Yishun Executive Condominium Sold For Record Price!

RESIDENTIAL MARKET

Yishun executive condo sold for a record $1.61m

A double-storey penthouse at One Canberra in Yishun was sold for $1.61 million, setting a record for new executive condominiums (EC) and prompting one property consultancy to warn about the affordability of high-priced units.

More than half of the 343 new units that fetched more than $1 million since the Executive Condominium scheme was relaunched in late 2010 were sold this year.

A growing number of young and affluent buyers are going for bigger and more high-end units that offer perks, such as spacious balconies and unobstructed views.

What Happens to Prices of Limited Edition Executive Maisonettes

RESIDENTIAL MARKET

Price boost for 'limited edition' exec maisonettes

The Government's reiteration that it will not build new executive maisonettes will further boost the prices of such "limited edition" units, said analysts.

These large, two-storey flats have become highly sought-after in the last few years due to a growing price gap between Housing Board flats and private property, and a wave of collective sales that have thrown up cash-rich buyers looking for big spaces.

Some flats in neighbourhoods like Bishan have made headlines for fetching record prices. This year, four of the eight units that broke the $900,000 threshold were executive maisonettes.

Hike in Property Prices As Residential Homes Near Completion

RESIDENTIAL MARKET

Price rises likely as homes near completion

Property buyers love to see their new home or investment near completion. But what does it mean for prices?

Experts say that buyer interest in some residential projects slated to be completed within the next year has surged. Prices have risen in tandem, they add. But they warn not all projects enjoy this lift as owner-occupation nears.

Various factors such as the quality of the project, or the nearby amenities, can play a part in just how much upside is likely.

Waterbay Executive Condominium at Punggol Selling Hot!

RESIDENTIAL MARKET

206 Waterbay units sold on first day

Some 206 of the 383 units available at Chinese developer Qingjian Realty (South Pacific)'s executive condominium (EC) project, Waterbay EC, were sold by 5pm yesterday, the first day bookings opened. Property consultants had earlier expected it to garner healthy interest from buyers because of its location.

The development, which sits at the junction of Punggol Central and Edgedale Plains, is a seven-minute walk to the Punggol MRT station, Punggol bus interchange and future shopping mall Waterway Point.

Decline in Q3 Private Home Sales Due to Lunar Seventh Month

RESIDENTIAL MARKET

Fall in Q3 private home sales 'due to lunar seventh month'

The lunar seventh month is being blamed for a huge drop in the number of private home sales in the third quarter, compared with the previous three months.

5,934 deals were closed in the quarter, sharply down on the 10,780 transactions recorded in the three months to June 30.

Superstitious home seekers are said to avoid buying homes during the inauspicious lunar seventh month period, which cuts across half of August and September.

New home sales were down more than 50 per cent - from 6,007 in the second quarter to 2,659 in the following three months.

However, some new residential projects managed to buck the trend.

Units at One Dusun Residences in Jalan Dusun were almost sold out within two weeks despite launching towards the end of August.

Several projects were also well received after launching late last month - after the lunar seventh month.

Kovan Regency in Kovan Road has sold more than 90 per cent of its 393 units, while Riversails in Upper Serangoon Crescent moved more than 200 flats last month.

Sales involving permanent residents (PRs) were less badly affected in the quarter than other buyer groups such as Singaporeans and foreigners.

Transactions involving PRs fell about 37 per cent compared with the previous quarter, while other groups registered declines of more than 45 per cent.

Sales of new executive condominiums (EC) slowed in the third quarter, possibly because of the increased number of Build-to-Order flats and EC launches.

About 27,000 flats are expected to be launched this year.

As dual ownership of new EC units and Housing Board flats is not allowed, buyers and HDB upgraders might choose to buy a private residential unit instead.

Private property owners cannot own an HDB flat at the same time. This removes ECs, a hybrid between private and public housing, as an option for private property owners.

Source: The Straits Times – 19 October 2012

Singapore Property HDB Aims To Increase Construction Productivity

RESIDENTIAL MARKET

HDB eyes 25% productivity boost by 2020

The Housing & Development Board (HDB) is looking to boost construction productivity by up to 25 per cent by 2020 amid concerns over a labour crunch.

It has launched a new HDB Construction Productivity Framework aimed at encouraging the use of innovative construction methods and optimising current processes and systems.

As the government moderates foreign worker growth, the adoption of unconventional ways to sustain the construction industry's growth is mandatory as it faces strong projected demand in the foreseeable years, said Senior Minister of State for Trade and Industry and National Development Lee Yi Shyan.

Mr Lee said around 30,000 workers are hired for HDB projects, out of the 271,209 foreign construction workers in the construction industry (not limited to the housing sector).

"The fact that SMEs are facing a severe manpower crunch is real and painful, but the policy of moderating foreign worker growth is also a reality," he said.

In its bid to implement innovative construction methods, HDB is exploring technologies that facilitate mechanisation and automation to reduce on-site construction time, labour, noise and dust pollution.

HDB is also looking at improving productivity in precast plants through automation, given that many existing prefab plants here are still very labour-intensive, said Mr Lee.

On the process optimisation front, HDB is promoting the use of building information modelling (BIM), which eliminates the need for manual 2D drawings, facilitates better teamwork and reduces abortive work.

Project submissions to HDB will be required to be in BIM format from 2015.

Mr Lee was speaking at the launch of the inaugural HDB Professional Engagement and Knowledge-sharing Forum (PEAK Forum), which represents HDB's focused engagement with professionals in the building and construction industry.

An exhibition showcase on the next phase of development of Punggol was also launched for public consultation. It ends on Oct 28.

Source: Business Times – 18 October 2012

High Bid For Residential Site Next to Tanah Merah MRT

RESIDENTIAL MARKET

High bid for site next to Tanah Merah MRT

A 99-year leasehold residential site along New Upper Changi Road has drawn a higher-than-expected top bid, pointing to a still-bullish sentiment among property developers here.

The land parcel sitting next to Tanah Merah MRT received 11 bids in all, the Urban Redevelopment Authority (URA) said. The highest offer came from Keppel Land unit Sherwood Development, which bid $434.6 million or $791.42 per square foot per plot ratio (psf ppr).

Singapore Property Cooling Measures Are Effective says Khaw Boon Wan

RESIDENTIAL MARKET

Property cooling measures proving successful: Khaw

We DID it!

Five sites yielding some 2,880 homes have been released for sale, even as the government has pledged that it remains ready to cool the housing market if necessary.

Minister for National Development Khaw Boon Wan, asked by Members of Parliament yesterday what the government is doing to ensure housing remains affordable, said the cooling measures put in place thus far - including the curb on housing loan tenures - have met with some success. He said: "Both the private property and HDB resale market have shown signs of stabilising."

Punggol Phase 2 Plan Unveiled! Great News for Punggol Buyers!

RESIDENTIAL MARKET

Punggol development: Phase 2 plan unveiled

Punggol Phase 2 Plan

The Housing & Development Board (HDB) yesterday unveiled plans for the next phase of Punggol's development, including a new Northshore District that will be carved out for more seafront public housing.

Northshore District will be one of seven distinct waterfront housing areas, of which Waterway East and Waterway West Districts are already under development.

Not only will Northshore District be home to Punggol's tallest residential buildings, at 29 storeys, they will also boast fully underground car parks in a bid to provide a greener and more spacious environment at the ground level.

Resale Prices of Industrial Space On The Rise

INDUSTRIAL MARKET

Resale prices of industrial space on the rise

There are signs of speculation developing in areas of the industrial property sector, analysts say, but they are divided over whether there is overheating and if the government should step in.

Resale prices for industrial space continued to rise in the third quarter, while industrial rents held firm.

Resale industrial prices for first-storey conventional industrial space rose 4 per cent in Q3, to $600 per square foot (psf), compared with the previous quarter. This was at the same rate as the previous quarter.

For upper-storey industrial space, prices grew 3.5 per cent to $445 psf from the previous quarter, slowing from 4.9 per cent growth in Q2.

Rents for first-storey conventional industrial space were at an average of $2.15 psf per month, while upper-storey rentals averaged $1.75 psf per month, the same levels as Q2. Hi-tech industrial rents edged up 0.07 per cent from the second quarter, to $3 psf per month.

Source: Business Times – 10 October 2012