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Project sees strong traction with nearly 50 percent of the 797-unit project sold after second month of launch.
Despite the dull market outlook caused by continued enforcement of cooling measures by the government amid a tightened credit environment, private residential properties in the Outside Central Region (OCR) continued to see buying interest in May.
With new foreign property ownership laws coming into effect in Vietnam on July 1 as part of the Law on Residential Housing (LRH), the Ministry of Construction has made some proposals under the draft decree providing detailed guidelines on the implementation of the new foreign property ownership laws in Vietnam.
Proposals were issued by the Government at the end of last month and more are expected during this month however detailed below from CBRE Vietnam are the notable proposals from the draft decree on the implementation of new laws that potential foreigner property buyers and investors should be aware of.
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SINGAPORE - Private property prices in Singapore could fall a further 10 per cent from current levels over the next two years, French bank BNP Paribas said in a research report on Monday.
Although prices have fallen 5.5 per cent from their mid-2013 peak, BNP Paribas said that a "closer look at valuation metrics and underlying drivers" shows the market has further to correct before a bottom can be called.
The bank said the Singapore government is unlikely to unwind the total debt service ratio (TDSR) cap, given its effectiveness in curbing property demand and supporting long-term financial stability, while households here face further deterioration in their disposable income with local interest costs set to rise in tandem with US rates.
Singapores weakened luxury housing market showed signs of improvement in May, with sales soaring 73 percent month-on-month to 69 units, revealed media reports citing Barclays.
In fact, projects with units priced above $2,000 psf registered more sales as price corrections attracted affluent buyers back to the high-end market, noted Barclays.
Cluny Park Residence, for instance, moved three units at $2,620 psf last month. This is about 16 percent lower than its median launch price of $3,121 psf back in August 2013 when buyers took up 12 units. To date, the project is 44 percent sold.
At any given moment in any given property market, there are homes that are overpriced and those that are underpriced. The trick is to know the difference.
In Singapore, it is easy to spot the difference with the right tools. SRX Property data showed that in this week alone, there are a total of 818 properties for sale or rent — HDB and private — that have asking prices below their X-Value.
Singapore developers sold 638 new private homes excluding executive condominiums (ECs) in May 2015, down 57 percent from the 1,488 units taken up in the same month last year, according to fresh data from the Urban Redevelopment Authority (URA).
Month-on-month, the sales volume fell 45 percent in May from the 1,167 units sold in the month before.
Excluding ECs, there were 499 units launched for sale by developers last month.
Singapores existing residential developments have experienced a resurgence in sales amid the limited number of new launches, according to a report from OrangeTee.
In the past three months, we have observed improving sales at several existing projects, such as The Panorama and Lakeville, though this could be partly due to seasonal reasons, said the consultancy. The former was the third top-selling development in May, with 44 units sold at a median price of S$1,232 psf, while the latter was the fourth best-selling development, with 39 units sold at a median price of S$ 1,279 psf.
Looking ahead, OrangeTee believes this trend will continue. With the continued taper of the GLS programme since 2H 2010, we may see a moderate increase in demand for existing new projects. With fewer projects expected in the launch pipeline, buyers choices are narrowed, and some demand might gravitate to existing launches.
A freehold Good Class Bungalow (GCB) in Chee Hoon Avenue has been put up for sale via a tender exercise that closes on May 20.
The indicative value of the property is $25 million, which translates to $1,399 per square foot (psf) based on a land area of 17,868 sq ft.
"With its frontage of about 39m and an average depth of about 42m, it is suitable for additions and alterations or redevelopment to optimise the potential of this land," CBRE said in a news release yesterday.
Home builders are optimistic that the government will soon ease Singapore's hard-hitting property cooling measures. But experts from DBS reckon the authorities will likely tweak such policies at the end of 2015, media reports said.
This is because it is still too early to revise the curbs as home prices remain relatively high. Prices have only fallen by six percent after peaking in 2013, and DBS feels that such a tiny drop would not warrant an early government intervention.
We believe that any policy actions will likely come towards the end of 2015 and targeted towards the mass market where the pressure is coming from increased supply completion, the report noted.
Sales of Singapore's high-end properties have been sluggish for a while, and developers faced with a ticking clock on high charges for unsold units may take drastic measures to change that, but probably not price cuts.
"Price is not the issue. The issue is there's no demand," Derrick Heng, a property analyst at Maybank-Kim Eng, said Tuesday.
SINGAPORE - A total of 313 out of 430 units at the upcoming North Park Residences were sold at a soft launch on Sunday.
The new integrated development in Yishun comprises 920 units in 12 10-storey blocks housing one- to five-bedroom units.
Developer Frasers Centrepoint (FCL) said sales of the new residential development were evenly spread across its one- to five-bedroom apartments with Singaporeans accounting for over 88 per cent of buyers.
THERE has been much doom and gloom in the property market since cooling measures hammered buying sentiment but the pain seems largely restricted to a small segment of the market.
Private home prices have fallen 1.1 per cent from the fourth quarter, according to the Urban Redevelopment Authority's (URA) property price index released on Wednesday. The index is compiled from stamp duty data from the Inland Revenue Authority of Singapore.
But new figures from developers and caveats lodged with the Singapore Land Authority showed that not all projects have suffered steep price declines. In fact, some have even managed to eke out respectable gains.
North Park Residences, part of the Northpoint City integrated development in Yishun, sold 313 of the 430 units initially released at its soft launch on Sunday.
Sales were described as "encouraging" and over 88 percent of the buyers were Singaporeans, with interest evenly spread across its one- to five-bedroom apartments.
The 920-unit condominium by Frasers Centrepoint Limited (FCL) has an average price of $1,300 psf, with prices starting from $612,000 for a one-bedder while the most expensive units are in the range of $1.89 million.
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