The Property Runway

666 Yishun Record Breaking Sale

TPRmarketing — Fri, 05 Apr 2024 07:16:25 +0000

Record Breaking Sale At 666 Yishun Jumbo HDB Flat

At $1.2 Million Dollars, we have broken the previous record set for a HDB unit in Yishun by more than $100,000.

We are proud to be able to be part of this journey with the sellers and are really grateful for their trust in us to be able to achieve this historic pricing for them.

How It All Began

Back in late 2023, we received a phone call from one of the residents who was interested in selling their jumbo flat in Yishun. And the very reason they contacted us was because of our previous record sale for one of his neighbours in the same block back in 2022. While excited, we understood that there were some challenges – the last done transactions and the restriction on private property owners buying HDBs.

In September 2022, HDB introduced a 15-month wait out period for private homeowners before they could purchase a Resale HDB. This move was aimed to reduce the amount of buyers downgrading from landed or large private properties to the HDB market. This type of buyers are usually cash rich and could afford levels of COV ( Cash over valuation ) that most HDB upgraders could not afford.

With that in mind, we went for the meeting with the owners, with jitters in our stomachs.

A Unique Home That Captured Our Hearts

From the moment we stepped into the house, it blew our minds.

It was meticulously designed with a timeless monochrome theme while maintaining a soft touch of a home. Moreover, the owners did not create multiple rooms, they went for an open concept. The spaciousness of the unit can be felt from the moment you step in.

Watch our Signature Home Tour to fully appreciate the beauty of the place.

Overcoming The Challenges

While it truly was a unique home, we still had to make sure that we bring out the best in it. We ran through what was required to really be able to showcase their home to the right audience, and the seller was all aboard!

First up, staging and styling.

We had to make sure that all the furniture had its place in the house, and we moved one of the day beds that was originally in the living room into the play room. This further emphasised the spaciousness of the living area.

The area leading into the master bedroom was also cleared off to deliberately put the focus of that area towards the bookshelves which was the highlight of the space.

Full On Marketing

With everything in place, we began to plan a comprehensive marketing strategy with the complete Signature Package that we always provide. Video Home Showcase, 360 Immersive Home Tours and Professional Photography were arranged. We took nearly 6 hours to complete the Home Tour Video just to find the best parts of the home to highlight. We had garnered more than 36,000 views from our Youtube home tour alone. See it again here!

We believe a home does not sell no matter how nice or unique your home may look. You will need someone to align it with what the buyer truly needs. We strategised every showing ( with great efforts from the seller! ), to keep it in tip top shape and walk through the house carefully with every single group of buyers to understand their needs and find the right match.

How We Closed

After close to 2 months and having shown the house to more than 10 groups of prospective buyers. We came down to the final 3 who expressed interest in making an offer for the house. These groups were prepared and they understood that they will be making an offer higher than the last record. We knew that we have succeeded at this point in getting the new record price, but we didn’t want to just stop here.

After assessing all the groups of buyers and confirming their readiness, we advised our client to go into a closed bidding as this was an advantageous scenario for the sellers. This was also fair for all the groups of buyers as they would put in their best offers knowing that there is only 1 chance for them. We also set a cut off time for the bids so they would not have to worry about us not honouring their offers. Eventually, out of 3 record breaking offers, we presented $1.2 million dollars to our sellers.

In Conclusion, Happy Sellers Happy Buyers

Sellers were ecstatic to achieve their dream price. Buyers were elated to get the home of their dreams, with the renovations done to their liking, enabling time saving and cost savings.

For us, we are joyful to be able to break the record price once again together with the faith and trust of our client.

We strongly believe that with the right marketing, staging and styling to craft out the identity of the unit, every home can be presented at its best to achieve the potential that it can rightfully be.

If you want to achieve the best potential for your property, reach out to us, let us create the next high together.

Chuan Park Review

TPRmarketing — Mon, 25 Mar 2024 13:23:28 +0000

The Chuan Park Review

The Star Of Serangoon

Every neighbourhood has a star project, one that commands the most attention, with high volume of interest, good transaction volume and good rentability.

Bishan has Sky Vue (Surprisingly not Sky Habitat), Jurong has Jgateway (for now), Pasir Ris has Coco Palms…

Here’s what we will boldly predict – The Chuan Park has an extremely high potential to be that Star project in the heart of Serangoon. See here for project info.

Let us dissect the reasons why.

1. Next to the MRT

Lorong Chuan MRT Station is sandwiched between two major hubs – Bishan and Serangoon MRT intersection, both which has 2 MRT lines. What’s more, the circle line is well, going to be a circle soon, enabling residents to navigate Singapore very easily.

But being situated next to MRT is not the ONLY basis to be the Star Property of a neighbourhood.

2. Land Size

The beautiful thing about Lorong Chuan, is that there is not much land in the area as massive as this. This is the largest piece of land possible to enbloc at 400,000sqf of land.

Chiltern Park is a close second at 377,682sqf. If Chiltern Park ever enblocs, it will be quite lovely since there are 2 major sides of the condo that would face a gorgeous unblocked view of the landed estate. Unfortunately (or fortunately for the residents of Chiltern park), they have just invested into upgrading their estate, so let us throw that Enbloc potential card out of the window.

So until perhaps another decade, Chuan Park will be the shining star in the area and therefore present a huge potential in this enclave.

3. Developers ( MCC Land & Kingsford )

MCC Land and Kingsford Group were the masterminds behind Normanton Park. Here’s how the compound looks like. If anyone is going to create something amazing, I will put my money on them, having seen units in Normanton Park. Normanton Park TOPed in 2023, and by the reviews has proven to be a project that is well designed and fitted with good finishing. Transactions are strong and rentals have been steady.

4. Layouts

Which brings us to our next point. Layouts by Kingsford and MCC land. Here’s some sample of their floor plans. Their sizes and layouts have always been very practical and clever. If they remain consistent, we remain very hopeful as well!

And in case you are concerned about competition nearby, here’s how a 3 bedroom layout in Bishan Sky Vue looks like, and Serangoon’s Forest Woods.

As you can see from the floor plans, the common rooms are rather small in Sky Vue, and both condos also come with the additional balcony at the master bedroom, which are under utilised in most cases.

Having a better layout than appeals to a wider crowd will prove to be a huge advantage when it comes time to exit as it will always be favoured over less optimised layouts.

5. Schools

In Singapore, we cannot run away from schools. Parents will go to great lengths to get their children into popular schools. In fact, developments that are in the vicinity of good primary schools that are preferred by parents have proven to command large price premiums versus developments that are not within the school zone. A study has been done by NUS on this to show how a school can have an impact on properties prices in its vicinity. Click here to see the article on the study.

And within within 1km, there are

St Gabriel’s Primary

CHIJ Our Lady Of Good Counsel

Yangzheng Primary

Kuo Chuan Presbyterian (*certain blocks only)

Zhonghua Primary (*certain blocks only)

Australian International School

French International School

Stanford American International School

Need we say more?

6. Pool of Future Buyers

Where will the future buyers and tenants come from? With the same considerations as stated above, The Chuan Park will become a hot favourite once it TOP in 2027 to 2028. The closest competitor would already be close to 15 years old vs a completely brand new development.

You will find strong demand from parents of both local and international schools nearby, teachers/ instructors at those schools will likely make up a good pool of tenants.

Professionals working in CBD and town area will also find this location a draw due to its vicinity to the MRT station and the well connected circle line. It is centrally located and all the key places is going to be within a 30 mins commute away. 8 MRT stops away we have One North Business District and the CBD, 5 stops away we have the Paya Lebar and Bartley Business District, interchanges to all the different lines are all within 5 mrt stops.

Not forgetting the current home owners in the area. Chuan Park is surrounded by landed estates and numerous condos which are much older. Second generation owners who wish to stay near their parents but want a modern and new condo to go into will definitely be only looking at The Chuan Park. Owners who wants to right size will also find this to be the most ideal choice in the location.

7. True Competition

But but but, there are many other properties in the area, why would the buyers or tenants choose this property? It IS the newest Condominium in the area.

In terms of facilities wise, it will definitely be the best with multiple pools, a sizable gym, lovely gardens and likely tennis courts.

In terms of size wise of individual units, it will be catered to the new audiences who favour functional sizes vs large units.

However, based on PSF wise, comparing it to the nearest resale projects – The Chuan and Scala, the PSF gap will not be that wide with the resale units already hitting $2,000 PSF.

For buyers who need to move urgently, The Chuan and Scala are currently the more popular projects in the area.

For those who are able to wait, The Chuan park can be considered seriously as a home or investment.

Final Verdict

With clients, friends and family asking us about The Chuan Park since last year, we have no doubts this will be a blockbuster.

So what can you do?

(1) Contact us to secure an early bird VIP private preview slot.

(2) Check if any of your siblings or family members are interested to purchase, because you MAY be able to get priority queue if two of you buy a unit each. We call this a Bulk Purchase, and the best part is being able to pick units before the general public does.

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Real Estate 2024 – Is this the year the Property Market in Singapore will soar or fall?

TPRmarketing — Tue, 16 Jan 2024 01:59:09 +0000

Happy New Year everyone! Hope you had a good start to the new year! It is about to get better, depending on where you are at in your property journey.

To know where we are going, we must first know where we are at.

Let’s get started on where the Property Market is in Singapore as of today!

Private Property Growth 2023

First off, the Private Property market has grown significantly over the past 3 years since 202. Almost all the segments across the board have blossomed by over 30%, with the exception of the Core Central Region ( CCR ), which grew only 10.7%. However, in the context of a S$1 million OCR property versus a 10.7% for a S$4 million CCR property, the numbers are still pretty impressive.

The Outside Central Region ( OCR ) private properties have seen the sharpest increase, and not only that, it had grown the most in 2023, whereas other regions have already started to slow down.

But why? As property prices surge, buyers are priced out of central regions and they started expanding outwards towards the OCR neighbourhoods. There is a beautiful dance, a cycle in which the real estate market performs.

Those who have bought in areas such as Pasir Ris, will start to see the prices surge in the 2nd Half of 2023, enabling early movers to enjoy a good profit in a shorter span of time.

Here’s a little example of the price growth for a well-located condominium in Tanah Merah.

The other factor is likely to be spurred by the HDB upgraders who took the opportunity to upgrade with their increased profits from 2020 to 2022. Many families are also upgrading quickly for bigger spaces or simply to reposition their assets better.

Looking at the quarterly growth, OCR does not seem to be slowing down by much towards the end of the year with growth still registering over 4% in the last quarter. Is this trend likely to continue into 2024?

The Landed segment has also seen great growth, especially in 2021 and a gentler growth in 2023.

Our Predictions for 2024

The price growth might slow down further this year but we are unlikely to see a steep drop in prices. (Sorry to disappoint those of you looking for a bargain!)

Instead, re-focus your energies to look for pockets of opportunities in the market. Last year, we managed to help some of our buyers lock in before the price surge, so straight up, they enjoyed $100k to $200k appreciation for private properties valued between $1m to $1.5m.

This year, you can capture the last wave in OCR (where the price gap is closing fast between New Launches and Resales Properties). The price cycle is likely to restart again in the CCR later down the year.

We also foresee more buyers returning to the market once interest rate declines later this year.

This is because as interest rates decrease, current homeowners can choose to refinance and stay put if they cannot fetch a good price for their property. It is also unlikely for them to lower their selling price as the replacement cost of their property will likely be higher as well.

HDB Growth 2023

In the HDB Market, growth is adjusting back to the pace before the pandemic – at 2-3% per year. Of course this growth percentage depends on the location of the HDB flats, since prime areas tend to enjoy greater growth.

With the announcement of the Plus and Prime category of HDB flats replacing the mature and non-mature estate categorisation, current HDB estates that share similar location with these future Plus and Prime estates become even more sought after.

For buyers of the resale HDBs in these areas, they get to enjoy the advantage of having only a 5 year MOP period and no restrictions of income ceiling during resale. So owners of these HDBs will see continued growth and demand for their flats, at least for the next 8 years.

Furthermore, the growth that we have seen in the past 2-3 years are spurred on first by the significant increase in the amount of grants given to resale HDB home buyers to encourage the purchase of resale HDB.

This is very much in line with the government plan to encourage home ownership and family planning without having to wait years for a BTO.

In 2023, HDB also rolled out more BTOs along with shorter wait times. Resale demand then began to taper off. The continual drop in quarterly growth in 2023 have also signal the return of interest towards BTO.

Our Predictions for 2024

Resale HDB prices will grow more gradually, except for those within the Prime and Plus areas.

After February, however, a cooling period of 15 months for Private Home Sellers would end. Rolled out in September 2021, private sellers at that point would have to wait out 15 months before they can get a 5 Room Resale HDB or larger.

So we expect to see more Executive Maisonette, Executive apartments and Jumbo Flats hitting the million dollar mark as the Private sellers re-enter the market after the cooling period of 15 Months is fulfilled.

So if you are looking to upsize, our recommendation is for you to get started as soon as you can, to avoid the battle with the ex-private home owners.

On the other hand, if you are aspiring to own a private property in the future, take action in the early half of the year.

As the larger HDB prices increases, more buyers may consider switching to private properties instead, creating more competition for you. Also, no matter how well these HDB flats will perform now, they will still pale in comparison with private properties in terms of growth and demand in the long run.

Still unsure of what you should do? Here’s some tips.

What should you do in 2024?

We always believe in starting early. Whether or not you take action now or tomorrow depends very much on your aspiration, priorities and financial planning.

1. Aspiration

Do you aspire to move into a private property or potentially own multiple properties as a way of building your wealth and legacy?

Think in terms of 5 years, 10 years and 20 years. Where do you hope to be?

2. Priorities

What priorities do you have at this junction?

3. Financial Planning

Considering the above 2, what numbers can you work with, to move towards your goals?

In case you are unsure, don’t do it alone, reach out to our team here.

Navigating Your TOP Property: A Guide For New Owners Key Collection

Diana Teow — Tue, 07 Nov 2023 02:35:46 +0000

Congratulations!

You are embarking on an exciting journey as a homeowner and property investor! As you begin the process of officially collecting your keys, there may be some uncertainty about the TOP process and what are the steps to your key collection. Fear not, our goal here is to guide you through the process and make it seamless and stress-free for you.

In this article, let us explore the ins and outs of navigating your brand-new property and help you feel confident in your ownership. Let’s get started!

5 KEY STEPS TO KEY COLLECTION

1 – The Law Firm Will Notify You On Payment & Key Collection

If you have not already received the email or letter from your law firm informing you about the key collection, this is the usual process you will go through.

Your Law Firm will receive from the Developer’s Law Firm a notice of T.O.P., which states that the development is now ready to be occupied and you can begin to arrange for key collection.
Your Law Firm will then forward the notice to you along with the steps that you have to perform.
You will need to make 3 payments at this stage, the surveyor’s fee, the six-month upfront maintenance fee and the 25% payment to the developer upon T.O.P.

Once the payment has been made, you will be able to arrange an appointment with the developer to collect the keys to your new unit!

2 – Book a Key Collection Appointment

Some developers will arrange for you to book an appointment for key collection using an app, and others might allow you to make an appointment by emailing the admin in charge or just by a phone call.

Whichever the process, you will be able to book the earliest appointment for key collection.

If you happen to be travelling during the key collection period, you can also authorise another person to collect the keys on your behalf. There will be an authorisation form that can be filled out to authorise the person who will collect the keys on your behalf.

Make sure however to inform the developer beforehand that you are authorising another person to collect the keys on your behalf, you will need to prepare certain documents to collect the keys too.

3 – Prepare The Documents Needed For Key Collection!

These are the Usual Documents Required:

Notice of T.O.P. from the developer’s Lawfirm ( Emailed to you from your Lawfirm )
Key collection appointment booking confirmation
Original NRIC or Passport
Copy of Vehicle Log Card and IU number ( To register your vehicle for entry )

If your representative is collecting the keys on your behalf, some other documents might include:

Original letter of authorisation signed by you
Copy of your NRIC or passport
Representative’s NRIC or passport
Power of Attorney ( If Applicable )

Different developers might request different documents, so it is best to check the letters you received from the developer on the exact documents needed!

4 – Apply For Utilities

Go to SP services website or download their mobile app if you have not.

Open a new utility account and book the turn-on appointment on the same day as your key collection, but an hour later so you will have time to be there to open the door.

The appointment dates are usually available 10-14 days in advance, so make sure you time it together with your key collection. If your key collection is too early, you might not be able to get an appointment on the same day.

5 – Book A Defects Specialist

Lastly, get a defects specialist to come down to check on the unit. We recommend hiring a vendor as they have special tools to check things such as the evenness of the ground and the hollowness in the walls.

Their inspection covers areas which are accessible and include:

Plumbing, sanitary and drainage including water ponding
Electrical points and appliances
Aircon system
Floor, walls, ceilings, including water seepage, lippage, unevenness
Tile hollowness and floor delamination
Doors, windows, fixtures and fittings check for installation, functionality and general build quality
Carpentry works
Structural integrity and problems
General cosmetic defects and alignment issues

You can also choose to do the defects check on your own too!

You would want to do this as soon as possible as the developer will only have a small workforce to rectify defects. It will usually take around 3 weeks to 1 month to rectify all the defects, depending on the severity of it.

The earlier you do it, the earlier they can rectify it for you.

But do take note that some defects might take longer to rectify as there may be a shortage of parts and materials. For example, glass panels might take longer to arrive as some developers order the materials from another country.

Finally, get your pineapple ready for your key collection day!

PRO TIP!

To save you from making multiple trips down, choose a date and time whereby you can do all these at the same time – Key Collection, SP Services as well as Defects Specialist.

Here’s a sample of our client’s scheduling, so she only had to make ONE trip down

2 pm – Key Collection Appointment
3 pm – SP Services Arrives To Open Utility (Owner / Power Of Attorney must be around)
3.30 pm – Defects Specialist Arrives

Key collection day!

You would have received instructions from the developer about where the key collection is taking place.

Usually, it will be in the function rooms of the development.

If not, you can always follow the signs and directions that will be at the entrance or in the car park to the Key Collection Room!

Bring along all the documents that are required for your key collection.

Once there, you will be greeted by a representative from the developer. They will go through with you the entire set of keys for your unit, the warranty for the appliances and how to register for them and also a manual for your unit.

The manual will include all the structural drawings and floor plans and the user manual for the appliances.

It might also include some application forms to apply for parking labels and registration of your phone number for the telephony system if your property has it.

They will also go through the defects inspection and reporting process and provide you with the method to contact their team for it.

After Key Collection

Now is the time to head to your unit!

Before stepping into the unit, roll the pineapple to bless your new property! Congratulations once again! Take a moment to enjoy and relish this moment!

By the way, if you have arranged for your utilities to be turned on, this is when you will meet the technician who will help to turn on the supply for you.

When the power & water supply is switched on, your defects team will be able to do a thorough check of the unit and report the defects to the developer’s team on your behalf.

In The Weeks to Come

Other than dropping by often to admire your new home and perhaps use the facilities, keep in mind to follow up with the defects team to quickly finish up the inspection and rectification works.

Do not be surprised to see a ton of post-its everywhere as the defect specialist can point out even the smallest of scratches on the laminates.

It might take a while to finish the work depending on the number of defects and the earlier you finish, the earlier you can start your renovations.

Make sure only to start your renovations AFTER the defects reported have been jointly inspected with the developer’s team. Otherwise, any defects after your ID or contractor has started work can be deemed to be caused by your contractors and IDs.

Renovations MAY include:
– Lights and ceiling Fans installation
– False Ceiling or Feature Walls
– Curtains / Blinds fittings

Conclusion

As you navigate this exciting journey, remember to take things one step at a time and trust in the process.

If you ever need any help with selling or renting out your newly TOP property, feel free to reach out to us. Our team is here to make the process seamless and stress-free for you! Let us take care of the details while you focus on enjoying the fruits of this new chapter of your life!

Once again, congratulations!

Little Known Facts About Jumbo Flats

Diana Teow — Wed, 12 Apr 2023 16:50:02 +0000

Image: 666 Yishun Jumbo Flat

I quote from the article:

In one of the most unexpected, stunning property transactions to happen during the Covid-19 outbreak, a 40-year-old Ang Mo Kio HDB jumbo flat managed to fetch a price of $1,030,000—becoming the first ever flat in the town to break the million dollar price barrier.

Sold for $1.03 million, this designer house was bought in 2014 and cost $200k in renovations!

I’m pretty sure the top search word right now is ‘What is a Jumbo Flat?’ after the above headline appeared yesterday. I sat up for sure but I sat down again after I realised the transaction was done before the Circuit Breaker. The lucky buyer can certainly enjoy his house and all the wonderful branded appliances this seller has left behind!

Now back to Jumbo Flats…

Out of all HDBs, Jumbos are definitely one of my favourite. There are many reasons to love a jumbo flat, from its crazy sizes from 1400 sqf onwards (the ones sold at $1.04mil was 1916 sqf) to the flexibility of the space. The entire layout can be changed according to what you need, with only limitations to the location of the bathroom and kitchen.

Here are some little known facts!

1. Singles Can Buy This

As long as your income is strong enough, you can buy it as a single owner. However, you will not be eligible for any grants! Note that prices start at $700K, so your income will have to be at least $8,760.

2. Rental Income

You can create a dual key unit, which means there are two parts to the house. You can rent out part of the house for income, while keeping the other part for yourself. This is a sample of my client’s layout done up so that they can live with their parents.

I love this kind of arrangement. Can you imagine that one day, if they decide to move out, they can rent out the larger part of the house and the smaller part of the house separately.

Assuming you bought a unit for $700K, your monthly mortgage is $2,628.27. And that you can rent your unit at the following rentals (worst case scenarios) based on current market rental prices in the Yishun area.

Larger 3 Bedroom side – $2,000
Studio side – $1,200

In total, you are looking at a rental of at least $3,200, which means a cash flow of about $500 per month from rentals. That is not too bad for a worst case scenario, is it?

3. You can create this on your own

Not many people know this but you can apply to join the units. We encourage you to go and check if it is possible to combine and convert, before you spend any money excitingly. You can have your Conversion Scheme Application started here.

The savings could be nearly $100K, since buying two 3 Room HDBs could be around $600K++

There are areas with higher possibilities for such conversion, but honestly, the process could take a long time, and in this COVID situation, would you risk having to spend extra time on paperwork on top of renovations delays?

4. Old Gold Duck

Some of you are probably going to be shocked at the price that I quote – $300K for a 3 room HDB? Well, Jumbo flats tend to be in mature locations and found in older flats.

So far, the youngest ones have been found in Yishun, Sembawang and Woodlands. The slightly older ones are in Ang Mo Kio and Bishan (Yes, Bishan has them too, but very little, and I’ve only seen one for sale in the last 7 years. My buyers were heartbroken to miss it).

The reason I’m saying it’s an old gold duck is because it’s a great place to stay and maybe rent for passive income (gold eggs). This is especially when you have a specific range of housing prices and rather spend your hard-earned money elsewhere.

The bitter pill is that this duck will definitely die one day – what we know as the decaying lease, but that is a reality for all leasehold buildings in Singapore.

The Property Runway’s Take?

This is definitely perfect for a multi-generation family to live and thrive, even when we have to work from home or do home based learning moving forward.

If you have a more conservative approach to real estate investment and simply want a property to generate passive income for you over time, slowly and steadily, this is a good property type to look at.

If you are young, and capital appreciation is a bigger priority than passive income or space, this is not the property for you. There are many other opportunities out there, as long as you are clear on what you want, and the tools you need to get there.

References

Designer jumbo flat is first Ang Mo Kio HDB unit to break $1 million barrier