01/06/2017
Real Estates Highlights:
Record Price for GLS:
China group beats forecasts with record S$1b bid for GLS site
(BT, 19 May, 2017)
A 227,000 sq ft residential plot at Stirling Road expected to yield 1,110 units drew a record price of over S$1 billion in a joint bid from Logan Property Holdings and Chinese conglomerate Nanshan Group. The bullish bid of S$1,050.7 psf ppr on gross floor area for the 99-year-leasehold site sets a new record in the Queenstown area, analysts point out. A market expert noted that the top bid "signals the developers' strong confidence in the Singapore residential market, their belief that prices could return to growth soon and the ability to price higher than the existing launches in the vicinity". An expert believes that the developers for this project will launch the residential units at above S$1,780 psf from mid-2018 onwards.
New Home Sales:
April new home sales more than double year-ago showing: URA
(BT, 16 May, 2017)
The turnaround in the residential market continues in the new home segment, with developers in Singapore selling 1,555 private homes last month, excluding ECs. Although this was 12.6 per cent lower than the four-year high of 1,780 private homes sold in March, it was more than double the 750 units sold in April 2016. In the first four months of the year, developers have sold about 4,700 private homes, more than double the approximately 2,200 units sold in the same period in 2016.