Tag Archives: Singapore Property

More housing projects in the pipeline

Posted on 19 May 2011 | Comments Off on More housing projects in the pipeline

Developers continued to launch new projects in May, after witnessing a 29 percent month-on-month increase in private home sales last month.

Two new housing projects are set to be released this week — Belysa, an executive condo (EC) project in Pasir Ris, and Terrasse, a private condo development in Hougang. Both projects have a leasehold tenure of 99 years.

The Belysa project comprises a 16-storey block and two 18-storey blocks. It features a three-bedroom 829 sq ft compact unit, with prices starting from S$574,000. It also includes a 1,335 sq ft four-bedroom apartment priced from S$882,000, while a four-bedroom suite, the most expensive unit in the development, costs S$952,000.

An experienced real estate consultant described the project’s S$670 psf average price as within his expected range, given that the project does not include compact units, which can be sold for a higher psf price.

Meanwhile, Terrasse will be launched later this week at an expected average price of around S$950 psf. The five-storey project will comprise 414 units, including one- to four-bedroom apartments, five-bedroom penthouses and 15 garden duplex units (extended across the ground and basement levels).

In addition, Soilbuild Group will be soft launching North Spring BizHub at Yishun Industrial Street 1 on 23 May. The seven-storey general and light industrial development will provide direct vehicular access to every level, for containers up to 40 feet in length.

The 60-year leasehold project will include 454 units ranging between 1,507 sq ft and 36,511 sq ft, with prices starting from S$478,000, or approximately S$311 psf.

Colliers International said that the units are suitable for businesses from general, light and clean industries, including printing and publishing, R&D, warehousing, engineering and manufacturing.

Source : PropertyGuru – 19 May 2011

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Posted in Developers, New Launches

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High-end homes may see build-up in sales

Posted on 19 May 2011 | Comments Off on High-end homes may see build-up in sales

Demand in luxury homes seems to be creeping back, if last month’s new private home sales figures and reports of a fresh jaw-dropping record sale price are anything to go by.

A four-bedroom unit at SC Global’s The Marq on Paterson Hill recently sold at $17.5m, a record-breaking $5,842 psf – surpassing the previous high of $5,600 psf at The Orchard Residences in October 2007.

A total of 15 non-landed homes priced at $3,000 psf and above were sold in April – the highest number since December, when more than 60 units of Robinson Suites were sold in this price range, Savills said.

These included properties in Scotts Square, Alba, The Orange Grove and Tomlinson Heights.

Market experts say these sales might provide early signs of a comeback by high-end homes, where prices have struggled to recover to levels recorded during the boom in 2007.

The high-end segment must be monitored closely for the next few months before any trend can be firmly established, they add.

Kim Eng said in an analyst report that only three ultra-luxury projects – The Ritz-Carlton Residences, The Orchard Residences and The Marq on Paterson Hill – have achieved unit prices of more than $5,000 psf.

‘The latest above $5,000 psf transaction will certainly get the attention of high-end developers that are currently holding back on new project launches,’ the report added.

‘It might well be the tip of the iceberg, as we could see more sales breaking above the $5,000 psf mark.’

Cushman & Wakefield Singapore vice-chairman Donald Han noted that while he is confident that the high-end segment will do ‘fairly well’ for the rest of the year, not all projects can expect to set new benchmark prices.

The record price is likely an exception and limited to certain units and specific developments, he added.

‘But Singapore continues to be a sweet spot for investors with its robust economy and political stability… These factors look good to foreigners who contribute to the high-end activity here, making up 60 to 65 per cent of the segment above $3,000 psf,’ he added.

Experts also noted that some of the posh apartments sold last month – such as at Nassim Park Residences, The Orchard Residences and The Orange Grove – are already completed.

This could have encouraged sales since buyers of expensive apartments might prefer seeing the finished product before making a purchase decision.

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Posted in Luxury Property, Property Market / Real Estate

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