Property Market / Real Estate | Lush Dream Home

Category Archives: Property Market / Real Estate

Govt asked to release more land sites in less central areas

Posted on 2 Oct 2009 | Comments Off

Property developers in Singapore are calling for the government to release more land sites in less central areas so that they can build more affordable mass market homes.

On the sidelines of a lunch hosted by the Real Estate Developers’ Association of Singapore (REDAS) on Friday, industry players said demand for private homes will continue to rise and push up prices.

It said most of the recent residential sites released for tender have been in “hotspot” areas. These are places located near MRT stations and other neighbourhood amenities, and cost more than those located further away.

REDAS has since requested for the Urban Redevelopment Authority to release a more even spread of sites.

Simon Cheong, president of REDAS, said: “There is an adequate number of sites now, to be honest. But perhaps in the next confirmed list, we’ll have sites that are more spread out across the island for developers to pick from.

“Land that is not in an MRT area or in a ‘hotspot’ probably would have a lower price, so the developer would have a better choice for homebuyers. In other words, more affordable land for developers will mean more affordable products for the consumers.” Continue reading →

Comments Off on Govt asked to release more land sites in less central areas

Posted in Developers, Property Market / Real Estate

Tagged Land Sales, Singapore Property, Singapore Property Market

Luxury apartments for $7 million

Posted on 2 Oct 2009 | Comments Off

Guide to apartment, condo and landed property deals

Property transactions with contract dates from Aug 24 to Sep 4 2009

Done Deals

In the latest caveats for the week of Aug 28 to Sept 4, there were four transactions for apartments in the $7 million range, mainly for existing freehold projects in the luxury prime districts of 9 and 10.

One is a 3,477 sq ft second-floor unit at the 32-year-old Nassim Mansion, a luxury freehold 72-unit development on Nassim Hill in a neighbourhood of Good Class Bungalows. It was sold for $7.5 million ($2,157 psf), according to a caveat lodged with URA Realis on Sept 3. The previous owner had purchased it for $7.45 million ($2,143 psf) just two years ago, according to a transaction in May 2007. The owner who had sold him the unit made a 58.5% gain as he had purchased it just a year earlier for $4.7 million ($1,352 psf). The seller himself had made a 68% gain as he in turn had purchased it for $2.8 million ($805 psf) in September 2001. This apartment has changed hands four times in eight years.

At Ardmore Park, which is still the bellwether for luxury projects, resale prices are once again at the $2,500 psf level. Most recently, a sixth-floor unit was sold for $7.2 million ($2,496 psf). This unit last changed hands in early 2007 for $6.3 million ($2,184 psf), thus providing the seller a 13.89% gain in over two years. The first owner bought the project at launch in 1997 for $5.14 million ($1,783 psf). Continue reading →