Jake Wong Property

17/07/2023

The launch weekend (July 15-16) saw 550 out of 1,008 units at Grand Dunman snapped up, reflecting a take-up rate of 54.6%. The average selling price achieved at the 99-year leasehold condo on Dunman Road in prime District 15 was about $2,500 psf.

Grand Dunman is also the top-selling project since the 1,862-unit Normanton Park, which sold about 600 units on its launch weekend in January 2021, says Mark Yip, CEO of Huttons Asia. "This makes Grand Dunman the best-selling project in 2.5 years," he adds.

With 550 units sold, Grand Dunman is not just the best-selling project of 2023, but the top-selling project since January 2021, when Normanton Park sold 600 units on its launch weekend

05/09/2021

In this video, find out:

1) HDB Resale Price Movements in 2021 for various estates
2) Will HDB prices continue to climb?
3) Price of HDB versus Executive Condos versus Private Condos
4) Is it worth to buy Executive Condos?
5) Opportunities for 1st time home buyers
6) Impact of future prices of Executive Condos

Have questions? Feel free to get in touch at [email protected] or just drop me a comment below or whatsapp to https://wa.me/6596666493. Always happy to speak! 😊✌️

31/08/2021

If you ever wondered why more people choose to buy into New Residential Projects instead of Resale homes, this video is for you. Find out

A) how Developers go about pricing the units of private new launches
B) Why initial pre-launch prices are the most attractive compared to post-launch

Have questions? Feel free to get in touch at [email protected] or just drop me a comment below or whatsapp to https://wa.me/6596666493. Always happy to speak! 😊✌️

24/08/2021

In this video, I purpose to breakdown the price trend of New Private Homes and Resale Homes in each of the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) for the first 7 months of 2021.

When investing in Singapore properties, it is important to look at statistics and data, current supply and demand factors, land prices and how they behave, and whether a particular property or new launch presents a safe enough entry price for the home buyer.

Which region will outperform the other regions ? Is it the CCR, RCR or OCR? Let’s find out today.

Have a property-related question? Do reach out to me below. Always happy to speak! Stay safe! 😊
Email: [email protected]
Website: https://www.jake.sg
Whatsapp: https://wa.me/6596666493

16/08/2021

In this video, I aim to address the current robust land bids under the recent Government Land Sales, the main reason behind the “FOMO” from Real Estate Developers, and also the implication on future prices of New Launches and Private Residential Segment.

Is there a shortage of new launch supply in the current pipeline? Do we have a window of opportunity now during this COVID-19 phase where Singapore is right on track to gradually open up its economy?

Have a property-related question? Do reach out to me below. Always happy to speak! Stay safe! 😊

Email: [email protected]
Website: https://www.jake.sg
Whatsapp: https://wa.me/6596666493

24/07/2021

There are good property buys.
Then there are great property buys.
Alas there are rare opportunities that rarely come by. Such is the case of Pasir Ris 8, an integrated private residential new launch development that sold 88% of the 476 units on its first day of launch.

A great day for my buyer to be able to secure a unit at Pasir Ris 8 today. This integrated residential development right in the heart of the East has now set the benchmark in terms of price and demand for Singapore Real Estate in 2021 and beyond.

23/06/2021

Have an awesome day everyone! 😊

19/06/2021

📊 New private home sales slowed considerably in May 2021 from the previous month which is not entirely unexpected. This can be attributed to 2 main reasons: a rise in Covid-19 community cases and the resulting tightening of safe management measures, as well as the relatively limited new launches in May 2021.

✅ With Phase 2 Heightened Alert in place and the cap of 2 visitors per group (including agent) at sales galleries, most developers with unlaunched projects have pushed back their launch activities till after June 13, and some even till July.

✅ Some prospective buyers may also prefer to stay at home as much as possible to reduce transmission risk.

✅ Singaporeans remained the main driver of new home sales in May 2021, accounting for about 83.2% of the new private hone transactions, up slightly from 81.3% in April 2021.

✅ The proportion of non-landed homes bought by foreigners inched up from 4.5% in April to 5% in May. There should be growing interest among foreign buyers for Singapore homes, with several launches still to come in the Core Central Region (CCR) and Rest of Central Region (RCR).

✅ Based on an analysis of Caveats lodged, buyers continued to gravitate towards larger homes amid more widespread adoption of telecommuting and flexible work arrangements. In May 2021, the number of new non-landed private homes sold that were 1200 sqft and above accounted for 19.4% of the sales, up from 14.7% in April and 11% in March.

✅ In terms of Price Quantum of new home purchases, about 75.3% of the new private homes transacted in May 2021 were below the sweet-spot quantum of under $2million. Almost half of these purchases below the $2million mark comprised of homes bought in the Outside Central Region (OCR) at 48.9%.

🌈 Overall Outlook Promising:

🔥 New home sales should rebound from July, where there will potentially be more projects being launched. Pasir Ris 8 and The Watergardens at Canberra in the OCR; Klimt Cairnhill and Perfect Ten in CCR; and Parc Greenwich EC.

🔥 These projects will likely attract a favourable response from buyers, especially those in the OCR where there are signs of pent-up demand for more affordably-priced mass market units from owner-occupiers, including HDB upgraders.

🔥 Based on current market sentiments, consumer confidence is intact and home buying interest remains robust.

Have a property-related question? Do reach out to me below. Always happy to speak! Stay safe! 😊
Email: [email protected]
Website: https://www.jake.sg
Whatsapp: https://wa.me/6596666493

14/06/2021

In this latest Video, find out what is in store for Home Owners, Buyers, and Property Investors as Singapore’s Real Estate Market 🏡 continues to experience a revival 🔥in terms of prices and transaction volume not seen since 2013 📈

✅ What are the property price trends to take note of? 📊

✅ Is there oversupply or shortage in the private new homes segment

✅ Are there good opportunities for those looking to buy into Resale Market and New launch projects?

✅ the Singapore Government implement new Cooling measures to cool the property market?

✅ Which property segment and location is finding favor with Home Buyers?

Find out the answers to these questions in many latest property video. I hope you enjoy this video and if you do, make sure to like, leave a comment, and subscribe to my page 😊🙏🏻

Got a property-related question? Email Jake at [email protected]

Connect with Jake here - https://www.facebook.com/jakewongproperty

Check out what clients think about Jake - https://www.jake.sg/aboutme

10/06/2021

Is the Resale Property Market very hot now? 🔥🔥

Based on what I’m witnessing on the ground as a Property Agent, it is indeed RED-HOT. The confluence of various factors such as the Pandemic, delay in construction of new homes, and the need to Work From Home has indeed caused a flurry of buyers into the resale market.

This present situation reminded me of the period 2012-2013 where homes can be sold in one single day (flying off the shelves so to speak). Sellers are calling the shots now when it comes to negotiation and buyers have no choice as the matter of the fact is current supply of ready homes are really tight. There is a supply-demand imbalance In the property market right now ⚖️

Below is a case that I personally handled for a buyer recently that demonstrates the kind or resale market we are in, even in the face of a pandemic that will not go away anytime soon.

✅ Live Case : Undecisive buyer who regretted taking 1 day to think

Have been showing this buyer around and viewed a couple of 4-room HDB resale flats. The most recent unit they saw was on the Mid-floor facing the park. The only concern they had was the potential “noise” they might be getting from children playing there, hence the buyer requested for 1 day to think before making any offer to the Seller’s agent.

Unfortunately, when they were ready to put in an offer the next morning, another group of buyer had come in, just the night before and gave the seller’s agent a much higher offer than what my buyer had intended to offer. The deal was sealed and too late now despite my buyer willing to out-bid. Well, SPEED matters in this current market 🔥 and just a few of hours of hesitation can cause you to lose out on your desired property 😅 In the end they settled for another unit which was on the 2nd floor, ended up paying more but I guess they could not wait any longer. Till now, their frustration remains. I can totally understand!

Whether we like it or not, the HDB resale market is rising fast and prices have now recovered to 2013 levels (the last time such exuberance was in full swing). Back during 2012-2013, Cash-Over-Valuation (COV) can go up to as high as $100k and people actually paid that kind of $$$ without batting an eyelid! Fast forward to 2021, I am witnessing before my eyes a similar kind of Euphoria in the HDB market as demand outstrips supply.

Conclusion: For home buyers especially first time home seekers, do not get overwhelmed with the emotions and fear of losing out. If you are in need of your own place urgently, keep an open mind and be willing to explore areas outside of your original intent, as that may offer you a wider choice of options and not put you in the position of “I got no choice but to pay this price”.

Things are moving very fast and a word of advise for buyers: when you see a unit you like, be swift and decisive and make an offer quickly which is within your budget. Take a step back and if possible, consult your family members whether that asking price is reasonable. When you get swept up in the emotions, it can be hard to think clearly.

Lastly, if you are not familiar with the intricacies of navigating the resale market, try not to do it on your own. The seller’s agent represent the Seller’s interests, not your interests. My advise to you is to engage a Property Agent to help represent and protect your interests as a buyer. That will save you from a lot of emotional turmoil from having to face competing bids, frustrations over offer rejections, and most importantly from overpaying for a unit. No point saving that couple of thousands of dollars.

Have a property-related question? Do reach out to me below. Always happy to speak! Stay safe!

Email: [email protected]
Website: https://www.jake.sg
Whatsapp: https://wa.me/6596666493

05/06/2021

Parc Clematis is the best selling New launch in the heart of Clementi by Singhaiyi Properties. It's a 10 minutes walk away from Clementi MRT Station.

The project is currently 80% sold. Presented in this video is our 5 Bedroom Strata Bungalow. There are only a total of 18 such landed Bungalows and Terraces in this entire development.

Have questions or wish to know more about Parc Clematis, do reach out to me below. Always happy to speak!

Email: [email protected]
Website: https://www.jake.sg
Whatsapp: https://wa.me/6596666493

04/06/2021

If you are looking at the rental market right now, and concerned about the rising rents 📈, then this thread is for you 😊

A friend of mine contacted me recently for help to find her a 3-bedder rental unit at Kovan Melody. To her surprise, rents had gone up quite a lot since the last time she was back in Singapore.

I think its good for us to understand what’s causing the TIGHTNESS in the rental market right now. So let me briefly touch on 3 key areas relating to the rental segment here in Singapore 🇸🇬

🏡 Why are Condo/HDB rents rising❓

🔸Like it or not, COVID-19 had accentuated this. Due to labour shortages and construction delay, many buyers are facing an extension in the completion of their new private or HDB BTOs. These buyers ar looking at short-term accommodation to bridge the gap of 6mths to 12mths and in exchange for flexible leases, they are willing to pay higher rents

🔸We are also seeing an increasing number of HDB upgraders who had sold their flats to take advantage of the increase in HDB prices recently. Some of them are renting a unit while taking a wait-see approach as they search for their next property purchase, in view of the uncertainty in the market.

🔸Thirdly, there’s increasing demand for rental homes from professionals and executives who have moved out from their families to enjoy more space and privacy, since they now have to work remotely for a longer period of time. This group of people have a preference for living closer to the CBD and Town areas where they work. Thus pushing up the rents in the RCR and CCR regions as well.

🔸Lastly, more Singaporeans have chosen to return back to Singapore amidst the ongoing Pandemic given how well the Singapore Government kept cases under control. As more and more landlords now choose to stay in rather than lease out their apartments, the supply of units for rent in the market has now shrunk.

🔥 Just how much💰has rent gone up by ❓

To answer this, let me use a concrete example of a 3 Bedder 1300 sq ft apartment at Kovan Melody, with average transacted rents data below:

Dec 2020 - Apr 2021: $2.60 psf pm
Apr 2021 - May 2021: $2.92 psf pm

Rents had gone by about 12% from $2.60 to 2.92 psf pm. If you take a 1300 sqft apartment, the monthly rental we are looking at right now is about $3800 per month (versus $3400 a few months ago).

This example shows the recent rental trend at Kovan Melody, a Condominium located just next to Kovan MRT Station. This trend is consistent across most developments in Singapore.

🌈 Some tips for tenants

🔹 Do your research well and familiarise with comparable market rates in the area you are looking at. This will put you in a position of not getting ripped off by unreasonable asking rents.

🔹 If you are new to the rental market, consider engaging the services of a Real Estate Agent. Yes there is commission payable but the peace of mind you get in return far outweighs the one-time cost.

🔹 Lock in a longer lease. Landlords are more willing to negotiate a lesser rent for longer leases.

🔹Be quick in your decision making. The rental market is tight now, if you wait or dilly-dally, someone else is likely to come in and close it before you are able to make up your mind.

🔹 Avoid estates that are popular with Expats and renters, such as Orchard, Tanglin, Marina Bay, CBD, Sentosa. These areas command much higher rents. Consider other areas which have proven to be popular yet still relatively affordable such as Tiong Bahru, Holland, Farrer, Little India, Paya Lebar, Jurong.

Have a property-related question? Feel free to get in touch with me. Always happy to speak! 😊

Email: [email protected]
Website: https://www.jake.sg
WhatsApp: https://wa.me/6596666493