Colliers traces land openings by referencing patterns during SARS episode

To evaluate how Singapore’s land markets will be affected because of the progressing infection flare-up, Colliers International’s new research report references showcase execution during the SARS flare-up in 2003.

That year, Singapore’s financial development saw a 0.3% y-o-y withdrawal in Q2, at the tallness of the SARS flare-up. In any case, the economy bounced back in Q3 and Q4 of 2003 with separate development paces of 5.3% and 8.9% y-o-y. Gross domestic product development in 2003 was 4.5% however recuperated as the upswing proceeded in 2004, when Singapore’s GDP developed by 9.9%.

Singapore’s property advertise was on the decay preceding the SARS episode, however office rents were up by 3.5%, retail leases by 3.7% and mechanical rents moved by 1.5% before the finish of 2004.

Generally speaking land venture deals recouped to $3.2 billion inside the second 50% of 2003, a 29% expansion y-o-y.

Taking a gander at patterns in 2003, head of Research for Singapore at Colliers International Tricia Song says: “Expecting the Covid-19 flare-up shows its course to June this year, we gauge that specific property areas, for example, speculation deals and office renting, could see quick recuperation in the second 50% of 2020.”

Be that as it may, she alerts that with the ongoing spread of the infection past East Asia, there is an expanded chance of a negative situation where interruption perseveres into the second 50% of 2020.

Colliers Research keeps up its gauges for the different property divisions for the time being. It prescribes different property areas to quicken innovation selection, be it growing disconnected to-online procedures for retailers or receiving productive stock and last-mile the executives procedure for distribution centers.

HDB to Offer More 2 Bedroom BTOs by Guocoland

For the latest BTO Exercise that is launched for sale, HDB will offer more two-room Build-To-Order (BTO) flats in Tengah, Choa Chu Kang and Woodlands as more singles applied for a new BTO Flat given that singles are now eligible for purchase.

There was a new ruling that was introduced in 2013 whereby singles above 35 years old are allowed to purchase as first timer applicants. Before that, singles are only allowed to buy resale flats in the open market as restrictions are being placed on their purchase.

A total 15,700 singles have decided to apply for a new flat via BTO and based on statistics, a total of 7,700 have already collected keys to their new unit. There were also buyers who are over 55 years old close to retirement who buy the flats under the 2 room flexi scheme. HDB note that the scheme caters to singles, families and the eldery who are in need of a new flat and have been searching actively in the market. New flats tend to be cheaper compared to resale which explains the popularity of these new BTO flats which stands to benefit many of the residents applying. Less money is also needed on renovation and therefore BTOs tend to be more popular among home seekers as there is also a fresh 99 years lease for the glat.

HDB note that the ramping up of building of 2 room BTOs has saw the applicants to unit ratio dropping from 37.6 in 2013 to 2.4 in 2019. This was also due to the fact that the backlog of buyers have been satisfied over the course of the years. Demand remain robust and roughly around the same for applicants that choose a BTO or a resale.

Those who acquire a new flat prior to 11 September 2019 received up to $40,000 in housing grants comprising up to $20,000 in Special CPF Housing Grant and up to $20,000 in Additional Central Provident Fund (CPF) Housing Grant.

Capitaland to Relief Tenants with One Month Security Deposit

To ease cash flows for its tenants during the virus outbreak, CapitaLand announced today said it will release one month’s worth of security deposits to offset their rental payments for the month of March 2020. This is in response that there are lesser patrons to the malls by Capitaland given the new Covid-19 outbreak that is spreading everywhere in the world. This is on top of other potential rental relief measures it had announced last week in an effort to ease tenant’s cash flow that are hit hard by the virus. Many tenants will benefit from this including anchor tenants such as Food Junction as well as KouFu which are part of Capitaland’s tenants which have been in the malls since opening. Also, there might be relief from new launches such as Midtown Gardens which is located right at the heart of Bugis. Please see Midtown Gardens Register to know more about the development.

Measures from commercial real estate developers are addons to the sitmulus package that is already in place by the government such as tax rebates that are given to tenants. For tenants that upskill their workers during the infection period this time is also supported by the administration, CapitaLand likewise plans to offer preparing programs under its Biz+ Series of occupant engagement occasions. CapitaLand is set up to accomplish more should the circumstance decline. The gathering had likewise met agents from the Restaurant Association of Singapore (RAS) and Singapore Retailers Association (SRA) on Friday during a discourse meeting encouraged by Enterprise Singapore.

We encourage different landowners to take the general direction to CapitaLand and offer critical and prompt cost alleviation measures for their tenants. Just when all gatherings cooperate would we be able to spare employments during this troublesome time. SRA president R Dhinakaran likewise said he trusts different landowners will stick to this same pattern to help prop Singapore’s retail system up. Singapore’s retail part is confronting top difficulties and a large number of our individuals are confronting income issues. Therefore Capitaland is committed to introduce more relief measures for its occupants.

The Grange 4 Bedroom at Orchard Boulevard Available for Sale

Freehold developments tend to be highly sought after especially in the core city centre. When it comes to larger units that are near to the core city centre, this becomes even more attractive as well as it is rarely available and the units usually comes from well to do families whose prices are very firm. However, there is a unit that will be available for sale soon and the property has been repossessed by the High Court, who has appointed Colliers to auction it and put it out for sale. Most likely, this could be due to the fact that the owners have issues settling the loan and therefore are looking for a property agency to sell it and acheive the highest possible price. Please also see Midtown Gardens Developer which is Guocoland. Midtown Gardens is located next to Bugis MRT Station.

Located between Grange Road and Orchard Boulevard, the freehold condominium is within the orchard luxury residential enclave and is next to upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line. Nearby developments include 3 Orchard-By-The-Park, Cuscaden Reserve and One Tree Hill Collection which are fully sold as well. The residential nits around the Orchard Boulevard vicinity are highly sought after because of their proximity to the Orchard Road shopping belt and easy access via public transport. It is just one MRT Stop away to Orchard Road as well as Ion Orchard making it a very convenient place to stay at.

The Grange is a freehold development which completed in 2008 and is a 95 unit development with large 3 and 4 bedders that are ideal for family stay. The unit for sale was purchased for $3.76 million ($1,642 psf) in November 2005. Currently, the market valuation is around $6 million, based on transactions lodged last year and therefore the owner has made a tidy profit on the unit.

With Covid-19 being in place, the auction market should see more of such units becoming available as business owners face tougher economic environments to function and this mean that owners might be looking to sell their units finance more cash flow.