By UMA SHANKARI

However, rents in ‘other city areas’ fell more in Q2 than Q1, partly due to new supply that will be completed in the second half of 2009. Prime first-storey rents declined 3.1 per cent to $25.40 psf pm in Q2, more than the previous quarter’s fall of 2.2 per cent. 1.3 million sq ft or 56 per cent of new retail space that will be completed in the rest of the year will be in ‘other city areas’, DTZ estimates.

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12.8% increase in average price of 2-bedroom units; firm expects full-year primary market sales to top 2006 figure of 11,147 units

 By KALPANA RASHIWALA

But DTZ considers the Q2 price gain a blip supported by buyers’ fears of missing the bottom, pent-up demand and low interest rates – rather than economic fundamentals.

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By UMA SHANKARI

However, rents in ‘other city areas’ fell more in Q2 than Q1, partly due to new supply that will be completed in the second half of 2009. Prime first-storey rents declined 3.1 per cent to $25.40 psf pm in Q2, more than the previous quarter’s fall of 2.2 per cent. 1.3 million sq ft or 56 per cent of new retail space that will be completed in the rest of the year will be in ‘other city areas’, DTZ estimates.

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12.8% increase in average price of 2-bedroom units; firm expects full-year primary market sales to top 2006 figure of 11,147 units

 By KALPANA RASHIWALA

But DTZ considers the Q2 price gain a blip supported by buyers’ fears of missing the bottom, pent-up demand and low interest rates – rather than economic fundamentals.

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By UMA SHANKARI

However, rents in ‘other city areas’ fell more in Q2 than Q1, partly due to new supply that will be completed in the second half of 2009. Prime first-storey rents declined 3.1 per cent to $25.40 psf pm in Q2, more than the previous quarter’s fall of 2.2 per cent. 1.3 million sq ft or 56 per cent of new retail space that will be completed in the rest of the year will be in ‘other city areas’, DTZ estimates.

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12.8% increase in average price of 2-bedroom units; firm expects full-year primary market sales to top 2006 figure of 11,147 units

 By KALPANA RASHIWALA

But DTZ considers the Q2 price gain a blip supported by buyers’ fears of missing the bottom, pent-up demand and low interest rates – rather than economic fundamentals.

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They include Belmont Road bungalow, Fernhill Road site and condo units

 

By KALPANA RASHIWALA

Up for sale: This 30-year-old good-class bungalow on Belmont Road has been put up for sale at an indicative price of $26 million to $30 million

 

(SINGAPORE) As action in the property market drifts up to the high end, more top-notch properties are surfacing at auctions.

 

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7 good class bungalows sold in April and May, more deals in the works

 

By UMA SHANKARI

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Singapore Bungalow

Hot sale: Movie star Jet Li bought this Binjai Rise bungalow last month for $19.8m

 

(SINGAPORE) The most prestigious segment of Singapore’s residential property sector has picked up over the past two months.

 

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Developers sold year-high 1,668 units in May amid discounts and improved sentiment

By EMILYN YAP

(SINGAPORE) The buds of recovery sprouting in the private home market since February seem to have blossomed in May.

Developer sales for the month hit 1,668 units – a record for the year and 37 per cent more than the 1,214 in April. More transactions also occurred in the high-end sector at prices above $2,000 per square foot (psf).

However, some industry watchers continue to warn that the blooms may not last unless the economy improves decisively. They also remain concerned about weak rental demand and more residential supply coming on stream.

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Goldman Sachs is now projecting a 5 per cent gain in Singapore private home prices next year, reversing its previous forecast of a 10 per cent fall in 2010. It has also upgraded City Developments, which it terms ‘the Singapore residential bellwether’, to a ‘buy’ rating from ’sell’ previously.

‘The recent pick-up of transaction volumes in the primary residential market is a harbinger of price stabilisation being just around the corner, in our view,’ the US bank said in a report dated May 12.

It expects the residential property sector to stabilise by end-2009, ahead of the office and retail sectors, which it sees stabilising around the end of next year. 

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OWNERS could pay up to 60 per cent less property tax after the taxman reduced the value of tens of thousands of sites following the real estate sector’s slump.

The Inland Revenue Authority of Singapore (Iras) recently held its annual review – brought forward in the light of dire market conditions – which found that 99 per cent of assessed properties had their values reduced.

Together with the 40 per cent property tax rebate announced in January’s Budget, owners of these properties will now pay 45 per cent to 60 per cent less property tax.

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