第四季 私人共管公寓價格膠著 有地住宅轉售價卻激增

(2010-12-22 00:19:59) 下一個

Homebuyers looking for condominiums with good amenities, accessibility and proximity to popular schools and priced under $800,000 are finding them at Regentville, on Hougang Street 92. The 580-unit 99- year leasehold development also fronts the junction of Hougang Avenue 9 and Yio Chu Kang Road.

Developed by Far East Organization, Regentville comprises five 15-storey towers of two-bedroom units sized 980 to 1,163 sq ft and three-bedroom units sized 1,076 to 2,077 sq ft. Completed in 1999, it was launched just months before the start of the Asian financial crisis at $500 to $600 psf.

The lowest price set there was in 2003, when a 15th-floor, 1,744 sq ft unit changed hands in the resale market for $495,000 ($284 psf). The same unit was sold in early 2007 for $287 psf, or $500,000. Since August this year, prices have been hitting $600 psf, with a historical high of $695 psf achieved in September, when a 12th-floor, 980 sq ft unit was sold for $681,000.

Regentville’s attraction is the possibility of buying a unit within a project that’s just over 10 years old for under $800,000. This probably makes Regentville “one of the most affordable in the Serangoon and Hougang areas”, notes property agent Ruth Ho, a senior associate director at C&H Group.

In the Nov 16 to 23 period, three units changed hands in the secondary market at $626 to $684 psf. On Nov 22, a first-floor, 1,163 sq ft unit was sold for $728,000 ($626 psf), representing a 35.2% gain for the seller, who bought it from the developer for $538,000 ($463 psf) in February 1998 amid the Asian financial crisis.

On the 10th floor of another block, a seller made a 17% gain when he sold his 980 sq ft unit for $670,000 ($684 psf) on Nov 19. He bought the unit for $571,857 ($584 psf) from the developer during its launch in June 1997.

Meanwhile, a 1,152 sq ft unit on the 11th floor changed hands for the third time for $746,000 ($648 psf). The seller bought the unit for $588,000 ($511 psf) on the resale market in July 2007. Prior to that, the unit was transacted at $580,000 ($504 psf) in early 2002. The first owner bought the unit for $721,580 ($627 psf) from the developer in September 1997.

In Hougang, near Upper Serangoon Road, is another 99-year leasehold development — the 394-unit Evergreen Park, on Hougang Avenue 7. Completed in 1999 around the same time as Regentville, Evergreen Park features three- and four-bedroom apartments sized 1,012 to 1,367 sq ft.

There were at least four transactions at Evergreen Park in November, according to caveats lodged with URA. Most recently, on Nov 22, a 13th-floor, 1,367 sq ft apartment changed hands at $835,000 ($611 psf). The month also saw the highest price set for the project, when a 1,076 sq ft apartment was sold for $780,000 ($725 psf), according to a Nov 15 caveat. The other two sales, at $710,000, were for a 1,023 sq ft unit ($694 psf) and a 1,044 sq ft unit ($680 psf).

Also located along Hougang Avenue 7 is the 496- unit executive condo The Florida, which was completed in 2000 and can now be traded like a regular 99-year leasehold private condo. The City Developments project was launched during the Asian financial crisis, in June 1998, and yet was completely sold out within a few days at $400 to $450 psf.

In the resale market, prices have reached $586 to $656 psf in the last two months. In October, a 10thfloor, 1,227 sq ft unit changed hands for $805,000 ($656 psf), the highest price to date. In the most recent transaction in November, a 14th-floor, 1,292 sq ft unit was sold for $830,000 ($643 psf).

Next door to The Florida is the 716-unit Rio Vista condo, along Upper Serangoon Road, which was completed in 2004. According to the most recent URA caveats, units there traded at $682 to $711 psf in October. Most recently, a 2,465 sq ft, 17th-floor apartment changed hands for $1.68 million ($682 psf) in October. The highest price set at Rio Vista was $890,000 ($719 psf) in June for a 1,238 sq ft, 15th-floor unit. The second highest was $717 psf, or $895,000, for an eighth-floor, 1,249 sq ft unit.

The suburban neighbourhoods of Ang Mo Kio, Buangkok, Hougang, Upper Serangoon and Yio Chu Kang Road are seeing the greatest number of new developments, comprising executive and private condos, as more government land sites are released for sale. There’s also increased connectivity, with more MRT stations opening up, and amenities like shopping and eateries.

For instance, Regentville is located next to Central Place and Hougang Point shopping mall. Within a 10-minute drive is nex mall, which is considered Singapore’s largest suburban shopping mall and is connected underground to the Serangoon Central MRT station and interchange, and integrated with the bus interchange.

Regentville is also within 1km of a top primary school — Rosyth Primary School — while a feeder bus provides a link to the Serangoon Central, Hougang and Kovan MRT stations. “Buyers continue to like Regentville due to its easy accessibility to the major expressways, such as the Central Expressway, Seletar Expressway and Tampines Expressway,” says Ho.

The latest monthly asking rents at Regentville are $2,500 to $2,800 for two-bedroom units and up to $3,200 for three-bedroom apartments, estimates Ho. This offers rental yields of 4.5% to 5.3%.

Source : The Edge – 12 Dec 2010

Prime freehold landed home prices up 5.1% in Q4

Prices of freehold landed housing in Singapore’s prime districts have surged 5.1 per cent in the fourth quarter from the previous three months, compared to growth of 2 per cent in the third quarter.

The average price of landed homes in the prime districts in the fourth quarter stands at $1,693 psf, property consultant DTZ said yesterday. Outside the prime districts, landed prices are up by 4.3 per cent to $993 psf, compared to the 1.7 per cent increase a quarter ago, it said.

Overall, DTZ says this represents an increase of about 16 per cent for landed properties for the whole of this year.

Ms Chua Chor Hoon, head of DTZ South East Asia Research, noted that the limited supply of landed properties, accounting for about 26 per cent of total private housing stock, made them a prized asset.

In contrast, the supply of non-landed units, such as condominiums, is injected at a faster pace via the government land sales programme and collective sales, she said.

The resale price of leasehold condominiums in the suburban areas has held firm at $660 psf this quarter, while that of condominiums in the prime districts grew marginally by 0.4 per cent to $1,520 psf. The prices of these two non-landed segments have surpassed their previous peaks in 2007, indicating price increases are hitting a resistance wall, DTZ said.

Buyers have also exercised greater prudence following the government’s cooling measures implemented this year, it added.

Source : Today – 22 Dec 2010

More price upside for luxury homes: Analysts

More top-end condominiums in the core central region (CCR) have been changing hands – at higher prices – with each passing month. Yet, deals above $4,000 psf are still rare. Analysts say that this shows the luxury segment still has room for capital appreciation.

November saw only one such transaction – a Scotts Square unit which sold for $4,358 psf, according to the Urban Redevelopment Authority (URA). In October, a Boulevard Vue unit sold for $4,800 psf.

Back in 2007, a unit at Orchard Residences went for as high as $5,094 psf, while one at the Marque on Paterson Hill fetched $5,262 psf. In all, 13 units sold at higher than $4,000 psf in the second half of 2007. So far, in the second half of this year, there have been only five such sales.

Investors are still not paying top dollar for extra exclusivity – a sign that they have been cautious on luxury homes in the current property cycle. Prices of mass-market homes, meanwhile, have already surpassed their 2007 peaks.

Even then, analysts say it’s only a matter of time before prices of luxury properties catch up with – and exceed – their 2007 peak.

“There’s room to grow a further 5 to 8 per cent to reach 2007 price levels,” said Dr Chua Yang Liang, head of research, South-east Asia at Jones Lang LaSalle.

Sales of new luxury homes have also been volatile, according to the URA’s data. Sales in the CCR in November fell to 213 from 335 units in October. In September, following the government’s Aug 30 measures to cool the property market, CCR sales were as low as 84 units.

But investors need not worry about the erratic sales volumes, analysts say.

“Luxury property sales tend to see some volatility because there are fewer luxury property developments compared with mass market ones,” said Dr Chua. “High-end property developers launch their projects more sporadically.”

With China clamping down hard on the property market in its tier-one cities, ultra-rich investors are likely to move capital to Singapore, analysts say.

“High-end residential properties in Singapore, which traditionally enjoy significant foreign home buying interest, may benefit as a number of investors from across the world are looking at diversifying their investments geographically,” said Mr Ong Kah Seng, senior manager of research at Cushman & Wakefield.

Credit Suisse says investors should exit the residential real-estate market in China and move their money to the residential and commercial property markets in Singapore, Hong Kong and Japan.

The bank expects residential property prices in Singapore to increase 5 per cent in each of the next two years, on top of an estimated 15 per cent gain this year.

Still, analysts warn that the policy risk going into next year remains high for all types of properties, including luxury units that are typically unscathed by measures that seek to curb leveraged home-buying.

They said harsher cooling measures may be introduced – such as a tax on profits from property sales after URA data this week showed that 1,909 private residential units were sold last month,a surprising 80 per cent jump from October’s 1,058 units.

Source : Today – 17 Dec 2010

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