Residential

Allgreen Properties Ltd to launch River Valley Condo

Allgreen Properties Ltd is launching River Valley Residences, the 999-year project with 248 units in District 10 at River Valley Road, at the end of August. The project includes one-bedroom to four-bedroom units and penthouses, with prices likely to be between $2,100 psf and $2,300 psf. Marketing agent DTZ said 85 percent of the available units will be compact units below 850 sq ft. One-bedroom units start from 419 sq ft; while two, three and four-bedroom units are between 678 sq ft and 1,270 sq ft. Penthouses are between 796 sq ft and 1,539 sq ft. The variety of apartment types and a comprehensive set of facilities provides RV Residences with the versatility to reach out to a broad market, from singles looking for a compact living space, to nuclear and extended families.

(Source: Business Times)

GCB at Chancery Lane on sale for $39m

A one-storey freehold Good Class Bungalow (GCB) at Chancery Lane is on the market for around $39 million, or about $1,630 psf based on its land area of 23,932 square feet, subject to offers. This shows a sign of more interest in the area with significant sales in recent months.  The house, which is located within the Bukit Tunggal GCB enclave near Novena and Newton MRT stations, is an old house built in the 1980s and hence is expected to be redeveloped. The site is also within a short distance of Mt Pleasant MRT station which is part of the Thomson Line, due in 2021. The vicinity’s schools include Anglo-Chinese Primary School, St Joseph’s Institution, and Singapore Chinese Girls’ School.

(Source: Business Times)

Sharp drop in approvals for PRs to buy landed homes in Singapore

The number of approvals granted to permanent residents to buy landed homes on mainland Singapore has dropped greatly, following the authorities’ tighter eligibility criteria in 2011 to ensure scarce properties remain the primary preserve of Singapore citizens. According to the Singapore Land Authority, the number of such approvals decreased from 145 in 2010 to 117 in 2011 to just 31 last year (the first full year after the tightening). In the first half of 2013, only six applications were accepted. About two-thirds of approved applicants are married PR couples with children who are also PRs. Where these couples have sons of National Service-eligibility age, the sons are serving or have served NS. In October 2011, Law Minister K Shanmugam had indicated that the number of approvals given to PRs to buy landed homes would fall by more than half to no more than 50 per year.

(Source: Business Times)

Home prices could fall with oversupply expected

According to Kwek Leng Beng, executive chairman of City Developments, the Singapore residential sector could expect some oversupply from next year unless the global and domestic economies rebound strongly and curbs on foreign buyers for private residential property are reviewed. It was reported that private home prices could drop 5 per cent from now till next year if all the cooling measures remain intact. Mr Kwek said he did not believe that the market would collapse, but it could go down. He also said the government may possibly remove some of the cooling measures by 2015, because “90.2 percent of Singaporeans own property and it is not their intention to crash the market”.

(Source: Business Times)

Academic paper supports housing curbs for PRs, foreigners

An academic paper of authors from the Singapore Management University (SMU) and Savills Singapore supports the curbs on housing ownership and investments by permanent residents (PRs) and foreigners to manage demand in the property market. The paper also includes suggestions on how some of these policy tools might be expanded for better tamping down demand and runaway property prices. For example, making it mandatory for foreigners to seek permission to purchase housing and the tweaking of existing property tax structures could be effective in discouraging foreign and multiple-unit residential ownership.

(Source: Business Times)

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