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Property consultancy Savills reckons that private home prices here may rise 15 to 20 percent for the whole of 2018 – up from its previous forecast of between 12 and 15 percent, reported Singapore Business Review.
It raised its estimates after 22 units were sold for a minimum of $10 million each over the past few months, with 102 units taken-up for at least $3,000 psf in Q1, according to data from the Urban Redevelopment Authority.
The Urban Redevelopment Authority (URA) has fine-tuned its guidelines for cluster housing to address growing concerns of overcrowding in some landed estates.
A new set of formulae to determine the maximum number of units for the various types of cluster housing, known as strata-landed homes, will significantly lower the number of units in new projects.
AMONG the major sectors of the local property market, the office sector had been seen as a pariah. The post-Lehman crisis redrew the financial landscape where deleveraging was the buzzword. Financial institutions were in no mood to expand, cost cuttings were deep and on top of that, the crisis triggered a series of flare-ups in the eurozone. As the supply of Grade A office buildings in the CBD increased with the completion of the new buildings in the Marina Bay area, vacancy levels started to rise. Consequently, by the law of demand and supply, rents began to decline, and had been doing so continuously since the second quarter of 2011.
The appetite for micro-strata units from small-time investors driven out of the residential market has maintained, if not, increased the rate per square foot paid for commercial property. This, in addition to a low interest rate environment has squeezed yields as capital values remained high, leading transaction volumes to decline as institutional buyers found it difficult to justify a purchase based on initial rental returns.
Here is the full list of the 8 recent property cooling measures.
Suffice to say, the numerous property cooling regulations imposed by MND, URA, MAS, IRAS have done much to curb the speculative fever and more.
Background of Singapore's housing woes.
PASIR Panjang has long been associated with container ports and warehouses but that image is changing, consultants say.
Private apartments, mostly low-rise and freehold, now line the western stretch of Pasir Panjang Road close to Clementi Road.
Consultants said that although this area may not be at the top of investors' priority lists now, its star will rise as the Urban Redevelopment Authority's Draft Master Plan last year sparks further development in the area.
The port at Pasir Panjang will be relocated to Tuas after its lease expires in 2027.
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:
See which developer will be badly hit.
In Barclays' report Developer fundamentals weakening of 27 September 2013, it wrote that it had expected home prices to correct up to 20% by 2015 with the luxury sector likely to be the worst hit due to the Qualifying Certificate (QC) rules. The QC rules give developers up to five years to finish building a project and two more years to sell all the units.
Here's more:
SINGAPORE: Development charges, which have to be paid when a property site is developed into more valuable project, have been raised for selected sectors.
The steepest increase is seen in the commercial sector.
In a statement on Friday, the Ministry of National Development said the development charge (DC) rates for commercial sector will climb by an average of 15 percent.
They're sandwiched between rising supply and cooling demand; office rent recovery appears to be in place
OFFICIAL statistics show that the private residential property and factory space markets have turned under the weight of supply on the one hand, and property cooling measures and the total debt servicing ratio (TDSR) framework on the other.
However, a gradual rent recovery appears to be in place for the officemarket.
For H1 2014, MND will launch through confirmed list eight sites that can generate 4,630 private homes
[SINGAPORE] The 4,630 private homes that can be generated from the confirmed list sites slated for launch by the government in H1 next year is not only down 22.3 per cent from the current H2 2013 slate but is also the lowest half-yearly quantum since H1 2010, when the figure was 2,925 units.
Across the board, the Ministry of National Development (MND) is scaling back the Government Land Sales (GLS) Programme for private housing, commercial and hotel sites for the first six months of 2014 to factor in the large supply pipeline. The move is seen as an attempt to engineer a soft landing.
By several counts, Singapore is a global city and does not need to advertise itself as one, academic Parag Khanna has argued.
At The Straits Times Global Outlook Forum last Friday, he said Singapore fulfilled many of the characteristics of a global city, which to him is one that is stable, wealthy, diverse, connected, creative and a role model for others.
The Government's cash scheme to light up some Central Business District and Marina Centre buildings has had few takers, even as the authorities scrapped a parallel scheme that may have been more popular.
There have been only three approved applicants for the cash grant since it was introduced in 2006 by the Urban Redevelopment Authority to encourage building owners in the Marina Bay area to light up their properties' fronts to make Singapore's skyline more attractive.
Loans granted to homes under construction
THE first part of this article last week concluded that the Singapore household balance sheet is rock solid: household net worth is increasing because household assets such as shares, CPF, currencies and savings are increasing more than household debt.
Well-placed developers, construction firms and Reits may stand to benefit
STOCK analysts have been rushing to pick winners since the Urban Redevelopment Authority (URA) unveiled its Draft Master Plan 2013 this week.
The plan outlines how Singapore would develop over the next decade, and some well-placed companies could benefit from the changes ahead.
DEVELOPERS here have been warned to be careful when marketing properties as "small office home office", or Soho units.
They should make it clear to buyers that the term Soho does not refer to any official planning status, said the Urban Redevelopment Authority (URA) in a circular yesterday.
Units marketed as Soho have planning permission for either residential or office use, but not for both, the URA said.
A new semi-expressway could be built in Punggol, to link the estate to other towns in the north and east, including Seletar and Pasir Ris.
The proposed road will serve the northern part of Punggol, which will be home to several housing districts, education institutions and commercial activities once it is fully developed.
In its Draft Masterplan 2013, the Urban Redevelopment Authority (URA) said the semi-expressway will "increase east- west connectivity".
A Great Place for Business
Prestigious address for future business and financial institutions
[SINGAPORE] Reflecting the current tepid market for residential land, the government yesterday cut the average development charge (DC) rates for landed and non-landed residential land by one and 2 per cent respectively.
There is no change in DC rates for commercial, hotel and industrial land. The new rates, which take effect today, will apply for the next six months after which there will be another review.
The cut in residential DC rates - which are broken down according to location or "geographical sectors" - ranged from 1.6 to 9.4 per cent, but in most cases, there was no change. Potential home buyers hoping the dip in residential DC rates would translate into price cuts by developers will probably be disappointed as it is chiefly market conditions at the time of a property's launch that determine pricing levels, property agents noted.
