Private firm of Cogent chairman said to be buying Ridout site - AsiaOne

A PRIVATELY-HELD vehicle controlled by logistics and real estate tycoon Tan Yeow Khoon has been tipped as the likely buyer of 35 Ridout Road. Market talk is that he is expected to walk away with the 73,277 sq ft freehold site for slightly over S$90 million.

At S$90 million, the price works out to S$1,228 psf on land. The property - which is located within the cul-de-sac of Ridout Road, Swettenham Road and Peel Road - is nestled in a tranquil environment among lush greenery.

On an absolute quantum price basis, this is believed to be the biggest transaction in a Good Class Bungalow (GCB) Area.

The price is slightly higher than the previous record of S$87.5 million set in 2001 involving a 291,000 sq ft parcel in Swettenham Road in an asset swop deal between Singapore Press Holdings and Lum Chang.

Mr Tan, who is chairman of listed Cogent Holdings, is said to be making the purchase with a view to building a house for his family; they currently reside in Sentosa Cove.

However, market watchers suggest it may be possible that the family could carve out part of the Ridout Road site for sale - beyond what they require to build their own house.

The sprawling land is large enough to be potentially subdivided into as many as four smaller plots of at least 1,400 sq m (15,069.46 sq ft).

This is the minimum land area stipulated by the Urban Redevelopment Authority for GCBs - the most prestigious type of landed housing in Singapore.

On the site currently are an original two-storey bungalow with two single-storey outhouses and a large open green field on an elevated level.

The trustee sale came on the market in March due to a court order arising from the resolution of a dispute in the family of the late property tycoon Chow Cho Poon.

Among the properties he developed was the former Chow House along Robinson Road, which in 2010 was sold as part of a group of nine properties for a total of more than S$175 million.

URA has designated 39 locations on mainland Singapore as GCB Areas.

Since a rule change introduced some time in the second half of 2012, only Singaporeans are allowed to buy landed homes in GCB Areas.

Previously foreigners who are Singapore permanent residents could buy such homes if the land area did not exceed 15,000 sq ft - subject to the nod of the Land Dealings (Approval) Unit.

In terms of the per square foot of land area pricing, the most expensive deal in a GCB Area to date is S$2,190 psf; this record was set just last week, for a luxuriously built and furnished bungalow in Bishopsgate.

Weekend BT reported that the absolute price is S$33 million for the two-storey freehold property, which has a basement and is on land area of 15,069.46 sq ft.

The bungalow is three years old.

This article was first published on May 23, 2015. 

Tuesday, May 26, 2015

The Business Times

Source: AsiaOne

Bishopsgate GCB sold for record price of S$2,190 per square foot - AsiaOne

AT least a couple of eye-popping deals have taken place in the Good Class Bungalow (GCB) market of late.

First, a record price of S$2,190 per square foot of land area has been set, from the sale of a luxuriously built and furnished bungalow in Bishopsgate.

The absolute price is S$33 million for the two-storey freehold property, which has a basement and is on land of over 15,000 sq ft. The bungalow is three years old.

Second, word in the market is that the over 73,000 sq ft freehold GCB site at 35 Ridout Road that was put on the market in March has been sold.

The price is believed to have crossed S$90 million. Details of the transaction are scant.

The trustee sale came on the market in March due to a court order arising from the resolution of a dispute in the family of the late property tycoon Chow Cho Poon.

At S$90 million, the price works out to S$1,228 psf on land. The property - which is located within the cul-de-sac of Ridout Road, Swettenham Road and Peel Road - is nestled in a tranquil environment among lush greenery.

On site are an original two-storey bungalow with two single-storey outhouses and a large open green field on an elevated level.

The sprawling land is large enough to be potentially subdivided into four smaller plots of at least 1,400 sq m (over 15,000 sq ft). This is the minimum land area stipulated by the Urban Redevelopment Authority for GCBs - the most prestigious type of landed housing in Singapore.

Another of the planning constraints imposed by URA for GCBs is that they cannot be built more than two storeys high (plus an attic and a basement).

URA has designated 39 locations on mainland Singapore as Good Class Bungalow Areas.

Over at Bishopsgate, the S$2,190 psf on land price busts the previous GCB record price of S$2,110 psf set in October 2012, when bungalow investor George Lim sold a newly built property in Leedon Park with a land area of 15,640 sq ft.

Spanning two storeys and a basement, the property has six bedrooms and a pool. Completed in 2011, the property obtained Building and Construction Authority's Greenmark Gold Plus award.

The Bishopsgate property transacted recently is a modern house completed in 2012. The architecture, interior and landscape design were done by SCDA.

Designed around a Tembusu tree, the property has two wings connected in the middle by a sunken courtyard featuring a 60-foot high copper tree sculpture with water trickling down, creating the sound of soft rain.

One wing houses the living and entertainment areas while the other wing is more private, where the study and master bedroom are housed.

The basement includes a wine cellar, entertainment room and gym. In all, the home has four bedrooms and a swimming pool. Privacy features include a gated driveway, and tall hedges and trees concealing the pool and outdoor pavilion.

The property was built and sold by Timothy Chia, founder and chairman of Hup Soon Global Corporation. He is also chairman of Gracefield Holdings and sits on the boards of several listed companies.

The buyer is said to be a former Chinese citizen turned Singapore citizen. Realstar Premier Group brokered the transaction.

Based on data from CBRE Research, from January to April this year, six properties were sold in GCB Areas totalling S$125.82 million.

For the whole of last year, there were 28 transactions amounting to S$626.14 million.

This article was first published on May 23, 2015. 

Monday, May 25, 2015

The Business Times

Source: AsiaOne

Singapore high-end homes back in vogue with foreigners - AsiaOne

THE proportion of private homes bought by foreigners that are priced more than S$5 million has gone up in April, shows a caveats analysis.

This confirms ground feedback from property agents who have noticed a pick-up in viewings as well as sales of luxury apartments since last month, including among foreign buyers.

Singapore high-end homes look more attractive, as they have posted a bigger price drop compared with properties in the suburbs. Moreover, private residential property prices on the island are relatively more attractive compared with Hong Kong - and this has sparked a revival in buying interest from mainland China buyers in Singapore.

DTZ's analysis of URA Realis caveats data found that homes costing above $5 million accounted for 19 per cent of private homes bought by foreigners in April, up from a 6 per cent share in the first quarter of this year.

The absolute volume of transactions is still low, though numbers are expected to go up as more caveats are lodged. So far, 36 caveats have been lodged by foreign buyers for private homes in April, of which seven were above $5 million.

In Q1 this year, only 6 per cent, or nine of the 145 caveats lodged by foreign buyers were for units that cost more than $5 million. The share has increased steadily from a low of 3 per cent in the second quarter of last year.

"The findings support what has been observed on the ground, where there is an increase in foreign investors displaying interest in luxury apartments," said Lee Nai Jia, associate director, research, at DTZ.

"Despite facing higher stamp duties to buy properties in Singapore, foreign investors continue to be drawn to the Republic's transparent property market. There is also more smart money flowing in, as investors scour for value-for-money properties."

George Tan, senior director at Savills Residential, said that over the past couple of months, his agents have been busier in terms of viewings as well as transactions of high-end properties - in both the new sale and resale segments. "Prices are more reasonable now."

Market watchers highlight that the reduction in prices in luxury apartments can be seen in resale prices at the freehold Ardmore Park. Based on SRX Property data, a 10th floor unit changed hands for $2,524 per square foot or $7.28 million last November, down from $3,155 psf or $9.1 million for an 11th floor unit in the same block back in October 2012.

Said Savills's Mr Tan: "A good proportion of buyers are foreigners including PRs (permanent residents). Many of them are China buyers who are Singapore PRs."

Singapore PRs pay lower additional buyer's stamp duty (ABSD) on residential property acquisitions here compared with foreigners who are not PRs. Joseph Tan, executive director (residential) at CBRE, too said that "PRC citizens with Singapore PR - that is one of the most common buyer profiles in the high-end market now".

Many of them would have looked at Hong Kong as well. "Singapore and Hong Kong have introduced similar sort of property cooling measures. However, the Hong Kong market, which has seen a rebound in home prices over the past one and a half years, is now looking toppish. In comparison, Singapore property, following price declines, offers better value."

Additional reasons CBRE's Mr Tan cites for the increased interest among mainland Chinese in Singapore property are the buoyant stock markets in China and Hong Kong and the appreciation of the Chinese yuan against the Singapore dollar in the past year or so.

At Marina Bay Suites, which CBRE is marketing jointly with DTZ, the developer has sold 10 units so far this year, which means it is now left with only eight units for sale in the 221-unit condo.

Standing on a site with 99-year leasehold tenure starting March 2007, the project received Temporary Occupation Permit in June 2013. At least half the buyers of the 10 units are PRs or foreigners, BT understands.

The sales follow an increase in discount to list prices at the project to 25 per cent this year from 10 per cent previously. The developer moved only two units in the project last year.

The 10 units sold so far this year are said to include two of the three penthouses in the condo. A nearly 4,700 sq ft penthouse went for close to S$11.3 million or a tad above $2,400 psf earlier this year.

The buyer is understood to be a US citizen. US citizens are treated the same as Singapore citizens for ABSD, under the US-Singapore Free Trade Agreement, that is, no ABSD is payable on the first Singapore residential property purchase.

Talk in the market is that the other penthouse, an 8,500 sq ft duplex unit on the top two levels of the 66-storey project, is being sold. An option is said to have been granted for the unit recently for slightly over $19.5 million - or about $2,290 psf. The buyer is a Chinese citizen who is a Singapore PR.

Based on information in the project's brochure, the unit has five bedrooms, living and dining areas, wet and dry kitchens on the 65th storey and a swimming pool, steam room and lounge area on the 66th storey.

DTZ's analysis based on URA Realis caveats data downloaded on May 14 also suggests that China buyers are returning to District 10. Of the 48 private homes here that China buyers purchased last month, almost 17 per cent or eight units were in District 10.

This is higher than the 7 per cent share in Q1 2015 and 10 per cent share in Q4 2014. CBRE's Mr Tan noted that that luxury apartments - 200 sq m (2,153 sq ft) and above - are mostly found in the traditional prime districts, which includes District 10.

Savills's Mr Tan believes that the nascent recovery in foreign buying in Singapore's high-end residential market is likely to continue. "Prices are still at a low point and there are a lot of savvy, rich people on the lookout for good investment opportunities to take a position just before the market turns. This is the correct time for the rich (to enter the market)."

kalpana@sph.com.sg

Monday, May 25, 2015

Kalpana Rashiwala

The Business Times

Source: AsiaOne

Where were buyers searching this week - PropertyGuru

As part of plans to keep our readers better informed of what’s “hot” in the housing market, we provide an update of the most searched properties for sale from the PropertyGuru website this past week, as well as popular buying locations in Singapore.

For the second week in a row, the recently completed Sky Habitat development was the most searched private condo among prospective buyers. Located in Bishan (D20), Sky Habitat is a 99-year leasehold project within proximity to Bishan MRT station. Comprising 509 units, the project achieved TOP on 27 April.

Westwood Residences remains the most popular executive condominium (EC) for sale. The 480-unit project in Jurong West (D22) stands out for its cyclist-friendly features, which includes a mini velodrome and a bicycle garage that can accommodate 500 bicycles. The EC’s showflat opened for e-applications on 15 May while booking of units will start on 30 May.

Meanwhile, Sengkang (D19) has reclaimed top spot as the most searched HDB estate for sale after being overtaken by Jurong West in the previous week. A slight increase in the number of listings for Sengkang due to more flats being made available on the resale market may have helped drive more searches.

A full list of the Top 5 searched condos, ECs and HDB estates for sale on PropertyGuru.com.sg appears below.

Happy house hunting!

Top 5 condos for sale

1. Sky Habitat
2. The Panorama
3. The Interlace
4. The Trilinq
5. Kingsford Waterbay

Top 5 ECs for sale

1. Westwood Residences
2. Bellewoods
3. Skypark Residences
4. Bellewaters
5. Sea Horizon

Top 5 HDB estates for sale

1. Sengkang
2. Jurong West
3. Woodlands
4. Tampines
5. Ang Mo Kio

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

Source: PropertyGuru (23 May 2015)

Eye on Jurong: Westward bound - PropertyGuru

A highly industrialised estate set to play a key role in the upcoming Singapore-Kuala Lumpur high speed rail project, Jurong has come a long way from its colonial-era days. We find out what’s in store for this west-side town.

The name Jurong is synonymous with industrial operations amid the wonders of nature, embodying Singapore’s reputation as a Garden City that boasts modern infrastructure.

As it is, housing developments, schools, retail malls, offices and industrial sites are common in the area, making it suitable for a wide range of residents. It is also one of Singapore’s largest estates, consisting of Jurong East and Jurong West.

Still, the Jurong we know today came from decidedly humble beginnings.

Once upon a time

Though pre-independence Singapore was far from a fishing village, Jurong spent the early part of the 20th century as a swampy, low-hilled area abundant in shrubs and numerous rubber plantations, with only a single road connecting it to the rest of Singapore.

The government turned to industrialization to solve the young nation’s economic problems, leading to Jurong being chosen as a prime development spot: its deep coastal waters meant it was a suitable port, its hills served as readily available landfill, and its distance from the city and residential areas made it ideal for heavy industries.

The 1950s saw the progress of Jurong as a primarily industrial estate, with investors opening factories there. Due to manpower issues, housing developments eventually began to take root, giving factory employees an easier commute to work. The formation of the Economic Development Board (EDB) in 1961 further cemented the area’s status as Singapore’s foremost industrial estate, and in 1962, the National Iron and Steel Mills was established. This led to 24 factories being set up in the next year alone, with Jurong Port becoming operational in 1965.

Since then, Jurong has flourished: Jurong Island, connected to the mainland via Jurong Island Causeway, acts as a chemical, oil and petrochemical base, and Jurong itself continues to thrive in both the residential and commercial aspects.

Now and next

One could say Jurong’s development has never really ceased. The government’s 2008 Master Plan earmarked the estate for further enhancement; the Jurong Lake District, comprised of Lakeside and Jurong Gateway, has already seen the establishment of three shopping malls (JCube, Jem and Westgate), as well as an integrated medical hub consisting of Ng Teng Fong Hospital and Jurong Community Hospital. It also boasts its very first hotel, Genting Hotel Jurong.

Corporation Primary School, Yuhua Secondary School, Jurong Junior College, Nanyang Technological University (NTU), National Institute of Education (NIE) and Canadian International School are but a fraction of the schools in Jurong. The Science Centre, which has long been a fixture in the area, will be located beside the Chinese Garden MRT station in 2020, as part of Jurong Lake Gardens. Additionally, retail options abound: apart from the three aforementioned malls, IMM, Jurong Point Mega Shopping Centre and Pioneer Mall (among others) also serve Jurong.

Jurong Gateway is set to become Singapore’s largest commercial hub outside the CBD, with 500,000 sqm of office space and 250,000 sqm of retail, F&B and entertainment space to occupy the area. This is in addition to the existing commercial and industrial establishments there, including International Business Park and Tuas Industrial Estate. Moreover, at least 1,000 homes have been planned for Jurong Gateway.

Home sweet homes

Jurong is a highly popular estate for home buyers. From 6 to 14 May this year, it was the most searched estate on PropertyGuru.com.sg for HDB flats for sale, and the most searched executive condominium (EC) on the website was Westwood Residences, an upcoming EC project at Westwood Avenue. As Singapore’s first cycling-themed residential development, it will incorporate features to facilitate a healthy lifestyle for residents, such as an outdoor mini velodrome track, a connecting cycling trail, and bicycle storage. The 99-year leasehold 14-storey project offers 480 two- to five-bedroom units, and is expected to be completed in by 2021.

This follows the success of Lake Life, an earlier Jurong EC that saw 98 percent of its units sold by the second day of its launch. What makes Jurong appealing as a residential estate? Yammie Ho, Associate Senior Team Director at HSR International Realtors, says: “Jurong is developing into a self-sustaining satellite town, where multiple generations can live together in one estate. It also offers very good rental yield and capital gain for HDB and private homes; there is pent-up demand for limited private housing from the HDB dwellers aspiring to upgrade. Corporations and business resettling in Jurong East will also provide tenants, which is good news for residential landlords. Despite the cooling measures, well-priced units are moving very quickly now.”

Green appeal

Despite the prevalence of heavy industries in Jurong, it is also known for its abundance of nature. Chinese Garden lives up to its name, with a stone lion, seven-storey pagoda, bonsai garden and even a turtle and tortoise museum on its grounds. It is connected by a bridge to Japanese Garden, whose design was inspired by the Japanese Muromachi and Azuchi-Momoyama periods. Chinese Garden is currently being refurbished, in a bid to restore it to its former glory.

Elsewhere in Jurong are the Jurong Bird Park, Pandan Lake and Jurong Lake. Jurong Lake Gardens is underway, with the first phase to be completed in 2017.

Trained for convenience

Already, Jurong is connected to the rest of Singapore via the North-South and East-West MRT lines; Boon Lay, Lakeside, Chinese Garden and Jurong East MRT stations are located in and around the estate. But within the next five years or more, the Singapore-Kuala Lumpur high speed rail (HSR) project will be built in Jurong East, where the Jurong Country Club is currently situated.

Christine Li, Director of Research at Cushman & Wakefield, says, “Jurong Gateway is already a major transport hub, so the HSR will allow for seamless connectivity. In addition, vacant land is still available for development, so construction costs will be relatively lower than in the city centre, due to minimal tunnelling. It is also the biggest commercial hub outside the CBD, beating Tuas West.”

This improved connectivity with Malaysia will certainly bring Singapore one step further in its progress as a modern, advanced nation. With so much to anticipate, in addition to its existing residential, commercial and industrial developments, Jurong is a local stalwart that still has plenty of tricks up its sleeve.

Image: Artist’s impression of the upcoming Westwood Residences EC.

Article and images contributed by Cheryl Marie Tay.

Source: PropertyGuru (23 May 2015)

Singapore Property | Sengkang HDB For Sale - Blk 408A Fernvale Road (D19)

Corner shophouse block opposite The Central sold for $18.5m - AsiaOne

A CORNER shophouse block at the junction of New Bridge Road and Hongkong Street has been sold for S$18.5 million, based on the caveated price.

Located opposite The Central and Clarke Quay MRT Station, the property comprises three shophouses on two land lots with separate lease expiries. One lot has a balance lease term of 25 years and the other, 34 years.

The seller is a Chinese investor who is also a Singapore permanent resident. The buyer is believed to be a company controlled by a property investor of Indonesian origin who is a US citizen.

The property is five storeys high; the fifth storey is part offices and part roof terrace. The ground floor is leased to traditional Chinese medicine chain Ma Kuang. Expedia used to occupy levels two to five; the space is now available for lease.

The building is on 4,317 sq ft of land and is said to have a gross floor area of around 13,500 sq ft, shy of the maximum 18,131 sq ft allowed based on the 4.2 plot ratio for the site, which is zoned for commercial use under Master Plan 2014. There is potential to build a five-storey extension in a void area at the rear. The building is in a secondary conservation area.

By some industry players' estimates, it could cost around S$8 million to top up the site's lease to 99 years, and S$2.8 million in exchange for rights to tap the unutilised gross floor area (GFA). Both sums are payable to the state.

On top of that, construction cost to build the additional GFA of around 4,600 sq ft as well as to enhance the existing building could amount to some S$7 million.

Adding all the above costs to the S$18.5 million purchase price, the total outlay works out to S$2,000 psf of potential GFA. Assuming the ratio of net lettable area (NLA) to GFA is 90 per cent, the breakeven cost would be around S$2,224 psf on NLA.

"For a location with prominent frontage and on the basis of a freshly topped up 99-year lease, that sounds like reasonable pricing," said a seasoned agent.

A stone's throw away, a shophouse along Hongkong Street changed hands in March for nearly S$17.21 million - which works out to about S$1,900 psf based on the property's GFA of around 9,060 sq ft. The seller had maximised the plot ratio and had the site's lease topped up to 99 years in 2013.

Nearby at North Canal Road, a pair of adjacent shophouses on a site with balance lease term of about 32 years changed hands at S$15 million last month.

yearskalpana@sph.com.sg

Thursday, May 14, 2015

Kalpana Rashiwala

The Business Times

Source: AsiaOne

RENTAL YIELD ALONG THE NORTH-SOUTH MRT LINE - SRX

According to the SRX Property Index, apartment rents are down 6% in the last year.

Landlords are watching this number very closely as a drop in rent means a decline in their income.

A decline in income leads to a decline in gross rental yield, which is defined as annual rental income divided by the home’s purchase price.

While a landlord can try to offset a decline in income with a reduction in expenses and taxes, a decline in rent is not good. 

What makes for a good gross rental yield is subjective.  It depends on the investor’s objectives, risk tolerance, and the returns available from other asset classes.

For example, in a low interest environment in which cash yields below 1%, you might consider a 4% gross rental yield justifies the hard work and risk of being a landlord.

However, if you can get a 7% return on stock with the same level of risk, you might decide to place your money in stock rather than in real estate. 

Or, maybe you will invest in both stock and real estate, as you are happy with the 4% gross rental yield as part of a diversified portfolio of cash, stocks, bonds, and property.

While we cannot tell you what a good rental yield is for you, we can show you what the median gross rental yield for various locations around Singapore.

Here, we list the gross rental yield for apartments within one kilometre of an MRT station on the North-South line.

As you can see, apartments near Marsiling MRT station have the highest median gross rental yield at 4%.  The lowest, at 2.57%, can be found within one kilometre of Orchard MRT.

In reading this graphic, note that the rental yields reflect what a landlord would get if he or she bought the home in 2014 and immediately rented it out.  As a result, you can approximate what you could get in rental yield if you were to buy near the North-South line today.

(For more information on the methodology used in this graphic, visit SRX Research.)

What you end up earning for a rental yield ultimately depends on you. 

If you get a good deal on the property, keep your expenses down, and offer a home that will command an above average rent, then you can outperform the median gross rental yield. 

Source: SRX (14 May 2015)

Non-landed private rents flat, HDB rents slipped in April. Volume down from March 2015 for both Non-Landed Private and HDB. - SRX

Observations: 

A. Non-Landed Private Residential Rental Market

1. Private rents remained flat. According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents remained unchanged in April 2015 compared to March 2015. Non-landed Private Residential units in CCR experienced a 0.7% increase in rents, while units in RCR and OCR saw decreases in rents of 0.1% and 0.7% respectively. 

According to the SRX Property Price Index for Non-landed Private Rentals:

·Year-on-year, rents in April 2015 are down 6.0% from April 2014.

·Rents in April are 11.2% down compared with its peak in January 2013.

·Rents change in March has been revised from a 0.4% decrease to a 0.6% decrease.

2. Rental volume dropped.  According to the SRX Property, an estimated 3,621 Non-landed Private Residential units were rented in April 2015. This represented a 11.9% decrease from 4,111 units rented in March 2015.

·Year-on-year, rental volume in April 2015 is 11.2% higher than 3,257 units rented in April 2014.

B. HDB Rental Market

1. HDB rents slipped in April.  According to the SRX Property Price Index for HDB Rentals, rents dropped by 0.7% in April compared to March. HDB 4, 5-Room and Executive flats posted a 0.9%, 1.3% and 0.4% decrease in rents respectively, while 3 Room flats saw a slight 0.4% increase in rents. 

According to the SRX Property Price Index for HDB Rentals:

·Year-on-year, rents in April 2015 are down 3.0% from April 2014.

·Rents in April are 6.2% down compared with its peak in August 2013.

 

According to the SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

·Rents remained unchanged in Mature Estates, while posting a 1.5% drop in Non-mature Estates in April 2015.

·Year-on-year, rents of Non-mature Estates in April 2015 have dropped 4.0% from April 2014.

·Year-on-year, rents of Mature Estates in April 2015 have dropped 2.0% from April 2014.

2. HDB rental volume decreased.  According to the SRX Property, an estimated 1,705 HDB flats were rented in April 2015, a 13.2% decrease from 1,964 units rented in March 2015.

·Year-on-year, rental volume in April 2015 is 0.9% lower compared to 1,721 units rented in April 2014.

Source: SRX (13 May 2015)

Fewer private homes sold for over $1.5m - PropertyGuru

There were 4,153 residential properties sold for more than $1.5 million in 2014, revealed the Ministry of National Development (MND) in a written reply to a query by Non-Constituency Member of Parliament Mr Gerald Giam in parliament yesterday.

Although this is down 42.4 percent from 2013 when 7,218 sales took place, both the average and median prices achieved were higher last year.

The average price of the residential units in 2014 was $2.83 million, while the median price was $2.13 million. The average and median price the year before was $2.76 million and $2.10 million respectively.

The data was collected by the Urban Redevelopment Authority (URA) and the Jurong Town Corporation (JTC). They cover private property transactions and do not include HDB properties and executive condominiums, noted MND.

Source: MND

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

Source: PropertyGuru (12 May 2015)

RESALE PRICE SLIPPED IN APRIL, VOLUME DROPPED FROM MARCH 2015 - SRX

Observations:

1. Non-landed Private Residential Resale prices slipped. Non-landed Private Residential Resale prices slipped by 0.7% in April 2015 compared to March 2015.  In individual sectors, both CCR and OCR saw price decreases of 0.1% and 1.5% respectively, while prices in RCR increased by 0.4%.

According to the SRX Non-landed Private Residential Price Index:

• Year-on-year, prices have dropped 4.0% from April 2014;
• April 2015 prices were down 6.9% from the recent peak in January 2014.
• Price change in March has been revised from a 0.2% decrease to a 0.4% decrease.

2. Resale volume slipped slightly. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 440 Non-landed Private Residential units were resold in April 2015 , a slight 2.7% decrease compared to 452 units resold in March 2015 .

• Year-on-year, resale volume was 1.9% higher compared with 432 units resold in April 2014;
• Resale volume is down 78.5% compared to its peak of 2,050 units resold in April 2010.

3. Overall median Transaction Over X-Value (T-O-X) reached zero. According to SRX Property, the median T-O-X for Non-landed Private Residential reached a neutral level in April 2015. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

• The median T-O-X has improved $10,000 from March 2015 to reach $0 in April 2015.

4. District 16 posted highest median T-O-X. For districts with more than 10 resale transactions in April 2015, district 16 (Bedok, Upper East Coast) had the highest median T-O-X of $20,000.

This means that majority of the buyers in this district has purchased units above the computer-generated market value.

5. Among relatively active districts, District 15 posted the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X was in district 15 (Katong, Joo Chiat, Amber Road) with T-O-X of NEGATIVE $21,000.

This means that majority of the buyers in these districts has purchased units below the computer-generated market value.

Posted on 12 May 2015

Source: SRX