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Median non-landed subsale price rises 18%

Posted on 27 Aug 2009 | Comments Off

THE median subsale price of non-landed private residential properties increased 18.1 per cent from $813 psf in Q1 this year to $960 psf in Q2, an analysis of caveats by DTZ shows. It attributed the increase to more higher-end properties transacted in Q2 as well as price appreciation in the quarter.

The most popular subsale project in the April to June 2009 period was Rivergate, with 105 units changing hands – or nearly a fifth of the total 545 units in the freehold project located in the Robertson Quay area. The project obtained Temporary Occupation Permit in Q1.

Rivergate’s median subsale price increased from $1,200 psf in Q1 2009 to $1,400 psf in Q2. Caveats for subsales in July and August are starting to stream in and the deals have been done at prices ranging from $1,400 to $1,775 psf, or a median price of $1,600 psf.

The next most popular subsale project in Q2 was City Square Residences at Kitchener Road – with 57 deals done at a median price of $893 psf, up 13 per cent from the $791 psf median price on 43 units transacted in the first quarter. In July to August, three units at the freehold condominium were sold, at prices ranging from $1,000 psf to $1,104 psf. Continue reading →

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Posted in Property Market / Real Estate, Property Price

Tagged Market Report, Property Price, Singapore Property Market, Singapore Real Estate, Subsale, Subsale Market, Subsale Prices

Homes of over $1.5m cut bigger slice of Q2 deals

Posted on 27 Aug 2009 | Comments Off

They make up 22% of total transactions, compared with 10% a quarter earlier

Improved sentiment in the private residential sector has filtered from the mass market to the upper tiers in the second quarter of this year, an analysis of caveats shows.

The proportion of caveats in Q2 for private housing transactions above $1.5-million was bigger than in Q1.

A study by DTZ shows that 22 per cent of transactions in Q2 were for deals above $1.5 million, compared with just 10 per cent in Q1.

Also, the number of transactions in the $1,500-1,999 per square foot (psf) range jumped more than 10 times, from 34 units in Q1 to 369 in Q2. And the number of deals for units costing $2,000 psf or more rose from just 10 in Q1 to 67 in Q2.

Another indicator of activity spreading to the higher end of the market is that a quarter of caveats lodged in Q2 were for properties in the prime districts 9,10 and 11, up from 14 per cent in Q1.

Buyers with private addresses accounted for 56 per cent of private home purchases in Q2, up from 44 per cent in Q1. This reflects a spillover of buying from the mass market to the upper tiers, DTZ said.

Conversely, HDB upgraders’ share of caveats lodged for private home purchases slipped from 56 per cent in Q1 to 44 per cent in Q2. Continue reading →