Residential

Indian citizens more likely to purchase resale private homes than mainland Chinese, Indonesians and Malaysians

DTZ’s analysis showed that 82% of the total of private homes that Indian citizens (PRs as well as non-PR foreigners) purchased in Q3 2011 were from the resale market, twice of what the other three major nationalities (mainland Chinese, Malaysians and Indonesians) who buy private homes in Singapore bought. The other three are more likely to purchase directly from developers, suggesting that they might be investors and specu-vestors, and hence have no need for immediate occupation, unlike Indian buyers. In Q3, 51% of what mainland Chinese bought was from developers, with the remaining from secondary market deals. Similarly, 48% and 49% of the private homes purchases by Malaysians and Indonesians were directly bought from developers.

DTZ : Foreign buyers loses interest in subsales

Less foreigners (particularly non-PR foreigners) are buying private homes in the subsale market. The trend found across all buyers (foreigners, PRs and Singaporeans) is to buy directly from the developers. This is due to the increase in launches from developers as well as governmental measures to deter short-term trading of private homes. The percentage of private home sales by foreigners in the subsale market has fallen from 18-21 % in 2007-2009 to 11 % in the first nine months of this year. The corresponding figures for PRs and Singaporeans are 13-14% to 10% and 11-13% to 8% respectively.

Lower asking price of $323m for Vista Park

319,248 sq ft leasehold Vista Park at South Buona Vista Road is asking for $323m now, lower than the $338m it asked for in May. The site with a remaining lease term of 66 years has a maximum gross floor area of 446,947 square feet, reflecting a 1.4 gross plot ratio. The reserve price is equivalent to a land price of $824 psf ppr including an estimated $45.3 million for topping up the site’s lease to 99 years. The breakeven cost is estimated to be $1,250 psf. The tender for Vista Park closes on Dec 7.

Commercial

13-storey Paya Lebar Square to start selling office units in December

Paya Lebar Development Pte Ltd is set to sell its 550 office strata units in Paya Lebar Square, located next to the Paya Lebar MRT Station on the East-West Line in December. Half of the units available will be about 480 sq ft each with some larger units of 800 sq ft and 1,500 sq ft. Contiguous units can be bought to combine them into larger offices and office units on a single floor would add up to 43,000 sq ft. Indicative prices range from $1,650 to $2,000 psf, with the cheapest being $800,000 for a 480 sq ft office on the fourth level. There is a total of 430,000 sq ft of offices with the remaining net lettable area of 95,000 sq ft in the building for a retail podium in Basement 1 to Level 2.

New industrial site at Sims Drive/Aljunied Rd released under Reserve List

The 60-year leasehold 0.63 hectares site zoned for Business 1 uses has a maximum permissible gross plot ratio of 2.5. It will only be released for sale if the criteria for the triggering of the site are met.

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