15/01/2025
14 January 2025, Tuesday
THE BUSINESS TIMES
One Bernam developer slashes prices by up to 27 per cent, sells 87 units in weekend promotion
HY Realty and MCC Group dished out discounts ranging from 15 to 27 per cent on their prime downtown condominium project One Bernam over the weekend, selling 87 units in the process at prices from S$1.3 million to S$3.5 million. With the weekend sales, the 99-year leasehold mixed-use development in Tanjong Pagar that has been on the market since 2021 moved 348 units to date and cleared 99 per cent of its 351 units.
THE BUSINESS TIMES
Don’t spare asset-rich, cash-poor private homeowners from paying higher property taxes
In budget 2022, wealth taxes were hiked to generate revenue as well as recirculate a portion of the wealth stock into the economy and in so doing, mitigate social inequalities. Among others, adjustments were made to property tax, which is the principal means of taxing wealth. The property tax rates for all non-owner-occupied residential properties were raised. And property tax was increased for higher-end owner-occupied homes.
THE NEW PAPER
Residents of first assisted-living flats in Bukit Batok find companionship
In November 2024, 88-year-old Lam Shaw Ying moved into his new assisted living flat in Bukit Batok and started playing carrom again, a traditional board game he last played when he was a boy. The tabletop game, which involves flicking tokens across a board, is one of the many activities offered at the active ageing centre in his block of community care apartments called Harmony Village @ Bukit Batok.
EDGEPROP PRINT
Bagnall Haus launched at average $2,450 psf; banks on freehold tenure, MRT and 15-year supply gap
Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, lives in the private housing estate of Kew Drive, just off Upper East Coast Road. His home is within walking distance of his new residential development, the 113-unit Bagnall Haus. It is a redevelopment of the former Bagnall Court that the property developer acquired en bloc as part of a consortium in early 2023 for $115.28 million.
LIANHE ZAOBAO
Large real estate transactions increased by 41 per cent in 2023
Due to the decrease in interest rates, investors are more confident in investing, which has seen a 41 per cent increase in large real estate transactions. The real estate market is also expected to continue growing and reach a total transaction of between $27 billion and $30 billion in 2025. According to a report by Knight Frank, the total amount of real estate transactions hit $9.1 billion in the fourth quarter of 2024, a 6.7 per cent increase compared to the third quarter of 2024 and a 56 per cent increase compared to 2023.
LIANHE ZAOBAO
High-end private residential projects selling units at discounted prices
Many private residential developments nearing their ABSD have resorted to selling their remaining units at a discount. For example, One Bernam has sold 87 out of their remaining 90 units by offering discounts of up to $320,000. Analysts have also noted that there will be 3600 units introduced in 2025, the highest since the 2700 units introduced in 2021. Thus, competition is expected to be fierce.
