{"id":7444,"date":"2016-10-21T02:17:13","date_gmt":"2016-10-20T18:17:13","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7444"},"modified":"2022-07-01T04:04:18","modified_gmt":"2022-06-30T20:04:18","slug":"investors-creaky-old-properties","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/investors-creaky-old-properties\/","title":{"rendered":"Why investors are looking to purchase creaky, old properties"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">With the number of new, low priced (because of the market slump) properties in Singapore, you might be wondering why some people still choose creaky old properties. Well the reasons are many, from wanting to make money off a potential en bloc, to being the lead character in a horror movie. Here, we elaborate on the strategies of a particular school of thought: that you should always hunt for value and buy old properties, not new.<\/span><\/p>\n<figure id=\"attachment_7445\" aria-describedby=\"caption-attachment-7445\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-7445\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/eco.jpg\" alt=\"There can be lots of benefits to owning old properties (those which have been around for 25 years or more)\" width=\"800\" height=\"450\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/eco.jpg 1024w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/eco-940x529.jpg 940w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-7445\" class=\"wp-caption-text\">There can be lots of benefits to owning old properties (those which have been around for 25 years or more)<\/figcaption><\/figure>\n<h3><b>Why creaky, old properties?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One particular property strategy involves hunting for middle-aged or older freehold units. An ideal find is something that is priced at below $1,100 per square foot, and is about 25 years old with a freehold or 999-year lease. If it is leasehold, you want something with about 70 years left on the lease (because if there is less than 60 years on the lease, it can be difficult to get a property loan).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some properties that fit this profile include <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/condos\/Wing-Fong-Mansions-deHVCaiprsnwQ5ZuDBcuHMs8?listing_type=sale\"><span style=\"font-weight: 400;\">Wing Fong Mansions<\/span><\/a><span style=\"font-weight: 400;\"> ($700 to $950 per square foot), <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/condos\/Eco-deFVZnTTWEu73AX6rhiMybRE?listing_type=sale\"><span style=\"font-weight: 400;\">Eco<\/span><\/a><span style=\"font-weight: 400;\"> ($700 to $850 per square foot), and <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/condos\/Laguna-Park-devsYszWZnV7wYvKnziDTvoW?listing_type=sale\"><span style=\"font-weight: 400;\">Laguna Park<\/span><\/a><span style=\"font-weight: 400;\"> ($850 to $1,000 per square foot). You can <\/span><a href=\"https:\/\/www.99.co\/?rp=ctsRGv92sczNRFCCL9LbVJ\"><span style=\"font-weight: 400;\">browse for more such properties<\/span><\/a><span style=\"font-weight: 400;\"> with the filters on 99.co.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These older properties have their share of issues. The occasional broken faucet, wood rot, chipped paint, and whispered chanting voices \/ terrified family pet are all a part of it. But there are some significant payoffs to be had as well:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Older properties have a lot of en bloc potential<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rental yields are higher as a property gets older<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The neighbourhood has had time to develop<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cost of renovations seldom outweigh potential benefits<\/span><\/li>\n<\/ul>\n<p><b>Older properties have a lot of en bloc potential<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Land is scarce in Singapore, so developers here don\u2019t really buy \u201cvirgin land\u201d and seek to develop it. All the good land is already taken, so the only alternative is to constantly knock down aging units and put up new ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When a property reaches its 30<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> year, there is a good chance that the land it\u2019s on exceeds the value of the property itself. This is when developers move in with en bloc offers.<\/span><\/p>\n<figure id=\"attachment_7447\" aria-describedby=\"caption-attachment-7447\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-7447\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/raintree-gardens.jpg\" alt=\"UOL-UIC joint venture bought former HUDC estate Raintree Gardens in Potong Pasir for $334.2m\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/raintree-gardens.jpg 780w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/raintree-gardens-440x294.jpg 440w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-7447\" class=\"wp-caption-text\">UOL-UIC joint venture bought former HUDC estate Raintree Gardens in Potong Pasir for $334.2m<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As 80 percent of the owners have to agree to a collective sale, developers generally offer attractive prices. A recent example is <\/span><a href=\"http:\/\/www.channelnewsasia.com\/tv\/newsvideo\/potong-pasir-deal-takes-total-en-bloc-sales-past-s-1bn-mark\/3185850.html\"><span style=\"font-weight: 400;\">Raintree Gardens<\/span><\/a><span style=\"font-weight: 400;\">, a privatised HUDC estate that was sold at the billion dollar mark. Many of the owners will get around $1.8 million for their home. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the property up for en bloc is freehold, there might be an even better price, as the developer has to make up for the indefinite remaining lease. However, there are no hard and fast rules as to how much more it will be worth; it is dependent on the situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One variant of this approach is to buy old HDB units, rather than old condos. We discuss this in a separate article on <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/homebuyers-purchasing-sers-flats\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buying SERS flats<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Rental yields are higher as a property gets older<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Rental yield indicates the profitability of renting out a property. This is (annual rental income) \u2013 (any relevant costs, such as maintenance) \/ price of property x 100. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, say a property has an annual rental income of $40,000 per annum, after all relevant expenses. The cost of the property is $950,000. That would mean a rental yield of 4.2 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now older properties have lower costs, and at the same time their rental income may be unaffected by age. If the unit is well maintained and close an MRT station, for example, tenants will fight for it even if it\u2019s 30 years old. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Can you see where the maths is going here? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This combination of low costs, coupled with solid rental income, means a higher rental yield. If you were to get a new property, and rent it out at the same rate, your rental yield would be much lower as the cost of the new property is higher.<\/span><\/p>\n<p><b>The neighbourhood has had time to develop<\/b><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a reason old resale flats are often worth more than new Built to Order (BTO) flats; and the same rationale applies with private properties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When a cluster of property developments go up, businesses tend to follow. For example, malls open nearby to cater to the residents. Tuition centres and Din Tai Fung then follow, surer than sweat on an athlete\u2019s sock. After that a big range of eateries, specialised retailers, and service providers (like laundromats) also jump on the bandwagon.<\/span><\/p>\n<figure id=\"attachment_7446\" aria-describedby=\"caption-attachment-7446\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-7446\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/toa-payoh.jpg\" alt=\"It is definitely much more convenient to have many amenities nearby your home, as compared to estates that don't\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/toa-payoh.jpg 1600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/10\/toa-payoh-940x705.jpg 940w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-7446\" class=\"wp-caption-text\">It is definitely much more convenient to have many amenities nearby your home, as compared to estates that don&#8217;t<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">By the time 30 years have passed, even a formerly bare patch of land is crowded with amenities like supermarkets, hairdressers, pet groomers, and so on. This provides a lot of convenience for the residents, and in fact the value of the land will rise (see point 1 about en-bloc potential).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But let\u2019s say you\u2019re not about the money. You are a home-buyer, who just wants a convenient place to live. You can take a shortcut by purchasing an old property, where the area is already built up, instead of buying a new one and waiting for things to happen. It\u2019s both convenient, and potentially cheaper.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(We say potentially, because sometimes old properties are in such developed areas, they can actually cost more than new ones. <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/condos\/Peace-Mansion-deoa88vafrzBpBtZwJnBPGrG?listing_type=sale\"><span style=\"font-weight: 400;\">Peace Mansion<\/span><\/a><span style=\"font-weight: 400;\"> is a classic example of this).<\/span><\/p>\n<p><b>Cost of renovations seldom outweigh potential benefits<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In Singapore, our definition of \u201cold properties\u201d is rather liberal. 30 years is not considered particularly old in many parts of the world, where residents may inhabit buildings that are well past the age of 50. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The cost of renovations for most 30-year-old units are not going to be overwhelming. You generally won\u2019t be faced with issues such as having to replace a caved in ceiling, or rotted staircases; <\/span><i><span style=\"font-weight: 400;\">those <\/span><\/i><span style=\"font-weight: 400;\">are serious renovation costs, and you might find that in a 50-year-old bungalow. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But decently maintained condos at the 30-year mark can look almost new, with renovation costs that can be as low as $15,000 to $30,000. This can make old properties a good deal for landlords, or owner-occupiers looking for a value deal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to properties in Singapore, don\u2019t always be dazzled by new \u201csmart homes\u201d or cutting edge architecture. Once you break it down to dollars and cents, the existing supply of housing may turn out to be a much better choice; even despite its age.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the number of new, low priced (because of the market slump) properties in Singapore, you might be wondering why some people still choose creaky old properties. Well the reasons are many, from wanting to make money off a potential en bloc, to being the lead character in a horror movie. Here, we elaborate on&hellip;<\/p>\n","protected":false},"author":21,"featured_media":54483,"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":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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