Tag Archives: prices

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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Parc Botannia in Sengkang to launch at prices starting from $548,000

Artist’s impression of Parc Botannia.

Parc Botannia, the last residential project to launch in 2017, will open its showflat to buyers on 11 November, said developers Sing Holdings and Wee Hur Holdings.

Sing Holdings owns a 70 percent stake in the development, while the remaining 30 percent is held by Wee Hur. The consortium was awarded the site last year after beating out 13 other developers with a top bid of $ 287.1 million.

The 99-year leasehold condominium comprises four 22-storey towers of 735 units. It sits on a 185,095 sq ft site along Fernvale Road next to Thanggam LRT station.

Unit types range from one- to five-bedroom apartments with sizes spanning 431 sq ft to 1,679 sq ft. Indicative prices start from $ 548,000 for a one-bedder, $ 738,000 for a two-bedder, $ 1.04 million for a three-bedder, $ 1.3 million for a four-bedder, and $ 1.6 million for a five-bedder.

There have been no new launches in the area in the past two years, with the last one being High Park Residences in 2015. Located right next to Parc Botannia, the private condo sold all 1,399 units for $ 988 psf within 20 months despite subdued market conditions in 2015 and 2016.

Parc Botannia is located within the future Seletar Regional Centre, which has the potential to grow to twice the size of Tampines Regional Centre. The nearby Seletar Aerospace Park is already home to big-name aviation firms such as Rolls-Royce and ST Aerospace.

There are also shops and eateries within reach at Jalan Kayu, Seletar Mall and Greenwich V.

“We believe that there is a mix of demand for homes and investment in this location,” said Lee Sze Hao, CEO of Sing Holdings.

“Being the only project to be launched in the vicinity, we are optimistic that Parc Botannia, with its unique features, strong selling attributes and attractive pricing, will be well-received.”

In view of the upcoming launches next year, Lee noted that the project’s average price of $ 1,280 psf makes it one of the most attractively-priced and affordable condos.  

The showflat at the junction of Fernvale Road and Sengkang West Way is now open for public previews.

 

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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TDSR framework, implemented to moderate prices

Artist’s impression of West Scape at Bukit Batok. (Photo: HDB)

The median price gap between private housing and HDB Build-to-Order (BTO) flats in the outside central region – where majority of the BTO flats were built over the past few years – has narrowed to 166 percent from 169 percent prior to the introduction of the Total Debt Servicing Ratio (TDSR) in June 2013.

The median price gap between private housing and HDB resale flats, on the other hand, widened to 130 percent from 106 percent previously, revealed the Ministry of National Development in a written answer to Parliament on Monday.

The ministry explained that the TDSR was implemented not only to safeguard financial prudence, but also to prevent individuals from over-leveraging whenever they acquire private homes with housing loans from financial institutions (FIs).

Those buying an HDB flat are also subject to a Mortgage Servicing Ratio (MSR) limit when they take an FI-originated or HDB housing loan.

“These measures have helped to moderate prices in both the private and public housing markets,” it said.

“However, as there are many different factors which could affect the prices of private and public housing, price comparisons between the two markets should be interpreted with care.”

 

This article was edited by Keshia Faculin.

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