A re-launch of The Panorama, a condominium project located in Ang Mo Kio and being developed by Wheelock Properties, is set for this coming Sunday. Agents have claimed that, compared to the initial launch, prices could be 10% lower this time around. This move comes not too soon after one of Wheelock’s rivals made cuts in their pricing due to pressure increasing with soon to come condo launches. Balloting will be taking place on Sunday.
HDB apartment resale prices fell 0.2%, from March prices, during April. The most marked fall was 0.8% in prices for 4 room apartments, five room apartments fell 0.4% and three room apartments 0.2%. Conversely, prices on executive apartment rose by 1.2%.
Singapore Real Estate Exchange figures show that HDB apartment resale prices have fallen by 5% overall from prices during April 2013. Total HDB resale apartment transactions for April 2014 were 1,484, a 4.4% improvement on the March figures, however, the figures also show a 14.4% fall in such transactions made during April 2013.
Punggol was once a thriving fishing village, dotted with pig and poultry farms. Large vegetable plantations were also a common site. The area may have had a thriving fruit-growing district, because the name “Punggol”, in Malay, means “hurling sticks at the branches of fruit trees to bring them down to the ground.” Today, Punggol is a new residential town ready to capitalise on the beauty that surrounds the area.
Singapore, which has long been seen as a welcoming real estate sanctuary for the super rich, has joined an exclusive league. Singapore is now among the top five cities, which are wooing the supper rich to persuade them into investing their wealth in bricks and mortar.
The top five cities, including Singapore, are the premier league for ultra high net worth individuals. According to a recent report, Hong Kong tops the league having attracted $798 billion USD in real estate holdings, London is second $676 billion USD, Moscow next $263 billion USD, Singapore $217 billion USD, and New York $164 billion USD. Altogether, these top five cities have 40% or $2.2 trillion USD of all global real estate investment by the super rich.
In recent days, The Urban Development Authority and The Housing Development Board released two parcels of land onto the sales market. Altogether around 1,300 homes could be built on the two sites.The Meyappa Chettiar Road site is a mixed residential/commercial property and it was launch under the confirmed list procedure. The plot measures 16,149.3 square metres and has a 99 year lease. It lays in an established housing estate, next to the Potong Pasir Mass Rapid Transit station, schools and shopping at NEX and the City Square Shopping Centre are also close to the site. Tenders for the site close on August 19th 2014. Tender selection will be based on the highest land price bid only
There were just four bids for the 2.4 hectare Sims Drive housing plot at a state tender for the 99 year private housing site. The site has frontage on Sims Drive, Aljunied Road and Pan Island Expressway. The highest two bids came from Malaysian tycoon Quek Leng Chan and his Singaporean cousin Kwek Leng Beng. Quek Leng Chan’s Singapore listed company GuocoLand made a bid of $530.89 million equal to $687.88 psf of the site’s potential gross floor area. The bid was almost 5.8% higher than Kwek Leng Beng’s second highest bid of $502 million, which calculates to around $650.45 psq per plot ratio, which was on behalf of a consortium. The consortium members were City Developments and Hong Leong Holdings and TID.
A record number of completion of private homes, along with a more stringent property tax regime and a constrictive flow of tenants coming into Singapore who are expats, are about to put pressure on the private rental housing sector of the market.
The most recent official statistics show that there has been a bit of a larger drop in the first quarter of 2014, quarter on quarter, than was seen in 2013’s fourth quarter, which had a 0.5% drop. 2014’s first quarter figures are showing that rents in the private residential sector have dipped for the second successive quarter, coming in at 0.7%.
A Colliers International report said the private housing market in Singapore continued weak during the 1st quarter 2014, following the government’s introducing of the Total Debt Servicing Ratio framework last June. Price falls were highest for mid range and luxury homes.
In the 4th quarter 2013 developers launched 2,631 homes, whereas they only launched 2,015 homes during the 1st quarter 2014. Sales in the primary market fell during the 1st quarter 2014 to 1754 units a drop of 30% over the previous quarter.
The Business Times finds that the government’s estimated drop in stamp duty revenues do not necessarily mean a disastrous year for the property market.
Finance Minister Tharman Shanmugaratnam’s recent budget expects that government stamp duty revenues will fall to $2.8 billion for year ending March 2015, compared to the estimated 4.1 billion for year ending March 2014. Property consultants expect a 10% correction in the property market during 2014 but DBS CEO Piyush Gupta thinks the decline could be 10 -15%.
The expectation over the next 36 months is that industrial rents will continue to moderate as more supply becomes available. This, according to the CEO of Industrial Landlord, JTC. Mr. Png Cheong Boon, who said in a briefing yesterday, “We have seen that the price growth has slowed, but it wil also depend on how well the economy does.” He added that there would be an additional 800k sq m of industrial space available by 2017.