Property consultant DTZ said on Tuesday there was less speculative activity in the third quarter this year. In a report, it said the proportion of sub-sales declined from 16 per cent in the second quarter to just 13 per cent in the third quarter. Sub-sales, which refer to re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activities. Another...
singapore property market
There has been a series of transactions for apartments in the prime Draycott Drive-Draycott Park district from Oct 23 to 30. Five apartments in the exclusive neighbourhood located in the vicinity of the American and Tanglin Clubs were sold for prices ranging from $1,762 to $2,303 psf. The most prestigious development in the Draycott area is the 136-unit Draycott Eight, developed by Wing Tai Holdings and...
The government said on Monday the measures taken to cool the property market appear to have had the desired effect. Speaking in Parliament, National Development Minister Mah Bow Tan noted that since the measures were introduced, the sale of private homes fell 37 per cent on-month in September, and another 29 per cent in October. In September, the government removed the Interest Absorption Scheme and...
The median resale prices of executive condominiums (ECs) have increased 63 per cent in the last two years, riding on the bull-run in the private residential market. Property consultancy CB Richard Ellis said caveats lodged for ECs in the resale market in October this year showed prices at S$519 per square foot. This is 63 per cent higher from the bottom of the market in the third quarter of 2006 when ECs...
Sales of private homes have dipped to their second lowest level this year in October according to data released by the Urban Redevelopment Authority (URA) this week. While market observers believe that this downward trend was the result of the recent anti-speculative measures introduced by the Government, some analysts are sceptical that the market has started to cool. According to statistics, sales of...
The Serangoon Avenue 3 area came into focus last month when Hong Leong Holdings won a land parcel there in a government tender with a bid of $221 million, which works out to $529 psf per plot ratio. Property consultants expect the breakeven price for the future condominium project to be between $900 and $950 psf. Hong Leong says it intends to develop the site into a 400- unit condo, which is targeted for...
Sales of uncompleted private homes continued to fall in October, making it the third month of decline in a row. Just 811 units were sold last month, a 29 per cent slide compared to September. This is also the first time since January that private home sales have dipped below 1,000 units. However, October saw a pickup in the number of high-end units being sold. While mass market homes have been dominating...
The luxury residential segment is starting to see prices inch back to peak levels recorded in late 2007 and 1Q2008. The bellwether of luxury condos, Wheelock Properties’ Ardmore Park recently saw two units change hands in the resale market at above $3,000 psf, according to caveats lodged with URA Realis from Oct 9 to 16. Some property consultants attribute it to owners re-setting their prices to more...
The rise in risk appetite and sharp rebound in financial markets since the start of the year may have outpaced economic fundamentals, according to the Monetary Authority of Singapore (MAS) in its annual Financial Stability Review on Monday. The MAS noted that although Asia has bounced back from the financial crisis faster than expected, the global economic outlook remains uncertain. This is because the...
WITH the recent release of third-quarter real estate data, it may be timely to ask: Is there a real estate bubble, and if so, how bad is it? When the figures were unveiled in the last week of October, private-housing prices were out-of-sync with the rest of the market. Prices and rents were down for the other major sectors - office, retail and industrial. These trends were in line with current economic...