My Glendale Park Property Update

 

Rental per month has increased from 2.4k in the beginning of 2019 to 2.6k(fixed for next 2 years) now, which is 2.63% pa. This is likely due to a general increase in the rental index. Rentals of non-landed properties in CCR increased by 2.9%, compared with the 1.2% decrease in the previous quarter. Rentals in RCR increased by 2.0%, compared with the 0.9% increase in the previous quarter. Rentals in OCR increased by 2.1%, compared with the 0.9% increase in the previous quarter. 

Tenants now seems to be more flexible with the rental price, marking up doesn't seem to be an issue for them. There is also a general increase in take up rate. With our property loan fixed for 5 years at 1.5% and with a gradual increase in rental rate, seems like the difference between the interest rate and the rental yield is increasing comfortable.

Capital appreciation wise, Glendale psf has surpassed $1.3k range. In the month of April and May so far, the average psf was $1.324k. Our purchase price was at $1.147k psf. Which means a rough capital appreciation of 15%.

I continue to believe that residential condominiums are safe havens compared to retail and commercial because its based on the premise of basic living necessity for foreigners, Singaporeans and permanent resident. Its more important to have a home now due to work from home practices taking over office spaces and retail space demand. 

In 2019 I started a thread on whether Singapore properties are cheap, link here. This lead to a very interesting discussion. I am basing it between Hong Kong and Singapore. I believe these two countries share very similar characteristics, with Singapore being more in demand now for UHNW due to China clamp down on Hong Kong. I am still confident with the current prospect of Singapore private property. See how it pans out.