Lakeside Apartments Sold en block at 14% Higher Value than Reserve Price

The lakeside apartments at 9F and 9E Yuan Ching Road recently won a jackpot of $273.89 million on collective sales. It was 14% higher than the reserve price of $240 million during the second attempt.

A 99-year leasehold real estate project with 120 units at Jurong Lake Gardens was sold to Winville Investment recently. The developers at this site are now planning to develop this 12,465.4 sq m site with around 300 unit residential projects.

Recent market updates reveal that owners of luxurious three-bedroom units at pre-established condos are expected to get around $2.28 million each. But PropNex Realty didn’t disclose complete data on how the land rate for this $273.89 million project was translated and what was the final bid in the tender that ended on May 25th. The reserve price of $240 million worked out to achieve the land rate of $1077/sq ft for each plot, including development charge and top-up premium for lease. Note that this site now has only 45 years left for the assigned tenure. Read more

Singapore Property Developers are Looking for Prices to Go Up for New Launches

As per recent updates from Singapore real estate market, the home buyers need to prepare themselves for facing a considerable hike in the price of private homes for the new properties in the area because almost 71% of the developers expect the unit price to go up in the coming six months. The poll conducted almost three months ago on this price expectation analysis reported that 60% of homeowners are in favor of price hikes.

A detailed real estate sentiment index survey was published recently by the National University of Singapore Real Estate, and it shows that as per the first-quarter survey of the year 2022, almost 24% of developers are looking forward to maintaining the prices for new launch at the same level; however, only 5% expect prices to stay at a lower level. The fourth-quarter poll from the year 2021 revealed that 35% of developers expected property prices to stay the same.

Read more

More Luxury Homes Sold with Higher Number of Foreign Buyers Despite Property Curbs

Although new property cooling measures were applied to Singapore’s real estate market by the end of 2021, reports present a considerable rise in the sales of luxury homes with an increasing number of foreign investors. Buyers invested in 653 recently built new homes during the month of April; however, the count was 654 in the month of March. But if we compare the transactions with the previous year’s data, there is a huge rise of 48.7% from 1270 units sold at that time.

The developers launched 397 new launch condos in the previous month, and this count is almost 28.5% higher than the 309 units rolled out in March. However, the volume of new units launched into the market is almost 61.8% less in comparison to the 1038 units launched during the previous year.

If we talk about executive condominiums, only 48 units were sold during March, but this count increased to 186 units during the month of April. This count was increased due to the launch of North Gaia EC in Yishun, where 166 units were sold out of a total of 616.

Read more