Singapore’s private property market shows 5th straight month of decline
January 17, 2010
SINGAPORE: Singapore’s private property market is continuing to show signs of declining interest.
Data released on Friday by the Urban Redevelopment Authority (URA) showed that just 481 units were sold in December, the fifth straight month of decrease. The figure was a 20 per cent drop from the previous month’s sale of 600 units.
It was also the second lowest number of monthly sales in 2009, after January’s low, which saw only 107 uncompleted homes sold. However, last month’s figure was still better than the 131 units sold over the same period a year ago.
Despite a seemingly fast-cooling property market, property developers still pushed out 734 launches in December, down from the 923 units unveiled in November.
The fall in sales came in the wake of government measures implemented in September to prevent a property asset bubble in Singapore. Such measures include the removal of the Interest Absorption Scheme and Interest-Only Housing Loans.
As was the trend in previous months, higher-end projects were more popular. The Shore Residences at Amber Road, which has a median price of S$1,144 per square foot, saw the most number of units sold at 79.
Coming in close behind is Urban Suites at Hullet Road, which sold all 59 units launched for sale last month at a median price of S$2,521 per square foot.
The most expensive unit sold last month was at Nassim Park Residences, a development at Nassim Road, which went for S$3,477 per square foot.
Source: channelnewsasia.com - Singapore’s private property market shows 5th straight month of decline
Property prices in Singapore to continue to move upwards in 2010
January 17, 2010
SINGAPORE: The luxury housing sector is expected to lead the way for the Singapore property market this year, according to real estate broker Savills.
Savills is forecasting that prices in the luxury segment will rise 15 per cent in the year ahead.
However, prices in the mass market and mid-end properties could see values move up by about five per cent.
Last year, despite the deep economic recession, private property transactions nearly surpassed the highs of 2007.
Going into 2010, Savills believes the rising trend will continue, but at a more moderate pace.
Savills said the underlying demand would come from the completion of the two integrated resorts as well as attractive office rentals which are expected to bring in more overseas investments.
Michael Ng, managing director, Savills Singapore, said: “We do see strong demand because of the population growth. Again a lot more foreign workers are expected to come in over the next 12 months, so I don’t think there will be a correction downwards in that sense. But certainly not the same kind of growth as seen last year, more moderated, but healthier.”
“I think the prices in terms of luxury is still some 20 to 25 per cent off the peak. In terms of the high net worth individuals, I think a lot of confidence is coming back to the market. There is a lot of liquidity around that’s pushing them back into real estate.” - CNA/vm
Source: channelnewsasia.com - Property prices in S’pore to continue to move upwards in 2010