Tag Archives: shoebox apartments

Singapore home sales reach new high

Posted on 15 May 2012 | Comments Off on Singapore home sales reach new high

Shoebox apartments in Singapore helped private home sales reach a new record during the first quarter.

Private home prices fell 0.1 per cent in the first quarter as government measures to cool the residential sector took effect.

Khaw Boon Wan, Minister for National Development told parliament the market will have to be watched closely

“The market is a lot cooler than it was say one year ago, although there are little pockets of hot activities particularly in the mass market with the emergence of shoebox units. We will continue to be very vigilant, closely monitoring the situation. Clearly, the market is (heading) towards a soft landing but we have not landed yet. So stay seated with your buckle on,” he said

Shoebox units are popular sellers in the suburbs. They are around 500 square feet and remain popular because of their relative low cost according to Reuters.

Source: PropertyReport 15 May 2012

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Strong week for private home sales

Posted on 8 May 2012 | Comments Off on Strong week for private home sales

Approximately 325 new private homes were sold over the past week, amid property launches and rock bottom interest rates.

67 units were sold at Far East Organization’s 338-unit SeaHill in West Coast Link, taking total sales to 185 units since it was launched last month. Homes at the 99-year leasehold project were sold for an average of S$1,329 psf.

Far East also saw 34 more units taken up at the Hillsta in Choa Chu Kang, Silversea along East Coast and euHabitat in Eunos.

Meanwhile, MCL Land sold 27 homes at the 679-unit Ripple Bay in Pasir Ris, bringing total sales to 532 units at an average price of S$870 psf.

At the same time, over 200 units at Eight Riversuites in Whampoa East were sold at a private preview over the weekend. The 99-year leasehold project has an average selling price of S$1,400 psf, inclusive of the five percent early-bird discount.

The strong results mean that private home sales in Q1 have set a new quarterly record, with 6,682 homes sold. A big number of units sold were smaller units or shoebox apartments measuring 500 sq ft or less.

Mohamed Ismail, Chief Executive Officer of PropNex Realty, believes the sustained sales momentum reflects a strong appetite for new and reasonably priced projects located in strategic areas. In addition, he anticipates sustained healthy demand in the next one to two quarters.

Source: PropertyGuru – 8 May 2012

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Posted in New Launches, Property Market / Real Estate, Property Price

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