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Apart from location, the next most important question on a home buyer’s mind is probably the tenure of the property.
There are generally two types of tenure in Singapore: Ninety-nine-year leasehold and freehold. For all practical purposes, the 999-year leasehold property is considered to be the same as freehold because the difference in their values is negligible and banks will not impose any loan limits.
The broad, leafy boulevards to the west of the Orchard Road shopping district have been relatively quiet compared to the bustling eastern end but change is in the wind.
The precinct - which stretches from Far East Shopping Centre to Tanglin Mall - is a fairly posh one, populated by wealthy expatriates in ageing luxury apartments and dotted with embassies. These upscale homes have seen limited sales activity in recent months given the downturn in the luxury market, note consultants, but the area could get a second wind if potential redevelopment plans take flight.
The catalyst could be the upcoming Orchard Boulevard MRT station on the Thomson Line, which is expected to be completed near Camden Medical Centre by the end of 2021.
"Many studies have shown the positive impact on prices for houses within proximity to new public transportation, most notably metro systems, tram, suburban railway and bus stations," according to the latest Knight Frank report on the impact of transport corridors and urban mass transit systems on house prices.
In Singapore, Stages 2 and 3 of the Downtown MRT Line have led to value enhancements of private non-landed residential developments around future stations.
Slew of high-end projects expected in the coming months
SUBURBAN condos have been driving sales in recent weeks but upmarket homes are poised to take centre stage with a series of launches coming up.
Wing Tai's The Crest off Alexandra Road and near the exclusive area of Jervois Road is expected to be launched soon.
Keppel Land's 99-year leasehold The Highline Residences in Kim Tian Road on the fringes of the city is also poised to go and is tipped to be popular.
Price decline observed across all segments.
According to the Urban Redevelopment Authority, prices of private residential properties decreased by 1.3% in 1st Quarter 2014, following the 0.9% decline in the previous quarter.
Prices of non-landed properties in the Core Central Region (CCR) declined by 1.1%, following the 2.1% decrease in the previous quarter.
In Outside Central Region (OCR), prices declined by 0.1%, following the 1.0% decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined 3.3%, after registering a marginal 0.4% increase in the previous quarter (see Annexes A-1, A-2 & A-62following a decrease of 1.0% in the previous quarter.
Rentals of private residential properties decreased by 0.7% in 1st Quarter 2014, greater than the 0.5% decline in 4th Quarter 2013. Prices of landed properties declined 0.7%,
Source: Singapore Business Review 25th April 2014
Next year's decline imminent, says Maybank.
According to Maybank Kim Eng, there are 5 indications that the Singapore residential market will turn in 2014 due mainly to the effects of thhe QE tapering, "culminating in an expected 10% decline in residential prices."
In Singapore, there are generally two types of tenure – freehold and 99-year leasehold. A 999-year lease is usually considered similar to freehold as its difference in value is negligible while banks are not expected to impose any loan limit even if the lease covers a few hundred years, revealed a report from OrangeTee Research.
Freehold property offers a few advantages to leasehold, such as a slower pace of depreciation, higher en bloc potential and no restrictions on using CPF for house purchases.
THE question of whether to own freehold or leasehold property seems a perennial one, with pros and cons shifting with market cycles and new trends. Here, we examine the issue from the perspective of both a home owner and investor, and see how both tenures perform in rising and falling markets as well as in collective sales.
The chief attraction of 99-year leasehold property is that it is typically priced lower than a comparable freehold property. As a result, they are popular with HDB upgraders as entry-level private properties. Most mass-market homes are 99-year leasehold condominiums, with prices ranging from $500 per sq ft to $900 per sq ft. A typical family-size apartment could cost anything from $600,000 to $1.2 million.
