GuocoLand Limited launches Martin Modern

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Singapore – GuocoLand Limited (“GuocoLand”) announced todaythat its latest development, Martin Modern, will be launched on 22 July 2017.The sales gallery and show suites at 8 Martin Place will be open on 8 July forprivate previews.

Located in Robertson Quay in prime District 9, the development,when completed, will comprise 450 residential units set within a magnificent botanic garden. It will offer a range of 2, 2+study, 3 and 4-bedroom apartmentswith sizes spanning 764 sq ft to 1,798 sq ft. Prices start from $1.8 million.

Martin Modern is the first condominium launch in the last eightyears in the Robertson Quay area, which has transformed dramatically into avibrant scene with the opening of four new hotels, many trendy F&B outlets,arts and culture venues. It continues to grow and evolve with two new MRT linesand upcoming MRT stations at Great World and Fort Canning as well as redevelopmentof the Kim Seng Road corridor.

Creating a LuxuryAmbience Inspired by Good Class Bungalows and the Botanic Gardens

The highly-anticipated development by GuocoLand is inspiredby Good Class Bungalows (GCB) and the Botanic Gardens. It creates a uniqueliving space with open and contemporary living areas, beautiful outdoor spaces,and well thought-out landscaping and greenery, providing residents with aprivate oasis.

“We want to redefine the current conventions of luxury living.We draw inspiration from the experiences of living in a GCB and translate thatinto a modern condominium in an upmarket riverside neighbourhood,” said Mr.Cheng Hsing Yao, Group Managing Director, GuocoLand Singapore.

To this end, GuocoLand has dedicated about eighty percent ofthe land at Martin Modern to a lush botanic garden. Sitting within this gardenare the architecturally-striking twin towers designed by four-time President’sDesign Award winner, Yip Yuen Hong from ip:li architects, who is renowned forhis work as the master craftsman for many Good Class Bungalows.

To this end, GuocoLand has dedicated about eighty percent ofthe land at Martin Modern to a lush botanic garden. Sitting within this gardenare the architecturally-striking twin towers designed by four-time President’sDesign Award winner, Yip Yuen Hong from ip:li architects, who is renowned forhis work as the master craftsman for many Good Class Bungalows.

Although located in the vibrant Robertson Quay area andminutes away from the MRT station, the development is tranquil and private. Allhomes in Martin Modern come with high quality fittings and home technologiesthat offer luxury and convenience for an urban lifestyle.

“Each time we develop a new property, we seek to introducenew ideas and technologies. What does not change is our unwavering focus on thecomfort and lifestyle of the end users. We always design our building from the‘inside out’,” added Mr Cheng

Key features ofMartin Modern

Martin Modern is located in the quiet and sought-afterDistrict 9 neighbourhood of Robertson Quay. The exclusive address

A distinct sense ofarrival is apparent from the moment residents enter through an extended driveway,elegant porch and courtyard.

A high level ofprivacyprevails throughout as the apartments are set back from the boundarymain road, and the periphery is surrounded by big trees and secluded fromexternal view. All apartments are raised nine metres above the main entrance,and are oriented to maximize views as well as privacy.

Martin Modern’s botanicgarden is spread over three split levels. With only two towers on a large 1.6hectare land, about eighty percent of the site will be dedicated to the botanicgarden with stately trees and 15 curated garden spaces. In the garden, therewill be more than 200 species of plants and 50 species of trees, with manyindigenous ones.

Located at the crowns of the towers are secret gardens whichoffer intimate spaces for residents to relax and enjoy the panoramic views ofthe city skyline, Marina Bay and the Singapore River.

Common club facilities, including the Club House, a 50-metrelong lap pool, gym by the dipping pool and dining lounges in the secret gardenat the top of the 30-storey towers, offer

In the apartments, the living and dining areas, kitchen andbalcony are designed in a seamless way, giving homeowners extended space tohost parties and gatherings at home. The high ceilings and thewell-proportioned living and dining rooms, bedrooms, kitchen and balconies ensurethat living space is comfortable anduseable . All apartments are furnished with top of-the-line branded luxuryfittings such as Miele kitchen appliances, SMEG refrigerators, Laufen sanitaryware, and AXOR bathroom accessories.

A wireless smart homereadiness hub will also allow for the possibility of integrating a vast numberof multimedia systems within each home, bringing intelligence and functionalityfor a convenient modern lifestyle.

The balconies feature marble floors and privacy screens thatprovide beautiful transitory spacesbetween the inside and the outside world – a tropical design feature of theverandahs of GCB. Some apartments have dual balconies that extend the livingspace while offering more natural lightand ventilation, as well as two different views of the surrounding area of SingaporeRiver, Marina Bay and the city.

GuocoLand is an acclaimed developer of many successful luxuryresidential properties and has appointed a strong team to conceptualise MartinModern’s unique design.

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Week in Review – 7 July 2017

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Local Property News

Second EC launch of 2017 – Hundred Palms EC in Choa Chu Kang

A new executive condominium (EC) launches tomorrow, bringing new life to the market which has been quiet for awhile now. The Hundred Palms Residences EC in Choa Chu Kang is only the second EC to be launched in 2017, following the iNz Residences, also in Choa Chu Kang, which was launched earlier this year in February.

Property players are expecting the Hundred Palms Residences to have equally, if not more fervent response from the public as it is primely located within the vicinity of Hougang and Serangoon North and close to Rosyth primary school. As there has not been many EC launches this year, and the next one could be launched only next year, the developer is likely to be banking on the momentum from recent months to carry forth into the next quarter, at the very least. Out of the 1,394 apartment units sold last month, about over a quarter were ECs. In fact, the best-selling project in May was Sol Acres in Choa Chu Kang Grove. If anything, it seems like the estate is gaining attention amongst buyers and tomorrow’s launch may hit new highs.

Release of new land sites in H2 may not satisfy developer demand

After holding back for the past few quarters, 16 new land sites will be released under the Government Land Sales (GLS) programme in the second half of this year. That is in addition to other private land sites which might go on sale as well during the same period.

Despite this ramped up supply of land plots, property analysts expect continued aggressive bidding from developers as they seem to be on the hunt for resources to replenish their land banks and especially as the demand for new homes has grown steadily in the last few months. As the nation’s population continues to grow, the authorities also recognise the need to keep up with the demand for new private housing in the years ahead.

The 16 sites from the GLS programme can potentially yield up to 8,125 private homes. And yet, analysts still consider this allocation inadequate in meeting developer demand. The sites most likely to draw the most number of bids are those in Jiak Kim Street, Fourth Avenue and Cuscaden Road due to their locations. New record high bids are expected for these sites.

With the possibilities of more joint ventures between developers and funds, the potential for higher bids for limited land plots may very well drive land prices up. Could that mean eventual increases in property prices, even if not now then sometime in the future? How would that then affect the market then?

3-month short term rental of private homes now allowed

Though the short-term lease of properties on sites such as Airbnb is still not legal in Singapore, leasing of private homes for a period of 3 months is now allowed. Under previous regulations which was implemented in 2009, the minimum rental contract period was 6 months.

Landlords and tenants alike may rejoice as this means greater flexibility in terms of negotiating lease arrangements. For tenants looking for an option to serviced apartments or hotels, an entirely new market has opened up as those who were in between housing options (e.g. renting a place while waiting for renovation work to be done in their current or future home) or in Singapore for short-term study or work purposes.

This welcome change stems from a public consultation exercise in 2015 which showed a majority of its respondents supporting a shorter minimum lease period. This new move may bring good cheer for some private home owners though it may not be much of a change for agents specialising in rental properties as the yields for short-term rents are considerably lesser than say a one- or two-year contract. Property analysts are not expecting much change in the rental market as landlords may still favour longer contracts as it saves them the trouble of waiting on new tenants.

The rules are already in place and take effect immediately. Violations of the regulations may warrant fines of up to $200,000.

Third time lucky for Tampines Court?

One of the biggest collective sale of a privatised ex-HUDC of the decade may go down should developers go for the $960 million sale price put by for Tampines Court.

Launched just this Tuesday, the development has secured 82 per cent approval from the residents and each owner will stand to received $1.7 million from the sale. The 702,000 sq ft Tampines street 11 site currently holds 560 apartment units across 14 residential blocks but could potentially yield 2,100 new private homes in the future. Tampines Court is located in a mature estate with very good possibilities of being redeveloped into an eco-establishment suitable for families.

Property analysts are hopeful for a successful sale this third-time round as the collective sale sector has shown itself to be performing exceedingly well in the last few quarters. This is despite of the $348 million additional charges required to intensify land use and to top up the lease to 99 years. But the home owners are optimistic about current market sentiments. The most recent collective sale tenders include the private property The Albracca in Meyer Road and another ex-HUDC, Serangoon Ville in Serangoon North Avenue 1 and a Stirling road site was recently sold for $1 billion.

There may be a small window of opportunity before the market becomes too saturated with sales bids and also as the government intends to ramp up supply of land sites in H2. Success or not, it may all come down to timing.

Global Property News

CapitaLand Capitalising on integrated developments in China

Singaporean developers are looking to China in their search for market expansion opportunities.

CapitaLand for one is hoping to leverage on their expertise in developing integrated developments, which are harder to replicate than residential, retail or commercial office projects, to help them get ahead in China’s intensely competitive real estate sector. They believe these cross-segment developments have their place in the Chinese property market and while they are in knowledge of the need to constantly improve quickly or risk falling behind, are confident enough to invest significantly. CapitaLand currently has the largest portfolio of integrated developments of any foreign developer in China.

Their next project is for a 24 billion yuan (S$4.9 billion) Raffles City Chongqing, their biggest yet in China. The project is expected to be ready by H2 of 2018. In the meanwhile, they already hold 1 million sq m over 4 integrated developments which opened in April this year – Raffles City Shenzhen, Raffles City Changning, Raffles City Hangzhou and CapitaMall Westgate in Wuhan.

The “Raffles City” brand is doing well thus far and the CapitaLand group has set their sights high but wise, with plans to invest $2.1 billion into integrated developments in China’s gateway cities such as Shanghai, Beijing, Guangzhou and Shenzhen.

Tips to know the quality of wood furniture better

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Love wood furniture? Here’s how to judge its quality!

We all love wood, don’t we? In fact, those of us with keen eyes would probably have noticed, homes worldwide almost always have wood furniture to make the space look more beautiful.

But surprisingly, not many of us seem to really understand how to select quality wood furniture, and judge if they are worth their prices. I mean, how often have we paid a hefty sum for a piece of wood furniture, not knowing if we are overpaying for it (like those overpriced engineered wood pieces from IK*A!)

So, we’ve broken down this age-old question to help make buying wood furniture, in the future, a breeze for you! Here goes~

Type of wood

Alright, first things first! When it comes to buying wood furniture, the most important thing you need to check is the type of wood that the furniture is made up of. But truth be told, there are a dozen types of wood to say the least, so much so that it’s almost impossible to ever remember the good and bad of each of these woods. So, instead of complicating things like the furniture stores always do, let’s keep things sweet and simple. All we need to understand are the three broad categories of wood:

1) SOLID HARDWOOD

Made from deciduous leafy trees, many people call hardwood the real deal. And that’s not surprising given the premium quality such wood offer. If the entire furniture is made of full solid hardwood (which is really quite hard to find nowadays, by the way), you can bet they will be way costlier too.

Types of wood:

Chipboard, fiberboard, plywood, veneers

How to tell it’s solid hardwood:

Now, to tell if the furniture is made of solid wood, simply observe the grains on the furniture. Real solid wood furniture would have grains that run smoothly and are aligned throughout different sides of the furniture, just like how real tree grains would run.

In fact, don’t be surprised to find that most solid wood furniture are NOT of uniform sizes. Not that they are manufacturing defects, but rather, because they are made of real trees, they follow the shapes and contour of the trees. That’s also the reason why luxurious homes love such wood, because each piece of furniture is unique and truly one-in-the-world.

Between solid hardwood and softwood, the easiest way to tell them apart, is to observe the density/weight of the furniture. Hardwood are usually heavier, have less knots (those black spots you see in wood surfaces), and won’t get scratched so easily.

Pros:

Hardwoods are mostly of premium quality; they are denser, sturdier and more resistant to scratches and cracks.

Cons:

And of course, for the high quality such wood offer, be prepared to pay more for them too.

2) SOLID SOFTWOOD

The second type of wood is the solid softwood. The funny thing is so many of us think hardwoods are hard, and softwoods are soft. But, really, no, that’s not true. The key distinction is that softwood come from coniferous trees (you know those with needle-like “leaves”? ) which generally grow faster and are hence cheaper to reproduce. But precisely because they grow faster, they are also less dense, and thus less sturdier than hardwood.

Types of wood:
Pine, redwood, cedar

How to tell it’s solid softwood:

Softwood tend to be less resistant to scratches and cracks, due to the knots they bear. One way to test it “live”, is to try scratching it a little (P.S. don’t try this blatantly at the furniture store). If you see a scratch easily forming, that could very well be a softwood.

Pros:

Compared to solid hardwood, the softwoods are definitely more price-friendly.

Cons:

3) ENGINEERED WOOD

As you might have guessed it, engineered wood is not natural wood. They’re either made up of pieces of wood waste combined together (chipboard, fiberboard) or have a better-quality veneer laid over a layer of lousier-quality wood.

Types of wood:

Chipboard, fiberboard, plywood, veneers

Oft times, chipboard and fiberboard are the easiest to spot. Try knocking on it or looking at the bottom of the furniture, and you will find that they are a lot less dense and definitely not made of a full piece of wood.

Instead, the more misleading ones are the veneers that look almost like a real solid wood. So, how then do you tell the real from the veneers? Simply look out for 2 things. One, veneer wood have grains that don’t follow through from the top to the side of the furniture. Instead, they have repetitive grain patterns. And, the bottom surface of the furniture is usually different from the other easily-visible surfaces.

Pros:

What more can we say, other than that they are more readily available in the market and hence cheaper than solid wood? A word of caution though, not all veneers are of lousy quality. Veneers from exotic wood can be applied on solid wood too, making an already expensive furniture even more expensive!

Cons:

Unlike solid wood, engineered wood are usually susceptible to water damage. So, unless you want bubbles to form or the edges to peel, then keep them away from water! And oh, there are also cases where cracks may form when veneer and the base material contract/expand at different rates over time. Ouch!

Furniture workmanship

1) HOW THE WOOD PIECES ARE JOINED TOGETHER

The best pieces of wood furniture are those that are joined through dovetails or screws. Or, if wood pieces are ever glued together, be sure to double confirm the glue can’t be seen! And, avoid wood pieces that are merely stapled together.

2) DETAILS IN THE FURNITURE CONSTRUCTION

And of course, it’s all in the details! Furniture manufacturers who really want to design for quality would care utmost about how well the furniture fits the usage. So, do give the furniture a check! Ask yourself, do the drawers come with stoppers to prevent them from sliding out fully? Are the doors easily to slide or open? Do they wobble when you shake them a little?

Excellent Turnout at Preview of Martin Modern’s Sales Gallery

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A large number of prospective buyers came to view the show suites at the sales gallery at GuocoLand’s latest development, Martin Modern, over the weekend when it first opened for viewing. The development, when completed, will comprise 450 residential units set within a magnificent botanic garden.

“Many people recognised that the high-end market presents very good value now and are waiting for the right opportunity to enter the market. Martin Modern is coming into the market at a very opportune time, and its strong product positioning of a home in a botanic garden and very high quality design and finishes is very rare in District 9. On top of that, it will benefit from the continuing growth and transformation of the Robertson Quay area when the new MRT line and future developments there come up. Everyone I spoke to was impressed by the project and very ‘motivated’ to buy a unit,” said Mr. Cheng Hsing Yao, Group Managing Director, GuocoLand Singapore.

Visitors were impressed by the beautiful landscaping and greenery that provides residents with a sanctuary in an upmarket riverside location. They particularly like the luxurious fittings and efficient layout of the units – like the good room size, spacious living and dining spaces, functional and imported kitchen, full marble toilets and highly useable balconies, added Mr. Cheng .

Mr. Ismail Gafoor, CEO PropNex Realty said, “The response to Martin Modern’s first weekend show flat preview is very strong, signalling a resilience in demand amongst buyers who are looking for a suitably-priced investment in a desirable location”.

Martin Modern was highly-anticipated as it is the first large-scale condominium to be launched in the past eight years in the Robertson Quay. The Robertson Quay area continues to grow and evolve with two new MRT lines and upcoming MRT stations at Great World and Fort Canning as well as redevelopment of the Kim Seng Road corridor.

“Such a well-thought product is a signature of renowned developer GuocoLand and we are confident that the project will be a huge success at the upcoming launch. In fact, we have been getting numerous enquiries on the ground about Martin Modern over the past few months,” added Mr. Ismail.

One of the visitors, Ms. X. J. Yan, a Singaporean in her early 50’s said, “The apartments’ high ceiling gives the space its openness and is luxuriously fitted. The layout is elegantly designed and is functional as well as practical. The balconies are nice for enjoying an evening breeze and entertaining friends.”

Martin Modern is expected to receive its TOP by end 2021.

When to use Equity Term Loan instead of Selling

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You know what’s more annoying that being broke? Being broke while sitting on a pile of gold. If you think that doesn’t happen, try asking a retiree with no income, but a $1.6 million condo that she can’t sell. The good news is, there’s a solution to that:

What is a home equity loan?

A home equity loan is also called cash-out refinancing, or a second mortgage (but for marketing reasons, banks really hate the word “mortgage”, so you’ll rarely hear them say that).

A home equity lets you borrow money, while using your house as collateral. Before you laugh your ass off and leave the page, that’s not as terrible an idea as it sounds. You see, if you’ve run out of cash but have a valuable house, your usual choice is to sell and downgrade. But a home equity loan lets you get money out of your house, without having to lose it.

Because there’s something they can foreclose on, banks consider home equity loans to be low-risk, secured loans. That means they charge a super-low interest rate, seldom above 1.3 e per cent per annum. For reference, that’s less than a third of your CPF Ordinary Account rate (up to 3.5 per cent per annum), and about 1/6th of a personal loan rate (about six per cent per annum).

That super-low interest rate means home equity loans are quite cheap, and can provide a much bigger loan than you’d get through, say, a personal installment loan. Most other, unsecured loans can only lend you up to four times your monthly salary (read: $0 if you’re retired and have no pay cheque).

On top of this, the government recently made regulatory changes to home equity loan restrictions. If your house is already paid up, you can borrow up to half its value, without having to meet Total Debt Servicing Ratio (TDSR) restrictions.

On top of this, the government recently made regulatory changes to home equity loan restrictions. If your house is already paid up, you can borrow up to half its value, without having to meet Total Debt Servicing Ratio (TDSR) restrictions.

Sadly though, home equity loans can only be used for private properties.

Who should use a home equity loan?

People who should consider home equity loans are:

Owners of second or subsequent investment properties
People looking to consolidate their debts
Parents who want to help out their children

Not advisable to take out a Housing Equity Loan to buy a luxury car, but if you really have to do so, housing loan is much cheaper than a car loan.

1.Owners of second or subsequent investment properties

If you own more than one property, home equity loans can reduce your liabilities, without your having to sell off a house.

For example:

Say you own one condo (condo A), which is worth $1.6 million, and is fully paid up. You own a second condo (condo B), on which you have 10 years left on the mortgage, and you currently rent it out.

Let’s say you have $500,000 left to pay on condo B, and the interest rate on this is two per cent per annum. That’s about $3,400 a month in mortgage repayments, which is barely covered by the rental income of $3,500 a month (and heaven help you if the rental market falls even slightly, which would turn condo B into a liability).

You could take out a home equity loan on condo A, and borrow $500,000 at just one per cent per annum. The monthly repayment for this home equity loan would probably just be around $2,000 a month.

You then use the $500,000 you borrowed to pay off condo B. Now look at what happens:

You generate rental income of $3,500 a month, but the monthly repayments have fallen to just $2,000 per month. At the same time, you still fully own one property (condo B has been fully paid off).

If you have multiple properties, we might be able to work out a solution like this for you. Contact one of our expert mortgage brokers.

People looking to consolidate their debts

Forget what other personal finance websites tell you: no amount of saving on Starbucks coffee is likely to fix a major debt problem. If you owe, say, 12 months of your income, trying to go on budget now is like putting Tiger Balm on three broken ribs.

Typically, in such dire straits, the solution is to sell your house a downgrade. But you can consider a home equity loan as an alternative.

Let’s say you have $150,000 in unsecured loans, growing at about 24 per cent per annum (typical for credit cards). However, you have a house that’s almost entirely paid up; and it’s worth about $1.3 million, having appreciated over time.

You could take a home equity loan, borrowing $150,000 against your house, at just 1.3 per cent per annum. You then use the $150,000 to pay off all your other unsecured loans, thus consolidating all that high-interest debt into a single, low-interest home equity loan.

This reduces your monthly repayments to manageable levels, without you having to sell the house.

Parents who want to help out their children

If you have reliable income sources, and want to help your children, a home equity loan can be the better option.

For example, if you have a paid-up condo worth $1 million, you can easily borrow up to $500,000 with a home equity loan (you won’t need to meet TDSR restrictions under the new rules). At 1.3 per cent per annum, this is cheaper than taking an education loan to send your kids to Harvard or wherever. It’s also cheaper than a HDB loan (2.6 per cent per annum), so you can help them buy a flat.

This is especially useful if you’re sitting on an appreciating property; you can finance your children’s aspirations, without having to lose a good retirement asset.

However, all of this is dependent on the bank be willing to extend the loan

It’s up to the bank’s credit officer, whether or not you can get a home equity loan.

Two key things to remember are
(1) you cannot take a home equity loan on public housing (HDB flats), it’s only available for private properties, and
(2) banks look at factors such as your age and income. You may have to try with several banks before you can get one.