- Published on
The Dunman Road condo land parcel site is arguably the most attractive site on the Reserve List released by URA in 2019. The Dunman Road condo land parcel site enjoys close proximity to the Dakota MRT station, predominantly unblocked views of the East Coast and within minutes’ drive to town. It is also near good schools and the Sports Hub.
The Dunman Road condo land parcel site's larger land parcel size allows the developer to build an estimated 1,040 new condo units. Kiwi Lim from Huttons Asia believe that this large land parcel along Dunman Road will mainly attract large reputable developers with deep pockets or joint ventures between a few developers to trigger and bid for the Reserve Site.
The Dunman Road condo land parcel site's larger land parcel size allows the developer to build an estimated 1,040 new condo units. Kiwi Lim from Huttons Asia believe that this large land parcel along Dunman Road will mainly attract large reputable developers with deep pockets or joint ventures between a few developers to trigger and bid for the Reserve Site.
The Dunman Road reserve land plot is near to reputable schools such as Kong Hwa School Tanjong Katong Primary School, Haig Girls’ School
The Dunman Road condo land parcel site is located along Dunman Road in District 15 and is less than 100m away from Datoka Circle Line Station (CC8) on the Circle Line, providing easy access to the city centre and other parts of Singapore. It is also conveniently linked to major roads and expressways such as East Coast Parkway (ECP) and Mountbatten Road.
Proximity to Schools and Amenities
The future Dunman Road new condo will enjoy close proximity to educational institutions such as Chung Cheng High School (Main), Broadrick Secondary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School. Amenities such as 51 Old Airport Road Food Centre, Katong Swimming Complex and Paya Lebar Square are also a short distance away.
The Dunman Road condo land parcel site is also close to amenities like Sheng Siong Hypermarket (Tanjong Katong), NTUC Fairprice (Geylang Lorong 38), and Giant (Tanjong Katong Complex). The closest shopping malls are Kinex Shopping Mall, City Plaza, and Joo Chiat Complex.
Future residents at this Dunman Road new condo will enjoy direct access to Geylang Park Connector that runs along Geylang River connecting seamlessly to Marina Reservoir and Gardens by the Bay.
Proximity to Schools and Amenities
The future Dunman Road new condo will enjoy close proximity to educational institutions such as Chung Cheng High School (Main), Broadrick Secondary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School. Amenities such as 51 Old Airport Road Food Centre, Katong Swimming Complex and Paya Lebar Square are also a short distance away.
The Dunman Road condo land parcel site is also close to amenities like Sheng Siong Hypermarket (Tanjong Katong), NTUC Fairprice (Geylang Lorong 38), and Giant (Tanjong Katong Complex). The closest shopping malls are Kinex Shopping Mall, City Plaza, and Joo Chiat Complex.
Future residents at this Dunman Road new condo will enjoy direct access to Geylang Park Connector that runs along Geylang River connecting seamlessly to Marina Reservoir and Gardens by the Bay.
District 15 has seen a very healthy pace in price appreciation over the past 15 years and the average price is now above $1,5xx psf. Data prepared by Kiwi Lim (Huttons)
A site on the Reserve List System will be put up for sale if a developer's indicated minimum price in his application is acceptable to the Government. The Government will also consider launching a Reserve List site for sale if it has received sufficient market interest for the site. This is when more than one unrelated party has submitted a minimum price that is close to the Government's Reserve Price, within a reasonable period.
As private property prices in Singapore post the steepest quarterly rise in pricing in almost 3 years after rising 2.9 per cent in the first quarter of 2021 from the fourth quarter of last year — the steepest jump since the second quarter of 2018, Kiwi Lim believe that the Dunman Road condo land parcel could possibly attract a top bid of around SGD1,150 psf ppr - potentially paving the way for a new benchmark pricing to be set for the area of possibly an average starting price of $2,150 psf taking into account higher constructions costs of 30% to 50% increase globally during the Covid pandemic.
At the current pace of price growth, a new peak may be formed by the second half of this year.
As private property prices in Singapore post the steepest quarterly rise in pricing in almost 3 years after rising 2.9 per cent in the first quarter of 2021 from the fourth quarter of last year — the steepest jump since the second quarter of 2018, Kiwi Lim believe that the Dunman Road condo land parcel could possibly attract a top bid of around SGD1,150 psf ppr - potentially paving the way for a new benchmark pricing to be set for the area of possibly an average starting price of $2,150 psf taking into account higher constructions costs of 30% to 50% increase globally during the Covid pandemic.
At the current pace of price growth, a new peak may be formed by the second half of this year.
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
- Published on
A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids at a state tender that closed on Tuesday.
URA and HDB launched two 99-year leasehold residential sites for sale at Ang Mo Kio Avenue 1 and Tengah Garden Walk, under the Confirmed List of 2H2020 government land sales (GLS) programme last year in Nov 2020.
The condo site at Ang Mo Kio Avenue 1, which is designated for condominium development, measures 136,480 sqft, with a maximum gross floor area (GFA) of 341,205 sqft. It is the latest GLS site in the Ang Mo Kio area in six years. The previous GLS site was the Lorong Puntong site, where Thomson Impressions now is, which was awarded in October 2014 for $173.6 million or $731 psf per plot ratio (ppr). Before that, the Ang Mo Kio Avenue 2/Ang Mo Kio Street 13 site, which was later developed as The Panorama, was successfully tendered for $550 million ($790 psf ppr) in January 2013.
The condo site at Ang Mo Kio Avenue 1, which is designated for condominium development, measures 136,480 sqft, with a maximum gross floor area (GFA) of 341,205 sqft. It is the latest GLS site in the Ang Mo Kio area in six years. The previous GLS site was the Lorong Puntong site, where Thomson Impressions now is, which was awarded in October 2014 for $173.6 million or $731 psf per plot ratio (ppr). Before that, the Ang Mo Kio Avenue 2/Ang Mo Kio Street 13 site, which was later developed as The Panorama, was successfully tendered for $550 million ($790 psf ppr) in January 2013.
The site in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids
These two GLS sites closed their bids today on 25 May 2021 at the site tender.
The 99-year leasehold condo in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids. The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land. Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
UOL plan to develop a 24-25 storey condo project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
The 99-year leasehold condo in Ang Mo Kio Avenue 1, sited opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids. The highest bid of S$381.38 million or nearly S$1,118 per square foot per plot ratio (psf ppr), came from a 60:20:20 joint venture between UOL Group, Singapore Land Group and Kheong Leong Company.
This was 6.3 per cent higher than the second highest bid of S$358.89 million or S$1,052 psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CDL) and MCL Land. Also bidding for the site was a tie-up between Far East Organization, Sino Group and Sekisui House, which offered S$353.33 million or S$1,036 psf ppr.
UOL plan to develop a 24-25 storey condo project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. Apart from being in a popular residential town complete with strong amenities, the site will be able to ride on the nearby Mayflower MRT station, which is due to open this year. Good schools like CHIJ Saint Nicholas Girls' School and Ai Tong School are also in the vicinity.
The tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore for Tengah Garden Walk drew seven bids.
The GLS executive condominium (EC) site at Tengah Walk measures 237,032 sq ft. With 663,691 sq ft of maximum permissible GFA, with developers possibly building around 615 residential units.
The Tengah EC site is in a non-mature estate, allowing first-mover advantage when it enters the market.
The government has announced plans to turn Tengah into a smart and sustainable town, with green features and smart technologies. The emerging Jurong Innovation District advanced manufacturing hub in the west would also help to attract investments and create jobs in the area. The Tengah Garden Walk EC site would likely be served by the new Jurong Region Line which is slated to open progressively from 2026, and be near to Hong Kah and Tengah Plantation MRT Stations.
HDB has already launched built-to-order (BTO) flats for sale in several exercises at Tengah. When completed, Tengah is estimated to provide about 42,000 new homes across five residential districts.
Also closing on Tuesday 25 May 2021 was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore). ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed. The tender for the Tengah EC site was conducted by the Housing & Development Board.
Real estate professional Kiwi Lim from Huttons Asia believe that with the higher construction costs of 30% to 50% globally in the market partly due to increased property demand arising from the Covid pandemic and taking into account the psf ppr prices of these bidded GLS land plots, the developers may launch the Ang Mo Kio Ave 1 condo project from $2,000 psf and the Tengah EC project from $1,300 psf.
The Tengah EC site is in a non-mature estate, allowing first-mover advantage when it enters the market.
The government has announced plans to turn Tengah into a smart and sustainable town, with green features and smart technologies. The emerging Jurong Innovation District advanced manufacturing hub in the west would also help to attract investments and create jobs in the area. The Tengah Garden Walk EC site would likely be served by the new Jurong Region Line which is slated to open progressively from 2026, and be near to Hong Kah and Tengah Plantation MRT Stations.
HDB has already launched built-to-order (BTO) flats for sale in several exercises at Tengah. When completed, Tengah is estimated to provide about 42,000 new homes across five residential districts.
Also closing on Tuesday 25 May 2021 was the tender for the maiden executive condominium (EC) housing site in the Tengah estate in western Singapore. The 99-year plot along Tengah Garden Walk drew seven bids.
The highest offer of S$400.32 million or S$603.17 psf ppr was from a tie-up between CDL and MCL Land; it was just a tad higher than the nearly S$400.2 million or S$602.99 psf ppr from the second highest bid, from CSC Land Group (Singapore). ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are completely lifted 10 years after the project has been completed. The tender for the Tengah EC site was conducted by the Housing & Development Board.
Real estate professional Kiwi Lim from Huttons Asia believe that with the higher construction costs of 30% to 50% globally in the market partly due to increased property demand arising from the Covid pandemic and taking into account the psf ppr prices of these bidded GLS land plots, the developers may launch the Ang Mo Kio Ave 1 condo project from $2,000 psf and the Tengah EC project from $1,300 psf.
Price trend for The Panorama - another condo in Ang Mo Kio along Ave 2 launched in 2014 and sold out soon after. Data from 2014 till May 2021 prepared by Kiwi Lim (Your Property Kiwi)
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
From: Business Times article on Tue, 25 May 2021
- Published on
Singaporeans are buying luxury properties in prime districts as they take advantage of travel restrictions preventing foreigners from entering Singapore due to Covid travel restrictions. Foreign buyers of Singapore's properties declined to a 17-year low in 2020 last year as countries worldwide imposed travel restrictions and lockdowns deterring rich foreign buyers from coming to Singapore.
Kiwi Lim from Huttons Asia believe that Singaporeans who can afford luxury condos are enjoying this small window of opportunity to upgrade or add more luxury properties in prime districts in District 09 and District 10 as well as city area luxury condos before the cash rich foreigners come in to compete with them for these properties. Never before have we seen Singapore closing doors to foreigner buyers, this is a once in a lifetime chance where Singaporeans can buy without pressure from foreign buyers.
Kiwi Lim from Huttons Asia believe that Singaporeans who can afford luxury condos are enjoying this small window of opportunity to upgrade or add more luxury properties in prime districts in District 09 and District 10 as well as city area luxury condos before the cash rich foreigners come in to compete with them for these properties. Never before have we seen Singapore closing doors to foreigner buyers, this is a once in a lifetime chance where Singaporeans can buy without pressure from foreign buyers.
Luxury market buyers generally prefer to physically inspect the premises or visit a show-flat before making a purchase and since many overseas buyers were not able to travel to Singapore to view properties in person, it may have resulted in a dip in foreigner purchases in Singapore.
Foreigners contributed less than 5% of total property sales in Singapore in 2020, the lowest ever seen in Singapore's property market records in nearly 30 years. Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from Singaporeans and Singapore PRs accounted for more than 95% of property purchases in 2020 and 1st quarter of 2021.
Even when foreign buyers are generally out of Singapore's real estate scene, some of them still made the property news headlines when recently Park Nova's condo launch saw 7 ultra luxury apartments and penthouses sold for more than $160 million in just a few hours of launch.
Swire Properties recently also launched Eden and the entire luxury condo residential development was snapped up instantly by a Taiwanese family.
Foreigners contributed less than 5% of total property sales in Singapore in 2020, the lowest ever seen in Singapore's property market records in nearly 30 years. Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from Singaporeans and Singapore PRs accounted for more than 95% of property purchases in 2020 and 1st quarter of 2021.
Even when foreign buyers are generally out of Singapore's real estate scene, some of them still made the property news headlines when recently Park Nova's condo launch saw 7 ultra luxury apartments and penthouses sold for more than $160 million in just a few hours of launch.
Swire Properties recently also launched Eden and the entire luxury condo residential development was snapped up instantly by a Taiwanese family.
Fourth Avenue Residences is a luxury condo project in a private exclusive residential enclave in prime D10 that is only doorstep to Sixth Avenue MRT. Click to visit website & enjoy special VIP discounts valid until 31 May 2021
With more luxury homes slated to be launched in the coming months, sales of luxury homes could rise further. Singapore will continue to be one of the hot favourites among well-heeled investors and wealthy overseas buyers for trophy properties. Backed by the prospects of further price growth and a better leasing environment, foreign demand is expected to return gradually.
There were 10,024 private homes sold in the whole of 2020 more than the 9,912 units sold in 2019 pre-Covid. There were already 3,574 private homes sold in the first quarter of this year in 2021 surpassing the pre-pandemic levels of 2,476 units for each quarter on average in 2019 by 44.2 per cent. This may be partially driven by the pent-up demand caused by the circuit breaker last April and May when there was a partial lockdown.
With a brighter economic outlook in 2021, the positive momentum of the sales and price index could still continue into 2021. With buyers optimistic about a recovering economy, and assuming that no new measures are announced or there is no unexpected resurgence of coronavirus infections in the community that could unhinge demand, Singapore's property market may sell around 10,000 new launch condo units this year.
There were 10,024 private homes sold in the whole of 2020 more than the 9,912 units sold in 2019 pre-Covid. There were already 3,574 private homes sold in the first quarter of this year in 2021 surpassing the pre-pandemic levels of 2,476 units for each quarter on average in 2019 by 44.2 per cent. This may be partially driven by the pent-up demand caused by the circuit breaker last April and May when there was a partial lockdown.
With a brighter economic outlook in 2021, the positive momentum of the sales and price index could still continue into 2021. With buyers optimistic about a recovering economy, and assuming that no new measures are announced or there is no unexpected resurgence of coronavirus infections in the community that could unhinge demand, Singapore's property market may sell around 10,000 new launch condo units this year.
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
- Published on
A green enclave, rising above Orchard’s freehold land, Park Nova promises a tenure of exclusive residence surrounded by the beauty of nature.
Featuring its signature biophilic greeneries that encompass sunlit terraces, natural ventilation, and panoramic views of the city’s magnificent skyline, Park Nova breathes nature, bringing the charm of the outdoors into the comfort of home.
A leader in luxury hospitality and an expert in curating comfort, Shun Tak Holdings pioneers the concept of “smart new urban homes” by introducing nature into everyday city living. Imbued in a biophilic design philosophy specifically adapted to Singapore’s tropical climate, Park Nova condo stands as a living and breathing garden with thoughtfully designed outdoor spaces dedicated to every residence.
Park Nova's Biophilic design concept increased the living space's connectivity to the natural environment through the use of direct and indirect nature. Every spacious condo unit at Park Nova comes with a regular layout. The ergonomically shaped balcony and planter is filled with lush greenery to simulate the shape of a butterfly. Residents can enjoy the unobstructed Southern, Eastern or Western views from the condo's living, dining and bedrooms.
A leader in luxury hospitality and an expert in curating comfort, Shun Tak Holdings pioneers the concept of “smart new urban homes” by introducing nature into everyday city living. Imbued in a biophilic design philosophy specifically adapted to Singapore’s tropical climate, Park Nova condo stands as a living and breathing garden with thoughtfully designed outdoor spaces dedicated to every residence.
Park Nova's Biophilic design concept increased the living space's connectivity to the natural environment through the use of direct and indirect nature. Every spacious condo unit at Park Nova comes with a regular layout. The ergonomically shaped balcony and planter is filled with lush greenery to simulate the shape of a butterfly. Residents can enjoy the unobstructed Southern, Eastern or Western views from the condo's living, dining and bedrooms.
On May 7, sales at Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area began at 2pm and within a few hours, two penthouses located on the top two floors of the 21-storey building were sold for close to $60 million. Besides the two penthouses, five other typical units have also been sold for more than $100 million in sales. In total, more than 160 million in sales were clinched for the 7 ultra luxury condo units.
The two biggest five-bedroom penthouses in the 54-unit luxury Park Nova condo fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
The two biggest five-bedroom penthouses in the 54-unit luxury Park Nova condo fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
- Published on
Scal said the construction sector has been facing a serious labour crunch since 2020, after many migrants workers returned home amid the pandemic.ST PHOTO
On 23 April 2021, Singapore Contractors Association Limited (Scal) sounded warnings that home buyers will have to endure a longer wait time for the completion of Housing Board Build-To-Order (BTO) flats and private apartments as a result of the border restrictions on travellers from India. Curently, the construction sector is already facing delays which have seen projects knocked back by between nine and 12 months due to a labour crunch brought about by the Covid-19 pandemic.
Just the day before, the Government announced that long-term pass holders and short-term visitors with recent travel history to India will not be allowed entry or transit through Singapore, with the new rule taking effect from 24 April 2021. Those who have previously obtained approval from the authorities to enter the country may also have their approvals revoked.
Education Minister Lawrence Wong, who is co-leading the multi-ministry task force tackling Covid-19, said it will have a major impact on the construction sector.
Just the day before, the Government announced that long-term pass holders and short-term visitors with recent travel history to India will not be allowed entry or transit through Singapore, with the new rule taking effect from 24 April 2021. Those who have previously obtained approval from the authorities to enter the country may also have their approvals revoked.
Education Minister Lawrence Wong, who is co-leading the multi-ministry task force tackling Covid-19, said it will have a major impact on the construction sector.
The construction sector will face further delays to building and housing projects already hampered by the pandemic.
The move to ban long-term pass holders and short-term visitors from India from entering Singapore will have a major impact on the construction, marine and process (CMP) sectors here, said Education Minister Lawrence Wong on Thursday (April 22) "I seek Singaporeans' patience and understanding. If certain projects were to be delayed further, please understand why this has happened and know that we are doing this because of public health reasons. We hope that everyone will cooperate."
The construction sector, especially, will face further delays to building and housing projects already hampered by the pandemic. Hence, the Government is looking at how it can provide additional support for local small and medium-sized enterprises and contractors that will be hurt by the new restrictions.
The construction sector, especially, will face further delays to building and housing projects already hampered by the pandemic. Hence, the Government is looking at how it can provide additional support for local small and medium-sized enterprises and contractors that will be hurt by the new restrictions.
Singaporeans will inevitably be paying for higher construction costs if the situation is not resolved soon," said Singapore Contractors Association Limited (Scal) in a statement. It noted that the cost of labour and materials has escalated by 30 per cent to 50 per cent. "This tightening will adversely affect the inflow of construction workers and will negatively impact the timeline of construction projects and cause further delays," said the construction association.
Singapore Contractors Association Limited (Scal) have warned that some companies may be forced to close and it will adversely impact some 100,000 residents working in the construction sector. Wee Hur Construction’s director for tender and contracts Sua Chen Shiua said: “We’re hoping the Government can grant us more time to complete our projects so it can relieve some pressure on us and also enforce that all stakeholders share the (increased) expenses instead of contractors taking the biggest hit.”
"This presents a big challenge for the government as they consider implementing property cooling measures after private property prices rose 2.2% last year. Property cooling measure may cause a knee jerk reaction in the market that may last around 6 months or more where buyers hold back from buying properties if for example there is an increase in ABSD by 5% which may inevitably lead to a systemic impact of the construction industry and Singapore's overall economy" says Kiwi Lim from Huttons Asia.
Singapore Contractors Association Limited (Scal) have warned that some companies may be forced to close and it will adversely impact some 100,000 residents working in the construction sector. Wee Hur Construction’s director for tender and contracts Sua Chen Shiua said: “We’re hoping the Government can grant us more time to complete our projects so it can relieve some pressure on us and also enforce that all stakeholders share the (increased) expenses instead of contractors taking the biggest hit.”
"This presents a big challenge for the government as they consider implementing property cooling measures after private property prices rose 2.2% last year. Property cooling measure may cause a knee jerk reaction in the market that may last around 6 months or more where buyers hold back from buying properties if for example there is an increase in ABSD by 5% which may inevitably lead to a systemic impact of the construction industry and Singapore's overall economy" says Kiwi Lim from Huttons Asia.
Like & follow us on social media for more timely and insightful property market updates and analysis
Extracted from Straits Times news article on 23 April 2021
- Published on
European Union House Prices grew 5.7 % YoY in Dec 2020, following an increase of 5.3 % YoY in the previous quarter. EU House Prices YoY Growth data is updated quarterly, available from Mar 2006 to Dec 2020, with an average growth rate of 2.8 %. The data reached an all-time high of 11.1 % in Dec 2006 and a record low of -4.9 % in Jun 2009. CEIC calculates House Prices Growth from quarterly House Price Index. Eurostat provides House Price Index with base 2015=100. European Union stands for EU27 excluding UK. Analysts believed this is driven by domestic demand and not from rich Asian Chinese foreign buyers / investors.
Last year, as thousands of New Zealanders lost their jobs amid the Covid-19 pandemic, The housing market dipped when New Zealand first went into lockdown in March 2020, but it came back so much faster than it went down after the country was declared free of Covid-19 in June 2020 and has grown exponentially ever since.
New Zealand House Prices grew 15.5 % YoY in Dec 2020, following an increase of 10.7 % YoY in the previous quarter. New Zealand House Prices YoY Growth data is updated quarterly, available from Dec 1990 to Dec 2020, with an average growth rate of 5.8 %. The data reached an all-time high of 24.9 % in Dec 2003 and a record low of -9.1 % in Mar 2009. CEIC calculates House Prices Growth from quarterly House Price Index. The Reserve Bank of New Zealand provides House Price Index, calculated from Reserve Bank of New Zealand estimates, with base December 2003=1000.
"A few years ago, if you bought a property and sold it in the next three years, you’d done well if you broke even. Now, we’re seeing that you can buy a property and sell it six weeks later and make NZ$30,000 (US$21,100). It’s very much a seller’s market." said real estate professionals in New Zealand, "the sharp increase is mainly from domestic demand making this completely unprecedented never seen before in New Zealand".
New Zealand House Prices grew 15.5 % YoY in Dec 2020, following an increase of 10.7 % YoY in the previous quarter. New Zealand House Prices YoY Growth data is updated quarterly, available from Dec 1990 to Dec 2020, with an average growth rate of 5.8 %. The data reached an all-time high of 24.9 % in Dec 2003 and a record low of -9.1 % in Mar 2009. CEIC calculates House Prices Growth from quarterly House Price Index. The Reserve Bank of New Zealand provides House Price Index, calculated from Reserve Bank of New Zealand estimates, with base December 2003=1000.
"A few years ago, if you bought a property and sold it in the next three years, you’d done well if you broke even. Now, we’re seeing that you can buy a property and sell it six weeks later and make NZ$30,000 (US$21,100). It’s very much a seller’s market." said real estate professionals in New Zealand, "the sharp increase is mainly from domestic demand making this completely unprecedented never seen before in New Zealand".
South Korea's Property index showed property prices has risen sharply in 2020 and still rising - CEIC Data
South Korea property prices grew 11.2 % YoY in Mar 2021, following an increase of 10.3 % YoY in the previous month. South Korea House Prices YoY Growth data is updated monthly, available from Jan 1987 to Mar 2021, with an average growth rate of 2.3 %. The data reached an all-time high of 21.9 % in Aug 1988 and a record low of -13.1 % in Nov 1998. CEIC calculates House Prices Growth from monthly House Price Index. Kookmin Bank provides House Price Index with base January 2019=100.
Germany House Prices grew 8.1 % YoY in Dec 2020, following an increase of 7.9 % YoY in the previous quarter. Germany House Prices YoY Growth data is updated quarterly, available from Mar 2001 to Dec 2020, with an average growth rate of 2.5 %. The data reached an all-time high of 8.4 % in Dec 2016 and a record low of -3.8 % in Mar 2007. CEIC calculates House Prices Growth from quarterly House Price Index. Federal Statistics Office Germany provides House Price Index with base 2015=100.
Canada House Prices grew 7.0 % YoY in Feb 2021, following an increase of 5.4 % YoY in the previous month. Canada House Prices YoY Growth data is updated monthly, available from Jan 1982 to Feb 2021, with an average growth rate of 1.8 %. The data reached an all-time high of 16.5 % in Mar 1989 and a record low of -9.7 % in Apr 1991. CEIC calculates House Prices Growth from monthly House Price Index. Statistics Canada provides House Price Index with base December 2016=100. House Price Index covers New Housing only.
Denmark House Prices grew 8.5 % YoY in Dec 2020, following an increase of 7.5 % YoY in the previous month. Denmark House Prices YoY Growth data is updated monthly, available from Jan 2007 to Dec 2020, with an average growth rate of 2.8 %. The data reached an all-time high of 11.4 % in Jan 2007 and a record low of -16.0 % in May 2009. CEIC calculates monthly House Prices Growth from Property Price Index. Statistics Denmark provides Property Price Index of One Family Houses with base 2006=100. House Prices Growth covers single family houses only.
Luxembourg House Prices grew 13.6 % YoY in Sep 2020, following an increase of 13.2 % YoY in the previous quarter. Luxembourg House Prices YoY Growth data is updated quarterly, available from Mar 2008 to Sep 2020, with an average growth rate of 5.1 %. The data reached an all-time high of 14.1 % in Mar 2020 and a record low of -2.5 % in Sep 2009. CEIC calculates House Prices Growth from quarterly House Price Index. The Portal of Statistics of Luxembourg provides House Price Index with base 2015=100. House Price Index covers purchase prices of apartments only. House Prices Growth prior to Q1 2010 is with base 2010=100.
Norway House Prices grew 10.9 % YoY in Mar 2021, following an increase of 7.1 % YoY in the previous quarter. Norway House Prices YoY Growth data is updated quarterly, available from Mar 1993 to Mar 2021, with an average growth rate of 7.2 %. The data reached an all-time high of 21.2 % in Mar 2000 and a record low of -6.9 % in Dec 2008. CEIC calculates House Prices Growth from quarterly House Price Index. Statistics Norway provides House Price Index with base 2015=100.
Sweden House Prices grew 10.1 % YoY in Dec 2020, following an increase of 6.1 % YoY in the previous quarter. Sweden House Prices YoY Growth data is updated quarterly, available from Mar 1987 to Dec 2020, with an average growth rate of 7.4 %. The data reached an all-time high of 20.8 % in Jun 1989 and a record low of -15.3 % in Dec 1992. CEIC calculates House Prices Growth from quarterly Real Estate Price Index. Statistics Sweden provides Real Estate Price Index with base 1981=100. House Prices Growth covers 1 or 2 dwelling buildings for permanent living only.
Austria House Prices grew 9.4 % YoY in Dec 2020, following an increase of 9.4 % YoY in the previous quarter. Austria House Prices YoY Growth data is updated quarterly, available from Sep 1987 to Dec 2020, with an average growth rate of 4.1 %. The data reached an all-time high of 33.4 % in Sep 1988 and a record low of -6.4 % in Dec 2001. CEIC calculates quarterly House Prices Growth from quarterly House Price Index. Oesterreichische Nationalbank provides House Price Index with base 2000=100. 3.. House Prices Growth covers Vienna only.
Taiwan House Prices grew 6.5 % YoY in Dec 2020, following an increase of 6.1 % YoY in the previous quarter. Taiwan House Prices YoY Growth data is updated quarterly, available from Mar 2002 to Dec 2020, with an average growth rate of 5.8 %. The data reached an all-time high of 20.9 % in Mar 2010 and a record low of -6.0 % in Mar 2016. CEIC calculates House Prices Growth from quarterly Residential Property Price Index. Sinyi Realty Incorporation provides Residential Property Price Index with base March 2001=100.
United Kingdom House Prices grew 6.9 % YoY in Feb 2021, following an increase of 6.4 % YoY in the previous month. UK House Prices YoY Growth data is updated monthly, available from Jan 1992 to Feb 2021, with an average growth rate of 4.4 %. The data reached an all-time high of 26.4 % in Jan 2003 and a record low of -17.5 % in Feb 2009. CEIC calculates House Prices Growth from monthly House Price Index. Nationwide provides House Price Index with base Q1 1993=100.
United States House Prices grew 10.3 % YoY in Dec 2020, following an increase of 7.8 % YoY in the previous quarter. US House Prices YoY Growth data is updated quarterly, available from Mar 1992 to Dec 2020, with an average growth rate of 5.3 %. The data reached an all-time high of 10.8 % in Sep 2005 and a record low of -11.9 % in Mar 2009. CEIC calculates House Prices Growth from quarterly House Price Index. Federal Housing Finance Agency provides House Price Index with base January 1991=100.
In comparison to major cities globally, Singapore House Prices only grew 2.2 % YoY in Dec 2020, following an increase of 0.7 % YoY in the previous quarter. Singapore House Prices YoY Growth data is updated quarterly, available from Mar 1976 to Dec 2020, with an average growth rate of 4.0 %. The data reached an all-time high of 102.0 % in Mar 1981 and a record low of -34.0 % in Dec 1998. CEIC calculates House Prices Growth from quarterly Private Residential Property Price Index. Urban Redevelopment Authority provides Private Residential Property Price Index with base 1Q2009=100.
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
Data from CEIC - a trusted global tracker of worldwide property price index
- Published on
Demand for luxury homes surged dramatically in March, based on data released by the Urban Redevelopment Authority (URA), suggesting that the ultra-rich are back with a vengeance following a long hiatus caused by the pandemic.
For private property in general, it was also the highest sales recorded in a month in the past four years.
The developers’ monthly sales data released on 15 April 2021 showed that a total of 546 luxury homes in prime districts were sold last month — up nine times from the 58 units transacted in the core central region of Singapore in February this year and more than 10 times from the 45 sold when compared with March last year.
Last month’s sales of luxury homes was the highest since November 2013, when 668 units at premium locations in central Singapore were sold.
For private property in general, it was also the highest sales recorded in a month in the past four years.
The developers’ monthly sales data released on 15 April 2021 showed that a total of 546 luxury homes in prime districts were sold last month — up nine times from the 58 units transacted in the core central region of Singapore in February this year and more than 10 times from the 45 sold when compared with March last year.
Last month’s sales of luxury homes was the highest since November 2013, when 668 units at premium locations in central Singapore were sold.
Luxury home sales rose 10-fold in March: Most buyers Singaporeans but foreigners picked up trophy homes
- There were around 10 times more luxury private homes in prime districts sold in March than in February 2021
- In all, private homes sold in March was the highest since November 2013
- Analysts said Singaporeans made up the bulk of the purchases, however, foreign buyers are snapping up the most expensive condos
- The trend is likely to continue over the next few months
There were 16 new homes transacted above S$5 million last month in , two of which were sold above S$10 million.
Topping the chart was a penthouse unit at the 99-year leasehold Midtown Modern condominium project near Bugis MRT Station, which sold for S$14.8 million, or a staggering S$4,213 per square foot (psf). The other was a unit at the freehold Meyerhouse condo in East Coast that was sold for S$13.9 million, or S$2,450 psf.
Both were bought by foreign buyers, property experts said.
Condo sales were also brisk across the whole of Singapore. A total of 1,296 units were sold in March, which was around double of the 645 units sold in February and the 660 units sold in March last year.
Kiwi Lim from Huttons Asia believe that Covid measures that had restricted the entry of foreign investors into Singapore's borders these past 14 months has given Singaporeans a rare opportunity to buy luxury condos without competing directly with foreign property buyers.
Singaporeans and PRs snapped up luxury homes like the 558-unit Midtown Modern luxury project, a development by GuocoLand, which was launched in the second half of March. The 368 units sold in March accounted for nearly a third of all private home sales last month.
Topping the chart was a penthouse unit at the 99-year leasehold Midtown Modern condominium project near Bugis MRT Station, which sold for S$14.8 million, or a staggering S$4,213 per square foot (psf). The other was a unit at the freehold Meyerhouse condo in East Coast that was sold for S$13.9 million, or S$2,450 psf.
Both were bought by foreign buyers, property experts said.
Condo sales were also brisk across the whole of Singapore. A total of 1,296 units were sold in March, which was around double of the 645 units sold in February and the 660 units sold in March last year.
Kiwi Lim from Huttons Asia believe that Covid measures that had restricted the entry of foreign investors into Singapore's borders these past 14 months has given Singaporeans a rare opportunity to buy luxury condos without competing directly with foreign property buyers.
Singaporeans and PRs snapped up luxury homes like the 558-unit Midtown Modern luxury project, a development by GuocoLand, which was launched in the second half of March. The 368 units sold in March accounted for nearly a third of all private home sales last month.
With the buoyant March numbers this year, it could be an indication that wealthy foreigners are returning to Singapore.
The number of ultra-high-net-worth-individuals (UHNWIs) in Singapore grew by 10.2 per cent last year from 2019, despite the pandemic-led recession. These are people with a US$30 million (S$40 million) net worth inclusive of their primary residence.
It was observed that both foreign and local home buyers were looking to penthouses or units with more than 3,000 square feet. With the limited availability of newly launched penthouses in previous months, penthouses in the resale market were sought after by these UHNWIs who place greater priority on quality and living spaces with Singapore citizens making up the bulk of the transactions.
From the March sales figures, 1,296 private homes sold, 82.2 per cent were bought by Singaporeans, 13.4 per cent by Singapore permanent residents, and 4.3 per cent by foreigners.
Of the properties priced S$5 million and above, there were 10 purchases by Singaporeans. In contrast, there were only two purchases by foreigners. This is another illustration of the ample liquidity among Singaporeans in recent years.
The number of ultra-high-net-worth-individuals (UHNWIs) in Singapore grew by 10.2 per cent last year from 2019, despite the pandemic-led recession. These are people with a US$30 million (S$40 million) net worth inclusive of their primary residence.
It was observed that both foreign and local home buyers were looking to penthouses or units with more than 3,000 square feet. With the limited availability of newly launched penthouses in previous months, penthouses in the resale market were sought after by these UHNWIs who place greater priority on quality and living spaces with Singapore citizens making up the bulk of the transactions.
From the March sales figures, 1,296 private homes sold, 82.2 per cent were bought by Singaporeans, 13.4 per cent by Singapore permanent residents, and 4.3 per cent by foreigners.
Of the properties priced S$5 million and above, there were 10 purchases by Singaporeans. In contrast, there were only two purchases by foreigners. This is another illustration of the ample liquidity among Singaporeans in recent years.
Taiwanese family bought the whole entire development - Eden located at Draycott in the CCR region for $4,8xx psf
- Published on
Proposed Residential Sites for 1H2021 GLS Programme - source: MND
The Government's efforts to moderately increase the supply of land for private homes has caused the supply of unsold new private residential home stocks to fall sharply creating a desperate need for developers to look towards the enbloc sales alternative in acquiring more land parcels. Analysts however believe the upcoming enbloc fever may not be to the extent of the collective-sale fervour seen in 2017 and 2018.
The uptick in residential supply from confirmed sites under the Government Land Sales (GLS) programme for the first half of next year follows sharp cuts in the second half of 2020 owing to the Covid pandemic.
The private home supply of 1,605 units from the four confirmed list sites (as seen in the table above) rose by 235 units or about 17 per cent from a five-year low of 1,370 units in the second half of the 2020 GLS programme.
The uptick in residential supply from confirmed sites under the Government Land Sales (GLS) programme for the first half of next year follows sharp cuts in the second half of 2020 owing to the Covid pandemic.
The private home supply of 1,605 units from the four confirmed list sites (as seen in the table above) rose by 235 units or about 17 per cent from a five-year low of 1,370 units in the second half of the 2020 GLS programme.
Canninghill Square is a highly anticipated upcoming mixed development with residential condo units situated in the enviable lifestyle enclave of Clarke Quay beside River Valley Road and Singapore River. Register for updates and VIP showflat viewings.
The land supply was "carefully calibrated to take into account the Covid-19 and macroeconomic situation. Given the continued uncertainties in economic and labour market conditions, the Government has decided to maintain a moderate supply of private residential units on the confirmed list.
The confirmed list includes one executive condominium (EC) site that can yield about 590 units. The other three sites also offer 9,200 sq m gross floor area (GFA) of commercial space.
Four GLS land parcels in the confirmed list for sale in the 1st half of 2021 includes:
The confirmed list includes one executive condominium (EC) site that can yield about 590 units. The other three sites also offer 9,200 sq m gross floor area (GFA) of commercial space.
Four GLS land parcels in the confirmed list for sale in the 1st half of 2021 includes:
- Tampines Street 62 (Executive Condo land site)
- Lentor Central (Mixed development land site)
- Slim Barracks Rise (Parcel A)
- Slim Barracks Rise (Parcel B)
Tampines St 62 (Parcel A) (Executive Condo)
Lentor Central (mixed development)
Slim Barracks Rise (Parcel A and Parcel B)
The two parcels of land at Slim Barracks Rise namely Parcel A and Parcel B will be launched for tender in June while the other two sites on the Confirmed List - an additional parcel on Tampines Street 62 and land on Lentor Central - will be launched in April.
The two sites at Slim Barracks Rise, in the one-north area, located very near the current upcoming condo launch One North Eden, will see good housing demand due to the growing working population in the one-north biomedical and technology hub and located near the Buona Vista MRT station. Both the biomedical and technology sectors are two fast growing sectors which have both benefited from the pandemic.
Kiwi Lim from Huttons Asia believe that with the current low supply of new condo units in the market from the strong domestic demand seen both in the new sale and resale market, these GLS sites are likely to attract a competitive level of bidding activity as developers rush to stock depleted land banks.
The two sites at Slim Barracks Rise, in the one-north area, located very near the current upcoming condo launch One North Eden, will see good housing demand due to the growing working population in the one-north biomedical and technology hub and located near the Buona Vista MRT station. Both the biomedical and technology sectors are two fast growing sectors which have both benefited from the pandemic.
Kiwi Lim from Huttons Asia believe that with the current low supply of new condo units in the market from the strong domestic demand seen both in the new sale and resale market, these GLS sites are likely to attract a competitive level of bidding activity as developers rush to stock depleted land banks.
- Published on
Mont Botanik is a beautiful freehold exclusive residential development located in the scenic and rustic Hillview area. Register your interest here now!
An amazing total of 10,008 new private residential units were sold in 2020, a year when Singapore recorded its worst recession as a global pandemic resulted in lockdowns in many countries.
This year, private home prices in Singapore rose by 2.9 per cent in the first quarter of 2021, according to official reports released by the Urban Redevelopment Authority (URA) on 1 April 2021. This followed a 2.1 per cent increase in the previous quarter, and a 2.2 per cent rise in private home prices for the whole of last year in 2020 amid the COVID-19 pandemic.
Resale prices in the public HDB housing market rose 2.8 per cent in the first quarter of 2021. This comes after prices in the fourth quarter of 2020 climbed 3.1 per cent over that in the previous quarter. Prices in third quarter of 2020 rose by 1.5 per cent.
Singapore's sound property market fundamentals today, as well as the effectiveness of the government's Covid-19 response packages in helping to keep many businesses has helped build confidence among Singaporeans and among foreigners who are considering moving their families to Singapore amidst a spate of racism against Asians seen happening across the world.
This year, private home prices in Singapore rose by 2.9 per cent in the first quarter of 2021, according to official reports released by the Urban Redevelopment Authority (URA) on 1 April 2021. This followed a 2.1 per cent increase in the previous quarter, and a 2.2 per cent rise in private home prices for the whole of last year in 2020 amid the COVID-19 pandemic.
Resale prices in the public HDB housing market rose 2.8 per cent in the first quarter of 2021. This comes after prices in the fourth quarter of 2020 climbed 3.1 per cent over that in the previous quarter. Prices in third quarter of 2020 rose by 1.5 per cent.
Singapore's sound property market fundamentals today, as well as the effectiveness of the government's Covid-19 response packages in helping to keep many businesses has helped build confidence among Singaporeans and among foreigners who are considering moving their families to Singapore amidst a spate of racism against Asians seen happening across the world.
These figures show there is a genuine demand for property and the market is not largely driven by investors
On 18th January 2021, Singapore's deputy prime minister Heng Swee Kiat said the government is paying close attention to the property market after home sales in Singapore during pandemic-ravaged year of 2020 exceeding expectations amid a lower interest rate environment and a still-low unemployment rate - a phenomenon also seen in other developed cities and countries. The government has hinted many times that they may implement cooling measures to "cool" Singapore's property market, so let's examine the government's options:
Reduce Loan To Value (LTV)?
Loan-To-Value (LTV) is an often used ratio in mortgage lending to determine the amount necessary to put in a down-payment and whether a lender will extend credit to a borrower.
The bank loan LTV used to be 80%, but it was tightened to 75% in July 2018 as one of the implemented measures to cool the property market. Further tightening of this Loan-To-Value will especially hurt the first time buyers as most property investors buying their 2nd or 3rd properties generally do not need the maximum LTV for their loans.
Many analysts believed that this Covid spike in property demand is driven by many first time home buyers as we not only see an increase in private property prices, we also see a return of cash over valuation or COV for HDB flat transactions. Covid may have created a genuine need for young adults / couples to move out of their parent's homes and buy their first property. This phenomenon is not only seen in Singapore but also seen in many developed cities around the world.
Reduce Loan To Value (LTV)?
Loan-To-Value (LTV) is an often used ratio in mortgage lending to determine the amount necessary to put in a down-payment and whether a lender will extend credit to a borrower.
The bank loan LTV used to be 80%, but it was tightened to 75% in July 2018 as one of the implemented measures to cool the property market. Further tightening of this Loan-To-Value will especially hurt the first time buyers as most property investors buying their 2nd or 3rd properties generally do not need the maximum LTV for their loans.
Many analysts believed that this Covid spike in property demand is driven by many first time home buyers as we not only see an increase in private property prices, we also see a return of cash over valuation or COV for HDB flat transactions. Covid may have created a genuine need for young adults / couples to move out of their parent's homes and buy their first property. This phenomenon is not only seen in Singapore but also seen in many developed cities around the world.
Lower TDSR?
Total debt servicing ratio (TDSR) refers to the portion of a borrower's gross monthly income that goes towards repaying the monthly debt obligations, including the loan being applied for. A borrower's TDSR should be less than or equal to 60%.
As property loans can be large, long-term liabilities for most individuals and households. TDSR limits ensure that borrowers are not over-leveraged for property purchases. This also limits and reduces the ability of genuine home buyers in getting their desired homes as they will need to meet TSDR requirements when applying for their property loans.
If the government decides to lower TDSR to maybe 50% of the total income, this will greatly impact genuine homebuyers as the banks will only take help of homebuyers income as a guide when calculating the loan amount to offer them for their property purchase therefore going against the spirit of the government's plan for everyone who needs a home to be able to afford them.
Total debt servicing ratio (TDSR) refers to the portion of a borrower's gross monthly income that goes towards repaying the monthly debt obligations, including the loan being applied for. A borrower's TDSR should be less than or equal to 60%.
As property loans can be large, long-term liabilities for most individuals and households. TDSR limits ensure that borrowers are not over-leveraged for property purchases. This also limits and reduces the ability of genuine home buyers in getting their desired homes as they will need to meet TSDR requirements when applying for their property loans.
If the government decides to lower TDSR to maybe 50% of the total income, this will greatly impact genuine homebuyers as the banks will only take help of homebuyers income as a guide when calculating the loan amount to offer them for their property purchase therefore going against the spirit of the government's plan for everyone who needs a home to be able to afford them.
Increase ABSD?
Singapore may be the only country in the world that discourages its citizens from buying more than one property by implementing Additional Buyer Stamp Duties (ABSD) on top of its normal Buyer's Stamp Duty due to its limited and scarce land space. Singapore currently charge its own citizens a whopping 12% ABSD for buying a second property and an astonishing 15% ABSD for buying a 3rd property. Some felt its akin to punishing the rich for being rich. So if the government increases the already hefty ABSD towards its own citizens for buying properties, there may be a knee jerk reaction in the property market negatively impacting the critical construction sector which is already reeling from last year's Covid pandemic.
The construction sector has been one of the hardest-hit industries amid the fallout from the pandemic, contracting more than 50% and saw one of the largest declines in employment - by 13,600 workers, second to only the food and beverage services sector. This sector is expected to slowly improve in 2021.
Singapore may be the only country in the world that discourages its citizens from buying more than one property by implementing Additional Buyer Stamp Duties (ABSD) on top of its normal Buyer's Stamp Duty due to its limited and scarce land space. Singapore currently charge its own citizens a whopping 12% ABSD for buying a second property and an astonishing 15% ABSD for buying a 3rd property. Some felt its akin to punishing the rich for being rich. So if the government increases the already hefty ABSD towards its own citizens for buying properties, there may be a knee jerk reaction in the property market negatively impacting the critical construction sector which is already reeling from last year's Covid pandemic.
The construction sector has been one of the hardest-hit industries amid the fallout from the pandemic, contracting more than 50% and saw one of the largest declines in employment - by 13,600 workers, second to only the food and beverage services sector. This sector is expected to slowly improve in 2021.
Selling more GLS land parcels?
One suggestion for the government to reduce the price of future new condo launches is to release more land parcels for government land sales (GLS). This will increase the supply of land to build more condos and will also effectively lower the land bidding costs as developers have more land parcels to choose from and not be forced to compete for limited land parcels which effectively will drive up the winning bid price. Higher bids will mean higher prices for the future condo units as developers pass the higher costs to consumers. Some wonder how does the government expect developers to be prudent in their land bids when they are not releasing enough GLS land to meet demand for housing.
Real estate professional Kiwi Lim from Huttons Asia felt the government may not be too keen to sell more land parcels as it may lower the prices of the winning bids for the individual land parcels thereby reducing the total sum from the land sales that contributes to the government reserves, especially when more than $90 billion has already been spent last year from the reserve coffers to manage the economy and Covid pandemic last year.
"This year, our government's policy makers might really have a headache deciding on whether to implement additional cooling measures for Singapore's property market as the government does not want to cripple the construction industry and other industries linked to it. The impact such a decision may have on the overall Singapore economy during this Covid period may be immense. We believe the market is driven by many first time buyers and not purely by investors and foreigners (foreigners were mainly kept out of our borders during this pandemic period). I have never seen our government deliberate so long on implementing property cooling measure after various writeups of possible cooling measures were floated in the mass media." said Kiwi
One suggestion for the government to reduce the price of future new condo launches is to release more land parcels for government land sales (GLS). This will increase the supply of land to build more condos and will also effectively lower the land bidding costs as developers have more land parcels to choose from and not be forced to compete for limited land parcels which effectively will drive up the winning bid price. Higher bids will mean higher prices for the future condo units as developers pass the higher costs to consumers. Some wonder how does the government expect developers to be prudent in their land bids when they are not releasing enough GLS land to meet demand for housing.
Real estate professional Kiwi Lim from Huttons Asia felt the government may not be too keen to sell more land parcels as it may lower the prices of the winning bids for the individual land parcels thereby reducing the total sum from the land sales that contributes to the government reserves, especially when more than $90 billion has already been spent last year from the reserve coffers to manage the economy and Covid pandemic last year.
"This year, our government's policy makers might really have a headache deciding on whether to implement additional cooling measures for Singapore's property market as the government does not want to cripple the construction industry and other industries linked to it. The impact such a decision may have on the overall Singapore economy during this Covid period may be immense. We believe the market is driven by many first time buyers and not purely by investors and foreigners (foreigners were mainly kept out of our borders during this pandemic period). I have never seen our government deliberate so long on implementing property cooling measure after various writeups of possible cooling measures were floated in the mass media." said Kiwi
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
- Published on
All 20 units at Eden were sold for $293 million or $4,827 psf (Photo: Swire Properties)
If the number of super-rich residents and award winning architectural designed properties are any guide to an area’s reputation, then Singapore’s Ardmore - Draycott residential enclave surely qualifies as Asia’s most desirable district.
A blend of hyper-exclusive properties and outstanding amenities with great connectivity and a certain discretion synonymous with the lives of a discerning elite. Singapore is seeing more family funds transferring their money into Singapore including those from Hong Kong who take a strategic view of their investments.
Swire Properties just announced that it has sold all 20 units at its ultra-luxury condo, Eden at 2 Draycott Park.The apartments were sold en bloc for $293 million or $4,827 psf. The sale will be completed by May 26, 2021, subject to the fulfilment of the purchase agreement.
A blend of hyper-exclusive properties and outstanding amenities with great connectivity and a certain discretion synonymous with the lives of a discerning elite. Singapore is seeing more family funds transferring their money into Singapore including those from Hong Kong who take a strategic view of their investments.
Swire Properties just announced that it has sold all 20 units at its ultra-luxury condo, Eden at 2 Draycott Park.The apartments were sold en bloc for $293 million or $4,827 psf. The sale will be completed by May 26, 2021, subject to the fulfilment of the purchase agreement.
CDL to launch Irwell Hill Residences in prime District 9 from Saturday, 27 March. Iconic 540-unit residences in prime District 9, one of Singapore’s most coveted addresses and minutes from upcoming Great World MRT station & Orchard Road shopping belt. Click to view project or scan QR for viewing appointment
EDEN is a completed development rising 22 storeys above Draycott Park, containing 20 residences, each of which boasts four en-suite bedrooms and more than 3,000 square feet of saleable area while occupying an entire floor of the building. The Singapore debut of the respected, Hong Kong-based developer, Swire Properties, EDEN is also the first residential project in Asia to have been designed by the London - based Heatherwick Studio.
Word on the street is that all 20 units at Swire Properties’ luxury condo Eden at 2 Draycott Park have been sold to a single buyer. The buyer is believed to be a Chinese family. The purchase price is said to be $300 million, which translates to $4,800 psf, according to sources.
Word on the street is that all 20 units at Swire Properties’ luxury condo Eden at 2 Draycott Park have been sold to a single buyer. The buyer is believed to be a Chinese family. The purchase price is said to be $300 million, which translates to $4,800 psf, according to sources.
Rivière is a 455-unit luxury residential development located next to Singapore River. Developed by Frasers Property, this condo is located at Jiak Kim Street. Click image to view project website or scan QR code to for an appointment slot to view the showflat
"The development was designed as a work of art, with attention to detail,” says Ong Choon Fah, CEO of Edmund Tie. “Everything is bespoke – from the exteriors to the interiors. For the ultra-high networth individual, $300 million purchase price “is not too much of an investment outlay – whether you’re buying for the residence of an extended family or with your friends, and it’s very exclusive."
EDEN is adjacent to The Tanglin Club and right opposite The American Club, in prime district 10. The Draycott Park, Draycott Drive and Ardmore Park enclave is also renowned as the “billionaires’ belt”. Nearby at Ardmore Park is Abelia, an 11-storey condominium owned by Singaporean tycoon and investor Peter Lim with his family, together with his wine and car collection.
EDEN is adjacent to The Tanglin Club and right opposite The American Club, in prime district 10. The Draycott Park, Draycott Drive and Ardmore Park enclave is also renowned as the “billionaires’ belt”. Nearby at Ardmore Park is Abelia, an 11-storey condominium owned by Singaporean tycoon and investor Peter Lim with his family, together with his wine and car collection.
Please 'Like' & 'Follow' me on social media for more timely and insightful property market updates and analysis
EdgeProp Singapore online article on March 25, 2021
