Property Update (20 May 2015)

Executive flats hold up well amid overall decline in HDB resale prices |

SINGAPORE: A 149 square metre (sqm) maisonette at Bishan Street 13 was sold for S$1.05 million last month. It is not the first time resale prices there have crossed the million-dollar mark. Another maisonette in the same estate went for almost S$1.1 million in October last year.

While not many executive flats like the one in Bishan have changed hands, housing analysts said prices of executive flats are holding up better amid an overall decline in HDB resale prices. One key reason could be their limited supply, and the bigger space that such flats offer.

Executive flats, which include maisonettes and executive apartments, were first built in 1980. But construction stopped when executive condominiums were introduced in 1995. Read more >>


Developers face hefty extension charges over unsold units |

SINGAPORE : Property developers may incur up to S$90 million in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238 million in 2016 if the health of Singapore’s real estate market does not improve.

This adds up to a staggering S$328 million that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016, according to calculations by property consultancy firm Cushman and Wakefield (C&W).

As at the end of the first quarter, developers had paid about S$119 million in extension fees for unsold units for condos completed from 2010 onwards. Condos completed before that were mostly fully sold in the property market boom, C&W said. Read more >>


Singapore tops in Asia, third globally in ‘Business of Cities’ ranking |

SINGAPORE : Singapore is Asia’s top-ranked city across a broad range of indicators, beating Tokyo to take the third place worldwide, according to a report by global real estate firm JLL and The Business of Cities, a London-based intelligence and strategy group.

The report analysed some 200 globally recognised city performance studies. According to the results, Singapore pipped Tokyo across six of the strongest indices, making it Asia’s frontrunner in higher education, mobility, science, broadband and technology.

Worldwide, Singapore was in the third place after New York and London. Among the Asian cities, Hong Kong was in the second spot and Tokyo in third.

Singapore, which was the No 1 city globally for business friendliness, is also rising in popularity among tourists and expatriates for its growing buzz. Read more >>

China’s property sector haunted by ghost towns |

CHINA : China’s property sector is suffering from many empty towns dotting its vast landscape, as the number of cities built has far outstripped the demand. The impact is prominent in the Tianjin metropolis, where ambitious development projects have either stalled or been left occupied.


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