Artist's impression of Corals at Keppel Bay, a residential condominium project.
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正文
Melissa Tan
The Straits Times
Monday, Aug 26, 2013
SINGAPORE - One of the most prestigious residential locations in Singapore, the Ardmore Park area in prime District 10, has largely managed to retain its cachet despite luxury market doldrums, consultants say.
Resale activity in the area has slowed significantly in the past couple of years but prices are still fairly resilient because of home owners' holding power, they add.
The most prominent development there is the freehold Ardmore Park condominium, which was completed in 2001.
All 330 units at the development are a gargantuan 2,885 sq ft each.
The median resale price at the project was $3,311 per sq ft in the second quarter of this year.
This was slightly lower than the $3,484 psf median price recorded in the first quarter of the year, but still higher than the median price of $2,877 psf in the corresponding period last year.
This is testament to the resilience of the Ardmore Park project, said R'ST research director Ong Kah Seng, adding that what sets the Ardmore Park area apart from other high-end residential districts in Singapore is its "purely luxury" positioning.
"It's very different from new high-end residential areas like Marina Bay and Sentosa Cove where each condominium project there has a wide mix of very small to average-sized units and has a more diverse resident profile."
Still, resale activity has significantly slowed in the surrounding area due to global macroeconomic headwinds.
There were 28 resale transactions in the area last year and 44 in 2011, but only eight so far this year.
The only new project in the Ardmore area completed within the past five years is the freehold 118-unit Ardmore II condominium, which received its Temporary Occupation Permit (TOP) in 2010.
Under construction are the 35-unit Sculptura Ardmore, 43-unit Le Nouvel Ardmore and 84-unit Ardmore 3.
Le Nouvel Ardmore has sold two units so far while Ardmore 3 has moved out three of the 12 units launched since its sales began around October last year.
The Ardmore 3 units have been sold at between $3,160 psf for a 1,798 sq ft unit and $3,485 psf for a 1,776 sq ft unit.
Mr Ong said that any future developments in the Ardmore area would have to happen through collective sales, but these have virtually ground to a halt because many unsold new units remain in the area and home owners have high asking prices.
Said Knight Frank Singapore executive director for residential services Tan Tee Khoon: "Most of the property owners at the Ardmore area are well-heeled and not in any hurry to sell."
They also take into consideration the likelihood that they are not able to get a like-for-like replacement in the same area for the same price, especially given that transaction costs are now higher due to additional buyer's stamp duty, Dr Tan said.
On the rental front, the Ardmore Park condo has also seen a dip in rental prices year on year in the second quarter of this year, though the number of rental contracts has gone up.
The monthly median rental price was $6.28 psf in the second quarter of last year, out of 14 rental contracts, which works out to $18,118 per month.
The monthly median rent fell to $5.78 psf in the second quarter of this year, which translates to $16,675 per month, out of 27 rental contracts.
"Existing home owners are likely to hold on to their properties as they continue to enjoy stable rental returns," Dr Tan said.
"While affluent buyers are likely to stay on the sidelines for now, interest is likely to remain strong should the opportunity to buy return."
Luxury homes market still bogged down
Artist's impression of Corals at Keppel Bay, a residential condominium project.
Mindy Tan
The Business Times
Thursday, Aug 22, 2013
THE luxury homes market continues to be under pressure on both the rental and price fronts, with capital values in Singapore likely to correct further in the second half of this year.
Indeed, Singapore was the only market out of nine featured in the Asia-Pacific to report a decline in capital values. According to the latest Jones Lang LaSalle (JLL) Residential Index, values of luxury homes dropped 0.6 per cent quarter-on-quarter for the third consecutive quarter, and 2.1 per cent year-on-year, as the rounds of cooling measures continued to affect investor sentiment.
While prices may be near a trough - price dips have been slowing in the last few quarters - the introduction of the total debt servicing ratio (TDSR) in June has brought with it a degree of downside risk, said Chua Yang Liang, head of research for Singapore and South-east Asia at JLL.
To that end, Dr Chua said he expects capital values for luxury homes to correct a further 3-5 per cent in H2.
Overall, Q2 saw limited price growth in most markets, with average capital values rising 2 per cent quarter-on-quarter in Q2, similar to the 2.2 per cent increase seen in Q1. On a yearly basis, capital values were up 7.3 per cent in aggregate.
Despite restrictive tightening measures affecting sales activity, Hong Kong registered a marginal quarterly increase of 0.3 per cent on Q1. Top-performer Jakarta was up 9 per cent, while average prices in Beijing rose 6.7 per cent due to several high-end projects coming to market during the quarter.
Separately, the average monthly rent of high-end condominiums tracked by Savills continued to soften for the eighth consecutive quarter, dipping 0.2 per cent quarter-on-quarter to $4.86 per square foot (psf) per month.
The subdued leasing performance in luxury homes could be due to more intense competition resulting from oversupply in the high-end market, combined with big-budget tenants placing more constraints on accommodation expenses, said Alan Cheong, head of research at Savills Singapore.
That being said, rents may still see some support until year-end given that an increasing number of overseas nationals are arriving on short-term assignments, and thus paying slightly higher rents than those here on a longer-term basis.
In addition, much of the completed stock in the core central region (CCR) is in the form of unsold units which are still in the hands of developers.
In the CCR, 221 units at Marina Bay Suites and 210 units at Goodwood Residence were granted Temporary Occupation Permits by the end of Q2. But, given that developers are unable to lease them out unless they pay hefty additional buyer's stamp duties (ABSD) by performing an asset sale to an investment holding company, or clear them in the open market through aggressive discounting, this should give a short-term respite to the rental market for units in the CCR, said the consultancy.
Mass-market developments, on the other hand, could see rents hold up as demand drifts from the high-end and mid-tier markets.
Based on URA's quarterly data, the rental index of private residential units inched up marginally by 0.3 per cent, registering a drop from the 0.8 per cent growth recorded in the previous quarter. Island-wide median monthly rents were nearly flat with the median rent of non-landed private homes, excluding executive condominiums, inching up from $3.81 psf per month to $3.82 psf per month.
On the other hand, the monthly median rent of landed houses slipped slightly from $2.65 psf to $2.64 psf.
Leasing demand for the second quarter reached 13,522, up 15.4 per cent quarter-on-quarter, and 7 per cent year-on-year. For the first six months, leasing volume came up to 25,243, a 5.4 per cent increase compared to the same period last year.
"The greater leasing demand hints at more overseas nationals arriving in Singapore, but rents are not keeping up due to an imbalance in housing types versus needs," said Savills' Mr Cheong.
PrintThe Business Times
Thursday, Aug 22, 2013
THE luxury homes market continues to be under pressure on both the rental and price fronts, with capital values in Singapore likely to correct further in the second half of this year.
Indeed, Singapore was the only market out of nine featured in the Asia-Pacific to report a decline in capital values. According to the latest Jones Lang LaSalle (JLL) Residential Index, values of luxury homes dropped 0.6 per cent quarter-on-quarter for the third consecutive quarter, and 2.1 per cent year-on-year, as the rounds of cooling measures continued to affect investor sentiment.
While prices may be near a trough - price dips have been slowing in the last few quarters - the introduction of the total debt servicing ratio (TDSR) in June has brought with it a degree of downside risk, said Chua Yang Liang, head of research for Singapore and South-east Asia at JLL.
To that end, Dr Chua said he expects capital values for luxury homes to correct a further 3-5 per cent in H2.
Overall, Q2 saw limited price growth in most markets, with average capital values rising 2 per cent quarter-on-quarter in Q2, similar to the 2.2 per cent increase seen in Q1. On a yearly basis, capital values were up 7.3 per cent in aggregate.
Despite restrictive tightening measures affecting sales activity, Hong Kong registered a marginal quarterly increase of 0.3 per cent on Q1. Top-performer Jakarta was up 9 per cent, while average prices in Beijing rose 6.7 per cent due to several high-end projects coming to market during the quarter.
Separately, the average monthly rent of high-end condominiums tracked by Savills continued to soften for the eighth consecutive quarter, dipping 0.2 per cent quarter-on-quarter to $4.86 per square foot (psf) per month.
The subdued leasing performance in luxury homes could be due to more intense competition resulting from oversupply in the high-end market, combined with big-budget tenants placing more constraints on accommodation expenses, said Alan Cheong, head of research at Savills Singapore.
That being said, rents may still see some support until year-end given that an increasing number of overseas nationals are arriving on short-term assignments, and thus paying slightly higher rents than those here on a longer-term basis.
Still, resale activity has significantly slowed in the surrounding area due to global macroeconomic headwinds.
There were 28 resale transactions in the area last year and 44 in 2011, but only eight so far this year.
The only new project in the Ardmore area completed within the past five years is the freehold 118-unit Ardmore II condominium, which received its Temporary Occupation Permit (TOP) in 2010.
Under construction are the 35-unit Sculptura Ardmore, 43-unit Le Nouvel Ardmore and 84-unit Ardmore 3.
Le Nouvel Ardmore has sold two units so far while Ardmore 3 has moved out three of the 12 units launched since its sales began around October last year.
The Ardmore 3 units have been sold at between $3,160 psf for a 1,798 sq ft unit and $3,485 psf for a 1,776 sq ft unit.
Mr Ong said that any future developments in the Ardmore area would have to happen through collective sales, but these have virtually ground to a halt because many unsold new units remain in the area and home owners have high asking prices.
Said Knight Frank Singapore executive director for residential services Tan Tee Khoon: "Most of the property owners at the Ardmore area are well-heeled and not in any hurry to sell."
- See more at: http://business.asiaone.com/property/news/ardmore-still-resilient-luxury-condo-stakes/page/0/1#sthash.7DWhGqWP.dpufThe Straits Times
Monday, Aug 26, 2013
SINGAPORE - One of the most prestigious residential locations in Singapore, the Ardmore Park area in prime District 10, has largely managed to retain its cachet despite luxury market doldrums, consultants say.
Resale activity in the area has slowed significantly in the past couple of years but prices are still fairly resilient because of home owners' holding power, they add.
The most prominent development there is the freehold Ardmore Park condominium, which was completed in 2001.
All 330 units at the development are a gargantuan 2,885 sq ft each.
The median resale price at the project was $3,311 per sq ft in the second quarter of this year.
This was slightly lower than the $3,484 psf median price recorded in the first quarter of the year, but still higher than the median price of $2,877 psf in the corresponding period last year.
This is testament to the resilience of the Ardmore Park project, said R'ST research director Ong Kah Seng, adding that what sets the Ardmore Park area apart from other high-end residential districts in Singapore is its "purely luxury" positioning.
"It's very different from new high-end residential areas like Marina Bay and Sentosa Cove where each condominium project there has a wide mix of very small to average-sized units and has a more diverse resident profile."
The Straits Times
Monday, Aug 26, 2013
SINGAPORE - One of the most prestigious residential locations in Singapore, the Ardmore Park area in prime District 10, has largely managed to retain its cachet despite luxury market doldrums, consultants say.
Resale activity in the area has slowed significantly in the past couple of years but prices are still fairly resilient because of home owners' holding power, they add.
The most prominent development there is the freehold Ardmore Park condominium, which was completed in 2001.
All 330 units at the development are a gargantuan 2,885 sq ft each.
The median resale price at the project was $3,311 per sq ft in the second quarter of this year.
This was slightly lower than the $3,484 psf median price recorded in the first quarter of the year, but still higher than the median price of $2,877 psf in the corresponding period last year.
This is testament to the resilience of the Ardmore Park project, said R'ST research director Ong Kah Seng, adding that what sets the Ardmore Park area apart from other high-end residential districts in Singapore is its "purely luxury" positioning.
"It's very different from new high-end residential areas like Marina Bay and Sentosa Cove where each condominium project there has a wide mix of very small to average-sized units and has a more diverse resident profile."
The Straits Times
Monday, Aug 26, 2013
SINGAPORE - One of the most prestigious residential locations in Singapore, the Ardmore Park area in prime District 10, has largely managed to retain its cachet despite luxury market doldrums, consultants say.
Resale activity in the area has slowed significantly in the past couple of years but prices are still fairly resilient because of home owners' holding power, they add.
The most prominent development there is the freehold Ardmore Park condominium, which was completed in 2001.
All 330 units at the development are a gargantuan 2,885 sq ft each.
The median resale price at the project was $3,311 per sq ft in the second quarter of this year.
This was slightly lower than the $3,484 psf median price recorded in the first quarter of the year, but still higher than the median price of $2,877 psf in the corresponding period last year.
This is testament to the resilience of the Ardmore Park project, said R'ST research director Ong Kah Seng, adding that what sets the Ardmore Park area apart from other high-end residential districts in Singapore is its "purely luxury" positioning.
"It's very different from new high-end residential areas like Marina Bay and Sentosa Cove where each condominium project there has a wide mix of very small to average-sized units and has a more diverse resident profile."
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