Tag Archives: Singapore Real Estate

S’pore property picking up

Posted on 5 Aug 2009 | Comments Off on S’pore property picking up

New mega projects, government support to help revive sector

The property market in Singapore is showing signs of recovery after the global financial meltdown and analysts as well as developers are optimistic this uptrend will continue, especially with the government’s strong support.

The latest CB Richard Ellis Market View Report showed that property transactions in the republic peaked to about S$54bil in 2007.

It tumbled by about 66% to S$18bil in 2008 – impacted by the global financial crisis – before plummeting to insignificant levels of transactions in the first quarter this year.

However, the report also indicated that the property sector may have bottomed out, going by the investment transactions worth several billion dollars in the second quarter compared with the first quarter.

The report also showed that the pace of rental drop had eased as stability in the market returned, especially in office space, while pent-up demand for residential sector was seen in the mass market, mid-tier and prime segments.

There was also a significant increase in the volume of resale homes and sub-sales in the secondary market of the residential sector.

But the industrial sector remained sluggish with a slow rate of decline in rental and capital appreciation.

The retail sector showed new supply and new concepts that spelt an exciting era for businesses.

Raffles Quay Asset Management Pte Ltd (RQAM) general manager Wilson Kwong said the company was seeing some early signs of recovery in the property sector and the momentum should improve going into 2010. Continue reading →

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Posted in Property Market / Real Estate, Sentosa Property

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Property fund snaps up 21 condo units for $65m

Posted on 4 Aug 2009 | Comments Off on Property fund snaps up 21 condo units for $65m

Other big-ticket transactions could rev up investment sales in second half

IN one of the first bulk sales of apartments since the economic crisis unfolded last year, a property fund is understood to have purchased the remaining 21 units at Sui Generis condo at Balmoral Crescent for $65 million.

The price works out to about $1,260 per square foot on average. The units are said to be located throughout the freehold project, which is slated for completion around the second quarter of next year. The condo comprises three blocks – seven, nine and 12 storeys high. It is being developed by a joint venture involving United Engineers and Kajima.

CB Richard Ellis is understood to have brokered the latest sale, but it declined to comment on the transaction.

Market watchers commented, however, that $1,260 psf average price for the latest deal is about half the average price of about $2,460 psf achieved for the earlier 19 units in the 40-unit development that were sold in 2007 and 2008 at prices ranging from $1,991 psf to $2,717 psf. Continue reading →

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