Property Update (3 June 2015)

New flats in Clementi most popular in latest BTO exercise | channelnewsasia.com

SINGAPORE : New flats in Clementi have emerged as the favourite in the Housing and Development Board’s (HDB) latest round of flat sales, despite being priced at a premium.

The Build-To-Order (BTO) exercise closes at midnight but as at 5pm on Tuesday (Jun 2), there were about 13 applicants for each five-room unit in Clementi.

Altogether, there are about 4,000 BTO flats on sale, and about another 5,000 on sale under the Sale of Balance Flats exercise.

A five-room HDB flat at Clementi Crest – the latest BTO project in Clementi – starts from S$576,000 and can go up to S$725,000. That is almost S$200,000 more than other five-room units on sale under the current BTO exercise.

But that price tag is not stopping home buyers from applying for the Clementi flats. As of 5pm on Tuesday, there were over 2,000 applications for just 156 five-room units there. The four-room flats in Clementi Crest are also popular, with almost 1,900 applications for 229 units – slightly more than eight applications for each unit.

Over at Tampines, there were about three applications for each four-room unit, and two applications for each four-room unit at Punggol Northshore, which comes with seafront living and smart technologies.

More applied for the Sembawang project, with almost four applicants to each four-room unit there.

Housing analysts have attributed the demand at Clementi to a lack of new flats in the area and the project’s good location. Clementi is considered a mature estate, and the BTO project is also near to the MRT station and town centre. Read more >>


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Philippines to lead ASEAN real estate market growth | dealstreetasia.com

PHILIPPINES : The Philippines is expected to lead the Association of Southeast Asian Nations (ASEAN) real estate markets in terms of growth and development.

The island nation was able to sustain momentum in the real estate sector in Q1 2015, according to property consultancy CBRE Philippines, in a report on the Metro Manila market. CBRE observed that the property sector continued to grow, supported by low inflation, a promising business climate and higher government spending.

The business process outsourcing (BPO) sector is a significant contributor to the growth and robust nature of the office market, particularly the IT-BPO sector which registered an 18.7 per cent revenue increase in 2014 and breached the one-million mark in employment.

The BPO industry in the Philippines will continue to drive growth in the real estate market this year, according to a report by the Urban Land Institute (ULI) and PwC. The Emerging Trends in Real Estate Asia Pacific 2015 report ranked Manila as eighth among Asia Pacific (APAC) countries in investment and development prospects, higher than neighbors Singapore, Taipei and Bangkok.

“Strong economic growth and ongoing investment in the offshoring sector – both BPO and financial back office – continue to underpin Manila’s popularity,” said the report. It added that growth in the BPO sector has created a multiplier effect that has led to strong growth in the retail and housing sectors. Apparently, the growth of the BPO sector will continue to positively impact real estate, as it creates demand for more office space and development. Read more >>

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Price for Luxury Goes Sky High in Hong Kong | wsj.com

HONG KONG : High above Hong Kong, on the city’s iconic Victoria Peak, sits an elite enclave of new mansions, each outfitted with a swimming pool, grand ballroom-size living rooms and spectacular ocean views.

Three homes in the Twelve Peaks development sold in the first quarter for a combined $180.6 million, or an average unit price of $14,574 a square foot—the cost for seclusion among the dense woods near the Peak, the highest point on Hong Kong Island.

The price tops even one of the most expensive listings on New York’s Park Avenue. A new triplex penthouse at 520 Park Ave. is about to go on the market for $130 million, or roughly $10,490 a square foot, according to the developer’s offering plan filed with New York state.

Hong Kong homes are among the priciest in the world, buoyed in part by an influx of tycoons from mainland China parking their wealth in prime real estate. Like in New York City, another epicenter of luxury properties catering to the superrich, prices have become especially inflated near the top of the spectrum. Read more >>

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