Tag Archives: residential property

Super prime home sales value to rise 27%

Posted on 3 May 2013 | Comments Off on Super prime home sales value to rise 27%

The value of residential property purchases worth more than US$15.5 million (S$19.18 million) in London, New York, Hong Kong and Singapore is expected to rise by 27 percent in the next five years, according to a report.

Produced by British luxury developer Candy & Candy, Savills and Deutsche Bank, the study looked at ultra-prime property markets in these four cities and their outlook.

Collectively, these areas saw over 300 residential property transactions worth more than US$15.5 million (S$19.18 million) last year, according to Savills.

Overall, transaction value surpassed US$10 billion (S$12.37 billion) in 2012. But by 2017, the number of transactions in this category is expected to reach 400 annually with a combined worth of at least US$13 billion (S$16.08 billion).

The report also looked at the surge in the number of ultra-high-net-worth individuals (UHNWI) and how they will affect demand for super-prime homes in the four cities.

“By 2017, the UHNWI population is expected to have increased by 20 percent and their wealth by 30 percent,” said Nick Candy, CEO of Candy & Candy.

“A trophy ‘safe haven’ property in a global city is typically at the top of the shopping list for wealthy individuals, and their continuing appetite for such investment is expected to exert even greater influence over global property markets in the next few years.”

The report added that global wealth is forecasted to increase to US$150 trillion (S$185.6 trillion) by 2017. Meanwhile, the number of billionaires rose by more than 10 percent in 2012, while their fortunes grew by 14 percent.

Source : PropertyGuru – 2013 May 3

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Posted in Luxury Property, Property Market / Real Estate

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Property owners, managing agents must rely on contract

Posted on 15 May 2012 | Comments Off on Property owners, managing agents must rely on contract

The working relationship between property owners and their managing agents is ultimately based on a contract, Minister for National Development Khaw Boon Wan said in a written response to a parliamentary question from Aljunied GRC MP Sylvia Lim on Monday.

Ms Lim had asked how the government safeguards the interests of consumers of property managing agent services.

Mr Khaw said most consumers of residential property managing agent services live in HDB estates.

In such instances, the town councils ensure agents do their job properly and safeguard the residents’ interests.

For those in strata housing, property owners have a choice in hiring their own maintenance teams, or engaging the services of a third-party managing agent based on their expected service level and budget.

Mr Khaw said the industry is well developed with more than 100 companies offering such services, giving property owners an adequate pool to choose from.

Ms Lim had also asked why the Singapore Standard on the performance of managing agents for strata residential properties was withdrawn.

But Mr Khaw said the Singapore Standard was developed to help raise the professionalism of managing agents for strata residential properties.

He said the emphasis was on the contractual obligation between a strata residential property management corporation and the managing agent, not on the managing agent’s work performance.

In April 2011, the Association of Property and Facility Managers (APFM) and the Singapore Institute of Surveyors and Valuers (SISV) jointly worked out a similar agreement for the appointment of managing agents.

The standard was withdrawn with the consensus of the industry.

Source: CNA – 15 May 2012

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Posted in CEA, Landlord

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