Singapore's private home sales in August fell 39 per cent short of July's - when a record 2,772 units were sold. According to data by the Urban Redevelopment Authority, just 1699 homes were sold in August. According to analysts, while these numbers may be relatively low, they're still better than expected as the Chinese Hungry Ghost Festival typically depresses sales even more. A dip in the number of...
singapore property market
Measures to pre-empt any speculative bubble from forming in the private property market have been outlined in Parliament by the National Development Minister. Mr Mah Bow Tan said one of the steps to "temper the exuberance" of the market will be the immediate withdrawal of the interest absorption scheme and interest-only loans being offered for purchases of uncompleted property developments. Under the...
The encouraging response to the launch of City Developments’ 85-unit high-end Volari (the former Garden Hotel) at an average price exceeding $2,000 psf and improved sentiment in the property market have lifted prices of condominiums in the Balmoral neighbourhood. Adjacent to Volari is the 40-unit Sui Generis, jointly developed by Kajima Overseas Asia and United Engineers, and which set a benchmark for...
The demand for home loans has escalated, on the back of the booming property market in Singapore. Some banks, like OCBC, said they have seen loan approvals double in the second quarter, compared to the first three months. And industry players expect this momentum to continue into next year. Private home sales in Singapore have been on the rise since February, where 11 times more home were sold...
The government could re-introduce land sales through the confirmed list and analysts said this could mean the government is taking steps to cool down the property market. Last October, recession woes saw the government suspending land sales through the confirmed list. But now the government said it will consider re-introducing it for the first half of next year. National Development Minister Mah Bow...
Released in early July, Wing Tai Holdings’ 373- unit Ascentia Sky is seeing units being sold at an average of $1,200 to $1,300 psf. Owners of the 382-unit Metropolitan completed in June have also seen prices trending upwards on the secondary market. Units at The Metropolitan started crossing the $1,000 psf mark in June for the first time this year. Earlier, only a handful of units changed hands at the...
Some consider the seventh month of the lunar calendar an inauspicious time to buy a property. But it seems like the Hungry Ghost Festival is not going to spook homebuyers and property investors in Singapore. A 99-year condominium at Toa Payoh was open for sale on Saturday and within a couple of hours, about 85 per cent of the 400 units available in the first two phases were snapped up. In response to...
Last month, more than 20 landed homes in Serangoon Gardens and Lorong Chuan areas changed hands, according to URA Realis database of caveats lodged. From July 24 to 31 alone, contracts were signed for 10 properties — seven terraced houses, a pair of semi-detached homes and a single-storey bungalow. One of the oldest housing estates in Singapore, Serangoon Gardens Estate was built for British soldiers...
OVERNIGHT queues, balloting, midnight crowds - these dramatic scenes at the Optima condominium at Tanah Merah recently were precursors to the 270 apartments selling out in three days, and fuelling concerns that a property bubble may be brewing in Singapore. Industry players have largely shrugged off such concerns - attributing the recent property effervescence to pent-up demand, peak public housing...
Homes in the primary market, or new ones sold by developers to owners, traditionally cost five to eight per cent more than those in the secondary or resale market. But this gap is growing to between 10 and 20 per cent as the Singapore property market heats up. Developers have sold more than 10,000 new private homes to date in 2009, more than double the total in 2008. And while sales in the secondary...