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Exchange of unused expired HDB and URA parking coupons

Posted by Singapore Property Launch on 28th December 2015 in Blog

Exchange of unused expired HDB and URA parking coupons

The Housing and Development Board (HDB) and Urban Redevelopment Authority (URA) have reminded motorists that parking coupons valid until 31 December 2015 can no longer be used from 1 January 2016.

Motorists with unused expired coupons can exchange them for new ones during office hours at all HDB Branches and Service Centres from 2 January, and at the URA Customer Service Centre from 4 January.

The coupons cannot be exchanged at other locations such as petrol stations, shops and post offices.

For more information, the public can contact HDB at 1800-2255432 or URA Car Parks Division at 6329 3434.

credits: propertyguru

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Asia’s most expensive apartment sells for SGD 106.86m

Posted by Singapore Property Launch on 26th December 2015 in Blog

Asia’s most expensive apartment sells for SGD 106.86m

A 5,732 sq ft duplex apartment in Hong Kong is believed to have been sold for a whopping HK$590 million (S$106.86 million) or HK$102,900 (S$18,637 psf), reported the South China Morning Post.

Located on the 46th level of Henderson Land Development’s 39 Conduit Road, the luxury duplex unit comprises four bedrooms and a 1,754 sq ft roof top, an industry source said.

Once the deal is completed, it will replace the Opus Hong Kong unit as the most expensive apartment in Asia. 

Meanwhile, another apartment located on the ground and first floors of Opus Hong Kong was sold for HK$487 million (S$88.28 million) or HK$95,971 (S$17,397) psf in June.

The sale comes after housing market sentiment fell to a new low following the US Federal Reserve’s decision to raise interest rates by 25 basis points.

The secondary market saw jittery homeowners reduce prices by over HK$1 million (S$181,338), while developers witnessed lukewarm responses during their project launches.

Sino Land, for instance, sold only 28 percent or 27 units of the first batch of 96 units at The Mediterranean in Sai Kung.

Meanwhile, luxury home transactions at 35 housing estates tracked by Riacorp Properties plunged 25 percent from 52 in October to 39 in November.

“It falls to below 100 deals for four consecutive months and it is also a drop to an 11-year low,” said Ricacorp Director Eric Cheung.

credits: propertyguru

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An opportune time to ease cooling measures: analysts

Posted by Singapore Property Launch on 23rd December 2015 in Blog

An opportune time to ease cooling measures analysts

With the residential market stabilising, analysts believe that this could be an opportune time to tweak the property cooling measures.

Private resale home prices have fallen by around eight percent, while HDB resale prices have dropped by about 10 percent from their 2013 highs, reported Channel NewsAsia.

In fact, one analyst feels that a slowing economy could offer the best environment to ease some of the curbs without fear of market spikes.

“If the Government’s main concern or restrictions against removing or lessening some of the cooling measures are fears that once the measures are reduced, prices will again rebound and grow quite rapidly, then perhaps the best environment for the Government to ease off on some of the cooling measures is when the economy is in the slow state of growth or even maybe in a recession,” noted Nicholas Mak, Executive Director of Research and Consultancy at SLP International.

“In such a situation, housing demand will naturally be weaker if the Government were to remove any of the cooling measures in such an environment, then the chances of prices growing strongly are minimised,” he added.

Although potential home buyers are concerned about the normalisation of interest rates, one observer believes that the market has already factored this in.

“The only kind of risk is maybe interest rates increasing in the coming year. However the market would have already factored that in, because loan approvals are based on a 3.5 percent interest rate calculation, whereas current housing rates are at two percent, or if even there was any increase, it would possibly be quite less than 2.5 percent in total,” said ERA Realty Key Executive Officer Eugene Lim.

“So you’d still be paying less than what your approval was based on. There’s still quite some buffer. There is no danger of people being priced out of the market because of interest rate increase.”

Looking ahead, another consultant expects 2016 to pick up where the market has left off this year, with transaction volumes continuing to improve as “50-50” buyers could come back into the market.

“In 2016, we’ll see buyers starting to come back into the market because in the new sale market, prices will remain pretty firm. And it has been remaining pretty firm for areas like the RCR (Rest of Central Region) and OCR (Outside Central Region), the mid-tier and mass market for new sales, because land costs have not really fallen that much. In fact it’s gone up for some recent tenders,” said Alan Cheong, Research Head at Savills.

“It’s only in the resale market that transaction volumes may start to pick up (as) the number of buyers who’ve been sitting on the sidelines start to see value emerge in the resale market.”

credits: propertyguru

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Govt announces land sales programme for first half of 2016

Posted by Singapore Property Launch on 21st December 2015 in Blog

Govt announces land sales programme for first half of 2016

Four confirmed list sites and 12 reserve list sites will be released under the first half 2016 Government Land Sales (GLS) Programme, revealed the Ministry of National Development (MND).

The sites could yield up to 7,420 private residential units, including 1,460 executive condominium (EC) units, and 272,600 sqm gross floor area (GFA) of commercial space.

The confirmed list comprises three private residential sites (including one EC site), and one commercial and residential site, which could yield about 1,560 private units (including 640 EC units) and 11,000 sqm GFA of commercial space.

The reserve list comprises eight private residential sites (including one EC site), one commercial and residential site, two commercial sites and one White site. These sites could yield about 5,860 private residential units (including 820 EC units) and 261,600 sqm GFA of commercial space, mostly for office use.

The supply of private housing and commercial space from the GLS Programme, together with supply from projects in the pipeline, will be adequate to meet the demand for private housing and commercial space over the next few years, noted the MND.

The residential sites on the 1H 2016 confirmed list are located in the Outside Central Region and Core Central Region. These sites are expected to add about 1,560 private residential units (including 640 EC units) to the existing pipeline supply of about 73,000 private residential units (including ECs).

The 1H 2016 reserve list includes three sites at Beach Road, Woodlands Square and Central Boulevard for mixed-use developments which will comprise mainly office space. These three sites will allow developers to initiate the development of more office space if they assess that there is demand.

credits: propertyguru

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World’s most expensive property sold for S$462m

Posted by Singapore Property Launch on 19th December 2015 in Blog

World’s most expensive property sold for SGD462m

A French chateau located outside of Paris was sold for a stunning US$301 million (S$462 million), making it the most expensive property ever sold in the world, reported AsiaOne.

Dubbed Chateau Louis XIV, the mansion was built in the style of a 17th century home and completed in 2011, said Bloomberg, citing two sources with knowledge on the matter.

It was acquired by a Middle Eastern buyer who requested anonymity, and was brokered by Christie’s International Real Estate.

Nestled on a 23 hectare site between Mary-le-Roi and Versailles, the vast mansion features an underground nightclub, a lavish ballroom, a squash court, a cavernous wine cellar with space for 3,000 wine bottles, and a home cinema, revealed theDaily Mail.

The Telegraph added that the chateau boasts 10 bedroom suites, a library, a grand reception room with a 52ft-high frescoed dome ceiling, and a ‘meditation room’ within a sturgeon-filled aquarium.

It noted that the mansion was built on a site which once housed the Swiss Guards that ensured the protection of Louis XIV, France’s king from 1643 till his death. The estate also comes with a 1.2 mile maze and a three quarter-sized replica of the Chateau de Versailles’ fountain of Apollo, the statues of which are covered in gold leaf.

The luxury property is heavily guarded with a hi-tech alarm system and 40 state-of-the-art surveillance cameras that can be viewed from across the world via an iPad.

Image source: Daily Mail Online

credits: propertyguru

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Singapore among Asia’s most expensive cities for expats

Posted by Singapore Property Launch on 16th December 2015 in Blog

Singapore among Asia’s most expensive cities for expats

Singapore has been rated by human resources consultancy ECA International as Asia’s eighth most expensive city for expatriates in its latest cost of living survey, reportedTodayOnline.

Globally, the city-state was ranked the 18th most expensive city for expats.

Shanghai, Beijing and Hong Kong topped ECA’s Asia rankings, while Zurich, Geneva and Bern emerged as the world’s top three most expensive cities.

After being ranked behind Singapore last year, Hong Kong has now overtaken the republic and is five places above it.

ECA attributed Hong Kong’s rise up the rankings to the relative strength of its currency over the past 12 months. Prices of goods and services within ECA’s shopping basket for Singapore last year were one percent higher than for Hong Kong. However, this year, the said prices were eight percent less compared to Hong Kong.

The ECA survey calculates the cost of living based on the allowance needed to purchase a basket of like-for-like consumer goods and services that are commonly purchased by expats in over 450 locations worldwide. However, this basket does not include certain living costs that are usually covered by separate allowances, like utilities, accommodation rental, school fees and car purchases.

Last month, the Asian Competitiveness Institute (ACI), a research centre under the Lee Kuan Yew School of Public Policy, unveiled its list of the most expensive cities for expats.

Under ACI’s list, Singapore was ranked as the most expensive city in Asia and fourth globally.

ACI looked at wages, purchasing power and cost of living for expatriates across 103 key cities. The results were based on 2013 data, which was the most recently available when the study was conducted.

credits: propertyguru

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