Table of Contents

Introduction & Disclosures

Macro Events in 1H2024

Micro Trends in 1H2024

Events and Trends in 2H2024

Key Takeaways for Homeowners and Buyers

Introduction & Disclosures

In this biannual report, PLB will be covering the major events and developments that impacted Singapore’s real estate market. It will be addressing the macroeconomic and policy influences on the movements in the different segments that span across Outside Central Region (OCR), Rest of Central Region (RCR), and Core Central Region (CCR) regions across Singapore in the Condominium (Condo), HDB, and Landed market segments. This report will cover the residential property market exclusively.

Our approach to analysing real estate price and volume movements will vary from previous quarterly reports. The main source of data on micro trends are provided by RealInsight. We supplement this with macroeconomic data from the US Fed, NUS Real Estate, and other government agencies. The analysis will be guided by how macroeconomic events shape micro trends in Singapore’s real estate market, with a focus on how future macroeconomic events will impact the movements in price and volume for various market segments in the second half of 2024. 

Readers may refer to the executive summary above or the key takeaways at the end of the report for the main points. The sections on the macro and micro events and trends will cover in more detail the rationale and direction of price and volume movements across different segments of the real estate market. Whilst these trends cover the primary direction of the market movement, do note that there may be particular real estate projects that defy market trends due to special characteristics or extenuating circumstances. This biannual report will not cover such exceptions.

Most of the data used in the report will be on a monthly basis. Do note that when the volume of transactions are low, the monthly variation in prices may be inflated depending on the specific properties being transacted on the market. This effect will be more pronounced in Condominium and Landed segments in particular. Prices denominated in per square foot (PSF) basis and quantum basis are averages taken for transactions in the same month of the same category. The data is taken at the time of writing on 29 July 2024. We make no warranties on the accuracy of the data provided by third parties.

Please consult a professional real estate agent for advice prior to making an informed decision on your property transaction. You may contact us here if you have any questions regarding how developments covered by this report may affect your property decision.

For more information and valuable takeaways on Singapore’s real estate market, check out our editorial webpage.

Macro Events in 1H2024

The macroeconomic data and events that we will be covering in this biannual report are US Federal Funds Effective Rate that affect interest rates governing property loans, Singapore’s consumer sentiment for the property market, policy shifts and government land sales (GLS) in the first half of 2024.

US Federal Funds Effective Rate is an important indicator of where interest rates for home loans are likely to head towards in the future. Interest rates for home loans guide buyer sentiment as it affects their cost of borrowing and monthly mortgage payments significantly. Higher interest rates can slow down property markets by restricting buyers’ choices based on the higher monthly mortgage payments, effectively reducing the affordability of certain properties.

As shown in Figure 1 below, in a previous monetary tightening cycle of similar magnitude prior to the 2008 Global Financial Crisis, the Fed Funds Rate peaked for approximately a year around 5.25% from July 2006 to July 2007. Presently, the Fed Funds Rate peaked at 5.33% from August 2023 and would soon match the duration of the 2006-2007 monetary tightening cycle.

In the first half of 2024, heightened interest rates may have dampened buyer confidence in higher quantum properties. However, the markets may have also adjusted to the high interest rates given that it peaked in the second half of 2023. There may only have been a mild effect on the residential property market.

There is evidence to believe that the market has already adjusted to the high interest rates and is already looking forward towards potential future interest rate cuts. The NUS Real Estate Sentiment Index shows that ever since the interest rate peaked in 2H2023, real estate sentiment has been improving quarter on quarter. 

While the latest 2023Q2 data is not yet released as at the time of writing, the data from Figure 2 shows that real estate sentiment is presently neutral but is on a good upward trend. The forward looking nature of sentiment indices may point to brighter times ahead for Singapore’s real estate market. However, sentiment itself might not translate to movements in property prices as transactions are typically slower for the property market and consumers in Singapore’s market have a stronger holding power.

Note that while property sentiment has fallen from the middle of 2021 to 2023, likely influenced by the steep interest rate hikes from the US Fed, residential property prices in Singapore have not fallen at all. Instead, sentiment might be more reflective of how the volume of transactions might change in the future.

Next, the first half of 2024 saw the introduction of new property tax changes and ABSD remissions announced by the government in the Budget 2024. In summary, the property tax changes involved increasing the annual value of property in the tax brackets, essentially favouring existing homeowners and reducing the amount of property tax most homeowners would have to pay.

The ABSD remissions announced in Budget 2024 apply to singles over the age of 55, basically addressing property down-sizing for older Singaporeans. This eases the timeline of moving to a property of a lower value. For instance, the ABSD payable for buying a lower valued property as a second property will be in remission if the buyer over the age of 55 sells the first property of higher value within 6 months of the new purchase.

These policies target specific needs of the population. The new property tax changes adjust the tax payable on property inflation to ease the tax outflows for residents in middle-class properties. The ABSD remissions eases the process for property downsizing for singles above the age of 55. While it may not be significant enough of a change to move the property markets, it nonetheless signals the sensitivity of government action to the voices and needs of the public. We may expect policy action when valid concerns are raised by the public.

Recent GLS such as the ones in April and July have drawn attention to the decline in developer interest in the sites sold by the government. The number of bidders and placed bids have both decreased. In April, Zion Road and Springleaf sites drew bids that were below expectations. This was interpreted as cautious sentiment from developers due to the markers of slower demand in the first half of 2024. While the Zion Road site subsequently received higher bids in July 2024, cautious developer sentiment was still echoed in the bids for GLS sites in Canberra and De Souza Avenue.

The cooled down GLS market may signal more than just cautious developers. This might not translate to lower real estate prices in the future but might signal a potential disinflation of new launch property prices in the coming years. With developers closely watching how the current market is absorbing new condo launches and upcoming TOP resale transactions, we might see the GLS market shift as a response in the second half of 2024.

Overall, the macroeconomic data and events indicate that the real estate market in Singapore may have normalised and is now positioned to be cautiously optimistic and awaiting a bullish catalyst to push residential property volume, and potentially prices further up.

Micro Trends in 1H2024

In this section, we will analyse the price and volume trends in the Condo, HDB, and Landed property segment by region. We broadly abstract price and volume movements from January to June and discuss the implications of micro trends across the different market segments and regions.

Condominium Sub-Segments 

Resale Condo OCR prices and volume appear to be steadily increasing at a modest rate. From Figure 3, we note 635 transactions in January and 663 transactions in July, volume increased by 4.4%. The overall volume for 1H2024 for resale OCR also appears to be slightly higher than 2H2023.

The price of resale condos in the OCR has also increased by approximately 4.0% in 1H2024, from $1,372 PSF to $1,427 PSF. The price and volume trends in this sub-segment appear to be relatively stable and are unlikely to change despite some fluctuations in volume. We expect resale condos in the OCR to continue seeking gains in 2H2024.

Next we turn our attention to the New Sale condo performance in the OCR. Figure 4 below shows that transactions fluctuate as expected from the new launch market. What is of note is the relative increase in new launch condo prices in the OCR from $1,715 PSF in January to $1,908 PSF in June, marking a 11.2% increase.

It is a known fact that the present real estate market sees new launches push up prices due to cost-push inflation over the past year of launches. Rising costs push developers to price new launches more aggressively. However, Figure 5 below shows that there is a high volume of new launches from August 2021 to November 2021 that are approaching their TOP in 2H2024 and this might put resale OCR condos in a more competitive position against new launches in 2H2024 due to the pricing disparity.

From Figure 6, 1H2024 saw a decrease of 28.1% in the supply of OCR condos from 2,660 in January to 1,914 in June. This signals a strong absorption from the market and potentially higher prices due to declining supply. However, if resale OCR condo homeowners from 2H2021 purchases decide to offload their properties upon TOP, we may see an increase in the supply of OCR condos to meet the demand of the market.

Next we move on to the RCR Condo segment. Similar to the OCR Resale Condo sub-segment, the RCR Resale Condo sub-segment sees stable increase in both price and volume in Figure 7. The number of transactions increased from 272 in January to 298 in June, marking a 9.5% increase. The prices have also increased from $1,764 PSF in January to $1,809 PSF in June, a 2.5% increase.

Compared to the New Sale Condos in the OCR, the RCR sees a more stable price and volume trend in Figure 8. This may be due to the spaced out timings of various launches over the past year. While there are some price and volume fluctuations throughout the past year, trends remain surprisingly neutral in this sub-segment, signalling potential saturation and relatively higher competition in the new launch market for RCR.

We further examine the previous condo launches 3 years ago in Figure 9 and notice a similar trend with OCR condos in the RCR. A high volume of RCR condos in 2H2024 and 1H2025 will bump up attention towards the resale market as buyers in the future may have more attractive choices that meet their personal needs in the RCR.

The condo market sees better absorption of supply in the RCR. From Figure 10, we see a stronger trend of  decline in the supply of RCR units from 2,657 in January to 2,474 in June, marking a decrease of 6.9%. While this is a lower percentage number compared to the OCR market, the trend of decline appears to be more persistent. The surge of TOP RCR units over the next year may alleviate this downward trend.

Finally, we move onto the CCR Condo segment. Resale CCR Condos appear to have a slight decline in price from $2,138 PSF in January to $2,066 PSF in June, a decline of 3.4%. This, however, may be led by differences in projects transacted between months due to the variance in prices across CCR projects. The volume of transactions show no abnormal movement, April and May appear to be strong volume months for the condo market in general.

While resale CCR condos experienced a mild decline in price, we see an increase in price for new sale CCR condos. Figure 12 below shows an increase in price from $3,094 PSF in January to $3,335 PSF in June, marking an increase of 7.7%. Volumes were stable barring a peak of almost 100 in March.

Similar to other condo sub-segments, the number of CCR condos that have launched 3 years ago vastly outnumber the ones in 1H2024, as shown in Figure 13. This signals that across OCR, RCR, and CCR, the resale market may be seeing more volume and buyer attention in 2H2024.

From Figure 14, the supply of CCR condos are also seen to be on the decline. Supply fell from 1,463 units in January to 724 units in June. This is the sharpest decline across all condo segments, coming in at 50.6% decrease in supply. The TOP units in the CCR may see this trend reverse in 2H2024 and beyond.

Resale HDB Sub-Segments

From Figure 15, the OCR HDB sub-segment saw a slight increase in price from $554 PSF in January to $581 PSF in June, marking a 4.8% increase. The trend in price and volume look relatively stable in Figure 15 and would seem to persist in 2H2024, with potentially higher prices. While there are some fluctuations in volume, there is no abnormal volume over the past year.

From Figure 16, the RCR HDB sub-segment shows a mild increase in prices from $720 PSF in January to $758 PSF in June, marking a 5.2% increase. Volume in the RCR HDB sub-segment seems to have increased in 1H2024. January saw 368 transactions while June had 425 transactions, an increase of 15.4%.

From Figure 17, the CCR HDB sub-segment is a very small but unique niche, with most projects having low remaining lease. Nonetheless, Figure 17 shows that both price and volume have increased. Prices increased from $712 PSF in January to $739 PSF in June, a 3.7% increase. Volume increased from 25 in January to 37 in June, a 48% increase. However, these shifts may vary significantly based on the projects being transacted.

Overall, the HDB sub-segments seem to be steadily increasing in price, with stable volume. As more resale Condos enter the market, the middle-priced strata of Jumbo and large HDB flats may find more competition with smaller sized resale condos as possible alternatives for homebuyers in 2H2024.

The RCR commands a 30.4% premium over the OCR for the resale HDB segment. This is compared to a 26.7% RCR premium for the Condo segment when comparing between the two regions. With June prices indicating a higher premium for the HDB RCR sub-segments, the market may be indicating more buyer interest in the resale HDB sub-segment as opposed to resale condos.

However, new sale condos have an even higher RCR premium over the OCR, sitting at 35.2%. This even higher premium seems to indicate that the demand for new homes in this region is still going strong.

Landed Sub-Segments

In the Landed sub-segments, we will examine the prices of OCR, RCR, and CCR Landed property all sales at the PSF and quantum level. This analysis will be conducted at an abstracted level and will not differentiate between the various types of landed properties in the same region. It is instead a between-region comparison to show how prices have changed across time for the OCR, RCR, and CCR.

From Figure 18 above, we can see that 1H2024 saw greater volume of transactions in the OCR as well as a steady increase in price. The number of transactions rose from 92 in January to 120 in June, showing a rough 30.4% increase in transaction volume. Prices increased from $1,547 PSF in January to $1,664 PSF in June, showing a 7.8% increase in prices. From Figure 19 below, we see that the average quantum increased from $4,133,513 in January to $4,251,761 in June, showing a 2.8% increase in average quantum per transaction.

From Figure 20 below, the RCR saw greater price fluctuation for Landed properties but volume in 1H2024 appears to have improved from 2H2023. Prices moved from $2,147 PSF in January to $2,031 PSF in June, showing a decline of 5.4%. The number of transactions increased from 22 in January to 28 in June, showing an increase of 27.2% in volume. As prices fluctuate more in the RCR, the price drop in 1H2024 for RCR landed properties may not be as informative as it seems. The drop in price may be contributed by a lack of new landed properties sold or transactions in landed properties in more affordable enclaves.

Figure 21 below shows the changes in the average quantum for transactions in the RCR over the past 12 months. The average price of a landed property in the RCR still increased from $5,221,409 to $5,254,626 despite the drop in PSF prices. This might be due to larger landed properties being sold in this region, potentially indicating a preference for larger landed homes over smaller properties.

The CCR sub-segment for Landed properties see greater fluctuations in both price and volume, which is expected of lower volume niches. From Figure 22, we can see that the number of transactions increased from 12 in January to 17 in June, an increase of 41.6%. Price increased from $2,313 PSF in January to $2,427 PSF in June, an increase of 4.9%. 

Figure 23 also indicates that the average quantum of transactions in the CCR fell from $10,398,333 in January to $8,572,000 in June. This is probably due to the low number of transactions making the average quantum more sensitive to Good Class Bungalow transactions in the market. The increase in PSF from January to June also corroborates with this view as lower quantum properties tend to have a higher PSF.

The Landed segment in 1H2024 seems to have grown by volume. Importantly, the OCR appears to remain a strong base for Landed properties, showing more interest and perhaps new entrants into this market sub-segment as upgraders. The data also points to more interest in larger landed properties in the OCR and RCR.

In Table 1 below, we compare the RCR and CCR premiums across the different sub-segments that we have covered in the micro trends analysis. Importantly, we notice a decline in RCR premium over the OCR from January to June across almost every segment. This shows that the disparity gap between the RCR and OCR has closed to some extent and signals a strong OCR price and volume growth in 1H2024. This trend appears to be persistent from the above analysis.

The CCR premium over the RCR has increased for new condo launches and landed properties but decreased for all other sub-segments. This indicates that the CCR interest may be concentrated around the particular niches of new launch condos and landed properties.

Events and Trends in 2H2024

The first half of 2024 has seen the market normalising to the peaking interest rates and has seen favourable signs in policy and land sales that indicate cautiously optimistic sentiment in the residential real estate market. The micro trends indicate steady price and volume growth in the OCR across all residential real estate segments, which are a trademark of a healthy market. 

Whilst the RCR premium is declining, demand and interest is still strong as consumers can look to more options from TOP projects in the RCR for condominiums. The specific sub-segments for the new launch condos and landed properties appear to have benefited the most in terms of CCR premium.

The residential real estate market appears to be stable and waiting for a catalyst for more volume to enter the market. With consumer sentiment increasing steadily, there is a good basis on both macro and micro terms to support a stronger 2H2024 performance for residential properties.

Catalysts for such movement in the market may be potential interest rate cuts coming from growing Fed confidence in achieving disinflation, and potentially mildly favourable real estate policy that may be announced around National Day or General Elections targeting specific market niches. Such catalysts may see residential real estate markets respond bullishly, and take a few quarters to reflect increases in volume and price. This would be in confluence with an increase in supply coming from TOP condominium projects across the country, feeding consumers with better choice units for their desired home.

The GLS for 2H2024 will also indicate longer term sentiment from developers in the coming years. Should the upcoming GLS in 2H2024 continue to attract lower bids, we may see disinflationary effects in the coming years for residential properties, which may improve the competitiveness of new condo launches in the future. On the contrary, competitive bidding may support higher prices for future new launches.

Key Takeaways for Homeowners and Buyers

The post 1H2024 PLB Biannual Real Estate Report appeared first on Insights by PropertyLimBrothers.

*This article was written in August 2024 and does not reflect data and market conditions beyond.

Wandervale is a 99-year leasehold Executive Condominium that was completed in 2018. This development was developed by Sim Lian Pte Ltd, a highly respected property developer in Singapore with a vast and impressive portfolio of residential projects. Wandervale consists of nine residential blocks, collectively housing a total of 534 units. The development is uniquely characterised by its spacious three and four-bedroom units, which are thoughtfully designed to cater to families and individuals who seek generous living spaces within a well-conceived community. The attention to detail and commitment to quality by Sim Lian Pte Ltd ensures that Wandervale stands out as a premier residential choice for those desiring both comfort and convenience.

Project Details 

Location Analysis

Wandervale enjoys a strategic and convenient location along Choa Chu Kang Drive, with its entrance easily accessible via a slip road from Choa Chu Kang Avenue 3. This advantageous position offers residents excellent connectivity and ease of access to public transportation. The development is an 8-minute walk from Choa Chu Kang MRT station, making commuting a breeze for those who rely on the MRT for their daily travels.

This prime location places residents near several key amenities, including Lot One Shoppers’ Mall, Choa Chu Kang Centre, and the bus interchange. Additionally, Teck Whye Shopping Centre, Keat Hong Shopping Centre, and Lot One Shoppers’ Mall are all within close proximity, providing ample retail, dining, and entertainment options.

Wandervale is also less than a 5-minute drive from the Kranji Expressway( KJE), offering seamless connectivity to all parts of Singapore. For those who prefer public transportation, direct buses provide easy access to the town. Nature enthusiasts will appreciate the nearby Choa Chu Kang Park and Villa Verde Park, both of which feature children’s playgrounds and fitness areas.

Families with young children will find educational options within reach, including South View Primary School and Teck Whye Primary School, both located within 1KM. Additionally, Chua Chu Kang Primary School and West View Primary School are within a 2KM radius. 

For sports enthusiasts, the Choa Chu Kang Sports and Recreation Centre is just a 5-minute drive away, offering a variety of athletic facilities. Additionally, SAFRA Choa Chu Kang provides further recreational opportunities for residents.

Site Plan and Unit Distribution 

Wandervale comprises a mix of 3-Bedroom and 4-Bedroom units, totaling 534 units distributed across nine blocks. These blocks range from 13 to 17 stories in height. Each block has four stacks, offering various views to cater to different preferences.

The blocks are arranged in a north-south orientation, and are positioned at a certain distance from each other. This specific arrangement facilitates effective cross ventilation throughout the units. 

The majority of units have an internal orientation, providing a scenic outlook over the development’s facilities. Units in stacks 27, 28, 31, 32, 35, and 36 face outward towards Choa Chu Kang Drive, offering an external view of the development. Conversely, units in stacks 1, 2, 5, 6, 9, and 10 are facing the back  of the development, providing views of some facilities.

Wandervale offers a wide range of condominium facilities to cater to residents’ diverse needs and preferences. These facilities are divided into two main sections:

On the ground floor, there are four distinct pools: a Lap Pool, an Onsen Spa Pool, a Wellness Spa Pool, and a Gym Pool. Additionally, this level features BBQ pavilions and a Fitness Terrace, providing spaces for socialising and exercising.

The mezzanine level, located towards the back of the development, is designed primarily for children. This area includes a Kids’ Water Play Area, a Wading Pool, a Playland, a Kids’ Climbing Wall, as well as a Gym and a Tennis Court.

Additionally, there is a convenient side gate providing direct access to Choa Chu Kang Drive. From there, residents can easily walk to the MRT station and Lot One Shoppers’ Mall, both of which are approximately an eight-minute walk away.

Price Analysis

Wandervale received its TOP in 2018. After completing the mandatory 5-year MOP, units in the development became available on the resale market in March 2023. Since then, there have been a total of 88 resale transactions. It is notable that the volume of transactions increased significantly once the units reached their MOP. At the beginning of the resale period, the PSF was $1,315. This has risen to $1,442 PSF at the time of writing, indicating a healthy appreciation in value. This trend reflects a strong demand and positive market reception for Wandervale units in the resale market.

Now, let’s explore the pricing comparisons between Wandervale and other nearby developments. We will compare The Rainforest, which is located right next to Wandervale and consists of 466 units that were completed in 2015. Mi Casa, a development comprising 457 units that reached completion in 2013. Lastly, we will look into Sol Acres, a large-scale development in Choa Chu Kang with 1,327 units, which similarly obtained its TOP in 2018.

As of July 2024, Wandervale and Sol Acres exhibit the highest average PSF at $1,442 and $1,443 respectively. The Rainforest follows closely with a PSF of $1,404, while Mi Casa has the lowest PSF at $1,289. The data shows that despite variations over time, Wandervale and Sol Acres consistently maintain higher PSFs, this can be attributed to the fact that both of these developments are the newest in Choa Chu Kang. Mi Casa, being an older development, reflects a lower PSF, which aligns with its initial lower launch prices. 

MOAT Analysis

PLB’s MOAT Analysis looks at the value and potential of a property from a holistic approach. We take properties with similar attributes (district, region, tenure) and compare them over 10 different aspects that might affect its value. We then take a balanced approach and evaluate whether a property might be appealing to the mass market in Singapore. You can read more about our MOAT Analysis for an in-depth explanation on our tool.

Wandervale boasts an impressive MOAT score of 70%.

This high score can be attributed to four key factors: the Volume effect, Exit Audience, Quantum effect, and Bala’s Curve effect.

Volume Effect scores a perfect 5 out of 5. Wandervale reached its Minimum Occupation Period in 2023. This milestone is significant because developments that have just obtained MOP typically see a surge in transactions. Many of the original owners, having fulfilled the mandatory occupancy period, often look to upgrade their property portfolio. This trend leads to an increased volume of transactions.

Exit Audience scores a perfect 5 out of 5 as well. This high score is largely due to its location as Choa Chu Kang has a substantial number of HDB residential clusters. Many residents of these HDB flats often seek to upgrade their living arrangements, preferring to stay within the same locality due to familiarity and convenience. Consequently, these HDB owners form a significant pool of potential buyers for Wandervale, as they are likely to consider moving into a condominium within the same area. 

Wandervale  scores a commendable 4 out of 5 in The Quantum Effect. This high score indicates that Wandervale remains a relatively affordable option. Wandervale’s competitive pricing makes it accessible to a larger demographic, which in turn drives demand and ensures a steady flow of potential buyers. 

Finally, the Bala’s Curve effect for Wandervale scores 4 out of 5 as well. This high score reflects its relatively young age of just 6 years. Properties within their initial years tend to hold higher value and show strong appreciation potential, and Wandervale benefits from being in this prime period as a newer development.

However, Wandervale has a relatively low score in Rental Demand, scoring just 1 out of 5. This low score can be attributed to the development only reaching its Minimum Occupation Period (MOP) in 2023. During the MOP, owners are not permitted to rent out their entire units, which significantly limits the number of rental transactions. As a result, the majority of the units in Wandervale are owner-occupied, leading to lower rental activity and demand. This restriction during the MOP period is the primary reason behind the development’s low rental demand score.

Floor Plans

3-Bedroom Type

The 3-bedroom layout, spanning 958 sqft, is thoughtfully distributed across eight different stacks within the development.

Upon entering the unit through the main door, you are greeted by the dedicated dining area situated directly in front. Adjacent to this space is an enclosable kitchen, which offers both functionality and privacy for cooking. At the rear of the kitchen, you’ll find a convenient yard area, ideal for laundry and additional storage needs.

The living area is in a regular layout, making it easy for furniture placement that maximises the space and comfort. This area seamlessly connects to a spacious balcony. Both common bedrooms, along with the master bedroom, are generously sized, ensuring ample space. 

3-Bedroom Premium Type

The 3-Bedroom Premium units at Wandervale offer three distinct layouts to cater to different preferences. Layout B1, measuring 1,087sqft, is available in four stacks. Layout B2, slightly larger at 1,098sqft, is the most common option and is available in twelve stacks. Layout B3, the largest at 1,130sqft, is spread across six stacks.

The primary difference between these three layouts lies in the size and arrangement of the utility room. Layout B1 features a landscape layout for the utility room, unlike the other two layouts. Additionally, Layout B3 boasts an extended balcony that spans from the living room to Bedroom 3, providing a seamless indoor-outdoor living experience.

4-Bedroom

The 4-bedroom units at Wandervale are the most spacious options available, boasting an expansive layout of 1,249 square feet. These units are spread across five stacks, making them particularly rare and highly sought after.

As you enter through the main door, one of the standout features of this layout is the absence of a foyer, which optimises the use of space. Immediately upon entering, you are greeted by the dining area and a dry kitchen. Adjacent to this is the wet kitchen, which includes a service yard, utility area, and a WC. Both the living and dining areas are generously sized, providing ample space for entertaining.

Moving into the bedroom area, you’ll find that Bedrooms 2 and 3 are of a similar size, while Bedroom 4 is slightly smaller. The three bedrooms share the common bathroom. The master bedroom is elongated, offering plenty of space, and it includes an en-suite master bathroom.

Future Growth Potential

The Jurong Region Line, set to commence operations in 2027, is a highly anticipated enhancement to Singapore’s extensive public transportation network. This new line is poised to significantly improve connectivity in the western part of the city, featuring 24 new stations spread across a 24-kilometre stretch. It will seamlessly link key areas such as Choa Chu Kang, Tengah New Town, Boon Lay, and Jurong East. By enhancing accessibility, the Jurong Region Line will facilitate more efficient commutes and create greater opportunities for both residents and businesses in the vicinity. Its introduction is expected to greatly increase the convenience and attractiveness of living and working in these rapidly developing regions, further integrating them into Singapore’s comprehensive transit system. The new line will play a crucial role in supporting the growth and development of these areas, making them more appealing destinations within the city.

Another forthcoming development is the Jurong Lake District, which is set to become Singapore’s largest business district outside the city centre. This district will seamlessly integrate commercial, residential, and recreational spaces within a vibrant, green environment. Spanning a considerable area, it is projected to create approximately 100,000 new jobs and 20,000 new homes by 2040-2050, nurturing a dynamic community ideal for both living and working.

A notable highlight of the district is the creation of the 90-hectare Jurong Lake Gardens, destined to be Singapore’s new national garden. This expansive green space will merge the Lakeside Garden, Chinese Garden, and Japanese Garden into a lush, cohesive environment. Additionally, the new Science Centre, designed by the acclaimed Zaha Hadid Architects, is scheduled to open in 2027, further enhancing the district’s appeal as an educational and tourist destination.

In Summary

Wandervale is one of the newest residential developments conveniently located near Choa Chu Kang MRT station. This development exclusively features 3 and 4 bedroom units, each offering a spacious and well-thought-out layout, making them particularly suitable for family living.

Residents of Wandervale can take advantage of an extensive array of facilities that have been thoughtfully designed to meet a wide range of needs and lifestyles. These amenities contribute to making Wandervale an ideal choice for families seeking a comfortable and accommodating living environment.

Furthermore, when evaluated using the MOAT analysis framework, Wandervale has achieved high scores across various criteria. This makes it a highly attractive option for potential buyers who are exploring the market for a new home.

Let’s get in touch

If you’re interested in any of the units Wandervale offer, or are looking for guidance on your property journey, do reach out to us here. Our dedicated real estate consultants are eager to serve you. Thank you for reading and following PLB. Stay tuned as we bring you more in-depth reviews of condo developments around Singapore.

Disclaimer: Information provided on this website is general in nature and does not constitute financial advice.

PropertyLimBrothers will endeavour to update the website as needed. However, information may change without notice and we do not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time. Whilst every effort has been made to ensure that the information provided is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner or your bank to take into account your particular financial situation and individual needs. PropertyLimBrothers does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, PropertyLimBrothers, its employees do not accept any liability for any error or omission on this web site or for any resulting loss or damage suffered by the recipient or any other person.

The post Wandervale Condo Review – A Modern EC Near Choa Chu Kang MRT appeared first on Insights by PropertyLimBrothers.

In the fast-paced landscape of fashion and real estate, an intriguing concept presents itself as a potential barometer of economic health: The Hemline Index. This theory posits that the length of women’s skirts is correlated to the current state of the economy. With the recent news of the US stock market facing downturns resulting from a jobs report that sparked fears of a recession, the market’s direction has been causing uncertainties among investors.  

While historically, there may have been a connection between the two factors, how does this seemingly superficial trend tie into Singapore’s property market? As the world grapples with unprecedented events resulting in economic downturns and shifting consumer behaviours, we can look at concepts like the hemline index and determine how it might reflect consumer sentiments, and as a result, influence property values.

In this article, we are delving into the hemline index, its historical context, and its relevance to Singapore’s real estate landscape at present. We will also examine how current global events shape the property market and their broader implications.    

What is the Hemline Index?

The hemline index refers to an economic theory that suggests a correlation between the length of women’s skirts and the state of the economy. According to the hemline index or indicator, a fashion trend of shorter hemlines indicates economic confidence and boom, whereas longer hemlines signal uncertainty and economic downturns. When stock prices are rising, skirt hemlines rise with them, and vice versa.  

The idea that financial markets rise and fall in correlation with the length of skirts stems from the belief that in times of economic growth and financial stability, consumers are more willing to spend on fashion trends – including trendier, shorter skirts or dresses. On the contrary, during economically challenging times, longer hemlines reflect modesty in terms of spending.  

A Brief History of The Hemline Index

The Hemline Index, Economic Indicators and the Property Market

The Hemline Index offers a unique perspective on the economic conditions of a market, as well as consumer behaviour throughout the different conditions. Fashion choices reflect psychological responses to economic conditions. As such, it may be particularly relevant when analysing Singapore’s property market since economic conditions can directly impact consumer sentiment towards purchasing property. 

By examining the relationship between hemline trends and various economic factors, we can gain insights into how societal attitudes impact the demand for real estate.

Spending Power and Consumer Confidence

If shorter hemlines are an indication of consumers’ confidence and a higher spending power in a healthy economy, then this may also have a positive impact on property investments. When buyers feel secure with their finances, they will be more likely to either plan on investing or invest in real estate. This could be through purchasing new homes or upgrading from public to private housing. Conversely, in a period of economic downturns where historically hemlines would get longer, buyers may take a more cautious approach when investing in real estate. They may need to create a smaller budget or move the timeline of their purchase, thus lowering demand for property.      

Inflation and Recessions

Economic challenges such as the 2008 global financial crisis or the COVID-19 pandemic would typically indicate longer hemlines. In Singapore’s property market, this could lead to a slowdown in property transactions or perhaps create a shift towards more affordable housing options. Additionally, developers may also adjust their strategies and focus on projects that offer value and cater to consumer references during a downturn. 

Economic Growth and Employment Rates

Another factor that is impacted by economic boons and downturns is the employment rate. Strong employment rates during a period of economic growth are correlated with increasing disposable income, which is one of the various factors that play into driving up the demand for properties as well. Consumers may be more likely to invest in real estate when employment is stable, leading to increased transactions in the property market. 

Global Events and Shifts In Culture

Major global events can disrupt fashion and economic trends, impacting Singapore’s property market. For instance, during the pandemic in 2020, there was a shift towards more modest fashion as people prioritised comfort and practicality. 

While we may have not seen skirt hemlines specifically getting longer, we did see a rise in clothes that were better suited for casual wear or for wearing at home – like athleisure. This reflected broader economic conditions on a global scale which were causing uncertainties in the property market, with property prices both increasing and decreasing throughout the pandemic.        

Singapore’s Property Market Now

As of 2024, Singapore’s property market has been experiencing a mix of resilience and challenges that have been shaped by various economic factors and shifting consumer preferences. 

Price Trends

While it was a slower increase compared to the last three years, private housing prices saw an increase of 1.4% in the first quarter of 2024. By the second quarter, prices started to reflect cooling measures that were implemented last year as there was a slowdown in price increase. Moreover, the price momentum has continued to moderate in the second quarter with a 0.9% rise in prices. This can also be an indication of buyers becoming more cautious in response to rising interest rates and economic uncertainties. 

Government Policies: Cooling Measures

The government has implemented various cooling measures to manage price growth and ensure housing affordability for citizens over the years. The last cooling measures were implemented in April 2023 with the aim to stabilise the property market. These included an increase in Additional Buyer’s Stamp Duty (ABSD) for residential properties, with ABSD rates for foreigners doubling to 60%. 

The purpose of these cooling measures was to curb speculative buying and ensure housing affordability as prices increased. Prior to the measures, the property market experienced a significant surge in prices, which raised concerns about the affordability of housing for the average Singaporean – particularly for first-time homebuyers. 

Additionally, with global interest rates rising and the need for economic stability, cooling measures were implemented to moderate excessive demand and foster a more sustainable property market while protecting the interests of buyers. 

Property Price Index Vs Stock Market 

In light of the recent stock market volatility, we can understand the relationship between the recession price index and the performance of Singapore’s property market for any potential developments in the future. Fluctuations in the stock market can have a significant impact on buyer sentiment and investment decisions made in real estate. As the stock market faced declines recently, fears of an economic slowdown and uncertainties for the property market may have heightened and brought up a cautious sentiment that could potentially be reflected in slower transactions in the near future. 

Monitoring these indicators can provide valuable insights into market trends and consumer behaviour, and allow you to navigate the complexities of the property market. For instance, we can take a look at how downturns in history have impacted property price indices to better grasp how events play out during economic downturns for Singapore’s property market.  

Significant economic downturns where stock markets are also down indicate potential drawdowns in residential property prices. For instance, the Dot-Com Bubble (2000-2002), the Great financial Crisis (2007-2009), and the Covid-19 pandemic (2020) have all been periods of economic downturn that have impacted Singapore’s property market. Let’s take a look at the following charts highlighting this.

Evidently, there is a correlation between stock prices declining and property prices facing drawdowns during periods of recession. During the Dot-com Bubble and Great Financial Crisis, prices first faced drawdowns and then rebounds in Singapore and the US’s stock market. These drawdowns were also reflected in property price indices in Singapore. Whereas Singapore’s property market experienced no change from February to April 2020 during the recession resulting from Covid-19.    

Is There a Connection Between The Hemline Index and Singapore’s Property Market?

The correlation between the Hemline Index and Singapore’s property market is complex yet intriguing. The Hemline Index and its application are limited today due to various factors, especially the diversity and fluidity in both fashion and lifestyle choices. Despite its limitations, a concept like the Hemline Index may still offer valuable insights into Singapore’s property market by directly reflecting consumer confidence and spending, cultural and societal shifts, and responses to global events.   

While the connection between the Hemline Index and Singapore’s property at present may not be direct, the interplay between fashion trends and economic indicators can offer valuable insights into consumer behaviour and market dynamics.  

Get In Touch With Us 

Curious about how market trends can impact your property’s pricing and exit strategy? If you’re looking for a second opinion or guidance regarding your property decisions, feel free to reach out to our team of experienced consultants here. We are more than happy to help you at every stage of your property journey. 

Until the next one, see you. 

The post Is Fashion Predicting Property Trends? The Impact of The Hemline Index on Singapore Real Estate appeared first on Insights by PropertyLimBrothers.

It is undeniable that Singapore’s retail scene has evolved dramatically over the past fifty-nine years. From pushcart hawkers to sellers carrying baskets of goods, such sights are no longer seen along our streets. Instead, visitors are now presented with a plethora of shopping options, including chain supermarkets and online delivery services.

As the older generation ages and the retail landscape expands, who will remember the unspoken stories of old-school provision shops? How can we prevent these stories from being lost to time? In this article, we will explore Singapore’s real estate boom and its impact on our heritage shop community. Let’s dive in!

About Provision Shops

Colloquially known as Mama shops or minimarts, these stores evoke fond memories for those who grew up in the heartlands. The term “Mama” allegedly pays homage to the Indians who traditionally owned these shops in Singapore’s early days, as it means “uncle” in Tamil. Their presence in many heartlands grew from the formalisation of businesses during Singapore’s rapid industrialisation. 

Equivalent to British corner shops, buyers can expect to find a wide variety of daily supplies, such as produce and newspapers. According to the National Heritage Board, what differentiates traditional provision shops from modern ones is their small-scale operations, which are typically family-run.

Provision shops formed an integral part of many communities, as shop owners built trust and relationships with regular customers. These shops remain a symbol of the kampong spirit—togetherness and camaraderie that was prominent in the past. Watch these owners pick up regular orders with muscle memory as they catch a glimpse of familiar faces.

The Real Estate Boom and Its Impact

The popularity of provision shops flourished alongside Singapore’s rapid urbanisation when there was a need for shops to cater the newly built HDBs around the country. With the government wanting to formalise businesses, pioneer owners found themselves relocated to various void decks, dry markets, etc. Check out our run down of Singapore’s real estate history here.

Seen as a lucrative business with a low barrier to entry, many budding entrepreneurs started their own shops. By the 1980s, the Singapore Provision Shop Friendly Association estimated that there were three thousand such shops operating concurrently. 

Amidst the growing competition in the provision shop landscape, traditional shops faced two major challenges. In an eat or get eaten scenario, local provision shops had to modernise to stand out amongst their peers. Furthermore, increased car ownership and improved transportation systems meant that residents were not restricted to the neighbourhood retail options. 

Following economies of scale, consumer demands and behaviours naturally shifted towards modern supermarkets and retail chains. Adding the further stressor of the pandemic and restrictions in place, many traditional shops have closed forever.

The Current Landscape

Upon researching for this article, I have come to realise that there is no comprehensive list of traditional provision shops in our heartlands. Those who know, know. In our digital era, knowledge of their locations are often compiled through personal experience and features by various editorials. It is heartening to see such articles highlighting the stories behind the stores. 

Just recently, a 102 year-old woman went viral for working in her son’s provision shop in Beauty World. Another feature on a 74 year-old owner of a Pulau Ubin provision shop garnered an outpour of support from the public as well. You may also find the histories of selected shops compiled by the National Heritage Board here.

This hypothesis is further supported by my experience visiting Tee Seng Store. It is the only landed house in mainland Singapore that also functions as a provision shop.

My visit to Tee Seng Store

Nestled at the crossroads of Rosyth Road and Sandilands Road, it was intriguing to see a residential-zoned land in a landed enclave serving as a commercial space for nearby residents. Hidden behind a set of unassuming gates lies Tee Seng Store.

Having read many old articles about the store, I was excited to meet Mr Ang Lu Heng and see how the store was doing. Standing for over 60 years, both Mr Ang and the store have seen the transformation of surrounding land from a kampung to a neighbourhood of landed houses. The store was even used as a filming location for Royston Tan’s telemovie aptly named 《杂货店》The Provision Shop. 

To my surprise, I learned that 84 year-old Mr Ang no longer tends to the store due to a fall a year ago and has moved out from the premises. In his place is an elderly aunty who has been helping Mr Ang and his family run the place since the fall.

Through our conversation, I learned how self-motivated provision shop owners must be to support their families. The manpower is often just the owners themselves, and a day of closure often means losing out on possible income.

According to Aunty, the flow of customers has significantly decreased over the years, and Mr Ang’s children have moved on to other careers. It is simply an unsustainable business model in modern times where convenience is a priority. The time-consuming nature of the career is not in line with today’s generation. As a retiree, Aunty comes down whenever she can in hopes of clearing as much stock as possible.

Previously, Mr Ang shared that he wants to continue running the business as long as he can and is not interested in selling the property. However, with his health concerns, the future of the shop is uncertain.

Do not be fooled by the furnishing and zinc-roofed facade that remains unchanged since its inception. The 999-year leasehold property in the landed enclave will fetch a high value if it ever enters the market. There are many malls nearby with easy access to the expressways and MRT stations. Access to NEX shopping mall, Pan-Island Expressway (PIE) and Serangoon MRT are just a few amenities the property enjoys.

While I did not get the opportunity to meet with Mr Ang, my trip to Tee Seng Store was a fulfilling one. Its unassuming presence and interior were nostalgic. I could only imagine the memories made over the past 60 years by residents and customers alike. Such sights are rare gems in today’s society. 

According to the Singapore Provision Shop Friendly Association, there are under 200 shops currently in operation. How then do we safeguard such traditional provision shops amidst the challenges they face?

Safeguarding the Traditional Provisional Shops

The Association suggests that the future of such shops depends on their ability to offer new value-added services. Location plays an important role, as accessibility increases the chances of business success.

The availability of affordable rental will also affect the sustainability of these businesses. As part of HDB’s efforts to support commercial retailers, business owners in HDB estates can enjoy subsidies and rent-free periods during renovations. If such businesses wish to branch out of the heartlands, developers need to recognise the importance of heritage and support them accordingly.

The challenge of balancing heritage and modernity remains key, even for hawker store owners. These children are in a unique situation, possessing knowledge of their family business and the opportunity to evolve the culture.

Closing Thoughts

As we celebrate Singapore’s 59th birthday, let us also celebrate the little things that make us Singaporeans. Behind the facade of a thriving economy lies the challenge of treasuring the traditional trades that contributed to our growth.

Tee Seng Store’s story is just one among many older trade shops in Singapore, and it barely scratches the surface. As the general public, we can support these heritage businesses by patronising them and spreading awareness through sharing stories and experiences. These stories and memories will endure long past the physical deterioration of the shops.

Till next time!

The post Small Shops, Big Impact: The Untold Story of Provision Shops in Singapore’s Real Estate Boom appeared first on Insights by PropertyLimBrothers.

In February 2024, the government announced that it will double the supply of flats available under the Parenthood Provisional Housing Scheme (PPHS) to meet increasing demand. The government also introduced a one-year PPHS voucher during the Budget 2024 speech, aiming to help eligible Singaporeans defray rental expenses in the open market. HDB later revealed that the quantum for the voucher is set at $300 per month for one year.

As a recently married Singaporean who has been unsuccessful in applying for a PPHS flat (5 times and counting), I aim to shed some light about the considerations, the process, and the challenges that current applicants are facing.

Understanding The Current PPHS Framework

The Parenthood Provisional Housing Scheme (PPHS) allows married couples waiting for the completion of their Build-To-Order (BTO) flats to rent an interim flat directly from the Housing & Development Board (HDB). The scheme aims to provide eligible households with interim housing to meet their urgent needs, with a higher priority given to expectant married couples and married couples with children under 18 years old. Eligibility conditions, such as a combined income ceiling of $7,000 at the time of the BTO application, applies. The allocation of PPHS flats follows a similar ballot system as the BTO scheme, including the $10 admin fee per application. 

Applicants who wish to co-share a 3-room or larger PPHS flat with another eligible household who has a similar waiting time for their BTO flat can contact HDB to make the request. If you are willing to co-share, you will enjoy a higher priority in the ballot, and if either households are expectant married couples or married couples with children under 18 years old, your applications will enjoy a further priority.

Application for PPHS flats opens every two months, on even months such as February, April, June, and so on. When the window opens on the first day of even months, you will be able to look at the list of rental flats available for that particular application window. Typically, around 200 of such units will be available for each application window. You will have around two weeks to submit your application on the HDB portal, with the window closing on the 14th of the month at 11:59pm. Results of the application will typically be released within the two weeks of the following month.

PPHS rental rates are significantly more affordable compared to the open market, where whole flat rental rates for a 3-room HDB flat can go up to $3,500. The exact rates depend on the flat type and location. Families can stay in the PPHS flat until the completion of their BTO flats or for a maximum of three years, whichever is earlier. Extension of stay may be granted on a case-by-case basis.

This structure provides a balance between offering temporary housing support and encouraging couples to move into their permanent homes once they are ready. The affordable rental rates also help young families manage their finances more effectively, allowing them to save for their future home while enjoying a private and comfortable living space.

The flats available for PPHS also come with a site expiry, and you are advised to apply only if there are PPHS flats offered with a site expiry that is at least 4 months after the estimated completion date of your BTO flat. Which is what you should be doing. You wouldn’t want to have the PPHS site expire before your BTO flat is ready (after renovations) and end up having to look for interim housing arrangements again.

Challenges Faced By Current Applicants

Limited Supply of Units

One of the most significant challenges faced by current applicants is the limited supply of PPHS units. The demand for these temporary housing units often exceeds the available supply, resulting in long waiting periods for many, myself included. As mentioned, only around 200 units are made available in each application window, and application rates typically range between 2 to 4 – which means that there are 2 to 4 households vying for each available unit.

In the last application window, there were 578 applications and only 180 units available, translating to an application rate of 3.21. 

With that said, HDB has been steadily increasing the supply of such flats, and application rates have fallen from over 20 times in 2021 to about 2-4 in 2024.

No Direct Allocation of Flats Under PPHS

In our parents’ era, whenever they run into difficulties that they cannot resolve on their own, they will seek help from their Member of Parliaments (MPs). In true boomer fashion, my parents asked me to approach an MP when they learnt that we had trouble securing a flat (BTO back then, PPHS interim rental flat now). 

Well, I did just that – I emailed all three MPs in my constituency, and one of them replied almost immediately. I was asked to go down to one of the “Meet the People” sessions, and I explained my situation to the MP in person. The MP typed in his laptop the whole time while listening and asking questions, and ended the session by sending an appeal letter to HDB. A few weeks later, I received a reply from HDB and it was as you’d imagine. HDB said that while they were empathetic about my circumstances, they were unable to directly allocate a PPHS flat to me without going through the ballot process. Ultimately, it boils down to the luck of the draw. 

While HDB does evaluate appeals on a case-by-case basis, the only leeways for the application of PPHS flats are typically if there are changes in your financial situation (e.g income ceiling above $7k at the time of BTO application but below $7k now) or if you’re pregnant and want to apply for a higher priority in the ballot.

Recent Enhancements to PPHS

The state of the scheme is not as gloomy as I made it out to be – many families have benefited from PPHS over the years, especially married couples with kids waiting for the completion of their BTO flats. By way of crowdsourcing, it is estimated that 70% of such families get a PPHS flat on the first try.

Furthermore, the government recently announced some enhancements to the scheme.

Increasing Rental Flat Supply

Earlier this year, HDB announced that it will double the supply of PPHS flats from 2,000 units currently to 4,000 by 2025, with the bulk of these additional flats coming from the vacated SERS site at Tanglin Halt. These flats are slated to be demolished eventually, but since the blocks are not immediately needed for redevelopment, HDB has decided to let out these flats to meet the demand for PPHS flats.

Around 2,000 vacated flats across 17 blocks in Tanglin Halt will be spruced up before being progressively rented out to families, from the second half of 2025. This will likely have a significant impact, given that the supply is essentially doubled.

PPHS (Open Market) Voucher

The government also introduced a new subsidy scheme designed to help eligible families rent in the open market rather than waiting for a PPHS flat. This comes in the form of $300 monthly vouchers for a year to help defray rental expenses. While this is a step in the right direction, these vouchers may not do much for those currently applying for a PPHS flat. There are two main reasons why.

Firstly, the rental rates of 2-room PPHS flats range from $400 to $550 per month while 3-room PPHS flats go for $600 to $900 per month. In the open market, the average monthly rent balloons to $2,350 and $2,700 respectively. This means that the subsidy will cover less than 15% of the median rental cost of an HDB flat. Even with the vouchers, families are still required to bear a substantial cost – keep in mind that eligible PPHS families have a combined income of $7,000 or below (at the time of BTO application). And this cost will put a significant dent in any plans to save up for their remaining 15% BTO downpayment when the key collection comes along. An argument can be made that these families can go for room rentals instead of whole unit rentals, which could be tough for those who need more space. But even so, the vouchers will only cover less than 25% of the median room rental cost of an HDB flat.

Secondly, the scheme will only run for a year from July 2024 to June 2025. This means that only those who applied in July 2024 will fully benefit from the scheme. While the scheme may have been designed to help families tide until the Tanglin Halt rental flats are ready to be put up for application, having to relocate multiple times can be emotionally and logistically taxing.

Closing Thoughts

Over the years, the PPHS has made significant strides in supporting young couples and families in need of temporary housing while waiting for the completion of their BTO flats. Current applicants who are struggling to secure temporary housing may find some respite in knowing that more PPHS flats will be available next year, but we will have to hang tight for now until the new supply is ready. 

If you are in a similar situation and would like to explore rental options in the open market instead, do reach out to us here. Our experienced consultants will be more than happy to assist you in your search for a suitable property.

See you in the next one!

The post What You Need To Know Before Applying For HDB’s Parenthood Provisional Housing Scheme (PPHS) appeared first on Insights by PropertyLimBrothers.

As Singapore continues to evolve into a bustling metropolitan city, space constraints have been and continue to be a challenge for many residents. With increasing demand for efficient use of space, homeowners often face issues with clutter and stress. By decluttering and employing space-maximising strategies, innovative storage solutions and smart designs, you can transform a cramped space into a more inviting and organised home.

In this article, we are going to explore tips and tricks to help you declutter your home and make the most of every square foot. 

Understanding Your Space

Before starting any process to declutter and reorganise your living space, it is key to thoroughly understand your space and identify the factors contributing to any space constraints and clutter. You can start by assessing the layout of your home and taking measurements to create a foundation for the decluttering process.

Assessing Your Layout

Assess the layout of your home by taking the time to walk through the various rooms and common areas. This will help you identify how you utilise the space in the different areas of your living space. While doing so, take note of the traffic flow – observe how all of the residents of your living space move through the space, and where most personal items, furniture and decor are placed. Take note of whether walking pathways and entrances have any furniture or personal items blocking them, and ensure that these items are moved for easier navigation throughout the flat.   

Determining areas that serve specific functions like dining, working, and lounging and are used by all of the residents can further prevent clutter that may be caused by an overlap. This can especially be the case if there are any personal items or any heavy furniture that is harder to move or that takes up a large amount of space in the living area. 

Additionally, identifying underutilised areas can create opportunities for extra storage or dedicated spaces for relaxation or work. For instance, you could find an extra corner in your living space and create a reading nook, a space for getting in a few hours of productive work, or you could add a shelf for extra storage space in a common area of your home.

Measuring Your Space

Another important factor to consider when you start the decluttering process is the measurements of your space. Measuring the dimensions of each of the rooms and common areas of your living space can guide your furniture and decor choices. Moreover, you should also measure existing furniture to determine what fits your space the best – larger furniture may make a smaller room appear more cluttered, whereas smaller pieces may not fit in larger spaces, making them look out of place and messy. 

Making Smart Furniture Choices

The second tip for decluttering your living environment and optimising space is making smart furniture choices by prioritising multifunctionality, quality, and scale.

Scaling Proportions

Expanding on our point from the first tip, choosing furniture and decor that is the right size for your living space is essential. Opting for furniture that fits the scale of your rooms will ensure that your living space does not appear to be more cramped. Choosing appropriately sized pieces over larger and more bulky pieces can help you create a space that is more open, airy and easy to navigate. For smaller apartments, low-profile sofas and chairs can make common areas appear to be more spacious and inviting.

Multipurpose and Multifunctional Furniture

When space is limited and shared amongst several residents, investing in multipurpose or multifunctional furniture can be a game-changer in reducing clutter and creating additional storage space. Sofa beds are a good option that provide a comfortable seating arrangement during the day, and a sleeping space at night for guests. Other multipurpose furniture pieces include extendable dining tables that can be expanded for gatherings and remain compact for everyday use, and storage ottomans that function as footrests, extra seating or step stools.

Making Quality A Priority

While this may not directly contribute to decreasing clutter, it is good to prioritise quality when choosing furniture for your shared living space. High-quality pieces can withstand the wear and tear that comes with daily use, especially when you are sharing your space with family members, better than cheaper alternatives.

Getting Creative With Storage Solutions

Employing creative storage strategies like using vertical space, maximising space with hidden storage, and scheduling in regular sessions for decluttering can ensure you create and maintain a well-organised home.

Vertical Space

Vertical spaces are a great way to maximise space. Using furniture like wall-mounted shelves and hanging racks can keep items organised without taking up any floor space. Hooks can also be used for miscellaneous items like bags, jackets, and kitchen utensils, helping to reduce clutter and keep personal items easily accessible.

Hidden Storage Solutions

Another creative storage solution is to use hidden storage that keeps your space tidy. You can use under-bed storage pieces like bins and drawers that fit under your bed to store items such as any off-season clothing you have, shoes, and extra towels and linens. Having tables and chairs that have hidden compartments that open for storage are also ideal for storing any extra miscellaneous items without taking up too much space.  

Regular Decluttering of Space

Aside from finding storage solutions, maintaining an organised and clutter-free space will also require regular and ongoing effort. Establishing a set of rules for yourself along with a schedule to clean out your space will ensure that your home does not accumulate clutter over time. This could be done seasonally or twice a year, allowing you to assess what items you need and what you can either sell, donate, or discard. Adopting a minimalist approach or a “One In, One Out” rule when decluttering are practices that can help you control clutter and manage your space better. 

Personal Colour and Design Choices

In addition to using tips that help you maximise space, choosing the right colours and design elements for your home significantly influence how spacious your home looks and feels. 

Light Colours, Mirrors, and Natural Light

Opt for light and neutral colours for  your furniture and walls. Lighter and more neutral shades can make rooms appear larger and more open. Moreover, incorporating mirrors strategically can create the illusion of more space as they enhance natural light present in your living space and make it appear brighter.

Home Design Theme

To add to the natural and cohesive flow in your apartment after you have decluttered, it is key to stick to a theme. You can do this by sticking to a consistent colour palette across rooms. Because you may want to add personal touches to each of the bedrooms in your home, you can have a consistent theme throughout the common areas of your home. Furthermore, you can choose home decor that aligns with the overall theme – whether that is minimalist, contemporary or modern. The cohesion and consistency throughout the common areas of your home will enhance the aesthetic appeal and make the space feel intentional.

Making The Most of Space in Each Room

Each room and common area of your home can be decorated and tailored to maximise space and enhance functionality through different room-specific tips.

Kitchen and Living Room

Installing shelves, pot racks, and magnetic strips that hold your utensils, pots and pans can create a more organised setting in your kitchen. This will ensure you don’t have them on the countertops, where you need space to prepare and cook your meals. Additionally, limit keeping small appliances on countertops when they are not in use. Instead, these can be stored in cupboards either above or below kitchen counters. 

As the living room is the heart of a home, it is essential to not only maximise your space and functionality, but also enhance the aesthetic appeal of this common area. You can start by arranging furniture in either a U-shaped or L-shaped layout to foster interaction and keep pathways clear for walking. This also creates space for a table in the middle of the sitting area. Along with this, choosing a few statement decor pieces for the table can reflect your overall design theme without adding too much clutter. 

Moreover, using smaller area rugs can help separate space in the common areas of your home visually, especially for flats with an open kitchen concept that is directly connected to the living room.

Bedroom and Bathroom

Space in your bedroom can be maximised through the use of organisers, drawer dividers and small storage boxes in your closet. Using a bed frame that comes with built-in storage can also allow for less clutter in the bedroom. In order to keep your bedroom open, airy and spacious, you can also use bedside tables and dressers that are more compact and come with drawers. 

If your bathroom is a shared one, making the most out of the under-sink storage and minimalistic decor can ensure that the room stays as clean and clutter free as possible without affecting accessibility. 

Communicating Effectively

Prioritising effective communication throughout and after the process of decluttering your home is crucial. By doing so, you will be able to create a supportive atmosphere with clear guidelines, regular check-ins, and collaborative efforts in maintaining an organised living space free of clutter.

When decluttering a home with family members, it’s important to discuss everyone’s vision for the living space and consider all ideas to ensure that everyone feels comfortable and respected. Setting boundaries and agreeing on personal spaces will help maintain privacy and prevent conflicts. Establishing a cleaning schedule with clear responsibilities can ensure that everyone contributes to keeping the home clutter-free. Additionally, using a family group chat to coordinate routines, share ideas, and discuss plans can help communicate needs and guidelines effectively.

Closing Thoughts

Living in a beautifully curated space can allow for comfort, style and optimal space. By applying tips such as assessing your layout and choosing the right furniture, to fine tuning your design and decor choices, you can maximise all of the space in your home and create a clutter-free living environment. Moreover, maintaining effective communication about any concerns and considerations for your living space throughout the process can further enhance your living environment and foster a harmonious home. 

Get in Touch With Us

Are you on a search for the ideal living space? Reach out to us here to explore your options in Singapore’s property market. Our team of seasoned consultants are more than happy to assist you on your property journey. 

See you on the next one!

The post Decluttering 101: Space-saving Hacks to Maximise Every Square Foot in Your Home appeared first on Insights by PropertyLimBrothers.

When you venture into Singapore’s property market, terms like leasehold and freehold can leave you puzzled – especially since these tenure types can have a significant impact on your investment strategies and long-term property journey. With a mix of leasehold and freehold tenures for all private property types in the market, potential homebuyers are presented with a set of benefits and challenges that require distinct strategies.  

In this article, we are going to break down all of the differences between a leasehold and a freehold property in Singapore. We will go over the key differences between each tenure and highlight factors like ownership duration, value appreciation, resale potential, market demand for leasehold and freehold properties, and the financing options for each tenure type.

Understanding Tenure Types

All residential properties in Singapore are available in two different tenure types: Leasehold and Freehold. Let’s go over the defining characteristics of both.

Leasehold Properties

A leasehold property is characterised by ownership that lasts for a predetermined period. In Singapore, the majority of leasehold properties have a tenure of 99 years. Buyers of leasehold properties possess the right to occupy and use the property for the duration of the lease, however, they do not own the land on which the property is built. As such, the ownership of a leasehold property reverts to the landowner, which is the Singapore Land Authority (SLA), after the lease expires unless it is extended with extra costs.Moreover, owners of leasehold properties are permitted to sell or transfer their lease but must ensure that they comply with the terms and conditions outlined in their lease agreement. They are also responsible for the upkeep and maintenance of the property and have to adhere to Singapore’s regulations around leasehold properties.   

Freehold Properties

Freehold properties are characterised by indefinite ownership of both the property and the land it occupies. Owners of freehold properties have perpetual rights with no time limitations on their ownership status. This tenure type may offer owners greater security and a higher potential for long-term investments. 

Owners of a freehold property in Singapore have full rights to sell, lease or modify their property without many of the constraints that may be found in leasehold properties. These could include subletting restrictions, loan restrictions, transfer conditions, and constraints caused by the remaining lease duration for leasehold property owners. It is essential to note that freehold property owners are still required to comply with the necessary regulations and are responsible for the maintenance and upkeep of their property in compliance with Singapore laws and regulations. 

Key Differences Between Leasehold and Freehold Properties in Singapore

Both leasehold and freehold properties have distinct differences that impact ownership experience, market dynamics and long-term investment plans. Whether you intend to own a property you can pass down through generations or want to purchase property you can put on the resale market after a decade, it is essential to understand the varying factors that will affect your property journey.

Ownership Duration

The first key factor that differentiates both tenure types is the ownership duration of each. 

For leasehold properties, the ownership period in Singapore is typically limited to 99 years. Once this lease expires, the property’s ownership status reverts to the landowner – the Singapore Land Authority (SLA). Additionally, it is essential for property owners to note that when they purchase a leasehold property, the lease reflects the remaining duration at the time of purchase rather than the full 99-year time period. For instance, if a leasehold property originally has a 99-year tenure but has been occupied for 20 years, the new buyer will only have 79 years left on the lease after purchase. 

The ownership duration for freehold properties is indefinite, allowing property owners to retain their property with no time limit on a lease. In a city like Singapore, with significant space constraints, the permanence that comes with owning a freehold property provides property owners with a higher sense of stability and security in the long run.

Value Appreciation

As the lease term decreases, potential buyers may view the property as less desirable. This can lead to a reduced demand for the property and slower price increases. Moreover, the perception of leasehold properties can vary throughout their lease duration. Older properties that are deep into their 99-year lease term may also experience a slower appreciation or even depreciation of value due to the Bala’s Curve Effect, especially in a competitive market with newer developments.

Freehold properties, on the other hand, may experience a more consistent rate of appreciation over time due to their appeal to buyers and investors. The permanent nature of freehold properties may make these properties a safer and more attractive option for long-term investments. 

In some cases, leasehold properties can appreciate more rapidly than their freehold counterparts. Factors such as new condominium developments or properties in prime locations can drive appreciation in the area. Leasehold properties situated in central or desirable areas with modern amenities may experience significant appreciation early on, potentially outperforming older freehold properties in the same locale.

Resale and Market Demand

While leasehold and freehold properties can do well in the property market for different reasons, leasehold properties can face challenges in the resale market particularly when the balance lease reduces. Properties with less than 60 to 70 years remaining on the lease may deter potential buyers due to concerns about lease decay. Aside from the remaining time of a lease, leasehold properties can do well because of other factors like affordability, rental demand, and location. 

Leasehold properties that are in specific locations popular amongst students or expats might do well in the rental market. Properties located next to schools and a wide range of amenities may be an attractive option for families with children. Additionally, leasehold properties are typically priced lower compared to their freehold counterparts, making them a good option for homebuyers.

Freehold properties may command higher prices in the resale market as they don’t experience lease decay. Buyers may perceive them as more desirable as a result, and may still find freehold properties to be an appealing choice in the long run even during economic fluctuations and challenging market conditions. However, a factor that can impact the market demand for freehold properties is the location and age of these developments. For older freehold properties, maintenance of facilities becomes a concern that may influence buying decisions. Freehold properties, just like their leasehold counterparts, may see higher demand and better performance in prime areas – especially if they are newer properties. 

Financing

Financing for leasehold properties can be more restrictive in comparison to financing freehold properties. This is especially the case for properties with shorter balance leases. In this scenario, lenders may impose stricter conditions or higher interest rates resulting from the perceived risks associated with a shorter lease. Banks are also a lot more hesitant with offering the Loan-to-Value (LTV) ratio of 75% for leasehold properties with less time remaining on the lease as they consider the depreciating value of these properties. Additionally, buyers are not able to utilise their CPF to fund their property purchase if the remaining lease is less than 30 years. 

On the other hand, there are no further restrictions on the LTV ratio or CPF usage for freehold properties since there is no lease period.

Which is a Better Option for You?

When considering whether a leasehold or freehold property in Singapore is the better choice, several factors must be taken into consideration. 

For buyers that are seeking long-term investment properties with a perpetual runway for appreciation, or legacy planning, freehold properties may be the more advantageous choice. 

Homebuyers and investors looking to enjoy the flexibility and appreciate market volatility can consider leasehold properties, given that they may not hold the property for more than a few years.

The better option between a leasehold and a freehold property depends on your individual circumstances and your long-term financial goals as both tenure types offer several benefits and challenges that must be taken into consideration when purchasing a property. 

Closing Thoughts

Both leasehold and freehold properties have distinct characteristics, benefits and challenges that set them apart from one another in Singapore’s property market. Ultimately, the better option for buyers hinges on individual preferences, needs, and financial goals. Having an understanding of the nuances of each tenure type and of their own needs can empower buyers to choose an option that best fits their unique circumstances.

Get In Touch With Us

Are you currently in the market for a property? Are you deciding between purchasing a leasehold or a freehold property? Feel free to reach out to our team of experienced real estate consultants for any questions or concerns you have on your property journey – whether you are looking to buy, sell, or rent, we are more than happy to assist you. 

Until the next one, see you!

The post Leasehold or Freehold? Decoding the Differences Between Tenure Types appeared first on Insights by PropertyLimBrothers.

Located at the forefront of transformation, RiverParc Residence is set to benefit from the upcoming conveniences, including the new Cross Island Line (CRL), stationed right at Riviera LRT station. The surrounding area will also undergo a comprehensive redevelopment, enhancing its appeal. Punggol, already a highly sought-after town due to its vibrant waterfront and self-sustaining township, continues to attract young couples and families.

If you are interested to find out more about RiverParc Residence, read on as we delve deeper into the project details, location, site, price, and MOAT analysis.

*This article was written in July 2024 and does not reflect data and market conditions beyond.

Project Details

Location Analysis

RiverParc Residence is strategically located along Punggol Drive, nestled between Kadaloor and Riviera LRT stations, just three LRT stops away from Punggol MRT interchange. From Punggol MRT, a convenient 24-minute train ride will take you directly to Dhoby Ghaut MRT, in the heart of town, offering excellent connectivity. For drivers, the Tampines Expressway (TPE) is easily accessible via three main entrances and exits in Punggol.

Residents of RiverParc Residence can enjoy an active lifestyle with My Waterway @ Punggol within walking distance. This scenic area provides a great space for families to unwind, and the well-connected park connectors link to major parts of the city, such as Ang Mo Kio Linear Park and Coney Island, making it ideal for cycling enthusiasts or leisurely strolls. 

The vibrant Punggol East Container Park, just a 5-10 minute walk away, offers a trendy outdoor space with numerous attractions, including eateries, bars, plant nurseries, a skating area, a gym, and more, catering to the young crowd in Punggol. Daily amenities are easily accessible from nearby Punggol Plaza and HDB shops near Kadaloor LRT.

Other unique recreational and retail options in the vicinity include Waterway Point – a large-scale shopping mall with over 100 different retail & F&B shops, and a cinema, Punggol Point Jetty, SAFRA Punggol, Punggol New Town, and One Punggol – a vast integrated lifestyle community hub with a large-scale hawker centre, a regional library, senior care facilities and numerous tons of community classes for residents to partake. Furthermore, Punggol Regional Sports Centre will be opening its doors soon. The new facility features a 5,000-seater football stadium, a swimming complex with five pools, an indoor sports hall with 20 badminton courts and a team sports hall with three convertible basketball courts. It will also include a gym, a fitness studio, sheltered tennis and futsal courts, a water activity centre and an archery training centre. Punggol has no lack of amenities for all fitness enthusiasts.

Adding to the government’s plan of ensuring Punggol Township continues to develop to support the needs of young families, the government has introduced numerous esteemed educational institutions in the vicinity. For example, RiverParc Residence currently has 5 different primary schools within the 1km radius, including the highly sought-after Mee Toh School, providing plenty of options for parents preparing for the primary one registration exercise.

The government’s emphasis on ensuring that Punggol continues to be a well-developed town is also evident in their placement of a large-scale university, Singapore Institute of Technology (SIT). It will be located in the Punggol Coast area, together with the entire Punggol Digital District that is underway. This ensures quality education at every stage, right in the neighbourhood. Let us also explore the other upcoming transformations in the area.

Upcoming Transformations & Growth Potential

The first key transformation in the immediate area will be the introduction of the Cross Island Line (CRL) at Punggol MRT and Riviera LRT stations, slated to be operational by 2032. This new MRT line will be just a 5-8 minute walk from RiverParc Residence. It will allow residents to connect to the East-West Line (EWL) easily, being only three stops away from Pasir Ris MRT, offering a significant reduction in travel time.

Secondly, the highly anticipated Punggol Digital District is taking shape, with most buildings expected to receive their Temporary Occupation Permits (TOPs) this year and next, primarily for office and business park usage. This development will bring a significant influx of job opportunities to the area, enabling homeowners to work closer to home and potentially boosting future rental demand.

Thirdly, in close proximity to RiverParc Residence, several plot usage changes are planned. An open space adjacent to the development has been reserved for residential land plots, and the existing PAR Golf Range at Punggol East will be transformed into a residential zone. Additionally, the Punggol East area (Tebing Lane), currently home to F&B, retail, and commercial shops, includes a prime plot reserved for mixed-use development (commercial and residential). If these land plots are designated for private residential purposes, the new projects could set a new pricing benchmark, as new launches often do, influenced by Singapore’s rising cost of living and construction, along with modern lease terms and facilities. On the other hand, if the plots are reserved for HDB BTO flats, it could benefit residents by attracting potential future buyers, thus increasing demand relative to supply.

The current green forest across the river is also slated to be developed into future B2 zones, providing additional job opportunities in the area, and making it an attractive option for residents and investors alike.

Site Plan

RiverParc Residence is a mid-large size density project, with a total of 504 units, spread across 7 blocks of 18 storeys high. The development offers three primary stack facings, each carefully curated to enhance residents’ living experience. 

Facing towards Punggol Drive/Waterway Primary School: Albeit some levels of road noise when the windows are open, this orientation offers a good level of privacy, as the units are well-distanced from neighbouring developments. High-floor units may also enjoy views of the park connector.

Facing Open Space: Currently an empty plot, this space is reserved for future residential development, likely yielding HDB BTO flats or private non-landed homes with a plot ratio of 3.4. Although potential construction noise and dust may arise, this facing is generally quieter, being away from the main roads. 

Facing internally/Pool View: These units offer a serene pool view, shielded from road noise, making them ideal for those who are noise-sensitive.

Regardless of the chosen facing, each unit is designed to maximise natural light and ventilation throughout the day.  Homeowners will also benefit from a predominantly north-south facing orientation, avoiding direct western sun exposure and ensuring a comfortable living environment.

Facilities

Notably, the architect and developer have managed to carefully integrate full-fledged condo facilities with neat and thoughtful design in the landscape. Despite the mid-large residential density, the landscape ensures a good sense of space, preventing overcrowding and enhancing the residents’ experience.

The facilities are inspired by the development’s proximity to the river and nature, featuring a vast water-centric area as the main focal point. This theme is further accentuated by numerous garden parks and lush landscaping, providing residents with a tranquil retreat.

For children, the vibrant kids’ pool and spray grove, bubble pool, Children’s Discovery area, Sand Beach, and Putting Green offer endless entertainment and fun. Adults can enjoy a range of amenities, including a 50m lap pool, hydrotherapy spa, sun decks, a unique water deck beside the large lap pool, BBQ pits, a Tennis Court, Garden Cabanas, an Outdoor Fitness Deck, and more. A standout feature is the magnificent glass clubhouse, seemingly floating above the crystal-clear waters of the pool, providing a perfect venue for gatherings, dinner parties, or a relaxing afternoon tea at the Tea Pavilion.

Overall, RiverParc Residence offers an unparalleled living experience, blending thoughtful design with family-friendly amenities. Its excellent location near nature both within and around the project caters to the diverse needs of modern families, providing a harmonious balance of convenience and tranquillity.

Unit Distribution

With only 36 units (7%) available as 2-bedroom units, the majority of the units at RiverParc Residence are 3-bedroom and larger, clearly catering to families looking for a home for their own stay rather than investment. One key advantage of these units is their larger-than-average floor plans, offering more spacious and comfortable living environments—ideal for families who value space. Additionally, RiverParc Residence offers the option of dual-key layouts, a rare feature in the surrounding area, providing flexibility for extended families or potential rental opportunities. Overall, the development boasts excellent layouts and a diverse unit mix, making it an attractive choice for families with young children.

Price Analysis

Taking a look at the latest price performance of RiverParc Residence compared to the neighbouring projects, it’s noteworthy that despite its earlier completion in 2014 and a 99-year lease commencing in 2010, RiverParc Residence has exhibited the highest price-performance growth in the area. This impressive performance, even given the project’s age, highlights a consistent and strong demand from homeowners. It underscores that buyers are willing to pay a premium for this development, reflecting its enduring appeal and value.

Supporting its popularity, the above data reveals a strong overall price performance trend over the past five years. Although RiverParc Residence initially launched at a lower price point compared to its neighbouring projects, it has outpaced its competitors in growth acceleration. While all surrounding projects have experienced healthy appreciation, RiverParc Residence has notably surpassed them in terms of capital gain. It ranks among the top 20 performers in District 19 for capital appreciation, further underscoring its strong market performance.

Let’s explore the main reasons behind its strong performance:

1. Location: While situated at the end of Punggol, RiverParc Residence benefits from excellent connectivity to major highways and nature park connectors. It is also conveniently close to a wide range of daily amenities, striking a perfect balance between nature and urban living.
2. Exciting Transformations: The upcoming MRT station at Riviera will significantly enhance connectivity for residents, reducing travel time and potentially increasing property values. This development is likely to benefit both current homeowners and prospective buyers as the project’s inherent value rises.
3. Upcoming New Land Plots: The introduction of new land plots, with multiple reserved residential areas, may lead to the launch of new private condos or potential future HDB upgraders. Additionally, a plot designated for mixed commercial and residential use is expected to be launched at a premium price. This will likely create a pricing disparity, positively influencing the resale market and drawing more buyers to the area.
4. Generous Layouts: RiverParc Residence is known for its spacious and well-sized layouts, making it particularly appealing to families seeking more space and comfort. This key differentiator sets it apart from competitors. We will delve deeper into the various floor plans shortly.

Overall, RiverParc Residence offers an attractive blend of modern living, accessibility, growth potential, and generous home sizes, making it a compelling choice for prospective buyers.

MOAT Analysis

The MOAT Analysis is a proprietary tool by PLB that presents a meticulous technique for estimating a property’s value, considering a wide array of influential factors. This strategy involves a comparative study of the property against others, grounded on ten key dimensions, to deliver an unbiased assessment of its attractiveness to the broader market in Singapore. To grasp a deeper understanding of our tool’s functionality, kindly refer to this article, which elucidates the MOAT Analysis in detail.

The final MOAT score of RiverParc Residence stands at 66%, an above-average performance. 

Let us explore the strengths of RiverParc Residence by zooming into the specific areas in which it has performed well. 

According to the MOAT Analysis, RiverParc Residence got the highest scores for  Exit Audience, District Disparity Effect, Region Disparity Effect, Volume Effect, Parents Attraction Effect, Quantum Effect, and Bala’s Curve Effect.

The high score in Exit Audience is attributed to the location in the burgeoning township of Punggol, which benefits from a steady influx of new BTO projects. This consistent supply of potential HDB upgraders ensures a reliable pool of new buyers and potential upgraders, thereby increasing potential future demand.  Its prime location with 5 primary schools including the esteemed Mee Toh School within 1km radius has also allowed it to score well on the Parents Attraction Effect.

RiverParc Residence enjoys a relatively affordable entry PSF for its project age compared to the entire District 19. This pricing advantage attracts buyers seeking younger projects that offer a good balance of value and financial feasibility, scoring well on the District Disparity Effect, Region Disparity Effect, and Bala’s Curve Effect.

While it has scored low on the Rental Demand, it is also natural as the project unit mix and size would be catered towards families buying for their own stay rather than investment. Although it has scored low on the MRT Proximity Effect today, once the Cross Island Line is up and running, the project will be enjoying a new MRT Proximity Effect.  

Overall, the strategic location, affordability, and family-friendly features contribute to its strong performance across various MOAT Analysis metrics.

Floor Plan Analysis

In this segment, we will highlight our top choice from each unit type available at RiverParc Residence. Our aim is to furnish you with useful knowledge that will assist you in choosing the perfect unit tailored to your preferences.

2-Bedroom

There is only one type of floor plan for the 2-bedders, type B1 standing at 829 sqft, a rather generous size versus new-age developments. This layout features two bedrooms that comfortably accommodate queen or king-size beds, an enclosable kitchen, and a spacious living and dining area with a balcony. The design includes a separate bathroom for each bedroom, making it ideal for singles or couples who value privacy and desire ample personal space. Overall, the Type B1 layout offers a comfortable and functional living environment for those seeking a spacious 2-bedroom home.

3-Bedroom

Our preferred layout for the 3 bedder would be the type C2 (3 bedder + utility over the standard 3 bedder), standing at 1076 sqft, which is suited for families with children who prioritise an efficient home size with an addition of a WC and a utility room which can double up as storage or possibly a helpers room, perfect for families with a live-in helper. This premium layout also features a key difference of a bigger master bedroom complete with a walk-in-wardrobe, giving homeowners more room and wardrobe space. It also comes with a wet and dry kitchen that links to the dining space, a great space to host dinner parties and entertain your guests while still doing meal preparation.

4-Bedroom

We have chosen the largest layout available at RiverParc Residence: the 4-bedroom dual-key Type D3, which spans 1,485 sqft. This layout is a rare find in the residential market, particularly as 4-bedroom dual-key units are increasingly scarce.

Dual-key units offer exceptional convenience for multigenerational families who desire privacy while living together. The unit includes a generous studio apartment with its own mini living area, balcony, kitchenette, and bathroom, allowing grandparents or grown-up children to enjoy their own space without needing to access communal areas. This layout is also ideal for families who wish to use a single property for both personal living and investment purposes. Homeowners can rent out the studio section while maintaining their privacy, generating passive rental income that can help offset monthly mortgage payments.

The Type D3 layout features generously sized bedrooms that easily accommodate queen-sized beds and wardrobes. The master bedroom includes a dedicated walk-in wardrobe and its own balcony, providing natural ventilation and a private retreat. Additionally, the home is equipped with a wet and dry kitchen, utility room, and a WC, ensuring ample functionality and comfort.

Nonetheless, this layout comes with a longish living and dining hall, hence for large families who prefer landscape layout in the living and dining hall, thus a larger balcony as well, may opt for the 4-bedroom layouts (not dual-key) instead.

Closing Thoughts

RiverParc Residence emerges as a premier choice in District 19, particularly within the vibrant Punggol township. It enjoys notable advantages such as the District Disparity Effect and Bala’s Curve Effect, alongside a full suite of condominium amenities in a rapidly growing area. Its appeal is further bolstered by the proximity of five primary schools within a 1km radius, including the esteemed Mee Toh School. Conveniently located just 5-8 minutes from the forthcoming Cross Island Line station at Riviera, the development promises substantial future benefits.

In essence, RiverParc Residence offers a unique opportunity for those seeking a spacious and comfortable home. With its potential for significant capital appreciation and future conveniences, it stands out as an exceptional choice for discerning homeowners and investors alike.

Let’s get in touch

If you’re considering buying, selling, or renting a unit and are uncertain about its implications on your property journey and portfolio, please reach out to us here. We would be delighted to help with any market and financial assessments related to your property, or offer a second opinion.

We appreciate your readership and support for PropertyLimBrothers. Keep an eye out as we continue to provide detailed reviews of condominium projects throughout Singapore.

Disclaimer: Information provided on this website is general in nature and does not constitute financial advice.

PropertyLimBrothers will endeavour to update the website as needed. However, information may change without notice and we do not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time. Whilst every effort has been made to ensure that the information provided is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner or your bank to take into account your particular financial situation and individual needs. PropertyLimBrothers does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, PropertyLimBrothers, its employees do not accept any liability for any error or omission on this web site or for any resulting loss or damage suffered by the recipient or any other person. 

The post RiverParc Residence Condo Review – The Next Frontier in Punggol’s Urban Evolution appeared first on Insights by PropertyLimBrothers.

Perched at the top-most levels of each condo stack, penthouses often offer the best views of the vicinity and are known to be more private (no noise-related disturbances from neighbours above). There are different types of penthouses as well – ones with two storeys (like an HDB maisonette) are known as duplex penthouses, and those with three storeys are known as triplex penthouses.

In today’s feature, we explore a 1,087 sqft, 2-bedroom duplex penthouse in Singapore with an $80K renovation to transform the space into a functional home with thoughtfully segregated living areas.

The very efficient layout maximises the space on the upper level instead of having a full roof terrace with no specific usage. The segregation of bedrooms on the upper level and living room on the first level also adds a layer of privacy when hosting guests. Let’s take a closer look.

Foyer & Kitchen

Coming into the unit, the first space features an open-concept kitchen with an oven and top hung cabinets with plenty of storage. Elements of grey and wood are further accentuated by the dark patterned laminates of the kitchen base cabinets, giving off a luxurious vibe. The red fridge adds a splash of colour to brighten up the area.

Living/Dining Area

The grey and wood theme continues into the living room, which doubles as the dining room as well. The multifunctional coffee table in the living room can be transformed into a dining table when needed, a space-saving hack that’s popular with modern homeowners.

The feature wall in the living room uses light grey wood texture, with a slim mounted TV and plenty of nooks for display figurines, sound bars, and electronic gadgets like a PlayStation or Nintendo Switch.  

Towards the back of the living room and the staircase leading to the duplex level, there is a common bathroom for guests and added convenience, as well as a household shelter and closet for storage needs – leaving the main living area clutter free.  

Master Bedroom

Moving up to the second level of this duplex penthouse, the master bedroom is decked in wood textures as well, consistent with the theme of the first level. The room is illuminated by cove lighting, setting a warm and cosy ambience. A swivel TV is also installed by the side, together with a console, for some late night movie sessions.

Master Bathroom

The master bathroom has a slightly different theme compared to the rest of the home, with a mixture of mosaic tiles and textured walls, adding a luxurious touch to the space. It also features a sliding door to separate the wet area from the dry area.

Study & Yard

Next to the master bedroom, what was originally a rather spacious roof terrace was cleverly repurposed into a study and laundry yard. Sliding doors separate the master bedroom and entrance to/from the staircase, allowing the study and yard to be enclosed if necessary. Ziptrak blinds are installed to keep the area safe from the elements, and a laundry rack and washing machine have been fitted in as well – an overall functional and practical use of the space.

Walk-in Wardrobe

The original common bedroom was converted into a walk-in wardrobe, featuring floor-to-ceiling wardrobes with full-length sliding mirror doors and more than enough wardrobe space – the ideal space to get dressed and get ready every morning.

Family Area/Entertainment Room

Beyond the walk-in wardrobe is the family area which serves as an entertainment room for karaoke nights or movie marathons. The space can be easily converted into a guest room for sleepovers, or a nursery if/when the need arises.

Roof Terrace

The last area in the home is a smaller roof terrace behind the family area, which has been fitted with carpet grass. It can serve as a scenic spot for late night hangs over beers, and we definitely foresee some deep heart-to-heart conversations happening here.

Want To Find Out More?

Does this fit the bill for you? If so, do reach out to our listing managers below for viewing enquiries.

Stay tuned as we bring you more inside looks of beautiful interiors and thoughtfully designed homes in Singapore!

The post Inside A Functional 2-Bedroom Duplex Penthouse With An $80K Renovation In Singapore appeared first on Insights by PropertyLimBrothers.