Category Archives: Property Market / Real Estate

Tanjong Pagar: The next new hotspot

Posted on 2 May 2013 | Comments Off on Tanjong Pagar: The next new hotspot

Tanjong Pagar is quickly becoming a popular and vibrant destination for swanky boutique hotels, creative office spaces and award-winning celebrity restaurants, according to Savills Singapore.

With many new residential projects such as Eon Shenton and Pinnacle@Duxton, the area is expected to overtake Ann Siang Hill and Club Street as a hotspot. Moreover, the nearby port is expected to relocate by 2026 and will be replaced by low-rise, sea fronting homes.

“The main attraction for Tanjong Pagar is its quaint conservation shophouses juxtaposed with modern skyscrapers. It is this meld of contrasts that draws the crowd in – a playground that serves their needs day and night, whether at work, play or even at home,” noted Sulian Tan-Wijaya, Senior Director, Lifestyle and Retail at Savills.

The firm was recently appointed to market three adjacent shophouses built in the 1920s. Located at 1A Keong Saik Road, they are near Chinatown, Harbourfront, Clarke Quay and Outram Park MRT stations, and were previously owned by AIA Singapore to house part of its Singapore-based operations till the end of last year.

Source : PropertyGury – 2 May 2013

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Owners of private non-landed homes profit from resales

Posted on 30 Apr 2013 | Comments Off on Owners of private non-landed homes profit from resales

Owners of non-landed private homes earned a gross profit of S$107 million from quick resales over the five quarters of Q1 2012 to Q1 2013, according to a report from OrangeTee.

It stated that high home prices contributed largely to the profit in this segment, adding that the overall private residential price index “rebounded very strongly”, and is now 60 percent higher compared to levels in 2009.

“In the current bull run, newly completed homes that were resold upon receipt of Temporary Occupation Permit (TOP) yielded good returns for purchasers.”

According to the Urban Redevelopment Authority (URA) and Building and Construction Authority (BCA), 103 projects obtained TOP from Q1 2012 to Q1 2013, of which 68 recorded 348 transactions in the same quarter upon completion.

Sellers of newly completed units saw an average return of 33 percent. The most profitable non-landed private homes were in the Outside Central Region (OCR), where average profit stood at 41 percent compared to 31 percent in the Rest of Central Region (RCR) and 25 percent in the Core Central Region (CCR).

Units measuring 50 sq m or below (shoebox apartments) in all three regions were less profitable than larger units.

“Contrary to common belief, profitability of shoebox units underperformed the general market across all segments. Average profitability per unit was S$132,000 or 25 percent in the last five quarters, lower than that of the overall market,” noted OrangeTee.

Moving forward, the non-landed private housing market is expected to remain strong due to low interest rates, sustained foreign capital inflow and “record land prices” in recent Government Land Sales (GLS).

Source – PropertyGuru – 30 Apr 2013

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