Singapore Property News This Week #276

Residential

Victoria Park Villas semi-Ds priced at S$4.4m to S$7.6m

CapitaLand is launching 106 semi-detached houses for S$4.4 million to S$7.6 million each and three bungalows for S$11 million to S$12 million each in Victoria Park Villas this Saturday. Since the project’s soft launch about a month ago, some seven semi-Ds have been sold to Singaporeans at an average S$4.5 million. Based on useable area, the average pricing for the project is S$1,200 to S$1,400 per square foot (psf).

(Source: Business Times)

Former HUDC estate in Potong Pasir up for collective sale

Raintree Gardens, a 175-unit residential development in Potong Pasir, has just been launched for collective sale. The tender was put up by JLL on Wednesday, after more than 80 per cent of Raintree Gardens owners gave their consent to the collective sale. The sales is expected to reach a minimum price about S$1.8 million per unit or S$759 per square foot per plot ratio on the potential gross floor area.

(Source: Business Times)

Small completed condo prices fall 4.4 per cent compared to last year

Based on flash estimates for July 2016 released on Monday, the Singapore Residential Price Index (SRPI) for small units of up to 506 sq ft islandwide has contracted 4.4 per cent on a year-on-year basis. JLL national director Ong Teck Hui the weak performance can be attributed to new projects being better able to meet the needs of small-unit buyers, drawing them away from the resale market.

(Source: Business Times)

Commercial

Activity in strata office market and shophouses remain low

Activity in the strata office market and shophouse segments remained low as the number and value of caveats continue to fall. Strata office transactions fell to 115 deals worth about S$400 million in the first half of this year, compared to 119 deals worth S$501 million in the second half of last year. Shophouse transactions also slipped to 35 deals worth about S$227 million, down from 47 deals worth some S$300 million. Both strata office and retail markets continue to be affected by softening economic and business outlook and rising competition from landlords.

(Source: Business Times)

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