Property Update (12 May 2015)

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Jurong East may see more manufacturing firms moving in: Analysts | channelnewsasia.com

SINGAPORE: Property analysts have said the location of the Singapore-Kuala Lumpur High Speed Rail (HSR) terminus at Jurong East is strategic to future commercial developments.

But even as Jurong East is being envisioned as the second Central Business District, some analysts said the area is unlikely to replicate the downtown core. Instead, the area may see more manufacturing companies moving in, especially firms that have production plants in the Iskandar development zone, or further into Malaysia.

The terminus is located about 600 metres away from Jurong East MRT interchange, and also lies adjacent to land parcels zoned for hotel and other commercial developments. But the terminus will only occupy 20 per cent of the site. Read more >>

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Fewer residential properties sold for more than S$1.5m last year: MND | channelnewsasia.com

SINGAPORE: The number of residential properties sold for more than S$1.5 million in 2014 dropped by 42.4 per cent from the previous year, but they fetched higher prices on average, according to the Ministry of National Development.

A total of 4,153 residential units were sold for more than S$1.5 million last year, compared to 7,218 sold in 2013, said the ministry on Monday (May 11), in a written reply to a parliamentary question from Non-Constituency Member of Parliament Gerald Giam.

The number of residential units sold for more than S$1.5 million in 2014 was an 80.9 per cent increase from that of 10 years ago. In 2005, 2,295 units were sold.

The average price of the residential units in 2014 was S$2.83 million, while the median price was S$2.13 million. Both saw an increase compared to 2013, which recorded S$2.76 million and S$2.10 million for the average and median price respectively.

The data was collected by the Urban Redevelopment Authority (URA) and the Jurong Town Corporation (JTC). They cover private property transactions and do not include HDB properties and executive condominiums, the ministry said. Read more >>

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Outlook for Singapore’s residential property market remains muted: Frasers Centrepoint | channelnewsasia.com

SINGAPORE: The outlook for Singapore’s residential property market remains subdued, although there still are opportunities for well-placed and well-priced developments, according to mainboard-listed Frasers Centrepoint.

“Projects with good locations and pricing continue to have the ability to attract buyers. It is clearly demonstrated by North Park Residences,” said Group CEO Lim Ee Seng at Frasers Centrepoint’s quarterly results briefing on Monday (May 11).

“We do believe in the long-term stability of the Singapore residential market so we will continue to participate, but selectively and opportunistically, in whatever is available in the market.”

For the second quarter ended in March, Frasers Centrepoint posted a net profit of S$143 million. This was more than double when compared to the same period a year ago, thanks to fair value gains of S$44 million from a joint venture.

Revenue for the quarter remained stable at S$442 million. Read more >>


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Changes to bankruptcy laws proposed | channelnewsasia.com

SINGAPORE: First-time bankrupts could be eligible for discharge after seven years in bankruptcy even if they cannot resolve their debts during that period. This is under a new framework that makes it harder for people to be declared bankrupt and easier for them to exit bankruptcy.

It is one of the major changes proposed under the Bankruptcy (Amendment) Bill, which was tabled by the Law Ministry for the first time in Parliament on Monday (May 11).

Under the framework, bankrupts will pay what is called a target contribution. It is determined based on their earning potential and serves as a repayment scheme to help them resolve their debts.

But those unable to pay the amount in full can still be discharged from bankruptcy. First-timers will be eligible for discharge after seven years, and repeat cases, after nine years. Read more >>

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Punggol marks new chapter in growth | asiaone.com

SINGAPORE : When Mr Low Ser Hui was growing up in Punggol in the 1960s, it was largely an area of pig farms and squatters – but it was home. With marriage and a move with his new family to Pasir Ris, he made the decision to return 12 years ago when plans to turn it into a residential new town were announced.

“When we moved back, it was not exactly a jewel,” said Mr Low, 50, who works in sales. “But there were big plans for it, and it was exciting to see it grow. “There’s been a tremendous change; it’s a place I have no regrets coming back to.”

Its growth was one of the key themes at the opening of Punggol North’s latest community club, the Punggol 21 CC.

Mr Low was one of 3,000 residents and grassroots leaders who packed the floors of the four-storey CC for its opening by Prime Minister Lee Hsien Loong yesterday.

In his speech, PM Lee congratulated Pasir Ris-Punggol GRC MP Penny Low and grassroots leaders who helped shape the development of Punggol New Town since its inception in 2001 – the year Ms Low was elected. Read more >>

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Air Pockets Ahead for Commercial Sector After Close UK General Election | worldpropertyjournal.com

UK : As per usual the opinion polls got it wrong, and the Conservative party has won the election with a small majority. This is a far better result than the fractured Parliament of shifting coalitions people were led to expect, says international real estate consultant Knight Frank.

Knight Frank further suggests there is good reason to now suppose the UK economy, that appeared to slow in the run-up to the election, can now resume a strengthening recovery. This will be good news for both the commercial leasing and investment markets.

However, there remains a great deal of political uncertainty as a result of the earthquakes that occurred last week. These will influence but not derail the property market. Read more >>

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