Keith Property Advisory

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Keith Property Advisory

A licensed real estate salesperson with ERA. Offers property advisory and consulting services. ERA Realty Network Pte Ltd
(CEA Licence No. R062299D)

L3002382K)
Keith Yong
(CEA No.

05/11/2020

THE WAIT IS OVER!!
🔱𝕋ℍ𝔼 𝕃𝔸ℕ𝔻𝕄𝔸ℝ𝕂🔱
In the City | Near the River | By the Park

PREVIEW START FROM 14TH NOV 2020
🏢 39 Storeys Single Block
🛏 396 Exclusive Units

Super Attractive Price Starting Fm
$9xxk 1 Bdrm (495sft - 517sft)
$1.2xxk 2 Bdrm (678sft - 764sft)
$2.3xxk 3 Bdrm (1076sft - 1141sft)

• 360° STUNNING VIEWS of the
•🚇 8 Mins Walk to 2 MRTs, Chinatown MRT and Outram Park MRT
•🥡 Wide Array of Eateries
•🍹Short Walk to Robertson Quay
• ⛩ Blend of Urban Living within Rich Heritage Zone
•🏥Huge Upside Potential Being Near to SG Medical Academy (SGH Campus)
•📚

14/10/2020

UBS has published their annual real estate bubble risk report on 25 global cities.

Based on UBS Global Real Estate Bubble Index 2020, Singapore residential property price is rated as fair-valued – affordable mortgage rates and balanced market fundamentals limits it downside risks.

Singapore’s residential price was rated by UBS real estate bubble index as ‘fair valued’ every year from 2016 to 2020.

On this note, Singapore residential property is still a safe bet relative to that in other global cities.

12/10/2020

New Condo Developers Not Allowed to Re-issue Option to purchase (OTP) – How Does This Impact The Residential Property?

Upgraders, or people who need to sell their existing property before buying a new condo, will be the group that is most affected by this new rule. First-time buyers, on the other hand, will be less impacted since they do not need to sell their property.

When developers are able to re-issue OTP, upgraders will have time to sell their existing property while ‘reserving’ their preferred new launch unit.
The new rule means that upgraders will have to sell their existing property before they can buy the new condo, otherwise they will be subject to the additional buyer stamp duty. Selling their property first before buying a new unit may be difficult, since by the time they sell their existing property, their preferred units in the new condo launch may already be taken up, or the prices of the condo may have changed.

While this is not exactly a cooling measure, it does dampen upgraders in getting a new condo.

On a net basis, this rule should not have too much impact on the overall sales. Upgraders will just have to live with the new rule and after a while as it becomes the norm, people will adjust to it. Just as people have adjusted to paying additional stamp duties on their 2nd, 3rd property.

07/10/2020

Singapore property prices have gone up for 2 consecutive quarters - Q2 and Q3 2020 in the midst of covid 19. What is happening?

Vacancy rates are at historic low of 5.4% and available supply is dwindling based on URA statistics.

"No doubt" construction costs will increase due to Covid and all in Singapore must be prepared to bear them – Lawrence Wong, Minister for National Development

MAS extends financial relief on mortgage payments up to Dec 2021. With this relief, not a lot of properties will be foreclosed by the banks.

Are you still waiting for a property market correction?

Find out 5 other reasons why the property prices stubbornly failed to correct in this crisis. Contact me to find out more.

28/09/2020

Nice unblocked view from the balcony of a Park Place residences unit in Paya Lebar quarters.

28/09/2020

Penrose 1 bedder and 2 bedder units fully sold-out on Day One of launch!

Me and my client were waiting for our turn to choose Penrose. However, Penrose 1 bedder was sold out before we had a chance to choose.

This shows that there are still a lot of funds on the side line waiting for the right price to invest in the property market. As the saying goes, if the price is right, the demand will come.

Demand for 1 and 2 bed units are mostly for investment rather than for own stay, given that most of these will be rented out when it is completed.

Developers are pricing post-circuit breaker new condo launches at attractive prices that spur demand. Which is good for market transactions. Looks like the new home sales transaction volume for Q3 2020 will break another record!

Look out for the next new condo launch as demand and interest are back!

24/09/2020

How Can A Foreigner Or Permanent Resident Buy A Singapore Residential Property Without Incurring ABSD?

A foreigner or PR normally has to incur an additional property tax (also known as ABSD) of 5-20% for buying a residential property in Singapore.

However, there are some exceptions where a foreigner or PR do not have to incur ABSD when buying a Singapore residential property. These exceptions include:

- When a foreigner or PR married a Singapore Citizen and the married couple jointly purchase their first matrimonial home.

- Where the foreigner or PR is a citizen of US, Switzerland, Norway, Iceland and Liechtenstein

Let me know what Singapore property questions you have and I will be happy to answer them!

-

23/09/2020

US Printed More Money in Three Months in 2020 Than in Its First Two Centuries

I saw this news headline and wonder what this do to Singapore property prices.

Property analysts try to predict whether house prices will go up or down, based on economic factors like employment rate, vacancy rates, supply and demand, which is all well and good under normal times. However, in times when the ruler is moving, all these fundamental factors matter less.

What do I mean by when I say the ruler is moving? The ruler is the value of a dollar and what it can buy in future. When supply money is expected to increased, people realised that each dollar will be able to buy less and less things in the future, and then they start converting their fiat savings into real assets with limited supply like gold, real estate and even bitcoin.

US dollar being the global currency that determines how every other currency behaves. We see that US money supply increase has pushed the mortgage rates in Singapore to a historical low of 1.2%.

While everyone is expecting an economic recession and more unemployment to hit Singapore, many are puzzled why the property prices are still holding up. I believe that people are fleeing cheap fiat money and converting them into real assets. And they will continue to do so until the US turns off the money supply tap.

In the meantime, an increasing money supply benefits the asset-rich and penalises the cash-rich.

Happy to answer any property questions!

22/09/2020

Are Permanent Residents (PR) able to purchase HDB flat in Singapore?

New HDB flat are reserved for Singapore citizens, or a married couple that consist of one Singapore citizen and one PR.

Therefore, a married PR couple is only able to purchase a resale HDB flat. Both have to be Singapore PR for at least 3 years at the point they sign the option-to-purchase. PR that are singles (unmarried) are not allowed to purchase a resale HDB.

After purchasing their resale HDB, the PR couple has to stay in the HDB flat for the next 5 years. They cannot buy another private residential property, nor use a trust to buy property for their child during the 5-year minimum occupation period.

After the 5-year minimum occupation period, is the PR able to purchase a private property?

Yes, but the additional taxes that you have to pay will depend on how your HDB purchase was structured. Seek the advice of a real estate agent as your decision now will impact your taxes 5 years later.

In addition, unlike for Singapore citizen, a HDB flat owned by PRs cannot be rented out based on current HDB rules.

Additional buyer stamp duty 5% applies to PRs buying a resale HDB flat. This is the same rate as PRs buying their first private residential property in Singapore.

That's all I have. This is to answer a question from a good friend :)

22/09/2020

Hungry Ghosts can’t beat Hungry Home Buyers!

August 2020 is in the hungry ghost month where Chinese traditionally shun away from making property purchases. Yet, August recorded a total 1,256 units of private new home sold.

As a comparison, monthly new home sales average at 834 units in 2019 and 732 units in 2018, while the 26-year monthly new home sale in Singapore averaged at 824 units.

Demand for new home is definitely not weakening in the face of hungry ghost nor the economic recession brought about by covid-19.

What about the supply of new homes?

Based on URA, number of unsold units decreased by 1,172 units in 2020 Q2, while new government land sales for H2 2020 expected to generate only 1,370 residential units (which can be absorbed by buyers in about 1 month+).

Looks like supply for new homes is tightening while demand for new homes is picking up.

20/09/2020

How should I estimate the breakeven price of a new condo project in Singapore?

A fast back of the envelop way to compute the breakeven cost for condo developers is as follows:

First, you find out the land cost per square feet. Next, you add a $350psf construction costs to the land cost. Finally, you multiply this (land + construction cost) number with 1.17 and Viola! You have the estimated breakeven psf cost for the project!

For example, the Penrose project land costs is $732psf. We add $350psf to get a (land + construction) cost of $1082psf. Next, we multiply it by 1.17 to get a breakeven cost of $1,266psf. Which is very close to the $1,264psf breakeven cost figure as estimated by a paid service such as squarefoot.com.

And what about the launch price by developer? It depends how much profit margin the developers add on top of their breakeven costs. Profit margin that a developer add on to the breakeven cost ranges from 10% to 40%.

16/08/2020

Highly Anticipated Development in Bustling Chinatown!

*⭐🔆 𝕋ℍ𝔼 𝕃𝔸ℕ𝔻𝕄𝔸ℝ𝕂 🔆⭐*
In the City | Near the River | By the Park
*PREVIEW SOON*

*‼️LOWEST LAND PRICE $1405PSF PPR* in the *Central/Downtown Area!*
*❤️360° PANORAMIC VIEWS* of the City Skyline, SG River and Park!
*📈HUGE POTENTIAL & MEGA TRANSFORMATION* of the Outram-Chinatown District!
🍽️Surrounded by Famous *Michelin Guide* Eateries!
*🚝7 MINS WALK to 2 MRTs,* Outram Park MRT Interchange *(Triple-Line)* and Chinatown MRT!
🏥Close proximity to *SG Largest Medical Hub*
*📚

Address

229 Mountbatten Road #03/01
Singapore
398007

Telephone

+6590232569

Website

https://singaporecondohdb.com/contact-form/

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