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Private home prices spike

Posted on 17 Sep 2009 | Comments Off

A NEW report from property consultancy firm CB Richard Ellis (CBRE) shows that prices of private, non-landed homes have risen sharply since July.

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An analysis of caveats lodged by home buyers in the third quarter up to Tuesday indicates that the median price of such new homes with a 99-year lease jumped 16.5 per cent to $769 per sq ft (psf), from $660 psf in the second quarter.

For freehold homes or those with a 999-year lease, median prices hiked an even more dramatic 30.8 per cent to $1,241 psf in the third quarter, compared with $949 psf in the second.

CBRE’s analysis shows that buyers were willing to commit to homes with larger price tags during the quarter in question. They paid a median, or mid-range, price of $916,000 for new 99-year leasehold homes during the third quarter – up 11 per cent from $824,967 in the second.

And the increase in total price paid for property is more marked in the freehold homes category, which was left reeling by the global financial crisis. Buyers paid a median price of nearly $1.4 million in the third quarter – up 32.2 per cent from $1.06 million in the second. This latest median price is almost double the first quarter’s $734,500.

Resale prices also rose, but at a slower pace. In the sub-sale market, 99-year leasehold homes sold for a median $1,032 psf in the third quarter. This represents a near 19 per cent rise from $869 psf in the second. Continue reading →

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Marina Bay Residences hits $2,500 psf

Posted on 14 Sep 2009 | Comments Off

In the Marina Bay area, transactions at Marina Bay Residences have once again reached stratospheric levels, with prices returning to levels seen in 2H2007. Sub-sales of units at Marina Bay Residences have steadily crept up from a low of $1,433 psf in April to a high of $2,500 psf last month. This is the highest price per square foot achieved not just in 2009 but since May last year, when a 3,961 sq ft penthouse on the 52nd floor changed hands for $10.7 million, or $2,700 psf.

The 55-storey, 428-unit luxury residential tower is part of the first phase of the Marina Bay Financial Centre (MBFC), a multi-billion-dollar mixed-use development jointly built by the consortium of Keppel Land, Hongkong Land and Cheung Kong (Holdings). When the 99-year upmarket condominium first previewed in December 2006, all the units were snapped up at an average price of $1,850 psf within days without the need for an official launch.

Marina Bay Residences is scheduled to be completed in mid-2010, and as the completion of the Marina Bay Sands integrated resort nears, and interest mounts, prices have naturally also increased.

Most recently, a 1,227 sq ft, 50th level unit at the condominium was sold for $3.07 million, or $2,500 psf. According to caveats lodged with URA Realis, the seller of the apartment had purchased the two bedroom unit at the launch three years ago and paid $2.71 million ($2,205 psf) for it.

On the 51st level, a 1,130 sq ft apartment was recently sold for $2.71 million ($2,400 psf). This is the second time the unit has changed hands in a sub-sale. The last time it happened was in July 2007, when it was sold for $2.49 million ($2,200 psf). The original buyer of the unit paid $2.07 million ($1,835 psf) when the project was first rolled out. Continue reading →