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Furthermore, the building also has a system that helps save energy through natural ventilation. This helps the building to reduce its energy consumption and reduce the air pollution in the area. Lastly, the Tengah Plantation Loop EC also has a system for rainwater harvesting which helps reduce water pollution by reusing rainwater. This helps to reduce water bills and water usage, and helps to promote a healthy environment. All of these features make the Tengah Plantation Loop EC a great development for the environment.

The auction market in the local property industry experienced a major downtrend over the first half of this year. Analytics firm Edmund Tie’s research note revealed that the total transaction value for all auctioned properties stood at $15.2 million, a significant drop of 59.7% compared to the corresponding period in the prior year.

Joy Tan, head of auction and sales at Edmund Tie, attributed the low sales figure to the fact that a majority of the properties auctioned were priced below or just beyond the $1 million mark. Among them, only one high-value transaction exceeded $5 million – a three-storey semi-detached house on Vaughan Road that was transacted for $6.3 million.

The 11 properties sold at auction were mainly industrial assets, with the balance three being residential properties and an office property. Tan opined that the higher interest rates in the market, coupled with additional cooling measures implemented in April, have led potential buyers to take a wait-and-see approach.

For Tan, the decrease in mortgage listings can be attributed to the longer lag time between banks repossessing properties and putting them up for auction. Moreover, she expects the upcoming new private residential projects set to hit the market in the following quarters to limit buying interest.

In key confidence trends, Tan noted that there is a growing acceptance towards leasehold properties with shorter remaining lease tenures of typically 30 to 60 years. She adds that, in light of the volatile financial markets and a preference shift to alternative investment opportunities, investors have become more tolerant towards taking on more risk.

With the external factors of a possible recession and the fear of higher interest rates at play, Tan says that commercial listings are likely to see increased buying interest. She also forecasts that “well-priced office listings will also likely be highly sought after” due to the lack of buyer’s stamp duty and the presence of family offices in Singapore.