Category Archives: Luxury Property

New private home sales jump in March

Posted on 11 Apr 2013 | Comments Off on New private home sales jump in March

Sales of new private homes jumped by four times in March, compared to February.

Latest figures released by the Urban Redevelopment Authority showed that developers sold 2,793 new units (excluding executive condominiums) in March

This is the highest monthly sale volume since June 2007, surpassing the previous high of 2,772 units in July 2009, according to Dennis Wee Group.

This is also in sharp contrast to the 712 new private homes sold by private developers in February.

March’s strong sales volume came despite the government’s latest round of cooling measures introduced in January this year to curb the Singapore property market.

Analysts said developers’ decisions to hold back property launches in February in view of the festive season and the cooling measures had paid off.

Popular new launches include D’Nest, Bartley Ridge, Urban Vista, Senette Residence and Hillion Residences.

Ong Teck Hui, national director of Research & Consultancy at Jones Lang LaSalle said, “By keeping new supply off the market in February, developers have benefited from a strong demand rebound in March as well as the resultant positive impact on the market. It tells us that notwithstanding the latest measures, underlying demand remains healthy.”

Eugene Lim, key executive officer of ERA Realty Network said more home buyers are flocking to new launches as developers offer promotions and discounts to offset the higher additional buyers’ stamp duties.

“The latest March numbers show that well located projects that are priced competitively will continue to sell well,” he said.

Meanwhile, URA data showed that 1,814 units of new private homes located in the suburbs were sold in March, while developers moved 822 units in the fringes.

But the number of new private homes sold in the city dipped slightly to 157 units.

Mohd Ismail, CEO of PropNex, said, “Moving forward, the private property market is expected to remain subdued as the full impact of the property cooling measures is yet to be seen. Sales volumes are likely to stabilise. Transactional volumes are expected to be around 1,400-1,600 units per month on average for the first half of 2013 as the incentives and discounts are still being offered by developers.”

Source : Channel NewsAsia – 11 Apr 2013

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GCB market perking up after sluggish 2012 start

Posted on 27 Jul 2012 | Comments Off on GCB market perking up after sluggish 2012 start

The Good Class Bungalow (GCB) market showed improved performance in Q2 2012 following an initial slowdown in Q1 due to the introduction of the additional buyer’s stamp duty (ABSD) which was launched in December.

According to caveats analysis by CBRE, the number of transactions done in GCB Areas grew from nine in Q1 to 18 last quarter while transaction values climbed 60 percent to S$359 million from S$224 million.

Looking ahead, the trend is expected to continue in Q3.

For instance, a buyer was said to have exercised the option to buy a two-storey bungalow at Oei Tiong Ham Park off Holland Road for S$17.5 million or S$1,614 psf on a 10,844 sq ft freehold land site.

At the same time, a bungalow at Olive Road was reportedly transacted for S$30 million or S$1,185 psf recently. The two-storey bungalow sits on almost 25,320 sq ft of land in the Caldecott Hill GCB Area and features a pool and an outhouse.

Another two-storey bungalow on Peirce Hill may also be changing hands for S$25 million or S$1,650 psf on a 15,150 sq ft land area.

CBRE’s analysis also revealed that the average transaction price in GCB Areas for 1H2012 rose seven percent to S$1,370 psf.

Douglas Wong, Director for Luxury Homes at CBRE, expects around 50 to 55 deals to be completed by year-end amounting to around S$11.1 billion which is almost similar to the 57 deals or S$1.16 billion last year.

Source : PropertyGuru – 27 Jul 2012

 

 

 

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