Singapore Property News This Week #258

Residential

Private-home resale prices dip 1%

According to flash estimates from the Singapore Residential Price Index (SRPI) released on Thursday, resale prices of private homes fell by 1% in March, reversing a marginal increase of 0.4% in February. Prices of homes in non-central region (excluding small units) fell by 1.4% whereas prices of homes in central region fell by 0.5%.Meanwhile, small units fell 1% in March compared to the previous month. Lee NaiJia at DTZ cited competition from newly launched developments and difficulties in subletting as reasons for the greater depreciation in shoebox units than conventional units.R’ST Research’s Ong Kah Seng and ERA’s Mr Lim are both of the view that there would be a trend of gradual price decline, due to weak economic growth and labour market.

(Source: Business Times)

25% of Qingjian’s EC units sold at weekend launch

Qingjian Realty (South Pacific) Group sold 25 per cent or 158 units of its executive condominium project in Sembawang, The Visionaire, during the first weekend of launch.Close to 70 per cent of the buyers opted for the “smart home” package, indicating Singaporeans’ readiness to adopt “smart” living. Qingjian Realty general manager Li Jun said sales and conversion rates were “satisfactory and within expectations” in view of current market conditions.However, he believes that some potential buyers are adopting a wait-and-see approach given the looming launch of another EC project in Sembawang, Parc Life by Frasers Centrepoint Limited (FCL) and Keong Hong Holdings.

(Source: Business Times)

40% of Sturdee Residences’ units sold in VIP preview

SL Capital (1) has sold 122 units of the 305-unit Sturdee Residences at an average price of S$1,550 per square foot during a VIP preview event held on April 23.The official launch of the project is on April 30. 20 per cent of all buyers are foreigners and permanent residents. The 99-year leasehold project at Sturdee Road comprises one to five-bedroom units and is within close walking distance to the Farrer Park MRT Station and the upcoming Bendemeer MRT Station.Sturdee Residences is expected to obtain its temporary occupation permit in June 2020.

(Source: Business Times)

KepLand releasing new block at Highline condo

Keppel Land (KepLand) is launching its Highline Residences on April 30, with a new block which has 60 units released for sale.The project features an elevated green ridge on level five with a wide range of recreational and communal facilities. With a close proximity to transport nodes and amenities,Joseph Tan, executive director, residential services, CBRE believes that Highline Residences has a compelling investment story for investors who want to leverage rental and capital appreciation.Bernard Lee, director (business & research) at Huttons Asia, also noted that rental rates are generally better owing to its unique heritage at TiongBahru, and the rental market in TiongBahru is resilient due to its low supply.

(Source: Business Times)

Keen interest seen for Martin Place site

A rare District 9 private housing site is being offered at a state tender.The site is located at the corner of Martin Place and River Valley Close. It may build 450 units at most due to traffic considerations within the location. As a result, JLL national director Ong Teck Hui notes that the average unit size in the project will be 1,067 sqft, which will mitigate aggressive attempts in developing too many small units in order to achieve a high per square foot price. The site is expected to garner keen interest despite its high land price due to better animal spirits in the market and its prime location. Participation from big companies and joint ventures within medium sized firms is most probable.

(Source: Business Times)

Commercial

Opportunity for industrialists in slowdown, uncertainty: JTC

Industrial rents in Singapore fell 2.7 per cent quarter on quarter (q-o-q) and 5.1 per cent year on year (y-o-y) in the first quarter of 2016, JTC Corporation’s latest statistics released on Thursday show. Industrial property prices have also fallen 2.5 per cent q-o-q and 4.8 per cent y-o-y in Q1 2016. Vacancy rates island-wide also rose by 0.5 percentage point to 9.9 per cent. However, despite higher vacancy rates, industry experts are optimistic that occupancy rates will suddenly drop down to below 85 per cent. John Kong, council member of the Singapore Manufacturing Federation and managing director of steelmaker M Metal opines that the fall in rental and wide array of leasing options availableare good for new industrialists looking to set up a new place. Existing industrialists, however, are unlikely to relocate or expand, given uncertainties in the business environment, but the cheaper rents will in turn help them control their costs amid the uncertain economic climate.

(Source: Business Times)

Picture112

Leave a Reply

Your email address will not be published. Required fields are marked *