Friday, December 16, 2011
Wednesday, December 14, 2011
Home sales trickle in despite curbs
Although property buying may have slowed after the implementation of heavier stamp duties last week, sales are still trickling in.
As of Sunday, developer SingXpress Land had sold 17 of the 21 units at the cluster housing development Charlton Residences, located near Kovan MRT station.
According to Chan Tung Moe, Executive Director of SingXpress, none of the buyers, who were all Singaporeans, backed out of the purchases.
Foreigners are most affected by the government’s latest cooling measures, as they will have to pay an additional stamp duty of 10 percent on top of the current buyer's stamp duty of around three percent.
As of Sunday, developer SingXpress Land had sold 17 of the 21 units at the cluster housing development Charlton Residences, located near Kovan MRT station.
According to Chan Tung Moe, Executive Director of SingXpress, none of the buyers, who were all Singaporeans, backed out of the purchases.
Foreigners are most affected by the government’s latest cooling measures, as they will have to pay an additional stamp duty of 10 percent on top of the current buyer's stamp duty of around three percent.
Tuesday, December 13, 2011
Singapore Property Investment Sales Up 42%
Property investment sales have reached S$6.8 billion so far this quarter, up 42 percent from S$4.8 billion in the previous quarter, according to the latest figures from Savills Singapore.
Savills added that about S$28.5 billion of such transactions have been closed since the start of 2011.
The property consultancy firm estimates some S$29 billion of property investment sales by the end of the year, a slight decline from last year’s S$31.4 billion.
“The investment sales market is expected to moderate in the next few quarters, taking into account softening macroeconomic conditions,” said Steven Ming, Savills Executive Director (Investment Sales).
“However, there’s still ample liquidity and demand in the market. At the same time, investors/funds may favour Asian real estate due to better economic performances compared with Europe and the US. Singapore is well positioned to attract such investors.”
Jeremy Lake, Executive Director (Investment Properties) at CBRE, expects the figure for 2012 to hover between S$20 billion and S$25 billion.
Developers in the residential segment are expected to remain active in buying Government Land Sales (GLS) mass-market private housing sites, despite the potential decline in land bids, as developers work in the cost of absorbing the additional buyer's stamp duty (ABSD) and providing other soft discounts.
Following the initial knee-jerk reaction of holding off purchases for a few weeks, Lake predicts that prospective buyers upgrading from public to private housing will return to the market.
“As buyers in this segment are predominantly Singaporeans and more likely to purchase for owner occupation, they may not even be affected by the ABSD; even if they are, the ABSD rate for them is only three percent.”
Savills added that about S$28.5 billion of such transactions have been closed since the start of 2011.
The property consultancy firm estimates some S$29 billion of property investment sales by the end of the year, a slight decline from last year’s S$31.4 billion.
“The investment sales market is expected to moderate in the next few quarters, taking into account softening macroeconomic conditions,” said Steven Ming, Savills Executive Director (Investment Sales).
“However, there’s still ample liquidity and demand in the market. At the same time, investors/funds may favour Asian real estate due to better economic performances compared with Europe and the US. Singapore is well positioned to attract such investors.”
Jeremy Lake, Executive Director (Investment Properties) at CBRE, expects the figure for 2012 to hover between S$20 billion and S$25 billion.
Developers in the residential segment are expected to remain active in buying Government Land Sales (GLS) mass-market private housing sites, despite the potential decline in land bids, as developers work in the cost of absorbing the additional buyer's stamp duty (ABSD) and providing other soft discounts.
Following the initial knee-jerk reaction of holding off purchases for a few weeks, Lake predicts that prospective buyers upgrading from public to private housing will return to the market.
“As buyers in this segment are predominantly Singaporeans and more likely to purchase for owner occupation, they may not even be affected by the ABSD; even if they are, the ABSD rate for them is only three percent.”
Monday, December 12, 2011
Why Still Invest In Singapore Properties?
With the new measure that kicks in recently including an extra 10% stamp duty on a home bought by a foreigner. Local and foreign investors with a short term outlook will have more of an appetite for properties outside of Singapore now. But rest assure the pool of buyers in Singapore will not dry up.
These include buyers from, Indonesia, Malaysia, India and China.
Companies are still investing in Singapore and the country is still considered an attractive place to work, live and play.
Singapore's property market still remains open and transparent compared to those in regional neighbouring country like Australia, which restrict foreign buyers to only first hand property.
These include buyers from, Indonesia, Malaysia, India and China.
Companies are still investing in Singapore and the country is still considered an attractive place to work, live and play.
Singapore's property market still remains open and transparent compared to those in regional neighbouring country like Australia, which restrict foreign buyers to only first hand property.
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