This week in property: Highlights from Sept 17 to Sept 21
Property highlights of the week from Sept 17 to Sept 21:
1) Five developments were launched for collective sale
They include two prime freehold residential sites in district 9 - Grange Heights in St. Thomas Walk, which was put up on the market for $820 million, and Cairnhill Astoria, which was relaunched for a collective sale for $196 million. Both sites are located in prime district 9 near Orchard Road.
Elsewhere, the 99-year leasehold Laguna Park off Marine Parade Road is up for collective sale at $1.48 billion for the third time.
The 999-year leasehold Waterloo Apartments, located within the Bras Basah and Bugis arts precinct, is also up for collective sale at $115 million.
Lastly, Yuen Sing Mansion, a freehold residential/institution redevelopment site in Geylang has been put up for collective sale with 100% consensus.
2) August new home sales plunge 64.3% m-o-m
Developers sold 616 private residential units in August, a dive of 64.3% from 1,724 units sold in July, and a fall of 50.6% compared to 1,246 homes sold in August 2017, based on URA flash estimates.
Property consultants have attributed the lower sales in August to the property cooling measures - higher Additional Buyer's Stamp Duty and Loan-To-Value rates - imposed by the Singapore government that took effect on July 6. The “true effect” of the measures is reflected in sales this August as home buyers rushed to lock in their purchases on July 5 before the measures took effect, says Tricia Song, head of research for Singapore at Colliers International.
Other reasons cited were the holdback of launches during the Hungry Ghost Month (Aug 11 to Sept 9). Including ECs, 534 units were launched in August, a dip of 76.2% m-o-m.
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