The Knight Frank Prime International Residential Index (Piri) stated that there was around 15 percent drop in prime home prices in Singapore in the previous year, coming as the fifth largest fall worldwide.
The biggest fall in 2008 was seen by Hong Kong with 24.5 percent. It was followed by the United Kingdom Home Counties with -19.4 percent, London with -16.9 percent and Marbella in Spain with -15 percent.
Piri seemed to have made a dull image for prime home prices all over the globe.
Mr. Liam Bailey, head of residential research at Knight Frank, says that even several locations saw the rise on values in the past year, growth had either held up or dropped in three-quarters of locations.
“It is now clear that not even the most desirable property around the world will remain immune to the global financial downturn”, Mr. Bailey said.
“The fact that some locations did manage to show positive growth - even as much of the world slipped into recession - is more of a reflection that different regions are in different stages of the economic cycle, rather than any inherent ability to ride out the storm unscathed”.
Markets that have demonstrated outstanding growth have also fallen rapidly. The 10.8 percent increase in prices in Dubai swiftly plunged 19 percent during Q4 when investors pulled of a flooded market.
Performance in prime Asian locations has noticeably weakened recently, and drop of steep prices is rumoured as wealth creation weakens.
“The latest Piri results show that even the world's richest people have reined back their discretionary spending in light of the credit crunch and global recession”, Mr. Bailey said.
Singapore took the title as the world’s ninth most expensive city location, with S$2,340 (US$1,550) per square foot (psf) prime properties. The country was ranked eight for the past year.
Meanwhile, the top spot was garnered by Monaco having US$6,550 psf, followed by London at US$3,670 psf, and New York (Manhattan) at US$2,160 psf. The seventh spot was obtained by Hong Kong at US$2,070 psf and Tokyo, at US$2,080 psf, got the sixth spot.
Nevertheless, these locations that made it to the top ten most expensive places still experience falling prices. A 2.1 percent increase in prices was seen by Monaco this year, though it drop 10.7 percent during the final quarter of the year from the third quarter.
Looking on the brighter side, the rich remain devoted to property, according to the Wealth Report's attitudes survey. The hope to possess good property in the finest markets keeps prime residential sector to be motivated.
“We believe the quality of the best prime locations will still continue to attract buyers and will recover the quickest”, Mr. Bailey stated.
Friday, 30 March 2012
Some Loss but Most Gain in Subsales (19 Mar 2009)
Even though it is a difficult property year in Singapore, an overwhelming 95 percent of the property sellers who dealt private condominiums and flats in the subsale market a year ago were able to turn a great profit.
However, the amount of subsales that ran up losses totalled above doubled - from 24 in H1 of 2008 to 52 in H2 - indicating the falling market conditions particularly in the Q4.
For the knowledge of those who incurred a loss, 2008’s average loss for each unit also increased, from 7 percent or $138,000 in the first half of 2008 to 12 percent or $188,000 in the second half.
However, not all are sad stories, as there were also positive ones. For instance, the owner at The Sail incurred a profit of nearly $6.7 million after keeping his property business for around three years.
Analysis of caveats by Savills Singapore presented that the amount of loss cases increased as 2008 flapped along, from only 6 in the first quarter, going up to 18 in the second quarter, and steadying slightly at 20 in the third quarter, before upping to 32 in the last quarter of 2008.
Savills director (investment) Steven Ming said, “There were more owners cutting losses in the subsale market in H2 2008, especially in Q4, following the Lehman fallout and the global meltdown. Sales trickled and more people sold at losses”.
While the number of those who experienced losses from subsale deals have increased, the number of subsales that were able to produce income on the other hand dropped by 16.8 percent, from 757 during the first half of 2008 to 630 in the second half.
In general, the result only shows that it is much pleasing to keep someone’s property for a long time. Averagely, the largest profits of $785,000 each unit were bagged by those property buyers who bought homes in 2004 and sold them in the second half of 2008, followed by those who bought homes in 2005 and sold them in the first half of 2008, gathering an average profit of almost $666,000.
Those property buyers, who bought homes in 2006 and sold them in the first half of 2008, were the ones who incurred the largest average loss of $210,000.
Approximately 90 percent of the 76 investors, who incurred a big loss in the subsale market throughout 2008, had purchased units in 2007 during the peak in the property market.
Peter Ow, the executive director of (residential) Knight Frank, noticed that an investor would typically decrease losses in the subsale market once the time to pay the developer comes. “An investor exposed to a few properties bought on deferred payment scheme (DPS) may want to cut losses on the first one or two to improve his cashflow so when it is time to pay up for the third one, he can afford it”, he said.
As an addition to various home owners, who find it hard to acquire enough bank loans to complete acquisitions, Mr. Ming pointed out that those having a strike in the subsale market can admit “savvy investors seeking to diversify their investments and allocating a part of the exposure to other undervalued asset classes”.
However, the amount of subsales that ran up losses totalled above doubled - from 24 in H1 of 2008 to 52 in H2 - indicating the falling market conditions particularly in the Q4.
For the knowledge of those who incurred a loss, 2008’s average loss for each unit also increased, from 7 percent or $138,000 in the first half of 2008 to 12 percent or $188,000 in the second half.
However, not all are sad stories, as there were also positive ones. For instance, the owner at The Sail incurred a profit of nearly $6.7 million after keeping his property business for around three years.
Analysis of caveats by Savills Singapore presented that the amount of loss cases increased as 2008 flapped along, from only 6 in the first quarter, going up to 18 in the second quarter, and steadying slightly at 20 in the third quarter, before upping to 32 in the last quarter of 2008.
Savills director (investment) Steven Ming said, “There were more owners cutting losses in the subsale market in H2 2008, especially in Q4, following the Lehman fallout and the global meltdown. Sales trickled and more people sold at losses”.
While the number of those who experienced losses from subsale deals have increased, the number of subsales that were able to produce income on the other hand dropped by 16.8 percent, from 757 during the first half of 2008 to 630 in the second half.
In general, the result only shows that it is much pleasing to keep someone’s property for a long time. Averagely, the largest profits of $785,000 each unit were bagged by those property buyers who bought homes in 2004 and sold them in the second half of 2008, followed by those who bought homes in 2005 and sold them in the first half of 2008, gathering an average profit of almost $666,000.
Those property buyers, who bought homes in 2006 and sold them in the first half of 2008, were the ones who incurred the largest average loss of $210,000.
Approximately 90 percent of the 76 investors, who incurred a big loss in the subsale market throughout 2008, had purchased units in 2007 during the peak in the property market.
Peter Ow, the executive director of (residential) Knight Frank, noticed that an investor would typically decrease losses in the subsale market once the time to pay the developer comes. “An investor exposed to a few properties bought on deferred payment scheme (DPS) may want to cut losses on the first one or two to improve his cashflow so when it is time to pay up for the third one, he can afford it”, he said.
As an addition to various home owners, who find it hard to acquire enough bank loans to complete acquisitions, Mr. Ming pointed out that those having a strike in the subsale market can admit “savvy investors seeking to diversify their investments and allocating a part of the exposure to other undervalued asset classes”.
Interest Absorption Scheme (8 Mar 2009)
What does it mean?
This is a scheme that property developers offer in conjunction with banks at project launches.
It is similar to the deferred payment scheme, in that it allows you to defer the bulk of the purchase price until the project's temporary occupation permit period.
The big difference is that under the interest absorption scheme, you have to take a bank loan at the time of purchase. But the developer will absorb the interest payments on the loan until the project's completion.
The scheme may be offered at a premium. Some developers are now charging a 3 per cent premium over the buying price.
Why is it important?
This scheme allows genuine home buyers to commit to a purchase with just a small upfront payment.
More developers have been using this to help drive sales after the Government scrapped the deferred payment scheme in late 2007.
So you want to use the term? Just say...
'If I take up the interest absorption scheme, I won't have to worry about the monthly payments until the development is completed.'
This is a scheme that property developers offer in conjunction with banks at project launches.
It is similar to the deferred payment scheme, in that it allows you to defer the bulk of the purchase price until the project's temporary occupation permit period.
The big difference is that under the interest absorption scheme, you have to take a bank loan at the time of purchase. But the developer will absorb the interest payments on the loan until the project's completion.
The scheme may be offered at a premium. Some developers are now charging a 3 per cent premium over the buying price.
Why is it important?
This scheme allows genuine home buyers to commit to a purchase with just a small upfront payment.
More developers have been using this to help drive sales after the Government scrapped the deferred payment scheme in late 2007.
So you want to use the term? Just say...
'If I take up the interest absorption scheme, I won't have to worry about the monthly payments until the development is completed.'
Adam Khoo - Large Investor but Thrifty Spender
Regardless of becoming a wealthy man, entrepreneur-cum-motivational lecturer, Adam Khoo hesitates before he spends on products like iPhone.
However, in terms of investments, the founder of the Adam Khoo Learning Technologies Group will not even have a second thought when investing, supposing, $50,000 worth of stocks, since these are expected to possibly generate more cash.
As a long-term and conservative investor, he chooses to engage investment in cash-rich, large-capital firms that offer low debts and the possibility to constantly raise their earnings.
His group concentrates on education and consists of 16 companies in seven nations with a yearly $15 million turnover. In 1999, he also assumed an advertising firm, Adcom, which was previously owned by his father.
Mr. Khoo earned a degree in business administration from Singapore’s National University. He is also recognised for his famous books. Previously last month, he introduced his ninth book entitled Profit From Panic, which provides practical information regarding how to relate with the present economic crisis.
Ms. Sally Ong is Mr. Khoo’s wife, who acts as a director at one of his companies. They have two daughters namely Kelly and Samantha.
One factor that helped him to attain wealth is his frugality. He saved the half of his income and does not spend a lot on luxurious things. His clothes were bought individually once in a year, which shows his simple taste.
Mr. Khoo invests 100% of his savings systematically. However, when the market becomes overvalued, he holds a bigger amount of cash as his precautionary measure. He personally manage his portfolio, which is made out of several investments such as private businesses, Singapore stocks, property rent outs, exchange- traded funds (ETFs), and US stocks. Annually, his investments generate an average return of more than 20%.
Currently, he have approximately US$400,000 or S$611,000 in US stocks, such as Google, Boeing, Nike, ETFs, and Pepsico, and $400,000 in Singapore stocks, such as OCBC Bank, CapitaLand, the Singapore Stock Exchange, STI ETF, and Bestworld.
In 1998, Mr. Khoo purchased 1,300 square feet condominium located in East Coast worth $480,000 and placed it on lease for almost $3,000. He then sold it in 2004 for $650,000.
He also owns 5,000 square feet semi- detached residence situated in East Coast which he purchased for $1.3 million four years ago. Last year, he bought 900 square feet condominium worth $1.3 million, located at Robertson and placed it on lease for $4,000.
When he was 15 years old, his grandfather gives him hongbao with cash as well as Malaysian shares like Kuantan Flour Mill, Hicom, and Genting every Chinese New Year. At the army, he tried dabbling in shares and was inspired by a book entitled, Buffetology, which was based on Warren Buffett’s achievement and work.
Last October, he bought a red Lotus worth $230,000 as a reward for his hard works.
He can stop working anytime he wants with his passive book royalty incomes including business profits, which can cover all his expenses without working.
However, in terms of investments, the founder of the Adam Khoo Learning Technologies Group will not even have a second thought when investing, supposing, $50,000 worth of stocks, since these are expected to possibly generate more cash.
As a long-term and conservative investor, he chooses to engage investment in cash-rich, large-capital firms that offer low debts and the possibility to constantly raise their earnings.
His group concentrates on education and consists of 16 companies in seven nations with a yearly $15 million turnover. In 1999, he also assumed an advertising firm, Adcom, which was previously owned by his father.
Mr. Khoo earned a degree in business administration from Singapore’s National University. He is also recognised for his famous books. Previously last month, he introduced his ninth book entitled Profit From Panic, which provides practical information regarding how to relate with the present economic crisis.
Ms. Sally Ong is Mr. Khoo’s wife, who acts as a director at one of his companies. They have two daughters namely Kelly and Samantha.
One factor that helped him to attain wealth is his frugality. He saved the half of his income and does not spend a lot on luxurious things. His clothes were bought individually once in a year, which shows his simple taste.
Mr. Khoo invests 100% of his savings systematically. However, when the market becomes overvalued, he holds a bigger amount of cash as his precautionary measure. He personally manage his portfolio, which is made out of several investments such as private businesses, Singapore stocks, property rent outs, exchange- traded funds (ETFs), and US stocks. Annually, his investments generate an average return of more than 20%.
Currently, he have approximately US$400,000 or S$611,000 in US stocks, such as Google, Boeing, Nike, ETFs, and Pepsico, and $400,000 in Singapore stocks, such as OCBC Bank, CapitaLand, the Singapore Stock Exchange, STI ETF, and Bestworld.
In 1998, Mr. Khoo purchased 1,300 square feet condominium located in East Coast worth $480,000 and placed it on lease for almost $3,000. He then sold it in 2004 for $650,000.
He also owns 5,000 square feet semi- detached residence situated in East Coast which he purchased for $1.3 million four years ago. Last year, he bought 900 square feet condominium worth $1.3 million, located at Robertson and placed it on lease for $4,000.
When he was 15 years old, his grandfather gives him hongbao with cash as well as Malaysian shares like Kuantan Flour Mill, Hicom, and Genting every Chinese New Year. At the army, he tried dabbling in shares and was inspired by a book entitled, Buffetology, which was based on Warren Buffett’s achievement and work.
Last October, he bought a red Lotus worth $230,000 as a reward for his hard works.
He can stop working anytime he wants with his passive book royalty incomes including business profits, which can cover all his expenses without working.
Apartments for Rent in Vietnam Unscathed (24 Jan 2009)
The segment of serviced apartments remains untouched by woes of the property market, with high demand of apartments for rent in major cities despite the economic downturn, according to a report of Vietnam News Agency.
A representative of the Ascott International Management Vietnam said that over 800 high-class apartments were managed by his company in Ho Chi Minh and Hanoi City and many of them were rented. These apartments were popular to foreign people who had been working and living in Vietnam for more than three years, he added. Though foreigners were allowed by the government to purchase houses, effective from 1 January, most of them are not willing to do so, the representative said.
They were comfortable living in areas with good amenities and infrastructures, he explained, while many new houses were built in localities and do not have those factors.
Apartments located in developed areas were more costly, he added. TSQ Vietnam Company Vice Chairman Do Quan also said rentals were preferred by foreigners rather than buying apartments.
Few of them have the need and the financial means to have a property in Vietnam, Mr. Quan added.
Lam Van Chuc, chairman of property company Phuc Duc, said that many foreigners were not yet ready to purchase houses in cash, unlike the Vietnamese. Moreover, these foreigners would only pay mortgages for the apartments if there were extremely low interest rates, he added.
CBRE Vietnam, a property consultant, said that with the gradual decline in the global economy, many foreigners in Ho Chi Minh and Hanoi City would be glad to pay rental for apartments at prices ranging from US$1,000 to US$1,500 per month rather than spend US$200,000 in buying them.
A representative of the Ascott International Management Vietnam said that over 800 high-class apartments were managed by his company in Ho Chi Minh and Hanoi City and many of them were rented. These apartments were popular to foreign people who had been working and living in Vietnam for more than three years, he added. Though foreigners were allowed by the government to purchase houses, effective from 1 January, most of them are not willing to do so, the representative said.
They were comfortable living in areas with good amenities and infrastructures, he explained, while many new houses were built in localities and do not have those factors.
Apartments located in developed areas were more costly, he added. TSQ Vietnam Company Vice Chairman Do Quan also said rentals were preferred by foreigners rather than buying apartments.
Few of them have the need and the financial means to have a property in Vietnam, Mr. Quan added.
Lam Van Chuc, chairman of property company Phuc Duc, said that many foreigners were not yet ready to purchase houses in cash, unlike the Vietnamese. Moreover, these foreigners would only pay mortgages for the apartments if there were extremely low interest rates, he added.
CBRE Vietnam, a property consultant, said that with the gradual decline in the global economy, many foreigners in Ho Chi Minh and Hanoi City would be glad to pay rental for apartments at prices ranging from US$1,000 to US$1,500 per month rather than spend US$200,000 in buying them.
The Process of Renting a Place (18 Jan 2009)
The correct process of searching a rental house may be easy for some people, but terrible for others. Last month, a couple from Malaysia and an expatriate from Japan were fooled by a swindler pretending to be a manager-cum-landlord of a property terrace residence in Serangoon Gardens.
He rented the same residence to the two parties and ran off their money worth $10,300. Both parties reported to the police, but there is no assurance that they will obtain their money back.
A property agent said that lease scams happen most of the time and most of them include HDB residences. Although there are no possible foolproof ways to prevent these lease scams, there are still safety measures that tenants can assume to ensure they will not become a prey to a deceit.
On dealing with agents, tenants should primarily deal or engage with a certified property agent of an established or a reputable company, according to Mr. Mohamed Ismail, PropNex chief executive.
Even tough this is clearly not foolproof; it does give a protection if something will go wrong. ”At least there is a company to go to for help,” he said.
Companies like his will do investigations and take proper actions, such as ending the services of the agent if needed or assisting the tenant to obtain his money back, he said.
Secondly, check the property firm of the agent or the Internet site of the Institute of Estate Agents (IEA) to know if the person making a deal is a legitimate agent, advised Mr. Mohamed Ismail, the first vice-president of IEA.
Thirdly, tenants should not pay an agent with large cash. He added, “If you pay cash, he can misappropriate the money”. Instead, they should disburse with a use of a cheque or cashier’s order stating the name of the owner.
Before tenants sign the lease, the Property agency also recommends discovering the standard practises before entering a lease agreement.
These property agents should carry out due diligence to determine the property’s ownership they are managing, so tenants can see the documents. The property tax statement of the owner would be upright.
If tenants are dealing with a managing agent, one should ask for documented proof such as an authorisation letter from the property owner allowing the agent to take actions on his behalf or a power of attorney, according to Mr. Albert Lu, managing director of C&H Realty.
Mr Eric Cheng, executive director of HSR Property Group, said that tenants should negotiate for a lesser deposit and it is up to the property owner to agree, even if in the property market, the standard is a one month deposit for a year rental and two months deposit for two year rental.
He added tenants should only pay the advance lease upon the passing over of the keys to the property, to lessen their risk.
However, legitimate owners sometimes cheat, too. Therefore, tenants should pay their lease on a monthly basis, Mr. Cheng recommended. There were tenants who were satisfied to pay out 6 to 8 months in advance lease for a lower rental fee, only to discover later they were cheated.
In one situation, the lawful owner sold his apartment soon after the rent was closed and disappeared.
Tenants should have to be watchful, said Mr. Lu. ”If the rent is too good to be true, then you have to beware”.
He rented the same residence to the two parties and ran off their money worth $10,300. Both parties reported to the police, but there is no assurance that they will obtain their money back.
A property agent said that lease scams happen most of the time and most of them include HDB residences. Although there are no possible foolproof ways to prevent these lease scams, there are still safety measures that tenants can assume to ensure they will not become a prey to a deceit.
On dealing with agents, tenants should primarily deal or engage with a certified property agent of an established or a reputable company, according to Mr. Mohamed Ismail, PropNex chief executive.
Even tough this is clearly not foolproof; it does give a protection if something will go wrong. ”At least there is a company to go to for help,” he said.
Companies like his will do investigations and take proper actions, such as ending the services of the agent if needed or assisting the tenant to obtain his money back, he said.
Secondly, check the property firm of the agent or the Internet site of the Institute of Estate Agents (IEA) to know if the person making a deal is a legitimate agent, advised Mr. Mohamed Ismail, the first vice-president of IEA.
Thirdly, tenants should not pay an agent with large cash. He added, “If you pay cash, he can misappropriate the money”. Instead, they should disburse with a use of a cheque or cashier’s order stating the name of the owner.
Before tenants sign the lease, the Property agency also recommends discovering the standard practises before entering a lease agreement.
These property agents should carry out due diligence to determine the property’s ownership they are managing, so tenants can see the documents. The property tax statement of the owner would be upright.
If tenants are dealing with a managing agent, one should ask for documented proof such as an authorisation letter from the property owner allowing the agent to take actions on his behalf or a power of attorney, according to Mr. Albert Lu, managing director of C&H Realty.
Mr Eric Cheng, executive director of HSR Property Group, said that tenants should negotiate for a lesser deposit and it is up to the property owner to agree, even if in the property market, the standard is a one month deposit for a year rental and two months deposit for two year rental.
He added tenants should only pay the advance lease upon the passing over of the keys to the property, to lessen their risk.
However, legitimate owners sometimes cheat, too. Therefore, tenants should pay their lease on a monthly basis, Mr. Cheng recommended. There were tenants who were satisfied to pay out 6 to 8 months in advance lease for a lower rental fee, only to discover later they were cheated.
In one situation, the lawful owner sold his apartment soon after the rent was closed and disappeared.
Tenants should have to be watchful, said Mr. Lu. ”If the rent is too good to be true, then you have to beware”.
Hot Bargains for House Buyers (4 Jan 2009)
The property market is having a quiet start for 2009, with several developers now temporarily closing their flats in response to the decrease in the volume of customers.
However, as the housing prices continue to fall, many house buyers are attracted back to the market and their shopping business.
Some small development projects are coming back to the market, while others that are already launched earlier are now giving away discounts and several buying incentives.
In Balestier area, Roxy Homes is launching two boutique projects, the Nova 48 and Nova 88, both located at Balestier Road.
Nova 48 in Prome Road has 48 units while Nova 88 in Bhamo Road has 88 units. Both of them offer a price of $1,000 per square foot and a bedroom unit with a size of 506 square feet at a starting price of $500,000.
Another upcoming opening is the Alexis in Alexandra Road. Its freehold development is located at less than ten minute walk from Queenstown MRT Station and has around 300 units, according to a property agent.
Indicative prices ranges from $900 to $1,000 per square foot and developer offers a payment scheme more likely similar to a deferred payment whereas, buyers can able to pay 20 percent initial payment and then nothing until completion.
Another developer, the Heritage Group is now holding its private previews for the Vivace, a 99-year leasehold project plan, to be built at old Tong Watt Mansion near the Robertson Quay.
Its 85-unit development project consist mostly with small units and ranges from 388 square feet one-bedroom apartments to a 990 square feet penthouse. Price ranges from $580,000 to about $1,500 per square foot.
Several developers have cut prices and are now offering the lowest prices never seen before.
Just like the Novelty Group for instance, they decreased the price of their Lucida project along Thomson Road. The selling price of its 62-unit development project was around $1,600 per square metre when it launched earlier last year but now, its sells at around $1,200 per square foot. One-bedroom unit is 624 square feet while two-bedroom is 1,066 square feet.
In East Coast, the selling price for Mountbatten Suites has plunged from $1,100 per square foot when it launched to around $900 per square foot now. The developer is also offering a deferred payment scheme and legal fees.
The Frasers Centrepoint also gives renovation vouchers to their buyers on its Woodsville 28 project in Potong Pasir. A Two-bedroom apartment will get a $20,000 while three-bedroom unit gets $30,000 voucher.
For the rest of 2009, interested home buyers can check out offerings from City Developments, including the upcoming launch of Phase 2 of Livia in Pasir Ris, Quayside Isle in Sentosa Cove and The Arte in Thomson Road.
While price starts at $797,000 for Livia’s three-bedroom units, selling price for The Arte and Quayside Isle are not yet finalised.
Meanwhile, the Far East Organisation is also planning to launch its latest cluster of phased houses on their Greenwood landed housing development project as well as a 99-year leasehold project in Choa Chu Kang.
However, as the housing prices continue to fall, many house buyers are attracted back to the market and their shopping business.
Some small development projects are coming back to the market, while others that are already launched earlier are now giving away discounts and several buying incentives.
In Balestier area, Roxy Homes is launching two boutique projects, the Nova 48 and Nova 88, both located at Balestier Road.
Nova 48 in Prome Road has 48 units while Nova 88 in Bhamo Road has 88 units. Both of them offer a price of $1,000 per square foot and a bedroom unit with a size of 506 square feet at a starting price of $500,000.
Another upcoming opening is the Alexis in Alexandra Road. Its freehold development is located at less than ten minute walk from Queenstown MRT Station and has around 300 units, according to a property agent.
Indicative prices ranges from $900 to $1,000 per square foot and developer offers a payment scheme more likely similar to a deferred payment whereas, buyers can able to pay 20 percent initial payment and then nothing until completion.
Another developer, the Heritage Group is now holding its private previews for the Vivace, a 99-year leasehold project plan, to be built at old Tong Watt Mansion near the Robertson Quay.
Its 85-unit development project consist mostly with small units and ranges from 388 square feet one-bedroom apartments to a 990 square feet penthouse. Price ranges from $580,000 to about $1,500 per square foot.
Several developers have cut prices and are now offering the lowest prices never seen before.
Just like the Novelty Group for instance, they decreased the price of their Lucida project along Thomson Road. The selling price of its 62-unit development project was around $1,600 per square metre when it launched earlier last year but now, its sells at around $1,200 per square foot. One-bedroom unit is 624 square feet while two-bedroom is 1,066 square feet.
In East Coast, the selling price for Mountbatten Suites has plunged from $1,100 per square foot when it launched to around $900 per square foot now. The developer is also offering a deferred payment scheme and legal fees.
The Frasers Centrepoint also gives renovation vouchers to their buyers on its Woodsville 28 project in Potong Pasir. A Two-bedroom apartment will get a $20,000 while three-bedroom unit gets $30,000 voucher.
For the rest of 2009, interested home buyers can check out offerings from City Developments, including the upcoming launch of Phase 2 of Livia in Pasir Ris, Quayside Isle in Sentosa Cove and The Arte in Thomson Road.
While price starts at $797,000 for Livia’s three-bedroom units, selling price for The Arte and Quayside Isle are not yet finalised.
Meanwhile, the Far East Organisation is also planning to launch its latest cluster of phased houses on their Greenwood landed housing development project as well as a 99-year leasehold project in Choa Chu Kang.
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