Providing you with the latest Singapore Property News relating to residential, commercial and industrial properties. We keep you updated with the latest real estate developments and analysis.

Should You Rent Your House to a Co Living Operator?

May 30, 2023 0 0

As the real estate market continues to evolve, new trends and opportunities are emerging for homeowners looking to maximize the potential of their properties. One such trend is the rise of co-living, a housing arrangement where multiple individuals share a home and its amenities. Co-living operators have gained popularity in recent years, offering a convenient and community-focused living experience. This has led many homeowners to consider renting their houses to co-living operators. But is it the right choice for you? In this article, we will explore the pros and cons of renting your house to a co-living operator to help you make an informed decision. Pros of Co Living Operator First, let's delve into the advantages of renting your house to a co-living operator. One significant benefit is the potential for stable rental income. Co-living operators typically lease the entire property for 3 years and then sublease individual rooms to tenants. This allows them to generate a constant rental yield compared to traditional one or two years rentals, where you would typically lease the entire house to a single tenant. Additionally, co-living operators often take care of property management tasks such as maintenance, repairs, and tenant screening, saving you time and effort. Another advantage is the reduced vacancy risk. With multiple individuals sharing the house, co-living arrangements tend to have higher occupancy rates. If one tenant decides to move out, the co-living operator can quickly find a replacement, minimizing the time your property remains unoccupied. This can be particularly appealing for homeowners who rely on rental income to cover mortgage payments or other expenses. Furthermore, renting your house to a co-living operator can foster a sense of community within your property. Co-living operators typically curate a diverse group of tenants who share common interests and values. This can create a dynamic and engaging living environment, promoting social interactions and networking opportunities. For homeowners who enjoy fostering a sense of community, co-living arrangements can be a rewarding experience. Cons of Co Living Operator However, it's crucial to consider the potential downsides before making a decision. One significant concern is the increased wear and tear on your property. With more individuals residing in the house, there's a higher likelihood of damage to the property and its furnishings. While co-living operators usually have processes in place to address these issues, it's important to assess whether you're comfortable with the potential risks to your property's condition. Often, the co-living operator will create an additional bedroom from either living or dining area to maximize the rental gains. They will install partitions and a bedroom door so there is absolute privacy for the tenant whom will be staying in it.  Additionally, renting to a co-living operator means relinquishing some control over who occupies your property. While operators typically conduct thorough tenant screenings, there is always a level of uncertainty when it comes to the behavior and compatibility of the residents. It's essential to research the reputation and track record of the co-living operator before entering into any agreement to ensure they have a history of responsible tenant selection and management. Furthermore, regulatory considerations can come into play. Depending on your location, there may be specific regulations or restrictions on co-living arrangements. It's essential to familiarize yourself with the local laws and regulations to ensure compliance and avoid any potential legal issues. In Singapore, the tenants must adhere to the minimum 3 consecutive months stay duration for private residential properties. It is illegal to rent your apartment to Airbnb guests who are staying for a few weeks only.  Last but not least, the co living operator will not put in a high offer to rent the apartment. Because they need to factor in the cost of maintenance and upkeeping the house, finding tenants and vacancy risks. So, don't be surprise if your neighbour's house could fetch a monthly rental income at 25 per cent higher than yours.  Ultimately, the decision to rent your house to a co-living operator depends on your personal circumstances and priorities. If you're seeking stable rental income, reduced vacancy risk, and a vibrant living environment, co-living arrangements can be an attractive option. However, if you're more concerned about maintaining strict control over your property or are wary of potential damage, it may be best to explore other rental options. Before proceeding, thoroughly research and interview different co-living operators to find a reputable and reliable partner. Consider their track record, property management practices, and the terms of their agreements. It's also advisable to consult with a real estate agent and property consultant to ensure you fully understand the implications and potential risks associated with renting to a co-living operator. Sign up as our member and you will be alerted to upcoming Feng Shui tips and seminars.

By, Chief Editor img

Unlocking the Secrets of Feng Shui Door Facing

May 29, 2023 0 0

Feng Shui, an ancient Chinese art and science, focuses on the arrangement and balance of one's environment to harmonize the flow of energy or "qi." It encompasses various aspects of life, including architecture, interior design, and even the positioning of doors. In Feng Shui, the orientation of a door plays a crucial role in determining the energy that enters a space. Understanding the principles of Feng Shui door facing can help create a more balanced and harmonious environment. The direction a door faces is believed to affect the energy that enters and circulates within a home or building. It can influence the occupants' well-being, relationships, and overall prosperity. Here, we delve into the significance of different door facings in Feng Shui and how they can impact your life. North-Facing Door: A north-facing door is associated with the Water element and symbolizes opportunities, career advancement, and personal growth. It is believed to attract beneficial energy and abundance. This direction is particularly favorable for individuals pursuing careers in fields such as business, finance, or education. To enhance the positive energy, consider incorporating water-related elements, such as a small fountain or a painting depicting water, near the entrance. South-Facing Door: A south-facing door represents the Fire element and is associated with passion, fame, and recognition. It is considered an auspicious direction for entrepreneurs, artists, and individuals seeking success in creative endeavors. However, excessive Fire energy can be overwhelming, so it's essential to balance it with elements of Water or Wood. Consider incorporating shades of blue or green in the decor or adding potted plants near the entrance to create a harmonious environment. East-Facing Door: An east-facing door is aligned with the Wood element, symbolizing growth, health, and vitality. It is associated with new beginnings and is considered beneficial for individuals seeking personal development or embarking on a new phase of life. To enhance the positive energy, incorporate plants or flowers near the entrance. You can also use the colors green and brown to create a nurturing and vibrant atmosphere. West-Facing Door: A west-facing door is connected to the Metal element and represents creativity, communication, and travel. It is believed to attract helpful people into your life and facilitate networking opportunities. To enhance the energy, consider adding metal accents, such as a wind chime or metal artwork, near the entrance. The colors white and metallic shades can also amplify the beneficial effects of a west-facing door. Propertyforsale Pte Ltd Managing Director, Mr JT Chia, commented that landed houses with main entrance facing the west are less popular due to the afternoon hot sun. Feng Shui Ba Gua Map Understanding the Feng Shui Bagua, a grid that divides a space into nine areas, can provide additional insights into how the door facing influences different aspects of life. Each direction corresponds to specific areas, such as wealth, relationships, family, or career. By aligning the door facing with the corresponding Bagua area, you can further optimize the energy flow and enhance the associated aspects of your life. While the direction a door faces is significant in Feng Shui, it's important to note that the overall balance and energy flow within a space are equally crucial. Other factors, such as the interior layout, furniture arrangement, and clutter management, also impact the energy in a space. Therefore, it's recommended to approach Feng Shui holistically and consider all aspects of the environment. In conclusion, Feng Shui door facing holds great significance in the art of creating a harmonious living space. By aligning the orientation of your doors with the corresponding elements and areas of life, you can invite positive energy and enhance various aspects of your life. Whether it's career advancement, personal growth, or relationship harmony, Feng Shui offers valuable insights into harnessing the power of energy in your environment.

By, Chief Editor img

Kew Lodge at Kheam Hock Road sold to Aurum Land for S$66.8 million

May 27, 2023 0 0

Kew Lodge has been sold to Aurum Land in a collective sale for S$66.8 million which is a 5 per cent premium over the freehold residential development reserve price of S$63.8 million. Aurum Land is a subsidiary of Woh Hop, a renowned private construction firm in Singapore. The en bloc sale reflects a land price of about S$1,940 per square foot (sq ft) for the 34,433 sq ft freehold site. Sakal Real Estate Partners is the sole marketing agent for Kew Lodge collective sale. Kew Lodge, consists of 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft, was initially built in the 1990s. However, as time passed, the property faced the challenges of aging infrastructure, changing demands, and the desire for more modern amenities. Recognizing the potential for redevelopment, a majority of the residents decided to band together and initiate the en bloc sale process. The en bloc sale process involves a collective decision by owners to sell their individual units as a whole to a developer. This process allows for a significant increase in the value of the property, as the developer can utilize the land more efficiently by constructing a new development with improved facilities and greater density. The land plot is zoned for residential or two-storey mixed landed use according to the Urban Redevelopment Authority (URA) Master Plan 2019.  On the developer's side, en bloc sales provide access to prime land parcels that might otherwise be challenging to acquire. By pooling the individual units together, property developers can maximize the site's potential, creating more efficient and profitable projects. Aurum Land plans to construct 8 to 10 luxury homes at the site comprising detached, semi-detached and terraced houses, with each home having five to eight bedrooms.  Kew Lodge collective sale allowed the residents to realize the appreciation in the value of their individual units, giving them an opportunity to achieve a significant return on their investment. This windfall enabled many residents to upgrade their living arrangements, invest in other properties, or bolster their retirement savings. As the real estate market continues to evolve, en bloc sales will likely remain an important mechanism for the rejuvenation and transformation of aging properties, providing both homeowners and developers with opportunities for growth and progress.

By, Chief Editor img

Singapore Property Valuation: Understanding the Dynamics of a Thriving Real Estate Market

May 26, 2023 0 0

Singapore's real estate market is renowned for its stability, transparency, and attractive investment opportunities. Whether you are a homeowner, investor, or simply curious about property values, understanding the process of property valuation is essential. This article aims to shed light on the intricacies of Singapore's property valuation system, factors influencing property values, and the importance of accurate valuation in this dynamic market. The Singapore Property Valuation System: In Singapore, property valuation plays a crucial role in determining the worth of real estate assets. Property valuations are conducted by professional appraisers who provide unbiased assessments based on various factors. These valuations are essential for property owners, financial institutions, government bodies, and potential buyers. Factors Influencing Property Values: Location: The location of a property is one of the most significant factors impacting its value. Singapore's prime areas, such as Orchard Road, Marina Bay, and Sentosa, command higher prices due to their proximity to amenities, transportation, and prestigious neighborhoods. Property Type: The type of property, whether it is a private condominium, public housing (HDB flat), landed property, or commercial space, has a considerable influence on its valuation. Different property types cater to varying demands and preferences, resulting in distinct market values. Market Demand and Supply: The dynamics of supply and demand in the real estate market significantly impact property values. When demand surpasses supply, prices tend to rise. Conversely, an oversupply of properties can lead to a decline in values. Economic Factors: Singapore's economic stability and growth contribute to property values. Factors such as GDP growth, employment rates, inflation, and interest rates influence the overall sentiment in the real estate market. Economic uncertainties can affect property valuations in both the residential and commercial sectors. Amenities and Infrastructure: Proximity to amenities, including schools, parks, shopping centers, and transportation hubs, can affect property values positively. Additionally, the government's initiatives to enhance infrastructure, such as the development of new MRT (Mass Rapid Transit) lines or the creation of business hubs, can boost property valuations in specific areas. Property Condition: The condition and maintenance of a property also play a role in its valuation. Well-maintained and renovated houses with modern amenities and attractive features generally command higher prices than those in poor condition. Age of the property. For a 99-years leasehold HDB flat that is 45 years old, the remaining lease would be 54 years only. Use of CPF will be pro-rated based on the extent the remaining lease of the property can cover the youngest buyer to the age of 95. Generally for a private condo or HDB flat, the units on higher floor will command a better resale value. The Importance of Accurate Property Valuation: Accurate property valuation is crucial for various stakeholders: Homeowners: For individuals looking to sell their property, an accurate valuation ensures that they set a realistic and competitive price. This approach helps attract potential buyers and expedite the selling process. Investors: Investors rely on accurate property valuations to make informed decisions about purchasing, renting, or selling properties. Understanding the current market value and potential returns allows them to strategize their investments effectively. Financial Institutions: Banks and financial institutions use property valuations to assess the collateral value for mortgage loans. Accurate valuations mitigate the risks associated with lending and determine the loan amount that can be extended to borrowers. Government and Regulatory Bodies: Property valuations are vital for government bodies to assess property taxes, stamp duties, and other charges. They also aid in urban planning, infrastructure development, and policy-making to ensure a sustainable and balanced property market. Conclusion: In Singapore's thriving real estate market, property valuation is a critical component that impacts homeowners, investors, financial institutions, and government bodies. Understanding the factors that influence property values provides valuable insights into the dynamics of this market. Accurate property valuations empower stakeholders to make informed decisions, enhance transparency, and contribute to the overall stability of Singapore's property market. We encourage you to use our property valuation tool to check on your private condominium or hdb value.

By, Chief Editor img

Home rental scams jump to 979 cases in 2022 as tenants lose their deposits

May 10, 2023 0 0

Home rental scams jumped five folds from 192 cases in 2021 to 979 cases in 2022 as many tenants fall prey to scammers who posed as landlords or property agents.  Ms Sun Xueling, Minister of State for Home Affairs, revealed this in Parliament on Tuesday (May 9), in reply to a parliamentary question from Ms Yeo Wan Ling, Member of Parliament for Pasir Ris-Punggol GRC. Ms Yeo said that a resident in her constituency was a homeowner whose house had been listed online without her knowledge in this rental scam. As a result, several victims turned up the homeowner's doorstep over a few months with their belongings, ready to move into the house. Ms Sun assured homeowners that they would not be penalised, unless they were involved in perpetuating the scams. How did home rental scam happen? Generally, the scammer will impersonate as property agents or landlords and they will post photos of the house for rent at online platforms. Victims who chanced upon these rental listings would call or text the phone numbers on the listings, thinking that they are applying for a legitimate rental unit. The scammer will send the business card of a property agent as well as the house video tour to convince the victim. As the rental market was booming last year due to high demand and low supply. Many victims were lured into paying a deposit in order to secure a viewing or reserve the unit for rent.  After the victims transfer the deposits, the scammers will no longer be contactable. How do I avoid a rental scam? Mr Chia JT, Managing Director of Propertyforsale Pte Ltd, shared various tips on how you can avoid becoming a victim in a rental scam.  Do not deal directly with a landlord or someone who claim to know the landlord. There must be a middleman such as a property agent to broker this rental deal.  Do not pay until you have visited the house physically.  Request for ownership proof. Cross check the mobile number of the property agent against the CEA public register. If he/she is a licensed property agent, it will be listed. Ms Sun advised the public not to use online platforms such as Facebook or Carousell to search for residential properties because their main business is not in the property rental space.

By, Chief Editor img

5 Ways To Work Around The Crazy Rental Market In Singapore

May 01, 2023 0 0

Life in Singapore is idyllic in many ways -- it’s safe, convenient, and comfortable. But it comes with a caveat, a hefty price tag. And by far, the hardest hit by recent price hikes is the rental market here. Rental prices for private housing shot up at the fastest pace in 15 years last year. In February this year, a top bunk bed in a HDB in Pasir Ris was listed for rent at S$600 a month. That’s the state of our crazy rental market. But all is not lost, there are ways to work around the current situation. Know Where To Look If you’re new to the property game, renting a place can be daunting. It’s important to know where to start looking. The most convenient and budget-friendly option is to make use of online property portals. Sites - like the one you’re reading right now - let you browse, filter listings, and directly contact the agent or landlord. Besides that, word-of-mouth referral from friends or family is a great way to help you get a better deal on rental costs. That being said, if you’ve never rented a property before, you might want to consider using a property agent. After all, they do know the market best and can advise you on the best course of action. Plus, they’ll handle all the paperwork, ensuring a smooth transaction. Check Out HDB Flats Over Private Property Rental rates are now at a six-year high. If you take a closer look, condominium rents rose 34.4% year-on-year in 2022 while HDB flat rents increased 28.5%. Rental costs tend to be based on size and centrality of a flat but in general, HDBs cost less to rent compared to private condominiums. HDBs, especially the newer ones, are of high quality and have similar standards to condominiums. And while HDB flats do not come with the built-in amenities that condominiums do, they do have their own charm. Public housing neighbourhoods are usually self-sufficient, and in close proximity to coffee shops, shopping centres, wet markets, schools, swimming pools, and parks. With the current rental prices, it will be wise to consider renting a HDB flat as an alternative to private property. Consider “Less Convenient” Locations Ideally, many would want to stay in the most convenient central locations, with an MRT station at their doorstep. However, these rental units will be in higher demand and command a higher asking price. If you can compromise on location, you’ll be able to get yourself a home at a more budget-friendly price. One approach you can take is looking for a unit just a few MRT stations away from popular locations. After all, with Singapore’s world-class public transport system, the short travel time will just be a small price to pay in comparison to the hundreds of dollars you might save every month. Be Clear & Specific When Making An Offer Given the current rental market, it’s safe to assume that when you’re considering renting a unit, you will face stiff competition. One way to catch the eye of landlords or property agents is to be specific when making an offer on a unit. Rather than simply stating your interest, include some additional details. Let them know if you are a single tenant, a couple, a group of friends, or a family. Information like your gender, occupation, and willingness to help keep the unit clean, will help to reassure the landlord and grab their attention. Ultimately, put yourself in your potential landlord’s shoes and assure them you would be a good tenant. Sign a Longer Lease or Pay More Lease Upfront Oftentimes, landlords may be willing to settle for a lower price if you can sign a longer lease of at lease two years or pay for more of the lease upfront. This will give you a leg up in lease negotiations.  A More Normal Rental Market Might Be Ahead At the end of the day, if you’re still mulling over the less-than-ideal expensive housing options, there is light at the end of the tunnel. Mr Chia, Managing Director of Propertyforsale Pte Ltd, believed that rental prices have peaked. Demand for rental housing is gradually settling back to pre-pandemic levels while supply is increasing due to more TOP condominiums. Landlords are becoming more realistic about the situation as their properties sit vacant for longer periods. A downtrend in rental prices might just be in the books in the second half of 2023.

By, Chief Editor img