Buying a House in Singapore | What to Expect in the Second Half of 2023

10 mins read • by Home Central

Buying a House in Singapore What to Expect in the Second Half of 2023

Purchasing a home takes a substantial amount of time and effort, and might even seem daunting – especially if it is your first foray into the market. If you are unsure of where to begin, these steps will help.

1. Market Research

Preliminary research may include price comparisons of units. Property listings can be found on sites such as Property Guru, iProperty, Gumtree, and SRX, among others. Scanning these websites will give you a rough gauge on the pricing and availability of properties with attributes you prioritise.

A few considerations to take into account during the shortlisting phase: How many bedrooms do I need? What is the layout and size of the unit? What kind of amenities are available in the neighbourhood? What kind of fittings have been installed, and are extra renovations needed before moving in?

While information is readily available online, there are several additional factors that make a significant impact on your decision-making. For example, the direction in which the unit faces will determine the amount of sunlight filtered into your home. Will there be harsh afternoon sun, or will there be sufficient sunlight to ensure a brightly lit space? Is the unit facing the main road? How much noise and pollution will you experience? Even getting to know your future neighbours will play a huge part in this important milestone. Make time to personally head down for a viewing along with a set of questions you may have for the seller.

If this is your first time purchasing a home and you are unfamiliar with the process, it is advisable to seek the assistance of a real estate professional. Hiring a real estate agent can save you a lot of time and work by allowing you to skip stages such as research, viewing arrangements, negotiation, home inspection, paperwork coordination, and closing the deal.

If you do not wish to hire an agent, doing it yourself works just fine as well. However, you will also be more vulnerable to risks. Having a professional accompany you on your journey may safeguard you from potential scams, as the agent is bound by a fiduciary duty to behave with reasonable care and attention. They are especially useful when it comes to law and regulatory obligations.

2. Organise Your Finances

Examine the various public housing grants available, as well as the amount of CPF money you can utilise and the amount of a loan you can acquire. You will be able to calculate the total cash outlay and how much you can afford to pay for a house from here. You should also think about your financing choices before applying for a loan.

It is crucial to organise your budget to avoid depleting your daily allocation and ensure that a sufficient amount of rainy day fund is available. This will aid in the smooth completion of the sale.

There are two loans you can take for the purchase of your home: a HDB Loan or a Bank Loan. Regardless of which path you may choose, the application for a HDB Flat Eligibility (HFE) Letter is required should you wish to purchase a Built-To-Order (BTO) or resale HDB flat.

So what exactly is the aforementioned HFE Letter? It is the compulsory assessment of a buyer’s eligibility for a resale flat purchase, CPF housing grants, and HDB housing loan. Before 9 May 2023, the assessment of these three criterias were made during different milestones in your property journey. The HFE Letter replaces the now retired Home Eligiblity Loan (HLE) Letter to provide a more holistic assessment and understanding of a buyer’s flat and financing options. In essence, it is designed to provide buyers with enhanced convenience during their flat purchase.

For private properties, you may choose to apply for a non-compulsory In Principal Approval (IPA) to aid you in mapping out your budget.

3. Option To Purchase

To kickstart your resale HDB hunt, you are required to register for a mandatory Intent To Buy, which is valid for 12 months. You should secure your desired unit during this period. 

Once you have decided on your dream home, you can start with an Option Fee, a payment made to the sellers in exchange for an Option To Purchase (OTP), an agreement that grants exclusive rights of purchase to the buyer, essentially binding both parties in a property transaction.

Prior to entering an OTP with a seller, buyers will have to check for ethnic quota, proof of ownership, seller’s bankruptcy status, and easements.

Buyers of HDB resale flats must ensure that they are within the proportion of the Ethnic Integration Policy (EIP) for their chosen block or neighbourhood. This can be carried out through the HDB portal.

Next, property purchases must always be made with the true seller. Remember to protect yourself by requesting proof of ownership. During this period, you may also check for the seller’s bankruptcy status, which can be done via an insolvency search on the Ministry of Law’s e-services portal. If a seller has declared bankruptcy, sales of private properties must attain the approval of their official assignee (OA).

Finally, all residential properties are entitled to a set of easements (support, way, light, shelter, electricity, and passage of water) – all of which can be looked up in the property’s title deed.

Once everything is good to go, an option fee of 1% of the unit’s price is needed to reserve it under your name. However, the option fee cannot exceed $1,000. Resale HDBs have an option period of 14 to 21 days, whereas the duration can be negotiated for private properties. During this time, buyers have to come to a decision on whether to go ahead with the deal. Failure to respond will nullify the agreement, with the paid sum forfeited and the reserved unit going up on the open market again.

4. Prepare All Important Documents and Additional Payments

With the OTP, buyers are required to submit a request for valuation to either HDB (resale flats) or the bank (private properties). All valuation is calculated based on surrounding property transactions, the unit’s floor level, and renovation works. If the unit’s selling price is above the valuation amount, the remaining amount has to be paid for in cash. This is known as Cash Over Valuation (COV).

Buyer’s Stamp Duty (BSD) is also required for the acquisition of residential properties. With effect from 15th February 2023, new changes to BSD rates were implemented for higher value properties.

Information courtesy of Inland Revenue Authority of Singapore (IRAS).

Furthermore, new revisions to the rates for Additional Buyer’s Stamp Duty (ABSD) were introduced. These changes will affect all foreign buyers (first property onwards) and Singaporean Citizens and Permanent Residents (second property onwards).

Information courtesy of Inland Revenue Authority of Singapore (IRAS).

Once you are ready to proceed with the property transaction, an Exercise Fee for resale HDB flats (which when included with the Option Fee, does not exceed $5,000) will have to be paid for in cash. Plus, you will also have to set aside a budget for other miscellaneous payments such as: administrative, conveyance and legal fees, and home and fire insurance.

5. Close the Sale

After all necessary documents and payments are cleared, you may arrange a date to collect your keys. Herein begins the moving in process and any renovation works you might want for your new home. 

These steps might seem a lot to take in at first, but don’t worry – we’ve prepared a handy summary checklist to guide you through your journey. Happy house-hunting!

For more property insight and advice, contact us at +65 9799 7955 for a free, no-obligation consultation session today.

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5 Premium Estates Near the Thomson-East Coast Line

Image courtesy of Land Transport Authority (LTA).

8 mins read • by Home Central

5 Premium Estates Near the Thomson-East Coast Line

The Thomson-East Coast Line marked the completion of stage 3 of its construction works in November 2022, introducing 11 more stations to link Woodlands North to the city core at Gardens by the Bay. While Singaporeans await the opening of stages 4 and 5, the aforementioned MRT track has connected more than 180,000 households within a 10-minute walking distance from one of its newly-opened stations.

Since its announcement in 2014, better convenience and connectivity in the vicinity have promised better property value and capital appreciation potential, raising the bar for prices in the area. Here are 5 premium estates – both existing and upcoming – with competitive price tags in the property market.

1. One Bernam

Photo courtesy of HY-MCC (Singapore) Pte Ltd.

Location: 1 Bernam Street, District 2
MRT Station: Maxwell/Shenton Way MRT Station

An upcoming 99-year leasehold development in the prestigious downtown core of Singapore, One Bernam comprises a total of 364 units spanned across 35 storeys, and is slated to TOP in March 2026. While usually transacting at an average indicative price of S$2,575, the estate recently hit a personal record-high sale – transacting a 441sqft apartment for S$3,168psf in November 2022.

Image chart: Historical Transaction Prices for One Bernam (May 2021 to November 2022). Data and graph courtesy of URA and Squarefoot.

It is not difficult to see the allure of One Bernam. Located in the proximity of Singapore’s Central Business District, traveling to work is a breeze. There is also no shortage of amenities nearby, with the Tanjong Pagar area playing host to a number of shopping malls – 100 AM, Tanjong Pagar Plaza, Amara Shopping Centre, and Icon Village – with a wide selection of retail and dining options available.

2. Parc Stevens

Photo courtesy of Stevens Park Pte Ltd.

Location: 21, 23, 25, 27 Stevens Drive, District 10
MRT Station: Stevens MRT Station

A freehold condominium completed in 2000 with an exclusive 48 units, Parc Stevens is located in another premium district: Tanglin in District 10. Transacting at an indicative price average of S$2,044psf from 1997 to present, it recently saw a historical high in sales: S$2,115psf for a 2,411sqft unit in August 2022.

Image chart: Historical Transaction Prices for Parc Stevens (July 1997 to August 2022). Data and graph courtesy of URA and Squarefoot.

Initially connected to the rest of Singapore via the Downtown Line, Stevens is made more accessible after the opening of stage 3 of the Thomson-East Coast Line. Orchard and Bugis are just 3 stops away via the Thomson-East Coast Line and Downtown Line respectively, while the Central Business District of Singapore is a 15-minute drive away. Close to the city centre while tucked away in an enclave of its own, the area is perfect for those who wish to live away from the hubbub of the major shopping districts, while at the same time remain connected to the rest of Singapore.

3. Boulevard 88

Photo courtesy of Granmil Holdings Pte Ltd.

Location: 86, 88 Orchard Boulevard, District 10
MRT Station: Orchard/Orchard Boulevard MRT

Amidst the group of luxury private residential estates in Tanglin is the upcoming Boulevard 88, slated to TOP soon in early 2023. Standing at 28 storeys high with a total of 154 units, sales for the freehold condominium have been a huge success ever since its announcement in 2019. Throughout the years, the core central region condominium transacted at an average of S$4,000psf, with its record high sale dating back to June 2019, where a 6,049sqft unit was sold at S$5,125psf.

Image chart: Historical Transaction Prices for Boulevard 88 (March 2019 to November 2022). Data and graph courtesy of URA and Squarefoot.

With the heart of the city right at one’s doorstep, Boulevard 88 is surrounded by an abundance of amenities and shopping malls – such as ION Orchard, Tanglin Mall, and Forum The Shopping Mall, just to list a few. It is a mere 8 MRT stops, or 15-minute drive away to the iconic Gardens by the Bay, and a 12-minute drive to the Central Business District. Grocery runs are made convenient with 2 Cold Storage outlets in the vicinity: namely at Tanglin Shopping Centre and Tanglin Mall.

4. Tomlinson Heights

Photo courtesy of Yarra Investments Pte Ltd.

Location: 31 Tomlinson Road, District 10
MRT Station: Orchard/Orchard Boulevard MRT

Just across the road from Boulevard 88 is the luxurious freehold condominium Tomlinson Heights, which was completed in 2014 – 9 years before the former. Touching the sky at 36 storeys high, the estate comprises an exclusive 70 units to its name. Despite being older than Boulevard 88, Tomlinson Heights maintained a competitive indicative price average of S$4,042psf throughout the years, reaching new heights in August 2022 when a 2,745sqft apartment transacted at S$4,645psf.

Image chart: Historical Transaction Prices for Tomlinson Heights (Aug 2010 to Aug 2022). Data and graph courtesy of URA and Squarefoot.

Located in the same vicinity as Boulevard 88, Tomlinson Heights shares the same myriad of amenities that is offered to condominiums around the Orchard Boulevard cluster.

5. Marina Bay Residences

Photo courtesy of BFC Development Pte Ltd.

Location: 18 Marina Boulevard, District 1
MRT Station: Marina Bay MRT

Saving the best for last, we arrive at a 99-year leasehold condominium bearing the brand of an internationally-famed moniker: Marina Bay Residences, which stands at a skyscraping height of 51 storeys high and consists of a total of 428 units. Since its completion in 2005, it serves as an iconic landmark in our city’s skyline as a symbol of luxurious living in Singapore. From 2005 to 2022, the condominium transacted at an average indicative price of S$2,334psf, its historical high price reaching S$4,368psf for a 2,368sqft unit back in April 2011. Though already 17 years of age, Marina Bay Residences prices remain competitive, with a unit sold for S$4,311psf in September 2021 – almost on par with its record high sale – and another for S$3,500psf in June 2022.

Image chart: Historical Transaction Prices for Marina Bay Residences (Feb 2018 to Oct 2022). Data and graph courtesy of URA and Squarefoot.

Standing at the heart of the downtown core, Marina Bay Residences is just a stone’s throw away from the Central Business District. Apart from the grandeur of the waterfront view the apartments enjoy, residents are conveniently connected to other famous landmarks such as Marina Bay Sands and the ArtScience Museum for their retail and recreational needs.

What would you like to read about next? Let us know in the comments!

For more property insight and advice, contact us at +65 9799 7955 for a free, no-obligation consultation session today.

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Selling The Seawind at a Record-Breaking PSF

Photo: The Seawind Condominium. Living Room.

8 mins read • by Home Central

Selling The Seawind at a Record-Breaking PSF

Two months after our successful S$4.5mil Montebleu sale, Home Central reaches yet another milestone: our listing for The Seawind recently transacted at the highest record price per square foot (psf) since its launch. Here’s how.

A Sale That Made History

Developed by Bayshore Green Pte Ltd, The Seawind is a freehold condominium built on Lorong M Telok Kurau, a mere 7-minute drive to one of Singapore’s hotspots: East Coast Park. Launched in 2015, The Seawind saw the first highest transaction during its developer’s sales at S$1,960psf for a 689sqft unit. Over the years, it has maintained an average indicative price range of S$1,695 to S$1,879psf.

Image chart: Historical Transaction Prices for The Seawind. Data and graph courtesy of URA and Squarefoot.

The Seawind comprises a total of 199 1 to 4 bedroom units, the most sought-after layout being the 1 bedroom apartments. Similarly, our recent listing is a 700sqft 1 bedder with an accompanying bathroom and balcony. It was eventually sold at S$1.39mil, translating to S$1,985.71psf, a record high for The Seawind to date.

Family-Friendly 1 Bedder Layout

The general assumption towards 1 bedroom layouts is that they are only suitable for couples or singles with the limited space it offers. That’s where our unit begs to differ. Though one of the smallest offerings available at The Seawind, its unique and grand high ceilings offer the possibility of vertical expansion. Through extensive alterations, a loft was built within the apartment – perfect for small families who need an extra bedroom for their kids.

Photo: The Seawind Condominium. Stairs Leading Up to the Loft.
Photo: The Seawind Condominium. Loft and Master Bedroom.

Even for singles or couples who do not need that extra space, the addition frees up space on the ground floor to convert the area into a study room or home office.

Photo: The Seawind Condominium. Home Office.

This clever optimisation of space opens up a larger pool of buyers and proposes a lower price quantum for a living space sizing similar to that of a 2 bedroom apartment. As our unit is also located on the ground floor of the estate, the layout configuration mimics that of a double-storey private landed residential estate, making it all the more novel and attractive to potential homeowners.

Lofty Aspirations

Apart from its ingenious utlisation of vertical space, what else contributed to its value? For one, the beautiful renovations done to the apartment also played a part. Decked in light wood flooring with a gorgeous modern chandelier suspended from the ceiling, these careful interior choices are what give the apartment its showflat-like look, a highly-desired interior style among homeowners. The kitchen also comes equipped with an integrated oven, coffee machine, and built-in appliances; while the balcony spans the width of the living area, which can be used as an alfresco dining space, or an extension of the living room with Ziptrak blinds installed. With minimal to no renovation needed, the unit is 100% move-in ready.

Photo: The Seawind Condominium. Living Room and Balcony.
Photo: The Seawind Condominium. Kitchen Area.

Location wise, The Seawind is situated near vibrant malls in the East – a few being Parkway Parade, i12 Katong and Siglap Centre. Families get to pick from renowned schools such as Tao Nan School, Haig Girls’ School, and CHIJ (Katong) Primary Schools for their kids to attend. Also connected via the Siglap Park Connector or a 7-minute drive away is the go-to recreation spot East Coast Park for a fun weekend out.

Image: The Seawind and Nearby Amenities.

The usual psf for condominiums in District 15 ranges from S$2,000 to S$3,000. A boutique development in the vicinity, Baywind Residences, transacted at above S$2,100psf, while 2 1 bedroom units from Seaside Residences were sold for S$2,319psf and S$2,323psf in May and June 2022 respectively. Older estates such as Silversea and The Shore Residences have an average price of S$2,000psf, even though both are over 10 years old. New launches such as the 99-year leasehold LIV@MB also reached S$2,400psf for a 2 bedroom apartment.

In comparison, our unit at The Seawind transacted at S$1,985.71psf for a freehold condominium estate, presenting a better value buy for homeowners looking to settle down in the area.

Image chart: Price Comparison for Private Residential Properties in District 15.

That is not to say that its relatively low psf in relation to other estates in the area is the main deciding factor for its value. A series of clever investments made into the renovations and layout change were what completed the package. However, these are but a few factors from the tip of the iceberg to consider in your property investment journey.

To learn more about how you can transact your property at record-breaking prices, reach out to us via WhatsApp at +65 9799 7955 for a free, no-obligation consultation session today.

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Why ECs Are a Good Investment Now

Copen Grand EC. Image courtesy of CDL Development and MCL Land.

12 mins read • by Home Central

Why ECs Are a Good Investment Now

Just last month, Tengah Town’s first-ever executive condominium project, Copen Grand, reached a whopping 72.8% sales on its launch day – becoming one of the best-selling EC projects since Sengkang’s Rivercove Residences in 2018.

Out of a total of 639 units available, 465 units were sold at an average launch price of $1,300psf. 

Despite the latest wave of property cooling measures coming into effect on 30 September 2022, Copen Grand’s success indicates a robust EC market that has not slowed in demand. Following similar profit trends from the previous years, it is little wonder that the popularity of ECs continue to surge. 

Placed against the backdrop of Singapore’s current property climate, we delve deeper into why ECs may be a better investment than resale HDBs.

Will the New Cooling Measures Affect My EC Buy?

To understand the hike in EC popularity, we turn to the latest cooling measures that were recently put into place to ensure prudent loan applications and moderate demand in the HDB resale market amidst rising interest rates.

For eligible first time buyers, the loan-to-value (LTV) limit has been further reduced from 85% to 80% since 2021. That is to say that the amount of loan HDB grants you is lesser, resulting in a higher down payment.

If your HDB flat costs $600,000, you would previously be able to borrow a maximum of $510,000 (85%). With the new cooling measures, the maximum loan quantum limit has been reduced to $480,000 (80%) – a difference of $30,000.

The loan amount you will be eligible for is further determined by an interest floor rate of 3% per annum, or 0.1% above the CPF Ordinary Account interest rate – with the higher of the two being put into effect. This affects your Mortgage Servicing Ratio (MSR), despite actual interest rates remaining at 2.6%.

Take for example a loan of $480,000 from HDB that you have taken for a duration of 25 years. Based on a 2.6% interest rate, monthly repayments equate to $2,177.61 which translates to a household income of $7,259. With an increased interest rate of 3% taken into consideration, monthly repayments are now $2,276.21, and the total household income needed to meet that repayment is $7,587. In sum, you’ll need a higher household income to take out the same loan amount as compared to before.

Image chart: Increase in Interest Rates Affecting the Mortgage Servicing Ratio (MSR) for HDB Loans.

And while the LTV limit remains unchanged at 75% when taking out loans from private financial institutes, the medium-term interest rate has been raised by 0.5% (3.5% to 4%) for residential properties. Coupled with the new total debt servicing ratio (TDSR) of 55%, here’s how payments will differ.

Let’s work out another simple case study. Imagine a household with a total income of $11,500 with non-property loan obligations of $1,000. With a 55% TDSR, the total amount you can set aside for monthly repayments is $6,325 a month.

For a private residential property purchase of $1.5mil, the total loan amount of 25% equates to $1.125mil for a maximum tenure of 30 years. Previously, with an interest of 3.5%, monthly mortgage repayments total up to $5,051.75. Subtracting the household’s other loan obligations from their TDSR, they pass the eligibility criteria for this loan. After raising the interest rate floor to 4%, however, the monthly mortgage repayments now amount to $5,370.92, which falls just a tad short from the 55% TDSR needed for them to qualify for the exact same loan amount.

Image chart: Increase in Interest Rates Affecting the Total Debt Servicing Ratio (TDSR) for Loans from Private Financial Institutes.

Furthermore, the 6-month wait-out period was increased to 15 months for private homeowners looking to purchase a non-subsidised HDB resale flat. 

Though these measures do not result in an increase of costs for properties, it does re-review the loan amount homebuyers will be eligible for, in which larger proportions of housing debts will need to be paid for with cash or CPF savings.

As ECs are not eligible for HDB loans, home buyers will mainly be affected by the increase in medium-term interest rates from financial institutes. But Copen Grand’s recent sales have proven that said buyers have the financial means to make up for it. In addition, ECs offer qualifying homebuyers the option of a deferred payment scheme, which helps them manoeuvre through soaring interest rates and granting them leeway to grow their savings before making payment during key collection. Second-time buyers need not worry about the new wait-out period affecting only HDB resale purchases, and are also able to sell their current homes only after they receive the keys to their new EC purchase.

Hence, the resale HDB market receives the hardest hit from recent cooling measures, and while the interest rate floor has raised to review the eligibility for an EC, buyers who have the financial means to either purchase a resale flat or EC tend to choose the latter over the former due to better capital appreciation for their investment.

The Booming EC Market

Just in October 2022, OrangeTee & Tie released its latest Market Watcher Series which shows that 99.9% (4,623) of the EC units sold in the resale market from between 2007 and end-August 2022 have yielded an average profit of $300,000 each. The aforementioned units were sold within 10 years. 

All 262 units sold after their 10-year holding period managed to yield profit, with 251 units making at least $200,000, and 52 units profiting at least $500,000, with an average gross profit of $383,630.

Data courtesy of URA and OrangeTee & Tie Research & Analytics.

Larger ECs also tend to fetch higher profits. It was recorded that 2,717 units between the sizes of 800sqft and less than 1,200sqft yielded an average of $268,493 each; 1,112 units between 1,200sqft and less than 1,600sqft profited at an average of $362,997 each; while 170 units of at least a size of 1,600sqft gained an average profit of $455,207 each.

The highest gross profit recorded was $1.38million for a 3,864sqft unit from CityLife@Tampines sold within 10 years. The highest for an EC sold after 10 years was $785,002 for a unit at The Quintet.

Data courtesy of URA and OrangeTee & Tie Research & Analytics.

In recent years, demand for an EC far surpasses that of supply as HDB upgraders and investors turn to ECs instead for the price affordability and high capital appreciation as compared to resale flats. Simply put, it’s a sought-after property type for many that few own. It’s unlikely that its popularity will slow down anytime soon, but rather, we even expect it to increase in volume.

Are ECs a Better Investment Than Resale HDBs?

The new cooling measures have undoubtedly put a strain on the HDB resale market, with many applicants vying for a home amidst spiking interest rates. For those who have the financial capability of purchasing either a resale flat or an EC would see better investment potential in the latter.

Tenet EC. Image courtesy of Qingjian Realty Group and Santarli Construction.

ECs offer a lower entry price point as compared to other new condominium launches while having the same spectrum of facilities pricier private residential estates offer, and promises high potential growth after the MOP period that are similar to Built-To-Order (BTO) flats – higher than what a resale flat may offer.

Homebuyers do not need to stress over their finances, as EC purchases come with a deferred payment scheme and up to $30,000 of CPF grants. Second-timers are still entitled to a 75% loan and do not need to fork out a 17% payment of Additional Buyer Stamp Duty (ABSD) if they still have ownership of their current flat.

Profitability and popularity are two of the hugest boons for ECs. That being said, the outlook for new EC launches stands strong, which gives developers a boost of confidence when bidding for developmental plots. 

The last EC sales launch for the year, Tenet @ Tampines, is slated for 12 November, and if that is a project you have been eyeing, you can reach out to us via WhatsApp at +65 9799 7955 for an in-depth analysis of your financial portfolio.

Visit Tenet EC’s official website here: https://tenetofficial-sg.com/

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Is Enchanté a Good Buy?

Photos courtesy of VictoryLand.

10 mins read • by Home Central

Is Enchanté a Good Buy?

The prestigious landed enclave of District 11 is seeing a good selection of private residential developments in its area – one of them being the newly announced Enchanté, a freehold condominium project scheduled to TOP in mid 2024. With an abundance of housing to choose from in the core central region of Singapore, Enchanté gets an edge in terms of unit choices, location, and price point. Here’s why.

The Mix of Units Available

Built on 3 Evelyn Road, Enchanté comprises an exclusive 25 units fitted into two opposite facing stacks. A total of 6 different layouts are made available to buyers, which include:

  • 3 Bedroom Dual-Key
  • 3 Bedroom Duplex
  • 3 Bedroom plus Home Office (2 types),
  • 4 Bedroom plus Home Office, and
  • a 5 Bedroom Penthouse

Images courtesy of VictoryLand.

Their sizes and price points are as such.

Data courtesy of VictoryLand.

What’s eye-catching is the availability of a 3 bedroom dual-key unit – an extremely rare offering among the new private residential choices in District 11. Spanning 1087 square feet, this layout choice is perfect for small families or couples who wish to rent out the studio – a particularly good investment choice, especially when its location provides it with a high rental appeal to expats working in the Central Business District of Singapore.

Facilities

The usual variety of facilities can be found at Enchanté: lap pool, jacuzzi, fitness gymnasium, barbeque pit, and multi-purpose room. But unlike the usual offerings, the estate includes 6 unique sky gardens which can be found on every two levels of the estate.

Map and breakdown of facilities and residential units. Images courtesy of VictoryLand.

The sky gardens are all thematically named. Furry Friends’ Garden on Level 4 is designed as a dedicated play space for families and their pets; The Eden on Level 6, with dedicated walking paths and seats, offers a brief escape in nature; The Herbetum on Level 8 boasts its prized collection of herbs and spices for residents to explore; The Serenity on Level 10 is a paradise for productivity – the perfect work from home spot for busy individuals; The Vantage Point at Level 12 displays a breathtaking view of the city skyline among nature; and The Utopia on Level 14 is a designated space for rejuvenation and healing, where residents can choose to either unwind on their yoga mats, or relax their senses by taking a stroll through a pebble footpath.

Photos courtesy of VictoryLand.

Plus, all 6 sky gardens are directly linked to the apartments located on the designated floors, and are similar to a personal garden found only with landed units.

Amenities

Needless to say, the convenience of a District 11 home is nearly unmatched. At 3 Evelyn Road, Newton MRT station is a mere 6 minutes walk away, connected via the North South Line and Downtown Line. Traveling to town or the Central Business District is a breeze, with only 1 stop to Orchard MRT, 5 stops to Raffles Place MRT, and 6 stops to Marina Bay MRT.

A plethora of elite schools also dot the area, where Anglo-Chinese Primary, Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road), and St. Joseph Institution Junior are all within a 1km radius of the estate.

Map of Enchanté and nearby schools.

Enchanté’s plot is also located further from the roads and highway, promising more privacy and quiet from the hustle and bustle of the city’s traffic. Despite this, Enchanté is a mere walking distance to United Square Shopping Mall (less than 400m away) and Velocity@Novena Square (600m away), both of which include a wide selection of amenities to meet every need.

Price Analysis

We would say the best deals offered by Enchanté would be their 3 bedroom dual-key units and their price packages, which we will go into detail shortly.

The 3 bedder dual-key unit starts from $2.962M, translating to an attractive $2,724.93 per square foot. A nearby similar launch, Pullman Residences, recently transacted a 3 bedroom apartment for $2,949 per square foot last month, pricing it at over $3M. Enchanté, though the newest launch in the area, is competitively priced at slightly under $3M – an extremely rare price quantum for a brand new freehold 3 bedroom dual key unit in District 11.

Now to the real steal: the price packages. Enchanté offers the flexibility of purchase under one strata title with these 3 options: 

  • 3 Bedroom Dual-Key + 3 Bedroom and Home Office units from $5,621,000
  • 3 Bedroom Duplex + 4 Bedroom and Home Office units from $6,628,700, and the 
  • 5 Bedroom Penthouse + 4 Bedroom and Home Office units from $8,680,000
Price packages offered. Data courtesy of VictoryLand and PropNex.

Buyers not only get to own two units for the price of one, but also save on Additional Buyer Stamp Duty (ABSD). Units can be customised and merged for a bigger living space, and those who opt for the 3 bedroom dual-key + 3 bedroom and home office or penthouse package also get the entire level to themselves.

Images courtesy of VictoryLand.

Our Verdict

Quiet, family friendly layouts are hard to come by in Core Central Region properties, let alone freehold 3 bedroom dual-key units that are priced under $3M. The amazing selection of layouts alone are attractive to different buyer profiles, plus the convenience and proximity to elite schools Enchanté offers is unbeatable. It is a sure good buy for a unit in District 11, and we believe that units will be selling out fast – so make sure to register your interest quickly.

Want to learn more about this exciting development? Tune in to our YouTube channel on Saturday, 29th October, 10AM SGT to watch our full in-depth tour of the Enchanté showflat.

To arrange for an in-person viewing at their showflat on 31 Evans Road, contact Home Central at:
+65 9799 7955.

Visit Enchanté’s official website here: https://enchante.official-directdeveloper.com/

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5 New Developments on the Cross Island Line to Look Out For

Image courtesy of Land Transport Authority (LTA).

10 mins read • by Home Central

5 New Developments on the Cross Island Line to Look Out For

Phase 2 of the developing Cross Island Line was just announced last month, and it is little wonder it is the talk of the town. Originally stretching from Bright Hill to Aviation Park, the second stage of developments sees an extension of the former to 6 new stations – Turf City, King Albert Park, Maju, Clementi, West Coast, and Jurong Lake District – effectively connecting 2 of the busiest business districts from either ends of Singapore. 

Not only is transport made all the more convenient, it opens up many avenues for potential capital appreciation among the estates in close proximity to the upcoming MRT stations.

Here are 5 private housing developments we are especially excited for.

1. Affinity at Serangoon (Serangoon North MRT)

Image courtesy of Oxley Holdings Limited.

Part of Phase 1 of the Cross Island Island (launching in 2029), Serangoon North MRT station is set to bolster transport systems in the second largest and most densely populated area of Singapore: the North-East Region. Nestled in the middle Ang Mo Kio, Serangoon and Hougang MRT stations, any new launches in the neighbourhood are definitely something to look forward to.

That being said, we see two new 99-year leasehold launches in the area scheduled to TOP in 2023: Affinity at Serangoon and Parkwood Residences. The former has an indicative price average of $1,580 per square foot and boasts a total of 1,052 residential units (1,012 condominium units and 40 landed units), while the latter is transacting at an average of $1,567 for 18 units.

Image: Map of Serangoon North MRT station, Affinity at Serangoon, and Parkwood Residences.

Both are equally stellar picks, but if we had to choose, we would go with Affinity at Serangoon based on their facilities alone, which includes a lap pool, wading pool, tennis courts, gymnasium, reflexology path, function room, and community garden – all of which Parkwood Residences lack.

Needless to say, the amenities available near the estates are endless: NTUC Fairprice and Prime Supermarket are located in the vicinity; the popular NEX, Chomp Chomp Food Centre, and myVillage just around the corner, and Hougang 1, Hougang Mall and Ang Mo Kio Hub a mere 1 to 2 MRT stops away for all your shopping needs; and PCF Sparkletots, Yio Chu Kang Chapel Kindergarten, Al-Istiqamah Mosque Kindergarten, Rosyth Primary School, Zhonghua Primary School, Serangoon Garden Secondary School, and Bowen Secondary School for families with children.

2. The Jovell (Loyang MRT)

Image courtesy of Tripartite Developers Pte Ltd.

Another project of Phase 1 is the construction of Loyang MRT station, seeing seamless connectivity among the neighbourhoods in the East – linking an “ulu” part of District 17 to the bustling hub of Tampines, and the Changi Business District. 

Located within a 1.6 kilometre distance from the build site, the 99-year old leasehold condominium The Jovell is a choice to consider for those looking to settle down in the East. Set to TOP in August 2023, the resort style estate includes 428 residential units with an indicative price average of $1,431 per square foot. Though Parc Komo is located just 500m nearer to the MRT station, it is currently transacting at an average of $1,629 per square foot. However, due to its privacy and lower price range, The Jovell would be the value choice here.

Image: Map of Loyang MRT station, Parc Komo, and The Jovell.

Houses in the East are popular among those who are working at the nearby business district, industrial estates, and of course, the airport – especially with a range of amenities available in the area. Situated between Tampines and Changi, homeowners will be spoilt for choice for all their shopping needs: Loyang Point, which is within a 1km radius of the estate; Tampines Mall, Tampines 1, and Century Square just a couple of MRT stations away; and Jewel Changi right to the East.

Families with school-going children get to take their pick from White Lodge Kindergarten, Brainy Bunch International Montessori, Changi Baptist Church Kindergarten, White Sands Primary School and East Spring Secondary School.

3. Parc Clematis (Clementi MRT)

Image courtesy of Sing Hai Yi Gold Pte Ltd.

Moving on to Phase 2 (launching in 2032), we set our sights on Clementi, a favoured mature estate in District 5 due to its accessibility and relative proximity to not only the Core Central Region of Singapore, but also the Jurong Innovation and Jurong Lake Districts.

Added to the desirable mix of property types – HDB flats, luxury condominiums, landed properties – in the area is Parc Clematis, the newest 99-year leasehold condominium estate to grace the neighbourhood. Located just 5 minutes away from Clementi MRT station, Parc Clematis is slated for September 2023 TOP with a whopping total of 1,450 condominium and 18 landed units to its name. Given the popularity of the area, $1,771 per square foot for its price average is also reasonable.

Image: Map of Clementi MRT station and Parc Clematis.

Educational institutions are readily available for every age group: 3 PCF Sparkletots Preschools for kindergartners; Qifa Primary School, Nan Hua Primary School, and Clementi Town Secondary School for primary and secondary education; Singapore Polytechnic for tertiary education; and the prestigious National University of Singapore for undergraduates and postgraduates.

A full spectrum of amenities also surround the area – a lively mix of shopping malls, restaurants, bars, parks and gyms are either easily accessible in the area, or a short train ride away.

4. Whistler Grand (West Coast/Clementi MRT)

Image courtesy of City Developments Limited.

West Coast finally receives its own MRT station, bringing better convenience to amenities such as West Coast Plaza, Ayer Rajah Food Centre, and West Coast Food Centre. Property estates also stand to reap the benefits of its upcoming island connection, one of which is the newly TOP’d (October 2022) Whistler Grand.

Equidistant from West Coast and Clementi MRT stations, the 99-year leasehold condominium easily makes it on our list due to its proximity to the Jurong Innovation District and One-North Business Park. With an offering of 716 residential units, it has a higher price point ($1,681 per square foot) in comparison to the nearby Twin Vew ($1,603 per square foot) which was completed slightly earlier in 2021.

Image: Map of West Coast MRT station, Clementi MRT station, Whistler Grand and Twin Vew.

Sharing the same range of schools and amenities as the aforementioned Parc Clematis, both Whistler Grand and Twin Vew are good choices, sharing an almost exact same offering of condominium facilities. 

For those looking to rent out their apartments, Whistler Grand is the better choice, with an estimated 4.6% in rental yield as compared to Twin Vew at 3.5%. These are, however, based on URA rental data from the last 12 months, and may be subjected to changes in the months to come given how new both estates are.

5. Ki Residences At Brookvale (Maju MRT)

Image courtesy of Hoi Hup Realty and Sunway Developments.

District 21 sees another new addition – Maju MRT station, located right outside Ngee Ann Polytechnic, Singapore University of Social Sciences, and SIM Global Education. Though better known as a prestigious zone for landed properties, the area is anticipating the launch of a rare 999-year leasehold condominium estate right behind Maju Forest: Ki Residences at Brookvale.

Sizing at 107,402 square feet, the condominium estate will include a total of 660 units transacting at an average price of $1,984 per square foot. It is slated to TOP in 2024, and is one of the two condominiums in Sunset Way.

Image: Map of Maju MRT station, Ki Residences At Brookvale, and Clementi Park

Due to its location, residents of the estate get to enjoy the best of both worlds: vibrant restaurants, bars and eateries along King Albert Park and Sixth Avenue, and an endless choice of amenities just one MRT stop away in Clementi.

A handful of renowned schools dot the area for families with children from all age groups, including but not limited to: Integrated International School, Pei Hwa Presbyterian Primary School, Bukit Timah Primary School, Raffles Girls’ Primary School, Nanyang Girls’ High School, National Junior College and Hwa Chong Institution.

Thinking of upgrading your property soon? Chat with us for a personalised and in-depth analysis of your portfolio today: +65 9799 7955.

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We Sold a $4,500,000 Penthouse in 7 Days

10 mins read • by Home Central

We Sold a $4,500,000 Penthouse in 7 Days

In this turbulent era shaken by a global economic downturn, the demand for luxury property remains resilient and robust as ever. Here’s why.

The State of Luxury Property in Singapore

To first understand the rising demand for luxury units in Singapore, let’s take a look at current property and economic trends.

From 2019 to 2022, the supply of unsold new private non-landed units plummeted, bringing the total number of unsold stock to 14,087 units in Q1 2022. The slow stream of new launches built is attributed to increased land and material costs and the shortage of manpower in the construction sector.

Image chart: Number of unsold units, in comparison to the past 3 years

Just last month, the local government introduced ONE pass, a new expat visa that aims to attract highly paid quality talent into Singapore’s workforce. Along with wealthy Singaporeans, more permanent residents and foreign expats will now make up a larger percentage of home buyers as compared to previous years in Singapore, resulting in the demand for luxury homes to skyrocket in tandem with the diminishing supply of units.

With this influx of demand, 13,027 units from new launches have been sold in 2021 alone, and are expected to be absorbed within 1 to 1.5 years. According to SRX, resale prices continue to climb for 25 consecutive months since August 2020, proving a steady capital appreciation and high profitability of luxury property assets in Singapore.

Image chart: Private New Home Sales from 2000–2021

How We Sold This Montebleu Penthouse in 7 Days

Built in the prestigious core central region of Singapore, the penthouse unit spans 2,896 square feet and comes complete with 5 bedrooms, 6 bathrooms, a balcony, and roof terrace. As a freehold condominium that was granted its Temporary Occupation Permit (TOP) in 2010, our clients decided to capitalise on its appreciation value, and our realtors got down to work.

At $4,500,000 ($1,553 per square feet), we positioned the penthouse at the best price for value District 11 has to offer. Here is a price comparison (per square feet) with other condominium units in the area.

Image chart: Montebleu unit price analysis (per square feet) in comparison to other estates in the vicinity

Once the price was agreed upon, we activated our media team. As an apartment that has weathered a good 12 years, some retouching of the interior had to be done. Our homestyling team repainted cabinet doors, and replaced some tiles and wooden planks in the house and roof terrace to ensure a 100% move-in ready condition for the next homeowners. From there, Home Central launched a virtual home tour and full media campaign across digital platforms to reach out to potential buyers. And as they say, the rest is history.

Image: Montebleu penthouse living room

A Home for the New Normal

Pre-pandemic, home buyers avoided units with roof terraces or patios, sharing a common consensus of them being a waste of space in a home. However, the unprecedented Covid-19 pandemic compelled us to rethink the way we live, shifting the Zeitgeist of the early 2020s.

Image: Montebleu penthouse study room

Home now lies at the centre of all our day-to-day activities – an all-in-one hub for everything we need: work, education, recreation, and the list goes on. To fit in all sorts of functions, people have increasingly appreciated residential units with a larger space for a designated study room, family area, and needless to say, a rooftop or patio to entertain guests or simply unwind from a long day of work from home. It then comes as no surprise for this Montebleu Penthouse to have transacted as swiftly as it had.

Image chart: Montebleu penthouse roof terrace

Will the Luxury Real Estate Market Remain Robust?

With more residents from a higher income bracket making up an increasing larger number of home buyers in Singapore, it is unlikely that the luxury property market will slow anytime soon. Demand for private homes continued to surge in Q2 2022, and we can expect property prices to rise in response for the months to come.

For a more personalised and in-depth analysis of your property, contact us for a free, no-obligation consultation session at +65 9799 7955.

View the Montebleu listing here.

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Maximise Savings with CPF Grants

9 mins read • by Home Central

CPF Grants to
maximise savings

Buying your first HDB flat?
Learn how you can stack CPF grants to maximise your savings.

A house is more than just a place to sleep for many of us. It’s about creating a home, a haven and a place of comfort for ourselves and our loved ones. But buying a house and building a home is not cheap. Therefore, in this article, we are going to show you how a resale flat is almost as affordable as a BTO flat (without the waiting time).

The CPF grants (HDB housing grants) are designed to help us obtain a house at a more affordable price. They are mainly determined by your income, nationality and the type of HDB flat you are planning to buy i.e. HDB BTO flat or HDB Resale flat.

What are the CPF grants I am eligible for?

To help you start off, you can use the flowchart below to see which grants you might be qualified for under the various schemes (Learn More).

The ‘+ grants’ are for HDB Resale flats only. The coloured boxes grants are for both HDB BTO and HDB Resale flats. 

For example, if you and your co-owner are both Singapore Citizen (SC), and it is both of your first time buying a HDB flat, then you are eligible for the Enhanced Housing Grant (EHG), Family Grant and Proximity Housing Grant (PHG), under the First Timer Scheme. However, if you are buying an HDB BTO flat, then you are only eligible for the EHG. Whereas, if you are buying an HDB Resale flat, then you are eligible for the EHG, the Family Grant and the PHG.

What are the criteria for the grants?

Once you have found out the grants you might be eligible for, we will now take you through the criteria you need to meet in order for you to be qualified.

Here is a cheat sheet that contains all the available grants based on the type of flat and their criteria.

For instance, in order for you to be qualified for the Enhanced Housing Grant (EHG), both you and your co-owner must be first-time HDB buyers and are both Singaporeans.  The average gross monthly household income must be less than $9,000 per month and one of you must be currently working and has been working the past year. You are also not allowed to own any private residential property locally or overseas which includes disposing of any the past 30 months.

Young couples can apply for a Deferred Income Assessment at the HDB Portal.

How can I stack the CPF grants?

As illustrated earlier in the article, stacking is only possible for HDB Resale flats. Here are 3 typical case scenarios to help you understand better:
***This only apply for flat applications received from Sep 2019 sales launch onwards***

a) Singaporean – Singaporean Couple

Portfolio- First-time buyers
- Staying near parents (within 4km)
- Buying a 4 room flat
- Combined Income of $5,200/month
Type of HDB flatBTOResale
Grant(s) you are eligible forEHG*^EHG^
Family Grant
PHG
$40,000$40,000
$50,000
$20,000
Total$40,000$110,000

*Proximity Housing Grant/ Family is not applicable for HDB BTO flats. Thus, only EHG applies.
*If PHG criteria of staying with or near parents/child within 2km are met for applications before Feb 2018 and within 4km for applications after, you will be given priority in the balloting of applications under the  Married Child Priority Scheme (MCPS).

b) Singaporean – Singapore Permanent Resident Couple

Portfolio- First-time buyers
- Spouse is a SPR
- Staying near parents (within 4km)
- Buying a HDB 4 room flat
- Combined Income of $4,500/month
- SC income $2,500*
Type of HDB flatBTOResale
Grant(s) you are eligible forEHG (Singles)^EHG (Singles)^
Family Grant
PHG
$22,500$22,500
$40,000
$20,000
Total$22,500$82,500

*Only the income of the SC will be reflected.

c) Singles

Portfolio- First-time buyer
- Buying a HDB 2 room Flexi flat
- Staying with parents (within 4km)
- Income of $3,500/month
- Age 37 years old
Type of HDB flatBTOResale
Grant(s) you are eligible forEHG (Singles)^EHG (Singles)^
Singles Grant
PHG
$12,500$12,500
$25,000
$15,000
Total$12,500$52,500

^Refer to the table at the end of this article for the EHG and EHG (Singles) amount. 

Is BTO flat really cheaper?

While the selling price of BTO flats is cheaper, there are also many grants for resale flats. Buying a resale flat might help you save your renovation cost and you can get the flat immediately. Hence, resale flats can bring as much value as a BTO flat.

EHG Amount

Average Monthly Household IncomeEHG Amount
Not more than $1,500$80,000
$1,501 to $2,000$75,000
$2,001 to $2,500$70,000
$2,501 to $3,000$65,000
$3,001 to $3,500$60,000
$3,501 to $4,000$55,000
$4,001 to $4,500$50,000
$4,501 to $5,000$45,000
$5,001 to $5,500$40,000
$5,501 to $6,000$35,000
$6,001 to $6,500$30,000
$6,501 to $7,000$25,000
$7,001 to $7,500$20,000
$8,501 to $8,000$15,000
$8,001 to $8,500$10,000
$8,501 to $9,000$5,000

EHG (Singles) Amount

Average Monthly Household IncomeEHG (singles) Amount
Not more than $750$40,000
$751 to $1,000$37,500
$1,000 to $1,250$35,000
$1,251 to $1,500$32,500
$1,501 to $1,750$30,000
$1,751 to $2,000$27,500
$2,001 to $2,250$25,000
$2,251 to $2,500$22,500
$2,501 to $2,700$20,000
$2,751 to $3,000$17,500
$3,001 to $3,250$15,000
$3,251 to $3,500$12,500
$3,501 to $3,700$10,000
$3,701 to $4,000$7,500
$4,001 to $4,250$5,000
$4,251 to $4,500$2,500

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