65 Out of 118 Units of Orchard Project Sold

Posted on November 4, 2010 by Mindy Yong.
Categories: Singapore Real Estate News.

65 Out of 118 Units of Orchard Project Sold

The Orchard project of Allgreen Properties was well received by the buyers from its launch. The Robert Kuok’s Singapore listed property unit project is located at handy Road. The project comprises a total of 118 units from 1 bed to 3 bed duplex. The units also carry a varying price tag of $1.18 million for a 1 bed room unit to $3 million for a 3 bed room duplex unit.

The Orchard project is being offered for a 99 years leasehold period. Its ideal location has added further to the demand of new units in the area. The apartments are just located at few minutes walking distance from Dhoby Ghaut and the Cathy MRT stations. DTZ, the marketing agent of the project has determined average cost of the residential units ranging from $2,000 to $2,200 per square foot.

The average size of a three bedroom duplex apartment is from 1,550 square feet to 1,571 square feet. However, it is also pertinent to mention that almost 40% of the units comprise of one bed room only or the one bedroom and a study room. 37% of the total 118 apartments comprise of two bedrooms or two bedrooms and a study. Apart from these units, the project comprises a total of 10 duplex units which are 3 bed and 16 penthouses of one, two and three bedroom units.
The unit size of a one bedroom apartment is 548 square foot and 2,551 square foot for a two bedroom unit including the study room as well as a private enclosed space.

The Orchard project of Allgreen Properties is a 10 storied residential complex. It is being expected that the project will receive its Temporary Occupation Permit in almost two and a half years.

Out of 65 sold units, a bulk has been purchased by the Singaporeans who are young professionals and are new to their practical careers. Apart from these young professionals, a couple of units have also been purchased by the families. The project directors are also of the opinion that the future investors are also taking interest in the purchase of these units. A number of buyers are purchasing these units for their children and some are also purchasing these units to rent out these to foreign students as well as instructional staff. This is particularly due to its location near a number of well-known educational institutions like SMU. All these factors have contributed in adding attraction in this project for a common man as well as investors.

In the after effects of the cooling measures announced by the government, the project has performed fairly well. The sale of more than 50 % units in a short span of time is a clear indication of this fact. Apart from other factors the location of the project in the near vicinity of two major MRT stations, a number of quality educational institutes, investment opportunity in the project and the reputation of the developer are the contributory factors which have added to the success of the project.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

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Changes in Interest Rates Being Witnessed as Potential Threat to Property Rates

Posted on by Mindy Yong.
Categories: Singapore Real Estate News.

Changes in Interest Rates Being Witnessed as Potential Threat to Property Rates

The after effects of policies announced by the Monetary Authority of Singapore have been witnessed in the form of a big dip in the interest rates in local market. The interbank rates have been witnessed at all-time low. This sudden plunge in the interest rates has casted cheers as well as fears in the market particularly in the real estate business.

This steep fall in the interbank interest rates is being attributed to a sharp increase in the value of Singapore Dollar against the US Dollar. This news as well as plunge has been well received amongst the potential buyers of the residential property.

An overall decline of 0.7 percent has been witnessed in the value within a span of 24 hours. This trend of decline is being expected to continue, since more inward flow of money is being expected in the markets of Singapore.

This news received a positive response particularly from the housing industry and the potential buyers. The three months Sibor against which most of the current home loans are being processed is 10 per cent, which is lower by 0.55 percent as compared to two months ago. However, the analysts are quite apprehensive of this ongoing trend. They are of the opinion that if this current slide continues as it is, there are all the likely chances of renewal of property bubble which in turn may warrant additional measures by the government to arrest this trend.

The decision of Monetary Authority to allow aggressive appreciation in the value of currency is being witnessed as pre-emptive measures to thwart out the likely inflation. The authority is expecting a comparatively higher inflation rate of four percent and this trend is also likely to continue through-out the first half of 2011.

Singapore has witnessed a massive surge in the inflation rate over past few months. The inflation rate at the end of first quarter was 0.9 percent which has risen to a mammoth 3.2 percent during the 3rd quarter.

At the same time a number of experts are against any such decision as in their opinions, the markets already attracting huge capital inflows thus the decision does not appear timely.

The new Sibor rates have also surprised a number of economists. Most of them were expecting it to remain at least at 0.5 percent. However, it has witnessed a downward trend of 5-10 basis point.
The ongoing trend is likely to attract quick government response particularly in the domestic property field. It is particularly due to the recent escalation of prices of residential units, which was checked by the government through cooling measures.

The recent appreciation of currency value is also likely to check any increase planned in the interest rate by MAS. This effect, particularly in the property business is likely to attract sector-specific policy response from the government.

The economists are also of the opinion that further increase in value of Singapore dollar is likely to pull Sibor further down, which in turn is likely to result in inflation of property prices.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

no comments yet.