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Singapore Private Home Prices May Surge 20% This Year: Savills

Posted by Singapore Property Launch on 19th June 2018 in Blog
Singapore private home prices may surge 20% this year: Savills

Official data shows that over 100 private units were sold for at least $3,000 psf in Q1 2018.

Property consultancy Savills reckons that private home prices here may rise 15 to 20 percent for the whole of 2018 – up from its previous forecast of between 12 and 15 percent, reported Singapore Business Review.

It raised its estimates after 22 units were sold for a minimum of $10 million each over the past few months, with 102 units taken-up for at least $3,000 psf in Q1, according to data from the Urban Redevelopment Authority.

Moreover, the island-wide private home price index increased 3.9 percent quarter-on-quarter in Q1. This is the highest growth in nearly eight years since Q2 2010, following lower quarterly gains of 0.7 percent and 0.8 percent in the third and fourth quarters of 2017 respectively.

In particular, luxury condos tracked by Savills posted quarterly price gains of 2.9 percent in Q1. Following a cumulative growth of 5.7 percent over four straight quarters since Q2 2017, the average price of these properties reached $2,383 psf in the first three months of the year, and that amount is only 1.9 percent lower than the recent peak five years ago.

One factor driving the healthy growth in private home prices is that baby boomers are helping their children climb the property ladder, said Alan Cheong, senior director of research and consultancy at Savills Singapore. 

“Visits to show flats leave a discerning observer with the impression that an increasing number of buyers at new launches are funded in part by their parents’ money,” he noted.

credits: propertyguru

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S’pore Returns To Top 20 List Of Most Expensive Cities For Expats

Posted by Singapore Property Launch on 15th June 2018 in Blog
Singapore Cityscape

Singapore has been ranked as the 20th most expensive city globally in the latest survey by ECA International.

Singapore has once again returned to the top 20 list of most expensive cities for expats, reported Channel NewsAsia citing the latest survey by ECA International.

The city-state was ranked 20th most expensive globally and ninth in the Asia Pacific region.

“The price of goods and services included in our basket of goods has only seen modest increase in Singapore over the past 12 months, in line with other similar economies in Asia,” said Lee Quane, regional director for Asia at ECA International.

“However, the rise in the rankings has been due to the relative strength of the Singapore dollar versus the US greenback in the past year.”

In December, Singapore was listed 21st most expensive in the world and ninth in the Asia Pacific. It was ranked 24th most expensive globally and 10th in Asia Pacific in June 2017.

The city-state achieved its highest ranking in 2016 when it settled in 18th place.

In the latest survey, Caracas in Venezuela topped the global rankings, mainly due to skyrocketing inflation, followed by four Swiss cities – Zurich, Geneva, Basel and Bern. The Angolan capital Luanda, which emerged as last year’s most expensive, came in next at sixth place.

In the Asia Pacific region, Tokyo was ranked the most expensive destination for expatriates, followed by Seoul, Shanghai, Hong Kong and Beijing.

Hong Kong’s global ranking fell significantly from second to 11th place, or its lowest since 2015, mainly due to the drop in value of the US dollar, against which the Hong Kong dollar is pegged.

Aimed at helping companies determine the cost of living allowances for their overseas employees, the twice-yearly survey compares a basket of like-for-like consumer goods and services commonly purchased by expats worldwide, said ECA International.

However, certain living costs like school fees and accommodation were excluded from the basket since they are usually covered by separate allowances.

credits: propertyguru

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Increased Activity In Luxury Condo Market

Posted by Singapore Property Launch on 13th June 2018 in Blog
Luxury apartments in Singapore.

View of luxury apartments in Singapore.

The luxury private condominium segment has sprung back to life over the past few months, with the price quantum almost hitting a nine-year high when a total of 22 units were snapped up for at least $10 million each during the first quarter, reported Singapore Business Review citing Savills.

This is just shy of the peak of 23 units in Q3 2010.

Topping the list was The Nassim with 10 units sold, followed by Leedon Residence at Leedon Heights (three units) and Tomlinson Heights at Tomlinson Road (two units), revealed the Savills report.

Based on URA Realis data, 102 units were sold at $3,000 psf or higher in Q1, marking the highest quarterly number since Q4 2007. Of these, 40 units were from New Futura at Leonie Hill Road, 13 from 8 Hullet, 12 from Gramercy Park at Grange Road and 11 from The Nassim at Nassim Hill.

During the quarter, Singaporean buyers accounted for 73 percent of the total transactions (with 3,419 units bought), while non-Singaporean buyers including permanent residents (PRs) and foreigners made up 26.5 percent (1,241 units). Companies accounted for the remaining 0.6 percent as they purchased 26 units.

Savills noted that the percentage of non-Singaporean buyers rose for the second quarter in a row, climbing 1.5 percent from Q4 2017.

“Non-Singaporean buyers continued to be more active in the primary market,” said Savills research and consultancy senior director Alan Cheong.

“For Singapore PRs, the top projects on their purchase lists included The Tapestry, Parc Botannia, and Queens Peak, whilst foreign buyers preferred Martin Modern, Highline Residences and Queens Peak.”

credits: propertyguru

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Singapore Home Prices The Second Highest In Asia

Posted by Singapore Property Launch on 12th June 2018 in Blog
Singapore home prices the second highest in Asia

Private home prices in Singapore rose by almost 4.0 percent in Q1 2018.

After increasing by only 1.0 percent in Q4 2017, private home prices in Singapore rose by almost 4.0 percent in Q1 2018, making it the second highest in Asia next to Hong Kong, reported Singapore Business Review citing S&P Global Ratings.

“Private housing in Singapore is showing price increases as global economic performance improves (private housing tends to be sensitive to foreign demand),” said S&P Global Asia-Pacific economist Vishrut Rana.

Meanwhile, public housing in Singapore is still witnessing slight price falls. “Resident households in the private market might substitute into public housing if private prices continue rising,” Rana said.

S&P Global Ratings noted that the city-state is bucking the trend of home price slowdowns in Asia. Housing prices showed signs of slowing down across tier-1 cities in China as well as in Australia, particularly in Sydney.

Home prices in Hong Kong, on the other hand, continued its rapid growth, with homes smaller than 100 sq m (1,076 sq ft) registering the highest price hike in Q1.

credits: propertyguru

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Block 18C Holland Drive crop

View of Block 18C Holland Drive.

An HDB resale flat at Holland Drive in Queenstown has been sold for a sky-high price of $1.1 million in June, setting a new record for the most expensive 5-room unit sold outside the iconic Pinnacle @ Duxton housing project.

The record also excludes executive flats which are bigger, and Design, Build and Sell Scheme flats developed and sold by private developers.

Data from the Housing Board website shows that the 1,259 sq ft flat is located in Block 18C between the 37th and 39th floors. It has a remaining lease of 93 years.

While the original price is not known, the HDB block was built under the Selective En bloc Redevelopment Scheme, which gives buyers the opportunity to purchase replacement flats at favourable prices.

Holland Drive is close to the Buona Vista and Holland Village MRT stations. Several supermarkets and malls such as The Star Vista and Holland Road Shopping Centre are also nearby.

Other recent HDB transactions in Queenstown involving 5-room flats that breached the million-dollar mark include a 1,216 sq ft unit at Block 23 Ghim Moh Link that sold for over $1.02 million in April, and a 1,259 sq ft flat at Block 50 Commonwealth Drive which changed hands for over $1.038 million a month before.

Known for its iconic design, Pinnacle @ Duxton in the city centre holds the record for having the most expensive 5-room HDB flat. Built in 2009, the 1,151 sq ft higher floor unit in Block 1B with a remaining lease of 91 years was resold in March for $1.145 million.

Such dizzying prices are sometimes seen in mature housing estates due to their good locations and other attributes such as unblocked views, but are not common in the overall HDB resale market.

In fact, HDB resale prices have declined for six consecutive quarters, falling 0.8 percent in Q1 2018. This is greater than the 0.2 percent decrease in the previous quarter.

Property agency ERA Realty expects HDB resale prices to remain flat in 2018.

“Any price increase or decrease is likely to be very moderate and would not exceed 1.5 percent for the full year,” said Eugene Lim, key executive officer of ERA Realty.

credits: propertyguru

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Katong Plaza In District 15 Goes En Bloc With $188m Price Tag

Posted by Singapore Property Launch on 7th June 2018 in Blog
Katong Plaza crop

The freehold development is located close to the future Marine Parade MRT station, various schools and East Coast Park. (Photo: Huttons Asia)

Katong Plaza, a mixed commercial and residential development along Brooke Road in District 15, will be put up for collective sale on Thursday (7 June) with a price tag of $188 million.

Marketing agent Huttons Asia noted that the asking price works out to a land rate of $1,969 psf per plot ratio, after factoring in the development charge payable, reported the Business Times.

Completed in 1983, the freehold development comprises 14 units. It sits on a 34,044 sq ft site which has a gross plot ratio of 3.0. Terence Lian, head of investment sales at Huttons Asia, believes the site could yield about 102,133 sq ft of gross floor area (GFA) following redevelopment.

The site is 120m away from the future Marine Parade MRT station, with nearby amenities including Parkway Parade, I12 Katong and East Coast Park. It is also within the vicinity of various schools such as Haig’s Girls’ School, Tao Nan School, Tanjong Katong Primary School and CHIJ (Katong) Primary.

Based on the Urban Redevelopment Authority’s guidelines, at least 60 percent of the GFA in the new development will be zoned residential and the other 40 percent for commercial use.

However, the winning developer may choose to increase the residential use of the new development to 80 percent under the present master plan zoning, but subject to approval from URA, explained Angela Lim, deputy head of investment sales at Huttons Asia.

“Katong Plaza is strategically nestled within an established F&B (food and beverage) and retail belt in the heart of Katong. We see a huge potential for the site to be transformed as the successful developer could introduce lifestyle cafes and eateries along the plot’s existing 150m frontage along Brooke Road,” he said.

“We envisage Brooke Road to form a vibrant weather-friendly thoroughfare lined with alfresco dining and activities that would help seamlessly link up the Katong/Joo Chiat area with the future Marine Parade MRT station.”

The tender for Katong Plaza closes on 16 July.

credits: propertyguru