Wednesday, February 29, 2012

PRs buy fewer landed homes

Straits Times: Wed, Feb 29
SALES of landed homes to permanent residents (PRs) plunged last year as tough new rules deterred them from entering that segment of the property market.


PRs bought 109 landed homes last year - down 53.6 per cent from the 235 transactions inked in 2010, DTZ Research said.


That took their share of the landed housing market transactions to 3.4 per cent, from 5.4 per cent the previous year. In 2006, their transactions formed 6.8 per cent of the private landed market.


It has already been hard for PRs to buy landed property. There are strict criteria under the Residential Property Act that do not apply when they buy condominiums.


They must apply to the Singapore Land Authority's Land Dealings (Approval) Unit, which considers factors such as the person's professional qualifications, work experience and investment in Singapore.


Foreign citizens who are not PRs can buy landed property only at Sentosa Cove. They can also buy townhouses within condo developments...

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Martin Koh/ Sherry Tang
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MPs seek JTC's help to moderate rising rentals

Business Times: Wed, Feb 29
(SINGAPORE) Members of Parliament from the business community yesterday called for statutory board JTC Corporation to review its policy of divesting industrial space to real estate investment trusts (Reits) - a policy which small and medium enterprises (SMEs) have blamed for a spike in commercial and industrial rents...

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Property mass-market starts post-ABSD recovery

Business Times: Wed, Feb 29
(SINGAPORE) The mass- market segment has begun to recover from its knee-jerk reaction to the additional buyer's stamp duty (ABSD) introduced in December, but the upmarket private homes in the Central Region are still suffering.


Prices of completed private apartments (excluding smaller ones) in Non-Central Region rose 1 per cent in January, compared to December.


But according to the flash estimates of NUS' Singapore Residential Price Index (SRPI), prices of completed properties in the Central Region softened a further 1.9 per cent, relative to the previous month. Small apartments (up to 506 sq ft) also saw their prices fall 1 per cent, compared to December...

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Martin Koh/ Sherry Tang
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Tuesday, February 28, 2012

London properties still drawing investors

Business Times: Tue, Feb 28
(SINGAPORE) London properties continue to lure investors, in large part supported by the weaker pound sterling, as well as the economic uncertainty that plagues Europe, say industry players.


'Ironically, economic and even political turmoil have provided the impetus for growth - with a sharp growth in investors looking for a safe-haven location for at least part of their wealth portfolio,' pointed out Liam Bailey, Knight Frank's head of residential research.


According to Knight Frank's Oxford office, international buyers bought 40 per cent of its prime stock in Oxford City in 2011...

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Martin Koh/ Sherry Tang
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Sales of new homes remain robust

Straits Times: Tue, Feb 28
HOME sales over the past week stayed strong, with few signs of the expected declines brought about by December's property measures.


Parc Rosewood at Woodlands has moved 55 more units since Monday last week, bringing total sales at the 689-unit project to 565. Prices have averaged $1,000 psf.


Macly Group's Guillemard Edge in Geylang has nearly sold out. Last week, the developer reported sales of more than 230 units. Since then, about 40 units have sold with prices ranging between $1,180psf and $1,250 psf.


The Straits Times also understands that the UOL Group's Archipelago estate in Bedok Reservoir sold 15 units over the weekend, with prices hovering around $1,000 psf...

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Martin Koh/ Sherry Tang
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