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Still no confirmed buyer for $300m bungalow

Posted on 18 May 2013 | Comments Off

The tender for the S$300 million bungalow at 33 Nassim Road closed yesterday with no confirmation on a buyer, reported The Straits Times.

Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle, said that bids were received but declined to give details.

According to market watchers, a negotiation is likely to take place before the final offer is confirmed due to the high price.

With a land area of 85,000 sq ft, the site houses a two-storey bungalow, tennis court and swimming pool. Cheng Wai Keung, the seller and chairman of Wing Tai Holdings, was expecting bids of between S$250 million and S$300 million, or S$2,947 to S$3,536 psf.

This price would surpass the earlier records set by a Leedon Park property sold for S$2,110 psf and a home sold at Nassim Road for S$2,000 psf.

With its eye-popping price tag, some experts are doubtful whether the property will find a buyer.

“Potential buyers could afford large mansions in many other cosmopolitan and global cities like London or New York. Why would they choose to pay such a premium here?” said one analyst who declined to be named.

Source : PropGuru – 18 May 2013

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Posted in Luxury Property, Property Market / Real Estate

Tagged 300 million, 33 Nassim Road, Bungalow, Cheng Wai Keung, Leedon Park, Wing Tai Holdings

Luxury home prices fall in Q1

Posted on 14 May 2013 | Comments Off

Singapore’s luxury home prices have fallen, according to property consultant Jones Lang LaSalle.

Prices in the first quarter fell 0.6 per cent quarter-on-quarter, and 4.3 per cent year-on-year.

Jones Lang LaSalle said the price decline was partly due to government measures to cool the property market.

Latest measures introduced in January this year are the seventh round of property cooling measures.

“Policy effect coupled with slower population and economic growth are likely to continue to add downside pressure to capital values, albeit moderately,” said Dr Chua Yang Liang, head of Research, Singapore and South East Asia at Jones Lang LaSalle.

“Growth in prices of mass market homes (is) significantly slower while new sales volume has also dropped, as recent data released by the Urban Redevelopment Authority has shown,” he added.

Dr Chua said that as a result, the price gap between high and mass market homes is likely to narrow, lending price support to the high-end segment in the mid-term.

At the same time, a separate report by another property consultant, CBRE, showed that Singapore’s first-quarter luxury home prices had remained flat but sales had slowed on a quarterly basis.

The report added that “both prices and rents will come under pressure in the months ahead, especially for newly completed projects which have been selling slowly”.

Besides Singapore, luxury home sales also declined in Hong Kong and some Chinese cities, mainly due to property tightening measures.

But overall, luxury home prices across Asia rose in the first quarter of this year.

The CBRE Asia Luxury Residential Price Index rose by 1.5 per cent in the first quarter, driven by strong price growth in New Delhi, Mumbai, Manila and Kuala Lumpur.

The Jones Lang LaSalle Residential Index showed that average capital values across the nine Asian markets it tracked were up 2.2 per cent quarter-on-quarter and 6.1 per cent year-on-year.

Source : CNA – 13 May 2013