Central Property

21/06/2023

In an optimistic turn of events, developers in Singapore managed to sell 1,038 private homes in May, indicating a 17% increase from the previous month. Although this is lower than the 1,355 units sold in the same month last year, it still marks the highest monthly number of private home sales in a year, as highlighted by Christine Sun, the Senior Vice-President of Research and Analytics at OrangeTee & Tie.

The Urban Redevelopment Authority (URA) recently released these figures, which exclude executive condominium (EC) units, based on its survey of licensed housing developers. The report also revealed that May witnessed a significant surge in the launch of new private homes, with 1,595 units hitting the market. This is almost double the 798 units launched in April and nearly 30% more than the 1,240 units released in May of the previous year.

The boost in private home sales during May can be primarily attributed to the introduction of two prominent developments: the freehold project known as The Continuum and the 99-year leasehold condominium named The Reserve Residences. Combined, these two developments accounted for a noteworthy 72.1% of all sales made during the month, according to Lee Sze Teck, the Senior Research Director at Huttons.

This surge in private home sales reflects positive momentum in the Singapore property market, as developers continue to offer new projects and buyers display confidence in their investments. It remains to be seen how this trend will evolve in the coming months and whether the market will maintain its upward trajectory.

20/06/2023

In recent times, the allure of condominium living has been closely associated with the appealing array of amenities provided, including swimming pools, gardens, gyms, clubhouses, playgrounds, and car park facilities.

However, a notable change may be on the horizon as an increasing number of condominiums consider implementing charges for the usage of car park facilities, much like the existing practice of charging for function rooms or tennis courts.

With mounting costs of utilities and labor, condominium management corporations are recognizing the potential value in collecting revenue from car park usage. Additionally, there is an inherent fairness in having residents who own cars contribute towards the maintenance and utilization of car park spaces.

This has led to the question of whether new condominium developments might follow the example of Hong Kong and China, where selling individual car park spaces is a common practice. Doing so could provide developers with additional revenue to bolster potentially slender profit margins. Similarly, if car park spaces are sold by the management corporation, the proceeds could be utilized to finance improvement projects within the development.

While the concept of selling individual car park spaces within a condominium development may initially appear unconventional, it could be argued that the fairest approach to allocating limited spaces in developments with insufficient parking is to auction them to the highest bidders.

Furthermore, the possibility of implementing differential pricing based on the location of car park spaces within a condominium development should also be considered, allowing for variations in pricing that align with the desirability and convenience of certain spaces.

As the condominium landscape continues to evolve, it is becoming increasingly apparent that the traditional notion of inclusive amenities may undergo transformation. With the potential for charging for car park facilities gaining traction, both developers and management corporations are contemplating new strategies to navigate the changing dynamics of condominium living.

22/05/2023

AT LEAST eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.

A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).

03/05/2023

On Saturday (Apr 29), the first launch of Blossoms By The Park condominium units took place after new cooling measures were implemented earlier this week. The 275-unit development in one-north saw more than 70% of its units sold by 6pm at an average price of S$2,423 (US$1,814) per square foot.

According to developer EL Development, about 96% of the buyers were Singaporeans and permanent residents while the remaining 4% were foreigners on the first day of sales.

15/03/2023

With a limited number of new launches in 2022, the market is eagerly anticipating the slate of fresh projects due to come on in 2023. The second quarter of 2023 should excite both owner-occupiers and investors, with some high-profile projects set to spark keen interest.

15/03/2023

SUB-SALE volumes, a key indicator of speculative buying in Singapore’s private residential market, rose in 2022 to their highest level since 2013 with 765 transactions, a 34.7 per cent jump from the year-ago period.

While still a fraction of the 4,862 sub-sale deals recorded during the housing market’s peak in 2007, the rising numbers point to a return of trading momentum in a market where buying activity has been damped by cooling measures.

25/11/2021

ELIZABETH Towers at Mount Elizabeth in Orchard Road has been put up for collective sale, with a reserve price of S$630 million. The freehold residential site occupies a rare corner plot with a site area of 54,317.9 square feet (sq ft).

ELIZABETH Towers at Mount Elizabeth in Orchard Road has been put up for collective sale, with a reserve price of S$630 million. Read more at The Business Times.

15/09/2021

As Singapore treads lightly in its transit to endemic Covid-19, the Republic's central business district is starting to show signs of life once again. Companies are embracing a hybrid working arrangement - albeit cautiously.

13/08/2021

Fewer BTO bookings cancelled last year but higher proportion of appeals for penalty waivers.

SINGAPORE: When a 26-year-old, who only wanted to be known as Ms Lim, bid for a Build-to-Order (BTO) flat in 2017, luck was on her side. She managed to get a four-room unit at Eunos Court – which, at the time, was among the most popular flats on offer. But almost four years later, she is c

13/08/2021

For convenience, landed homes cannot top condominiums that are part of integrated developments with direct connectivity to a shopping mall plus the MRT station. But as MRT network expands and amenities, healthcare facilities and schools are built in suburbs, it is becoming less inconvenient to live in landed homes in areas distant from the city centre..

24/06/2021

Singapore will prepare its population to deal with Covid-19 as part of their daily lives and people will be able to work, travel and shop without quarantines and lockdowns, even with the coronavirus in their midst.

In time, the virus will be treated like the flu, without the need for lockdowns, said the multi-ministry task force.. Read more at straitstimes.com.

24/06/2021

IT is important for Singapore to be adaptable in its city planning and to maintain a liveable and connected environment, as seen from the Covid-19 pandemic. The government will start engaging the public in July on the Republic's long-term development plans, Minister for National Development Desmond Lee said on Monday.

IT is important for Singapore to be adaptable in its city planning and to maintain a liveable and connected environment, as seen from the Covid-19 pandemic. Read more at The Business Times.