Property portal 99.co presents the following weekly property news roundup for the week of 12 to 18 September:
#1: New home sales hit 11-month high in August
Official figures released by the Urban Redevelopment Authority (URA) revealed that developers sold 1,256 non-landed private homes in August 2020—up from 1,080 units sold in July. This marked an increase of new condo sales for the fourth consecutive month.
For more details and expert analysis, read Experts’ Take: August condo sales accelerate to year-high
#2: Government affirms that cooling measures will stay in place for now
The new National Development Minister Desmond Lee reiterated that property cooling measures are especially necessary for the “well-being” of Singaporeans amid current economic woes.
“A home is a big ticket item and it’s for the well-being of Singaporeans that some of the measures are there,” he said, while also acknowleging that “at some stages, [the measures] can cause pain and friction to genuine homebuyers.”
The minister also stated that “no measure is perpetual”, and that the Ministry of National Development (MND) will continue to review and calibrate the property rules as needed.
Mr Lee made his comments on 16 September at the Propnex Mid Year 2020 Convention, in response to PropNex CEO Ismail Gafoor’s questions about whether the government would consider easing some of the cooling measures currently in place, such as the Additional Buyer’s Stamp Duty
Mr Gafoor had questioned the status quo, arguing among other things that speculative acitivity in the property market has been “eradicated” and that the ABSD might drive Singaporeans to invest in riskier assets, such as real estate overseas.
Mr Lee took this opportunity to urge Singaporeans to be “very prudent and careful” about financial investments.
At the same time, Mr Lee emphasised the need for a balanced approach to policy making. ““We’ll continue to study those measures to see how we can enable those who are aspiring and have prepared well for the upgrade, to be able to do so while ensuring that we reduce the risk of speculation and runaway prices that will hurt everyone,” he said.
#3: Freehold clan association building in Geylang on sale for $36 million
Nanyang Pho Leng Hui Kuan, a Chinese clan association with roots dating back to 1940, has put up its premises at 26 Lorong 27A Geylang for sale via expression of interest, with a guide price of $36 million.
The eight-storey freehold property, which comes with an attic, was built in 2017 at a cost of $32 million, according to exclusive marketing agent Cushman & Wakefield.
The building sits on a land plot measuring 9,360 square feet (sq ft), with a gross floor area of about 26,205 sq ft. Under the URA Master Plan 2019, the site—a five-minute walk from Aljunied MRT station—can be redeveloped into a residential development such as a boutique condominium.
The land is zoned residential/institutional under the URA Master Plan 2019; buyers may continue to use the building for civic, cultural or association/clan purposes.
In 2018, the URA had carried out extensive rezoning of land parcels between Lorong 4 and Lorong 22 Geylang, from residential/institutional use to commercial/institution use. The 14-hectare rezoned precinct has the potential to be a future business hub, Cushman & Wakefield added.
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#4: Virtual Property Expo set for October
More than 15 newly launched condo projects will feature in the upcoming Singapore Property Show 2020, jointly organised by Mediacorp, PropNex and 99.co.
To be held from 10 October to 4 December 2020, the expo will be hosted on the 99.co platform. Property buyers will be able to experience narrated virtual tours of showflats, access information and tools such as articles and mortgage calculators, and attend weekly webinars conducted by industry players.
More details about Singapore Property Show 2020 will be announced closer to the launch.
7 days ago · 4 min read ·
Source: 99.co (25 Sep 2020)
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