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Thread: Landed homes lift private property market

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    Default Landed homes lift private property market

    http://www.straitstimes.com/PrimeNew...ry_480929.html

    Jan 23, 2010

    Landed homes lift private property market

    Prices of landed property rose by 7.7 per cent for the whole of last year

    By Fiona Chan


    LANDED homes turned out to be the star performer of the private property market last year, rising far more in price than other types of housing.

    As a whole, detached, semi-detached and terrace houses jumped in price by 8.3 per cent in the fourth quarter of last year and 7.7 per cent for the whole of 2009.

    This significantly outstripped condominiums and apartments, according to data released by the Urban Redevelopment Authority (URA) yesterday.

    Despite rising 7.2 per cent in the fourth quarter, non-landed property registered a meagre 0.5 per cent price increase for last year.

    'Landed homes are limited in supply, so people always aspire towards owning one,' said Ms Chua Chor Hoon, head of South-east Asia research at DTZ Debenham Tie Leung.

    'When the market was in a slump, some buyers took the chance to buy landed properties. And now that condominium prices have gone up a lot again, people are seeing better value in landed homes.'

    Terrace houses, the cheapest type of landed housing, were the most sought-after. Prices of terraces shot up 10 per cent last year, followed by semi-detached houses with an 8.8 per cent rise.

    Detached houses - which include good-class bungalows, the grande dames of Singapore property - rose in price by a smaller 5.6 per cent last year.

    Taken together with non-landed property, this translated into overall private home prices rising by 1.8 per cent for the whole of last year.

    The rise in prices, despite 2009 being a recession year, was entirely due to the property market roaring back to life in the second half of the year as the economy emerged from recession.

    Private home prices jumped 7.4 per cent in the fourth quarter, after soaring 15.8 per cent in the third quarter, said the URA yesterday.

    Unlike in earlier quarters, the price increase between October and December was led by more expensive homes nearer to town.

    Prices of homes on the city-fringe - covering the East Coast, Queenstown and Bishan - rose the most, by almost 10 per cent.

    Homes in the core central region, which refers to the prime districts of 9, 10, 11, Marina Bay and Sentosa, saw prices rise by 7.3 per cent.

    For the first time, suburban homes were the laggard in the fourth quarter last year, with a price rise of only a 6.3 per cent.

    But although overall prices surged in the fourth quarter, home sales slowed considerably.

    Only 1,860 new homes were sold in the final quarter of last year, just a third of the sales in the preceding quarter, said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.

    Resale and sub-sale transactions fell by about half in the fourth quarter, which is traditionally a subdued period for home sales. Last year, this coincided with the introduction of government measures to cool the property market in September.

    For the whole year, home buyers bought 14,688 new homes from developers and 18,129 homes from other home owners. While this was a big jump from the muted activity in 2008, sales were still lower than during the boom year of 2007, Mr Li said.

    He expects home sales to moderate this year after last year's rapid buying activity.

    About 8,000 to 10,000 new homes will probably be sold, while prices are projected to rise by 8 per cent to 10 per cent through the year, led by the high-end segment of the market, according to Mr Li's forecasts.

    'Already, the year has started with a positive sentiment in light of the Government's forecast of 3per cent to 5 per cent economic growth for the whole year,' he said. 'Increased hiring and pay rises are also on the cards.'

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    While Reporter is busy reporting all the record breaking new condo launches, and many people here are wondering why their secondary subsale condos cannot fetch the same price as the new launches, let me provide an update on one housing segment which has been overlooked by Reporter, but yet able to fetch record breaking subsale prices!

    Congratulations to OPERA ESTATE for breaking above a MONTHLY AVERAGE of $1,000 psf for the FIRST TIME IN ITS HISTORY!!!

    It has come a long way since $228 psf in 1989 (circled in red in news clipping below).




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    Quote Originally Posted by jlrx
    While Reporter is busy reporting all the record breaking new condo launches, and many people here are wondering why their secondary subsale condos cannot fetch the same price as the new launches, let me provide an update on one housing segment which has been overlooked by Reporter, but yet able to fetch record breaking subsale prices!

    Congratulations to OPERA ESTATE for breaking above a MONTHLY AVERAGE of $1,000 psf for the FIRST TIME IN ITS HISTORY!!!

    It has come a long way since $228 psf in 1989 (circled in red in news clipping below).




    walau dont sarbo me leh ...

    i am stil looking to buy more landed ...

    now you let the cat out ...

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    Even Serangoon Garden brand new landed houses already selling above $1000 land psf...opera estate should be higher..

    Bgt my landed in Katong (D15) at $1400 land psf!!! But it's newly rebuilt. I'm a happy man!

    Did a search in URA, highest land psf in D15 was $1950 psf in Tembeling Road, Katong!

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    Default Terrance?

    Quote Originally Posted by Blue
    Even Serangoon Garden brand new landed houses already selling above $1000 land psf...opera estate should be higher..

    Bgt my landed in Katong (D15) at $1400 land psf!!! But it's newly rebuilt. I'm a happy man!

    Did a search in URA, highest land psf in D15 was $1950 psf in Tembeling Road, Katong!
    These high psf are they for terrace houses? Normally small plots of land you cannot calculate based on land area alone as building cost is a big proportion.

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    Quote Originally Posted by proud owner
    walau dont sarbo me leh ...

    i am stil looking to buy more landed ...

    now you let the cat out ...
    I thought you already have one landed house?

    Same as you, I was also looking for another landed house.

    That's why I had been keeping quiet all this time ...

    However, after searching for months and meeting increasingly ridiculous asking prices, I have given up.

    Hence I let the cat out of the bag (although I think it is already out of the bag).


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    Quote Originally Posted by jlrx
    I thought you already have one landed house?

    Same as you, I was also looking for another landed house.

    That's why I had been keeping quiet all this time ...

    However, after searching for months and meeting increasingly ridiculous asking prices, I have given up.

    Hence I let the cat out of the bag (although I think it is already out of the bag).


    hahah

    must respect yuo lah

    i do like your cartoons ... damn good

    if you have been following my posts .. i said long again .. i want to buy up the whole row of houses ... and enbloc myself ..to build condo ..ahhaha


    condos are for quickie flippers .. in and out ..pay extra stamp duty ..still make money ..

    i prefer to be LAND lord .. not AIRSPACE lord ..

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    Quote Originally Posted by proud owner
    hahah

    must respect yuo lah

    i do like your cartoons ... damn good

    if you have been following my posts .. i said long again .. i want to buy up the whole row of houses ... and enbloc myself ..to build condo ..ahhaha


    condos are for quickie flippers .. in and out ..pay extra stamp duty ..still make money ..

    i prefer to be LAND lord .. not AIRSPACE lord ..
    Too late. The land grab has already begun.

    As I see landed housing prices running away, I feel both happiness and a tinge of sadness.

    I think proud owner will understand this feeling.

    Hmmm ... below are some old news clippings (I'm not out to irritate anyone but just overcome by nostalgia.).

    Congratulations to Lucky Heights (in Katong Seaview Palace) for breaking above $1,000 psf for the FIRST TIME IN ITS HISTORY!!!




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    xebay11 is offline New Launch Project Specialist
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    jirx please continue to post those clippings, those are the times I have lived through and experienced when my father was investing in properties, they make very good discussion with my father on those days and what we should and could have done.

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    Quote Originally Posted by xebay11
    jirx please continue to post those clippings, those are the times I have lived through and experienced when my father was investing in properties, they make very good discussion with my father on those days and what we should and could have done.
    Here is FEO's advertisement for Katong Seaview Palace where Lucky Heights is located.

    Booking fee only $500! No need to throw blank cheque.




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    Quote Originally Posted by jlrx
    Here is FEO's advertisement for Katong Seaview Palace where Lucky Heights is located.

    Booking fee only $500! No need to throw blank cheque.




    hhmm looks like the Head of the lion in those Lion dance

    or am i seeing things ?

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    Quote Originally Posted by proud owner
    hhmm looks like the Head of the lion in those Lion dance

    or am i seeing things ?
    You mean like this?



    That's a $90,000 lion head!



    These old houses look very forlorn, but in their glory days they must have seen lots of parties and social activites like this ...

    Last edited by jlrx; 19-03-10 at 03:50.

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    Quote Originally Posted by Localite
    These high psf are they for terrace houses? Normally small plots of land you cannot calculate based on land area alone as building cost is a big proportion.
    Yup.

    For old landed houses, you can still find below $1000 land psf, say 1500 sqft of land x $800 psf => $1.2M

    For newly rebuilt ones, it has to be above $1000 land psf bec rebuilding cost itself is already $250 to $350 psf based on built-in area. Say the land itself is already $1.2M as shown above, and rebuilding it with 3500 sqft x $300 psf = $1.05M.

    So total cost of the newly rebuilt house is $2.25M. Use that to divide by the land size=> $1500 land psf which will be caveated in URA website.

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    Quote Originally Posted by jlrx
    I thought you already have one landed house?

    Same as you, I was also looking for another landed house.

    That's why I had been keeping quiet all this time ...

    However, after searching for months and meeting increasingly ridiculous asking prices, I have given up.

    Hence I let the cat out of the bag (although I think it is already out of the bag).

    Thot you are a firm believer of propertism? In tat case, land prices will always go up! There is no such thing as "increasingly ridiculous asking prices" that would make you give up! No matter when you buy, prices will still go up in the long term!

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    Quote Originally Posted by Blue
    Thot you are a firm believer of propertism? In tat case, land prices will always go up! There is no such thing as "increasingly ridiculous asking prices" that would make you give up! No matter when you buy, prices will still go up in the long term!
    The problem is that asking prices were going up faster than the cash in my bank.

    Resale landed houses need immediate 20% to 30% downpayment (depending on 70% or 80% loan) plus another approx. 3% stamp duty and other fees, which come to about $1 million.

    Unless I buy those spanking new 3-storey houses from developers which TOP a few years later, but I prefer houses which have more land (like that lion head house above).

    Unfortunately, keeping so much cash in the bank runs against Rule No. 2 of PROPERTISM - Paper money will lose all its value in the long run.

    So I ended up buying a smaller property instead.

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    Quote Originally Posted by jlrx
    The problem is that asking prices were going up faster than the cash in my bank.

    Resale landed houses need immediate 20% to 30% downpayment (depending on 70% or 80% loan) plus another approx. 3% stamp duty and other fees, which come to about $1 million.

    Unless I buy those spanking new 3-storey houses from developers which TOP a few years later, but I prefer houses which have more land (like that lion head house above).

    Unfortunately, keeping so much cash in the bank runs against Rule No. 2 of PROPERTISM - Paper money will lose all its value in the long run.

    So I ended up buying a smaller property instead.
    the high lighted above holds true for most of us ..

    prices run even faster in Condos, compared to landed ..

    price expectations run faster than the economy

    sellers price their condo at future value , sometimes as much as 10-15 years ahead ..eg those 99 yr lease at Tajong Pagar ..

    so how ?

    if only govt also impose rules that companies pay us at the same pace as property prices ..how shiok

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    Quote Originally Posted by proud owner
    if only govt also impose rules that companies pay us at the same pace as property prices ..how shiok
    Then property prices will increase even faster!

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    Default Landed homes lead rise

    Hi everyone, I have been monitoring the landed ppty market and i notice that it has gone up some 50% over the last year, and much more than the ura caveats indiacate. Any views on this....is this true.

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    Quote Originally Posted by Localite
    Hi everyone, I have been monitoring the landed ppty market and i notice that it has gone up some 50% over the last year, and much more than the ura caveats indiacate. Any views on this....is this true.
    You are right.

    And if you notice this, then I suspect you are also looking at resale landed houses.

    What happened was that old resale landed houses (especially those with large plots of land) had shot through the roof. However, those new spanking three-and-a-half storey semi-detached with built-in area of 6,000 sq ft sitting on only 2,000 sq ft of land had not gone up much (if at all).

    Suddenly, it seems, everyone is waking up to the fact that it's land they have to grab, and not the buildings.

    Everyone wants to be like proud owner, a "LAND lord .. not AIRSPACE lord".

    However, the URA landed house index averages out all these new and old houses. Look at the most recently published URA data (below) on landed properties (Business Times March 25, 2010).

    It shows that between Q4 2008 and Q4 2009, terraces and semi-detaches increased from an index of 150 points to 160 points (up 6.7%) while bungalows from 160 to 170 points (up 6.3%).



    What these data concealed was that new developments like Hillcrest Villa and Luxus Hills hardly rose between Q4 2008 and Q4 2009, whereas very old developments like Opera Estate (up 35%), Lucky Heights (up 90%) and Serangoon Garden Estate (up 110%) were shooting up like there was no tomorrow.










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    Think its too late to buy a landed property now as prices has really gone up to high in too short a time!

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    Quote Originally Posted by moneyspinner
    Think its too late to buy a landed property now as prices has really gone up to high in too short a time!
    Sellers are now like BIG WHITE SHARKS asking for sky high prices!!!!!!

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    If you are able to rebuild or do A&A, old landed is still viable as they are usually selling at land price instead of built-up price.

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    Quote Originally Posted by focus
    If you are able to rebuild or do A&A, old landed is still viable as they are usually selling at land price instead of built-up price.
    "land price" is the one that has shot through the roof.

    Look at this pair of houses 65 and 67, Walmer Drive, and their respective caveats in 2005 ($256 psf) and 2010 ($573 psf).






    Quote Originally Posted by moneyspinner
    Sellers are now like BIG WHITE SHARKS asking for sky high prices!!!!!!
    I would have agreed with moneyspinner that these sellers are "BIG WHITE SHARKS asking for sky high prices", if not for the fact that I could be referring to myself (except that I'm not selling due to my belief in PROPERTISM).
    Last edited by jlrx; 30-03-10 at 03:38.

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    Quote Originally Posted by moneyspinner
    Sellers are now like BIG WHITE SHARKS asking for sky high prices!!!!!!
    still not as ridiculous as condo

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    Quote Originally Posted by jlrx
    "land price" is the one that has shot through the roof.

    Look at this pair of houses 65 and 67, Walmer Drive, and their respective caveats in 2005 ($256 psf) and 2010 ($573 psf).
    Oh, I am thinking if I am going to pay $1000-1500psf for a hole in the sky without a land. Then land at $600-800psf is damn cheap relatively.

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    technically, u still own your share of the condo * total land area of the site which the condo sits on in addition to the airspace area. which is peanuts actually.

    anyway, back to landed. Jirx is right, there are now many semi-ds which have been cut into 2000+sq ft of land with 6000sq ft of brand new built up and all asking for 3m up. so that's still 1500psf or more. and not even in prime districts. but the agents will tell u, only 500psf of built up, where to find in condos?



    Quote Originally Posted by focus
    Oh, I am thinking if I am going to pay $1000-1500psf for a hole in the sky without a land. Then land at $600-800psf is damn cheap relatively.

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    Quote Originally Posted by focus
    Oh, I am thinking if I am going to pay $1000-1500psf for a hole in the sky without a land. Then land at $600-800psf is damn cheap relatively.
    Quote Originally Posted by bargain hunter
    anyway, back to landed. Jirx is right, there are now many semi-ds which have been cut into 2000+sq ft of land with 6000sq ft of brand new built up and all asking for 3m up. so that's still 1500psf or more. and not even in prime districts. but the agents will tell u, only 500psf of built up, where to find in condos?
    That's right.

    Landed are so cheap because these two people cannot just come and pick up four landed properties like buying clothes.

    Business Times Published March 25, 2010



    (SINGAPORE) Hong Kong movie superstar Jackie Chan and his good friend singer/songwriter Emil Chau, who were in town recently for last Sunday's Thong Chai Charity Night, also picked up some properties in Singapore.

    The duo bought four apartments at Lippo Group's freehold Centennia Suites worth over $10 million last week.
    Of all the so-called privileges specially reserved for Singapore citizens (e.g. ability to vote, buy new HDB flats, children school priority etc.), the most profitable one is the right to purchase landed property.

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    Need expert advice on landed property investment. Is a regular shaped land, i.e. squarish or rectangular, critical in the purchase of landed property? What do you guys think if the property is sitting on a 'L' shape land? What is the impact on the valuation of the property in future if I wish to get rid of it? Thanks.

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    Quote Originally Posted by moneyspinner
    Need expert advice on landed property investment. Is a regular shaped land, i.e. squarish or rectangular, critical in the purchase of landed property? What do you guys think if the property is sitting on a 'L' shape land? What is the impact on the valuation of the property in future if I wish to get rid of it? Thanks.
    Best is rectangular, can do a lot with it.
    Next best is square
    Least preferred is L shaped.
    However, if you are rich enough.. you may want to buy a L shaped as that would mean it is deeper into the area and quieter Generally. L shape would mean a longer exclusive driveway. But for investment purpose, these area are considered wasteful areas. Exceptions are for the ultra rich who would appreciate it.

    Can check out on developing your landed property here. Especially on setbacks.

    http://www.ura.gov.sg/homeowner/overview.htm

    http://www.ura.gov.sg/circulars/text/dcdrhb_d0e4.htm

    http://www.ura.gov.sg/circulars/text/dchandbook.html

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