8 property-related subjects you may carry up or do throughout house-visiting for Chinese language New Yr

This Chinese language New Yr, three issues are sure: Mandarin oranges, ang pows (红包) and pineapple tarts.

From 22 January 2023 to the tip of its 15-day run – this Lunar New Yr celebration will see Singapore CNY celebrants sporting crimson and visiting as many homes as a property agent on a sunny day.

Whereas the above actions are sure, the kinds of conversations you’ll have throughout these visits aren’t.

So, right here’s an concept: because you’re visiting homes, and also you’re aware of the “property scene” (hey, you’re studying 99.co proper?), why not talk about these 8 property-related subjects amongst your grandparents, family members and cousins?

As a substitute of “when are you getting married?” and “when are you having kids?”, strive “homes are costly as of late” and “have you learnt how a lot your home is value?”

1. Be a wise ass and verify the estimated Property Worth of the home you’re visiting

Since you realize the postcode and deal with of the home you’re visiting, you are able to do an estimated verify on the worth of the home you’re visiting.

For instance, you may be visiting your great-grandmother’s outdated rental, solely to grasp everybody’s sitting on a “Huat ah!” gold mine.

All you should do is to go to 99.co Property Value Tool, enter the postcode, choose property kind (HDB, rental, and many others.), ground stage and unit. You’ll get an estimated worth of how a lot the property is value. We’ve even inserted a QR code right here so you may invite your family members to verify theirs.

Observe that the estimated worth derived from our Property Worth Device is predicated on machine studying fashions throughout time, location and property attributes. The algorithm often provides a lower than 2-3% deviation of the property worth from the ultimate transacted value (based mostly on previous transacted information).

Nevertheless, when shopping for and promoting the property, HDB or the monetary establishment approving the house mortgage would require an official valuation report. You’ll then want to interact one in all their really helpful valuers to supply the report.

Nonetheless, with the estimated property worth, your loved ones, family members and you may talk about methods to market and record the property (previous to participating an agent). If the home has perceived disadvantages, there are methods to deal with the unit’s strengths and discover a matching purchaser.

2. Lament about hovering rental costs (or the perks of being a landlord)

Everybody in Singapore is discussing hovering lease and when it’ll stabilise.

Because you’re home visiting, you can too broach the topic of discovering spare bedrooms and tenancy alternatives.

Perhaps you will have an abroad pal searching for work in Singapore and desires a spot to lease?

It positively pays when you might help your “pal” supply for a less expensive rental different out of your family members. Regardless of the case, conversations throughout home visits can revolve round rental costs or the potential rental worth of the home you’re visiting.

You can too use 99.co’s Property Worth Device to derive an estimated rental worth. Within the instance above, a 4-room HDB flat at Jurongville has an estimated resale worth of S$471k and an estimated rental worth of S$2,400 a month.

3. Discuss in regards to the US rates of interest and their affect on native banks’ mortgage charges

Throughout your home go to, you could be in a circle of uncles and granduncles who solely speak about CPF, monetary investments, politics, and that 5-million TOTO draw.

What higher approach to sneak into their dialog than speaking in regards to the latest lower-than-expected US Shopper Value Index (CPI) inflation price? In December 2022, US inflation was 6.5% (falling from November’s 7.1%). There’s a glimmer of hope, however time will inform.

Decrease inflation may even see the US Federal Reserve ease its rate of interest hikes.

This easing interprets to decrease prices for inter-bank lending, and that may spill over to shopper dwelling mortgage or mortgage rates of interest. Shopper dwelling mortgage charges, historically based mostly on SOR and SIBOR, will transition to SORA.

Right here’s a historic chart of SORA charges over the previous two weeks:

SORA Publication Date	SORA	Compound SORA – 1 month	Compound SORA – 3 month	Compound SORA – 6 month
04 Jan 2023	2.1567	2.5722	3.0166	2.5587
05 Jan 2023	2.4019	2.5201	3.0049	2.5621
06 Jan 2023	2.6482	2.4918	3.0008	2.5668
09 Jan 2023	3.1851	2.4715	2.998	2.5902
10 Jan 2023	3.7433	2.4912	3.0019	2.6002
11 Jan 2023	3.4177	2.5004	3.0074	2.6085
12 Jan 2023	3.2209	2.5032	3.0057	2.6156
13 Jan 2023	3.3641	2.5285	3.0115	2.6242
16 Jan 2023	3.8002	2.7011	3.0298	2.6554
17 Jan 2023	3.4653	2.7374	3.0328	2.6638

Discover the slight dip within the day by day price on 17 Jan 2023? Monitor that diligently. (Supply: Financial Authority of Singapore (MAS))

On account of hikes in rates of interest (and the ensuing mortgage charges), the federal government launched cooling measures on 30 September 2022 to make sure accountable borrowing amongst dwelling consumers and sellers. This contains the upper stress-test rates of interest for mortgage approval.

Hopefully, because the US CPI tendencies downwards by 2023, we’ll see a higher easing within the US rate of interest hikes and, decrease stress-test rates of interest after we refinance our dwelling loans this yr.

 

The subsequent HDB BTO train takes place in February 2023, so not too far off. In reality, you may even talk about this throughout your Reunion Dinners on 21 January 2023.

To be eligible for a BTO flat, an current home-owner should first promote his current home.

If it’s an HDB flat, she or he should full his/her Minimal Occupation Interval (MOP) and promote the flat inside 6 months of accumulating the keys to his/her new flat.

If it’s an EC, rental or landed home, she or he has to promote the property first and wait 30 months earlier than he/she will be able to apply for one. If the prevailing property is a brand new EC (the 5-year MOP applies). If it’s a resale EC or non-public property, then there’s Sellers’ Stamp Responsibility if bought inside 3 years.

The HDB BTO February 2023 estates cowl Jurong West, Kallang/Whampoa, Queenstown and Tengah:

	Jurong West	Kallang/ Whampoa	Queenstown	Tengah
Classification	Non-mature property	Mature property	Mature property	Non-mature property
Variety of models	270	1,770   Jalan Rajah: 500  Farrer Park Highway: 1,270	730	1,640
Flat varieties	3-room, 4-room	Jalan Rajah: 3-room, 4-room   Farrer Park Highway: 2-room Flexi, 3-room, 4-room	3-room, 4-room	2-room Flexi, 3-room, 4-room, 5-room
Estimated ready time	TBC	TBC	TBC	TBC
Estimated completion date	TBC	TBC	TBC	TBC

 This spherical, 5-room flats will solely be out there on the Tengah property (not like the HDB BTO November 2022 train, the place 5-rooms had been provided at Bukit Batok, Tengah and Yishun).

Throughout your dialog, you may talk about how some initiatives are close to MRT stations (eg. Jurong West, Queenstown and the Farrer Park BTOs). In reality, the Farrer Park BTO website will probably be distinctive due to its integration with sports activities services and proximity to the Picadilly Grand condominium.

5. Speak about resale condos close by that made massive income and losses in 2022

Should you’re visiting family members staying in condos within the OCR, CCR or RCR, this dialog matter may curiosity them.

We’ve lined a number of associated subjects:

As an example, you may discuss in regards to the 7,050-sqft rental unit in Reflections at Keppel Bay, which was bought for S$17.6m in September 2022. The sale netted the house owners a capital acquire of S$6.6m (60.2%), regardless of dwelling there for just one yr. 

Sure – a S$6.6m acquire after just one yr.

You can too steer the dialogue round holding intervals – is it higher to carry onto a property for X quantity of years and realise larger capital beneficial properties, or is it higher to promote it off early?

One instance contains the 19-year-holding vendor from Hillview Park (OCR), who purchased his 1,248 sqft unit for S$465k in 2003 and bought it for S$1.78m in 2022, seeing a 238% capital acquire (an annualised acquire of seven.19%).

Naturally, you might also wish to talk about the capital losers.

For instance, the proprietor of a 3,412-square-foot, 4-bedroom penthouse at Sentosa’s Marina Assortment suffered a capital lack of S$2.65m in November 2022. He purchased the unit for S$7.7m in Might 2010 and held it for 12.4 years earlier than promoting it for S$5.05m in November 2022. That’s a 34.42% capital loss, or -3.34% yearly.

Watch it, although – if the condominium you’re visiting is in the identical improvement as the same rental unit that was bought at a loss, you may wish to be respectful to the home-owner and never carry it up in any respect… (you may, nevertheless, verify 99.co Property Worth Device to see its value tendencies).

6. Speak about upcoming Authorities Land Gross sales close to the home

If the neighbourhood you’re visiting has been within the information recently (eg. en bloc/collective sale, or there’s an ongoing authorities land sale tender close by), it might make for some attention-grabbing conversations throughout your CNY home go to.

It might galvanise some speculative discuss as a result of because the housing provide within the space will increase, the worth of current homes might decelerate. Observe that we’re at the moment experiencing a glut within the housing provide.

A couple of new websites are earmarked for tender in H1 2023 (or there’s already an ongoing tender). Some tenders have already been accomplished, and challenge development is underway, just like the Lentor Property neighbourhood and Jalan Anak Bukit.

One of many extra attention-grabbing upcoming tenders is Jurong Lake District, a whopping 6.8-hectare website overlaying 100,000 sq. metres of business area. This website might ultimately hyperlink Jurong East MRT station with the Jurong Lake District MRT station, in order that’s an enormous challenge to comply with.

Location	Website space (ha)	Estimated no. of models, rooms, industrial area	Estimated launch date
Residential websites
Jalan Tembusu	2.05	840	March 2023
Tampines Avenue 62 (Parcel B) (EC)	2.80	700	March 2023
Lentor Central	1.47	475	April 2023
Champions Method	1.44	345	Might 2023
Media Circle	1.06	355, with 400 sqm of business area	June 2023
White websites
Marina Gardens Crescent	1.73	775, with 6,000 sqm of business area	June 2023
Jurong Lake District	6.80	600, with 100,000 sqm of business area	June 2023

Additionally, the Authorities Reserve Checklist has six residential websites, which embody two EC websites at Senja Shut and Tengah’s Plantation Shut. The Reserve Checklist reveals an inventory of land websites that may solely be launched for tender upon profitable utility by bidders.

Location	Website space (ha)	Estimated no. of models, rooms, industrial area	Estimated launch date
Residential websites
Pine Grove (Parcel B)	2.50	565	Out there
Clementi Avenue 1	1.34	500	Out there
Senja Shut (EC)	1.01	295	Out there
Lentor Gardens	2.06	500	April 2023
Lorong 1 Toa Payoh	1.55	765	Might 2023
Plantation Shut (EC)	2.01	560	June 2023
Industrial websites
Punggol Stroll	1.00	13,350 sqm of business area	Might 2023
White websites
Woodlands Avenue 2	2.75	440 models, with 78,000 sqm of business area	Out there
Lodge websites
River Valley Highway	1.02	530 rooms, with 2,000 sqm of business area	Out there

 

 

 

7. Look out of the home’s balcony, and use URA’s Grasp Plan to challenge upcoming developments close by

Right here’s one other approach to impress your family members (or a possible girlfriend/boyfriend/important different on the home).

You possibly can peer out of the home (eg. look out of the balcony or window), share your findings from the URA Grasp Plan and spotlight different developments being earmarked across the space.

On the Master Plan site, enter the postcode of the home you’re at, and also you’ll be capable to see what URA’s improvement plans are round it. Mild orange websites are residential, whereas the quantity denotes the ‘plot ratio’.

Relying on its land space measurement, the next plot ratio often means a a lot taller or denser improvement. This may increasingly have an effect on the prevailing property’s unblocked view sooner or later. You can too spotlight the varsity websites within the space (off-white land websites with E). This will probably be helpful if there are dad and mom within the group considering of shifting to a neighbourhood with extra education choices. It wouldn’t harm to speak in regards to the new home-school distance or use 99.co’s home search utilizing faculty proximity as a filter.

Maybe you realize of upcoming infrastructural upgrades within the neighborhood, resembling a brand new MRT community (eg. Cross-Island Line, Thomson-East Coast Line), transport hub or shopping center. These often enhance the worth of the property you’re at (and make your host completely satisfied).

8. Specific shock (or pleasure) over latest record-breaking HDB resale flats, new rental and govt condominium (EC) launches

Final however not least, there’s a excessive chance this CNY’s dialog themes will revolve round record-breaking million-dollar HDB resale flats or sold-out condos and ECs. We’ve lined fairly just a few right here:

June 2022: Million-dollar 4-room HDB resale flats: What, The place, Why and When?

July 2022: New all-time excessive HDB resale: 5-room HDB in Dawson bought for S$1.418 million

September 2022: First million-dollar HDB resale flats bought in Tampines and Punggol

October 2022: 9 HDB resale and seven condos which broke all-time-high information earlier than and after the September 30 cooling measure

October 2022: 1,001-sqft Pinnacle@Duxton flat bought for S$1.37m at report S$1,369 psf – most costly 4-room HDB resale in Singapore

October 2022: 1,679-sqft penthouse at Copen Grand bought for S$2.173m, a report for brand new launch ECs

October 2022: Multi-generation HDB resale flat at 666 Yishun Avenue 4 bought for a report S$1.063m

October 2022: Practically all ECs resold previously 15 years made a revenue averaging S$300k

November 2022: File costs set by just lately MOP-ed BTO flats: 732 sq ft Ang Mo Kio flat bought for S$710k

November 2022: Just lately MOP-ed 5-room HDB resale flat at Sembawang bought for report S$745k

December 2022: December 2022 information: 5-room DBSS in Jurong West bought for S$858k, 2-room HDB in Choa Chu Kang bought for S$318k

December 2022: File-breaking HDB resale maisonettes: Toh Yi Drive flat bought for S$1.3m, Jurong East flat bought for S$1m

January 2023: Tenet EC is 93.2% bought so far, paves the best way for different new launch ECs

Should you’re visiting somebody’s HDB neighbourhood with a historical past of million-dollar flat gross sales, you may:

• Examine the estimated Property Worth of the home
• Take a look at the sale of different comparable models bought throughout the challenge
• Discuss in regards to the million-dollar gross sales within the neighbourhood

 

If it’s an EC, you may speak about upcoming EC initiatives or how practically all ECs resold over the previous 15 years made common income of S$300k every. If it’s a rental, you may talk about new launches, like Sceneca Residence, Enchante, Lentor Trendy or upcoming ones we’ve listed right here.

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We hope no matter conversations you will have or present to your family members and associates this Chinese language New Yr, they’re crammed with hope, optimism, reflection and prosperity. 

From all of us at 99.co, right here’s wishing all our readers, supporters and associates a joyous and affluent Lunar New Yr on this Yr of the Rabbit. Huat ah!

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Should you discovered this text useful, 99.co recommends 5 challenges you’ll face when viewing properties round CNY and Spring cleansing hacks to impress family members with throughout Chinese language New Yr.