Singapore’s property sector is changing, with new home sales by developers taking up an increasing share of the private housing market. According to caveats lodged with the Urban Redevelopment Authority (URA), primary market sales and those of executive condos (ECs) accounted for 46 percent of all property deals last year, the highest level since 2003. The remaining 54 percent were made up of secondary...
singapore property market
While the pace of transactions in the traditional prime districts of 9, 10 and 11 has slowed following the property cooling measures introduced by the government on Dec 8, that in the CBD area remains lively, especially for new apartment towers completed in 2011 such as One Shenton and The Clift. “It is quite interesting to see that the property prices in the CBD area are still holding up, at above...
After new home sales dropped 63 percent in December, property firm Colliers International predicts a challenging year for the market across the price spectrum. It noted that mid-tier to high-end segments will see a decline in foreign buyers, as many of them have been driven out by the additional buyer’s stamp duty (ABSD) measure. “Although the low interest rate environment could continue to support...
Singapore’s housing market may be experiencing a slowdown, but mixed-use developments are gaining in popularity here. Over the past year or so, there have been several high-profile mixed developments launched, including Fusionopolis at one-north, Changi City within Changi Business Park and Scotts Square along Scotts Road. This week saw the launch of Watertown (pictured) in Punggol Central, a joint...
Sales of new private homes in Singapore fell 62.9 per cent in December, based on latest data released on Monday. The Urban Redevelopment Authority (URA) said a total of 632 units were sold last month excluding executive condominiums. That's significantly lower than the 1,702 private homes sold in November. Around 489 units were sold in the outlying areas or outside central region while 108 private homes...
The one-north area is coming alive with the opening of the One-North Circle Line MRT station and the recent completion of The Rochester, a mixed-use development by United Engineers with 366 apartments including SOHO-style lofts, a 271-room business hotel- cum- serviced suites called Park Avenue Rochester and a 10,000 sq ft mall called Rochester Mall. The 99-year leasehold development is also within walking...
Bank of America (BofA) Merill Lynch cited in its recent report that 20 percent of the total number of private home transactions recorded last year were accounted for by foreign buyers, while PRs and Singaporeans made up a respective 13 percent and 67 percent share. “This is a big jump from 10 years ago, when foreigners accounted for only six percent. Foreigners are entering the mass market, not just the...
Demand for luxury private and public homes in Singapore is still upbeat despite a gloomy economic outlook. The first weekend of the new year saw crowds made up of mostly first-time buyers and families looking to upgrade flocking to several property launches. Market watchers say the recent cooling measures have also affected demand from foreigners. It is a busy first day of sales for Riversound Residence...
Private home prices and rents in Singapore went up in 2011 from the previous year, despite the cooling measures that include imposing seller's stamp duty and reduction in loan-to-value limit, said property consulting firm DTZ. However, the growth is expected to have tapered off last month and is likely to continue falling this year, it said. "Historically, significant price falls have been triggered by...
Private home prices and rents in Singapore rose in 2011 from the previous year despite cooling measures, said property consulting firm DTZ. The measures included imposing seller's stamp duty and a reduction in loan-to-value limit. In its report released on Thursday, DTZ said resale prices of leasehold condominiums in suburban areas increased 8.2 per cent on-year. This makes it the fastest growing...