identifying wrongdoers.
I-Secure Solution Sales Manager Derek Peh said demand for CCTV cameras increased by 20% to 25%, while demand for installation of CCTVs outside homes rose by 5% to 10% last year.
“CCTV cameras are very useful as they can capture evidence of wrongdoing which can lead to the apprehension of offenders and can serve as deterrence against loan sharks or other offenders,” said Lionel Tan, a partner at law firm Rajah & Tann.
5. Homeowners frustrated over defects in brand-new condos
Some homeowners are getting frustrated with the defects emerging in their brand-new condominium units, with issues including cracks, clogged pipes and leaks, reported The Business Times.
Experts said it is not uncommon to find defects in new developments, noting that there may be a mismatch in expectations between buyers and developers.
In fact, new condominium units tend to have more defects than BTO flats since they have more fittings – which range from wardrobes, dishwashers, and bathroom fixtures to air-conditioners.
Experts, however, explained that not all alleged defects are genuine.
“Not everything is considered a defect,” said Jay Ng from Uncle Defect. “It’s hard to quantify – some are bad workmanship, some are unsightly and design flaws, or sometimes it’s just a personal preference.”
While some homeowners believe that defects have increased post-pandemic, experts said it may be due to rushed work instead of a decline in overall construction quality.
With this, defect inspection services registered an uptick in demand, mainly due to an increase in project completions and heightened awareness among homeowners of flaws and construction quality.
6. A 2-room HDB resale flat at Tiong Bahru sold for $585,000
A two-room HDB resale flat located at Tiong Bahru has been sold for $585,000 this month – making it the most expensive 2-room HDB resale flat in Singapore.
The sale comes after a 4-room HDB resale flat at the neighbouring block was transacted for a whopping $1.5 million in July 2023.
Located within the first to third level of Blk 43 Moh Guan Terrace, the 2-room flat has a relatively short remaining lease of 48 years and six months.
The flat is not your typical two-room HDB flat as it measures 67 sq m (around 721 sq ft) – or just about 20 sq ft smaller than a 3-room BTO flat, which comes with a floor area of 69 sq m (743 sq ft).
Notably, sizes of new 2-room Flexi flats range between 38 sq m (409 sq ft) and 48 sq m (517 sq ft).
Related article: Is the Natura Loft 5-room DBSS Flat Worth $1.43 Million? A Look at Expensive HDB Flats in Singapore
7. More foreigners turn to rent amid cooling measures
Foreigners waiting for the approval of their permanent residency or citizenship applications are believed to have pushed up condo rental volume in June, said Huttons CEO Mark Yip.
Yio noted that the implementation of cooling measures in April 2023 prompted more foreigners to rent, driving up rents within the Core Central Region (CCR), reported Singapore Business Review.
Meanwhile, many locals have started vacating their rental units to move to new flats and condos.
8. ABSD hike for residential properties boost shophouse sales in Q2 2023
Demand for commercial shophouses increased in Q2 2023, following a hike in ABSD rates for residential properties.
In Q2 2023, 43 shophouses were transacted for a total amount of $414 million, marking a 40% increase in transaction values compared to the previous quarter, said reported The Straits Times citing PropNex.
The growth in sales followed a subdued interest in Q1 2023, due to the hike in stamp duty for commercial properties.
However, the ABSD rate hike for residential properties diverted investment interest back to commercial shophouses, leading to a rebound in sales.
Savills noted that the conservation shophouse market was dominated by ultra-high-net-worth individuals as well as family office buyers in Q2 2023.
Shophouses within the Little India and Jalan Besar area continued to be popular among buyers, with 18 deals totalling $140 million lodged in Q2 2023.
Looking ahead, Knight Frank predicts shophouse sales for the whole of 2023 to hit $1.3 billion to $1.5 billion.
Related article: Commercial Property Singapore: How to Get a Commercial Loan (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.
