Category Archives: Property Market / Real Estate

Private home sales in Q1 sets new record

Posted on 24 Apr 2013 | Comments Off on Private home sales in Q1 sets new record

2,793 units were sold in March, nearly four times more than the 712 units snapped up in February, according to Knight Frank’s residential bulletin for Q1 2013. It also set a new record-high, surpassing the previous peak of 2,772 units in July 2009.

The overall new sales volume for the first quarter is now about 5,533 units, up 27 percent from Q4 last year with most of the sales coming from major launches in the Outside Central Region (OCR) such as Trilinq, D’Nest, Urban Vista, Bartley Ridge and Hillion Residences.

“While some prospective homebuyers remain sensitive to price levels with the higher ABSD and new tax policies; new launches with good location attributes and attractive price offers continue to draw genuine buyers especially in the mass market segment,” said Wendy Tang, Executive Director & Head of Residential Services at Knight Frank Singapore.

At the same time, Urban Redevelopment Authority’s (URA) All Residential Property Price Index showed that overall private home prices marginally increased by 0.5 percent in Q1 2013 from the previous quarter’s 1.8 percent growth.

Meanwhile, Knight Frank APAC Research Director Nicholas Holt noted that home prices across most Asia Pacific (APAC) nations are expected to dip due to property cooling measures introduced by respective governments.

“While every market is different, we believe that prices will soften in Singapore by an average of five percent and Hong Kong by 10 percent. In China over the next 12 months, there is likely to continue to be price appreciation in Tier 1 cities, while we could see drops in some of the Tier two and three cities. Finally, Malaysia is likely to see a rebound in activity following the upcoming election.”

Source : PropGuru – 24 Apr 2013

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Buyers snap up 44 units at Novena Regency

Posted on 23 Apr 2013 | Comments Off on Buyers snap up 44 units at Novena Regency

Novena Regency, a new mixed-use development along Thomson Road has sold 44 residential and retail units within a week of its launch on 13 April, reported The Straits Times. Developed by Fragrance Realty, 72 units were released initially.

The city fringe location and freehold tenure are considered key selling points of the property, which will be sited on the current Novena Ville plot.

“We are fairly confident that buyers will be attracted to its location – an exclusive private estate enclave within the Novena vicinity,” said Koh Wee Meng, Executive Chairman and Chief Executive of Fragrance Group.

The development comprises 55 residential units priced from S$2,300 psf and 45 shop units that start from S$7,000 psf. The residential units include 43 apartments (one- to three-bedroom units) and 12 penthouses (two- to four-bedroom units).

The strong interest follows record-breaking new home sales last month which saw 2,793 units sold, attributed to discounts and promotions offered by developers.

Mary Sai, a marketing agent for Novena Regency, said buyers prefer self-contained neighbourhoods with easy access to shopping and township facilities, public transport and other amenities.

Sai, who is also Executive Director for Knight Frank, noted that business owners will be attracted to Novena Regency for its high visibility since the property faces the main road.

Moreover, human traffic within the area is considered “heavy” due to its proximity to the Inland Revenue Authority of Singapore building and Novena Church.

The project is expected to TOP in August 2017.

Source : PropertyGuru – 23 Apr 2013

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