The average private home prices dipped from 1,508 psf in October 2014 to 1,462 psf in December 2014. Market experts attributed the slowdown to the year-end holiday, reducing demand and tightened home financing. Urban Redevelopment Authority’s property price index showed a fuller picture – prices have slipped a total of 4 per cent for the whole of 2014 and 4.9 per cent in five straight quarters of declines. Ms Chia Siew Chuin, director of research & advisory, Colliers International shared on Straits Times that prices of private residential properties are expected to remain on a path of moderation by between 5 per cent and 8 per cent in 2015. However, she believes that home – buyers will still look out for opportunistic buys where the property attributes and location attributes are attractive.
Should You Cash In On The Situation?
With transaction volume declining and private property prices softening, individual buyers and investors with the extra cash on hand should be on the lookout for good value opportunities. New developments commanding good location have now become more affordable and re-sale properties are going at more realistic asking prices. OrangeTee Research & Consultancy highlighted that buyers can also find opportunities in re-launches next year as many projects which are already launched still have plenty of unsold units. Developers for such projects especially those facing hefty Qualifying Certificate fees may then be more willing to offer attractive incentives to push sales.
If you are on an active hunt for stellar properties, here are 3 new developments for your considerations.
1. Lakeville – City Living By The Lake
Lakeville, a new 99 years development with full condominium facilities by MCL Land (Prestige) Pte Ltd offers a stunning view of Jurong Lake and caters 695 residential units ranging from 1 bedroom to 5 bedrooms units with dual-key living and penthouses. With 77.9% of existing purchases made by Singaporeans, many of the buyers are purchasing it for own residential purpose.
Property Prices In District 22
Property prices in District 22 have dropped closed to its lowest periods in October 2013 & March 2014. With the huge potential upsides in the Jurong Lake District in the near future, the current trough provides the perfect entry point in the coming months.
What Are The Upsides?
Lakeville is located in Jurong Lake District, one of three regional centres identified under the Concept Plan to provide commercial activities outside the city centre. We are looking at one of the new growth areas that will support Singapore’s economic growth in the medium to long term.
With the announcement of a new steering committee, headed by Culture, Community and Youth Minister Lawrence Wong, plans for the future development of Jurong Lake District will include the creation of a new Jurong Lake Gardens by combining the existing Jurong Lake Park, Japanese and Chinese Gardens. The Gardens will play host to the new Science Centre.
Jurong Lake District is just about 20 mins from the CBD and the Tuas Second Link. It is well served by 2 major expressways (PIE and AYE), 2 major MRT lines (North-South and East-West), 3 MRT stations and a bus interchange. Residents can look forward to better connectivity with a new integrated transport hub at Jurong East MRT Station, upgraded North-South and East-West lines and two new MRT lines. There will also be further road-widening projects to relieve congestion in the Jurong Gateway area. The future Kuala Lumpur-Singapore High-Speed Rail terminus could be also sited in Jurong.
Future developments aside, Lakeville condominium provide an ideal home for families with school-going children with close proximity to Rulang Primary School, Canadian International School (Lakeside Campus), Nanyang Technological University (NTU), National University of Singapore (NUS), Singapore Polytechnic, Jurong Junior College and River Valley High School.
Residents will be comforted by easy access to healthcare facilities too. Ng Teng Fong General Hospital is only a few minutes’ drive away or 2 stations from Lakeside to Jurong East with covered walkway via the station to Westgate Shopping Mall and to the hospital directly with ease.
2. Trilive – Freehold Development For Generations Enjoyment
Trilive is a new freehold private full facilities condominium development by Roxy-Pacific Holdings Limited that is located within walking distance to Kovan MRT. Trilive unit types consist of one to four bedrooms and feature mainly dual key units for multi-generation living or obtaining potential high rental yield as though owning two different units. With close to 88% of the existing buyers Singaporeans, this is a development that many will call home for generations to come.
Property Prices In District 19
Prices in District 19 are returning to the pre – May 2013 period. There has never been a better time to go in for a good bargain.
Superb Location In The Heartlands
Trilive is conveniently closed to popular shopping centers such as Kovan Heartland Mall, Hougang Mall and Nex at Serangoon through both roads and Kovan MRT Station. Dining out is a breeze as Kovan is also a well-known food haven with food choices ranging from Teochew Porridge, Nasi Lemak to Curry Rice. For families with children, the development is of close proximity to education institutions, with Xinghua Primary School and Holy Innocents’ Primary School within a minutes walk.
The development is well connected to the city by a 15 minutes drive through Central Expressway (CTE) with the Kallang Paya Lebar Expressway (KPE) as an alternative route. Even Changi Airport is just a quick 15 to 20 minutes away.
3. Starlight Suites – Oasis Near Singapore’s Central Business District
Starlight Suites is a freehold residential condominium located at Prime District 9 with close proximity to Central Business District Singapore. Developed by Meadows Property Singapore, the 35-storey stately exterior tropical oasis has a total of 105 exquisite units with fascinating city view comprising from one bedroom to three bedrooms with study as well as penthouse units. 63% of existing owners are Singaporeans followed by 21.2% foreigners and 13.5% PR.
Location, Location, Location
Located in Prime District 9, the development is just a stroll to Orchard Road, Singapore’s premiere shopping belt and the Singapore River, Singapore’s premiere nightlife destination.
Residents are served by Somerset, Dhoby Ghuat and Clarke Quay stations offering seamless connection to train lines across the island. Residents can also look forward to future capital appreciation when Great World City MRT Station starts its operation just minutes’ walk away from the development.
For drivers, a trip to Orchard Shopping District and Central Business District will only take about 10 minutes. The development is well serviced by Major expressways like CTE, AYE and ECP are seamlessly and conveniently connected to every part of Singapore making it so hassle free for you to travel to work or play.
Recreation and dining out options are nearby along Robertson Walk, Robertson Quay, Unity Street, Nanson Road, River Valley Road and Mohammed Sultan Road. For late night entertainment and party, residents can head down to Singapore’s popular night spots near Mohammed Sultan Road, Boat Quay and Clarke Quay.
In summary, the slight dip in private properties market before moderation in the upcoming months provide the perfect window of opportunity for buyers to obtain their desired spaces at a bargain. We hope we have interested you to find out more about the three recommended properties.
Before we end off the article, we would like to emphasize once again that it is important for readers to appoint a knowledgeable real estate salesperson who can understands the market to position your purchase in your best interest.
About The Guest Property Adviser
Dr Kevin Seah is an experienced and well qualified property salesperson, specializing in Singapore residential properties. He is currently holding an appointment as a Senior Marketing Director in Huttons Asia Pte Ltd. For more professional advice, please leave your contact information here.
This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice or any other advice. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to author, its related and affiliate companies and/or their employees. You understand that you are using this report at your own risk. The author makes reasonable effort to use reliable, comprehensive information, but makes no representation that it is accurate or complete.