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SM wants distinctive S’pore with affordable property

Posted on 6 Nov 2009 | Comments Off

Even as it competes with the best, it must not price itself out of the market

Senior Minister Goh Chok Tong yesterday painted his vision of Singapore as a vibrant, green and harmonious city for the next 25 years. He also underlined the importance of keeping property prices reasonable to achieve this dream.

Happy 50th anniversary: (from left) Mr Philip Ng of Far East Organization; Mr Simon Cheong, Redas president; SM Goh; Minister for National Development Mr Mah Bow Tan and Mr S Dhanabalan, Temasek chairman

Rents for businesses have to be competitive with those in other financial hubs such as Hong Kong and London, he said. And to offer companies more flexibility, Singapore must also have not just Grade A offices in the central business district but also cheaper space at the fringe of the city centre.

‘My vision for Singapore is for it to be ‘a distinctive city, a harmonious home’,’ Mr Goh said at a gala dinner commemorating the 50th anniversary of the Real Estate Developers’ Association of Singapore (Redas).

Singapore has progressed rapidly, transforming from a poor country with crumbling houses to a vibrant city with iconic buildings, he said.

But he emphasised that with globalisation, Singapore needs to benchmark itself against the best in the world and become one of the most liveable cities. Its competitive advantages in drawing talent and investments – such as its pro-business policies and clean environment – are quickly being eroded as other cities adopt similar strategies.

Mr Goh said Singapore can be distinctive by offering ‘the liveability of a garden city and the conveniences of a compact city’.

At the same time, Singapore can be economically vibrant yet environmentally sustainable, he said. It can build a resource-efficient economy, rely more on public transport and have more Green Mark-certified buildings. Continue reading →

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Posted in Property Market / Real Estate, Property Price

Tagged Singapore Property, Singapore Property Market, Singapore Property Prices

Newton One apartment hits $1,676 psf

Posted on 29 Oct 2009 | Comments Off

There was a flurry of activity in the Newton Road area, with five transactions of between $1,100 and $1,676 psf carried out from Sept 25 to Oct 2, according to caveats lodged with URA Realis. The highest psf transacted price for that week was seen at a 1,216 sq ft, 10th-floor apartment at Newton One — it was sold for $2.038 million or $1,676 psf. Another transaction that took place in the same tower was for a 21st-floor, 1,808 sq ft apartment that changed hands for $3.028 million ($1,675 psf).

PDF Version Property transactions with contract dates from Sep 25 18 to Oct 2

Newton One, a 91-unit freehold luxury condominium project by Lippo Group, received its TOP just a few months ago. It was launched in mid- 2006 at $1,200 to $1,250 psf, which was considered a new price benchmark in the Newton area at a time when most developments there were fetching around $1,000 psf.

The two sellers at Newton One must be pretty pleased with their sale. The owner of the two-bedroom 1216 sqft apartment on the 10th floor purchased it from the developer in July 2006 for $1.36 million, or $1,122 psf. He enjoyed a 49% price appreciation from the transaction.

Meanwhile, the owner of the three-bedroom 1,808 sq ft apartment on the 21st floor who sold the unit at $1,675 psf, purchased it in a sub-sale in May 2007 for $2.72 million ($1,504 psf). The previous owner had purchased the unit during its launch in July 2006 for $2.235 million or $1,236 psf. Continue reading →