Before the Lehman crisis, foreign buyers were widely considered to have helped drive prices of luxury properties in areas such as Orchard Road, Marina Bay and Sentosa Cove to record highs. In the last two years, interest in the Core Central Region (CCR) that is home to the affluent postal codes has been lacklustre. On the other hand, transaction volumes in the mass market, or Outside Central Region (OCR),...
singapore property market
Private resale homes prices stayed flat in August following a similar result in July, according to an index that tracks transactions in completed projects. Property experts say the flatlining prices indicate that buyers are taking a cautious approach towards property amid a period of economic uncertainty. Flash estimates of the Singapore Residential Price Index (SRPI) indicated zero overall price growth...
The price of shoebox units are on the rise but concerns over affordability in this segment could see prices softening. The Singapore Residential Price Index (SRPI) by the National University of Singapore (NUS), which tracks the price movement of new small apartments, rose 3.1 per cent in August (month-on-month), after falling 0.5 per cent in July. The increase is more significant when compared to the...
Shoebox units outperformed other condos as an investment last month, according to website iProperty.com. Prices for the minute flats, normally measuring less than 500 square feet, rose 14 per cent to an average S$1,549 per square foot (psf) in August 2011 from a year ago. In contrast, psf prices increased 4.9 per cent for condominiums measuring between 501 to 1,500 square feet; and rose 9.9 per cent for...
Average prices of mass market homes in suburban areas have exceeded the psychological threshold of S$1 million, according to a Straits Times report. Data compiled by Ku Swee Yong, Chief Executive of International Property Advisor, and the Singapore Condo agency showed that values for new and resale private units in the second quarter averaged S$1 million, up from S$970,000 over the same period last...
Keppel Land’s Reflections at Keppel Bay, the developer’s iconic waterfront property, is likely to receive its temporary occupation permit (TOP) at year-end. And that may have stoked sales of late, say property experts. The 1,129-unit Reflections, designed by renowned architect Daniel Libeskind (most famous as the master planner for the rebuilding of the World Trade Center Site in New York), sits...
Just when you thought you have finally figured out what influences private home buying, the market throws up another surprise. The latest Urban Redevelopment Authority (URA) figures show that developers sold 1,348 private homes last month. Although this is down 3.6 per cent from the 1,398 units in July, some analysts, including myself, had predicted that sales could likely slip below 1,000 units amid...
The outlook for the Singapore residential property market lacks clarity and the murkiness does not seem to be clearing any time soon. Investors are looking for signals, direction and leadership. One major topic of discussion that has gained traction over the past year is pipeline supply. It began with a discussion about the Urban Redevelopment Authority's quarterly reports on the expected completion of...
The drop in the number of bids for land sale sites appears to indicate that a degree of caution has settled in the property market. A recent Urban Redevelopment Authority land tender for a commercial site along Robinson Road and Cecil Street closed with only three bidders. According to a report by DBS Group Research, the "response was lukewarm" on the back of the global uncertainties and potential...
Foreign investors continue to change the landscape of the luxury property market in Singapore. According to Cushman and Wakefield’s analysis of URA caveats lodged, Indonesians and mainland Chinese formed the majority in the upmarket segment this year, followed by Malaysians, Indians and the British. “Singapore is seen by many foreign investors to be a safe haven for property investment due to the...