Tag Archives: Singapore Property Prices

Asian banks move to avoid property bubble

Posted on 8 Oct 2009 | Comments Off on Asian banks move to avoid property bubble

Central banks and regulators across Asia are moving to prevent property price rises spiraling out of control by due to growing fears of property bubbles forming.

The Singapore property and South Korea property sectors have already been affected by tighter borrowing rules over the past month, while media reports suggest that the India property market is set to follow suit. China and Hong Kong have also warned banks to avoid reckless lending to homebuyers.

“This is a positive, albeit tentative, sign that Asia has learnt from the experience of the west,” said Rob Subbaraman, chief Asia economist at Nomura. “It is prudent to lean against the formation of asset price bubbles.”

Property values in several countries in Asian, especially Hong Kong and Singapore, have appreciated dramatically in recent months, due to greater residential demand on the back of record low interest rates.

One of the greatest property price rises in Asia has been recorded in Singapore, where the average price of a home rose by 16% in the third quarter of this year compared to the preceding quarter. The Singapore government has now moved to pre-empt any speculative bubble from forming by abolishing two bank lending schemes that had allowed buyers to defer mortgage payments on uncompleted developments.

Source : homesoverseas – 7 Oct 2009

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Posted in Loan / Mortgage / Finance, Property Market / Real Estate

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Luxury apartments for $7 million

Posted on 2 Oct 2009 | Comments Off on Luxury apartments for $7 million

Guide to apartment, condo and landed property deals

Property transactions with contract dates from Aug 24 to Sep 4 2009

Done Deals

In the latest caveats for the week of Aug 28 to Sept 4, there were four transactions for apartments in the $7 million range, mainly for existing freehold projects in the luxury prime districts of 9 and 10.

One is a 3,477 sq ft second-floor unit at the 32-year-old Nassim Mansion, a luxury freehold 72-unit development on Nassim Hill in a neighbourhood of Good Class Bungalows. It was sold for $7.5 million ($2,157 psf), according to a caveat lodged with URA Realis on Sept 3. The previous owner had purchased it for $7.45 million ($2,143 psf) just two years ago, according to a transaction in May 2007. The owner who had sold him the unit made a 58.5% gain as he had purchased it just a year earlier for $4.7 million ($1,352 psf). The seller himself had made a 68% gain as he in turn had purchased it for $2.8 million ($805 psf) in September 2001. This apartment has changed hands four times in eight years.

At Ardmore Park, which is still the bellwether for luxury projects, resale prices are once again at the $2,500 psf level. Most recently, a sixth-floor unit was sold for $7.2 million ($2,496 psf). This unit last changed hands in early 2007 for $6.3 million ($2,184 psf), thus providing the seller a 13.89% gain in over two years. The first owner bought the project at launch in 1997 for $5.14 million ($1,783 psf). Continue reading →

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Posted in Luxury Property, Property Market / Real Estate, Property Price

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