Private residential properties in Singapore saw a sharp fall in rentals and a slight price decline in the first quarter of 2009. Real estate consultancy firm DTZ in its report on Tuesday said monthly rentals of luxurious homes slid 18.8 per cent to S$5.20 per square foot, a level not seen since the third quarter of 2006. Rent of units in prime districts also saw a drop, down 16.2 per cent to S$3.65 per...
Market Reports
Developer Far East Organisation said its new private residential project Mi Casa at Choa Chu Kang has seen brisk sales during a preview over the weekend. Far East said 97 of the 123 units released were snapped up even before the development was officially launched. Mi Casa – Spanish for "My Home" – comprises a total of 457 units at an average price of S$625 per square foot. Far East Organisation...
The number of repossessed properties put up for sale by banks and financial institutions in Singapore rose by 18 per cent in the first three months of 2009 compared to the previous quarter. A total of 53 properties were repossessed in the first quarter of 2009, up from 45 in the previous quarter. Real estate consultancy firm Colliers International said its findings indicate a continued trend in mortgagee...
The sale of private residential properties shot up more than tenfold in February to 1,323 units, compared to just 108 in January. Homebuyers thronged the showflats of mass-market projects like The Caspian in Boon Lay and The Alexis in Alexandra, and they propped up the property sales figures in February, accounting for more than 70 per cent of the units sold for the month. Property-watchers said those...
Owner-occupiers of older condominiums and HDB properties are capitalising on affordable pricing to upgrade to new and larger apartments THE BEST TIME to buy property, says K S Quek, a 45-year-old businessman who runs an electronic equipment servicing company with his wife, “is during a downturn”. The Queks did just that in the last property slump when they bought their current home, a fourth-floor...
Despite the recent pickup in activity in the residential property market, developers may start offering even greater incentives to attract buyers. Analysts say it is still too early to say for sure that the market has hit bottom, and developers may have to do more if conditions weaken. A new project, Double Bay Residences, has been launched for sale, and like several recent offerings, the developer is...
Industry watchers said rentals for industrial properties could fall by three to five per cent in the first quarter this year, due to weaker demand and the dismal economic outlook. On the whole, analysts did not expect landlords to cut rents outright. Instead, the landlords might choose more innovative measures to help their tenants cope with the tough times. Manufacturers and exporters had been seeing...
Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices. Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land. Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers. Units there were sold at...
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago. The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas. Some market watchers had been hoping for...
Office rentals in Singapore suffered their sharpest quarterly drop since 2000 in the final three months of last year. A research report from property consultancy CB Richard Ellis (CBRE) said Grade A office rents fell 20 per cent on-quarter in the fourth quarter of last year, to an average of S$15 per square foot. Average office rents stood at some S$13 per square foot, down 14 per cent from a year...