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Issue 197

Copyright 2011-2014 www.Propwise.sg. All Rights Reserved.

CONTENTS

FROM THE

EDITOR

p2

So You Want to Get Rich Fast in Property?

p6

Singapore Property News This Week

p11

Resale Property Transactions

Welcome to the 197th edition of the


Singapore Property Weekly.
Hope you like it!

Mr. Propwise

(February 9 February 17 )

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SINGAPORE PROPERTY WEEKLY Issue 197

So You Want to Get Rich Fast in Property?


By Gerald Tay (guest contributor)
People want to get things fast the faster, the
better. There is no time to wait. Give it to me
yesterday, please.
There are a lot of programs that promise fast
or even instant results. They cater to the
subconscious mind of the individual which
has been programmed to want everything as
quickly as possible.
Ironically, this is why we never accomplish
anything. We want things now so bad that we
dont stick with the plan long enough to make
a difference. Even when youre on the right
track you have to wait for the train to arrive to
take you to where youre headed.
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SINGAPORE PROPERTY WEEKLY Issue 197


The more valuable something is, the
higher the effort required to achieve it
Since building wealth is of high value, it takes
time those how-to-get-rich quickly in
property (or any asset) programs dont work
and never will. Its all cheap garbage
orientated towards the masses.
Why are people paying so much money so
that someone can tell them how to get rich?
The pros are just feeding the fans with
unrealistic expectations and want the
amateurs to believe that they are actually
revealing the real secret to wealth. Well, my
friends, the info is garbage and gets you
nowhere.
How to get rich fast
I will tell you how to get rich fast. Get ready.
The secret to get rich fast is to not try to get
rich fast. Not trying to get rich fast is
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surprisingly the best and the fastest way to


get rich. Not to get rich fast means if it takes
decades to build real wealth then so be it.
By refusing to fall for the cheap tricks you
wont be wasting your time doing nonsense
that gets you nowhere, and those quick
solutions are just that: nonsense. If something
looks too easy and too good to be true, it
doesnt work and will only distract you from
your real path as a wealth constructor. When
you are aware of this fact, you will progress
as fast as possible. In this case the real
shortcut is to not take shortcuts at all.
People with money but without character
are little better than animals
Achieving a goal is great, but whats more
important is how you get there. I would gladly
make less money doing something that helps
me improve as a human being,
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SINGAPORE PROPERTY WEEKLY Issue 197


than make tons of cash slaving away. Goals
are merely something to aim at. The journey
is what builds character. This is where the
real reward is. This may be a stupid clich,
but its true.
Dont be afraid of being a beginner. Dont be
afraid of going on a new journey. Its hard, but
harder things tend to produce more valuable
results.
When you first get onto the wealth building
path, there will be a lot of people that will look
at you and think: What an amateur. Youll
fail! Dont worry. Its part of the game. What
matters is that youre doing something you
love. Who cares whether you live in a HDB
flat or an Orchard Road penthouse?
Do something that takes you one step closer
to your goal, and brings moments of joy into
your life.
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Sometimes sacrificing your Queen is what


has to be done to win a game
I can tell you with certainty that if you have no
love for what youre doing, you wont be any
happier when you achieve higher levels of
mastery. Thats why so many people who
have reached the top in a certain field often
quit. It looks weird on the outside, but it
makes perfect sense inside.
The older you get, the faster life goes by. To
younger people six months appears to be a
lot of time, but what are you rushing for? It
makes no difference whether you achieve
your goal today or 15 years later. Theres
always something to be done. It never ends.
The loop keeps on repeating. We might just
as well enjoy the process before meeting our
Maker.

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SINGAPORE PROPERTY WEEKLY Issue 197


Soon the day will come when money wont
matter
The real measure of your wealth is how much
youd be worth if you lost all your money. If
you strip away all of your assets (your house,
your car, your clothes) what are you left with?
If all you have left is enemies, then you
werent really wealthy in the first place. If
youre still surrounded by family and friends,
then you have true wealth.
Remember: You cant take your wealth
with you when youre dead.
Forget about fast results and focus on effort
and the gains will come quickly. People are
often surprised how far you can go when you
dont fall for gimmicks. True rewards can
never be achieved by cheating. This universe
has laws.

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In the end, its better to stick to the classics.


There are new millionaires today but after 20
years nobody will remember them for most
will be broke. They will fade away.
Remember: if you want to get rich fast
through property, dont try. The promise of
fast and easy money is for suckers.
By guest contributor Gerald Tay, who is the
founder and coach at CREI Academy Group
Pte Ltd, an organization dedicated to
empowering retail property investors with
smarter investing philosophy and strategies.
He is a full-time investor with over 13 years of
solid experience in building his wealth
through Property Investment and is financially
wealthy today.

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SINGAPORE PROPERTY WEEKLY Issue 197

Singapore Property This Week


Residential
Sims Urban Oasis selling for $1,295$1,595 psf
More than 100 units at Sims Urban Oasis
condominium have been sold since the start
of its sales. Out of the 1,024 units available,
about 200 units were launched for sale.
These units range from one to five bedroom
units. The units are priced between $1,295
and $1,595 psf. Located at Aljunied, the
condominium project has a 99 year lease.
According to Cheng Hsing Yao from
GuocoLand Singapore, about 90 percent of
the buyers are Singaporeans and half of the
buyers are owner-occupiers. Cheng believes
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that the convenient location of the


condominium project will increase its appeal.
The condominium is within walking distance
to Aljunied MRT station and is a stones throw
away from the Paya Lebar Commerical Hub.
Not only so, the condominium project will
consist of a 300 square metre childcare
centre, which willappeal to younger buyers,
said market experts. Despite its realistic
pricing, Ong Kah Seng from RST Research
believes that sales of Sims Urban Oasis may
slow down. Ong added that the developer
may have to provide a five percent discount
to further entice buyers.
(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 197


Redas: property prices may fall further if
cooling measures are not lifted
Augustine Tan from the Real Estate
Developers Association of Singapore (Redas)
said that there is a need to monitor the effects
of the governments cooling measures. This is
to ensure that property prices will not fall
further than intended. Tan added that there
may be an oversupply of residential
properties as more private homes were
completed in the last few years. According to
Tan, a total of 75,000 new private residential
units will be completed from 2015 to 2019.
This supply in residential property may create
a downward pressure on property prices and
home rentals. Nonetheless, other developers
believe that only certain markets would be
negatively affected by the cooling measures.
One such market would be the luxury homes
market. This may be due to the
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implementation of tighter loan restrictions that


may affect buyers ability to finance more
expensive homes. Nonetheless, developers
believe that this fall in property prices may be
less substantial in the overall market.
(Source: Business Times)
QC rules still applytoresidential projects
that are converted to serviced apartments

According to the Singapore Land Authority,


land that has been purchased under a
qualifying certificate (QC) is bounded by the
QC conditions even when a developer has
sought approval to convert the development
into serviced apartments. This means that to
avoid paying extension charges, developers
will have to sell the entire project within two
years of its completion. According to the
Business Times, developers may be inclined
to convert private residential projects to
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SINGAPORE PROPERTY WEEKLY Issue 197


service apartments as demand in the
residential market shrinks. However, a
spokesperson from the Singapore Land
Authority says that the developer will still
have to sell the entire development even
when a development is converted into
serviced apartments, because service
apartments need to be under a single
ownership. Thus, QC conditions will still apply
to residential developments that are
converted to serviced apartments.
(Source: Business Times)
Commercial

GSH Plaza to be sold for between $2,900


psf and $3,600 psf
GSH Plaza, which was previously known as
Equity Plaza, will be sold for between $2,900
psf and $3,600 psf. Located next to Republic

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Plaza, GSH Plaza is 28 storeys high and


consists of strata office units that range from
440 square feet to 1,600 square feet. Due to
the small size of the units, market experts
believe that most of the strata office units
would cost around $3 million per unit.
According to the Business Times, 259 strata
office units will be on sale. All of these units
are located on Levels 3 to 28. The building
has a balance lease of 73 years, and will be
vacated next month as it undergoes
renovation works. Renovation is expected to
last up to two years.
(Source: The Straits Times)
Cushman: stock of secondary space in
2015 and 2016 will total 1.13m sq ft
Market experts predict that the stock of
secondary space will increase due to an
increase in newly completed office projects.
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SINGAPORE PROPERTY WEEKLY Issue 197


Experts believe tenants with expiring leases
may relocate to these new offices, thus
increasing the stock of secondary space.
Estimates by Cushman & Wakefield show
that the stock of secondary space in 2015
and 2016 will total to about 1.13 million
square feet. Christine Li from Cushman &
Wakefield said that this amount will be the
highest that is recorded in Singapore.
Typically, there will be a stock of about
300,000 to 500,000 square feet of secondary
space every year. About 680,000 square feet
of secondary space will be available this year
while another 450,000 square feet of
secondary office space will be available in
2016. Despite the increase in secondary
space, Li believes that this increase in supply
will be matched by the increase in demand. In
fact, demand for office space has been rising
since 2012, said Li. Desmond Sim from
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CBRE added that the absorption rate of


secondary office space has been healthy. He
believes that an increase in supply of office
spaces will not result in higher vacancy rates.
(Source: Business Times)
DC rates fall by 3% for non-landed use but
increases by 2% for commercial use
According
to
the
Business
Times,
development charge (DC) rates have been
cut by 3 percent on average for non-landed
residential use. This is the second
consecutive drop in its yearly revision
according to analysis by JLL. A fall between 2
percent and 13 percent was observed in 73
out of the 118 sectors that were surveyed by
the Ministry of National Development and the
Chief Valuer. However, for commercial use,
DC rates have increased by an average of 2
percent.
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SINGAPORE PROPERTY WEEKLY Issue 197


Sectors that saw the largest rise in DC rates
include Maxwell Road, Telok Ayer Street, Hoe
Chiang Road and Keppel Road. These
sectors experienced an increase of 9 percent
in their DC rates. Market experts believe that
the increase in DC rates is due to increase in
prices for office spaces and shophouses in
the CBD. On the other hand, DC rates have
not changed for landed residential use and
industrial use. The DC rates for hotel sites
and hospitals have also remained constant.
The new rates will be implemented for sites
that are enhanced between March 1 and
August 31.

(Source: Business Times)

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SINGAPORE PROPERTY WEEKLY Issue 197

Non-Landed Residential Resale Property Transactions for the Week of Feb 9 Feb 17

Postal
District
1
1
1
2
3
4
4
4
4
4
4
5
5
5
5
5
7
8
8
9
9
9
9
9

Project Name
MARINA BAY RESIDENCES
MARINA BAY RESIDENCES
FOOK HAI BUILDING
THE BEACON
THE ANCHORAGE
REFLECTIONS AT KEPPEL BAY
CARIBBEAN AT KEPPEL BAY
HARBOUR VIEW TOWERS
THE INTERLACE
THE INTERLACE
THE INTERLACE
MONTEREY PARK CONDOMINIUM
DOVER PARKVIEW
PASIR PANJANG COURT
FABER CREST
FABER CREST
TEXTILE CENTRE
KERRISDALE
KERRISDALE
URBAN RESORT CONDOMINIUM
PARC EMILY
THE BOTANIC ON LLOYD
CAIRNHILL CREST
LUCKY PLAZA

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Area
(sqft)
2,368
2,368
1,744
969
1,830
840
1,227
797
2,056
1,076
1,044
1,625
1,249
1,259
1,238
1,744
883
1,281
1,259
2,120
549
1,593
1,970
872

Transacted
Price ($)
8,169,600
7,459,200
1,450,000
1,420,000
1,800,000
1,590,000
1,880,000
1,130,000
2,777,100
1,300,000
1,200,000
1,750,000
1,300,000
1,232,000
1,050,000
1,458,000
639,900
1,350,000
1,270,000
5,000,000
1,040,000
3,000,000
3,650,000
1,600,000

Price
Tenure
($ psf)
3,450
99
3,150
99
832
99
1,466
99
984
FH
1,894
99
1,532
99
1,419
99
1,351
99
1,208
99
1,149
99
1,077 999
1,041
99
978
FH
848
99
836
99
725
99
1,054
99
1,008
99
2,358
FH
1,894
FH
1,883
FH
1,853
FH
1,835
FH

Postal
District
9
9
9
9
10
10
10
10
10
10
10
10
11
11
11
11
11
13
14
14
14
15
15
15

Project Name
CAIRNHILL PLAZA
ASPEN HEIGHTS
PARC CENTENNIAL
LEONIE GARDENS
BEAUFORT ON NASSIM
FOUR SEASONS PARK
ST REGIS RESIDENCES SINGAPORE
BEVERLY HILL
TANGLIN PARK
THE MARBELLA
LEIGHWOODS
ONE TREE HILL MANSIONS
SKY@ELEVEN
NEWTON ONE
CUBE 8
TREVOSE PARK
NOVENA COURT
EURO-ASIA PARK
DAKOTA RESIDENCES
MERA EAST
N.A.
MEIER SUITES
THE ESTA
D'ECOSIA

Area
(sqft)
2,293
1,324
1,550
3,261
1,367
3,821
2,153
3,778
1,033
1,582
2,217
1,615
2,820
2,411
893
1,249
850
1,528
1,830
753
1,076
2,228
1,378
506

Transacted
Price ($)
3,980,000
1,952,900
2,250,000
4,400,000
4,250,000
9,500,000
4,900,000
6,960,000
1,800,000
2,318,000
2,600,000
1,630,000
5,275,000
4,500,000
1,400,000
1,790,000
1,050,000
1,450,000
2,550,000
878,000
1,000,000
3,250,000
2,000,000
718,000

Price
Tenure
($ psf)
1,736
FH
1,475 999
1,452
FH
1,349
99
3,109
FH
2,486
FH
2,276 999
1,842
FH
1,742
FH
1,465
FH
1,173
FH
1,010
99
1,870
FH
1,866
FH
1,567
FH
1,434
FH
1,235
FH
949
FH
1,394
99
1,165
FH
929
FH
1,459
FH
1,452
FH
1,419
FH

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SINGAPORE PROPERTY WEEKLY Issue 197


Postal
District
15
15
15
15
15
15
15
15
15
15
16
16
16
16
16
17
17
19
19
19
19
19
19
20
20
20
21

Project Name
COTE D'AZUR
THE AMBROSIA
PEBBLE BAY
EASTERN LAGOON
COSTA RHU
COTE D'AZUR
TESSA LODGE
LE MERRITT
MANDARIN GARDEN CONDOMINIUM
MANDARIN GARDEN CONDOMINIUM
COSTA DEL SOL
WATERFRONT KEY
COSTA DEL SOL
PARBURY HILL CONDOMINIUM
EASTWOOD GREEN
COASTAL BREEZE RESIDENCES
EDELWEISS PARK CONDOMINIUM
THE SCALA
THE SPRINGBLOOM
THE SPRINGBLOOM
CHUAN PARK
CHILTERN PARK
CHUAN PARK
CENTRO RESIDENCES
THE GARDENS AT BISHAN
FAR HORIZON GARDENS
MAPLEWOODS

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Area
(sqft)
1,109
1,528
1,302
721
1,012
1,109
1,184
947
1,001
1,572
1,313
829
1,475
1,453
1,012
1,152
3,197
829
1,302
1,302
1,173
1,550
1,528
818
1,152
2,002
1,335

Transacted
Price ($)
1,438,000
1,950,000
1,650,000
900,000
1,258,000
1,360,000
1,330,000
1,038,000
975,000
1,315,000
1,660,000
990,000
1,600,000
1,500,000
855,000
1,050,000
2,350,000
1,230,000
1,325,000
1,310,000
1,090,000
1,200,000
1,088,800
1,200,000
1,200,000
1,300,000
1,869,000

Price
Tenure
($ psf)
1,297
99
1,276
FH
1,267
99
1,248
FH
1,243
99
1,227
99
1,123
FH
1,096
FH
974
99
837
99
1,264
99
1,194
99
1,085
99
1,032
FH
845
99
912
99
735
FH
1,484
99
1,017
99
1,006
99
929
99
774
99
712
99
1,467
99
1,042
99
649
99
1,400
FH

Postal
District
21
21
21
21
21
21
21
22
22
23
23
23
23
23
23
26
27
28

Project Name
CAVENDISH PARK
SIGNATURE PARK
CLEMENTI PARK
SUMMERHILL
ENG KONG GREEN
PARC PALAIS
PARC PALAIS
CASPIAN
PARC VISTA
HILLINGTON GREEN
THE PETALS
MERA WOODS
THE MADEIRA
HILLVIEW REGENCY
REGENT GROVE
CASTLE GREEN
THE ESTUARY
GRANDE VISTA

Area
(sqft)
926
1,033
1,873
1,001
1,044
1,485
969
1,389
1,055
1,755
1,356
1,055
1,356
969
1,195
947
1,528
1,238

Transacted
Price ($)
1,065,000
1,130,000
2,040,000
1,000,000
1,040,000
1,468,000
875,000
1,300,000
982,888
1,738,000
1,220,000
940,000
1,150,000
800,000
885,000
830,000
1,400,000
1,160,000

Price
Tenure
($ psf)
1,150
99
1,094
FH
1,089
FH
999
FH
996
FH
988
FH
903
FH
936
99
932
99
991
999
900
FH
891
999
848
99
826
99
741
99
876
99
916
99
937
999

NOTE: This data only covers non-landed residential resale property


transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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SINGAPORE PROPERTY WEEKLY Issue 197

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