Monthly Archives: May 2011

Pasir Ris residential site awarded to MCL Land

Posted on 12 May 2011 | Comments Off on Pasir Ris residential site awarded to MCL Land

The Urban Redevelopment Authority on Thursday awarded a residential site at the junction of Jalan Loyang Besar and Pasir Ris Drive 4 to MCL Land, which submitted the top bid of S$246.1 million at the close of tender on Tuesday.

There were only three bids submitted, with observers saying this was because developers were concerned over potential competition from projects at nearby sites, including those at Pasir Ris Drive 1 and an executive condominium site in Elias Road. They added that the impending review to raise the income ceiling for public housing eligibility may also have a dampening effect on mass market private homes.

The site has an area of 27,054.8 sq m with maximum permissible gross floor area of 56,816 sq m. MCL’s bid translates to S$402 per sq ft per plot ratio.

CBRE Research executive director Li Hiaw Ho said that “units in this new project will be able to fetch above S$800 psf on the average”. This was based on caveats lodged between February and last month for units in NV Residences in Pasir Ris Drive 1 which were sold at between S$800 psf and S$890 psf.

Meanwhile, units at another nearby project, Oasis @ Elias, were sold at between S$680 psf and S$830 psf, according to CBRE.

Source : Today – 12 May 2011

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Posted in Developers, Property Market / Real Estate

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Asian luxury property prices rise slowly in first quarter

Posted on 12 May 2011 | Comments Off on Asian luxury property prices rise slowly in first quarter

Values of luxury residential properties across Asia continued to slowly rise in the first quarter of 2011. As with the last quarter of 2010, values rose 1.8 per cent, according to Residential Index data from Jones Lang LaSalle.

This is a slowdown from the hectic third quarter of 2010, when prices grew by 7.4 per cent.

The cooling pace comes after various governments enacted anti-speculative measures in 2010.

The index data comes from monitoring major Asian centres including Hong Kong, Beijing, Shanghai, Singapore, Bangkok, Kuala Lumpur, Jakarta and Mumbai. Of these cities, only Kuala Lumpur residential prices showed a slight drop in value of 1.1 per cent over the first quarter, while capital values in Hong Kong showed the greatest increase at 8.3 per cent.

On the Chinese mainland, sales were quiet over the first quarter after new rules were introduced to curb the hot market. Bans on new purchases from owners who already have two apartments and a pilot property tax kept first quarter price increases in Beijing and Shanghai relatively minor at 3.2 per cent and 0.4 per cent respectively.

Despite the current restrictions in China, Chinese buyers will likely still have an effect on other markets within Asia. “The growing pool of high net-worth individuals from mainland China will not only lead to a structural change in buyers’ profile in Hong Kong’s luxury residential market, but will also gradually raise demand for high-quality residential properties in other Asian cities, where the investment environment and social infrastructure are good,” said Joseph Tsang, managing director and head of capital markets at Jones Lang LaSalle, Hong Kong.

Residential prices in China are expected to remain stable or decrease slightly in 2011 due to probable price reductions by developers, and the introduction of fewer high-valued units.

Meanwhile, strong end-user demand and long-term investors will likely see the luxury markets in Hong Kong and Singapore increase in strength.

Source : PropertyReport – 12 May 2011

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Posted in Luxury Property, Property Market / Real Estate

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