SAT, SEP 4, 2010 Straits Times
Landlords with no real estate background accused of risking shareholders' funds.
These new landlords are sniffing out lucrative opportunities now that many big state-owned enterprises have exited the property market.
- the above is just an excerpt, please refer to the papers for the full article.
Greenery is one of the most sought-after feature and understandably so, since Singapore is such a built-up country. Even homes with green or unblocked views tend to fade with time since the march of development will slowly eat away the precious greens.
Being a project marketing agent, I've also encounter yet another source of angst and frustration for buyers when they learn that the new condo that they're eyeing has one-to-one car park lots. Developers want to maximize profits, home owners want to own multiple cars, visitors want to park within the condo...
But according to a couple of condo management firms, most of the condos units don't own one car each and only a handful own two cars or more. Still, I've been to viewings at certain condos over the weekends and had some trouble finding a lot at the visitor's lots.
* feel free to contact me regarding some of the properties mentioned in this news articles as I'm directly involved in marketing it.
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Buyers may prefer 'software' to 'hardware'
by Christine Sun | Sep 03
The recent move by the Government to cool the residential market is a measured one, targeted at property speculators. It is unlikely to deter genuine home buyers from shopping for their dream home.
We believe this group of buyers are now better placed as they could be more selective and choose where and what they want to buy.
So, what type of private homes would continue to entice buyers? What can developers do to differentiate their projects and entice buyers to opt for their project? After all, property purchases should be treated with a mid- to long-term investment horizon.
A survey was conducted by Savills Research and Consultancy in the first week of last month to explore what buyers would like to have when they buy a new private home, apart from common provisions such as swimming pools, tennis courts, kitchen appliances, wardrobes and air-conditioning.
The poll was done at various prime residential locations, heartland areas and new property show flats, comprising a good mix of different age groups, nationalities, housing types and gender. Of these demographics, 64 per cent of respondents were HDB upgraders versus 36 per cent private home owners.
Topping the wish list of 220 respondents was more greenery in their homes. Specifically, 57 per cent of respondents opted for "gardens and greenery". This was followed by "shuttle services to main shopping belts" (53 per cent), "services for housekeeping, laundry, car washing and child care" (45 per cent) and "more car park lots" (43 per cent).
Private homes adorned with lush landscaping will, therefore, remain popular among buyers here.
This could be a reason why many private homes that draw inspiration from a "green" theme have appealed to buyers. Some well received projects include The Tree House, Park Natura, Meadows Pierce and Nassim Park Residences.
These developments have either integrated their landscape into the surrounding natural greenery or have created their own expansive canopy of roof gardens, sky terraces or sprawling green fields within their premises.
Homes that come with verdant landscaping usually command a premium for their green tranquility and exquisiteness.
However, it seems that such serene living is not appreciated by private home owners alone (64 per cent) as HDB upgraders are found to have a strong preference too (54 per cent). Mass market homes which are predominantly bought by HDB upgraders could, therefore, incorporate more greenery to boost sales.
The survey also found that contrary to popular belief, buyers may have a stronger preference for "software" than "hardware" provisions.
"Software"provisions encompass branding, advertising efforts and personal services, while "hardware" offerings cover physical peripherals such as facilities, finishes, fittings, fixtures and landscaping.
Traditionally, developers differentiate their products by enhancing their "hardware".
For example, many developers have upgraded the types of swimming pools provided in new developments - from a simple lap pool to an array of water features like spa, dip, fun, heated, lounge and infinity pools. For some, hydro-therapeutic jets, spa equipment, aqua gyms and water playgrounds are incorporated.
Barbecue pits have also been outmoded by modern epicurean gourmet kitchens.
These entertainment pieces designed to impress guests are now stylized with different thematic cooking functions to serve tandoori, Japanese teppanyaki, Western BBQ and Italian cuisines. Brand appeals have also been raised by employing world-renowned architects, branded fittings and importing quality marble slabs from East Mediterranean countries.
But are these what buyers really want? According to the findings, common "hardware" items such as "imported quality marble tiles and timber flooring" (20 per cent), "spa facilities" (23 per cent) and "more or bigger balconies" (23 per cent) were not as popular among respondents.
Instead, they preferred "more car park lots" (43 per cent). The scarcity of both private and public parking spaces could have made this a precious commodity among buyers.
The other "hardware" item respondents chose is "white plans" (35 per cent), a relatively new concept where owners are given the flexibility and freedom to design, create and carve out their home layouts.
As this customization usually entails higher construction costs, only some luxury homes like The Alba, Boulevard Vue and Skyline Orchard Boulevard offer such privileges. More developments could incorporate such design flexibility, perhaps within the confines of limited layout choices to contain costs.
Interestingly, the second and third most popular wish list items were "software" items that encompass personal services that can enhance a dweller's daily convenience. These items include "shuttle services to main shopping belts" (53 per cent) and "services such as housekeeping, laundry, car-washing or child care services" (45 per cent).
These personal services were more popular among both private home owners and HDB upgraders than other commonly provided "software" items such as homes being "designed by renowned architects" (21 per cent) and "concierge services" (15 per cent).
Unfortunately, a comprehensive range of these personal services are not always available in developments.
Individual pockets of services are, however, found in selected private homes such as Bayshore Park, that has some laundry services, or The Minton, which is said to be contemplating some child care services from within its premises.
Moving forward, new developments could enhance their marketing strategies and forge new partnerships to enhance the palette of personal services provided for discerning home owners and investors.
After all, as society advances and competition intensifies, it would not be surprising that condominium development may incorporate the provision of services as well.
More studies can, therefore, be done to better understand the spectrum of "software" that buyers want and their impact on the buying decision.
The writer is senior manager at Savills Research and Consultancy.
SINGAPORE - Fresh graduates this year are getting more pay, but only marginally. According to a survey by the management consulting firm, Hay Group Singapore, this year's graduates command an average starting pay of $2,461 - only $28 more from $2,433 last year.
However, those graduating next year, could expect lower starting salaries.
Mr Chan said that due to uncertainties in the global economy, companies will be more cautious. He expects starting salaries for bachelor's and master's degree-holders to fall.
- this is an excerpt, visit Today Online to get the full article.
In a statement issued on Monday morning, MND said it would increase the holding period for the imposition of Seller's Stamp Duty (SSD) on residential properties sold from one year to three years.
The SSD levied will vary according to the term of occupancy. If the property is sold in the first year of purchase, the full SSD will be levied - one per cent for the first $180,000 of the consideration, two per cent for the next $180,000, and three per cent for the balance. Two-thirds of the SSD will be levied for properties sold in the second year of occupancy and one-third for properties sold in the third year of occupancy.
The extended SSD will not affect HDB lessees as the required Minimum Occupation Period for HDB flats is at least 3 years.
For property buyers with outstanding housing loans, the Minimum Cash Payment has been increased from five per cent to ten per cent of the valuation limit. This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme) who are taking housing loans from MAS-regulated financial institutions who already have one or more outstanding housing loans.
For this group, the Loan-to-Value (LTV) limit has been lowered from 80 per cent to 70 per cent. Borrowers who do not have any outstanding housing loans will continue to have an LTV cap of 80 per cent. Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90 per cent.
HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted.
In their statement, the MND said lowering the LTV limit would 'send a clear signal' to financial institutions to maintain credit standards, and also encourage greater financial prudence.
Channel News Asia: New measures to cool property market
By Mok Fei Fei | Posted: 30 August 2010 0824 hrs
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 Home buyers at a property launch | |||||||||||
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SINGAPORE: The government said Monday that it will increase the holding period for imposition of Seller's Stamp Duty (SSD).
The SSD will be raised from the current one year to three years.
Another measure will impact those who have more than one outstanding housing loan.
Property buyers who already have one or more outstanding housing loans at the time of the new housing purchase will have to pay more money upfront.
The government will increase the minimum cash payment from five per cent to 10 per cent of the valuation limit.
Those with more than one outstanding housing loan will also see a decrease in the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS.
The LTV will be lowered from the current 80 per cent to 70 per cent.
The measures will take immediate effect on August 30.
The government said the objective of the measures is "to ensure a stable and sustainable property market where prices move in line with economic fundamentals".
It noted that the property market is currently very buoyant, with prices increasing by 11 per cent in the first half of this year.
It added that while Singapore has enjoyed strong economic growth in the first half, growth is expected to moderate in the second half of the year.
Should economic growth falter and the market correct, the government said property buyers could face capital losses.
It has thus decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.
-CNA/wk
