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Ripe pickings

Posted on 9 Jul 2012 | Comments Off

Usually, a property in Singapore’s Districts 9, 10 and 11 would cost an arm and a leg.

However, with new launches in the suburbs commanding a higher per sq ft pricing, it has made prime properties affordable in comparison. In fact, the second quarter witnessed resale activity taking place again in prime areas after the doldrums post-ABSD.

What is causing this strange market dynamics?

Firstly, there was a slight drop in pricing in districts 9, 10 and 11 as transactions took a dive for a while as investors retreated from the market after the ABSD was implemented.

Secondly, CapitaLand’s Sky Habitat launch has had a lifting up effect on prices in the suburbs with other developers now following suit.

Sky Habitat managed to shift units despite the steep pricing of around S$1,700 (US$1,337) to S$1,800 (US$1,415) per sq ft. This price range is similar to what resale properties in prime areas would be asking for. In fact, if you were to look a little closer and do some homework, you can get distressed assets in prime areas for around S$1,400 (US$1,100) per sq ft.

This anomaly makes in an incredibly attractive preposition for cash rich investors to look into buying a completed property in prime areas rather than wait three years for a new one to be completed in the suburbs. It appears that Orchard and other prime areas are now blossoming.

Source: PropertyReport – 2012 Jul 9

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Posted in Property Market / Real Estate

Tagged ABSD, additional buyer’s stamp duty, Capitaland, Singapore Property, Singapore Real Estate, Singapore Residential Property, Sky Habitat

Ultra-luxurious homes of Sentosa Cove

Posted on 7 Jul 2012 | Comments Off

Home to well-known people like celebrity hairstylist Addy Lee and City Harvest Church pastor Kong Hee, Sentosa Cove is a quiet and serene enclave, exuding luxury and exclusivity. Residences at Sentosa Cove are the only ones in Singapore where owners can berth their yachts in their own backyard.

Sentosa Cove at a glance

Total land area 117 ha (equivalent to 145 football fields)

Leasehold: 99 years

Number of homes

By 2014, 2,160 homes, comprising a mix of ocean-front villas, waterway bungalows, hillside mansions, terraces and condominiums, are expected to be completed.

The North Cove has been fully developed. In the South Cove, another 34 landed units are expected to be built.

In addition, two new condominiums – Seven Palms and The Pinnacle – are under construction and slated for completion in two years.

Number of residents: About 4,500.

Profile of homebuyers

From January last year to the present – 48 per cent are Singaporeans or permanent residents, down from 64.1 per cent, who bought between 2005 and 2007.

– 48 per cent are foreigners, up from 25.3 per cent from 2005 to 2007.

– 3.9 per cent are companies, down from 10.4 per cent from 2005 to 2007. Yacht owners

15 per cent of waterway households own yachts which are berthed in their backyards. Some residents also berth their boats at ONE°15 Marina Club.

How much per sq ft?

Landed property: $2,134.50 as of Q1 this year, up from $1,574.56 in 2009.

Non-landed property: $2,418.33 as of Q1 this year, up from $1,691.09 in 2009.

Most expensive landed property sold

What: A 16,000 sq ft detached house on Cove Drive. It is said to have five bedrooms and an entertainment room.

When: February

How much: $39 million .

Who: Previously owned by Citi Private Bank chairman Deepak Sharma and his surgeon wife, Dr Susan Lim. It was sold to Mr Shael Oswal, a 33-year-old Indian mining mogul.

Most expensive non-landed property ever sold

What: A unit at Turquoise Condominium

How much: Sold for $18 million

When: December 2007

In the first three months of this year, only five units changed hands. Last year, 79 units changed hands, down from 203 units in 2010 and 169 units in 2009.

Source : Stomp – 2012 Jul 7