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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Enticing showflats attract more buyers, say experts

Posted on 27 Jul 2012 | Comments Off on Enticing showflats attract more buyers, say experts

Developers are aware that aside from a good location, an attractive showflat can also lure buyers into acquiring a property.

“Generally, the showflat is the primary marketing tool for developers to promote their new condominium,” said Elson Poo, General Manager of Marketing and Sales at Frasers Centrepoint Homes.

Albert Foo, General Manager of Marketing at Keppel Land, said: “Showflats are modelled closely after actual units.”

“The interior design styling, fittings and finishes also mirror the actual product. There are clear indications where modifications have been made to the showflat or when a particular product is not included in the purchase,” added Foo.

According to Joyce Sng, Assistant General Manager of product development at UOL Group, building showflats within the development site provides buyers with a clearer picture of the actual property as well as attributes of its surroundings.

Developers usually hire interior designers to carry out their design plans for the showflat and one or more firms can be involved depending on the number of showflats needed.

Sng said that in order to meet the needs and aspirations of customers, “we select interior designers based on the target customer segment”.

“To nail the interior design that exudes the lifestyle we envisage, communication with the designer is key. Once the interior designer understands our product positioning, we usually give him the free hand to unleash his creativity,” she added.

Developers and interior designers do no usually disclose the cost of showflats. As a general guide a two-bedder costs around S$90,000 to S$120,000 while a four-bedroom apartment showflat can range from S$120,000 to over S$400,000.

For some projects, developers have even created an outdoor setting to attract potential buyers, just like Frasers Centrepoint Homes’ Soleil@Sinaran showflat which comes with a spa pavilion complete with aromatherapy oils and massage beds to make it more realistic.

Source : PropertyGuru – 27 Jul 2012

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