17 | September | 2009 | Lush Dream Home

Daily Archives: 17 Sep 2009

Q3 investment sales up 13%; Ghost Month auction sales soar

Posted on 17 Sep 2009 | Comments Off

In both cases, the residential sector accounts for the biggest share

PROPERTY market sentiment continues to ride high, with preliminary data showing third-quarter investment sales up by 13 per cent from Q2. Q3 data to date shows investment sales totalled $1.83 billion, Jones Lang LaSalle (JLL) said yesterday.

Separately, Colliers International said that 14 properties have been auctioned for a total of $25.92 million during the Hungry Ghost Month – the highest amount in three years. Auction sales surpassed last year’s $22.75 million, a significant $13.81 million of which came from four Singapore Land Authority sites.

Investment sales rose in the latest Q3 as the residential market continued to flourish. The sector accounted for 52 per cent of total investment sales, or $958 million. For instance, 24 Good Class Bungalows were transacted for a total of $413.5 million. And there were 47 other landed residential transactions worth more than $5 million, for a total of $408 million.

The GCB market has seen increased activity as more owners put their property up for sale to cash in on current high levels of interest and prices.

In a sign of the tougher economic times, most investment transactions in Q3 were concluded below $100 million. The exceptions were two large commercial transactions involving real estate investment trusts (Reits). Suntec Convention Centre was injected into the ARA Harmony Fund, a fund in which Suntec Reit has a 20 per cent stake, for $235 million. And K-Reit bought six floors of its partly owned Prudential Towers for $106.3 million. Continue reading →

Comments Off on Q3 investment sales up 13%; Ghost Month auction sales soar

Posted in Property Market / Real Estate, Property Price

Tagged Hungry Ghost Festival, Investment Sales, Property Auctions, Property Investment, Property Investment Sales, Singapore Property, Singapore Property Market

Median home prices in Q3 jump smartly

Posted on 17 Sep 2009 | Comments Off

CBRE analysis shows sharp climb but it expects sales and prices to moderate

The median price per square foot for new 99-year leasehold condos and apartments sold by developers rose 16.5 per cent in Q3 over Q2 – more than double the 7.8 per cent quarter-on-quarter increase seen in Q2, according to CB Richard Ellis’s analysis of caveats data.

Its study was based on caveats data downloaded from URA’s Realis system on Sept 15 this year.

‘Prices of new projects are always a function of new launches. We have seen the launch of some high quality projects with good attributes such as those near MRT stations in the past three months,’ said CBRE’s executive director (residential) Joseph Tan.

The study showed pretty much across-the-board increases in median psf prices so far this quarter compared with Q2 – in primary and secondary markets, and for 99-year leasehold as well as freehold/999- year leasehold tenure properties.

National Development Minister Mah Bow Tan told Parliament on Monday that ‘overall private housing prices have started to increase significantly since June’. He said this while announcing measures to cool the overheating of the property market.

The government has scrapped the interest absorption scheme and will restart confirmed list land sales in the first half of 2010. It will also enhance supply in the reserve list for H1 2010 to meet possible increase in demand. Continue reading →