Singapore Property Home Prices Decline 3% from Previous Year

Prices of non-landed private homes in Singapore fell by 3.1 percent in the first three months of 2016 compared to Q1 2015, revealed Knight Frank’s latest Global House Price Index.

The index, which compares the functionality of 55 home markets, ranked the city state among the worst-performing states, in 51st place.

“ Price growth is being restrained by A blend of slow economic growth, regulatory measures and new supply,” said Knight Frank.

Internationally, the index grew by 3.4 percent on average in the 12 months to March 2016.

Turkey, which leads the positions for the fourth consecutive quarter, has seen its rate of annual growth decline from 18 percent quarter-on-quarter to 15 percent, due to security concerns, Russian sanctions and mounting pressures on the lira curtailing investment, said Knight Frank.

Meanwhile, Ukraine remains the world’s feeblest performing market, with prices in Q1 dropping by 10.5 percent from a year ago.

Developer Upset Over Drone Intrusion

The operation of drones in Singapore is in the limelight after an alleged incident involving one flying into the building site of a recently established condominium in Redhill, raising protection issues and serious safety.

A source with knowledge of the problem told PropertyGuru that the drone flew into the website after a buyer requested to see what the view would be like from the future flat and allegedly got cold feet.

The project’s developer is taking the issue seriously, which might lead to the property bureau involved being fired and is understood to know about the event. When contacted, a representative for the developer would neither affirm nor deny if the event happened.

In Singapore, using drones to shoot aerial photos is a normal practice among developers using it as a promotion tool to help sell units on higher floors offering panoramic views of the sea or city skyline.

This latest episode is considered to be the first in Singapore linked to a condominium, and comes after laws on using drones here took effect in June 2015.

Between May 2015 and April 2014, there were 20 episodes including drones, said then-Transportation Minister Lui Tuck Yew in Parliament. These comprised drones dropping onto MRT courses in two different cases in 2015.

Present regulations concerning using unmanned aircraft, including drones, fall under the Civil Aviation Authority of Singapore (CAAS). Their web site lists down strict standards for operators including flying drones a safe space away from property and individuals.

Despite the safety features in some unmanned aircraft, mechanical malfunction, human error could happen and cause operators to lose control of their aircraft in flight or loss of management link,” the CAAS said.

“This may bring about the unmanned aircraft colliding with a manned aircraft or another unmanned aircraft, or hitting against individuals and property on the earth, possibly causing damage and harm.”

Gregory Vijayendran, Associate, Commercial Litigation at law firm Rajah & Tann, described that licenses must run drones in the promotion of property, like for company functions.

“Civil claims under private law would clearly contain the tort of trespass to property.

The property agency that used as “the bureau could be responsible for the representative’s action of neglect, nuisance or trespass ” the broker could also land itself in hot soup, noted Vijayendran.

He added that more can be done to prepare drone operators here. “Singaporeans must realise that laws besides gravitation can sink the use of drones. The possible invasive and intrusive nature of drones have to be correctly handled by operators to prevent civil accountability and criminal responsibility.”

Programmer’s map blunder sparks row with Indonesia

mapFollowing a Singapore-based developer’s map blunder, which gave the erroneous belief that Indonesia’s Pulau Manis isles are part of the city state, Jakarta declared on Wednesday (1 June) that the problem has been solved.

“The error was corrected said Indonesian Foreign Ministry spokesman Arrmanatha Nasir, reported TODAYonline.

Based on the developer, the first map posted on its web site was meant to reveal the resort is near the city state, or a ferry ride of approximately 16km. “We don’t have any intent to declare or indicate that it belongs to Singapore.” The place’s colour has since altered to red to reveal that it’s part of Indonesia.

On the other hand, the diplomatic row prompted the Indonesian armed forces by putting their state’s flag on the highest point of one of the isles to maintain their sovereignty over Pulau Manis.

Pulau Manis, now being promoted by the developer as Funtasy Island, is touted as the area’s largest eco park resort. The 328ha development will feature dolphin lagoon villas, beach club and a theme park.