Underpinned by strong employment rate and sustained economic growth, residential rental transactions in 1Q2011 grew 8.7% y-o-y to 10,162, says Savills in a report. This is considered the highest level of transactions seen since records began to be kept in 2000. Growth in rental rates, however, slowed during the quarter to 1.2%, from 2.6% in 4Q2010, as a growing volume of new supply came on the market....
Market Reports
Asia Pacific will trail Europe to become the second-biggest commercial property market by the end of this year, according to global property consultants DTZ. But come 2012, DTZ said Asia Pacific's commercial property market will increase to US$4.4 trillion, placing the region on par with its European counterpart. Asia Pacific's commercial property market grew by 14 per cent in 2010 to US$3.5 trillion,...
When a country registers a 15 percent growth rate, as Singapore did last year, there is bound to be a spill-over wealth effect. Singapore’s housing market has been cashing in on this big time - prices have rebounded 50 percent in just two years, according to the Urban Redevelopment Authority, and cooling measures by the government have done little to calm them. At a recent real estate conference...
Private non-landed home prices in Singapore rose slightly in April, according to the NUS Singapore Residential Price Index. The overall index increased 1.0 per cent from March to an overall index value of 162.4. The index covers completed non-landed properties in the central and non-central regions. The index for properties in the central area rose 0.8 per cent in April. Non-central properties rose 1.1...
Homes around Cairnhill and Scotts Roads are getting a buzz from new launches and the completion of condominiums in the neighbourhood. CapitaLand recently launched its boutique development, the 64-unit Urban Resort Condominium, and of 34 units launched, 21 had been sold as at end-April, with the latest median price achieved at $3,076 psf, according to the latest data by URA. At the neighbouring The...
The biggest news for the real estate industry after the General Election has to be the appointment of Mr Khaw Boon Wan as the new Minister for National Development. Together with other new ministers, he will "have a free hand to rethink and reshape policies", Prime Minister Lee Hsien Loong has said. Mr Khaw has acknowledged that the issue of housing is red-hot with widespread unhappiness and he has...
Small apartment or condominium units - including the smaller "shoeboxes" - have captured the attention of the residential property market here in recent years with their popularity among buyers and the high per-square-foot prices that they are able to command. This trend towards small units is also occurring in major cities such as London, Tokyo and Hong Kong. It is part of an evolutionary process where...
Savills Singapore has reported that the prices of non-landed luxury homes it monitored remained steady in the first quarter of the year. Savills’ data showed that the average price of non-landed luxury private homes remained steady at S$2,269 psf in the first quarter, rising marginally by 0.5 percent quarter-on-quarter from S$2,258 psf in the last quarter of 2010. The average price of “super...
Executive condos (EC), a hybrid of private and public housing, are now returning to the spotlight. On 26 May, the government launched the 11th EC site since 2010, a plot in Punggol that can house around 720 homes. Meanwhile, Chip Eng Seng and NTUC Choice Homes recorded rapid first-day sales for their Belysa project in the Pasir Ris / Elias Road area. Of the 315 units, 147, comprising three- and...
Foreign buyers accounted for 16 per cent of private home purchases in Singapore in the first quarter of this year, setting a new record high, according to real estate consultant DTZ Research. The previous high of 15 per cent was recorded in the fourth quarter of 2007. DTZ defines foreign buyers as non-Singaporeans and non-permanent residents. Singaporeans' share of private property purchases fell to 67...