In SBR, it was reported 2 districts are going against the trend.
Non-landed private residential property prices have continued its downward slide in May. Overall resale prices of non-landed private homes slipped by 0.3%, representing a 17-month low since December 2012.
However, two districts are going against the grain by recording the highest transaction over x-values (TOXs) in the past month. The TOX measures how much people pay compared to recent transaction prices.
A report by the Singapore Real Estate Exchange released today revealed that District 10 (Bukit Timah, Holland Road, Tanglin) posted the highest positive TOX value of $80,000 in May.
District 21 (Upper Bukit Timah, Ulu Pandan) is a far second with a TOX value of $29,000 last month.
“This means that majority of the non-landed private property buyers last month in these districts purchased their units above what other buyers who came before them paid for in similar units,” the report noted.
This is in sharp contrast to overall median TOX recorded for the past month, which stands at negative $10,000 for non-landed private resales.
The Government today announced the second half 2014 (2H2014) GLS Programme, which will comprise 9 Confirmed List sites and 14 Reserve List sites. These sites can yield up to 10,200 private residential units, including 1,500 Executive Condominium (EC) units, and 352,000 sqm gross floor area (GFA) of commercial space (see Appendices 1 & 2).
The supply from the 2H2014 GLS Programme, together with the large supply from projects in the pipeline, is expected to be adequate to meet the demand for private housing and commercial space over the next few years.
The Confirmed List contains 6 private residential sites (including 3 EC sites), 2 commercial & residential sites and 1 commercial site. These sites can yield about 3,900 private residential units (including 1,500 EC units) and 159,000 sqm GFA of commercial space.
The Reserve List contains 12 private residential sites, 1 commercial site and 1 White site. These sites can yield about 6,300 private residential units and 193,000 sqm GFA of commercial space.
The residential sites to be placed on the 2H2014 Confirmed List are located across all regions (i.e. Outside Central Region, Rest of Central Region and Core Central Region). These sites are expected to provide a supply of about 3,900 private residential units (including 1,500 EC units), which will be added to the existing large pipeline supply of more than 90,000 private residential units (including ECs).
A commercial & residential site at Holland Road will be placed on the Confirmed List as part of the Holland Village Extension plan unveiled in the Master Plan 2014. The sale of the site will further enhance the existing urban village character of the area. It will provide new housing options within a mixed use development that is well connected via pedestrian linkages to surrounding transport nodes and public spaces.
The Government is releasing a commercial site at Paya Lebar Road for sale on the Confirmed List of the 2H2014 GLS Programme. The 3.98 ha site at Paya Lebar Road comprises a commercial site that was on the first half 2014 (1H2014) Reserve List and another plot of land immediately south of Paya Lebar East-West Line MRT Station. The two plots of land will be connected via a subterranean space under Sims Avenue. The sale of the larger land parcel provides greater flexibility for building design, layout and placement of uses. It will also facilitate the development of Paya Lebar Central into a commercial node, which is in line with the Government’s objective of decentralising employment centres and bringing jobs closer to homes.
In addition, the 2H2014 Reserve List will have 2 sites for office developments: a white site at Marina View and a commercial site at Beach Road. These 2 sites will provide opportunities for the market to initiate the development of more office space if there is demand.
Apart from the GLS Programme, the Government will also make available other supply of land and properties through its various agencies to meet economic or development objectives. These include localised retail facilities at HDB estates, industrial estates, MRT stations, sport facilities and community centres, as well as the leasing of vacant state properties for commercial uses.
Subtle signs of property market pickup?
In today’s BT, it was reported three quarters of a new launch at the Sorrento on West Coast Toad snapped up over the Easter weekend. Prices are between $1380-1600psf. Is it a sign that market is poised to pick up, or just an isolated case of good pricing, good location, or a mixture of both?