Issue 361

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 CONTENTS FROM THE

p2 Scrapping the HSR – How a Past FOMO

EDITOR
Welcome to the 361st edition of the
Singapore Property Weekly.
Becomes Today’s Regret
Hope you like it!
p8 Resale Property Transactions
Mr. Propwise
(May 28 – June 1)

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 SINGAPORE PROPERTY WEEKLY Issue 361

Scrapping the HSR – How a Past FOMO Becomes

Today‟s Regret

By Property Soul (guest contributor)

The most shocking news in recent weeks was

the sudden announcement of Malaysia to
terminate the Kuala Lumpur-Singapore High
Speed Rail (HSR) project. When Dr Mahathir
declared that “Malaysia‟s decision to scrap
the HSR project is final”, his words
immediately shattered the dreams of
developers and home buyers who place high
hopes on the value appreciation of properties
near the planned railway stations.

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 SINGAPORE PROPERTY WEEKLY Issue 361

What now for Jurong Lake District? saying: “I thought tonight I should show …
Jurong Lake – at sunset”. He continued to
The original plan of the HSR was to set up
project a beautiful picture of the Jurong Lake
eight stations, namely Kuala Lumpur,
District with all the amazing future
Sepang-Putrajaya, Seremban, Ayer Keroh,
development, before ending his speech with a
Muar, BatuPahat, Iskandar Puteri and
sentimental note on „believing in Singapore‟.
Singapore.
With his thought provoking speech in mind, I
In Singapore, the HSR station was planned to
wrote the blog post “Is Jurong Lake District
be located inJurong East. At the station, there
the next hotspot for property hunting?” My
will be a new one-stop customs clearance for
conclusion back then was “It is too early to tell
both Singapore and Malaysia. It will also
… we are not there yet. We have a long way
connect North-South, East-West and Jurong
to go.”
Region MRT lines.
As of 1st Quarter 2018, URA figures show
The HSR project was first announced jointly
that the office vacancy rate is 12.5 percent.
by the Prime Ministers of both countries after
For category 1 offices (buildings located in
a Leader Retreat in February 2013.
core business areas in Downtown Core and
What about Jurong Lake District? Orchard Planning Area), the vacancy rate
A flashback to August 2014 showed our stands at 14.5 percent.
Prime Minister at the National Day Rally

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 SINGAPORE PROPERTY WEEKLY Issue 361

And there is still a total supply of 791,000 sq adjacent site at a higher price and is likely to
m GFA of office space in the pipeline, which is launch at an even higher price. So this “might
about 3.7 times the total office space of the have induced bargain hunters to snap up
five Suntec City office towers. Twin VEW units while they could”.

How urgent is it to build a second Central How can the buyers of Twin VEW be “bargain
Business District in Jurong? bunters” with a purchase price of $1,399 psf,
when all the non-landed private homes
Buying out of FOMO (Fear Of Missing Out)
transacted in April shows an average price of
Exactly three weeks before Malaysia only $966 psf in Jurong East and $1,166 psf
canceled the HSR, responses were in West Coast?
overwhelming at two new launches Twin VEW
Are they buying into the future, or are they
and Parc Rivierain West Coast area. The
speculating about the future? We haven‟t
former saw buyers snapping up 442 out of
started building the KL-Singapore High Speed
520 units at an average selling price of
Rail yet. What is the rush?
$1,399 psf.
Now with the scrapping of the HSR project
A property agent told the media that the
and possible downsizing of the development
strong take-up was due to “the project‟s
in Jurong Lake District, how many years do
proximity to both the Jurong Lake District and
these buyers have to wait to break-even?
the planned Kuala Lumpur-Singapore high-
How long does it take for Malaysia to clear
speed rail‟s terminus”. CDL bought an

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 SINGAPORE PROPERTY WEEKLY Issue 361

RM1 trillion debt and reconsider HSR again? 1,400 blank cheques to their property agents
for the balloting of 738 units.
People tend to go after something that is hot,
that is under the limelight or on the radar. The reporter of the Asiaone article
Never mind it has nothing special or doesn‟t interviewed some buyers who managed to
even worth the price. So long as everyone book their units at the sold out project.
says it is good, they also want the same
“No other area has this,” said Mr Lee Fatt, 50,
thing. They go for it under the fear of missing
who lives in Jurong and bought a two-
out.
bedroom unit at J Gateway for $1.2 million.
“The pros play the property game to win. The Another buyer, Madam Shirlyn Ng, 36, said
amateurs play the property game to not lose that though prices were slightly high on a psf
out.”– Property Soul basis, she had no problem with it.

On 28 June 2013, MCL Land launched a red That evening, the “lucky” buyers went home
hot new project J Gateway, located only a only to find that the government had just
stone‟s throw away from the Jurong East introduced the Total Debt Servicing Ratio, on
MRT station. It was marketed at $1,450 to that fateful date of 28 June 2013.
$1,800 psf – still the record-breaking price in
For the “unlucky” J Gateway buyers whose
Jurong so far.
tickets were not picked at the ballot, would
A 1,500 strong crowd showed up on the they be secretly happy that they didn‟t
launch date. Desperate buyers submitted manage to grab a unit at the launch?

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 SINGAPORE PROPERTY WEEKLY Issue 361

A loss can be a blessing in disguise years gambling and had extramarital affairs too.
later She suffered tremendously during their
marriage.
Many years ago, a friend of mine had a
boyfriend she was not exactly happy with. But My friend said she doesn‟t pity that woman.
when she learned that there was a third party But she is secretly happy that she narrowly
trying to steal her man, she refused to escaped the tragedy of marrying that man.
surrender without a fight and did everything
This is exactly what Hong Kong writer Yi Shu
she could to win him back. But she still lost to
(亦舒) said in one of her essays: “We aunties
the competition in the fierce battle.
all have this similar experience. That X, Y or Z
A few years later, she managed to move on whom all of us once admired, now even if you
and tied the knot with another guy. He is a gave him away with one million US dollars
caring husband and a responsible father, and nobody would dare to take him. His aged
quite well-off too. She no longer feels bitter appearance, self-righteous attitude and lack
about her loss in the past. of knowledge and manners… If unfortunately,
one day you saw him in the street, you would
What about the winner in the love triangle?
quickly dash across the road to avoid
Her “trophy” turned out to be a bad choice.
bumping into him. Imagine if you had got this
He is self-centered and abusive. For a long
guy, today you would be crying
time, he was unemployed, addicted to
uncontrollably.”

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 SINGAPORE PROPERTY WEEKLY Issue 361

Next time before you jump on the

bandwagon, be sure to open your eyes.

By guest contributor Property Soul, a

successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.

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 SINGAPORE PROPERTY WEEKLY Issue 361

Non-Landed Residential Resale Property Transactions for the Week of May 28 – Jun 1

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 RIVERWALK APARTMENTS 818 1,260,000 1,540 99 9 THE PIER AT ROBERTSON 678 1,580,000 2,330 FH
2 ICON 700 1,220,000 1,744 99 9 THE PATERSON 1,421 3,158,000 2,223 FH
3 THE CREST 1,647 3,440,000 2,089 99 9 LUMA 904 1,670,000 1,847 FH
3 THE CREST 1,518 2,966,000 1,954 99 9 WILKIE 48 1,292 1,760,000 1,363 FH
3 ECHELON 1,572 2,920,000 1,858 99 10 THE NASSIM 1,927 7,638,000 3,964 FH
3 MERAPRIME 1,119 1,710,000 1,528 99 10 MILL POINT 527 1,010,000 1,915 999
3 ASCENTIA SKY 1,819 2,730,000 1,501 99 10 WING ON LIFE GARDEN 3,240 5,850,000 1,806 FH
3 ASCENTIA SKY 1,012 1,500,000 1,482 99 10 BELLERIVE 1,679 3,030,000 1,804 FH
3 THE ANCHORAGE 1,464 1,920,000 1,312 FH 10 D'LEEDON 635 1,090,000 1,716 99
3 ALESSANDREA 1,098 1,440,000 1,312 FH 10 VIZ AT HOLLAND 947 1,620,000 1,710 FH
3 ASCENTIA SKY 1,851 2,330,000 1,259 99 10 THE TESSARINA 1,324 2,250,000 1,699 FH
4 REFLECTIONS AT KEPPEL BAY 2,088 3,818,000 1,828 99 10 THE TRIZON 1,894 3,180,000 1,679 FH
4 THE INTERLACE 2,056 2,550,000 1,240 99 10 HOLLAND MEWS 2,422 4,060,000 1,676 FH
5 THE SORRENTO 850 1,383,000 1,626 FH 10 D'LEEDON 5,081 7,111,840 1,400 99
5 VIVA VISTA 398 630,000 1,582 FH 10 D'LEEDON 4,112 5,469,000 1,330 99
5 HUNDRED TREES 484 750,000 1,548 956 10 QUINTERRA 1,679 2,150,000 1,280 99
5 THE VISION 1,302 1,615,000 1,240 99 10 QUINTERRA 1,787 2,250,000 1,259 99
5 CARABELLE 1,259 1,548,570 1,230 956 11 LINCOLN SUITES 1,109 2,320,000 2,093 FH
5 BOTANNIA 1,313 1,560,000 1,188 956 11 THE SHELFORD 1,851 3,400,000 1,836 FH
5 REGENT PARK 1,227 1,220,000 994 99 11 RESIDENCES @ EVELYN 2,250 4,050,000 1,800 FH
5 WESTCOVE CONDOMINIUM 1,130 1,000,000 885 99 12 EIGHT RIVERSUITES 441 730,000 1,654 99
5 FABER CREST 1,582 1,350,000 853 99 12 DOMUS 1,367 2,200,000 1,609 FH
8 CITY SQUARE RESIDENCES 570 965,000 1,692 FH 12 EIGHT RIVERSUITES 700 1,070,000 1,529 99
9 THE SUITES AT CENTRAL 635 1,600,000 2,519 FH 12 SCENIC HEIGHTS 915 1,050,000 1,148 FH

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 SINGAPORE PROPERTY WEEKLY Issue 361

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
14 AVANT RESIDENCES 441 717,200 1,625 99 17 THE INFLORA 1,582 1,260,000 796 99
14 EUHABITAT 538 680,000 1,263 99 17 EDELWEISS PARK CONDOMINIUM 2,691 1,635,000 608 FH
14 VACANZA @ EAST 807 968,000 1,199 FH 18 THE PALETTE 743 855,000 1,151 99
14 VACANZA @ EAST 1,033 1,218,000 1,179 FH 18 WATERVIEW 1,130 1,085,000 960 99
14 MORO MANSIONS 936 950,000 1,014 FH 18 SAVANNAH CONDOPARK 2,680 2,220,000 828 99
14 GUILLEMARD EDGE 861 840,000 975 FH 18 OASIS @ ELIAS 1,432 1,150,000 803 99
14 WANG LODGE 1,464 1,100,000 751 FH 18 SAVANNAH CONDOPARK 1,227 980,000 799 99
15 GRAND DUCHESS AT ST PATRICK'S 1,410 2,400,000 1,702 FH 19 BARTLEY RESIDENCES 463 712,000 1,538 99
15 THE SHORE RESIDENCES 893 1,500,000 1,679 103 19 BARTLEY RESIDENCES 872 1,178,888 1,352 99
15 CUBIK 484 750,000 1,548 FH 19 OASIS GARDEN 947 1,170,000 1,235 FH
15 BELLA CASITA 517 730,000 1,413 FH 19 THE SCALA 1,518 1,750,000 1,153 99
15 PALM OASIS 861 1,038,000 1,205 FH 19 OASIS GARDEN 947 1,080,000 1,140 FH
15 IDYLLIC RESIDENCES 969 1,130,000 1,166 FH 19 NAUNG RESIDENCE 1,302 1,458,000 1,119 999
15 COSTA ESTE 850 970,000 1,141 FH 19 RIVERSAILS 947 1,050,000 1,108 99
15 NEPTUNE COURT 1,270 1,180,000 929 99 19 RIVERSOUND RESIDENCE 592 625,800 1,057 99
15 NEPTUNE COURT 1,270 1,130,000 890 99 19 RIVERSAILS 1,367 1,400,000 1,024 99
16 URBAN VISTA 560 855,000 1,528 99 19 3@PHILLIPS 1,808 1,625,000 899 999
16 RIVIERA RESIDENCES 1,281 1,820,000 1,421 FH 19 PALM HAVEN 1,744 1,250,000 717 999
16 UBER 388 1,313 1,680,000 1,279 FH 20 GOLDENHILL PARK CONDOMINIUM 1,335 2,048,000 1,534 FH
16 CASA MERAH 1,345 1,700,000 1,263 99 20 THE GARDENS AT BISHAN 883 883,000 1,000 99
16 BREEZE BY THE EAST 1,249 1,518,000 1,216 FH 21 THE CASCADIA 883 1,560,000 1,767 FH
16 CHANGI GREEN 1,001 1,050,000 1,049 FH 21 SUITES DE LAUREL 517 780,000 1,510 999
16 THE BAYSHORE 1,012 968,888 958 99 21 PARC PALAIS 1,335 1,600,000 1,199 FH
16 OPTIMA @ TANAH MERAH 1,884 1,650,000 876 99 21 CLEMENTI PARK 1,873 1,990,000 1,063 FH
17 PALM ISLES 990 925,000 934 99 22 THE LAKEFRONT RESIDENCES 721 1,030,000 1,428 99
17 PARC OLYMPIA 1,163 998,000 858 99 22 LAKEHOLMZ 1,033 1,020,000 987 99
17 FERRARIA PARK CONDOMINIUM 980 810,000 827 FH 22 LAKEHOLMZ 1,249 1,150,000 921 99

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 SINGAPORE PROPERTY WEEKLY Issue 361

Postal Area Transacted Price

Project Name Tenure
District (sqft) Price ($) ($ psf)
22 THE CENTRIS 1,421 1,160,000 816 99
23 THE HILLIER 624 850,000 1,361 99
23 HILLVIEW HEIGHTS 1,163 1,420,000 1,221 FH
23 MERAWOODS 1,076 1,150,000 1,068 999
23 MERAWOODS 1,938 1,950,000 1,006 999
23 HILLVIEW RESIDENCE 1,259 1,250,000 993 999
23 MAYSPRINGS 818 770,000 941 99
23 THE LINEAR 1,313 1,100,000 838 999
23 PARKVIEW APARTMENTS 936 725,000 774 99
25 CASABLANCA 1,184 883,000 746 99
25 ROSEWOOD 1,453 940,000 647 99
26 CASTLE GREEN 947 800,000 845 99
27 SKIES MILTONIA 710 725,000 1,021 99
27 THE MILTONIA RESIDENCES 840 750,000 893 99
28 SELETAR PARK RESIDENCE 872 1,150,000 1,319 99

NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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