Amidst the new launch fever, Singapore property price sets benchmark hit

Achieving a new benchmark in the real estate market of Singapore New Futura has reached $3000 - $3200 psf, which is something not seen over a long period, since 2013. Market experts noted that such high sale indicates the breakeven price of $2300 psf or more. This clearly suggests that the real estate market is moving in a positive direction after being sluggish for a long time. Many more such examples like the en- bloc sale of “Dynasty lodge” and sales of private residential properties of Bukit Timah in District 10, adds to this growing trend.

The property market is hopeful to recover the losses since it reached the lowest point in 2017 and currently at a nascent stage of stabilizing. The last quarter of 2017 has recorded an inflation point as URA Private Residential Properties Price Index climbing 0.7% after a series of price decline for 15 consecutive quarters. From the price dip to a point of 11.6% since the third quarter of 2013, URA Private Residential Properties Price Index recorded a positive end for 2017 at a figure +1.1 % growth. Expert defines thCompleted and Submittedis growth is due to the en bloc selling activities where property sellers are asking for higher sales price for old condos.

The market sentiment has also improved a lot due to many notable transactions occurring at the higher end territory. To understand this the City Developments Limited’s (CDL) freehold New Futura project at Leonie Hill Road sold its 48 units within February 2018 is a perfect example. Another freehold project in the Orchard Road vicinity in Gramercy Park has achieved 97 % sales supporting this positive market equilibrium.

From the Government end, the land sales are getting stronger with interest as the en- bloc pushing the base break-even development cost of the property. Although the cheaper districts or estates will fetch lesser branding for developers, regardless the amount at which it was purchased. This suggests that to create a landmark project in Singapore one need to have a brandable location and need to pay a good price for the land to hype the selling price. The problem with the non-luxurious districts or low-value location will not be able to command the selling price for its new launch projects. But again, developers can achieve their business objectives, provided they make proper marketing and listings on the property website and pay good commission to the real estate agents of Singapore to turn the thing into their favour. This will inflate the property market as a whole.

Overall the property market of Singapore is showing all the attributes for a better market scenario. Everything from the en-bloc sales, the rise of the sale of landed properties and new launch properties getting its required amount of response.

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