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Issue 360

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CONTENTS FROM THE

p2 Top 10 Must-Know Home Loan Terms


EDITOR
Welcome to the 360th edition of the
Singapore Property Weekly.
and Conditions
Hope you like it!
p6 Resale Property Transactions
Mr. Propwise
(May 21 – May 25)

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SINGAPORE PROPERTY WEEKLY Issue 360

Top 10 Must-Know Home Loan Terms and Conditions

By Eugene Huang (guest contributor)

Home loan terms and conditions can be very


confusing, with lots of jargon that is difficult to
understand. In this article we will go through
some of the key terms that you’ll see, and
help you to decode it so you know what
you’re getting into when you take up a
mortgage.

Image Credit: Siri Hardeland

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SINGAPORE PROPERTY WEEKLY Issue 360

These are the key criteria you have to take 3. Prepayment penalties
into consideration when choosing your home
Usually applicable within the lock-in period.
loan:
This is the sum of money you have to pay
1. Reference Rate when you prepay the loan. It can range from
0.75% to 2% of the loan amount prepaid –
This can be either a Fixed Rate, or floating
whether you pay off part of the loan or the
rates pegged to Singapore Interbank Offer
loan in full.
Rate (SIBOR), Swap Offer Rate (SOR) or
banks’ internal Board Rates. 4. Interest reset dates

2. Lock-in period This applies to loan packages that are


pegged to reference rates such as
Typically ranges between 1 to 3 years, but we
SOR/SIBOR. Some banks dictate that you
have also seen lock-in periods of up to 8
may only redeem the loan on specific dates
years. The lock-in period determines the time
(which falls on the reset date of your loan. For
frame in which you have to keep the
example, you took up a loan on 1 Mar which
mortgage with the bank. Redeeming the loan
is pegged to the 3-month SIBOR. As the loan
(whether making a full settlement for the loan,
interest resets every 3 months, you may only
refinancing the property or selling the
redeem the loan on 1 March, 1 June, 1
property) prematurely attracts prepayment
September and 1 December every year.
penalties.

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SINGAPORE PROPERTY WEEKLY Issue 360
Failure to do so will attract a penalty). various subsidies are for:
Penalties can range from 0.5% to 2% of the
o Legal fees;
loan amount redeemed.
o Valuation fees and;
5. Cancellation fees
o Free fire insurance premiums.
While prepayment penalties kick in after the
loan is disbursed, cancellation fees apply Reimbursement clauses
between the period when you pen your Applied on subsidies offered by banks. To
signature on the loan agreement and the day make sure the loan package offered is
the loan is disbursed. Should you wish to profitable to the banks, there is a minimum
back out of the loan before disbursement, a period where you have to hold on to the loan;
cancellation fee applies. Cancellation fees failing which you have to refund the value of
typically range between 0.5% to 2% of the the subsidies to the bank. Reimbursement
loan amount cancelled. clauses usually apply up to a period of 3
6. Subsidies years.

Applies to refinancing for residential Conversion fees


properties, or purchase and refinancing for Since most home loan products in Singapore
commercial properties. Some banks dangle are structured in a “step-up” basis (see point
subsidies to encourage prospective 9), you will have to renegotiate the loan terms
customers to take up their home loans. The with the bank from time to time.

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SINGAPORE PROPERTY WEEKLY Issue 360

Some banks will encourage you to check for commercial/industrial properties or when
back with them by waiving conversion fees you obtain financing under a corporate entity.
(for you to switch to a cheaper loan package), Such fees and charges can range from a few
while others might charge you a fee (which hundreds to a few thousand.
can range from $500 to $5000) to re-price
By guest contributor Eugene Huang, who is a
your loan.
co-founder of Redbrick, an established
Product structure mortgage advisory that assists investors and
homeowners in sourcing for the best
Most banks offer home loan packages on a
financing option catered for their needs.He
“step-up” basis, where your loan gets
has personally structured mortgages with
progressively more expensive as time
more than SGD 1 billion in total value during
passes. Other banks reward you for your
his stint in a multinational offshore bank in
loyalty, offering “step-down” loans where your
Singapore. To get a free consultation on your
loan gets cheaper, the longer you stay with
new loan or refinancing needs, please head
them.
to www.propwise.sg/mortgage/
Admin fees or processing charges
Miscellaneous fees and charges are not
commonly seen in home loan contracts. They
are more prevalent when you obtain financing

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SINGAPORE PROPERTY WEEKLY Issue 360

Non-Landed Residential Resale Property Transactions for the Week of May 21 – May 25
Postal Area Transacted Price Postal Area Transacted Price
Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE CLIFT 775 1,490,000 1,923 99 5 WEST BAY CONDOMINIUM 1,345 1,050,000 780 99
2 LUMIERE 678 1,150,000 1,696 99 7 CONCOURSE SKYLINE 1,399 2,500,000 1,787 99
3 REGENCY SUITES 592 1,080,000 1,824 FH 7 CONCOURSE SKYLINE 840 1,386,000 1,651 99
3 ALEXIS 388 678,000 1,750 FH 8 CITY SQUARE RESIDENCES 1,518 2,280,000 1,502 FH
3 ECHELON 1,001 1,690,000 1,688 99 8 OXFORD SUITES 893 1,180,000 1,321 FH
3 TANGLIN VIEW 1,141 1,480,000 1,297 99 8 CLYDES RESIDENCE 1,119 1,260,000 1,126 FH
3 QUEENS 1,184 1,480,000 1,250 99 9 NEW FUTURA 2,250 8,624,000 3,833 FH
4 THE COAST AT SENTOSA COVE 2,024 3,300,000 1,631 99 9 NEW FUTURA 2,250 8,537,000 3,795 FH
4 REFLECTIONS AT KEPPEL BAY 990 1,590,000 1,606 99 9 NEW FUTURA 2,250 8,470,000 3,765 FH
4 REFLECTIONS AT KEPPEL BAY 1,195 1,759,000 1,472 99 9 NEW FUTURA 2,691 9,304,000 3,457 FH
4 THE INTERLACE 1,593 2,230,000 1,400 99 9 NEW FUTURA 2,691 9,216,000 3,425 FH
5 HORIZON RESIDENCES 1,324 1,980,000 1,495 FH 9 NEW FUTURA 2,691 9,175,800 3,410 FH
5 THE SORRENTO 710 1,040,000 1,464 FH 9 NEW FUTURA 2,691 9,040,000 3,359 FH
5 THE ROCHESTER 1,679 2,200,000 1,310 99 9 LLOYD SIXTYFIVE 1,722 5,685,000 3,301 FH
5 LANDRIDGE CONDOMINIUM 1,894 2,410,000 1,272 FH 9 HILLTOPS 1,335 4,200,000 3,147 FH
5 THE VISION 1,313 1,670,000 1,272 99 9 111 EMERALD HILL 2,120 5,194,000 2,449 FH
5 HUNDRED TREES 1,163 1,438,000 1,237 956 9 PATERSON RESIDENCE 710 1,530,000 2,154 FH
5 HERITAGE VIEW 1,163 1,400,000 1,204 99 9 URBANA 1,012 2,100,000 2,075 FH
5 VILLA DE WEST 1,012 1,200,000 1,186 FH 9 ESPADA 1,012 1,960,000 1,937 FH
5 DOVER PARKVIEW 936 1,100,000 1,175 99 9 8 @ MOUNT SOPHIA 861 1,265,000 1,469 103
5 BLUE HORIZON 1,163 1,260,000 1,084 99 9 ORCHARD TOWERS 1,970 2,600,000 1,320 FH
5 CLEMENTIWOODS CONDOMINIUM 1,625 1,758,000 1,082 99 10 LE NOUVEL ARDMORE 3,907 16,800,000 4,300 FH
5 BLUE HORIZON 1,356 1,437,000 1,060 99 10 LE NOUVEL ARDMORE 4,133 16,036,040 3,880 FH
5 WESTCOVE CONDOMINIUM 1,302 1,030,000 791 99 10 THE NASSIM 1,927 7,077,100 3,673 FH

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SINGAPORE PROPERTY WEEKLY Issue 360

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 TOMLINSON HEIGHTS 4,047 11,500,000 2,841 FH 11 MANDALE HEIGHTS 2,497 2,600,000 1,041 FH
10 CUSCADEN RESIDENCES 1,453 3,300,000 2,271 FH 11 THE TREVOSE 2,314 2,150,000 929 99
10 BOTANIC GARDENS VIEW 1,410 3,000,000 2,128 FH 12 THE RIVERINE BY THE PARK 1,302 2,200,000 1,689 FH
10 THE TRIZON 1,345 2,650,000 1,970 FH 12 PRESTIGE HEIGHTS 377 605,000 1,606 FH
10 NATHAN RESIDENCES 775 1,500,000 1,935 FH 12 AIRSTREAM 474 630,000 1,330 FH
10 BOTANIC GARDENS MANSION 1,399 2,650,000 1,894 FH 12 CASA FORTUNA 926 1,168,000 1,262 FH
10 NATHAN RESIDENCES 592 1,120,000 1,892 FH 12 BOON TECK TOWER 1,658 1,730,000 1,044 FH
10 DUCHESS RESIDENCES 1,464 2,770,000 1,892 999 13 SANT RITZ 657 1,050,000 1,599 99
10 D'LEEDON 635 1,150,000 1,811 99 13 R MAISON 936 1,250,000 1,335 FH
10 CLIFTEN 1,184 1,891,000 1,597 FH 13 PARC ASTON 1,163 1,350,000 1,161 FH
10 THE TESSARINA 1,033 1,650,000 1,597 FH 14 WATERBANK AT DAKOTA 1,141 1,700,000 1,490 99
10 MUTIARA VIEW 1,216 1,880,000 1,546 FH 14 LA BRISA 474 640,000 1,351 FH
10 GLENTREES 1,345 1,800,000 1,338 999 14 DAKOTA RESIDENCES 1,313 1,710,000 1,302 99
11 PARK INFINIA AT WEE NAM 969 2,120,000 2,188 FH 14 EDENZ SUITES 441 570,000 1,292 FH
11 TRILIGHT 1,087 2,300,000 2,116 FH 14 EUHABITAT 614 760,000 1,239 99
11 LINCOLN SUITES 1,076 2,215,000 2,058 FH 14 LE CRESCENDO 915 1,100,000 1,202 FH
11 THOMSON EURO-ASIA 1,292 2,600,000 2,013 FH 14 NICOLE GREEN 926 1,080,000 1,167 FH
11 SOLEIL @ SINARAN 1,098 2,030,000 1,849 99 14 ESCADA VIEW 753 750,000 995 FH
11 THE LINC 1,281 2,220,000 1,733 FH 14 LE CRESCENDO 3,509 2,868,000 817 FH
11 368 THOMSON 1,302 2,080,000 1,597 FH 14 WING FONG COURT 1,044 808,000 774 FH
11 MEDGE 463 738,000 1,594 FH 15 THE LINE @ TANJONG RHU 1,055 2,321,000 2,200 FH
11 VILLA CHANCERITA 1,776 2,470,000 1,391 FH 15 THE SEAFRONT ON MEYER 2,293 4,200,000 1,832 FH
11 THE THOMSON DUPLEX 2,131 2,950,000 1,384 FH 15 THE SEAFRONT ON MEYER 1,066 1,930,000 1,811 FH
11 THE AXIS 818 1,120,000 1,369 FH 15 THE SHORE RESIDENCES 893 1,600,000 1,791 103
11 THOMSON 800 1,399 1,863,468 1,332 FH 15 VIBES @ EAST COAST 388 580,000 1,497 FH
11 WATTEN HILL 2,626 3,400,000 1,295 FH 15 FLAMINGO VALLEY 1,206 1,800,000 1,493 FH
11 WATTEN HILL 2,669 3,080,000 1,154 FH 15 VIBES @ EAST COAST 420 620,000 1,477 FH

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SINGAPORE PROPERTY WEEKLY Issue 360

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
15 CORALIS 3,089 4,500,000 1,457 FH 18 Q BAY RESIDENCES 797 900,000 1,130 99
15 COSTA RHU 2,056 2,850,000 1,386 99 18 SEA ESTA 1,098 1,200,000 1,093 99
15 VILLA MARTIA 1,281 1,680,000 1,312 FH 18 WATERVIEW 1,184 1,250,000 1,056 99
15 THE COTZ 452 590,000 1,305 FH 18 SEASTRAND 592 620,000 1,047 99
15 VENTURA VIEW 441 530,000 1,201 FH 18 THE TROPICA 1,238 1,100,000 889 99
15 EAST ELEGANCE 753 880,000 1,168 FH 18 SAVANNAH CONDOPARK 990 828,888 837 99
15 STILLZ RESIDENCE 980 1,110,000 1,133 FH 18 CHANGI RISE CONDOMINIUM 1,130 920,000 814 99
15 COSTA ESTE 1,367 1,500,000 1,097 FH 18 CHANGI RISE CONDOMINIUM 1,496 1,200,000 802 99
15 THE GRANDIFLORA 807 870,000 1,078 FH 18 OASIS @ ELIAS 1,302 1,020,000 783 99
15 SUITES @ GUILLEMARD 1,195 1,280,000 1,071 FH 19 KOVAN REGENCY 893 1,270,000 1,422 99
15 OVADA 8 1,324 1,270,000 959 FH 19 JEWEL @ BUANGKOK 936 1,200,000 1,281 99
15 PARC ELEGANCE 1,023 950,000 929 FH 19 NAUNG RESIDENCE 904 1,125,000 1,244 999
15 NEPTUNE COURT 1,636 1,488,000 909 99 19 WEMBLY RESIDENCES 1,098 1,360,000 1,239 FH
16 PARBURY HILL CONDOMINIUM 1,238 1,570,000 1,268 FH 19 THE LUXURIE 883 1,045,000 1,184 99
16 WATERFRONT GOLD 1,227 1,520,000 1,239 99 19 KOVAN MELODY 915 1,070,000 1,169 99
16 CASA MERAH 1,227 1,500,000 1,222 99 19 RIVERSAILS 883 925,000 1,048 99
16 ARCHIPELAGO 1,399 1,700,000 1,215 99 19 RIVERSAILS 893 913,000 1,022 99
16 BAYSHORE PARK 936 1,008,000 1,076 99 19 RIVERSAILS 1,109 1,120,000 1,010 99
16 THE BAYSHORE 1,184 1,180,000 997 99 19 HILLSIDE MANSIONS 1,195 1,190,000 996 FH
16 LIMAU PARK 1,518 1,480,000 975 FH 19 COMPASS HEIGHTS 1,249 1,108,000 887 99
16 CASAFINA 1,281 1,230,000 960 99 19 HOUGANG GREEN 1,141 820,000 719 99
16 CASAFINA 1,313 1,210,000 921 99 20 SKY HABITAT 1,195 1,778,500 1,489 99
16 AQUARIUS BY THE PARK 1,098 910,000 829 99 20 CENTRO RESIDENCES 872 1,230,000 1,411 99
16 KEW GREEN 3,025 1,900,000 628 99 20 THOMSON GRAND 947 1,280,000 1,351 99
17 PARC OLYMPIA 797 762,000 957 99 20 MARYMOUNT VIEW 1,755 2,300,000 1,311 FH
17 CARISSA PARK CONDOMINIUM 1,302 1,110,000 852 FH 20 CLOVER BY THE PARK 2,196 2,150,000 979 99
18 Q BAY RESIDENCES 517 667,000 1,291 99 20 GRANDEUR 8 1,195 1,170,000 979 99

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SINGAPORE PROPERTY WEEKLY Issue 360

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
20 THE GARDENS AT BISHAN 1,572 1,520,000 967 99 27 THE ESTUARY 904 930,000 1,029 99
20 GRANDEUR 8 1,119 1,080,000 965 99 27 THE NAUTICAL 1,012 970,000 959 99
21 FLORIDIAN 872 1,600,000 1,835 FH 27 THE ESTUARY 1,119 980,000 875 99
21 GARDENVISTA 1,109 1,480,000 1,335 99 27 EUPHONY GARDENS 980 730,000 745 99
21 GARDENVISTA 936 1,235,000 1,319 99
28 H2O RESIDENCES 527 607,000 1,151 99
21 PARC PALAIS 980 1,180,000 1,205 FH
28 SUNRISE GARDENS 2,024 1,400,000 692 99
21 SPRINGDALE CONDOMINIUM 926 1,080,000 1,167 999
21 SYMPHONY HEIGHTS 1,668 1,900,000 1,139 FH
21 THE RAINTREE 1,270 1,395,000 1,098 99
21 HUME PARK I 1,496 1,600,000 1,069 FH NOTE: This data only covers non-landed residential resale property
transactions with caveats lodged with the Singapore Land Authority.
21 SHERWOOD CONDOMINIUM 1,206 1,250,000 1,037 FH
Typically, caveats are lodged at least 2-3 weeks after a purchaser
21 THE RAINTREE 1,270 1,285,000 1,012 99
signs an OTP, hence the lagged nature of the data.
21 HIGH OAK CONDOMINIUM 1,152 1,155,000 1,003 99
21 HUME PARK I 1,356 1,325,000 977 FH
22 THE LAKEFRONT RESIDENCES 506 775,000 1,532 99
22 CASPIAN 1,238 1,368,000 1,105 99
22 THE LAKESHORE 1,119 1,210,000 1,081 99
23 ECO SANCTUARY 700 885,000 1,265 99
23 HILLSTA 570 653,000 1,145 99
23 HAZEL PARK CONDOMINIUM 1,012 1,112,000 1,099 999
23 HILLBROOKS 1,076 1,080,000 1,003 FH
23 HILLVIEW PARK 1,432 1,375,000 960 FH
23 PARK NATURA 2,863 2,638,000 921 FH
23 THE WARREN 1,066 850,000 798 99
23 REGENT HEIGHTS 1,023 790,000 773 99
26 THE CALROSE 1,249 1,608,000 1,288 FH
26 CASTLE GREEN 947 820,000 866 99

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