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THE mature estate near King George's Avenue in Jalan Besar will get a new lease of life now that a plot of land there has been earmarked for public housing, consultants said.
They added that although resale activity in the ageing district has slowed in recent years, that could mean more opportunities to find a bargain ahead of the area's rejuvenation.
A 1.23ha site at the junction of Syed Alwi Road and King George's Avenue was gazetted earlier this week to be developed into Housing Board flats.
Slew of high-end projects expected in the coming months
SUBURBAN condos have been driving sales in recent weeks but upmarket homes are poised to take centre stage with a series of launches coming up.
Wing Tai's The Crest off Alexandra Road and near the exclusive area of Jervois Road is expected to be launched soon.
Keppel Land's 99-year leasehold The Highline Residences in Kim Tian Road on the fringes of the city is also poised to go and is tipped to be popular.
RESALE prices of non-landed private homes inched up 0.2 per cent in March, led by an increase in transaction prices in the Rest of Central Region (RCR).
This marked a slight recovery from a 3.1 per cent decline in resale prices in February, flash estimates by the Singapore Real Estate Exchange (SRX) show.
Resale transactions increased significantly in March with 451 transactions registered - the highest resale volume since October. This is 82.6 per cent higher than a month ago but 22.5 per cent lower than in March last year.
Price dropped steeply by 3.8% since peak.
According to Barclays, the Urban Redevelopment Authority’s flash data for 1Q14 indicate that its index for private home prices fell 2.7 points to 211.6 in 1Q14, down 1.3% q/q and -0.8% y/y.
This is the second decline after -0.9% q/q in 4Q13, bringing the cumulative decline to 2.2% since the peak.
Here's more from Barclays:
The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 3rd Quarter 2013 today.
Overall, the private residential property index rose 0.8 points from 215.4 points in 2nd Quarter 2013 to 216.2 points in 3rd Quarter 2013. This represents a moderate increase of 0.4%, compared to the 1.0% increase in the previous quarter (see Annex A).
Yahoo Newsroom - A map of the upcoming Downtown Line, the first six stations of which are slated to open on 22 December. (Photo courtesy of LTA Singapore)
The first six stations of the $20.7-billion Downtown Line in Singapore are slated to open on 22 December, local media reported on Monday.
Private property sales in the primary market fell 26 percent n October from the previous month, according to data form Singapore's Urban Redevelopment Authority, as fresh tightening measures kept home buyers cautious and developers held back on new launches.
And, double-digit declines are expected to continue into 2013. Real estate analysts forecast transaction volumes will fall close to 30 percent next year to 16,000 units, down from 22,000 in 2012.
While Singapore's trade dependent economy has had a tough 2012, even teetering on the brink of a recession earlier this year, the city state's residential property market has remained robust, with prices among the highest in the world.
Private home prices in this Southeast Asian financial hub have risen a whopping 56 percent since the global financial crisis, and most analysts expect this upward trajectory to continue into the new year, even as the market faces a drop in sales volumes amid a somber growth outlook.
Singapore's private housing market has seen months of double-digit declines in sales, including a 44 percent month-on-month fall in November, in part due to a number of cooling measures introduced by the government – yet prices have remained firm.
By Gerald Tay (guest contributor)
A Business Times article titled “Property Investment Seminars on CEA Rader” was recently published, where PropNex Reality Chief Executive Mohamed Ismail said: “There’s a need for the authorities to regulate the content and claims by these speakers.” I support Mr. Ismail’s call for the authorities to tighten the content and claims made by these speakers, be it in property, stocks, or commodities investment.
More Singaporeans looking at overseas property investments.
"We believe the risk of a residential property market correction in the next two years is rising, as expected higher interest rates look set to coincide with a large increase in housing supply over 2014-15," Tricia Song, analyst at Barclays wrote in a report on Friday.
