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20171214 condo

SINGAPORE — Projecting the population here to hit 6.3 million to 6.5 million by 2030, a research report released by DBS on Wednesday (May 16) forecasts new private homes to cost between S$2,300 and S$2,900 per square foot (psf) on average by then – sharply higher than the current S$1,500 psf.

This means a compound annual growth rate of 1.5 per cent to 3.2 per cent over the next 12 years as growth in homeowners' incomes "keep pace" with the rise in private-property prices. The projection means an average unit of private property will cost from S$1.9 million to S$2.5 million by 2030.

The report, by property analysts Derek Tan and Rachel Tan, also projected the average size of new private units to shrink to 840 sq ft by 2030, 20 per cent smaller than the 1,083 sq ft average last year.

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NewPropertyDream Queenstown hdb flat sold for 1 08m more record breaking deals expected

A HDB resale executive apartment at Block 148 Mei Ling Street in Queenstown, which has a balance lease of about 76 years, was sold this month for an eye-popping $1.08 million, which works out to about $669 psf on the built-up area.

The 1,615 sq ft corner unit located on the 13th floor is close to Queenstown MRT station and Anchorpoint mall.

It is understood that the sellers have been staying there since 1995 and plan to upgrade to a nearby condominium.

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Is the growing divergence in prices of resale public housing flats and private homes snuffing out the Singaporean dream of owning a condominium?

190418113030 HDB images newpropertydream

While price data might underscore such fears, market watchers note that there are many mitigating factors to keep the upgrading momentum from owners of Housing & Development Board (HDB) flats going, who sell their flats to move to private housing.

First, the truth be told, price indices do not tell the whole story, said Edmund Tie & Company CEO Ong Choon Fah.

The HDB resale landscape has been uneven, with larger flats in mature and sought-after estates such as Toa Payoh, Bishan, Ang Mo Kio, Bukit Merah, Geylang and Queenstown holding up in prices or even registering an increase in Q4 2017 from Q4 2012, based on median resale prices published on the HDB website.

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Price recovery gathers momentum in 1Q2018 Q1 2018, rising by 3.1% over 4Q2017, according to URA flash estimates. This marked the third straight quarter of price growth since the index bottomed in 2Q2017. It is also the strongest quarterly increase since the 5.2% quarter-on-quarter (q-o-q) increase in 2Q2010, says Tricia Song, Colliers International head of research for Singapore.
 
With the latest price increase, the URA private property price index is up 4.6% year-on-year, adds Song. As at end 1Q2018, private residential prices are just 7.5% below the peak in 3Q2013.
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chancery court site

Privatised HUDC estate Chancery Court has been launched for sale by tender with an asking price of $390 million, announced OrangeTee Advisory, the sole marketing agent.

The asking price includes an estimated $180 million premium to top-up the lease on the 99-year leasehold site which has a balance tenure of 62 years, as well as the intensification of the site to its maximum gross plot ratio of 1.4. This translates into a land rate of $1,572 psf per plot ratio.

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