Aspen Heights may be 11 years old, but the massive 606-unit condominium located along River Valley Road has been enjoying a resurgence of interest from homebuyers, riding on strong sales of new developments nearby. After only 15 transactions hovering at the $1,000 psf level in the first half of 2009, more than 30 units have changed hands in 2H2009, with prices surging past $1,400 psf. For the period Dec 23...
Market Reports
The opening of the second phase of the Circle Line MRT in April is definitely something to look forward to for residents living nearby. But those looking to sell or rent their homes are set to benefit as well. Property agents said the opening of the 11 new stations along the Circle Line is likely to push property prices up. Agents MediaCorp spoke to estimate home prices will increase by 10 per cent while...
City Developments (CDL) said it has sold 85 per cent of the units in its Cube 8 development, located at the former Albany and Thomson Mansion site along Thomson Road. Private previews for the former sites' owners, directors and staff of CDL started last Thursday and the public preview began on Friday. Over the weekend, all the one- and two-bedroom apartments have been sold. Singaporeans made up the...
Private home prices in Singapore continued to recover in the fourth quarter of last year, growing 7.4 per cent on-quarter. According to data from the Urban Redevelopment Authority, the rise is a slower pace from the 15.8 per cent jump in the previous three months. But analysts expect the cost of homes to still creep up this year, and match the peak levels seen in the second quarter of 2008. Mass market...
Private previews of The Shore Residences (the former Rose Garden enbloc site) by Far East Organization in December followed by an official launch on Jan 1 drew crowds to the showflat on weekends. The new 408-unit development opposite Katong Shopping Centre has seen close to 200 units sold at an average price of $1,175 psf as at last week. What’s more, the project has also spurred renewed interest in the...
Property developer CapitaLand has reported strong sales at its 165-unit Urban Suites condominium, after selling 90 per cent of the 140 units released. Prices have also increased to between S$2,500 and S$2,800 per square foot compared to the phase one release of its first 60 units. The units in phase one were sold at prices ranging from S$2,400 to S$2,700 per square foot. About 70 per cent of the buyers...
Many property owners have been asking us: Is it time to sell en bloc? Are developers ready to buy? Should we start the process now, or wait for the market to pick up further? Are the new en bloc laws too onerous? In 2007, there were more than 100 such deals, but 2008 saw fewer than 10, and there was just one last year. So what is in store for 2010? We certainly do not have the answers to all of these...
Mass market and mid-tier projects dominated the private residential market last year. Sales recovered at a healthy clip - with 14,725 units changing hands for the whole year. That is a shade off the 2007 peak of 14,811 units, according to figures released by the Urban Redevelopment Authority (URA). Observers said foreign buyers, mostly from China, contributed to the strong sales. Colin Tan, head of...
Singapore's private property market is continuing to show signs of declining interest. Data released Friday from the Urban Redevelopment Authority (URA) showed that just 481 units were sold in December, the fifth straight month of decrease. The figure is a 20 per cent drop, compared to the previous month's sale of 600 units. It is also the second lowest number of monthly sales in 2009, after January's...
The luxury housing sector is expected to lead the way for the Singapore property market this year, according to real estate broker Savills. Savills is forecasting that prices in the luxury segment will rise 15 per cent in the year ahead. However, prices in the mass market and mid-end properties could see values move up by about five per cent. Last year, despite the deep economic recession, private...