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Issue 340

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CONTENTS FROM THE

p2 4 Traits of Millennial Homebuyers that


EDITOR
Welcome to the 340th edition of the
Singapore Property Weekly.
Will Change the Property Market
Hope you like it!
p8 Resale Property Transactions
Mr. Propwise
(November 20 November 24)

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SINGAPORE PROPERTY WEEKLY Issue 340

4 Traits of Millennial Homebuyers that Will


Change the Property Market

By Property Soul (guest contributor)

Millennials (not the yellow minions in


the Despicable Me movie) are also known as
Generation Y. The term generally refers to
those born between 1982 and 2004 (or who
are between 13 to 35 years old).

Every serious industry stakeholder who cares


about the future of the property industry must
spend some time understanding millennials,
because this group will soon become the
cornerstone of our society and the main
supporter of our economy.

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SINGAPORE PROPERTY WEEKLY Issue 340

As the breadwinner of their family, the mortgage calculators.


millennials are going to be the decision
These digital natives are forcing developers
makers of property purchases and the
and property agents to shift from offline to
endusers of property products and services.
online marketing.Generation Y cares a lot
There are four characteristics of millennials about their own needs and are very
that are going to make a big impact on the expressive. They are also more social media
property industry. savvy and know how to build their power of
influence.
Trait #1 Millennials are digital natives
Millennials are also more receptive to
The 2016 Zillow Group Consumer Housing
digitally-enhanced products, services or
Trends Report highlights the fact that
experiences, including VR (Virtual Reality),
millennial buyers and sellers are more likely
AR (Augmented Reality) or AI (Artificial
than any other generation to do their property
Intelligence).Recently, Keppel Land used VR
research online:
technology in their Highline Residences sales
6 in 10 read online reviews; gallery. With a VR headset, visitors can
8 in 10 use mobile apps during their home visualize the future project, interior of the
purchase; and layout plans, and the vicinity of the
condominium in Tiong Bahru.
2 out of 3 use online affordability tools and

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SINGAPORE PROPERTY WEEKLY Issue 340

Apart from doing almost everything online, a by loan installments, and wait for the end
popular lifestyle of millennials is to do product to arrive.
everything from home. They can socialize,
But gone are the days that customers are
research and shop online without leaving their
asked to pay for everything in advance. Like
home. Any vendor that wants to sell anything
buying something with their credit cards,
to the Generation Y has to bring it to them
millennials want to get it first, then pay later.
rather than asking them to come and see.
They are more comfortable with either a free
In the future, developers no longer have to trial or a first trial at a discount. The magic of
spend money to build and maintain a sales trial before purchase is: in case they are not
gallery for a new launch. Afterall, whats the satisfied with the trial experience, they dont
point of wasting $2 million to build a showflat, have to stick with the product or service.
only to have it torn down months later?
Unlike the older generations, millennials prize
Trait #2 Millennials want to try before unique experiences over material
they buy possessions. Instead of Own a luxurious
condo in prestigious District X from S$xxx,xxx
If Baby Boomers and Generation X are
only, a future property advertisement will go
interested to buy a new project under
like this:Live in a cool condo for a day. Like
construction, just like the latest car model,
it? Buy it! Or else, return it.
they dont mind paying a deposit first followed

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SINGAPORE PROPERTY WEEKLY Issue 340

Thanks to the cooling measures and co-working, there is a trend of young people
Additional Buyer Stamp Duty, more in their twenties and thirties staying in
developers are offering deferred payment serviced residences. The apartments come
schemes such as OUEs Twin Peaks and with studio rooms, with communal spaces,
CapitaLands Sky Habitat. CapitaLand is co-working areas, shared kitchens and
dangling a stay-then-pay program for laundry areas. It offers the communal feel of
remaining units at The Interlace and college dormitories or hostels where young
dLeedon. TG Development also gives people can mingle with the others and make
potential buyers the option of a two-year friends.
lease at their new Somerset project Lloyd
To target millennials, CapitaLands serviced
Sixtyfive, with a refundable deposit. Some
apartment arm Ascott announced last
developers try to move penthouses with the
November the launch of Lyf (pronounced
stay then pay gimmick, including Frasers
life), its latest co-living brand. Ascott is
Centrepoints Soleil @ Sinaran.
planning to build 10,000 units of Lyf by 2020
Trait #3 Millennials dont mind sharing in China, Singapore, Malaysia, Thailand,
their space Indonesia, Australia, France, Germany, Japan
and the United Kingdom.
Forget about shoebox units. The new trend of
living for millennials in Western countries and The two major markets are China and
Japan is co-living.Similar to the concept of Singapore.

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SINGAPORE PROPERTY WEEKLY Issue 340

Future projects include 112-unit lyf Wu Tong location.


Island Shenzhen, 120-unit lyf DDA Dalian and
Home ownership is a priority, but not at the
240-unit lyf Farrer Park Singapore, targeting
expense of quality of life.
to be completed by 2018 to 2021.
Millennials like to play. Experiences such as
Trait #4 Millennials want to live their own
travel, entertainment and dining are lifestyle
life
priorities.
Millennials think very differently from the Baby
The Y Generation is the Me Generation.
Boomers and Generation X. We can get
They are no longer bound by the obligation to
some hints from CBRE Researchs report on
make sacrifices for their family. They want to
Asia Pacific Millennials: Shaping the Future of
go after their dreams and follow their
Real Estate:
preferred lifestyle.
65% of respondents plan to buy property in
The Randstad Employer Brand Research
the future. However, they will continue to live
shows that, in Singapore, the average tenure
with their family until they have the financial
of millennials is typically around two years
means to live independently.
with the same company. Work-life balance is
Millennials wont purchase a home until the second priority after salary when
they can find one that meets their living millennials are looking for a job.
standards in terms of quality, size and

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SINGAPORE PROPERTY WEEKLY Issue 340

How many millennials are willing to be tied


down by a 30-year mortgage for a roof over
their head? The live for today and live for
your dream mentality of millennials is going
to cause a big disruption to the traditional
home buying market.

By guest contributor Property Soul, a


successful property investor, blogger, and
author of the No B.S. Guide to Property
Investment.

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SINGAPORE PROPERTY WEEKLY Issue 340

Non-Landed Residential Resale Property Transactions for the Week of Nov 20 Nov 24

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
2 ALTEZ 603 1,260,000 2,090 99 9 THE LIGHT @ CAIRNHILL 1,722 3,450,000 2,003 FH
3 THE METROPOLITAN CONDOMINIUM 1,367 1,890,000 1,383 99 9 KILLINEY 118 915 1,747,650 1,910 FH
3 THE ANCHORAGE 1,830 2,175,000 1,189 FH 9 RIVERIA GARDENS 969 1,780,000 1,837 FH
3 QUEENS 1,410 1,650,000 1,170 99 9 STARLIGHT SUITES 1,076 1,950,000 1,812 FH
4 CORALS AT KEPPEL BAY 1,572 3,388,000 2,156 99 9 RESIDENCES @ KILLINEY 1,625 2,880,000 1,772 FH
4 REFLECTIONS AT KEPPEL BAY 1,507 2,439,720 1,619 99 9 2 RVG 689 1,200,000 1,742 FH
4 CARIBBEAN AT KEPPEL BAY 893 1,380,000 1,545 99 10 ARDMORE PARK 2,885 8,600,000 2,981 FH
4 THE BERTH BY THE COVE 1,604 2,100,000 1,309 99 10 GRANGE RESIDENCES 2,669 6,800,000 2,547 FH
4 HARBOUR VIEW TOWERS 797 980,000 1,230 99 10 LEEDON RESIDENCE 2,648 6,000,000 2,266 FH
4 THE INTERLACE 1,905 2,100,000 1,102 99 10 THREE BALMORAL 1,528 3,337,400 2,183 FH
5 ONE-NORTH RESIDENCES 592 855,000 1,444 99 10 THE FORD @ HOLLAND 614 990,000 1,614 FH
5 ONE-NORTH RESIDENCES 592 850,000 1,436 99 10 GALLOP GABLES 2,131 3,400,000 1,595 FH
5 THE PARC CONDOMINIUM 1,216 1,600,000 1,315 FH 10 SOMMERVILLE PARK 1,948 3,088,000 1,585 FH
5 THE GRANDHILL 1,410 1,600,000 1,135 FH 10 CORONATION GROVE 1,249 1,750,000 1,402 999
5 VILLA DE WEST 947 1,055,000 1,114 FH 10 GLENTREES 2,594 3,500,000 1,349 999
5 MONTEREY PARK CONDOMINIUM 1,141 1,200,000 1,052 999 10 THE LEGEND 1,496 1,950,000 1,303 FH
5 CLEMENTIWOODS CONDOMINIUM 1,625 1,700,000 1,046 99 10 DUCHESS CREST 936 1,150,000 1,228 99
5 BLUE HORIZON 1,163 1,208,000 1,039 99 10 DUCHESS CREST 1,496 1,790,000 1,196 99
5 PASIR PANJANG COURT 1,378 1,415,000 1,027 FH 11 6 DERBYSHIRE 527 1,206,476 2,287 FH
8 CAVAN SUITES 344 580,000 1,684 FH 11 PARK INFINIA AT WEE NAM 1,690 3,211,000 1,900 FH
8 CITYSCAPE @FARRER PARK 1,163 1,628,000 1,400 FH 11 SKY@ELEVEN 2,713 4,300,000 1,585 FH
9 SCOTTS SQUARE 624 2,113,700 3,386 FH 11 VILLA CHANCERY 2,659 4,100,888 1,542 FH
9 SCOTTS SQUARE 624 2,000,000 3,204 FH 11 ZEDGE 495 760,000 1,535 FH
9 SUITES AT ORCHARD 549 1,250,000 2,277 99 11 NINETEEN SHELFORD ROAD 947 1,408,000 1,486 FH
9 THE TRILLIUM 1,399 2,900,000 2,072 FH 12 PRESTIGE HEIGHTS 409 622,000 1,521 FH

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SINGAPORE PROPERTY WEEKLY Issue 340

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
12 EIGHT RIVERSUITES 700 1,000,000 1,429 99 15 THE LUCENT 1,561 1,850,000 1,185 FH
12 RIVIERA 38 883 1,060,000 1,201 999 15 CADENCE LIGHT 678 800,000 1,180 FH
12 OLEANDER TOWERS 1,453 1,548,800 1,066 99 15 COSTA RHU 990 1,100,000 1,111 99
12 THE RICHMOND 1,539 1,600,000 1,039 FH 15 MANDARIN GARDENS 732 741,888 1,014 99
12 CHELSEA GROVE 3,444 2,050,000 595 FH 15 BLU CORAL 2,002 1,620,000 809 FH
13 NIN RESIDENCE 635 857,800 1,351 99 16 BEDOK RESIDENCES 2,680 2,930,000 1,093 99
13 NIN RESIDENCE 1,281 1,560,000 1,218 99 16 CHANGI GREEN 1,001 970,000 969 FH
13 PARC ASTON 1,163 1,350,000 1,161 FH 16 BAYSHORE PARK 936 899,888 961 99
13 BLOSSOMS @ WOODLEIGH 1,722 1,890,000 1,097 FH 16 BAYSHORE PARK 1,292 1,210,000 937 99
14 DAKOTA RESIDENCES 1,830 2,650,000 1,448 99 16 CASA MERAH 1,475 1,380,000 936 99
14 VACANZA @ EAST 807 939,800 1,164 FH 16 BREEZE BY THE EAST 2,885 2,600,000 901 FH
14 THE SUNNY SPRING 1,109 1,168,000 1,053 FH 16 THE BAYSHORE 980 880,000 898 99
14 EXCELLENCE MANSIONS 1,238 1,300,000 1,050 FH 16 EAST MEADOWS 1,485 1,300,000 875 99
14 SALLIM LODGE 1,173 1,080,000 920 FH 16 STRATFORD COURT 990 838,000 846 99
14 SIMS MEADOWS 1,862 1,365,000 733 FH 16 THE CLEARWATER 1,206 1,000,000 829 99
14 WING FONG COURT 1,055 770,000 730 FH 16 TROPICANA CONDOMINIUM 1,765 1,350,000 765 999
15 MARINE BLUE 732 1,434,030 1,959 FH 17 PARC OLYMPIA 1,023 955,000 934 99
15 MARINE BLUE 732 1,418,000 1,937 FH 17 THE INFLORA 1,302 1,200,000 921 99
15 THE SEAFRONT ON MEYER 1,615 2,850,000 1,765 FH 17 CARISSA PARK CONDOMINIUM 947 735,000 776 FH
15 THE WATERSIDE 2,400 4,150,000 1,729 FH 17 CARISSA PARK CONDOMINIUM 1,507 1,000,000 664 FH
15 THE SEAFRONT ON MEYER 1,604 2,650,000 1,652 FH 18 THE PALETTE 506 635,000 1,255 99
15 SILVERSEA 1,485 2,400,000 1,616 99 18 RIPPLE BAY 1,313 1,238,000 943 99
15 AURALIS 732 960,000 1,312 FH 18 LIVIA 915 816,888 893 99
15 HAIG COURT 1,399 1,818,000 1,299 FH 18 RIS GRANDEUR 1,367 1,220,000 892 FH
15 MARINE BLUE 1,270 1,630,940 1,284 FH 18 RIS GRANDEUR 1,292 1,080,000 836 FH
15 PEBBLE BAY 1,367 1,750,000 1,280 99 18 OASIS @ ELIAS 1,216 970,000 797 99
15 BUTTERWORTH 8 1,313 1,650,000 1,256 FH 18 SAVANNAH CONDOPARK 1,227 958,000 781 99

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SINGAPORE PROPERTY WEEKLY Issue 340

Postal Area Transacted Price Postal Area Transacted Price


Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
18 EASTPOINT GREEN 1,173 870,000 742 99 21 THE RAINTREE 1,292 1,400,000 1,084 99
18 MELVILLE PARK 936 660,000 705 99 21 PARC PALAIS 1,335 1,390,800 1,042 FH
19 KOVAN REGENCY 1,055 1,400,000 1,327 99 23 THE HILLIER 592 760,000 1,284 99
19 THE LUXURIE 452 590,000 1,305 99 23 MERAWOODS 1,345 1,250,000 929 999
19 TANGERINE GROVE 1,378 1,520,000 1,103 FH 23 MI CASA 990 905,000 914 99
19 THE MINTON 700 760,000 1,086 99 23 REGENT HEIGHTS 1,173 855,000 729 99
19 KOVAN MELODY 1,227 1,330,000 1,084 99 23 NORTHVALE 1,615 1,175,000 728 99
19 KENSINGTON SQUARE 915 980,000 1,071 FH 23 NORTHVALE 1,292 910,000 705 99
19 SUNGLADE 1,238 1,325,000 1,070 99 23 MAYSPRINGS 1,292 900,000 697 99
19 A TREASURE TROVE 1,130 1,183,000 1,047 99 26 MEADOWS @ PEIRCE 1,496 1,700,000 1,136 FH
19 RIVERSOUND RESIDENCE 753 735,000 975 99 27 EIGHT COURTYARDS 958 858,000 896 99
19 RIVER ISLES 893 850,000 951 99 28 THE GREENWICH 883 868,000 983 99
19 THE MINTON 980 930,000 949 99
19 CASA ESPANIA 1,658 1,450,000 875 FH
19 EVERGREEN PARK 1,023 708,000 692 99 NOTE: This data only covers non-landed residential resale property
20 SKY HABITAT 1,206 1,966,300 1,631 99 transactions with caveats lodged with the Singapore Land Authority.
20 SKY HABITAT 1,819 2,846,900 1,565 99 Typically, caveats are lodged at least 2-3 weeks after a purchaser
20 SKY HABITAT 1,464 2,236,500 1,528 99 signs an OTP, hence the lagged nature of the data.
20 SKY HABITAT 1,281 1,890,900 1,476 99
20 SKY HABITAT 1,518 2,177,800 1,435 99
20 SKY HABITAT 1,163 1,653,300 1,422 99
20 SKY HABITAT 1,518 2,129,600 1,403 99
20 SKY HABITAT 1,798 2,398,500 1,334 99
20 SKY HABITAT 1,378 1,739,100 1,262 99
20 PEIRCE VIEW 1,281 1,285,000 1,003 FH
21 FLORIDIAN 1,658 2,770,000 1,671 FH
21 THE CASCADIA 1,496 2,350,000 1,571 FH

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