Issue 199

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

CONTENTS
p2

FROM THE

EDITOR

How to Avoid Getting Scammed By Get

Rich Quick Seminars

Welcome to the 199th edition of the

Singapore Property Weekly.
Hope you like it!

p7

Singapore Property News This Week

p13

Resale Property Transactions

Mr. Propwise

(February 25 March 3 )

Contribute

Advertise

Do you have articles and insights and articles that youd like to share
with thousands of readers interested in the Singapore property
market? Send them to us at info@propwise.sg, and if theyre good
enough, well publish them here, on our blog and even on Yahoo!
News.

Want to get your brand, product, service or property listing out to

thousands of Singapore property investors at a very reasonable
cost? Head over to www.propwise.sg/advertise/ to find out more.

SINGAPORE PROPERTY WEEKLY Issue 199

How to Avoid Getting Scammed By Get Rich Quick Seminars

By Gerald Tay (guest contributor)
Let me start by saying that I want you to read
this post as a commentary on the seminar
industry and its practices, rather than as a
rant. A rant would require me to be worked up
about something. Im not worked up, just
incredulous that no one has pointed any of
this out yet.
There are real people who share real
education with real experiences. And many
learners have benefitted from their sincere
sharing. But there are also those who profit
from lies, and who give a bad reputation to
the entire industry and to the real educators.

Back to Contents

Page | 2

SINGAPORE PROPERTY WEEKLY Issue 199

The more valuable something is, the
higher the effort required to achieve it

Every expert out there has an agenda and

its NOT for your benefit

Many people are not equipped with the

necessary skills to evaluate investments
properly. Some of these skills can only come
with experience. When I was a naive investor
and a regular seminar junkie years ago, I
had my fair share of being fooled and paid the
tuition fee.

Logically, in order to learn the subtleties of

any craft, you have to seek out the masters. If
you want to become a doctor, only doctors
can teach you. If you want to become a
computer programmer, you read thick books
on the subject written by experts. If you want
to become a martial arts master, you go to
the grandmasters.

The more valuable something is, the higher

the effort required to achieve it. Accept this or
be prepared to lose money!
Since building wealth is of a higher value
compared to going to a casino, it takes time.
Many of these wealth programs are
orientated towards the masses who want to
get started on the path to riches after
attending a free seminar preview (Property,
Stocks, Forex etc.) by some guru.
Back to Contents

There is one big problem, however. That

problem is called superficial analysis. Every
expert out there has an agenda. This can
become incredibly frustrating in your search
for the truth. Everybody claims to have the
secret, but few are honest.
Bogus gurus exposed
Here
is
a
non-exhaustive
transgressions by so-called gurus

list

of

Page | 3

SINGAPORE PROPERTY WEEKLY Issue 199

Ive compiled:

A Forex guru claimed a doctorate degree

in forex and was later exposed for fraud.
A well-known property guru was caught
selling overseas properties to her seminar
attendees without a proper license. Her
company is currently blacklisted by the
MAS.

Well-known local wealth guru sued by his

partner, aprominent local millionaire
businessman for fraudulent accounting.

Well-known local property guru admitted

shes also one of the investors with the
fallen Eco-House property scam. And she
is supposed to be an expert? She was
also caught selling overseas properties to
her seminar attendees without a proper
license.

Well-known (sneaky) local shares guru

Back to Contents

uses dirty business monopoly and wealth

illusions to make money.

Guru and founder of Geneva Gold was

exposed to be a fraud by the MAS. His
company was also blacklisted by the
MAS.

Who will be next on the list?

Who gets rich? You or theguru?

Why are people paying so much money so

that someone can tell them how to get rich?
The pros are just feeding the masses with
unrealistic expectations and want the
amateurs to believe they are actually
revealing the real secret to wealth.
Fiction and fairy tale stories sell. Reality is
boring. The marketing department knows this.
Who really gets richer after the seminar?
Not the students for sure.
Page | 4

SINGAPORE PROPERTY WEEKLY Issue 199

Its the guru; from collecting book royalties,
expensive seminar fees, commissions,
freebies, free properties from property
developers and many other sponsorships.
A good advisor is someone who is in the
business of investing and not in the business
of selling seminar tickets.

Promises of above-average returns at

little or no risk.

The first seminar (usually a preview) you

are invited to attend may be free or costs
little, but where there are high fees to
attend further seminars.

Credit card instalment payments for

paying either the seminar fees or further
investments.

Investment seminars that offer to teach

you secret or exclusive techniques for
building wealth.

Warning signs

Watch out for the following warning signs

before signing up for a seminar by a guru:

Advertisements for seminars or property

investment schemes that promise a riskfree investment, be a millionaire in two
years, own properties with little or no
money down, or that will generate a
guaranteed 20% to 25% per annum from
investments, and other similar kinds of
catchy marketing phrases.

Back to Contents

Tips for protecting yourself from getting

scammed
Protect yourself from investment scams via
the following tips:

Use your common sense: consider the

possibility that the offer may be a scam.
Page | 5

SINGAPORE PROPERTY WEEKLY Issue 199

Remember there are no get-rich-quick

schemes, guaranteed or high yielding
investments: the only people who make
money are the scammers.

Do not let anyone pressure you into

making decisions about money or
investments: always get independent
financial advice.

Remember that family members and

friends may try to involve you in a scam
without realising that it is a scam you
should seek independent advice (from a
lawyer or trusted financial adviser)

Be wary of investments promising a high

return with little or no risk.

If it looks too good to be true, it probably

is.

Back to Contents

Overpriced get-rich-quick seminars are a sort

of circus dedicated to money worship, meant
to take money from the participants and
enrich the promoters and the speakers. Few
people really care about your success. Its a
dog eat dog world.
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.

Page | 6

SINGAPORE PROPERTY WEEKLY Issue 199

Singapore Property This Week

Residential
Feb rents for condo and HDB falls by 0.8%
and 0.3% respectively
Rental price for condominiums and HDB units
have fallen by 0.8 percent month-on-month
and 0.3 percent month-on-month in February
from January. Compared to February 2014,
rental prices for condominiums have fallen by
6.2 percent. Eugene Lim from ERA Realty
predicts this downwards trend will continue
due to an increase in non-landed residential
properties this year. Other factors such as
higher property taxes and slower inflow of
expatriates may have affected the leasing

Back to Contents

market according to Lim. Lim expect rents to

fall by 6 to 8 percent for this year. The rental
index for non-landed private residential units
in the Core Central Region (CCR) and the
Rest of Central Region (RCR) had fallen by
1.2 percent and 1.5 percent respectively in
February, from the previous month, according
to data by SRX. Not only so, rental volumes
have fallen by 25.8 percent from the 3,487
units in January to 2,586 units in February.
Ong Kah Seng reasoned that the fall in
demand for private residential properties
could have been because of the festivities in
February.
(Source: Business Times)

Page | 7

SINGAPORE PROPERTY WEEKLY Issue 199

Feb condo resale price stagnates due to
poor market sentiments
According to data from SRX, resale prices of
condominiums and other private apartments
have remained flat in February from the
previous month. Mohamed Ismail from
PropNex believes that the lack of urgency to
buy has resulted in unchanging resale prices.
Not only so, sellers have been unwilling to let
it go at a lower price. He believes that if
cooling measures are lifted, publics
sentiments may improve and thus lead to an
improvement in the housing market.
According to data by SRX, about 321 nonlanded private homes changed hands in
February. This was 6.7 percent less than the
344 units that were resold in January. Not
only so, the resale volume in February was
84.3 percent lower than Apirl 2010, when

Back to Contents

resale volumes peaked at 2,050 units.

(Source: Business Times)
40% of launched units
Waterbay already sold

at

Kingsford

About 40 percent of the 320 launched units at

Kingsford Waterbay have been sold.
Residential
units
at
the
mixed-use
development have been sold from $1,050 psf
to $1,180 psf. Retail space that are between
431 and 452 sq ft have also been sold for
about $2,700 psf. Ong Kah Seng from RST
Research said that the suburban leaseholds
competitive prices have helped to boost
interest in the project. The development has a
99 year lease and consists of 1,165
condominium units in total. Besides that, the
development also comprises of 6 strata
terrace houses, 2 strata semi-detached

Page | 8

SINGAPORE PROPERTY WEEKLY Issue 199

houses, a childcare centre and 6 shops.
According to the Business Times, twobedders and three-bedders have been
popular among buyers due to tighter credit
conditions. The implementation of the Total
Debt Servicing Ratio framework has made it
more difficult to finance homes, thus, buyers
may be more inclined to purchase smaller
units. Nonetheless, Kingsford Development
board chairman, Cui Zhengfeng believes that
sales for two-bedders and three-bedders
have been high because a majority of those
units faced the river.
(Source: Business Times)
GCB at Ridout Rd on sale for $88 million
A good class bungalow at Ridout Road is on
sale and is expected to be sold for about $88
million or $1,200 psf. The bungalow has a
total of 73,277 sq ft and comprises of a twoBack to Contents

storey bungalow with two single-storey

outhouses. Ho Tian Lam from DTZ said that
the prime location of the space and its large
size will be the main draw for buyers. Under
the URA Master Plan 2014, the site is zoned
for residential use and is within Ridout Park.
The sales tender for the property will cease
on April 8.
(Source: Business Times)
Khaw: Govt aims to ease housing market
gradually
National Development Minister Khaw Boon
Wan said that the government is aiming to
ease the housing market gradually to avoid a
market crash. Previously, Foo Mee Har, West
Coast GRC Member of Parliament had
warned that cooling measures may be
overdone if the market continues to spiral
downwards.
Page | 9

SINGAPORE PROPERTY WEEKLY Issue 199

Lee Bee Wah also added that the Additional
Buyer Stamp Duty (ABSD) have contributed
to more Singaporeans investing in riskier
foreign properties. Lee had suggested that
the ABSD should be lifted so that
Singaporeans with spare cash can invest in
local properties instead. On the other hand,
Khaw said that HDB resale prices have
increased by 87 percent from 2005 to 2014.
Khaw added that he would look into
shortening lease tenures in some BTO
projects to cater to different needs. He also
said that the ministry may consider increasing
the $10,000 HDB income ceiling as couples
are marrying later and income levels are
increasing.
(Source: Business Times)

North Park Residences will be launched at

the end of March
North Park Residences which is located at
Yishun is slated to be released at the end of
this Month. The project consists of 920 units
that are targeted at both investors and owneroccupiers. North Park Residences is part of
Northpoint City, an integrated development
that will be completed in 2018. Northpoint City
is expected to be home to more than 500
retail and F&B outlets. Not only so, the
residential project is located near to amenities
such as the Khoo Teck Puat Hospital.
According to market experts, integrated
residential developments like North Park
Residences are expected to yield higher psf
pricing than pure residential projects.
(Source: Business Times)

Back to Contents

Page | 10

SINGAPORE PROPERTY WEEKLY Issue 199

Lease infringement bill has been tabled
A new bill that proposes to vary the quantum
penalties that the HDB may impose on lease
infringement cases has been tabled.
Currently, flat owners who have been found to
engage in unauthorised subletting, will be
fined 15 percent of the flats price. However, if
the new bill is passed, the penalty will be
capped at $50,000. The new bill suggests
that according to the severity of the lease
infringement case, flat owners may deserve a
higher penalty. According to the Business
Times, this bill will give HDB officers more
powers in investigating lease infringement
cases, as they will be allowed to enter
premises with a warrant.
(Source: Business Times)
Jurong West site won for $630.13 psf ppr

A Jurong West site has been won by MCL

Back to Contents

Land for $630.13 psf ppr or $338.12 million.

This was 3.2 percent less than the top bid of
$651 psf ppr of its neighbouring parcel. Koh
Teck Chuan from MCL Land believes that as
the profile of Jurong is being elevated,
demand for properties within the region will
increase. The breakeven cost for the project
is estimated to be about $1,000 psf and the
selling price is predicted to be around $1,300
psf according to market experts. The site at
Jurong West Street 41 is expected to yield
about 600 units.
(Source: Business Times)
Commercial
2 Shophouses at Pagoda St sold for $20m
in total
A pair of shophouses at Pagoda Street has
been sold for $20 million or $3,500 psf. The
total built-up area is estimated to be about
Page | 11

SINGAPORE PROPERTY WEEKLY Issue 199

5,700 sq ft. Market experts said that the
shophouses have been sold for a relatively
high price. The shophouses are located near
Chinatown MRT station and have a 999-year
leasehold tenure from 1875. Currently, the
ground floors of the shophouses are leased to
a souvenir shop and a caf. Mary Sai from
Knight Frank said that the high-price
transaction is not expected as owners of
freehold shophouses at Chinatown, Boat
Quay and Telok Ayer are expecting about
$3,000 psf on built-up area.

Business District, the building has 259 strata

office units in total. Not only so, the building
has two floors of retail space. The building will
also be undergoing massive refurbishment.
(Source: Business Times)

(Source: Business Times)

More than 100 strata titled offices will be
launched at GSH Plaza
More than 100 strata titled office units will be
launched for sale at GSH Plaza. GSH Plaza,
which was formerly known as Equity Plaza,
consists of 28 storeys. Located at the Central
Back to Contents

Page | 12

SINGAPORE PROPERTY WEEKLY Issue 199

Non-Landed Residential Resale Property Transactions for the Week of Feb 25 Mar 3

Postal
District
4
4
5
5
5
7
8
9
9
10
10
10
10
10
11
11
11
11
12
14
15
15
15
15

Project Name
THE INTERLACE
THE INTERLACE
THE ROCHESTER
BLUE HORIZON
WEST BAY CONDOMINIUM
SUNSHINE PLAZA
PRISTINE HEIGHTS
URBAN RESORT CONDOMINIUM
THE VERMONT ON CAIRNHILL
BELMOND GREEN
SOMMERVILLE PARK
VALLEY PARK
ROYALVILLE
SYLVAN LODGE
L'VIV
AMARYLLIS VILLE
APLETON VIEW
MONTEBLEU
THE VERVE
CITY PLAZA
D'ECOSIA
ONE AMBER
SPRING @ KATONG
GALAXY TOWERS

Back to Contents

Area
(sqft)
1,873
1,873
1,948
1,475
893
764
1,356
2,530
1,335
1,335
1,948
753
2,174
1,496
1,001
1,259
1,055
2,895
603
1,615
538
1,453
1,119
1,421

Transacted
Price ($)
2,450,000
2,444,000
2,600,000
1,360,000
750,000
1,000,000
1,668,000
5,639,000
2,650,000
2,300,000
2,700,000
1,020,000
2,600,000
1,680,000
2,068,000
1,920,000
1,535,000
2,950,000
820,000
1,400,000
800,000
1,945,000
1,380,000
1,380,000

Price
Tenure
($ psf)
1,308
99
1,305
99
1,335
99
922
99
839
99
1,308
99
1,230
FH
2,229
FH
1,985
FH
1,723
FH
1,386
FH
1,354
999
1,196
FH
1,123
FH
2,066
FH
1,525
99
1,455
FH
1,019
FH
1,360
FH
867
FH
1,486
FH
1,338
FH
1,233
FH
971
FH

Postal
District
15
16
16
16
16
16
17
17
18
18
21
23
23
23
23
25
27

Project Name
LAGUNA PARK
COSTA DEL SOL
COSTA DEL SOL
LAGUNA GREEN
COSTA DEL SOL
TANAMERA CREST
FERRARIA PARK CONDOMINIUM
WATERCREST
ELIAS GREEN
TAMPINES COURT
SYMPHONY HEIGHTS
HAZEL PARK CONDOMINIUM
MI CASA
MERA WOODS
HAZEL PARK CONDOMINIUM
PARC ROSEWOOD
THE ESTUARY

Area
(sqft)
1,615
1,227
1,345
1,023
1,938
1,216
1,216
1,324
1,615
1,711
1,216
1,324
1,324
1,711
1,335
517
1,119

Transacted
Price ($)
1,400,000
1,650,000
1,630,000
1,050,000
1,918,000
1,045,000
1,130,000
1,080,000
940,000
915,000
1,168,000
1,288,000
1,200,000
1,480,000
1,005,000
628,000
1,100,000

Price
Tenure
($ psf)
867
99
1,345
99
1,211
99
1,027
99
990
99
859
99
929
FH
816
999
582
99
535
101
960
FH
973
999
906
99
865
999
753
999
1,215
99
983
99

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.

Page | 13

SINGAPORE PROPERTY WEEKLY Issue 199

Back to Contents

Page | 14