Month: October 2022

Right after the launch of some new condominiums in Singapore suburbs, there has been a strong demand for these residential units which further contributed to a considerable price hike. Reports reveal that the prices of private homes are rising high consistently up to this third quarter of the year.

In comparison to the previous months, there has been an estimated rise of 3.4% in the prices of private homes; however, it is slightly down from the 3.5% mark of the second quarter. This growth in the prices was mainly triggered by some non-landed segments in the area where prices went up to 4.1% in comparison to 3.6% in the previous quarter and this growth has been observed even after the rise in mortgage rates in banking institutions.

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Recent news updates reveal that the Singapore government will now restrict the maximum amount that new homeowners can borrow, so that the borrowers may find it easier to service these loans.

The market scenarios show a consistent rise in the interest rates after cooling measures and it is likely to increase further. Therefore, authorities are now taking several essential measures to ensure that home buyers can borrow within the limit and it will further help to moderate demand for new homes in the market.

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Lentor Modern, one of the most popular projects with an private residential integrated development from GuocoLand has experienced a great weekend after launch. Reports reveal that this property has a total of 605 apartments out of which 508 apartments were sold straight away on the first weekend, which makes up 84% of the total condos available.

This site is designed with an mixed-development that is integrated with that is to be designed on the Lentor Hills area with an estimated price of $1856 psf to $2538 psf. The initial launch prices for these units started somewhere from $1.07M for the one-bedroom apartment of 527 sq ft; however, the estimated price for four bedroom apartment with a 1528 sq ft dimension is presented at $3.33 million.

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The rates for land betterment charges (LBC) in Singapore have been considerably raised for commercial, residential, and industrial needs. Among all, the rates for non-landed residential properties are experiencing the highest rise due to robust property market conditions in Singapore. It is further influenced by healthy bids for collective sale sites and state-owned lands. The developers are paying LBC which further replaced the need for development charges and this scenario is improving the utilization of available sites while opening doors to create bigger projects on them.

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