The government's property cooling measures have dampened the performance of auctioned properties in 2011. Property consulting firm Colliers International said that out of 542 properties put up for auction this year, only 46 were sold. These raked in S$95.62 million in sales value. But it is much lower than the S$223.9 million achieved from the sale of 71 properties in 2010. This year's figure is also...
General
Property consulting firm Savills expects Singapore's overall rents for Grade A office space to trend downwards by 15 per cent in 2012. In its latest report, Savills adds that capital values of these properties will also soften by 10 per cent. It says that "negative fallout arising from the prolonged financial turbulence and global economic slowdown has intensified, resulting in slower absorption of Grade...
Timing of property measures results in market volatility that hurts developers and shareholders, amid global downturn The latest moves to curb home ownership by foreigners and investment in property by locals came like a bolt from the blue to both the public and real estate developers. While the move to differentiate foreign and local buyers is in my opinion long overdue, I wonder however whether the...
The year is ending on a sombre note for the private residential market, with severe cooling measures announced earlier this month imposing an additional buyers' stamp duty (ABSD) of 10 per cent on purchases by foreigners. While prospective buyers, including locals who may be affected by the 3 per cent ABSD, are expected to remain on the sidelines in the next few months, not all private homes will suffer...
The dive in property stock prices following the Dec 7 announcement of additional cooling measures is an admission by the market that it believes that the bulk of home buying in recent quarters - if not years - were investment purchases and not driven by owner-occupiers or upgraders as many had claimed for so long. How else can we interpret the strong reaction and thinly-disguised anger and bitterness in...
A Government Land Sales site in Punggol has received a top bid of $206.2 million. The public tender closed on Thursday with 13 bids received. Wee Hur Development is the top bidder for the Punggol Central site. Opal Star put in a bid of $200.88 million and Lum Chang Building Contractors, $198.42 million. This is the first condominium site tender to close since the latest property cooling measures were...
The Urban Redevelopment Authority said developers sold 1,701 units of private homes, excluding executive condominiums in November this year. That's up from 1,391 units moved in the previous month. November's home buying demand was largely driven by strong sales from mass market projects. These included the 477 units sold at Bedok Residences and 367 units sold at The Palette in Pasir Ris. The developers...
Singapore's office property market cooled in 2011, weighed down by concerns over the anemic growth in the US and the eurozone debt crisis. Analysts said vacancies are likely to rise next year as a result of economic slowdown and weaker business. There may also be some downward pressure on rentals. Several financial institutions have moved to bigger and shinier offices this year. Standard Chartered...
Property developers are likely to offer incentives to draw in buyers and boost sales amid tighter regulations by the Government and a slowdown in the economy, according to analysts. Singapore imposed unexpectedly last week a second round of cooling measures this year, a move described by analysts as harsh. The most recent measures impose an additional stamp duty on property purchases by foreigners and on...
The Singapore private residential property market was hit with two rounds of cooling measures in 2011 - moves widely described by analysts as harsh. Coupled with an expected slowdown in the global economy, home-buying decisions may stall in 2012. And developers may also roll out more incentives to prop up sales. Despite the uncertain economic outlook in 2011, home-buying interest remained healthy...