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Esther Ng
☎️ 93667676

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In an optimistic turn of events, developers in Singapore managed to sell 1,038 private homes in May, indicating a 17% increase from the previous month. Although this is lower than the 1,355 units sold in the same month last year, it still marks the highest monthly number of private home sales in a year, as highlighted by Christine Sun, the Senior Vice-President of Research and Analytics at OrangeTee & Tie.

The Urban Redevelopment Authority (URA) recently released these figures, which exclude executive condominium (EC) units, based on its survey of licensed housing developers. The report also revealed that May witnessed a significant surge in the launch of new private homes, with 1,595 units hitting the market. This is almost double the 798 units launched in April and nearly 30% more than the 1,240 units released in May of the previous year.

The boost in private home sales during May can be primarily attributed to the introduction of two prominent developments: the freehold project known as The Continuum and the 99-year leasehold condominium named The Reserve Residences. Combined, these two developments accounted for a noteworthy 72.1% of all sales made during the month, according to Lee Sze Teck, the Senior Research Director at Huttons.

This surge in private home sales reflects positive momentum in the Singapore property market, as developers continue to offer new projects and buyers display confidence in their investments. It remains to be seen how this trend will evolve in the coming months and whether the market will maintain its upward trajectory.

In recent times, the allure of condominium living has been closely associated with the appealing array of amenities provided, including swimming pools, gardens, gyms, clubhouses, playgrounds, and car park facilities.

However, a notable change may be on the horizon as an increasing number of condominiums consider implementing charges for the usage of car park facilities, much like the existing practice of charging for function rooms or tennis courts.

With mounting costs of utilities and labor, condominium management corporations are recognizing the potential value in collecting revenue from car park usage. Additionally, there is an inherent fairness in having residents who own cars contribute towards the maintenance and utilization of car park spaces.

This has led to the question of whether new condominium developments might follow the example of Hong Kong and China, where selling individual car park spaces is a common practice. Doing so could provide developers with additional revenue to bolster potentially slender profit margins. Similarly, if car park spaces are sold by the management corporation, the proceeds could be utilized to finance improvement projects within the development.

While the concept of selling individual car park spaces within a condominium development may initially appear unconventional, it could be argued that the fairest approach to allocating limited spaces in developments with insufficient parking is to auction them to the highest bidders.

Furthermore, the possibility of implementing differential pricing based on the location of car park spaces within a condominium development should also be considered, allowing for variations in pricing that align with the desirability and convenience of certain spaces.

As the condominium landscape continues to evolve, it is becoming increasingly apparent that the traditional notion of inclusive amenities may undergo transformation. With the potential for charging for car park facilities gaining traction, both developers and management corporations are contemplating new strategies to navigate the changing dynamics of condominium living.

AT LEAST eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.

A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).

Despite two rounds of cooling measures over the last two years, the Singapore condo market (which includes both condominiums and apartments) ended 2022 on a high note with an overall price increase of 8.1 per cent year on year. However, there was significant variation in price growth across different market segments. Condo prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) grew by 9.7 per cent and 9.3 per cent year on year respectively in 2022, while Core Central Region (CCR) prices only grew by 4.8 per cent year on year.

The CCR encompasses Prime Districts 9, 10, 11, the Downtown Core and Sentosa, and is generally associated with high-end and luxury homes. The RCR includes areas within the Central Region, excluding the CCR, such as Queenstown, Toa Payoh and Bishan, which are considered city-fringe areas. The OCR comprises the remaining areas of the island and represents suburban housing areas.

The underperformance of the CCR has been a persistent trend over the last decade. From 2013 to 2022, CCR condo prices have only grown by a cumulative 3.6 per cent, which is significantly lower than the cumulative growth of 32.2 per cent and 37.3 per cent for RCR and OCR prices respectively.

Many suburbs have experienced big improvements in recent years, which have supported strong demand for suburban condos. Travel to many parts of Singapore is more convenient with an expanding MRT network. Childcare, healthcare, retail and recreational amenities as well as office buildings have come up or are being built in various suburbs.

Yet, a large pricing gap exists between landed homes in the suburbs and prime areas. Based on transaction data for 2022, the median price of land area of freehold/999-year leasehold resale detached and semi-detached homes in district 10, which covers Bukit Timah, Holland Road and Tanglin, was about S$2,100 psf and S$2,170 psf respectively.

𝗙𝗿𝗲𝗲𝗵𝗼𝗹𝗱 𝟴 𝗥𝗼𝗱𝘆𝗸, 𝗟𝗮𝗿𝗴𝗲 𝟮𝗕𝗲𝗱𝗱𝗲𝗿 𝗙𝗼𝗿 𝗦𝗮𝗹𝗲!
D09 FREEHOLD - 8 Rodyk is a Rare Freehold low density exclusion Condo located within Robertson Quay Enclave.
* 𝙃𝙪𝙜𝙚 𝘼𝙧𝙧𝙖𝙮 𝙤𝙛 𝙁&𝘽 𝙖𝙣𝙙 𝘼𝙢𝙚𝙣𝙞𝙩𝙞𝙚𝙨 𝘿𝙤𝙬𝙣𝙨𝙩𝙖𝙞𝙧𝙨 *

Contact Esther Ng for Viewing Today!
𝗠𝗼𝗯𝗶𝗹𝗲: 𝟵𝟯𝟲𝟲𝟳𝟲𝟳𝟲
Propnex Luxury Team

𝗜𝗻𝗳𝗼 𝗮𝘁 𝗮 𝗚𝗹𝗮𝗻𝗰𝗲:
1) Freehold
2) 1,130sqft 💕
3) 2Bedrooms
4) Large Living & Dinning
5) Huge Inviting Balcony
6) Immaculate Condition
7) 3 minutes walk to future Great World MRT
8) 2 minutes Walk to Kim Seng Park and Singapore River.
9) Tenanted at $5800 till 14th March 2021

Experts say the major stumbling block to phase three is the inadequate adoption of the TraceTogether app or token, which helps to facilitate more effective contact tracing.

Phase 3 unlikely by end of year unless more use TraceTogether, experts say The uptake of TraceTogether is 50.8 per cent, a far cry from the 70 per cent target.. Read more at straitstimes.com.

UOL chief executive Liam Wee Sin has joined calls to allow genuine first-time Housing Board flat owners upgrading to a private condo to defer payment of the additional buyer's stamp duty (ABSD).

𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗧𝗵𝗲 𝗥𝗲𝗲𝗳 @ 𝗞𝗶𝗻𝗴'𝘀 𝗗𝗼𝗰𝗸
The Reef @ King's Dock occupies the nearest and most premium plot of land besides Vivocity and Harbourfront MRT. What's more, there's super LIMITED supply of true waterfront condos in Singapore, especially in the Greater Southern Waterfront precinct.

Developer Keppel Land and Mapletree knew that had to create something Special to make The Reef stand head and shoulders above the nearby condos. As a result, they created Singapore's first private recreational floating platform! It has to be seen to be believed. Whatsapp me now @ 9366 7676 for a sneak preview

𝘼𝙗𝙤𝙪𝙩 𝙏𝙝𝙚 𝙍𝙚𝙚𝙛
- Panoramic seaviews
- Large land size 284,264 sqft
- 429 units of 1 to 3 bedrooms
- 6 mins walk to Vivocity/Harbourfront MRT

𝗗𝗼𝗻'𝘁 𝗺𝗶𝘀𝘀 𝘁𝗵𝗶𝘀 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆!
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