Property Update (4 May 2015)

First batch of SkyVille at Dawson residents receive their keys |

SINGAPORE : The first batch of residents at SkyVille@Dawson, a new generation public housing development slated to be completed by the by the third quarter of 2015, have received the keys to their units on Saturday (May 2).


New HDB flats not as pricey as some think |

SINGAPORE : New Housing Board flat prices are overestimated by the public, and the majority of prospective flat buyers are willing to pay more than the current average prices.

A new survey of more than 1,400 residents by the National Development Ministry showed that one in five of them intended to buy a flat in the next five years.

The issue of pricey new flats has been a rising concern in recent years, with National Development Minister Khaw Boon Wan promising to fix the issue when he first took charge of the ministry.

Measures such as delinking prices of new flats from those of the resale market have brought prices down.

But perceptions that new flats are expensive continue to linger, according to the survey conducted in November. Read more here >>


Foreign property launches edge down this year |

SINGAPORE : There have been fewer launches of overseas property from traditionally popular markets such as London and Australia so far this year, although there is a surge of interest in new frontiers like Cambodia.

There were 78 overseas project launches in the first quarter, well down on the 103 in the same period last year, said CBRE consultants.

Australia accounted for 26 of those – down from 40 a year earlier – while there were 24 from Britain, down from 30.

The rest included 11 from Japan, six from Malaysia, and four from Cambodia, up from none in the first quarter of last year. Read more here >>


Villas being built near Batam in lagoon with dolphins, developer eyes Singapore buyers |

INDONESIA : An Indonesian developer says Singapore buyers are showing keen interest in a project promising villas built over the sea, with dolphins at the residents’ doorsteps.

Batam-based developer PT Batam Island Marina and its Singapore investment partner Seven Seas FID are planning 64 villas, each shaped like a round bamboo hut and built around a lagoon with dolphins which residents can feed and play with.

Priced at $758,000 each, the villas were launched here two weeks ago with a blaze of advertisements showing dolphins leaping out of the water, and the Marina Bay Sands skyline on the horizon. The project is coming up in the midst of six small islands known collectively as Pulau Manis, 3km off Batam. Read more here >>


Australia cracks down on foreign property buyers |

SYDNEY–The Australian government has toughened penalties to stop foreign investors from illegally buying homes in the country’s overheating property market, saying those breaching investment laws would face three-year jail terms and fines of as much as 637,500 Australian dollars (US$500,400).

The bid to crack down on money illegally flowing into Australian real estate comes amid growing public concern that wealthy Asian investors are bidding up prices, making the country’s property market increasingly unaffordable. House prices in Sydney alone have risen 14.5% in the year to April, according to property-data provider Corelogic RP Data.

While stressing the government remained “pro-business and pro-investment, ” Prime Minister Tony Abbott said at a press conference Saturday that investment rules needed to ensure “that the foreign investment we need really is in Australia’s national interest.”

“There is no doubt that if we have foreigners illegally coming into the existing residential property market, that is driving up prices,” Mr. Abbott said. “What we want to do is to ensure that illegal foreign investment is not unnecessarily driving up prices.”

The government said the new rules, including a new application fee, would be enforced from the end of the year. Read more here >>


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