Residential

Analysts: 69% month-on-month fall in private home sales in August was expected

According to market experts, the 69% fall in private home sales month-on-month in August was expected due to the launch of a massive project, High Park Residences, in July. In August, 495 private residential units were sold, down from the 1,611 units sold in the previous month. According to the Business Times, 72% of the private residential units sold in August were in the suburban area where 82% of the new units were launched. Market experts also predict that there will be a buying inertia as property cooling measures may not be lifted so soon. Desmond Sim from CBRE said that the sales in August suggest that there is underlying demand for projects. On the other hand, Alice Tan from Knight Frank said that the Hungry Ghost Festival was not the key factor that affected sales. Pricing and the anticipation of further price adjustments may have played a bigger role in dampening sales.

(Source: Business Times)

Colliers International Auction will feature several landed residential properties

To be held on 30 September 2015, the Colliers International Auction will feature several landed properties. One of them is a 13,844 sq ft freehold single-storey bungalow that is located at Branksome Road. According to Grace Ng from Colliers, the site may be redeveloped into either two detached houses or a detached house and a pair of semi-detached houses. The bungalow has an indicative pricing of $15-17 million or $1,084-1,228 psf based on land area. Another landed property located at Lengkok Merak has also been put up for sale. The property has a freehold land area of 4,630 sq ft and has an indicative pricing of $8.9-9.3 million. Other landed properties that will be put up for sale at the auction include a three-storey freehold semi-detached house at Lucky Crescent and a freehold semi-detached house at Toh Avenue.

(Source: Business Times)

Market experts call for re-examination of cooling measures

Augustine Tan, president of the Real Estate Developers’ Association of Singapore has asked for a re-examination of the various cooling measures. He believes that if current property trends persist, the cooling measures would increase the risk to the real estate market and economy. Tay Kah Poh from Knight Frank added that he believes the HDB sector had already stabilised. Teo Hong Lim from Roxy-Pacific Holdings believes that the first measure to be removed should be the seller’s stamp duty as it is punitive for those who want to sell their property and downgrade. The Ministry of National Development has responded by saying it will continue to monitor the market and make adjustments accordingly.

(Source: Business Times)

Commercial

Joo Chiat Road shophouses up for sale by tender 

Three adjoining freehold shophouses at Joo Chiat Road have been put for sale by public tender. The site is expected to be sold for about $28 million. Based on the rental the seller is prepared to pay, the gross yield is about 4%, said Sammi Lim from CBRE. The shophouses have a land area of about 4,992 sq ft and a gross floor area of 14,820 sq ft. The site, which offers about 17m of street frontage, has been zoned for commercial use.

(Source: Business Times)

SuperBowl Jurong and shophouses at Joo Chiat up for sale by EOI

Located at Yuan Ching Road, SuperBowl Jurong is up for sale by expression of interest (EOI) with an indicative price of $20 million. Five other shophouses at Joo Chiat have also been put up for sale by EOI. SuperBowl Jurong has a total net floor area of 111,000 sq ft and sits on a 234,152 sq ft site. Its occupancy rate stands at 99.6%, and the site has been zoned for commercial and residential use. Tan Boon Leong from Colliers said that the sale is an opportunity for operators in the lifestyle, entertainment and recreational industries. The five other shophouses at Joo Chiat, which were put up for sale by EOI, have a land area of about 7,503.58 sq ft. They have been zoned for commercial use.

(Source: Business Times)

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