Slashing prices is not the best way to increase sales in the luxury home segment despite the current property climate, as developers risk tarnishing the brand image of their offerings, said Wing Tai Holdings chairman Cheng Wai Keung yesterday. This is one of the reasons the company has not taken that option with its freehold Ardmork Park project, Le Nouvel Ardmore. Wing Tai has sold only three of the 43...
singapore property market
With cooling measures still in place, home prices in Jurong are unlikely to increase significantly, a property watcher said. This is despite the redevelopment plans for the area, which were announced at Sunday's (Aug 17) National Day Rally. Real estate agency PropNex says prices of HDB resale flats in Jurong have gone up by 70 per cent in the last seven years. There has also been a rise for the private...
With the Total Debt Servicing Ratio (TDSR) framework proving effective in keeping housing prices in check, some of the property cooling measures introduced over the past five years may have become redundant, said real estate experts yesterday. At a discussion at the annual National Real Estate Congress, panellists highlighted the Seller’s Stamp Duty (SSD) — imposed in February 2010 and subsequently...
The private housing market remained in the doldrums in July, with sales of private homes remaining flat as developers continued to scale back new launches. Property developers sold 484 new private homes last month, up marginally from the 482 units sold in June, latest data from the Urban Redevelopment Authority (URA) showed on Friday (Aug 15). Including executive condominiums (ECs), 535 new units were...
While real estate industry players understand the Government’s intention in keeping the property cooling measures intact, it is still worth reviewing the curbs as some may have become “redundant” given how effective the Total Debt Servicing Ratio (TDSR) has been in keeping prices in check. That was the takeaway from a discussion at the annual National Real Estate Congress on Tuesday (Aug 12),...
The number of completed but empty private homes in Singapore is rising but property watchers have said the vacancy rate is still "healthy". They expect the number to go up in the next few years, with the increase in the suburbs being the most significant. According to the Urban Redevelopment Authority (URA), the vacancy rate of completed private homes hit 7.1 per cent in the second quarter of this year...
Housing portal co-founder says there is room for further decline in prices, which have fallen only 2 to 3 per cent this year With private home prices declining a mere 2 to 3 per cent in the first six months of this year, the Government has done the right thing to maintain the property curbs for now, said chief executive and co-founder of real estate portal PropertyGuru Steve Melhuish. At the current...
The resale prices for non-landed private homes continued its downward trend in July, falling 1.3 per cent month-on-month, according to flash estimates from the Singapore Real Estate Exchange (SRX) on Monday (Aug 11). The decline represented a 21-month low since October 2012, SRX said, and the fall in prices were felt in all three regions. Prices for the Core Central Region fell the most with 4 per cent,...
Existing concessions are already in place for those looking to upgrade their properties, and these are "reasonable and sufficient", said Minister for National Development Khaw Boon Wan on Monday (Aug 4). MP Foo Mee Har asked in Parliament on Monday if the Government will consider relaxing some property cooling measure such as those relating to Additional Buyer's Stamp Duty so Singaporeans who meet the...
Resale prices of private homes fell in June after inching up in May, according to Singapore Residential Price Index (SRPI) estimates released on Tuesday (July 29). The SRPI, compiled by the National University of Singapore’s Institute of Real Estate Studies, showed overall prices decreased by 1 per cent in June from the previous month. In May, prices rose 0.4 per cent from April. Prices of homes in...