Some developers will continue to showcase their projects with the help of technology, while others are looking to delay their launches. 

With the Covid-19 outbreak getting worse, developers in Singapore were told by the Controller of Housing to close all show galleries for residential projects from 7 April to 4 May, reported The Business Times.

Desmond Sim, Head of Research (South-east Asia) at CBRE, noted that developers with existing showflats can still continue showcasing their project to prospective buyers with the help of technology, such as virtual showflat tour.

In view of the latest measures, Chip Eng Seng revealed that it will close the showflat for its 378-unit project Kopar at Newton from Tuesday (7 April). It commenced previews of the project on 25 March while following the authorities’ social distancing guidelines at the time.

Keppel Land said that it will be temporarily closing its showflat for 19 Nassim for a month until 4 May. It previously conducted private preview for the project on 20 to 22 March to “parties who had expressed keen interest in the development”, shared a spokesperson.

Other projects that were initially eyeing a first half 2020 launch include The Landmark (by MCC Singapore, SSLE Development and ZACD Group), as well as Forett at Bukit Timah by Qingjian Realty (South Pacific) Group and Perennial Real Estate Holdings.

“Forett at Bukit Timah will be launched when we are assured and confident of the situation. We are committed to protecting the well-being of our visitors,” said Yen Chong, Deputy General Manager for Qingjian.

Some developers had already decided to delay their launches even before the Controller of Housing’s announcement.

Tiong Seng and Ocean Sky, the co-developers of Cairnhill 16, had been planning to hold a preview in April but decided to delay it due to Covid-19. Once held, the preview will be by appointment, they said.

Sim expects some launches originally scheduled for the second quarter to be pushed into 2H 2020. This could be attributed to factors like a shortage of manpower for the sales galleries’ construction, tight availability of showflat sites and to avoid cannibalising the impact of their launch should there be a bunching up.

“Some launches are delayed due to constraints, such as delay in the arrival of showflat interior design materials, which may be imported,” added Nicholas Mak, Head of Research at ERA Realty.

Despite the Covid-19 outbreak, resale prices of Housing and Development Board (HDB) flats held flat in the first quarter of 2020.

The resale price index (RPI) stood at 131.5 in Q1, unchanged from the fourth quarter of 2019, showed flash estimates by the Housing and Development Board (HDB).

The RPI for the full quarter – along with more detailed public housing data – is set to be released on 24 April.

Christine Sun, Head of Research and Consultancy at OrangeTee and Tie, said HDB resale flat prices are generally not subject to volatile swings since most people acquire flats for themselves to stay in and not for speculation.

Moreover, the government unveiled a series of policy changes last year that included enhanced housing grants for first-time buyers as well as higher income ceiling for eligible buyers, reported The Straits Times.

However, the Covid-19 outbreak could negate the policy changes’ positive impacts, said Sun.

“There could be limited upside for major price growth this year and prices are likely to continue trending sideways in the coming months,” she added.

Nonetheless, Sun believes that the $48 billion Resilience Budget could be a silver lining.

“The hefty stimulus package unveiled by the Government last week to keep unemployment low and the economy running will certainly help to sustain housing demand and ensure prices of flats remain stable in the coming months.”

Meanwhile, HDB revealed that it will offer around 3,700 Build-To-Order (BTO) flats in Pasir Ris, Choa Chu Kang, Tengah and Tampines in May. It will also offer around 4,100 BTO flats in Bishan, Ang Mo Kio, Tampines, Woodlands and Geylang in August.
​
“Of these, the flats in Choa Chu Kang (May 2020) and Tampines (August 2020) will have shorter waiting time,” it added.

By 2031, residents in Punggol can get to Pasir Ris in just 20 minutes via MRT. 
The construction of a new 7.3km Cross Island Line (CRL) extension that connects Pasir Ris and Punggol is expected to reduce travel time between the two towns to 20 minutes from 40 to 45 minutes currently by bus.
Slated to commence construction in 2022 and completed by 2031, the new extension line will have four stations – namely, Punggol, Riviera, Elias and Pasir Ris – three of which will serve as interchanges with other lines, reported CNA.
Punggol and Pasir Ris will both be interchange stations, with the former connected to the North-East Line, while the latter will connect to the East-West line and the upcoming first phase of the CRL, which will be completed by 2029. 
Meanwhile, the Riviera interchange station will link to the eastern loop of the Punggol LRT line.
The Elias station, on the other hand, will be situated along Pasir Ris Drive 3, serving residents within the area and workers from nearby industrial development at Pasir Ris Drive 12.

The Punggol extension’s gazetting was another step to the completion of the Cross Island Line, said Senior Minister of State for Transport Janil Puthucheary, who also serves as Member of Parliament for Pasir Ris-Punggol GRC. Once completed, it will be the longest fully underground MRT line of Singapore at 50km.
And with Punggol and Pasir Ris being “geographically quite close to each to each other”, the shorter commute between the towns due to the line extension would “bring a lot of convenience” to residents, noted Senior Parliamentary Secretary Sun Xueling.
In fact, over 40,000 households living near the station are expected to benefit from the new extension, revealed Dr Janil.

Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707.
Singapore saw total auction listings jump 34% year-on-year to a new high of 1,458 listings in 2019 as both owner listings and mortgagee listings registered strong increases, revealed Colliers International.
Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707.
The number of listings climbed across the board, with residential properties leading with 798 listings.

In fact, the residential sector made up 57.5% of the total mortgagee sale listings at 432.
“We believe the higher mortgage payments due to rising interest rates during 2015-2019, coupled with a subdued residential rental market, have contributed to the increase in residential mortgagee sale listings,” said Tricia Song, Head of Research for Singapore at Colliers International.
“Personal circumstances such as loss of job or bankruptcy could also have led to higher defaults. Post cooling measures in July 2018, we think possibly more distressed owners were unable to dispose of properties quickly enough and may have defaulted on their loans.”
Despite the hike in auction listings, the number of properties sold at auctions dropped 40% year-on-year to 21 in 2019 from 35 in 2018.
As such, the success rate dropped further to 1.4%, way lower than the 3.2% posted in 2018.
Steven Tan, Senior Director of Capital Markets at Colliers International, said the declining success rate mirrored the continued price gap between buyers and sellers.
He also noted that only eight out of 21 of the properties sold during auctions were transacted above their opening prices, signifying that buyers still took a cautious stance during auctions, while sellers continue to hold onto prices.
“It may also be a case of buyers needing more time before taking the plunge, which resulted in some sales being done after auction sessions – these sales are not reflected in the data set under successful auction sales,” he added.
Looking ahead, Colliers Research expects this year’s total listings to grow 10% as “more properties are put up for sale amid an uncertain environment, particularly in view of the potential economic impact should the COVID-19 outbreak becomes protracted”.

Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707.
Singapore saw total auction listings jump 34% year-on-year to a new high of 1,458 listings in 2019 as both owner listings and mortgagee listings registered strong increases, revealed Colliers International.
Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707.
The number of listings climbed across the board, with residential properties leading with 798 listings.
Read: 40% of Singaporeans still don’t know about refinancing: Study
In fact, the residential sector made up 57.5% of the total mortgagee sale listings at 432.
“We believe the higher mortgage payments due to rising interest rates during 2015-2019, coupled with a subdued residential rental market, have contributed to the increase in residential mortgagee sale listings,” said Tricia Song, Head of Research for Singapore at Colliers International.
“Personal circumstances such as loss of job or bankruptcy could also have led to higher defaults. Post cooling measures in July 2018, we think possibly more distressed owners were unable to dispose of properties quickly enough and may have defaulted on their loans.”
Despite the hike in auction listings, the number of properties sold at auctions dropped 40% year-on-year to 21 in 2019 from 35 in 2018.
As such, the success rate dropped further to 1.4%, way lower than the 3.2% posted in 2018.
Steven Tan, Senior Director of Capital Markets at Colliers International, said the declining success rate mirrored the continued price gap between buyers and sellers.
He also noted that only eight out of 21 of the properties sold during auctions were transacted above their opening prices, signifying that buyers still took a cautious stance during auctions, while sellers continue to hold onto prices.
“It may also be a case of buyers needing more time before taking the plunge, which resulted in some sales being done after auction sessions – these sales are not reflected in the data set under successful auction sales,” he added.
Looking ahead, Colliers Research expects this year’s total listings to grow 10% as “more properties are put up for sale amid an uncertain environment, particularly in view of the potential economic impact should the COVID-19 outbreak becomes protracted”.

​URA Realis data show rents of private homes rose 1.3 percent in Q2 compared to a one percent rise in the preceding quarter. Rents for non-landed homes rose across all market segments, with OCR, RCR and CCR having 1.2 percent, 1.4 percent and 1.5 percent respectively.

Private home leasings in Q2 2019 reached 23,095, a 4.4 percent increase quarter-on-quarter compared to 22,115 private home leasings in Q1, reported Singapore Business Review citing OrangeTee & Tie.

This number of private home leasings grew 2.2 percent on a yearly basis.

URA Realis data show rents of private homes rose 1.3 percent in Q2 compared to a one percent rise in the preceding quarter. Rents for non-landed homes rose across all market segments, with OCR, RCR and CCR having 1.2 percent, 1.4 percent and 1.5 percent respectively.

Overall occupancy rates fell by 0.1 ppt to 93.6 percent last quarter as rates decreased in OCR (-0.3 ppt) and CCR (-0.2 ppt). RCR’s occupancy rate, on the other hand, improved by 0.4 ppt
​
OrangeTee & Tie explained that the dip is nothing to worry about as occupancy rates for all segments still sit above 90 percent.

Amber Park sold the highest number of units in the second quarter of 2019, with 157 units sold at an average price of $2,480 per sq ft (psf).

It is followed by Treasure at Tampines, with 150 units sold for around $1,327 psf. The Tre Ver moved 140 units for $1,625 psf, while The Florence Residences sold 135 units for $1,445 psf, reported Singapore Business Review.

Homebuyers also snapped 117 units at Parc Esta for about $1,684 psf.

These top five selling projects mostly sold two-bedroom units measuring between 500 sq ft and 800 sq ft for below $2 million. In fact, sales for such units accounted for 47.6 percent (333 units) of the total units sold across these projects in Q2.

Those measuring less than 500 sq ft were the second most sought after units, with 131 units sold, followed by the group between 1,000 sq ft and 1,500 sq ft with 117 units transacted.

Treasure at Tampines moved the most two-bedroom units for $1.15 million. The most expensive two-bedroom units, on the other hand, was sold by Amber Park at $1.77 million.

Knight Frank noted that Amber Park also sold 23 units measuring over 1,500 sq ft, adding that some of the buyers may have been previous owners who sold the development via en bloc sale to the developer.
​
“The price quantum of the projects sold also suggests a three-tier market, with most of the units being sold at either the high end (more than $5 million) or low end ($800,000 to $1.2 million) of the spectrum, and considerably fewer units sold in the $2 million to $3 million range.”

Developers launched 16 new private residential projects in the second quarter of 2019, up 23.1 percent from the 13 projects registered in the first quarter or one of the highest quarterly figures since the fourth quarter of 2013.

According to a report by Singapore Business Review citing Savills Singapore, of the 16 projects, eight are located within the Rest of Central Region (RCR), with four each in the Outside Central Region (OCR) and Core Central Region (CCR).

But with the lack of large-scale project, developers only released 1,417 units for sale from the 16 new projects, which is 2.9 percent lower compared to the 1,459 units released in the previous quarter.

“In addition, given economic uncertainty and ample competitors in the market, a majority of developers have carefully paced their launches so as to test not only market acceptance to the benchmark prices set by their respective projects but also potential buyers’ purchasing power,” said Savills Singapore executive director for research Alan Cheong.

Including the 1,085 units from previously launched projects, developers released a total of 2,502 uncompleted private housing units in Q2 2019. While the figure is 16.3 percent lower from the previous quarter, it is still 2.7 percent higher from Q2 2018.

The top five projects during the period under review were Parc Komo, The Woodleigh Residences, Sky Everton, Amber Park and Stirling Residences.

In contrast to the drop in the launch of uncompleted private homes island-wide, new home sales in Q2 2019 rose 27.9 percent quarter-on-quarter to 2,350 units.

Results for the secondary market has also been encouraging, with 2,416 private homes sold in Q2 2019, up 26.8 percent from the 1,905 transacted in the previous quarter.

Meanwhile, buying activity within the luxury market segment revived in the past few months, with 137 non-landed private homes sold for at least $3,000 per sq ft (psf) in Q2 2019.

Cheong noted that this marked the highest sales number since the fourth quarter of 2007.
​
“With cooling measures still in place, the active sales in this segment, in particular those super luxury units worth at least $10 million each, surprised the market to some extent,” he said.

The government’s policy updates on Central Provident Fund (CPF) usage and Housing and Development Board (HDB) housing loans may have given the HDB resale market a new lease of life.

This comes as demand for older HDB flats surged in the second quarter of 2019, with the number of resale transactions for flats that were 40 years old and above jumping 40 percent to 564 units in May-June 2019, from 403 units over the same period last year, reported The Business Times citing an OrangeTee & Tie report.

Resale transactions for flats between 30 and 40 years old also climbed 10.4 percent to 1,219 units.

In May, the government unveiled the updated rules on CPF usage and HDB housing loans, which provided greater flexibility to homebuyers to use their CPF to purchase property and obtain bigger housing loans provided the property’s remaining lease could cover the buyer until the age of 95.

Total HDB resale transactions rose 29.8 percent quarter-on-quarter to 6,276 units in Q2 2019 – its first increase since Q3 2018. For the first half of this year, HDB resale transactions grew 6.8 percent year-on-year to 11,111 units.

While sales activity in the second quarter is usually in the uptrend, total transactions for Q2 2019 also improved by 5.6 percent from last year.

“This indicates that apart from a seasonal effect, the recent CPF changes may have been a major catalyst that spurred buying demand last quarter,” said OrangeTee.

The policy changes were intended to improve the resale market’s liquidity while making it easier to buy and sell older flats.

“There were many concerns raised about the depreciating value of older flats in the earlier part of last year, and many sellers were struggling to find a buyer,” noted OrangeTee.

“Therefore, the year-on-year increase (in Q2 sales of older flats) is commendable and could signal that the recent policy changes may have started to take effect in helping to spur demand for older flats.”

Sales volume for younger flats below 10 years old also increased substantially during the period. OrangeTee, however, attributed it to the surge in housing supply of flats hitting their five-year minimum occupation period (MOP) and not the policy changes.

In terms of market share, flats aged 30 years old and above accounted for 44.9 percent of total resale transactions in May-June 2019, up from 40.6 percent in May-June 2018.

Flats that are 40 years old and above also saw their market share increase to 14.2 percent from 10.8 percent last year.

Meanwhile, the market share of younger flats that are 10 years old but below 30 years old dropped to 35.8 percent from last year’s 43.4 percent.

The shift in demand for older flats may be due to the policy changes, said OrangeTee.

Moreover, four-room and five-room flats above 30 years old registered a higher increase in sales volume compared to smaller and younger flats.

Resale transactions for four- and five-room flats aged 40 and above grew 53.5 percent and 54.5 percent year-on-year respectively.

Sales for younger flats between 10 and 30 years old, on the other hand, dipped across all flat sizes.

Looking ahead, OrangeTee expects the HDB resale market to continue to benefit from the new rules, with older flats witnessing a revival in demand.

But while sales volumes may continue to increase in the coming months, price recovery may not be as fast, considering the increasing supply of HDB resale flats as well as the influx of flats reaching their MOP this 2019.

​The 1,468-unit Parc Clematis will preview on August 17 (Credit: Singhaiyi Group Ltd)

Named after the ‘Clematis Aristata’, a flower associated with ingenuity and artistry, Parc Clematis, Singhaiyi Group’s largest project to-date, will be open for public preview on August 17. Located on the former Park West site at Jalan Lempeng, the 1,468-unit Parc Clematis will be the first mega private residential launch in Clementi in three and a half years.

The project sits on a 99-year leasehold site spanning over 633,639 sq ft. With 1,468 units, Parc Clematis will be dedicating 80% of the site to an array of communal living facilities and landscaping. About 30% of the units, or 440 units, will be launched for sale on the August 31 launch.

“Parc Clematis is an inventive residential project built on the fundamental premise of community living, weaving together residents, homes and well-thought spaces to facilitate a unique kindred lifestyle community,” says Celine Tang, group managing director of SingHaiyi. The project marks the third of Singhaiyi’s flower series residential projects this year, following the launch of freehold residential developments – The Gazania and the Lilium in May.

Variety of units
To cater to various homebuyers’ needs, Parc Clematis will feature a total of 64 layout configurations. These vary from one-bedroom units, to two-bedroom, two-bedroom dual key, two-bedroom study, three-bedroom, three-bedroom dual key, three-bedroom premium, four-bedroom, four-bedroom premium, five-bedroom, and five-bedroom premium.
Larger units including the penthouse, terrace, corner terrace, and bungalow, are also available.
Unit sizes range from 452 sq ft, one-bedroom unit, to a 2,669 sq ft five-bedroom penthouse unit. The strata terrace units start from 2,659 sq ft and the bungalow units are 3,832 sq ft each.
Prices start from about $1,550 psf for a one-bedroom unit, $1,540 psf for a two-bedroom unit, and $1,530 psf for a three-bedroom unit
Parc Clematis has over 400,000 sq ft of recreational spaces and communal facilities.

About 30% of the units, or 440 units, will be launched for sale on the August 31 launch (Credit: Singhaiyi Group Ltd)Community spirit

To promote communal living and provide an extension of living space for residents, there are themed dining pavilions such as the Chef’s Kitchen, the Wok It Dining Pavilion and the Teppanyaki Pavilion. These are all fitted with communal culinary equipment and furnishing.
ADVERTISEMENT
Other facilities include study/working lounges, clubhouses, multi-purpose entertainment and game rooms, thematic playgrounds including an inclusive playground, as well as a laundry pavilion with self-service large washing machines and dryers, are also available.

​There are themed dining pavilions such as the Chef’s Kitchen (Credit: Singhaiyi Group Ltd)
A one-year free shuttle bus service will be provided to the nearby MRT stations, and this will continue at a subsidised rate from the second to fifth year.
​
Parc Clematis is within walking distance to The Clementi Mall, where the Clementi Bus Interchange, and Clementi MRT Station on the East West line is situated. West Coast Plaza, JEM, JCube, and Westgate mall, are just a 6-minute drive away.

Parc Clematis is a six-minute walk from Nan Hua Primary School, a four-minute drive to NUS High School of Mathematics and Science, and a 10-minute drive from Anglo-Chinese Junior College and the National University of Singapore. Business gateways, such as the OneNorth Research and Development (R&D) Park, and the Jurong Lake District, are nearby.
​
“We are confident that Parc Clematis will attract strong interest from both homeowners and investors alike, given its stellar location, extensive list of communal facilities, and engaging concept,” says Tang.

The project is being marketed by Huttons Asia, OrangeTee &Tie, PropNex and ERA Realty Network.