The halting of an en bloc purchase by Tee Land reflects the turn in sentiment among property developers in Singapore who have begun redoing their sums on the back of the latest cooling measures, industry observers told Channel NewsAsia. This cautious approach is especially the case for smaller players that may not have the same financial muscle as their bigger rivals, they added. However, while the...
Fragrant Gardens off Upper Paya Lebar Road is up for a collective sale with a S$65 million reserve price. This translates to a land rate of approximately S$1,204 per square foor per plot ratio (psf ppr), said marketing agent Knight Frank. With no development charge payable, and with the inclusion of a 10 per cent bonus balcony gross floor area, the land rate works out to approximately S$1,094 psf ppr,...
SP Setia sold 50 of the 80 apartments launched at Daintree Residence over the weekend, in the private property market's first new launch since the latest cooling measures kicked in earlier this month. The first phase of the 327-unit Daintree's launch achieved an average selling price of $1,710 per sq ft (psf), according to the developer, with two-bedders making up the bulk of apartments sold, followed...
Prices of completed non-landed private homes climbed at a slower pace in June, appreciating 0.7 per cent month-on-month, according to the National University of Singapore's (NUS) flash estimates for its Singapore Residential Price Index (SRPI). In May, prices rose 1.6 per cent, up slightly from the preliminary estimate of 1.5 per cent. The slower pace of increase applied to most segments of the...
Private home prices rose 3.4 per cent in the second quarter of this year, according to the latest figures from the Urban Redevelopment Authority (URA) on Friday (Jul 27). This continues a rising trend in the last three consecutive quarters, with prices rising 3.9 per cent in the first quarter of this year, 0.8 per cent in the preceding quarter and 0.7 per cent in the third quarter of last year. For...
The number of unsold private residential units reached a three-year high in the second quarter, based on data released by the Urban Redevelopment Authority (URA) on Friday (July 27). Property analysts said that while there is a risk of oversupply, the situation is not alarming over the longer term as developers are expected to reduce supply following the recent cooling measures. This is despite the...
Tee Land has decided not to exercise its option to purchase Teck Guan Ville in what was originally a S$60 million collective sale due to the latest round of cooling measures. Tee Land will forfeit its 1 per cent deposit. The company cited the "impact on market sentiment and purchasers' interest" following the government's announcement on July 5. Tee Land "has decided to adopt a more prudent and...
In light of property cooling measures, Katong Plaza and Fortune Park are the latest collective sale hopefuls to extend their tender closing dates to Sept 11 and Sept 14 respectively. Huttons Asia, the property consultant for both freehold projects, announced the extensions on Thursday. Huttons Asia said that the decision was made in consultation with each collective sale committee. Said Huttons Asia...
Same facts, different interpretations. This axiom is starkly exemplified by the strong reactions of the property industry to the latest housing cooling measures that took effect on July 6. The Real Estate Developers' Association of Singapore (Redas) has insisted that there is no rationale for the tough measures, which included raising the additional buyer's stamp duty (ABSD) for most categories...
With no collective sale deals being awarded since the latest cooling measures took effect on July 6, some developments that have already launched their tenders are extending their deadlines. Horizon Towers that launched on July 5 at a reserve price of S$1.1 billion, will now close on Sept 12 instead of Aug 7 previously announced. Marketing agent JLL said in a statement on Tuesday: "The decision was...
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