For the past couple of weeks, you get the sense that momentum is building up in the private housing market. In an ironic twist, a private residential site tender at Flora Drive in Upper Changi broke new ground on Wednesday, the same day National Development Minister Khaw Boon Wan said it was not time yet to remove the property market cooling measures. It was the first site sale to reverse the tide of...
Market Reports
The number of foreigners owning private property in Singapore has grown to 16 per cent in the first half of this year, compared to 12 per cent for the whole of last year. National Development Minister Khaw Boon Wan revealed the numbers in Parliament on Thursday, in response to concerns from several MPs about the impact of property ownership by foreigners. Despite the growing demand from foreigners, Mr...
Singapore-listed mall developer CapitaMalls Asia made its debut on the Hong Kong main bourse on Tuesday. The counter was listed by way of introduction, which means no new shares were issued or funds raised. The shares closed at HK$7.79 on the Hong Kong bourse. By comparison, the counter settled at S$1.24 a share on the Singapore bourse. Taking into account the exchange rate difference, the Hong Kong...
New home sales in Singapore surged last month despite global macroeconomic uncertainties and stock market volatility, driven by strong demand in mass market condominiums from HDB upgraders. Urban Redevelopment Authority (URA) data released yesterday showed developers sold 1,631 private homes last month, up 20.7 per cent from the 1,351 units in August. A total of 1,321 units were sold in the outlying...
The private residential market saw a rebound in September. Figures released by the Urban Redevelopment Authority (URA) on Monday showed 2,064 units, including executive condominiums (ECs), were transacted. This is the highest number of monthly transactions this year and a significant 26 per cent increase from August's 1,638 units. Treasure Trove, a development in Punggol, accounted for about 40 per cent...
The issue of foreign ownership of private residential properties has been a fairly hot topic of debate for newspaper readers recently. Sensational news reports on foreigners buying private housing properties in Singapore never fail to draw many online comments, and some of the more unbiased and thoughtful comments have made it into print in the letters-to-the-editors section. While some have called for...
Supply of land for residential homes is not likely to let up in the short-term. The government said it will release more land and calibrate measures to ensure property prices are in line with economic growth. The price of property has become a hot button issue here and is likely to get considerable airing in Parliament next week. In the addendum to the President's Address in Parliament, National...
Singapore's Law Minister said he expects the approval rate of foreigners owning private property to reduce by more than half, since the amendment to the Residential Property Act. The changes, which kicked in in January this year, impose tighter restrictions on foreign ownership. Those who renounce their citizenship or Permanent Residency are to sell their restricted residential properties in two...
Robertson Quay condominium Riverside 48 saw a bulk purchase of 33 units on Sept 2 at an average price of $1,520 psf, based on URA Realis data from Aug 30 to Sept 6. The 33 units transacted are one-bedroom apartments, with sizes ranging from 689 to 904 sq ft. The buyers paid $1.03 million to $1.39 million for each unit. Ban Hin Leong was the developer of the project, which was launched in September 1997 and...
On the eve of the public preview of the 297-unit Optima @ Tanah Merah two years ago, a queue had already formed outside the showflat. All the units were snapped up within three days at an average price of $810 psf, according to a press release by TID, a joint venture between Mitsui Fudosan and Hong Leong Group. The attraction was its location right next to the Tanah Merah MRT station. At that time, the...