AMID growing talk of economic green shoots, local developers of high-end private homes rolled out 339 units last month - nearly five times the number in March, according to statistics released on Friday by the Urban Redevelopment Authority. And they were not disappointed, as demand kept up with supply that month. Some 332 private homes in the prime Core Central Region were sold last month, marking the...
Market Reports
Private home sales in Singapore dipped slightly in April, but remained above the 1,000-unit mark for the third straight month. Latest figures from the Urban Redevelopment Authority (URA) showed that 1,207 units changed hands, about one per cent shy of the number of sales transactions in March (1,220 units). Demand for new private residential properties picked up recently because of lower home prices and...
PCOMING supply and concerns about payment defaults by customers on the deferred payment scheme (DPS) are some reasons the luxury residential segment is not out of the woods yet, according to UOB Kay Hian analyst Vikram Pandey. In a research report dated May 12, he said 2,665 units would hit the high-end market this year, followed by 3,182 next year and a whopping 5,245 units in 2011, based on official...
Singapore saw the sharpest declines in office rentals in the first quarter amid the global downturn, compared to other Asian markets. A report from real estate consultancy firm CB Richard Ellis (CBRE) said leasing activity remained slow as firms continued to downsize and reduce costs. Singapore saw an 18.6 per cent drop in rents for the first three months of 2009, compared to the previous quarter. This...
There have been few transactions at the luxury end of the condominium market this year. But the few sales in the secondary market that have surfaced in the most coveted prime residential address in Singapore, Ardmore Park and Claymore Road, according to the caveats lodged from March 24 to April 7, show that some owners are prepared to let go of their freehold luxury condos at prices below $2,000 psf. At...
Recession woes have not deterred Hong Kong billionaire Li Ka Shing from seeking out investment opportunities in Singapore's property market. The tycoon's Cheung Kong Holdings is aiming to increase its investments in the city-state. Justin Chiu, executive director, Cheung Kong Holdings, said: "Actually there are ample opportunities in Singapore right now, so we are looking at various locations. We hope...
Property prices across the board were down in the first quarter of 2009. Official figures released Friday showed that in the private property market, residential, office, shop and industrial properties decreased fetched lower prices both in terms of sales and rentals. As for HDB’s Resale Price Index (RPI) for public housing, it showed a fall by 0.8% in 1st Quarter 2009 over the previous quarter. This...
Hopes of a quick turnaround in the property market here are fizzling out. Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low. In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end. The residential market here is not faring...
Singapore's property market turned in a poor showing in the first quarter as developers and home-buyers braced themselves for a prolonged downturn. But analysts said there are cash-rich individuals out there who might inject life into the Singapore market in the coming months. They said these individuals with deep pockets have been doing their homework in recent months and are now ready to close in on...
Almost all of the 180 units for sale at The Arte at Thomson have been sold since the project's official launch earlier this month. A total of 170 units has already changed hands, with 20 sold over the weekend for some S$30 million. More than 1,000 visitors made their way to the 336-unit, freehold development's showroom last weekend. Developer City Developments sees this as evidence that buyers have...