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16 January 2013

16th January, Wednesday




After year of history, property market braces for the chills

Source: Business Times

Numbers just in show that the property market made history in 2012, with developers selling a record 22,290 private homes, excluding executive condos. The tally, which shattered the previous record of 16,292 units in 2010, was boosted by brisk sales in December when developers offloaded 1,410 units.

But history is unlikely to repeat itself in the wake of last Friday's cooling measures which target investment demand, even by Singaporeans, in addition to foreign buying.

A telling find from the Urban Redevelopment Authority's December numbers is the relatively small contribution from Outside Central Region (OCR)-home to mass-market condos - to both developers' launches and sales last month.

Of the 1,410 private homes excluding ECs sold in December, OCR's share was 620 units or 44 per cent - the lowest monthly sales quantum and proportion for the region in 2012. In contrast, for the first 11 months of 2012, OCR sales averaged 1,441 units or 75 per cent of the total.

An analyst predicts an up to 5 per cent price correction this year in the mid and mass-market segments, and a potential fall of 5-7 per cent in the high-end market.

Property consultants' forecasts of developers' home sales (excluding ECs) this year vary widely, from around 12,000 to 20,000 units. This would be a 10-46 per cent drop from 2012, but even some of those predicting the higher end of the volume drop do not expect a steep price correction this year - citing continued high employment, low interest rates, and the relatively high prices many developers paid for their sites at state tenders last year, among other factors.


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Investment Sales


4 North Bridge Rd shophouses to be auctioned

Source: Business Times

Four freehold shophouses along North Bridge Road have been launched for sale by public auction.

The shophouses, bounded by Kandahar Street and Aliwal Street and within the Kampong Glam conservation area, will be sold together; they have been tagged with an indicative asking price of $15.5 million.

The units, at 762, 764, 766 and 768 North Bridge Road, will be sold with existing tenancies, which expire between March this year and July next year.

The four units now house an Internet cafe, a wellness centre, a travel agency, an apparel store and a photography studio - five businesses because one of the units is sub-divided.

The shophouses sit on a site of approximately 5,765 sq ft and have a total floor area of approximately 9,600 sq ft.

The public auction has been slated for 23 January.


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