More Chinese Investors Entering S’pore Property Market

More Chinese Investors Entering S’pore Property Market

Singapore: More and more Chinese investors are buying properties in Singapore. This is according to a DTZ property consultant.

Most of these buyers come from mainland China. Among the non-Singaporeans in Singapore, the Chinese comprise 20 per cent of the population here as recorded for the third quarter. They have been increasing in number since 2009.

This brings them to a level with the Indonesians who have been recorded as the second largest group of non-Singaporean buyers. The first group is composed of Malaysians who compose the 21 per cent of non-Singaporean buyers. The Malaysians top the list.

According to the DTZ more of the buyers are going for the smaller-sized units. These units are called the “Mickey mouse” units. They are so-called because of their size. This is according to the Head of DTZ South East Asia Research She says these “Mickey mouse” units have been gaining popularity since 2009.

These units measure below 500 square feet. In the third quarter of this year, the number of smaller-sized units increased from 349 to 625 in the previous three months. 87 per cent of the total of 625 units were bought directly from the developers.

One of the reasons why people are turning their attention more on the smaller units is because of the restrictions imposed by the government. These restrictions were imposed in order to curb speculations in the real estate market. Another reason is the tight controls implemented by the banking institutions. It is getting more difficult to borrow from the banks. Those who had existing home loans were expected to deposit more cash for the additional units that they were intending to purchase. Because of this, more buyers were attracted to purchase smaller units. By buying smaller units, they will have to put out a smaller amount of deposit.

This sales report is based on research made on new and secondary sales. The level of secondary sales has now stabilized between 9 and 12 per cent since September 2009. September 2009 was the time when the government started to impose controls and restrictions in order to prevent a real estate bubble.

Also. the level of investors who were buying into the prime or Group A properties has gone down. The level of prime property purchases dropped to 16 per cent in the third quarter as compared to 25 per cent in the period from January to March.

A reason for this is the growing number of smaller units that were being sold in the market and which were more practical and attractive for the buyers. Another reason is that there were fewer launches for prime properties. This means that there were fewer Group A properties being developed at that time.

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Mindy Yong

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Bounce back in land prices for EC housing »« HDB receives two bids for Upper Serangoon Road DBSS site

HDB receives two bids for Upper Serangoon Road DBSS site

HDB receives two bids for Upper Serangoon Road DBSS site

The Housing Development Board (HDB) has got two bids for the deal of a location at Upper Serangoon Road.

The 20,000 square metre site is nominated for public residence under the Design, Build and Sell Scheme (DBSS).

It was propelled in October while the tender closed at 12 noon on Tuesday.

Kwan Hwee Investment ended in the topmost bid at S$155 million that tends to about S$2,217 per square metre.

While, Sim Lian Land bids $113 million dollars for the site.

Under DBSS, plot for public housing development will be offered out openly to private developers by HDB on a 99-year lease.

The fruitful bidder will commence the whole development from planning, design and construction, to the deal of the apartments.

HDB told it will estimate the interim tender consequences and declare the concluding results within the coming two weeks.
Even though economy of Singapore has improved powerfully, the Lehman Brothers minibond saga two years before which resulted in severer guideline of fiscal organizations was also raised.

In that account in 2008, depositors were wholesaled toxic goods and about 3,900 people got back $107 million after a misleading auctions probe.

In the outcome, the Monetary Authority of Singapore (MAS) likewise understood the necessity for severer financial guideline and rolled out proposed variations.

If government over-regulate, the market may not ever take off, and may never endure after a few months. So there should be a delicate equilibrium inn order to ensure that there is sufficient guideline to diminish the risks but at the same time, the risks that people take are is the main investment so that the market can survive, said by Mrs L who is the Second Minister for Finance and Transport.

In such a case, the MAS has executed firmer guidelines so the narrowing of the rules is one significant feature. The other area is that of reimbursement – how much compensation there should be. The MAS has functioned with all the banks and they have went through a very thorough examination and set up a procedure wherein the stockholders can approach the banks from where they bought the bonds from and submit a appeal for reward, she added.

“The banks would have to decide whether the investor, at the point of making the investment, has been misled. And some of them have gotten the full compensation. You can’t have a blanket ruling where you say that for Lehman Brothers (case), every (investor) must get 100 per cent compensation or 50 per cent. A lot depends on how knowledgeable the person is at the point of investing. That is how the MAS approached the whole problem with all the banks.”

Sunday’s appointment to Kampong Chai Chee as well saw some fresh PAP activists aiding ministers at their outlet and attaining an idea of matters on the ground.

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More Chinese Investors Entering S’pore Property Market »« Retail stays stable with marginal upside in next 12 months

Retail stays stable with marginal upside in next 12 months

Retail stays stable with marginal upside in next 12 months

According to the latest report from Jones Lang LaSalle, over the next 12 months, rent payment for primary, secondary and residential supermarket run in Singapore are anticipated to remain stable with some marginal upside.

The report said positions of merchandizing space are to be expected to become stable as the market finds its steadiness one year afterwards, from the enormous accumulation of supply along Orchard Road.

It is noted by property consultant that Singapore’s retail sales index has been showing an upward trend since the second quarter of previous year, with retail sales showing an increase of 6 per cent per year in July. Mandate was strengthened by intensifying in number of visitor arrival.

Aggregate, the tougher purchaser poise, as we move into the year-end festive season, will help to reinforce demand for marketing space through Southeast Asia, said Jones Lang Lasalle.
It said. Over the next 12 months major retail markets in Bangkok, Singapore, Kuala Lumpur and Jakarta have progressed to the recovery period of the rental cycle, and can assume some growth in both rent payment values and capital values. The government had to step in with lowering procedures to lower assumption in the HDB market because of a minor set of private property holders, said Minister Lim Hwee Hua in Prime Minister’s Office where housing was topic most talked about by Mrs Lim allocated with at her stroll at Kampong Chai Chee which is a comparatively old domain coming under the East Coast.

Certain issues raised up by inhabitants during the hour-long exchange of ideas were the present state of the property market and the Lehman Brothers minibond saga. Mrs Lim even acknowledged that possessing a assets is somewhat close to the hearts of Singaporeans and that is why the HDB makes each exertion to encounter the housing demands of Singaporeans, particularly for first-time home buyers. To this HDB announced its plans to construct 22000 units of apartments in year 2011.It was added that their criticism to government is that for the resale flat, the Cash-Over-Valuation (COV) is expanding all the time. So resulting in reviewing by HDB and MND (Ministry of National Development) about what is instigating this to intensification and who are the contributors in the market. And they concluded that there is a group of private property owners, a small percentage who take risks on the properties… and rise in price is a result of this. The cooling measures which were adopted to sort it was inclusion of stamp duty and levy on the seller and such a step is not a type of restriction on private property owner this mean it’s a measure to lower down market and the initialising point is to meet needs of Singaporeans which is to own a flat.

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HDB receives two bids for Upper Serangoon Road DBSS site »« UE’s Exec Condo to Target Young Couples

UE’s Exec Condo to Target Young Couples

UE’s Exec Condo to Target Young Couples

There is a rising demand for affordable housing. This is true for the single young professional. It is especially true for newly-married couples who would like to experience condominium living. It is also true for couples who dream of starting a family.

Austville Residences is one such example of affordable housing. It is a 540-unit executive condominium built by United Engineers (UE). UE envisions to fulfill the dreams of the young people of today and at the same time be a part of the rising economy. By providing high quality, convenient and affordable living space, UE aims to meet the demands of today’s modern lifestyle.

Austville Residences is a 99-year old leasehold project of UE. It is centrally located between Sengkang East Avenue and Buangkok Drive and is a convenient three-minute walk to the Kangkar LRT station and five minutes away from the Ranggung LRT station. It is expected to be launched sometime next month, or in January of next year.

There are six 18-storey towers with two- to four-bedroom units in the Austville Residences. This includes 30 penthouse units. Sizes of the units range from 811 to 1,241 sq. ft. Prices for the units start at $650 per sq. ft. while a two-bedroom unit is priced from $562,000 upwards. Among the amenities of the project are the beach-style pool, the barbecue corner and the vineyard -inspired dining pavilion.

The Austville Residences is the third executive condo that will be unveiled this year. The first two were the Esparina and The Canopy.

According to UE, the Austville Residences will be the first executive condo in Singapore to have a theme-inspired design. For the this, the developers have chosen the Australian nature resorts as their muse.

Mr. Steven Tan, executive director of the residential division at property agency Orange Tee thinks that the price is reasonable based on its location. The acceptance of condo-style living has been very good, as evidenced by the recent launches of private residential properties.

First-time buyers are entitled to the $30,000 Central Provident Fund grant as this is considered as public housing. The private property price of $800 to $900 psf is amenable to the buyers of the real estate property market. This is because there is a 20 per cent discount given on the market price of an executive condo.

Mr. Ong Kah Seng, the senior manager of Asia Pacific Research at Cushman & Wakefield was equally optimistic.

One of two condos launched earlier this year was Esparina Residences. Of its total 573 units 425 have been sold. Its median price was $761 psf.

Esparina Residences was oversubscribed. This shows that there is a lot of executive condos in various locations just waiting to be absorbed. Add to this the fact that executive condos are being patronized by the middle class. This fact alone helps in making the executive condos the dwelling of choice for the younger generation.

The other condo that was launched early this year was The Canopy in Yishun. It was selling at a median price of $658 psf. Again, like the Esparina Residences, 104 of its total 406 units have been taken up.

Analysts expect the Austville Residences to be just as attractive to the buyers as the first two projects. It will cater to the younger generation. The expected occupancy date for the condo units is not later than 2014.

Executive condos are a mixture of private and public housing. This is the reason why it is very popular among the younger generation. Aside from its very reasonable and affordable price, it is also accepted for its practical size, suited for the single professional, the newly-wed couple, or the couple planning to start a family.

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Mindy Yong

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Retail stays stable with marginal upside in next 12 months »« More Steps May be Taken to Prevent Property Market Bubble

More Steps May be Taken to Prevent Property Market Bubble

More Steps May be Taken to Prevent Property Market Bubble

Singapore: It has been suggested by the Ministry of Finance that preventive measures be undertaken to prevent a possible property market glut in the wake of an upsurge in building construction intended to satisfy the market demand. He urged the need to be aware and vigilant of the possible problems that may arise. One such problem could be short-term speculations on the real estate property market. Extraordinary measures should be undertaken to prevent these circumstances. Curbing short-term speculations could reduce the risk of property asset bubble.

This was expressed by Finance Minister Tharman Shanmugaratnam in response to parliamentary queries with regard to the latest lenient stance by the US with regard to the release of capital funds and its possible effects on Singapore.

The Ministry of Finance gave the assurance that the Monetary Authority of Singapore is in control of the situation and that the stability of the financial system of Singapore does not pose a threat to the government. All trends with regard to the release of US capital reserves and its direction are strictly being monitored.

During Singapore’s Parliament meeting last Monday, the subject of capital influx by the US Federal Reserve was one of the topics in the agenda. The US was likely to invest more in the region in the hope of a higher return on investment. The release of capital funds is part of their $600 billion programme.

This capital influx is forecast to be a long-term arrangement between the US and Singapore and might be a cause for concern to the Singaporean government in the long run if not properly monitored.

Mr. Tharman said: “The government will continue to monitor the situation closely, and take additional steps if necessary to ensure financial stability and sustainable asset markets. We are more concerned about property prices rising too quickly, too far, and our three rounds of measures so far have been aimed at injecting some stability in that process.

“We are not contemplating introducing capital controls, but will continue to rely on a wide range of policy tools to ensure that capital flows do not threaten financial stability or cause a property market bubble.”

One tool in preventing a property asset bubble that has been implemented by the central bank since October is the restraining of its monetary policy. Tighter reins are being implemented in banking institutions with regard to its mortgage lending policies more specifically aimed at the high-end or luxury end of the property market.

An adjustment in the exchange rate of the Sing dollar was effected in order to strengthen it against the US dollar. This was done in view of the expected appreciation of currencies in the Asia Pacific region.

There were other moves that have been undertaken in order to control speculations in the real estate property market. The latest guideline about this was implemented last August 30. This guideline aims to control the high-end luxury property buyers who are looking for a safe place to invest with a high rate of return. These are those with one or more outstanding housing loans. They will be expected to pay-out a larger amount of money as deposit on the second property they are purchasing.

The monetary restraints are aimed at curbing inflation, spiraling prices and speculations; and will ultimately prevent any asset bubble in the market.

According to Senior Minister of State for Trade and Industry, I Iswaran, inflation is expected to accelerate to up to 4 per cent by the end of 2010. In the second half of 2011, it will taper down to about 2 per cent. In the last third quarter of this year, inflation in Singapore jumped to 3.4 per cent as compared to the less than 1 per cent in the first quarter of this year. He said: “In the near term, inflation is likely to rise further. Cost pressures are growing, reflecting the high level of economic activity in Singapore.

“Notably, the cumulative rise in employment has led to some tightening in Singapore’s labour market. At the same time, food price inflation is expected to accelerate over the few months, given the spate of weather-related supply disruption in various parts of the world.”

Singapore has opened itself to international trade by way of spreading out its food sources. It has diversified . Mr. Iswaran believes that this continued diversification will instigate a cycle of movements that will, in the end, fight inflation and keep prices low.

Workers and companies alike have to do their share in fighting inflation. This was emphasized by Mr. Iswaran. It is coordinated action and cooperation between the two that will maximize benefits for the good of all.

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Mindy Yong

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UE’s Exec Condo to Target Young Couples »« HDB Offers 1,176 Build-to-Order Flats in Yishun

HDB Offers 1,176 Build-to-Order Flats in Yishun

HDB Offers 1,176 Build-to-Order Flats in Yishun

Several new flats have been offered by the Housing & Development Board (HDB) in the areas of Yishun and Punggol. Offered yesterday were 1,576 new flats in Yishun. Another 1,000 units is scheduled to be offered at Punggol next month.

These flat offers fall under the build-to-order (BTO) and the sale-of-balance housing schemes of the HDB. A grand total of 17,700 is expected to be offered and delivered for this year.

The latest flat offers in Yishun is located in an area that used to be part of the Yishun Greenwalk estate. The Yishun Greenwalk estate is bounded by the Yishun Ring Road, Yishun Avenue 6, Yishun Avenue 9 and a canal linked to Sungei Khalib. The flat offerings in Yishun are under the BTO program.

The Yishun Greenwalk estate is very conveniently located. It is near the Yishun MRT station, the Yishun Bus Interchange and the Northpoint Shopping Centre. Travel will not pose a problem. Shopping also will not be a problem.

Parents will be happy to discover that the estate is conveniently located near educational facilities such as the Northland Secondary School and the Chongbu Primary School. This is good news because the students will not have to travel far to go to their school. This will mean less worry and anxiety for the parents.

As for the families, there is the Yishun Park and the Safra Yishun Country Club to go to and while away their time during weekends with family and friends. A hospital, the Khoo Teck Puat Hospital, can also be found in the vicinity.

The estate has a very ideal and central location. Those who will take advantage of the flat offers will not be disappointed. They will be considered lucky to own one in this exclusive area. They will be getting their money’s worth. The deadline for flat application is December 01.

There are 112 three-room flats, 602 four-room flats and 462 five-room flats. All these flats add-up to a total of 1,176 new units at Yishun.

The price of a five-room unit is pegged at $298,000 to $365,000. This is a bargain because, according to the HDB, a comparable five-room resale flat in the same vicinity would cost from $398,000 to $432,000. This is considered a good investment and will be money paid worth your while.

The Yishun Greenwalk is expected to be popular with those who are looking for a home. This is according to PropNex, a real estate agency. In fact, Adam Tan its spokesman expects the units to be four times subscribed. Application for flats is forecast to kick-off to a good start and a long queue is expected.

Because of the proximity of the site to schools and the Yishun MRT station, he further envisions the estate to be very inviting to couples planning to start a family.

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Mindy Yong

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More Steps May be Taken to Prevent Property Market Bubble »« Singapore Office Rents Post Highest Rise since End-2007

Singapore Office Rents Post Highest Rise since End-2007

Singapore Office Rents Post Highest Rise since End-2007

Singapore: The rental rates of prime office space in Singapore reached a record high in the third quarter of 2008 as compared to the rates at the end of 2007. This increase was due to the fact that various financial institutions, insurance firms and professional business services companies were demanding for prime office space. They wanted new and modern offices in the high-end locations.

As stated by property consultant CB Richard Ellis (CBRE), the rental rates of prime properties in Singapore increased by 7.2 per cent from the third quarter to a record high of $7.40 per square foot per month. This was a good sign of economic recovery.

The concentration of the demand was on new Grade A developments, as evidenced by the big leasing contracts entered into in Singapore during that period and the construction of new buildings. Grade A refers to the prime or the high-end luxury properties. It means the best of the lot. There was a demand for new and modern offices.

CB Richard Ellis further stated that the demand for Grade A offices was evidenced by a net absorption of 1.2 million square feet of space which was the highest recorded spatial area demand since the year 2000. This meant that there were a lot of businesses coming in or expanding.

The demand for office space was spearheaded by Singapore and Greater China, bringing the overall office rental rates in Asia to a record high of 3.2 per cent in the third quarter. This jump in rental rates made it possible for the second quarter of growth. It also confirmed the demand for more office space and buildings in the region.

Because of the entrance of new businesses and the expansion of existing ones in the region, the demand for quality office space arose. More and more businesses were turning to Asia for their relocation and expansion. This trend is evidenced in the lack of available prime office space and the rise of new buildings in the selected areas across the region.

On a positive note, CBRE stated that the economic recovery in Asia was due to the fact that more businesses were being relocated to Asia as compared to the other regions. It was a show of investors’ confidence in the area. Add to this the expansion of existing businesses . With the relocation of more businesses in Asia and the expansion of existing businesses also came the increase in employment and jobs . And with these the recovery of a nation.

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Mindy Yong

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HDB Offers 1,176 Build-to-Order Flats in Yishun »« D’Leedon launched at an average price of $1,680 psf

D’Leedon launched at an average price of $1,680 psf

D’Leedon launched at an average price of $1,680 psf

$1,680 per square foot (psf) will be an initial average selling cost of d’Leedon apartment house launched recently which means that makes the low-priced apartments units with a bedroom and study costs less than $1 million which will be of 635 sq. ft. A typical two bed room house would set a buyer back $1.5 million which will cover an area of 1,055 sq ft.

The site of the former Farrer Court estate will be the project site which was traded in a collective sale in 2007. A major stage will be launched for sale the following weekend to prior Farrer Court residents and this stage will be including 200 units. A public launch is likely to follow soon after as declared by developer capital. There has been a strong level of curiosity amongst earlier Farrer Court residents, said by chief executive officer of CapitaLand Residential Mr. Wong Heang Fine. Later in a briefing he also told yesterday that 300 of the 600 former residents said they would appear a showing last night.

The Straits Times realizes that capital and could alter rates, subjected on how this weekend’s presentation goes. Liew Mun Leong chief executive of the CapitaLand Group assumes that once the project is introduced to community sale, it will draw concentration from foreign investors looking to invest their funds in Asia. To this he added Capitals will come in because of the fluidity hunt approaching to Asia and they will definitely buy the property if they come to this part of the world because it’s the harmless form of investment.

In two 36-storey towers the 200 units being launched this weekend is rare as they range from one to four bedroom apartments. This entire project consists of 12 semidetached villas and 1,703 apartments in seven towers.

In d’Leedon only 22 per cent of the land area is being taken up by apartments although it sits on a vast site of over 840,000 sq ft. The rest of 78 par cent is line up for parks, retail channels, frivolous services such as two swimming pools and a gymnasium, which could consist of cafeterias, a clinic and a Laundromat.

Mr Liew said that it was a option that CapitaLand group could be engrossed in attempting for a likewise great location the shared sale in Ulu Pandan of Pine Grove estate. Whereas the site is good-looking, the worth label of $1.7 billion is a weighty one for any particular contractor to take on alone, he said. But he even equipped that he do not know how many of us can afford it. Nevertheless, he said CapitaLand group would ponder getting associates to bid for the site – as it had done for Farrer Court, when it molded a conglomerate with Hotel Properties, Wachovia Development Corporation and a fund accomplished by Morgan Stanley Real Estate.

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Mindy Yong

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Singapore Office Rents Post Highest Rise since End-2007 »« Singapore Government Keeping A Close Eye On Property Market

Singapore Government Keeping A Close Eye On Property Market

Singapore Government Keeping A Close Eye On Property Market

Small interest rates in the Singapore and overflow of cash in the market are the main ingredients that can improve property prices and boost extreme borrowing. But MAS that is the Monetary Authority of Singapore said that Government is keeping a close eye on the market and in case of any hike it is prepared to announce additional cooling measures whenever required.

Monetary Authority of Singapore also mentioned that as the property market is sentiment-sensitive so a pick-up in action could lead to rapidly mounting prices. In turn, the prices could fall if economic retrieval dis-appoints on the shortcoming among sustained doubts in the worldwide reduced and market self-assurance is injured.

It also added that this could have a extensive insinuation on consumers who are overstretched when interest rates ultimately go back up. But the MAS said the Singapore Government will keep on observing the property market and will adopt supplementary cooling procedures if needed. It was warned by Central Bank’s annual economic stability review cautioned yesterday that the influx of funds from other countries and low interest rates could add more fuel to the burning property sector.

In the third quarter last year the fraction of mortgages with loan to value (LTV) ratios rose above 70 per cent, also fell from 35.1 per cent to 27 per cent this year. LTV proportions overhead 80 per cent fell to just 7.1 per cent from 17.3 per cent over the same period.

Certain concerns were upraised on what is predicted to be a ‘sustained interval of less interest rates’ where property purchasers may be attracted to take on too much borrowing while moneylenders may release standards in a proposal to cover more loans in the face of diminishing interest brims. Chief executive Ku Swee Yong who is International Property Advisor said lower LTV ratios indicate to a systemically wide-ranging loaning situation. It is not a threat from a fiscal organization’s point of view as with the short LTV ratio; the banks can survive, say, up to a 20 per cent drop in assets bills, without calling on the margin of the borrower.

In this August, the Government levied stages to stiffen rights rules on customers of HDB apartments, established new loan limits and enlarged the quantity of time a buyer must have a possessions before reselling it. In February and September previous year analogous changes were also taken in to limit improving prices. Municipal Renovation Authority statistics are previously presentation marks of moderation. Private property charges were up about 2.9 per cent in the third quarter as compared with the 5.3 per cent jump in the previous quarter. Though, elevated property estimates – a by-product of Singapore’s stout economic progress – have assisted lesser the comparative gratefulness of home owners with hypothecations. The segment of exceptional loans to the worth of the assets fell meaningfully in the third quarter. This is because the ratio of the loan to its value falls as a property’s value goes up.

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Mindy Yong

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D’Leedon launched at an average price of $1,680 psf »« Developers eye project at an earlier onset releases before holidays

Developers eye project at an earlier onset releases before holidays

Developers eye project at an earlier onset releases before holidays

City developments had announced of one of the best purchase of the field last day and had said that about three fourth of the total 150 units at the freehold Glyndebourne condo was sold since the preview held on Friday and some other construction companies and developers are running behind project releases prior to the yearend holidays

UOL Group is expecting to have a preview on the spottiswoode residences condo in the coming week and the price is expected to raise around $2000 per square feet .in this 351 units, almost 90% comprise of a single bed room, or two bedroom s and sometimes one bedroom attached with a studying units.

Another project which is just next to spottiest woode park with 36 storeys and located near to tanjong pagar is just preparing to be the best waterfront district once after the container terminals in the area had moved out.

The site for Tanjong Pagar Railway Station is also under a plan for refurbishing once the keratapi tanah melayu had vacated the site on behalf of the historic deal of land swap between Malaysia and Singapore announced in the month of September.

Agents are now gathering the interest for the freehold Robinson suites over the Robinson road at a price ranging from $2300 to $3300 per square feet. This is a 42 storied project and is going to develop at VTB building site and comprise of 167 apartments and three shop units at the ground floor. All the apartments are either of a single bedroom or else attached with a studying unit or else with two bed systems. The unit size will be simply starting at 484 square feet.

One of the leaders of the field, a consortium whose market holders include the fission holdings, tan Koo chuan, cheong sim lam, saw Pik Kee etc are getting to make the project pitch at the first freehold apartments ever placed along the Robinson road.

Meanwhile, capital land is getting ready to get to the first phase of release of its 1715 unit condo that too on the 99 year lease hold site of farrer court .they are mainly 36 storied zaha Hadid project designed of single to four bedded apartments and around six pairs of semi deta hed homes.

While taking of the mass market sector , sim lian is said to set up for a release water view which is a 99 year leasehold condo consisting of 696 units at Tampines Ave 1/10 that too facing on to the bedok reservoir and it is still waiting for all the essential approvals from the authorities.

The whole project will be encompassing two bedrooms or sometimes three or four bedded apartments and sometimes the penthouses. The average price is also expected to be at a range of $820 to $920 psf.
Meanwhile yesterday CDL had said that they had sold almost 112 units out of the total of 150 units at Glyndebourne condo that too at Dunearn road.
.
City dvelopemental’s had also passed a comment on that all single, double as well the third bedded rooms were just snapped off and another wide collection of unit types were also sold including the 10 out if the total 23 pent houses.

Seventy percent of the total buyers were mainly Singaporeans with permanent resident ship and rest of the 30%6 occupied with Malaysian foreigners and others from India, Korea, Taiwan, Thailand, and Brunei.

City developmental had began to preview the project on last October 29th under the London listed units hotels of millennium and copthorne since it is the one which hold the freehold site on to which condo will be finished.

It is also being planned to close the copthorne Orchid Hotel Singapore at the site towards the end of March 2011 so as to reestablish and develop the Glyndebourne.
CDL had also made an opinion that 112 units were made to sell at accost ranging from $1900 and $2350 per square feet or at an average cost of $2100 per square feet.

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Mindy Yong

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Mindy@MindyYong.com

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Singapore Government Keeping A Close Eye On Property Market »« Potentials Behind Home Sales