URA TO LAUNCH TENDER FOR PIONEER INDUSTRIAL SITE IN TWO WEEKS

URA TO LAUNCH TENDER FOR PIONEER INDUSTRIAL SITE IN TWO WEEKS

The government plans to offer 1.44 hectares of land for sale. The parcel of land is situated at the junction of Pioneer Road North and Soon Lee Street. Urban Re-Redevelopment Authority (URA) announced that they will start the tendering procedures in 2 weeks time. The announcement will be made in the local media. The advertisement will be put up in main newspapers and those interested in participating will be expected to collect the tender documents immediately after the advertisement. The sale is in line with government plans to provide the area for the development of an industrial site. The plans are part of the government strategy for economic development.

It will be a public tender with a reserve price of S$ 13.8 million. The tender will be closed 4 weeks from the date of announcement. Details of the tender will be announced in the media and those interested will be informed where to collect the tender documents. Detailed instructions including the closing date will be specified the tender documents. Bidders will be required to raise a tender surety equal to 1 per cent of their bids. The tender surety will safeguard the government from bidders who wish to withdraw their bids before the end of the tender evaluation period. Bidders will lose their surety if they withdraw before the period ends. The reserved price was found necessary to make bidding to conform to the current property prices in the area.

The site is classified as business 2 development area. It can be developed for many uses including industries related to biotechnology, manufacture of electrical and electronic products and vehicle repair and servicing. The site cannot be developed for residential facilities. It well served by the two roads connecting to the sources raw materials and the markets of finished products. It is also served with power, water and sewage facilities. Four phase power can easily be tapped from the high voltage power grid that runs along Pioneer Road North. Water is available along the main supply line that runs along Soon Lee Street.

Bidding for the site is expected to be very competitive because the area is suitable for industrial development. It is also expected to attract many bids. Tendering may begin in the third week of November and be closed in the last week of December. URA usually takes 3 months to evaluate bids. The successful bidder may, therefore, be announced sometimes at the end of March next year.

In their announcement URA said that the developer would be given a lease period of thirty years. The site has a total area of 14,400 square meters and a maximum gross plot ratio of 2.0. It was not clear why URA set such a short lease period which may discourage potential developers. 30 years is too short for a developer complete putting up facilities and start production. The developer will requires a long time to market the products before starting to realize some financial gains from the venture. A lease period of 99 years would have been more suitable.

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Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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Challenging Times Ahead »« SETTING STANDARDS FOR ESTATE AGENCY WORK: COUNCIL FOR ESTATE AGENCIES’ NEW RULES

SETTING STANDARDS FOR ESTATE AGENCY WORK: COUNCIL FOR ESTATE AGENCIES’ NEW RULES

SETTING STANDARDS FOR ESTATE AGENCY WORK: COUNCIL FOR ESTATE AGENCIES’ NEW RULES

CEA’sNew Rules

The Council for Estate Agencies (CEA) published new rules on 29 October 2010. The new rules are aimed at regulating and setting standards of the for the provision estate agency services in Singapore. The rules cover all aspects of estate agency including sale, purchase or lease of residential property. The rules specify requirements to qualify for a license to provide estate agency services. The rules also provide rules of conduct while practicing. The new rules cover all players in the industry including estate agents, estate salespersons, moneylenders, sellers and buyers. The rules also specify time for application for licenses and time for posting the newly licensed players on CEA website. Sections of the new rules are to take effect on various dates starting 15 November 2011.

The new rules have specified the date for Estate Agent’s Licensing and Registration Regulations as well as Estate agent’s fees regulations to come into effect. They also require official agreements to be signed between estate agents and their clients to safeguard reduce disputes.

New Rules To Take Effect On 15 November 2010

The new rules prohibit the same salesperson to represent both the buyer and the seller in property transactions. Such representation has created conflict of interest in the past. Estate agents and salespersons registered with them are prohibited by the new rules from handling cash in certain transactions and from recommending any moneylenders to their customers. This is meant to reduce complaints of non or delay in payment after transactions are made.

Applications for new licenses must be submitted by 1 November of every year and the names of the successful applicants to be posted on CEA website from 1 January the following year. The new rules have setout criteria for licensing. Applicants who do not meet the criteria will not be licensed. Those with past criminal records, especially fraud and dishonesty, will not be licensed.

New Rules To Take Effect On 1 January 2011

The new rules require estate agents and their customers to sign agency agreements. A sample contract document is provided for duplication and use.

It will be an offence for salespersons to handle estate agency work without license. In addition salespersons must also register a written agreement with an estate agent before handling estate agency work. Estate agents or their salespersons are required to participate in continuous professional development programmes for a minimum of 6 hours per year.

New Rules To Take Effect In March 2011

Estate agents have been given until March 2011 to comply with identification card requirements and salespersons will then be required to display their professional badges in the course of their duties.

New Rules To Take Effect In November 2011

1 November 2011 is the date set for Estate Agent’s Licensing and Registration Regulations to come into effect. Estate agent’s fees regulations will also commence on the same date. The fees guidelines has been prepared with the consultation of all stakeholders in the industry.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

URA TO LAUNCH TENDER FOR PIONEER INDUSTRIAL SITE IN TWO WEEKS »« ECs Witness Better Profit Margins and Re-sale

ECs Witness Better Profit Margins and Re-sale

ECs Witness Better Profit Margins and Re-sale

The executive condos are being witnessed as a better investment option as compared to the other types of residential apartments. The prices of executive condos are being increased at a rapid rate in the open market. A number of executive condos projects have increased their prices manifolds when compared to the prices of public housing condos launched during the same period.
The comparative increase in the prices of executive condos is almost 26 percent which is much higher than other type of residential units the price of which witnessed an increase of 11 percent during the same period.

This trend is primarily due to the facilities being offered in the executive condos as well as their less construction. Very less number of such projects are being launched, and in last five years only two to three projects of such type has been launched in Singapore.

The executive condos were mainly launched for the income group of 8,000 to 10,000 dollars and those who were interested to buy their first home. Moreover, these were more popular due to its design features as well as the facilities being afforded to its buyers.

Singapore has witnessed a launch of Executive Condos in 2010 after a gap of almost five years. The last Executive condo launched in 2005 was La Casa in woodlands. This project was followed by the Esparina Residences near Buangkok MRT station which was launched during the month of September 2010.

The ECs are offered for sale with a minimum occupation period (MOP) of five years before being put up for resale. Moreover, these units can only be resold to Singaporeans and permanent residents of Singapore. However, these condos become a private property after 10 years and can then be sold to foreigners. In order to compensate for these restrictions, these condos are usually priced almost 25 percent lower than other houses, which is also a major reason for an increased demand of these condos.

Despite the minimum occupation period restriction, the prices of the condos have witnessed an increase of almost 70 percent in their prices at the expiry of this compulsory period from 2004 onwards. This figure is almost 20 percent higher than the increase in the prices of other type of residential units which witnessed an increase of 51 percent during the same period.

At the same time the critics are of the opinion that a buyer needs a lot of luck to reap the benefits of purchasing the executive condos since a number of contributory factors are involved in increase of prices of these condos. These experts are of the opinion that these condos witness boom only during the period of high property prices.

The condos have to make valuable efforts for its re-sale since these are normally of inferior quality as compared to the other private property. Hence before investing in the condos the investor must have a great luck as well as sufficient time to wait for increase in the prices.

The executive condos are still the hot cake in the market. The 5 year old trend is still being followed at the same pace. This can be further supported by the successful launch / business of Esparina Residences and the Canopy. Both the projects received overwhelming response despite the effects of cooling measures announced by the government.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

SETTING STANDARDS FOR ESTATE AGENCY WORK: COUNCIL FOR ESTATE AGENCIES’ NEW RULES »« Blend Luxury With Aestheticism – Take a look at these deluxe Singapore condominiums!

Blend Luxury With Aestheticism – Take a look at these deluxe Singapore condominiums!

Blend Luxury With Aestheticism – Take a look at these deluxe Singapore condominiums!

Singapore has always been the hot spot for the real estate market, due to its alluring seascape and captivating natural splendor. Many people immigrate to this country in search of a cozy habitation in the lap of nature.

Therefore, Singapore has always experienced the real estate boom, no matter what crisis the rest of the world is experiencing. However, the major part of Singapore’s real estate surge has been contributed by the luxury condominiums and magnificent housing complexes here. Among the notable luxury condominiums, here are a few that deserve a special mention, due to their sheer striking opulence and comfortable lifestyle.

Located centrally between the Grand Hyatt and Marriott Hotels, Scotts Square squeezes two luxurious residential towers with 338 one, two and three bedrooms apartments of high quality that conform to the international facilities. Extravaganza intensifies with a lavish and stylish retail podium within the premise of the complex.

Conceived by Wheelock properties, the design of the Scotts Square condominiums represents the rare architectural excellence of the designers. Contemporary designs integrated with artwork by world’s renowned artists make Scotts Square a treat to your eyes. Four sculptures ( Victoria and Albert Museum Chandleir by Dale Chihuly , Three Indeterminate lines by Bernar Venet, Working Model for Sheep Piece by Henry Moore and Alice in Wonderland by Salvador Dali) priced approximately $4200psf. Facilities at Scotts Square include swimming pool, fitness room, sky pool, reading room, meeting room, recreation room, etc.

A select collection of just 49 luxury apartments, The Grange Collection, located in central Orchard district in downtown Singapore is style and luxury combined to form the perfect dwelling, designed by Hassell, the award-winning Australian design firm.
The gem of district 10, The Marq offers spacious high-end bungalow style living in deluxe high-rise surroundings, and has personal 15-metre lap pools with each home on every floor. With double volume 6.5 meter space throughout its kitchen, living and dining areas, the Signature Tower is a tranquil pillar of luxury.

One of the best located projects in Singapore, the Orchard View at district 9 are a sight to behold. Furnished with wardrobes, the Italian furniture makers, these deluxe promise you the best of Singapore with a bird’s eye view.

On the other hand, Orchard Scotts is an urban resort located in central Orchard Road, next to Newton MRT. Brilliant modernistic designs adorn the sprawling 2.5 hectare landscape, with three towers of opulent luxury condominiums that are a 10 minute walk from Orchard Road favorites.
Pure luxury at its best – that’s what the Boulevard Vue luxury condominiums are all about. Only 28 limited-edition residences with deluxe décor spread over 33 storey’s, these condos have been separately designed by world famous Takashi Sugimoto, from Super Potato, Japan, and are the last name in elegance and comfort, with garages large enough to park a Rolls Royce in, and a 25 meter infinity-edge lap pool.

Designed to excel by Master Architect Fumihiko Mahi, Skyline at Orchard Boulevard is one of the most sought after addresses to live in Singapore. It has only 40 freehold deluxe units in five sizes, with indoor and outdoor pavilions, a pool, spa, gym and pool cabanas.
The Orchard Residences is a sleek, beautifully designed luxury condominium complex with an accompanying shopping mall to boot, and is the tallest building on Orchard Road and boasts of its own state-of-the-art Media Façade, art gallery, mall, observation deck, and a 75,000 square foot garden on the 9th floor, with two clubs and a food hall. Total of 175 units in a 56 storey tower, consisting of 3 and 4 bedrooms.

Lastly but not least, check out Christian Liaigre’s beautiful masterpiece – The Nassim Park residences. Well located off Orchard on Nassim road, these deluxe condos offer tranquil facilities like a zen garden, spa, yoga pavilion, gym, and lounge, with a library, and extensive dining areas to enjoy some amazing meals.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

ECs Witness Better Profit Margins and Re-sale »« The Fallout of Cooling Measures

The Fallout of Cooling Measures

The Fallout of Cooling Measures

The property market and the real estate business witnessed a sharp increase in the prices of residential units during first and second quarters of 2010. This trend forced the government of Singapore to intervene and the government announced certain cooling measures on 30th August to arrest this trend. These measures were aimed at checking the habitual buyers of residential property and to assist the first time buyers. The government increased the interest rates as well as minimum payment for the second time buyers of property.

The cooling measures had an immediate impact on the residential property market and a reduced sales activity was witnessed. A total of 911 units were sold during this month, which is the second lowest in the year. Another trend which witnessed increase was the return of already sold units to the developers. During the month of September a total of 60 units were returned to developers against the 30 in the last month.

The developers have also adopted a cautious approach and during the month a total of 1,058 units were launched for the sale. This figure is almost 10 percent lower than the previous month. The property experts are attributing this reduced activity to cooling measures and they are expecting further slowdown in the property market in the coming months. This is being expected due to the trend of sales in the last quarter of any year as well as the impact of cooling measures.
Apart from this reduced activity in the real estate field, the property circles are of the opinion that the total count of property units sold during 2010 will touch the figure of 14,000 even if 1,000 to 2,000 private homes are sold in the last quarter of the year.

The trend of returning units to the developers is also likely to be arrested soon and the experts are of the opinion that this trend will be very short lived. Those who returned the units are being termed as short time investors, who returned the units while seeing the ongoing trend of the market. The experts are of the opinion that the individuals were expecting huge losses and to avert any such danger they preferred to return the property.
The projects which witnessed the residential units being returned, include The Scala at Serangoon Avenue, The Greenwich in the Seletar/Yio Chu Kang area, Cyan at Bukit Timah/Keng Chin roads, Jardin along Dunearn Road, Waterfront Gold along Bedok Reservoir, The Cascadia, Stevens Suites and Tivoli Grande. Most of the returned units have been re-sold. However, the critics are of the opinion that a much higher number of units have been returned as compared to the figure which has been highlighted.

The top selling project during this period remained the NV Residences, a 99 years leasehold project in Pasir Ris. A total of 347 units have been sold at a median price of $859 per square foot (psf) out of more than 600 units. This second on the list was Vacanza @ East in the Kembangan area with 89 units sold at $1,107 psf median price.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Blend Luxury With Aestheticism – Take a look at these deluxe Singapore condominiums! »« Effect of Cooling Measures Witnessed in Sale of Private Homes

Effect of Cooling Measures Witnessed in Sale of Private Homes

Effect of Cooling Measures Witnessed in Sale of Private Homes

The government of Singapore initiated timely measures to check the trend of increasing prices in the residential sector of the country. The measures so taken had an immediate impact and assisted government in controlling the prices. These measures, on the other hand also slowed down the sale process of private property by the common public of Singapore.

This trend is truly replicated by the facts and figures of the 3rd quarter in general and of the month of September in particular. A sharp decline of 28 percent has been witnessed during only one month of September. During this month a total of 911 residential units have been sold in the market. This turnout of the transaction is the second lowest monthly sales during 2010, the lowest being in the month of June and the figure in the month of June was 847. The experts, by no means are surprised of these results, rather they were expecting such results in the wake of cooling measures announced by the government.

During the month of September, a total of 1,058 units were offered for sale. Almost 60 percent of the offered property was located in the suburban areas or outside the central region.

The mega project of NV Residences with 642 units was the most popular project amongst the buyers during the month. The project in Pasir Ris sold more than 50 percent of its launched units. A total of 347 units were sold at an average cost of S$859 per square foot. Such a success of this project, however, surprised some experts, as the project was launched soon after the announcement of cooling measures. The experts believe this success as a positive point which will boost the developer’s morale so as to encourage them to continue investing in the real estate sector.

The success of NV Residences is also a positive signal for the government policy makers as most of the buyers of these residential units were young professionals. A reduced trend of second time buyers has been witnessed during the entire month.
The cooling measures announced by the government include:

• Reduction in loan amount for the persons intend buying a second residence.
• Doubling of the minimum cash payment from 5 percent to 10 percent.

A number of financial institutes and the experts are certain that these cooling measures will have a positive impact for the masses interested to purchase a home for the first time. At the same time some of the experts are of the opinion that these measures may affect the investors as well as developers and they may opt to stay out of the market till the time the situation becomes clearer.

Apart from the impact of the cooling measures, the experts are of the opinion that the total sale of the residential units is expected to remain between 800 to 1,000 units for the remaining period of the year. This is mainly because of the trend being followed in the last quarter as well as full fledges application of the cooling measures. The total figure for the sale of residential units for the year 2010 is likely to remain around 14,000 units.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

The Fallout of Cooling Measures »« 65 Out of 118 Units of Orchard Project Sold

65 Out of 118 Units of Orchard Project Sold

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

Effect of Cooling Measures Witnessed in Sale of Private Homes »« Changes in Interest Rates Being Witnessed as Potential Threat to Property Rates

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

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

65 Out of 118 Units of Orchard Project Sold »« New housing projects released in Singapore.

New housing projects released in Singapore.

New housing projects released in Singapore.

Executive Condominiums are making a comeback after five years as the government steps in to ramp up flat supply for lower to middle- income home buyers. By the second week of October four new housing projects released for sale. The new project includes Vacanza, Lanai, Esparina residences and the canopy.

1. Vacanza@ East having 130 units and offered for sale at the rate of $1000 psf.
2. The Lanai has 11o units for sale at the price of $1290psf.
3. Esparina Residences comprises 344 units at the price of $730-$750.
4. The Canopy comprises 406 units with the highest price of $600-$700psf.On average the outcome of EC stayed much larger than Canopy.

Hundreds of applications were received by the public to buy canopies.These new launches show public interest towards buying property. The reasons might be

- Low interest rates on mortgage financing as low as 0.88%.
- Then government policies to boost real estates
- Launching new housing schemes by HDB.
- Residential sites accomplished with full facilities
- Luxury condos
- Affordable prices
- Financing available by the government for first time buyers and newly wedded couples.
- Supplicated designs and modern technology used .
- Best kind of equity
- Better and secure than bonds and capital market.

Vacanza is located near Kembangan MRT station and linked by major roads & expressway. It is free hold and developed by Hoi hup, total comprising 473 Units (7 blocks of 12 storey)
. Far East Organization sold 76 units, including a bulk deal, at a preview of Lanai project started on October 9.It is located in the Hill view area. The Lanai, condominiums are renowned for its design and craftsmanship. These condos are nestled in the lush greenery of Bukit Batok. Condos at Hill view Avenue offers all the comforts of modern living great shopping and exotic dinning. Lanai condos are famous, sophisticated and one of its style, this 214-unit development is an architectural marvel. All around you are places where you can unwind – from the Number of education institutions and School are also located near condos. It is 10-storey buildings having 214 units in six towers. The project comprises of two-, three-, and four-bedroom units. Three towers with a total of 110 units previewed for sale. The official launch will be expected next weekend.

Esparina Residences is situated at district 19 Sengkang. The executive condominium comprises of 9 towers, 18 storeys each with a total of 573 units ranging from 2 bedrooms to 4 bedrooms, and the penthouses. Total 20 units at the EC were sold weekend ago. The booking was started by 16 october.

MCC launched their first residential project known as” The Canopy”, consists of 22 penthouses. Applications were open from Saturday 9 to 13 October 2010. both EC and canopy launched for sale at the same time. The canopy is comprises both public as well as private residential buildings. The result shows more public interest in EC than canopy. MCC Land has been receiving a strong show of interest from potential buyers.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Changes in Interest Rates Being Witnessed as Potential Threat to Property Rates »« 2007 or 2010; which is the peak year for Singapore luxury housing market?

2007 or 2010; which is the peak year for Singapore luxury housing market?

2007 or 2010; which is the peak year for Singapore luxury housing market?

SC Global Development Limited is renowned for the development and rental of property. Other than residential property, Sc global also deals with the provision of project management, marketing services, resort management, investment trading and investment holding. SC global indulges in business activities in Singapore and British Virgin Islands. Sc global was incorporated in1977, and from that till now working for real estate’s property. Now almost every newspaper and real estate site published news related to the selling of Cuscaden Walk penthouse at the rate of $30 million. It emerged as big hot news.

Let’s see why it becomes so hot? SC developers sold a penthouse in 2006 at the rate of $16million, and now a similar penthouse; they sold for $30 million.

- If compare the selling price, its almost double just in 3 years.
- First condo was sold in 2006 before recession and this one after recession, but there is a significant increase in prices,.
- Price increase shows real estate market strength.
- Another trend, we can easily figure out is the likeness trend toward penthouses.

Not just Singaporean but people from various other countries showing more interest towards buying penthouses. Statistics shows that; mostly penthouses or luxury condos sold on record high rates, like in One penthouse sold in 2006 for $16 million ,In late 2007 Boulevard Residence, sold at $3,933 psf, the Orchard Residences sold for $4,260 psf, the Boulevard Residence recently sold for $30 million or $4,242 per square foot, penthouse at condominium sold for $30 million or $3,432 psf. Prior to this, the most expensive penthouse in, Boulevard Vue sold in November last year for $33.4 million.

Above all transactions show buyers trend towards ultra-luxury penthouses, where luxury is everything no matter what is the price. Big investors who don’t care about the money is really attracted by Singapore. Singapore is really showing its economic strength and attracting big buyer s from all over the world to buy and live in Singapore. The economy of Singapore is really stable and that’s why buyers feel it more attractive and stable place to invest their monies. This high rising trend in real estate market shows liquidity in market. Property serves as asset’s cash value and most compatibles source of income. Property is better than bonds or capital marketing this scenario where effects of recession still last.

Few years back very rich peoples tend to live in luxury condos, but as the living standard increased not just the luxury but high priced penthouses attract big investors, and they seem very positive about the increase in their prices. After Governments cooling measures, analysists believe may be it turns down market prices but it showed only temporary down fall. The property prices are stable and progressively increasing. The reason for this increase in buying trend may be due to low interest rates. Current interest rates are as low as 0.88%-1%, giving more opportunities to buyers. Even the domestic inflation rate increased in Q1,and Q2, but market liquidity is looking strong.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

New housing projects released in Singapore. »« HDB New Site Tender For DBSS Housing Sites