May 2015

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PROPERTY
May15
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Hot Properties
DEBORAH LAW
Executive Director,
Expat Realtor
With six straight quarters of private home
prices dropping since the peak in Q3 of
2013, Singapore is now into its longest
stretch of price decline in more than a decade.
The private market has seen the biggest drop, and
overall market transactions nearly halved last year.
However, new figures fromdevelopers and caveats
lodgedwith the Singapore LandAuthority show that
not all projects have suffered steep price declines,
and price drops have been highly uneven, with
some projects dropping by 20 percent and some
by only one percent. In fact, a couple of condos
have even managed a miniscule gain.
For those still keen to buy and sell, it seems
banks are valuing properties a lot lower than
expected. This causes disappointment for both
buyers and sellers, as some buyers cannot get the
mortgage they would need to pay the seller’s price.
The good news is that the big property players
are showing a keen interest in the luxury market,
which they feel has bottomed out and will start to
turn soon. According to REDAS, the representative
body for the real estate industry in Singapore, prices
of luxury homes (defined as more than 1,500 square
feet in size, and costing above $2,400 per square
foot) have dropped at least 20 percent since the start
of 2013. Anything around $2,000 per square foot is
deemed to be a bargain, even with the 15 percent
tax for foreigners.
Tip of the month: With interest rates and SIBOR
(Singapore Interbank Offered Rate) rising, you may
want to speak to your advisor about locking your
mortgage into a more secure fixed rate loan sooner
rather than later, to give yourself some certainty
about the level of your repayments. Be careful to
check their lock-in periods and penalties.
With its pool, garden and perfect
proportions, this delightful
corner house is the ideal family
home. An easy flow, good-sized
rooms throughout, a decked
patio off the dining room leading
to the swimming pool area, and
a beautiful green back garden
make it perfect for entertaining.
One bedroom or helper’s room
downstairs and four bedrooms
upstairs, incorporating an extra-
large master bedroom and four
bathrooms (three attached),
provide plenty of room. Located
in a green and serene cul-de-sac
in a quiet residential area at the
end of Bukit Timah Road, near
Rifle Range Road, it’s close to
parks and shopping centres
and one kilometre from the
Methodist Girls’ School and Pei
Hwa Primary School.
Green Serenity
$7,500 RENT
Size: 3,600 sq. ft land,
2,300 sq. ft built
Bedrooms: 4+1
Type: Landed
corner terrace
District: 21