Real News‎ > ‎2012‎ > ‎July 2012‎ > ‎

18 July 2012

18th July, Wednesday




Good response to Haus@Serangoon Garden

Source: Business Times

Haus@Serangoon Garden, an environmentally friendly project by City Developments Ltd (CDL) and Hong Realty, was popular among homebuyers over the weekend, with 28 of the 40 terrace houses on offer at the preview sold.

Prices start from $2.4 million for an intermediate terrace unit with a land area of 1,615 square feet. Corner terraces cost more and start from $2.8 million for a unit with a land area of 2,284 sq ft.

CDL said about 40 per cent of buyers are residents in the neighbourhood.

In all, Haus@Serangoon Garden will have 18 corner units and 79 intermediate terrace homes. All 97 units have two storeys, a basement and an attic. The 99-year leasehold project is expected to be completed by 2016.


Links to the story:



Buyers back out of 105 private home deals

Source: The Straits Times

Private home buyers returned 105 units to developers last month - fewer than in May but in line with levels seen in recent months. The units came from projects like Sky Habitat, Seahill and executive condominium (EC) Twin Waterfalls.

The returns comprised about 5.2 per cent of the more than 2,000 units sold - including ECs - that month, according to a consultancy.

There were 150 units returned in May, or 5.7per cent of the more than 2,600 non-landed homes sold in April, ECs included.

An analyst said the percentage of returned units is 'still relatively small'. 'This happens month after month because buyers sometimes feel buyer's remorse,' he said. This could arise after the 'showflat hype' dies down and people take a second, critical look at their purchases.

Buyers also back out because their financing applications do not get approved.

Ten buyers backed out of Twin Waterfalls, while seven gave up options on The Tampines Trilliant. Private condo Seahill had eight returns, while Sky Habitat in Bishan had six returns yet it sold only eight units in May, experts noted.


Link to the story:  



Property developers clear some 2% of previously launched units

Source: Channelnewsasia

With fewer new launches during the June school holidays, property developers turned their focus to clearing off unsold units from earlier launches.

7,234 new private homes remained unsold last month, down by some two percent from May.

Market watchers say these units, which were launched at prices before the recent rise in property prices, seem more like a steal compared to the newer launches.

Analysts say developers may also offer bulk discounts on these units to lure both local and foreign buyers. Experts say this could help offset the Additional Buyers Stamp Duty and ease the inventory of unsold units in some of the larger developments.

And many buyers have shied away recently due to the Additional Buyers' Stamp Duty (ABSD).

Some analysts are upbeat that foreign buyers could be making a comeback in the coming months. They cite softening property prices in prime areas as among the likely attraction for such buyers to make a comeback.

They add that recent high profile transactions have also suggested that institutional buyers are becoming active again.

Analysts point out that while developers are reluctant to offer discounts to buyers of single units, remnant units with unattractive views or inauspicious unit numbers may be offered at a cheaper rate so as to complete the sale of the entire development.


Link to the story:



Investment Sales


Sophia Mansions sold to Roxy-Pacific for $43.3m

Source: Business Times

Sophia Mansions, a 19-unit development at Mount Sophia, was sold to Roxy-Pacific Holdings Limited for $43.3 million.

The selling price amounts to $1,175 per sq ft per plot ratio based on a gross plot ratio of 2.1.

There is also potential to build an additional gross floor area (GFA) of about 1,105 sq ft (or about 3 per cent of the gross floor area) of balconies without incurring any development charge.

The land rate, inclusive of the 3 per cent balcony space, will be about $1,140 psf ppr.

The site is relatively close to the Dhoby Ghaut MRT station, and shopping malls such as Plaza Singapura and The Pomo.


Links to the story: