singapore property weekly issue 199
TRANSCRIPT
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8/9/2019 Singapore Property Weekly Issue 199
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Issue 199Copyright © 2011-2014 www.Propwise.sg. All Rights Reserved.
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CONTENTS
p2 How to Avoid Getting Scammed By “Get
Rich Quick” Seminars
p7 Singapore Property News This Week
p13 Resale Property Transactions
(February 25 – March 3 )
Welcome to the 199th edition of the
Singapore Property Weekly .
Hope you like it!
Mr. Propwise
FROM THE
EDITOR
mailto:[email protected]://www.propwise.sg/advertise/http://www.propwise.sg/advertise/mailto:[email protected]
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By Gerald Tay (guest contributor)
Let me start by saying that I want you to read
this post as a commentary on the seminar
industry and its practices, rather than as a
rant. A rant would require me to be worked up
about something. I‟m not worked up, justincredulous that no one has pointed any of
this out yet.
There are real people who share real
education with real experiences. And many
learners have benefitted from their sincere
sharing. But there are also those who profit
from lies, and who give a bad reputation to
the entire industry and to the real educators.
How to Avoid Getting Scammed By “Get Rich Quick” Seminars
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The more valuable something is, the
higher the effort required to achieve it
Many people are not equipped with the
necessary skills to evaluate investmentsproperly. Some of these skills can only come
with experience. When I was a naive investor
and a regular seminar “junkie” years ago, I
had my fair share of being fooled and paid the
“tuition fee”.
The more valuable something is, the higher the effort required to achieve it. Accept this or
be prepared to lose money!
Since building wealth is of a higher value
compared to going to a casino, it takes time.
Many of these wealth programs areorientated towards the masses who want to
get started on the path to riches after
attending a free seminar preview (Property,
Stocks, Forex etc.) by some „guru‟.
Every „expert‟ out there has an agenda and
it‟s NOT for your benefit
Logically, in order to learn the subtleties of
any craft, you have to seek out the masters. If you want to become a doctor, only doctors
can teach you. If you want to become a
computer programmer, you read thick books
on the subject written by experts. If you want
to become a martial arts master, you go to
the grandmasters.There is one big problem, however. That
problem is called superficial analysis. Every
„expert‟ out there has an agenda. This can
become incredibly frustrating in your search
for the truth. Everybody claims to have the
secret, but few are honest.
Bogus „gurus‟ exposed
Here is a non-exhaustive list of
transgressions by so-called gurus
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I‟ve compiled:
A Forex guru claimed a doctorate degree
in forex and was later exposed for fraud.
A well-known property guru was caughtselling overseas properties to her seminar
attendees without a proper license. Her
company is currently blacklisted by the
MAS.
Well-known local wealth guru sued by his
partner, aprominent local millionaire
businessman for fraudulent accounting.
Well-known local property guru admitted
she‟s also one of the investors with the
fallen Eco-House property scam. And she
is supposed to be an “expert”? She wasalso caught selling overseas properties to
her seminar attendees without a proper
license.
Well-known (sneaky) local shares guru
uses dirty business monopoly and wealth
illusions to make money.
Guru and founder of Geneva Gold was
exposed to be a fraud by the MAS. His
company was also blacklisted by the
MAS.
Who will be next on the list?
Who gets rich? You or the“guru”?
Why are people paying so much money sothat someone can tell them how to get rich?
The pros are just feeding the masses with
unrealistic expectations and want the
amateurs to believe they are actually
revealing the real secret to wealth.
Fiction and fairy tale stories sell. Reality is
boring. The marketing department knows this.
Who really gets richer after the seminar?
Not the students for sure.
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It‟s the „guru‟; from collecting book royalties,
expensive seminar fees, commissions,
freebies, free properties from property
developers and many other sponsorships.
A good advisor is someone who is in the
business of investing and not in the business
of selling seminar tickets.
Warning signs
Watch out for the following warning signs
before signing up for a seminar by a „guru‟:
• Advertisements for seminars or property
investment schemes that promise a „risk-
free investment‟, „be a millionaire in two
years‟, „own properties with little or no
money down‟, or that will generate aguaranteed 20% to 25% per annum from
investments, and other similar kinds of
catchy marketing phrases.
Promises of above-average returns at
little or no risk.
The first seminar (usually a preview) you
are invited to attend may be free or costs
little, but where there are high fees to
attend further seminars.
Credit card instalment payments for
paying either the seminar fees or further
investments.
Investment seminars that offer to teach
you „secret‟ or „exclusive‟ techniques for
building wealth.
Tips for protecting yourself from getting
scammed
Protect yourself from investment scams via
the following tips:
Use your common sense: consider the
possibility that the offer may be a scam.
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Remember there are no get-rich-quick
schemes, guaranteed or high yielding
investments: the only people who make
money are the scammers.
Do not let anyone pressure you into
making decisions about money or
investments: always get independent
financial advice.
Remember that family members and
friends may try to involve you in a scamwithout realising that it is a scam – you
should seek independent advice (from a
lawyer or trusted financial adviser)
Be wary of investments promising a high
return with little or no risk.
If it looks too good to be true, it probably
is.
Overpriced get-rich-quick seminars are a sort
of circus dedicated to money worship, meant
to take money from the participants and
enrich the promoters and the speakers. Few
people really care about your success. It‟s a
dog eat dog world.
By guest contributor Gerald Tay, who is the
founder and coach at CREI Academy Group
Pte Ltd , an organization dedicated to
empowering retail property investors withsmarter investing philosophy and strategies.
He is a full-time investor with over 13 years of
solid experience in building his wealth
through Property Investment and is financially
wealthy today.
SINGAPORE PROPERTY WEEKLY I 199
http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/http://www.crei-academy.com/
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Singapore Property This Week
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Residential
F eb r e n t s f o r c o n d o a n d H D B f a l l s b y 0 .8 %
and 0. 3% resp ect ively
Rental price for condominiums and HDB units
have fallen by 0.8 percent month-on-month
and 0.3 percent month-on-month in February
from January. Compared to February 2014,
rental prices for condominiums have fallen by
6.2 percent. Eugene Lim from ERA Realty
predicts this downwards trend will continue
due to an increase in non-landed residential
properties this year. Other factors such as
higher property taxes and slower inflow of
expatriates may have affected the leasing
market according to Lim. Lim expect rents to
fall by 6 to 8 percent for this year. The rental
index for non-landed private residential units
in the Core Central Region (CCR) and the
Rest of Central Region (RCR) had fallen by
1.2 percent and 1.5 percent respectively in
February, from the previous month, according
to data by SRX. Not only so, rental volumes
have fallen by 25.8 percent from the 3,487
units in January to 2,586 units in February.
Ong Kah Seng reasoned that the fall in
demand for private residential properties
could have been because of the festivities in
February.
(Source: Business Times)
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F e b c o n d o r e s a l e p r i c e s t a g n a t e s d u e t o
p o o r m a r k et s e n t i m e n t s
According to data from SRX, resale prices of
condominiums and other private apartments
have remained flat in February from the
previous month. Mohamed Ismail from
PropNex believes that the lack of urgency to
buy has resulted in unchanging resale prices.
Not only so, sellers have been unwilling to let
it go at a lower price. He believes that if cooling measures are lifted, public‟s
sentiments may improve and thus lead to an
improvement in the housing market.
According to data by SRX, about 321 non-
landed private homes changed hands in
February. This was 6.7 percent less than the344 units that were resold in January. Not
only so, the resale volume in February was
84.3 percent lower than Apirl 2010, when
resale volumes peaked at 2,050 units.
(Source: Business Times)
40% o f lau nc hed u nits at K in gs fo rd
Waterbay already sold
About 40 percent of the 320 launched units at
Kingsford Waterbay have been sold.
Residential units at the mixed-use
development have been sold from $1,050 psf
to $1,180 psf. Retail space that are between
431 and 452 sq ft have also been sold for
about $2,700 psf. Ong Kah Seng from R‟ST
Research said that the suburban leasehold‟s
competitive prices have helped to boost
interest in the project. The development has a
99 year lease and consists of 1,165
condominium units in total. Besides that, the
development also comprises of 6 strata
terrace houses, 2 strata semi-detached
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houses, a childcare centre and 6 shops.
According to the Business Times, two-
bedders and three-bedders have been
popular among buyers due to tighter credit
conditions. The implementation of the TotalDebt Servicing Ratio framework has made it
more difficult to finance homes, thus, buyers
may be more inclined to purchase smaller
units. Nonetheless, Kingsford Development
board chairman, Cui Zhengfeng believes that
sales for two-bedders and three-bedders
have been high because a majority of those
units faced the river.
(Source: Business Times)
GC B at R idout R d on sale f or $88 mil l ion
A good class bungalow at Ridout Road is on
sale and is expected to be sold for about $88
million or $1,200 psf. The bungalow has a
total of 73,277 sq ft and comprises of a two-
storey bungalow with two single-storey
outhouses. Ho Tian Lam from DTZ said that
the prime location of the space and its large
size will be the main draw for buyers. Under
the URA Master Plan 2014, the site is zonedfor residential use and is within Ridout Park.
The sales tender for the property will cease
on April 8.
(Source: Business Times)
K h a w : G o v t a i m s t o e a s e h o u s i n g m a r k e t
gradual ly
National Development Minister Khaw Boon
Wan said that the government is aiming to
ease the housing market gradually to avoid a
market crash. Previously, Foo Mee Har, West
Coast GRC Member of Parliament had
warned that cooling measures may be
overdone if the market continues to spiral
downwards.
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Lee Bee Wah also added that the Additional
Buyer Stamp Duty (ABSD) have contributed
to more Singaporeans investing in riskier
foreign properties. Lee had suggested that
the ABSD should be lifted so thatSingaporeans with spare cash can invest in
local properties instead. On the other hand,
Khaw said that HDB resale prices have
increased by 87 percent from 2005 to 2014.
Khaw added that he would look into
shortening lease tenures in some BTOprojects to cater to different needs. He also
said that the ministry may consider increasing
the $10,000 HDB income ceiling as couples
are marrying later and income levels are
increasing.
(Source: Business Times)
N o r t h P a r k R e s i d en c e s w i l l b e l a u n c h e d a t
t he end of March
North Park Residences which is located at
Yishun is slated to be released at the end of
this Month. The project consists of 920 units
that are targeted at both investors and owner-
occupiers. North Park Residences is part of
Northpoint City, an integrated development
that will be completed in 2018. Northpoint City
is expected to be home to more than 500
retail and F&B outlets. Not only so, the
residential project is located near to amenities
such as the Khoo Teck Puat Hospital.
According to market experts, integrated
residential developments like North Park
Residences are expected to yield higher psf pricing than pure residential projects.
(Source: Business Times)
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Lease inf r ingement bi l l has been t abled
A new bill that proposes to vary the quantum
penalties that the HDB may impose on lease
infringement cases has been tabled.
Currently, flat owners who have been found to
engage in unauthorised subletting, will be
fined 15 percent of the flat‟s price. However, if
the new bill is passed, the penalty will be
capped at $50,000. The new bill suggests
that according to the severity of the lease
infringement case, flat owners may deserve a
higher penalty. According to the Business
Times, this bill will give HDB officers more
powers in investigating lease infringement
cases, as they will be allowed to enter
premises with a warrant.(Source: Business Times)
J u r o n g W e s t s i t e w o n f o r $ 6 30 .1 3 p s f p p r
A Jurong West site has been won by MCL
Land for $630.13 psf ppr or $338.12 million.
This was 3.2 percent less than the top bid of
$651 psf ppr of its neighbouring parcel. Koh
Teck Chuan from MCL Land believes that as
the profile of Jurong is being elevated,demand for properties within the region will
increase. The breakeven cost for the project
is estimated to be about $1,000 psf and the
selling price is predicted to be around $1,300
psf according to market experts. The site at
Jurong West Street 41 is expected to yieldabout 600 units.
(Source: Business Times)
Commercial
2 S h o p h o u s e s a t P a g o d a S t s o l d f o r $ 2 0 m
in t ot al
A pair of shophouses at Pagoda Street has
been sold for $20 million or $3,500 psf. The
total built-up area is estimated to be about
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5,700 sq ft. Market experts said that the
shophouses have been sold for a relatively
high price. The shophouses are located near
Chinatown MRT station and have a 999-year
leasehold tenure from 1875. Currently, theground floors of the shophouses are leased to
a souvenir shop and a café. Mary Sai from
Knight Frank said that the high-price
transaction is not expected as owners of
freehold shophouses at Chinatown, Boat
Quay and Telok Ayer are expecting about$3,000 psf on built-up area.
(Source: Business Times)
M o r e t h a n 1 0 0 s t r a t a t i t l e d o f f i c e s w i l l b e
launch ed at GSH Plaza
More than 100 strata titled office units will be
launched for sale at GSH Plaza. GSH Plaza,
which was formerly known as Equity Plaza,
consists of 28 storeys. Located at the Central
Business District, the building has 259 strata
office units in total. Not only so, the building
has two floors of retail space. The building will
also be undergoing massive refurbishment.
(Source: Business Times)
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Non-Landed Residential Resale Property Transactions for the Week of Feb 25 – Mar 3
NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore Land Authority.Typically, caveats are lodged at least 2-3 weeks after a purchasersigns an OTP, hence the lagged nature of the data.
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
4 THE INTERLACE 1,873 2,450,000 1,308 994 THE INTERLACE 1,873 2,444,000 1,305 99
5 THE ROCHESTER 1,948 2,600,000 1,335 99
5 BLUE HORIZON 1,475 1,360,000 922 99
5 WEST BAY CONDOMINIUM 893 750,000 839 99
7 SUNSHINE PLAZA 764 1,000,000 1,308 99
8 PRISTINE HEIGHTS 1,356 1,668,000 1,230 FH
9 URBAN RESORT CONDOMINIUM 2,530 5,639,000 2,229 FH
9 THE VERMONT ON CAIRNHILL 1,335 2,650,000 1,985 FH
10 BELMOND GREEN 1,335 2,300,000 1,723 FH10 SOMMERVILLE PARK 1,948 2,700,000 1,386 FH
10 VALLEY PARK 753 1,020,000 1,354 999
10 ROYALVILLE 2,174 2,600,000 1,196 FH
10 SYLVAN LODGE 1,496 1,680,000 1,123 FH
11 L'VIV 1,001 2,068,000 2,066 FH
11 AMARYLLIS VILLE 1,259 1,920,000 1,525 99
11 APLETON VIEW 1,055 1,535,000 1,455 FH
11 MONTEBLEU 2,895 2,950,000 1,019 FH
12 THE VERVE 603 820,000 1,360 FH
14 CITY PLAZA 1,615 1,400,000 867 FH
15 D'ECOSIA 538 800,000 1,486 FH
15 ONE AMBER 1,453 1,945,000 1,338 FH
15 SPRING @ KATONG 1,119 1,380,000 1,233 FH
15 GALAXY TOWERS 1,421 1,380,000 971 FH
Postal
DistrictProject Name
Area
(sqft)
Transacted
Price ($)
Price
($ psf)Tenure
15 LAGUNA PARK 1,615 1,400,000 867 9916 COSTA DEL SOL 1,227 1,650,000 1,345 99
16 COSTA DEL SOL 1,345 1,630,000 1,211 99
16 LAGUNA GREEN 1,023 1,050,000 1,027 99
16 COSTA DEL SOL 1,938 1,918,000 990 99
16 TANAMERA CREST 1,216 1,045,000 859 99
17 FERRARIA PARK CONDOMINIUM 1,216 1,130,000 929 FH
17 WATERCREST 1,324 1,080,000 816 999
18 ELIAS GREEN 1,615 940,000 582 99
18 TAMPINES COURT 1,711 915,000 535 10121 SYMPHONY HEIGHTS 1,216 1,168,000 960 FH
23 HAZEL PARK CONDOMINIUM 1,324 1,288,000 973 999
23 MI CASA 1,324 1,200,000 906 99
23 MERA WOODS 1,711 1,480,000 865 999
23 HAZEL PARK CONDOMINIUM 1,335 1,005,000 753 999
25 PARC ROSEWOOD 517 628,000 1,215 99
27 THE ESTUARY 1,119 1,100,000 983 99
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