Tag Archives: Oei Tiong Ham Park

Govt measures cool landed homes market

Sales of landed properties in Singapore have fallen in the last few years as a result of the government’s cooling measures, according to analysts.

Landed homes comprise approximately five percent of all residential properties in Singapore. As such, these units are highly-sought-after by buyers and investors due to their scarcity.

Despite this, the sales value and transaction volume of landed properties have been falling in recent times.

In 1H2013, the total number of transactions in this segment fell by 49 percent to 737 units compared to the same period a year ago. This also translates to a significant 67 percent decline compared to the first half of 2011, noted HSR Property Consultants.

Total sales also fell more than 70 percent in the first half to nearly S$500 million.

Moving forward, sales are expected to slow further due to the new mortgage rules introduced by the central bank. Nonetheless, Knight Frank feels that prices in this segment will stabilise, with a one to two percent year-on-year gain by end-2013.

And while most purchases of landed homes are by high-net-worth individuals, one in five own HDB flats.

“This year, we have a HDB addressee who bought a property located in Windsor Park, Upper Thomson. He spent about S$25 million and that transaction was done sometime in January this year,” said Donald Han, Special Adviser at HSR.

“One of the second highest transactions from that base was Oei Tiong Ham Park. It was bought by another HDB buyer at a price of S$20 million in April this year.”

Source – PropertyGuru – 4 Jul 2013


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