#24 En Bloc Fever is Back? Will New Launch Pricing Continue to Rise? | Nuggets On The Go E24 | Melvin

As we cross the second half of 2022, our government has unveiled several new GLS sites, that will lead to the resurfacing of en bloc activities. That being said, how will the release of land sales and its correlation with developers and their land banks affect the future of property prices? In today’s episode of Nuggets On The Go Melvin Lim from PropertyLimBrothers will also share some interesting records of the trends of sellers and their properties over the years.

You can also see our video on this topic!

Our Author/Guests

Melvin Lim

Melvin Lim is the co-founder and CEO of PropertyLimBrothers (PLB Realty).

In Melvin’s eyes, every home has its own character and is unique. As a realtor, he enjoys telling stories about homes, highlighting what makes them special to potential buyers.

Transcript

1 [Melvin Lim]
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– Okay, great.

2 [Melvin Lim]
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HAHAHAHAHAHAHA

3 [Melvin Lim]
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It happened once before with Faruuq

4 [Melvin Lim]
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after like 20 minutes.

5 [Melvin Lim]
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HAHAHAHAHAHAHA

6 [Melvin Lim]
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HAHAHAHAHAHAHA

7 [Melvin Lim]
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Okay, let’s continue.

8 [Melvin Lim]
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All right, welcome back to Nuggets On The Go.

9 [Melvin Lim]
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Today we’re going to talk about en bloc,

10 [Melvin Lim]
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as well as developers saying

11 [Melvin Lim]
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that prices will rise further in 2022, towards 2023.

12 [Melvin Lim]
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Let’s go.

13 [Melvin Lim]
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All right, so you have been seeing a lot

14 [Melvin Lim]
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of different kinds of news.

15 [Melvin Lim]
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Let me just flash some of the news

16 [Melvin Lim]
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that has been happening recently.

17 [Melvin Lim]
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So, you have a couple of GLSes that has been released

18 [Melvin Lim]
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by our government, seven new sites

19 [Melvin Lim]
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unveiled in the second half of this year,

20 [Melvin Lim]
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and later we’re going to chat more about that.

21 [Melvin Lim]
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Most importantly is that we want to look

22 [Melvin Lim]
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at all these en bloc news that have been happening.

23 [Melvin Lim]
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For example, you have Lakeside Apartments

24 [Melvin Lim]
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successfully being en bloc.

25 [Melvin Lim]
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Kensington Park, launching their en bloc.

26 [Melvin Lim]
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Thompson View up for collective sale.

27 [Melvin Lim]
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Golden Mile has been successfully sold.

28 [Melvin Lim]
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New launches doing very well,

29 [Melvin Lim]
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for Piccadilly, as well as [email protected]

30 [Melvin Lim]
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If you were to look at this news here,

31 [Melvin Lim]
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Jansen Mansions at Kovan, third attempt,

32 [Melvin Lim]
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Euro-Asia Apartments up for en bloc sale attempt as well.

33 [Melvin Lim]
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And of course on the ground, we’re seeing a lot

34 [Melvin Lim]
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of activities being picked up by projects attempting

35 [Melvin Lim]
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en bloc in the second half of this year.

36 [Melvin Lim]
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So looking back at this article,

37 [Melvin Lim]
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seven sites are being unveiled

38 [Melvin Lim]
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in the second half of the GLS program.

39 [Melvin Lim]
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Okay, so we have a combination of the confirmed list

40 [Melvin Lim]
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as well as the reserve list,

41 [Melvin Lim]
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but let’s have a look at the confirmed list.

42 [Melvin Lim]
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And what does this mean for everybody?

43 [Melvin Lim]
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So in the first place,

44 [Melvin Lim]
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why do our government want to announce

45 [Melvin Lim]
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new sites under the GLS scheme?

46 [Melvin Lim]
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This is a very clear indicator

47 [Melvin Lim]
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because our government, of course,

48 [Melvin Lim]
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they are very prudent, in terms of timing

49[Melvin Lim]
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when should they release new land

50 [Melvin Lim]
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in order not to overflood the market with brand new supply,

51 [Melvin Lim]
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as well as to ensure that the market is not overheated

52 [Melvin Lim]
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because of a lot of pent-up demand.

53 [Melvin Lim]
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So our government’s job is to ensure

54 [Melvin Lim]
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that in terms of supply and demand,

55 [Melvin Lim]
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it’s very well balanced,

56 [Melvin Lim]
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so that we don’t overkill the market with too much supply.

57 [Melvin Lim]
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And we also don’t allow prices to run up too quickly

58 [Melvin Lim]
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because of a lack of supply.

59 [Melvin Lim]
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Controlling of government land sales is extremely important.

60 [Melvin Lim]
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This is one of the clear signals

61 [Melvin Lim]
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that developers’ land bank is drying up.

62 [Melvin Lim]
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And if you were to come back to this chart again

63 [Melvin Lim]
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that we have shown everybody.

64 [Melvin Lim]
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This is basically what is happening right now

65 [Melvin Lim]
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because developers are running out of land.

66 [Melvin Lim]
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Why they are running out of land, it’s

67 [Melvin Lim]
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because they will be handing over a lot

68 [Melvin Lim]
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of projects hitting TOP in the next two to three years.

69 [Melvin Lim]
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When projects are being handed over,

70 [Melvin Lim]
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they need to top up their land bank.

71 [Melvin Lim]
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If you’ve seen this chart that we’ve released before,

72 [Melvin Lim]
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these two years are the period that a lot

73 [Melvin Lim]
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of land banks are being depleted.

74 [Melvin Lim]
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2022 basically, I’m not sure whether

75 [Melvin Lim]
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if this is actually happening now,

76 [Melvin Lim]
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but on the ground, I think more or less,

77 [Melvin Lim]
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this is already happening.

78 [Melvin Lim]
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So, resale prices inch up,

79 [Melvin Lim]
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resale home sellers are asking for future prices.

80 [Melvin Lim]
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So if you’re hunting for properties

81 [Melvin Lim]
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via the property portals,

82 [Melvin Lim]
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you’ll see that a lot of the asking prices

83 [Melvin Lim]
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have already moved up.

84 [Melvin Lim]
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So when this happens, when you look at the particular project

85 [Melvin Lim]
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and you look at a transacted caveat prices,

86 [Melvin Lim]
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vis-à-vis what is the asking price on property portals.

87 [Melvin Lim]
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You’ll see that there’s like a huge gap happening.

88 [Melvin Lim]
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And this happens because existing home sellers

89 [Melvin Lim]
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will have this fear that they will have nothing to buy,

90 [Melvin Lim]
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or they are not sure what to buy,

91 [Melvin Lim]
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or because prices are all going up everywhere else,

92 [Melvin Lim]
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they also want to raise their current asking prices.

93 [Melvin Lim]
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And we are talking typically about a few types

94 [Melvin Lim]
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of very hot favourite properties.

95 [Melvin Lim]
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Namely 3-bedders, 4-bedders

96 [Melvin Lim]
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and namely a lot of these properties belong to

97 [Melvin Lim]
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the quantum play properties.

98 [Melvin Lim]
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Meaning, if you are talking about

99 [Melvin Lim]
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mass market in the OCR region,

100 [Melvin Lim]
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properties below $2 mil are extreme hot favourite.

101 [Melvin Lim]
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If you go to RCR properties

102 [Melvin Lim]
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in the range of $2.5 mil are hot favourites.

103 [Melvin Lim]
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If you go to CCR of course, properties in the range

104 [Melvin Lim]
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of $2 mil to $4 mil are moving very well as well.

105 [Melvin Lim]
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So when you come back to this chart,

106 [Melvin Lim]
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what might possibly happen is that by 2023,

107 [Melvin Lim]
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new launches will hit new benchmark PSF.

108 [Melvin Lim]
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Resale will continue to move again

109 [Melvin Lim]
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because resale will then act

110 [Melvin Lim]
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as an alternative option,

111 [Melvin Lim]
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compared to new launches, very high PSF level.

112 [Melvin Lim]
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A lot of buyers might then fall back on resale properties

113 [Melvin Lim]
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because of a lower quantum, because of a lower PSF.

114 [Melvin Lim]
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And in the year 2024, resale will then start

115 [Melvin Lim]
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to look very far apart from new launch PSF.

116 [Melvin Lim]
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Recently, in one of our seminars,

117 [Melvin Lim]
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we talk about this chart as well

118 [Melvin Lim]
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and I want to bring it to your attention.

119 [Melvin Lim]
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So this chart shows the movement and growth rate

120 [Melvin Lim]
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of brand new launches PSF, from 2019 to date,

121 [Melvin Lim]
00:05:04,680 –> 00:05:09,640
vis-à-vis resale growth rate from 2019 until Q2 of 2022.

122 [Melvin Lim]
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So in terms of the percentage growth,

123 [Melvin Lim]
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new launches have grown by 26%,

124 [Melvin Lim]
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resale has grown by 5%.

125 [Melvin Lim]
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And what does this mean

126 [Melvin Lim]
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is that if you look back in the year 2020,

127 [Melvin Lim]
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their difference apart is only about ~10%,

128 [Melvin Lim]
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but right now it’s close

129 [Melvin Lim]
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to about 21% growth rate difference.

130 [Melvin Lim]
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This might present an opportunity for resale to move up

131 [Melvin Lim]
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in order to reach back an equilibrium,

132 [Melvin Lim]
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in terms of their core differences, in terms of growth rate.

133 [Melvin Lim]
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Because what we can deduce from this graph is

134 [Melvin Lim]
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that new launch PSF might have grown too quickly

135 [Melvin Lim]
00:05:39,880 –> 00:05:41,000
over the past three years.

136 [Melvin Lim]
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And now it’s time for resale to catch up.

137 [Melvin Lim]
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Of course, you will then come back and look at

138 [Melvin Lim]
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articles like this because we also reviewied

139 [Melvin Lim]
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one of the latest news articles that popped up

140 [Melvin Lim]
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on some of the very popular mediums.

141 [Melvin Lim]
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Talking about a property market sentiment survey

142 [Melvin Lim]
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that was being done,

143 [Melvin Lim]
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and a lot of developers are forecasting

144 [Melvin Lim]
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that because of inflation of construction prices,

145 [Melvin Lim]
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manpower labour crunch, materials crunch,

146 [Melvin Lim]
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new launches PSF are going to be more

147 [Melvin Lim]
00:06:05,840 –> 00:06:08,320
and more expensive in the near future.

148 [Melvin Lim]
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Do we agree with that?

149 [Melvin Lim]
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And by the end of the article, we do agree with that as well

150 [Melvin Lim]
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because of the fact of a lot of inflation push factors,

151 [Melvin Lim]
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$PSF level of brand new launches will definitely

152 [Melvin Lim]
00:06:18,800 –> 00:06:20,960
see a new high, challenging a new benchmark.

153 [Melvin Lim]
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Our article actually states,

154 [Melvin Lim]
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when are all these going to end?

155 [Melvin Lim]
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Because with prices of resale moving up

156 [Melvin Lim]
00:06:27,080 –> 00:06:29,080
over the past two-and-a-half years,

157 [Melvin Lim]
00:06:29,080 –> 00:06:30,000
new launches also moved up

158 [Melvin Lim]
00:06:30,000 –> 00:06:31,200
over the past two-and-a-half years,

159 [Melvin Lim]
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landed properties also moved up, rental rates also moved up,

160 [Melvin Lim]
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and then before we can even take a breather,

161 [Melvin Lim]
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now en bloc season came back,

162 [Melvin Lim]
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even though interest rates are set to rise,

163 [Melvin Lim]
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but it seems like everything else is

164 [Melvin Lim]
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going to jack up once again.

165 [Melvin Lim]
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So let’s have a look at the current balance launches.

166 [Melvin Lim]
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Most of the launches have already reached its 70% clearance mark.

167 [Melvin Lim]
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And that will also mean

168[Melvin Lim]
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that developers will be more confident not to lower prices.

169 [Melvin Lim]
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Developers will also be more confident

170 [Melvin Lim]
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to raise prices as well,

171 [Melvin Lim]
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because they’re already at the tail end

172 [Melvin Lim]
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with balance units on the table,

173 [Melvin Lim]
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there’s no need for them to sell the properties

174 [Melvin Lim]
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at a discount level.

175 [Melvin Lim]
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So in terms of the balanced new launches from 2020 and 2021,

176 [Melvin Lim]
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we’re not going to see a drop in pricing.

177 [Melvin Lim]
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In terms of the brand new ones

178 [Melvin Lim]
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that are going to come up at the second half

179 [Melvin Lim]
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of next year, we’re going to see a raise in benchmark prices.

180 [Melvin Lim]
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So I think all of us will need to brace ourselves

181 [Melvin Lim]
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and of course get used to the fact

182 [Melvin Lim]
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that everything is touching $2,000 PSF.

183 [Melvin Lim]
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But that will also mean that a disparity will start

184 [Melvin Lim]
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to occur among the resale market.

185 [Melvin Lim]
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Resale market right now, in our personal opinion,

186 [Melvin Lim]
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is one of the best times to go in.

187 [Melvin Lim]
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Because, if somebody would to still try to continue to time the market,

188 [Melvin Lim]
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existing resale sellers, once they have

189 [Melvin Lim]
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the motivation to move and they head out

190 [Melvin Lim]
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and see that new launches are already at $2,000 PSF

191 [Melvin Lim]
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and above, and all other resale properties,

192 [Melvin Lim]
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other resale sellers are also asking at future prices,

193 [Melvin Lim]
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they themselves will want to ask for future prices as well.

194 [Melvin Lim]
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So of course right now, if there’s a quantum play available

195 [Melvin Lim]
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for larger units, 3-, 4-bedders,

196 [Melvin Lim]
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then we’ll suggest that as far as you can,

197 [Melvin Lim]
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try not to time the market.

198 [Melvin Lim]
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Now let’s have a look at the performance

199 [Melvin Lim]
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if we were to track back further over the past seven years.

200 [Melvin Lim]
00:08:05,040 –> 00:08:08,280
So from 2015 until today, in the past seven years

201 [Melvin Lim]
00:08:08,280 –> 00:08:11,320
the average price growth rate of new launch

202 [Melvin Lim]
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private condominiums and apartments has been at 51%.

203 [Melvin Lim]
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And average price growth rate of resale properties

204 [Melvin Lim]
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over the past seven years is at 17%.

205 [Melvin Lim]
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So here, as we track back even further

206 [Melvin Lim]
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because the first graph that we’ve shown you just now,

207 [Melvin Lim]
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the one over here, it’s only a three years calculation.

208 [Melvin Lim]
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But if we were to stretch back to seven years,

209 [Melvin Lim]
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we can even see a faster growth rate

210 [Melvin Lim]
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in terms of new launch at 51%, vis-à-vis 17%.

211 [Melvin Lim]
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So these two years are pretty crucial for resale properties.

212 [Melvin Lim]
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It might be set to rise

213 [Melvin Lim]
00:08:39,880 –> 00:08:41,400
and if you’re hunting for resale,

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00:08:41,400 –> 00:08:42,880
we think that you should go ahead

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00:08:42,880 –> 00:08:44,360
and head in right now.

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00:08:44,360 –> 00:08:45,760
So right now for the second part of this

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00:08:45,760 –> 00:08:46,960
Nuggets On The Go, we want to talk about

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00:08:46,960 –> 00:08:49,240
some of the interesting charts that we have charted

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00:08:49,240 –> 00:08:50,680
over the past two weeks.

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00:08:50,680 –> 00:08:53,440
The amount of BTO flats are reaching MOP

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00:08:53,440 –> 00:08:56,120
over the next three years, is set to drop.

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00:08:56,120 –> 00:08:59,520
The highest amount is actually 31,000, which is this year.

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00:08:59,520 –> 00:09:02,320
And if you look at entirety of all the MOP properties,

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00:09:02,320 –> 00:09:03,880
this is the exhaustive list.

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00:09:03,880 –> 00:09:07,280
If you come back to 2023 and 2024, there’s going to be a dip

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00:09:07,280 –> 00:09:10,680
in the amount of MOP flats that are available in the market.

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00:09:10,680 –> 00:09:11,800
Actually, what does this mean

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00:09:11,800 –> 00:09:13,600
for the private property market?

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00:09:13,600 –> 00:09:15,280
So what does this chart tells us?

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00:09:15,280 –> 00:09:16,800
Basically, this chart tells us

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00:09:16,800 –> 00:09:19,760
how many BTO flats are going to reach MOP.

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00:09:19,760 –> 00:09:23,040
Why do people always want to monitor these numbers

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00:09:23,040 –> 00:09:23,880
year after year?

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00:09:23,880 –> 00:09:27,280
It’s because MOP property owners have the highest amount

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00:09:27,280 –> 00:09:30,120
of motivation to exit from their BTO flat

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00:09:30,120 –> 00:09:31,920
that hit their five years mark. Because of the fact

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00:09:31,920 –> 00:09:34,840
that most BTO flats will see a very healthy paper gain

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00:09:34,840 –> 00:09:36,280
after staying there for five years.

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00:09:36,280 –> 00:09:38,600
This will mean that these are also the families

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00:09:38,600 –> 00:09:41,040
with the most locked-up profit sitting under

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00:09:41,040 –> 00:09:43,440
their HDB properties, and they’re usually the group

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00:09:43,440 –> 00:09:45,880
that has the capacity to upgrade to private properties.

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00:09:45,880 –> 00:09:47,440
So, seeing a dip like this

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00:09:47,440 –> 00:09:49,680
technically also doesn’t mean a lot of things,

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00:09:49,680 –> 00:09:52,880
because not all owners that are living in BTO flats

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00:09:52,880 –> 00:09:54,120
will want to sell their properties

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00:09:54,120 –> 00:09:55,040
at the fifth years mark.

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00:09:55,040 –> 00:09:56,680
Sometime s they sell it at its six years mark,

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00:09:56,680 –> 00:09:59,640
seven year mark, eight, or even 10 to 15 years mark.

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00:09:59,640 –> 00:10:01,720
And a lot of the owners that hit their MOP

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00:10:01,720 –> 00:10:05,040
from 2015 until 2022, they are still staying

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00:10:05,040 –> 00:10:07,680
in their BTO properties and there’s no data

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00:10:07,680 –> 00:10:10,120
to track how many people actually exited

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00:10:10,120 –> 00:10:11,360
from their BTO properties.

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00:10:11,360 –> 00:10:14,240
But on the cumulative fashion, year-on-year,

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00:10:14,240 –> 00:10:18,000
if there’s 10,000+, 20,000 or 30,000 families

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00:10:18,000 –> 00:10:19,560
hitting their MOP status,

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00:10:19,560 –> 00:10:22,920
this presents itself more kinetic energy

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00:10:22,920 –> 00:10:25,480
because there are more people with paper gains

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00:10:25,480 –> 00:10:27,400
that are still living in their MOP properties

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00:10:27,400 –> 00:10:29,320
that might exit and sell,

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00:10:29,320 –> 00:10:31,240
and move out to private properties in future.

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00:10:31,240 –> 00:10:32,360
If you were to look at this,

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00:10:32,360 –> 00:10:34,760
also a very interesting updated chart

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00:10:34,760 –> 00:10:37,000
is that, as income levels move up

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00:10:37,000 –> 00:10:40,000
on a combined income per family level,

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00:10:40,000 –> 00:10:41,600
as it moves up to 10K,

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00:10:41,600 –> 00:10:43,240
12K and 14K,

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00:10:43,240 –> 00:10:46,240
these income category of families are moving away

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00:10:46,240 –> 00:10:48,280
from their existing HDB properties.

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00:10:48,280 –> 00:10:51,840
So meaning that the higher income that a family goes to,

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00:10:51,840 –> 00:10:53,680
the more motivation that they have

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00:10:53,680 –> 00:10:54,880
to sell off their HDB properties,

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00:10:54,880 –> 00:10:56,640
to move up to private properties.

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00:10:56,640 –> 00:10:59,000
And another very interesting chart that we’ve found out

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00:10:59,000 –> 00:11:00,800
is that some of us might be worried that,

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00:11:00,800 –> 00:11:02,440
“Hey, when interest rate rises,

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00:11:02,440 –> 00:11:03,920
will a lot of people dump their properties?”

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00:11:03,920 –> 00:11:06,520
Technically speaking, if we look at what is happening

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00:11:06,520 –> 00:11:07,600
in the market right now,

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00:11:07,600 –> 00:11:09,760
whether a family owns one or two properties,

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00:11:09,760 –> 00:11:11,560
because of the fact that rental rates have increased

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00:11:11,560 –> 00:11:12,480
over the past two years,

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00:11:12,480 –> 00:11:15,760
even if they’re holding onto a second investment property

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00:11:15,760 –> 00:11:17,040
they can easily rent it out.

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00:11:17,040 –> 00:11:18,840
And the rental right now, some of them can even

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00:11:18,840 –> 00:11:20,800
cover the money mortgage and money instalment.

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00:11:20,800 –> 00:11:21,920
Another supporting data that

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00:11:21,920 –> 00:11:24,520
there’s simply no reason for people to fire sale

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00:11:24,520 –> 00:11:25,840
their existing property is that

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00:11:25,840 –> 00:11:29,600
the average net cash, versus the debt per household,

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00:11:29,600 –> 00:11:32,080
has increased over the past two years.

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00:11:32,080 –> 00:11:34,080
So if you see, there was a sharp rise

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00:11:34,080 –> 00:11:36,640
from 2017, 2018, until today.

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00:11:36,640 –> 00:11:40,240
And the sharpest rise was from 2019 until 2020,

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00:11:40,240 –> 00:11:44,800
from 123 index points, all the way to 173 index points.

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00:11:44,800 –> 00:11:46,360
That means there was a rise in terms

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00:11:46,360 –> 00:11:49,640
of net cash per household versus their debt level.

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00:11:49,640 –> 00:11:51,600
This will mean that they have higher holding power

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00:11:51,600 –> 00:11:52,840
of their existing property.

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00:11:52,840 –> 00:11:55,280
And there’s no reason why existing families

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00:11:55,280 –> 00:11:57,520
with properties have to sell their properties

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00:11:57,520 –> 00:11:59,600
and fire sale them into the resale market.

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00:11:59,600 –> 00:12:01,280
One more chart is that we also noticed

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00:12:01,280 –> 00:12:04,000
that the mortgage data shows that more

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00:12:04,000 –> 00:12:07,640
and more people are buying their properties for own stay.

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00:12:07,640 –> 00:12:08,920
Now, the grey bar here,

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00:12:08,920 –> 00:12:12,120
you see a drop in people buying properties for investment.

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00:12:12,120 –> 00:12:14,520
The drop is very minute from 2019 to 2020

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00:12:14,520 –> 00:12:18,160
with like a 2% drop and a 2% rise in the amount

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00:12:18,160 –> 00:12:20,800
of people buying their property for own stay reasons.

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00:12:20,800 –> 00:12:23,440
This actually shows that the more people buying properties

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00:12:23,440 –> 00:12:25,800
for own stay reasons, the less motivation

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00:12:25,800 –> 00:12:28,200
and the less occurrence that they have

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00:12:28,200 –> 00:12:29,800
to dump their properties in the market,

316 [Melvin Lim]
00:12:29,800 –> 00:12:32,600
through a recession, or maybe through certain kind of event.

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00:12:32,600 –> 00:12:35,160
Because of the fact that when you live in the property,

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00:12:35,160 –> 00:12:36,400
maybe your kids are studying within

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00:12:36,400 –> 00:12:37,840
1km or 2km,

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00:12:37,840 –> 00:12:40,120
There’s no reason for you to fire sale your property.

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00:12:40,120 –> 00:12:41,560
And most families in Singapore,

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00:12:41,560 –> 00:12:43,280
they are dual income families.

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00:12:43,280 –> 00:12:45,160
And thus, holding onto their first property,

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00:12:45,160 –> 00:12:46,520
that is an owner-occupied property,

325 [Melvin Lim]
00:12:46,520 –> 00:12:50,040
has a lot of motivation for them to continue holding it.

326 [Melvin Lim]
00:12:50,040 –> 00:12:52,240
And there’s no reason why they need to

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00:12:52,240 –> 00:12:53,920
sell off their properties cheap in the market,

328 [Melvin Lim]
00:12:53,920 –> 00:12:55,600
should there be a rise in interest rate.

329 [Melvin Lim]
00:12:55,600 –> 00:12:58,240
And further on, a lot of families that are buying properties

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00:12:58,240 –> 00:13:00,080
or have bought properties for own stay reasons,

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00:13:00,080 –> 00:13:02,520
have chosen to have fixed rates instead of floating rates.

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00:13:02,520 –> 00:13:04,880
Because most of the time, families going for floating rates

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00:13:04,880 –> 00:13:07,240
are usually people that got into new launches,

334 [Melvin Lim]
00:13:07,240 –> 00:13:08,400
and for new launches they only have

335 [Melvin Lim]
00:13:08,400 –> 00:13:09,680
floating rates to choose from.

336 [Melvin Lim]
00:13:09,680 –> 00:13:11,160
But people that are buying properties

337 [Melvin Lim]
00:13:11,160 –> 00:13:13,440
for resale reasons, or after their new launch hits

338 [Melvin Lim]
00:13:13,440 –> 00:13:15,680
their TOP date, they will usually convert

339 [Melvin Lim]
00:13:15,680 –> 00:13:17,080
to fixed rate packages to lock in the rates

340 [Melvin Lim]
00:13:17,080 –> 00:13:18,960
for the next two to three years.

341 [Melvin Lim]
00:13:18,960 –> 00:13:20,960
Jarring all these reasons together,

342 [Melvin Lim]
00:13:20,960 –> 00:13:23,000
coupled with the latest charts that we found,

343 [Melvin Lim]
00:13:23,000 –> 00:13:24,680
and coupled with the first part

344 [Melvin Lim]
00:13:24,680 –> 00:13:26,480
of this Nuggets On The Go that we share with you

345 [Melvin Lim]
00:13:26,480 –> 00:13:28,200
on en bloc coming back,

346 [Melvin Lim]
00:13:28,200 –> 00:13:29,720
as well as Government Land Sales,

347 [Melvin Lim]
00:13:29,720 –> 00:13:32,480
as well as developers expecting prices to raise further.

348 [Melvin Lim]
00:13:32,480 –> 00:13:33,880
We think that in summary if you look at

349 [Melvin Lim]
00:13:33,880 –> 00:13:35,880
the growth rate of resale

350 [Melvin Lim]
00:13:35,880 –> 00:13:39,600
versus new launches, firstly 2022 to 2023,

351 [Melvin Lim]
00:13:39,600 –> 00:13:41,400
hunt for resale aggressively,

352 [Melvin Lim]
00:13:41,400 –> 00:13:42,840
if you are already in market looking

353 [Melvin Lim]
00:13:42,840 –> 00:13:45,480
for resale property, if not, then of course you have to

354 [Melvin Lim]
00:13:45,480 –> 00:13:48,200
brace yourself for $2,000 PSF upwards

355 [Melvin Lim]
00:13:48,200 –> 00:13:50,400
for all new launches coming on stream

356 [Melvin Lim]
00:13:50,400 –> 00:13:52,120
for the next 6 to 12 months.

357 [Melvin Lim]
00:13:52,120 –> 00:13:53,120
All right, so we have come to the end

358 [Melvin Lim]
00:13:53,120 –> 00:13:54,520
of our Nuggets On The Go episode.

359 [Melvin Lim]
00:13:54,520 –> 00:13:56,160
Thank you for staying tuned with us and

360 [Melvin Lim]
00:13:56,160 –> 00:13:58,880
email [email protected] to get a copy of the

361 [Melvin Lim]
00:13:58,880 –> 00:14:00,960
10 charts mentioned in this episode.

362 [Melvin Lim]
00:14:00,960 –> 00:14:03,000
We hope that this particular episode

363 [Melvin Lim]
00:14:03,000 –> 00:14:04,080
will add value to you.

364 [Melvin Lim]
00:14:04,080 –> 00:14:06,600
We’ll see you on the next one. In the meantime, take care.