Category Archives: Property Market

More En Bloc To Happen in Year 2017

raintree-garden-en-bloc

Successful En bloc

Raintree Gardens was among the successful en bloc properties this year.
Market watchers anticipate more residential properties to go en bloc following the success of three collective sales this year, in 2017, reported The Business Times.

More To Come

“Next year, I anticipate more — and a broader variety of — offerings in the marketplace, mostly of small- and medium-sized en blocs, which ought to find takers among developers that are eager to really have a new project to work on, so long as they’re sensibly priced,” said JLL International Director and Head of Residential Karamjit Singh. And not forgetting that there will be also new launches in 2017 like Grandeur Park Residences By CEL, Frasers @ Siglap, Inz Residences EC by Qing Jian etc…

Development in progress

Singh credited this year’s pickup in en bloc prices to development website deficit, retrieval of residential outlook from negative to neutral- the realistic pricing, along with positive and powerful aspects of en bloc websites offered.

Committee Formed

The collective sale committee (CSC) for Lakeside Towers in Jurong, for example, has invited seven legal businesses and 14 property consultancies to submit suggestions for consultancy services to carry out the en bloc sale procedure. The CSC is currently going through the bid entries, after which an en bloc sale deal will be drafted by them using a reservation price.

“We reckon that $250 million to $300 million in bid cost ought to not be uncomfortable to an individual developer,” said the CSC chairman Simon Lee.

Jobs anticipated to take the en bloc course by Q1 2017 contain the 12-unit Villa D’Este on Dalvey Road in prime District 10, and Cairnhill Mansions in District 9.

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.”