Bright Chambers (pictured), a nine-storey commercial building at the junction of Victoria Street and Middle Road has been sold en bloc for S$45 million to Arjuno Holdings, a special purpose vehicle of Pamfleet Asset Management (Singapore), according to marketing agent Jones Lang LaSalle.

The Bright Chambers en bloc deal translates to a psf price of about S$1,076 over the existing gross floor area or $1,287 psf over total strata area. This is Jones Lang LaSalle’s second commercial en bloc sale, following last month’s sale of San Centre along Chin Swee Road.

Bright Chambers has a land area of 5,263 sq ft and a remaining leasehold term of around 60.5 years. Zoned commercial under the 2008 Master Plan, the property has an existing plot ratio of 7.943 and comprises eight strata-titled units including offices from the third to ninth floors and retail spaces on the ground and mezzanine level.

“Prospects recognise the positive attributes of the Bright Chambers' building, being situated at a busy major intersection with prominent street frontages and close to MRT stations, and as a result the tender exercise attracted good interest from both investors and end users,” said Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle.

“In 2011, we sold Midlink Plaza in a collective sale; last month San Centre and now Bright Chambers en bloc. These are all strata-titled leasehold commercial projects located in or around the CBD for which buying interest has been strong for their redevelopment or repositioning value. We anticipate more of such commercial en bloc sales to take place. In fact, we are actively looking out for more commercial en bloc sellers.”

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First-time buyers, discounts push figure to 2,793 units last month

16 April 2013: NEW private home sales surged to an all-time high last month, boosted by discounts dangled by developers and first-timers entering the market.

A total of 2,793 units were sold last month, nearly four times February's number, as a string of new launches debuted strongly.

This is the highest monthly new sales volume since the Urban Redevelopment Authority (URA) began publishing monthly data in 2007. It narrowly beats the previous record of 2,772 in July 2009.

But analysts said the momentum may not continue into this month as the effects of a seventh round of cooling measures, which took effect in January, continue to filter through the market.

DWG senior manager Lee Sze Teck said the strong sales from new private home last month suggested strong demand from first-time buyers given that the cooling measures had curbed some investment demand.

Including executive condominiums, a hybrid of public and private housing, the number of private homes sold last month was 3,072. This is the second-highest on record, close behind the 3,142 units sold in February last year.

The 3,489 units launched for sale last month was also a record. A whopping 17 new residential projects launched last month.

Almost three-quarters of March's new sales were from new launches that month. Nearly 65 per cent were in suburban areas.

Buyers purchased units at projects near MRT stations such as D'Nest, Bartley Ridge, Urban Vista and Sennett Residence, the URA data showed. The top-seller was 912-unit D'Nest in Pasir Ris, with 699 units sold at a median price of $963 per sq ft out of 800 units launched. Property agent Regine Ang said her clients who bought units at D'Nest last month cited its attractive price and proximity to the MRT station.

Overall, 5,533 units of new private homes were sold from January to March, which was about 20 per cent higher than in the fourth quarter of last year. There were 5,564 units launched.

The strong March numbers made up for February's muted sales volume of 712 new sales owing to the Chinese New Year lull.

Still, analysts said this month was unlikely to see a similar surge in new sales. Most pent-up demand would have been "satisfied by the bumper crop of new launches in March", said Colliers International research and advisory director Chia Siew Chuin.

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The proportion of strata retail units changing hands within three years in the resale market is on the rise – pointing to increased speculation in the sector.

Similarly, the proportion of resale deals involving strata retail units bought less than a year earlier is also up, according to DTZ’s analysis of URA Realis caveats data. Correspondingly, the average holding period in resale transactions in strata retail units has fallen.

DTZ found a total of 3,315 caveats of strata retail units (excluding collective and bulk sales) between 2008 and the first quarter of this year – across both primary and secondary markets. Out of this pool, 2,045 caveats were for resale transactions (secondary-market deals of completed properties) – of which the property consultancy could trace previous caveats for 1,127.

From analysing these 1,127 matched strata retail unit transactions, DTZ found that the proportion of resale transactions that were carried out within three years of the units being previously transacted has increased from 27 per cent in 2010 to 33 per cent in 2011, rising again to 42 per cent last year. In the first three months of this year, the proportion of strata retail units climbed further to around 55 per cent.

Similarly, the proportion of resale strata retail deals which involved units bought less than a year earlier has risen – from 10 per cent in 2010 to 15 per cent in 2011, 16 per cent last year and 25 per cent in Q1 this year.

Conversely, the average holding period in resale strata retail unit deals has contracted steadily – from 6.5 years in 2010 to 6.1 years in 2011, 5.8 years in 2012 and 4.7 years in Q1 2013.

In January, the government had stepped in to cool speculation in industrial property. It was then revealed that 15 per cent of all transactions of multiple-user factory space in 2011 and 18 per cent in the first 11 months of 2012 involved resale deals carried out within three years of purchase.

In comparison, strata retail units changing hands within three years in the resale market accounted for 13 per cent of all retail unit transactions in 2011 and 9 per cent in 2012.

“However, we note that the proportion… has increased to 17 per cent in Q1 2013,” notes Lee Lay Keng, head of Singapore research at DTZ.

Resales refer to secondary-market transactions in projects that have received a Certificate of Statutory Completion (CSC) and where property titles for units sold have been transferred to the buyers. Secondary-market deals in projects for which CSCs and titles have yet to be issued are known as subsales.

Increasing Strata Retail Units Subsale

DTZ found caveats for 54 subsale transactions of strata retail units (which it could match against previous sales records) among new projects launched from 2010 to Q1 2013. While the 54 subsales make up a relatively small 4.7 per cent of the total 1,148 new strata retail units sold by developers in projects launched over the same period, DTZ highlighted that more than 80 per cent, or 45 of the 54 subsales, involved units that had been purchased less than a year earlier from their respective developers.

Market watchers say that many strata retail units at the freehold Pavilion Square in Geylang Road, which were sold by its developer like hot cakes barely a fortnight ago at between $2,000 psf and $10,879 psf, are now being offered by their new owners for sale at higher prices.

Says DTZ’s Ms Lee: “Transactions with a holding period of under one year are likely to be of a speculative nature. If speculation increases, driving up prices of strata retail units and increasing business costs for genuine end-users, we do not rule out cooling measures for retail property similar to the seller’s stamp duty implemented in January for industrial property.”

Savills Singapore research head Alan Cheong said: “It is less of a political hot-potato if the authorities were to clamp down on speculation of retail units as it affects a small segment of society.

“However, the authorities must be objective in what they want to achieve because once any measures are enacted, it is more difficult to reverse them without losing credibility.”

Of the 45 strata retail units subsold within a year of being bought from the developer, 27 were flipped within two quarters, which in turn included 21 units that changed hands within a quarter.

For instance, a second-floor unit at Oxley Tower was bought from the developer in May last year for around $1.028 million and divested four days later at $1.065 million.

In Balestier, a first-storey strata retail shop in the mixed development One Dusun Residences was purchased from the developer in September last year for $1.345 million and flipped 17 days later at $1.48 million, resulting in a profit of $135,000 or 10 per cent.

The resale market too saw a few quick flips, though typically these entailed longer holding periods. A second-floor strata retail property at Peninsula Shopping Centre in Coleman Street acquired last December for $980,000 was resold in early March this year at $1.1 million, reflecting a $120,000 or 12 per cent gain.

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THE huge Spring Grove condominium in plush Grange Road could hit the market at a reserve price of $1.045 billion, now that complex ownership issues have finally been ironed out.

The 325-unit estate is on the site of the former residence of the American ambassador and has been tipped for a collective sale since owners were asked to consider forming a sales committee in February last year.

But the tricky nature of the estate's ownership threw up hurdles. The Spring Grove site has a 99-year lease, which started in 1991 and reverts back to the United States government at the end of the tenure as freehold land.

This threw up a number of legal issues but The Straits Times understands that these have been sorted out, with the US government working together with home owners in a collective sale bid.

If the $1.045 billion - or $1,888 per sq ft (psf) per plot ratio - land price is met, $924 million will be earmarked for Spring Grove owners.

The remaining $121 million will go to the US government for it to top up the lease to a new 99-year one, according to the draft collective sale agreement obtained by The Straits Times.

City Developments bought the 24,481 sq m plot from the US government in 1991 and built the 325-unit Spring Grove on it.

With the ownership issue resolved, the next step occurs on Sunday when the Spring Grove sale committee will ask owners at an extraordinary general meeting to give the green light for the collective sale to proceed under these terms. An 80 per cent consensus is required to mount a sale attempt.

The reserve price of $924 million for the Spring Grove home owners works out to a 21 per cent premium, compared with its current market value of about $727 million, the sale documents stated.

Owners of two- to four-bedroom units and penthouses of Spring Grove can expect a reserve price of between $2.19 million and $5.6 million for each apartment or average psf prices of $2,100.

Spring Grove's resale prices of 14 units sold since the start of last year averaged $1,610 psf.

Sales committee chairman Joseph Chia said the collective sale presents a window of opportunity as the US government is willing to explore a top-up of the lease after negotiations with the sales committee over the past year.

"Some owners are happy while others are undecided because they like the place and are unsure if they can get something comparable if they sell."

Mr Chia added that the site will be marketed globally.

But experts say a sale is likely to be an uphill task as the premium of 20 per cent might be insufficient to entice owners to part with their Spring Grove homes.

Even if the development makes it to the market, the lacklustre high-end segment, the pressures of the additional buyer's stamp duty and the risk of more cooling measures have also affected developers' sentiment, they add.

Mr Lee Liat Yeang, a partner at Rodyk & Davidson's real estate practice group, said average premiums for collective sale sites ranged from 30 to 50 per cent over the past two years.

They were higher during the en-bloc boom in 2006 and 2007 but have moderated as home values surged.

"Developers' appetite for large value en-bloc sites is unlikely to be big in the real estate market today in view of the challenges such as rising construction costs and the recent cooling measures," he said.

"No collective sale deal has been done past that billion-dollar level since Farrer Court in 2007."

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ROBUST sales of new private homes have depleted the landbanks of most developers, amid a period of intense competition for new sites. This is the result of a open economy unknowingly benefiting from the wall of rescue monies meant for woes in their home countries. HK and London and presumably other countries/cities with stable political and economic environment are probably victims of the post GFC environment.

A survey shows that 16 of the 27 major builders have a smaller store of development land now, compared with January last year. The fall in developers' landbanks comes despite the bumper supply of sites released by the Government over the past year.

Moreover, 19 developers had fewer than 1,000 apartments left in their landbanks as of the end of last month, according to the survey by DTZ Research. A further seven developers had between 1,000 and 2,000 units.

The developers' landbank numbers do not take into account strong home sales this month, which should deplete landbanks even more.

A developer's landbank comprises unsold units - including executive condominiums - from projects with planning approval and estimated number of units from sites yet to obtain approval.

Units in projects that have obtained their certificate of statutory completion, and redevelopment projects without planning permission, are excluded.

Developers' landbank competition

City Developments and its parent company Hong Leong Group have the biggest stock, with 6,383 homes - made up of land parcels in Sengkang and projects like D'nest and Bartley Ridge that are being built.

Most other have fewer than 2,000 units in their developers' landbanks.

Second-placed CapitaLand has 1,699 units, and Hongkong Land and its subsidiary MCL Land have 1,605 units.

IOI Corporation, Allgreen Properties, Wheelock Properties and Frasers Centrepoint all have fewer than 1,000 units each.

Experts note that many developers' landbanks have been eroded by roaring home sales over the past year.

Privately held Far East Organization fell from second to fifth spot within a year, with its landbank down from 2,592 units to 1,498.

Frasers' landbank fell from 1,951 units and third position in January last year to just 632 and 12th spot in the rankings.

CapitaLand, Keppel Land and Wheelock have moved up the league table after securing Government Land Sales (GLS) sites in the past 12 months.

At least two foreign players have also bucked the trend, gaining a larger market share by acquiring GLS parcels.

Chinese company MCC Land and Hao Yuan Investment have 1,484 units in total in their landbanks. This puts them in sixth position, up from 13th place last time.

While they are unrelated parties, their developers' landbanks have been seen as one as they often work together on projects, DTZ noted.

MCL Land and Hongkong Land climbed from 13th spot to third this year.

DTZ's head of Singapore research Lee Lay Keng noted that the GLS programme was the main source of growth for developers that expanded their landbanks, while those that missed out on many sites went down the rankings.

Developers' landbank and future property price trends

As a result, most units in developers' landbanks are in suburban areas, where most GLS sites are.

"In general, a developer should have a few projects on hand, but the number of units that constitute a 'healthy landbank' depends on the scale of these projects and the size of the developers, their business models and risk appetites," noted Ms Lee.

Experts add that listed developers often face pressures to replenish their landbanks to bring in returns for shareholders, but high land prices and an increase in the number of bidders for GLS sites have thrown up challenges.

Tuan Sing Holdings chief financial officer Chong Chou Yuen noted that smaller contractors and groups of investors making their foray into development have made it more difficult to secure a site.

"Apart from GLS sites, one other area we might consider could be en bloc sites instead," he added.

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OXLEY Holdings, fresh from its purchase of McDonald's Place, has snapped up Hougang Plaza for $119.1 million from CapitaMall Trust (CMT).

In a statement issued to the Singapore Exchange yesterday, CMT said that it has sold the three-storey shopping mall (Hougang Plaza) located in Hougang Central to Oxley Bloom, a fully-owned subsidiary of Oxley Holdings. Oxley Bloom will pay for the acquisition in cash, which it said will come through a combination of internal resources and external borrowings.

Oxley Holdings said it intends to enter into a formal agreement with Lian Beng Land which will see the latter become a joint venture partner in redeveloping Hougang Plaza. Lian Beng will do so by taking up a 50 per cent stake in Oxley Bloom.

The acquisition price of Hougang Plaza is more than three times the market valuation of the property, which was put at $34 million as at Dec 31, 2011, by Knight Frank. The book value of the property is also $34 million.

When contacted, Oxley Holdings said that it plans to turn the current shopping mall (Hougang Plaza) - which currently has a net lettable area of 75,353 square feet, and a land area of approximately 57,047 square feet - into a mixed residential cum commercial development. This is subject to approval from the Urban Redevelopment Authority.

Hougang Plaza has a leasehold tenure of 99 years, with effect from March 1, 1991.

In April, Oxley Holdings bought the iconic McDonald's Place at King Albert Park for $150 million. The freehold, 5,534.8 square metre site that the two-storey commercial building sits on is zoned for commercial and residential use.

Ashish Manchharam, head of investments in South East Asia at Jones Lang LaSalle, which acted as property consultant to CMT for the Hougang Plaza deal, said: "Hougang Plaza received strong interest from the market. A new development on the site is expected to be well received given the location, which is walking distance to the Hougang MRT station and within proximity to amenities."

CMT expects to realise a net gain of about $83.3 million from the sale of Hougang Plaza, after taking into account the divestment fee and divestment-related expenses.

"The net sale proceeds of approximately $117.8 million will provide CMT with greater financial flexibility to pursue possible acquisition opportunities and/or to repay debt," it said in a statement.

CMT added that the sale of Hougang Plaza is not expected to have any material effect on the net asset value and distribution per unit for FY2011.

Oxley Holdings said its purchase of Hougang Plaza is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending June 2012.

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A TENDER for a commercial site in Jurong East, at Venture Avenue that drew nine bids outstripped market expectations.

Experts said the keen response to the Jurong East commercial site could signal that developers are responding to potential demand from investors looking for alternatives to residential property.

Colliers International director of research and advisory Chia Siew Chuin added: "The commercial sector has not yet been affected by the Government's property measures, although the planning authority is likely to be monitoring the unit sizes of planned commercial developments.

"As a result, interest from both investors and end-users is expected to be robust."

Sim Lian JV (Vision) lodged the top bid of $701.1 million - or $1,009 per square foot - which was nine per cent above the $643 million offered by Capitaland unit Victory One for the commercial site in Jurong East.

Sim Lian's $1,009 psf bid for the commercial site in Jurong East easily exceeded market expectations of $800 psf ppr, said CBRE research associate director Desmond Sim.

The Sim Lian offer makes the expected breakeven price of the commercial property in Jurong East to be about $1,700 to $1,750 psf, said Mr Nicholas Mak, head of research at SLP International.

Jones Lang LaSalle national director of research and consultancy Ong Teck Hui also noted that the highest bid exceeded the top offer for Paya Lebar Square at $872 psf ppr in April, 2011.

"Since the Paya Lebar Square tender, demand for strata offices has surged tremendously resulting in optimistic bidding in today's tender," he said.

Jurong East is seen as a key commercial hub in the west, and includes existing and upcoming retail and lifestyle offerings like JCube, JEM and Westgate, said Mr Sim.

Ms Chia added: "With the prospects of growth for the entire Jurong East area as a regional commercial hub, a new project on the subject site would enjoy steady demand for its office units when completed."

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AVERAGE resale prices for suburban condominiums exceeded $1,000 psf last month, the first time they have passed what for many buyers is a daunting level.

Prices rose 5.1 per cent to a record $1,046 psf in February compared with January, said the Singapore Real Estate Exchange (SRX) yesterday.

Average condo resale prices in the city fringe were also up last month, adding 3.1 per cent from January to a record $1,272 psf.

OrangeTee research and consultancy head Christine Li said prices in these areas probably rose because buyers were going for smaller homes with lower total quantums, likely in response to lower borrowing limits and higher cash down payments imposed in January's cooling measures.

"As small units typically have higher per square foot prices than larger units, we expect resale prices in psf compiled by SRX to go up in the coming months," she added.

In contrast, average resale prices in the city centre declined 4.7 per cent month-on-month to $1,788 psf in February.

R'ST Research director Ong Kah Seng said the dip reflected significant unsold new homes and weaker leasing demand due to firms cutting expatriate allowances amid global economic uncertainty.

The SRX also reported that the Chinese New Year break resulted in February resales dropping by more than half from January.

Only 325 resales were carried out last month, according to flash figures, but that was still higher than the 309 transactions reported in January last year, the month in which Chinese New Year fell.

The continued growth in property values combined with softer rents also squeezed rental yields.

Yields dipped 0.2 per cent in the city fringe and suburban regions last month from January, although they inched up 0.1 per cent in the city centre.

Rents fell islandwide, with the sharpest decline in the city fringe, down 1.9 per cent in February from January.

Suburban home rents fell 1.6 per cent and city centre rents decreased 0.4 per cent.

However, rents for shoebox units - flats up to 500 sq feet - went the other way, rising 1.8 per cent in psf terms overall.

Shoebox apartments rented for $6.17 psf per month on average in suburban areas last month, twice the $3.07 psf for larger units in the same region, according to SRX flash figures.

That was almost as high as city-fringe shoebox rentals, which were $6.34 psf per month on average. Their larger counterparts had monthly average rentals of $3.80 psf.

Rentals for city centre shoebox units were $7.40 psf per month on average, 63 per cent higher than the $4.54 psf for larger units in that area.

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To make the tax system more progressive, the Government is raising property tax rates for high-end residential properties in Singapore Budget 2013, with the largest increases applying to investment properties that are not occupied by their owners.

The majority of owner-occupied homes will have lower tax rates in Singapore Budget 2013.

"This is fair," said Minister of Finance Tharman Shanmugaratnam in his Singapore Budget 2013 speech on Monday.

"The property tax is a wealth tax and is applied irrespective of whether lived in, vacant or rented out. Those who live in the most expensive homes should pay more property taxes than others."

The new property tax schedule for owner-occupied homes will ensure that most retirees will end up paying lower property taxes, he added.

The number of households that do not have to pay property tax will rise. Currently, only those whose houses have an annual value of $6,000 or less do not have to pay property tax. This will now include those whose properties have an annual value of $8,000 or less, which will enable 950,000 owner-occupied homes to enjoy tax savings.

After this Singapore Budget 2013, all one- and two-room HDB flats will continue to pay no property tax. Homes with annual values of $12,000, such as a five-room flat, will experience tax savings of $80 or 33 per cent of their current property tax bill.

The top 1 per cent of owner-occupied homes, which includes 12,000 homes here, will face increased taxes.

However, the increase will be small, Mr Tharman said, except for those at the very top end. A landed property in the central area with an annual value of $150,000 will have to pay 15 per cent tax in 2014, or an increase of $5,120 per year, up from 10 per cent now.

There will be more significant hikes to the tax rates for high-end investment properties. Currently before Singapore budget 2013, residential properties that are not occupied by their owners have a flat tax rate of 10 per cent. There will be new marginal tax rates of 12 to 20 per cent for these investment properties.

This will mean an increase in property taxes paid for non-owner-occupied homes with annual values of above $30,000. These properties belong to the top one-third of all non-owner-occupied homes.

Again, the increase will only be significant for investment properties at the high end. Most suburban condominiums will see a small increase in property tax of about $100 to $300 a year.

With Singapore Budget 2013, a high-end property, such as a landed home in the central area with an annual value of $150,000, will see an increase in property tax of $9,000 a year.

This revised property tax structure will be phased in over two years, from Jan 1, 2014.

The revised rates will take full effect from Jan 1, 2015.

Property tax rates for non-residential properties remain unchanged at a flat 10 per cent for Singapore Budget 2013.

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AROUND seventeen new condominiums comprising almost 7,500 private homes in all are being prepared over the next few months.

The bumper supply stems largely from the significant release of land from the Government Land Sales (GLS) programme over the past year, although private sites are also in the mix.

Amongst these seventeen new condos primed for launch, market experts are keenly watching to see how some of the more high-profile projects fare, given that the tough cooling measures imposed last month have added an air of uncertainty to the market.

There will be plenty of choice for buyers, with projects in estates across the island from Tanah Merah, Pasir Ris and Hillview to upmarket areas like Marina Bay being primed for launch.

The larger projects lining up for release include the 912-unit D'nest in Pasir Ris Grove, Bartley Ridge in Mount Vernon Road, which has 868 units, and the 755-unit Trilinq in Jalan Lempeng. Other projects include mixed development in D19 - Spazio@Kovan and Bentley Residences - and also new launches in Katong - Leville iSuites.

The Trilinq showflat will be open today, with preview sales expected early next month. Indicative average prices are about $1,500 per sq ft.

While Q Bay Residences in Tampines enjoyed strong sales despite being launched after the curbs, market watchers are waiting for a second successful launch to set a positive market trend.

Savills Singapore research head Alan Cheong said the healthy take-up of units at d'Leedon after a price cut showed buying sentiment was still positive, and that there is still underlying demand.

"But the take-up rates are unlikely to be as fast as last year. It might take six months for 50 to 70 per cent of a mass market project to be sold now. Previously, 80 to 90 per cent of a smaller-sized project could be sold in three months," he noted.

International Property Advisor chief executive Ku Swee Yong said high-end homes might still face a uphill battle in lifting sales.

"The overall quantum for prime homes in districts 9, 10 and 11 is generally more than $3 million and is not within reach of the first-timer and upgrader segments," he added.

A test might come in October when the mega Marina One project, developed by Malaysia's Khazanah Nasional and Singapore's Temasek Holdings as part of a land swop agreement, is launched. The project has a whopping 1,042 units.

Out of these seventeen new condos primed for launch, developers might also delay some of their launches to assess the full impact of the measures, e.g. Tuan Sing's Sennett Residence @ Potong Pasir, although 99-year leasehold projects from GLS sites will face more urgency to be pushed out compared with freehold ones.

Colliers International's director of research and advisory services, Ms Chia Siew Chuin, said if the results of the next few launches are encouraging, more developers are likely to push out their projects. "There is no need for projects to sell out within a couple of weeks for developers to gauge that buying interest is still evident, so long as showflat visitor numbers and buying volume remain and hold steady," she added.

"This would be especially so for projects in the suburban areas, where Singaporeans make up the bulk of buyers."

Colliers noted that from 2003 to last year, the total number of uncompleted residential homes launched for sale averaged 12,036 units a year.

Buyer sentiment significantly turned for the better from 2005, when the Government announced the development of the integrated resorts.

Developers responded by launching more than 10,000 units each year from 2006 to last year, culminating in a record 21,478 units released last year. The only exception was in 2008, when the financial crisis hit.

The brisk sales of GLS sites last year means 17,000 to 18,000 units could be launched this year.

"This could be the new norm, as the Government continues to inject a strong pipeline supply of housing units into the market until such time when demand falls to more moderate levels," said Colliers' Ms Chia.

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