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...
singapore property
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...
Standing at 43 storeys, the 312-unit The Clift residential tower stands out on the corner of McCallum Street and Telok Ayer Street. It is taller than every other building in its immediate neighbourhood, which comprises mainly conservation shophouses and older office buildings. Developed by property giant, Far East Organization (FEO), the project was completed in 1Q2011. The ground floor shop units have...
Private home prices in Singapore rose at a slower pace of 2 per cent in the second quarter, according to statistics from the Urban Redevelopment Authority (URA). This was in line with the flash estimates which showed a 1.9 per cent increase as announced earlier. The property price index stood at 203 points in the second quarter. In the previous quarter, the price index grew 2.2 per cent to 199.1...
Despite the property cooling measures announced in January, prices of luxury units have risen a staggering 20 percent to S$7.9 million, according to Kim Eng, in a report by Singapore Business Review. “While the average price per unit in all the other segments declined, in the luxury segment, it rose nearly 20 percent from S$6.6 million to S$7.9 million,” it said. It added that the volume dropped...
Property developers are hoping that home buyers will purchase ahead of the Hungry Ghost Festival in August. Otherwise, overall market sentiment will be cautious. Chia Siew Chuin, Director of Research & Advisory at Colliers International, noted that while the end of the school holidays could imply the return of some buyers to the market, overall sentiment in the private housing market is likely to stay...
Condominium units in the Tanjong Rhu waterfront district are in the spotlight. There were eight transactions for apartments in the area, according to caveats lodged between June 14 and 21, with deals generally in the $1,160 to $1,400 psf range. The most actively traded condo seems to be the 510-unit Pebble Bay, developed by DBS Land (now known as CapitaLand). The 99-year leasehold condo was completed in...
New private home sales slumped in June, falling by 25 per cent from the previous month to 1,182 units despite an increase in the number of new launches in the month. Data released yesterday by the Urban Redevelopment Authority (URA) showed that 1,614 units were launched last month, up from 1,215 in May. Most analysts attribute the decline in sales to the seasonal effect of the June holidays as well as...