Monthly Archives: September 2009

Smaller prime district homes lead Q3 surge

Posted on 30 Sep 2009 | Comments Off on Smaller prime district homes lead Q3 surge

Luxury condo prices up 17% from Q1; new peak for prime area landed homes

Latest figures from DTZ show that prices of completed landed and non-landed private homes in various segments continued to recover in the third quarter after bottoming out in the first quarter of this year in the aftermath of the global financial crash.

One of the strongest price gains was reflected in the average price of freehold completed prime district condos, which rose 22.3 per cent from the recent low of $1,120 per square foot in Q1 to $1,370 psf in Q3. ‘As more buyers were drawn to the market, average private home prices continued on the uptrend in Q3 2009, led by smaller homes in the prime districts of 9, 10 and 11,’ DTZ said.

The average capital value for DTZ’s basket of completed luxury freehold condos rose 17 per cent from $1,880 psf in Q1 to $2,200 psf in Q3; however, the latest figure is still 21.4 per cent shy of the all-time high of $2,800 psf in late 2007/early 2008.

The recovery in home buying and prices in Q2 and Q3 this year also rubbed off on the landed housing segment. The average price of completed freehold landed homes in prime districts 9, 10 and 11 appreciated 15.9 per cent from the recent low in Q1 to scale a fresh peak of $1,383 psf of land area in Q3, according to DTZ’s data.

In the 99-year suburban landed market too, the average capital value of $593 psf as at Q3 was up 9.4 per cent from Q1. Continue reading →

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Posted in Property Market / Real Estate

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Industry suggests licensing of property agents

Posted on 29 Sep 2009 | Comments Off on Industry suggests licensing of property agents

Just like drivers, some suggest property agents should be licensed by a government body – and subject to a demerit point system too.

That would mean being allowed to a set number of points, before facing possible suspension for misconduct.

Such ideas were floated by industry players yesterday at a forum organised by the Institute of Estate Agents (IEA), as the Ministry of National Development (MND) began this month its consultation process on a new regulatory framework for the real estate sector.

Complaints of agents’ poor service are rising and customers are now more discerning and demanding, so such regulations will be necessary to keep the standards of the profession up to mark, said IEA president Jeff Foo.

National Development Minister Mah Bow Tan had said in March that the whole system was “not satisfactory” and the status quo “not tenable”, after several cases of unethical practices by housing agents came to light.

The framework, suggested HSR International Realtors chief executive officer Patrick Liew, should include mandating minimum hours of training and certification to improve professionalism. Continue reading →

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Posted in CEA

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