Median non-landed subsale price rises 18%

THE median subsale price of non-landed private residential properties increased 18.1 per cent from $813 psf in Q1 this year to $960 psf in Q2, an analysis of caveats by DTZ shows. It attributed the increase to more higher-end properties transacted in Q2 as well as price appreciation in the quarter.

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The most popular subsale project in the April to June 2009 period was Rivergate, with 105 units changing hands – or nearly a fifth of the total 545 units in the freehold project located in the Robertson Quay area. The project obtained Temporary Occupation Permit in Q1.

Rivergate’s median subsale price increased from $1,200 psf in Q1 2009 to $1,400 psf in Q2. Caveats for subsales in July and August are starting to stream in and the deals have been done at prices ranging from $1,400 to $1,775 psf, or a median price of $1,600 psf.

The next most popular subsale project in Q2 was City Square Residences at Kitchener Road – with 57 deals done at a median price of $893 psf, up 13 per cent from the $791 psf median price on 43 units transacted in the first quarter. In July to August, three units at the freehold condominium were sold, at prices ranging from $1,000 psf to $1,104 psf.

Median subsale price at Casa Merah, a 99-year leasehold condo near Tanah Merah MRT Station, has gone up from $658 psf in Q1 to $691 psf in Q2 to $734 psf in July to August. The latest price is 11.6 per cent above the Q1 level. Twenty subsales were done in the project in July to August – probably helped by the sellout preview of Optima @ Tanah Merah nearby a few weeks ago.

Over in the Buangkok MRT vicinity, 11 units were sold at The Quartz in the subsale market in July to August at a median price of $699 psf, 15.7 per cent higher than the Q1 median subsale price of $604 psf.

In the Katong area, the median subsale price for One Amber rose from $830 psf in Q1 to $1,015 psf in July to August – or a 22.3 per cent price gain. In the same period, the median subsale price for Icon in the Tanjong Pagar area appreciated 26.2 per cent from $1,144 psf to $1,444 psf.

Subsales are secondary market deals in projects that have yet to obtain Certificate of Statutory Completion.

Source : Business Times – 27 August 2009

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