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15 April 2013

15th April 2013, Monday




Striking a new balance on flat prices

Source: The Straits Times

The Government is trying to find a new balance between keeping new flats affordable yet fulfilling Singaporeans' desires for their home values to rise, said Minister in the Prime Minister's Office Grace Fu Sunday.

For decades, new flat prices were pegged to resale ones, so that home owners' asset values would grow, she said.

"If we were selling Build-To- Order flats at a much lower price than resale flats, you would find people turning away from resale and then flat prices would be less able to rise," she explained to Jalan Kayu residents at a dialogue.

But this peg, which was removed in 2011, also made the price of new flats spiral out of young Singaporeans' reach as prices in the resale market spiked 80 per cent in the last six years.

The opposing concerns within a family exemplified the Government's challenge, Ms Fu pointed out. "Sometimes we hear parents say, flats should be cheaper so my son or daughter can buy. But don't depress (prices) so much because I want my house (value) to stay high."


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Investment Sales


6 units up for bulk sale at 8 Nassim Hill

Source: Business Times

Six freehold residences at 8 Nassim Hill have been put on the market for bulk sale with a price tag of $58 million to $59 million.

The condominium project, which boasts 16 luxury triplex apartments with private rooftop pools and gardens, was officially up for sale in early 2010. So far, only 10 units have been sold.

It is developed by Tennessee, a joint venture project between Shing Kwan and BBR Holdings.

The marketing agent said the six unsold units are made up of three penthouses and two townhouses - sized between 3,218 and 4,338 sq ft each - as well as a corner townhouse of 5,759 sq ft.

The six apartments have an average guide price of between $2,400 and $2,450 per square foot (psf), or between $58 million and $59 million for all the units.

The average sale price of the 10 units sold was about $3,060 psf, with the highest at $3,316 psf. The last sale done in April 2012 worked out to about $2,719 psf.

The development is located near Botanic Gardens and Orchard Road. It is also near the upcoming Napier and Orchard Boulevard MRT stations.

The sale by expressions of interest will close on 8 May at 4 pm.


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