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5 things you will learn during my talk at the iProperty Bumiputera Home & Property Fair 2023

7/5/2023

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From map reading to identifying growth areas, this easy-to-understand session aims to assist first-time homebuyers looking for homes along the Sungai Buloh-Serdang-Putrajaya (SSP Line).
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By Khalil Adis
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Taman Connaught MRT station along the Sungai Buloh - Kajang MRT Line (SBK Line). Photo: Khalil Adis Consultancy
The Malaysian property landscape has undergone significant changes since the Covid-19 pandemic hit. 

With the completion of iconic projects like the Merdeka 118 Tower and the Sungai Buloh-Serdang-Putrajaya (SSP Line) over the past three years, there are exciting opportunities in the market. 

However, affordability remains a key concern for first-time homebuyers in Kuala Lumpur and Greater KL.

Data from the National Property and Information Centre (NAPIC) reveals that 48.2 per cent of the 8,226 new residential units launched in the third quarter of 2023 were priced below RM300,000. 

This indicates a strong demand for affordable properties. 

High-rise developments make up 67.8 per cent  of these units, while 32.2 per cent are landed properties. 
Selangor and Kuala Lumpur accounted for 1,062 and 1,236 units respectively.

To address these concerns and help first-time homebuyers make informed decisions, I will be covering one of the 5Cs of property buying - checking for the transport masterplan - in greater detail during my upcoming talk on July 16 at the iProperty Bumiputera Home & Property Fair 2023. 

Here are five things you can expect to learn:
#1: Learn how to do map reading
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The Klang Valley Integrated Map. Source: Reddit.
Navigating the Klang Valley and Greater KL areas can be overwhelming for first-time homebuyers. 

In this talk, we will learn the art of map reading to understand the different train lines that serve these areas. 

By gaining a grasp of the overall growth areas, we can then dive deeper into the newly completed SSP Line.
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#2: Understand the transportation master plan
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The Sungai Buloh -Serdang - Putrajaya MRT Line (SSP Line). Graphics: Khalil Adis Consultancy
Get to know the key facts and figures of the SSP Line, such as the budget allocation and the number of stations. 
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Understanding the transportation master plan will enable you to uncover the budget allocation from the federal government. 

We will analyse how this budget allocation can potentially have a positive spillover impact on properties along the line.

#3: Learn where the growth areas are
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There are many growth areas within Klang Valley and Greater KL. Graphics: Khalil Adis Consultancy.
To identify potential growth areas, we will delve into the two other 5Cs - checking for economic drivers and job creation. 

By studying case studies like the Cyber City Centre and the KLIA Aeropolis Digital Free Trade Zone (DFTZ), we can gain insights into the areas with promising development potential.

#4: Find the sweet spot in terms of distance to train stations
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Commuters taking the LRT at Bandar Tasik Selatan LRT station. Photo: Khalil Adis Consultancy.
While it may be tempting to buy a property close to train stations, we need to be cautious not to be too close, especially for elevated train stations. 

Additionally, developers need to adhere to certain requirements to qualify for transit-oriented development (TOD).
 
Learn about the sweet spots that strike the right balance and how they can impact your property's resale and rental value.

#5: Identify affordable properties along the SSP Line
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One of the growth area is Cyberjaya. Photo: Khalil Adis Consultancy.
Not all affordable areas are equal. 

To find truly affordable properties, we need to identify areas with new or upcoming train stations and government-announced plans for upcoming economic zones. 

These areas should be situated away from the city centre but close enough to train stations and dedicated hubs, ensuring long-term price appreciation. 

Discover the income-to-mortgage ratio and identify areas along the SSP Line that won't burn a hole in your pocket, offering the greatest potential for capital appreciation.

iProperty Bumiputera Home & Property Fair 2023
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​Join me at the iProperty Bumiputera Home & Property Fair 2023 on July 16 to gain valuable insights into the property market and make informed decisions as a first-time homebuyer. 

Don't miss out on this opportunity to learn about navigating the Klang Valley and Greater KL areas, understanding the transport masterplan, identifying growth areas, finding the sweet spot in terms of distance to train stations and discovering affordable properties along the SSP Line. 

See you there!
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Homeless in Singapore? Not quite – There is hope in the housing market

6/20/2023

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A friend's personal journey of overcoming homelessness with the support of the government.

​By Khalil Adis

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An HDB estate in Toa Payoh. Photo: Khalil Adis Consultancy.
Imagine being homeless and not knowing where to turn for help. 

Recently, a friend of mine, whom I will call Derek, shared his struggles with me, and it struck a chord in my heart.

Having personally experienced this, it is a situation I would not wish upon to anyone else. 

Through Derek's and my journey, it shows that the Singapore government genuinely does care and provides assistance to those in need. 

Trying to move forward but unable to afford a home
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A picture depicting a divorce proceeding. Photo: Pexels by Karolina Grabowska.
Derek's life took a difficult turn after a bitter divorce, leaving him without a place to call home. 

With no choice but to leave his in-law's house, he had to find a rental room at short notice. 

Fortunately, Derek did not have the added burden of a shared matrimonial home or children, which made the situation slightly easier. 

Despite his efforts to move forward, Derek faced another obstacle – he could not afford to buy a home of his own with his current financial situation.

Feeling hopeless and at a loss
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2-room HDB flats in Punggol are already transacting at a median price of $330,000, data from HDB showed. Photo: Khalil Adis Consultancy.
To afford a decent resale 2-room flat, Derek needed an additional $100,000 on top of his cash, CPF, and HDB loan amounting to $200,000. 

As a second-timer, he did not qualify for CPF Housing Grants that could have helped him. 

The situation seemed dire and Derek felt like he was running out of options. 

However, I knew from personal experience that giving up was not the answer.
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Light at the end of the tunnel
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Photo: Pexels by Kasuma.
I encouraged Derek to reach out to his Member of Parliament (MP) for help. 

Despite the high cost of living in Singapore, our government genuinely cares about those in need and assists on a case-by-case basis. 

I had gone through a similar situation before and received the support I needed. 

Derek took my advice and wrote to his MP, hoping for a glimmer of hope.

The government's support and assistance
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HDB Hub in Toa Payoh. Photo: Khalil Adis Consultancy.
Recently, Derek shared some good news with me – his MP responded and the Housing Development Board (HDB) is looking into increasing his loan quantum. 

This development means that Derek may soon be able to fulfill his dream of owning a home. 

Derek's experience serves as a reminder that we should never give up hope, and reaching out to your MP can make a significant difference in your housing situation.

Conclusion
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A Built-To-Order (BTO) project in Punggol. Photo: Khalil Adis Consultancy.
In Singapore, homelessness is not an outcome that the government wants for its citizens. 

As Derek's story shows, the government does show compassion and support when individuals find themselves in challenging circumstances. 

If you are facing similar housing struggles, I urge you not to lose hope and to reach out to your MP for assistance. 

The government is committed to helping those in need and ensuring that no one is left without a home. 

That's the beauty of Singapore – a nation that cares for its people, even in times of hardship.
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Is Malaysia the solution to escaping Singapore's soaring property prices?

5/19/2023

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As Singapore's property market continues to reach new heights, investors are eyeing Malaysia as a potential alternative. But is it the answer to Singapore's escalating property prices?  Let us find out.

​By Khalil Adis
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Cars entering Johor Causeway from Woodlands in Singapore. Photo: Khalil Adis Consultancy.
Singapore's property market has been making waves, with both the HDB and private property sectors hitting record highs in their price indexes. 

This surge in prices has prompted investors and homebuyers to search for alternatives and Malaysia has emerged as a popular choice. 

However, before you pack your bags and head south, let us dive into whether Malaysia truly offers a viable solution to Singapore's escalating property prices.

The latest data from the Housing & Development Board (HDB) and the Urban Redevelopment Authority (URA) paints an intriguing picture. 

The HDB Resale Price Index (RPI) and Private Property Index (PPI) for the first quarter of 2023 reached unprecedented levels of 173.6 points and 194.8 points, respectively. 

These figures indicate a strong demand for properties in Singapore, driving prices to new heights.

Analysts say they are witnessing resale transactions decreasing from April to March 2023, which could explain the marginal increase in the RPI.

“In April 2023, HDB resale volumes decreased month-on-month by 4.3 per cent, following a 23.7 per cent surge in transaction activities in March,” said Luqman Hakim, chief data & analytics officer at 99.co..

But it is not just rising property prices that pose a concern. 

Rental rates have also skyrocketed, leaving tenants grappling with the search for affordable accommodations. 

Rising rentals
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Even far-flung HDB estates such as in Jurong West are witnessing an increase in rental. Photo: Khalil Adis Consultancy.
Take, for instance, Marwani (not her real name), a landlord in Jurong West, who witnessed the rental price of her 4-room flat soar from $1,750 per month in 2021 to a staggering $3,500 per month in 2023—an almost 200 per cent increase! 

“I am lucky that my tenants have continued to stay on despite the steep increase in rental,” said Marwani.

Her agent was the one who negotiated the lease renewal.

The private property rental market also experienced a steep climb, with a 7.2 per cent increase in the first quarter of 2023.

These exorbitant prices and soaring rentals have left many individuals, like Edward (not his real name), a tenant in Singapore, seriously considering buying a resale HDB flat as a more financially viable option. 

“I signed a 2-year lease which had averted a rental hike. However, I am pretty sure it will go up next year,” said Edward who lives close to the city centre.

Edward believes that owning property might be more cost-effective in the long run, particularly with the prospect of rising rents. 

“It makes more financial sense to buy now rather than rent as I foresee it will be cheaper to pay my monthly mortgage should my rent increase,” he said.

Analysts have also observed this growing trend, noting that tenants are increasingly turning to purchasing resale flats amidst high rental prices.

“Resale prices increased by 1.1 per cent compared to March 2023, with 5-room flats rising the most at 1.9 per cent. It is possible that with rent prices remaining high, many tenants are opting to buy resale flats instead. Subsequently, with the revised ABSD rates from 27 April 2023 onwards, there is expectant pressure on rental demand (and prices), prompting spillover demand from tenants as they reinvest and buy HDB resale flats,” said Hakim.

With the demand for properties in Singapore remained robust, the government has stepped in to cool the market. 

The recent increase in Additional Buyers Stamp Duty (ABSD), which affects second-timer Singaporeans and first-time foreign property owners, aims to rein in property speculation. 

Push factor to Malaysia?
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Mega projects like Country Garden Danga Bay have seen asking prices in the secondary market selling at below launch price. Photo: Khalil Adis Consultancy.
With 2-room HDB flats now hovering around the $300,000 mark and million dollar HDB flats becoming this norm, could this push potential biuyers to Malaysia?

Not quite.

Yusoff (not his real name) is among one of the few Singaporeans who is packing his bags after recently selling his 2-room HDB flat in Woodlands for slightly above $300,000.

“My wife recently passed away while my relatives are all in Malaysia. It makes sense for me to retire there,” said Yusoff.

Indeed, the first quarter data of 2023 from HDB showed that such flats were transacted at a median price of $330,000, $325,000 and $315,000 in Punggol, Sembawang and Yishun respectively.

That is almost enough to buy a private property in Malaysia where the minimum purchase price in most states is at RM1 million, including in Johor.

However, not everyone is in the same predicament as Yusoff. 

Edward, for instance, is staying put.

Despite these cooling measures, the idea of buying properties across the causeway in Malaysia may not be as enticing as it seems.

“There are many push factors such as the lack of liberal values in a predominantly Muslim country. Also, Malaysia appears to be unstable both politically and economically,” said Edward.

While the affordability factor in Malaysia's property market may initially catch the eye of potential buyers, it is worth noting that property overhang for residential properties continues to be a serious issue.

Johor, for instance, continues to be the leading state for residential overhang at 5,348 units, the third quarter of 2023 data from the National Property and Information Centre (NAPIC) showed.

This would put pressure on the secondary market causing investors to suffer a loss as in the case of Country Garden Danga Bay.

Additionally, concerns surrounding political and economic stability in Malaysia may deter investors who prioritise stability and predictability in their investments.

Ultimately, while the ABSD increase may lead some investors to explore opportunities outside of Singapore, it seems that the challenges and limitations associated with investing in Malaysia may outweigh the potential benefits. 

As always, conducting thorough research and seeking expert advice before making any investment decisions is crucial.

Conclusion
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R&F Princess Cove is another mega project that is contributing the oversupply situation in Johor. Photo: Khalil Adis Consultancy,
So, is Malaysia truly the solution to escaping Singapore's soaring property prices? 

The answer may not be as straightforward as it seems. 

While Malaysia offers some advantages in terms of affordability, potential buyers need to carefully consider factors such as political stability and the severe oversupply issue which may impact their investment.
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Singapore’s property market remained resilient and stable for the first quarter of 2023

4/4/2023

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While resale HDB and private property are now at a record high, they are seeing a slower pace of price increase.

​By Khalil Adis
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Jubilee Bridge in Singapore. Photo credit: Adhitya Andanu
As we enter the first quarter of 2023, Singapore’s property market is showing signs of resilience and stability after a turbulent few years. 

With a growing population, an expanding economy and a strong demand for housing, both the HDB and private property markets are expected to continue their upward trajectory. 

Here is a quick snapshot of what is happening in both the HDB and private property markets.
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HDB: Resale Price Index (RPI) is now at a record high
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A Built-To-Order (BTO) project in Sengkang. Photo: Khalil Adis Consultancy.
For many Singaporeans, purchasing an HDB flat remains the most affordable option for homeownership. 

“I recently bought an HDB flat in Sengkang, and I have noticed that prices have gone up significantly compared to a few years ago. However, it is still affordable compared to private properties,” said one recent buyer, Tan Siew Ling.

The HDB Resale Price Index (RPI) has been on a steady increase since 2019, and in the first quarter of 2023, it is expected to rise further.

According to the HDB’s flash estimates for first quarter of 2023 data from HDB, the RPI is now at 173.4 point which is an increase of 0.9 per cent over that in the fourth quarter of 2022. 

“This is a slower increase than the 2.3 per cent increase in the fourth quarter of 2022, and is the smallest quarterly increase compared to the last ten quarters,” said the HDB in its press release.
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Challenges
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Older HDB flats in Jurong West. Photo: Khalil Adis Consultancy.
Nonetheless, the HDB market is not without challenges. 

For example, the price gap between newly MOP-ed flats and those in older HDB estates vary greatly.

One such buyer is Amy and Khai who are finding that newly MOP-ed 3-room HDB flats, priced at more than $400,000, to be beyond their budget.

With a combined monthly income of less than $3,000, CPF of around $30,000 and loan of around $180,000, Amy and Khai can only afford to purchase flats in older HDB estates.

In the end, they narrowed down their search to a flat in Jurong West to be near their parents to qualify for the Proximity Housing Grant.

While the asking price is significantly cheaper at $350,000, it comes with its own set of challenges.

For instance, Amy and Khai are subjected to a pro-rated CPF usage since the remaining lease does not cover the age of the youngest buyer up to the age of 95.

As Amy’s age is 30 and the remaining lease is 60 years, the couple’s HDB loan and Enhanced Housing Grant had to be pro-rated.

Fortunately, with the increase in Family Grant from $50,000 to $80,000, Proximity Housing Grant of $30,000 and Enhanced Housing Grant, the grants went a long way in helping the young couple finance their flat purchase.

“Our agent was very helpful in helping us do our financial calculations and recommend properties within our budget. Within one viewing, we decided to make an offer for the flat in Jurong West,” said Khai.

“The government has imposed stricter loan-to-value ratios on buyers for HDB flats with a remaining lease of less than 60 years. This has resulted in a slower market for older HDB flats,” said analyst, Lim Hui Shan.

Nonetheless, the HDB market is expected to remain stable and resilient.

“Resale prices ceased to increase for the first time since June 2020, putting an end to the historic price rally that lasted for 31 consecutive months, as most room types experienced no increases in February 2023 except for 3-room flats. Following the Budget announcements, first-time HDB resale flat buyers can now enjoy higher amount of grants which should ease any concerns on affordability. As such, we expect demand to remain solid for the rest of 2023,” said Pow Ying Khuan, head of research, 99 Group.

Private property market: Increase in ABSD has impacted luxury properties
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Bungalows in the exclusive Sentosa Cove enclave. Photo: Khalil Adis Consultancy.
The private property market in Singapore has also experienced steady growth over the years. 

According to the Urban Redevelopment Authority (URA) flash estimates, the Private Property Index (PPI) has increased by 6.0 points from 188.6 points in fourth quarter of 2022 to 194.6 points in first quarter of 2023.

“I recently purchased a condo in Pasir Panjang and I’m really happy with my investment. I feel that the property market in Singapore is relatively stable and resilient,” said one investor, Johnathan Koh.

However, the private property market faces its own set of challenges. 

The government has imposed an increase for the Additional Buyer’s Stamp Duty (ABSD) for foreign buyers (from 20 to 30 per cent) and local buyers (from 12 to 17 per cent) purchasing a second property.

Analyst, Cheryl Lim, commented that “the ABSD has affected the demand for private properties, especially for high-end luxury properties. However, there is still demand for affordable and mid-range properties.”

Despite the challenges, the private property market is expected to remain stable and continue to see growth in the first quarter of 2023.
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In conclusion, the Singapore property market remains resilient and stable, with both the HDB and private property markets showing positive signs of growth.
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Malaysia property outlook and predictions for 2023

1/26/2023

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​While recent official visits from both Singapore’s and Malaysia’s foreign ministers will see both sides committed to completing the Johor Bahru–Singapore Rapid Transit System (RTS Link) and improve connectivity, more needs to be done to resolve its chronic property overhang.
By Khalil Adis

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Buying activity is picking up in Malaysia fuelled by local buyers. Photo: Yulia.
In less than six years, Malaysia has seen five different  prime ministers and the cancellation of several mega projects including the Kuala Lumpur–Singapore high-speed rail (HSR).

Combined with its weakening ringgit, they have had an impact on the perceived political stability of the country and affected investors’ confidence.

While Singapore’s and Malaysia’s foreign ministers have recently reaffirmed ties and announced the completion of the Johor Bahru–Singapore Rapid Transit System (RTS Link), buying activity among Singaporeans particularly in Iskandar Malaysia remains muted.

Nevertheless, demand for the mass market housing segment will continue to be robust across Malaysia in 2023 judging by the volume of new launches for affordable homes in the third quarter of 2023, data from the National Property and Information Centre (NAPIC) showed.

According to NAPIC, of the 8,226 units launched during the quarter, 48.2 per cent (3,996 units) were priced below RM300,000 suggesting that they were geared towards local buyers.

Of this, 67.8 per cent (5,581 units) comprised high-rise development while 32.2 per cent (2,645 units) are landed properties.

Despite this, property overhang continues to be a serious issue across Malaysia that appears to have been further exacerbated by the impact of Covid-19.

From Johor to Kuala Lumpur, the number of unsold residential units has continued to remain consistently high with no sign of relief, since NAPIC started tracking the data.

Nevertheless, buying activity has rebounded strongly from 61,283 units transacted in the third quarter of 2021 to 105,204 units transacted in the same quarter in 2022, suggesting a recovery in the property market.

Of the 105,204 units transacted, 64,989 units or 61.8 per cent are in the residential sector followed by commercial and industrial at 8,570 units (8.1 per cent) and 2,213 units (2.1 per cent) respectively.

Johor
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Bungalows at East Ledang in Iskandar Puteri, Johor. Photo: Khalil Adis Consultancy.
Johor continues to be the leading state for residential overhang at 5,348 units followed by Penang and Selangor at 5,222 and 4,386 units respectively as of the third quarter of 2022.

In the serviced apartment sector, Johor also had a whopping 14,780 overhang units followed by Kuala Lumpur and Selangor at 5,346 and 2,586 units respectively in the same period.

This suggests there is a severe mismatch between what buyers can afford versus what developers are offering.

In Johor, the supply glut has affected prices in the secondary market.

For example, at the peak of the market, condominium units in Iskandar Puteri, Danga Bay and Medini were launched at an average price of around RM1,000 per sq ft.

Country Garden Danga Bay, for instance, is now listed on property portals with an asking price of around RM600 per sq ft.

Over Iskandar Puteri, Teega @ Puteri Harbour was launched at around RM600 per sq ft and is now asking for around RM630 per sq ft.

Similarly, Meridin @ Medini is now asking for around RM580 per sq ft.

The only exception is Ujana which was launched at around RM250 per sq ft and is now asking for around RM450 per sq ft.

Nevertheless, the data suggest that the oversupply situation has stunted capital appreciation for residential properties.

With many good deals to be sought in the resale market, this may favour first-time homebuyers who are looking for a completed property in move-in condition.

The auction market is also another place that investors may want to look into for below-market-value (BMV) as such deals at public auctions have become ubiquitous due to the impact of Covid-19.

While such properties may offer good deals, due diligence is important as there are inherent risks involved. 

Still, there are bright spots in Johor once the RTS Link is scheduled to be operational by the end of 2026, following a meeting on 16 January 2023 with Singapore's Foreign Affairs Minister Dr Vivian Balakrishnan and Malaysia’s Zambry Abdul Kadir.

Connected to the Thomson-East Coast MRT line (TEL), properties around the Bukit Chagar and JB Sentral areas may see their resale value increase due to the enhanced connectivity that will spur cross-border investment in tourism, real estate and retail industries.

Unfortunately, we are unlikely to see the resumption of the Kuala Lumpur–Singapore high-speed rail (HSR) project anytime soon.

As such, the outlook for properties around the Gerbang Nusajaya, Iskandar Puteri, and Medini as well as around the planned areas in Batu Pahat and Muar will continue to be muted.

We are also unlikely to see robust buying activities for residential properties among Singaporeans and foreign investors like those seen in 2010.

Selangor
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Selangor's real estate sector will benefit immensely from the Putrajaya Line. Photo: Deva Darshan.
The growth areas in Selangor will be those along the Putrajaya Line spanning from Kwasa Damansara through the Klang Valley and to Putrajaya Sentral.

The second line of the Klang Valley MRT Project to be developed, full service is expected to start in January 2023.

Kwasa Damansara, in particular, will be home to transit-oriented developments (TODs) that will include affordable homes, three shopping centres and a hotel.

Spanning 64 acres and with a gross development value (GDV) of RM8 billion, the township will be served by Kwasa Damansara and Kwasa Sentral MRT stations.

Another area to watch out for is around Sierra MRT station which is developed by IOI Properties.
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Located on the southernmost tip of Puchong, Sierra is poised to enjoy the economic spillover benefits from three major government projects - KLIA Aeropolis, Malaysia Vision Valley and Cyberjaya City Centre in Cyberjaya.

Speaking of Cyberjaya City Centre, Cyberjaya City Centre MRT station is a TOD project to be developed by Malaysian Resources Corp Bhd (MRCB) with a development plan spanning 20 years.

Phase one is expected to generate a gross development value (GDV) of RM5.35 billion.

It will feature a 200,000 sq ft convention centre, a 300- to 400-room business hotel, low and high-rise office buildings and a retail podium.

Kuala Lumpur
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The vibrant shopping enclave of Bukit Bintang, Kuala Lumpur. Photo: Khalil Adis Consultancy.
With travel restrictions now lifted, Kuala Lumpur will continue to see strong interest for high-end properties among local and foreign buyers in KLCC, Bukit Bintang, Bangsar, Mont Kiara, Sri Hartamas, Bukit Jalil and Damansara Heights.

Like Johor, the good deals are in the secondary market where their prices are significantly lower compared to new launches.

This is partly due to the 5,346 overhang units for serviced apartments in Kuala Lumpur as NAPIC’s data showed.

Nevertheless, the rental yield for such properties will likely be below 3 per cent due to the high purchase price versus their asking rent on property portals.

Investors are also likely to face a negative cash flow as the rentals will not be able to cover the mortgage.

For example, a property priced at RM880,000 will have a mortgage of RM3,609 over 30 years at an interest rate of 4.6 per cent. 

With an asking price of around RM3,000 in Kuala Lumpur, this means investors will have to top up the difference in cash.

Additionally, properties along the MRT3 Circle Line will be highly sought after. 

Unfortunately, developers will continue facing difficulties in off loading their high-end developments in Kuala Lumpur unless high-impact transportation  project like the HSR is implemented.

Penang
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A charming colonial-era building in Georgetown, Penang. Photo: Khalil Adis Consultancy.
The growth areas in Penang remain unchanged in Batu Kawan and some parts of Seberang Perai.

Since the opening of the Second Penang Bridge, Batu Kawan has seen rapid developments from several renowned developers such as EcoWorld and Tropicana as well as the opening of IKEA.

While connectivity remains patchy at Batu Kawan, there is a planned Bus Rapid Transit (BRT) system for Batu Kawan as part of the Penang Transport Master Plan.

In Seberang Perai, the growth areas will be along the planned Raja Uda-Bukit Mertajam Line to connect the northwestern region to the southeastern region.

For those who can afford to buy a property on the main island, areas along the Bayan Lepas LRT line will be the new growth corridor.

However, the LRT project has been hit with a series of delays since it was announced in 2015 as part of the Penang Transport Master Plan.

Comprising 19 stations along a 22 km line, the project was supposed to begin in 2018 but has yet to begin construction due to issues of funding between the state and federal governments.

So until this political issue is resolved, we are unlikely to see the full implementation of the Penang Transport Master Plan.

Conclusion
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View of downtown Kuala Lumpur. Photo: Khalil Adis Consultancy.
The Malaysian economy is still reeling from the impact of Covid-19.

Against a weakening ringgit and an RM1.5 trillion national debt, improving connectivity between Singapore and Malaysia may resolve its woes, particularly in Johor.

Unfortunately, Malaysia also has a history of flip-flopping on its policies such as having a rival special economic zone in Forest City (as opposed to the one that was initially planned for Medini) and the cancellation of the HSR project.

As we speak, the Johor state government recently announced that it is exploring the possibility of ferry services between Puteri Harbour international terminal and Singapore.

However, according to local sources who were involved in the development of Puteri Harbour, this idea had been in the pipeline since 2010 but was shelved as Singapore did not see a viable need for the ferry service.

With Malaysian Prime Minister Anwar Ibrahim now in Singapore making an official visit, we could perhaps see the ferry service and HSR project being discussed.

“Connectivity, some long-standing issues, which we think are ripe for resolution, hopefully, and opportunities for the future in both the digital and green economy space. I expect it will be a very useful, significant meeting. As I said, it will set the agenda, set a timetable for the ministers and the respective ministries to follow up,” concluded Dr Balakrishnan on his recent bilateral trip to Malaysia on 17 January 2023.

In addition, Malaysia also needs to resolve its severe oversupply of residential properties by regulating the market to prevent a mismatch in demand and supply.

The government could also offer incentives to local developers to build affordable homes. 

To learn from Singapore's case study, the Local Government Development Ministry is inviting experts from the Housing & Development Board (HDB).

"The ministry will examine case studies for best practices on housing policies in other countries including neighbouring countries such as Singapore that have shown success in providing the public with affordable housing,” the ministry said in a statement.

However, as land is a state issue, implementing this will be a challenge for the federal government as they do not have a central government body like Singapore’s Urban Redevelopment Authority (URA) and HDB.

Such is the case for Medini whose special economic zone was planned by the federal government and Khazanah Nasional while the one in Forest City was mooted by the state government.
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Singapore property market outlook and predictions for 2023

12/7/2022

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Expect a period of correction for resale HDB flats and private properties which may favour buyers. Meanwhile, the rental market will continue to see strong demand favouring landlords.

By Khalil Adis
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An upcoming Built-To-Order (BTO) project in Anchorvale in Sengkang. Photo: Khalil Adis Consultancy.
The cooling measures appear to have had an impact on the property market as it is now slowly shifting from a sellers’ to a buyers’ market.

Anecdotal evidence on the ground shows that sellers are more realistic in their asking prices while buyers are now able to get homes that are within their budget.

One such buyer is Ronald (not his real name) who is currently renting a room with his wife.

“We looked around in early November 2022 but prices for 3-room HDB flats that had recently achieved their Minimum Occupation Period (MOP) were not within our budget ranging from $420,000 onwards. Sellers were also not willing to budge on their asking price,” said Ronald.

However, in December, Ronald noticed that their asking price had started to come down at around the $400,000 mark based on listings on PropertyGuru.

Meanwhile, data from HDB say otherwise, showing that the median resale price for 3-room HDB flats in the third quarter of 2022 has remained somewhat consistent, ranging from $320,000 to $460,000 compared to $320,000 to $436,000 in the second quarter.

Sensing the market has turned, Ronald and his wife decided to make an offer for a corner unit in Bukit Panjang at $405,000 which was still lower than the asking price of $410,000.

With an estimated monthly mortgage of $1,137, Lee said buying the unit will be a much cheaper option than renting.

Ronald is currently paying $1.200 a month for his room rental.

Thankfully, his offer was accepted by the seller.

“The rent we are paying is currently quite hefty as rents have increased significantly by 20 to 30 per cent. Therefore, buying a house makes much more financial sense for us. Also, I am familiar with the area and it is within walking distance to Senja LRT station with plenty of amenities nearby,” he said.

Indeed, according to data from the Urban Redevelopment Authority (URA), rentals of non-landed properties increased by 8.3 per cent in the third quarter of 2022, compared with the 7.1 per cent increase in the previous quarter.

Meanwhile, data from HDB showed that the median price for the entire HDB flats for 2-room in the third quarter of 2022 was transacted at a median price of $1,930.

“Our completion is expected to be around March and April 2023 which we are looking forward to as we anticipate our rent to increase further. Finally, we are able to have our own home,” he said.

Sellers are more realistic
Picture
Scaled model of Tengah HDB estate at HDB Hub. Photo: Khalil Adis Consultancy.
Meanwhile, sellers are also willing to accept lower offers as the cooling measures take their bite.

One such seller is Siti (not her real name) who has been trying to offload her odd-sized executive HDB flat since July 2022.

Marketing her unit has proved to be challenging as her master bedroom comes with odd corners that make the placement of beds and cupboards difficult.

Nonetheless, Siti received various offers starting from $660,000 and then $620,000.

Subsequently, the sellers backed out due to various reasons.

She finally settled for an offer of $615,000.

Another seller adjusted their expectations for their 3-room HDB flat from $442,000 to $435,000 after numerous viewings.

“We noticed that buyers are now taking time to make an offer,” said the seller who wishes to remain anonymous.

HDB’s Resale Price Index (RPI) for the third quarter of 2022 showed that while the index saw an increase, it was slowed than the previous quarter.

In the third quarter, the index was 168.1 points which was an increase of 2.6 per cent over that in the second quarter of 2022.

This is a slower increase than the 2.8 per cent increase in the second quarter of 2022.

Meanwhile, resale transactions rose by 10.7 per cent, from 6,819 cases in the second quarter of 2022 to 7,546 cases in the third quarter of 2022. 

When compared to the third quarter of 2021, resale transactions in the third quarter of 2022 were 10.5 per cent lower.

Predictions for 2023
Picture
View of Suntec City from Rochor, Singapore. Photo: Jeda Hutchison.
Looking ahead, the HDB resale market is expected to cool further due to the incoming supply from its Build-To-Order (BTO) exercise.

This will mean buyers can anticipate the prices for HDB resale flats to come down to a more realistic level.

According to HDB, in November, it launched 9,655 flats for sale which was by far the largest BTO offering ever in a single launch.

Spread across 10 projects in both mature and non-mature estates in Kallang Whampoa, Queenstown, Bukit Batok, Tengah, and Yishun, around 60 per cent (or 5,861 units) are offered in non-mature estates. 

This makes up almost half the number of flats offered in non-mature estates in the whole of 2022

“The November 2022 BTO launch is the largest BTO sales exercise yet for HDB. The bulk of the almost 10,000 flat supply, or close to 6,000 new flats, are located in non-mature estates (NMEs). This number is in fact bigger than the total flat supply of a typical BTO sales exercise, thus offering a wide range of affordable flats for homebuyers. With 95 per cent of 4-room and larger flats in this bumper crop set aside for first-timer households, and additional ballot chances for them, we encourage first-time applicants to apply for flats in the non-mature estates to increase their chances of securing a new BTO flat,” said HDB’s chief executive officer, Tan Meng Dui.

When including the 1,071 units offered under the Sale of Balance Flats (SBF) exercise, a total of 10,726 new flats are offered in the November 2022 sales exercise.

Meanwhile, the rental market for both private and HDB properties is expected to heat up further as the incoming supply from private (49,384 units as of the third quarter of 2022) and HDB flats (10,726 units) will take a few years to come on stream.

Therefore, tenants may wish to exercise prudence by locking into a 2-year lease to mitigate any price increase.
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Singapore property cooling measures 2022: How they may impact you as a consumer

11/1/2022

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Property prices are expected to correct in the months ahead which may favour buyers. Meanwhile, the rental market is expected to heat up further.

By Khalil Adis
Picture
A scaled model for public housing at HDB Hub. Photo: Khalil Adis Consultancy.
On 30 September 2022, the Singapore government announced various property cooling measures that are aimed at ensuring prudent borrowing and moderating demand.

Indeed, the HDB Resale Price Index (RPI) and Private Property Index (PPI) as of the third quarter of 2022 are now at record highs at 168.1 and 187.8 points respectively.

This means that first-time homebuyers are finding both HDB flats and private properties to be severely unaffordable.

Meanwhile, potential sellers see this as an opportune time to profit from the red-hot property market.

With this in mind, the government has had to intervene to ensure property prices remain affordable and are in tandem with wages.


The measures include the following four-pronged approach:
  1. Increasing the rate floor for private residential property loans. The Monetary Authority of Singapore (MAS) will raise the interest floor rate by 0.5 per cent to 4 per cent per annum up from 3.5 per cent per annum to compute the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR).
  2. For housing loans granted by HDB, HDB will introduce an interest rate floor of 3 per cent for computing the eligible loan amount.
  3. Lowering the Loan-to-Value (LTV) limit for HDB housing loans from 85 per cent to 80 per cent.
  4. Imposing a wait-out period of 15 months for existing and former private residential property owners to buy a non-subsidised HDB resale flat.
​
How they may impact you as a consumer:
Picture
HDB Hub @ Toa Payoh. Photo: Khalil Adis Consultancy.
For point 1, you will have to have a higher monthly combined income and pay a higher monthly mortgage and combined income .

However, the actual interest rates charged will be determined by the private financial institutions.

For point 2, the stress test has been increased to 3 per cent when calculating your monthly mortgage but with a reduced Loan-to-Value (LTV) limit at 80 per cent. 

This is to ensure your monthly mortgage remains affordable and within the 30 per cent Mortgage Servicing Ratio (MSR).

On the overall, with a higher downpayment of 20 per cent, it will result in a lower mortgage payment when compared to an LTV limit of 85 per cent.

However, this will not affect the actual HDB concessionary interest rate, which will remain unchanged at 2.6 per cent per annum.

For point 3, buyers will need to come up with a higher cash and/or CPF amount (an increase of 5 per cent) to make up the 20 per cent downpayment.

For example, for an $500,000 HDB flat, you will need to come up with $100,000 (80 per cent LTV) as opposed to $75,000 (85 per cent LTV). 

This means an additional cash and/or CPF outlay of $25,000.

For point 4, this will mean sellers will have to rent either an HDB flat or private property during the interim period.

This will result in increased demand in the rental market which will push asking prices further.

According to data from the Urban Redevelopment Authority (URA), rentals of private residential properties had increased by 8.6 per cent in the third quarter to reach 137.9 points from 127.0 points in the second quarter
of 2022.

Meanwhile, HDB rentals have increased by around 30 per cent.

Looking ahead, the rental market is expected to strengthen further which will favour landlords.


Summary
Picture
HDB flats in Punggol. Photo: Khalil Adis Consultancy.
For buyers who are looking to buy a resale HDB flat or private property, you might want to wait out until their prices correct.

For sellers, you only have a small window period to take advantage of the exuberant market before it cools in the coming months.

For landlords, the market will favour you due to increasing demand from existing tenants and ex-private property owners who have already sold their homes.

For tenants, you will have to set aside more budget as rentals have now increased by around 30 per cent.
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Johor’s property market is seeing signs of recovery

8/17/2022

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Demand remains strong among local buyers with landed homes proving to be popular.

By Khalil Adis
Picture
Landed homes at Horizon Hills in Iskandar Puteri, Johor. Photo: Khalil Adis Consultancy.
Johor’s property market is finally seeing some signs of recovery, with majority of new launches (604 units) located within the state in the first quarter of 2022, data from the National Property and Information Centre (NAPIC) showed.

Of the total of 2,961 units launched across the state of Johor, Melaka, Selangor and Pahang, 164 units (5.6 per cent) were sold.

Majority of them (2,657 units or 90.5 per cent) were landed properties while the remaining 279 units (9.5 per cent) were high-rise apartments.

Landed homes proved to be popular across these states with 164 units sold (6.2 per cent) out of the 2,657 units launched.

What NAPIC’s data suggests
Picture
Landed homes in Iskandar Puteri by UEM Sunrise. Photo: Khalil Adis Consultancy.
While NAPIC’s data did not give a breakdown of the nationalities of buyers, these landed homes are likely snapped up by local buyers.

Unfortunately, NAPIC’s data did not provide a breakdown of how many units were sold in Johor out of the 604 units launched.

Interestingly, majority of the launches (1,197 units or 40.8 per cent) were priced from RM300,001 to RM500,000.

This suggests that developers are targeting mass market local buyers in the low to medium price range.

Record HDB and private property prices in Singapore may have spurred buying activity
Picture
Scaled model of upcoming HDB estates at HDB Hub: Photo: Khalil Adis Consultancy.
With majority of these launches located in the state of Johor, it is also likely developers are targeting Malaysians working in Singapore who prefer living in landed homes.

The city-state has seen record prices in both the HDB and private property markets as well as rental hikes.

Government data showed that the Housing and Development Board (HDB) Resale Price Index (RPI) and Urban Redevelopment Authority (URA) Private Property Index (PPI), as of the second quarter of 2022, are now at a record high.

For example, HDB’s RPI is now at 163.9 points which is an increase of 2.8 per cent over that in the first quarter of 2022.

Meanwhile, the PPI is also at a record high of 180.9 points whereby prices of private residential properties had increased by 3.5 per cent in the second quarter of 2022, compared with the 0.7 per cent increase in the previous quarter. 

Rentals have also increased in both the public and private housing markets, government data showed.

These are among the push factors for Malaysians working in Singapore to look to buying or renting a property in Johor.

Lukewarm sentiment among Singaporean and foreign investors
Picture
View of Johor Bahru CBD city skyline. Photo: Khalil Adis Consultancy.
Despite this, Singaporean and foreign investors are adopting a “wait-and-see” approach to Johor’s properties.

Currently, the minimum purchase price in the state of Johor for foreign purchasers are at RM1 million,

Of the 2,936 units launched, only 134 units (6.4 per cent) are priced at above RM1 million.

This suggests that demand from Singaporean and foreign investors has remained rather muted.

Some of the potential factors that may have deterred buying activity include the negative sentiments arising from the ongoing high profile corruptions cases involving Malaysian politicians, the severe oversupply of residential properties in Johor, crime and safety issues as well as the flip-flop in policies about the Malaysia My Second Home (MM2H) programme.

Data from NAPIC showed that Johor has the highest residential overhang in Malaysia with 5,992 unsold units followed by Penang (5,816 units) and Selangor (5,215 units).

Johor also has the highest serviced apartment overhang volume in Malaysia with 16,425 unsold units followed by Kuala Lumpur (4,459 units) and Selangor (2,337 units).

Since the full opening of borders between Singa[pore and Malaysia on 1 April 2022, Johor has seen traffic congestions at both the Woodlands custom, immigration and quarantine (CIQ) checkpoint and Tuas Second Link.

“We are seeing traffic jams across the causeway and the second link as well as long queues at the local eateries with more and more Singaporeans resuming their weekly visits to Johor and Malaysia. The Johor traffic to Singapore is almost back to normal,” economic affairs minister Mustapa Mohamed was reported as saying.

However, buying activity among Singaporean and foreign investors has yet to pick up.

Iskandar Malaysia continues to attract institutional investors
Picture
Nusajaya Tech Park in Iskandar Puteri. Photo: Khalil Adis Consultancy.
Despite this, institutional investors have continued to invest in Iskandar Malaysia.

Government data showed that Iskandar Malaysia has recorded committed investments of RM13.2 billion in the same period out of which RM5.9 billion have been realised.

“A total of more than RM10 billion will be generated by foreign investors in this region for the development of data centres,” Prime Minister Datuk Seri Ismail Sabri Yaakob said in a statement.

On July 25, the prime minister chaired the Iskandar Regional Development Authority (IRDA) meeting together with Johor's Chief Minister Datuk Onn Hafiz Ghazi.

“In total, more than 6,000 people in this region have received direct benefits from the socioeconomic initiatives that have been carried out,” he was reported as saying.

Upcoming projects may boost foreign investors’ confidence
Picture
Construction site of the Woodlands North RTS interchange station. Photo: Khalil Adis Consultancy.
With border restrictions now eased, two projects could bolster confidence in Johor’s property market.

They include the Johor Bahru – Singapore Rapid Transit System (RTS) Link and Coronation Square.

The RTS Link is a 4km cross-border railway shuttle project that will connect via a 25m-high bridge from Woodlands North Station (LRT) in Singapore to the Bukit Chagar Station in Johor Bahru.

When completed in 2026, it can serve up to 10,000 commuters during peak periods, for every hour and in each direction.

Meanwhile, Coronation Square which is located in the Ibrahim International Business District (IIBD) will be Johor’s equivalent to the KLCC.

When completed by 2028, it is expected to create some 60,000 jobs and contribute over RM9 billion to Johor’s economy.
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Should you overpay your mortgage?

7/18/2022

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Should you overpay your mortgage?
By Khalil Adis
Picture
A Built-To-Order (BTO) HBD project in Punggol. Photo: Khalil Adis Consultancy.
I have a confession to make.

I have been overpaying my mortgage for two years now. 

I know, it’s not the norm but I sleep better now knowing I can miss a few months of payment should something unforeseen were to happen.

However, I plan to keep at it so that I can finish my mortgage earlier.

So how did it all start?

It was COVID-19 and the uncertainty surrounding it combined with my commitment to living a debt-free life that spurred me to take the plunge.

While we are still battling with COVID-19, l would say, in hindsight, it was the best decision that I had made. 

The question is should you overpay your mortgage? 

Well, it depends on your circumstances.

The advantages
Picture
You can build equity faster when you overpay your mortgage. Image: Shutterstock
From my personal experience, it is worth it.

Firstly, you will be less stressed knowing you are now several months ahead of your mortgage. 

Being able to sleep easy are just some of the intangible benefits that come with overpaying on your mortgage

Secondly, if you do not have any other debts like credit cards, car and renovation loans, you can direct more money each month towards paying the principal while lowering the amount of the interest paid over the mortgage term. 

Thirdly, from the point above, it enables you to build equity earlier in your property. 

When you save on interest by making extra payments each month, your home equity savings will start to accrue every month.

Thirdly, you can be mortgage-free much earlier than your original mortgage term.

Fourthly, with rising inflation and interest rates, you will be able to save on interest by paying more each month.

The disadvantages
Picture
Some banks may impose pre-payment penalties. Image: Shutterstock.
However, there are also some disadvantages.

Firstly, some banks may impose a penalty for early payment of your loan during the ‘lock-in’ period. Thus, you should check with your bank if there are any penalties involved.

Here are some common examples of bank charges and fees that you may incur:

1. Pre-payment of capital sum
Buyers must give 30 days prior written notice or payment in 'interest in lieu' in the minimum of $10,000 and in multiples of $1,000.

2. Pre-payment fee
If pre-payment is made within the 'lock-in' period from the date of the first loan disbursement, a pre-payment fee of 1.5 per cent of the ledger balance will be charged.

3. Redemption
Borrowers must give 3 months' written notice or payment of 'interest in lieu’.

4. Redemption fee
1.5 per cent of the amount redeemed will be charged if made within the 'lock-in' period from the date of the first loan disbursement date.

Secondly, if you have an existing credit card debt that incurs a higher interest rate than your mortgage, then you should not do it.

Instead, you should aim to clear your credit card debt first and any other loans that have a higher interest rate.

Thirdly, you should not do it if f you do not have at least six months of savings.

This is because you may need access to extra cash on hand in case something were to happen.

Fourthly, you should not do it if you are currently not investing your money in unit trusts or any other asset class.

This is because you may miss out on good investment opportunities that pay a higher rate of return than your mortgage.

Conclusion
Picture
A housing project in Punggol. Photo: Khalil Adis Consultancy.
Whether or not you should overpay your mortgage depends on a lot of factors.

I would advise you to do a quick personal finance check and speak to your bank if there are any penalties should you wish to do it.
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Covid-19 has escalated demand for green urban solutions

4/14/2022

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With its experience in green urban design and master planning projects spanning three different continents, PLP Architecture says cities like London and Singapore are witnessing an increase in demand for green spaces while developers are now seeing monetary value in them.

By Khalil Adis
Picture
Aerial view of Tokyo Cross Park with links to Hibiya Park. Image: Nikken Sekkei.
It took Covid-19 for developers around the world to realise the important connection between buildings and outdoor spaces.

That is the observation of Lee Polisano, president and founding partner of London-based PLP Architecture.

“What we learnt is that there was an actual preference for people to want to have a much stronger connection to what they did things to outdoor spaces,” said Polisano on the impact of Covid-19 on building design and architecture.

Polisano was speaking to reporters at a press conference held at the Four Season Hotel in Singapore where he noted there was a significant shift in terms of urban design pre-Covid-19 to Covid-19 times.

This, in turn, he said has had an impact on building materials and incorporating new technology.

“Materials that are less effective by bacteria are very, very popular. Touchless technology and buildings have become very, very popular. Dare I say, facial recognition in some places as an enabler has become very, very popular. There are a lot of things that are happening,” he said.

Transforming urban areas into green spaces
From London to Tokyo, PLP Architecture has designed and delivered a wide range of projects around the world ranging from office to master planning and urban design.

So what results are intelligent, ground-breaking and exciting designs through the firm’s profound commitment to social, economic and environmental ideals.

One example is the recently opened One Bishopsgate Plaza, in London, United Kingdom.

The project marks the completion of a mixed-use master plan that originated with the adjacent Heron Tower to the south. 

The master plan envisioned a new City of London, moving away from the mono-culture of the office towards a rich aggregate of different uses that brings together hospitality, residential, amenity spaces, new types of retail as well as innovative public realm and place making.

Having created some of the greenest buildings on the planet, his architectural firm is now designing and building projects on three continents.

Increase in demand for green spaces in London and Singapore
With his firm's experience across different continents, Polisano notes that demand for green spaces had increased significantly in certain cities like London and Singapore since Covid-19.

“If you take, for example, London’s parks, the realisation rate of London’s parks increased by 200 per cent from pre-Covid times to Covid times. They have impacted the time people want in open spaces. I hear in Singapore, they increased,” said Polisano.

Meanwhile, New York City and Tokyo had witnessed a decrease.

“In New York City, it actually dropped to under 40 per cent than normal realisation. Tokyo also saw a decrease,” he said.

Regeneration project for midtown Tokyo
Speaking of Tokyo, Polisano and his team are currently embarking on an urban regeneration project by transplanting their green and sustainable design ideas in the city.

Called Tokyo Cross Park, the firm was appointed in March this year as the master designer and placemaking strategist for one of Japan’s largest, greenest post-war urban renewal projects.

It is also the architect for two of the four mixed-use towers on the 6.5- hectare site in the prestigious and culturally-significant Uchisaiwaicho 1- Chome district. 

“We are deeply honoured to be part of this exciting enterprise. Everything that PLP embodies was brought to bear on this project. Through it, we will deliver our commitment to use design and technological innovation to contribute to the flourishing of life and business, and importantly to protect the built environment,” he said.

Located a stone throw’s away from the shopping district of Ginza, the multi-year, multi-billion-dollar project will connect the city to the 16-hectare Hibiya public park.

It will include four towers, a 31-metre-tall podium and a two-hectare public plaza. 

When the project is fully completed by 2037, it will create a total of 1.1 million square metres of offices, commercial facilities, hotels and residential units.

“The Tokyo Cross Park will become a flagship for sustainable development in Japan and will showcase the possibility of reaching the government’s target of carbon neutrality by 2050,” said Polisano.

The regeneration of midtown Tokyo will also see the rebuilding of the Imperial Hotel.

This legendary landmark has welcomed royalty, heads of state and international business leaders for over 130 years. 

Opened in 1890 by Japan’s aristocracy, it was rebuilt for its times in 1922 by American architecture doyen Frank Lloyd Wright before being redeveloped for the third time.

Designing Park Nova
In Singapore, the firm is responsible for the design of the upcoming garden-inspired, green-clad landmark residential building called Park Nova.

Interestingly, Polisano shared that Park Nova’s design concept was implemented pre-Covid-19.

Located in the prime district of Orchard Road, PLP Architecture took inspiration from Park Nova’s lush, green environment to create 54 spacious apartments that seamlessly marry indoor and outdoor spaces.

With an increase in demand for green spaces, one of the challenges PLP Architecture had faced is the city’s hot, tropical climate which is applicable also to Malaysia.

“I think you have to realise that, for example, to create this kind of space in a European context or North America, the climate allows you to do it more readily year-round than it is here. Here, you got to look at other ways of creating this connection through design. That’s still quite a challenge,” he said.

To overcome this challenge, the firm came up with a biophilic concept.

This concept could also be replicated in Malaysia.

“The whole narrative of Park Nova was creating outdoor spaces garden-like environment which everybody experiences when you move to Singapore for individual apartments. That indoor-outdoor biophilic connection was already there. But now, the influence is quite strong on the creation of outdoor spaces,” said Polisano.

Indeed, Park Nova’s design and architecture include a variety of dedicated resident amenity spaces that promote health and well-being while supporting active lifestyles.

Sitting on a site area of 43,356 sq ft, this freehold development integrates its outdoor and indoor spaces by incorporating a lap pool, garden seating and outdoor lounge, just to name a few.

“What’s interesting about it is that people discounted the value of this kind of space before. I think real estate developers now see there is a monetary value in them as well. It is a win-win for everyone. Unfortunately, it was a hard lesson to learn and a very, very difficult way. It has changed everyone’s lives forever,” he concluded.
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