New condominiums in the city fringe, particularly those next to MRT stations and near the heritage area of Little India, have seen prices setting new highs recently. According to caveats lodged with URA, over the week of June 28 to July 5, a seventh-floor 570 sq ft studio apartment at City Square Residences located at Kitchener Link was sold for $975,000, or a record $1,709 psf. Another unit in the...
singapore property market
Singapore’s luxury prime market remained stable in the second quarter, as home buyers stayed cautious after recent cooling measures implemented by the government, according to a report from global real estate services firm Jones Lang LaSalle (JLL). “Despite the low interest rates environment, capital values for the Singapore luxury residential market is expected to remain stable,” said Jacqueline...
Home buyers and real estate investors are less optimistic about property affordability than they were in the first quarter of this year, according to the results of a survey on property market sentiment, compiled by PropertyGuru. The survey shows that 79 percent of all respondents believe property in all categories in Singapore is expensive, an increase from 75 percent in the previous quarter. Conducted...
Good Class Bungalow (GCB) deals have continued to dry up this month following the slowdown seen in the first half of 2011. Just one caveat for a bungalow in a GCB area has been lodged for July so far, for a property at Andrew Road that sold for $8.88 million, or about $780 per square foot on land area. There may be a few more caveats for deals sealed in July to trickle in over the next few weeks, say...
The threat of further Government intervention in the residential property market has been hanging like the Sword of Damocles over the last one year, resulting in a sense of unease for both buyers and sellers. During that period, we saw two rounds of measures imposed by the Government to cool the residential property market - one in August last year and the other in January this year. However, recent...
More prospective home buyers are concerned about rising prices and many believe properties in Singapore are too expensive. Real estate portal PropertyGuru.com.sg's consumer property sentiment index fell to 2.6 (from a scale of 5) in the second quarter, compared to 2.8 in the previous quarter. "What it says is that buyers expect the transactions and prices to carry on going up and so the expectation is...
The National University of Singapore's Institute of Real Estate Studies (IRES) will introduce a separate index - apart from its main Singapore Residential Price Index (SRPI) - to measure the prices of "shoe box" units, saying their price volatility has a significant impact on overall housing prices. "Our analysis presents evidence that small units increase house price volatility. Further, price changes of...
The Real Estate Developers' Association of Singapore (REDAS) said that prices of private homes should be left to market forces without any intervention from the government. This is according to recently appointed REDAS president Wong Heang Fine. Mr Wong, the CEO of CapitaLand Residential, replaced outgoing president Simon Cheong this February. Mr Cheong is the chairman of SC Global Developments. This is...
From January to May last year, prices of small apartment and condominium units rose 11.1 per cent compared to apartments and condominium units (or non-landed homes) in the prime and non-prime regions which saw lower gains of 5.4 per cent and 6.2 per cent respectively. According to data from the Institute of Real Estate Studies (IRES) at the National University of Singapore, prices of small units grew 6.9...
Market watchers are observing lower tender bids for government land sales (GLS). According to OCBC Investment research, recent GLS tenders imply breakeven prices that are as much as 26 per cent below market prices. It said this is likely due to the policy changes in the housing market after May 2011. Average winning tenders for recent 99-year GLS condominium sites translate to a breakeven average selling...