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HDB awards land parcel in Yishun

Posted by Singapore Property Launch on 28th January 2015 in Blog
HDB awards land parcel in Yishun

image: HDB

 

HDB has awarded the land parcel in Yishun to Northern Resi and Northern Retail at the tender price of $185.09 million yesterday.

Located at the corner of Yishun Avenue 4 and Yishun Ring Road, the 9,759.80 sq m site has a maximum gross floor area (GFA) of 27,327.44 sq m.

The 99-year leasehold site for a proposed mixed commercial & residential development could yield 180 housing units.

The project will be near several new HDB projects as well as primary and secondary schools.

Additionally, the mixed development site is one of the first two selected Government Land Sales (GLS) sites to adopt the Prefabricated Prefinished Volumetric Construction (PPVC), an advanced technology in construction.

credits: propertyguru

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Home prices unlikely to “collapse” as possible election looms

Posted by Singapore Property Launch on 28th January 2015 in Blog
Home prices unlikely to collapse as possible election looms

Image: propertyguru

As Singapore looks to celebrate its 50th year of independence and with the end of 2015 or early 2016 shaping up as a potential election period, property prices are unlikely to crash, revealed a Credit Suisse report.

Instead, the government will look to keep home prices stable, especially in a rising and volatile interest rate environment, the report said.

Previously, the government managed affordability by implementing a series of cooling measures such as the Total Debt Servicing Ratio (TDSR) framework and Additional Buyer’s Stamp Duty (ABSD) to dampen speculative buying and curb excessive investment by foreign purchasers.

While many Singaporeans are hoping for property prices to drop further, Credit Suisse feels it is not in their interest to see prices fall significantly given the 90 percent homeownership rate and the fact that around 47 percent of household assets are tied up in property.

“We believe that the government is perhaps more unlikely to “compromise” the wealth of its population, ahead of an election as sentiment and confidence in the government is a key factor in any election. We also highlight that in Singapore, the largest land owner would be the government. Therefore, any meaningful correction driven by an oversupply may have a negative impact on the people’s perception of the government,” noted the report.

The financial services firm expects overall prices of private properties to stay flat. Within the prime market, a downside of 5.0 to 10 percent may occur due to vacancy risks from weak rental demand and unsold units, especially for larger units.

But prices will likely trend sideways for the more resilient mass market homes. Specifically, pricing levels of projects with good attributes like proximity to an MRT station could potentially rise 5.0 to 10 percent this year, while less attractive properties could face poor demand and vacancy risks.

The report also stated that many public housing projects are completing this year which could deter some demand from the mass market, posing risks to prices in this segment.

Private home prices across Singapore declined by 4.0 percent in 2014 compared to an increase of 1.1 percent in the previous year, according to data published last Friday by the Urban Redevelopment Authority (URA).

This was the first year of overall price decline since 2008 for the private residential market.

credits: propertyguru

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Singapore ranked ‘most liveable city in the world’ for expats

Posted by Singapore Property Launch on 25th January 2015 in Blog
Singapore ranked 'most liveable city in the world' for expats

image: en.wikipedia.org

 

Singapore has once again been listed as the most liveable city in the world and Asia in the global ranking for expatriate living conditions published by ECA International.

Lee Quane, Regional Director for Asia at ECA International, said, “Good air quality, solid infrastructure, decent medical facilities, low crime and health risks have contributed to Singapore maintaining its position at the top of the global ranking for quality of living for Asian assignees.”

Meanwhile, Hong Kong fell to 33rd place from 17th in the global rankings. Nonetheless, it remained highly ranked at sixth place among other Asian cities.

“Hong Kong scores well in a range of factors including infrastructure, education and healthcare facilities, and availability of goods and services,” said Quane.

“However, air quality remains a lot poorer there than many other parts of the region. In addition, Hong Kong’s socio-political score worsened this year as a result of the unprecedented unrest there in recent months and the restrictions placed on movement,” he added.

Australia’s Adelaide and Sydney grabbed the second and third spots in the global ranking, while Japan’s Osaka and Nagoya clinched the second and third spots in the Asian ranking, respectively.

450 locations globally were assessed on the quality of living based on availability of health services; climate; isolation; housing and utilities; infrastructure; access to a social network and leisure facilities; political tensions; air quality and personal safety.

credits: propertyguru

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HDB flat at Pinnacle@Duxton breaks million-dollar mark

Posted by Singapore Property Launch on 25th January 2015 in Blog

singapore property launch Pinnacles @ Duxton

Although prices of resale HDB flats have come down significantly, falling by 6.2 percent in 2014 due to the government’s slew of tightening measures to stabilise the public housing market, this hasn’t stopped some eager buyers from snapping up units at sky-high prices.

This afternoon, it was reported that a 5-room flat located on a high floor at The Pinnacle@Duxton in Tanjong Pagar recorded a $1.028 million sale recently, the highest resale price achieved so far at the iconic HDB project.

Experts had previously warned that 5-room flats at Pinnacle could fetch a resale price tag of more than $1 million.

Since the five-year Minimum Occupation Period (MOP) for most owners at Pinnacle ended in December 2014, roughly 10 flats have been sold on the resale market.

PropertyGuru had earlier reported on the sale of a 4-room corner unit between the development’s 34th to 36th floors for $900,000, while a 5-room below the sixth floor found a buyer for $918,000.

Completed in 2009, there are a total of 1,848 flats at Pinnacle spread across seven connected towers of 50-storeys, making it the world’s tallest public housing project.

credits: propertyguru

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Sengkang EC site attracted top bid of $157.8 million

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

Sengkang EC site attracted top bid of 157.8 million

A land parcel designated for Executive Condominium (EC) housing at Anchorvale Crescent attracted three bids after the tender closed yesterday.

Sim Lian Land submitted the highest bid of $157.8 million, followed by Allgreen Properties with a bid of $143.9 million.

Meanwhile, Victoria Realty submitted the lowest bid of $126.8 million for the 17,450.10 sqm site, which is estimated to yield 525 dwelling units

“The number of bids reflect the current sentiment of the EC market particularly in the North East Region. It is not surprising given that there are now a record 2,000 vacant EC units that have been launched and remain unsold islandwide as at December 2014,” said Desmond Sim, Head of CBRE Research in South East Asia.

He added in the near future, there are at least 6,000 EC units in the pipeline, of which 1,700 are located in the northeast of Singapore. “Developers also took into consideration that potential demand has to contend with the Mortgage Servicing Ratio and the resale levy,” he said.

HDB will evaluate the bids and announce the award of the tender at a later date.

credits: propertyguru

 

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Property auctions bounce back, but there’s a downside

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

Property auctions bounce back, but there’s a downside

Singapore’s property auctions market has bounced back from lower sales activities to become an efficient platform for homeowners to make a quick sale on their properties, according to JLL research analyst Shuyu Sun.

She noted that in the last two years, auctions were affected by softer investor sentiment and transaction volume in the property market due to the government’s cooling measures.

But from the second half of 2014, auction sales picked up with a significant increase in the total value of successfully auctioned properties.

Part of the reason for the higher activity is the growth in mortgagee sales. Since the introduction of the Total Debt Servicing Ratio (TDSR) framework in June 2013, the number of mortgagee listings has risen from only 28 in 2013 to 150 last year.

Another contributing factor is the narrowing price expectation gap due to compromises between sellers and buyers which has led to quicker sales at auctions.

“From the buyers’ perspective, the anticipation of a potential relaxation of cooling measures alongside the expected rise in interest rates in the immediate horizon could have encouraged these purchases,” said Sun.

At the same time, sellers are also more willing to lower price expectations as a result of weaker market conditions.

“Observations at recent auctions revealed that sellers have become more flexible in terms of pricing, dangling sweeteners, including discounts on opening prices, to entice potential bidders and, in some instances, accepting offers below the reserve price,” Sun shared.

Moving forward, the greater parity between buyers and sellers on price expectations is expected to increase activity in the auctions market this year.

Having said that however, there are downsides for potential investors. For instance, the softer leasing market means more properties are being sold with vacant possession. According to JLL, 26 of the 32 properties sold at auction in 2014 were on a vacant possession basis.

credits:propertyguru

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