Condo launching in Pasir Ris, price likely at S$900 psf

Posted on 16 May 2013 | Comments Off on Condo launching in Pasir Ris, price likely at S$900 psf

Stratum, a near residential development along Elias Road in Pasir Ris will be launched this Saturday (18 May).

Offering a resort-style concept, the 380-unit project comprises apartments ranging from studios to five-bedroom units and penthouses. Dual-key homes will also be available.

Developed by Elitist Development, the condominium will also come with full facilities including two large swimming pools, a gymnasium, tennis court and floating cabanas.

According to marketing agent HSR International Realtors, Phase 1 will likely be offered at an average psf price of S$900.

Alan Tan, Head of Local Projects at HSR, noted: “As Government Land Sales (GLS) bids for city fringe residential land parcels crossed S$1,100 psf ppr (the most recent being at Kim Tian Road, was priced at S$1,162 per plot ratio), it is inevitable that the prices of future residential projects would be launched at even higher price points in line with an overall increase in property prices. Pasir Ris’ private housing is affordable now, but not for long.”

Responding, Elaine Chow, Research Head at HSR, said: “We have conservatively assumed (in tandem with an economic outlook) that there will be a two percent to five percent increase in prices on a year-on-year basis. But even with this estimate, the median price for new private residential projects in Pasir Ris will certainly breach the S$1,000 psf by end-2013, if not earlier.”

Source – PropGuru – 16 May 2013

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Surcharge for second car owners being considered

Posted on 16 May 2013 | Comments Off on Surcharge for second car owners being considered

Those who wish to buy more than one car in Singapore may need to fork out more cash on top of their Certificate of Entitlement (COE) in future.

The government is considering imposing a surcharge for the second car onwards – owned by the same person.

The move aims to better spread car ownership more evenly, given the limited COE supply.

If implemented, the surcharge will not apply to existing multiple car owners.

Buyers of mass-market cars who are currently competing for COEs in Category A with buyers of luxury cars may also see some relief.

The government is looking at factoring engine power as a way to better delineate Category A from Category B to improve the COE system.

In 2012, models that are commonly viewed as higher end options such as Mercedes Benz, Audi and BMW, made up more than one-third of category A registrations, compared to less than seven per cent in 2010.

The government will begin seeking views from the public and motor dealers on the possible changes next month.

The process will likely take about two to three months.

Source – CNA – 16 MY 2013

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