Residential Market News Extract - 31 May 2012

Demand up in central region for resale units

More home hunters bought private resale homes in Singapore's central region in April, even though prices picked up marginally from the month before.

In recent months, buyers have tended to shun downtown addresses while suburban launches have been booming.

But 221 resale units were sold in the central areas last month, a healthy 3 per cent rise from March's 215 units.

The figure includes non-landed upper-middle to luxury homes in districts 1 to 4, and 9 to 11. It excludes shoebox apartments, defined as measuring 506 sq ft or smaller.

A recent report compiled by the National University of Singapore's Institute of Real Estate Studies found that overall resale prices inched up by 0.8 per cent in April. In the central region, prices rose by 1.6 per cent.

The resale market was driven by the fact that there were few project launches in the central region. Also, would-be buyers began to recognise that prices there were fairly attractive, after stagnating over the past six months.

Source: The Straits Times – 31 May 2012

 

Two big suburban projects go on sale

Two large suburban launches are expected over the next two weeks - Sea Esta in Pasir Ris and River Isles in Punggol.

Market experts say the launches will test the strength of demand for new homes, given that sales have been defying gravity since the start of the year.

The string of new suburban project launches this year has seen healthy demand by HDB upgraders, with a staggering 9,200 new private homes sold in the first four months of the year.

Agents say Qingjian Realty's 610-unit River Isles at the junction of Punggol Central and Edgedale Plains will be previewed this weekend at average prices of about $850 per sq ft (psf).

Indicative prices of typical three-bedroom apartments, which make up about half of all the units available, start from $810,000, or $850 psf. Their sizes range from 893 to 1,183 sq ft, according to marketing material.

Two-bedders will start from $670,000, or $900 to $920 psf, while one-bedroom units will be priced from $440,000, or $940 to $1,000 psf.

Hoi Hup Realty's 376-unit Sea Esta in Pasir Ris Link will also be sold at similar prices of about $850 to $890 psf on average, agents say.

Its preview is expected to take place next weekend.

Three-bedroom units will cost $770,000 and upwards, while a buyer will have to stump up at least $590,000 for a two-bedder.

Experts say that in areas such as Punggol and Pasir Ris where many residential projects have already been launched, developers will have to watch their projects' pricings closely to remain attractive to home buyers amid stiff competition.

Source: The Straits Times – 31 May 2012

 

Now, the virtual showflat...

Instead of heading out to a showflat, why not take an early peek on the iPad first?

To stand out from the crowd amid a slew of launches, Chinese developer Qingjian Realty has created an interactive virtual showflat for its 610-unit River Isles project which launches this weekend.

Going into iPad editions of The Straits Times, Lianhe Zaobao and The Business Times Weekend now, potential buyers will be able to take a virtual tour of the showflat for the Punggol Central condominium. They can 'walk through' the unit and zoom in to get more details with a tap of the screen.

Source: The Straits Times – 31 May 2012