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With private property prices increasing at a faster rate than wage growth, property experts are saying that the affordability gap for private homes could further widen for Singaporeans.
Professor Sumit Agarwal from the National University of Singapore Business School said that the divide between income growth and residential property price increases could grow bigger, with technology set to displace some high-paying jobs.
SINGAPORE - The upcoming mixed-use development One Holland Village in Holland Drive will feature 296 residential apartments, 255 serviced units, as well as retail, office and community spaces.
The residences will be open for sale on Saturday (Nov 30).
The retail space has already signed on a few companies, including supermarket Cold Storage, pharmacy chain Guardian, non-profit arts and culture organisation The Rice Company and movie theatre The Projector.
Defying global uncertainties and a slowing economy, Singapore's private property market showed it was in good health, with the highest number of new homes being sold in a single quarter in more than six years.
Private home prices also rose in tandem, climbing 1.3 per cent in the third quarter of this year, compared with the previous three months.
SINGAPORE - The new hub for advanced manufacturing in Jurong West is welcoming six new entrants over the next three years, ranging from industry giants to research institutions, said Deputy Prime Minister Heng Swee Keat on Tuesday (Oct 22).
They are: German conglomerate Siemens; American multinational Flowserve; German engineering firm Bosch Rexroth; Singapore-listed motion control systems specialist ISDN; the Agency for Science, Technology and Research's (A*Star) Singapore Institute of Manufacturing Technology; as well as the National Metrology Centre.
Holland Village is undergoing an extensive facelift, and as a designated URA Identity Node, the neighbourhood has been earmarked for preservation and maintenance. There has been a spate of en bloc projects in the vicinity these few years, including Hollandia and Toho Mansion, and their reincarnations—such as Van Holland—are expected to launch at between $2,800 and $2,900 psf. All these will undoubtedly boost the appeal of HDB flats in the nearby Holland Drive/ Holland Close neighbourhood.
The cosy Holland Village in District 10 was designated a URA Identity Node in 2013, an honour bestowed upon local identity areas known for their distinctive qualities.
URA’s Draft Master Plan 2019 dedicates a section to Rejuvenating Familiar Places, with Holland Village among the designated areas. According to the URA website, there will be new residential, retail, and lifestyle developments to freshen up the village’s quirky and much-loved bohemian vibe.
SINGAPORE - The Republic’s population grew at a slower pace in the last five years compared with the same period before it, even as total population hit a record 5.7 million this June.
But the encouraging figures on citizen marriages and births across a similar time period give hope that the declining trend can be halted, experts said when commenting on the trends in the new population figures released on Wednesday (Sept 25).
They added that an important task in the years ahead would be to encourage people aged between 25 and 29 to get hitched and start families
DESPITE Singapore's economic slowdown and downside risks ahead, private home prices rose for the second consecutive quarter, with at least one analyst saying this might prompt the government to respond with more cooling measures.
The Urban Redevelopment Authority's (URA) flash estimate for the third quarter of 2019 shows that its overall price index for private homes rose 0.9 per cent over the preceding quarter. This follows the 1.5 per cent quarter-on-quarter increase in the second quarter of this year.
SINGAPORE (EDGEPROP) - The sale of a five-bedroom unit at Clementi Park, a 796-unit condo in District 21, was the most profitable transaction during the week of Sept 10 to 17. The 3,401 sq ft, ground-floor unit changed hands for $3.34 million ($983 psf) on Sept 12. It had been bought for $1.46 million ($429 psf) in 2001. Thus, the seller walked away with a profit of $1.88 million (129%), or an annualised profit of 5% over 18 years.
SINGAPORE - GuocoLand will open the sale of units in its freehold condominium Meyer Mansion on Sept 13. The public preview will be held on Saturday (Sept 7).
Prices are unavailable but PropNex Realty’s head of luxury team Dominic Lee noted that the purchase price would translate to a break-even price of about $2,400 per square foot (psf).
GuocoLand bought the former Casa Meyfort residential site through a collective sale for S$319.88 million last year. The price works out to about S$1,580 per square foot per plot ratio (psf ppr), including an estimated development charge of S$57.2 million.
SINGAPORE: Despite trade tensions and other global uncertainties slowing down the economy to levels last seen a decade ago, investments into the country seem to have held steady so far.
Singapore attracted almost S$8.1 billion in fixed asset investment (FAI) commitments during the first six months of 2019, according to figures from the Economic Development Board (EDB) released as part of the second-quarter economic report last week.
In fact, the overall investment figure already falls within the EDB’s full-year forecast of S$8 billion to S$10 billion.
SINGAPORE: Private sector economists and analysts have lowered their forecast for Singapore’s economic growth in 2019, according to a survey report released by the Monetary Authority of Singapore (MAS) on Wednesday (Sep 4).
The economy is now expected to expand by 0.6 per cent this year, down from an earlier estimate of 2.1 per cent in June, with the escalation of trade tensions remaining the top risk cited by most survey respondents.
SINGAPORE: After policymakers slashed growth projections for the second time this year, Singapore is now anticipating its slowest full-year growth in a decade.
The Ministry of Trade and Industry (MTI) on Tuesday (Aug 13) said the economy will likely grow at between 0 and 1 per cent for 2019, with gross domestic product (GDP) falling in the middle of that range.
This downgrade comes just three months after the forecast range was narrowed to 1.5 to 2.5 per cent in May.
According to Bloomberg data, the last time Singapore’s full-year growth went below 1 per cent was in 2009.
SINGAPORE: As Singapore’s outlook darkens with growth cooling to levels last seen a decade ago, there could be more retrenchments and fewer job vacancies ahead, said economists.
The job losses will likely come from outward-oriented sectors, which have been hit by a protracted trade spat between the United States and China.
SINGAPORE — Despite a dampened economic outlook, the private property market was in rude health in the second quarter, with the transaction volume of new homes and prices both rising.
Nevertheless, with Singapore’s economic growth set to slow in the second half of the year, analysts were divided on how the chips will fall for the property market — given that the global uncertainty has already seen an influx of foreign investors snapping up homes here in recent months.
SINGAPORE — While sales of new private homes rose in the second quarter from the same time last year, the private property resale market remained in the doldrums, real estate firm Huttons said in a report on Wednesday (July 24).
Between April and June, there were about 2,400 resale transactions, down 50 per cent from the same period a year ago, it said.
This was partly because there is a significant gap between what buyers are willing to pay in the resale market and what sellers are holding out for, it added.
SINGAPORE — Despite talk of a possible recession and the global economic uncertainty, private property prices in Singapore have hit a five-year high.
This is based on second quarter flash estimates published on Monday (July 1) by the Urban Redevelopment Authority (URA).
The jump follows two straight quarters of falling prices. Industry analysts attribute the rise to factors such as large sums of en-bloc sale money filtering into the market, and Singapore’s reputation as a safe haven in troubled times pulling in some foreign investment money.
Over 50 project launches, unleashing 20,000 units, are expected in 2019, but it doesn’t mean prices will come down, says Edmund Tie & Company’s Darren Teo.
SINGAPORE: Prior to the latest cooling measures introduced in July 2018, the last time similar regulations were rolled out to moderate the residential private property market was in 2013 with the introduction of the Total Debt Servicing Ratio (TDSR).
DESPITE the cooling measures introduced on July 5, 2018, Singapore's residential property market has stayed resilient and quarterly primary home sales rose in the last three quarters, to the surprise of many.
In the first quarter of 2019, developers sold 1,838 new private homes, 16 per cent higher than the same period the previous year.
Non-landed residential prices outside the core central region have also held up in the last three quarters.
