Residential

Oct HDB resale volume highest this year

According to SRX Property, flash estimates showed that the number of resale HDB flats in October increased by 6% to 1,745 units from 1,504 units in the previous month. This is the highest recorded volume since the start of the year. Not only so, resale volumes had increased by 12.4% year-on-year in 2015. Eugene Lim from ERA Realty believes that the Proximity Housing Grant (PHG) and the increase in income ceiling had contributed to the spike in transaction volume. Under PHG, Singaporeans who buy resale flats near their parents or married children will receive $20,000. Ong Kah Seng from R’ST Research added that the increase in resale volume could have also been because more sellers and buyers want to conclude their deals before the year-end, when sales volume typically decrease.

(Source: Business Times)

Serangoon residential site attracted 11 bids

Despite the property glut, developers’ interest in residential sites has been strong as 11 bids were placed in a tender for a 99-year private residential site at Serangoon. The site attracted a top bid of $710 psf ppr, outdoing a nearby site at Bartley which had been sold for $648 psf ppr in January last year. Ong Teck Hui from JLL said that the superior location of the site and its configuration had led to higher bids. Nicholas Mak from SLP added that the site had attracted high bids as developers may wish to replenish their land banks given the more subdued markets. The Serangoon site is expected to be developed into a 12 to 13 storey condo project with more than 500 units.

(Source: Business Times)

Brisk sales at Principal Garden and Thomson Impressions

Sales have been brisk at the recently launched Principal Garden and Thomson Impressions, as about 60% of the units launched at both sites have been sold. Principal Garden was marketed at an average price of above $1,600 psf, while units at Thomson Impressions were sold at an average of $1,400 psf. The former development, which is located next to Alexandra Park Connector, consists of one to three-bedroom apartments that range from 484 sq ft to 1,195 sq ft. Three to five-bedroom apartments with private lifts were also on sale and those ranged in size from 1,238 sq ft to 2,357 sq ft. Anthony Wong from UOL believe that the site’s superior location justified its pricing strategy. On the other hand, Thomson Impressions, which is a 288- unit condo development along Lorong Puntong, had received strong support from buyers looking for larger units, said the Business Times.

(Source: Business Times)

Commercial

Pair of shophouses at Telok Ayer sold for $18.2 million

Two adjoining shophouses near Telok Ayer MRT Station have been sold for $18.2 million or $2,600 psf base on built-up area of about 7,000 sq ft. The shophouses are 3 storeys high and with an attic. One shophouse sits on a site with a 199-year leasehold tenure and the other on a 999-year leasehold site. Since the introduction of the total debt servicing ratio, the level of shophouse transactions in most quarters have hovered at around 20 transactions totalling below $200 million, said the Business Times. Sammi Lim from CBRE believes that shophouse prices will continue to hold steady due to limited stock and strong investor demand.

(Source: Business Times)

Join Our Weekly Newsletter

“What you must know before buying Singapore property…”

Sign up to get our free weekly newsletter with the best ideas and market updates from Singapore property experts, property transaction data and deals. Enter your email below to get our FREE Beginner's Guide and Property Buyer’s Checklist as a bonus. Save yourself thousands of dollars and lots of heartache!

Thanks for signing up! Please check your email to download your reports.