Residential

Resale prices of private apartments up by 0.4% month-on-month in Feb

In February this year, resale prices of completed condo units have increased by 0.4% month-on-month. This follows a 0.2% month-on-month increase in January, according to the flash estimates for the Singapore Residential price Index (SRPI). The increase in February was led by resale prices in the central region, which have gone up by 0.5% that month after falling 0.6% in January. Despite the increase in resale prices, market experts believe that this may be a one-off rebound. Ong Kah Seng from R’ST Research added that a handful of sellers are actually making losses from their resales. In February, prices in the non-central region had increased by 0.3% and prices of small units had risen by 1.1%. This is not surprising to market experts as shoebox units in suburban areas are often seen as less attractive to renters who are able to rent a four- or five-room flat with the same price.

(Source: Business Times)

Two-speed market develops for private home

According to the Business Times, a two-speed market may be emerging in the private residential market as price declines for non-landed units in the prime areas and city fringe moderates while declines for suburban non-landed units and landed home increases. For the 10th quarter, private home prices have fallen by 0.7% quarter-on-quarter. This fall was led by a 1.5% fall in landed home prices. Non-landed home prices fell by 0.9% and 0.4% in the Outside Central Region (OCR) and Rest of Central Region (RCR) respectively, However in the Core Central Region (CCR), prices had increased by 0.4%. Ong Teck Hui from JLL said that prices in the CCR and RCR are moderating while prices in the OCR and landed segment will soften at a higher pace. With larger declines in prices, properties in the CCR and RCR appear more attractive to buyers hence demand may increase. However for landed homes, the price quantums tend to be higher and sellers have to offer discounts if they want to move sales, said Lee Nai Jia from DTZ.

(Source: Business Times)

HDB resale prices fall by 0.1% quarter-on-quarter in Q1

After rising 0.1% in Q4 last year, HDB resale prices have fallen by 0.1% in Q1 this year, according to flash estimates by HDB. These estimates include transactions in January, February and the first 21 days of March. DTZ’s Lee Nai Jia said that prices for resale HDB flats have shown greater resilience than those for private homes, which had fallen 0.7% in Q1. As demand for resale flats is supported by buyers who require a home at short notice and prefer to stay near their parents, demand for homes at choice locations in mature estates is expected to remain strong. Also, due to the Lunar New Year holidays, Q1 transactions tend to be fewer, added Ismail Gafoor from PropNex who predicted that HDB resale prices will be flattish in 2016, with marginal price movements. Prices are expected to further stabilise due to an increase in BTO supply in 2016 to 18,000 units, added market experts.

(Source: Business Times)

GCB at Gallop Road sold for $27m

Located at Gallop Road, a Good Class Bungalow (GCB) was sold for $27m or $1,700 psf based on a land area of 15,884.29 sq ft. The bungalow which was rebuilt and completed in 2012 is freehold and has a total of 5 bedrooms. William Wong from Realstar Premier said that the bungalow commanded that price because it was built about four years ago. An older house in the locale would command around $1,500 to 1,600 psf, he said.

(Source: Business Times)

Apartment at Seven Palms Sentosa Cove sold for $3,721 psf

An apartment at Seven Palms Sentosa Cove was sold for $15.782 million or $3,721 psf based on strata area of 4,241 sq ft. The unit is located on the 3rd floor of the 4-storey condo which comprises of 41 units ranging from three- to five-room apartments. According to market experts, the latest transaction in the condo is lower than the $4,131 psf and $4,200 psf achieved in 2 sales made in 2014 and 2012 respectively. Nonetheless, Jerry Tan from JTResi said that given current market conditions, $3,721 psf is considered a good selling price.

(Source: Business Times)

Commercial

Mixed-use site at Bukit Batok to be put up for tender

Market watchers predict that a 99-year commercial and residential site at Bukit Batok West will draw some interest despite its location and the cool property sentiment. This is because the area has been earmarked for future development and the site has been zoned for residential and commercial use. The site spans 14,696.7 sq m and has a maximum gross floor area of 44,091 sq m. Of the maximum gross floor area, about 6,000 sq m is stipulated for commercial use. The site can yield about 425 units. Ong Kah Seng from R’ST Research added that the commercial component will be a key attraction for developers due to a lack of supporting retailing amenities in the vicinity. Cushman & Wakefield’s Christine Li predicts that the site will attract a top bid of $570 to 620 psf ppr while Ong expects the top bid to be between $520 to 570 psf ppr. Launched for sale under the confirmed H1 2016 Government Land Sales Programme List, the site’s tender will close on May 24.

(Source: Business Times)

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