Residential

Prices of completed condos up by 0.1% in Sep from Aug

According to flash estimates by NUS, the prices of completed condos have increased by 0.1% in September from August. Nonetheless, prices of completed units in the central region saw a 0.4% drop in September from the previous month. Month-on-month, the Singapore Residential Price Index (SRPI) has recorded a fall in prices for five months since April this year. Ong Kah Seng from R’ST Research said that the price increase of small units of up to 506 sq ft in September was due to overall instability in the market given the surge in completion of small units since last year. HDB flat owners have kept their shoebox units vacant since their completions and may be more willing to let go of those units at a lower price now. Eugene Lim from ERA Realty said that the increase in prices could have been due to a lack of major project launches.

(Source: Business Times)

More than one in five resale flat buyers applied for the Proximity Housing Grant

According to the Business Times, more than one in five flat buyers over the past two months has applied for the Proximity Housing Grant (PHG). As income ceilings have been raised to $12,000, about one in 10 first-timer families and singles are now eligible for the CPF Housing Grant. Minister for National Development Lawrence Wong said that the PHG scheme has been extended to all Singaporean families because the ministry recognised the desire to live closer to parents and children is shared by a spectrum of Singaporeans, not just first-timer couples. According the MND, there were 3,506 resale transactions over a two-month period since 24 August this year. Ong Kah Seng from R’ST Research said that since the executive condominium owners are not able to rent out their flats in the first 5 years, the increase in buyers may not be substantial despite higher income ceilings. This is because these buyers may not be drawn away from the private condo market.

(Source: Business Times)

GCB transactions totals $177 million in Q3

In Q3, 9 good class bungalows (GCB) changed hands. This translated to about $177 million in total, down from the $282 million that was amassed from the sale of 11 GCBs in Q2. In the first 9 months of this year, the GCB sale tally stands at 24 deals totalling $554 million. This was higher than the $511 million transacted in the same time period a year ago. Among the GCBs sold in Q3 this year, a freehold bungalow at Tanglin Hill changed hands for $25 million or $1,539 psf. Samuel Eyo from Christie’s International Real Estate believes that this price was reasonable considering the location of the house and also the cost needed to rebuild it.

(Source: Business Times)

Commercial

No bids accepted for Ubi industrial site

HDB has declined bids for an industrial development site at Ubi because the prices offered were too low. The site, which was launched for tender in June this year, is 0.6 ha large and has been zoned for Business 1 use. It has a lease term of 30 years and a maximum gross plot ratio of 2.5. A total of 5 bids were placed for the site, and the highest bid was placed at $19.9 million or $120.91 psf ppr. Tan Boon Leong from Colliers said that the pricing was reasonable due to the oversupply of industrial spaces.

(Source: Business Times)

Warehouse buildings at Tampines up for sale

Two adjacent multi-storey warehouse buildings at Tampines have been put up for sale. The properties may be bought jointly or separately, and both have been zoned for Business 2 use. The sites have a plot ratio of 1.4 and have balance lease tenures of 22 years. Shaun Poh from Cushman & Wakefield said that the buildings would be ideal for end-users such as e-commerce and logistics companies that want to operate from their own buildings. The buildings are not subjected to rules imposed by JTC since they sit on private land. Their combined indicative pricing is about $70 million and the expression of interest exercise will close on 4 December.

(Source: Business Times)

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