{"id":12293,"date":"2017-11-02T04:48:09","date_gmt":"2017-11-01T20:48:09","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=12293"},"modified":"2022-07-01T04:10:00","modified_gmt":"2022-06-30T20:10:00","slug":"hidden-cost-en-bloc-fever","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/hidden-cost-en-bloc-fever\/","title":{"rendered":"The hidden cost of en-bloc fever"},"content":{"rendered":"
<\/div>

\"en-bloc-fever-cost-cover\"<\/p>\n

(Credits<\/a>)<\/p>\n

There\u2019s en-bloc fever in Singapore right now, as foreign developers (<\/span>Chinese foreign developers<\/span><\/a>, to be precise) muscle in. We\u2019re not a unique case – if you look at<\/span> Hong Kong<\/span><\/a> and<\/span> Australia<\/span><\/a>, you\u2019ll see Chinese developers have been buying up land like crazy everywhere. That\u2019s good news for people living in old estates, but don\u2019t forget there\u2019s a cost to the rest of us:<\/span><\/p>\n

Why are Chinese developers paying crazy prices?<\/b><\/h3>\n

There are plenty of reasons why Chinese developers are eager to move abroad, into places like Singapore. And since they\u2019ve built up massive amounts of capital over two decades of explosive growth (in China), they\u2019re not as bothered by low profit margins.<\/span><\/p>\n

The main motive is that the property market in mainland China is finally slowing down, after a period of rapid development. This is compounded by China\u2019s new policy toward the yuan – whereas China once tightly controlled the currency, they\u2019ve now allowed it to \u201cfloat\u201d on the free market (they want the yuan to be more widely used internationally, and this is one step towards that). For Chinese developers though, it\u2019s important to diversify, so they don\u2019t fall victim to any sudden devaluations of the yuan.<\/span><\/p>\n

The other reason is branding: when developers need to make their mark, the quickest way is to have a list of projects in prestigious locations. Having projects in \u201chigh end\u201d cities like New York, Singapore, London, etc. is important, for relatively unknown developers who dream of tapping the luxury crowd. For these companies, the motive is not so much profit; they\u2019re okay to work with narrow margins for now, to boost their appeal in the long run.<\/span><\/p>\n

The crazy prices also come about as a consequence of high risk appetite. Chinese developers are flush with cash right now, and can afford to take on risk. Some of them are willing to make bids so high, they will just break even – but they carry on in the belief that, over the two to three years of construction, prices could appreciate to turn their break-even into a profit.<\/span><\/p>\n

While the current en-bloc fever good news for some, but other Singaporeans might pay the price for it<\/b><\/h3>\n

The most immediate beneficiaries of this are residents in old properties. They have better prospects of en-bloc sales, at good prices. However, not everyone is going to benefit from it.<\/span><\/p>\n

For starters, the aggressive bidding by Chinese developers has significantly raised land prices. Developers are paying a<\/span> 29 per cent premium<\/span><\/a> on land prices, as compared to 2015. And we\u2019d remind you this is happening during a soft property market, which is still under tight cooling measures.<\/span><\/p>\n

This has resulted in the government<\/span> raising Development Charges<\/span><\/a> (DCs) significantly, to cool the en-bloc fever. DCs are the fees developers pay to build their projects, and its based on the built up area available. At present, 116 out of 118 geographical sectors have seen increases in DCs, ranging between six and 29 per cent. The biggest hikes occured in the development areas of Punggol, Tampines Road, Hougang, and Sengkang.<\/span><\/p>\n

What does all this mean?<\/b><\/h3>\n

Developers may tolerate lower margins, but even they won\u2019t build at a loss. At some point, the combination of higher land prices and DCs is going to reach the buyer\u2019s pocket.<\/span><\/p>\n

Developers do have one other way to prevent that, but you won\u2019t like it either – that\u2019s is to shrink unit sizes to maximise profits on each plot. But we don\u2019t think this is likely to happen. Developers know that most buyers in the market are owner-occupiers, not investors.<\/span><\/p>\n

While property prices have cooled somewhat, remember they\u2019re down only around 11 per cent since the last peak in 2013. Between 2008 and 2013, prices rose more than 60 per cent across the board – don\u2019t let the soft market fool you, property prices are only \u201clow\u201d within the immediate context of the past few years. The last thing we need is upward pressure on the prices again, when they were just starting to reach reasonable levels.<\/span><\/p>\n

Also, remember that property prices for new and existing units tend to move in tandem. As the prices of newer units move up, older units begin to nudge upward as well. This might see some upgraders priced out of the market, just when we thought private housing was about to become more affordable.<\/span><\/p>\n

Finally, Singaporeans should be aware that what\u2019s happening now is not part of the usual property cycle. It\u2019s an out of the ordinary event, caused by large capital inflows from a foreign country – this often distorts prices, creating exaggerated and unsustainable price bubbles. We expect the government to be watching closely, as they\u2019ve shown they aren\u2019t afraid to intervene in drastic ways as demonstrated by the previous batch of <\/span>cooling measures<\/span><\/a>.<\/span><\/p>\n

We could be in for a roller-coaster series of policy changes, if this carries on. Exciting times indeed, but the average Singaporean may end up more anxious than thrilled by the current en-bloc blockbuster unfolding.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

(Credits) There\u2019s en-bloc fever in Singapore right now, as foreign developers (Chinese foreign developers, to be precise) muscle in. We\u2019re not a unique case – if you look at Hong Kong and Australia, you\u2019ll see Chinese developers have been buying up land like crazy everywhere. That\u2019s good news for people living in old estates, but…<\/p>\n","protected":false},"author":21,"featured_media":54921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[54454,54455,54456,54457,54458,54459],"persona":[],"class_list":{"2":"type-post","15":"entry","16":"has-post-thumbnail"},"acf":[],"yoast_head":"\nThe 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