Step Ahead – 9 Benefits Of Living In Parktown Residence Condo

Imagine waking up every morning in a vibrant and thriving community, surrounded by modern amenities, lush green spaces, and unparalleled connectivity. Welcome to Parktown Residence Condo, a mixed-use development that redefines urban living in Singapore. As you step into this exceptional residence, you’ll discover a world of convenience, comfort, and endless possibilities.

From its prime location in Tampines North Township to its extensive range of facilities and amenities, every aspect of Parktown Residence is designed to elevate your lifestyle.

Convenience at Your Doorstep

To live in Parktown Residence is to experience the epitome of convenience. Every aspect of this mixed-use development is designed to make your life easier, from the moment you step out of your door.

Direct Connectivity to Tampines North MRT Station

Behind the scenes of Parktown Residence lies a game-changer – direct connectivity to Tampines North MRT Station. This means you can zip into the city or explore the rest of Singapore with ease, without having to worry about transportation hassles.

Amenities Galore at Parktown Tampines Mall

Mall lovers, rejoice! Parktown Tampines Mall, situated right below your residence, offers a treasure trove of amenities at your fingertips. From daily necessary to lifestyle indulgences, you’ll find everything you need and more.

Your shopping and dining experiences will be elevated with the array of options available at Parktown Tampines Mall. Imagine being able to grab a quick bite, pick up groceries, or catch the latest movies, all without having to venture far from home. The convenience is unparalleled, and the best part? You get to enjoy it all from the comfort of your own backyard.

Unparalleled Accessibility

It’s a breeze to get around when you live in Parktown Residence Condo. With its strategic location, you’ll enjoy seamless connectivity to various parts of the city.

Proximity to Major Expressways

Beside being nestled in the heart of Tampines North Township, Parktown Residence Condo is also surrounded by major expressways, including Tampines Expressway (TPE), Kallang Paya Lebar Expressway (KPE), Pan-Island Expressway (PIE), and East Coast Parkway (ECP). This means you can easily access other parts of Singapore, making your daily commute a whole lot easier.

Nearby Bus Interchange for Easy Commuting

With a bus interchange located right at your doorstep, you’ll have a range of bus services to choose from, connecting you to various parts of the city. This convenient transportation hub makes it easy for you to get to work, school, or anywhere else you need to go.

Nearby, the bus interchange offers a comprehensive network of bus services, ensuring that you’re always connected to the rest of Singapore. Whether you’re heading to the city center, nearby shopping malls, or other residential areas, you can rely on the efficient public transportation system to get you there quickly and easily.

Quality Education for All Ages

Some of the most significant advantages of living in Parktown Residence Condo are the numerous quality educational institutions available for residents of all ages. From primary and secondary schools to tertiary institutions and international schools, you’ll have access to a wide range of options for your family’s educational needs.

Nearby Primary and Secondary Schools

Adjacent to Parktown Residence Condo are reputable primary and secondary schools, including Angsana Primary School, Meridian Primary School, Meridian Secondary School, and Junyuan Secondary School, all within a 1-2 km radius. This proximity ensures that your children can receive a quality education without having to travel far.

Tertiary Institutions and International Schools Within Reach

Before you know it, your children will be ready for higher education. Fortunately, Temasek Polytechnic, Tampines Meridian Junior College, Overseas Family School, United World College (UWCSEA), and Singapore University of Technology and Design (SUTD) are all within easy reach, providing a diverse range of tertiary and international educational options.

Hence, you can rest assured that your children will have access to a comprehensive education system, from primary school to university, without having to worry about long commutes or finding suitable institutions. This convenience is just one of the many benefits of living in Parktown Residence Condo, where education is truly a top priority.

A World of Recreation and Leisure

All you need for a life of comfort and entertainment is right at your doorstep at Parktown Residence Condo. From outdoor activities to shopping and dining options, you’ll never be short of things to do or explore.

Nearby Shopping Malls and Entertainment Options

Leisure activities are aplenty with Parktown Tampines, a vibrant commercial mall, right below your residence. You’ll have access to a plethora of shopping, dining, and entertainment options, making every day a celebration.

In addition, you’ll be spoilt for choice with nearby shopping malls like Pasir Ris Mall, Tampines Retail Park, and Our Tampines Hub, offering a diverse range of retail, F&B, and entertainment options. Whether you’re looking for a quick grocery run or a night out with friends, everything you need is just a short walk or drive away.

Daily Essentials Made Easy

Keep your daily routine running smoothly with The Landmark‘s strategic location, providing you with effortless access to vital amenities.

Nearby Supermarkets and Hawker Centres

With Giant Hypermarket, Sheng Siong Supermarket, and NTUC FairPrice just a short drive away, you’ll never have to worry about stocking up on groceries. Plus, nearby hawker centres like Our Tampines Hub, Pasir Ris Central Hawker Centre, and Tampines Round Market & Food Centre offer a variety of affordable and delicious food options.

Convenience of Having a Community Club and Hawker Centre On-Site

By having a community club and hawker centre right within the development, you’ll enjoy unparalleled convenience and a sense of community. Imagine being able to grab a quick bite or meet with friends and neighbours without having to venture far from home.

Made even more appealing is the fact that you’ll have access to a range of community facilities and activities, from fitness classes to cultural events, all under one roof. This means you can stay active, engaged, and connected with like-minded individuals, all while enjoying the comfort and security of your own community.

Summing up

Following this, it’s clear that Parktown Residence Condo offers you a unique opportunity to step ahead in your life. With its unparalleled location, extensive range of amenities, and seamless connectivity, you’ll enjoy a lifestyle that’s truly ahead of the curve. Imagine waking up every morning in a vibrant community, surrounded by modern facilities, and having everything you need right at your doorstep.

Whether you’re looking to upgrade your lifestyle, invest in your future, or simply find a place to call home, Parktown Residence Condo has got you covered. So why wait? Take the first step towards a brighter tomorrow, today.

The Continuum Condo – Where Luxury Meets Comfort In Tanjong Katong

As you step into the opulent realm of The Continuum Condo, you’ll be enveloped in a world of refined elegance, where every detail has been meticulously crafted to provide you with an unparalleled living experience. Nestled in the heart of Tanjong Katong, this luxurious oasis offers a serene escape from the hustle and bustle of city life, while still being conveniently close to the vibrant amenities and attractions that Singapore has to offer.

Your every desire will be catered to, as you indulge in the lavish amenities and sophisticated design that sets The Continuum Condo apart as a true masterpiece of luxury living.

A Haven of Luxury

For those who crave the finer things in life, The Continuum Condo is a sanctuary that embodies the essence of luxury living. As you step into this opulent oasis, you’ll be enveloped in an atmosphere of refined elegance, where every detail has been meticulously crafted to provide the ultimate comfort and sophistication.

Unparalleled Amenities in The Continuum Condo

Across the sprawling grounds, you’ll discover a treasure trove of amenities designed to pamper your senses and cater to your every whim. From the sparkling infinity pool to the state-of-the-art fitness center, every facility has been carefully curated to provide an unparalleled living experience.

Sophisticated Design

Beneath the sleek, modern façade of The Continuum Condo lies a masterclass in sophisticated design. Every aspect of the interior, from the lavish furnishings to the precision-crafted fixtures, has been carefully considered to create a seamless blend of form and function.

For instance, the spacious living areas boast floor-to-ceiling windows that flood the space with natural light, while the gourmet kitchens are equipped with top-of-the-line appliances and sleek, high-gloss finishes. The result is a living space that is at once both stylish and supremely functional, perfectly suited to your discerning tastes.

Comfort Redefined At The Continuum Condo

Some of the most exquisite moments in life are those spent within the comfort of your own home. At The Continuum Condo, every detail has been carefully curated to provide you with a living experience that is nothing short of extraordinary.

Spacious Living Spaces

Spaces that flow effortlessly, allowing you to move freely and unhurriedly, are a hallmark of The Continuum Condo’s design philosophy. Your new home is a sanctuary where you can unwind, entertain, and live life to the fullest.

State-of-the-Art Features

Behind the sleek façade of The Continuum Condo lies a world of cutting-edge innovation, carefully crafted to enhance your lifestyle and provide you with unparalleled convenience.

It is here that you’ll discover a seamless blend of form and function, as the latest smart home technology and luxurious finishes come together to create a living space that is truly ahead of its time. Imagine waking up to breathtaking views, or enjoying a relaxing evening in, surrounded by the finest amenities and services at your fingertips. At The Landmark, this is your reality, and it’s waiting for you to make it your own.

The Perfect Location

It is in the heart of Tanjong Katong, a coveted address that embodies the essence of luxury living, where you can indulge in the finest aspects of urban sophistication.

Tanjong Katong’s Charm

Around every corner, you’ll discover a tapestry of rich cultural heritage, eclectic boutiques, and gastronomic delights that will tantalize your senses and leave you enchanted.

Convenient Accessibility

Behind the scenes, a network of major expressways and public transportation options awaits, seamlessly connecting you to the rest of the city, making your daily commute a breeze.

Charmingly, The Continuum Condo’s proximity to the Paya Lebar Central and the upcoming Tanjong Katong MRT station ensures that you’re always just a stone’s throw away from the pulse of the city, while still enjoying the tranquility of your luxurious retreat. Whether you’re heading to the CBD, Changi Airport, or exploring the surrounding neighborhoods, you’ll appreciate the convenience and flexibility that this prime location affords you.

A Community of Distinction

Not just a place to reside, The Continuum Condo offers a sophisticated lifestyle that sets you apart from the rest. You’ll be part of an exclusive community that values luxury, comfort, and refinement, where every detail is carefully crafted to provide an unparalleled living experience.

Exclusive Residents’ Lounge

Distinguished by its opulent design and premium amenities, the residents’ lounge is the epitome of elegance, providing the perfect setting for you to unwind and socialize with fellow residents.

Lush Landscaped Gardens

Behind the sleek façade of The Continuum Condo lies a tranquil oasis, where lush greenery and vibrant flora transport you to a world of serenity and peace.

To fully appreciate the beauty of these gardens, take a leisurely stroll along the meandering walkways, breathe in the fresh air, and let the soothing sounds of nature calm your senses. You’ll discover secluded nooks and crannies, perfect for quiet contemplation or intimate gatherings with loved ones.

The Art of Fine Living at The Continuum Condo

All the finer things in life come together in perfect harmony at The Continuum Condo, where every aspect of your lifestyle is elevated to new heights of sophistication and elegance.

Gourmet Kitchens

To indulge your culinary passions, The Continuum Condo presents gourmet kitchens that are a masterclass in sleek design and functionality, equipped with top-of-the-line appliances and ample counter space to whip up your next gastronomic masterpiece.

Luxurious Bedrooms

Living your best life begins with a good night’s sleep, and The Continuum Condo’s luxurious bedrooms are designed to envelop you in tranquility and comfort, with plush carpets, lavish furnishings, and expansive windows that frame breathtaking views of the city.

Bedrooms at The Continuum Condo are your personal sanctuaries, where you can retreat from the world and recharge in style. Imagine sinking into your plush bed, surrounded by your favorite books and mementos, and drifting off to sleep amidst the soothing ambiance of your very own private oasis. As you wake up to a new day, you’ll feel refreshed, revitalized, and ready to take on the world.

Summing up

From above, The Continuum Condo‘s sleek silhouette rises like a beacon, beckoning you to enter a realm where luxury meets comfort in the heart of Tanjong Katong. As you step into your new abode, you’ll find yourself enveloped in an atmosphere of refined elegance, where every detail has been carefully crafted to cater to your every whim.

Your senses will be treated to a symphony of opulence, from the lavish amenities to the meticulously designed living spaces, all conspiring to make your every moment a masterpiece of indulgence.

Households financially sound, but concerns with rising costs

Experts say that although the average household’s net worth continues to grow, it could be put under pressure by rising costs of living.

The Department of Statistics reported that the net worth of households rose 7.6 percent to $2.72 billion in the third quarter of the year 2023, but people have been saving less money and their credit card debt is on the rise.

The net worth of a household is the amount left over after all debts have been paid.

A household that has a positive networth is one with more assets than liabilities. This gives it some cushion against unplanned emergencies.

Credit card debt, for example, is a liability. Savings are part of the household’s assets.

The latest Financial Stability Review by the Monetary Authority of Singapore showed that in November, the average personal saving rate in Singapore dropped to 34.6% in the third quarter.

This is above the average long-term of 31%, but it is still down 0.5 percentage points from the same time last year.

The decline in savings is a result of a growth in private consumption spending by 8.4% year-on-year in the third quarter, to $52.7 billion.

Singapore’s consumer price index for all items (CPI) increased to 4.7 percent on an annual basis in October. This is up from 4.1 percent in September.

Core inflation, which excludes private transportation and accommodation, increased to 3.3% in October from 3.0% in September. This reversed five consecutive months of slower growth.

Singaporeans also take advantage of the stronger currency to spend more money on travel abroad.

The CPI data revealed that in October, holiday expenses jumped 7.8% on an annual basis. This was behind only private transportation (11.7%) and alcohol drinks and tobacco (11.1%).

Credit card debt has increased due to the increase in spending.

The Landmark Showflat Location

According to the most recent household balance sheet data, credit card debt was 3.8 percent of household liabilities. This is 0.4 points below its long-term median of 4.6 percent.

The total household liabilities as a percentage of disposable personal income has been trending lower for eight consecutive quarters due to a combination of lower debt and continued income growth.

Home loans account for 73,9% of average household liabilities. This could indicate a possible downturn on the housing market after months of increasing property prices.

The maximum amount that a household may borrow is determined by the loan-to-value.

The maximum amount of a loan is 75 percent for a bank and 80 percent for the Housing Board.

In general, a downturn in the property market results in a higher loan-to value ratio. This makes it more difficult for homeowners to refinance at a time when interest rates are rising.

While economists are concerned about lower-income families, they also worry about higher-income households.

Poorer households spend more of their incomes on necessities like food, utilities, and transportation.

Owners fined $45,000 after breaking HDB rules & regulations

HDB caught 150 apartment owners between 2018 and 2022 for investing in private properties even though they lived in their flats for less that five years.

Estate agents either misled or ignorantly told many that trust schemes did not have restrictions on purchases, since the purchasers were not buying properties for themselves.

In one case, a couple that had only lived in an HDB apartment for three years wanted invest in a home for private use even though it was not permitted for two more years.

Their estate agent told them that they could purchase the additional property and put it in trust for their child. They were also convinced that the HDB rules would not be broken because the child was the beneficial owner.

The couple didn’t know they had been given inaccurate information because HDB regulations state that an owner still under MOP can’t buy a private home even if the property is being held on trust for someone else.

Unaware of the situation, the couple bought a condo unit. The developer had also employed another agent, so the agent received $7,000 or half the commission.

The HDB informed the couple in February 2020 that they were in violation of MOP rules for buying a private house within the period of prohibition and they could be fined or have their apartment seized by HDB.

The Landmark Singapore MCC Land

They were ultimately ordered to pay $45,000 in penalties, which was paid as a lump-sum with a cashier’s order.

The agent was found guilty for failing to carry out his work and conduct business with due diligence when he incorrectly told the couple they could purchase the extra house on trust for their son during the MOP of the flat.

The judge ordered him to pay $10,000 as a penalty and legal fees.

Websites of the respective agencies provide information on HDB flats, including the stamp duty payable when investing in property.

It is important that all owners check the rules before dealing with an asset of value. This will ensure they do not become ignorant or fall victim to agents who haven’t done their homework.

These cases demonstrate that you could end up paying a heavy price if caught doing something you could have avoided if only you checked yourself.

Owner lost 5-room HDB flat after illegally renting it out

A clever property investor devised a “foolproof scheme” – purchase a brand new public housing unit and hire a shady estate agent to then rent out the entire thing, blatantly disregarding HDB regulations. What could go wrong?

As it turns out, pretty much everything. Even though it provides the rest of us a great example of penny-wise pound-foolish behaviour.

The owner of a five-room HDB apartment thought he would be able to circumvent the Housing Board’s minimum occupancy period (MOP), a five-year requirement for most flats. He did this because he had found a realty agent who was willing to go above and beyond.

The agent submitted a fake tenancy contract to cover the crime.

The ruse was discovered a mere month after tenants moved in. HDB seized the flat of the owner, while the rogue estate agent was fined by CEA and suspended.

On the CEA’s website, cases of professional misconduct are highlighted. These serve as warnings to homeowners and offer valuable lessons for protecting their investments.

It is a mistake to believe that you can fool the authorities with false and misleading contracts and assume no one will be checking every line.

The HDB can easily detect illegal rentals, particularly when they involve owners who are yet to complete their MOP.

It is now easier for authorities to detect infractions by simply setting up a system that flags suspicious cases.

In fact, previous cases have shown that enforcement actions can be swift and furious. They can occur within weeks after the offenses are committed.

The owner of this flat had three bedrooms, so he was able to rent two out legally and continue living in the third. This is why the minimum occupancy rule was created, requiring him to stay in the apartment for a minimum of five years after August 2018, when he purchased it.

It is mandatory to pay a fee for every tenancy agreement in order to make it valid. This is a process that neither the tenant nor landlord should try to avoid because both sides risk losing money if they decide to break their agreement.

The Landmark

In May of 2019, the owner approached an agent in order to rent out the entire apartment, which was a violation by more than four years. The agent still went ahead and marketed the flat, and a couple of foreigners showed up in August for the viewing.

After being assured that they and their children would be able to “use the whole flat”, the couple decided to rent an apartment.

The couple was worried that when signing the agreement they would be signing for “room rental”, but they actually wanted to rent out the entire apartment and not only two bedrooms. The agent told them they could use the entire flat, and that the contract was just “formality”.

The agent then applied to Singapore’s Inland Revenue Authority to stamp and validate the agreement. She made a false statement, stating that the apartment was only partially leased when in fact the tenants owned the entire unit.

The owner was sent a letter by the HDB in September shortly after tenants moved in. It reminded him of his breach of terms and conditions for not living in the apartment or letting the entire unit out without written consent.

HDB officers visited the flat a few days after the letter was received. They found only the tenant, his family and the landlord living there. Further inquiries confirmed that there was no owner and that only the tenant lived in the flat.

The tenant and his family were forced to leave the next month. The tenant and his family suffered from great inconvenience as well as financial loss due to the fact that they were forced to move and search for a home within a short time period.

The HDB acquired the flat later, while the agent received a suspension for four months as well as a $7000 penalty and legal costs.

Owner-occupiers can get a one-time property tax rebate

Singapore homeowners are likely to face higher property taxes next year due to both an increase in annual values (AVs), and a rise in tax rates. The government has responded by offering a one-off refund to help ease the burden.

The Ministry of Finance and Inland Revenue Authority of Singapore announced on Thursday, November 30, that owners of residential properties would receive a special property tax rebate to address concerns about rising costs of living and the upcoming property tax increase.

After a 100% rebate, owners of the smallest HDB apartments will not pay any tax. Owners of executive flats, three-, four-, and five-room apartments, and flats with 3, 4, and 5 rooms will receive rebates ranging from 30% to 70%, while owners of private properties will get a maximum of S$1,000 in a 15% rebate.

The owners of investment properties won’t get a refund for their non-owner-occupied properties, and they will be the ones who will suffer the most from the double blow of increased property values and tax.

The property tax is calculated using AVs. These are revised annually based upon the estimated rent for the year if the house was rented. Since 2022, both market rents of private and public housing have been on the rise.

Condo rents increased 19.3% year-on-year in the third quarter 2023. According to data from 99.co SRX, HDB rents were up 14.1% from a year ago in October.

MOF and IRAS announced on Thursday that rising AVs in conjunction with increases in the property tax rates announced by Budget 2022 will result in an increase in property taxes in 2024 for most residential property.

MOF responded to The Business Times’s queries by saying that HDB flat owners should expect to see their AVs increase between 20 and 25 percent in 2024.

The Landmark Floor Plan

In the case of private residential properties, 80 percent of them will experience an increase between 15 and 25 percent, while some may even see a rise of more than 25 percent. These increases in AV reflect the rental movements of the properties.

The AV increase for 2023 was not revealed. Iras stated that before the last AV review on Jan 1, 20,23, market rents for both HDB housing and private housing have risen by over 20 per cent. AVs will be adjusted to reflect this.

Analysts do not anticipate that residential property demand or prices will be affected by the tax increase and AV.

Budget 2022 announced the tax increase, but market conditions remained positive. Private-home prices rose by 8.6 percent that year.

The property tax hike will not affect owners of luxury residential properties as it is only a fraction of their property value.

However, higher property taxes could push buyers in the future to choose slightly smaller homes. Developers may be more cautious in their bids for land as buyers become more cost-conscious. This will prevent the land bid prices from increasing further.

Rents could be lowered by landlords if they are faced with higher operating costs.

If the rental market continues to soften, landlords will have to lower expectations or risk higher vacancy costs and higher taxes.

In Budget 2022, Finance Minister Lawrence Wong said that the rates of property taxes for owner-occupied and not-owner-occupied properties will increase in two steps beginning 2023. He also stated that property tax is Singapore’s primary means of taxing its wealth.

Property taxes contributed 7.4 percent of the total revenue in FY2022, or S$5.1 Billion. The total amount collected increased by 9.1 percent from S$4.7 Billion in FY2021.

The property tax on owner-occupied residential homes for the portion of the AV above S$30,000 is also increasing. In 2023 the rate will be raised to 5 – 23 %, up from 4 – 16 %. The rate will increase to 6 per cent to 32 per cent in 2024.

Property tax rates for non-owner occupied residential properties, which includes investment properties, will be raised to 11-27% in 2023 from the previous 10-20%. Tax rates will rise to 12-36% in 2024.

Raffles Town Club to be redeveloped as housing in 2026

In a joint announcement on Monday, Nov. 20, the Singapore Land Authority (SLA), and Urban Redevelopment Authority, said that the move to redevelop RTC was in line with Singapore’s focus to redevelop brownfield sites to meet future demands for land, housing included.

Redevelopment is expected to support future housing demands and “enhance residential character” in the precinct. They added that future residents would also benefit from the transportation infrastructure and connectivity around the island and to the city.

Raffles Town Club, in a statement sent to The Business Times said that the management will continue providing services to its members until the expiration of their lease, which is October 2026.

RTC is able to continue operations until the expiration of its lease, at which point it must return the land to state. SLA stated that they will work closely to ensure the club returns the land.

Raffles Town Club will sell the prime plot of Bukit Timah land it occupies after its lease expires in October 2026.

Although the site will be sought out by developers, it could cause the membership fee to drop further.

If the site were put on the market today, the winning bid would be greater than S$1,500 for each plot ratio. The project will likely have a 99-year term lease. This means that the finished units sold at completion are expected to exceed S$3,000 per sqft.

The freehold Watten House, a nearby new launch, sold condo units at an average S$3,230/sqft at a preview event on Nov 18, 2018. Developers UOL Group & Singapore Land Group have sold 57%, or 102 of 180 units of the District 10, condominium near Tan Kah Kee MRT.

RTC memberships cost S$28,000. They were first sold in 2000. The secondary market is now offering them for S$7,000 to S$8,000.

The lease on the RTC property, located at Plymouth Avenue, will expire on October 17, 2026. The parcel will be one of the few 99-year residential leasehold sites on Bukit Timah Road. Due to its close proximity to an MRT, popular schools, and the Botanic Gardens it is expected to be highly sought after.

The Landmark Showflat

Singapore Chinese Girls’, Anglo-Chinese and Nanyang Primary Schools, as well as St Joseph’s Institution, are all nearby.

Europa Holdings bid S$100 million for the site zoned for sport and recreation in 1996.

In November 2012, billionaire Peter Lim along with three other RTC founders won an appeal and the claim has been dismissed.

SLA, URA and SLA said that government agencies would engage RTC to determine the availability of state properties if they wish to continue their operations after the expiration of the lease.

The club has stopped selling memberships at some point, but there are still some available on secondary markets.

Carousell has shown that RTC memberships are being sold for S$7,000 to S$8,000.

In 2008, Chinese businesswoman Margaret Tung and Singaporean investor Lin Jian Wei who had taken control of RTC back in July 2001 filed a S$130m claim against the founders.

The club and Lin and Tung both argued that these four men had taken money from the club by paying director’s fees, management fees, or other fees to an outside firm in which they were either shareholders or beneficial owners.

In the last 20 years, there have been several legal actions against the club’s founding shareholders.

In 2000, about 5,000 members filed a lawsuit against the club’s owners for breach of contract. They claimed that the owners of RTC had stated it would be a prestigious private club, but in reality there were only 19,000 members. The suit was won in 2005.

One of the main issues raised during the litigation was the declining membership prices.

BT has seen court documents that show the membership price fell from S$28,000.00 in May 2000 down to S$16,000.00 in the month following. In December 2000, the membership price fell to S$13,000 and then continued to drop to S$7.300 in October of 2003.

Arena Residences scores new high at $2,213 psf

Camelot, a 99-year-leasehold condo in the city of Singapore, has also seen a new psf high during this period. On Oct 4, a four-bedroom apartment measuring 3,035 sq. ft. was sold for a price of $6.71 (or $2,211 per square foot). The previous record was set when a 4,035 sq ft unit, occupying 2,745 sf, sold for $5.71 million ($2,211 psf) on July 4.

This is the condo’s most recent transaction and marks the first sale of a unit for more that $2,000 psf based on URA caveats. The unit was bought by the seller in October of 2012 for $4.78m (or 1,575psf), resulting in a $1.93m gain.

In the first half of this year, only two condominiums were resold.

Camelot By-The-Water condo is located along Tanjong Rhu Road at Kallang, district 15. The 99-year leasehold was completed by 2000.

Centrepoint Properties is now Frasers Property and developed this 99-unit condo.

The waterfront complex consists a mix between three and five bedroom units, with sizes ranging anywhere from 2,400 – 5,800 square feet.

Hazel Park Condominium was another project that experienced a new record psf with the purchase of a 980 sf two-bedder on Oct 9, for $2M, or 2,042 psf. It is the very first time a condo unit has been sold above $2,000/sqft, based on caveats.

The seller acquired the unit in 2020 for $1.08mn ($1,103psf), earning a $920,000 gain.

Read also: The Landmark

Hazel Park Condominium has achieved its highest ever psf rate with the purchase of a 1,324 ft2 unit in July. The price for the three-bedroom unit was $2.32m or $1.752psf.

Arena Residences at Geylang in District 14 recently achieved a new price per square foot for a freehold apartment. The sale was a 603 sq. ft. two-bedroom condo that changed hands on 10 Oct. for around $1.33M, or $2.213 psf.

This is the best psf rate among all condos in the Oct. 3-10 period.

This transaction, which is a record-breaking sale, is the only sale in the boutique development so far this year. The seller purchased the apartment in January 2019, for approximately $1.11m ($1,846psf). This means they made around $220,000.

The previous price high for psf at Arena Residences occurred in November 2011 when a five-bedroom two-bedder was sold at $2 million.

Arena Residences are located along Guillemard Lane. They were developed by RH Guillemard a Roxy-Pacific Holdings subsidiary and were completed this year.

It was sold out in just 40 minutes of its November launch. It was sold to its full capacity by February 2020. The condo contains a mix two-bedroom and a three-bedroom unit, starting sizes at 549 sf and 807 sf respectively.

EdgeProp LandLens reports that, according to data from EdgeProp, 89.2% percent of its buyers were Singaporeans. Meanwhile, 7.8% percent were permanent residents.

And the remaining 2,9% came from foreigners. The condo’s location is convenient to transportation hubs including Paya Lebar MRT Stations as well as Mountbatten, Aljunied and Mountbatten MRT Stations.

According to the caveats that were lodged over the past twelve months, Arena Residences units typically sell for an average of $2200 per square feet.

While its rental prices are in the range of $6.20 – $7.30/sqf/month, or on average $6.70/sqf/pm. This yields a rental rate of about 3.6%.

Freehold shophouse at Jalan Besar available for $22 mil

The public is invited to bid on a freehold property at 255 Jalan Besar. Its guide price is $22,000,000. The three storey property has a floor area (GFA), which is approximately 7,750 sq.ft., and a site size of 3,145 sq.ft.

Accordingly, the GFA is approximately 1,685 sf.

The price of the shophouse will be $2,838/sq ft based off the GFA. Or $2,331/sq ft based off the maximum permissible floor area (9,435 sq. ft.).

Michael Tay, CBRE’s head of Singapore capital markets says, “Given these exceptional attributes such a freehold tenure with wide frontage and the potential for naming-and-signaling rights, we anticipate strong interest both from investors and owner occupants.”

Situated in Jalan Besar Secondary Conservation area the property has been zoned as commercial and is a 3.0 gross plot ratio under the Master Plan for 2019.

He also says that there has been a growing demand for the shophouses at the city’s fringe in the past year. Notable deals include the $38.5-million sale of 203 & 207 Jalan Besar in early May, and the $26-million sale of 301 Jalan Besar in earlier months.

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The deadline for 255 Jalan Besar’s tender is Nov 30, at 12pm.

Joshua Giam from CBRE’s associate director of Singapore capital markets highlights how the new owner is able to maximize the plot ratio if they build a rear addition or increase the size of the current floorplate.

The shophouse may be converted to F&B or clinics, co-living, serviced apartment, hostels, etc., with the permission of the authorities. Giam says: “These initiatives are designed to allow the new owners to maximise the capital value and rental return of their property.”

The price of the five combined strata-titled offices is $7.8m

The Bencoolen office unit amalgamation will sell for 7,8 millions dollars at Knight Frank’s next auction. This is scheduled to take place Nov 16, 2016. Owner’s Sale. 99 year leasehold property. 71 years left.

Landlords can expect to enjoy an annual rental yield between 3.8% and 4.0%. This is a higher rate than many of the nearby office buildings such as Bugis Cube Buildings have respective rental yields between 3.7% – 2.9%.

Ample parking is provided in the basement and on both floors. Its proximity to the main transport infrastructure is a benefit of its location on the outskirts of town. Rochor MRT Station, Bugis MRT Stations are within less than 500m.

Sharon Lee of Knight Frank, who is the head auctioneer, states that finding an entire floorplate in this space is rare. She added: “The unit has a lift facing it, and toilets outside, so they aren’t included in the area of the floor.” The subject units, in addition, are still well maintained.”

The Bencoolen is an integrated development at 180B Bencoolen Road in District 7, which includes the office units. The complex includes three buildings: a 19 story residential tower, a 12-story office building with a 3-storey retail podium, and an underground.

The Bencoolen has sold units for $1,608 on average per sq ft, according to the caveats that were filed over the past year. In the last twelve months, rental rates for The Bencoolen ranged between $3.40 psf and $6.50 pm (or an average of 5.10 psfpm).

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The building includes 182 flats, 70 offices and 95 storeys. Amenities include a swimming pool and wading area, clubhouses, multi-purpose rooms, a tennis and gymnasium court, saunas and an exercise room.

The Bencoolen, according to caveats lodged at the URA this year had just one sale of retail space. In April, a unit of about 258 square feet was sold at approximately $1.57 Million ($6,070/sq ft). This property was purchased in 2000 by the seller for $555.582. ($2,151 per square foot) which translated to an approximate profit of $1.01million.

The 4,198-square-foot units will serve as one office up until April 30, 2019. Knight Frank had previously auctioned off the property in early April.

The building is zoned to allow for both residential and commercial uses, with an overall plot ratio of 4,2. Office units consist of a reception room, conference space, general office room, meeting room. Also included are partitioned offices and pantry.

All five offices are located at the same height, and face the lift lobby.

The US housing market has now completely broken

The market for housing has reacted in a different way to the recent rise in mortgage interest rates. The strike of home sellers then boosted interest in newly constructed homes. Homebuilders were the brightest market. The lack of inventory held prices at a high. This enabled companies to make profit with healthy margins in order to lower the mortgage rates of buyers. This no longer seems to be the case. Buying down home-loan rates to 5.5 percent – the minimum required for prospective buyers – is easier around 7 per cent rather than 8 per cent. Confidence among builders is going the way of their stock prices and profit margins. This month the National Association of Home Builders/Wells Fargo sentiment gauge dropped to its lowest point since January. Builders are likely to reduce their plans for production in the near future.

Multi-family housing starts also experienced relative stability earlier in the year, and units under construction were increasing as delays in supply chain kept projects from completion. The past two months have witnessed a notable drop-off – starts in September were down 31.5 percent year-over- the previous year. Moreover units under construction have decreased for the past two months, which suggests we’re over the top of this period. With fewer units starting and a shrinking number in construction renting will hinder growth in the economy for a long time into 2024.

The first time in a while since the Federal Reserve started raising interest rates, every part of the market for housing is poised to worsen.

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Since early 2022, the resale housing market has been sagging as sellers are unwilling to surrender their mortgage rates that are low. New houses had offered buyers some relief. There was no need to worry. Homebuilders have been shattered by the recent rise in mortgage rates, which could reach as high as 8 percentage. Since profit margins are declining they’ll most likely reduce their building in the coming months. Construction of apartments has also been rolling into the past few months as developers are afflicted by the combination of slow rent growth and high financing costs.

The discontent of potential buyers is well known. What are the macroeconomic implications? Because of the significance of housing to overall activity, subdued residential construction should restrict the rate at which the economy can expand however not enough to cause a recession over the next few quarters. To the extent that the brutal sell-off in Treasuries has been in response to hotter-than-hoped-for economic data, a paralysed housing sector will offer some respite.

Investors need to be aware of this as the recent decline in Treasuries is a major shock. This is due to a robust consumer market and high expectations of real GDP growth during the third quarter. JPMorgan Chase. estimates that the economy grew by nearly 4 per cent last quarter. The bulk of the growth comes from housing, which should add to GDP growth in the first time since the beginning of 2021 thanks to this summer’s pickup in single-family home begins. This is unlikely to last into the coming quarter, or perhaps 2024, until interest rates decrease.

The return of student loan repayments as well as the United Auto Workers’ strike and the union that represents television and radio actors are just a few of the factors that could influence consumption.

The convergence may give investors some respite from the run of hot economic data, which has been weighing on both stocks and bonds as it bolsters the prospects of further monetary policy tightening. If that proves not to be the case, it could indicate that the economy and consumers have even more momentum than appreciated and is an unsettling scenario given that the highest costs for borrowing since mid-2000 have broken one market.

Tanglin Halt integrated development to have 5500 HDB units

The former Tanglin Halt Neighbourhood Centre will become the new site for the development. This centre houses the Tanglin Halt Market, and the Commonwealth Drive Food Centre.

Tan Kiat How said that, on Thursday, the redevelopment would provide housing for future generations. It will also allow young families to be near their parents.

In 2014, the estate of 3,480 houses was designated for the Selective En bloc Redevelopment Scheme. The majority of former residents have moved into new homes in Dawson. The old buildings are also being demolished.

Housing Board plans to redevelop Tanglin Halt in Queenstown, one of Singapore’s oldest estates, will result in the construction of up to 5,500 flats.

Housing Board revealed on Thursday that the estate will have an integrated development where HDB apartments will be linked to shops, a market and a local hawker centre. The Queenstown Polyclinic at Stirling Road, which is currently located in Stirling Road, will be moved to the new complex.

The integrated development construction will be divided into two phases. Starting with the former Commonwealth Drive Food Centre, the first phase of construction is scheduled for the second half in 2024.

As soon as the first phase is complete, stallholders will be able to move from the adjacent Tanglin Halt Market and begin construction on the vacant market. HDB explained that the move was made to minimize disruptions to the market stallholders.

The Straits Times was told by HDB that the rest Tanglin Halt will be redeveloped within the next 10-15 years.

Mr Tan said that the authorities will implement redevelopment projects with care and respect the history and heritage of the estate.

HDB says the integrated development design will incorporate elements such as the hexagonal shape of Tanglin’s Halt Market and the barrel vault form of the food centre. It will also feature courtyard spaces similar to the former neighbourhood center.

Tanglin Cascadia – the first Build to Order project in the estate – was launched during the October sales event under the Prime Location Public Housing Model (PLH). The 973 unit project had an application rate for first-timers of less than 1, meaning that all first time home buyers will get the chance to pick a property.

HDB has said that, for example, the Commonwealth Drive blocks 69 & 70, built by Singapore Improvement Trust (now defunct), could be converted into community spaces, as part of a new park.

Queenstown’s facelift will begin in 2025 with the introduction of new parks and exercise trails. Cycling paths and therapeutic garden are also planned.

There will be landscaping and recreational amenities along the Rail Corridor, which runs alongside the Tanglin Halt. In addition, there will be a park that will serve as a space for community and a pitstop for the residents.

HDB says the plans for Tanglin Halt compliment broader revitalization plans for Queenstown.

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HDB has announced plans to rejuvenate the fourth group of towns in the Remaking Our Heartland program – Ang Mo Kio, Bukit Meah, Choa Chu Kang, and Queenstown.

Around 79,000 residents of Queenstown and Farrer Road will benefit from these improvements.

Commonwealth Drive, which will become a pedestrian-friendly area with bicycle and pedestrian footpaths, will be converted into a pedestrian zone.

Mr Tan responded that authorities are considering the possibility of renting out flats in Tanglin Halt. He also said that they are aiming for a neighbourhood with a mix of social groups.

Developer sales drop 44.9 percent in September, smaller projects are launched in Ghost Month

In September, including ECs 335 units have been sold and 68 units launched. In August, 649 units had been sold and 950 launched.

The rising geopolitical tensions around the world and the possible effects of the conflict in the Middle East may also dampen the mood in the market for real estate.

One new project was launched in September the leasehold of 999 years The Shorefront at Jalan Loyang Besar in the Outside Central Region (OCR) and had three units sold with a median value of S$1,902 psf.

The number of private home sales decreased in September because of the lack of new projects launched during the ill-lucky Hungry Ghost Festival.

It’s not too surprising that home sales fell following the Hungry Ghost Festival, which ended in mid-September.

The sales of property in the OCR fell by 64 percent month over month, to 70 units. In the Rest of Central Region, it dropped 33 percent from month to month.

Due to the vast array of products available on the market, consumers are becoming more selective when it comes to their choices.

In addition buyers’ mood remained “cloudy and somewhat cool”, thanks partly to the cool measures that were rolled out in April.

In the days leading up to the festival, old beliefs lead some people to avoid home purchases. Developers also tend to avoid launching new ventures during this period.

The latest sales report for September that excludes executive condominiums (ECs) are just a quarter of 987 units sold in the same month of 2022. This is the lowest monthly sales figure in the entire year and the lowest since December 2022, in which developers sold 170 units the previous month.

The number of homes sold in 2023 are expected to be 5,407 homes, which is 15,6% less than the 6,409 homes that were sold during the same time period the previous year. The figure for the nine months is the lowest since 2016, when 5,656 units were sold.

The increased Additional Buyer Stamp Duty (ABSD) as well as the widespread inflation and economic uncertainty, and the growing variety of housing options that are public like Build-to-Order, for instance, are all factors that buyers are weighing against.

The major projects on the horizon will mostly be concentrated within the OCR. The 265-unit Lentoria and the 474-unit Hillock Green are both part of the new Lentor Hills Estate. In Jurong, the J’den Condo, which is located in the former JCube Mall, will feature 368 units. The 440-unit Sora condominium, located at Yuan Ching Road, will also be constructed. The 341-unit Hillhaven at Hillview Rise.

Market watchers are predicting that the number of private home sales without ECs and ECs, will be between 6,000 and 7,000 this year – a tad less than the 7,099 homes sold last year.

The freehold Pullman Residences Newton came in the second-highest, having 21 units sold for a median price of S$3,258 psf. Core Central Region (CCR), out of the three segments was “relatively” better than other segments. The 76 units that CCR sold comprised 35 percent of private and condominium sales during September.

Looking ahead, analysts expect developers’ sales to be subdued, and buyers’ sentiment to remain tense amid increasing macroeconomic uncertainty as well as rising interest rates.

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The sole bright spot was the EC market with an increase of 118 units in the this month. The demand for ECs has been strong, since buyers with a tight budget are looking for the next best alternative to a private home. EC buyers are also eligible to get ABSD upfront remission.

According to the data published on Monday (16th October) by the Urban Redevelopment Authority, developers sold 217 homes for sale in September. This is a drop of 44.9 percent compared to the 394 units that were removed in August.

Altura Bukit Batok was the only EC project to be that was launched in the year 2000. Altura’s total sales topped 88 percent. Altura was also ranked as the top-selling project in September, with units selling at a median of S$1,473 psf.

Developers could decide to hold off launches until 2024, when rates will stabilize and sentiment increases, due to weaker sentiment and still high interest rates and because of the Christmas holiday season.

Altura also set the benchmark price for the EC market in the last month, with the sale of a unit measuring 980 square feet for S$1.6m or S$1,585 psf. This is higher than the previous psf price record set by Copen Grand, which stood at S$1,499 psf.

Developers will need to be cautious about pricing these forthcoming launch dates to ensure the volume of sales. However, there will not significant price reductions since developers had committed to earlier capital expenditures.

Noel Building, Tai Seng is up for sale in a collective sales at $70 million

Noel Building is a freehold property located at 50 Playfair Road, in the Tai Seng district, and it’s up for sale collectively with a price guide of $70 million. The eight-storey structure occupies 26,791 square feet of land zoned “Business 1 – White” with a plot-ratio of 3.5. The Circle Line MRT Station Tai Seng is located 400m from the building.

Swee Shou Fern is the head of Edmund Tie’s investment advisory, and she’s marketing this property. She believes that the property located at 50 Playfair Road presents a unique opportunity to owner-occupiers who are looking to custom-build and develop their corporate headquarters. One option is to convert the property into strata-factories for light industrial use.

Edmund Tie says that the site can be redeveloped with a maximum floor area of 93.770 sq ft. This can include a business 1 use or if you prefer, light industrial. The remaining 26.791 sq. ft. can be used for “White”. This zoning allows for the use of shops, restaurants, showrooms offices, associations, and recreational clubs.

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Noel Building’s guide price is based on a land rate between $776 and $986 per square foot (psf) per plot ratio.

Swee notes that strata factories near MRT stations and with amenities are still highly desired. She says that the AZ@Paya Lebar, a strata factory completed in 2014 near the AZ@Paya Lebar, has seen prices increase by 6%, from $1,389/sq ft on average in 2H2022, to $1,472/sq ft for 1H2023.

Swee says that in the private sector, the last notable deal for a “Business 1 – White” zoned site was the sale of Citimac. This is now Grantral Mall at MacPherson. In 2017, the site was sold as a whole for $430.1 millions ($1.047 per square foot ppr). Edmund Tie mediated the deal.

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