While the real estate landscape witnessed one round of mortgage rule change in 2012, it was mild in comparsion to what laid ahead in the following year. In 2013, the Government rolled out, in total, four rounds. First there was the increase in cash outlay and tigher loan-to-value (LTV) ratio for second, and subsequent homes, along with the tigher MSR ratio for HDB flats. These were coupled with a myraid of other measures. By mid-year, a radical new framework came along in the form of the TDSR. Towards the fourth quarter, the MSR ratio for loans granted by the HDB was lowered to 30 per cent to be on par with HDB loans disbursed by financial institutions. Finally, 2013 closed with the MSR ratio, for the first time, applying to buyers of ECs.
In contrast, 2012 only saw the maximum loan tenure capped at 35 years, and a lowering of the LTV ratio for certain groups of borrowers.
So how have the series of regulations in 2013 affected the market for high-end homes in District 09, 10 and 11?
For each district, based on caveats lodged with URA, we compare the median price changes for projects with 10 or more caveats lodged in each of 2012 and 2013. (Refer to Table 1-3)
Comparing 2012 and 2013, we find that for
District 09
6 out of 11 projects experienced a fall in median price, but only 3 has a fall in median unit price
District 10
3 out of 10 projects experienced a fall in median price, but only 2 has a fall in median unit price
District 11
5 out of 8 projects experienced a fall in median price, but only 1 has a fall in median unit price
This indicates that the overall price quantum may have declined but this is due to smaller units being transacted, as attested by the corresponding fall in median area of homes that changed hands. Hence we can conclude that prices of upmarket homes are holding up well, as a matter of fact the median unit prices of most projects have soared. This can be attributed to the deep pockets of individual sellers and developers of these luxurious homes, who are not compelled to part with their properties at a discount – tepid housing market notwithstanding.
With a taming market but prices still going strong, coupled with stringent lending rules, it is more critical than ever to have a mortgage specialist helps you compare mortgage loan Singapore and work out your finances. Speak to an iCompareLoan mortgage expert today!
Figures are arrived at based on caveats lodged with URA as of 4 May 2014. Only projects with 10 or more caveats lodged in each of 2012 and 2013 are analysed.
Tables 1: District 09 Selected Homes Price Figures For 2012 & 2013
2012
Project Name
Street Name
Sample Size
Price Range
(S$ mil)
Unit Price Range
(S$ psf)
Median Price
(S$ mil)
Median Unit Price
(S$ psf)
Median Area (sq ft)
Aspen Heights
River Valley Road
40
1.3 – 4.75
1208-1699
2.01
1,524.50
1324
Belle Vue Residences
Oxley Walk
21
4.44 – 12.23
1510-2917
6.38
2,146.00
3175
Espada
St. Thomas Walk
11
0.84 – 1.92
2323-2920
1.1
2,590.00
377
Helios Residences
Cairnhill Circle
31
4.23 – 12.5
3130-3890
5.98
3,541.00
1668
Hilltops
Cairnhill Circle
11
3.71 – 11.41
2972-4398
5.25
3,199.00
1593
Parc Sophia
Adis Road
20
0.84 – 1.3
1411-1932
1.1
1,716.00
667
Rivergate
Robertson Quay
33
2.03 – 4.54
1778-2330
3.1
2,050.00
1507
The Scotts Tower
Scotts Road
58
1.94 – 3.31
3034-3982
2.24
3,402.50
667
The Wharf Residence
Tong Watt Road
31
1.52 – 3.95
1352-2229
2.01
1,718.00
1076
Visioncrest
Oxley Rise
16
1.37 – 2.38
1812-2215
1.88
2,009.00
920.5
Waterford Residence
Kim Yam Road
18
1.47 – 2.8
1294-1715
1.92
1,489.50
1394
2013
Project Name
Sample Size
Price Range (S$ mil)
Unit Price Range (S$ psf)
Median Price (S$ mil)
Median Unit Price (S$ psf)
Median Area (sq ft)
Aspen Heights
20
1.74 – 5.3
1484-1796
2.1
1,589.50
1572
Belle Vue Residences
11
3.8 – 10.5
1550-2069
4.39
1,735.00
3563
Espada
10
0.91 – 1.9
2442-2759
1.75
2,646.00
377
Helios Residences
18
3.46 – 12
2700-3976
1.41
3,464.00
1668
Hilltops
13
2.35 – 5.9
2601-3404
2.05
3,027.00
1335
Parc Sophia
10
0.93 – 1.28
1525-2069
1.61
1,865.00
549
Rivergate
18
2.32 – 4.26
1898-2298
2.04
2,050.00
1733
The Scotts Tower
37
2.08 – 5.16
3180-4267
1.8
3,608.00
807
The Wharf Residence
10
1.86 – 8.5
1592-2151
1.12
1,912.50
1254
Visioncrest
10
1.48 – 2.5
1919-2323
3.39
2,096.50
915
Waterford Residence
14
1.59 – 2.55
1500-1746
1.84
1,582.00
1141
Project Name
% Change in Median Price
% Change in Median Unit Price
% Change in Median Area (sq ft)
Aspen Heights
15.24
4.09
0.19
Belle Vue Residences
(9.06)
(23.69)
0.12
Espada
(13.99)
2.12
0.00
Helios Residences
(0.83)
(2.22)
0.00
Hilltops
(28.15)
(5.68)
(0.16)
Parc Sophia
(5.83)
7.99
(0.18)
Rivergate
11.05
0.00
0.15
The Scotts Tower
18.35
5.70
0.21
The Wharf Residence
21.04
10.17
0.17
Visioncrest
5.53
4.17
(0.01)
Waterford Residence
(4.07)
5.85
(0.18)
Tables 2: District 10 Selected Homes Price Figures For 2012 & 2013
2012
Project Name
Street Name
Sample Size
Price Range (S$ mil)
Unit Price Range
(S$ psf)
Median Price
(S$ mil)
Median Unit Price
(S$ psf)
Median Area (sq ft)
D’leedon
Leedon Heights
228
0.96 – 3.81
1321-1937
1.7
1,469.50
1389
Leedon Residence
Leedon Heights
79
2.35 – 14.42
1413-2494
4.85
1,890.00
2131
Nathan Residences
Nathan Road
14
0.89 – 1.4
1394-1782
1.22
1,602.50
786
One Jervois
Jervois Close
16
1.5 – 3.35
1496-1799
2.3
1,623.00
1308
Parvis
Holland Hill
13
1.7 – 4.6
1650-2059
3.52
1,938.00
1991
Ridgewood
Mount Sinai Drive
14
1.55 – 3.43
845-1267
2.15
1,147.00
1873
Sommerville Park
Farrer Drive
22
1.04 – 6.55
1396-1730
2.93
1,567.00
1948
The Tessarina
Wilby Road
32
1.25 – 2.51
1250-1555
1.83
1,395.50
1318.5
The Trizon
Ridgewood Close
55
1.66 – 4.03
1101-2043
2.61
1,710.00
1550
Valley Park
River Valley Road
33
1.16 – 5.38
1357-1644
1.76
1,480.00
1216
2013
Project Name
Sample Size
Price Range
(S$ mil)
Unit Price Range
(S$ psf)
Median Price
(S$ mil)
Median Unit Price
(S$ psf)
Median Area
(sq ft)
D’leedon
680
1.02 – 7.1
1244-2120
2.1
1485
1475
Leedon Residence
37
2.32 – 14.8
1708-2685
4.39
2100
2110
Nathan Residences
12
1.1 – 1.74
1357-2078
1.23
1910
592
One Jervois
12
1.26 – 4.25
1548-1984
3.05
1789
1701
Parvis
10
1.94 – 4
1835-2009
3.29
1934.5
1701
Ridgewood
16
1.6 – 3.65
1052-1399
2.51
1260.5
2002
Sommerville Park
13
1.26 – 3.5
1453-2018
2.17
1618
1302
The Tessarina
12
1.44 – 2.24
1495-1660
1.83
1581
1173
The Trizon
26
1.76 – 3.71
1500-1911
3.42
1707
2067
Valley Park
15
1.16 – 2.88
1394-1727
2.1
1567
1216
Project Name
% Change in Median Price
% Change in Median Unit Price
% Change in Median Area (sq ft)
D’leedon
19.05
1.04
0.06
Leedon Residence
(10.48)
10.00
(0.01)
Nathan Residences
0.81
16.10
(0.25)
One Jervois
24.59
9.28
0.30
Parvis
(6.99)
(0.18)
(0.15)
Ridgewood
14.34
9.00
0.07
Sommerville Park
(35.02)
3.15
(0.33)
The Tessarina
0.00
11.73
(0.11)
The Trizon
23.68
(0.18)
0.33
Valley Park
16.19
5.55
0.00
Tables 3: District 11 Selected Homes Price Figures For 2012 & 2013
2012
Project Name
Street Name
Sample Size
Price Range (S$ mil)
Unit Price Range(S$ psf)
Median Price
(S$ mil)
Median Unit Price
(S$ psf)
Median Area (sq ft)
Amaryllis Ville
Newton Road
24
1.03 – 4
1373-1657
1.45
1,494.00
958
Cube 8
Thomson Road
13
0.88 – 3.35
1108-1662
1.27
1,424.00
904
Lincoln Suites
Khiang Guan Avenue
20
0.97 – 3.77
1864-2948
2.29
2,068.50
1109
L’viv
Newton Road
27
1.29 – 2.5
2103-2541
2.15
2,277.00
990
Park Infinia At Wee Nam
Lincoln Road
28
1.12 – 5.37
1523-2153
2.15
1,887.00
1221.5
Soleil @ Sinaran
Sinaran Drive
34
1.04 – 3.44
1548-2202
2.02
1,849.50
1098
Suites @ Newton
Surrey Road
23
0.95 – 1.43
1810-2377
1.29
2,140.00
603
The Lincoln Residences
Surrey Road
14
2.25 – 3.89
1598-1923
3.00
1,766.00
1841
2013
Project Name
Sample Size
Price Range
(S$ mil)
Unit Price Range (S$ psf)
Median Price (S$ mil)
Median Unit Price (S$ psf)
Median Area (sq ft)
Amaryllis Ville
12
1.14 – 2.6
1500-1741
1.75
1,542.00
1119.5
Cube 8
14
0.96 – 2.2
1394-1787
1.41
1,538.50
904
Lincoln Suites
11
1.18 – 2.4
1979-2798
2.05
2,143.00
1033
L’viv
12
1.3 – 2.46
2119-2544
1.61
2,442.00
657
Park Infinia At Wee Nam
11
1.2 – 3.03
1810-2144
2.04
2,039.00
1001
Soleil @ Sinaran
11
0.98 – 2.32
1346-2228
1.80
1,954.00
936
Suites @ Newton
16
0.97 – 1.49
1910-2460
1.12
2,045.00
517
The Lincoln Residences
14
2.4 – 5.3
1640-1884
3.39
1,773.00
1884
Project Name
% Change in Median Price
% Change in Median Unit Price
% Change in Median Area (sq ft)
Amaryllis Ville
17.14
3.11
0.17
Cube 8
9.93
7.44
0.00
Lincoln Suites
(11.71)
3.48
(0.07)
L’viv
(33.54)
6.76
(0.34)
Park Infinia At Wee Nam
(5.39)
7.45
(0.18)
Soleil @ Sinaran
(12.22)
5.35
(0.15)
Suites @ Newton
(15.18)
(4.65)
(0.14)
The Lincoln Residences
11.50
0.39
0.02
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