The recent stats from the Housing Board resale market shows that prices in 2021 grew to 12.7% which was the steepest rise since the year 2010. Studies from Friday revealed that a total of 259 HDB resale flats were sold last year with an estimated price of $1 million. It was reported to be the highest number so far and the count was high by 82 units since 2020.
Out of these total 259 units, around 40 were sold for approximately 1.2 million in the year 2021. However, this amount was locked for only 7 units in 2020.
The recent observations from the construction sector reveal that the industry will be resuming to the same activity level that it enjoyed prior to the pandemic-related shutdown.
The estimates obtained from Building and Construction Authority show that the contracts of around $27 to $32 million may be awarded this year and this turns out to be the same as that of the year 2019.
Furthermore, projections show that demand from 2023 to 2026 may also rise up to $25 – $36 billion on annual basis.
Tan Kiat How, the National Development Minister at the state level recently revealed that the backlog for work and the construction demands is likely to experience a steady rise now and it may affect the economy to great extent. Observations also show fast recovery to the manpower demands as several foreign laborers have started returning to their work.
In comparison to the period when the travel restrictions, social distancing measures, and entry approvals were tightened, the previous month recorded a great inflow of foreign workers.
At the old Caldecott Broadcast Centre (CBC) Site which is located near Andrew Road, developer is planning to have a total number of fifteen GCB (good class bungalows) build. These GCBS will have a tenure of 99 years. Note that this will likely be the largest cluster of GCB leasehold developments within the Caldecott Hill area. The Caldecott Hill are comprises of mainly freehold GCB.
The land bid prices of the first two state tenders after recent cooling measures announced on Tuesday shows that although lands are in demand among developers, they are taking more careful steps.
Reports reveal that eight bidders fought for a plot of land with 99-year lease at Jalan Tembusu which is near East Coast. Developers’ keen interests in this property have created a very high land rates GLS that are situated in the city fringe. The other residential plot at Lentor Hills near Yio Chu Kang area, had only manage to attract four bidders.