Singapore remains the ninth most expensive city to rent property in the world, and the third most costly in Asia, according to a survey by ECA International. This is despite the average rent for an unfurnished three bedroom apartment rising only three percent last year, one of the lowest in the region. This is a much lower rate of increase than the previous years when rents rose over 10 percent. However...
Market Reports
Encouraged by the strong take-up of properties in January, property developers of mass-market residences will likely continue the launch momentum this month, according to Colliers International. The consultancy said it is also advantageous for developers to proceed with their launches instead of opting for a later date, when home prices may come under pressure due to buyers’ cautious sentiment, an...
Singapore’s private property market has witnessed stellar growth in recent years, yet that outstanding performance has also seen a rise in the number of empty homes in the city state. At the end of last year, there were 15,890 unsold homes in Singapore – a substantial increase on the 12,740 at the start of the year. Right now, almost six percent of all private homes in Singapore remain...
After several weeks of stagnation, the bungalow market is starting to move again, as the stock market becomes more solid and the Eurozone crisis has shown improvement of late. “The market is surprisingly getting back its momentum and buyers are making offers for units which are reasonably priced,” said William Wong, Managing Director at RealStar Premier Group, which specialises in bungalows around...
Demand for new private residential properties in Singapore rose sharply in January according to data from the Urban Redevelopment Authority. Last month, 1,872 units of new homes, excluding executive condominiums (EC) were sold - more than double the 632 units moved in December. The top selling project in January was Watertown situated at Punggol Central, with 770 units sold. Other star performers for...
Credo Real Estate’s historical data revealed that the odds against Singapore property prices seem to have been fixed. Following a pattern of several quarters of price moderation, negative residential price corrections were last reflected in 1983, 2000 and 2008. Notably, this pattern became apparent in 2011’s final quarter. The residential property index slid from 1.3 percent in Q3 to a scant 0.2...
Although the additional buyer's stamp duty (ABSD) was placed on foreign buyers recently, expatriates still continue to search for good property deals, according to consultants. “International buyers are still looking to buy,” said Jacqueline Wong, Head of Residential and National Director at Jones Lang LaSalle (JLL). Wong noted that although foreign purchases dropped in the second quarter, many have...
An increasing number of home buyers are now turning to non-HDB homes, with ECs becoming their top choice, according to R'ST Research. Purchases for non-HDB homes such as landed, non-landed private and EC units hit a record of 13,910 units in 2011, up from 13,769 units in 2010. ECs now account for 42 percent of the sales transactions across the non-HDB housing segment, according to URA Realis data. ECs...
Mass market residential units have continued to receive overwhelming response, with The Tampines Trilliant executive condominium (EC) and Parc Rosewood condo boasting brisk sales. At Sim Lian’s The Tampines Trilliant showflat (pictured), 149 units have been sold since bookings opened last Saturday, with 32 of the 48 double-storey penthouses snapped up as of 4pm yesterday. 24 of the 32 penthouses were...
The 124-unit luxury condominium Marina Collection by developer Lippo Group was completed just last year, and is located next door to ONE°15 Marina Club. The project has seen a spate of buying interest despite the imposition of the additional buyer’s stamp duty (ABSD) on Dec 8. Based on the latest caveats lodged and downloaded from URA Realis as at Jan 18, there were three transactions at the project,...