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Issue 357

Copyright © 2011-2016 www.propwise.sg. All Rights Reserved.


CONTENTS FROM THE

p2 When the Next Market Crash Will


EDITOR
Welcome to the 357th edition of the
Singapore Property Weekly.
Be – And 3 Ways to Prepare For It
Hope you like it!
p9 Resale Property Transactions
Mr. Propwise
(April 23 – April 27)

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SINGAPORE PROPERTY WEEKLY Issue 357

When the Next Market Crash Will Be – And 3


Ways to Prepare For It
By Property Soul (guest contributor)

Someone threw the million-dollar question to


me at a recent Q&A session: When will the
market crash?

Who knows? The answer ranges from


imminent to most likely to happen in these
two to three years. All markets have cycles,
ups and downs, booms and busts, peaks and
bottoms. Nothing can escape this, be it the
economy, equities, properties, bonds,
currencies or commodities.

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SINGAPORE PROPERTY WEEKLY Issue 357

Investing is taking a roller coaster ride But it also increases the uncertainties.
blindfolded
We know the roller coaster cannot stay at the
The investment world is no different from an top or at the bottom forever. But we have no
amusement park. You pay the entrance fee, idea how high or how low it will continue to
step inside and have fun. There are shows to go, and how long it will remain in the same
watch, games to play and prizes to be won. position.

The most popular attraction that no one want But one thing is sure: When we feel it has
to miss is the giant roller coaster. The ride already gone up for a long time, we know it is
has ups and downs, upslope climbs and almost time to come down soon.
steep falls, sharp turns and unexpected twists
No bull market can go on forever. Wall Street
– all the drama and thrills that we lack in our
has reached its record of nine consecutive
monotonous daily life.
years of a bull run. We are now going through
Every time we invest in an asset, we are on one of the most expensive bull markets in
board a roller coaster. The difference is that history.
we are going for the investment ride with our
Look at the PE ratio of the best-performing
eyes blindfolded.
stocks. Look at the net return of real estate.
It doubles the fun, the excitement and the Look at the risk level of bonds. Where is the
fear. It helps to relieve our phobia of heights. intrinsic value?

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SINGAPORE PROPERTY WEEKLY Issue 357

We often hear people say that it is not the theme park and open fire. We never know
possible to time the market. But in our heart, whether we are still stuck at the scene or are
if we are not too overwhelmed by greed or lucky to leave in time.
fear, we can still see whether the market roller
Amused? That‟s why it‟s called an
coaster has been at the top or the bottom for
amusement park.
a long time.
What may trigger the next market crash
We often hear people say that the market will
always recover to go up higher,so it doesn‟t According to Harvard‟s Joint Center for
matter when we buy. Housing Studies, household debt in the US is
now at all-time high. With a total population of
A roller coaster ride may take three minutes
326 million, 39 million Americans cannot
to go up and down three times. How many
afford their homes and 19 million spend more
market cycles can we ride through in our
than half of their income on housing.
whole lifetime? How can we guarantee that
Nationwide mortgages already stand at $8.8
the market we invest in is up when we need
trillion as of Q4 2017.
money the most?
The spike in interest rates is going to make it
Because life is unpredictable. There are black
increasingly difficult for highly-leveraged
swans. There are accidents.
individuals and companies to service their
All of a sudden, some gunmen can storm into loans.

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SINGAPORE PROPERTY WEEKLY Issue 357

After the Fed raises interest rates four times injected huge capital into these assets to
this year and the trend continues again next spike up their prices. Institutional investors
year, defaults on personal and corporate followed suit.
debts are going to spread fast.
The stimulus efforts of global central banks
A near full employment economy and created a fabricated demand for stocks,
euphoric stock prices are covering two big bonds, and real estate, ever since the credit
bubbles: an asset bubble and a debt bubble. crisis, but as of April 2018 those combined
The former‟s prices are inflated by money efforts are now a drain on liquidity. As recently
printing while the latter has escalated to an as last September the combined effort of the
astronomical figure. Since the last financial ECB (European Central Bank) and the FOMC
crisis, worldwide debts have ballooned to (Federal Open Market Committee) was
$164 trillion. Still, no one has any intention to infusing $60 billion per month into these asset
address the global issue. classes, like they had almost every month
since the credit crisis — but now they are
What makes stocks, bonds and properties so
effectively selling $30 billion of assets per
expensive today? It has nothing to do with
month. That is a $90 billion decline in the
better economies or higher spending power. It
monthly demand for assets in seven short
is the result of “fabricated demand” from
months.– Thomas H. Kee Jr., President and
central banks around the world. Since the last
CEO, Stock Traders Daily
financial crisis, global central banks have

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SINGAPORE PROPERTY WEEKLY Issue 357

The budget deficit of Fed will be close to $1 people who may be wiped out.– Robert
trillion next year. The Fed has no choice but Kiyosaki, Why the Rich Are Getting Richer
to start unwinding its sizable bond portfolio
Protecting ourselves from the next market
estimated to be $4.5 trillion. With cash-rich
crash
countries all slowing down in debt
acquisitions, who else in the market will take Why do we continue to be caught off guard in
over the junk? every market crash, despite its frequent
occurrence in history?
When the Fed starts selling, institutional
investors start panicking. When institutional It is a human instinct to have „status quo bias‟
investors start panicking, the market starts and prefer things to stay the same by doing
crashing. nothing. We would like to believe that this
time it is going to be different.
When somebody makes a mistake, someone
else is going to pay for it. When the central "You can‟t end a problem like that with no
bank makes a bad decision, the retail pain. Somebody‟s got to suffer.
investors are going to suffer. When the downturn takes hold the world is
They are people who saved money, bought a going to be in worse shape because the world
house, got out of debt, and invested for the has shot all its bullets.– Jim Rogers
long term in the stock market. Those are the

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SINGAPORE PROPERTY WEEKLY Issue 357

To hedge against the next market crash, Hold only assets that can guarantee
below are three things you can do right now. protection of your principal in any
circumstances. Hold only properties which
1. Go back and check the value of your
can still provide a positive passive income
assets
after a market crash.
I am not asking you to sell off your assets.
2. Minimize exposure to any risky
You can still stick to your buy-and-hold
investment
strategy.
In case of a market crash, minimize your risk
But take a step back to look at the true value
by avoiding holding assets that are heavily
of your assets using the fundamentals of
leveraged.
value investing. Check whether any of your
assets are overvalued. Are you tempted to chase the price of any
investment which has too much hype? You‟d
It doesn‟t matter what the asking price is or
better be safe than sorry.
how much it last sold. Value it with the set of
perimeters that matter to you as a value Are you being drawn by cheap money to buy
investor. Find out what you think it is really overpriced properties? In view of irrational
worth and how much you are willing to pay. land bidding and acquisition, it‟s time we
Add in your comfortable margin of safety. looked for a sensible margin of safety and a
reasonable positive return.

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SINGAPORE PROPERTY WEEKLY Issue 357

Are you flooded and blinded with liquidity and Property prices always go up in the long-
lots of spare cash (who isn‟t these days?)? term? That is the line of property agents. As
Stay in sane and hold your cash until the real an investor, always make sure that you have
opportunities come. enough capital to see another day.

3. Hold your horses and be patient After a market crash, everything is on sale,
and good deals are aplenty. The market
You may be frustrated and restless that your
always rewards those who are patient.
cash is not working hard enough for you. But
remind yourself that not making enough profit By guest contributor Property Soul, a
is far better than losing money, despite the successful property investor, blogger, and
fact that we often act the other way around. author of the No B.S. Guide to Property
Investment.
Remember, no property owner wants to end
up with a depreciating liability on a cash-
stretched day, or a negative equity asset at
retirement age.

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SINGAPORE PROPERTY WEEKLY Issue 357

Non-Landed Residential Resale Property Transactions for the Week of Apr 23 – Apr 27

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 ROBINSON SUITES 614 1,690,000 2,754 FH 8 CITYLIGHTS 893 1,388,000 1,554 99
1 THE CLIFT 495 1,030,000 2,080 99 8 HERTFORD COLLECTION 635 915,000 1,441 FH
1 ONE SHENTON 1,604 2,727,200 1,700 99 8 KERRISDALE 1,927 1,970,000 1,022 99
1 ONE SHENTON 1,141 1,805,000 1,582 99 9 NEW FUTURA 1,098 3,985,200 3,630 FH
2 SKYSUITES@ANSON 958 2,286,010 2,386 99 9 ESPADA 355 930,000 2,618 FH
2 SPOTTISWOODE RESIDENCES 603 1,260,000 2,090 FH 9 THE TATE RESIDENCES 3,229 8,000,000 2,477 FH
3 THE CREST 807 1,657,000 2,053 99 9 LEONIE HILL RESIDENCES 1,410 2,980,000 2,113 FH
3 THE CREST 1,195 2,219,000 1,857 99 9 THE TRILLIUM 1,798 3,700,000 2,058 FH
3 THE CREST 1,313 2,400,000 1,828 99 9 THE IMPERIAL 1,410 2,888,000 2,048 FH
3 THE CREST 1,593 2,893,000 1,816 99 9 THE INSPIRA 1,216 2,350,000 1,932 FH
3 THE ANCHORAGE 1,830 2,450,000 1,339 FH 9 NEWTON EDGE 700 1,300,000 1,858 FH
4 CARIBBEAN AT KEPPEL BAY 1,356 2,200,000 1,622 99 9 NEWTON EDGE 807 1,420,000 1,759 FH
4 REFLECTIONS AT KEPPEL BAY 1,184 1,800,000 1,520 99 9 SOPHIA RESIDENCE 1,399 2,290,000 1,637 FH
4 REFLECTIONS AT KEPPEL BAY 2,648 3,500,000 1,322 99 9 CAIRNHILL PLAZA 2,820 4,600,000 1,631 FH
4 THE INTERLACE 6,308 4,857,000 770 99 9 CAVENAGH COURT 1,862 2,900,000 1,557 FH
5 THE PARC CONDOMINIUM 980 1,270,000 1,297 FH 9 THE QUAYSIDE 1,539 2,120,000 1,377 99
5 BOTANNIA 904 1,150,000 1,272 956 10 GRAMERCY PARK 2,174 6,797,800 3,126 FH
5 THE INFINITI 1,270 1,300,000 1,023 FH 10 ST REGIS RESIDENCES SINGAPORE 3,757 8,550,000 2,276 999
5 DOVER PARKVIEW 969 990,000 1,022 99 10 ST MARTIN RESIDENCE 786 1,690,000 2,151 FH
5 THE INFINITI 1,270 1,280,000 1,008 FH 10 LIBERTE 646 1,250,000 1,935 FH
5 BUONA VISTA GARDENS 1,679 1,655,000 986 FH 10 REGENCY PARK 3,649 6,900,000 1,891 FH
5 THE SPECTRUM 2,271 2,200,000 969 FH 10 VIZ AT HOLLAND 495 900,000 1,818 FH
5 CLEMENTIWOODS CONDOMINIUM 3,197 1,650,000 516 99 10 LUSH ON HOLLAND HILL 1,475 2,600,000 1,763 FH
8 TYRWHITT 139 344 585,000 1,698 FH 10 THE TESSARINA 1,615 2,800,000 1,734 FH
8 SOHO 188 431 680,000 1,579 FH 10 VALLEY PARK 1,216 2,100,000 1,727 999

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SINGAPORE PROPERTY WEEKLY Issue 357

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 DUCHESS RESIDENCES 1,604 2,700,000 1,683 999 14 CENTRAL GROVE 1,345 1,235,000 918 99
10 STUDIO 3 883 1,420,000 1,609 FH 14 ESCADA VIEW 1,066 930,000 873 FH
10 ONE JERVOIS 1,959 3,050,000 1,557 FH 14 NESS 1,055 900,000 853 FH
10 MONTVIEW 1,475 2,240,000 1,519 FH 15 THE SEA VIEW 560 1,125,000 2,010 FH
10 JERVOIS MEADOWS 1,023 1,550,000 1,516 FH 15 THE SEAFRONT ON MEYER 1,615 3,100,000 1,920 FH
10 DUCHESS CREST 1,184 1,620,000 1,368 99 15 ONE AMBER 1,389 2,650,000 1,908 FH
10 THE SIXTH AVENUE RESIDENCES 2,734 3,300,000 1,207 FH 15 THE SOVEREIGN 2,637 5,000,000 1,896 FH
10 JERVOIS JADE APARTMENTS 1,044 1,160,000 1,111 99 15 CORALIS 1,227 2,280,000 1,858 FH
11 PARK INFINIA AT WEE NAM 1,335 2,776,800 2,080 FH 15 THE CAPE 850 1,530,000 1,799 FH
11 GILSTEAD TWO 775 1,610,000 2,077 FH 15 ONE AMBER 1,701 2,950,000 1,735 FH
11 THE GLYNDEBOURNE 1,475 3,030,000 2,055 FH 15 THE SHORE RESIDENCES 1,378 2,228,000 1,617 103
11 10 SHELFORD 452 828,000 1,832 FH 15 VIBES @ EAST COAST 388 578,000 1,492 FH
11 PAVILION 11 958 1,710,000 1,785 FH 15 THE AMARELLE 1,152 1,680,000 1,459 FH
11 AMARYLLIS VILLE 958 1,560,000 1,628 99 15 PARADISE PALMS 1,141 1,600,000 1,402 FH
11 ADAM PARK CONDOMINIUM 958 1,525,000 1,592 FH 15 COSTA RHU 1,776 2,350,000 1,323 99
12 SKYSUITES17 355 640,000 1,802 FH 15 PARC BLEU 463 600,000 1,296 FH
12 PRESTIGE HEIGHTS 334 563,800 1,690 FH 15 WATER PLACE 1,216 1,570,000 1,291 99
12 THE RIVERINE BY THE PARK 1,302 2,180,000 1,674 FH 15 ONAN SUITES 840 1,080,000 1,286 FH
13 BARTLEY RIDGE 463 715,000 1,545 99 15 LA VIDA @ 130 484 618,000 1,276 FH
13 BARTLEY RIDGE 743 1,075,000 1,447 99 15 WATER PLACE 1,216 1,550,000 1,274 99
13 SUITES@BRADDELL 398 550,000 1,381 FH 15 SUNSHINE MANSIONS 786 945,000 1,203 FH
13 NIN RESIDENCE 904 1,210,000 1,338 99 15 SANCTUARY GREEN 1,572 1,816,050 1,156 99
13 INTERO 1,776 1,800,000 1,013 FH 15 DUNMAN VIEW 850 960,000 1,129 99
14 AVANT AT ALJUNIED 388 668,500 1,725 99 15 MAYA 1,281 1,400,000 1,093 FH
14 WATERBANK AT DAKOTA 883 1,340,000 1,518 99 15 VENTURA VIEW 861 890,000 1,034 FH
14 DAKOTA RESIDENCES 1,023 1,370,000 1,340 99 15 LEGENDA AT JOO CHIAT 1,206 1,230,000 1,020 99
14 CANNE LODGE 1,227 1,358,000 1,107 FH 15 NEPTUNE COURT 1,270 1,200,000 945 99
14 ASTORIA PARK 958 1,030,000 1,075 99 15 EAST BAY GARDENS 1,399 1,180,000 843 99

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SINGAPORE PROPERTY WEEKLY Issue 357

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
16 BEDOK RESIDENCES 527 850,000 1,612 99 19 BARTLEY RESIDENCES 1,345 1,850,000 1,375 99
16 URBAN VISTA 441 630,000 1,428 99 19 CARDIFF RESIDENCE 420 568,000 1,353 99
16 COSTA DEL SOL 1,345 1,780,000 1,323 99 19 A TREASURE TROVE 1,130 1,380,000 1,221 99
16 WATERFRONT KEY 1,518 1,825,000 1,202 99 19 LA FIESTA 753 908,000 1,205 99
16 WATERFRONT KEY 915 1,080,000 1,180 99 19 A TREASURE TROVE 1,044 1,180,000 1,130 99
16 COSTA DEL SOL 1,475 1,700,000 1,153 99 19 KOVAN MELODY 1,216 1,375,000 1,130 99
16 BAYSHORE PARK 1,173 1,280,000 1,091 99 19 RIVERSOUND RESIDENCE 753 810,000 1,075 99
16 CHANGI GREEN 1,130 1,200,000 1,062 FH 19 PARC CENTROS 990 1,050,000 1,060 99
16 WATERFRONT ISLE 1,206 1,250,000 1,037 99 19 THE MINTON 936 953,000 1,018 99
16 CHANGI GREEN 904 898,000 993 FH 19 RIVERSOUND RESIDENCE 1,163 1,160,000 998 99
16 TANAMERA CREST 1,163 938,000 807 99 19 PARC CENTROS 1,023 995,000 973 99
16 KEW GREEN 3,584 2,450,000 684 99 19 CENTRAL VIEW 980 850,000 868 99
17 FERRARIA PARK CONDOMINIUM 936 870,000 929 FH 19 FLO RESIDENCE 1,184 990,000 836 99
17 CARISSA PARK CONDOMINIUM 1,302 1,100,000 845 FH 19 EVERGREEN PARK 1,249 821,000 658 99
17 COASTAL VIEW RESIDENCES 2,110 1,780,000 844 999 20 CLOVER BY THE PARK 1,604 1,968,000 1,227 99
17 CARISSA PARK CONDOMINIUM 1,324 1,060,000 801 FH 20 GRANDEUR 8 1,313 1,418,040 1,080 99
17 BALLOTA PARK CONDOMINIUM 1,701 1,290,000 759 FH 20 THE GARDENS AT BISHAN 1,572 1,560,000 993 99
18 MY MANHATTAN 883 1,200,000 1,360 99 21 FLORIDIAN 1,862 3,069,000 1,648 FH
18 D'NEST 484 590,000 1,218 99 21 THE NEXUS 947 1,450,000 1,531 FH
18 WATERVIEW 1,130 1,165,000 1,031 99 21 SIGNATURE PARK 1,399 1,800,000 1,286 FH
18 WATERVIEW 1,184 1,157,000 977 99 21 SPRINGDALE CONDOMINIUM 1,109 1,240,000 1,118 999
18 SEASTRAND 883 850,000 963 99 21 THE HILLSIDE 1,356 1,500,000 1,106 FH
18 NV RESIDENCES 657 590,000 899 99 21 HILLVIEW GREEN 1,324 1,258,000 950 999
18 CHANGI RISE CONDOMINIUM 1,259 990,000 786 99 21 SHERWOOD TOWER 1,539 1,250,000 812 99
18 ELIAS GREEN 1,636 1,138,000 696 99 22 THE CENTRIS 1,292 1,450,000 1,123 99
18 MELVILLE PARK 1,345 891,000 662 99 22 IVORY HEIGHTS 1,668 1,550,000 929 100
19 GAMBIR RIDGE 732 1,160,000 1,585 FH 23 THE HILLIER 506 750,000 1,482 99
19 CASA CAMBIO 420 635,000 1,513 FH 23 THE HILLIER 840 1,140,000 1,358 99

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SINGAPORE PROPERTY WEEKLY Issue 357

Postal Area Transacted Price


Project Name Tenure
District (sqft) Price ($) ($ psf)
23 HILLSTA 570 679,000 1,190 99
23 HILLINGTON GREEN 1,356 1,560,000 1,150 999
23 FORESQUE RESIDENCES 1,130 1,223,000 1,082 99
23 THE JADE 1,335 1,390,000 1,041 99
23 TREE HOUSE 1,249 1,300,000 1,041 99
23 HILLVIEW RESIDENCE 1,270 1,298,000 1,022 999
23 HILLVIEW RESIDENCE 1,453 1,430,000 984 999
23 HILLVIEW RESIDENCE 1,238 1,190,000 961 999
23 NORTHVALE 689 660,000 958 99
23 THE AMSTON 1,313 1,180,000 899 999
23 THE WARREN 1,184 968,000 818 99
23 PALM GARDENS 1,216 860,000 707 99
23 PARKVIEW APARTMENTS 1,119 785,000 701 99
23 NORTHVALE 1,302 795,000 610 99
25 CASABLANCA 1,119 910,000 813 99
25 ROSEWOOD 1,173 868,000 740 99
26 MEADOWS @ PEIRCE 915 1,090,000 1,191 FH
26 MEADOWS @ PEIRCE 1,216 1,388,000 1,141 FH
27 EIGHT COURTYARDS 1,378 1,330,000 965 99
27 SELETARIS 1,356 1,090,000 804 FH
27 SELETARIS 1,647 1,280,000 777 FH
27 ORCHID PARK CONDOMINIUM 1,195 783,800 656 99
28 THE GREENWICH 1,044 920,000 881 99
28 SELETAR SPRINGS CONDOMINIUM 1,012 790,000 781 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.

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