1H 2016 Review
Your guide to the private non-landed residential market
DREA.SG
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appropriate, seek professional advice, including tax advice.
Jing Yi Wang
Real Estate Analyst
DREA.sg
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Content
A. Singapore Property Market Overview 1H 2016 Update
Appendix
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Executive Summary
However, regulators are of the view that it is still too early to lift the cooling measures
Local interest rates have remained low for a long time but are starting to creep up Coupled with cooling measures this may result in further softening of the property
market
That said, buyer demand seems to have recovered for the first 6 months of 2016
(1H16) at least; Private non-landed residential transaction volume is up 12%
compared to the same period last year
We see strongest demand for 500-1000 sqft units and a preference for new sale units;
59% of all transactions in 1H16 are for developer sale units
We estimate there to be ~17,200 unsold new units outstanding in the market today
and expect some pricing pressure from the supply overhang
Despite cooling measures and potential supply risk, median per-square-foot prices for
500-1000 sqft units increased in 18 out of 26 districts profiled across Singapore
For sellers, more and more resale units are being sold at a loss with 12% of all resale
transactions being sold at >5% loss in 1H16. This is particularly true in D9,D10 and D15
where we have also seen material decline in rental volume
Without tenants and with limited holding power, more and more people are opting to
cut losses and sell out
Proportion of loss making resale transaction has also increased for 4 straight years
now; This is surprising given that the household debt situation and other consumer
debt metrics have improved over the recent years
Given these improvements, we do not see material downside risk in the housing
market arising from mortgage defaults in the near term
Overall, this continues to be a buyers market and despite some near term supply
headwinds, the market remains healthy under prudent regulation
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URA Private non-landed residential property price index (Q4 1998 = 100)
ABSD
160
TDSR
LTV
150
140
130
120
110
100
90
80
70
60
50
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
Property prices in Singapore first took a dip in the first quarter of 2009 from the
fallout of the global financial crisis. Thereafter, a series of interest rate cuts and
efforts from governments to reenergize the economy led to a rapid increase in
property prices.
To avoid an overheated property market and to reduce the risk of a housing
bubble, the Singapore government put in place a series of cooling measures
(see next page) to curb price increases. Since then, prices have moderated in
a slow, controlled fashion which is healthy for the broader economy.
The most interesting point though, is that anyone sitting on properties bought in
2009 or before 2007 are sitting on potentially huge capital gains.
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Additional
Buyer's Stamp
Duty (ABSD)
Total Debt
Servicing Ratio
(TDSR)
Seller's Stamp
Duty (SSD) on
higher of
market value
or actual price
*for properties
bought on or after
14 Jan 2011
Foreigners
First $180,000
1%
Next $180,000
2%
Remainder
3%
1st Property
Purchase
N/A
2nd Property
Purchase
7%
3rd and subsequent
Property Purchase
10%
Permanent Residents
1st Property
Purchase
5%
2nd and subsequent
Property Purchase
10%
15%
Maximum total debt limit of 60% (taking into account the monthly repayment of the
property loan being applied for + all other outstanding debt obligations)
Haircut of 30% applied to all variable income and amortise value of eligible
financial assets when computing TDSR
Holding Period
SSD
16%
12%
8%
4%
NIL
Loan Limit
80%
Loan-toValuation (LTV)
60%
50%
Max Tenure of
35 years
30%
40%
20%
1.
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Forward Rates(2)
Market expects
3-mth SIBOR to
be 1.425% in
3mths time
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
Singapores home loan / mortgage packages are based on a reference rate which
can be based on SIBOR or fixed deposit rates such as DBSs Fixed Deposit Rate. Any
change in these reference rates will impact monthly mortgage payments
Mortgage rates in Singapore are directly related to the state of the global economy. In
the recovery years following the early 2000s recession, SIBOR increased by as much as
~2.75% while fixed deposit rates (which are more stable) gained ~1%.
If history is to be an indicator, we should be mindful that the current low-interest rate
environment is unusual and rates are already starting to climb back up.
1.
2.
18-mth Fixed Deposit Rate calculated as the average of the 12-mth and 24-mth SGD Fixed Deposit Rate, as per
DBS original methodology for calculating the 18-Mth FHR
Forward rates are based on market expectations and is not a forecast. It is derived based on Association Banks of
Singapores published 3-mths and 6-mths SIBOR rates. With the current 3-month and 6-month rate, it is possible to
deduce market expectations of 3-mth SIBOR 3 months in the future
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Mortgage Rates
SIBOR and why it matters
SIBOR is the reference rate used by banks in Singapore when lending unsecured funds
to each other. It reflects how much it would cost banks to borrow from each other.
Why does it matter? It matters to home owners and home buyers as majority of
Singapores home loan packages are based on SIBOR.
In Singapore, there are no fixed-rate mortgages. While banks typically advertise both
'fixed-rate' and 'floating-rate' mortgages, the so-called 'fixed-rate' is only fixed for a
period of 2 to 5 years and eventually reverts to a floating rate.
'Floating-rate' mortgages are set in relation to a reference rate. Simply put:
Mortgage rate = Spread + Reference rate
While the reference rate has traditionally been the 3-Mth SIBOR, banks increasingly
prefer using their own fixed deposit rates as reference.
Forward Rates where SIBOR will be in the near term
The Association of Banks in Singapore publishes the 3-mth and 6-mth SIBOR rates. With
the current 3-month and 6-month rate, it is possible to deduce market expectations of
3-mth SIBOR 3 months in the future. Note: The Forward Rate for the 3-mth SIBOR is a
market expectation and not a forecast.
When the forward rate is higher than todays spot rate, it implies that the reference rate
(and hence the overall mortgage rate) will be higher 3 months in the future.
For those looking to refinance or to enter into a new mortgage, we have started to see
a slowdown in the rise of interest rates amid slower economic growth. The US Central
Bank signalled that it would raise rates more gradually given concerns around
employment and the US economic outlook, on the back of Brexit.
Current forward rates imply that 3-mth SIBOR is expected to be 1.425% in 3 months time
Find out more about market expectations for the SIBOR here
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Mortgage Rates
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3.7%
Owner Occupied
Investment Property
140
97
147
152 157
162
171
177
.
43
45
47
47
48
48
51
53
55
56
57
57
56
57
56
57
56
.
56
56
57
57
56
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016
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11
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12
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Change in volume
(1H 2016 vs 1H 2015)
726
589
12
+343
+287
442
23
-183
+93
420
15
376
-25
10
373
+1
27
344
20
-348
+85
327
16
+66
296
13
+169
269
261
+13
257
+145
14
256
-141
18
248
+32
243
+172
28
+101
194
21
163
11
136
22
134
+37
-2
-43
+9
78
17
51
-11
50
-35
25
36
26
31
+3
29
-1
7
6 0
24 0
+8
-110
19
0
Sources: URA, Realis, DREA
+11.7%
5,683
6,348
1H15
1H16
13
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Upcoming Supply
(2016 2020)
81.9%
18.1%
54.4%
12
45.6%
83.0%
23
17.0%
67.7%
32.3%
726 14569
589
1851
2079
442
420
4628
15
85.1%
14.9%
376
940
10
91
282
373
1184
27
83.0%
20
17.0% 344
20.1%
16
79.9%
21.9%
13
5
64.4%
3
14
84.6%
18
63.6%
71.2%
21
11 17%
22
83%
65.2%
6.7% 269
2745
1985
48.1% 257
2945
15.4%
36.4%
2760
256
7198
248
20.2% 243
1334
28.8% 194
89.9% 10.1%
163
2180
79.8%
28
2418
261
35.6%
51.9%
2422
327
296
78.1%
93.3%
5118
547
403
136
34.8% 134
2460
78
366
17
95.3% 51
454
66.7% 50
1552
4 21% 79%
25 100% 36
2
100%
100%
24
1632
29
369
19
1161
0
Sources: URA, Realis, DREA
New Sale
Resale 2601
41%
Resale
3747
59% New Sale
1H 16 Total
Transaction Volume
14
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33.0%
23.0%
17.1%
16.1%
14.5%
11.6%
11.4%
7.1%
4.9%
4.6%
4.3%
3.9%
3.5%
2.2%
2.1%
1.3%
D3 Alexandra / Commonwealth
D14 Eunos / Geylang / Paya Lebar
D18 Pasir Ris / Tampines
1.1%
0.9%
-0.1%
-0.8%
-2.0%
-2.3%
-9.6%
SQFT
<500
547
501-1000 1001-1500 1501-2000
303
>2000
15
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Top 5 planning areas with highest growth in number of residents living in private non-landed homes
No. of households (2011 vs 2015)
2015
2011
5,290
Yishun
14.1%
8,970
14,420
Hougang
Sembawang
19,450
1,460
2,040
10.4%
16,190
Pasir Ris
Sengkang
10.7%
21,340
8,110
9,620
8.7%
9.7%
2.84%
4.02%
8%
4.44%
5.49%
5.84%
Median % across all
Planning Areas
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Are people
selling at a gain
or at a loss?
17
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6,952
0-5% gain/loss
6,351
5,732
3,899
3,496
4,807
4,694
2,808
2,756
3,598
3,462
313
227
182
3,366
Sold at>5%
gain
Sold at >5%
loss
0-5%
gain/loss
Holding
Period >10yrs
Total resale
2,853
2,276
158
195
1,649
1,497
192
1,815
3,267
2,035
2,145
1,872
1,144
127
100
985
87
523
2,422
2,169
2,671
2,601
1,446
1,190
1,219
1,395
130
226
281
322
660
620
677
754
1H10
2H10
1H11
2H11
1H12
2H12
1H13
2H13
1H14
2H14
1H15
2H15
1H16
49%
50%
56%
58%
59%
60%
62%
61%
61%
56%
58%
54%
46%
4%
3%
3%
3%
4%
3%
4%
5%
5%
6%
9%
11%
12%
5%
5%
5%
4%
5%
5%
4%
4%
6%
7%
7%
10%
13%
42%
41%
36%
34%
32%
32%
30%
30%
28%
30%
26%
25%
29%
8037
6965
6409
4808
4697
5732
3267
2145
1872
2169
2422
2671
2601
24
24
District
57
0
6
5
17
13
29
55
1 3
36
1 1
4
9
33
21
33
1
5
4
8
15
31
1
5
5
20
>50% loss
20-30% loss
40-50% loss
10-20% loss
30-40% loss
<10% loss
23
2
3
4
23
3 1
14
20
2
18
18
0
5
15
13
9
9
10
10
15
15
16
16
21
21
23
23
19
5
5
19
18
18
11
11
Resale Vol
305
282
316
145
142
151
158
107
92
113
% Txn Loss
making
20%
20%
17%
25%
23%
21%
15%
21%
22%
16%
18
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Holding Period
For those transactions sold at a Loss
78
(24%)
61
(19%)
47
(15%)
47
(15%)
17
(5%)
4
(1%)
10
years +
Year of
Purchase
< 2006
25
(8%)
18
(6%)
20
(6%)
5
(2%)
8-9
years
2007
7-8
years
6-7
years
5-6
years
2008
2009
2010
4-5
Years
3-4
Years
2-3
Years
1-2
Years
< 1 Year
2011
2012
2013
2014
2015
Lowest number of loss-making transactions for homes bought before 2007 and
for homes bought in between 2008 and 2009 when property prices were
bottoming out
URA Property Price Index
160
140
120
100
80
2008
2009
Before 2007
60
40
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
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20
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10
Unsold units
0
District 19 18 27 23
14 13 22 20 16 28 12
Total
Supply
14.6 7.2 5.1 4.6 2.9 2.8 2.7 2.5 2.4 2.4 2.2 2.1
1.9 1.6 1.6 1.3 1.2 1.2 0.9 0.5 0.5 0.4 0.4 0.4
Sold
12.3 6.5
Unsold
2.3 0.7 2.1 1.5 1.4 0.7 0.6 0.4 0.5 0.3 0.3 0.8 0.8 1.2 0.3 0.8 0.8 0.6 0.2 0.4
% Unsold 16
10
25
10
15 21 17 11
3.2 1.5 2.1 2.2 2.1 1.9 2.1 1.9 1.3 1.2 0.7 1.4 0.8 0.6 0.6 0.9 0.5 0.5 0.4 0.1 0.2 0.2
42 32
48
25
21
17
20
14 12 39
38
63 17 51
57
53
20
45
0
0
1.3 70
55 44
There has been a surge in new private property construction, and this is especially so in
districts 19, 18, 27 and 23. Given the upcoming supply, market observers have highlighted
potential supply risk and potential price decline as supply volume outstrips buyers demand.
Today, there are ~17,230 unsold units in the new launch market. While there continues to be
demand from HDB upgraders and foreign investors, some developments have had poor
sales given unrealistic price expectations from developers. To win buyers, some developers
are offering very attractive sales commissions to agents while others have experimented with
innovative ways of lowering initial upfront cost as part of developer discount schemes
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New supply unsold new units and units bought 4 years ago that might enter the market
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
19 23 27 15 18 14 9 12 16 10 5
8 17 11 25 13 21 22 28 4
2 20 7 26
Buyers and sellers today are equally concerned about supply risk
Buyers worry about potential losses if they buy today and the risk of their home value declining
because of the supply overhang. Sellers on the other hand face difficulties in selling their units
given the volume of units (new and resale) available for sale out there in the market.
On top of the new supply, units brought 4 years ago are no longer subjected to Sellers Stamp
Duty (SSD) should they enter the resale market.
Owners of these units face less restrictions and there are less barriers to selling their properties
now as they no longer have to pay a hefty tax on the sale. The chart above shows the total
number of unsold new units, and the number of units bought 4 years ago that might potentially
enter the market.
As potential supply risk affects both buyers and the sellers, this is a critical area to watch.
District 19 Punggol, Hougang and Sengkang has the highest volume of unsold units and also
the highest volume of units exiting the 4-year SSD lock-in period
22
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Average
household
debt1
Growth
15%
200
10%
150
5%
100
0%
50
0
-5%
00 01 02 03 04 05 06 07 08 09
10 11 12 13 14 15
S$ 000
140
Average
Annual
Income
(000)
120
Growth
15%
10%
100
80
5%
60
0%
40
-5%
20
0
-10%
00 01 02 03 04 05 06 07 08 09
10 11 12 13 14 15
Multiple (X)
2.3 2.2 2.3 2.3 2.3 2.2
Debt-toIncome
Ratio
2.1 2.0
1.8
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
1.
Household debt includes mortgage loans, car loans, credit card debt, and other personal loans
Source: Singstat
24
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6%
1.0
5%
0.5
4%
0.0
3%
12
13
14
15
2%
1%
0%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
DBS
OCBC
UOB
Housing loans include private loans from banks and HDB housing loans
25
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Since 2013, there has been a
meaningful decline in credit card
loans as a % of household income
80%
70%
60%
50%
40%
00 01 02 0304 05 06 07 08 09 10 11 12 13 14 15
5%
2009
GFC
4%
3%
2%
It is critical to understand whether this is a trend across all segments of the resident population.
As seen in the US housing bubble, delinquency in consumer finance is often a leading indicator
of mortgage defaults. While not an immediate alarm bell, this is a critical metric to track. As the
credit card charge-off rates increase, what implications would it have on the real estate
property market?
1. The charge-off rate is an indicator of the percentage of debt that will not recovered. Charge-off rate = amount of chargeoffs/average outstanding balance owed by issuer
26
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7.1
6
4
2
0
4.9
1.6 1.8 2.0
1.1 1.1 1.2 1.3 1.4 1.4 1.6
2.7
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
192
100
50
0
-50
-100
-150
Net amount
borrowed and
not paid back
in time during
the year
141
150
60
43
78
90
69
30
50
44
6
-3
-34 -39
-56
-107
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Amounts borrowed from pawn shops had grown significantly since 2009 from the
aftershock of the global financial crisis but has started slowing down since 2012. More
importantly, people are starting to make claims for items pawned in prior periods. We view
this as a positive sign, but are cautious about it.
Sources: Singstat
27
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T-90
T-90
Research on condos
T+14
Exercise Option to
Purchase and pay 4%
Exercise fee
T+28
T+84
T+ 108
Cash flow
Louis Neo
+65 9090 5898
None
None
1%
Option
fee in
Cash
4%
Exercise
fee in
Cash
First 180,000: 1%
Next 180,000: 2%
Remainder: 3%
15% downpayment in
Cash and/ or
CPF
29
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Louis Neo
+65 9090 5898
Cash flow
T-90
T-90
Research on condos
T+14
to
T+21
Before
T+35
None
None
5-10%
Option
fee in
Cash
10-15% down
payment in Cash
and/or CPF
T+49
First 180,000: 1%
Next 180,000: 2%
Remainder: 3%
COMPLETION
30
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District
ICON
2 Chinatown/Tanjong Pagar
Gem Residences
12 Balestier/Toa Payoh
Zedge
11 Newton/Novena
Kingsford Waterbay
19 Hougang/Punggol/Seng Kang
Star of Kovan
19 Hougang/Punggol/Seng Kang
D'Leedon
10 Tanglin/Holland
Cairnhill Nine
9 Orchard/River Valley
Lake Grande
22 Boon Lay/Jurong/Tuas
Sol Acres
Eight Riversuites
12 Balestier/Toa Payoh
Sage
10 Tanglin/Holland
Leedon Residence
10 Tanglin/Holland
Sky Habitat
20 Ang Mo Kio/Bishan/Thomson
19 Hougang/Punggol/Seng Kang
Botanique at Bartley
19 Hougang/Punggol/Seng Kang
Sources: Google Adwords,
DREA Analytics
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Paya Lebar
590
Methodist Girls
Pei Hwa
Presbyterian
990
590
1,010
670
970
740
1,050
Rulang Primary
805
1,040
Henry Park
Primary
940
Nanyang Primary
960
Tao Nan
1,000
Raffles Girls
(Primary)
1,040
ACS Primary
1,070
1,820
1,420
1,150
1,190
1,300
1,390
1,070
1,300
1,620
1,310
1,630
1,790
1,430
1,630
3,240
For families with children, one concern regarding home location would be the schools near it. In
Singapore, enrolment in top primary schools can get really competitive. In some cases, parents sign up to
volunteer for the school a few years before their children start their primary education. However, one key
factor that determines a childs eligibility and possibility of getting into a prestigious primary school would
be the Home-School Distance.
1. Top 10 schools determined based on extensive qualitative research across various Singapore
parenting forums
37
37
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1,115
Dover Parkview
768
Faber Crest
778
957
Pandan Valley
829
1,032
The Infiniti
851
DChateau @ Shelford
956
956
0.91km to Nanyang
2.77km to ACS Primary
Coronation Arcade
1,003
1,003
0.33km to Nanyang
2.28km to Raffles Girls
Crescendo Park
1,050
Quinterra
1,134
1,287
Ridgewood
1,216
1,258
1,095
1,069
38
38
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1,084
ICON
1,532
1,930
1,475
2,447
1,977
2,601
2,186
3,365
39
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40
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Total Units %
TOP
Units Unsold Unsold
Deadline
to Sell
462
392
84.8% 2015
Feb-17
Nouvel 18
10
156
156
100% 2014
Nov-16
Leedon Residence
10
381
158
41.4% 2015
Jun-17
54
45
83.3% 2014
Apr-16
Le Nouvel Ardmore
10
43
39
90.7% 2014
Apr-16
Ardmore 3
10
84
80
95.2% 2015
Dec-16
DLeedon
10
1715 193
11.3% 2014
Oct-16
The Interlace
1040 179
17.2% 2013
Sep-15
iLiv @ Grange
10
30
30
100% 2013
Oct-15
Goodwood Residence
10
210
37
17.6% 2013
Jun-15
Starlight Suites
105
31
29.5% 2015
May-16
Waterscape at Cavenagh
200
51
25.5% 2014
Sep-16
Tomlinson Heights
10
70
36
51.4% 2014
Mar-16
Lincoln Suites
11
175
11
6.3%
2014
Apr-16
250
25
10%
2015
Oct-16
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3.3%
1H 16 vs 1H 15
1H 16 vs 1H 14
-5.7%
-5.4%
-6.2%
-8.6%
-9.1%
-8.8%
-9.9%
-12.1%
-15.4%
1BR
2BR
3BR
4BR
5BR/PH
10.751
5.157
2.463
83
No. of bedrooms
42
42
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Growth
(1H 15 VS 1H 16)
3,305
15
3,171
10
3,042
14
2,271
19
-185
-29
-497
+342
+862
2,090
16
1,573
+310
11
1,561
-76
1,503
12
-8
1,434
+201
23
1,277
+1
21
1,255
+53
18
-262
1,227
1,186
+256
+12
891
-106
830
+1
796
22
728
-23
716
-249
20
17
+135
609
27
+55
479
433
13
7
+160
664
+50
+9
345
25
236
-40
28
217
+102
26
192
+5
+18
6 18
Rental demand
continues to grow,
volume is up 5.3%
+5.3%
30,428
1H15
32,049
1H16
43
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Rental Price change by district for 1-bedroom condos (1H 2015 VS 1H 2016)
18%
13%
3%
3%
2%
0%
0%
-2%
-2%
-2%
-3%
-3%
-3%
-3%
-5%
-5%
-5%
-5%
D3 Alexandra / Commonwealth
-6%
-8%
-8%
-9%
-9%
-10%
-10%
44
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Rental Price change by district for 3-bedroom condos (1H 2015 VS 1H 2016)
D22 Boon Lay / Jurong / Tuas
-0.1%
-0.9%
-1.4%
-2.1%
-2.2%
-2.3%
-2.9%
-3.1%
-3.7%
-3.8%
-4.2%
-4.2%
-4.3%
-4.4%
-4.6%
-4.8%
D3 Alexandra / Commonwealth
-4.8%
-5.3%
-6.0%
-6.1%
-6.8%
-8.6%
-8.6%
-9.9%
-10.7%
45
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503
Bedok Residences
427
Gross Yield
3.7%
3.4%
3.5%
400
3.3%
Bartley Residences
397
3%
DLeedon
362
2.7%
365
3.9%
A Treasure Trove
342
2.9%
Bayshore Park
343
4.0%
EUHabitat
335
3.6%
46
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Brought to You by
Deposit pegged mortgage rates (DPMR) which goes by different names across the major banks, first
came into the market as a solution to tackle rising interest rates specifically SIBOR.
As DPMRs gain popularity, the current FD rates may not remain attractive to potential depositors and
there may be pressure on the banks to increase these rates. This will result in increased FD rates and a
surge in DPMR schemes. Borrowers should take note that DPMR rates are still board rates and are
ultimately controlled and regulated by the individual banks
Bank
Rate Type
Lock-in
Initial Rate
Thereafter
18M FHR
(0.6%)*
36M FDMR
(0.65%)*
3 Years
36M FD + 1.13%
36M FD
+1.70%
36M FDPR
(0.65%)*
2 Years
FDPR
+ 1.15%
FDPR
+ 1.65%
48M FDR
(0.50%)*
FDR
+ 1.15%
FDR
+ 1.15%
Fixed
3 years
1.80%
Fixed 3 yrs
18mth FHR +
1.20%
2 years
1.80%
Fixed 1 yr
Year 2 & 3
36FDMR + 1.15%
Thereafter
36FDMR + 1.70%
2 years
1.68%
Fixed 2 yrs
Year 3
FDPR + 1.03%
Thereafter
FDPR + 1.15%
2 years
1.68%
Fixed for 2 yrs
Year 3
SRFR(1) 1.60%
Thereafter
SRFR 1.01%
Fixed
Fixed
Fixed
49
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48
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1 Bedroom
units
5.5
5.45 5.45
5.4
5.3
5.22
5.2
Mainly for
expats and
young working
professionals
5.11
-5.2%
5.1
5.0
4.92
4.92
4.9
4.8
4.73
4.7
4.6
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
4.67
4.67
1Q16
2Q16
1 bedroom units are a popular choice for young working professionals and expats.
On the other hand, families looking to rent a condo would tend to go for 3-4 bedroom
units, as they would need more space as compared to working professionals and
expats.
3 Bedroom
units
3.30
3.25
3.24
3.27
3.20
3.20
3.15
Mainly for
families
-5.0%
3.13
3.12
3.08
3.10
3.05
3.00
2.98
2.97
2.96
4Q15
1Q16
2Q16
2.95
2.90
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Powered by DREA
Orchard,
River Valley
Eunos, Geylang,
Paya Lebar
Properties
Lowest
D9
7,300
1,900
Mackenzie 88
Highest
Two8One Studio
Lowest
D14
1,200
Treasures @ G20
3,800
Highest
Waterbank At Dakota
Lowest
East Coast,
Marine Parade
D15
Tanglin, Holland
D10
La vida @ 130
4,500
1,500
Highest
Cote DAzur
Lowest
5,700
2,000
Viz at Holland
Highest
Lowest
D1
6,300
2,300
Pearls Centre
Highest
D2
6,600
2,600
Spottiswoode Residences
Highest
Altez
Lowest
D12
1,500
3,350
Suites @ Topaz
Highest
Domus
Lowest
D8
1,700
4,050
Tyrwhitt 139
Highest
Residences @ Somme
Lowest
D19
1,500
Casa Cambio
3,000
Highest
The Chuan
Lowest
Newton, Novena
*Excludes outliers
D11
1,900
4,300
Zedge
Highest
Miro
50
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Properties
Lowest
Tanglin, Holland
D10
The Sierra
18,500
2,500
Highest
Nassim Lodge
Orchard,
River Valley
Lowest
D9
Hougang, Punggol,
Sengkang
D19
Clementi Park,
Upper Bukit Timah
D21
Highest
Lowest
D15
Bukit Batok,
Bukit Panjang
Oxley Mansion
20,000
Scotts 28
East Coast,
Marine Parade
Bedok
Upper East Coast
2,650
Coastarina
14,500
2,250
Highest
Coasta Rhu
Lowest
2,000
Glasgow Residence
7,000
Highest
2,000
Hume Park I
7,500
Highest
Pandan Valley
Lowest
D16
2,300
Bagnall Court
7,880
Highest
Riviera Residences
Lowest
D23
1,800
Montrosa
5,300
Highest
D5
2,400
10,400
Highest
Island View
Lowest
D4
30,000
3,400
Newton, Novena
*Excludes outliers
D11
2,700
10,300
Novena Lodge
Highest
Trilight
51
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52
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53
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2.
Know your landlord - Understand if the landlord has had multiple enquiries
and find out if the apartment or condo has been on the market for a while
3.
Identify your needs - Identify the things that matter to you from the onset so
you dont end up paying a premium for things that matter to others but not
to you.
4.
5.
Be creative with your asks - If you tried lowering the rent but failed, dont
give up. Try for something else. Be creative with your asks and you might just
get it.
6.
Find the right agent to represent you - The right agent will recommend the
right homes and provide additional input to help you get the best deal
possible.
54
54
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55
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Monthly rental prices of condos within 1km radius of Top 10 Primary Schools
(1,000 1,500 sqft unit)
Southaven I
2,400
Pandan Valley
2,500
Crescendo Park
2,500
Kellett Court
2,750
Freesia Woods
2,900
Astor Green
3,100
4,300
Ridgewood
3,000
4,400
4,400
Quinterra
3,600
3,200
3,800
3,400
0.85km to Nanyang
2.73km to ACS Primary
3,900
4,800
56
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5,700
13,000
ICON 2,900
7,200
(4 min to Raffles
Place)
3,900
17,568
6,300
15,800
Powered by DREA
Rental - Top 10 Most Value For Money condos with the most amenities
(across all sizes and time periods)
4,060
2,100
2,100
2,300
2,600
2,600
2,800
3,100
D20 Boonview
3,200
D21 Meadowlodge
3,200
<10-minute walk to
MRT
3,400
4,250
4,400
Supermarkets
Food
Courts
2,600
Shopping
Malls
2,600
4,000
Search condos by
amenities with
DREA here
4,700
3,900
4,200
For those who are not concerned with the distance to schools and CBD, and are just
looking to rent a value-for-money condo located near amenities, we compiled a list
of the Top 10 most value-for-money condos that are under a ten minute walk to the
MRT, a supermarket, a shopping mall, and a food court.
Sources: DREA, URA
58
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59
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Districts in Singapore
D3 Alexandra / Commonwealth
60
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Cooling Measures
Feb10
Aug10
Jan11
Increased SSD period from 3 to 4 years and increased rates (1st yr 16%
(from 3%), 2nd yr 12% (from 2%), 3rd yr 8% (from 1%) and 4th yr 4%
(from 0%)
Lower LTV for non-individual purchasers (50%) as well as individuals (60%)
Dec11
Sep12
Oct12
Jan13
Increased ABSD for Singaporean buyers (1st home 0%, 2nd home 0%
to 7%, 3rd home 3% to 10%)
Increased ABSD for Singapore PRs (1st home 0% to 5%, 2nd home 3%
to 10%)
Increased ABSD for Foreigners ( 1st home: 10% to 15%)
1st loan LTV 80%, 2nd 50%, 3rd 40%; LTV will be even lower for loan
tenure of more than 30 years or where borrower is >65 years
Increased cash downpayment for 1st property to 5% - 10% and 2nd to
10% - 25%
Jun13
61
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Appendices
Sale Transactions - Price change by district (1H 2016 vs 1H 2015)
For private
non-landed
residential
properties
<500 SQFT
For private
non-landed
residential
properties
between
500-1000
SQFT
D28
D15
D11
D10
D20
D14
D18
D8
D3
D2
-0.9%
D21
-2.5%
D19
-3.9%
D25
-5.8%
D16
-6.6%
D23
-7.3%
D13
-7.6%
D9
-9.7%
D12
-11.7%
D17
-12.3%
D5
-13.4%
D1
-18.6%
D27 -22.4%
26.4%
22.8%
21.7%
14.7%
8.5%
4.3%
2.6%
2.1%
0.5%
D21
33.0%
D9
23.0%
D20
17.1%
D13
16.1%
D26
14.5%
D11
11.6%
D4
11.4%
D10
7.1%
D2
4.9%
D28
4.6%
D5
4.3%
D15
3.9%
D19
3.5%
D23
2.2%
D12
2.1%
D25
1.3%
D3
1.1%
D14
0.9%
D18
-0.1%
D8
-0.8%
D17
-2.0%
D16
-2.3%
D22
-9.6%
D27
-17.0%
D1
-20.5%
D7 -27.7%
Powered by DREA
For private
non-landed
residential
properties
between
1000-1500
SQFT
For private
non-landed
residential
properties
between
1500-2000
SQFT
D7
D9
D3
D1
D26
D8
D22
D21
D16
D13
D18
D10
D23
D12
D20
D19
D28
D5
D4
D25
D11
D14
D17
D15
D27
D2 -26.3%
D10
D3
D8
D7
D9
D21
D13
D26
D16
D18
D23
D4
D1
D15
D5
D17
D19
D27
D20
D28
D11
D25
D22
D12
D14
D2 -70.2%
32.4%
28.7%
20.4%
14.9%
14.5%
11.5%
11.1%
10.1%
7.0%
6.4%
4.6%
4.0%
3.1%
2.2%
1.6%
-0.2%
-1.2%
-1.8%
-2.0%
-2.3%
-2.5%
-2.7%
-7.4%
-8.6%
-12.3%
25.9%
25.9%
24.7%
18.5%
5.0%
3.3%
1.3%
1.3%
-1.1%
-1.2%
-2.2%
-2.6%
-3.4%
-5.7%
-5.9%
-9.7%
-10.0%
-11.6%
-12.8%
-13.1%
-16.1%
-18.6%
-20.5%
-23.5%
-38.1%
Powered by DREA
15.4%
D3
14.6%
D18
13.8%
D11
7.5%
D16
7.2%
D28
For private
non-landed
residential
properties
>2000 SQFT
3.4%
D5
3.3%
D14
3.1%
D10
2.2%
D20
0.9%
D17
0.7%
D19
0.4%
D23
-2.8%
D21
-4.9%
D9
-6.9%
D27
-9.0%
D15
-9.8%
D4
-11.3%
D25
-12.4%
D22 -25.6%
1H14
1H15
2,016
1H16
1,842
1,776
747
482
603
411
526 547
367
244
<500
500-1000
1000-1500
1500-2000
303
>2000
Powered by DREA
For 1bedroom
private nonlanded
residential
properties
For 2bedroom
private nonlanded
residential
properties
D4
D21
D27
D2
D7
D17
D23
D22
D20
D12
D25
D16
D15
D28
D9
D19
D1
D8
D3
D26
D5
D11
D13
D14
D10
D18 -15.9%
18.2%
12.7%
3.2%
2.6%
1.9%
0.0%
0.0%
-1.5%
-2.2%
-2.2%
-3.0%
-3.3%
-3.3%
-3.3%
-4.5%
-5.0%
-5.3%
-5.3%
-5.6%
-8.3%
-8.3%
-8.9%
-9.1%
-9.5%
-9.5%
D1
D2
D22
D23
D15
-1.3%
D27
-2.0%
D11
-2.6%
D3
-2.8%
D21
-3.0%
D16
-3.1%
D19
-3.5%
D9
-4.0%
D14
-4.4%
D5
-4.6%
D10
-4.8%
D4
-5.2%
D7
-5.4%
D18
-6.2%
D12
-6.5%
D17
-6.9%
D26
-7.4%
D25
-7.6%
D28
-8.2%
D13
-8.4%
D8
-8.7%
D20 -9.5%
1.6%
0.1%
0.0%
0.0%
Powered by DREA
-0.1%
-0.9%
-1.4%
-2.1%
D12
D1
D8
D13
D10
D9
For 3bedroom
private nonlanded
residential
properties
-2.2%
-2.3%
-2.9%
-3.1%
-3.7%
D28
D19
D5
D27
D15
D16
D14
D3
-3.8%
-4.2%
-4.2%
-4.3%
-4.4%
-4.6%
-4.8%
-4.8%
D26
D21
D2
D11
D17
D18
D4
D25
D7 -12.8%
For 4bedroom
private nonlanded
residential
properties
D28
D22
D5
D25
D17
D14
D27
D3
D16
D13
D20
D9
D18
D12
D15
D21
D10
D23
D1
D11
D4
D26
D8
D19 -19.7%
-5.3%
-6.0%
-6.1%
-6.8%
-8.6%
-8.6%
-9.9%
-10.7%
9.0%
6.8%
4.7%
3.8%
3.2%
2.9%
1.4%
-0.4%
-1.8%
-2.1%
-2.8%
-3.4%
-4.3%
-4.7%
-5.0%
-5.7%
-6.2%
-6.6%
-6.7%
-7.5%
-7.8%
-8.3%
-9.3%
Powered by DREA
For 5bedroom
private
nonlanded
residential
properties
13.3%
D10
6.4%
D4
5.6%
D9
2.6%
D16
-1.0%
D5
-13.8%
D11
-41.7%
D12 -52.0%
1H14
7,927
1H15
1H16
5,157
3,773
3,413
2,462
2,351 2,463
1,003
702
20
97
83
No. of bedrooms