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Private home prices up 0.6% in October

Prices of completed private residential properties rose 0.6 percent in October, surpassing the 0.2 percent growth registered in September, revealed the latest flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, home prices in the central region climbed 1.2 percent, up from the 0.4 percent increase in the previous month. Prices in the non-central region also rose 0.3 percent, reversing the 0.1 percent drop posted in September.

The central region sub-basket comprises properties located in postal districts 1 to 4 as well as 9 to 11, while properties found in the other postal districts fall under the non-central region sub-basket.

However, prices of small units measuring 506 sq ft or below fell 0.8 percent, after increasing by one percent in September.

 

This article was edited by Keshia Faculin.

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Home sellers raising their prices by 4% in some areas: PropertyGuru Index

The CBD and its surrounding areas saw the highest increase in asking prices.

Home sellers are already starting to price their units higher following recent signs of a property market recovery in Singapore.

This according to the PropertyGuru Property Index launched on Thursday (23 November), which shows a 3.2 percent price increase in Q3 2017 from the quarter before, reflecting an inflection point after a steady decline from Q3 2015.

PropertyGuru said that sellers are “future-pricing” their homes in anticipation of the market recovery gaining strength in 2018, following the recent en bloc fever and growing confidence amongst developers.

The highest increase of four percent was in the city centre and the surrounding areas. This was followed by the suburbs in northern and western Singapore, which saw asking prices grow by 2.5 and 2.2 percent respectively.

The Index uses data from over 200,000 listings on PropertyGuru’s website, and is benchmarked against price levels as of Q1 2015.

At the same time, the supply of homes put up for sale fell by 4.5 percent in Q3 from the previous quarter in anticipation of higher prices next year.

“There is light at the end of the tunnel now that the market sentiment has finally taken a positive turn after two consecutive years of low seller confidence,” said Hari V. Krishnan, CEO of PropertyGuru Group.

“On the other hand, consumers looking to buy homes should consider closing on their property purchases and lock in prices at the current level.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Landed home sales surge as prices drop to attractive levels

The ongoing recovery in the housing market saw landed home sales surge in the first 10 months of 2017 as landed property prices fell to attractive levels from their Q3 2013 peak, reported Business Times.

Between January and October, the number of landed homes sold stood at 1,513 units, up 50 percent from the 1,009 units moved over the same period last year.

Based on Savills Singapore’s analysis of caveats data from URA Realis data, the value of transactions rose 41.1 percent from $ 4.3 billion to $ 6.1 billion.

The preliminary figure for the period have also surpassed the result for the full-year 2016 at 1,187 units, sold at $ 5.1 billion.

The hike in transaction comes as landed residential properties registered a bigger price drop compared to non-landed private homes over 15 quarters before prices increased in Q3, said Savills Singapore research head, Alan Cheong.

He noted that the narrowed price difference between the two categories improved the attractiveness of landed homes.

Notably, URA’s price index for landed homes fell 16 percent between Q4 2013 and Q2 2017, while its non-landed private home price index contracted by only 10.2 percent.

“To some extent, buyers seem to have returned to the market with a vengeance, with sentiment buoyed by all the positive news about overall sales volume, record land prices, the influx of en bloc millionaires seeking replacement homes and improvements in the economy,” said Knight Frank Singapore executive director of residential sales and leasing Tay Kah Poh.

Cheong believes demand for landed properties in Singapore is “partly aspirational” as owning a landed home is still ranked high within the hierarchy of housing wants of Singaporeans.

Moreover, the overextended downturn in the property cycle has “unbottled pent-up demand for those wanting to buy a landed home”, he said.

 

This article was edited by Keshia Faculin.

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Widow sues grandson over Farrer Road family home

Claiming a 60 percent stake in the $ 4 million Farrer Road family home, 80-year-old widow Madam Lim Hoon Neo sued her 39-year-old grandson, Ang Wee Chai who had been named by her husband sole executor of the estate, reported The New Paper.

She was not mentioned in her husband’s will, in which the house was willed only to their eldest grandson and youngest son.

Madam Lim filed the suit after Ang Wee Chai has sought a court order to sell the two-storey terraced house and for his two uncles and grandmother to vacate the property.

He claims that he is merely fulfilling the wishes of his grandfather, who is the sole registered owner of the house.

Mr Ang Ho Sai, who died in 2014, and Madam Lim had five children, but one died in 1982.

They agreed to acquire the Farrer Road house in 1967 for $ 36,500.

According to Madam Lim, she contributed 60.3 percent or $ 22,000 to the purchase price.

Her lawyer, Tan Siah Yong, noted that the house was placed under the sole name of her husband since he was the one handling the transaction and the head of the family.

Based on her contribution, however, Madam Lim owns 60.3 percent of the house.

With this, Madam Lim wants the court to declare her right to live in the property until it is sold, after which she should be given 60.3 percent of the proceeds.

Ang Wee Chai, on the other hand, claims that the suit is just one of the attempt of his grandmother to thwart his efforts to administer the estate.

He revealed that Madam Lim and his two uncles had been blocking his efforts by refusing to cooperate with his attempts to dispose of the house in accordance with the will.

 

This article was edited by Keshia Faculin.

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Gov’t urges private home owners with short remaining leases to plan ahead

The government encourages Singaporeans residing in properties with short remaining leases to plan ahead and look for alternative housing early, said the Ministry of National Development in a written answer to Parliament on Monday.

It noted that seniors have various housing options, including short-lease 2-room flexi flats which has no debarment period for purchase.

“Residents can approach agencies for assistance if they need help transitioning to their next housing arrangement,” it added.

The statement was made in reply to the question of Cheryl Chan Wei Ling, MP for Fengshan SMC, who also asked on what measures are taken by the government to ensure that the neighbourhood of private housing estates will not be disproportionately populated by foreign workers or short-term rentals.

To minimise disturbance to neighbours and safeguard the residential environment of private housing estates, private homeowners are allowed to rent out their properties for a minimum period of three months, with each housing unit having a maximum of six unrelated occupants only, said the ministry.

“URA will proactively enforce against subletting arrangements that flout the rules, including prosecuting egregious offenders in court.”

 

This article was edited by Keshia Faculin.

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