Residential

Condo resale volumes and prices rose in April

The latest April data from SRX Property showed that prices and transaction volume of resale private apartments and condos have risen for two consecutive months. Prices rose 0.7 per cent in the Core Central Region (CCR) and 1.3 per cent in the city-fringe or Rest of Central Region (RCR), but slipped 0.2 per cent in the Outside Central Region (OCR). ERA Realty Network’s key executive officer, Eugene Lim, noted that the price weakness in OCR was due to the high supply of private property in those areas. The improvement in transaction volumes, however, suggests that there is still a ready pool of buyers in the resale market.

(Source: Business Times)

Condo rent remains unchanged while rental volume slumps

Rental volume fell 10.3 percent to about 3,953 units in April, compared with 4,405 units in March. Data released by SRX Property on Wednesday showed that when broken down by sectors, rents in the city area remained the same; those in the city fringe rose 0.1 per cent, while those in the suburbs experienced a decrease of 0.1 per cent. Many corporates across industries are downsizing headcounts or letting go of professionals due to cautious economic times, which makes it unlikely for a significant increase in expatriates seconded to Singapore, resulting in sluggish rental performance.

(Source: Business Times)

S’pore prime land ‘exorbitant’: CityDev

City Developments Ltd said in an earnings statement on Wednesday that it is increasingly difficult to secure prime land in Singapore and even if available as the asking price for land is exorbitantly high. The comments referred to the 170,000 square foot site the company bought for its Gramercy Park project, just off the prime Orchard Road shopping belt. While Singapore’s residential property prices have been on the decline since a series of curbs have been introduced by the government to cool buyers’ enthusiasm. Singapore remains Asia’s second-most expensive housing market.

(Source: Business Times)

Commercial

Stanley Quek companies sell 7 shophouses for S$81.4m to 8M Real Estate

Five of the shophouses are adjoining properties at Nos 15, 17, 19, 21 and 23 Tanjong Pagar were sold at S$2,166 per square foot (psf). They are on 8,902 sq ft of land with about 77.5 years’ balance lease. The Neil Road property, on a site with a balance lease term of 72 years, is being transacted for S$1,912 psf. The Gemmill Lane property is being sold for S$2,511 psf. 8M Real Estate still sees opportunity for repositioning and further growth for the shophouses and intends to immediately refurbish the shophouses for lease to Food & Beverages (F&B)  businesses.

(Source: Business Times)

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